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• financial
The
VOL. 133.
tIrtinicIP
SATURDAY,JULY 25 1931.
NO. 3448
holdings in the huge sum of £15,155,310, or, roughly,
$75,000,000. This was followed by withdrawals on
PUBLISHED WEEKLY
Thursday of £5,130,000, while on Friday the Bank
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 8 Mos. sold £5,260,950 in gold bars, though in this last inWithin Continental United States except Alaska
610.00
$6.00 stance
In Dominion of Canada
offsetting items reduced the loss for that day
11.50
8.75
Other foreign countries, U.S.Possesfdons and territories
13.60
7.75
The following publications are also issued. For the Bank and Quota- to £4,887,950. In the last nine days, therefore, the
tion Record and the Monthly Earnings Record the subscription price
$6.00 per year; for all the others is 65.00 per year each. Add 50 cents is gold stock of the Bank of England has been reduced
to
each for postage outside the United States and Canada.
in amount of £25,173,260—roughly, $125,000,000.
COMPENDIUMS-MONTHLY PUBLICATIONS—
PUBLIC RTILITT—(semi•annually)
In these circumstances it is not surprising that at
BANE AND QUOTATION RICCOItD
RAILWAY & INDUSTRIAL—(toU a year) MONTHLY EARNINGS RECORD
STATD AND MUNICIPAL—(semi-ann.)
the weekly meeting of the Bank on Thursday the
Terms of Advertising
directors found it incumbent to raise the rate of disTransient display matter per agate line
45 cents count of the Bank
Contract and Card rates
from 2 % to 31 2%. On the same
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1
2
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On request
CHICAGO Orrice—In Charge of Fred. H. Gray, Western
Representative. day the Bank of Ireland moved
up its rate from 31 2
208 South La Salle Street, Telephone State 0613.
/%
LONDON Orme—Edwards & Smith, 1 Drapers' Gardens. London,
E. O. to 4%. Somewhat earlier,
that is on July 22, the
WILLIAM B. DANA COMPANY, Publishers,
Bank of Austria jumped its rate up from 71 2% to
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William Street, Corner Spruce, New York.
10%. On July 18 the Bank of Yugoslavia raised
Published every Saturday mcoeing by WILLIAM B. DANA COMPANY
.
President and Editor. Jacob Seibert; Business Manager, William D. Riggs; its rate from 61 2% to 7 2%. On Friday the Hun/
1
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Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all. Office
of Co. garian National
Bank marked its rate up from 7%
to 9%. At the, same time conditions in Central
The Financial Situation.
Europe continue highly disturbed, and resort is
Things have again taken an unfavorable turn. The found necessary to very unusual
measures to check
outcome of the Seven Power Conference which has withdrawals of gold or for other
reasons. The Berlin
been in session in London throughout the week, with Boerse, which was closed the
whole of last week, has
final adjournment on Thursday, has been a distinct not been reopened the present
week, and the German
disappointment, even though nothing else was to be Government, by decrees
of President von Hindenexpected, and it is difficult to see what more could burg, has put into effect
various measures for rehave been done than what has actually been accom- stricting withdrawals
from the banks and the paying
plished. The results of the conference have been out of gold, as well
as exercising full control of foraptly described as an agreement, but no solution of eign exchange operatio
ns. The Hungarian Governthe German problem—agreement as to what Ger- ment, on its part,
announced continuance until
many actually needs, but no means for bringing it July 30 of the measure
s for restriction of bank payabout, nothing but recommendations and suggestions ments and exchange
operations decreed on Friday
left for the banks and banking interests of the dif- of last week when
the three-day financial holiday was
ferent countries to carry into effect, with absolute first proclaimed to cope
with the situation.
reliance upon their entire good faith to co-operate
The general weakness of foreign exchange in the
for the purpose of achieving the end sought in the New York market
(except in the case of Swiss francs
common interest of all.
and of French francs) has been a depressing feature
The collateral developments growing out of the which can only be accounte
d for on the idea that
tangle have been quite disturbing, and such as to capital and credit
all over the European continent
furnish occasion for much concern. In the first place are taking
flight to the United States. Cable transthe Bank of England has encountered a drain on its fers on
London dropped from 4.85 on Tuesday to 4.84
gold holdings hardly less serious than that which on Thursda
y, with the close yesterday at 4.85 7/16.
Germany experienced recently. And this drain is Guilders on
Amsterdam dropped froth 40.32 on Monstill under way. On Wednesday withdrawals from day to
40.25 on July 23 (Thursday), with the close
the Bank of England aggregated £3,472,634 (about yesterday
at 40.29. The Danish crown on cable
$17,000,000), and a special cable to the New York transfer
s dropped from 26.71 on Monday to 26.65 on
"Times," reporting the loss, said that "never before Thursda
y, with the close yesterday at 26.69. The
in its long history has the Bank of England lost so Swedish
crown on cable transfers sold down from
much gold on a single day," the withdrawals con- 26.73
on Tuesday to 26.67 on Wednesday, with the
sisting chiefly of bar gold. The dispatch also added close
yesterday at 26.72. The Norwegian crown on
that the day's record outflow made the week ending cable
transfers fell from 26.71 on Monday to 26.66 on
on that day the blackest the Bank's gold reserves Wednesday, with
the close yesterday at 26.69. While
have ever experienced.
this general weakness was experienced, exchange
But Wednesday's record was to be exceeded both rates on Switzerl
and and Paris—the Swiss franc on
Thursday and Friday with yet larger outflows of the the one
hand and the French franc on the other-metal. The Bank of England's return for the week were maintain
ed virtually unimpaired. The weakending Wednesday showed a loss in the Bank's gold ness of sterling
exchange, of course, attracted atten-
financial (Chronicle
520
FINANCIAL CHRONICLE
[voL. 133.
tion above everything else. Whether this came about it was stated on high authority, that either the cenin a natural way or because France has been under- tral banks or the governments involved have any
intention of dictating or even suggesting the course
taking to bring pressure to bear against London, the that the banks should pursue with their money. It
Germany, it
same as it has been doing in the case of
is intended merely to convey the hope that bankers
has been in either case highly disturbing.
in other markets will follow the lead of London and
The underlying cause of all the disturbances of the New York.
"This interpretation of the proposal, first made
week is to be found, of course, in the developments
at the Seven Power Conference in London for the public in the Washington message of last Tuesday,
relief of Germany. This,as already stated, developed served to relieve the concern previously felt by bankgreat unanimity of opinion as to what was needed ers that the governments intended, through their
central banks, to lay down a definite period in which
and should be done to lift Germany out of her em- short-term loans to Germany were to be 'frozen.'
other
barrassment, even France joining with the
"Instead, bankers learned yesterday, there is to
powers in that respect, but was unable to devise any be no modification of the existing informal agreemeans for giving effect to the measures recom- ment among the banks to 'stay put' on short-term
mended. Four main suggestions, or recommenda- credits being employed by Germany when the crisis
tions are made, all so obviously advisable, that no became acute. This agreement is subject to cancellation at the will of any of the banks by notification
exception could be taken to them by anyone.
From the communique issued at the close of the to the Federal Reserve and to the other banks of the
intention to withdraw credits from Germany.
conference on Thursday it appears that the points
"As long as conditions in Germany 'rock along' on
the
which are chiefly emphasized are: First, that
the present basis, bankers said yesterday, existing
central bank credit of $100,000,000 recently granted credits will not be disturbed. They made it plain,
to the Reichsbank under the auspices of the Bank for however, that any unforeseen change in the German
International Settlements be renewed at maturity situation might lead to a cancellation or at least a
for another period of three months. Secondly, that modification of the agreement, although several reconcerted measures be taken by the financial institu- marked that no deviation from the present course
tions in the different countries with a view to main- is conceivable. Whether bankers like it or not, they
said, existing short-term credits to Germany are
taining the volume of credits they have already ex- 'frozen' in fact. While individual banks
might be
tended to Germany. Thirdly, the conference recom- able to recall some of their funds, all the banks cerSettlements
mends that the Bank for International
tainly could not. Since the attempt by any one to
be invited to set up without delay a committee of pull out would precipitate a general scramble, the
representatives nominated by the governors of the only thing the banks can do, according to this viewcentral banks interested to inquire into the immedi- point, is to sit tight.
"The recommendation for the renewal by the
ate further credit needs of Germany and to study the
possibilities of converting a portion of the short-term central banks of the $100,000,000 credit to the Reichsbank was taken as a matter of course. Bankers
credits into long-term credits.
with pointed out that the Reichsbank is not in a position
As a fourth point the conference "noted
to repay the credit, and in consequence there is
interest a communication from Dr. Bruening rela- nothing for the central banks to do but renew it.
tive to the joint guarantee recently placed by Ger- No comment on the question could be obtained from
man industry at the disposal of the Gold Discount officials of the Federal Reserve Bank beyond the
Bank." The opinion is expressed that "a guarantee remark that, since the credit is not yet due, it is not
of this description should make it possible to provide necessary to take up the problem now.
"There was general endorsement among bankers
a sound basis for the resumption of normal operaof the proposal that the Bank for International Settions of international credit." Finally, "the confertlements should set up a committee to study German
ence considers that if these measures are carried credit needs and to investigate the prospects of conthrough they will form a basis for more permanent verting a portion of Germany's short-term credits
action to follow." This last constitutes the gist of into long-term."
the whole proposition and amounts to this, that existThe sum and substance of the foregoing is that
ing short-term credits should be continued, and that
there is general anxiety in the financial world here,
if this is done it "will form a basis of more permaand doubtless also in London, that in the desire to
nent action to follow." In other words, what has
help Germany our own banks and banking institubeen done independently so far gets full approval,
tions may get loaded up with large lines of nonbut the "more permanent action to follow," and
liquid bills or "frozen assets," which sooner or later
through which alone a lasting solution is to be found,
might lead to our own embarrassment. There would
remains a matter for the future.
surprise to find the appear to be no question that the credits already
In these circumstances it is no
extended to Germany are virtually tied up for the
news columns of the New York "Times" reporting
Over Debt Meeting," and time being, since the Bank of Germany could not
that "Wall Street Is Glum
possibly, in present conditions, arrange to repay the
saying that "the declaration with which the London
credits which it already holds. This applies to the
conference of Ministers concluded its labors yester$100,000,000 credit originally extended to Germany
day amounts, in the view of Wall Street bankers, to
for three weeks in June (and in which our Federal
a simple endorsement of the emergency measures
Reserve banks are participants to amount of $25,already taken by private bankers here and in London
000,000), and it would also seem to apply to the
and contains no new aid for Germany of any sort."
credit extended to Austria in which our Federal ReBut the following further significant remarks
serve banks are likewise participants for an amount
should also be noted.
never as yet stated. The time has now arrived, how"The statement that the governments represented ever, when these participants cannot too carefully
are 'ready to recommend for the consideration of the study their own situation and the possible ill consefinancial institutions of their respective countries'
quences that must ensue in the event of further inthe maintenance of 'the volume of credits they
already have extended to Germany' does not mean, volvement in the same line of credits.
JULY 25 1931.]
FINANCIAL CHRONICLE
521
A word of caution would not seem out of place to mature on Oct. 26 1931. Tenders
were invited up
the Bank for International Settlements, or World to 2 o'clock Eastern Standard time
yesterday afterBank as it is customary in the daily newspapers to noon, and an aggregate of $179,310
,000 bills was aprefer to the institution. The Bank for International plied for. The Treasury accepte
d altogether $51,Settlements possesses no magic powers and must 806,000 at an average price
of 99.885, making the
keep its assets in readily realizable form—that is, in average cost on a bank discoun
t basis about 0.46%
liquid condition—the same as other central banks. per annum. This was more favorab
le even than the
If this recently created institution should make the terms which the Treasur
y realized on the sale of
mistake of allowing its assets to get into non-liquid $50,000,000 of 91-day bills
dated July 17 and maform its experience would be no different from that turing Oct. 15, and
bids for which were received on
of any other central bank making the same mistake— July 15 when the average
cost on a bank discount
that is, it would speedily come to grief. And yet basis was only 0.49%
per annum.
the disposition at present is to appeal to this bank
whenever any country gets into difficulties and ask
Brokers'loans on the Stock Exchange show a furit to lead in rescue work and assume part of the ther contraction the present
week of $14,000,000,
burden itself.
according to the figures compiled by the Federal ReAs we have many times explained in these columns, serve Bank of New
York. This follows a decrease
our Reserve banks are without authority for extend- last week of $25,000,
000 and a decrease the preceding
ing a credit to foreign banks or to foreign countries week of $24,000,000, making
a reduction of $63,and should never have allowed themselves to become 000,000 for the three
weeks combined. Immediately
involved in operations of this kind, which, as the preceding these three weeks
there was a single week
present German experience teaches, involved a real when an expansion
of $73,000,000 appeared, which,
risk. Possibly the Bank for International Settle- however, followed 10 consecut
ive weeks of decreases
ments is endowed with full authority to engage in in the loan totals, during
which the aggregate reducventures of that kind, but the menace in that ease tion reached no less
than $443,000,000. In the difis as real as in other cases. Really in the case of the ferent categories
of loaning, there was this week a
Bank for International Settlements there is greater reduction from $1,055,0
00,000 to $1,033,000,000 in
reason for caution, since it is as yet in its infancy, the loans for own
accOunt by the reporting member
and besides has no such large body of assets as our banks, but an increas
e from $209,000,000 to $215,Federal Reserve banks. The central banks are now 000,000 in the loans
for account of out-of-town banks,
assuming attributes and authority which before the and an increase from
$166,000,000 to $168,000,000 in
war they would never have thought of assuming, and the loans "for account
of others." The grand aggrewe are glad to see, therefore, that this week's London gate of the loans the
present week stands at $1,416,conference makes its appeal chiefly to the private 000,000 as against
$1,430,000,000 last week and combanking institutions. These,since they have so much paring with $3,226,0
00,000 12 months ago on
at stake, can be depended on to proceed with the July 23 1930.
utmost caution and to minimize the risks to the
In the condition statements of the Reserve banks
utmost. Long-term credits are unquestionably what themselves,
the changes are again relatively slight,
the German situation most urgently calls for. These and it is a questio
n whether they possess any special
will eventually be possible in the German case, but in significance.
The discount holdings of the 12 Rethe meantime recklessness and unconcern must not serve banks
record an increase this week, the total
be permitted in the extension or continuance of short- rising from
$161,803,040 to $181,602,000. Holdings
term credits. Good judgment, and independent of accepta
nces continue their downward course in
judgment,too, must not be sacrificed no matter how face of the fact
that the Federal Reserve Banks are
imperious the demands from outside sources.
buying bills on a discount basis of only 1% per
annum. The amount of the acceptances this week is
There are as yet no well defined indications of a down to $67,033,000 as against
$70,408,000 on July
revival in trade and business, and the European 15, $91,788,000 July
8, and much larger amounts in
developments as described in our narrative above are the weeks preceding. Holding
s of United States
not calculated to encourage the business man and Government securities still keep increasi
ng, though
the merchant to embark upon new ventures. Shut- this time in only a relatively small amount,
the total
downs in the steel trade are still going on, and the this week standin
g at $678,001,000 as against $677,"Iron Age" this week reports the steel mills of the 853,000 last week,
but comparing with $576,139,000
country engaged to only 30% of capacity, which cer- a year ago on July
23 1930. The net result of these
tainly is not far from a complete standstill. In other various changes that total bill
is
and security holdlines of trade dullness also remains the main charac- ings are
now $933,810,000 as compared with $921,teristic and apparently the disposition at present is 157,000 a week ago. Federal Reserve
notes in circunot to look for any great change in that respect while lation increase during
the week from $1,716,621,000
d
the summer season lasts. Change, however, for the to $1,730,752,000, and gold holding
s rose from
better there must be sooner or later, and it would $3,409,149,000 to $3,424,347,000.
appear to be inevitable before very long.
The foreign trade statement of the United States
Still another sale of Treasury bills on a discount for the month of June shows a further marked
reducbasis has been made the present week, and the same tion. Merchandise exports were below $200,000
,000
success has attended it as at other recent sales. The for the first time in many years,
the actual amount
Treasury Department offered $50,000,000,"or there- being only $187,000,000. Imports of
merchandise
abouts," of these bills in an announcement which were also greatly reduced, the value
being $176,came on July 21. They are 91-day bills and are dated 000,000, which, with the exception of
February of
July 27 (on which day an existing issue of bills for this year, was below any preceding monthly
figures
amount of $53,510,000 falls due), and they will of imports for many years. Both
exports and im-
522
FINANCIAL CHRONICLE
[VOL. 133.
countries were in perfect harmony and agreement on
all the points of discussion, the conference was yet
unlikely to produce anything worth-while, stocks
reacted and the course of prices went definitely
downward, though in a very limited way, with the
changes relatively unimportant except in the case
of a few specialties.
The recessions continued and took more definite
form on Wednesday under the influence of continued
disappointment over European developments. The
heavy drain upon the gold holdings of the Bank of
England was a special feature in the news of that
day. On Thursday intelligence that the Bank of
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England had raised its rate from 21 2% to 31 2% led
to considerable selling in the morning, but the market again showed a rallying tendency in the afternoon, during which the early losses were in great
part recovered, with the result that net changes for
the day were in most cases unimportant and about
equally distributed between losses and gains. On
Friday the market again showed a sagging tendency.
Only 36 stocks touched new low figures for the year
during the week, and no more than 18 stocks new
high figures. Call loans on the Stock Exchange, as
for so many weeks past, continued unchanged at
2
11/ %.
Trading has been extremely light. At the half-day
session on Saturday the sales on the New York Stock
Exchange were 380,450 shares; on Monday they were
705,340 shares; on Tuesday, 1,148,630 shares; on
Wednesday, 993,040 shares; on Thursday, 785,660
shares; on Friday, 1,064,780 shares. On the New
York Curb Exchange the sales last Saturday were
83,736 shares; on Monday, 163,655 shares; on Tuesday, 226,285 shares; on Wednesday, 211,780 shares;
on Thursday, 175,805 shares, and on Friday, 243,640
shares.
As compared with Friday of last week, prices show
irregular changes, mostly within narrow limits.
/
General Electric closed yesterday at 4018 against
41% on Friday of last week; Warner Bros. Pictures
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at 678 against 7; Elec.Power & Light at 3678 against
%;
381 United Corp. at 22 against 22%; North American at 67% against 69%; Pacific Gas & Elec. at
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4678 against 47%; Standard Gas & Elec. at 62
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against 62; Consolidated Gas of N.Y.at 911 4 against
Gas & Elec. at 29% against 31%;
93%; Columbia
International Harvester at 41% against 42; J. I.
Case Threshing Machine at 68% against 72%; Sears,
Roebuck & Co. at 55 against 55%; Montgomery
4
Ward & Co. at 19 against 20; Woolworth at 663
market this week has been a dull affair, against 68%; Safeway Stores at 59% against 54;
The stock
with the volume of trading the smallest seen for a Western Union Telegraph at 114% against 116%;
long time past. Sales on four of the six days fell American Tel.& Tel. at 175 against 176%;Int. Tel. &
below a million shares per day, and on the other two Tel. at 29% against 31%; American Can at 98%
days ran only slightly in excess of one million shares. against 103%; United States Industrial Alcohol at
%
There appeared to be no aggressive action on the 28% against 29; Commercial Solvents at 161
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part of either bulls or bears, and room traders in against 1678; Shattuck & Co. at 20% against 21%;
their deals from day to day seemed to be governed Corn Products at 66% against 63%, and Columbia
almost entirely by the developments at the Seven Graphophone at 8% against 9%.
Allied Chemical & Dye closed yesterday at 114
Power conference in London for the relief of Gersession on Saturday last against 118 on Friday of last week; E. I. du Pont de
many. At the half-day
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the fluctuations were unimportant and without defi- Nemours at 86 against 871 2; National Cash Register
/
on a limited volume of busi- at 2434 against 25%; International Nickel at 13%
nite trend. On Monday,
ness, the market developed a rather firm tone on news against 14; Timken Roller Bearing at 34% against
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4;
from Europe saying that France and Germany had 353 Mack Trucks at 32 against 3112; Yellow Truck
/
%;
patched up their differences, for the time being at & Coach at 778 against 83 Johns-Manville at 51
least, giving the impression that the London confer- against 52%; Gillette Safety Razor at 21% against
National Dairy Products at 33% against 34%;
ence would have a favorable outcome. But on Tues/
the different Associated Dry Goods at 18% against 1838; Texas
day, when it developed that even though
ports were greatly reduced from the corresponding
month of 1930, when the value throughout that year
was very much less than it had been for a number
of preceding years. In fact, there has been a marked
falling off in the value of both exports and imports
for each month this year.
For the six months of 1931 to date merchandise exports are valued at $1,315,758,000 against $2,075,717,000, a decline this year of $759,959,000, or 36.6%.
This is a very large ratio of decline in a single year.
In 1929 exports for the first half of that year were
at the high-water mark for the past decade, at
S'2,623,245,000. Likewise, as to imports, the value
for the past six months was $1,110,192,000 compared
with $1,735,985,000 a year ago, the reduction this
year being $625,793,000, or 36.0%. Merchandise imports for the first half of 1929 were also the largest
recorded in recent periods, amounting to $2,286,353,000.
It is necessary to go back to pre-war times for
such low records as are now shown for our foreign
trade. The balance of trade continued on the export
side in June, but it was greatly reduced, the amount
being only $11,000,000. For the half year the export
balance amounts to $205,866,000. A year ago the
export trade balance for the half year was
$339,732,000.
Cotton exports in June again showed a considerable gain over those of a year ago in quantity, but in
value there was a reduction this year, as there has
been for many months past. Cotton exports last
month were 259,677 bales, an increase of 68,535 bales,
or 35.9% over a year ago. And yet the value of cotton exports for the month just closed was again lower
than last year, and to a considerable amount, on
account of the lower price of cotton this.year, cotton
exports in June amounting to $13,516,632, the decline
from June of last year being $2,158,000, or 13.8%.
The specie movement in June continued heavy on
the import side, gold imports for the month amounting to $63,887,000 against exports of only $30,000.
Gold imports were the largest in June for any month
since April 1930. For the half year gold imports
have been $230,941,000 against $232,199,000 for the
first half of 1930, and exports $788,000 compared
with $9,663,000 a year ago. The excess of gold imports for this year to date has been $239,153,000
against $222,536,000 for the same time in 1930. Silver imports last month were $2,351,000 and silver
exports $1,892,000.
JULY 25 1931.]
FINANCIAL CHRONICLE
523
Gulf Sulphur at 333 against 35 ; American For- the decision of the Bank of England, Thursday, to
4
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1
2
eign Power at 27% against 2938; General American increase its discount charge from 2 % to 3 %.
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2
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Tank Car at 582 against 58; Air Reduction at 753 This measure reflected the excessively severe gold
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4
against 7678; United Gas Improvement at 28% drain on the London institution for Continental
/
against 29%; Columbian Carbon at 7058 against 74; account. In the week ended Wednesday a net loss
/
Universal Leaf Tobacco at 321 against 311 8 bid; of £15,155,310 was suffered by the Bank of England.
4
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American Tobacco at 1182against 119½; Liggett & The loss Thursday alone was £5,330,000 more, while
/
1
Myers at 70 against 7112; Reynolds Tobacco class B even after the Bank rate advance, gold takings con/
at 50% against 5178; Lorillard at 19% against 192 tinued. The loss yesterday amounted to a further
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1
,
and Tobacco Products class A at978 bid against 1078 £4,907,950. The London market reacted sharply in
/
/.
The steel shares also show comparatively small this situation, while the French market also declined.
changes as a rule. U. S. Steel closed yesterday at Trade and industrial reports from Europe have
90% against 94 on Friday of last week; Bethlehem shown no change of consequence this week. The
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2
Steel at 42% against 441 Vanadium at 29 against unemployment total remains stable in Great Britain,
%;
30%; Republic Iron & Steel at 13% against 14, and latest official figures reflecting an aggregate of
Crucible Steel at 41 bid against 45. The auto stocks 2,634,288 unemployed. German unemployment fighave held up well. Auburn Auto closed yesterday at ures likewise are stable, with the present aggregate
16014 against 168 on Friday of last week; General about 3,940,000.
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Motors at 3678 against 3738; Chrysler at 22 against
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The London Stock Exchange was quiet and steady
22%; Nash Motors at 27 against 28; Packard Mo- in the initial session of the week,
/
1
2
with the attention
tors at 7 against 7%; Hudson Motor Car at 123 of all interests centered on the discussions
4
of the
against 13, and Hupp Motors at 6y against 7/ In government heads. With indications of the outcome
8
14
.
the rubber group, Goodyear Tire & Rubber closed lacking, traders preferred to remain on the sidelines
yesterday at 3918 against 40% on Friday of last and the dealings were exceptionally dull. British
/
week; United States Rubber at 14 against 141 8 and funds lost ground, owing to the gold losses of the
/,
the preferred at 24 against 25 .
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2
Bank of England and the rumors of a possible Bank
The railroad stocks likewise show no wide fluctua- rate increase. International trading favorites were
tions. Pennsylvania RR. closed yesterday at 46 slightly improved, while British industrial issues
against 47 on Friday of last week; Erie RR. at 20 were irregular. Business on the London market
against 2134; New York Central at 811 8 against 86; remained at a low ebb Tuesday. A slight hardening
/
Baltimore & Ohio at 54% against 55%; New. Haven of sterling exchange produced improvement in Brit
at 69 against 713 Union Pacific at 1593 against ish funds, notwithstanding further gold takings for
4;
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161; Southern Pacific at 78 against 80½; Missouri Continental account. Stocks were irregular, both
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1
2
Pacific at 2318 against 24 ; Missouri-Kansas-Texas the British and international lists showing small
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2
at 14 against 14 ; Southern Railway at 30 against gains and losses. With the opinion gaining ground
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1
2
32; Chesapeake & Ohio at 3478 against 3412; North- Wednesday that the Government conference would
/
/
ern Pacific at 36 against 38%, and Great Northern show few results of any great financial importance,
at 44% against 47.
securities at London became definitely weaker.
The oil stocks are only slightly changed. Standard Heavy gold exports to Paris
also proved depressing,
Oil of N. J. closed yesterday at 371 8 against 38 on and British funds
/
sagged. Industrial issues of all
Friday of last week; Standard Oil of N. Y. at 17
/ descriptions were marked down. Dealings Thursday
1
2
against 17; Standard Oil of Calif. at 36 against were influenced by the rise
/
1
2
in the Bank rate and the
36%; Atlantic Refining at 15% against 1512; Texas realization that the conference governments would
/
of
Corp. at 23% against 23; Richfield Oil at 114 against adjourn without important decisions.
/
British Gov1% bid; Phillips Petroleum at 81 8 against 7 , and ernment issues were sharply lower,
/
/
1
2
and the equity
Pure Oil at 73 against 7 .
4
/
1
2
groups also lost considerable ground. Trading was
The copper stocks likewise are at slightly lower meager, as operators found little reason for increaslevels. Anaconda Copper closed yesterday at 25 ing commitments. British funds again receded in
against 25% on Friday of last week; Kennecott Cop- the dealings at London yesterday, owing to further
per at 19 against 19; Calumet & Arizona at 40 again4 gold losses. British industrial stocks and inter41; Calumet & Hecla at 7 against 7%; Granby Con- national issues were slightly lower on a slim trading
solidated Copper at 14 bid against 14%, and Amer- volume.
ican Smelting & Refining at 331 8 against 331 4
/
/
.
The Paris Bourse was dull and heavy as trading
started Monday, with a feeling prevalent that
Stock exchanges in the important European finan- nothing had been accomplished at the Paris week-end
cial centers remained dull and depressed this week,, discussions of government leaders for relieving
the
with the continuing financial crisis in Germany and German situation. Liquidation was
not pronounced,
other nations of Central Europe the main influence. but prices receded throughout the list. Foreign
The tendency at London and Paris was to await the securities were especially soft. The trend Tuesday
outcome of the conference of seven governments on was unchanged, and prices continued
to drop slowly
the situation, held in London. The Berlin Boerse throughout the session. As in other markets, all
remained closed throughout, directors of that institu- attention was concentrated on the London discustion having voted late last week to keep the Boerse sions, and operations almost ceased pending the outinactive for an indefinite period and at least until come. Pessimism regarding the London discussiom;
the end of this month. Confidence was not restored occasioned a liquidating movement Wednesday, and
in any appreciable measure by the conclusions of the list tumbled. The opening was weak and a furthe governmental conference, announced late Thurs- ther wave of selling appeared just before the close.
day, and the markets that were open reflected the Gloomy predictions were heard on the Bourse
Thurspessimistic interpretation of bankers and investors day, according to reports, and prices
again moved
by a fresh plunge. Important also, moreover, was steadily downward. Substantial losses were
regis-
524
FINANCIAL CHRONICLE
[VoL, 133.
German central bank, while foreign security holdings purchased subsequent to July 12 were made subject to the same stipulations. Exceptions were made
for legitimate needs of merchants, but heavy punishment also was prescribed in case of violation of the
decree.
A further decree of the German Government,issued
Financial difficulties occasioned in Central
late last Saturday, provided for a slight relaxation
Europe by the wholesale withdrawals of credits and
the enormous flight of capital from Germany, Aus- of the bank holiday regulations and resumption of
tria and other countries have remained acute this limited bank payments. This was accepted as the
week, notwithstanding the efforts at amelioration initial step toward the restoration of normal bankof leading statesmen in their conferences at Paris ing conditions. Banks were required to pay, under
and London. The conferences of Premiers and Minis- this decree, not more than 5% of the deposited
ters of all the world powers held the attention of amounts to depositors and in no case more than 100
people everywhere from the time they began at Paris marks. Payments on savings bank deposits were
last Saturday, to their end at London Thursday. In limited to 20 marks, while on letters of credit the
the meantime, little improvement appeared in the sum was limited to 100 marks. These limitations
German financial situation as bank restrictions were were made effective for the period from July 20 to
continued and all securities exchanges remained 23, inclusive. A clearing house arrangement beclosed. In Austria and Hungary the effects of the tween 43 Prussian banks was announced last Saturtroubles were felt more keenly, and severe measures day, in order to make possible a greater freedom of
were taken to deal with the developments. Although check transactions. Transfers between members of
betterment is difficult to discern, it may be remarked this so-called "Prussian consortium" were specificthat the lack of any profound political repercussions ally exempted from the emergency decree. Directors
constitutes a satisfactory phase of the situation. The of the Berlin Boerse held a meeting last Saturday and
grave danger of a political overturn in Germany, decided to keep that exchange closed for the time
with all its possible disturbing implications, has ap- being. It was suggested in Berlin dispatches that
parently passed for the time being. There is ample the Boerse may not open again all this month. When
evidence in the quiet and willing response of the the banks reopened Monday, thousands of depositors
German people to the stern measures of an eventual were in line at institutions throughout the country,
but there were no riots or other troubles and the
adjustment of the difficulties still prevalent.
That the financial troubles of Central Europe are police had no difficulty in maintaining order. A
not of a nature to yield readily to governmental decree by the Government imposing rather severe
panaceas was, doubtless, realized at the discussions censorship regulations on newspapers provoked a
in Paris and London during the past week. Hopeful little resentment, but the restrictions were modified
statements were issued daily at these conferences, early this week. Suspension of the J. F. Schroeder
and it may be presumed that they served an excellent Bank, of Bremen, was announced Monday, this incipurpose in quieting apprehensions. Financial re- dent naturally producing an unfortunate effect. The
sults of the conversations, however, consist largely institution had capital and reserves of $3,750,000.
Expiration of the decree covering bank withof recommendations for measures of which the neceswas immediately recognized by bankers in all drawals up to July 23 was followed, Thursday, by
sity
countries and which already are in effect. The poli- the promulgation of a further decree of a very simitical results are difficult to estimate properly, but lar tenor. A little additional relief was extended the
it is assumed that great benefits will flow in the hard-pressed German people, but again the rulings
future from the meetings of government leaders and were only temporary, with a further reconsideration
the solidarity they evinced in the face of a crisis that scheduled for early next week. For the period from
affected Germany especially, but all other nations July 24 to 28, inclusive, depositors are permitted
as well. It is hoped, most particularly, that a better daily withdrawals up to 200 marks, as against 100
understanding between Germany and France will marks previously, and single withdrawals of 30
result from the first meeting of the actual govern- marks from savings accounts, instead of 20 marks.
No proof of need is required from depositors wishing
ment heads of these countries in a half century.
Various regulations for control of the financial to withdraw sums from the banks under the new desituation within Germany were promulgated by the cree. Provision also was made for restricted transReich Government during the past week, with some fers of money by checks from one account to another.
faint signs of amelioration already in evidence. Per- Important also, was a decree issued Wednesday prohaps the best indication was the reopening of the viding for the issuance of 500,000,000 marks in new
Darmstaedter und Nationalbank (Danat Bank), silver coins and 100,000,000 marks in new copper
under Government auspices July 17. Deposits of coins, to augment the present coinage of 1,200,000,000
this institution were guaranteed by the Government marks and relieve the shortage now existing. No
when it was closed July 13. Only sums needed for decision is yet reported on the date for minting the
payrolls have been paid out so far, but additional currency,but it is suggested in Berlin dispatches that
payments are said to be in prospect, and it is even only a part of the authorized increase of 600,000,000
believed in some quarters that the bank will not be marks will actually be issued.
A little restlessness among the German people was
liquidated entirely. A decision, depending on the
actual status of the bank, is to be made in the future. natural under these severe restrictions, but the nerA drastic ordinance against the flight of German vousness took the form chiefly of a few demonstracapital to other countries was issued last Saturday. tions of "Nazis," as the Fascist followers of Adolph
All possessors of foreign exchange were required, Hitler are called, and one or two riotous meetings
under this decree, to offer their holdings to the of miners in the Ruhr area. The tendency was to
Reichsbank and upon demand to sell them to the await the results of the Paris and London confer-
tered in all groups of stocks, with closing prices the
lowest of the day. Better resistance developed in
yesterday's dealings, but prices on the whole again
moved to lower levels. The session was decidedly
inactive.
JULY 25 1931.]
FINANCIAL CHRONICLE
ences, and the return of Chancellor Heinrich Bruening and Foreign Minister Julius Curtius to Berlin.
Crowds around the newspaper bulletin boards in the
larger centers awaited the reports of the progress
made at these gatherings, but all signs of violence
were lacking. Political maneuvers for an early convocation of the Reichstag were again attempted by
the Fascists and Communists, but the Reichstag
Council of Elders voted down such motions Thursday, thereby giving the Bruening Government further respite from Parliamentary bickering. The
Nationalists issued a resolution Tuesday, strongly
condemning Dr. Bruening for his efforts to solve
the troubles by negotiation at Paris and London.
The way out of the present difficulties was perhaps
best indicated by Dr. Hjalmar Schacht,former President of the Reichsbank, who declared early this week
that "the amazing bent of the German people for
work and order affords the fullest guarantee that
this crisis, given wise leadership, can be overcome in
the near future." Dr. Schacht added that no State
control of the economic system, in whatever form,
can ever replace personal responsibility and control.
Emergency measures in Austria and Hungary reflected this week the growing incidence of the financial crisis in Central and Southeastern Europe. The
Austrian National Bank advanced its discount rate
Wednesday from 7 to 10%, while the rate on inter/
1
2
national mortgage transactions was raised to 11%.
It was explained officially that the increases were
occasioned by the great strain in the European business world. The Hungarian Government announced
on the same day that the restrictions on bank payments and exchange traffic previously adopted would
be continued until July 30. The authorities of the
Budapest Stock Exchange announced simultaneously
that the institution will be kept closed until the end
of this month. The legislatures in both Austria and
Hungary adopted bills this week for greater economy
in government. Some perturbation was occasioned
in Rumania by the withdrawals of credits, but the
short term commitments of that country were said
to be relatively small. No great difficulty was looked
for in meeting the demands.
The hurriedly arranged conversations of Government leaders on the Central European financial
crisis were augmented last Saturday, when Chancellor Heinrich Bruening and Foreign Minister Julius
Curtiue arrived in Paris, accompanied by Herr von
Buelow of the German Foreign Office and Count
Schwerin, of the Finance Ministry. Discussions
were started earlier last week, with official representatives of France, Great Britain and the United
States in attendance. Premier Pierre Laval and
Foreign Minister Aristide Briand presented the
French views on the crisis and they are understood
to have reiterated in somewhat altered form the political conditions attached to the proposals for a long
term international credit to Germany, in which
France might participate. Foreign Secretary Arthur
Henderson represented Great Britain in this preliminary exchange, while the United States was represented by Secretary of State Henry L. Stimson and
Secretary of the Treasury Andrew W. Mellon. Official announcements indicated that the various
aspects of the problems arising from the German
financial crisis were under consideration. The decision of the German leaders to journey to Paris was
considered a favorable augury and expectations were
525
general in political quarters that financial aid would
be arranged for the Reich. Such views, it may be
added, were never shared by financial authorities.
Soon after the arrival of the German leaders in
Paris last Saturday afternoon, Premier Laval and
Chancellor Bruening were closeted together for an
hour. "They talked over," a dispatch to the New
York "Times"said,"the possibility of ridding Europe
and the world of the spirit of fear, friction and
antagonism between their countries, which for the
past 10 years has affected the lives of millions of
people and become an ever-growing danger to civilization." Statements by both the French and the
Germans indicated that good progress was made
toward this objective. More comprehensive meetings
between the French and German officials followed
later in the day, while in the evening conversations
were held by the German Ministers with Mr. Stimson
and Mr. Mellon at the American Embassy. An
official statement of the French Government indicated that suggestions were made for "remedies
which might be considered to improve, attenuate and
finally solve the present crisis." A frank and cordial
exchange between the Ministers developed, it was
said, and it embraced not only the financial crisis,
but also the relations of France and Germany as a
whole, with a mutual desire to establish durable collaboration between the two peoples apparent. In
Washington and London it was reported that these
conversations were preliminary to the projected
exchange at the British capital. Washington viewed
the prospects cheerfully, with the information available that Ambassador Walter E.Edge had telephoned
from Paris that things "looked all right." London
conjectures on the series of conferences were rather
cynical, a dispatch to the New York "Times" said.
Further conversations, both formal and informal,
took place throughout last Sunday at Paris, and at
the close of the discussions a hopeful statement was
issued jointly by the French and German representatives. "The German Chancellor set forth the different aspects of the crisis from which his country
is suffering," the announcement said. "Representatives of the French Government, recognizing the
gravity of this crisis, declared that, under the reserve
of certain financial guarantees and measures of
political appeasement, it would be ready later to discuss the terms of financial co-operation within an
international framework. Right now the representatives of the two governments have desired to underline their desire to create between them, in every
possible measure, conditions favorable to effective
collaboration in both the political and economic
fields; and they have agreed to begin associating
their efforts so that credit and confidence may be
restored in an atmosphere of calm and security."
It was remarked in Paris dispatches that no appreciable progress was made during the day toward settlement of the German financial difficulties, and that
the whole problem of a large long-term loan to Germany would be laid over for consideration at the
London gathering of government heads, which was
scheduled to take place Monday evening. Secretaries Mellon and Stimson, and Foreign Secretary
Henderson left Paris for London Sunday afternoon,
while the German representatives followed Monday.
Mr. Stimson spoke optimistically to press correspondents in Paris before leaving, and a hopeful
statement was given out by Mr. Henderson on his
arrival in London. Washington reports remained
526
FINANCIAL CHRONICLE
highly favorable, with dispatches remarking that
the United States "is prepared to play its full part
toward economic recovery."
Of great significance, in view of the high hopes
built around the London conference of seven governments, were indications from Paris last Monday that
Premier Laval would in no way relax the political
conditions of French participation in international
financial aid for Germany. "It is evident from
to-day's press," a dispatch to the New York "Times"
said,"that yesterday's formula of agreement between
France and Germany is not intended to mean on
the French side any lessening of the demand for guarantees by France." Earlier reports, which were
never denied, indicated that the guarantees would
consist of a demand by France that Germany undertake no increase in military expenditures for 10 years
and maintain the political status quo for the same
period. As a financial guarantee a pledge of German
customs revenues was demanded, it was said. The
latter requirement was viewed in other than French
circles as merely another means of defeating the
Austro-German customs union project.
With this background the representatives of seven
nations began their final series of conferences on the
German financial situation in London late Monday.
The countries represented were Germany, France,
Great Britain, the United States, Italy, Belgium and
Japan. The conference convened Monday evening,
hardly an hour after the arrival of the French, German, Italian and Belgian delegations from Paris.
Prime Minister Ramsay MacDonald called the meeting to order at the House of Commons, and he made
a conciliatory speech in which he suggested that the
discussions be confined to financial and economic
questions. Welcoming the delegations in the name
of the British Government and people, Mr. MacDonald suggested that the gathering "may be one of the
turning points in the history of the world, for good
or ill." He emphasized the necessity of finding a
solution for the present crisis in Germany, and spoke
at length on the causes leading up to the difficulties.
"Our position, in a word,is to restore the confidence
of the foreign investor in Germany," Mr. MacDonald
remarked. "Clearly, the problem has both political
and financial sides, but the mind of this conference
is to be concentrated on the latter." Admitting that
the question of what can be done must be reserved
largely for bankers and financiers, the Prime Minister indicated that two main alternatives were
apparent. "The one is to find the means of providing new loans or credits to Germany," he continued.
"The other way would be to attack directly the question of whether by strengthening the internal
position of Germany we can give an assurance of its
stability to the outside world so as not only to prevent the capital that is already in Germany from
being withdrawn, but to enable it to be augmented."
The need for haste was repeatedly emphasized by
Mr. MacDonald.
Premier Laval and Chancellor Bruening made the
only other addresses at this first meeting of the delegations at London. M. Laval dwelt at length on the
sacrifice entailed for France in her acceptance of the
Hoover debt suspension proposal. He made it plain
that the French Government, while it understands
the difficulties of the present situation in the Reich,
is willing to participate in a credit to the Reich only
on condition that the guarantees frequently mentioned unofficially in dispatches from all European
[Vor... 133.
capitals are forthcoming. French public opinion
deems such guarantees indispensable, he declared.
"M. Laval reiterated his conviction," a London dispatch to the New York "Herald Tribune" said,"that
any loan to Germany must be attended by a pledging
of German customs receipts and stressed the fact
that French public opinion demands also assurances
of Germany's good-will in the political sense." Chancellor Bruening, who followed, gave a detailed
account of the flight of capital from the Reich since
the Chequers conversations early in June, and stated
that Germany is in dire need of credits. Washington
reports of Monday indicated that suggestions of the
Hoover Administration for the alleviation of the
financial difficulties of Germany would be submitted
to the London conference Tuesday by Mr. Stimson.
This announcement created intense interest, but the
form of the suggestions was not disclosed at the
time.
When the London conference on the German financial crisis was resumed Tuesday morning there was
published throughout the world an American proposal for meeting the emergency. It appeared subsequently that this proposal had been submitted in
Paris late last week through Secretary Stimson, and
that most of the deliberations of the governmental
gathering had been based upon it. Publication of
the document was followed by renewed efforts to
arrange matters in accordance with the suggestions
of President Hoover, other views dropping into the
background. Two major suggestions were outlined
in the proposal. The first called for the renewal,for
an unspecified period, of existing short-term credits
to Germany. The second called for the selection of a
committee by the B. I. S. to consider the credit
position of the Reich and develop plans over the
next six or eight months for conversion of some of
the short-term into long-term credits. These suggestions were hailed with remarkable enthusiasm in the
political world, but bankers were more reticent. It
was pointed out by financial authorities that the
immediate and essential element of the plan is that
for the prolongation of present short-term credits, an
emergency measure which was voluntarily undertaken by the banks when the crisis became acute.
"The essence of the problem," the formal proposal
stated,"is the restoration of confidence in Germany's
economic life, both in Germany and abroad." On
the political side, it was suggested, friction should
be eliminated so that the world may rely upon the
political stability of Europe. On the economic side,
to which the proposal was devoted almost exclusively,
it was remarked that the present emergency is
strictly a short-term credit crisis. After a brief
reference to the drain on German banking resources
and the depletion of German gold and foreign exchange holdings, the proposal remarked that fundamentally there is nothing to justify these movements.
"If, through co-operative action, they can be arrested,
there is no reason why the present emergency cannot
be immediately and definitely surmounted," it was
said. The flight from the mark, in so far as
it is of German origin, was, of course, left to
the "vigorous action of the German Government and the Reichsbank." Dealing specifically with external credits, the belief was expressed
that "the first approach to this problem is the development of a program that will permit the maintenance for an adequate period of time of the present
JULY 25 1931.]
FINANCIAL CHRONICLE
527
outstanding lines of credit." Details of such a pro- the day. It was suggested that Prime Minister iliacgram and the methods of making it effective are to Donald and Foreign Secretary Henderson will make
be left to the banking communities of the respective their delayed visit to Berlin over the present
countries and the central banks. It was suggested, week-end.
finally, that a committee should be appointed by the
The conference ended Thursday, as a London dig-B. I. S. or created by some other appropriate method patch to the New York "Herald Tribune" put it,
to secure international co-operation for the renewal "with a chorus of self-congratulation upon the part
of existing credits and for the development of a plan of the statesmen who participated in it, but without
for conversion of some proportion of the short-term noticeable enthusiasm being displayed by the world's
advances into long-term credits.
banking or industrial communities as to the immeA sub-committee of the Finance Ministers of the diate value of the proceedings." An official comvarious governments represented in London began munication,issued at the close of the gathering,sumpromptly to "work along the lines suggested by Presi- marized the developments and conclusions. It was
dent Hoover," London reports said. It was imme- remarked that the governments represented are
diately assumed that the proposal would remain the "ready to co-operate so far as lies within their power
dominant feature of the gathering and that decisions to restore confidence," and that they are ready to
would be of a nature to correspond. "This means," recommend for the consideration of the financial
a dispatch to the New York "Times" said, "that the institutions in their respective countries specific proFrench proposal of a long-term loan to Germany posals for relief. These are, first, that the central
under both political and economic guarantees has bank credit of $100,000,009 recently granted the
been abandoned by the conference, although France Reichsbank be renewed at maturity for a period of
is still urging it as the only plan in which she can three months, and secondly, that concerted measures
participate." In the formal gathering, the report should be taken by the financial institutions in the
added, Chancellor of the Exchequer Philip Snowden different countries with a view to maintaining the
asked the French to explain what they meant by their volume of credits they have already extended to Gerwillingness to help Germany on the basis of guaran- many. A further recommendation related to the
tees and political appeasements. M. Laval is said committee which President Hoover suggested should
to have replied that the conditions had already been be set up by the B.I. S. to inquire into the immediate
outlined in Paris and that further discussion was further credit needs of Germany and to study the
apparently useless. An official communication possibility of converting short-term into long-term
stated merely that the conference was considering credits. Note was taken of a communication from
the matter of international financial co-operation for Dr. Bruening relative to the joint guarantee recently
the restoration of confidence in Germany's economic placed by German industry at the disposal of the
stability. In Washington great hopes were built Gold Discount Bank, and the opinion was expressed
upon the proposal, according to the reported com- that a guarantee of this description should make it
ments of Acting Secretary of State William R. possible to provide a sound basis for the resumption
Castle, Jr. It will permit the world, he said, to of normal operations of international credit. "The
return to the normal conduct of business by assur- conference considers that if these measures are caring stability in the German credit structure. Mr. ried through they will form the basis for more permaCastle estimated the German short-term credits now nent action to follow," the communication stated.
held by foreign bankers at $1,200,000,000, with the "The conference also decided," it was added, "that
share of the United States about $600,000,000.
a committee of experts should proceed with an elabAs a result of the proposal by President Hoover and oration of the detailed measures required for giving
the deliberations of the subcommittee of Finance Min- effect to President Hoover's proposal for a year's
isters,it was clearly foreshadowedIn London Wednes- suspension of intergovernmental debts."
day that a credit plan would be evolved with a series
President Hoover issued a statement in Washingof recommendations closely in accord with the obvi- ton late Thursday, in which he praised the London
ous necessity of extending existing commitments and conference as having laid "sound foundations for the
furthering the emergency measures already taken by establishment of stability in Germany." The major
the Berlin Government. It was stated definitely that problem, he remarked, is one affecting primarily the
the Ministers would propose a further renewal of the banking and credit conditions and can best be solved
$100,000,000 short-term credit placed at the disposal by the voluntary co-operation of the bankers of the
of the Reichsbank in June by the Federal Reserve world rather than by governments with their conbanks, the Bank of England, the Bank of France and flicting interests. Secretary Stimson issued a statethe B. I. S. This credit was extended on July 16 for ment in London in which he remarked that he and
a period of three months, so that the action of the Secretary Mellon were very well satisfied with the
Ministers would indicate there is no expectation of results of the gathering. The friendly meeting of
securing repayment for some time to come. Chan- French and German Ministers was emphasized by
cellor Bruening and his colleagues of the German Mr. Stimson as one of the outstanding points of the
delegation made further efforts for securing long- conference. "It reassured the world with respect to
term credits, but these were apparently of little avail. political conditions and greatly tended to restore a
Some discussion developed of the actual credit basis of confidence," he added. Prime Minister Macposition of the Reich, and Dr. Bruening arranged Donald also expressed his pleasure at the results
for an international investigation by experts. A of the meeting. "An agreement between seven powcommittee, including Sir Robert M. Kindersley, ers is not easy to reach," Mr. MacDonald said, "but
British banker; Dr. Oliver M. Sprague, economic it has been reached and will be of the greatest imadviser of the Bank of England, and Axel Wallen- portance." Chancellor Bruening contented himself
berg, Swedish banker, is to start an investigation with expressions of thanks at the close of the meetwithin Germany next Monday. The customary ing for the consideration of steps to help Germany.
political functions occupied the Ministers much of Premier Laval emphasized the good results of
the
528
FINANCIAL CHRONICLE
Franco-German conversations in Paris, and expressed the hope they would be "but a prelude to a
series of similar acts leading to political co-operation between France and Germany, which is more
than ever necessary to assure the security of Europe
and the world." Foreign Minister Dino Grandi, of
Italy, Ambassador Xlatsudaira of Japan, and M.
Francqui of Belgium all expressed hopes for a new
era of co-operation.
Banking views on the results of the London gathering, which are naturally of great importance in the
light of the nature of the difficulties, were apparently Much the same in London as those held here.
"British opinion is inclined to regard as the conference's greatest achievement the fact that the German statesmen had been kept in close touch with
the others," a report to the "Herald Tribune" said.
"Beyond this, British financial and political leaders
admit frankly in private conversations that the only
conclusion of the London conference itself which
seems to be at all constructive is the decision to
investigate the German economic situation. If, as
these British leaders expect, the committee recommends a considerable extension of credits to Germany; if it indicates, further, that permanent
amelioration of that situation depends upon reconsideration of the war debts and reparations problem,
and if the interested powers take action along these
lines the British admit that something indeed will
have been accomplished." London bankers were
said to have remarked frankly that the decision to
recommend renewal of the existing short-term credits
to Germany is simply "making a virtue of necessity."
Berlin reports stated that no attempt was made in
German financial and political circles to conceal the
grave disappointment felt at the outcome of the Paris
and London conferences. The "solution" provided
at London,it was held,is at best an intermediary and
temporary one, with further conferences presumably
necessary in order to attain a satisfactory adjustment of the financial difficulties.
French contentions on the need for security as a
preliminary to disarmament are reiterated in detail
in a lengthy memorandum submitted by the Quai
d'Orsay to the Secretariat of the League of Nations
in preparation for the general disarmament conference which is scheduled to be held in Geneva next
February. The document, as published in Paris,
Tuesday,somewhat dampened the hopes entertained
in some quarters regarding the success of the world
conference. It deals entirely with the French view
of "principles to be followed in the reduction and
limitation of armaments," and is apparently preliminary to a more specific report on technical and
other data. A request for complete information was
made by the League of Nations to all the powers
concerned, and complete replies are understood to
have been made so far by Soviet Russia and the
United States, the data of this country being given
full publicity some weeks ago at the specific request
of Washington. "Without awaiting the complete
compilation of the figures they are desired to communicate," the French memorandum stated, "the
Government of the Republic considers it advisable
to set forth the principles and methods of French
policy as regards the limitation of armaments, the
extent to which they have already applied them since
signing the League covenant, and, finally, those conditions the fulfilment of which they deem necessary
[Vor... 133.
if the conference of 1932 is not to disappoint the
hopes it has awakened."
France declines, in the present document, to consider any further limitation or reduction of her
naval, military or air forces unless her security and
the sanctity of existing treaties are assured by that
"common action" which is one of the bases of Article 8 of the League covenant. "In a system of
international solidarity like that of the League of
Nations," the memorandum remarks, "each State
must have sufficient armaments to protect itself
against aggression until this common action can
begin to function. If left to its own unaided resources a State unlawfully attacked must be sufficiently armed not to be overwhelmed before having
had time to mobilize the whole of its national forces.
It will therefore be possible for the reduction of
armaments to be the more substantial in proportion
as the setting in motion of the contemplated common
action is less uncertain and likely to be more
prompt." Present French armaments, it is contended, are at "the lowest point consistent with
France's security in the present state of Europe and
the world." Great emphasis is also placed upon the
"strictly defensive character" of the land, sea and
air forces. Remarking that insecurity for one State
means insecurity for all, the French Government
upholds the "necessity of a security guaranteed to
every State by assistance which should be mutual,
effective and prompt." This declaration by France
occasioned little comment in other countries, as the
outlines of the French view have long been made
familiar in international conferences and diplomatic exchanges. It was remarked in Geneva dispatches, however, that the memorandum did not
occasion optimism regarding the coming conference.
Hearings on the compatibility of the proposed
Austro-German customs union with the existing
treaty obligations of Austria were started before the
15 justices of the Permanent Court of International
Justice last Monday. The proceedings are of worldwide interest, as the case is probably the most important ever placed before the Court. The decision
is expected to settle the keenly contested issue
whether the projected union impairs the sovereignty
of the Austrian Republic. France and some of the
nations allied with her have maintained that the
union would be a step toward "Anschluss," or a
political merging of Austria with Germany, and they
have contended that it would constitute a violation
of the Geneva protocol of 1922, whereunder international guarantees of Austrian independence were
given. The two Central European governments have
stoutly contested this view, maintaining that the
customs union would in no way conflict with the
Geneva protocol or impair the sovereignty of Austria. Debates on this matter before the last League
of Nations Council resulted in submission of the
question to the World Court, with a request that an
early decision be rendered. Oral arguments on the
case were started by Dr. Victor Bruns for Germany,
and Dr. Erich Kaufmann for Austria. French
views are to be laid before the Court by Jules Basdevant and Joseph Paul-Boncour. Briefs also have
been filed by Italy and Czechoslovakia, both these
countries expressing opposition to the union. The
proposal for a Zollverein, or customs union, was
announced by Foreign Minister Julius Curtius and
Johann Schober last March, and it promptly pro-
JULY 25 1931.]
FINANCIAL CHRONICLE
529
duced one of the most heated international contro- rate was increased from 23/2%
to 3327o. Public
versies of recent years.
deposits rose £697,000 while other deposits dropped
£7,190,502. This latter item includes "bankers
Deliberations of the newly elected Constituent accounts" and "other accounts" which
decreased
Assembly of Spain have been overshadowed this week £6,250,090 and £940,412, respectively. Loans
on
by widespread strikes and riots, fomented, accord- government securities increased £4,355,000 and
other
ing to Madrid dispatches, by Syndicalist and Com- securities £1,503,848. Other securitie
s includes
munist leaders. • The Assembly, or Cortes, gathered "discounts and advances" which
fell off £308,013
in Madrid July 14 to fashion a new Constitution for and "securities" which increase
d £1,811,861. The
republican Spain. Repulations governing the pro- ratio of reserve to liabiliti
es is now 49.3%; last week
cedure of the gathering, together with purely politi- it was 57.23%
and at the corresponding week last
cal exchanges, have occupied the Cortes so far, but year it was 44.89%
. Below we show a comparison
it is believed progress will be made soon on the draft of the various items
for the past five years:
of a Constitution laid before the elected representaBANK OF ENGLAND11 C0MPARATIVE STATEMENT.
193
0
tives of the Spanish people by the Provisional Gov1931.
1929.
1928.
1927.
July 22.
July 23.
July 24.
July 25.
July 27.
ernment of the President, Alcala Zamora. Immense
356.099,000 884,137,682 367,332.145 136,015,840 137,958,185
crowds cheered the legislators as they gathered for Circulation
Public deposits
16,373,000 9,904,246 11684,787 11,537,201 9,877.743
the first meeting of an elected Spanish assembly in Other deposits
92,943,628 103,472,542 97,493,360 108,838,109 103,482,503
Bankers accounts_ 60,179,250 67,265,603 61,009,441
more than eight years. Although the meeting is of Other accounts__ _ 32,764,378 36,206,939 36,483,919
unexampled importance for Spain, greater promi- Govt. securities_ _ _ 34,375,906 51,355,547 50,781,855 28.278,885 49,991,982
Other securities
39,075,446
nence has attended the avowed attempts of the Syn- Disct. & advances 7,098,770 29,200,737 33,099,759 48,418,199 47,857,565
7.098,343 9,426,937
Securities
31,976,676 22,102,394 23,672,822
dicalists this week to achieve a "social revolution." Reserve notes & coin 53,946,000 50,896,217
43,368,013 59,754,547 33,596,556
Trouble arose at Seville, Monday, where one police- Coin and bullion.. 150,044,584 155,033,899 150,700,158 176,030,387 151,804,741
Proportion of reserve
man and two rioters were killed, while 15 others were to liabilities
49.3%
44.89%
39.72%
5096%
294%
3%
315 %
4ti%
5.4%
4
wounded, when the police tried to halt a Syndicalist Bank rate
a On Nov. 29 1928
amalgamated
Bank of England
procession. A general strike was promptly called for note issues adding atthe fiduciary currency wasto the amountwithBank of England
that time £234,199,000
of
Seville, but the Republican Government countered notes outstanding.
by arresting Dr. Villana, Syndicalist leader of
The Bank of France in its weekly statement dated
Southern Spain, and his entire staff of agitators. A
July 18, records a gain in gold holdings of 419,statement was issued by the Madrid Government
348,893 francs. Owing to this increase the total of
saying it would not allow the Syndicalist movement
the item now stands at 56,646,581,780 francs, in
to "upset the economic life of Spain," and that the
comparison with 44,912,083,721 francs the corremovement would be broken up at all costs. Troops
sponding week last year and 36,786,069,655 francs
were stationed in and near the city of Seville, and
two years ago. An increase of 629,000,000 francs
additional fighting developed Wednesday, when two
appears in credit balances abroad and a decrease of
persons were killed in a suburb of that center. In
612,000,000 francs in bills bought abroad. Notes
order to cope with the situation the Government
in circulation declined 233,000,000 francs, reducing
issued a decree making it illegal to call a strike withthe total of the item to 77,953,675,165 francs. Cirout announcing the intention 10 days before the walkout. Numerous radical suspects were arrested by lation last year aggregated 72,293,027,455 francs
and the year before 64,109,892,845 francs. French
the police in Madrid and other centers.
commercial bills discounted, advances against seThe Bank of England on Thursday raised its rate curities and creditor current accounts show increases
of 265,000,000 francs, 17,000,000 francs and 1,089,of discount from 2 % to 3 %. On the same day
/
1
2
/
1
2
000,000 francs respectively. A comparison of the
the Bank of Ireland moved its rate up from 3 % to
/
1
2
4 %. Yesterday the Hungarian National Bank various items for the past three years is given below:
/
1
2
BANK OF FRANCE'S COMPARATIVE STATEMENT.
moved its rate up from 7% to 9%. On July 22 the
Changes
Status as of
Austrian National Bank jumped its rate up from
for Week.
July 18 1931. July 19 1930. July 20 1929.
Francs.
Francs.
Francs.
Francs.
7 % to 10%. On Saturday last the Bank of Yugo- Gold holdings...Jac. 419,348,893 56,646,581,780 44,912,083,721 36.788,069.655
/
1
2
Credit
slavia advanced from 6 % to 7 %. Rates are 10% French bale. abed.Inc. 629,000,000 8,659,695,379 6,737,672326 7.334,358,138
/
1
2
/
1
2
commercial
bills
in Austria;10% in Germany;9% in Hungary;6 % Bills dlscounted_Ine. 265,000,000 4,410,058,142 4,968,114,470 7.724,888.812
/
1
2
bought abed_Dec.612.000,000 16,9138.049.835 18,964.082,557 18,474,925.601
in Spain; 5 % in Italy; 4% in Norway; 3 % in Adv.agt. secure...Inc. 17,000,000 2.838,802,934 2,725,894.225 2.415,251.202
/
1
2
/
1
2
Note
233,000.000
Denmark; 4 % in Ireland; 3 % in England; 3% Craft.circulation. Dec.089,000,000 77,953,675.165 72,293,027,455 64,109,892,845
/
1
2
/
1
2
curr. accta„Inc.1
22,622,382,442 15,594,950,099 18,504,585,089
in Sweden; 2 % in Belgium, and 2% in France,
/
1
2
Holland and Switzerland. In the London open marMoney rates in the New York market showed no
ket discounts for short bills yesterday were 3%@ variations whatever from earlier levels this week,
3 7/16% against 23 16@21 % on Friday of last and no reaction to the financial hurrica sweepin
/
4
ne
g
week, and for three months' bills 37/16% against much of the world at present. Important central
2%70 the previous Friday. Money on call in London bank rates in Europe were revised sharply
upward
on Friday was 2 %. At Paris the open market rate this week, with the Bank of England increase from
/
1
2
remains at 178%, but in Switzerland the rate has 2 % to 3 %, Thursday, especially signific
/
/
1
2
/
1
2
ant.
risen from 1 % to 2%.
/
1
2
The National Bank of Austria raised its rate from
7 % to 10%, while the Hungarian central bank
/
1
2
A loss in gold was reported by the Bank of England increased its charge from 7% to 9%. In the
New
in its statement for the week ending July 22. This York market, meanwhile, money is available
in
loss, which amounted to £15,155,310, together with almost unlimited quantities. The rate for call
loans
a reduction of £2,315,000 in note circulation, ac- on the Stock Exchange was 1 % throughout,
/
1
2
with
counted for the loss in reserve of gold and notes in funds available every day at a concessi
on in the
the banking department of £12,340,000. In an unofficial "Street" market. The outside
quotation
effort to check the gold outflow, the Bank's discount was 11 4% Monday to Wednesday, while
/
some deals
I
530
FINANCIAL CHRONICLE
[VOL. 133.
Sterling exchange and the entire foreign exchange
market continues to be dominated by the financial
crisis in Germany. The Bank of England has lost
a heavy volume of gold during the week to France,
Holland, Belgium and Switzerland. On Thursday
the Bank of England increased its rate of rediscount
from 23/2% to 33/2%. A further increase in the
rate is believed to be in immediate prospect. The
%
range for sterling this week has been from 4.835 to
sight bills, compared with 4.83
4.853.4 for bankers'
to 4.863/ last week. The range for cable transfers
4
has been from 4.84 to 4.85 7-16, compared with 4.831
on the Stock to 4.86 11-16 a week ago. The lowest rates this
Dealing in detail with call loan rates
Exchange from day to day, there was again no devia- week were touched on Wednesday, when sterling
2
1
/
tion at any time from the figure of 1 %,this having cable transfers were quoted at 4.84 1-16 in New
A
both for new loans and for re- York, a drop of 3 c.from Tuesday's close, and again
been the quotation
day of the week. Time money has on Thursday when cable transfers early in the day
newals on every
been without noteworthy movement. A small touched 4.84. It would seem that the market was
amount of loaning for four months has been done. convinced on Wednesday that the London conference
Everything else has been neglected. Quotations con- would not succeed in offering Germany any aid more
2
1
/ /
tinue at 114@l % for 30 and 60 days, and also for substantial than the maintenance of present short@ term credits and the extension of the $100,000,000
1
/
90 days; the rate for four and five months is 12
months 1%@2%. The market for credit to the Reichsbank which was effected a few
4%,and for six
13
prime commercial paper has been brisk this week weeks ago through the instrumentality of the Bank
insofar as satisfactory paper could be obtained, but for International Settlements, with the co-operation
trading slowed up somewhat toward the end of the of the Bank of England, the Bank of France, and
week as the supply of satisfactory names became the Federal Reserve Bank.
The conviction that no large loan was in prospect
depleted. Rates for choice names of four to six
/
134@2%. Names less caused a further repatriation of short-term funds from
months' maturity are now
/
London, with Dutch and Belgian interests especially
well known and shorter choice names are 134@2%.
active in making withdrawals from London banks
The demand for prime bank acceptances was slow which they felt to be deeply involved in German
during the greater part of the week. Very few bills credits. There were heavy withdrawals of gold
were available, and the market gradually tapered from the Bank of England on Tuesday and Wednesdown ,as the week progressed. Rates remain un- day and more then £5,000,000 was taken from the
changed. The quotations of the American Accept- Bank on Thursday and again on Friday. Gold withance Council continue at: For bills up to 90 days, drawals from the Bank of England since sterling
2
1
/
1% bid, 78% asked;for four months' bills, 1 % bid, developed acute weakness two weeks ago had reached
six months, 1%70 bid and £20,000,000 up to Thursday, so that gold of the Bank
1% asked; for five and
/
11 4% asked. The Federal Reserve banks suffered of England was down on Thursday to £145,914,000,
a further decrease in their holdings of acceptances which compares with minimum recommended by
during the week from $70,408,000 to $67,033,000. the Cunliffe committee of £150,000,000. The adTheir holdings of acceptances for foreign corre- vance in the Bank rate to 332% was made with a
spondents increased from $289,851,000 to $298,- view to arresting gold withdrawals, and as just stated,
111,000. Open market rates for acceptances also bankers expect a further immediate increase in the
ate if the withdrawals continue. Sterling is now
remain unchanged, as follows:
below the gold point with respect to the currency of
SPOT DELIVERY.
—180 Days— —150 Daily— —120 Days— France, Belgium, Holland, Switzerland, and the
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
111
Li
United States. All except New York have been
I%
l(
1%
Mitt eligible bills
- taking gold from the Bank of England and from the
—30 Days
—60 Days—
—90 Days—
501. Asked
Bid. Asked.
Bid. Asked.
London open market. At the rates which have pre1
1
Prime eligible bills
vailed here for the past two weeks gold could easily
THIRTY DAYS.
FOR DELIVERY WITHIN
IN bid have been imported from London to New York at
Eligible member banks
IH bid
Eligible non-member banks
a profit, but it is generally understood that the
American banks have refrained from embarrassing
There have been no changes this week in the redis- the London market. By reason of their agreement
count rates of any of the Federal Reserve Banks. The with the Federal Reserve authorities bankers on
following is the schedule of rates now in effect for this side have shown every disposition to strengthen
the various classes of paper at the different Reserve and not weaken the credit structure abroad. In
banks:
harmony with the higher Bank of England rate the
BANKS ON ALL CLASSES
DISCOUNT RATES OF FEDERAL RFSERVE
London money market is firmer. On Thursday
PAPER.
AND MATURITIES OF ELIGIBLE
%
4%, against 23 to
3-months' bills were quoted 33
Previous
Date
Rate in area
Rate.
Established.
on July 21.
2 7-16% on Wednesday. The DA% Bank of EngFederal Reserve Bank.
234
3
May 7 10 1
2
land rate had been in effect since May 14 1931. The
Boston
2
May 8 1931
134
New York
34
May 7 1931
3
weekly statement of the bank shows gold holdings
Philadelphia
3
9 1931
May
2%
Cleveland
3%
May IS 1931
3
Richmond
at £150,044,584, but the loss of an additional L5,3%
Jan. 10 1931
a
Atlanta
3
May 9 1931
2%
Chicago
130,000 on Thursday and of £5,260,950 on Friday
3
May 9 1931
2%
St. Louts
4
Sept. 12 1930
3%
Minneapolis
334
brings the gold holdings down to approximately
May 21 1931
3
}Cancan City
335
May 8 1931
3
3
£140,026,534, which tompares with the minimum
22 1031
May
2,4
£150,000,000 recommended by the Cunliffe corn-
were reported at 1% Thursday and again yesterday.
Time money rates were unchanged, as well. Brokers'loans against stock and bond collateral decreased
$14,000,000 for the week to Wednesday night, according to the compilation of the Federal Reserve Bank
of New York. The gold statement for the same
period showed imports of $5,168,000, and exports of
$1,000,000. There was also an increase of $14,000,000
in the stock of gold held earmarked for foreign
account, this change being equivalent to exportation
of the metal.
Malin
JULY 25 1931.]
FINANCIAL CHRONICLE
mittee. With the exception of the Reichsbank,
the Bank of England now has a higher bank rate
than any of the other leading central banks. On
Monday the Bank of England sold £1,984,651 in
gold bars, received £300,000 in sovereigns from
abroad and exported £35,000 in sovereigns. On
Tuesday the Bank sold £2,829,499 in gold bars, received £363,000 in sovereigns from abroad, and
exported £28,000 in sovereigns. On Tuesday approximately £900,000 gold was available in the open
market, which was taken for shipment by the
Continent. On Wednesday the Bank sold £3,455,634
in gold bars, and exported £17,000 in sovereigns.
On Thursday the Bank sold £4,991,311 in gold bars,
exported £239,000 in sovereigns, and released £100,000 in sovereigns. On Friday the Bank sold £5,260,950 gold bars, received £1,050,000 sovereigns from
abroad, released £300,000 sovereigns, exported £127,000 sovereigns and set aside £250,000 sovereigns.
At the Port of New York the gold movement for
the week ended July 22, as reported by the Fed-ral
Reserve Bank of New York, consisted of imports of
$5,168,000, of which $4,035,000 came from Argentina, $1,004,000 from Canada, and $129,000 chiefly
from Latin-America. Exports totaled $1,000,000 to
Italy. There was an increase of $14,000,000 in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the
week ended July 22, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 16
-JULY 22, INCL.
Imports.
Exports.
$4,035,000 from Argentina
$1,000,000 to Italy
1,004,000 from Canada
129,000 chiefly from Latin
America
$5,168,000 total
$1,000,000 total.
Net Change in Gold Earmarked for Foreign Account.
Increase: $14,000,000.
On Thursday approximately $160,000 of gold was
received in San Francisco from Japan.
Canadian exchange continues at a heavy discount,
largely as a result of the unfavorable wheat situation,
Seasonal factors which should favor exchange are
offset by the world-wide depression in business conditions and by the disturbance in sterling exchange.
On Saturday and Monday Montreal funds were at
11-32 of 1% discount, on Tuesday at 5-16, on
Wednesday at 13-32, on Thursday at 7-16, and OD
Friday at 7-16 of 1% discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull and easier. Bankers' sight
was 4.84 9-32@4.843/; cable transfers 4.84 19-32@
2
4.843 . On Monday exchange was firmer and
%
slightly more active. The range was 4.84%@4.85
for bankers' sight and 4.847 @4.85 for cable trans4
fers. On Tuesday sterling was under pressure.
Bankers' sight was 4.843/@4.85; cable transfers
2
4.84%@4.84 15-16. On Wednesday sterling suffered
a sharp break. The range was 4.83%@4.8438
/
for bankers' sight and 4.84 1-16@4.84 for cable
transfers. On Thursday the market was hesitant but with renewed weakness the early part
of the day on the advance in the Bank of England rate of discount. The range was 4.83%@,
4.84% for bankers' sight and 4.84©4.84% for
cable transfers. On Friday the tone was firmer;
the range was 4.843 @4.85% for bankers' sight
4
and 4.84%@)4.85 7-16 for cable transfers. Closing
quotations on Friday were 4.853, for demand and
4.85 7-16 for cable transfers. Commercial sight
2
bills finished at 4.843/; 60-day bills at 4.813;
531
90
-day bills at 4.80; documents for payment (60
days) at 4.813j, and seven-day grain bills at 4.843/s.
2
.
Cotton and grain for payment closed at 4.843/
Exchange on the Continental countries is essentially unchanged in all important respects from last
week. The entire market is under the influence of
the financial crisis in Germany. Quotations for
German marks both here and in all Continental
markets are largely nominal. It will be recalled that
last week the Reichsbank increased its rate of rediscount from 7% to 10%. Bankers are generally of
the opinion that the Reichsbank will make another
big increase in its rediscount rate shortly. 'Important
banking opinion in Berlin seems to incline toward
such extraordinary rediscount rates as 20% and even
30%, doubtlessly with the object of attracting "adventure money." The outcome of the London sevenpower conference is treated in detail on other pages.
The foreign exchange market is not inclined to look
upon the work of the conference as having any important bearing on exchange or the financial situation. The conference recommended the adoption of
the American proposals for credit relief. These include the extension for another three months of the
$100,000,000 credit originally arranged for 21 days
through the co-operation of the Bank for International
Settlements, the Bank of England, the Bank of
France, and the Federal Reserve Bank and last week
extended for three months. The foreign exchange
market derives more encouragement from the fact
that Chancellor Bruening's opponents were defeated
on a move to convoke the Reichstag. The Chancellor thus gains a further breathing space in which
to work for an improvement of the situation. The
conference also recommended that the present volume
of foreign credits in Germany be maintained and that
the Bank for International Settlements be invited to
form a committee to study further credit needs of
Germany and the possibility of converting short-term
credits into long-term obligations.
Germany's failure to secure a long-term loan or
even a new short-term credit at London has placed
the country under the necessity of obtaining foreign
currency by unprecedented restriction of imports
and forcing of exports, it is believed in Berlin. A
special dispatch to the "Wall Street Journal" on
Thursday stated: "The prolongation of the shortterm foreign credits, which is probably the only
result of the London conference means that the
moratorium on foreign payments can be avoided.
The important question is whether the credits called
in the last few days, but not paid out owing to the
general moratorium and estimated at Rm. 500,000,000, will also be prolonged. It is generally
agreed that repayment of foreign debts is impossible
in the next few weeks, when Germany must fight
for an orderly inland credit system. Further increase in the Bank rate was discussed Wednesday
but future action is not yet certain, because with the
first days of general opening of banks, which are
coming soon, fprther Reichsbank credits to banks
will be necessary. Note cover will sink also without
outflow of funds from Germany." Restrictions on
bank account withdrawals in Germany have been
relaxed by Government decree. From July 24 to
July 28, inclusive, depositors will be allowed to
withdraw 10% of their sums, to a maximum of 200
marks. Withdrawals from savings banks will be
limited to 30 marks daily.
532
FINANCIAL CHRONICLE
On Wednesday the Austrian National Bank increased its rediscount rate from 732% to 10%. The
increase was unexpected and the Bank made the
explanation that the disturbed condition of international finance necessitated the action, but hinted
that it would be reconsidered if a helpful agreement
should be reached in London. Although the outlook is more cheerful in Germany, the crisis appears
to have gained force in Central Europe, especially
in Hungary and Rumania. In Czechoslovakia a
delegation from German and Czech Social Democratic organizations waited upon Finance Minister
Trapi to declare that experience in neighboring countries has shown the necessity for stricter control of
bank administration, and that the personal responsibility of bankers must be established by law.
, Italian lire have been generally easier largely as
a result of the upset in European exchanges, but the
ease in the Italian lire was due more to the lull in
Italian trade and to the low prices and depressed
condition of world trade. As noted above, $1,000,000 gold was shipped from New York to Italy during
the week. The dollar-lira rate does not justify the
shipment of gold, so that the transaction is without
significance with respect to exchange. This is the
first gold transaction between New York and Italy
since last September, when a consignment of $3,000,000 was sent from New York. At that time the
shipment was also a special transaction, as lire were
then, as now, below dollar parity.
French francs continue to rule firm and with the
American dollar are in demand everywhere, largely
because of nervousness over the German situation
and because the franc is so heavily backed by gold.
As noted above, France has taken gold from London
in exceptionally large amounts during the past few
weeks. Despite the fact that money is so plentiful
in Paris, money rates have firmed up about % of
1%, which does not mean that the supply has decreased, but in view of the suspension of payments by
Germany and the possible effect, particularly abroad,
the French banks have restricted credits and loans
with the desire to increase liquid resources in order
to be ready for any eventuality, but they chiefly
took advantage of the opportunity offered of raising
the interest rate, which had returned no profits at
the level to which it had fallen.
The London check rate on Paris closed at 123.85
on Friday of this week, against 123.40 on Friday of
last week. In New York sight bills on the French
centre finished at 3.919, against 3.92% on Friday
of last week; cable transfers at 3.91%, against 3.923
and commercial sight bills at 3.913., against 3.9234.
Antwerp belgas finished at 13.933/ for bankers' sight
bills and at 13.94 for cable transfers, against 13.92k
and 13.933/2. Final quotations for Berlin marks were
23.00 (nominal) for bankers' sight bills and 23.00
(nominal) for cable transfers, in comparison with
23.00. Italian lire closed at 5.224 for bankers' sight
bills and at 5.23 for cable transfers, against 5.223/b
and 5.224. Austrian schillings closed at 14.05,
against 14.05; exchange on Czechoslovakia at 2.96,
against 2.9534; on Bucharest at 0.593/2, against
0 593/2; on Poland at 11.20, against 11.20 and on
.
Finland at 2.51%, against 2.51%. Greek exchange
closed at 1.29 for bankers' sight bills and at 1.2934
for cable transfers, against 1.29 and 1.2934.
[VoL. 133.
weakness in sterling exchange. The Scandinavians
for the past few weeks have shown an especially easy
tone due to these causes. Holland guilders and Swiss
francs are the firmest of the neutral exchanges and
are well above dollar parity. As they are also exceptionally firm with respect to sterling, a great deal
of gold taken from the Bank of England during the
past few weeks has found its way to Switzerland and
Holland, although the largest share was taken by
France and an important part of the gold went to
Belgium. The Amsterdam bankers seem to have been
foremost in withdrawing short-term credits from the
London market, especially from London banks which
they felt to be heavily tied up with German credits.
In company with London, Amsterdam has evidently
been called upon for funds to meet German obligations abroad. Prior to the banking holiday and exchange restrictions in Germany considerable German
capital was sent to Amsterdam. The influx of funds
caused guilders to advance to a new high for the year
at 40.313, and weakened the money rates until on
July 6 private discount rate on Amsterdam was
quoted at % of 1% and the buying rate of prime
guilder acceptances at 1%. On July 15, however,
the private discount rate was advanced to 1%% and
the acceptance buying rate to 134%. This upward
movement has been continued and the latest rates
are a nominal quotation of 13/2% for the private discount rate and a fractional increase in acceptance
rates. Spanish pesetas fluctuate widely and show a
decided tendency to ease. On Friday of last week
pesetas closed at 9.39-9.40. This week they fluctuated between 9.01 and 9.31 for checks, and 9.02
and 9.32 for cable transfers, with the lower prices
coming later in the week. The peseta market has
been disturbed by the fact that the Bank of Spain in
its last statement showed an increase in circulation of
73,500,000 pesetas, to a record high of 5,470,300,000
pesetas, indicating that Spain was apparently once
more on the road to inflation. The market is not
inclined to take a hopeful attitude toward the Spanish
currency. There is steady selling and a gradual decline of a few points a day, which in this case is feared
more than a wide open market.
Bankers' sight on Amsterdam finished on Friday
4
at 40.273, against 40.291 . on Friday of last week;
cable transfers at 40.29, against 40.303/ and commercial sight bills at 40.24, against 40.243/ Swiss
2
.
francs closed at 19.49 for bankers' sight bills and at
2
.
19.493/2 for cable transfers, against 19.44 and 19.443/
Copenhagen checks finished at 26.68 and cable transfers at 26.69, against 26.71 and 26.72. Checks on
Sweden closed at 26.71 and cable transfers at 26.72,
against 26.74 and 26.75, while checks on Norway
finished at 26.68 and cable transfers at 26.69, against
26.71 and 26.72. Spanish pesetas closed at 9.01 for
bankers' sight bills and at 9.02 for cable transfers,
against 9.39 and 9.40.
Exchange on the South American countries displays a decidedly easier tone. On Thursday Argentine paper pesos dropped nearly a cent to 30.00 for
cable transfers, while Brazilian milreis reached a new
low on the movement of 6.95 for cable transfers, and
exchange on Chile followed suit at 12.00. The weakness in the South Americans is due to several causes,
notably to political unrest, while the low prices prevailing in world markets for their exports are also
Exchange on the countries neutral during the war depressing. Nevertheless the currencies have been
is dominated largely by the German crisis and by the driven down this week in consequence of repercussions
JULY 25 1931.]
FINANCIAL CHRONICLE
from the financial situation and the weakness in
sterling exchange. The political unsettlement in
Chile following the resignation of the newly created
cabinet grew into serious riots on Wednesday as the
fourth cabinet within two weeks was sworn in. Chile
has been free from political turmoil until recently,
when the position of exchange made it impossible to
meet external debt payments and precipitated a
governmental crisis. Chile has announced her inability to meet foreign exchange coupons due on
August 1. Chile's inability to pay, aside from the
fundamental economic difficulties resulting in particular from the low prices of nitrates and copper, is
due primarily to the difficulty in obtaining foreign
exchange. It has been estimated that Chile requires
about $40,000,000 a year to pay principal and interest on her external obligations. In normal years
Chile depends on an excess of exports and on foreign
loans and investments to obtain this sum. During
1930, however, the balance of trade was unfavorable
and foreign investments practically disappeared. Under these circumstances Chile has two alternatives,
either temporarily to suspend payments of principal
and interest on external obligations or to part with the
gold and foreign exchange holdings of the central
banks. The adoption of the latter method might
have averted default for the moment, but could not
have solved the problem. It would have led, furthermore, to depreciation in the value of the peso. Chile
has for a number of years met her external obligations
promptly and it is believed that with an improvement in economic conditions the country will again
live up to its standard.
Argentine paper pesos closed at 30 3-16 for checks,
against 31 1-16 on Friday of last week and at 3031
for cable transfers, against 313/ Brazilian milreis
8
.
are nominally quoted 6.95 for bankers' sight bills and
7.00 for cable transfers against 7.20 and 7.25.
Chilean exchange closed at 12.07 for bankers' sight
bills and at 12.10 for cable transfers, against 12.07
and 12.10. Peru at 27.90, against 28.10.
Exchange on the Far Eastern countries is dull and
irregularly inclined to ease. Japanese yen are relatively steady although the unit feels the effects of
the German crisis, the decline in sterling, the general
uncertainty arising from European financial affairs,
and the slump in world trade and prices. The recent
Korean-Chinese riots and attempts on the part of
the Chinese to boycott Japanese goods are also affecting Japanese trade adversely. The silver units
are ruling lower as silver prices are at fractionally
lower levels this week. The Indian rupee has been
ruling irregularly for several months past. The
British Government has decided if necessary to introduce legislation to enable it 'Ito give financial
support under suitable conditions to the Government
of India for the purpose of maintaining the credit of
the country." pending settlement of the constitutional question and the financial problems which will
arise out of it. It is estimated that £1,000,000,000
of British money is invested in India. The Indian
Government securities have declined steadily from
the time the Congress Extremists first talked of
repudiation. Due to the agitation of Bombay
merchants and mill owners to reduce the value of the
rupee to Is. 4d. from is. 6d., a substantial export of
capital from India has taken place causing considerable uncertainty. As a result the Indian Government has been compelled to sell exchange instead
533
of being able to buy sterling for remittance to the
British Treasury. To maintain exchange India has
borrowed in London this year approximately L22,000,000. In 1930 her sterling borrowings totaled
around £30,000,000. Every endeavor will be made
by Government agencies both in England and in
India to maintain the rupee at is. 6d. Closing quotations for yen checks yesterday were 49.32®49.50,
against 49.33@49.50. Hong Kong closed at 243/®
2
24 13-16, against 245 8®24 13-16; Shanghai at 30%
/
®30%, against 30%@30 15-16; Manila at 49%,
against 49%; Singapore at 563®56%, against 563
®56%; Bombay at 363'is, against 363', and Calcutta
at 363, against 363.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 18 1931 TO JULY 24 1931, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfas in New York.
Value in United States Money.
July 18. July 20. July 21. July 22. July 23. July 24.
s
EUROPEAustria.@chilling__ .140337
.139236
Belgium. belga
Bulgaria, ley
.007195
Czechoslovakia. krone .029558
Denmark. kroue.
.266805
England, pound
sterling
4.846000
025140
Finlane. markt&
France, franc
.039250
Germany. reichsmark .229464
Greece. drachma_ _..... .012922
Rolland. guilder
402705
Hungary. pengo
174275
Italy. llra
052233
Norway. krone.
266826
Poland, zloty__
111961
Portugal, ceoudo
044147
Rumania,leu
005945
Spain. peseta
093247
Sweden. krona
267121
Switzerland. franc_ .194348
Yugoslavia. dinar__ .017619
ASIAChinaChefoo tadl
315833
liankow teed
.310625
Shanghai tad
.305535
Tientsin tadl
320000
Song Kong dollar-. .244375
Mexican dollar... .220937
.
Tientsin or Peiya
dollar
.222916
Yuan dollar
.220000
India. rupee
.359741
Japan. yen
493437
Singapore (EL8.) dolls .559833
NORTH AMER.Canada. dollar
.996525
Cuba. peso
.999112
Mexico. IMO
.490800
Newfoundland. dolla .994058
SOUTH AMER.Argentina, peso (gold) .697509
Brazil. milrels
070112
Chile. peso
120597
Uruguay. peso
545000
Colombia, peso
965700
_.....
.140415
.139295
.007175
.029578
.267019
$
3
.140385
.139283
.007171
.029580
.267005
4.848256
.025156
.039229
.235433
.012927
.402931
.174427
.052251
.267023
.111990
.044206
.005942
.092259
.267314
.194459
.017818
4.849502
.025152
.039223
.235081
.012930
.402898
.174445
.052256
.267007
.112000
.044131
.005940
.092095
.267280
.194408
.017612
3
3
$
.140423 .140438 .140433
.139218 .139259 .139327
.007185 .007185 .007185
.029585 .029592 .029607
.266726 .266677 .266829
4.841875
.025148
.039234
.234842
.012926
.402533
.174454
.052273
.266738
.112008
.044265
.005938
.091945
.267047
.194237
.017638
4.843684
.025152
.039173
.234157
.012925
.402647
.174450
.052280
.266722
.112033
.044205
.005931
.091066
.267034
.194454
.017645
4.849032
.025150
.039161
.234535
.012929
.402658
.174461
.052285
.266833
.112016
.044205
.005932
.090080
.267110
.194705
.017652
.317291 .316041
.310781 .310468
.305625 .305357
.321041 .320833
.244642 .243750
.221250 .220625
.315416 .316666 .317083
.310625 .310937 .310937
.304910 .305892 .305535
.320825 .321458 .321458
.244017 .243392 .243958
.220312 .221250 .220937
.223750 .223333
.224166 .220416
.359729 .359541
.493469 .493471
.560000 .560000
.222916 .223750 .224166
.220000 .220416 .223750
.359250 .359375 .359354
.493409 .493321 .493525
.560000 .559833 .559833
.996462
.999112
.490800
.993925
.996601 .998317 .995514
.999175 .999112 .999143
.490133 .490800 .490066
.994029 .993700 .992997
.995447
.999143
.490533
.992995
.698960 .695498 .689877 .685213 .682210
.070071 .069700 .069500 .069062 .069357
.120616 .120626 .120498 .120411 .120881
.542500 .532500 .507750 .512166 .513250
.965700 .965700 .965700 .965700 .965700
The following table indicates the amount of bullion in the principal European banks:
July 23 1931.
Banks of
Gold.
Silver.
July 24 1930.
Total.
Gold.
Slyer.
I
Total.
2
.2
2
I155,033.899
England _ 150,044,5841
150,044.584155.033,899
France a _ 453,172,654!
359,296,669
(d)
453,172,1354359,296,669
d
Germany. 68.304,6001 094,600
994,600124,441.600
123,447,000
Spain _ 90.933,000 26,803,000 117.796,000 98,866,000 28,710,000 127.576.000
Italy
56,323,000
57.878,000 56.323,000
57.678,000!
Netherrds. 41,451,000 2,993,000 44.444.000 34,540,000 2,172,000 36,712.000
Nat. Belg_ 41,113,0001
34.340,000
41.113,000 34.340,000
Switzeri'd. 29,496,0001
23 156,000
29,496,000 23,156.000
Sweden_ _ _ 13,261,0001
13,486,000
13.261,000 13,486,000
Denmark. 9.546,000;
9.546,000 9,567,000
9,567,000
Norway _ _ 8,130.000!
8,142,000
8,130,000 8,142.000
Tot. wk.963,189,838 30,790,600993.980.438916,197,5681 31.876,600948,074.168
Prey. week 980.699.357, 31,635,6001012334 957915,314,905 31,920,600947,235,505
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £5,839,350. c As of Oct. 7 1924.
d silver IS now reported at only a trilling sum.
The Outcome of the Conference at London.
The outcome of the seven-Power conference at
London may well afford material for reflection to
those who have been clamoring for a meeting of
statesmen as the most effective way of extricating
Germany from its financial embarrassments and
turning the tide of world economic depression. The
theory that underlay the demand for a conference
was, apparently, that the world depression in general and the difficulties of Germany in particular,
being the result of causes for which no ore country
531
FINANCIAL CHRONICLE
was responsible, had passed the point where industry,commerce or finance could successfully cope with
them, and recourse must be had to the combined
powers of governments. It appeared to be believed,
no doubt sincerely, that if the political heads or
responsible political representatives of the countries
immediately concerned in the crisis could be brought
together in conference, they would somehow be able
to devise methods of relief which had escaped the
attention of financiers, and by agreeing upon a program backed by government authority would succeed in bringing order out of a situation which
seemed to be rapidly approaching chaos.
On the surface, there seemed to be some reason for
thinking, when the conference met, that the hope
which the summoning of the Powers had aroused
might be realized. The preliminary conversations
between the French and German representatives at
Paris were reported to have been of a friendly and
even cordial character, and it was also intimated
that the French demand for political guarantees had
been accompanied by assurances which would make
possible an understanding that would not imperil
the Bruening Government at Berlin or endanger the
position of the Laval Government at Paris. The
strong opposition which the British and American
Governments were known to have to imposing any
political conditions upon Germany in return for
financial aid from France was expected to exert a
restraining influence upon France, and the presence
of American delegates was regarded by many as an
assurance that whatever was done would be in accord
with the spirit of Mr. Hoover's proposal.
The admirable address with which Ramsay MacDonald, British Prime Minister, opened the sessions
on Monday night did all that such a statement could
do to put the proceedings of the conference on a
high plane. "Our position," said Mr. MacDonald
after a review of the situation as it had developed
up to that time, "is to restore the confidence of the
foreign investor in Germany. Clearly, the problem
has both political and financial sides, but the mind
of this conference is to be concentrated on the latter.
. . . Let us admit first of all to ourselves, and
confess it in our conferences, that there are some
things which one or the other of us cannot do because the public opinion to which we must be loyal
will not allow it. We are not here to enforce or to
defeat or to humiliate; we are here to understand
and to consider our own problems objectively, to
remember how closely in essentials we depend upon
each other, and, therefore, to accommodate and to
agree to something which each of us can take to our
various Parliaments, explain and get accepted as an
agreement. I feel that each of us can do that and
that an agreement here, even if, in every item, we do
not like it, will re-inspire our people with confidence
and courage to face the heavy responsibilities which
are to be the lot of all governments during the immediate months ahead of us."
Premising that "as regards the financial aspect
of the crisis, the question of what can be done must
largely be reserved for bankers and financiers," Mr.
MacDonald pointed out that there appeared to be
two main alternatives. "The one is to find the means
of providing new loans or credits to Germany."
This, he understood, had been discussed at Paris,
and he added the statement that "I am told that
there are difficulties which would have to be surmounted before any loan could be sustained" in the
[VoL. 133.
London market. "The other way would be to attack
directly the question of whether, by strengthening
the internal position of Germany, we can give an
assurance of its stability to the outside world so as
not only to prevent the capital that is already in
Germany from being withdrawn but to enable it to
be augmented." "There can be no question," Mr.
MacDonald declared, "about the inherent strength
of the German economy provided that it has the
capital resources that it requires."
Mr. MacDonald had been made aware, before he
spoke, of the terms of the American proposal which
Secretary Stimson laid before the conference on
Tuesday. It seems very unfortunate, to say the
least, that Mr. Stimson, in speaking of the proposal
to the American correspondents, should have represented it as the joint product of British and American deliberation, whereas Washington has stated emphatically that it was the result of consultations
between Mr. Hoover and his advisers, and that it
was communicated in advance, as a matter of course,
to the representatives of the other Governments for
their information before being formally presented.
Moreover, the American "proposal," so-called, was
not a proposal or plan at all, but rather a series of
suggestions which the Administration felt might
properly be followed in order to relieve the German
situation. As far as the press dispatches from London have indicated, nothing that is entitled to be
called a "plan" was before the conference at any
time.
The American suggestions pointed out that, on
the economic side, the present emergency in Germany is "strictly a short-term credit crisis."
Although pressure had been relieved by the suspension for one year of governmental debt payments, the
fact remained that Germany "has financed her economic activities, to a very great extent, through the
medium of short-term foreign credits," and "the
general uncertainty which has prevailed for the last
few weeks resulted in a loss of confidence" which
manifested itself in "a flight from the mark within
Germany" and "a withdrawal of foreign deposits
and a curtailment on the part of foreign banks of
outstanding lines of credit." The first of these
troubles, the American statement declared, can be
and is being successfully met "by the vigorous action
of the German Government and the Reichsbank."
The "first approach" to the second "is the development of a program that will permit the maintenance,
for an adequate period of time, of the present outstanding lines of credit." It was suggested that the
Governments of the countries "having principal
banking centers, including the United States, Belgium, France, Great Britain, Holland, Italy, Japan
and Switzerland, and other important banking centers, might well undertake to encourage their bankers
so to organize" as to insure the maintenance of such
credits, the responsibility for working out methods
and details being left to the banks of the respective
countries. "Such voluntary arrangements should
be supplemented, for the time being, by strict control of all foreign exchange transactions by the
Reichsbank, so that the integrity of the program can
be maintained and the banks that are participating
can be assured that there would be no arbitrary withdrawal either from within or without Germany."
The American memorandum concluded with the
recommendation that a committee be selected by the
Bank for International Settlements "or created by
JULY 25 1931.]
FINANCIAL CHRONICLE
535
some other appropriate method" to deal co-oper- tions, and that many bankers are of the opinion
atively with the following questions: (1) "in consul- that Germany must, to a very large degree, be left
tation with the banking interests in the different to work out her own salvation. From all of these
countries to provide for the renewal of the present points of view, the adjournment of the conference
volume of outstanding short-term credits for those leaves the outlook as clouded as it was before.
countries;" (2) "in making an inquiry into the
The one substantial result is that direct governimmediate further credit needs of Germany," and mental intervention in a serious economic situation
(3) "in the development during the course of the has been averted. Whatever form the "encouragenext six or eight months of plans for a conversion ment" which the interested Governments have agreed
of some proportion of the short-term credits into to give to the central banks or other financial instilong-term credits."
tutions may take, anything that is done in aid of
It is clear at once that there is nothing of govern- Germany will be done by the banks themselves and
ment action, outside of Germany, in these sugges- not by governments. For the conference to have
tions. All that Mr.Hoover and his advisers proposed taken any other course would have entailed a long
was to be done by the banks of the countries inter- and perhaps bitter discussion of political consideraested in the maintenance of short-term credits (not, tions about which France and Great Britain in parit will be observed, in Germany alone), or by the ticular would' have been found sharply opposed, and
Bank for International Settlements, the sole func- into which every effort would have been made to
tion of Governments being to encourage the banks drag the United States.. It may be suspected that
to take the suggested action. If we may judge from Mr. Hoover and his advisers foresaw such a conthe promptness with which the conference adjourned tingency, and so worded the final American suggeson Thursday, we may conclude that the members tions as to make it clear that financial matters
themselves saw no way in which their Governments should be left to be dealt with by financiers. If the
could do anything directly to relieve the situation satisfaction which is reported to be felt at Washingwhich they had been called to consider, and that the ton over the outcome of the conference seems a little
American suggestions offered a welcome avenue of strained, the country may at least be thankful for
escape from a threatened impasse.
what it has escaped. The way is now open for the
The official communique issued on Thursday an- European central banks, with the limited aid which
nounced that the Governments represented in the the Bank for International Settlements can give, to
conference "are ready to co-operate so far as lies co-operate with the Reichsbank in efforts to control
within their power to restore confidence," and that credits and keep Germany solvent, and at the same
they accordingly recommend to "the financial insti- time to prepare for the time, three or four months
tutions in their respective countries," as "proposals hence, when the question of foreign credits will again.
for relieving the immediate situation," (1) the re- have to be faced.
newal for three months from maturity of the central
bank credit of $100,000,000 recently granted to the
Now.
Reichsbank,(2) concerted measures for maintaining
Now—is the eternal!: At the late meeting of the
the volume of credits already extended to Germany, American Philosophical
Society, which Benjamin
and (3) the appointment without delay by the Bank Franklin founded,
in Philadelphia, Dr. Millikan
for International Settlements of "a committee of said: "We
can no more define atoms than we can
representatives nominated by the governors of the define soul or spirit."
. . . "No physicist at the
central banks interested to inquire into the imme- present time
would dare define an atom as the ultidiate further credit needs of Germany and to study mate indivisibl
e unit as he once did. We would dethe possibilities of converting a portion of the short- fine the
atom roughly now, and in 60 doing not
term credits into long-term." The conference fur- change
what the careful physicist meant in the days
ther "noted with interest a communication from Dr.
of dogmatism, by calling it a unit of chemical comBruening relative to the joint guarantee recently bination."
This society presents to us, in a sense,
placed by German industry at the disposal of the
the highest reaches of human knowledge. A reporter,
gold discount bank," and expressed the opinion "that
at the opening meeting, writes: "Hopeful pictures
a guarantee of this description should make it posin the material sense were presented, speakers desible to provide a sound basis for resumption of the claring
it futile to suppose that a world already ennormal operations of international credit."
lightened to advantages of material knowledge and
Such, in terms, is the outcome of the conferenc
e mechanical substitutes for physical labor should bewhich was to provide means for setting Germany
on come static now or change its direction. Progress
its feet financially. On the whole, the
financial in science and engineering was found satisfactory,
world may congratulate itself that the
conference but danger was seen in the failure of moral and spirwent no farther. It is true that Germany
receives itual values to make equivalent gains."
no immediate financial relief, and that the
problem
Less profound, but searching minds, are likewise
of securing such unanimity of action as will
effectu- probing into the future. Fascinating speculations
ally prevent a disastrous withdrawal of
foreign into the future of 50 or 100 years hence are daily precredits from Germany is one of very great
difficulty. sented to cursory readers in our magazines and newsIt is true that all the fundamental issues that
under- papers. There are hints of new marvels to come.
lie the German situation have been passed
over, and We are told not to doubt any of these predictions.
that all that has been recommended, even if it
should We will sit in our homes and grasp the hands of
be completely and promptly carried out as
proposed, friends a thousand miles away and actually feel the
looks only to relief for the next three or four
months. tactual contact. By means of television the world
It is also true that the banking community,
espe- of far-away will pass in review before us. Books,
cially in this country, is divided in regard
to the recorded upon rolls of films, will talk to us. We
will
wisdom of converting any considerable
volume of live in glass houses, impervious to the
proverbial
German short-term credits into long-term
obliga- stones thrown at us. Light, the painter, will
serve
536
FrNANCIAL CHRONICLE
us in countless ways for comfort and beauty. There
will be interplanetary transit on a colossal scale.
No dream of the physical scientist is too miraculous
for our consumption.
And it may be so. We no longer scout these predictions. They all tend to one consummate end—
leisure for man to "loaf" with his soul—if he has a
soul. There's the rub. Souls (and atoms) are indefinable, are undiscoverable, to the five prosaic
senses. Yet we do know that the use of electricity,
which in its essence is- still a mystery, ministers to
us in a thousand forms. This philosophy, which
mind-measures the material world around us, which
stops short of the so-called soul, spirit, and personality within us, is sometimes thought of as the
quintessence of our common sense. It is concerned
more with what is than with what is to be. It shuns
dogmatism; it is not afraid of agnosticism; it measures the future and explores the universe with reason.; it deems wisdom greater than knowledge—and
yet it plays ball with the earth and tosses suns and
stars and systems in the infinity of space as a juggler
his golden balls in a circus tent.
It is science that deals in light-years. It is psychology that tells us how we think. But philosophy
is thought itself. Philosophy goes behind the aggregation of physical cells which constitute a human
body and goes above and beyond the systems of mindpower, in search of spirit and soul. It predicates a
purpose in all things. It affirms a cause wherever
there is an effect. It sees in the present the fulfilment of progress. And it would not trade to-day for
•
all the to-morrows, knowing that time is continuous
and eternity here and now. Philosophy is personality applied to the unknown. Knowledge is power,
but wisdom (philosophy) is attainment; it is, relatively, the absolute!
One said of old: "If ignorance is bliss, 'tis folly
to be wise." But "bliss" may be a mere bagatelle of
existence. The philosopher asks the why and wherefore of all things. He audits the books of the sciences, counts the costs and computes the benefits.
He,alone,is the hope of the mechanistic world. Why
try to annihilate time and space by imprisoning the
laws of nature in unfeeling machines, when an idle
"leisure" will desolate humanity? Why worship
material accomplishments when meditation and contemplation reveal the invisible world of the Good,
True and Beautiful? Economics embraces toil,
trade, transportation; why try to superimpose politics and government? The individual initiates enterprise; why try to scramble men into systems that
must destroy initiative? Progress is not in stealing
the centuries to come, reaping rewards before they
are earned; it is living in the present times with
hearts aflame and God on high r
Debt is a burden that can be turned into a blessing
by its'amortized use. Credit is beneficent when it
is not an overblown bubble. Production is a blessing
when it expresses the man, and does not overweight
the community, creating unemployment. Exchange
deis a helpful equalizer, when distribution is not
restrictive laws. Profits and wages, the
stroyed by
when
hire of capital and labor, are normal accretions
let live"; either dedivided by the law of "live and
stroys the other when it seeks sole control of industry. Philosophy asks—it cannot always answer.
To try to lay out a ground plan for future invention,
business, culture and civilization is to stand in the
valley and look over the hill. Thought calls to
[voL. 133.
thought, the growth of population and the weight of
subsistence cement endeavor and energy, the efforts
of all inure to the welfare of each—and we march
forward in defiance of self and selfishness.
But to what end, if there is not something in man
superior to physical mastery of environment and the
unfeeling machine-power of magnificent accomplishment? What are the towers of Manhattan, while
there are slums on the East Side? What are engineries of "preparedness" while every mother's heart
yearns for peace that her eon may not become mere
"cannon fodder"? What are multi-millioned cities
while the countryside invites to communion with the
infinite? What are all these increasing, wondrous
inventions, marvels of ingenuity, while the heart of
the lover rules the race? We are temporarily muck
concerned over our business affairs. Our prosperity
and adversity are but incidents on the chart where
the continuous line is onward and the general curve
is always upward?
Man is greater than all his works. Whether of soul
or sense, that which perceives beauty, worships the
good, and seeks ever for truth, is more to be cultivated, preserved, and extended,than the sciences that
deal only in laws, cells, and cosmic rays. We need
more microscopes, fewer telescopes. We need men
more than governments. The one divine talent given
!
to every man, is himself "Know thyself"—is the
constant command of philosophy. No chemistry can
construct an "atom." No scalpel ever found a human
soul. No science ever more than touched the shifting
sands of knowledge. What are we to do with this
world we build, like coral insects lifting islands out
of the sea, if we cannot control the passions of
avarice, hate, envy, and malice? So-called "depressions" are good for us if they reveal to us the
grandeur and good of the simple life. We can live
only on the surface of the earth, but we covet in a
single generation all the riches of its unknown interior. We build an intricate system of industrial
economics and try to measure its benefits by the
prices of commodities and the scale of wages.
In a "changing world" it is necessary, at stated
times, to stop and take our bearings. With all these
dazzling accomplishments, all these miracle-working
machines, p.11 these stupendous triumphs over the
physical forces and powers we have enslaved, are we
really conscious of peace and joy and love, that we
live in social harmony that we may transmit to future
generations a trend toward the spiritual? We try to
fathom the cause of crime-waves and continue to
spread the glow and glitter of gold over everything
we do. We create by legislation scores of governmental commissions and are too indolent to vote to
preserve our democracy. We enthuse over popular
heroes in sports, and delight in destroying the timemellowed images of our forefathers who hewed out
the foundations of our civilization.
We exult in the common appliances which we declare makes the peoples of earth a unit, and refuse
to make allowances for the crudities and errors of
our next-door neighbors. We "point with pride" to
our institutions of learning, our "foundations" for
uplift, our "progress" in the arts and sciences, and
rarely set foot inside primary schools, 'hire nurses
to wait on our aged and sick, hang chromos on the
walls of our homes, and sit entranced over the
aridities of "canned music." Tens of millions of
automobiles, and not one man in ten can cure the
fault when the machine breaks down. But enough
JULY 25 1931.]
FINANCIAL CHRONICLE
of these contrasts. They do violence to reason. Yet
the collectivism of life is degrading the power and
perfectness of our individualism. We accept what
society and industry do for us, and are content if,
by hook or crook, we can get money enough to buy
our way through life. We are parasites of the past
and pirates of the future.
Unless there is some sort of a change in our personal living we must perish by our own progress.
Morals, we know, will change with conditions. We
will never go back to the primitive. We must forego
borrowing the labor of generations to come or turn
over to posterity a bankrupt world. We must get
down to bedrock in those everyday relations, which
see in communities and neighbors, beings like ourselves, working for some good "be it ever so humble."
We cannot all become millionaires or heroes. Property we must own in order to use it properly, but it
is no insignia of rank or superiority, no weapon to
compel respect or obeisance. Nor is a man who works
mith his hands more entitled to favors at law, or to
the consideration of society, than he who works with
his brains. We talk of shorter days and weeks that
wage-earners may have time to think; if so, present
adversity is their chance. There is no sarcasm or in
difference to suffering or misfortune in the statement. Rich and poor alike now have time to weigh
the benefits of past progress and to balance up the
advantages of toil and trade. But the chief lesson
philosophy can draw from the "turmoil" is that we
may each and all gain a whole world and still lose
our own souls. For there is something within us that
is more precious than the outer show of things—a
possession priceless to ourselves, and a gift from that
divine essence which was before the world and is and
will be though it perish.
Making Use of Rail Valuation.
At last some practical use appears to have been
made of the long drawn out process of valuation of
the railroads of the United States which has been
very costly for the Government and for the carriers.
Facts and figures presented at the Inter-State Commerce Commission rate hearing will afford some
help in arriving at a proper conclusion.
The statement has often been made that the results of valuation are almost useless because the
figures are obsolete on account of the long time
required to compile them, as costs of new construction and maintenance have increased greatly since
the work of valuation was begun. However, allowing first for increased costs and second for some
decrease since the maximum cost of materials and
labor was reached, the figures presented should
afford some basis for arriving at present values as a
537
foundation on which to base calculations for just
rates.
Prior to the present rate hearings the assertion
was often heard that the valuation directed to be
made would be valueless because it was impossible
to bring it up to date. The brilliant minds of those
who now are engaged in consideration of the increased rate problem, including not only members
of the Commission but officers and counsel of the
railroads, will undoubtedly agree upon some policy
which will make the valuation data a useful guide
for the Commission, the carriers, shippers, receivers,
consumers, and investors in stocks and bonds of the
railroads.
The Associated Press has this week presented
some facts bearing upon the importance of the issue
pending before the Interstate Commerce Commission, referring to transportation by rail as a twentysix billion dollar business, operating 250,000 miles
of road and employing close to two million persons.
Practically all of this business, the greatest of its
kind in the world, has been built up within a century.
Before the United States arrived financially,
Europe supplied much of the capital for construction,
the prospectors relying largely upon England and
Holland for financial support. As the railroads
made good and wealth in the United States increased
American investors were able to absorb new and
larger issues of the domestic carriers, and to-day the
question of affording American railroads opportunity to earn a fair return is chiefly one of domestic
concern. Aside from the direct investments of individuals and estates, the Savings banks, life and fire
insurance companies, colleges, universities and hospitals are all largely interested in the welfare of
the railroads.
Ten or more years ago Congress thrust upon the
Interstate Commerce Commission the additional
duty of providing a plan for consolidation of railroads. This responsibility has added greatly to the
cares of the Commission, and at the same time has
tended also to divert the attention of railroad directors, officers and managers from the ordinary and
serious problems of operation. What is termed "government interference" is distracting but even the beginning of railroad consolidation is not yet in sight.
The opportunity is afforded by the Interstate Commerce Commission to extend some relief by granting
such an increase in freight rates as the evidence submitted may justify. With the rate situation disposed
of there will be greater opportunity for the Commission to give prompt attention to disposing of rail
consolidation, which should either be pushed to conclusion or abandoned, so that the railroad owners
and bondholders will know definitely where they
stand.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 24 1931.
The usual mid-summer quiet pervades the business of
the
United States. Special efforts by retailers by clearance sales
to increase the turnover, have met with but moderate
success. It is true that seasonal goods have had a fair
sale
but that is all that can be said. Wholesale and jobbing
trade remains very quiet; indeed almost at a standstill.
The stock market has been dull and lower and the talk of
a possible reduction in the United States Steel Corporation
dividend of 50 cents a quarter thrust the price of its common
stock to-day down to 903i. The big London conference of
the Powers has come and gone and it must be said that the
results strike many on both sides of the Water as rather disappointing. It is possible that the business public at home
and abroad may get a better perspective on the work that
was accomplished on that historic occasion looking to a
remedy for the disordered finances of Germany. It would
seem that the aim of the statesmen who took part in the
conference is to help Germany to a certain extent and then
leave the rest to the initiative of the German people, admittedly not lacking in courage and enterprise. Secretary
538
FINANCIAL CHRONICLE
[vol..
133.
Steel has been dull with prices possibly rather more steady.
of State Stimson is accompanying Chancellor Bruening
additional measures may be But the operations of Chicago mills are the smallest for years
back to Berlin and possibly
concerted during this visit with a view to bringing some sort past. Pig iron has sold more freely in New England, but at
of order out of the serious predicament in which Germany irregular prices under the stress of sharp competition. Lower
finds herself. The discussion of her troubles has undoubtedly prices have prevailed for drugs and chemicals. The wholeserved in some measure to clear the atmosphere and things sale demand for groceries is quite good all over the country.
will not be left to drift as they have been for so long. There Retailers have been reducing their already low stocks of
is a changed attitude on the part of the world in general general merchandise as already intimated by clearance sales,
will be an
towards the German situation and it is hoped and believed and this is taken to mean that sooner or later there
natural recovery bound to come after a increase in wholesale business as a matter of sheer necessity.
that this with the
prolonged period of depression will bring back a normal The demand has fallen off for paint and varnish and also for
state of trade to the leading nations of these modern times, household hardware. Cotton goods have been quiet and a
1
few constructions are said to have fallen 40.; print cloths
including Germany.
sold at 43 c. following business at 4%o.
4
Grain markets have declined moderately. Wheat is con- 383' -inch 64x60s
print cloths have sold freely for September
sidered cheap and still selling under July corn and the price Some narrow
shipment. The same is true of carded broadcloths. The
shows a certain resistance to pressure. Some hard American
at Pittsburgh, as might be expected in these
wheat has been sold for export and there was a story this tile business
hard winter in- times is dull. A slight increase in the business in pressed
afternoon that the total sales of old crop
There is quite a good business in the wholecluding estimated sales by the Farm Board had reached glass is noted.
But there has been more or less hedge sale shoe trade. Automobile production is small. The
1,000,000 bushels.
August is expected to be anything but
selling as well as professional selling. The foreign markets exhibit for July and
hopebeen weak as Australian and Russian wheat pressed favorable. In the petroleum trade the feeling is more
have
in wheat this week is ful, partly owing to the smallness of stocks of gasoline and
upon Europe. Still the net decline
crude oil. The coal trade is quiet, with the strikes in Pennonly 1% cents and July has scarcely changed at all being
termed a "tight position." The spring wheat sylvania and Ohio still unsettled. Electrical supplies and
in what is
meet with a better demand.
outlook has improved in the American and Canadian North- equipment in Philadelphia
Cocoa has declined 27 to 28 points and silk 7 to 10. Fall
west where good rains have fallen. But the condition of
lines of broad silks have been in better demand, but raw silk
the crop elsewhere is said to be bad. In Canada the average
was dull. A good demand has prevailed for woolen and
condition for the big three Provinces it must be admitted
that many mills are sold well
57% and the value of land in Western Canada is worsted fabrics and it is said
has fallen
Corn has declined 1% to ahead.
said to have fallen off sharply.
The stock market on the 21st inst. though making no
and
23/i cents partly in sympathy with the decline in wheat
because of cooler weather in the eastern belt. enthusiastic response to developments at the London conand partly
ference was higher, the feeling being hopeful that better
Oats and rye have declined in response to lower prices for
the German troubles are being
grain, but neither shows any very pronounced loss. things are ahead now that
other
cents. The harvesting of oats, rye squarely faced. The trading was not at all active however.
Oats are off 13/i to 2
contrary, were disposed to pick their
and barley is making good progress over large tracts of the Most persons, on the
it looks as though yields in Illinois at any rate way rather carefully awaiting further light on what was
belt, and
London. Transactions on the Exchange
would be larger than had been expected. It is suggested really being done in
1,100,000 shares, Steel advanced 134
that the winter wheat acreage in this country is likely to be were a little above
less sharply if the price remains at anything points net, American Can, 13/2; Baltimore & Ohio, 23;
reduced more or
Johns-Manville, 1%; New York
like 50 cents in Chicago, 25 to 35 cents in the Southwest Eastman Kodak, 23';
and Allied Chemical, 2Hi.
40 cents in the Central West. In the Central Central, 13'; Union Pacific, 2;
and 25 to
to show a loss to the farmer, High grade railroad bonds were somewhat higher. On the
West indeed these prices are said
22nd inst. prices dropped 1 to 4 points on leading issues
and the loss is more marked in the Southwest. This question
may be a bullish factor later on. There is with trading in 991,800 shares. There was a feeling of
of the acreage
or perhaps disillusionment over the results
already more or less buying of wheat because of a belief disappointment
conference over Germany's financial affairs.
that the planted area will be reduced as a matter of necessity. of the London
been raised too high. Some sort of
Cotton has declined some 35 to 40 points with speculation Hopes had evidently
had seemingly been expected to clear
and trade dull both in raw and manufactured product. financial necromancy
of Germany's troubles overnight.
Moreover the crop as a whole is said to be doing very well. up and settle the whole
a rather poor Instead the aim seemed to be to help Germany to help herIt is true that in Southern Texas it is making
and economy leaning on others as
showing owing to prolonged rains. There is moreover some self, through hard work
there and elsewhere from rather little as possible and thus keeping down new debts. German
fear of weevil damage
4
persistent rains in other part of the belt. But taken as a bonds sold down 47 on German government 5%s and 7s.
4
crop is believed to promise an adequate yield or German bank issues fell as much as 97 . This was naturally
whole the
considering that the carry- a far from cheerful exhibit. Stocks which led the decline
something more than adequate
States Steel, American Can,Allied Chemical,
over into the next season is expected to be about 9,000,000 included United
American Telephone, J. I. Case, du Pont, Johns-Manville,
bales.
York Central and Auburn. On the
Wool has been distinctly more active and firmer. That is Eastman Kodak, New
outstanding features of business at this time. The 23rd inst. stock trading dwindled to 786,400 shares the
one of the
second dullest day in 1931. The feeling of disappointment
sales have been liberal both at Boston and Philadelphia.
the results of the London conversations among statesto-day there was rather remarkable activity in wool tops over
And
in a single day of 150 to 190 men who were considering Germany's financial straits
in New York with an advance
seemed if anything to deepen. Certainly the homely old
points attributed largely to good buying by Boston. The
to have reached 105,000 lbs. The phrase about "keeping close to shore" or that other relic
sales are understood
"fair and softly goes far" or some such idea seemed to shape
strength of wool tops was all the more significant as it disthe course of the average person who would touch the market
prices for cotton and stocks.
regarded lower
at all. Such an attitude seemed to be confirmed by the raising
Coffee has declined 25 to 30 points with the freight rates of the Bank of England rate of discount 1% to a new rate
reduced, Brazilian markets weaker and more or less liquida- of
33% evidently to stop the drain of English gold to
tion as a consequence. Sugar is one of the branches of busi- France. Sterling exchange thereupon advanced at one time
by mid-summer weather, and spot raws and
ness benfited
Hi though the net gain was less. The stocks most noticeable
refined have advanced, refined rising to 4.75c. London in the decline were United States Steel common with a
prices have been firm and at New York Cuban 96 degrees fractional loss, Santa Fe, 2 points;
American Telephone,
has latterly been sold, it seems, at equal to 1.593" c. & f. %; Westinghouse Electric, %; Allied Chemical, 1%; with
the statistics indicating
Rubber has declined 28 to 34 points,
losses also in American Can, Atchison, Auburn Auto, New
ample supplies while at the same time the demand is any- York Central though
there was no real break in anything
declined 45 points but the
thing but pressing. Hides have
and the average decline on more or less pivotal stocks was
reports about the leather trade are more favorable. Some small. In fact some
argued from this that the technical
of the leather factories are said to be running at 90 to 100%. position was distinctly
better. And the decline on the
active and prices are
In Boston the demand for leather is
whole has been gradual.
naturally firm. One thing noticeable this week is that the
To-day in another small day's trade, however, U. S. Steel
failures among wholesalers and jobbers in general business
fell 3X points net. It was the market cynosure. In a way
i
are fewer.
JULY 25 1931.]
FINANCIAL CHRONICLE
It set the pace. There has been persistent talk to the effect
that a reduction in the U. S. Steel Corporation's dividend
would perhaps be announced on the 28th inst. from the present rate of $7 to $5 annually or $1.25 quarterly instead of
$1.75. United States Steel common at 903 was not at all
expected a short time ago. Peoples Gas dropped 6 points;
American Can, 3; Auburn Auto, 7%; New York Central,
and utilities generally 1 to 2 points.
Montgomery Ward & Co. reports for the 'quarter ended
June 30 1931 a profit of $407,706 after charges, depreciation,
&c., comparing with net loss of $1,783,674 in preceding
quarter and net of $185,473 in June quarter of previous year.
For six months ended June 30 1931 the net loss amounted to
$1,375,968 after charges, depreciation, &c., against net loss
of $2,503,733 in first half of 1930. Sears, Roebuck & Co.'s
sales for the first four weeks ended July 16 are reported at
$25,738,837, a decrease of only 1% from last year.
At Lawrence, Mass. the weaving department of the
Arlington Mills is having a busy period. Mill officials find
difficult to secure labor for departments immediately preceding weaving. They have found it necessary to resort
to newspaper advertising. Salem, Mass., reported that raw
materials and finished goods have apparently reached bottom
prices and there is every probability that we shall shortly
enter into a period of rising prices which will inevitably
carry with it an increasing demand. Manchester, N. H.,
wired that the Exeter Mills, cotton textile manufacturers
and bleachers which have been closed down since July 1
will reopen August 1 and many plant improvements have
been made. At Somersworth, one is to resume after being
closed for a long period. A mill at Clinton, Me., also plans
to reopen. Providence, R. I., wired July 20 that a large
force of Pawtucket police guarded the Royal Weaving Co.
mill early against attempts of strikers to either picket or
damage the plant, but the situation remained quiet. On
the 22nd inst. reports from Providence stated that strikers
seemed ready for a settlement. They informed the General
Fabrics Superintendent of a desire to meet him. Charlotte,
N.C.,reported that cotton goods markets show more strength
during the past week and some of the lower prices of the
previous week were withdrawn. Buyers were said to be
showing interest in gray goods, but few of them were willing
to pay advances while the fluctuations in the cotton market
served to discourage activity.
Boston wired July 18 to the Associated Press: "Hundreds
of men and women workers to-day walked the streets of
southern New England textile centers, idle, not solely because of depression in the industry but because of strikes.
Three times last week riotous mobs faced police guarding the
properties of the General Fabrics Corp. in Central Falls
which had been closed by a strike since last May, and in
Pawtucket an extraordinary force of police was spread
around the Royal Weaving Co., which had opened some of
its departments after two weeks of idleness. The Weybosset mill of the American Woolen Co. in Olneyville had
been silent for about 10 days as a result of a walkout of its
600 employees. The strikes in all three places are attributed
by employers to the efforts of the communistic organizers of
the National Textile Workers' Union. In Putnam,Conn.,
the Bloom Co. mill closed on July 13 because of a strike of
nearly 500 hands because of the refusal of the management to
agree to the demand of the strikers for a 48-hour instead of a
55-hour week and a slight increase in wages. On July 16,
350 workers struck at Salzberg mill because of the discharge
of a weaver. Of all the strikes, that in Central Falls has
proved to be the most serious and the only one to have developed violence. The 1,200 employees struck because of
the management's refusal to reduce the number of looms per
operative and to agree to an upward revision of the wage scale.
In Pawtucket 600 striking weavers protested an announced
reduction of 1 cent a yard in the pay for weaving certain
materials. Last week, however, 350 hands returned under
the protection of a heavy police guard. The employees of
the Weybosset Mill in Olneyville struck after the management had declined to restore a wage cut of 123.-%.
Manchester has been dull and reports a loss of confidence
in prices. London cabled that an agreement on eight looms
per weaver was reached between cotton mill owners and
weavers' associations at Nelson, Lancashire. The scheme
now approved locally is said to provide for the first time in
the weaving section of the cotton industry a full wage of
58s per week for eight looms and 60s for artificial silk looms
for a 48 hour week with sundry working details in favor of
operatives. At Paterson, on July 20 a strike was declared
539
by the silk workers. Mass picketing has begun at the
Paterson, New Jersey, silk mills.
The output of the electric light and power industry after
showing a slight increase over the 1930 level during the
week ended July 11, last week again showed a decrease as
compared to the corresponding week of last year. Maintaining its usual seasonal increase, power production last
week totalled 1,666,848,000 kilowatt hours. This was 1.6%
below the corresponding week of 1930. The Atlantic seaboard shows an increase of 2.6% in electrical output above
last year. The great central industrial region, outlined by
Buffalo, Pittsburgh, Cincinnati, St. Louis and Milwaukee,
registers as a whole a decrease of 4.3%, although the Chicago
district shows a decrease of only 1%. The Pacific Coast
shows a gain of four-tenths of 1% over last year.
Chicago advices said notwithstanding the uneasiness due
to affairs in Germany, business and industries in the Middle
West are moving along steadily. The movement of crops
already under way and anticipated is having an exhilirating
effect, despite the low prices for grain. Philadelphia reports
said that the mid-summer lull prevails in most lines to a
greater degree than normal and in the textile list, wool seems
to be the most active with a number of spinners and weavers
increasing production. In St. Louis trade is quiet due
chiefly to unemployment which shows little if any betterment.
Retail trade is slack and large and small stores are carrying
the smallest possible inventories. Wholesale houses are as
a rule confident of a decided improvement this fall.
The trend of retail prices continued downward in June as
compared with May, according to the Fairchild Retail Price
Index. The index as of July 1 shows a decline of 1.5% as
compared with June 1. The index also shows a decline of
8.7% as compared with Jan. 1. Since the first of the year,
the index has shown a decline as compared with the previous
month. The latest decline was probably the greatest for any
month in 1931. Analyzing the index by main subdivisions,
it is noted that women's clothing has declined 7.6% on July 1
as compared with Jan. 1, while men's clothing registered a
decline of 6%. Miscellaneous items show a slightly greater
decline, especially musical instruments and luggage. The
items showing the greatest declines since the first of the year
include: silks, women's hosiery, men's furnishings, furs,
infants socks, furniture, musical instruments and luggage.
The weather here this week has been very trying, not
because of any excessively high temperatures, but because
of high degrees of humidity. The highest temperature of
the week in New York City was 88 degrees at 4.15 p. m. on
the 23rd inst. with the low 69 at 4.45 a. m. By 9 p. m. the
high had fallen to 80. Boston had 68 to 84; Chicago, 66 to
74; Cincinnati, 68 to 86; Denver, 66 to 92; Cleveland, 62 to
74; Detroit, 62 to 80; Kansas City, 72 to 94; Milwaukee, 64
to 74; St. Paul, 60 to 80; Montreal, 62 to 84; New Orelans,
78 to 90; Omaha, 72 to 88; Philadelphia, 74 to 88; Phoenix,
84 to 110; Portland, Me.; 64 to 82; Portland, Ore., 58 to 80;
San Francisco, 54 to 62; Seattle, 56 to 68; St. Louis, 68 to
82; Washington, 70 to 90; Winnipeg, 52 to 84; To-day the
temperatures here were 68 to 80 and therefore much more
bearable especially as the humidity at 3 p. m. was down to
50 degrees. The forecast to-night is for continued warm
weather to-night and Saturday and probably fair on Sunday.
Wholesale Prices in June 1931 Show Decline.
The index number of wholesale prices computed by the
Bureau of Labor Statistics of the United States Department
of Labor shows a decline for June. This index number,
which includes 550 commodities or price quotations weighted
according to the importance of each article and based on
prices in 1926 as 100.0, declined from 71.3 in May to 70.0
4
in June, a decrease of slightly more than 13 %. The
purchasing power of the 1926 dollar in June was $1.429.
Farm products as a group averaged 23 % below May prices, due to
decreases for oats, rye, wheat, beef cattle, hogs, sheep and lambs, poultry.
cotton, hay, domestic wool, and oranges. Corn, onions, fresh milk at
Chicago, fresh apples and lemons, on the other hands, were higher than
In the month before.
Among foods price decreases were reported for butter, fresh and
cured meats, canned salmon, bananas, oleomargarine, and edible tallow,
resulting in a net decrease of about )1 of 1% for the group. Cheese,
dressed poultry, coffee, sugar, rye flour, corn meal and lard averaged
higher than in May.
Advances in hides and skins more than offset slight declines in leather
and boots and shoes, netting an upward trend for the group as a whole.
No change was reported for other leather products.
In the group of textile products further decreases are shown for cotton
goods, silk and rayon, woolen and worsted goods, and other textiles,
within the month.
causing the group to decline nearly 1
A decided decrease in petroleum products forced the fuel and lighting
group down 43i% from May to June. Anthracite coal advanced slightly.
while bituminous coal and coke showed further recessions.
FINANCIAL CHRONICLE
85.7
73.2
71.9
1.391
a:iii
1.144
1.151
1.698
1.057
1.014
1.059
1.290
1.475
1.238
1.287
1.186
1.427
1.091
1.284
1.247
1.610
1.253
1.214
1.129
1.078
1.176
1.618
1.637
1.245
7.519
2.188
1.190
1.546
1.460
1.351
1.401
192.9 195.5 183.3 184.4 172.7 168.1 157.0 199.3 178.4 159.6 121.9 169.2
191.3 194.2 181.8 184.4 171.9 167.6 157.8 200.7 179.3 158.4 122.7 167.0
190.6 192.8 181.3 182.5 170.2 171.9 157.8 201.1 179.8 157.3 121.9 164.7
190.2 193.3 181.3 182.5 168.6 176.7 157.4 200.4 179.3 157.3 125.6 162.9
190.2 192.8 179.8 179.4 164.5 171.9 158.7 200.7 175.6 157.3 120.9 162.0
188.6 191.5 177.3 175.6 160.3 174.3 156.7 200.7 167.6 157.3 113.1 157.9
182.3 184.3 171.7 166.3 149.6 173.8 156.7 200.0 161.5 157.3 114.1 155.2
175.6 176.7 163.1 155.6 138.8 174.8 155.6 198.1 158.7 157.3 123.8 153.4
177.2 178.0 166.7 160.0 142.1 186.2 158.1198.9 159.6 157.3 127.2 154.8
175.2 176.2 164.1 158.7 142.1 180.5 157.8 197.4 158.7 157.3 124.8 154.8
170.5 170.9 160.6 154.4 139.7 156.2 155.9 193.7 153,1 157.3 118.5 152.9
168.9 169.1 159.6 153.8 139.7 149.5 153.0 191.4 150.2 151.7 111,0 150.2
167.3 168.2 159.1 152.5 138.0 141.9 148.9 188.1 153.5 149.4
161.4 161.0 154.0 145.6 131.4 131.4 145.2 183.3 148.8 146.1
158.7 157.8 153.0 141.9 128.1 140.0 143.0 178.4 150.2 144.9
157.5 156.5 150.0 139.4 124.8 141.4 141.1 175.5 153.1 141.6
155.5 154.7 147.0 135.6 119.8 143.3 139.3 172.9 148.8 138.2
152.4 151.1 142.9 130.6 112.4 140.0 136.7 170.3 146.0 134.8
98.4 145.2
94.8 141.2
97.7 137.1
91.9 132.6
81.5 124.0
80.2 119.9
INDEX NUMBERS OF RETAIL PRICES OF 'THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Year and Sued Rags Bread Flour Corn Rice rota- Sugar Tea Cottoes
meal
Month,
fee
1913
1914
1915
1910
1917
1918
1119
1920
1921
1922
192
1924 __ .
7925.... .
1926.._.
1927.- ...
1028
1929
1930....
1930
Jan____
Feb_ _ _
March_
April
May
June__
July _ .
_
Aug__
Sept__
WeicAled
Pool
Index
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
102.3 112.5 103.9 105 1101.2 108.3 108.2 100.4 99.7
98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
139.4 164.3211.2 192.2 119.0 252.7 189.3 1089 101.4
164.0 175 0 203.0 226.7 118.3 188.2 176.4 119.1 102.4
182 0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
197 4 205 4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
128 7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
134.0 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
138.9 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
151.0 167.9 184.8 180.0 127.6 211.8 130.9 188.8 172.8
14011 107.9 181.8 170 0 133.3 288.2 125.5 141.0 171.1
131.0 166.1 166.7 173 3 123.0 223.5 132.7 142.5 162.1
134.5 162.5 163.6 176.7 114.9 158 9 129.1 142.3 165.1
142(1 6071
154 1 176 7 111.5 188.2 120.0 142.11 184.8
118.8 155.4 142.9 176.7 109.2 211.8 112.7 142.5 136.2
14bobbo:t.iiab4ok,
$1.429
1.529
1.786
1.616
1.412
1.381
1.264
1.403
1.427
1.139
1.527
1.139
1.056
.987
1.529
1.377
2.283
1.318
1.883
1.721
1.126
1.202
1.227
"b00,b0
701.0
65.4
56.0
61.9
70.8
72.4
79.1
71.3
70.1
87.8
65.5
87.8
94.7
101.3
65.4
72.6
43.8
75.9
53.1
58.1
88.8
83.2
81.5
*
30.7
87.4
86.9
58.9
94.6
98.6
94.4
77.5
67.8
80.8
77.7
84.3
70.1
91.7
77.9
80.2
62.1
79.8
82.4
88.6
92.8
85.0
61.8
61.1
80.3
13.3
45.7
84.0
64.7
68.5
74.0
71.4
..................
71.3
67.1
59.6
64.1
71.5
72.9
78.4
74.4
69.7
87.3
62.6
88.1
94.8
101.3
66.3
73.9
44.0
78.4
55.9
60.9
87.6
83.9
83.7
99.0
35.9
87.8
87.2
60.6
94.7
98.6
94.4
78.4
68.4
80.8
79.7
84.3
70.5
93.2
79.1
81.9
62.8
80.5
82.8
89.2
93.5
85.5
62.8
67.9
81.3
13.7
45.7
84.9
66.5
68.9
75.1
72.6
.1
NW..
1.
0- ..W.N.O.WW... 0120 1
,
45,100
.4....4WW.=t4 4WMWO..
.
86.8
88.9
78.7
88.5
92.7
90.5
90.4
99.9
85.1
102.4
99.0
102.9
103.0
105.1
82.2
89.3
64.3
8"
69.0
76.4
85.8
88.2
84.0
99.7
63.6
95.4
91.7
78.1
95.0
105.5
98.4
90.0
85.3
83.0
91.7
88.8
88.7
99.6
88.9
93.8
67.9
85.3
94.1
96.2
96.5
95.9
74.5
102.0
85.2
25.9
52.2
103.3
84.8
82.0
88.9
86.3
0...00000000
June
1931.
100.0 100.0 100.0 100.0 100 0 1001) 100.0 100.0 100.0 100.0 100.0 100.0
102.0 105.8 103.0 104 4 104.1 104.6 101.8 101.7 102.2 100.5 944 103.6
101.1 103.0 101.4 100.6 100.0 96.4 998 97.2 97.5 99.2 93.4 105.0
107.5 109.7 107.4 106.9 106 0 108 3 106.4 109.2 110.7 102.2 103.0 116.7
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2180.4
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 177 0 156.2 150.7 162.4
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 113.0 174.2 177.0 192.8
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
152.8 154.3 147.0 132.6 118.2 166.2 158.2 181.4 186.4 164.0 136.0 153.9
147 2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0
155.9 151.6 145.5 130.0 100.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 157.3 193.1 166.1
162.6 159 5 153.0 140.6 120.7 188.1 188.3 213.4 182.2 157.3 138.6 165.6
167.7 166.9 158.1 148.1 127.3 175.2 174.8 204.5 173.2 158.4 145.2 170.1
188.2 188.3 176.8 174.4 157.0 165.7 163.0 196.7 175.6 159.6 147.5 174.2
196.9 119.1 185.4 186.9 172 7 175.7 161.1 204.1 186.4 160.7 143.9 171.9
182.7 184.8 172.7 170.0 155.4 171.0 156.7 198.5 166.7 157.3 120.4 158.8
rWM0.620
*Data not yet available.
May
1931.
120C01
ZVgMVID.9.0,
,
D000,
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Bides and leather products
.
Rides and skins
•
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goodsOther textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Gas
Petroleum products
Metsin and metal products
Iroi and steel
Non ferrous metals
Agri tulturai implements
Automobiles
Other metal products
Building materials
Lumber
Mick
Cement
Structural steel
Paint materials
Other bulldog materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals_
Fertilizer materials
Mixed fertilizers
House-furnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other rniqeellanenus
Raw materials
Semi-manufactured articles_ __.
Finished pruducts
Nen-ftericultural eemmoditles
All commodities less farm products and foods
Purchasing
Power of
the Dollar
June 1931.
June
1930.
''
Groups and Sub-Groups.
Year and arra Rada Rib Ch'k Plate Pork 136ButMonth. steak. steak, roast roast, beef, chops can Ham. Hens Milk. ter. Ch'se
,Vi
'110% 41 1glgo
7,
" 1,
b
alt.2 2
" 8COW.COCAJW,
,
[VOL. 133.
For the year period June 15 1930 to June 15 1931, all of the 51 cities
showed decreases. Springfield (Ill.), 25%; Birmingham, Indianapolis and
Peoria, 24%; Cleveland, Louisville, Memphis, New Orleans and Rochester,
23%; Columbus, Dallas, Detroit, Houston and Little Rock, 32%; Buffalo,
Fall River, Los Angeles, Omaha and Richmond. 21%; Boston, Milwaukee,
Minneapolis, Mobile, Norfolk, Pittsburgh, Providence, St. Paul and
Scranton, 20%; Baltimore, Chicago, Cincinnati, Denver, Manchester.
Portland (Ore.), St. Louis, Salt Lake City, Savannah and Seattle, 19%;
Atlanta, Charleston (S. C.), Jacksonville, Kansas City, San Francisco and
Washington, 18%;Butte, New York and Portland (Me.), 17%; Bridgeport,
Newark and New Haven, 16%, and Philadelphia, 15%.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913=1000).
11111.6118.
1FTI:. 1111 .
f44 34FPI °417-11"qgria25
Among the metals there were slight declines in certain iron and steel
products and agricultural implements, with larger decreases for nonferrous
metals. Automobiles and other metal products remained at the May level.
Lumber, brick, cement, paint materials and other building materials
continued to move downward in June. No change was reported for
structural steel. The group as a whole showed a decrease of a little more
than 1%.
With further price recessions during June for chemicals, fertilizer materials and mixed fertilizers, the chemicals and drugs group showed a decrease
of 1 36%. Both furniture and furnishings in the group of housefurnishings
gaods continued to decline in the month.
In the group of miscellansous commodities, prices of cattle food fell
markedly, while paper and pulp, crude rubber and other miscellaneous
items declined slightly. No change was reported for automobile tires.
Raw materials as a whole averaged lower than in May, as did also semi
manufactured articles and finished products.
non-agricultural commodities, including all articles
In the large group of
other than farm products, and among all commodities other than farm
products and foods, the Juno prices averaged lower than those for the month
before.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.)
''
'4
:.
1,'14'g
. inTrat4
2
540
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
160.6 158.9 154.5 180.0 110.3 229.4 120.0 143.4 147.0
136.8 157.1 154.5 176.7 110.3 229.4 118.2 143.2 143.3
102.3 157.1 151.5 178.7 109.2 229.4 116.4 142.8 140.6
100.0 157.1 148.5 176.7 110.3 241.2 114.5 142.5 138.9
97.7 157.1 145.5 176.7 109.2 252.9 114.5 142.5 137.2
97.4 1117.1145.5 176.7 109.2 247.1 110.9 143.0 136.2
101.7 157.1 139.4 176.7 109.2 194.1 110.9 142.6 135.6
112.5 155.4 136.4 176.7 109.2 182.4 110.9 142.3 134.6
124.9 155.4 133.3 176.7 110.3 188.2 107.3 142.1 132.6
129.9 153.6 130.3 176.7 109.2 182.4 105.5 141.9 131.2
140.3 151.8 127.3 173.3 106.9 170.6 107.3 141.4 129.9
120.6 151.8 124.2 173.3 105.8 170.6 107.3 141.4 129.2
155.4
153.0
150.1
151.2
150.1
147.9
144.0
143.7
145.6
144.4
141.4
137.2
Retail Prices of Food June 1931.
Nov.__
Dec_
Retail food prices in 51 cities of the United States, as 1931- _ _
Jan____
104.6 146.4 121.2 170.0 102.3 170.6 107.3 141.0 126.8
132.8
reported to the Bureau of Labor Statistics of the United
Feb_ _ 78.8 142.9 121.2 166.7 102.3 158.8 107.3 140.6 125.2
127.0
82.6 141.1 118.2 166.7 98.9 158.8 105.5 139.7 121.8
March.
126.4
States Department of Labor, showed an average decrease
April_
79.4 137.5 115.2 163.3 96.6 164.7 103.6 138.2 116.1
124.0
71.9 137.5 112.1 153.3 95.4 164.7 101.8 136.9 112.4
May
121.0
of a little more than 2% on June 15 1931, when compared
74 A 1RA 7 112 1 1A0.11 04.3 141.2 1015115tA A 111 1
114 2
Inn.
with May 15 1931 and an average decrease of about 20%
since June 15 1930. The bureau's weighted index numbers,
Price Index Shows Largest Drop in Several
with average prices in 1913 as 100.0, were 147.9 for June 15 Wholesale
Weeks.
1930, 121.0 for May 15 1931 and 118.3 for June 15 1931.
The wholesale price index of The National Fertilizer Asparticularizes as follows:
The report
During the month from May 15 1931 to June 15 1931. 34 articles on sociation declined eight fractional points during the week
which monthly prices were secured decreased as follows: Potatoes, 14%; ended July 18. This is the largest drop in several weeks.
plate beef, 6%; chuck roast and lard. 4%; rib roast, oleomargarine and During the preceding week the
general index number adcheese. 3%; sirloin steak, round steak, pork chops, sliced bacon, sliced
ham,leg of lamb, hens, fresh milk, butter, cornmeal, navy beans, cabbage, vanced one fractional point. The latest index number is
canned corn, canned peas, prunes and bananas, 2%; canned red salmon, 67.9; a week ago it was 68.7 while a month ago it was 68.5
bread, cornflakes. macaroni, rice, pork and beans, canned tomatoes, coffee,
and a year ago it was 85.7. (The index number 100 repreand oranges, 1%. and wheat cereal and tea, less than five-tenths of 1%.
Three articles increased: Strictly fresh eggs and onions, 4%; raisins, 1%• sents the average for the three years 1926-1928.)
Five articles showed no change in the month: Evaporated milk, vegetable
Of the 14 groups comprising the index, 2 advanced, 11
lard substitute, flour, rolled oats and sugar.
declined and 1 showed no change during the latest week. The
Changes in Retail Prices of Food by Cities.
advancing groups were fats and oils and the group of misDuring the month from May 15, 1931 to June 15 1931,48 of the 51 cities
from which prices were received showed decreases in the average cost of cellaneous commodities. Groups which declined during the
food as follows: Birmingham, Cleveland, Detroit, Houston and Lea An- latest week were fuel, chemicals and drugs, other foods,
geles, 4%; Buffalo, Dallas, Fall River, Little Rock, Newark, New Orleans
metals, agricultural implements, textiles, building materials,
and Washington, 3%; Baltimore, Charleston (S. C.), Chicago, Cincinnati,
Columbus, Indianapolis, Kansas City, Louisville, Memphis, Milwaukee. house furnishings, grains, feed and livestock, mixed fertilizer
New York, Norfolk, Pittsburgh, Providence, Richmond, St. Louis, San and fertilizer materials.
Francisco, Savannah, Seattle and Springfield (Ill.), 2%; Atlanta, Boston,
Forty-one commodities showed price reductions during the
Bridgeport, Denver, Jacksonville, Manchester, Minneapolis, Mobile, New
Haven, Peoria, Philadelphia, Portland (Me.), Rochester, St. Paul, and latest week, while 16 commodities showed price gains.
Scranton, 1%; and Omaha less than five-tenths of 1%. Three cities Among the commodities that
declined were lard, flour,
showed increases: Salt Lake City, 1%. and Butte and Portland (Ore.).
apples, wheat, cattle, copper, silver, rosin, petroleum,
less than five-tenths of 1%.
JULY 25 1931.]
FINANCIAL CHRONICLE
gasoline, hides, coffee, rubber and silk. Listed among the
commodities that advanced were wool, butter, eggs, raw
sugar, corn, sheep, heavy melting steel, calfskins and leather.
The index number for each of the 14 groups is shown
below, as well as the comparative weights of each of the
14 groups as compared with the total index.
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-192100).
Latest Week Preceding
July 18'31. Week.
All Groups (14)
Other foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishings
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
67.9
70.1
52.3
59.6
60.7
70.6
88.4
78.0
77.6
89.9
57.7
87.3
78.1
82.3
953
68.7
71.0
64.8
60.3
60.8
70.3
88.4
78.4
78.2
90.5
56.9
88.7
79.0
85.0
95.4
Month
Ago.
Year
Ago.
68.5
71.2
54.2
62.4
58.5
69.0
88.4
80.9
76.0
90.5
54.4
88.7
80.7
85.0
95.4
85.7
89.5
84.6
80.6
76.1
50.0
94.5
91.9
85.4
97.6
77.7
95.2
88.4
97.6
95.7
541
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of wholesale commodity
prices declined 1.3 to 101.2 on Tuesday, July 21, and
now stands but 0.7 above the June low of 100.5. Every
group save the unchanged miscellaneous group contributed
to the decline, the march being led by the farm products
and fuels groups.
The course of the index during the past six weeks illustrates admirably how very sensitive the commodity market
is just now to the international situation. After touching
100.5 on June 2 and 9, the lowest point since its inauguration, the index reflected somewhat greater firmness in
the commodities by a slight advance too 100.7 on Tuesday,
June 16. On the following Friday President Hoover announced his debt program, which, taking the world by
complete surprise, sent all markets abruptly upward in a
sudden wave of optimism. Weekly advances of the index
to 101.8, 102.3, and on July 7 to 102.6 reflected the response
of the commodity world to the prospect of better international conditions.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Col. Ayres of the Cleveland Trust Company Says
the
(1913=100)
Hoover Moratorium Does Not Constitute a Remedy
for the Business Ills of the World But Is in Reality
July 21 1931. July 14 1931. July 22 1930.
an Indirect Resumption of International Lending. Farm
products
110.3
87.8
89.1
Food products
The most important, as well as the most pressing,
127.5
112.2
111.9
question Textile products
115.4
96.2
*96.5
about President Hoover's proposal for a one-year
Fuels
122.5
154.6
115.8
mora- Metals
102.4
102.7
109.2
torium on the payments on international debts
Building
116.3
142.7
115.7
is whether or Chemicalsmaterials
98.6
107.2
98.6
not it will prove to mark the turning point of
84.8
84.8
this depression Miscellaneous
99.8
from which progressive recovery will proceed,
All commodities
asserts Colonel
102.5
122.0
101.2
Ayres, of the Cleveland Trust Co. He says
it hag already •Revised.
been most effective in dispelling despondency and
generating confidence, botih here and abroad. It would
be unwise
Monthly Indexes of Federal Reserve Board.
to underestimate the importance of a restoratio
n of busiThe Federal Reserve Board's monthly indexes of industrial
ness confidence, but it is well, he declares, to
remember that production, factory employment, &c., were released as
the moratorium does not constitute a remedy
for the busi- follows July 24:
ness difficulties of the world. He proceeds
BUSINESS INDEXES.
tts follows:
The
moratorium is in reality an indirect
resumption of international
lending. Each of the creditor nations
involved offers to lend to its debtors
for the period of one year the amounts
of interest and principal that would
normally be paid over in that time.
For several years prior to our stock
market boom and collapse internationa
l lending of private funds had been
going forward in •generous volume, and
our own loans of that sort were
especially large. During most of that
period commodity price levels held
fairly steady.
Then our stock speculation created so
enormous a demand for credit that
interest rates rose all over the world,
and normal lending in the international markets sharply declined.
Meanwhile Germany was under the
compulsion of selling abroad so as to
make payments abroad, and in order
to do it she sold at progressively lower
prices. Commodity price levels in
the international markets declined, and
nations seeking our goods, and being
unable to pay for them in their goods,
have been shipping their gold to us.
Similar factors have sent gold to France.
Under these abnormal conditions internationa
l trade balances, intergovernmental debt payments, and especially
German debt payments, have
assumed an importance altogether greater
than the figures in which they
are recorded would appear to justify.
The moratorium gives the nations
an opportunity to stop, look, and
reason. It gives them an opportunity
to reflect on the simple economic
principles that in the long run international payments, public and private, are made
in goods and services, that
the free flow of capital facilitates them,
that tariff barriers hinder them,
and that abnormal payments, like those arising
from war loans and reparations, complicate them.
Reicksbank Gold.
The reason why President Hoover could not wait for full
consultation with
all the parties at interest before making his proposal of
a debt moratorium
is clearly apparent in the diagram (we
emit the diagram.
-Ed.) showing
the gold reserves of the central bank of Germany each
week in this year.
The data are in billions of gold marks, and the
reserves amounted to well
over two and a half billion marks, or about 650
million dollars, at the
beginning of the year.
The reserves dipped a little during January, and
then increased fairly
steadily to the end of May. Then there began a
veritable flight of capital
from Germany, and by the third week of June the
gold reserves were down
almost to their minimum legal limits, and were
declining so rapidly that
another week of loss at similar rates would have
carried them down far
beyond the lower legal limits. However, on June
20 the President made
public his proposal for a moratorium, and the outflow
was checked, and the
dangers threatening the German fiscal system were for
the time averted.
The irregular line running across the shaded area of
the diagram shows
the required reserves at each period. These amount to 40%
of the note
circulation, and as the money actually in use increases
at the end of each
month, when wage payments and debt settlements are
largest, the required
reserves rise a little at the month-end periods, and decline
in
During the five months prior to June the actual reserves between them.
had been fairly
steady from 40 to 60% above the required reserves, but
during the second
and third weeks of June they suddenly dropped down to the
requirement level.
The President's proposal for a moratorium of one year on
international
debts dispelled despondency, and restored confidence in Germany.
It was
an emergency measure, effective in preventing a threatened
disaster. It
should be regarded as being only a first step in a series
of international
accords so directed as to grapple with the fundamental
problem of this
depression, which is that of the continued decline in
the prices of commodities entering into international trade. The major
steps in such a
series appear to include a moratorium, and then a scaling
down of international debt payments, the granting of increased internationa
l long-term
credits, and the progressive lessening of the restrictions
and barriers to
International trade.
(Index numbers ofthe Federal Reserve Board 1923-25=100)
•
Adjusted for
Seasonal Variation.
1931.
Without
Seasonal Adjustment.
1930.
1931.
1930.
June. May. June. June. May. June.
Industrial production, total
Manufactures
Minerals..
Building, value, contracts, total_a
Residential
All other
Factory employment
Factory payrolls
Freight ear loadings
Department store sales
D86
D86
p85
963
937
985
76.0
77
996
89
90
86
66
40
87
77.8
79
97
90
985
99
100
91
99
984
100
103
84
p85
100
p74
79
116
99
47
54
p41
49
106
166
140 p102
89.7 75.0 77.1 88.8
67.6 72.1
90.7
77
79
95
93
97
103
98
P91
INDUSTRIALPRODUCTION-INDEXES BY °ROUE'S AND INDUSTRIES.*
(Adjusted for seasonal variations)
Group and
Industry.
Manufactures.
1931.
Minim,
-
1930.
Industry.
June. May. June.
Iron and steel
rextties
Food products
Paper and printing__ _
Automobiles
Leather and shoes__
Cement
Nonferrous metals_._
Petroleum refining_
Rubber tires
TnhaCCO manufac's
64
9100
83
-___
965
p102
112
68
___
133
72
101
91
113
77
107
96
73
163
123
137
109
84
93
116
91
97
119
96
170
119
141
1931.
19304
June. May. June.
Bituminous coal
Anthracite coal
Petroleum
Iron ore
Copper
ZincSliver
Lead
74
66
9122
46
67
54
52
60
75
71
122
27
68
54
r51
78
89
77
124
108
86
99
75
99
FACTORY EMPLOYMENT AND PAYROLLS.
-INDEXES BY GROUPS
AND INDUSTRIES.
Employment.
Group and Industry.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
tonal Variation.
Adjustment.
Adjustmeal.
1931.
1930.
1931.
1930.
1931.
1930.
June May. June. June. May. June. June. May. June.
Iron and steel
NIitch In ery
Textiles, group
Fabrics
Wearing apparel
Food
paper and printing
Lumber
Transportation equipment
Automobile;
Leather
Cement, clay and glass
Nonferrous metals
Chemicals. grout
,
Petroleum
Rubber producta
Tobacco
72.6
73.4
78.6
78.7
78.3
88.7
93.6
54.4
62.4
70.7
83.9
64.4
65.4
89.6
90.2
75.7
80.4
74.8 90.0
76.3 99.5
81.2 85.7
80.0 84.4
84.1 88.7
90.8 95.8
95.3 102.4
55.4 71.6
63.2 78.9
70.9 86.5
84.2 88.9
65.4 77.1
66.6 80.3
93.0 105.7
94.5 113.0
74.0 88.0
82.1 89.7
72.6
73.9
76.7
77.9
73.6
88.4
92.7
54.3
63.
72.8
79.7
67.0
654
86.7
91.1
75.6
79.9
75.7 90.0
76.8 100.1
80.6 83.6
79.8 83.7
82.4 83.3
88.3 95.6
94.6 101.5
54.9 71.7
66.1 80.2
77.3 88.8
80.8 84.6
67.3 80.4
67. 80.
91.4 101.8
94.4 114.0
74.3 88.0
80.7 89.2
57.6 64.9 90.8
62.4 67.8 102.7
66.7 71.7 77.8
69.4 73.3 77.4
61.1 69.4 78.4
89.7 89.7 102.3
96.6 100.0 111.9
44.6 45.7 70.9
58.8 66.1 83.8
62.1 75.6 89.2
68.7 68.7 73.E
54.4 56.7 76.1
59. 63.4 85.(
84.1 88.4 105.:
91.1 96.1 121.1
72.4 71.0 88.;
68.6 68.3 84;
•Indexes of production, car loadings, and department s ore sales based on
daily
averages. a Revised index based on three-month moving averages, centered
at
second month. See Federal Reserve "Bulletin" for July 1931. Index
of total
contracts for June on old basis, unadjusted, 81. p Preliminary. r
Revised.
[VOL. 133.
FINANCIAL CHRONICLE
542
-June Figures
Annalist's Index of Business Activity
2.2% Below May.
decrease
- The "Annalist" index of business activity shows a
for June and, on the basis of preliminary figures, now
stands 2.2 points below the May point of 78.7 (revised)
and 4.3 points below the April peak of 80.8. The preliminary index for June is 76.5, as against 77.9 (revised)
The
for March, 76.2 for February and 74.4 for January.
"Annalist" adds:
array of divergent
The second quarter brought to light a rather amazing
"Annalist" index of
tendencies among the various components of the
was a further sharp rise from a
business activity. On balance, there
then a decline to
January low point of 74.4 to an April peak of 80.8, and
But the April to June
78.7 for May and 76.5 (preliminary) for June.
represented.
decline was far from uniform among the various industries
loadings, elecas indicated by the fact that whereas iron and steel, car
sharply from
tric power production and coal and zinc output declined
rose sharply
April to May, wool consumption and boot and shoe production
there was a reto well above estimated normal. In June, furthermore,
index of cotton consumption, which in
newed upturn in the adjusted
May had dropped from its April peak of 84.0 to 77.0.
beginning of
These conflicting movements strongly suggest that by the
replacement demand for
the second quarter the situation with respect to
a favorable retail
such ordinary articles as wearing apparel, coupled with
longer necessary.
price situation, had become such that curtailment was no
inclusive indexes
With respect to basic industrial activity, and to such all
had not, however,
of trade as electric power production, these stimuli
such proportions as to result in a general
by the end of the quarter reached
upswing in business activity.
further
The May-to-June decline in the combined index was caused by
and steel
recessions in the adjusted indexes of freight car loadings, iron
production, automobile production and zinc
production, electric power
in
output, against which the only offsetting influences were the recovery
the adjusted
the adjusted index of cotton consumption and a small rise in
extremely low May level.
Index of bituminous coal production from an
and its
Table I gives for the last three months the combined index
and where
components, each of which is adjusted for seasonal variation
index by
necessary for long-time trend. Table II gives the combined
of electric
months back to the beginning of 1926. ,The adjusted index
7,242,000,000
power production for June is based on an estimated output of
7,752,000,000
kwh., as compared with 7,623,000.000 kwh. in May and
kwh. in June 1930.
-TEE ANNALIST INDEX OF BUSINESS ACTIVITY AND
TABLE 1.
COMPONENT GROUPS.
-CHANGES IN COST OF LIVING AS BETWEEN SPECIFIED
TABLE 1
DATES, ALL ITEMS COMBINED.
Per Cent
Per Cent
Per Cent
Per Cent
Decrease
Decrease
Decrease
Increase
from
from
from
from
Dec. 1914 to June 1920 to June 1930 to Dec. 1930 to
City.
June 1931.
June 1931.
June 1931. June 1931.
55.8
47.1
58.3
51.8
54.4
50.4
45.2
47.4
48.2
43.0
57.1
54.0
55.3
48.2
35.2
42.8
40.7
52.3
4t0
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland, Ore
San Francisco
Savannah
Seattle
WaAhlnatnn
Per Cent of Per Cent of Per Cent of
Decrease
Decrease
Increase
from
from
from
Dec. 1917 to June 1920 to June 1930 to
June 1931.
June 1931. June 1931.
City,
Per Cent of
Decrease
from
Dec. 1930 to
June 1931.
33.0
33.5
25.8
30.9
29.0
31.9
29.4
26.8
28.7
27.3
28.8
28.7
26.2
5.9
9.1
6.4
5.4
3.8
4.5
6.3
5.1
8.2
5.9
6.3
6.8
6.4
*1.7
*5.6
9.1
3.8
6.6
2.9
3.4
5.0
1.2
8.4
2.4
6.2
11.8
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
58.3
54.2
76.2
83.5
73.6
74.9
77.0
125.3
111.1
49.3
75.7
59.7
56.9
79.1
85.9
75.0
76.5
84.0
109.1
105.1
56.2
stn.8
49.1
*711.5
-THE COMBINED INDEX SINCE JANUARY 1926.
TABLE IL
1931.
January
February
March..
April
May
June
July
August
September
October
November
December
1930.
1929.
1928.
1927.
1926.
74.4
76.2
78.0
80.8
78.7
*76.5
95.0
94.2
91.2
95.0
90.0
89.0
86.4
83.1
82.4
79.5
76.1
76.1
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
98.0
99.7
99.4
99.9
101.3
98.7
100.5
102.1
102.4
105.0
103.7
102.0
102.2
104.7
106.9
104.4
104.8
103.4
101.5
101.8
100.9
98.2
95.5
93.7
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.7
105.7
105.0
____
*Subject to revision.
9.8
30.6
50.3
Average U. S
Per Cent of
Decrease
from
Dec. 1930 to
June 1931.
6.5
•Decrease.
-CHANGES IN COST OF LIVING AS BETWEEN SPECIFIED
TABLE 2
DATES, BY GROUPS OF ITEMS.
Per Cent of Increase from Dec. 1914 to June 1931 In the Cott 0,1
April.
52.8
48.4
73.7
*81.0
73.7
*64.9
81.1
Pig iron production
Steel ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
Pnrnhineul Indpx
May.
8.9
12.8
9.2
8.1
8.2
5.6
9.9
8.0
11.8
9.6
9.0
10.2
9.5
Per Cent of Per Cent of Per Cent of
Decrease
Decrease
Increase
from
from
from
June 1920 to June 1930 to
1913 to
June 1931,
June 1931. June 1931.
City.
June.
6.0
7.6
6.6
6.4
7.1
6.9
6.1
6.1
6.3
7.4
6.2
6.6
5.6
5.7
4.5
5.7
5.1
3.9
RR
9.2
9.8
10.1
10.2
10.9
12.7
10.5
8.4
9.5
10.8
8.5
8.3
8.1
8.2
9.3
8.4
8.1
7.9
5.0
27.3
30.2
28.5
29.3
29.9
36.3
31.6
31.9
26.5
30.9
28.3
30.7
27.3
28.6
32.5
27.1
32.8
27.6
29.0
Food. nothino
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston_
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia_ _ _ _
Portland, Me
Portland, OreSan Francisco...
Savannah
Seattle
Washington
18.7
14.6
16.0
26.7
9.6
14.7
11.2
8.4
3.1
12.1
19.6
15.0
20.8
20.5
8.2
15.8
1.5
12.2
22.8
51.6
68.7
52.3
30.3
41.8
44.0
63.8
65.4
50.7
34.1
67.6
57.7
57.6
55.7
32.9
66.3
58.0
55.7
49.7
Rent.
59.8
41.8
56.5
64.4
48.6
45.4
20.0
*5.9
31.3
32.5
61.5
32.6
45.8
17.9
*1.3
24.2
15.8
44.4
28.2
House
Fuel
and Furnish. MiamiAn
Light. Goods. lawns. Items.
78.7
85.3
121.3
49.5
158.0
61.4
18.9
64.0
47.0
49.6
86.3
83.6
80.5
95.3
36.4
28.8
50.7
54.0
32.5
72.1
97.4
84.0.
67.7
64.4
58.8
110.0
89.9
77.8
57.5
62.5
63.8
63.2
99.2
65.8
79.3
98.5
114.5
86.6
125.6
92.3
116.4
103.3
118.6
123.7
92.1
100.2
107.7
105.4
123.5
119.0
118.5
95.9
83.6
79.1
83.8
96.6
75.7
55.8
47.1
58.3
51.8
54.4
50.4
45.2
47.4
48.2
43.0
57.1
54.0
55.3
48.2
35.2
42.8
40.7
52.3
43.0
Per Cent of Increase from Dec. 1917 to June 103 1.
Atlanta
Birmingham......Cincinnati
Denver
Indianapolis....
Kansas City.__
Memphis
Minneapolis_ _ _ _
New Orleans_ _
Pittsburgh
Richmond
St. Louis
Scranton
*24.2
*30.6
*20.4
*28.7
*16.5
*24.9
*31.3
*21.2
*30.3
*24.2
*27.2
*24.9
*20.3
*8.5
*13.1
*17.5
2.3
*10.4
*1.7
*4.8
*8.8
*2.7
*9.4
*2.4
*10.7
3.9
28.3
15.1
49.3
43.1
16.8
17.4
29.3
21.4
43.0
56.8
24.4
53.0
53.2
3.6
25.3
59.2
7.9
23.8
19.7
48.3
41.6
*6.5
83.1
33.1
12.4
61.3
1.7
*5.4
*.4
8.1
*4.7
*6.2
6.2
3.7
5.9
.4
18.6
5.9
18.2
28.2
24.2
51.6
36.9
49.5
44.0
35.5
35.4
43.1
46.9
40.6
41.5
55.2
*1.7
*6.6
9.1
3.8
6.6
2.9
3.4
5.0
1.2
8.4
2.4
6.2
11.8
Changes in Cost of Living. .
Per Cent of Increase from 1913 to June 193 1.
The index number for cost of living for June 1931, is
150.3, as computed by the Bureau of Labor Statistics of Average U. S.._ 18.3
42.0
46.0
77.0
166.6
65.4
50.3
the United States Department of Labor, and shows a Decrease.
decline of 6.5% as compared with December 1930. This
index number includes prices obtained from 51 cities on Industrial Activity As Measured by Consumption of
Electricity Declined 5% in June from May-9.3%
food and from 32 cities on various articles of clothing, rent,
Below June 1930.
fuel and light, house furnishing goods and miscellaneous
items, weighted according to their importance in the family
Industrial activity in the United States in June fell 5%
budget, and is based on prices in 1913 as 100. The report from May and registered a 9.3% decline from the level prealso says:
vailing in June 1930, according to "Electrical World's"
From the peak of prices in June 1920 to June 1931 the cost of living in monthly summary of electrical energy consumption in 3,800
decreased 30.6%, and the decline was 9.8% below the
the United States
manufacturing plants scattered throughout the country.
cost of living a year ago.
of
Food prices are materially less than six months ago, showing a decline
Records of plant operations during the past eight years show
13.8%.
an average drop of 5 points from the preceding month. The
For the past six months period ended June 1931, prices declined 4.6%
decrease this year is therefore ascribed entirely to usual
in the clothing group.
a
Rents have been reduced, but not as materially, showing drop of3.1%. seasonal changes in the several
industries, but when seasonal
all cities except one and the
The fuel and light group showed a decline in
32 adjustments are applied to the individual indices, industry
slight increase in this city was caused by higher coal prices. For the
cities the decrease averaged 5.5%.
is relatively on the identical level as in.May.
House furnishing goods have also joined the general downward movement
6%.
Although current industrial activity is still abnormally
and showed price recessions in June which averaged
The miscellaneous items also moved downward in the last six months. low, comparison with the winter minimum shows more favorThe decrease for the 32 cities averaged 0.7%. In only one city the miscelable conditions. The increase of 7.3% over January exceeds
laneous items showed an increase occasioned by an advance in street car
that in any of the past six years, with the single exception
fare, while no change was reported in four cities.
1931 and specified preceding
Changes in the cost of living between June
of 1927, when the gain was 10.8%. In 1929, the increase was
dates are shown in the following tables.
JULY 25 1931.]
FINANCIAL CHRONICLE
543
only 6.1%; in 1930 the June figure fell slightly below that and steel had the lowest accession rate, 1.20. The highest
for the lowest month of the preceding winter. The summary quit rate, 1.61, was shown by the boot and shoe industry.
also says the following:
The lowest quit rate, .69, was shown by the foundry and
The distribution of losses and gains in the various industries reveals machine shop industry. The highest discharge rate, .52,
that staples, such as food and clothing, are holding their own. The food occurred in
the slaughtering and meat packing industry;
products industry is climbing to a summer peak second only to that of
1930. Textiles are headed upward from the winter's extreme depression; the lowest, .11, in the iron and steel industry. The autothough June was 2.7% below May, the industry advanced 5.2% over June motive industry had the highest layoff rate, 10.57. The
1930. Iron and steel fabrication is up 8.3 from May, and is a trifle above lowest layoff
rate, .56, was shown by the men's clothing
last June's level. Leather gained almost 5%. Rubber manufacture, against
a May-to-June decline of 22.5% last year, fell only 1% this year, and is industry.
today 15.5% higher than it was a year ago.
In contrast with these gains, more or less serious declines occurred in
branches connected with building (except iron and steel), paper, metal
working, and most of all in the automobile industry, which stands 20.5%
lower than in May and 35% below' June of last year.
LABOR TURNOVER RATES PER 100 ON THE PAYROLL
-JUNE, 193Ia
(The net turnover rate Is the total separation rate or the accession rate, whichever is the lower.)
Separation Rates.
Industry.
INDEX OF MANUFACTURING ACTIVITY.
Accession
Rate.
Quit.
Average Average
lot Half lot Half
1931.
1930.
Industrial Group.
June
1931.
AU industry
Automobiles (Incl. parts and
accessories)
Chemical products (including
oil refining)
II
Food products
Iron and steel
Metal working
Leather products
Forest products
Paper and 1/111D
Rubber products
Shipbuilding
Stone, clay and glass
Textiles
104.8
109.8
115.5
106.2
120.1
71.3
89.7
102.9
83.7
107.9
132.7
136.2
115.7
78.6
85.4
86.3
112.4
121.0
84.8
118.7
100.5
133.8
126.8
106.6
94.0
81.0
97.2
135.1
122.3
89.7
132.0
103.7
138.6
145.4
115.2
106.8
96.8
107.3
137.5
104.8
111.8
136.5
AN 2
136.9
123.7
111.6'
96.3
78.2
89.2
119.8
112.3
99.0
103.4
57.0
139.8
132.4
135.2
122.9
85.6
98.1
131.7
131.1
120.4
124.4
ini A
May
1931.
June
1930.
Union Trust Co. of Cleveland on Business Conditions
-Outlook Colored by European Developments.
Some favorable signs are appearing in the domestic business picture but the general outlook is colored by European
developments, according to the Union Trust Co., Cleveland.
So closely are conditions in America interwoven with those
abroad that the outlook cannot be considered independently
of the international situation, the bank says in its current
survey of trade. Among the favorable indications pointed
out are, a few satisfactory earning statements, some firmness in commodity prices, some increases in retail sales and
a reduction in commercial insolvencies. "Ever since President Hoover proposed the moratorium, new developments
have followed in rapid succession," says the bank in its
magazine "Trade Winds." "There is no question but that
the president's expression of this country's willingness to
endeavor to assist in the solution of the reparations problem
has brought renewed hope that a solution may eventually
be found. By a single stroke, the critical attitude to the
United States, which has been developing in Europe, has
been transformed into good will." Discussing the domestic
situation, the bank continues:
The general volume of business during June showed little, if any,improvement over May, and production figures in most lines remained at low
levels. It must be remembered, however, that this was quite in line with
expectations, as a period of seasonal dullness usually develops at this time
of the year.
It is also encouraging to note signs of price stabilization in some fields.
In spite of continued severe declines in prices of agricultural products,
commodity price indices on the whole have shown some upturns during the
last month, and at this writing averages have held a small per cent of the
gains made. Furthermore, advances have not been confined entirely to
basic commodities. Cigarette prices, for instance have been advanced by
all of the more important manufacturers, and these advances have, to a
large extent, already been passed on by retailers to the buying public.
Automobile equipment and accessories companies are not, on the whole,
suffering as severely as might be expected, due to the fact that the larger
percentage of old cars in use this year is being reflected in the larger replacement demand. Gasoline consumption figures show that in spite of the
decrease in production of new cars, just as many cars are being operated
this summer as were last summer. The tire trade particularly is benefitting
by this situation, and during the last two months has shown more than
normal seasonal Improvement.
It is obvious that if the present rate of car usage continues to be maintained, the wearing out of old cars will inevitably produce an increased
demand for new models in the comparatively near future. It is this situation which leads some observers to predict a substantial upturn in the
automobile field this fall.
June statistics covering retail trade show improvement in some lines.
According to the "Wall Street Journal," sales of 39 of the leading chain
store systems and mail order houses in June showed a decline of only 2.3%
below June of last year, whereas the decline for the first six months
was 4.4%.
Labor Turnover in June 1931.
The Bureau of Labor Statistics of the United States Department of Labor presents herewith June labor turnover
rates for manufacturing as a whole and for 10 separate
manufacturing industries. The all-manufacturing rates are
made up from representative establishments employing
approximately 1,250,000 people. For industry as a whole,
the June accession rate was 2.41, and the total separation
rate was 5.09. The highest accession rate for any of the
industries for which separate figures are presented was
shown by the brick industry. This rate was 6.67. Iron
Discharge.
Monthly Rates
All industries
Automobiles
Boots and shoes
Brick
Cotton
Foundries and machine shops
Furniture
Iron and steel
Men's clothing
Saw mills
Slaughtering and meat packing
1.02
.90
1.61
.80
1.25
.69
1.06
.86
1.32
1.13
1.36
.23
.21
.40
.44
.46
.25
.43
.11
.23
.33
.52
3.84
10.57
1.85
5.45
2.24
4.44
4.83
2.65
.56
8.70
3.90
5.09
11.68
3.86
6.69
3.95
5.38
6.32
3.62
2.11
10.16
5.78
2.41
2.91
5.18
6.67
3.66
1.95
4.89
1.20
4.05
6.41
6.08
Equivalent Annual Rotes
All industries
Automobiles
Boots and shoes
Brick
Cotton
Foundries and machine shops
Furniture
Iron and steel
Men's clothing
Saw mills
Slaughtering and meat packing
12.4
11.0
19.6
9.7
15.2
8.4
12.9
10.5
16.1
13.8
16.6
2.8
2.6
4.9
5.4
5.6
3.0
5.2
1.3
2.8
4.0
6.3
46.7
128.6
22.5
66.3
27.3
54.0
58.8
32.3
6.8
105.9
47.5
61.9
142.2
47.0
81.4
48.1
65.4
76.9
44.1
25.7
123.7
70.4
29.3
35.4
63.0
81.2
44.5
23.7
59.5
14.6
49.3
78.0
74.0
Layoff.
Total.
Employment in Building Construction in Selected
Cities and Their Suburbs, June 1931, Shows Slight
Increase.
The Bureau of Labor Statistics of the U. S. Department
of Labor has extended its employment work to include
firms engaged in building construction. The 3,423 identical
firms reporting in the 20 cities covered had a combined
employment for a pay period ending near June 15, of 49,564
as compared with 48,264 in May. This is an increase of
2.7%. The same firms had a combined pay roll total of
$1,485,426 for the same period as compared with $1,454,934
in May. This is an increase of 2.1%.
COMPARISON OF EMPLOYMENT AND PAY
-ROLL TOTALS IN
IDENTICAL FIRMS IN JUNE AS COMPARED WITH MAY.
City.
Number No. on Pay-Roll
Amount Of Fatl Roll
Week Ending Per Cent
Of
Week Ending
Per Cent
Firms
Near
of
Near
of I
ReportChange.
Change.
ing. May 15 June 15
May 15. June 15.
Atlanta
119
1,732 1,572
-9.2
Cleveland
339
6,652 5,938 -10.7
Dallas
113
1,648 1,786
+8.4
Denver
171
1,328 1,327
-0.1
Des Moines
57
889 1,118 +25.8
Indianapolis
169
2,111 2,190
+37
Jacksonville
45
374
494 +32.1
Louisville
118
1,095 1,154
+5.4
Memphis
77
695
816 +17.4
Minimal:0011S
229
3,365 3,559
+5.8
New Orleans
114
2,579 2,445
-5.2
Omaha
103
1,052 1,157 +10.0
Portland, Ore
184
1,532 1,633
+6.6
Providence
209
2,553 2,732
+7.0
Richmond
115
1,710 1,735
+1.5
St. Louis
456
4,320 4,195
-2.9
Salt Lake City_ _ _ _
84
654
720 +10.1
Seattle
174
2,770 2,950
+6.5
Washington
454
9,683 10,499
+8.4
Wilmington. Del
03
1 592 1 A44
-l-14
* Lees than one-tenth of 1%.
$34,293
249,337
43,965
38,390
28,467
67,657
6,757
26,071
14,397
103,413
49,519
27,694
47.873
80.192
40,831
154,468
18,392
86,672
293,781
42783
$30,528
223,464
46,065
37,476
32,607
74,257
8,879
27,353
16,840
106,755
46,352
29,673
50,073
79.618
41,526
154,487
21,224
88,462
326,674
43 113
-11.0
-10.4
+4.8
-2.4
+14.5
+9.8
+31.4
+4.9
+17.0
+3.2
-6.4
+7.1
+4.6
-0.7
+1.7
+
•
+15.4
+2.1
+11.2
4-0.8
The F. W. Dodge Corporation Contracts for June
Below Last June.
June added $331,879,700 to construction contracts awards
for the 37 States east of the Rockies bringing the sum total
for the first half of the year up to $1,808,226,800. F. W.
Dodge Corp. in announcing figures for June and for the
half-year period indicates that residential building fared
best among the three major construction classes in both the
second quarter and the first half of the current year. For
the first half of the year the loss in residential contracts was
15% when contrasted with the corresponding period of 1930.
"Real hope is afforded in the outlook for construction as'a
whole for the third quarter," the bulletin reads. "In our
opinion this period will show the best quarterly comparison
to date with the like period of 1930. Though we anticipate
a decline, the loss will probably not exceed 20%. This would
contrast with realized losses for the first and second quarters
of 24 and 37% respectively."
As is usual Metropolitan New York and vicinity lead
among the 13 Dodge territories with $407,540,500 for the
six months period, followed by the Chicago territory with
[Vol,. 133.
FINANCIAL CHRONICLE
544
$200,435,600 and by the Middle Atlantic territory in third
place with $191,547,400.
The only individual class of building to gain during the
first six months of 1931 as compared with that period of 1930
was public buildings which showed $74,451,400 in the
current year against $62,322,300 in 1930.
The New Orleans territory makes the unique showing of a
gain for the six months of 1931 as compared with the like
period of 1930. $86,329,300 is the 1931 showing for the halfyear against $63,614,500 in 1930. Of this amount $5,482,200
was placed in residential building, $13,011,900 in non-residential building, and $67,835,200 in public works and
utilities.
Spurting ahead of May's $306,079,100, the month of
June divided its $331,879,700 among the three major classes
of construction as follows: Residential, $72,744,700; nonresidential, $104,623,000, and public works and utilities,
$154,512,000.
Both the Texas and the New Orleans territories are well
ahead of June of last year with the month's record. These two
territories also show a gain over May. Gains over May are
shown in the Middle Atlantic territory, the southeast
territory and the St. Louis territory.
We give below tables showing the details of projects
contemplated in June and for the six months of this year
as compared with the corresponding periods a year ago.
The table also shows the details of the contracts awarded for
the same periods. These figures, it is stated, cover 91
of the United States construction.
building at Yale University to cost $1,000,000; in
Mt.Vernon, N.Y.,for two school buildings to cost $932,000;
in the Borough of the Bronx for apartment houses to cost
nearly $2,000,000; in the Borough of Brooklyn for apartment houses to cost nearly $2,500,000; in Quincy, Ill., for a
school building to cost over $1,000,000; in St. Paul, Minn.,
for a court house to cost over $2,700,000. Contracts were
let by Federal Agencies for the following important building
projects: For the completion of the Senate Office Building
in Washington, D. C., to cost nearly $600,000; for a conservatory in the United States Botanic Gardens, to cost
over $600,000; for extension and remodeling post office in
Houston, Texas, to cost over $500,000; for a United States
Veterans' Hospital in Alburquerque, N. Mex., to cost
over $1,000,000; for a new post office and Federal court
house in Salt Lake City to cost over 50,000; and for the
Naval Base in Hawaii to cost over $2,000,000.
ESTIMATED COST OF NEW BUILDINGS IN 341 IDENTICAL CITES,
AS SHOWN BY PERMITS ISSUED IN MAY AND JUNE
1931 BY GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division. Cities.
Estimated
Cost.
May 1931.
New England
Middle Atlantic
East North Central_ _
West North Central_
South Atlantic
South Central
Mountain & Pacific._
June 1931.
Families Provided for in
New Dwellings.
lfay 1931.
f
June 1931.
Total
Per cent of change......
33,224,170
19,742,586
5,008,000
2,214,023
2.965,500
2,720,865
5.641.027
680
4,892
1,311
673
1,131
768
1,901
609
4,306
988
592
651
736
1,660
$49,462,119 $41,516,171
16.1
50
70
93
25
37
35
34
$11,356
$9,542
-16.0
$3,524,350
21,909,744
6,547,248
2,651,600
6,242,760
2,238,350
6,348,067
CONSTRUCTION CONTRACTS AWARDED-37 EASTERN STATES.
6 Months 1931.
June 1931.
Proj
Geographic Division. Cities
.Sguaro Feet„ Valuation.
Square Feet. Valuation. Profts
5,972: 16,913.300 372,744,700 34,907,112.341,000 $490,748,1300
Residential
Non-residential_ 2,804 15,720,8001 104,623.000 14,804 87.208,600 595,450,900
722,029,300
Pub. wks. & util_ 2,0302366,7001 154,512,000 9,817 4,700.3001
35,000.800 3331,879,700 59.528204,249,900 $1808226,860
10,8061
Total
8 Months 1930.
June 1930.
Profts,Sguare Feet
CONTEMPLATED WORK REPORTED.
June 1931.
Projects.
HesidentlaL
Non-residential
Public works and utilities
Total.
Valuation.
Valuation.
$94,722,500
118,970,500
224,031,300
38,926
19,157
13,139
3684,326.700
982,811,700
187,350,500
11,850
$435,724,300
71.222
32,854,288.900
8 Months 1930.
Valuation.
Projects.
7,437
4,191
2,616
$123,059,700
295.086.500
345,089.900
44,818
27,094
14,830
$923,561,500
2,152,421,900
2,254,120,800
14.244
8783,218.100
86,742
35,330,104,200
Projects.
Total
6 Months 1931.
Projects.
6,417
3,075
2,358
June 1930.
Residential
Non-residential
Public works and utilities
Valuation.
Building Permits in Principal Cities of the United
States, June 1931.
Reports of building permits issued received by the Bureau
of Labor Statistics of the United States Department of Labor
from 344 identical cities having a population of 24,000 or
over, indicate that there was a decrease of 19.2% in the
estimated cost of buildings for which permits were issued
during June 1931, as compared with May 1931. There was
a decrease of 16.1% in the estimated cost of new residential
buildings and a decrease of 28.7% in the estimated cost of
new non-residential buildings comparing permits issued
during these two periods. The estimated cost of total building operations for which permits were issued during June
1931, was $105,444,130. New buildings for which permits
were issued during the month of June 1931, were planned to
house 9,542 families. This is a decrease of 16% in the
number of family dwelling units as compared with the month
of May 1931.
Comparing permits issued in 297 identical cities in June
1931, and June 1930 there was a decrease of 35.9% in total
construction; a decrease of 25.3% in the estimated cost of new
residential buildings and a decrease of 46% in the estimated
cost of new non-residential buildings. The number of
family dwelling units provided decreased 19.2% comparing
June 1931, with June of the preceding year.
Permits were issued during June 1931, for the following
important building projects: In New Haven, Conn., for a
May 1931.
New England
Middle Atlantic
East North Central_ _
West North Central_
South Atlantic
South Central
Mountain & Pacific
Valuation. Prorts Square Feel. Valuation.
7,01 20,781,700 396,815,500 30,810 119,391,300 3579,412,600
Residential
Non-residential_ _ 3.818] 26,162,900 251,842,100 21,030 158,931,300 1209,862,000
Pub. wks. & util_ 2,5291 1,269,600 251,915,800 10,1041 4,892,200, 848,738,700
13,3591 48.214,200 $600,573,400 70,944 283,214,800 32638013,300
Total
New Non-Residential
Buildings,
Estimated
Cost.
Total
Per cent of change.-
50
70
93
25
37
35
34
34,903,904
25,975,351
13,503,128
6,429,261
3,007,435
2,842,396
6,893,247
June 1931.
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
May 1931.
$3,811,659 $10,539,980
13,001,752 53.961,799
8,037,158 23,132,944
4,600,844 10,329,236
4,393.937 11,286,321
4,250,703
5,978,691
7,237.793 15,240,708
June 1931.
$9,704,884
38,378.536
16,395,041
7,891,757
9.611,153
8,077.741
15,385,018
$63,554,722 $45,333,846 $130,469,659 $105,444,130
--19.2
28.7
-
Indiana Business Review Says Recession Has Carried
Business to a New Low Level.
"The Indiana business recession that started in May continued through June and carried general business to a new
low level for the current depression," the Indiana Business
Review states in its current issue. The Review is prepared
monthly by the Indiana University bureau of business research and is publiShed by the Fletcher American National
Bank of Indianapolis.
"The peak of industrial activity in Indiana for the first half of 1931
was passed in April," the Review explains. "The general business index
has been revised to 78.3 for March, 80.7 for April, and 77.5 for May.
Preliminary June index is 71.1. In making these calculations, allowances
were made for usual seasonal fluctuations and normal growth.
"Pig iron production in the Calumet district made more than normal
seasonal decline to a point 55.7% under theoretical normal. More than
normal seasonal decline was noted in coal production. Industries have kept
commitments down to a very low level and railroads are buying comparatively little coal. Automobile production in Indiana made more than
normal seasonal decline. One producer was responsible for most of
the decrease. Auto accessory producers reported more than normal seasonal decline. Building stone shipments from Bedford-Bloomington district
did not make seasonal gain. Furniture production continued far under
nomml.
"Department store sales made normal seasonal decline during June.
Lower commodity prices were largely responsible for the unfavorable comparisons with a year ago. Retail hardware sales were estimated at 15 per
cent under a year ago with six month cumulative total 24 per cent under
corresponding period in 1930. Drug store sales were equal to, or slightly
under a month ago. Registrations of new and used cars made more than
normal seasonal decline during June. New car sales dropped 28.7% during
June to a point 14.9% under a year ago. Used car sales were 31.2% under
theoretical normal.
"Bank debits made more than normal seasonal decline. June debits
were 18.4% under a year ago and about 32 per cent under normal. Business
failures gained over a month ago but continued under a year ago. Total
bank clearings in eight cities were 7.2% under a month ago and 18.8%
under a year ago.
The building section of the Indiana business curve shows construction
65.1% under the theoretical normal. Only two of 24 representative Indiana
cities reported June building permits above a year ago. In many sections
building activity was at a standstill. Little change was noted in the
employment situation. Increases in some sections of the state were bal.
aneed by decreases in other sections.
"Orop conditions are above normal and much better than at this
time a year ago. The combined acreage of all crops is larger than at any
other time in the past five years. Prices paid for farm products continued
to decline during June. Live stock receipts were above a month ago
and a year ago.
"Post office receipts in 39 representative cities declined 9.5% from a
month ago to a point 7.0% under a year ago. Retail food costs at
Indianapolis declined 2.9% during May to a point 23.8% under a year
ago and 15.5% above the 1918 average."
i
JULY 25 1931.]
FINANCIAL CHRONICLE
Loading of Railway Revenue Freight Somewhat Larger
But Away Below Previous Years.
Loading of revenue freight for the week ended on July 11
totaled 763,581 cars, the Car Service Division of the American Railway Association announced on July 22.
This was an increase of 95,702 cars above the preceding
week when freight traffic was reduced, owing to the observance of Fourth of July. It was, however, a decrease
of 152,404 cars below the corresponding week last year
and a reduction of 302,833 cars under the same week two
years ago. Details are given as follows:
545
Gold exports in June were only $39,000, against $26,000
in June 1930. For the six months in 1931 the exports of
the metal foot up $788,000, against $9,663,000 in the six
months of 1930. Silver imports for the six months of
1931 have been $14,020,000, as against $23,273,000 in
1930, and silver exports $14,773,000, as against $30,002,000.
Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1931 corrected to July 15 1931.)
MERCHANDISE.
June.
6 Months Ending June.
Increase(-f)
Miscellaneous freight loading for the week of July 11 totaled
291.79Q
1931.
1930.
Decrease(-)
1931.
1930.
cars, an increase of 35.478 cars above the preceding week this year, but
63,845 cars under the corresponding week in 1930 and 129,931 cars under
1.000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars.
Dollars.
Dollars.
the same week in 1929.
Exports
187,000 294,701 1,315,956 2,075,717 -759,761
Grain and grain products loading for the week totaled 60,121
176,000 250,343 1,109,694 1.735,985 -626,291
cars, Imports
an increase of 12,430 cars above the preceding week this year and 2,806
Excess of exports
11,000
cars above the same week last year. It also was 654 cars above the
44,358
339,732
206,262
Excess of imports
corresponding week two years ago. In the Western districts
alone, grain
and grain products loading for the week ended on July 11 totaled 47,566
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
cars, an increase of 5,980 cars above the same week last year.
Forest products loading totaled 26,170 cars, an increase of 1,275
1931.
1930.
cars
1929.
1928.
1927.
1926.
above the preceding week this year but 13,505 cars under the same
week
1,000
1,000
in 1930 and 34.426 cars below the corresponding week two years ago.
1.000
1,000
1,000
1,000
ExportsDollars, Dollars. Dollars. Dollars. Dollars. Dollars.
Ore loading amounted to 36,288 cars, an increase of 6,369
cars above January
249,542 410,849 488,023 410.778 419,402 395,836
the week before but 30,287 cars below the corresponding week
221,351 348,852 441,751 371,448 372.438 352,905
last year February
March
and 42,334 cars under the same week in 1929.
235,895 369,549 489,851 420.617 408,973 374,406
April
215.077 331,732 425,264 363,928 415,374 387,974
Loading of merchandise less-than-carload-lot freight totaled
215,853 May
203.991 320,034 385,013 422,557 393,140 356,699
cars, an increase of 27,367 cars above the preceding week
June
this year but
187,000 294,701 393,186 388,661 356,966 338.033
14,444 cars below the same week last year and 39,953
266,761 402,861 378.984 341,809 368,317
cars under the same July
August
week two years ago.
297,765 380,564 379,006 374,751 384,449
September
312,207 437,163 421,607 425,267 448,071
Coal loading amounted to 110,127 cars, 9,013 cars above
the preceding October
326,896 528,514 550,014 488,675 455,301
week but 25,097 cars below the corresponding week last
year and 43.546 November
288,978 442,254 544,912 460,940 486,300
cars under the same week in 1929.
December
274.856 426,551 475,845 407,541 465.369
Coke loading amounted to 5,085 cars, an increase
of 509 cars above the
6 months ending June 1,315.956 2,075,717 2,023,088 2,377.989 2,366,293 2,206,853
preceding week this year but 3,700 cars under
the same week last year and 12 months ending June 3,083,419 4,693,624 5,373,456 4,877,071 4,968,100 4,753,381
6,682 cars below the same week two years ago.
12 months end. Deo_
3.843,181 5,240,995 5,128,355 4,865,375 4,808,660
Livestock loading amounted to 18,147 cars, an Increase
of 3,261 cars
Import5above the preceding week this year but 4,332 cars below
the same week January
183,138 310,968 368,897 337,915 355,841 416,752
last year and 6.615 cars below the same week two years ago.
In the February
174,946 281,707 369,442 351,035 310,877 387,306
Western districts alone, livestock loading for the week ended on
210.202 300,450 383,818 380,437 378,331 442.899
July 11 March
April
amounted to 13,872 cars, a decrease to 2,847 cars compared with
185,703 307,824 410,665 345.314 375,733 397,912
the same May
179,702 284,683 400,149 353,981 345,501 320,919
week last year.
June
176.000 250,343 353,403 317,249 354,892 336,251
All districts reported reductions in the total loading of all commodities, July
220,558 352,930 317,848 319.298 338,959
compared not only with the same week in 1930 but also with
the same August
218,417 369,358 346,715 368,875 336.477
September
week in 1929.
226,352 351,304 319,618 342,154 343,202
October
Loading of revenue freight in 1931 compared with the
247,357 391,053 355,358 355.738 376,668
two previous November
203,593 338,472 326,565 344,269 373,881
years follows:
December
208,536 309,809 339,408 331,234 359.462
1931.
1930.
1929.
6 months ending June
Five weeks in January
3.490,542
4,246,552
4,518,609 12 months ending June 1,109,694 1,735,985 2,286,375 2,085 932 2,123,175 2,302,039
2,434,618 3.848.971 4.291.8874.147,5004.252.024 4,464.872
Four weeks in February
2,835.680
3,506,899
3,797,183 12 months end. Dec__
3 060 005 4309 301 4 1101 444 4 1114 742 4 420 Mg
Four weeks in March
2,939.817
3,515,733
3.837.736
Four weeks in April
2,985.719
GOLD AND SILVER
3,618.960
3.989.142
Five weeks in May
3,736,477
4,593,449
5,182,402
Four weeks in June
2,991,749
3,718,983
June,
4,291,881
6 Months Ending June.
Week of July 4
667,879
792.053
911.143
Increase(÷)
1931.
Week of July 11
1930.
1931.
763,581
1930. Decrease(-)
915,985
1,066,414
1,000
1,000
1,000
1,000
1,000
Total
Gold20,411,444
24,908,614
Dollars. Dollars,
27,594,510 Exports
Dollars.
Dollars.
Dollars.
39
26
788
9,663
-8,875
Imports
63,887
13.938
239,941
232,199
+7,742 I
Panama Canal Traffic Lower-Poorest Record in Six
Excess of exports_
Excess of imports_ 63,848
Years Made in First Half of July.
13,912
239,153
222,536
MST
A cable dispatch to the New York "Times" from Balboa,
Exports
1.892
3,336
14,773
30,002
-15,229
Canal Zone, July 18, stated that Traffic in the Panama Imports
2,351
2,707
14,020
23,273
-9,253
Canal continued to decline in the first 15 days of July, Excess of exports-629
753
6,729
Excess of Imports_ __ _
setting a new low for the present calendar year and starting
459
1
the new fiscal year with the lowest average in more than six
years. Only 201 vessels passed through the waterway in the
period, showing a decrease of an average of a vessel a day,
compared with the same period last month. Loss of tolls
amounted to almost $10,000, with a total of $932,878, as
compared with $942,207 in the same period in June.
•
Country's
Foreign
EXPORTS AND IMPORTS OF' GOLD AND SILVER,
BY MONTHS.
Gold.
1931.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1930.
1929.
Silver.
1928.
1931.
1930.
"1
1929. 1928.
1.000 1,000 1,000 1,000 1,000 1,000 1.000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
54 8,948 1,378 52,086 3,571 5,892 8,264 6,692
14
207 1,425 25,806 1,638 5,331 6,595 7.479
25
290 1,635 97,535 2,323 5,818 7.814 7,405
27
110 1,594 95,469 3.249 4,646 5,752 6,587
628
82
467 83,689 2,099 4,978 7,485 5,712
39
26
550 99,932 1,892 3,330 5,445 7,456
____ 41,529
807 74,190
____ 3,709 6,795 6,160
_ 39,332
881 1,698
-__ 4,544 8,522 9,248
11,133 1,205 3,810
---- 3,903 4,374 6,229
9,266 3.805
___ 4,424 7,314 7,252
992
5,008 30,289 22,916
--- 4,102 8.678 7,674
.
35 72,547 1,636
„-- 3,472 6,369 8,489
Trade in June- Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on July 17 issued its statement on the foreign
trade of the United States for June and the six months
ended with June. The value of merchandise exported
end.June
6
788 9,563 7,050455,518 14.773
41,355
in June 1931 was $187,000,000, as compared with $294,- 12 mos.end.June 107,093 119,196 112,291 627,102 38,928 30,002 86,405 42,331
mos.
72,053
79,963
12 mos.end.Deo_
____ 115,967 115.583 5130.760
701,000 in June 1930. The imports of merchandise
____ 54,157 83.407 87,382
are
Importsprovisionally computed at $176,000,000 in June the
y
,Selillli
present January
34,426 12,908 48,577 38,320 2,896 4,755 8.260 6,305
year, as against $250,343,000 in June the previous year, February
16,156 60,198 26.913 14,686 1,877 3,923 4,458 4,658
March
35,671 55,768 25,470 2,683 1,821 4,831 6,435 5,134
leaving a favorable balance in the merchandise
49,543 65,835 24,687 5,319 2,439 3,570 3.957 4.888
movement April
May
10.258 23,552 24,098 1,968 2,636 3,486 4,602 4,247
for the month of June 1931 of $11,000,000. Last year June
63,887 13,938 30,762 20,001 2,351 2,707 5,022 6,221
in June there was a favorable trade balance on the mer- July
---- 21,889 35,525 10,330
____ 3,953 4,723 6,544
August
19,714 19,271 2,445
____ 3,492 7.345 6,496
chandise movement of $44,358,000. Imports for
13,680 18,781 4,273
____ 3,461 4,111 5,739
the six September
October
35,635 21,321 14,331
____ 3,270 5,403 7,319
months of 1931 have been $1,109,694,000 as against
November
$1,- December
40,159 7.123 29.591
-___ 2,652 5,144 5,448
735,985,000 for the corresponding six months of
32.778 8,121 24,950
____ 2,660 4.479 5,120
1930.
The merchandise exports for the six months of 1931
6 mos.end.June 239,941 232,199 181,507 82,976 14.020 23,273
have 12 mos.end.June 403,796342.340 267,428 129,140 33.509 54,477 32,735 31,453
69,400 59,530
been $1,315,956,000, against $2,075,717,000,
giving a 12 mos.end.Dec- ---- 396,054 291.649 158,897 _ _ 42,761 63,940 68,117
favorable trade balance of $206,262,000 in 1931,
against
a favorable trade balance of $339,732,000 in 1930. Gold R.G.Dun &
Co.'s Report of Failures for Half Year,1931.
imports totaled $63,887,000 in June, against $13,938,000
Commercial failures during the first half of 1931
have
in the corresponding month of the previous year, and for been
very numerous and the liabilities have been
heavy.
the six months were.$239,941,000, as against $232,199,000. In no
similar period in the history of the United
States, has
546
the number been so large. There were in all this year,
according to the records of R. G. Dun & Co., 15,113 such
insolvencies with a total indebtedness of $370,497,369.
For the same time last year 13,771 similar defaults were
reported for $337,089,083. The increase in number this
year was 9.9% and the indebtedness shown 9.1%. Up to last
year the number of business failures for the first half of the
year was the largest ever recorded. But during the first
half of 1922, when business conditions were in some respects quite similar to those through which the country has
been passing during this year and last, the defaulted indebtedness was slightly larger than reported for this year
to date.
In the following table, the number of business failures
for the first half of 1931, with the assets and liabilities, are
given, compared with the same figures for the preceding
years back to 1920:
SIX MONTHS' COMMERCIAL FAILURES.
1931
1930
1929
1928
1927
1926
1925
3924
1923
1922
1921
1920
[VOL. 133.
FINANCIAL CHRONICLE
Liabilities.
Assets.
Number.
15,107 8217.676,972 8370,497,369
167,323,206 337,089,083
13,771
12,172 108,529,331 232,128,936
12,828 126,312,538 251,448,406
12,296 121,956,136 281,527,518
11,476 110,008,072 209,888.501
11,420 131,605,526 239,398,450
10,785 162,232,556 304,459,959
9.724 182,303,383 259,424,068
13,384 252,548,477 373,716,338
9.035 208,735,313 310,671,604
86,743,876
57,959,291
3,352
equivalent to 9.7%. Six of the eight geographical sections contribute to
the increase while the other divisions show a reduction. The latter include
the New England States and the Western or Mountain section.
In the following table is given the number of failures in the United States
by geographical divisions for the half year 1931, with comparisons:
COMMERCIAL FAILURES BY GEOGRAPHICAL DIVISIONS.
Number
1931.
1931. 1930. P. C.
Sections1,477 1,564 -6.0 354,199,328
New England
96,903,165
4,167 3,890 +7.1
Middle Atlantic
28,005,406
+9.4
1,314 1,201
South Atlantic
33,902,055
1,887 1,386 +36.9
South Central
98,295,574
3,122 2,829 +10.4
Central East
21,880,309
1,148 1,032 +11.2
Central West
7,410,338
359 -0.8
356
Western
29,900,194
1,636 1.510 +8.1
Pacific
United States
1930
15,107 13,771
____
13,771
+9.7 8370,497,369
337,089,083
Heavy Losses in the South.
The most unsatisfactory showing for the first six months this year was in
the South Central States. It was in this section that the disturbance in
financial conditions in the closing months of 1930 caused so many banking
defaults at the close of last year, and the much heavier business mortality
this year is a reflection of that trouble. There were practically 37%
more business defaults in the South Central States for this year to date
than occurred in the same period of the year before. For the other five
geographical groups where an increase was shown, the increase was not
particularly large. The South Atlantic States report 9.4% more failures
this year than last. In the Eastern and Western Central States, there are
gains of 10.4% and 11.2%, respectively. These two groups last mentioned
include the important agricultural sections east and west of the Mississippi
River, the former the five States embracing among others, Ohio and Wisconsin, and the latter the seven States including Minnesota, Missouri and
Kansas. The three Pacific Coast States show more numerous business
defaults this year than last year by 8.1%.
In the Eastern Section.
An increase also appears in the number of business failures this year so
far for the three Middle Atlantic States, amounting to 7.1%. This is
the best showing for all of the geographical sections, excepting the two
The High Record of the Past 10 Years.
where reductions appear. It is perhaps significant that it was in the
the highest on record adjoining New England States that business defaults were fewer this year
The involvency figures for the first half of 1921 were
have been in the intervening The three Middle Atlantic States report 4,167 business defaults for the six
up to that time. Even with considions as they
insolvencies have been months this year, that number being 27.6% of the total number of all
period, or during the past decade, commmercial
business failures in the United States for the same period. Next to the
heavy, much in excess of the earlier records.
in the number of failures Middle Atlantic States are the five Central Western States, where 20%
It is rather interesting to note that the increase
year is practically all of it of all failures are recorded. Add to these two groups that of New England
for the first half of 1931 over the preceding
dealers. There were and the territory thus embraced covers the larger part of the industrial
among small trading concerns, mainly small retail
division, than occurred centres of the United States. This year the number of business failures in
fewer defaults this year to date in the manufacturing
year for the third class, these three geographical divisions constituted 58% of the total of all such
in the same period of 1930, while the increase this
relatively very small, is defaults
-in 1930 the percentage was 61% of the total.
that embracing agents and brokers, which is
the first half of
trifling. The trading section of the insolvency record for
more than 70% of the
1931 shows 10.930 defaults, involving $181,660,729,
Bank of Montreal on Business Conditions in the
of the entire amount The
total of all failures for that period, and nearly one-half
Dominion of Canada.
The increase is year in number of trading defaults over a
of liabilities.
24%. There was quite
Midsummer dullness rests upon trade, relieved only by a
year ago is 14.7%, while the increase in liabilities was
concerns both this year and
a number of the larger defaults among trading
in volume, on the whole, and apwere $100,000 or more in each tourist traffic reduced
last, that is, insolvencies where the liabilities
the number of such failures compared with the total is re- parently disbursing less money in holiday pleasure says
Instance, but
latively very small.
the Bank of Montreal in its Business Summary under date
the amount of liabilities
In the following table the number of failures and
classes of business are compared with the. of July 23. 'Statistical returns show business generally it
for the half year by the leading
is stated to have reached the lowest point since reaction
figures for 1930:
LiabUUieS
Number
1931.
set in two years ago. Foreign commerce of Canada in June
1931. 1930. P. C.
Classes3,292 3,369 -2.3 8156,142,323
than for a long time, an encouraging
Manufacturing
10,930 9,528 +14.7 181,660,729 was smaller in value
Trading
32,694,317
874 +1.3
885
feature being a favorable balance of $1,841,000, as compared
Agents and brokers
+9.7 $370,497,369 with an unfavorable balance of $12,840,000 in this month
15,107 13,771
Total
--------337,089.083
13,771
1930
last year. An outstanding event of the month has been the
Heavy Defaults Among Small Retail Concerns.
conclusion of a new commercial convention with Australia,
large number of trading failures suggests that
Naturally, the unusually
mutual advantage on a conan increase in the number of trading concerns. Such has the terms of which promise
there has been
expanded very matebeen the case. All business lines in recent years have
siderable scale, and whose coming into force will follow
as well as that of the trading
rially. This is true of the manufacturing division
showing from year to soon upon ratification by the Dominion and Australian
class. No accurate detailed figures are available,
aggregate for the country Parliaments. Lumber, newsprint and fish industries are
year: the increase that has taken place, but in the
is quite definitely known.
as a whole, the number of all concerns in business
the important Australian markets,
the closing years of the late given easier access to
The great expansion that occurred dates from
past year or two, the gain has while manufactures are placed on equal competitive basis
war in Europe. and from then on. until the
the largest among small retail
been quite constant. The increase was much
British manufactures in the Commonwealth. In the
to the insolvency record, and with
concerns. Many of these have contributed
or two years, they have contributed political field there may be noted the passage of legislation
during the past year and one-half
that have occurred.
for the creation of a new Tariff Board clothed with wider
quite heavily to the number of defaults
Commenting on the results, the R. G. Dun & Co. report
makes the following observations:
Manufacturing Defaults Reduced in Number.
for this year to date, there is a decrease in
As to manufacturing defaults
year, 3,292 failures in manufacturing lines
the number compared with last
comparing with 3,369 similar defaults during the
for the past six months
however, for the first half of this year were
first half of 1930. Liabilities,
reported a year ago.$156,142,323 shown
a little larger than the amount
quite
$128,712,628 in the first half of 1930, an
for this year, comparing with
also quite a number of the larger defaults
increa3e od 21.3%. There were
manufacturing division, that is, failures for
for the past half year in the
or more in each instance, and while
which the liabilities were $100,000
manufacturing lines for the first half of
the number of insolvencies in
period of 1930, the heavier indebtedness
1931 was less than in the same
several exceptionally large defaults
reported for this division was due to
year.
this
Amount.
Brokerage Failures Are for a Smaller
failures so far this year in the third
This condition was reversed as to
the number in the first half of 1931
class, or among agents and brokers,
ago. The increase in the number was
of 885 comparing with 874 a year
to date were less than one-half the
small, but the liabilities for this year
of 1930. Many large investment
amount reported in the first six months into bankruptcy during the earlier
forced
and stock brokerage concerns were
of the speculative movement in the
months of 1930, following the collapse
effects of that disturbance was the
closing months of 1929. One of the
shown then. Several similar
very large amount of defaulted indebtedness
months this year, but the total
defaults were reported during the first six
involved this year was very much reduced.
Failures in Geographical Sections.
for the six months by
With reference to the grouping of business failures
are shown in the figures.
geographical divisions, some very marked changes
year of 1931 is
The_increase in the number of the defaults for the half
power, the withdrawal of income tax changes announced
by the Finance Minister in his Budget Speech, and the
adoption, without material alteration, of the new tariff rates
designed to protect domestic industries. The Bank goes on
to say:
Wholesale trade and manufacturing output is of moderate dimension,
although textile and boot and shoe industries are fairly busy. Car loadings
of all commodities continue to run below last year, and bank clearings
reflect the general contraction. The capacity of hydro-electric plants,
despite the many adverse factors, continues to expand. Shipping is dull
and unprofitable by reason of ttie slow movement of external trade.
The crop outlook is good, save in the West. A good, in some parts heavy,
hay crop has beet, gathered, potatoes are yielding well, an excellent stand
of fall wheat is being cut in Ontario and, generally speaking, from Manitoba
to Prince Edward Island, as well as in British Columbia, the harvest
promises to be of full average. In the Prairie Provinces a serious problem
is presented, as in some places, notably in Southern Saskatchewan and a
portion of Manitoba, the harvest will be a total failure in consequence of
prolonged drouth. Rains in early July have been beneficial in producing
feed for live-stock in the stricken sections. In the northern parts, in
many central parts, and in the Peace River district, crop conditions are
more encouraging and fairly good yields are expected. The live-stock
trade has been helped by exports of cattle to Great Britain, and it is now
evident that shipments will considerably exceed earlier expectation, the
British market proving profitable and larger cargo space having been
provided.
External trade of Canada was exceptionally light in June. Wheat shipments, which had taken on encouraging dimensions in April and May,
JULY 25 1931.1
FINANCIAL CHRONICLE
slowed up last month and were only 1,800,000 bushels larger than in June,
1930, while exports of meat, lumber, newsprint, automobiles and minerals
were all less in quantity and value than a year ago. Aggregate value of
foreign trade in June was $107,827,000, about equally divided between
imports and exports, and $64,253,000 less than in June 1930; while in the last
three months a shrinkage of $149,000,000 in external trade has occurred.
Being measured in money this decrease of 31.3% is principally due to the
drop in commodity prices, for while quantity movement has undoubtedly
diminished, the percentage has not been so large as in value.
Car loadings confirm the current dullness of trade. In the first BLS
months of this year total loadings amounted to 1,257,845 cars, being a
decrease of 273,019 cars from 1930, and of 448,715 cars from 1929, the
top year.
The newsprint industry continues on a fairly even keel as respects output,
a slightly reduced production keeping pace with lessened consumption.
Canadian mills made 193,971 tons in June working at 60.3% of capacity,
compared with a ratio of 73% a year ago when productive capacity was less.
The new Australian Treaty will benefit British Columbia paper mills when
it comes into operation.
In the mining field nothing of note has transpired. Copper has touched
71,4 cents in New York, the lowest price on record, and all metals are at
a low range. Ontario gold mines slowly increase their output, production
value in June, $3,553,300, exceeding that of May by $207,153, and of June
of 1930 by $601,190. Production of lead and zinc in British Columbia is
well maintained, figures for the last six months, compared with the like
period in 1930, being practically the same except in the case of copper,
production of which has nearly ceased owing to the low price of the metal.
In 61 Canadian cities the value of building permits issued in June was
only $8,470,000, the lowest figure in more than a decade, and less than
half that of the corresponding month last year. Permits in the same cities in
the first half of 1931 had a value of $57,472,000, a decrease of $28,000,000
from last year, and a lower figure than in any like period since 1921.
The significance, however, of these figures is modified by the fact that
average wholesale prices of building materials have fallen to 83.6% from
144.5 in 1920, in which decline labor has had a small part.
Crop Conditions in Canada, According to Dominion
Government Telegraphic Reports July 21.
The Dominion Bureau of Statistics at Ottawa, July 21
4. p. m., issued the eighth of a series of weekly telegraphic
reports on crop conditions in the Prairie Provinces, as
follows:
547
Reductions in the number of workers were reported by
groups comprising metals, transportation equipment,textiles,
leather and rubber products, and paper and printing, while
slight gains over May were shown by groups composed of
foods and tobacco,stone, clay and glass,lumber and chemical
products. Payrolls also were smaller in all groups except the
food and tobacco. The Bank's survey issued July 17 continues:
Sixteen out of 51 individual industries reported gains over May in the
volume of wage payments, the largest percentage increases occurring in the
railroad repair shops, ice cream, glass, explosives, knit goods other than
hosiery, hats, wooden boxes, and petroleum refining. The sharpest percentage decreases in payrolls were reported by plants including commercial
vehicles, automobile bodies and parts, shipbuilding, shoes, coke, brick, tile
and pottery, shirts and furnishings, silk goods, textile dyeing and finishing,
steel works and rolling mills, steam and hot water heating apparatus, and
hardware and tools.
The employment index was 75 and the payroll index 61% of the 1923-25
average, showing a decline of 19 and 32%, respectively, from June 1930.
These indexes in June reached the lowest level shown for any month in the
past 10 years. All basic lines showed substantial reductions in workers and
payrolls from a year ago. There are a few industries, however, such as
cotton and wool manufactures, clothing and furnishings, explosives, and
petroleum refining, that employed more workers in June this year than
last. Larger payrolls than a year ago are also shown by carpet and rug
plants, cotton and wool manufactures, women's clothing, shirts and furnishings,leather goods, and rubber tires and goods.
Delaware factories reported a decline of less than 1% in employment and
4% in wage payments from May to June. Plants manufacturing metal
products, foods and tobacco, and stone, clay and glass products increased
their working forces, while the remaining six groups showed reductions in
the number of workers. All groups had smaller wage disbursements except
stone, clay and glass products, which reported a sharp gain in payrolls
over May.
EMPLOYMENT AND WAGES IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphia.
Industry.
No. Increase (+1 or Decrease(-)
June 1931 from May 1931,
of
Plants
AMMO
Total
Report EmployWages. Wages.
ment.
fag.
H
II
11+111 • 1
m mipli
iim
,
.,......, .1.161a.4.4.z.i.;vg..........66.:;,.....,4.4.671.4.4..........
1
,r1
1
All manufacturing industries
-3.0
--3.8
60
-6.3
Metal products
--3.7
+2.8
13
Transportation equipment
-1.7
+0.2
-1.9
6
Summary.
Textile products
-11.9
-13.9
4
Foods and tobacco
-5.6
+1.7
The weather in the West during the past week has been generally favor8
Stone, clay and glass products
+0.4
+10.9
+10.4
4
able for crop growth. Helpful rains fell in most areas, being heaviest in
-0.4
Lumber products
-1.1
5
northern Manitoba. south-central Saskatchewan and central Alberta,
Chemical products
-01
-0.2
+01
5
lightest in southwestern areas of Manitoba and Saskatchewan and in
and
Leather and rubber products
-4.6
-2.7
8
Paper and printing
-0.3
+0.0
southern Alberta. The late-sown crops have improved in prospects since
7
the first of the month, while wheat on summerfallow not subjected to
PENNSYLVANIA.
EMPLOYMENT AND WAGES IN
Undue wind and drouth damage promises a fair return. The wheat stubbled
in or on ploughed land is thin and uneven. In those areas outside the Compiled by the Federal Reserve Bank of Philadelphia and the Department ot
Labor and Industry, Commonwealth of Pennsylvania.
drought region where the wheat stands are heaviest, and particularly in
Index Numbers-1923-1925 average=-100.
north-central Alberta, hot weather is needed to mature the backward
crops. The wheat has now reached the stage where it is subject to hail
Payrolls
Employment
damage and some bad storms were reported in Alberta.
June 1931.
June 1931.
In Manitoba the prevailing moderate temperatures andlrequent showers
No. of
Per Cent
Per Cent
Plants
have improved all feed crops and have benefited early-sown wheat at the
Change Since
Group and industry.
Change Since
Reportcritical filling period. Precipitation was very light in the southwest and
June
tag
June
drouth conditions are again serious in the Deloraine and Pierson districts.
June
May Index. May
Index. June
In Saskatchewan the rainfall was spotty, the heaviest falls being re1931. 1930.
1931. 1930.
corded in the drouth region southeast of Regina, at Kamsack in the east74.3 -3.4 -18.6 60.6 -6.8
centre, and at Battleford and Scott in the northwest. Over the rest of All manuf. Indust. (51)---- 843
Metal products
254
69.6 -3.9 -23.2 53.0 -9.2
the Province,the showers were very light. On the whole,the crop situation
Blast furnaces
12
44.9 -5.5 -17.6 33.7 -9.2
Steel works & rolling mills 52
has been improved.
62.4 -7.6 -24.3 45.9 -16.1
Iron and steel forgings9
73.7 -1.9 -18.7 60.2 -4.4
The southeast and east-central districts of Alberta are suffering from
Structural iron work
10
86.4 -1.8 -32.2 73.9 +0.7
lack of moisture, but over the rest of the Province good prospects prevail.
Steam and hot water heatdistricts the crops are quite backward and hot weather is reIn many
ing apparatus
15
90.1 -0.4 -10.6 61.4 -13.0
Stoves and furnaces
8
67.4 +1.7 -20.0 40.0 -1.2
quired more than rain.
Foundries
63.8 -2.4 -28.1 47.6 -1.7
36
Meteorological Report.
Machinery and parts
45
79.4 -3.9 -19.9 59.2 -3.4
Electrical apparatus
23
96.4 +3.9 -15.4 85.0 +3.4
Precipitation during the week ended 8 a. m. July 20, in inches, was
Engines and pumps
10
48.1 -4.8 -47.0 35.9 -1.1
reported as follows by the Dominion Meteorological Service, Toronto:
Hardware and tools
21
70.5 -1.8 -21.1 52.7 -11.3
Brass and bronze products 13
Saskatchewan (Cont.)
64.4 -3.6 -38.8 50.2 -6.9
ManitobaSaskatchewan (Concl.)
Transportation equipment
Pierson
37 *48.4 -3.8 -34.1 *33.7 -14.2
Nll Broadview
O.1 Qu'Appelle
1.0
Automobiles
Brandon
0.1 Humboldt
4
67.2 +6.4 -10.5 33.5 -28.6
0.2 Victors,
1.2
Automobile bodies & parts 11
Emerson
51.9 -11.1 -31.7 31.2 -29.4
0.2 Moosomin
0.1 Regina
1.3
Locomotives and cars
Portage la Prairie__0.2 Prince Albert
22.8 -2.6 -52.4 16.2 -3.0
0.1 Kamsack
12
1.7
Railroad repair shops
Morden
Alberta69.4 +3.7 -7.5 64.2 +10.7
0.2
6
0.2 Empress
Shipbuilding
53.2 -9.4 -42.4 72.8 -22.1
Minnedosa
0.3 Outlook
0.2 Brooks
4
Nil
84.4 -5.7 -12.9 75.5 -6.0
167
Cypress River
0.3 Moose Jaw
0.2 Lethbridge
0.05 Textile products
Cotton goods
65.0 -0.5 +0.2 60.1 +0.5
Virden
13
0.3 Saskatoon
0.2 Edmonton
0.05
Woolens and worstedsRussell
14
57.9 +0.5 +2.7 53.9 -2.4
0.4 Elbow
0.2 Foremost
0.2
Silk goods
Le Pas
80.6 -10.6 -28.4 75.3 -15.4
46
0.5 Estevan
0.3 Cardston
0.2
Textile dyeing & finishing 12
Winnipeg
82.8 -4.7 -11.2 72.9 -12.6
0.7 Melfort
0.4 Medicine Hat
0.4
Dauphin
Carpets and rugs
65.3 +1.2 -0.5 54.6 +2.8
10
0.9 Lloydminster
0.4 Stettler
0.5
Swan River
Hats
76.7 -3.8 -13.6 58.7 +74
3
1.0 Kindersley
0.6 Red Deer
0.6
Hosiery
Saskatchewan
31 104.7 +0.7 -11.0 100.1 -4.5
Assiniboia
0.7 Calgary
0.7
Macklin
87.2 +7.0 -5.5 74.8 +7.8
Nil Indian Head
13
Knit goods, other
0.8 Vegreville
1.2
Shaunavon
Men's clothing
84.3 -3.7 +0.7 78.3 -8 8
Nil Yellow Grass
9
0.9 Coronation
1.3
Swift Current
Women's clothing
8 124.4 -3.1 +12.6 118.8 --6.5
0.05 Battleford
1.0 Drumheller
1.4
Shirts and furnishings-8 139.5 -6.1 +11.6 121.5 -12.9
Foods and tobacco
93 104.7 +0.4 -6.8 97.1 +2.9
Hail Damage.
Bread & bakery products. 27 107.6 -0.6 -2.0 101.7 -0.4
The following reports on hail damage were received from our corre95.5 -2.2 -0.3 91.2 -3.4
13
Confectionery
spondents in Manitoba and Alberta:
Ice cream
11 120.8 +11.3 -6.8 115.6 +12.8
94 1 -0.4 -1.6 80.9 +0.2
Manitoba.
14
-"Hall fell July 15 damaging approximately five sections
Meat Packing
Cigars and tobacco
28 102.6 --0.6 -10.7 89.3 +7.3
average of 35% southwest of St. Agathe."
58.8 +0.2 -18.7 45.4 -1.7
Stone, clay & glass products- 71
Alberta.
-"In the past week hail fell at Vulcan, Olds, Cheadle, Cross
63.3 -4.9 -18.5 43.0 -12.2
Brick, tile and pottery
34
field, Wimborne, 'Trouchu, Huxley, Rumsey, Big Valley. Provost, °yen.
55.0 -2.7 -12.3 47.4 -2.5
15
Cement
Glass
54.9 +10.9 -20.7 46.5 +12.9
22
Evergreen. Rimbey,and Ponoka. Some of the storms very destructive."
55.6 +0.5 -29.9 47.5 -0.8
Lumber products
52
0.0
32.8 -2.4 -89.2 30.2
Lumber and planing mills_ 16
61.8 -1.4 -16.4 51.4 -4.1
Furniture
30
67.7 +7.0 -8.0 59.7 +7.8
Wooden boxes
6
Factory Employment Declined Sharply from May to
92.7 +1.1 -8.2 87.7 -1.6
Chemical products
57
June According to Federal Reserve Bank of Phila68.0 -3.0 -11.5 63.4 -4.5
Chemicals and drugs
34
69.8 -3.9 -37.3 47.4 -19.5
3
Coke
delphia.
80.9 +9.9 +2.9 78.7 +11.5
3
Explosives
94.3 -0.9 -4.7 90.2 -8.8
11
Paints and varnishes
Factory employment, wage payments, and working time in
6 132.9 +3.2 +4.3 134.0 +5.2
Petroleum refining
86.8 -6.2 -10.6 84.6 -4.7
Leather and rubber products 46
Pennsylvania declined more sharply than usual from May to
98.8 -1.1 --6.7 92.8 -2.3
17
Leather tanning
72.6 -18.6 -22.4 58.4 -20.5
18
June, according to indexes of the Philadelphia Federal Shoes
83.3 +2.5 -2.1 93.9 +4.8
7
Leather products, other
Reserve Bank based on reports from 843 manufacturing
89.3 +1.4 -1.8 108.7 +4.1
Rubber tires and goods4
92.1 -1.3
-5.2
plants which in June employed 264,000 workers and had a Paper and printingpulp-- 66 80.8 -0.4 -8.7 90.0 -3.5
Paper and wood
-5.1 71.1
13
weekly payroll of $5,600,000. The drop in employment Paper boxes and bags-- 10 79.1 +0.4 -11.9 80.6 -1.3
98.0 -1.8 -5.7 98.0 -5.8
Printing and publishing- 43
was 3% in wage payments 7%, and in employee-hours 8%. *Preliminary figurer.
548
FINANCIAL CHRONICLE
EMPLOYMENT AND WAGES IN CITY AREAS.
Compiled by the Department of Research and Statistics of the Federal Reserve
Bank of Philadelphia.
Payrolls
Emig°Vying
No. Percentage Change Percentage Change
of
June 1931 Since June 1931 Since
Plants
June
June
May
Report- May
1930.
1931.
1930.
1931.
ing.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Potteville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
77
14
24
32
19
15
29
11
251
91
67
36
24
24
25
28
49
-6.0
+9.9
-18.0
-15.0
-21.6
-2.2
-0.4
-3.3
--15.1
0.0
-4.9
+1.6
--1.7
+ 1.4
-4.1
--26.7
--10.6 -12.7
--12.5 +22.1
--30.9 -18.3
--39.5 -11.3
--50.2 -22.7
-9.7
--2.8
-14.8
--21.5
--18.0
--18.7
--17.0
--28.0
--16.7
--14.5
--18.7
--18.1
--11.8
-9.7
+2.3
+1.5
-17.2
-3.9
+0.3
-36.2
-27.3
-22.8
-38.7
-43.4
-52.8
-20.9
-42.3
-24.3
-43.2
-23.5
-27.6
-29.9
-20.3
-29.2
-24.3
-21.9
EMPLOYEE HOURS IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphia.
No. Increase(+)or Decrease(-)
June 1931from May 1931.
of
Plants
industry.
TOW
Total
Report- EmployWages. Hours.
meat.
ing.
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone. clay and glass products
Lumber products
Chemical products
Leather and rubber products-Paper and printing
53
10
5
4
7
4
5
5
7
-0.7
+3.9
-2.1
--2.3
+1.7
+10.4
-1.1
-0.2
-1.8
-0.3
-4.4
-1.8
-13.9
+10.9
0.1
4.7
2.6
-1.6
-0.9
-7.4
+2.5
+12.7
-2.3
+0.6
-4.6
+1.6
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
EMPLOYEE
IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.
Group and Industry.
Em p1.Average
Average
No. Hours
of P.C.Chge Hourly Wages. *Weekly Wages.
Plants June'31.
Report- from
ing. May '31. June'31. liay'31 June'31May'31
1931. 1931. 1931. 1931.
-7.9 3.559 3.566
586
.619
.617
-11.4
207
.578
.579
-9.1
10
.610
.637
-17.4
38
.558
.562
-1.2
9
.611
.018
8
+1.5
.574
.577
-17.1
13
.644
.650
3
+16.4
.804
.592
+0.1
30
.594
.599
-5.6
39
.614
.629
-3.3
21
.618
.588
-1.9
10
.513
.506
-9.7
15
.558
.546
-8.8
11
.631
.828
-19.7
28
.606
.610
-29.1
4
.607
.582
-29.2
8
.604
.600
-3.0
8
.703
.711
+1.9
4
.689
.680
-21.1
4
.413
.421
-4.3
98
.462
.448
-4.0
11
.462
.469
--2.9
9
.380
.375
-11.3
30
.506
.477
-7.7
7
.486
.502
6
+1.8
.508
.471
+3.3
12
.366
.360
+16.5
10
.295
.306
-2.3
3
.302
.297
-5.3
7
.337
.313
-10.4
3
.443
.452
55
+5.6
.474
.480
-0.2
21
.401
.433
+5.6
7
.533
.525
+16.4
8
.537
.531
9
+1.4
.363
.363
+8.9
10
.535
.534
-0.2
47
.484
.483
-5.7
22
.547
.542
-0.3
10
.572
.571
+6.9
15
.517
.515
-3.9
45
.549
.518
+1.8
13
.519
.527
-8.2
28
.467
.472
+7.1
4
.568
.572
+2.0
28
.476
.478
-2.8
14
.532
.498
-3.1
9
.589
.600
+3.9
5
.487
.507
-6.8
29
.552
.539
+2.2
9
.316
.340
-30.3
10
.544
.544
+3.1
6
.570
.578
+2.6
4
.634
.631
-1.8
49
.550
.540
-1.2
9
.370
.385
+0.4
7
.731
Unin.Inn canA nIthllahltb,
.733
-2.5
33
•These figures are for the 811 firma reporting employment.
All manufacturing Industries (48)
Metal products
Blast furnaces
Steel works and rolling mills.-Iron and steel forgings
Structural Iron work
Steam dt hot water heating app.
Stoves and furnaces
Foundries
Machinery and parts
Electrical apparatus
Engines and pumps
Hardware and tools
Brase_and bronze products
Trans Ortation equipment
Automobiles
Automobile bodies and parts...
Locomotives and cars
Railroad repair shops
Shipbuilding
Te dile products
Cotton goods
Woolens and worsteds
Silk goods
Textile dyeing and finishing._
I
Carpets and rugs
I
Hosiery
Knit goods, other
I
Men's clothing
Women's clothing
Shirts and furnishings
Foods and tobacco
Bread and bakery productsConfectionery
Ice cream
Meat packing
Cigars and tobacco
Stone, clay and glass products
Brick, tile and pottery
Cement
Glass
Lumber products
Lumber and Waning mills
Furniture
Wooden boxes
Chemical products
Chemicals and drugs
Paints and varnishes
Petroleum refining
Leather and rubber products
Leather tanning
Shoes
Leather products, other
Rubber tires and goods
Paper and printing
Paper and wood pulp
Paper bo es and bags
$21.25
21.44
22.71
21.12
21.08
24.52
19.56
18.10
19.83
22.12
23.03
20.02
17.32
21.98
20.93
18.60
18.07
20.87
24.83
24.06
18.31
20.63
21.93
15.74
21.48
21.44
20.40
15.10
15.15
13.18
13.06
19.54
26.25
18.83
30.57
26.28
14.22
21.89
16.27
27.10
21.50
19.42
20.06
20.22
17.04
26.38
26.26
23.83
28.94
22.04
24.21
13.74
26.31
29.98
29.25
24.22
16.14
33.29
$22.11
22.72
23.70
23.28
21.61
23.91
22.35
18.63
19.82
22.00
23.16
19.30
19.20
22.72
23.55
26.45
22.71
20.84
23.28
27.99
18.46
20.51
22.57
15.97
23.39
21.13
21.47
14.98
15.64
13.65
14.08
19.06
26.17
18.86
30.18
26.05
13.33
22.26
17.66
27.11
21.12
19.68
19.72
20.76
16.94
27.07
26.62
25.99
28.37
21.73
24.50
14.10
25.74
29.20
30.39
25.05
16.38
34.55
Output of Electric Power in the Philadelphia Federal
Reserve District in June Slightly Larger Than in
June Last Year.
Output of electric power by 11 central stations declined
2.4% from May to June, but was slightly larger than in
June 1930, according to figures released by the Philadelphia
Federal Reserve Bank. The decline in the month,' which
was larger than was to be expected, was due to smaller
output of hydro-electric plants. In comparison with a
year ago, production by steam alone was smaller.
Sales of electricity were 6% less in June than May and
5% smaller than a year earlier. All the principal users of
[VOL. 133.
electrical energy purchased smaller quantities than in the
preceding month, except for a noticeable gain in power consumption by municipalities. Compared with a year ago,
sales for lighting purposes showed a rise of 7%, while those
for power purposes declined by about the same percentage
owing mainly to a decrease of 8% in the use of power by
industries.
(Daily Average)
Electric Power-Philadelphia Federal
District, 11 Systems.
June
Change
(Total for Month) from
May
1931.
Change
from
JUAW
1930.
Rated generator capacity
1,859,000 kw.
+0.1% +1.7%
Generated output
16,882,000 kwh. -2.4
+0.1
Hydro-electric
+6.1
4,213,000 kwh. -35.0
Steam
-11.5
9.025,000 kwh. +25.1
Purchased
+35.4
3,644,000 kwh. +1.1
Sales of electricity
-4.7
17,128,000 kwh.
Lighting
+6.6
3,152,000 kwh.
Municipal
+3.6
319,000 kwh.
Residential and commercial
2,833,000 kwh.
+7.0
Power
12,423,000 kwh.
-7.0
Municipal
+4.7
303,000 kwh. +12.7
Street cars and railroads
1,735,000 kwh. -8.0
-2.5
Industries
*10,385,000 kwh. it-5.0
*-8.0
All other sake
1,553,000 kwh -17.8
-6.5
• Working days average-other Items are computed on calendar days.
Review of the Illinois Building Situation During June
and the First Six Months of the Year 1931.
During the month of June according to Howard B. Myers,
Chief, Division of Statistics and Research of the Illinois
Department of Labor, 1,676 building projects, involving a
total estimated expenditure of $6,682,999, were authorized
in 45 reporting Illinois cities. This represents a loss of 4.4%
from the preceding month in number of projects, but a gain
of 46.2% in estimated valuation. The number of projects
for which permits were issued this June was 32.2% lower than
in June a year ago, and the estimated valuation was 37.2%
lower. Further discussing the Illinois building situation,
Mr. Myers says:
The increase of 46.2% in valuation above the May figures comes at a
period when the normal trend in building permit valuation is downward.
Since, however, the net increase in valuation this June amounts to only
slightly more than 32,000,000, and since the total of less than $7,000,000
Is still far below that of any preceding June for which records are available
(since 1921) the counter-seasonal movement this June can hardly be said
to indicate any definite trend toward recovery.
The gain this June was caused by increased activity in cities outside
Chicago. For the third successive month Chicago reported a decline in
valuation reductions of 76.9% In April and 51.6% in May being followed
by a decline of 12.3% in June. The suburban cities reported a 68.3% increase from Mak. and the cities outside the metropolitan area reported an
increase of 112.0%. Compared with June 1930, Chicago declined 65.5%
and the suburban cities 3.8% and the remaining reporting cities 12.8%.
The loss in Chicago was caused by residential building, which fell to the
low level of 3442.700. Non-residential building increased. The gains outside Chicago were due mainly to non-residential construction, which showed
a large gain, both for the suburban Cities and the cities outside the metropolitan area. Residential building declined sharply for suburban cities,
and gained only slightly for the reporting cities outside the metropolitan
district.
Eleven of the 21 reporting suburban cities showed gains in valuation over
May. and six-Evanston, Glencoe, Harvey, River Forest, West Chicago,
and Winnetka-reported valuations higher than a year ago. The increases
over May reported for Evanston and Harvey were caused by extensive
additions, alterations, repairs and installations in those cities, while the
increase for Winnetka was due to permits for two school buildings, estimated to cost $000,000.
Nine of the 23 reporting cities outside the metropolitan area reported
increases over May, and six-Alton, Danville, Joliet, Ottawa, Quincy and
Waukegan-were above the level of June 1030.
In East St. Louis the increase over May was largely accounted for
by permits for an 585,000 school and a $55,000 amusement place, in Joliet
to a 1257,000 telephone building, in Quincy to a $1,198,000 school, and in
Waukegan to an enlarged residential program. The Springfield total
includes six buildings, with a combined cost of $488,000, for which permits
were not required. Most of these were for State Fair buildings.
Twenty and four-tenths per cent of the total valuation for all reporting
cities was for residential buildings, 61.1% for non-residential buildings, and
18.5% for additions, alterations, repairs and installations. The corresponding percentages for Chicago were 24.5. 46.0 and 28.6; for the suburban
cities 19.5,56.1 and 24.4; and for the other reporting cities 18.5,72.2 and 9.3.
A total of 186 residential buildings were authorized during the month
In the 45 cities, providing for 209 families at a cost of $1,361,814. . Fiftynine of these buildings were to be erected in Chicago, providing for 73
families at a cost of $442,700; 25 in reporting suburban cities, providing for
25 families at a cost of $341,257; and 102 in the remaining reporting cities,
providing for 111 families at a cost of $577,857.
Permits were issued during the month for 452 non-residential buildings,
at a total cost of $4,086,581. Of this expenditure, 20.7% was for Chicago,
24.0% for suburban cities, and 55.3% for cities outside the metropolitan
area. The total expenditure of $1,234.604 for 1.038 additions, alterations.
repairs and installations, was to be distributed as follows: 41.8% for Chicago
buildings, 34.5% for buildings in suburban cities, and 23.7% for buildings
in cities outside the metropolitan area.
The cumulative total expenditure authorized in the 45 reporting cities
during the first half of the current year fell below the same period last year
by 19.3%,representing a decline of more than $13.000,000.
The number of
building projects authorized declined 34.1%.
Despite the low level of activity in Chicago during recent months, the
valuation figures for the first half year show that the percentage decline
from the 1930 level was less for this city than for either of the other main
geographical divisions of the State. The decline in Chicago Was
11.6%;
for the suburban cities it as 23.4%, and for the cities outside the metropolltan area 38.2%. Four of the suburban cities reported a larger volume of
authorized expenditure for the first half of 1931 than for the same period
in 1930. These cities were Maywood, River Forest, Wilmette and Win-
FINANCIAL CHRONICLE
JULY 25 1931.]
netka. Five of the cities outside the metropolitan area-Aurora. Bloomington, klurphysboro, Ottawa and Quincy-also reported a larger valuation
than last year.
TABLE I.
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN JUNE 1931,
BY CITIES.
May 1931.
June 1931.
CUies.
June 1930.
No. or Estimated No. of Estimated No. of Estimated
Bldgs.
Cost.
Bldgs.
Cost.
Mits.
Cost.
1,676
Total all cities
$
6,682,999 1,754
$
a.
4,572,515 a2,472 a10,648,151
Metropolitan area
900
3,553.316 1,052
3,096,583 1,492
7,057,090
Chicago
656
1,805,545
729
2,058.270 1,138
5.240,315
Metropolitan area, excluding Chicago_ _
.
244
1,747,771
323
1,038,313
1,816.775
22
25
26
35
12
5
7
13
14
13,475
23,074
44,360
207.600
3,725
45,350
15,830
172,689
14,480
5
15
4
16
13
8
4
2
5
5
8
15,775
93,668
1,050
4,505
32.465
23,750
25,675
5,400
16,700
48,450
939,850
32
35
9
32
11
5
9
10
16
2
11
20
2
35
36
16
7
1
3
17
14
36,359
20,600
26.662
148,000
26,645
1,385
27,300
4,405
41,976
25,200
14,225
300,995
475
26,979
125,950
53,800
20,132
250
1,500
86,900
48,575
776
3,129,683
702
1,475,932
080
3,591,061
48
50
80,136
37,023
6
7
10,000
3,125
26
56
1
9
5
45,148
257,460
5,500
109,000
3,700
20
28
52
36
13
2
46
8
91
74,685
33,625
217,338
37,869
18,085
350
290,160
8,070
49,496
16
23
40
55
20
4
18
7
76
14,900
82,550
131,274
41.542
49,650
9,500
44,300
20,850
23,508
40
62
8
19
9
11
12
50
42
80
19
5
32
7
99
9
90
23
68
66
093
22
29,000
140,500
1,220,855
63,425
29,180
5637,661
149.050
39,200
90,560
3,600
88,500
3,180
8.000
16,185
247,940
314,580
89,121
71,275
16,500
268,450
28,300
117,060
800
15,200
414,470
235,010
275,675
83,687
1,073,388
89,800
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
,
'
Total outside Metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield 6
Waukegan
I
1
1
I
1
354
33
46,370
21
29,150
27
246,460
36
174,000
13
16,975
7
38,930
16
38,940
19
52,818
21
104.745
4
28,500
11
16,000
26
424,103
7
20,755
21
17,639
31
261,300
18
30,300
4
21,720
22,500
8
.
57,300
19
158,320
10
29,950
1
8
42,500
13
90
334,250
128
20
19,525
22
54
43,995
102
71
44,228
104
87
113,912
93
18
38.640
22
a These revised totals Include corrections in the figures for Rock Island. b Includes six projects, with a total estimated cost of 3488,000. for which permits were
not required.
TABLE 2.
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES FROM JANUARY
THROUGH JUNE 1931. BY CITIES.
Jan.
-June 1931.
Cities.
No. of
Bias.
Estimated
Cost.
Jan.
-June 1930.
No. of
Bldg.
Estimated
Cost.
Total all cities
8,675 554,598,787 al3,159 a367,615,221
Metropolitan area
5,196
45,167,343
7,800
52,365,032
Chicago
3,730
37,879,835
5,784
42,845,917
Metropolitan area excluding Chicago_ _
1,466
7,287.508
2,037
9,519,115
125
128
187
61
32
47
52
81
14
44
81
31
105
126
69
29
10
24
83
54
233,903
143,998
340,068
1,297,500
131,780
146,610
137,689
198,110
278,954
79,850
76,700
766,427
22,260
328,042
379,490
258.650
624,853
18,240
110,900
557,784
1,155,700
234
131
135
265
107
49
43
112
08
22
59
96
31
123
163
135
39
18
34
75
67
439,545
155,739
793,673
2.043,200
140,120
424,880
297,513
199,437
345,300
170,378
644,750
1,027,462
104,204
225,083
925,905
376,684
211,211
36,176
164,200
343,110
450,545
3,479
9,431,444
5,359
15,250,189
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
sa
167
245
13
41
25
5
75
130
244
215
71
12
177
31
336
2
39
412
80
313
339
5387
120
324,184
245
640,096
778,280
309
424,630
27.735
21
30,425
564.700
60
271,200
25,500
56
69,773
19,500
19
41.850
134,253
70
204,983
461,975
267
832,495
740,842
328
906,073
282,331
332
390,945
Freeport
180,066
95
414,315
Granite City
36,850
45
268,300
Joliet
660,160
243
1,031,475
Kankakee
61,720
51
132,590
Moline
317,806
518
925,628
NIurphysboro
4,500
2
2,800
Ottawa
187,800
55
97,400
Peoria
993,477
662
1,992,015
Quincy
1,311,718
126
482,039
Rockford
338,110
571
1,696,865
Rock Island
303,716
518
552.266
Springfield b
51.216,619
586
2,569,101
Waukegan
459.602
180
1,272,925
a These revised totals Include corrections in the figures for Rock Island. b Includes six projects, with a total estimated cost of $488,000. for Nthieh permits were
not required.
549
Review of the Industrial Situation in Illinois by
Cities During June 1931.
The losses of 3.0% iu employment and 4.0% in payrolls
of Illinois factory workers, experienced during the period
May 15 to June 15, affected all sections of the state. Chicago
factories continued to curtail operations, laying off 3.1%
more of their workers and cutting payrolls 2.9%. All but
two of the'14 other cities for which figures are tabulated
separately showed losses in both employment and payrolls,
and of the two exceptions, only one-Bloomington-registered a gain in both payrolls and employment. The group
of cities classified as "all others" showed only a small loss
in employment, but reported a reduction in payrolls larger
than that for the state as a whole. The report continues
as follows:
The increases in factory employment and payrolls noted for Bloomington
do not reflect a general improvement in industrial conditions in that area.
A labor dispute in this city caused a decline in both employment and payrolls for May, and the gains reported for June reflect the replacement of
labor by the establishment affected.
An average of from four to five wage reductions per month have been
reported to the Department of Labor since the beginning of 1931. The
greater number of these reductions have been in plants which employ a
comparatively small number of workers.
Sections in which the manufacture of agricultural implements form an
Important part of the industrial activity have been especially hard hit
by the recession of the past two months, as such plants are operating with
greatly reduced forces and in some cases have closed down entirely. Moline
and the Stewing-Rock Falls territory registered the most marked declines
reported during these two months.
Outdoor work showed an improvement, with road work and public
construction projects furnishing employment to an increasing volume of
workers. An increase in the demand for farm labor also made its appearance during June, corn plowing and the wheat harvest requiring additional
workers. There was no shrinkage, however, apparent in the existing
volume of unemployment, and registrations for work at the free employment offices of the state increased more than the number of jobs available. There were 244.7 such registrations for every 100 jobs available
during June as compared with 218.2 in May. Twelve of the 16 cities
In which such offices are located showed an increase and four a decrease
from the preceding month.
As usual at this time of the year, an increasing number of boys were
applying for work, the free employment offices recording 813.8 for every
100 jobs available in June as against 210.9 the preceding month. There
was an increase in the number of men registering for work in the building
and construction and the metals and machinery trades divisions, the former
showing a ratio of 514.7 and the latter 684.5, to every 100 applications
for help. Some significance may be attached to the fact that nearly
700 more women applied for work in domestic and personal service, hotels
and restaurants during June than during May. The ratio of applications
to positions available for such work, including both men and women,
totaled 186.3 in June as against 157.6 the preceding month. In the common labor division there were 273.0 registrations for work to every 100
jobs in June as compared with 252.3 in May.
Aurora.
-Twenty-one factories decreased employment 3.5% and payrolls 7.0% during the May to June period, weekly earnings averaging
3.8% less for men and 5.1% less for women than was the case a month
earlier. The metals and textile plants, representing important industries
of this city, are operating on a part-time basis with reduced forces. There
were 211.3 applicants to every 100 jobs available at the free employment
office, indicating a considerable increase in the supply of labor, both from
the preceding month and from June a year ago.
Bloomington.
--Gains of 3.5% in employment and 8.9% in payrolls
reported for 12 factories of this city were brought about by increased
activity at one plant which was replacing workers who ceased work in
May as a result of a labor dispute. Local railroad shops were working on
a schedule of five-days a week and showed increased employment from
the preceding month. The building situation is reported to be good, with
$700,000 worth of public work under construction. The free employment
office, however, shows an increase in the unemployment ratio, with
142.6 applicants for every 100 places available during June, as compared
with 127.2 applicants for May.
Chicago.
-The curtailment in factory operations in this city continued
from May to June, 509 factories reporting decreases of 3.1% in employment and 2.9% in payrolls. This brings employment to a level approximately 20% and payrolls 30% below that of a year ago. Increases were
reported during the current month in the manufacture of clothing, of food
products, and in the miscellaneous industry group. All other manufacturing
groups, decreased employment 4.7% and payrolls 7.8%. Furs and leather
3 and 4% in the textile group, in stone, clay, and glass products, in
paper goods and printing, and in the manufacture of chemicals, oils, and
paints. Metals, machinery, and conveyances, the largest of the reporting
groups, decreased employment 4.% and payrolls 7.8%. Furs and leather
goods industries showed losses of 10.5% in employment and 3.2% in payrolls. The wood products group registered the most marked recession
during the month, decreasing employment 13.2% and payrolls 18.1%.
Average weekly earnings in June were $28.48 for men, which was
slightly lower than the $28.61 reported a month earlier, and $17.57 for
women, which reflected an increase over the figure of $17.06 for the preceding month. At the free employment offices, registrations for work
totaled 346.1 for every 100 places available, the highest figure recorded
since last January. In May this ratio was 279.4 and a year ago 289.0.
Cicero.
-Nine factories in this city decreased employment 2.1% and
payrolls 8.6%, the weekly earnings for men averaging $27.97 as against
$30.50 a month earlier. The unemployment ratio of 227.5 was lower than
the 237.9 reported for May and considerably less than the 317.1 recorded
a year ago.
Danville.
-After several months of increasing activity, factory operations were curtailed in this city between May and June. Thirteen establishments laid off 1.5% of their workers and reduced wage payments 3.7%.
The reduction in payrolls affected especially the earnings of women workers,
which averaged $8.58 a week, as compared with $10.80 the preceding
month, while earnings of men decreased from $24.99 to $24.89. The
unemployment ratio at the free employment office remained practically
unchanged, registering 230.7 for June as compared with 229.4 for May.
550
FINANCIAL CHRONICLE
Decatur.
-Decreases of 4.5% in factory employment and 11.8% in
payrolls more than offset the increases that were shown the preceding
month. Weekly earnings declined appreciably for both men and women,
men receiving an average of $24.61 a week compared with $28.43, and
women $10.86 as against $13.95. The unemployment ratio was slightly
higher than the preceding month, 208.5 against 193.7, but was below the
figure of 283.3 reported for June, 1930.
-Twenty-two factories reported losses of 5.6% in emEast St. Louis.
ployment and 6.6% in payrolls. The average weekly earnings of men
Increased from $21.55 in May to $22.05 in June, while those of women
decreased to $11.57 from the May figure of $12.73. The unemployment
ratio was 118.9 in June as against 119.5 in May, and 148.7 a year ago.
-With the exception of a food products plant, every industry
Joliet.
represented in the returns from 28 factories registered a lower volume of
employment in June than in May. The employment loss for all reporting
plants combined was 3.9%, while payrolls declined 12.7%. Weekly earnings averaged $22.89 for men and $10.67 for women, considerably lower
than earnings a month earlier. There were 281.1 applicants for work at
the free employment office for every 100 places that were available, which
compares with 270.1 in May and 254.9 for June 1930.
Moline.
-Decreases of 28.9% in employment and 28.7% in wage payments were reported by 20 factories of this city. The agricultural implement industry continues to be responsible for most of these losses. A
large volume of construction work is in progress, relieving to some extent
the unemployment situation. The free employment office registered a
smaller ratio of applicants to available jobs, 155.6 against 222.2 in May.
-Increases reported for the preceding month were practically
Peoria.
offset in June, when 33 factories laid off 4.0% of their workers and
reduced payrolls 5.5%. The payroll decrease affected particularly the
earnings of women, which showed a drop from an average of $13.16 a
week in May to $12.32 in June. Weekly earnings of men averaged $27.99,
somewhat higher than the $27.86 reported for the preceding month. The
unemployment ratio remained practically stationary, 140.3 in June as
against 140.0 in May.
-Eleven factories registered a slight increase of 0.4% in employQuincy.
ment, while payrolls declined 7.9%. Average weekly earnifigs of men
were considerably lower than during the preceding month, $17.59 against
$22.91. Those•of women increased to $11.09 from $10.77. The unemployment ratio for June was 153.9 as compared with 151.1 in May and 164.2
a year ago.
-Metal industry concerns and furniture factories curtailed
Rockford.
operations extensively and were mainly responsible for the decreases of
6.7% in employment and 16.6% in payrolls that were shown for 42
reporting factories. The leather industry also 'experienced a set-back,
while paper goods, knit goods, and food products showed an improvement,
adding more workers and increasing payrolls. Weekly earnings were
lower for both men and women, averaging $21.54 for the former and
$14.02 for the latter, as compared with $24.02 and $14.56, respectively
in the preceding month. The unemployment ratio rose to 152.1 from
147.6 in May.
Rock Island -Nine factories laid off 9.2% of their workers and reduced
payrolls 2.5%. Textiles and metals suffered most of the reported losses.
Weekly earnings increased from the preceding month, averaging $24.95 for
men and $16.08 for women, as compared with the figures of $23.03 and
$16 for May. The unemployment ratio at the free employment office
Increased slightly, from 278.6 in May to 281.4 in June.
-Eleven factories showed a 4.7% decline in employment
Springfield.
and a 7.3% loss in wage payments, with metals, leather, and paper and
printing concerns contributing mainly to these reductions. Weekly wages
averaged $25.14 for men and $10.31 for women, which was less than a
month earlier. There were 124.8 registrations at the free employment office
for every 100 jobs available, as compared with 125.5 in May and 118.3 in
June 1930.
SterlYnguRook lhalls.-Twelve factories, 10 of them metabworkAng
plants, reported decreases of 13.1% in both employment and payrolls.
Operations in these plants have been curtailed extensively since last
February, employment having dropped 32.3% and payrolls 39.3%. The
average weekly earnings in June were $21.43 for men and $14 for women,
as compared with $23.59 for men and $12.21 for women last February.
-This group of cities, represented by 242 factories,
Alt Other Cities.
reported losses of 0.4% in employment and 5.3% in payrolls. Furs and
leather goods and the food products industries were the only ones in which
both employment and payrolls registered increases. The average weekly
wages for men were $23.35 as against $24.99 a month earlier, and for
women $10.42 as against $10.46.
quieter than in May. Retail trade in Southern California was maintained
In June at about the May rate, although below the levels of June, 1930.
Compared with the preceding month, jewelry stores gained moderately,
while sales by men's clothing stores declined and those of department
stores remained about the same in Los Angeles. In the wholesale classfication, hardware, grocery, automobile accessory and stationery sales organizations in Los Angeles reported volumes in June about equal to those in
May. Declines were indicated in the automobile tire and dry goods lines
and moderate gains in sales of drugs at wholesale. The number and
liabilities of concerns listed as failing during the four weeks ended June
25, in Southern California, increased considerably over those of both the
preceding four weeks and the corresponding period of 1930. Conditions
In the petroleum industry of California improved slightly during June
as a result of advances in the prices of crude oil and gasoline, and by
further progress made in the curtailment of production. The latest available figures, which are for May 1931, indicate that stocks of petroleum
products on the Pacific Coast are continuing to decline.
The value of projected construction work in Los Angeles, represented
by building permits issued during June 1931, exceeded that of May by a
small margin, but was below that of June 1930. Total real estate loans
made in Los Angeles County during May (the latest month for which
information is available), were 6.3% below the comparable figure for
April. Sales of new automobiles in Los Angeles and in Southern California,
as measured by new passenger car registrations, declined during May,
according to the latest published figures.
Agricultural activities during June were featured by large Shipments
of cantaloupes and watermelons of good size and quality from Imperial
Valley. Prices of cantaloupes are reported as being so low as to return
little or no profit to growers. Shipments of oranges decreased in June
while lemon movements and prices increased. Among the deciduous fruits,
June 1 condition reports indicate that in California there will be increases
In the yields of apricots and cherries and decreases in peach, pear, plum
and grape crops as compared with last season. Deficient rainfall during
the growing season has resulted in short grain crops in California. Due
to unsatisfactory pasture and range conditions, marketing of cattle and
calves is expected to be heavy during the summer months.
Lumber Orders and Production Balance.
Lumber orders for the week ended July 18 approximately
balance production, it is indicated in telegraphic reports
from 797 leading hardwood and softwood mills to the National Lumber Manufacturers Association. These mills gave
their total cut as 207,743,000 feet. Shipments were approximately 5% below this figure. A week earlier 759 mills
reported orders 15% above and Shipments 6% above a total
cut of 184,273,000 feet. Comparison by identical mill figures
for the latest week with the equivalent period a year ago
-for softwoods, 449 mills, production 27% less, shipshows
ments 30% less and orders 25% less than for the week in
1930; for hardwoods 219 mills, production 37% less, shipments 13% less and orders 2% above the volume for the
week a year ago.
Lumber orders reported for the week ended July 18 1931,
by 584 softwood mills totaled 186,313,000 feet, or 2% below
the production of the same mills. Shipments as reported
for the same week were 177,881,000 feet, or 7% below production. Production was 190,587,000 feet.
Reports from 252 hardwood mills give new business as
22,058,000 feet, or 29% above production. Shipments as
reported for the same week were 20,286,000 feet, or 18%
above production. Production was 17,156,000 feet.
Unlined Orders.
Reports from 475 softwood mills give unfilled orders of 663,905,000
feet, on July 18 1931, o: the equivalent of 14 days' production. This is
-300-day year
based upon production of latest calendar year
-and may be
compared with unfilled orders of 513 softwood milli; on July 19 1930, of
778,187;000 feet, the equivalent of 15 days' production.
The 410 identical softwood mills report unfilled orders as 646,292,000
feet, or the equivalent of 15 days' production, on July 18 1931, as compared with 752,609,000 feet, or the equivalent of 17 days' production,
for the same week a year ago. Last week's production of 449 identical
softwood mills was 179,409,000 feet, and a year ago it was 245,096,000
feet; shipments were respectively 166,757,000 feet and 238,716,000; and
orders received 176,664,000 feet and 235,575,000. In the case of hardwoods, 219 Identical mills reported production last week and a year ago
16,498,000 feet and 26,052,000; shipments 19,317,000 feet and 22,137,000;
and orders 20,885,000 feet and 20,454,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 223 mills reporting for
the week ended July 18:
Business Conditions in the Pacific Southwest During
June as Viewed by the Security-First National
Bank of Los Angeles.
According to the July 1 monthly summary of the SecurityFirst National Bank of Los Angeles, business activity in
Los Angeles and Southern California during June was, on
the whole, in conformity with the usual expectation at this
time of year. When it is remembered that it was in June
one year ago that the acute phase of the present depression
began, it is worthy of note that variations during the past
month have not indicated substantially more than the slackNEW BUSINESS.
ening tendency which is characteristic of the early summer
Peet.
Domestic cargo
period. The Bank also says:
Commercial activity in eight leading cities of Southern California, as
measured by check transactions, declined in the four-week period ended
lower
June 25, 10.4% from the preceding four weeks and was 25.2%
than during the corresponding period of 1930. The decline in physical
volume, however, has not been as large as these figures would seem to
indicate, inasmuch as present prices of commodities at wholesale and
retail are substantially lower than those of a year ago.
While figures reflecting employment changes during the month of
June are not available, the data indicate that the industrial employment
situation in Los Angeles County during May 1931 compared more favorably with that in May 1930 than did any of the previous months of
1931 with the corresponding months of last year. Productive activity in
the industrial plants located in the Los Angeles area during June was
characterized by mixed movements. Manufacturers of goods which are
directly consumed experienced some improvement, while lines depending
upon building operations and other fixed capital outlays were somewhat
[VOL. 133.
UNSHIPPED ORDERS.
SHIPMENTS.
Peet.
Feet.
Domestic cargo
Coastwise and
delivery ____ 45,043,000 delivery .---183,547,000 intercoastal _ 37,480,000
14,248,000 Foreign
Export
107,699.000 Export
15,425,000
33,696,000 Rall
89,374,000 Rail
Rail
32,786,000
8,078.000
Local
Local
8,078,000
101,066,000 Total
Total
380,621,000 Total
93,679,000
Production for the week was 100,468,000 feet.
For the year to July 11, 167 identical mills reported orders 2.0% above
production, and shipments were 4.2% above production. The same number of mills showed a decrease in inventories of 5.4% on July 11, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 121
mills reporting, shipments were 7% above production, and orders 11%
above production and 4% above shipments. New business taken during
the week amounted to 30,702,000 feet (previous week 34,986,000 at 123
mills); shipments 29,610,000 feet (previous week 33,096,000); and pro-
4
JULY 25 1931.]
FINANCIAL CHRONICLE
duction 27,572,000 feet (previous week 27,351,000). Orders on hand at
the end of the week at 101 mills were 94,143,000 feet. The 105 identical
mills reported a decrease in production of 38%, and in new business a
decrease of 23% as compared with the same week a year ago.
'The Western Pine Manufacturers Association, of Portland, Oregon,
reported production from 87 mills as 34,799,000 feet, shipments, 27,740,000,
and new business, 29,352.000 feet. The 61 identical mills reported production 31% less and orders 26% less than for the same week last year.
TheCalifornia White 6: Sugar Pine Manufacturers Association, of San
Francisoo, reported production from 24 mills as 17,060,000 feet, shipments
16,843,000 and orders 16,609,000 feet. The same number of mills reported
a decrease of 36% in production and an increase of 7% in orders, compared
with the same week of 1930.
The Northern Pine Manufacturers, of Minneapolis, Minnesota, reported
production from 7 mills as 3,610,000 feet, shipments 2,494,000 and new
business 2,112,000 feet. 'The same number of mills reported a 70% decrease in production and a 27% decrease in new business, compared with
the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 19 mills as 2,090,000 feet, shipments 1,279,000 and orders 880,000. The 18 identical mills reported
production 49% less and orders 40% less than for the same week a
year ago.
The North Carolina Pine Association, of Norfolk, Va., reported production from 83 mills as 5,988,000 feet, shipments 6,146,000 and new business 5,593,000. The 40 identical mills reported production 10% less and
new business 16% more than for the same week of 1930.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported production from 233 mills as 15,238,000 feet, shipments 18,385,000 and new
business 19,450,000. The 201 identical mills reported a decrease of 36%
in production and a decrease of 4% in new business, compared with the
corresponding week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production .from 19 mills as 1,918,000 feet, shipments 1,901,000 and orders 2,608,000- The 18 identical mills reported
production 40% less and new business 75% more than for the
same week
last year.
Rubber Outputs Gaining.
Production of crude rubber on both native and European
estates was increased during June, according to the Malayan
census report for that month received on Wednesday by
the Rubber Exchange of New York, Inc.
Production on estates less than 100 acres in size during the
month was 16,663 tons, compared with 15,399 tons during
May. The output of estates over 100 acres in size reached
a total of 19,014 tons, compared with 18,904 tons during the
month previous.
Stocks of the commodity also were larger at the close
of the month, those on estates amounting to 22,101 tons,
against 21,901 at the close of May, while rubber in dealers'
hands aggregated 19,948 tons, in comparison with 18,393
tons at the end of the previous month.
Larger Rubber Exports.
Gross rubber shipments from Malaya during the first
half of July, according to a cable to the Rubber Exchange
of New York, Inc., to-day (Monday) indicate a total export
for the month of about 42,000 tons. This compares with
39,300 tons during June, and with 44,200 tons during May.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 222 mills show that for the week ended July 11
1931 there were produced a total of 81,627,106 feet of
lumber,106,967,492 feet ordered and 92,504,861 feet shipped,
as compared with 68,658,149 feet produced, 86,652,695 feet
ordered and 94,375,513 feet shipped during the preceding
week. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND
SHIPMENTS.
223 mills report for week ended July 11 1931.
(All mills reporting production. orders and shipments for last
week.)
Production
81,637.106 feet (100%)
Orders__
107,047 109 feet (31.137 over production)
Shipments
92,559,531 feet (13.38i over production)
COMPARISON OF CURRENT AND PAST PRODUCTION
AND WEEKLY
OPERATING CAPACITY (343 IDENTICAL MILLS).
(All mIlis reporting production for 1930 and 1931 to
date.)
Actual production week ended July 11 1931
96,528,572 feet
Average weekly production 27 weeks ended July 11 1931
124,238,142 feet
Average weekly production during 1930
_158.860,610 feet
Average weekly production last three years
195.660.399 feel
x Weekly operating capacity
298,599,042 feet
WEEKLY COMPARISON (IN FEET) FOR 222 IDENTICAL
MILLS
-1931.
(All mills whose reports of production. orders and shipments are
complete
for the last four weeks.)
Week Ended—
July 11.
July 4.
June 27.
June 20,
Production
81,027.106 68,658,149 108,433,127
Orders (100%)
106,967.492 86,652,695 109.254,770 111.705.332
111.049,761
Rail (30%)
31,7117,110 30.903.315 35,611,772
Domestic cargo (37%)
39,618,518 28.601,223 43,760,962 37.293.800
47.089.888
Export (26%)
27.391.800 16,207,731
22.451 117 17,966.683
Local (7%)
8.160,064
10.940,426
7.427.919
8,699,390
shipments (100%)
92,504,861
94,375,513 114,110.805 105,882.584
Rail (29%)
27.010.516 28,919,999 36,725.706
36.849,191
37,044.206
Domestic cargo (40%)
38.449,760 50,007.117 37.236.417
Export (22%)
20,485,090
16.065.328
19,950.063 22.902.571
Local (9%)
8,160.064
10,940.426
7,427.919
8.699,390
Unfilled orders (100%)
375,400.489 364.773.510 374,790.853
379.203.115
Rail 24%)
88.966.924 85.768,311
84.236,236 87.826.393
Domestic cargo (47%)
l76.668.266 174,560.098 184,825.001
Export (29%)
109,765.299 104 445,101 105,729.616 188,993.649
102,383,073
551
194 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete
for 1930 and 1931 to date.)
Average 27
Average 28
Week Ended
Weeks Ended
Weeks Ended
July 111931. July 111931. July 12 1930.
Production (feet)
78,875,085
103,297,929
150.933.604
Orders (feet) •
106.171,407
104.532.489
139,834.659
Shipments (feet)
107,992,244
89,308 482
146,410.449
v Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per
week.
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JULY 11 '31 (105 mills).
Orders on
CancelHand BeOrders
lotion
gin'g Week Received. Adjustmls
July 41931.
Shipments.
Unfilled
Orders
Week Ended
July 41931.
Washington el Oregon
(95 Mills)—
Feet.
Feet.
Feet.
Feet.
Feet.
California (66 mills)____ 51,091,349 12,118.985 +163,780 10,452.942 52,921,172
Atlantic Coast (81 mills) 108,785,668 22,947,026
76,939 22,333.437 109,322.318
Miscellaneous (18 mills) 1,691,485 1,145,885
559.000 2,278.370
None
Total Wash.Si Ore.)_ . 161,568,502 36,211,896
Reporting dom, cargo
only (4 mills)
741,234
203,000
Totals
162,309,736 36,414,896
Brit. Col.(10 Mills)—
California (2 mills)
Atlantic Coast(9 mills).
Miscellaneous(9 mills).,.
28,757
200,000
6,182,320 1,100,000
6,039,285 1,933,622
Total Brit. Columbia_ 12,250,362 3,233,622
Reporting dom. cargo
only
None
None
Totals
+86,841 33,345,379 164,521,860
10,000
100.914
833,320
+76,841 33,446,293 165,355,180
None
None
None 1.807,320
None 2,363,578
228.757
5,475,000
5,600,329
None 4,170,898 11,313,086
None
None
None
12,250,362 3,233,622
None 4,170,898 11,313,086
174 Ann MIR 'IQ AAR MR
oases, R7 A17 101 1711 ARA 9lia
Activity in the Cotton Spinning Industry for June 1931.
The Department of Commerce announced on July 22 that
according to preliminary figures compiled by the Bureau of
they Census 32,881,468 cotton spinning spindles were in
place in the United States on June 30 1931, of which 25,798,910 were operated at some time during the month, compared with 26,397,906 for May, 26,645,404 for April, 26,489,832 for March 25,763,408 for February, 25,611,458 for
January, and 27,659,308 for June 1930. The aggregate
number of active spindle hours reported for the month was
6,630,044,007. During June the normal time of operation
was 26 days, compared with 25 for May,252-3 for April,
26 for March, 23 2-3 for February, and 26M for January.
Based on an activity of 8.91 hours per day the average
number of spindles operated during June was 28,619,719
or at 87% capacity on a single shift basis. This percentage
compares with 89.9 for May,94.3 for April, 91.2 for March,
87.2 for February, 80.8 for January, and 76.2 for June 1930.
The average number of active spindle hours per spindle in
place for the month was 202. The total number of cottonspinning 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.
Aaive Spindle Hours
for June.
In Place
June 30.
Active During June.
Total.
32.881.468
25.798.910
6.630.044,007
202
Cotton growing States 19,084,172
New England States_ 12,390.628
All other States
1.406.668
16,943,586
7,880.668
974.656
4.823.527,875
1,626,3711.943
180.136,189
253
131
128
1.710.418
745,518
2,852.048
791.320
4,381,298
127.720
811.052
204.000
463.824
5.369.322
1,055.384
5,406,056
539.918
203.404
561,788
569,750
494,186,997
155,921,887
799.904.740
166.167,423
901.353,802
33.839.9(10
191.201.423
36,910.620
91,754.224
1.411.643.787
193,878,796
1,688,321.885
168.266.230
40.734,604
137,940.044
118.017,645
266
143
247
168
130
164
155
99
136
227
95
297
272
144
203
151
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
1.857,404
1,090,696
3.240.002
989.468
6,917,008
206.048
1,231,938
372.380
676,856
6.216.302
2,044.254
5,680,452
617.700
282,100
679.254
779,606
Average per
Spindle in Place.
Cotton Quarantine Ban Eased in Southwest.
An amendment to the pink boll worm quarantine regulations, effective Aug. 1, modifying the conditions under
which permits are issued for the movement of cotton lint
from sections of Texas and New Mexico infested by the pink
boll worm, was announced on July 23 by Secretary of
Agriculture Hyde.
Heretofore, both fumigation and compression have been
required as safeguards to prevent baled cotton lint from
carrying pink boll worms to uninfested areas. The new
amendment authorizes the Plant Quarantine and Control
Administration, under certain conditions, to issue permits
for the interstate movement of compressed, but unfumigated bales of cotton lint produced in areas so lightly infested with pink boll worm that in the judgment of the
552
FINANCIAL CHRONICLE
department any possible danger of spread of that insect in
.
baled lint would be prevented by high compression without fumigation.
In connection with this order the department states that
recent investigations have confirmed the importance of
compression as a measure for greatly reducing or, under
most favorable circumstances, entirely eliminating infestation in the bale.
Seven Hundred Reds Strike and Close One Silk Mill
in Paterson-Five Organizers With Handbills
Arrested, But Freed At Once.
The strike of silk workers in the 900-odd silk mills of
Paterson, N. J., began at 9 o'clock July 22 with a walkout
of approximately 700 employees of the 18,000 to 20,000
engaged in the industry. Only one plant was known to
have been seriously affected so far by the strike. Its
owner, employing fewer than 100 workers, chose to lock the
doors of his shop rather than operate with a curtailed
force. Newspaper dispatches add:
There was no disorder, although the police arrested five union organizers
affiliated with the Communist group known as the National Textile
Workers' Union, which called the strike, for distributing handbills too
zealously among employees of the factories. They were immediately
released, however, with a warning that they must use no intimidating
tactics against employees remaining at their looms.
The Communist group established a system of orderly picketing outside of many of the mills, and these will not be interferred with by the
police so long as they abstain from violence or intimidation, it was said.
The Amalgamated Associated Silk Workers and the United Textile
Workers of America, representing the more conservative element in the
industry, affiliated with the American Federation of Labor, have not yet
decided whether to advance the date of their strike, called for Aug. 3.
They held morning and night conferences and have. it appears, adopted
a policy of watchful waiting to observe the first reaction to the Communist organization's strike call.
Mass meetings of the strikers were held in Turn Hall and other places
and preparations made for the presentation of a full outline of the workers'
demands to the factory owners. The chief demands are for a return of
-hour day, a five-day week and at least a 40% increase in pay.
the eight
Decrease in Employment in Silk Industry.
Employment in the silk industry for the first six months
was 11.7% under the corresponding period of 1930,
according to statistics compiled by The Silk Association of
of 1931
8.1% as compared
9.9% as compared with June 1930.
Broad silk loom employment decreased 1.5% in June as
compared with May, narrow loom employment showed an
Increase of 15.7% while spinning spindle employment was
20.2% lower.
Machine operation during June showed a decrease of
0.9% for broad looms, an increase of 3.3% for narrow looms
and a decrease of 13.5% for spinning spindles, compared
with May.
America, Inc. June employment declined
with May and
May Hide and Leather Stocks Lowest for Month
Since 1927.
An analysis by the New York Hide Exchange shows that
the consumption of cattle hides (including kips), during the
first five months of this year exceeded the movement into
sight by 1,158,000 hides.
The visible stocks of all cattle hides and cattle hide leather
(including kips) declined steadily during the first five months
of this year and at the end of May amounted to 15,504,000
hides as compared with 16,662,000 on Dec. 31 1931, a decrease of 7%,and 16,236,000 on May 31 1930.
Stocks on May 31 1931 were at the lowest May level
since 1927.
-Oklahoma, Kansas and
Petroleum and Its Products
North Texas Crude Oil Prices Advanced-"Shutdown" Movement Gains Strength-Holmes Holds
Repeal of Anti-Trust Acts Would Aid Oil Industry.
The most important development of the week as far as
immediate effects on the petroleum situation is concerned
was the crude oil price advances posted throughout the
Mid-Continent and Texas fields, with the exception of the
East Texas region, following action taken to shut down
producing wells in those areas until the market value of
crude oil reflects the true value of the oil. Other news during the week included a sharp drop in crude oil production
following the shutting-in of wells throughout the MidContinent area.
The Continental Oil Co. led the movement for higher
prices, posting a flat rate of 40c. a barrel for all grades of
crude in Kansas, Oklahoma and North Texas fields. The
company formerly paid the prevailing scale of from 10 to
22c., on a scaled gravity basis. Following this move, the
[VOL. 13.
Texas Co. posted advances in the same fields, with the
price schedule 35c. for below 35 gravity and 40c. for 36 and
above. The company also advanced Gray County, in the
Texas Panhandle, to 30c. a barrel flat, up 11 to 17c. Carson
and Hutchinson Counties are now quoted at 27c. flat, an
advance of from 10 to 16c. a barrel. Winkler, Crane and
Upton fields, in Texas, and Lea, N. M., were posted at 25c.
flat, up 15e. Darst Creek is now quoted at 37c., up 17c.
Humble Oil & Refining Co. met the new prices in the Texas
fields.
The Carter Oil Co., subsidiary of Standard Oil of New
Jersey, met the advance with a new price list showing
increases of from 17 to 20c. a barrel. Its new prices are
2743. for below 28 gravity, 30c. for 28 gravity, with a 10.
differential for each higher gravity to 40 and above, which
is priced at 42c.
The Mid-Continent Petroleum Corp. and The Empire
Oil & Refining Co. promptly met the Carter prices and
the Stanolind Crude Oil Purchasing Co., subsidiary of
Standard Oil of Indiana, and the largest Mid-Continent
purchaser, announced a schedule of its own under which
the top price is 42e. The Magnolia Petroleum Co. posted
a new schedule conforming with that posted earlier in the
week by Continental Oil.
Only two major companies in the Mid-Continent area,
the Sinclair Crude Oil Purchasing Co. and the Gypsy Oil
Co., have not met the advances as yet.
Held by many oil men to be the dominating factor in
the price advances during the week, the curtailment movement throughout the Southwest oil regions is rapidly growing stronger. In Oklahoma City, 629 of the 807 wells
producing, representing 78% of the field which produced
over 114,000 barrels each day last week, have been shut in.
On Tuesday, crude oil purchasers were able to buy only
114,000, as compared with 251,000 barrels before the
shutdown movement started. So far, 22 companies have
agreed to shut in their wells with Prairie Oil & Gas, Continental Oil, Champlain Refining and Sinclair Oil & Gas
the only large companies not agreeing.
W. P. Henry, chairman of the Oklahoma stripper-well
relief, has called a mass meeting for Monday, to be held
in Tulsa, to consider shutting-in all wells in Oklahoma and
Kansas. Mr. Henry said that efforts will be continued
to get Governor Murray, of Oklahoma, to order a shut-in
of all Oklahoma wells until the price of crude goes to $1
a barrel.
In testifying during the week before the House Committee of the Texas legislature in the probe into the oil
industry voted by the special session, R. C. Holmes,
President of the Texas Co., expressed the belief that the
Sherman and the Clayton anti-trust laws are largely responsible for the depressed conditions of the oil industry.
He said that he thought that by reason of these laws there
has been brought about over-production of many kinds
of commodities, including oils. He was of the opinion that
Federal anti-trust laws, as well as those of the Texas and
other States, should either be repealed or a Federal Commission created to which agreements should be submitted
for approval. Improvement in prices would result, and
these prices and production would be governed by competition, he declared.
Price changes follow:
-The Continental Oil Co. announced a fiat price of
Tulsa. July 22.
40c. a barrel for crude oil in the Mid-Continent fields.
-The Magnolia Petroleum met the advance posted
Tulsa, July 23.
yesterday by the Continental 011 Co.
-The Texas Co. posted advances in Oklahoma.
New York, July 23.
North Louisiana. North Texas. North Central Texas and Central, with
the new price list quoting 35c. for below 36 gravity and a top price of 40C.
on 36 and above. Advances ranging from 11 to 17c. a barrel were posted
in other fields in Texas.
-The Humble 011 & Refining Co. met the advances
New York, July 23.
posted by the Texas Co. in the Texas fields.
Tulsa, July 24.
-The Carter 011 Co., subsidiary of Standard Oil of
New Jersey, advanced crude oil prices in Oklahoma and Kansas fields
17 to 20c. a barrel. The new schedule ranges from 27c. for below 28
gravity to 42c. for 40 and above. The Mid-Continent Petroleum Corp.
and the Empire 011 & Refining Co. promptly met the advances.
Tulsa, July 24.
-The Stanolind Crude 011 Purchasing Co., subsidiary
of Standard Oil of Indiana, announced a new price schedule for MidContinent crude ranging from 30c. for below 29 gravity, with a lc. differential up to 40 gravity and above, making the top price 42c. The
Shell Petroleum Corp. announced that it had adopted the Stanolind price
list.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
Corning
$0.22
10.15 Eldorado, Ark., 40
Illinois
.40 Rusk, Texas. 40 and over
.15
Weeter11 Kentucky
.35 Salt Creek, Wyo., 40 and over -----37
MIdeentb3ent, Okla., 40 and above .42 Darst Creek
.37
Hutchinson, Texas,40 and over__ .27 Sunburst. Mont
.70
Spindletop. Texas,40 and over-- .60 Santa Fe springs. Cant.,40 and over .76
.72
Winkler. Texas
.26 Huntington, Calif.. 26
Smackover, Ark.. 24 and over
1.60
.10 Petrolia. Canada
JULY 25 1931.]
FINANCIAL CHRONICLE
REFINED PRODUCTS
-BULK GASOLINE ONLY FEATURE OF
MARKET
-PRICE LIST STEADY
-MINOR PRODUCTS EASY.
553
corroders the principal buyers. June lead statistics were encouraging.
showing the first decline in stocks in more than a year. The reduction
was not large but sufficient to indicate that producers have finally achieved
a balance between production and consumption that is slightly in their
favor.
Zinc was extremely dull all week. The largest day's business was apparently done on Saturday, when August metal brought 3.95 cents and September 4 cents, with no demand for July, nominally 3.90 cents. Trading
in tin was also dull throughout the week, with both buyers and sellers inclined to hold aloof pending development in the European situation. Prices
showed little change, fluctuating between 24.60 cents and 25.25 cents per
pound for prompt Straits on business placed.
A further substantial drop in stocks of gasoline last week,
coupled with the better outlook for the crude oil industry
resulted in some improvement in the local gasoline market
during the week. Minor refined products showed little
change, remaining dull. Heating oils and kerosene showed
the effect of slackened demand with the price list soft.
With retail consumption holding up fairly well, marketeers
moved a large volume of bulk gasoline at the present prices
during week. Some hope of improvement in the petroleum
Weekly Refinery Statistics for the United States.
situation has resulted in unwillingness on the part of disReports compiled by the American Petroleum Institute
tributors to tie themselves up under the present prices.
However, there is little chance of any gasoline advance for for the week ended July 18, from companies aggregating
3,646,100 barrels, or 94.7% of the 3,848,500 barrel estimated
some time, according to the trade.
The drop in stocks of stored gasoline reported for last week daily potential refining capacity of the United States indicate
improved the statistical position of the market. If present that 2,473,000 barrels of crude oil, were run to stills daily,
demand holds up and refiners are successfulin keeping down and that these same companies had in storage at refineries
production to a point where it is level with the present market at the end of the week, 37,377,000 barrels of gasoline and
demand, the trade feels that it will aid in maintaining the 132,956,000 barrels of gas and fuel oil. Reports received
on the production of gasoline by the cracking process instability of the price list.
The major distributors continue to post tank car gasoline dicate that companies owning 94.9% of the potential charging
capacity of all cracking units manufactured 3,280,000 barrels
at from 5X to 53. cents a gallon, at the refinery, with the
inside price at 5 cents a gallon. Some independents offered of cracked gasoline during the week. The complete report
for the week ended July 18 1931 follows:
gas below this level, it was reported, but with the improvement of the crude oil situation, the trade feels that little CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED JULY 18 1931.
•
would be available under 5 cents a gallon, in any large
(Figures in barrels 01 42 gallons each.)
quantities.
Per Cent
Per Cent
The export demand for gasoline has slackened although
Potential
Crude
OPer.
Gas and
District.
Capacity
Runs to
of Total aGasoline
Fuel Oil
foreign buyers are maintaining a close watch on the situation
ReportStills.
Capacity
Stocks.
Stocks.
in North Texas and along the Gulf ports. No large sales
big.
Report.
have been reported during the week, however.
East Coast
100.0
3,202,000
6,394,000
72.2
9,628,000
Appalachian
725,000
1,367,000
75.4
1,289,000
Heating oils closed the week easier, with a slump in buying Ind., Illinois, Kentucky 91.8
96.6
2,180,000
5,667,000
73.9
3,824,000
holding down movements. Grade "C" bunker fuel oil was Okla.. Kane , Missouri_ 89.6
2,138,000
2,717,000
70.2
5,132,000
Texas
91.3
3,937,000
7,084,000
10,848,000
73.5
moderately active at 80 cents a barrel, refinery, while Diesel Louisiana-Arkansas.._ _ 98.9
1,338,000
83.0
1,030.000
2,892.000
Rocky Mountain
89.3
431,000
43.3
1,704,000
840,000
oil moved in a routine manner, at $1.50 same basis.
California
96.5
3,360,000
54.5
11,414,000
98,503,000
Water white kerosene was soft at 44 cents a gallon, in
Total week July 18._ 94.7
17,311,000
67.8
37,377,000 132,956,000
tank cars, at the refinery, but no further price changes were Daily average
2,473,000
Total week July 11._ 94.7
16,828,000
65.9
38,342,000 132,636,000
posted. While production is still being curtailed,consump- Daily average
2,404,000
tion is small and the price outlook is uncertain. Foreign
Total July 19 1930_ __ 95.7
17,122,000
09.3
45,937,000 139,113,000
Daily average
2,440,000
demand was very dull.
b Texas Gulf Coast.- 99.8
There were no price changes posted this week.
5,962,000
2,905,000
7,660,000
78.1
bLouLstana Gulf Coast 100.0
Gasoline. U. S. Motor, Tank Car Lots. P.O.B. Refinery.
N. Y.(Bayonne)
N. Y.Arkansas
5.04-0434
Stand. Oil. N. J-$.0534
Colonial-Beaeon--$.05 X California
.06-.07
*Stand. Oil, N.Y. .0534
Crew Levick
.oa Los Angeles.ex 0434-.07
Tide Water 011 Co .0534
tTexas
.
.0534 North Louisiana .04-.0434
Richfield 011(Cal.) .06
Gulf
.05X North Texas_ .0334-.0334
Warner-QuinInCo .0534
Continental
.05X Oklahoma.... .03x...04
Pall-AID. Pet. Co_ .0535 Chicago
0234-03
Pennsylvania
0534
Shell Eastern Pet. .0534 New Orleans,ex
03
•Plus freight. t"Texaco" is 634e.
Gasoline, Service Station, Tat Included.
New York
1.153 Cincinnati
$.15 Kansas MY
8 149
Atlanta
.20 Cleveland
.15 Minneapolis
162
Baltimore
.144 Denver
.18 New Orleans
118
Boston
.15 Detroit
.13 Philadelphia
.16
Buffalo
.128 Houston
.18 San Francisco
.17
Chicago
.14 Jacksonville
19
Kerosene.41-43 Water White. Tank Car Lots. F.O.B. Refinery.
N.Y.(Bayonne).._ 8.0134 Chicago
8.0234-0334 ! New Orleans, ex_ _$.03 X
North Texas__ .02 X-.03
LosAngeles.ex. .0434-06 !Tulsa
0454-.0334
Fuel Oil. F.O.B. Refinery or Terminal.
New York (Bayonne)- !California 27 plus D
Gulf Coast "C"-- $.65-.70
Bunker "C"
8.80
1.75-1.001 Chicago 18-22 D..4234-,50
Diesel 28-30D
1.50 New Orleans"C"____ .70
I
I
Gas OIL F.O.B. Refinery or Terminal.
if Y.(BayonnmI ChicagoTulsa$Dplus___$.03 X..04 I 32-36D Ind_11.01U-.02 I 32-36D Ind.$.01
X- 02
Non-Ferrous Metal Trading Featureless-Price Changes
Unimportant
-Trade Awaits Foreign Political Developments.
The non-ferrous metal market was featureless in the last
week, with volume of trading very small and price cAanges
of no importance, "Metal and Mineral Markets" reports
under date of July 23. Every one seems to be awaiting
political developments abroad before making commitments
either on the buying or selling side. A slight strengthening
was observed on Saturday and Monday in some directions,
but on Tuesday the domestic markets were about where
they were a week ago. It is added:
A few hundred tons of copper were sold Thursday and Friday
at 734 cents
delivered, but in the next three days improved foreign
business caused
custom smelters to withdraw offers at that level in large
part, and a few
lots were sold at 8 cents. Later scattered business went
through at 734
cents. The market was never really firm at 8 cents, for
demand did not
amount to anything and customers at points in the Middle
West, where
a premium is ordinarily charged, also were able to get a little copper at the
even figure. The large producing groups, however, have adhered
to the
8 cent level all week.
Though trading in lead was of modest proportions, sales
for the week
totaling slightly more than 2,000 tons, the undertone was steady
in all
directions. Prices were unchanged at 4.40 cents New York and
4.225
cents St. Louis. Most of the demand was for August shipment,
with
878 000
85.0
907.000
1.946.000
a In all the refining districts indicated except California. figures in this column
represent gasoline stocks at refineries. In *California. they represent the total
inventory of finished gasoline and engine distillate held by reporting companies
wherever located within continental United States-(stocks at refineries, water
terminals and all sales distributing stations, including products in transit thereto)
b Included above In table for week ended July 18 1931.
Note -All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to still include both foreign and domestic crude In California, stocks of
heavy crude and all grades of fuel oil are Included under the heading "Gas and Fuel
Oil Stocks."
Crude Oil Production in United States Falls Off.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended July 18 1931, was 2,446,800 barrels, as
compared with 2,544,650 barrels for the preceding week, a
decrease of 97,850 barrels. Compared with the output for
the week ended July 18 1930 of 2,500,100 barrels per day, the
current figure represents a decrease of 53,300 barrels daily.
The daily average production east of California for the week
ended July 18 was 1,921,800 barrels, as compared with 2,021,650 barrels for the preceding week, a decrease of 99,850
barrels. The following are estimates of daily average gross
production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedJuly 18 '31. July 11 '31. July 4'31. July 19 '30.
Oklahoma
632,410
521 000
591,600
300
101,450
99,500
103,150
116,300
Pan wi
Kanhandle Texas
66,000
57,800
59,250
171:4M
0 7m
4
eetli Texas
rt c
Nw
58.850
60,600
60.350
[Tel Texas
26,250
28,250
27,600
55,700
West Texas
201,550
205,250
2307 045300
0.
5 150
5..
293,950
East Central Texas
53,500
60,750
39,350
East Texas
407: 00
3 83
87 0
381,550
351,950
Southwest Texas
57,750
72,400
North Louisiana
33,750
39,400
Arkansas
4,050
33 95°
1
43.500
4335,9002°°
55,500
Coastal Texas
12130
3 :00
2 900
5 0
123, 50
36 6
12339:5700
183,500
25.80
Coastal Louisiana
Eastern (not incl. Michigan)._ _ _
100,300
99,350
100,750
129,000
Michigan
8,200
8,400
9,85t)
Wyoming
41,100
42 900
7 1W
,
38.200
45,700
Montana
8,400
8,250
9.450
r. d ico
FCI.,,iez
431155°0
444,7555°0
4481..475050
42,2
46
California
525,000
523.000
506.600
614,900
Total
2,446,800 2,544,650 2.402,500 2,500.100
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West. East Central, East and Southwest Texas, North Louisiana and
Arkansas, for the week ended July 18, was 1,560,000 barrels, as compared
with 1,661,800 barrels for the preceding week a decrease of 101.800 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
ell, was 1,531,200 barrels, as compared with 1.632 900 barrels,
a decrease
of 101.700 barrels.
The production figures ofcertain pools in the various districts for
the current week, compared with the previous week, in barrels of42
gallons,follow:
01
554
FINANCIAL CHRONICLE
-Week Ended
July 18. July 11.1 Southwest Texas- -Week EndedOklahoma
July 18. July 11.
14Chapman-A bbot
,400 13.600
Bowlegs
3,100 3.200
11 650 12,800 Darst Creek
Bristow-Slick
20.000 19,950
13,150 13,150 Luling
Burbank
7,600 7,500
10,750 12.650 Salt Flat
Carr City
11,550 11.400
North Louisiana18 300 17.400
EarLsboro
18.000 15,400 Sarepta-Carterville
East Earisboro
1,000 1.000
.600 Zwolle
5,000
South Earisboro
7,250 6,450
6,600 5,800
Konawa
Arkansas
21 800 21.600
Little River
3,700 4,000
5,400 4,350 Smackover, light
East Little River
28,800 28,900
2,200 Smackover, heavy
2,250
Maud
9 050 5,050
Mission
Coastal Texas
144 100 259.400
Oklahoma City
20,300 20,600
21,700 21,050 Barbers Hill
St. Louis
7,100 7,300
Raccoon Bend
4,050 3 150
Searight
26,000 26,350
13,300 12 550 Refugio County
Seminole
12,000 12,200
1,750 1,450 Sugarland
East Seminole
Coastal Louisiana
Kansas
700
650
5 300 5,350 East Hackberry
Ritz
700
700
15,250 Old Hackberry
14.300
Sedgwick County
Wyoming
16,350 15,700
Vo.shell
24,600 23,050
Salt Creek
Panhandle Texas
40,550 42,200 Montana
Cray County
4,600 4,600
.
Hutchinson County_ _ . 10,550 10,450 Kevin-Sunburst
New Mexico
North Texas
35,100 35,100
Archer County
12,750 12 950 Hobbs High
3,850 4 500
North Young County.... 9.100 9,600 Balance Lea Count y_
California
12.000 11,950
Wilbarger County
26,500 26,100
Elwood-Goleta
West Central Texas
19,500 19.500
South Young County_ _ _ 3,450 3,600 Huntington Beach
14,000 14,000
Inglewood
1Vest Texas
77.700 77,400
Crane & Upton Counties 20,100 20,200 Kettleman Hills
74.300 75.000
5.500 5,600 Long Beach
Ector County
50,600 50 6(10
25,550 28,900 Midway-Sunset
Howard County
24.500 25,500
27.000 25,100 Playa del Rey
Reagan County
62,700 62,20)
40 800 Santa Fe Springs
40 000
Winkler County
11,400 10,300
70 200 70 850 Seal Beach
Yates
40,200 40,000
2 600 3,000 Ventura Avenue
Balance Pecos County
Pennsyleania Grade
East Central Texas
6.900 6,550
44,250 49 800 Allegany
Van Zandt County
21,900 20,950
Bradford
East Texas
6,350 6,650
Kane to Butler
Rusk County:
6,400 6,950
146,900 126,600 Southeastern Ohio
Joiner
170.600 160,050 Southwestern Penna____ 3,250 2,910
Kilgore
13,500 12,800
19 300 94,900 West Virginia
Gregg Co.: Longview
Steel Production Drops to 30% of Capacity-Finished
Steel and Pig Iron Prices Again Decline-Steel Scrap
Price Higher.
So little is July falling off from June in respect to shipments that hopefulness of a decided turn for the better by
September is spreading through the producing end of the
steel industry, says the "Iron Age" of July 23. The operating rate for the whole country has dropped 2 points in the
week, or to 30% of ingot capacity, but the belief is now very
general that present levels of output will continue through
August without material change, adds the "Age," Continuing:
Reduced requirements of the automobile builders, the completion of rail
contracts and the falling off in large gas and oil line projects account largely
for the curtailment. Two blast furnaces are scheduled to go out at Ensley
this week and one steel company stack may be banked in the Chicago
district. The automobile industry will reach the low of the year in August,
with a production expected not to exceed 175,000 cars.
Construction enterprises are sustaining factors, such as a fairly steady
movement of bridge and building work and, in the case of reinforcing steel,
of road work and public improvements. Tin plate consumption is also a
strong supporting influence, although tin mill output has fallen rather
sharply to a 60% rate after weeks of approximately a 65% gait.
The movement to stabilise prices gained by the wide adoption last week
of a reduction of $1 a ton for bars, plates and shapes. In the case of bars,
particularly, sane revision downward on contracts was required, but the
tonnage so affected was probably not very great and following so shortly
the new classification and prices for sheets that seem to have been accepted
almost without deviation, the price action respecting the heavy tonnage
products has had the effect of measurably improving sentiment.
Current buying is not calculated by its volume to put the price structure
to a severe test, yet in the instance of sheets, large consumers seem willing
to make forward commitments on the new sheet basis. And as regards the
new higher price of $1.90 a keg for wire nails to jobbers, some few contracts
have been closed that were difficult to make when $1.80 was the prevailing
price.
Primary materials are featured by further evidences of strength in scrap
prices. At Pittsburgh heavy melting steel has advanced 25c. a ton for the
third consecutive week. The same grade is stiffening in the Youngstown
district, while at Pittsburgh blast furnace grades rose $1 and at Cleveland
50e. a ton.
Pig iron melt in New England has taken the first upturn in many months
and sales have been in better volume at both Boston and New York.
New projects requiring fabricated structural steel, estimated at 49,500
tons, are more than twice in volume the tonnage of the two previous
weeks. Included are 15,000 tons for a parcel post building in New York,
10,000 tons for a bridge and highway construction for the State of Louisiana,
7,500 tons for transmission towers from Peoria to Chicago for the Insull
interests, and 8,000 tons for a Naval air base at Sunnyvale, Calif.
Awards of about 17,000 tons include a 2,000-ton high school in Chicago,
950 tons for a Chicago, Burlington & Quincy bridge in Chicago, 800 tons
for interurban railroad bridges in Milwaukee, 700 tons for a train shed at
Dallas, Tex., 800 tons for a prison at Walkill, N. Y., and 825 tons for a
grade crossing separation at Toledo, for the Nickel Plate RR.
The "Iron Age" composite price for steel melting scrap has made the
second advance since its 30-year low ($9.08) was reached late in June.
It is now $9.25 a gross ton. The pig iron composite dropped 2c. to $15.54,
a new low since late 1915, and the finished steel composite has receded
to 2.11c. a pound from the 2.137c. level held for three weeks.
Finished Steel.
Based on steel bars, beams, tank plates.
July 21 1931, 2.1160.5 Lb.
2.1370. wire, rails, black pipe and sheets.
One week ago
2.102o. These products snake 87% of the
One month ago
2.171a. United States output.
One year ago
Lots.
High.
2.102o. June 2
2.1420. Jan. 13
1931
2.121c. Dø. 5
2.3620. Jan. 7
1930
2.3620. Oct. 26
2.4120. Apr. 2
1929
2.3140. Jan. 3
2.3910. Dec. 11
1928
2.293c. Oct. 25
2.453e. Jan. 4
1927
2.403o. May 18
2.4530. Jan. 5
1925
2.3960. Aug. 18
2.5600. Jan. 6
1926
[VOL. 133.
Pig Iron.
Based on average of basic Iron at Valley
July 211931. 515.54 a Gross Ton.
$15.56 furnace and foundry irons at Chicago.
One week ago
15.63 Philadelphia, Buffalo, Valley and BirOne month ago
17.09 mingham.
One year ago
High.
$15.54 July 21
515.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dee. 17
18 71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.46 July 13
21.54 Jan. 5
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on No. 1 heavy melting steel quoJuly 21 1931. $9.25 a Gross Ton.
$9.17 tattoos at Pittsburgh. Philadelphia
One week ago
0,0 and Chicago.
One month ago
13.08
One year ago
Law.
High.
59.08 June 23
$11 33 Jan. 6
1931
11.25 Des. 9
16.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15 25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May 5
20.83 Jan. 13
1925
Steel producers entertain no illusions of a genuinely
encouraging upturn in demand before late August or September-in fact, some will regard the attainment of a 50%
operating rate by fall a noteworthy achievement-yet the
increasing attention being paid to prices is an earnest that
the industry is preparing for the long pull toward improvement,reports"Steel" of July 23, which further goes on to say:
Heavy finished steel appears stabilized at 1.60c . Pittsburgh, or equivalent. which is a revision downward for small users but an increase for
tonnage buyers. Sheet and strip prices, based on the new classification,
hold uniformly on what little business offers. The $1.00 price on nails to
jobbers is a reaffirmation of a lapsed level, but wire and staples are weaker.
Sentiment continues moderately stronger despite the fact steel-making
operations have fallen to 30%. 3 points below last week, and the lowest
since the stock market broke in the fall of 1929. Of the major districts.
Youngstown is down 4 points to 34%. Pittsburgh has dropped 1% points
to 31%. Chicago is down 1 point to 29% and eastern Pennsylvania is unchanged to 331
2%. Of the minor districts, Cleveland has dropped 8 points
/
to 27%. Birmingham is down 5 points to 35% and Buffalo is up 5 points
to 43%.
Although San Francisco has requested a 6-month guarantee from low
bidders on the 106,000 tons of steel for its Golden Gate Bridge, indicating
delay in marketing bonds, structural material still dominates the finished
steel markets. Including 58,700 tons for the revived bridge projects at
New Orleans and 12,500 tons for the Bankers Trust Building at New York.
126,500 tons in fresh inquiry is out. This week's awards, at 24,047 tons,
compare with 23.000 tons last week.
For plates tho market is somewhat more active. Navy destroyers on
which bids open Oct. 1 require 8.000 tons, chiefly plates; 13 tanks placed
by the Atlantic Refining Co. call for 6,000 tons; other miscellaneous plate
needs aggregate 10,000 tons. Bids are going in on 10,000 tons of pipe for
elevated highway foundations in New York, and on 5,000 tons for the
Iroquois Gas Co. in northern New York.
Automobile production, holding closely at 60,000 units weekly in the
first half of July, appears to be declining rapidly in the last half. Plymouth,
riding the crest of a new model, is a heavier buyer of steel, but its expanding
schedule is partially at the expense of Ford and Chevrolet.
Railroad requirements for steel this week are chiefly expressed by Northern Pacific's inquiry for 500 box car underframes and superstructures, and
Norfolk & Western's purchase of 3.000 tons of steel for repairs.
The scrap market continues to consolidate its recent price gains. Dealers
have been required to raise their bids in numerous instances to obtain
material, indicating a growing scarcity. Consumption of pig iron is believed to be at the low point of the year, and melters show little interest
in forward requirements for either pig iron or coke. Two additional blast
furnaces in Alabama have been blown out.
"Steel's" price composite for steel-works crap again registers an advance
up 21 cents this week to $8.87, due mainly to an increase of 75 cents a ton
in heavy melting steel in eastern Pennsylvania, and of 50 cents a ton for
heavy melting and compressed scrap at Pittsburgh. The general iron and k
steel composite is unchanged this week at $30.98, while the composite
representing finished steel remains at $48.62.
An increase of about 2% in steel ingot production of the
U. S. Steel Corp. for the week ended July 20 more than offset
a decline in activity of independent steel companies, resulting in the first upturn in weekly rate of output of the
industry since March 25 1931, reports the "Wall Street
Journal" of July 22, which further states:
This week's gain brought the average for the industry to a shade over
31%, against around 31% in the preceding week and better than 32% two
weeks ago. The last previous upturn, in March, was / of 1% to 67%.
4
1
Steel ingot production of U. S. Steel for the week ended July 20 is esti.
mated at 33% of theoretical capacity. In the preceding week the rate
was 31%. Two weeks previous, before the Independence Day holiday, the
%
2
/ of capacity.
corporation Was at 321
Independent steel companies are at about 29%% of capacity, compared
with 31% a week ago and about 32% two weeks ago.
At this time last year the Steel Corp. was at nearly 64%, with independents around 52%, and the average was 571%. Two years ago U. S.
2
/
Steel was running at almost 99%, independents at 92%, and the average
was 95%. After the middle of July 1928 the U. S. Steel Corp. was at 76%,
Independents about 701%, and the average 73%.
2
/
"The American Metal Market," in its weekly iron and
steel review, says:
The usual summer experience has been for orders to pick up slightly after
the middle of July and to show a little farther gain in August, but at
present there are no signs of any picking up and there is a theory that
autumn recovery will begin to show itself later than usual by reason of
buyers all down the line being extremely conservative. That a very substantial improvement will begin early in September is still predicted.
Bars, shapes and plates have become quotable at 1.60 to 1.65 against the
asking price of 1.65 quoted since Jan. 1, while old contracts with ordinary
buyers at 1.60 were extended and very large buyers had concessions from
that figure. The mills now have an ambition to make 1.60 the minimum
of the market. Advanced asking prices on sheets dating from July 1 have
JULY 25 1931.]
FINANCIAL CHRONICLE
held thus far but the crucial test is still to occur in the closing days of
this month as buyers had an opportunity to cover deliveries to Aug. 1 at
old prices and only a relatively small amount of business has been done so
far at the advanced prices. The strip advance is holding, while nails are
practically unchanged.
Tin mill operations have dropped five points to a 60% rate, the decrease
being seasonal. Standard pipe demand approximates that of June, while
there is very little backlog in line pipe and not much live inquiry. At
various automobile plants stocks of steel and parts are being cleaned up in
preparation for vacations and the farm implement industry is not yet limbering up for its autumn season.
Anthracite Employment and Wages in June According
to Philadelphia Federal Reserve Bank.
Anthracite employment was 5% smaller and wage payments 12.5% smaller in June than May, according to
indexes compiled by the Philadelphia Federal Reserve Bank
on the basis of reports received by the Anthracite Bureau of
Information from 159 collieries employing 104,000 workers,
with a weekly payroll amounting to $2,608,000. Last year
at the same time, the drop in employment and payrolls
was somewhat smaller.
The employment index was 74% and the payroll index
57% of the 1923-1925 average. Compared with a year ago,
this is a decline of 17% in the number of workers and of
23% in the volume of wage disbursements. Comparable
indexes follow:
1923-1925 Average-=100.
Employment.
Wage Payments.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
1930.
1931.
1929.
1930.
1931.
109.8
109.4
101.3
104.1
107.2
95.4
85.6
93.6
105.5
109.8
107.6
110.8
105.6
107.8
83.3
84.8
92.3
89.5
90.3
81.7
91.9
96.2
94.7
96.5
883
87.1
79.9
82.9
78.3
74.2
112.6
107.0
79.5
77.4
85.4
71.0
56.8
88.9
83.4
116.6
87.6
110.8
92.1
103.7
67.1
63.9
85.8
73.2
72.6
68.2
78.2
102.3
83.2
85.0
75.8
79.8
55.7
63.8
64.6
56.5
June Production of Bituminous Coal Higher Than in
Preceding Month but Continues Below Rate a
Year Ago-Output of Anthracite Again Falls Off.
According to the United States Bureau of Mines, Department of Commerce, the total output of bituminous coal
during the month of June 1931 is estimated at 29,185,000
net tons, as against 28,314,000 tons in the previous month
and 33,714,000 tons in the corresponding month last year.
Anthracite production during June of this year totaled
4,544,000 net tons as compared with 5,152,000 tons in the
same month last year and 5,005,000 tons in May 1931.
The average daily rate of production of bituminous coal
in June 1931 totaled 1,123,000 net tons, as against 1,115,000
tons in the preceding month and 1,349,000 tons in June
1930. The Bureau's statement follows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN JUNE (NET TONS).
altsiminotu.
Month.
1931-April
May
Juna_a
1930
-June
a Revised.
Anthracite.
No. of Average
No. of Average
Total
Working per Work- Total
Working Per WorkProduction. Data.
Day. Produaion. Days.
Day.
28,478,000
28,314,000
29,185,000
33.714,000
25.8
25.4
26.0
25.0
1.101.000
1,115,000
1,123,000
1,349,000
5,700,000
5.005,000
4,544,000
5,152,000
25.0
25.0
26.0
25.0
228,000
200,200
174.800
206,100
555
holiday. Production during the week in 1930 corresponding with that of
July 11 amounted to 7,861,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1931
1930
Cal.Year
Cal Year
Week EndedWeek,
Week.
to Date.
to
June 27
7,995,000 227,149.000
6,752,000 187,258,000
Daily average
1.125,000
1,237,000
1,333.000
1,499,000
July 4
6.545,000 233.694,000
5,961,000 193,219,000
Daily average
1.493.000
1,192.000
1,235.000
1,309,000
July Il_b
7.861.000 241,555.000
6.667,000 199,886,000
Daily average
1.310,000
1.486.000
1.111,000
1,231,000
a Minus one day's production first week in January to equalize number of
days in the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
July 11 (approximately 162 working days) amounts to 199,886,000 net tons.
Figures for other recent calendar years are given below:
1930
241,555,000 net tons'1928
248,055,000 net tons
1929
271,151,000 net tons 1927
283,168.000 net tons
1922
19 .829,000 net tons
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended July 4 1931 is estimated at 5,901,000 net tons. In comparison with the output In the preceding week this is a decrease of 791,000 tons, or 11.7%, due to time lost
at the mines in connection with the observance of Independence Day.
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).
July
Week Ended
July 4
1923
June 27
July 6
July 5
State1931.
1930.1929.
1931
(a)
Alabama
210.000 225,000 240,000 286,000
389,000
Arkansas
10,000
11.000
25,000
18.000
14.000
Colorado
50,000
89,000
72,000
62,000
165.000
Illinois
578,000 650.000 674.000 732,000 1.268,000
Indiana
174,000 207.000 220.000 251,000
451,000
Iowa
39,000
50,000
87,000
45.000
47.000
Kansas
30.000
31,000
76,000
32,000
30,000
1(entucky-Eastern..- 573.000 632,000 590,000 678.000
735,000
Western
113.000
119,000 142.000 176,000
202,000
Maryland
27,000
35,000
32,000
42,000
28.000
Michigan
17,000
2.000
2,000
12,000
9.000
Missouri
34,000
58,000
47.000
40,000
53,000
Montana
29,000
38,000
36,000
30.000
41,000
New Mexico
25.000
40.000
30,000
25,000
52,000
North Dakota
15,000
14,000
11,000
16,000
9,000
Ohio
854,000
346,000 389,000 359.000 367,000
Oklahoma
49,000
45,000
33.000
28,000
20,000
Pennsylvania (bit.)„1.597,000 1,794,000 1,866,000 2,243,000 3,680.000
Tennessee
113.000
74.000
62,000
77,000
60,000
Texas
23,000
9,000
18,000
9,000
12,000
Utah
87,000
33.000
44,000
32,000
17,000
Virginia
239,000
180,000 199,000 150,000 173,000
Washington
25,000
37,000
31,000
24,000
32.000
W.Va. Southern_b_1,358,000 1,578,000 1,314,000 1.405.000 1,519,000
Northern-c
350,000 462,000 415,000 583.000
866,000
Wyoming
58,000
115.000
77,000
62,000
67,000
Other States_d
1,000
2.000
1,000
4,000
2,000
Total bitum. coal_5,961.000 6.752,000 6,545.000 7.550.000 11.208.000
Penna. anthracite-- - 948,000 1,262,000 979,000 772.000 1.950,000
Total all coal
6,909,000 8,014,000 7,524.000 8,322,000 13,158.000
a Average weekly rate for the entire month. b Includes operations 012
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 Pennsylvania anthracite during the week ended
July 11 is estimated at 775,000 net tons. This is a decrease of 173,000
tons or 18.2% from the output in the preceding week when the production
was curtailed by the observance of Independence Day. During the week
In 1930 corresponding with that ofJuly 11 the production was 1,235,000 tons.
Estimated Production ofPennsylvania Anthracite (Net Tons).
1931
1930
Daily
Daily
Week EndedWeek.
Average.
Average.
Week.
June 27
1,262,000
210,300
1,423,000
237.200
July 4
948,000
189,600
979.000
195,800
July 11
775,000
1,235,000
205,800
129.200
BEEHIVE COKE.
The total production of beehive coke during the week ended July 11 is
estimated at 19,300 net tons. This compares with 16,000 tons in the preceding week, and 51,700 tons during the week in 1930 corresponding with
that of July 11.
Estimated Weekly Production of Beehive Coke (Net Tons).
wea Ended- 1931
1930
July 11 July 4 July 12
to
to
Date.a
Date.
1930.
1931c.
1931.b
Pa.. Ohio and W. Va---- 16,200
45,400 695,000 1.589.000
12,500
Tennessee and Virginia- 1,700
149.500
72.300
4,600
2,300
Colo., Utah and Wash. - 1,400
25.900
63,000
1,700
1.200
Region-
United States total-- 19.300
51,700 793.200 1,801.500
16,000
Daily average
10,985
4,837
8,617
3,200
3,217
a Minus one day's production first week in January to equalize number
of days in the two years. b Subject to revision. c Revised since last report.
Bituminous Coal and Pennsylvania Anthracite Output
Continues Below that of the Corresponding Period
Last Year.
According to the United States Bureau of Mines, Department of Commerce, a total of 6,667,000 net tons of bituminous coal, 775,000 tons of Pennsylvania anthracite and 19,300
tons of beehive coke were produced during the week ended
July 11 1931. This compares with 7,861,000 tons of bituminous coal, 1,235,000 tons of Pennsylvania anthracite and
51,700 tons of beehive coke in the same period last year and
5,961,000 tons of bituminous coal, 948,000 tons of Pennsylvania anthracite and 16,000 tons of beehive coke during
the week ended July 4 1931 when working time was curtailed
by the observance of Independence Day.
During the calendar year to July 11 1931 production of
bituminous coal amounted to 199,886,000 net tons as compared with 241,555,000 tons in the calendar year to July 12
1930. The Bureau's statement also shows:
We are now in the second year of a corrective period, which in the judgment of many of us is a wholesome and much needed reminder that there
are basic economic as well as moral laws which do not change with the
seasons and are not affected by mob psychology; and when flagrant disregard for these laws attains the proportions witnessed prior to the close
of 1929, the measure of retribution which is meted out to us is in proportion to the extent of their breach.
BITUMINOUS COAL.
The total production of soft coal during the week ended July 11 1931,
including lignite and coal coked at the mines, is estimated at 6,667,000 net
tons. This is an increase of 706,000 tons or 11.8% over the output in the
preceding week, when working time was curtailed by the Fourth of July
The head of the organization of men who buy hundreds of
millions of dollars worth of materials every year believed
"it might be very beneficial in establishing a sound foundation for permanent recovery to have this period of fast and
President of National Association of Purchasing Agents
Hits Nostrums
-Hard Work Solution.
Preaching the unpopular doctrine that continued depression might be a good thing for the country, George Richardson, newly-elected President of the National Association of
Purchasing Agents, who represent the material buying power
of the Nation, took a sharp rap at the professional optimist
and the nostrum specialist in a special message to the members of the association, made public this week.
556
(VOL. 133.
FINANCIAL CHRONICLE
abstinence continue for a while. There is no substitute
for intelligence, hard work and close application to business."
Mr. Richardson finds that "business men need to have it
borne in on them that they cannot get and hold something
for nothing." He advocates a "return to hard work and
a less extravagant living" as the only possible antidote to
"existing unsound tendencies which are manifest on every
hand."
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 July 22, as reported by
the 12 Federal Reserve Banks, was $953,000,000 which was
the same as in the preceding week and a decrease of V24,000,000 compared with the corresponding week in 1930.
After noting these facts, the Federal Reserve Board proceeds as follows:
On July 22 total Reserve Bank credit amounted to $942,000,000, a decrease of $9,000,000 for the week. This decrease corresponds with decreases
of $16,000,000 in money in circulation, $4,000,000 in member bank reserve
balances and $2,000,000 in unexpended capital funds, etc., offset in part
by decreases of $8,000,000 in monetary gold stock and 65,000,000 in
Treasury currency.
Holdings of discounted bills increased $16,000,000 at the Federal Reserve
Bank of San Francisco, $2,000,000 at Atlanta and $20,000,000 at all Federal
Reserve Banks. The System's holdings of bills bought in open market
declined $3,000,000 and of Treasury notes $4,000,000 while holdings of
U. S. bonds increased $4,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly conditions statement of the Federal
Reserve Banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not previously included in the condition statement, such as monetary gold stock and money in circulation. The Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was publighed in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended July 22, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 597 and 598.
Changes in the amount of Reserve Bank credit outstanding in related items during the week and the year ended
July 22 1931 were as follows:
Increase
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
1+)MIKEDecrease (—)
or
July 22 1931. July 15 1931. July 23 1930.
$
8
8
182,000,000 +20,000,000
—9,000.000
—3,000,000
67,000,000
—84,000,000
678,000,000
+102,000.000
16,000,000 —25,000,000
—13,000,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 22 1931. July 15 1931. July 23 1930.
Loans and Investments—total
7,712,000,000 7,805,000,000 8,070,000,000
Loans—total
5,093,000,000 5,155,000,000 5,952,000,000
On securities
All other
2,712,000,000 2,758,000,000 3,537,000,000
2,381,000,000 2,397,000,000 2,415,000,000
2,619,000,000 2,650,000,000 2,119,000,000
Investments—total
U. S. Government securities
Other securities
1,587.000,000 1,607,000,000 1,110,000,000
1,032,000,000 1,043,000,000 1,008,000,000
Reserve with Federal Reserve Bank
Cash in vault
886,000,000
42,000,000
883,000,000
43,000,000
825,000,000
45,000,000
Net demand deposits
Time deposits
Government deposits
5,791,000,000 5,871,000,050 5,610,000,000
1,150,000,000 1,163,000,000 1,444,000,000
73,000,000
83,000,000
40,000,000
Due from banks
Due to banks
102.000,000 103,000,000
90,000,000
1,201,000,000 1,258,000,000 1,132,000,000
Borrowings from Federal Reserve Bank_
Loans on scour. to brokers & dealers
1,033,000,000 1,055,000,000 1,619,000,000
For own account
For account of out-of-town banks.._.... 215,000,000 209,000,000 776,000,000
168,000,000 166,000,000 832,000,000
For account of others
1,416,000,000 1,430,000,000 3,226,000,000
Total
On demand
On time
Loans and Investments—total
1 001,000,000 1,028,000,000 2,624,000,000
415,000,000 402,000,000 603.000,000
Chicago.
1,847,000,000 1,850,000,000 2,044,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,274,000,000 1.280,000,000 1,609,000,000
727,000,000
547,000,000
732,000,000
548,000,000
964,000,000
645,000.000
573,000,000
570,000,000
435,000,000
340,000,000
233,000,000
340,000,000
230,000,000
194.000,000
241,000,000
169,000,000
15,000,000
174,000,000
17.000,000
177,000,000
13,000,000
1,181,000.000 1.183,000,000 1,276,000,000
533,000,000 532,000,000 685,000,000
17,000,000
20,000,000
5,000,000
170.000,000
317,000,000
174,000,000
334,000,000
198,000,000
362,000,000
1,000,000
1,000,000
2,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
—9,000,000
—4,000,000
942,000,000
TOTAL RES'VE BANK CREDIT
4,951,000,000 4,-8,000,000 +428,000,000 Chicago member banks are now given out on Thursday,
Monetary gold stock
—5,000,000
—9,000,000
1,784,000,000
Treasury currency adjusted
simultaneously with the figures for the Reserve banks them4,792,000,000*
--16,000,000 +385,000,000 selves, and covering the same week, instead
Money in circulation
of being held
2,432,000,000
—4,000,000
Member bank reserve balances
Unexpended capital funds, non-memuntil the following Monday, before which time the statistics
454,000,000 —2,000,000
+31,000,000
ber deposits, &c
covering the entire body of reporting member banks in 101
*July 15 figures revised.
cities cannot be got ready.
In the following will be found the comments of the Federal
Returns of Member Banks for New York and Chicago Reserve Board respecting the returns of the entire body
reporting member banks of the Federal Reserve System for
Federal Reserve Districts—Brokers' Loans.
previous week, namely the week ended with the close of
Beginning with the returns for June 29 1927, the Federal this
commenced to give out the figures of business on July 15:
Reserve Board also
The Federal Reserve Board's condition statement of weekly reporting
the member banks in the New York Federal Reserve District member banks in leading cities on July 15 shows decreases for the week of
$72,000,000 in loans and investments, $34,000,000
as well as those in the Chicago Reserve District, on Thurs- ;34,000,000 in government deposits, and an increase in time deposits and
of $41,000.000 in net
days, simultaneously with the figures for the Reserve Banks demand deposits.
Loans on securities declined $49.000,000 at reporting member banks in
week, instead of waiting until
themselves, and for the same
the New York district and $35,000,000 at all reporting banks. "All other"
the following Monday, before which time the statistics loans increased $54,000,000 in the Now York district, and 34.000.000 at all
reporting member banks in the reporting banks.
covering the entire body of
Holdings of United States Government securities declined $8,000,000
different cities included cannot be got ready.
in the Cleveland district and increased $6,000,000 in the Boston district.
for the New York member banks all reporting banks showing a net reduction of $5.000.000. Holdings of
Below is the statement
other
and that for the Chicago member banks for the current at all securities declined $63.000,000 in the Chicago district and $60,000.000
reporting banks.
week as thus issued in advance of the full statement of the
Borrowings of weekly reporting member banks from Federal Reserve
member banks, which latter will not be available until the banks aggregated $43,000,000 on July 15. representing an increase of
$3,000,000 for the week.
coming Monday. The New York statement, of course, also
A summary of the principal assets and liabilities of weekly reporting
brokers' loans of reporting member banks. member banks, together with changes during the week and the year ending
includes the
July 15 1931, follows:
The grand aggregate of brokers' loans the present week
Increase (+) or Decrease (—)
Since
decrease of $14,000,090, the amount on July 22
records a
July 15 1931. July 8 1931.
July 16 1930.
The present week's de1931 standing at $1,416,000,000.
Loans and Investments—total__ __22,415,000.000
—72,000,000 —691.000,000
crease of $14,000,000 follows a decrease of $25,000,009 last
Loans—total
14,635,000,000
—1,000,000 —2,271.000,000
week and a decrease of $24,000,000 two weeks ago. Loans
On securities
6,633 000 000
—35 000,000 —1,764,000,000
own account" fell during the week from $1,055,000,000
"for
All other
8,002,000,000
+34,000,000 —506,000,000
to $1,033,000,000 but loans "for account of out-of-town banks" Investments—total
7,780,000,000
—71,000,000 +1,580,000,000
Increased from $209,000,000 to $215,000,000 and loans "for
U.S. Government securities
—5.000,000 +1,204,000,000
4,119,000,000
atcount of others" from $166,000,000 to $168,000,000.
Other securities
—66,000,000 +376,000,000
3,661,000.000
JULY 25 1931.]
FINANCIAL CHRONICLE
July 15 1931.
$
Reserve with Federal Res've banks 1.854,000,000
Cash in vault
217,000,000
Net demand deposits
Time deposits
Government deposits
Increase (+) or Decrease (-)
Since
Jnly 8 1931. July 16 1930.
8
$
+14,000,000
-15.000,000
+5,000.000
13,845.000,000
7,142,000,000
237,000,000
Borrowings from Fed. Res. banks_
-139,000,000
-257,000,000
+103,000,000
1,698,000.000
3.602,000,000
Due from banks
Due to banks
+41,000,000
-34,000,000
-34,000,000
-4,000,000
-117.000,000
+94.000,000
+208,000,000
43,000,000
+3,000,000
-2,000,000
Gold and Silver Imported Into and Exported from the
United States, by Countries, in June 1931.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report (figures subject to revision), showing the
imports and exports of gold and silver into and from the
United States during the month of June 1931. The gold
exports were only $39,760, of which $20,000 went to Germany, $17,000 to Switzerland, and $2,760 to Canada. The
imports were $63,887,495, of which $26,009,897 came from
Germany,$20,727,309 from Canada,$5,100,095from China,
$4,922,530 from Argentina, and $2,151,329 from Peru.
Below is the report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES BY COUNTRIES.
COLD.
Total.
Exports,
CountriesFrance
Germany
Italy
Switzerland
United Kingdom
Canada
Costa RICA
Guatemala
Honduras
Nicaragua
Panama
Mexico
Newfdi'd & Labr'r
Trinidad di Tobago
Cuba
Dominican Repub_
Dutch West Indies
Haiti, Republic of_
Argentina
Bolivia
Chile
Colombia
Ecuador
Peru
Venezuela
British India
China
Java & Madura_
Hong Kong
Japan
Philippine Islands.
Australia
New Zealand
Union of So. Africa
Total
Imports,
SILVER.
Refined Bullion.
Exports,
Imports.
7'0141 (incl. Coin).
Exports.
Imports.
5
$
Ounces. Ounces.
$
8
21,076
'
155
20,000 26,009,897
50,875
13,418
285
500
93
17,000
120,966
32,740
431
2,760 20,727,309
102,305 165,385 129,892 312,903
4,150
48,174
34,223
68.500
12,464
3.152
1,625
14.400
438,213
2,200,114 90.750 1.319,323
2,500
35,431
1,500
485
1,523,162
156
293
24,300
110,062
2.900
2,200
4,922,530
3,215
926
135,556
43.102
584
80,578
154,584
5,038
223
1,511
57
93,126
2,803
2.151.329
395,826
92.732
2,591,462
703,072
5.100,095 2,862,571
763,938
363,168
78,614
22,285
581,033
1,261,070
155,536
398,800
299,889
2,439
3
16.394
27
7
48
39,760 63,887,495 6,318.965 2,442,947 1.894.90412.364.237
British Population Set at 44,790,485
-Increase Lowest
Since 1801 but Density Is Second in Europe to
Belgium.
Although the main statistical pointi3 in an analysis of Great
Britain's population of 44,790,485, according to the census
Just completed, have been received by cable, an interpretive
analysis has been made by S. P. Vivian, the Registrar General, serving to modify the discouraging features
-the lowest
increase since 1801 and the declining birth-rate, observes the
New York "Times" in its issue of July 19. He declares that
the total is the largest ever recorded in the country, and adds
that its density of 685 to the square mile, with the exception
of Belgium, is the highest of any country in Europe. Other
points in this analysis are:
557
pared with the last pre-war decennium 1901-11, affords nothing but
satisfaction, indicating, as it does, a definite advance In the general
vitality of the nation as a whole."
Budgets Show Heavy Deficits
-Study of
23 Countries Reveals that Revenues, As a Whole,
Are Below Estimates.
European
A marked upsetting of the budget balances of European
public finance, corresponding in most instances to the extent or severity of business recession in the separate countries,
is shown in a review of the current financial status of 23
European Governments by R. M. Stephenson, made public
on July 19 by the Department of Commerce. Mr. Stephenson, who is chief of the European section of the department's
division of regional information, points out in his survey
that, taken as a whole, the revenues of European countries
were less than estimated for the most recent fiscal periods.
Primarily responsible for this condition have been the lower
tax returns, including customs duties, which in turn have
been caused by reduced incomes, fewer commercial transactions and lower imports. "At the same time, the exigencies of the depression have made heavy unforeseen demands on government treasuries," the survey states, "particularly for unemployment relief, and in spite of administrative economies it has in many cases been impossible to
keep expenditures within the estimates."
While pointing out the parallel cannot be too closely
drawn owing to variation in financial practice and the insufficiency of returns in many cases, Mr. Stephenson concludes that, with some exceptions, the budget balances of
European nations have become upset, roughly, in proportion to the degree of business recessions. The survey of
the current financial status of European countries, with the
explanation that indicated positions may be definitely
altered when final figures for the complete fiscal period are
available, is as follows:
United Kingdom.
For the fiscal year closed March 31 the British budget showed a deficit
of £23.275,000 ($113,268,000), or 2.6% of total expenditures, instead of
the surplus of £2,236,000 budgeted. Expenditures were £10,000.000 more
than estimates, owing chiefly to heavier contributions to the unemployment
fund and other relief.
Revenue was £15,500.000 under estimates, as a result of a decline in
tax returns. Included in revenue was £32.890,000 as receipts from loans.
and in expenditure £66,830.000 was paid into the sinking fund.
Irish Free State.
On the ordinary budget the Free State deficit (year ended March 31
1931) amounted to £901,000-less by £700,000 than that anticipated In the
estimates. Reductions in expenditures and heavier tax returns accounted
for this good showing.
Capital expenditures (£1,379,000) were met by borrowing, as in previous
years. Included in receipts was £7,530,000 from loans and in expenditures
£4,447,000 of repayments.
France.
Final figures of French revenue and expenditure during the fiscal year
ended March 31 1931 will not be available for some time. The Minister
ofthe Budget,however,recently stated that a deficit of2.200,000,000 francs
($86,200,000). "the largest in real values for the past fifty years," would
be shown when the accounts were closed.
This deficit is the result of heavy supplemental credits voted for social
insurance, flood relief, ticc., which offset the favorable tax returns of nearly
1,000,000.000 francs above estimates. Such a deficit would amount to
between 4 and 5% of total expenditures.
Germany.
The German budget closed (March 31) with a deficit of 1,249.600.000
marks (3297,400,000), or a little over 13% of total expenditures.
Included in expenditures are 1,707,900.000 marks for reparations payments, about 800.000.000 marks for amortization and repayment of debt.
and 771.700,000 marks to cover the deficit from the preceding year. Receipts from loans, totaling 487,100.000 marks, are included in revenues.
Expenditures exceeded estimates by 447,400,000 marks (5%); income
from taxation fell below estimates by 1,240,000.000 marks (16.4%). Returns from taxation were less than anticipated in all important categories.
particularly from income and turnover Laze'. customs duties and constunption taxes on beer, spirits and tobacco.
Yugoslavia.
"The numerical increase is less than that of any decennium since
1861
For nine months of the last fiscal year (closed March 31) the Yugoslav
(when the population was but half of its present dimensions) with the sole
exception of the war decade, 1911-21; while the percentage increase, with budget showed a surplus of 194,000.000 dinars ($3,414,000), or a little
the same exception, is only half or less than half of any previously over 2% of expenditures for the period.
recorded. But for the exceptional loss of men during the war the present
Greece.
decennial rate of increase would have been the lowest recorded in respect of
An official estimate placed the surplus on the Greek budget, closed
England and Wales since census taking was introduced in 1801.
March 31, at about 200.000,000 drachmas($2,600,000). although the budget
"The full significance of the fall (in birth 16.3%) will be but dimly as adopted, anticipated a small deficit. No detailed figures are available,
appreciated for many years to come; any temporary satisfaction felt in a but revenues seem to have been above and expenditures below estimates.
reduction of the number of unproductive mouths to be filled during the
Bulgaria.
present period of economic stress must sooner or later be qualified by a
For ten months of the fiscal year ended March 31 the Bulgarian budget.
realization of the profounder secular issues irmolved. The births
of according to statements of the League of Nations Commission, showed a
today govern the population of the future, and, just as the nation which
($6,872,000), or about 15% of total expenditures,
faced the upheaval of 1914 to 1918 was the product of the birth rates deficit of954.000,000 leva
accounted for by borrowing in the form of
prevailing toward the close of last century, we are now observing the of which 550.000.000 love was
Treasury bonds.
conditions which will shape the generations charged with the national
Italy.
destiny in the latter part of the present century.
The Italian budget deficit (including capital account) at the end of the
"The deaths registered in the intercensal period were more than half a
month (April 30)of the current fiscal year stood at 1,427,000.000 lire
million fewer than those of either of the two preceding decennia. This tenth
of expenditures for the period.
numerical reduction of more than 10%, which, if allowances be made for ($75,060,000), or 8%
Revenues are about 8% underestimate, as tax returns, particularly from
the increasing age and numbers of the population exposed to risk, repre- direct taxes, transfer taxes and income from monopolies,
were lower than
sents a reduction in true mortality of more like 20% compared with the anticipated, though well above last year's receipts.
Expenditures have
decennium 1911-21 (exclusive of deaths OP active service) or 30% corn. been kept slightly below estimates.
558
Favorable returns in May and June are expected to reduce the deficit
to below 1,000.000,000 lire.
Spain.
Preliminary returns of Spanish accounts for 1930 (calendar year) Indicate
a surplus of 38,000,000 pesetas ($4,435,000 at average exchange rate), or
about 1% of expenditures. In the first quarter of the current year also
revenues appear to have exceeded expenditures.
Portugal.
The recent revolt in the islands involved the Portuguese Government in
heavy extraordinary expenditures, the burden of which is to be spread over
the next five years. Aside from these expenditures, however, a deficit is
expected for the current year, ended June 30.
Austria.
The Austrian budget for 1930 closed with a deficit of 267,000,000 schillings ($37,570,000), or 11.6% of total expenditures. For the first time
since 1924 the ordinary budget showed a deficit, 17,000.000 schillings.
Revenues were only 11% under, and expenditures considerably above estimates. The cost of unemployment relief exceeded budget appropriations
by 55,000,000 schlllings.
For the first quarter of the current year revenues were nearly 80.000,000
schilllngs under estimates, but the deficit was reduced to 54,000,000 schillings ($7,598,000) by lowering expenditures.
Belgium.
Preliminary figures of the Belgian budget for 1930, calendaryear, give
a deficit of 1,175.000,000 francs ($32,600,000), or about 9% of total expenditures. Expenditures ran above estimates, especially for pensions,
public works, labor and industry.
Revenue was less than the budget estimates, particularly from taxes on
transfers and inheritance. Reductions in tax rates, introduced after the
passage of the budget estimates, contributed to the lower tax yield.
Netherlands.
While the Netherlands budget for 1930 will not be definitely closed until
the end of the current year, preliminary figures indicate a surplus of 20,000.000 florins ($8,044,000) on ordinary account, or about 3% of ordinary
expenditure.
This is more than double the surplus anticipated in the estimates and
results from tax receipts, particularly from income tax, higher than were
budgeted. Expenditures were about 10,000.000 florins above estimates.
It is probable that this surplus on ordinary account will be offset by a
deficit on the extraordinary budget, figures for which are not yet available.
Switzerland.
Both receipts and expenditures under the Swiss budget for 1930 exceeded
estimates, the former by 50,000.000 francs and the latter by 44,000,000
francs. A surplus of6.700,000francs(31,293,000). or 1.5% ofexpenditures,
resulted.
Czechoslovakia.
Preliminary reports indicate a small surplus on the Czechoslovakian
budget for 1930. This, however, was offset by extra budgetary expenditures, causing a total deficit in the neighborhood of 680,000,000 crowns
($20,128,000).
Hungary.
For ten months of the fiscal year ended June 30 the Hungarian budget
showed a deficit of 87.100,000 pengos: a final deficit for the year in the
neighborhood of 150,000,000 pengos ($26,250,000), or 10 to 12% of expenditures, was anticipated. Total tax returns were about 5% under estimates,
receipts from turnover tax and customs duties being particularly low.
Sweden.
The Swedish budget for nine months of the fiscal year ended June 30
showed a small deficit of 8,500,000 crowns ($2,278,000), or about 1.5%
of total expenditure. At the beginning of the fiscal year the Treasury held
a cash reserve of 78.764.000 crowns, which may be drawn on to balance
the budget.
Norway.
On the basis of the first three-quarters, a small surplus is probable on
the Norwegian budget for the fiscal year ended June 30.
Denmark.
A surplus of about 18,000.000 crowns ($4,825,000) is indicated in the
Danish ordinary budget for the year ended March 31. but complete figures
are not yet available. Income tax returns were about 10,000.000 crowns
($2,680,000) above estimate, and an authorized loan of 6,000,000 crowns
was not negotiated because of the satisfactory budget position. In the
estimates a surplus on the ordinary budget balances a deficit on extr
account.
Finland.
The Finnish budget for 1930. calendar year, closed with a deficit of 463:
200,000 marks ($11.700,000), or a little less than 10% of total expenditures.
Lower returns from direct taxes and State enterprises and higher ex nditures than were anticipated in the estimates accounted for the deficit,
which was covered from cash reserves.
Baltic States.
Incomplete returns indicate a deficit of about $1,000,000 in the Latvian
1930 Lithuania had a surplus of $2,700,000. or about 8% of
budget. In
expenditures, with revenues above and expenditures below estimates.
The Estonian Government's grain-stabilization activities resulted in
unforeseen expenditure and caused a deficit of about 6,000,000 crowns
($1,600,000). or about 6% of expenditures.
Poland.
The Polish budget closed March 31 with a deficit of 55,600,000 zlotys
($6,238,000). or 2% of expenditures. Total revenues were about 10%
under estimates, largely because of lower returns from taxation, especially
customs duties and State monopolies, but expenditures also were under
estimates by about 5%.
Rumania.
No figures of actual expenditures under the Rumanian budget for 1930,
calendar year. are available. Revenues for the year fell below estimates
by 6,603.000,000 lei (539.618.000). or about 18%. Tax yields, particularly
of customs duties and turnover tax, were considerably less than anticipated.
An official estimate places the deficit for the year at 2,000,000,000 lei
($12,000.000), against which may be set 1.000.000,000 lel receipts for the
telephone concession.
Text of Appeal by Hindenburg to President Hoover
Published by Associated Press—Reich President's
Letter to Mr Hoover Details Conditions of German
Crisis
The Associated Press in copyright advices on July 21 publishes the appeal from President Paul Von Hindenburg of
[VoL. 133.
FINANCIAL CHRONICLE
Germany to President Hoover which was cabled to Washington by the German President on June 20. For some reason
unstated it never yet has been made public, the Associated
Press says, either in Washington or Berlin. The following
Is the text:
June 20, 1931.
"Mr. President:
"The dire distress of the German people, which is now at its highest
peak, compels me to turn to you with this extraordinary step.
"The German people have lived through some infinitely difficult years,
with a climax during the last winter. Even this spring, the hopes for
improvement in our business and industry has not materialized.
Possibilities Exhausted.
"I, therefore, have put into effect, through the extraordinary powers
conferred upon me by the constitution of the Reich, measures intended to
safeguard the execution of the most necessary tasks of state and to maintain
the possibility of life for our unemployed population. These measures cut
deeply into all economic and social relations. They demand heaviest
sacrifices from all parts of our population.
"Every possibility of improving the situation by internal measures,
without relief frccn the outside world, have been exhausted. The economic
crisis from which the entire world is suffering strikes the German people,
who have been robbed of their reserve through the consequences of the
war with especial vehemence.
"As the developments of the last few days show, the whole world has
lost its confidence that the German economic system is in a position
to function in view of the burdens now resting upon her. Large credits
which foreign countries had given us have been withdrawn. Even within
the last few days the Reichsbank has been compelled to give up to foreign
countries one-third of its reserves of gold and foreign exchanges.
"The inevitable consequence of these events must be the further serious
curtailment of our economic life and an increase in the number of unemployed, who already comprise more than one-third of the labor engaged
in industry.
"The ability, the will to work and the discipline of the German people
justify a confidence that Germany will live up to the heavy private operations and meet the private loans which rest upon her and which cannot
be changed.
Would Reduce Strain.
"In order to keep her courage to face life and the confidence of the
world in her ability to fulfill her obligations, Germany, however, is most
urgently in need of relief. This relief must come immediately if disaster
,s not to befall us and others. Our people must be vouchsafed the possibility
of working under conditions of life which are bearable.
"The relief which is necessary would, through its material and moral
effects upon the general crisis, redound to the benefit of all countries. It
would improve conditions in other countries and essentially reduce the
danger to Germany of the internal and external tension and strain that
have been created by our distress and lack of hope.
"You, Mr. President, as representative of the great American people,
hold the possibility within your hands of taking the steps for the German
people and for the world by which an immediate change in the situation,
so fraught with danger, can be brought about."
"VON HINDENBURG."
France Announces, in Advance of the World Disarmament Conference Scheduled to Meet At Geneva
Next February, That She Will Refuse to Accept
Any Further Limitation of Her Military, Naval, or
Air Forces Unless Her Security Is Guaranteed by
Other Powers—Note to League on World Parley
Says Forces Are at Minimum of Security.
In a 7,000-word memorandum on the armaments question, sent to the Secretariat of the League of Nations and
made public at Paris on July 21 by the Foreign Office,
France makes it clear that at the world disarmament conference, scheduled to meet at Geneva next February, she
will decline to accept any further limitation or reduction of
her military, naval, or air forces unless her security and the
sanctity of the existing European treaties are guaranteed by
other Powers, presumably the United States and Great
Britain. The armaments which France now possesses, and
which she claims to have reduced considerably since the
World War, represent, says the memorandum, "the lowest
point consistent with France's security in the present state
of Europe and the world." Unless "mutual effective and
prompt assistance" is guaranteed to any Nation in danger
of attack from its neighbors, the reduction of her armaments by France, the memorandum contends, would inevitably mean insecurity for her, "and therefore insecurity
for all." For this reason France, before considering any
actual disarmament, wants for herself, as well as for other
countries, "universal definite pledges of effective mutual
assistance in case of aggression."
This statement of her attitude at the general disarms,
ment conference in Geneva next year was contained in the
preliminary reply of the Foreign Ministry to the League's
request for information and suggestions to facilitate the
1932 conference. Its tone was tempered to some extent,
however, by a statement in the memorandum that France
was ready to collaborate unqualifiedly in any system for
the general organization of world peace based on definite
pledges of common assistance.
JULY 25 1931.]
FINANCIAL CHRONICLE
The complete text of the French Government's memorandum on disarmament, as submitted to the Council of
the League of Nations, follows:
559
This system has been expounded and consistently approved by the
successive assemblies of the League of Nations.
The Government of the Republic has strictly conformed therewith.
Since the coming into force of the covenant. France has of her own accord
The Governments which are clue to take part in the general conference proceeded to reduce
her armaments, taking into account on the one hand
for the limitation and reduction of armaments have been requested by the her geographical
situation and the circumstances for which her armaments
Council of the League of Nations to forward to the secretariat-general
are intended to provide and, on the other, of the progress achieved in the
before Sept. 15 certain particulars concerning the state of their armaments organization
of security.
and any information of a nature to enlighten the conference of 1932 conThe particular circumstances of French national defense are well known.
cerning them.
Having thrice suffered invasion in the course of 100 years. and with
Without awaiting the complete compilation of the figures they desire
extensive frontiers lying open to attack, more particularly these frontiers
to communicate, the Government of the Republic considers it advisable in close
proximity to which are concentrated the resources most essential
to set forth the principles and methods of French policy as regards the to
her economic life and national defense. France must have at her disposal
limitation of armaments, the extent to which they have already
applied land forces sufficient to protect her as surely and as promptly as their sea
them since signing the League Covenant, and finally those conditions
forces protect naval Powers.
the fulfillment of which they deem necessary if the conference of 1932
In addition, France is called upon to maintain order in an oversee emis not to disappoint the hopes it has awakened. The general principles pire
peopled by 60,000,000 inhabitants, covering an area equal to twentyto be followed in the reduction and limitation of armaments were laid
three times that of the home country. some parts of which are not yet
clown both by Article 8 of the League Covenant and by Part V of
the entirely pacified. She is therefore obliged to maintain two specially
peace treaties.
trained forces, one in her dependencies, of the smallest size compatible with
By subscribing to Article 8 of the pact the members of the League of
Nations recognized "that the maintenance of peace requires the reduc- assuring security in normal times, and a similar force in the home country,
tion of National armaments to the lowest point consistent with National which would be available in case of emergency.
safety and the enforcement by common action of international
Adeettate Naval Forces Regarded as Vital.
obligations."
In close conjunction with the national defense on land, the protection
They agreed, moreover, that the Council of the League of Nations.
of the sea frontiers, both at home and overseas, and of the essential com"taking account of the geographical situation and circumstances
of each
State." should "formulate plans for such reduction for the consideration munications between these various territories, requires the co-operation of
a navy sufficiently powerful to dispense the Government of the Republic
and action for the several Governments."
from the necessity of maintaining in every part of their empire forces
Defensive Armaments Declared a Necessity.
sufficient to cope alone with domestic disturbances which might conceivably
coincide with a foreign aggression. The leve', therefore, of the naval
Article 8 of the Covenant is therefore based upon two
fundamental forces of France directly affects that. of her land as well as that of her air
conceptions which it is important to emphasize.
forces.
The first is the idea of"common action."
Called upon to ensure the air defense of the home country, and to coIn a system of international solidarity like that of the League of Nations
each State must have sufficient armaments to protect itself against aggres- operate with the land and naval forces, the air service contributes in addition to the policing and protection of the oversee, territories, which othersion until this common action can begin to function: If left
to its own wise would require still larger land forces.
unaided resources, a State unlawfully attacked must be sufficiently
armed
This interdependence of the three great categories of armaments is therenot to be overwhelmed before having had time to mobilize the
whole of fore extremely important for France: she must constantly consider them in
its National forces. It will therefore be possible for the reduction
of combination with each other if she is properly to estimate the consequences
armaments to be the more substantial in
proportion as the setting in which a measure adopted for
one might have on the others.
motion of the contemplated "common action" is less
uncertain and likely
As for security—an essential factor dominating the entire problem of
to be more prompt: for this reason successive assemblies have urged since
the limitation and reduction of armaments and acting, one may say, as
1922 that such mutual assistance should be "immediate, effective
and in a mainspring for the functioning of Article 8 of the Covenant—the French
accordance with a pre-arranged plan" (Resolution
XIV. 1922). If it be Government have, in the last ten
years, unceasingly striven to make
desired that "every State should be sure of not having to provide
unaided clearer, stronger and more tangible the conception of how this primary
for its security by means of its own armaments, and should be able
to requisite is to be assured. They had all the more reason to devote their
rely also on the organized collective action of the League of Nations"
energies to this purpose in that one of the foremost guarantees of French
(Resolution V. 1927).
Viewed from this angle, the limitation of armaments, in conjunction security, provided for and relied upon by the framers of the peace treaty.
WaS from the very first in existence. In consequence they have unreservedly
with the development of the systems for the peaceful settlement of
disputes and with the mutual assistance, is a means of organizing peace. associated themselves with every effort undertaken at Geneva for the
But in order that it may be carried into effect, the principle of common purpose of defining more clearly and developing on a general plane the
principles of arbitration and mutual help laid down in the Covenant.
action must supersede in the minds of the Nations that of individual
defense. It implies that the League is considered by them as a living reality,
Locarno Pact Praised As Progressive Step.
nvested with positive responsibilities and possessed of effective power.
The value of those efforts it is by no means their intention to belittle
Circumstances of Each Nation To Be Considered.
to-day.
It must, however, be noted that the slow rate of progress hitherto achieved
Concurrently—and this is the second essential idea upon which it is
has not tended to speed up the task of reducing armaments. On the other
based—Article 8 of the Covenant clearly states that the point
below hand,
in a
which National armaments cannot be reduced depends upon
the degree France. particularly sensitive European area, and one of vital interest to
the signing of the Locarno agreement, based upon Articles 43 and 44
of security enjoyed by the Nation concerned.
of the Treaty of Versailles, made for France. as well as for the other Powers
A proper estimate of this safety must take into account not only
the adjacent to
that area, a great additional contribution to the guaranties of
manner in which the "common action" of the League will operate,
but security resulting
also the geographical situation and circumstances of each Nation.
from the strict observance of the treaties.
It is by taking into account the progress thus achieved that the GovernArticle 8 of the Covenant, therefore, clearly lays down the
principle ment of
the Republic has been able to carry into effect, primarily in their
that as regards the reduction and limitation of armaments there can
be home
armaments, the substantial reductions hereinafter set forth.
no hard and fast rules. The armaments of each State constitute a
whole
It should be borne in mind that the figures here quoted by the Governaggregate which must necessarily be adapted to its own particular
case. ment of
the Republic as well as any others that may be embodied in a later
The notion of diversity commands the work to be undertaken. Any
levelcommunication, are of no value except within the framework of the organiling or automatic equalization of forces is. for this very reason,
excluded zation of
their national defense as a whole and with due regard to all the
a priori. Indeed, equality of armaments as between two States
would factors
that may affect the prompt and efficient operation of that organizaonly be justifiable in the unlikely event of their geographical situation
and tion in
presence of a foreign aggression. They consequently make the
circumstances being identical.
most express reservations as regards any comparisons that might be drawn,
In the midst of this diversity, there is, however, one fixed
element
which is supplied by Part V of the peace treaties, in close conjunction without taking into account necessary explanations and corrections, between
the numerical data relating to the military organization of the Republic and
with Article 8 of the Covenant.
those concerning other countries.
The aim and purpose of Part V of the treaties is, indeed, to lay down
a
These
definite standard for the armaments allotted to four Powers, which
have for the reservations apply particularly to expenditure figures. They call
utmost caution as regards the comparisons one might be tempted
formally pledged themselves to observe its military, naval and air clauses.
By thus determining a certain standard of forces for the use of those to make between the respective expenditure of the various countries in the
matter of national defense. Such comparisons are devoid of meaning
four Powers, the framers of the treaties make it clear that their purpose
was to "render possible the initiation of a general limitation of the arma- save on certain specific points and under certain well defined conditions.
Fully alive to the danger of any hasty concl sion in this matter,the
ments of all Nations."
French Government is prepared to supply precise data as to their expendiAllotment of Armaments Held To be Relative.
ture on national defense, on completion of the technical studies which they
Clearly, therefore, it is in relation to the armaments allotted by
the are having made with a view to drawing up the standard model of.expenditreaties to certain nations that it will be possible to prepare the
limitation ture on the basis of the recommendations of the committee of budgetary
and reduction of the armaments of other nations.
experts.
"It follows that the strict observance of the standards of
forces thus
Land Forces Stationed in Home Country.
laid down is one of the essential prerequisites of the limitation of armaments
In 1921 France kept under arms only those of her citizens who had
"This fact, indeed, the successive assemblies of the League
of Nations
not yet discharged their peace time obligations as laid down by the military
have not failed to recognize. It by no means follows, however, that
the statute
member States of the League whose standards of forces have not
then in force. At that time every French citizen was obliged by
been law to
expressly defined by the treaties are under the obligation of
undergo three years of military service.
adopting
In February, 1922, the Government of the Republic decided to dismiss
either the methods or the figures laid down in Part V of the peace
treaties the
men of each contingent at the expiration of their second year with
asregards the general limitation of armaments.
the colors. On April 1 1923 the length of military service was reduced
"When the treaties were framed, at no time and at no place was
the to IS
months. Finally, following upon the Locarno agreement, a further
argument advanced either in speech or in writing, that other States should
In their turn maintain their armaments on the level prescribed for certain reduction was spontaneously effected by the law of March 31 1928, cutting
down the length of service from 18 to 12 months for all French citizens.
States.
These successive reductions have led to several consequences.
The Covenant stipulates, on the contrary, that the reduction of armaThe first cannot be measured in actual figures: it is important, however,
ments is to be dealt with in a plan drawn up by the League Council
and to emphasize
submitted to the several Governments for their consideration and
the point, if the military power of France is to be estimated
free
at its true value; men kept with the colors for one year only cannot possibly
decision. Account will be taken in this plan of the requirements of
National acquire
a degree of military efficiency comparable to that of troops serving
security, of the international obligations imposed by common
action, and
for two or three years. Still less can they be compared with professional
of the geographical situation and circumstances of each State.
troops. Hence the necessity for the French Government of undertaking
Reductions of Arms by France Reviewed.
at great expense the construction of fortification works in order more
Were it to be admitted that the standards prescribed in Part V of the effectually
to cover the frontiers. Hence, too, the necessity of increasing
treaties for certain States should apply in an equal and uniform manner to the
number of so-called "professional soldiers" in order to be able to train
other States, Article 8 of the League covenant would clearly be bereft of all and officer
two half contingents of recruits every year as well as to insure
value and all significance.
the smooth working of the administrative services. In France, indeed.
On this system of ideas are founded the principles to be followed in the these professional soldiers
do not constitute a regular army, distinct from the
matter of the limitation and reduction of armaments, as laid down in the national
army. In order to meet the requirements of the national army
covenant of the League of Nations and in the peace treaties..
they are distributed among all its units and all its services.
56O
FINANCIAL CHRONICLE
Number of Troopsfor Defense Decreased.
Again, by so completely transforming her military organization. France
has effected substantial reduction in the number of troops available for
Immediate defense at home. In point of fact, the time required to train
recruits being as a rule six months, the reduction of the length of service
numhas caused the decrease in the number of troops to bear solely on the
called
ber of trained men; with the one-year service, one-half of each class
inutilizable.
or about one-third ofthe French army personnel,is permanently
as
The number of these men will be made known to the conference
to
soon as the latter has laid down the conditions of seniority, common
soldier" within the meaning of
all armies, which determines a "professional
the convention.
In 1921, out of 483,672 soldiers comprising the French army stationed
legal
in Europe or France, 400,672 only were trained men. Under the
statute now in force, the number of effectives liable to be stationed at
home has been brought down to 163.000 tratned men, out of 270,812 for
home defense, to whom may be added 66,000 trained men, out of 69,823
men, constituting the "expeditionary force" stationed at home for the
time being, and whose essential duties for the defense and policing of oversee
territories are defined.
Imbued with a steadfast and sincere desire for peace, and relying upon
the agreements signed, France has thus far of her own accord effected
since 1921 a reduction amounting at times when the expeditionary force is
in the home territory, to 42% of the forces immediately available for the home
defense, or to 60% of these forces, assuming that in the hour of danger
the expeditionary force should happen to be abroad.
Nor should that contingency be looked upon as in any way exceptional.
For not only is the expeditionary force the normal reservoir for the relief
of forces stationed overseas, and consequently comprising a considerable
proportion of men on furlough or In process of changing station, but it also
constitutes a reserve in the event of colonial troubles and is therefore liable.
at any time, to have its constituent elements shipped abroad to distant
lands.
Thus, in 1925-1926, events in Morocco and the necessity of meeting in
Syria the responsibilities Involved in the mandate confided to France, required the use of 133,000 men In Morocco and 36.000 men in Syria. These
increased requirements had rendered necessary the sending of 72,500 men
from home, and it was precisely these circumstances which led to the constitution of the expeditionary force in the present organization of the
French army.
The Oversea Army.
The reduction is less considerable as regards the oversee forces, comprising on the one hand the expeditionary force as defined above, and
on the other the troops permanently stationed overseas.
These are forces of a special nature, almost exclusively made up of
professional soldiers and natives, for, indeed, the reduction to one year of
the length of service for the French contingent allows but a very inconsiderable proportion thereof to be detailed for oversee service, and the
parallel reduction of the length of service for natives has entailed a substantial increase in the number of professionals to train and command such
formations.
None the less, the sum total of the forces stationed overseas has been
cut down appreciably, inasmuch as those forces, as compared with 312,312
men in 1921, have been reduced, under the present legal statute, to 237,363
men, 13,964 of whom are for service in the mandated territories.
This reduction, however, applied only to the troops stationed In certain territories where circumstances have rendered it possible. it should
be observed, indeed, that several of these oversee territories are still undergoing a process of evolution the outcome of which cannot yet be foreseen,
but which will be attended by fluctuations involving variations in the
matter of armaments. Again, even assuming the possibility of collective
International action taking place promptly enough to protect such overseas
territories against attacks from without. it can hardly be relied upon for
police purposes.
The Navy.
In the matter of naval armaments, the tonnage kept in commission
by the French navy in 1921 had been brought down by the elimination
of obsolete units to about 500.000 tons, whereas It had exceeded 750,000
tons in 1914.
Even so, this total of 500,000 tons represented more than the actual
strength of the fleet. As a consequence of the suspension of construction during the war period, the French navy found itself obliged, in order
to fulfill the responsibilities incumbent upon it, to maintain in commission
a high proportion of old vessels. Throughout that period, in fact, the entire
French effort was directed toward supplying the needs of the Allied armies,
and the activities of the naval yards were restricted to the building of
small craft in view of the anti-submarine campaign.
At the close of the war, even before the Washington conference, the
Government of the Republic had definitely given up the idea of resuming
the execution of their former programs; work was stopped on five capital
ships actually laid down, and the construction of four ships voted by Parliament before the opening of hostilities was not undertaken.
Now the fleet for defense purposes—light surface vessels and submarines—
was so weakened as to be unable in the near future to fulfill Its normal
responsibilities. It was, therefore, a matter of urgency to build it up
again. This was attempted by the program of 1924. the execution of
which was to be completed In 1943. Its principles were based on estimated
naval requirements from 1922 on. allowance being amply made for expectations aroused by the League Covenant.
Notwithstanding the date thus prescribed, and having regard to the
agreements which could be expected in the matter of the limitation of
naval armaments, the Government of the Republic later decided to slow
down the rate of construction contemplated for the carrying out of this
program; at the London conference the French representatives made
unequivocal statements to this effect.
It was not without a lively feeling of regret that the Government of
the Republic found it impossible to adhere completely to the system of
limitation of the Naval Treaty of London: They expect the decisions
made at the conference of 1932 to lead to a complete solution of the problem,
and they still hope that by that time a suitable arrangement will enable France
and Italy, in full agreement with the British Commonwealth. to set forth their
intentions in the matter of construction for the next few years in a temporary modus vivendi of a nature to facilitate the work of that conference.
On Jan. 1 of the present year, the global figure of total French tonnage
in commission and under construction amounted to 628,603 Washington
tons, distributed as follows:
Capital ships: Subject to Washington regulation, 133,134 Washington
tons; not subject to Washington regulations, 52,791 Washington tons.
Aircraft carriers: 23,146 Washington tons.
First-class cruisers: 124,424 Washington tons (exclusive of the 12,538
Washington tons of the Edgar Quintet).
Other light surface vessels: 198,233 Washington tons.
Submarines: 97,875 Washington tons.
Total: 628.603 Washington tons.
[VoL. 133.
Air Forces.
The experience of the French Mr Forces has been the same as that of
all the great Powers. The development of the air service during the
war and the extent of the technical progress achieved led to a complete
reorganization of this arm as soon as the peace treaties were signed. This
reorganization was to have been carried out in several stages, the number
of planes allotted to each tactical formation in the final organization being
determined by programs separately drawn up for the military and naval
air services and laid before the chambers In 1924 and 1925. The
program ofthe military air service was approved by the Chamber of Deputies
at the sitting of March 211924. These programs provided 2,247 machines
for the home forces and 180 machines for the air forces of the fleet. The
offectives of air forces stationed in the oversee territories were not specified
in the programs. They were to be fixed at a later period according to
requirements, and subject to the available resources.
They have already ceased to meet the new requirements of air defense
for they could not allow for the development of non-military aeronautics,
which can be subjected to no limitation whatever, and which constitute
none the less one of the most Important elements of the problem of air
security. Furthermore,the new possibilities opened up for aircraft by technical progress achieved are leading most countries to institute an independent "air corps" upon which devolves the duty of ensuring the security
of their territories in the air.
However much their requirements may have increased, the Government of the Republic were anxious above all to render possible a general
limitation of armaments and they advanced the execution of their air
programs only to a small extent.
As regards the home forces, for instance, a bare beginning has been
made in carrying out the program in 1925, when it was drafted, the number
of machines in service In the tactical units, exclusive of those in immediate
reserve, was 180 aeroplanes or seaplanes. At the present time it does
not exceed 1,210, an increase of only thirty machines. As compared with
the seven airships (aggregating a volume of 50,000 cubic meters) which
the French Air Service possessed in 1923, it now has but three of an aggregate volume of 10,500 cubic meters.
Constituted after the war, the air forces of the fleet comprise but sixtytwo machines.
Only in the case of the oversee forces has an increase, and this a comparatively small one, been effected in order to meet the special requirements
of the more distant territories, requirements, moreover, which are but partly
of a military character, and are at least as much in the nature of intercommunication and colonial administration. Such special requirements
had been completely neglected down to 1923. At the present time the
forces stationed overseas are provided with 305 aeroplanes or seaplanes
exclusive of forty-six sanitary planes, constituting an increase of but fifty
units as compared with the corresponding numbers for 1923.
Armament Declared Reduced to Lowest Level.
Such are the steps France has already taken voluntarily, pursuant to
Article 8 of the Covenant, towards the reduction and limitation of her
armaments, which have thus been brought down to a level that appears
to her strictly to represent the lowest point consistent with her national
security, in the present state of Europe and the world. She has taken this
initiative without even waiting as she was entitled to do for the league to
have drawn up the plans of such limitation and reduction. The Government of the Republic have no doubt but that the conference will assure
itselfthat an equivalent effort has been made by all the other Governments
taking into account, for each, the special circumstances it is called upon
to meet.
The reductions effected in their armaments by the Government of the
Republic emphasize the strictly defensive character Imparted to them
by the adhesion of France to the general act of arbitration. By that adhesion she has agreed once for all to make use of her forces for no other
purpose than legitimate self-defense or operations of international police.
The conference faces a triple task: First, to note and record the reductions of armament already accomplished; second, to require an equivalent
effort of every country, with due regard to the special circumstances of
each; and, third, to consider under what conditions further reductions are
possible.
It is plainly to the interest of every Government to prevent a competition
in armaments which would be contrary to the spirit of the pact for the
renunciation of war and to reduce the burden of armaments to the lowest
possible point.
Yet. If many States still feel bound to sacrifice large sums of money for
their national defense at the expense of their prosperity, it is certainly not
without profound reasons.
Reduction of armaments implies confidence. Can that confidence be
expected to prevail, so long as the feeling Is abroad that in the eyes of
many the problem is not so much one of organizing peace for the benefit
of all, as of modifying the existing order for the benefit of a few, and so
long as it is possible for some States to feel that the very existence conferred upon them by the treaties is threatened. The decisions of the
conference must be based upon respect of the treaties.
Change in Relative Strength Warned Against.
Should an attempt be made, for instance, In the name of a theoretical
principle of equality, to modify the relative situation created by the provisions of Part V of the peace treaties, It would prove impossible to maintain the reductions already accomplished and still less practicable would
become the general limitation of armaments.
The problem is not one that may be considered solely from a technual
standpoint. This, of course, was the procedure followed at the Washington
and London conferences, which dealt exclusively with naval armaments:
solutions were sought by the application of arbitrary scales of ratios of
reduction, and at the price of empirical adjustments. But, however
valuable the results obtained at those two conferences may be. It may surely
be observed that they examined only the special case of five navies, three
of which, at least, have bases sufficiently distant from one another to
assure to each country, in its own part of the world, complete security.
However, the success attained was only partial, because after all, in the
case of two of the participants in the London conference, It proved Impossible to leave out of account conditions growing out of differences in geographical situations, with the resulting consequences in the matter of
security.
In reality, it is now the entire international situation that must be
altered. What must be found is a political solution. The Geneva protocol afforded such a solution in which arbitration, mutual assistance
and the limitation of armaments were closely co-ordinated.
It was deemed preferable to apply the system of the protocol only within
local limits, or to carry out its principles only separately and intermittently.
Thus great expectations were based upon the development of arbitration. But important as arbitration may be for the enlightenment of
public opinion as to the real intentions of opposing parties in case of conflict, it cannot alone suffice to ensure peace. Some penalty is also necessary for violations of a solemn pledge.
Juur 25 1931.1
FINANCIAL CHRONICLE
General Arbitration Act Approved by Republic.
The Government of the Republic express the hope that the general act
of arbitration, based upon the principle of respect for the rules of international law, that is to say, on the observance of conventions and treaties,
and which constitutes the indispensable complement of the pact for the
renunciation of war, will in the near future receive sufficiently numerous
and unreserved indorsements. They would fain see the end of the opposition of those Powers whose leanings are toward a policy of bilateral
arbitration and conciliation agreements, to which, by reason of their very
diversity, the same value cannot be ascribed in the present circumstances.
As to the local applications of the system closely co-ordinating arbitration. mutual assistance and reduction of armaments, they are now limited
to the Locarno agreements. The latter represent an Important step forward
from which France immediately drew conclusions in the matter of her own
armaments.
These agreements, however, are the only ones of the kind at present
In force and their scope is restricted to a single region of Europe.
Now, insecurity for one State means insecurity for all. The notion
of neutrality in the presence of an aggressor, hard as it is to justify even
in theory since the coming into force of the League Covenant, and of the
Pact of Paris, is also inconsistent with that real interdependence which,
In the modern epoch, binds States more and more closely together.
One cannot deny, in the domain of politics, a solidarity daily promoted
In the domain of economics, by reason of the dangers threatening the
weaker or more exposed States, the general reduction of armaments lays
upon the stronger or less threatened Powers fresh responsibilities which
they cannot elude. The Government of the Republic are convinced of the
necessity of a security guaranteed to every State by assistance which should
be mutual, effective and prompt. Nothing short of such assistance will
avail to reduce those differences between the geographical situation and
circumstances of the several countries which constitute the chief obstacle
in the way of a simultaneous reduction of armaments. By such assistance
alone can the League of Nations be given sufficient strength, material and
moral, to prevent the launching of an aggression.
What Will Nations Do if War Breaks Out?
The Government of the Republic call attention to the fact that the
committee on arbitration and security, instituted at the request of the
Eighth Assembly of the League, has not yet dealt with the suggestion
made by the Assembly of inviting each State to indicate that in a particular
case of a conflict breaking out, either all its forces, or a certain part of its
military, naval or air forces, could forthwith intervene in the conflict to
support the Council's decisions or recommendations.
Of what use, indeed, will armaments be once they are limited and reduced? War having been outlawed, what will States do if war breaks out
and a crime of aggression is committed? These are the essential questions
to which the conference of 1932 must give definite answers lilt is to succeed.
France stands ready to consider all general solutions: Universal pledges
of mutual assistance, combination of local agreements, constitution of
international armed forces, or simultaneous recourse to these several
systems. She asks for herself no unilateral guarantee. In contracting
defensive agreements over the last ten years she has assumed, in a spirit
of solidarity and within the scope of Article 10 of the Covenant, wide
responsibilities for the guarantee of international order. But she cannot
face alone such a task. Nothing but the co-operation of each and every
State in the organization of peace can bring about any real progress toward
the limitation and general reduction of armaments.
' Conscious of having already accomplished, for their part, since the
coming into force of the League Covenant, those reductions of armaments
made possible by the improvement of conditions of security in Europe, the
Government of the Republic are prepared to extend their unqualified collaboration to any system for the general organization of peace which, involving definite pledges of effective mutual assistance in case of aggression,
would enable each State, as soon as the nature and promptness of this
assistance has been specified, to determine the further reductions thus
rendered Possible.
For their part. the Government of the Republic will do their utmost
at the conference of 1932 to assure the establishment of those conditions
without which no further real progress can be effected. They are convinced that the conference will not let slip the great opportunity offered it
and that it will ably acquit itself of what constitutes its real task—the
organization of a solid and durable peace.
Paris, July 15 1931.
Minister J. Ramsay MacDonald's Address at
Seven Power Conference at London.
The address of J. Ramsay MacDonald, Prime Minister of
Great Britain, delivered at London, Monday, night July 20,
at the first session of the London conference, held at the
House of Commons has attracted wide attention. "We are
not here to enforce, or to defeat or to humiliate," he said.
"We are here to understand and to consider our problems
objectively, to remember how closely, in essentials, we
depend upon each other." Briefly recapitulating the effects
of the world economic crisis, the British Prime Minister paid
a tribute to the measures which the German Government
had adopted to meet the situation; and he pointed out that,
by June 18, despite these measures, the position "appeared
almost hopeless," when President Hoover's debt moratorium
plan was put forth. "History," the British Prime Minister
said, "will pronounce this decision as an act of rare courage
and statesmanship." He proceeded then to deplore, by
inference, the French hesitation over accepting the Hoover
proposals, doing this by emphasizing the immediate tonic
effect of the American initiative. The following in the
address in full:
Prime
In the name of the Government and of the whole nation indeed, I give
you all a most cordial welcome.
I should like to indicate the purpose which his majesty's Government
thinks this conference should serve.
The present moment may be one of the turning points in the history of
the world for good or ill. If we cannot find a solution of the present crisis
no one can foretell the political and financial dangers which will ensue.
If we can find such a solution it will be a striking proof of the growing
effectiveness of international co-operation.
During the last two years the economic life of the world has been thrown
out of gear by an unprecedentedly severe fall in prices. For example.
561
wheat has fallen over 50%. cotton 80%, rubber 90%, and so on with
practically all the primary commodities.
The countries which are engaged in the production of these commodities
have in consequence been forced to restrict drastically their purchases of
industrial goods, and world trade has suffered from a persistent, calamitous
decline.
This fall in prices has greatly accentuated the burden of all debts and has
Involved budget and financial difficulties for all debtor countries. But its
effects have been felt in most acute form by what I may call international
Industrial and financial states, and the special position of Germany, both
as an exporting and debtor state, has concentrated upon it to a supreme
degree all the problems which other States have had to face in a less critical
manner.
The German Government has increased taxation and imposed sacrifices
on their people, but they felt bound to declare last month that they could
go no further and that they would have to use their right to declare a postponement of their llabilities under the Young plan unless the situation
improves. The alarmed foreign lenders. upon whose support Germany has
been largely dependent during the last six years, and withdrawals of shortterm credits ensued on a very large scale.
By June 18 their position appeared almost hopeless when the whole face
of the world was changed in half an hour by the dramatic announcement of
President Hoover's offer. History will pronounce this decision as an act
of rare courage and statesmanship. It Is no small thing to ask the people
of the United States, far removed as they are from Europe, and themselves at grips with a domestic slump of unprecedented severity, to suspend
for a year all their claims In respect to intergovernmental debts. But, in
my belief, it was also a stroke of sound business. Its effect at the outset
was startling: not only did the value of securities rise with a bound but
even the price of commodities advanced.
War Debts Peculiar Problem.
War debts and reparations are not self-liquidating obligations like loans
made for productive purposes. They can only be paid by exporting goods
to the creditor countries or, in so far as there are obstacles to the movement
of goods, by the export of gold. Thus the payment of reparations and war
debts in a time of economic depressions presents peculiar difficulties, and
the knowledge that these difficulties exist weakens the confidence of
Investors and this in turn enhances the original difficulties so that a vicious
circle is created. The Gordian Knot was for the moment successfully cut
by the President's beneficent sword: but foreign credits in Germany continue to be withdrawn.
It has been stated by the German Minister of Finance that from 150,000,000 to 200.000,000 pounds of foreign exchange have been lost by
German recently, a colossal sum, representing as it does, more than the
equivalent of two years of reparations payments The trickle of exchange
purchases became a stream, the stream a river, and the river a torrent,
until the inevitable breakdown occurred.
Thus we have now not merely to consider the measures necessary to
carry into effect President Hoover's proposal, but we have to add to that
the urgent emergency that has since developed in Germany.
Otherwise it will be difficult to stay the flood before it has overwhelmed
the whole of Central Europe with consequences social and political, as
well as purely financial, which no man can estimate.
If the foreign investor had retained his normal confidence in Germany
her position would have remained safe and we should not be meeting here
under these circumstances. As regards her budget. her balance of trade,
her economic and industrial organization, great efforts and sacrifices had
been made and her position showed no radical defects.
Our position therefore, in a word, Is to restore the confidence of the
foreign investor in Germany. Clearly, the problem has both political and
financial sides, but the mind of this conference is to be concentrated on
the latter.
The fact that we have all met here to-day is in itself a demonstration that
on every side a desire for the maintenance of cordial relations exists.
May I venture at this point to express the spirit with which we are
determined to face our work_ We are here representing our various
nations and we are also here in the spirit of co-operative good-will, resolved
to end our deliberations with an agreement which will not only meet the
requirements of the present crisis but begin anew a time of candid and
mutual effort to pacify the disturbed mind of Europe.
Let us admit first of all to ourselves, and confess it In our conferences.
that there are some things which one or the other of us cannot do because
the public opinion to which we must be loyal will not allow It.
We are not here to enforce or to defeat or to humiliate: we are here to
understand and to consider our own problems objectively, to remember
how closely in essentials we depend upon each other, and, therefore, to
accommodate and to agree to something which each of us can take to our
various parliaments, explain and get accepted as an agreement. I feel that
each of us can do that and that an agreement here, even if in every item we
do not like it. will reinspire our people with confidence and courage to face
the heavy responsibilities which are to be the lot of all governments during
the Immediate months ahead of us. Let us begin our work as friends, as
a real round-table conference energized by the will to succeed, and never
fear for a moment but that we shall have the support of our people.
Two Alternatives Cited.
As regards the financial aspect of the crisis, the question of what can be
done must largely be reserved for bankers and financiers. I can only speak
in general temrs. There seem to be two main alternatives. The one is to
find the means of providing new loans or credits to Germany. That is a
matter that I understand has been under consideration in Paris. I am
told that there are difficulties which would have to be surmounted before
any loans could be obtained in the market here.
We must consider this. It may be a solution. It may not. But a
solution, mutually possible and effective for its purpose, must be found.
The other way would be to attack directly the question of whether by
strengthening the internal position of Germany we can give an assurance
of its stability to the outside world so as not only to prevent the capital
tha mis redy in Germany from being withdrawn but to enable it to be
augt end
There can be no question about the inherent strength of the German
economy provided that it has the capital resources that it requires. It is
for this purpose that President Hoover proposed the suspension for a year
of all debts and reparations. This represents for Germany a very real and
important relief. It may not prove to be sufficient: that Is a point we Can
examine later. But 1 think our first step is to decide with the greatest
possible expedition the means by which this shall be definitely carried Into
effect. I emphasize: "the greatest possible expedition." Time is against
us Every dayadds to the risks of a Collapse which will be outside of
co
human
I propose that we hear now a report of what has taken place at Paris,
because at that point we must begin our work. The conferences which
have taken place between the French and Germans ought to prove of
infinite assistance to us and we are all glad that they have been held. So
In the name not only of the Government but of the whole country,
562
FINANCIAL CHRONICLE
(Vox,. 133.
morning and in Paris on Saturday and Sunday the lines of the conference
are shaping themselves. The problem has become clarified and there is a
better prospect than ever for a solution. But it must come quickly if
is
President Hoover's Credit Proposal for Germany— it Heto serve the purpose."
declared he had not brought up the subject of disarmament or any
Suggests,That Banks and Bankers Co-operate in other political question in the conference and did not intend to do so
either in a formal session or in private conversations with the delegates.
Maintaining Existing Credits in Germany—Seven
But,
Power Parley Hands the Main Task Over to Finance not do, regardless of what Mr. Stimson or any other delegate may or may
politics is still in the background of the conference and may yet
Ministers—Drop Long Term Loan—French Have Not prove the dominant factor that will wreck the whole scheme to help Germany unless Britain and the United States are prepared to undertake the
Yielded.
entire burden without the aid of France. The shadow
In a special cable to the New York "Times" from London, antagonism hangs over the London meetings and thereofisFrench-German
no sign that
July 21, Oharles A. SeWen reported that the seven-Power it is diminishing.
welcome you all here as colleagues in a great undertaking and declare our
conference open.
eonference in session in London with the object of preserving
the financial stability of Germany reached a definite decision
en that day that the immediate task is to pull the Reich out
of the present banking difficulties by assuring the world
that Germany's existing credit shall not be further impaired
by withdrawals of money but, on the contrary, that it shall
be strengthened by additional short-term loans.
This means the correspondent stated that the French
proposal for a long-term loan to Germany under both political
and economic guarantees has been abandoned by the conference, although France is still urging it as the only plan in
which she can participate. In other words, the conference,
through its subcommittee composed of the Finance Ministers
of the various powers, is now working along the lines suggested by President Hoover's latest proposals made public
in Washington on July 21 and cabled to London early the
same morning. These proposals, in turn, are closely in
accord with a suggestion contained in the speech which
Prime Minister Ramsay MacDonald made the previous
night in opening the conference.
After referring to the proposal for a long-term loan as
something involving difficulties, Mr. MacDonald said:
"The other way would be to attack directly the question
whether by strengthening the internal position of Germany
we can give an assurance of its stability to the outside
world so as not only to prevent the capital that is already
In Germany from being withdrawn but to enable it to be
augmented."
As indicated by the day's proceedings it was that specific
of Mr. MacDonald's opening speech which gave the conference
Its cue. It requires no stretch of imagination to assume the
"Times" correspondent observes that Mr. MacDonald knew
when he wrote that sentence the purport of the similar
Hoover suggestions which previously had been cabled to,
Secretary of State Henry L. Stimson and had been submitted
by him to the delegates of the other powers. "Thus once
more the American President and the British Prime Minister
have been working hand in hand in a joint effort to improve
world conditions." The correspondent adds:
France Stands by Demands.
At to-day's session of the conference, for example, Philip Snowden,
Chancellor of the Exchequer, speaking for the British delegation, asked
the French to explain what they meant by their declaration of willingness
to help Germany if assured of certain guarantees and "political appeasements."
Pierre Laval, the French Premier, replied that the main points of the
French position already had been explained in Paris and that it would
do no good to repeat them in London, as it was quite evident they would
be opposed by the other delegates.
But the French have not the slightest idea at present of yielding to that
opposition and dropping the demands for political guarantees of the sort
which Germany says she cannot give and which America and Britain
disapprove.
M. Laval gave a further indication of the true attitude of the French
delegation when he exclaimed at this morning's session: "My country
saved itself in the financial crisis of 1926. Why doesn't Germany follow
our example now and do the same thing. If she would do what is necessary in assuming her own burdens confidence in her would be restored
and America's recommendations in favor of re-establishing her credits
would work automatically regardless of what this London conference
might do."
When the matter of appointing a committee of finance ministers was
first suggested by Mr. MacDonald it was also proposed that Montagu
Norman, governor of the Bank of England, and the representatives of
other central banks be added to the committee. Premier Laval was
opposed to that plan, so the bankers were left out of the group.
Mr. Stimson suggested that the various central banks should urge that
the lesser establishments in their several countries should refrain from
withdrawing credits from Germany. The French Premier approved that
saying the French credits in Germany amounted to only a very small percentage of the whole amount.
The text of the American proposal for the maintenance
of short-term credits to Germany to meet the present economic crisis in that country, in the form in which it was
sent to Secretary of State Stimson and Secretary of the
Treasury Mellon at London for presentation to the sevenPower conference, was made public July 21 by William
It. Castle Jr., Acting Secretary of State, as follows:
The essence of the problem is the restoration of confidence In Germany's
economic life, both in Germany and abroad.
1. On the political side the United States hopes that, through
mutual
good-will and understanding, the European nations may eliminate
all
friction, so that the world may rely upon the political stability of
Europe.
2. On the economic side, the present emergency is strictly a
short-term
credit crisis. Fundamental pressure on German economy during the
period
of depression has been relieved by the joint action of the
creditor powers
in suspending all payments upon governmental debts during the
period
of one year. But Germany has financed her economic activities
to a very
great extent through the medium of short-term foreign
credits. There
Unfortunately the full benefit Mr. Hoover's proposals might have had on is no reason to doubt the
soundness of the basis upon which these credits
British public opinion to-day was impaired by Secretary Stimson's rigid rest, but the general uncertainity which has
prevailed for the last few
Ideas as to the amount of reticense his office imposes upon him. After weeks resulted in such a loss of confidence that
the German banking and
the news of President Hoover's suggestions had been published in London, credit structure was subjected to a very severe
strain. This strain took
Mr. Stimson gave a group of American and British newspaper correspon- two very definite forms, both of which resulted
in a drain of banking
dents the idea that he knew of no such proposals by telling them he had resources and the depletion of German gold and
foreign exchange holdings.
presented nothing of the sort to the conference. His further comment
In the first place there was a flight from the mark within
Germany.
was: "I shall have to establish a bureau of denials."
In the second place there was a withdrawal of foreign
deposits and a
curtailment on the part of foreign banks of outstanding lines of
Hoover's Plan Is basis of Parley.
credit.
Fundamentally there is nothing to justify these movements and
if,
It is true that Mr. Hoover's proposals were not formally placed on the through
co-operative action they can be arrested, there is no reason why
conference table with his name attached to them or in the precise form the present
emergency cannot be immediately and definitely surmounted.
In which they were given out at Washington, but Mr. Stimson had told
(a) As to the first, namely, the internal flight from the
mark, this
the British, German and French delegates all about them in private can be and is being successfully
combated by the vigorous action of the
conversation. They form the substance of what the conference hac been
German Government and the Reichsbank. Once unreasonable
fear has
morning session and in this after— working on all day, both in the plenary
been eliminated, it is certain that the patriotism of the
German people
noon's meeting of the Finance Ministers.
can be relied on to prevent the destruction of the credit of
their own
That much is indicated by the official communique, which says: "The country.
plenary session considered the matter of international financial co-opera(b) As to the external credits, we believe that the
first approach to
tion whereby confidence in Germany's economic stability may be restored this problem is the development
of a program that will permit the mainin the immediate future as a preliminary to the examination of further tenance for an adequate
period of time of the present outstandeng lines
measures which may be necessary to effect a permanent restoration of of credit. In this connection
it is our understanding that this volume
Germany's financial situation on a firm basis."
of credit, together with the freed reparations and the
natural gain from
At its first step the conference set up a committee of Finance Ministers the allayment of the panic should
be adequate to meet the needs of German
from the United States, Britain, France, Italy and Belgium to meet under economic life for the immediate
moment.
the chairmanship of Prime Minister MacDonald and with Chancellor
On the other hand, it must be apparent that, unless
provision is made
Bruening of Germany present at their deliberations to inform them in for the maintenance of
these credits, whether of a short or long-terin
detail of his country's needs. This committee was in session for six character, would be ineffective. In
the development of such a program
evening and will report to the plenary session the governments
hours this afternoon and
of the countries having principal banking
centres, includto-morrow morning.
ing the United States, Belgium, France, Great
Britain, Holland, Italy,
of Our Credits.
Stimson Tells
Japan and Switzerland, and other important banking
centres, might well
Official British comment, in addition to the communique following the undertake to encourage their bankers so to organize as to
permit the mainmorning session, was to the effect that it was obvious the delegates had tenance for an adequate period of time of present-day
outstanding lines of
agreed that the first objective Mould be assurance that Germany's exist- credit to Germany.
The responsibility for working out the details of
ing credits should not be withdrawn. In that connection Secretary Stimson
such a program and
said that, despite newspaper reports to the contrary, American bankers had the methods of making it effective with due regard to
the protection of
not been withdrawing credits from Germany recently, but on the contrary the banks and the needs of Germany economy should
be left to the banking
had been increasing them in several cases. He also told the conference communities of the respective countries and the
central banks could, we
he was confident that the bigger banks in America would do their part believe, be relied to furnish the necessary
leadership, co-operation and
to save the situation if similar institutions in other countries would do direction.
the same.
Such voluntary arrangements should be supplemented,
for the time being
After the adjournment of the morning session Mr. Stimson said, "I by strict control of all foreign exchange
transactions by the Reichsbank
am well satisfied with, this meeting. As the result of conversations this so that the integrity of the program
can be maintained and the banks that
JULY 25 1931.]
FINANCIAL CHRONICLE
563
are participating can be assured that there would be no arbitrary withdrawal
either from within or without Germany.
3. It is our belief that if such a program could be made promptly effective it would result in an immediate restoration of confidence and that
In a comparatively short time the necessity for restrictions of this character
would disappear and normal conditions would once more prevail. There
is all the more ground for faith in such a result in view of the fact that
the United States debt suspension program has now become effective and
that the events which succeeded the announcement of that program clearly
demonstrate that relief from payment of intergovermental debts established
In the minds of the business world the basis for renewed confidence.
4. A committee should be selected by the Bank for International Settlements or created by some other appropriate method to secure co-operation
on the following question:
(a) In consultation with the banking interest in the different countries
to provide for the renewal of the present volume of outstanding short-term
credits from those countries.
(b) In snaking an inquiry into the immediate further credit needs of
Germany.
(c) In the development during the course of the next six or eight
months of plans for a conversion of some proportion of the short-term
credits into long-term credits.
Mellon. Administration officials were asked whether they had any assurances
that bankers behind the existing German credits would allow renewals.
In answer, it was pointed out that the bankers would either have to renew
the credits, or run the risk of losing them, since the alternative might be
German bankruptcy.
American bankers are said to be interested in approximately $600,000,000
of the $1,200,000,000 estimated to be involved in present short-term credits.
French bankers are interested in less than 5% of the total, it is said, with
Great Britain and various Continental nations responsible for the rest of
the credits.
Explanations of William R. Castle, Jr., Acting Secretary of State.
William R. Castle Jr., Acting Secretary of State, emphasized that the
President's new plan was not to be regarded as another moratorium. He
said it boiled down to the essential proposition that bankers and institutions
in all countries maintain present volumes of credit and the German government, through the Reichsbank and otherwise, should enforce strict and
complete control of all foreign exchanges so that there might be no preferential or arbitrary withdrawals
The State Department was authority for the statement that Mr. Stimson
suggested the broad outlines of the President's plan on Saturday to the
French and Germans and later to the British. It is understood that the
plan was put into final shape in the all-day conferences at the White House
Theodore C. Wallen, Washington correspondent of the yesterday. President Hoover was engaged all day with Senator Dwight W.
New York "Herald Tribune," in writing on July 21, points out Morrow, Republican, of New Jersey, a former partner of the Morgan firm;
that the plan, cabled over night to Secretary Stimson and Charles G. Dawes, Ambassador to the Court of St. James; Ogden L. Mills,
Avting Secretary of the Treasury, and Mr. Castle.
Andrew W. Mellon, Secretary of the Treasury, and submitMr. Castle saw in the French interest in providing a long-term loan
ted by them to the London conference, contained, substan- ample evidence of France's desire to co-operate in solving Germany's problems.
The outstanding short-term credits, he said, were largely in ordinary
tially, three points. The first suggestion is that the govern- foreign
trade bills, offset by German deposits and credits. He said Germany
ments of the world would encourage their bankers to provide showed every indication of having strong recuperative powers. Her trade
balances are favorable and on the increase. Moreover, German authorities
to Germany continuing short-term credits on the basis of
already had taken "courageous" steps, Mr. Castle said, to protect the mark,
those now outstanding. The second, figuratively, is a regularize the internal
banking situation and revive the confidence of
friendly handshake between France and Germany. The Germans themselves.
Once the present situation had been tided over, the President's proposal
third suggests additional credits, or, at least, longer-term
relied on German patriotism to do the rest.
loans, if Germany does her part and inspires world conWhite House conferences on the international situation continued throughfidence in her ability to control her own situation. Collateral out most of the day, with Eugene Meyer, Governor of the Federal Reserve
with these propositions are requirements that Germany put Board, joining the President, Mr. Mills, Mr. Castle, Ambassador Dawes and
Senator Morrow. Secretary Stimson kept the President and his advisors
an end to the expatriation of the capital of Germans and Informed by radiophone on the progress of the London conference and its
that all foreign exchange transactions be controlled rigidly reception of the American plan.
Ambassador Dawes will remain in Washington until to-morrow morning,
through the Reichsbank.
when he will go to New York to embark for London on the Mauretania.
The figure $1,200,000,000 as representing outstanding
Efforts are being made by the Administration to obtain Senate support
short-term credits to Germany was given by the State De- for the program for the economic recovery of Europe and to relieve apprehensions of Senate leaders that any political commitments for America are
partment as a rough estimate and does not appear in the involved in the conferences now
going on abroad.
American proposal proper. The proposal proper is a document, virtually devoid of the usual diplomatic phraseology,
which contains fewer than 1,000 words. It approaches the
problem in straightforward business fashion, making four
general suggestions with only slight elaboration one of
which is 'largely comment. It starts with the simple declaration that "the essence of the problem is the restoration of
confidence in Germany's economic life, both in Germany
and abroad," and then enumerates the President's proposals,
immediately expressing the basic hope for friendlier international feeling. The correspondent goes on to say:
President Hoover's New Plan for Relief of Germany
Under Attack Here—Bankers Fear Renewal of Short
Credits Would End in Heavy Withdrawals—Need of
Confidence Seen—Self-Help Is Stressed As Germans'
Best Move—a Market Reflects Uncertainty.
The proposal that existing short-term credits to Germany
be renewed for an unspecified period of time, laid before
the conference of Ministers at London on July 21 by representatives of the American Government, is open to serious
criticism, in the opinion of Wall Street bankers, says the
Co-operative Action Urged.
New York "Times" in its issue of July 22 and then elaborates
This first point is founded on a belief that bankers would be reluctant
to advance money to Germany if there were any danger that a forcing of the point as follows:
political demands by France, for instance, might throw the government
to the Hitlerites or the Communists. The second point declares the present
emergency "strictly a short-term credit crisis." While fundamental pressure
on Germany had been relieved by suspension of reparations payments
under the Hoover plan, it is pointed out that the immediate problem is to
obtain renewal of the short-term credits by which Germany largely has
financed her economic activities.
The position is taken that there was nothing to justify the flight from
the mark and the withdrawal of foreign deposits, which brought the crisis
to a climax and Germany to the brink of the bankruptcy abyss. The
President takes the view in the memorandum that "there is no reason why
the present emergency catnot be immediately and definitely surmounted"
through co-operative action. The German government is expected to stop
the flight from the mark; the proposed international bankers agreement
to extend the short-term credit is offered as the other major solution.
•
B. I. S. Would Aid.
It is suggested that an international committee, probably under the
auspices of the Bank for International Settlements, set up the machinery
for international co-operation, which would include a progressive examination of German economic changes as a basis of further action by bankers.
The United States government, as such, would do nothing more than to
encourage bankers to aid, if the situation satisfied the proposed committee
that it was safe for American bankers to put more money into Germany.
The proposal is designed primarily to point a way out of the difficulty
and is not, as in the case of the Hoover debt moratorium plan, a definite
offer by this government to make a sacrifice in an effort to stop the
alarming downward trend of economic conditions, which, at that moment,
was forcing Germany to the point of economic and political collapse.
The evidences of renewed confidence which followed the President's offer
to suspend Allied debt payments if the Allies would remit German reparations
payments for a year is cited in the American proposal in support of a
belief that confidence would be restored in a comparatively short time if
such a program as now presented could be made effective promptly.
BanIcers Directing Agency.
The suggested committee of international bankers would act as a continuing or directing agency which would organize the bankers of the different
countries for such action as they deemed wise, to inquire into the immediate
further needs of Germany and to develop, in the next six or eight months,
plans for converting short-term credits into long-term credits for Germany.
The State Department gave out the American proposal at 10 o'clock this
morning, ..fter it had been submitted in London by Messrs, Stimson and
The suggestion, bankers said, amounts to a prolongation al existing
emergency measures voluntarily undertaken by the banks, but it would
have the effect of "freezing" credits to Germany for an extended period,
thus opening up the prospects that the conclusion of the agreement might
precipitate a withdrawal of funds even greater in magnitude than the
recent flight from this mark.
Apart from the dangers bankers see in such a procedure, there is considerable
doubt in Wall Street as to whether all the thousands of short-term creditors
of Germany throughout the world could be persuaded to enter into such
an arrangement. If any of them were left out, it was said, they would
certainly utilize the opportunity to protect themselves by recalling their
credits, and if any of those in the agreement violated it, all the others would
probable do likewise in self-protection.
Like Second Proposal Better.
The second major proposal in the plan that a committee be appointed
by the Bank for International Settlements to develop a plan during the
course of the next six or eight months for the conversion of some proportion
of the short-term credits into long-term credits was more favorably received
by bankers.
In the course of six or eight months, it is believed, much can be done
by Germany to strengthen her own position and by the European statesmen
to solve some of the political differences which now stand as an obstacle
to further German credits. Even then, however, a public loan would be
out of the question, bankers said, and the problem of persuading bankers
to exchange their short-term obligations for long-term loans may be difficult.
One conclusion drawn from the statement of the plan, as published in
Washington, that met with general approval was the implication that the
administration had ruled out of its consideration any idea of an immediate
large credit to Germany, with or without participation by the Federal
Reserve Banks. Bankers have all along regarded this proposal as impossible;
but they have been disturbed at reports that serious consideration was
being given to it.
Leading bankers were reluctant to criticize the Washington plan, in
view of their own admitted inability to propose any better way of meeting
the German crisis. The conclusion that most Wall Street financiers have
reached is that Germany must meet the problem herself.
See All Done That Can Be.
There is only one major step that the other nations can take at this
time, as bankers see it, and that has already been arranged for by the
adcption of the Hoover Plan for postponing debt payments, namely, to
relieve Germany of the burden of reparations.
564
FINANCIAL CHRONICLE
The conviction is gaining ground in Wall Street that the present German
crisis must inevitably lead to a re-opening of the entire question of reparations
and war debts. A large number of important bankers freely admit that
they expect utilmate cancellation of both reparations and war debts, while
almost all others expect at least some scaling down of the payments. It
is generally conceded, however, that progress along these lines will be very
slow and that, in view of the necessity for Congressional action to change
the war debt agreements, nothing concrete could possibly be expected until
next December.
In outlining the probable course of events, should no more immediate
measures of financial relief for Germany be devised than those contained
in yesterday's proposal by the American Government, bankers drew a parallel
between the position of Germany and that of an individual who has become
indebted beyond his ability to pay.
Must Pay Oft What She Can.
Such an individual, it was pointed out, could hardly expect his creditors
to supply him with more money. He would be expected to go to work
and attempt, little by little, to pay off what he had already borrowed.
Similarly, bankers said, Germany would have to economize, work -hard,
and gradually liquidate some of her existing obligations, before it could
be expected that confidence would be sufficiently restored to enable her
to obtain new loans.
German borrowers of good credit will still be able to procure funds from
their bankers here, it was said. A number of German industrial concerns,
bankers remarked, already have taken steps to repay some of their loans
and, if such companies need fresh credits, they will unquestionably secure
them. But where German States and municipalities have borrowed unwisely for unproductive expenditures, they cannot expect fresh loans until
the old ones have been paid off.
The principal danger in substituting a definite and prolonged "freezing"
of short-term credits to Germany, as the Administration plan proposes,
instead of the current emergency agreement, is that such a measure may
weaken confidence in Germany rather than strengthen it, bankers said.
The way to restore confidence in Germany as a borrower, as Wall Street
sees it, is to undertake a program of drastic retrenchment in Germany
that will make possible a gradual liquidation of some of Germany's existing
loans. If it should be found possible to secure an agreement such as the
Washington message suggests, it would only postpone the evil hour, according ,
to bankers.
Fear Huge Withdrawals.
Presuming that the agreement were to run until Jan. 1 1933, banks would
be anxious on that date to "unlock" the funds tied up in Germany and,
as one banker put it, the withdrawal of capital that would then take place
would make the recent movement look like a "side-show."
The fundamental difficulty in any attempt to devise a "plan" for curing
Germany's financial ills, according to bankers, is that no single device
will meet the requirements of the situation.
Economically, it is held, the best thing to do is to relieve Germany of
the reparations burden and let her work out the solution herself. With
reparations payments suspended, Germany will have an additional $400,000,000 annually to apply to the payment of foreign commercial debts.
This sum, in addition to what economies the German Government and
German business can effect, should go far toward meeting the situation.
Politically, it is essential, as bankers here see it, that the European
nations compose their difficulties before confidence can be restored in
the stability of Germany as a borrower. As several prominent bankers
have recently remarked, Wall Street does not usually concern itself with
European politics. The present German crisis is as much political as
economic, and until the political difficulties have been attended to, bankers
are reluctant to take a hand in the economic ones.
Market Reflects Uncertainty.
The principal financial markets continued to reflect the uncertainty of
Wall Street over foreign developments. Trading on the New York Stock
Exchange, while larger than on Monday, was dull. The day's turnover
amounted to about 1,100,000 shares. Prices were generally firm. In the
bond market business lagged. German issues were irregularly lower, while
other sections of the list were virtually unchanged.
Foreign Exchanges suffered another sinking spell, with the exception of
the mark, which continued firm and unchanged, reflecting the restrictions
upon the purchase of foreign exchange in Germany. Sterling lost onequarter cent to close at $4.84% ; French francs, at 3.92 5/16 cents, were
off three-sixteenths point; Dutch guilders dropped one-half point to 40.28
4
cents; Swiss francs, one-quarter point to 19.441 cents, and Scandinavian
exchanges one point. The Italian lira moved against the trend, advancing
one-eighth point to 5.23 cents.
Evidence that France is utilizing strength in her exchange to replenish
gold holdings in this market was provided by the announcement yesterday
by the Federal Reserve Bank that $9,000,000 gold had been earmarked
for foreign account. Although the Reserve never states the identity of
foreign correspondents for whom earmarking transactions are undertaken,
the fact that the franc is now the only currency selling at a price that
would make such an operation practical was taken as proof that the metal
was set aside for the Bank of France.
French holdings of earmarked gold in this market were drastically reduced
last month under a triangular arrangement among the Reichsbank, the
Bank of France and the Federal Reserve Bank, whereby French gold was
released to the Reichsbank here in exchange for gold shipped from Germany
to Paris. Recently an increase of $10,000,000 in earmarked gold was
reported, and it was then presumed that France was taking occasion to
replenish her holdings.
French Government Issues Communiques on Conferences of Seven Nations and With Germans.
The text of the official communique issued after the conferences of French and German statesmen Sunday afternoon
and night was as follows, according to the Associated Press:
"In a recent message the Chancellor of the German Reich had expressed
a desire to enter into direct contact wtih the French Government, with
a view to seeking means to work in communion for the amelioration of
relations between Germany and Franc. The chief of the French Government
spontaneously responded that he looked with satisfaction to an interview,
which was rendered all the more opportune by events which have affected
the economic and financial situation at Germany and by the repercussion
of this on other states.
"In consequence, representatives of the two Governments met in Paris
July 18 and 19 1931. They agreed in recognizing the importance of these
[Vol. 133.
meetings and in affirming that it was the mark of the beginning of a
trusting collaboration.
"The Chancellor of the Reich exposed the aspects of the crisis from
which his country is suffering. Representatives of the French government,
recognizing the gravity of this crisis, have declared that under the reserve
of certain financial guaranties and measures of political appeasement the
French Government would be ready to discuss later the terms of financial
co-operation on a basis of international collaboration.
From now on representatives of both Governments insist upon emphasizing their firm intention of creating, by common effort, as much as
possible the conditions favorable to effective collaboration in both the
political and economic fields. They have agreed to associate their efforts
in order that credit and confidence may be restored in an atmosphere of
calm and security."
An earlier communique issued after -Sunday morning's conference of representatives of France, Germany, Great
Britain, the United States, Italy, Belgium and Japan was
as below, as reported by the United Press:
"Premier Laval thanked the Foreign Ministers and delegates for having
responded to the French invitation to determine in common the conditions
under which the London conference will be held. H. Laval informed the
others of recent conversations with Mr. Henderson, Mr. Stimson and Dr.
Bruening. M. Laval recalled the terms of the French suggestion, after
which Dr. Bruening briefly exposed the present state of the German financial and economic crisis and indicated the measures he believed necessary
and desirable to solve the crisis.
"In turn -Mr. Stimson, Mr. Henderson, Signor Grandi and Mr. Yoshizawa
expressed satisfaction at being able to assist, and all gave assurance that
their Governments would examine carefully and sympathetically any plan
for relief of Germany, whose difficulties interest the economic stability
of Europe. They unanimously expressed satisfaction and hope inspired by
the presence of the German ministers at Paris.
"At the request of M. Laval, it was specified, by common accord, that
the London conference will be strictly limited to the German financial and
economic crisis. In conclusion, M. Laval expressed the hope that today's
further conversations between the French and Germans would facilitate the
success of the German conference."
Agreement Reached at Seven Power Conference at
London to Aid Germany Pleases President Hoover
—Stimson and Mellon Are Praised by President
for London Outcome—New American Aid Sought
—Reichsbank Desires Committee of World Bankers
to Ration Withdrawals of Reserve—French Stand
Condemned—Officials Indicate Worry Over Further Aggravation of Paris by Secretary Stimson's
Disclosures.
Gratification expressed by President Hoover over the
results obtained at the London Conference of Ministers of
States, congratulations extended by the President to Secretaries Stimson and Mellon and an informal explanation
from the White House as to why Secretary Samson told
newspaper representatives in London that there had been
no new proposals submitted to the conference by him for an
adjustment of Germany's financial ills were features of
Thursday's public developments in Washington following
adjournment of the conference, said Richard V. Oulahan,
the Washington correspondent of the New York "Times,"
in a dispatch to that paper on July 23, who then goes into
a lengthy discussion as follows:
But there were other features in connection with the conference, including Secretary Stinason's reference to President Hoover's program
of helping Germany as an Anglo-American proposal, which were not
authoritatively made known. Information obtained in regard to these
furnishes interesting sidelights on what took place at the notable London international gathering.
Factors Under the Surface.
These under-the-surface factors were as follows:
Efforts of the German representatives at London to obtain assurances
of additional credit from American banks were unsuccessful. There will
be no withdrawal of existing American credits, but no new money will be
lent to Germany from this country for the time being. This government,
In. agreement with American bankers, takes the position that Germany
must now make every exertion to help herself without additional financial
aid until stability is sufficiently established to enable her to get new money.
In addition to the recommendation of the London conference that the
Bank for International Settlements should name a committee representing
central banks "to inquire into the immediate further credit needs of Germany and to study the possibllity of converting the short-term credits into
long-term credits," the Reichsbank desires to form another committee
representing banking interests of the countries which have extended largo
German credits to advise with the Reichsbank as to "rationing" withdrawals and on all other matters pertaining to the conduct of the Relchsbank's affairs. It Is desired by the Reichsbank that an American shall be a
member of this body.
German reparations and allied debts, including those of European
nations to the United States, were brought forward In the London conference 12i an effort to make them factors in whatever agreement the conference reached, but these were sidetracked through the insistence of
Secretaries StimsOn, Mellon and others that the conference should confine
Itself to the immediate question of helping Germany financially.
Only passing reference was made in the conference to the French desire
for political guarantees from Germany. There is no reference to any
political matter in the agreement reached.
It became known here that France had withdrawn all credits to Germany
except $25,000,000, which is the Bank of France's share of the $100,000,000
credited to Germany on July 15 and to run only one month. The London
agreement provides that this international credit shall be renewed at
maturity for a period of three months or until Nov. 15. The New 'York
Reserve Bank furnished $25000000 of this credit.
At the White House this afternoon an official characterized as a tempest in a teapot the newspaper prominence given to the statement of
JULY
25 1931.]
FINANCIAL CHRONICLE
Secretary Stimson in London that no new proposal in behalf of the United
States had been submitted to the conference by him. The White House
official informally and orally offered this explanation of Secretary Stimson's
course:
On Friday. while still in Paris, Secretary Stimson received a cablegram from Washington setting forth the proposals of the United States.
He discussed the essential points of these proposals with the French and
German representatives. A garbled account of them appeared in European and certain American newspapers on Monday. Then press cables
sent from the United States to Europe on Monday said that there was a
new proposal.
"Naturally," according to the White House authority, Secretary Stimson
denied that there were any new proposals, he having received the text
of the American proposals on the previous Friday. Then the American
proposals, as they were cabled to Secretary Stimson on Friday, were
given out to newspapers in Washington on Tuesday to correct the inaccurate accounts of the proposals as carried in the European press following Secretary Stimson's discussions with the French and Germans on
Friday.
Wednesday Statement Unexplained.
Nothing was said at the White House in explanation of what is regarded as Secretary Stirason's more important statement to newspaper
representatives in London yesterday that there were no separate American proposals for stabilizing Germany. He suggested that instead of
an American plan the proposals considered it should be called an AngloAmerican plan.
The explanation obtained to-day brought out that Secretary Stimson,
instead of submitting President Hoover's program in its full text to the
London conference, had brought forward the various items one by one,
so that the plan drafted by the President was not laid before the conference textually in its complete form. Co'oriel Stimson, it was said,
was not instructed, when the text of President Hoover's program was
cabled to him,to present it at the London conference at any specified time,
but merely to present it at an appropriate time.
Apparently, it was said, he did not construe his instructions to mean
that he should present the President's plans as a whole. While his course
is not entirely clear it is supposed that when he found that Prime Minister
MacDonald was endorsing the American terms he politely referred to the
program of President Hoover as the Anglo-American proposals.
As was explained informally at the White House this afternnon, Secretary
Stimson discussed the "essential points" of the American proposals with
French and German Cabinet officers in Paris last Friday. The American
plan was not seen by Prime Minister MacDonald or other British Cabinet
officers until after Secretaries Stimson and Mellon reached London Sunday
night.
Apparently, what the President proposed was so much in accord with the
British governmental view that when Secretary Stimson offered each item
of the Hoover Plan for discussion it was heartily endorsed by the British
Prime Minister or he probably discussed some of the features ofthe American
program before they were put forward by Secretary Stimson and the latter
endorsed the British attitude.
565
Additional annoyance over the course of the French Government was
manifested here last week when it put forward demands for political guarantees from Germany in consideration of French financial assistance to that
country. These demands were discussed in Paris between French Cabinet
officials and Secretaries Stimson and Mellon and Arthur Henderson,
British Secretary for Foreign Affairs, and apparently were modified greatly,
if not dropped. To what extent they figured, if at all, in the London conference is not disclosed, but apparently they were not pressed there by the
French, as only passing reference was made in the conference to political
guarantees from Germany.
Effect in America Feared.
Some feeling over France's attitude still exists in Washington. Throughout the exchanges with France since President Hoover's debt holiday program was announced there has been an effort on the part of this Government
to maintain the most cordial relations with French representatives. It was
stressed here during the protracted Paris negotiations over the adoption of
the debt holiday plan that the administration had a full realization of what
France had suffered in the World War and it could look in a sympathetic
way on French apprehensions over her own security and her fear that if the
debt holiday were put into effect the Young Plan of reparations payments
would be scrapped.
Members of the administration felt that the situation in Germany demanded concessions by France, not only for Germany's good but for the
rest of Europe and part of the outside world. The administration seemed
to fear that the French attitude would arouse resentment among the American people at a time when it was regarded as especially desirable that all the
great nations should stand together with the common purpose of making an
effort to bring back the world to normal economic and financial conditinos.
There is no outward display of administration vexation in the matter.
but it is apparent that a good impression has not been created by the withdrawal of French credits to Germany with the exception of the $25,000,000
furnished by the Bank of France to help Germany in her distress.
The vexation in Washington appears to have been accentuated by the
French communication sent to the League of Nations with reference to the
coming world disarmament conference, published textually in the New
York "Times" yesterday. The indication of France's unwillingnessfurther
to reduce her army seems to be looked upon as evidence that France had no
sympathy with the purposes of the disarmament conference and has given
the cause of armament reduction and limitation a blow seven months before
the time set for the assembling of the conference.
In spite of the uncertainty existing as to whether extremely good results
will flow from the agreement reached by the London conference of Ministers
to-day, the ailministration appears to be very optimistic on the subject.
This optimism was displayed in the statement made by President Hoover
to-day, in the first sentence of which he said "the London conference has
laid sound foundations for the establishment of stability in Germany."
Cordial cablegrams of congratulations were sent by the President to
Secretaries Stimson and Mellon at London. The cablegram to the Secretary of State follows:
Hon. Henry L. Stimson, Secretary of State:
I wish to convey to you my sincere congratulations. My appreciation is
Seeks to Forget Issue.
the deeper from knowing the complexity of the difficulties which confronted
It was evident to-day that the administration is anxious that the confusion you over the past 10 clays and the able manner in which they have been
created by Secretary Stirason's denial that any new plan had been submitted surmounted. I hope you may now secure a real vacation.
by the United States and his statement that the proposals considered by the
HERBERT HOOVER.
London conference should be regarded as Anglo-American proposals, shall
The cablegram to the Secretary of the Treasury follows:
be forgotten as of no consequence.
No disposition was manifested in official circles to-day to criticize Colonel Hon. Andrew Mellon, Secretary of the Treasury:
I wish again to congratulate you upon a most notable public service.
Stimson but outside of administration quarters there was considerable comment to the effect that the Secretary of State had made two "bad breaks" I trust you may now secure a real vacation.
HERBERT HOOVER.
and was likely to come in for considerable adverse criticism by Senators,
Representatives and newspapers. While there were some suggestions that
Great credit is given by the administration to George L. Harrison,
Colonel Stimson would not remain in the Cabinet until the end of President Governor of the Federal Reserve Bank of New York, for his efforts to make
Hoover's term, it is anybody's guess whether the remarks he made to news- the London program a success. Mr. Harrison, it was said to
-day, had lined
paper men in London would have any effect on his political fortunes.
up big New York financial interests which have extended credits to Germany
From the international standpoint, the disturbing feature of Secretary and have heavy investments in German securities, and no doubt was felt
Stimson's remark to press representatives in London about an Anglo-Ameri- that these would hold together in making no withdrawals from that countryi
can plan was its possible effect upon the French Government. Ever since
Confident of Stabilization.
President Hoover's proposal for a year's holiday in intergovernmental debts
It was hoped, Mr. Castle said, that the banks of all the countries conbecame known last month the French have shown signs of sensitiveness
because of the suspicion that the United States and Great Britian were work- cerned would live up to the suggestions embodied in the London agreement
ing in accord concerning the Central European financial and economic and that if withdrawals from German banks were stopped, as this Government fully believed they would be, the London agreement would have the
situation without taking France into their confidence.
Evidence of this came to light on June 19 when it leaked out that the effect of stabilizing the situation.
It was obvious, Mr. Castle added, that the committee to be appointed
President had the debt holiday in mind. When a White House official
disclosed that the President's proposal had been confided by him to Sec- by the Bank for International Settlements would study the whole German
retary Mellon on the eve of the latter's departure for Europe and that Mr. situation. He pointed out that this committee would be composed of
Mellon had been asked to discuss it with European statesmen, the French bankers and that it was likely that an American would be asked to serve
were understood to have been chagrined, for upon landing in England Mr. on it. It was unlikely, however, that any officer of the United States
Mellon had gone directly to London and had conferred with Prime Minister Federal Reserve System would be one of the committee, he said.
Asked if it was his understanding that the French had adhered to the
MacDonald, Foreign Minister Henderson, Chancellor of the Exchequer
London agreement, Mr. Castle answered in the affirmative and quoted
Snowden and Montagu Norman, Governor of the Bank of England.
This appeared to furnish proof to the French that the President's proposal Secretary Samson as saying over the transatlantic radiophone this morning
had been discussed in advance with members of the British Cabinet, while that one of the nicest things in all the London conversations had been the
not an inkling of it had been communicated to the French Government. invariable cordiality between the French and Germans. and he hoped this
Some explanation was offered to newspapers with the evident intention of really meant a lot.
When the attention of Mr. Castle was called to the fact that the suggesshowing that the statement of the White House official was erroneous in
indicating that Secretary Mellon had not been requested by the President tion of the American proposal, that vigorous internal measures should be
to discuss the Hoover Plan with Prime Minister MacDonald and his asso- adopted by Germany, was not covered in the London agreement, he explained it was not considered necessary to touch on that point because the
ciates as well as with the Governor of the Bank of England.
Premature newspaper publication concerning the plan forced its disclosure German representatives professed themselves prepared to carry out the
suggestion and,furthermore, it was felt very strongly in the conference that
by President Hoover on June 20, but on the previous day the proposal had
been drafted at the State Department in official form and handed to the if any additional measures were necessary they obviously would come within
the purposes of the committee to be appointed by the Bank for International
diplomats of the countries concerned that evening.
Settlements to confer with the Germans.
Laval Got Proposal First.
-
So. when Secretary Stimson told newspaper representatives in London
yesterday that the proposals of President Hoover which were presented to Text of London Communique at Close of Seven-Power
London conference should be regarded as an Anglo-American plan of
Conference—Statements of President Hoover and
helping Germany, the thought came immediately into the minds of officials
of the Different Delegates.
hereithat this might revive suspicion on the part of the French Government
that the United States and Great Britain were acting in co-operation to the
The following is the text of the communique issued on
exclusion of France. This thought was modified by the knowledge that
the plan had been submitted to Premier Laval and other French Ministers Thursday at the close of the seven-power conference here:
in Paris by Secretary Stimson last Friday, while it could not have been seen
The recent excessive withdrawals e capital from Germany have creby Prime Minister MacDonald and his Cabinet colleagues until Monday. ated an acute financial crisis. These withdrawals have been caused by
OsoAs:far as France is concerned, there can be no doubt that members of the a lack of confidence which is not justified by the economic and budgetary
Hoover Administration are vexed, to put it mildly, over the attitude of the situation of the country.
French Government in the period of more than a month that has passed
In order to insure maintenance of the financial stability of Germany,
since the Hoover debt holiday program was promulgated. The considerable which is essential in the interests of the whole world, the governments
delay in persuading the French Government to accept the plan caused irri- represented at the conference are ready to co-operate so far as lies within
tation in Washington and there is a disposition here to attribute to that their power to restore confidence.
delayithe German financial slump that followed the first good effects of the
The governments represented at the conference are ready to recommend for the consideration of the financial institutions in their respective
debt holiday announcement.
566
FINANCIAL CHRONICLE
countries the following proposals for relieving the immediate situation:
First, that the central bank credit of 5100,000.000 recently granted
to the Reichsbank under the auspices of the Bank for International Settlements be renewed at maturity for a period of three months.
Secondly, that concerted measures should be taken by the financial
institutions in the different countries with a view to maintaining the
volume of credits they have already extended to Germany.
The conference recommends that the Bank for International Settlements
should be invited to set up without delay a committee of representatives
nominated by the governors of the central banks interested to inquire
into the immediate further credit needs of Germany and to study the
possibilities of converting a portion of the short-time credits into longterm credits.
The conference noted with Interest a communication from Dr. Bruening
relative to the joint guarantee recently placed by German industry at the
disposal of the Gold Discount Bank. The conference is of the opinion
a guarantee of this description should make it possible to provide a sound
basis for the resumption of normal operations of international credit.
The conference considers that if these measures are carried through
they will form a basis for more permanent action to follow.
The conference also decided that a committee of experts should proceed
with an elaboration of the detailed measures required for giving effect
to President Hoover's proposal for a year's suspension of intergovernmental debts.
[VOL. 133.
The adoption of the Hoover proposal also settled temporarily Germany's
budgetary difficulties until such time as the measures proposed by Chancellor Bruening take effect. But during the past few weeks events served
to show the sharpness of the crisis and its dangers. What could, and
what ought, the French Government do? It ought at the same time
to safeguard the interests of our country and to observe the obligations of
international solidarity.
We have avoided no single conversation. We participated in the London
conference in spite of the risks to which it could expose us. If the negotiators at this conference did not solve definitely the problem of the German crisis, they had the wisdom not to go outside the general outline
for the discussion which was laid down in advance.
Will the measures which have been adopted or recommended prove
sufficient to withstand the evil? We must hope so. As to the remedies
which will act more profoundly, they require precautions and preparations
of a technical nature. That will be the task of the committee which will
be appointed by the Bank for International Settlements.
These remedies demand, above everything else, an evolution of a political
and moral nature. I venture to say that the conversations between the
French and German Ministers are leading us to a policy composed at the
same time of prudence and boldness which will end in confident collaboration with Germany.
There can be no credits without confidence. There can be no confidence in the world until harmony reigns between our two great peoples.
lies
Satisfaction with the outcome of the seven-power con- In that lies safety. In thatbondspeace. And it is thus that all nations
which are united with us in
of friendship understand the situation.
ference on the German financial crisis was expressed on
Our task Is far from being finished. We shall continue to act in the
by President spirit which guided us in Paris and London. I have been wonderfully
Thursday after its adjournment in London
helped
who accompanied
Hoover and leading delegates at the meeting. These debt ofby the Ministersfriend, Finance me here and I owe a particular
gratitude to my
Minister Plandin, who
brought
statements are given below, the interview with Pierre Laval, his methodical mind, his cleverness and his competence tohas solution
a
of problems that have sometimes proved difficult.
the Premier of France, being a copyright dispatch to the
Dr. Julius Curtius. German Foreign Minister.
Associated Press:
President Hoover.
It seems to me that I ought to confine my comment to the
political
views of the German delegation. From that standpoint the conference
The London conference has laid sound foundations for the establishment
demonstrated international solidarity in a manner which was truly moving
of stability in Germany.
The major problem is one affecting primarily the banking and credit and most promising for the future.
Into this solidarity America is entering ever more intimately, not
conditions and can best be solved by the voluntary co-operation of the
only
bankers of the world rather than by governments with their conflicting through her objective co-operation now but also through her readiness
to co-operate in the future. This attitude brought warm words of
co-operation is assured.
interests. Such a basis of
thanks
The program supplements the suspension of intergovernmental debts from the French Premier at the end of the conference.
So far as German-American relations in this conference are concerned.
already in effect. The combined effect should enable the German people
with their resources, industry and courage to overcome the temporary even in Paris our delegation took every opportunity to make contacts
with your excellent American statesmen. During the conference
difficulties and restore their credit.
pauses
The program contributes to expedite recovery from world-wide de- I called on Mr. Samson several times, and all of us could chat in a friendly,
pression through the overcoming of the most important elements in the personal way with your representatives. To-night we shall have the
pleasure of entertaining them at dinner.
crisis affecting Central Europe.
Above all, we are grateful that Mr. Stimson, whose personal plans
The world Is indebted to Premiers MacDonald, Laval and Bruentng.
to Messrs. Stimson, Mellon, Grandi. Francqui and other governmental already have been badly upset, nevertheless is willing to come to Berlin.
representatives in this conference. The conference has demonstrated a We highly appreciate this decision to visit us and we are grateful for the
fine spirit of conciliation and consideration amongst nations that will have promised visit of the British statesmen. We regard it as a public gesture
of America's readiness to stand by us in a helpful manner.
lasting benefits in establishment of stability.
Henry L. Samson, Secretary of State.
The conference's results form a fitting sequel to the efforts made by New York "Times" Reports Wall Street Glum Over
President Hoover on June 20 to stay the mistrust which was dragging
Results of Seven Power Conference Owing to
down the finances of Germany, thus endangering the economic condition
Absence of New Aid to Germany—Bankers to
the rest of the world.
of
"Sit Tight"—Short-Term Loans Cannot Be DisPresident Hoover's effort relieved Germany from the burden of the
payment of $400,000,000 this year and enabled her to set her budget in
turbed.
order.
In its news columns yesterday the New York "Times"
of that, however, distrust remained and creditors continued
In spite
to withdraw money from German banks. This threatened to cripple said that the declaration with which the London conGerman industry. Their action was the result of fear of unsettled political ference of
Ministers concluded its labors the day before
as well as economic conditions.
This conference, participated in by Ministers of nearly all the creditor amounted, in the view of Wall Street bankers, to a simple
,countries, has furnished the means for terminating this distrust.
endorsement of the emergency measures already taken by
The friendly meeting between the Ministers of Prance and Germany, private
bankers here and in London and contains no new
unprecedented in its cordiality, has reassured the world in respect to
political conditions and has greatly tended to restore the basis of con- aid for Germany of any sort. The discussion then confidence.
tinues as follows:
The governments of all these creditor countries also have agreed to use
The statement that the governments represented are "ready to recomtheir influence and leadership in allaying the panic which was causing mend for the
consideration of the financial institutions of their respective
withdrawal of German credit. This course, if successfully carried out, countries"
the maintenance of "the volume of credits they already have
will leave Germany in possession of the capital on which her factories and extended to
Germany" does not mean, it was stated on high authority.
industries depend.
that neither the central banks or the governments involved have any inMost of this money comes from America, and our banks, under the tention of
dictating or even suggesting the course that the banks should
leadership of our Federal Reserve System, already have been organizing pursue with their
money. It is intended merely to convey the hope that
to reassure creditors against withdrawal of these funds.
bankers in other markets will follow the lead of London and New York.
The Bank of England has been taking similar steps to preserve the level
This interpretation of the proposal, first made public in the Washington
of British lendings. Similar action now promised in the conference from message of last Tuesday, served to relieve the concern
previously felt by
all of the other creditors will greatly help to end the panic and give Ger- bankers that the governments intended, through
their central banks,
many a breathing spell to reorganize her resources.
to lay down a definite period in which short-term loans to Germany were
Once that panic is ended it will be easy to determine whether any fur- to be "frozen."
ther capital is necessary, and resolutions of the conference provide maInstead, bankers learned yesterday, there is to be no
chinery for making the necessary investigation and study in this matter. the existing Informal agreement among the banks to "stay modification of
put" on shortWe believe it is probable that once confidence is restored. Germany term credits being employed by Germany when the crisis
became acute.
will be able to recover her equilibrium on the basis of her own resources This agreement is subject to cancellation at the will of any
of the banks
and such assistance as will be available. But in any event, we have pro- by notification to the Federal Reserve and to the other banks
of the invided the machinery necessary to meet the situation, however it may tention to withdraw credits from Germany.
develop.
Safe on Present Basis.
Andrew W. Mellon. Secretary of the Treasury.
As long as conditions in Germany "rock along" on
the present basis,
I am satisfied. The conference has achieved results which will be most bankers
said yesterday, existing credits will not be disturbed. They
helpful in restoring the financial stability of Germany. That stability
made it plain, however, that any unforeseen change In the German situahas been shaken by a lack of confidence which is not justified by Gertion might lead to a cancellation or at least a modification of the
agreemany's internal economic situation.
ment, although several remarked that no deviation from the present course
German industries are well organized, and given time and reasonably
will again assert themselves and show the Is conceivable. Whether bankers like it or not, they said, existing short,
favorable conditions, they
term credits to Germany are "frozen" in fact. While individual banks
inherent strength of Germany's industrial life.
might be able to recall some of their funds, all the banks certainly
could
In proposing a year's suspension of war debts and reparations. President
not. Since the attempt by any one to pull out would precipitate a general
Hoover has provided a necessary breathing spell, and in carrying his pro- scramble,
the only thing the banks can do, according to this viewpoint,
relieved the Gorman budget
posal into effect the creditor nations have
is to sit tight.
of a heavy burden during the period of recuperation.
The recommendation for the renewal by the central banks of the
$100,The machinery set up by the conference will greatly assist the German
000,000 credit to the Reichsbank was taken as a matter of course. Bankers
Government in meeting its immediate difficulties. It will also permit
which may be required pointed out that the Reichsbank is not in a position to repay the credit,
a study as regards further capital and assistance
and in consequence there is nothing for the central banks to do but renew
for rehabilitation of Germany's industry.
It. No comment on the question could be obtained from officials of the
Pierre Laval, Premier of France.
Federal Reserve Bank beyond the remark that, since the credit is
not yet
I believe I have taken the proper course. The gravity of the financial due, it is not necessary to take up the problem now.
There was general endorsement among bankers of the proposal that
and economic crisis in Germany caused President Hoover to make his
recent proposals. The interested powers agreed to a year's moratorium the Bank for International Settlements should set up a committee to
on reparations and France accepted it on the lines laid down at Paris with study German credit needs and to investigate the prospects of converting
a portion of Germany's short-term credits into long-term.
Secretary Mellon and Ambassador Edge of the United States.
JULY 25 1931.]
FINANCIAL CHRONICLE
There is still wide-spread disagreement among bankers as to whether
Germany actually is in need of further credit, the majority being of the
opinion that she is not. A committee of experts, it is felt, could help
to clarify this and other points of disagreement over the German position.
567
"A simple return to the status quo is hardly within the bounds of possibility," it says. "The only real alternatives, therefore. are revision or
chaos. The earlier the work of revision is undertaken, the better it will
be for everybody."
Success of Loan Doubted.
There is grave doubt, however, as to the prospects of converting German short-term credits into long-term credits, even six or eight months
from now. Public offering of a German loan, bankers say, is out of the
question for some time to come, and there would be little incentive for
bankers to exchange their present short-term commitments for long-term
credits into extended loans.
While bankers show no disposition to minimize the importance to the
rest of the world of the Central European financial crisis, earlier fears
of the immediate results have been modified. Within the limits laid down
by the restrictions upon banking activities in Germany and by the informal agreement of bankers here and in London, German business at
home and abroad can be continued as usual, bankers believe. With
measures in force to prevent the escape of German capital into foreign
currencies, the Reicbsbank will be able to strengthen its position, little
by little.
The reception accorded the news of the conclusion of the London conference by the principal financial markets indicated general disappointment at the results. In the second dullest market of the year stocks
reacted sharply and then retraced a part of the ground lost, to close with
minor recessions. Bonds sold off in moderate volume, the reaction embracing the entire list, from German obligations to United States Government securities.
Germans Say Crisis Is Up to Reichsbank—Disappointed with Results at London, Economists
Urge Reopening of Banks—Favor Big Bank Note
Issue—Financiers Say Inflation of Currency
Should Be Sufficient to Meet All Depositors'
Demands.
A special cable to the New York "Times" from Berlin,
July 23, says that while for three days Germany has been
in suspense as to whether Chancellor Bruening would bring
home an international credit to relieve the alarming shortage
of cash at the disposal of the banks and avert the catastrophic
results of prolonged deflation, the result of the London conference has now turned all eyes upon the Reichsbank,
which now holds the key to the situation. There is only
one view in German financial and economic circles, says
this correspondent. The Reichsbank must end the general
The New York "Journal of Commerce" in its discussion bank holiday and at the same time issue an adequate amount
of the same matters yesterday had the following to say: of new money. The dispatch adds:
But neither the Reichsbank nor the Government which, with Chancellor
Bankers here expressed widely varying interpretations of what they are Bruening in
London, apparently lacks determined leadership. seems
expected to do under the terms of the Hoover plan for maintaining the inclined
to liquidate by one courageous stroke the crisis which each day
present volume of short-term credits within the Reich, following cabled
becomes more acute.
announcements that the statesmen of the interested nations meeting in
Bank Holiday Extended.
London had approved its terms. While continuing to express disapInstead, a new emergency decree issued to-day provides for the propointment as to the nature of the conclusions reached, it was generally
moratorium until July 28, with only slight alle_
indicated that the New York banking community would seek to carry out longation of the banks'
viations. The banks are permitted to Pay out 10% of their deposit acthe proposals made.
In some quarters there was a disposition to regard the agreement as counts up to a maximum of $50 to a depositor, aside from withdrawals
applying only to revolving acceptance credits, and not to loans for longer for payrolls.
It is agreed here that German economy is fundamentally as sound as
periods, varying from three months to a year, made to financial institutions and corporations within the Reich. Other financial observers here, ever, that currency is not inflated but deflated and that, consequently,
however, insisted that the latter were also to be included if the spirit of the only tasks are to a ioid complete tie-up of the banks and to produce
cash, which now is either held in vaults of firms that are afraid of Inthe London proposal was to be carried out.
solvency or in the stockings of individuals who distrust their banks.
Reserve Banks' Interpretation.
Economists argue that the hoarded money will not reappear as long as
It was believed by bankers here that the Federal Reserve authorities the banks remain closed and that the liquidity of the banks can easily
would like to include all credits maturing within a period of one year in be guaranteed by printing money to replace temporarily cash which is
the operation of the plan. Such an interpretation, it is understood, would being held back and which, therefore, as far as practical business is conbe opposed vigorously by certain bankers, who believe that it asks a sac- cerned, does not exist.
rifice of them greater than the London conference expected them to bear.
The possible inflationary effect, however, is disregarded by financial
Another question existing in the minds of local banks is the period of experts, some of whom even expect highly beneficial effects from this
time for which these credits are expected to be left intact before being return movement.
withdrawn. In a number of cases it was assumed that the period contemWriter SCC3 Course As Best.
plated in the London agreement was three months, as the $100,000.000
A writer in the "Boersen Courier," one of the chief financial papers of
credit to the Reichsbank advanced by the Bank for International Settle- Berlin,
points out that this money would either flow back into the banks
ments and the three leading central banks covers such a period of time.
—and then everything would be all right, as they would use it to repay
This would again come into conflict with the views of the Federal Reserve
their credits to the Reichsbank—or, he says, "it wquld be used for the
system, some bankers thought, in view of the disposition on the part of
purchase of goods by people who are still afraid of inflation."
the latter to make the agreement cover a year.
It is emphasized that the danger of inflation would automatically beNo Reserve Aid Seen.
come imminent if newly printed money should be offered abroad in large
It was seriously questioned here whether the Federal Reserve banks amounts. In order to prevent this, it has also been proposed to issue a
would be willing to step in and take the place of any bank which found it special "domestic" money, similar to the British currency notes issued
Inconvenient or embarrassing to leave its funds in Germany. Such an after the World War and many other kinds of money issued in nearly all
countries during the war.
arrangement, it was believed, might arouse political opposition.
Another proposal is to issue the total Reichsbank allowance of silver
A number of these questions, it is expected by observers here, would be
resolved by the committee of banking experts to be appointed by the Bank money, which would mean an increase of $155,000,000 that would not
for International Settlements to survey the situation and suggest further affect the coverage percentage.
While all this shows the risk that the Reichsbank and the Government
measures of aid. No step has yet been taken by Basle, according to the
would run by reopening the banks is comparatively small, if there is any
latest information available here, to appoint this committee.
It is estimated that the volume of German credits of less than 90 days risk at all, it is agreed in business circles, that the consequences of a proheld in the United States amounts to approximately $600,000,000, of which longed bank holiday cannot be exaggerated.
A paper as moderate as the "Frankfurter Zeitung" predicts that wholeabout $450,000,000 are held in New York. Boston and Philadelphia.
The remainder are held in the interior and chiefly in Chicago. Of the sale bankruptcies will be the result if "the Reichsbank does not awaken
total credits of this type extended to Germany the major portion is held soon."
"Should the Reichsbank fail in its leadership, the consequences this
in London and in New York. It is calculated that little more than $60,000.000 are held in centers which had not been under an informal agreement time would extend beyond any prediction," this paper warns. "Aside
to maintain existing commitments prior to the passing of the recommen- from everything else, there would be an ebb tide in the treasury such as
can hardly be realired in advance."
dation by the conference in London.
As even "Germania," Chancellor Bruening's organ, is joining in the
chorus of emphatic admonitions, it
and
The London "Times" Calls Seven Power Parley for the Government will finally resolve is probable that the Reichsbankbusiupon the course advocated by
Relief of Germany Disappointing—Blames United ness men and economists.
The Reichsbank directorate was in session until late to-night without
States and France for Evading Real Issues.
reaching any definite resolution. The total amount of notes in circuA special cable to the New York "Times" from London, lation yesterday was slightly more than $1,000,000,000, an increase of
July 22 points out that in an editorial under the caption about $10.000,000 since JulY 15. It is assumed the week-end pay day
will bring an added demand for about $35,000.000.
"A Lost Opportunity" the London "Times" the next day
would express the opinion that the results of the international
meeting at London are regrettably meager and "scarcely German Banks Co-operate with New York and London
—Federal Reserve Continues to Discount Berlin
worthy of an impressive international conference, however
Bills—Reich Buys Foreign Money.
hastily convoked." The dispatch continues as follows:
The paper calls attention to the fact that as far as fresh money is conCo-operative measures have been taken by London, New
cerned the Germans are going home empty-handed, but admits that the
decision not to withdraw existing credits is a matter of great immediate York and German banks in collaboraton with the central
importance. for without it Germany would be bankrupt.
banks to continue full banking facilities in connection with
"But it would be idle," continues the editorial,"to discuss the disappoint- International
trade relations between the respective counwhich will be felt generally in this country at the meager achievement
ments of a gathering which might have done so much to set the world back tries, it was indicated yesterday, said the New York "Herald
on the path of prosperity.
Tribune" in its issue of July 18, adding:
to
seek. From the very outset the
"The reasons for failure are not far
conference was precluded from grappling with the fundamental factors
responsible for the present crisis in Germany. So long as the United States
Government declined to discuss war debts and the French Government
declined to discuss reparations, it was clear that no real progress could be
made toward a permanent settlement of the economic problem of Germany.
"For the moment both Prance and the United States have succeeded in
evading the real issues, but it is plain that they cannot be evaded much
longer."
Assuming that Germany is able to maintain her economic life for the
next 11 months of President Hoover's debt suspension without a political
unheaval, the London "Times" asks what is going to happen next Summer.
The Federal Reserve Bank of New York is continuing to discount German bankers' bills and has been doing so all week, it became understood
yesterday. The Reichsbank is purchasing foreign exchange to meet ordinary
commercial obligations in foreign countries, including the United States,
and English bankers have moved to continue existing German credits.
Bills accepted by commercial banks here against German balances are
being taken by the Federal Reserve without any hitch. Commercial bankers
of New York decided this week to honor drafts and bills of German origin
against existing balances. It is understood that German balances here
are the same as before the crisis developed in Central Europe, and
these
balances will permit the continuance of normal trade relations on
this
568
FINANCIAL CHRONICLE
side of the Atlantic. The same situation is to be found in respect to
German balances in London, it is believed.
Rcichsbanik Buys Foreign Exchanges.
The Reichsbank, through purchases of foreign exchange for meeting
legitimately-incurred commercial obligations in this and other countries,
has gratified business interests on this side, it was stated. The activity
of the Reichsbank in buying foreign exchanges for this purpose Is held
to disclose a policy of full co-operation on the part of the German central
bank with foreign commercial interests.
The revelation that the Reichsbank is facilitating payments of foreign
commercial obligations in this manner supplements the statement on Thursday by Dr. Hermann Dietrich, German Finance Minister, that services would
continue to be met by Germany en all its obligations, whether governmental
or industrial. As a result of this reassuring statement, German bonds on
the New York Stock Exchange yesterday snapped back very sharply again,
topping the wide gains of Thursday with further gains of 2 to 11% points.
At the same time that co-operative banking measures on both sides
of the Atlantic became known, bankers here pointed out that the German
financial position was not nearly so precarious as had at first been thought.
Since the German authorities adopted a strong hand the immediate
dangers have been averted. German interests have balances abroad, it
is estimated, totaling almost $2,000,000,000, or considerably more than
the approximate $1,000,000,000 in foreign short-term credits which have
been pulled out of Germany since last September.
Some of this German money in foreign centres and in New York is known
to be in securities, while a certain percentage of it is in short term funds
and bank balances. Bankers here commented approvingly on the forthcoming decree of the German Government to pull in some of these foreign
balances.
[Vol.. 133.
recall balances from London took place, but apparently little of this could
be ascribed to New York institutions, and the flurry passed as quickly as
it had come.
The question that now confronts bankers is whether to extend further
Credits to Germany at this time. The majority of bankers here frankly
admitted at the close of last week that they were not prepared to go
beyond their agreement to "stay put" en existing lines. As the financial
situation in Germany is clarified this stand will be revised, it is expected,
but for the present, it is held, discussion of further credits would be
premature.
Policy on Loan to Government.
Private bankers take a similar stand with respect to proposals that
they participate in a large long-term credit to the German Government
or the Reichsbank, sponsored by the central banks of London, Paris and
New York. Discussions of such a credit came to a climax last Monday
when the European central bankers, meeting at the Bank for International
Settlements in Basle, debated for twelve hours and then went home after
passing an ambiguous resolution.
The resolution, setting forth the opinion of the bankers that German
finances were fundamentally sound and announcing that the central banks
were prepared to aid Germany to the full extent of their resources, provided
their respective governments and private bankers would co-operate, at
first aroused hopes of some concrete action.
As the resolution was analyzed by bankers here, however, it amounted
simply to an admission that the German situation had gone beyond the
sphere of central bank action and was a problem for the European governments to solve. Bankers here concluded that the central bankers in Basle
doubted Germany's ability to repay a large credit within the short space
of time that the banks of issue would be at liberty to extend it. They
proposed, in effect that private bankers should undertake the task of
financing Germany at long term, conceding at the same time that before
this could be done political differences between Germany and other countries
would have to be ironed out.
If the general public placed a somewhat hopeful interpretation upon
the communique issued at the World Bank, the German Government did not,
for it at once ordered the closing of the banks for two days. European
statesmen, taking up the task as the central bankers had indicated they
must, went into conference.
One of the projects immediately proposed, according to the dispatches
from abroad, was a long-term $500,000,000 loan to Germany to be secured
by customs revenues and to be guaranteed by the respective governments in
whose markets it was issued. Bankers here were skeptical of the plan at
the close of last week.
They pointed out that so far as our Government was concerned, no
guarantee of this character was possible. Lacking such a guarantee, they
saw little likelihood that buyers could be found. Young Plan and Dawes
Plan bonds, it was remarked, are already secured by pledges of German
customs revenue and a new loan would have to be subordinate to them.
With these two issues selling at extremely low levels the chances of
floating a third mortgage on German's customs receipts at par appeared
slim.
Apart from the feasibility of such a loan, leading bankers said they
doubted whether Germany required a large credit at this time. The course
for Germany to pursue, as it was outlined by some of the most prominent
International bankers last week, is to economize on credit for a time, build
up the reserves of the Reichsbank by restricting the movement of capital
out of Germany and forcing the repatriation of German foreign balances,
put her house in order politically and economically and then seek a credit
in the markets of the world, if it is still found necessary. Germany, according to a number of bankers, has suffered not from too little foreign credit,
but from too much of the wrong kind.
The New York "Times," in its issue of July 19, in discussing
the same subject, observed that international banking cooperation had made it possible last week to keep the lines of
trade open between Germany and the United States despite
the fact that during part of the period all German banking
institutions were closed and during the remainder of the
time rigid restrictions were imposed upon them. Meeting at
the Federal Reserve Bank, representatives of all the New
York banks doing businsss abroad agreed to keep open their
lines of credit to German banks to the extent that these
lines were being employed just before the closing of the
German institutions. The Federal Reserve Bank continued
to receive for discount bills draiwn by German interests and
accepted by member banks of the Reserve. The Reichsbank
agreed to sell necessary foreign exchange to German banks
which had to remit funds to this market against maturing
acceptances. In almost all respects, business between banks
here and in Germany pursued its normal course, it is stated.
The only restrictions placed upon it were that New York
banks, while agreeing to "stay put" on existing lines of
credit, refused to extend their commitments beyond those
outstanding when the crisis in Germany compelled the Government there to issue its emergency decrees limiting the
activities of the banks, and German banks, in view of the
restrictions, were unable fully to reciprocate the services German
Banks Unite to End Runs—Will Guarantee
supplied to them by New York banks. These accounts went
Deposits of Each Other—Stock Exchange Not
on to say:
Opened on Monday.
Liberal Attitude by Banks Here.
The agreement among the American institutions enabled German banks
to draw upon their balances here by bills, checks, drafts or cables, even
though at the time balances of New York banks in Germany were tied up.
It provided the German institutions with the opportunity of drawing new
bills whenever outstanding acceptances matured so that no diminution in
the amount of credit which they had at their disposal should occur.
So far as bankers could recall, it was the first occasion in which banks
of one nation had taken so liberal an attitude toward their correspondents
In another country when the latter was in the throes of a financial crisis.
An illustration of what might have happened if the New York banks, under
the leadership of the Federal Reserve, had not reached their agreement,
was provided by the course of action taken by some of these institutions
before the arrangement of a unified policy.
Several banks, acting on the advice of counsel, took the stand early
In the week that, since their balances with German banks had been temporarily "frozen," they were under no obligation to release funds of German
correspondents held by them. Accordingly, when checks were presented
against deposits of German banks they refused to honor them. Such a
procedure, it was at once recognized, could only add to Germany's financial
difficulties and in the end work to the detriment of all concerned.
Other banks which from the beginning had honored checks of their
German depositors took the stand that a unified policy was essential.
Accordingly, meetings were held at the Federal Reserve Bank and it was
agreed that the German institutions should have full access to their balances
here.
Part Played by Reserve Bank.
The Feder= Reserve Bank is receiving much of the credit for the
policy being pursued by New York banks. Without the Reserve Bank as
a meeting ground, the banks would have had more difficulty in getting
together. Moreover, it is generally assumed, the opinions of the Federal
Reserve authorities carried more weight in persuading dissenting banks
to agree to the course of action settled upon that could have been brought
to bear on the dissenters by other individual banks.
k••• another respect the existence of the Federal Reserve helped materially
o ease the repercussions of the German situation upon the banks here.
Without the knowledge that they could quickly obtain any necessary
credits from the Reserve, New York banks, confronted with the sudden
temporary "freezing" of their credits to Germany, might have felt constrained to strengthen their positions by calling in domestic and other
foreign credits, thereby spreading the financial strain originating in
Germany. Instead, the crisis in Germany failed to cause a ripple in the
domestic money market. On one day, Wednesday, a frantic scramble to
German banks on July 18 entered an agreement under
which each will participate in a guarantee for the deposits
of the others. Details of the arrangement were not disclosed,
but it was expected that plan would permit free resumption
of currency payments without risking disastrous runs on
individual banks.
The Bourse committee on the same day announced postponement of reopening of the Stock Exchange, scheduled for
Monday, July 20, holding that resumption of business will
be impossible until money and banking are back to normal.
The Produce Exchange was still functioning under some
restrictions. The Federal Industrial Board notified members
of the latter that invoices must be made out in marks
without any clauses as to settlement in gold or any foreign
currency. This was designed, it was stated, to help keep the
German currency stable.
The banks re-opened on July 20 for withdrawals of deposits, up to $5 and it became evident on the first day of the
gradual liquidation of the banks' holiday that the government measures had been successful in preventing a run
upon the banks' reserves. Although there were thousand‘
cable dispatches stated, who took advantage of the opportunity to withdraw part of their deposits, there were no
riots and the police met no difficulty in keeping order. The
panicky nervousness of the populace which was marked
during the first days after the closing of the banks had
apparently been appeased.
A new clearing procedure in order to enable depositors to
transfer money from one bank to another was definitely
adopted on July 20 by 43 leading banks under the leadership
of the Reichsbank. It is said to be modeled after that
adopted by American banks during the crisis of 1907. It is
not in the nature of a mutual guarantee trust, but is based
JULY 25 1931.]
FINANCIAL CHRONICLE
569
on a 5,000,000-mark (about $1,190,000 at par) protective
One of the first results of this development was the defund, clearing balances being paid in stocks, bonds or ex- cision of the Cabinet that night to pay the monthly salaries
change or in the form of credit from the fund.
of State employees in two installments.
German Decree Intended to Halt Flight of Gold—
Washington Receives Summary from Ambassador
Sackett of German Decree to Cope with Crisis—
Limitation on the Payment of Bank Deposits.
Ambassador Sackett at Berlin on July 20 informed the
State Department that President von Hindenburg had issued
a decree Saturday against the flight of capital from Germany
and concerning tax evasion. A summary of the Presidential
decree,issued late the night before was cabled by Ambassador
Sackett as follows:
Bremen Private Bank Closes—J. F. Schroeder Hopes
to Get Assistance for Reopening.
Bremen's largest private bank,J. F.Schroeder, possessing
a firm capital of 15,000,000 reichsmarks and 1,000,000
reichsmarks in reserves, closed its doors on July 20, according to a special cable on that day from Berlin to the New
York "Journal of Commerce." The management announced
it could not make further payments. Efforts are being
made, however, it was stated, to secure aid so as to permit
the firm to reopen. The dispatch went on to say:
1. The obligation is put upon all persons to offer the Reichsbank all
foreign media of payments; the same to foreign securities purchased subsequent to July 12. Exceptions are made for the legitimate needs of
Importers. Violators of this decree are subject to imprisonment and
heavy fines.
2. Provides for tax amnesty to persons now declaring taxable property
which they had previously failed to declare. For this purpose, supplementary tax declarations may be entertained made up to July 31 1931.
Failure to declare previous tax evasions subject to severe punishment and
heavy fines.
3. Deals with tax supervision and provides that persons hitherto not
obliged to keep books and who have a certain income must hereafter keep
books. The investigation of the books of stock companies. &c., may
extend to the investigation of employees of the respective organizations.
Presidential decree issued July 18 provides for the payment of an additional passport fee for foreign travel. Decree effective July 22 and exp;res
Oct. 1 1931.
The governmental regulation,issued late July 18, providing for the further
relaxation of the bank holiday regulations and resumption of limited bank
payments, is regarded as the first step toward the restoration of normal
banking conditions. In substance the decree regulates payments by banks
from July 20 to July 23, inclusive. On these four days banks may pay to
depositors no more than 5% of deposited amount, and in no case more than
100 marks.
Payments on savings banks deposits are limited to 20 medal, on letters
of credit to 100 marks. Payments may now also bo made to meet freight
charges. With respect to all other payments these four days are regarded
as legal bank holidays. Drafts may not be protested from July 22 to July
24. Failure to meet obligations due to above restrictions furnishes no basis
for legal claims. The Postoffice, Reichsbank and Gold Discount Bank
are not subject to these restrictions.
The Bremen Schroeder firm had no connection with the J. Henry
Schroder banking houses in Hamburg, London and New York.
The J. F. Schroeder Bank had important connections with shipowners,
shipbuilders, high seas fisheries and warehouses interests. The attitude of
the English bank creditors of the institution is believed crucial in working
out any plan for aid, which will probably be based upon giving new funds a
prior lien. Depreciation in holdings of shares of the North German Lloyd
and the Hamburg-South American lines, as well as heavy investments in
the Deschimag Dockyards, were a particularly heavy burden on the institution.
The Berliner Handelsgesellschaft, which had a 12% interest in the share
capital of the Schroeder firm, announces that credits it had advanced to
the Bremen institution are fully covered by collateral.
The Bremen Schroeder firm had followed the same policy as the Darmstaedter und National Bank in the last few years, which explains its present
difficulties. It was aggressive and expansive in its policy, thus tending to
get involved with business enterprises which it was backing by excessive
advances of credit.
Facilitation of the resumption of normal business in Germany is seen in
the perfection of a scheme permitting the free transfer of accounts between
banks in the form of a clearing house arrangement. Indebtedness of each
bank to the clearing house at the end of the day is recorded by the Gold
Discount Bank, which then takes securities in what it regards as adequate
amount to cover this debt. The plan is scheduled to go into effect tomorrow.
The clearing house arrangement is similar to that common in the United
States, substituting what amounts to check payments for currency withdrawals. If clearings are unduly adverse to any bank it may be dropped
from the list, which will be 40 banks at the start.
Despite these steps the normal functioning of business is still very difficult, and further closing of factories with consequent increased unemployment is feared widely.
Germany to Seize All Foreign Money—Heavy Penalties
• Provided for Those Who Fail to Declare Hoards
at Reichsbank.
President Paul von Hindenburg on the night of July 18
issued decrees designed to plug up some of the holes through
which Germany's capital has been leaking out, said an Assoelated Press dispatch from Berlin on the same day, adding:
In a decree designed to prevent hoarding of foreign
currencies, it was made compulsory that every holder of such
currencies—or drafts, credits or claims in foreign currencies—
declare them at the Reichsbank. Unless the Reichsbank
agrees that the holder needs them for essential economic
purposes, they will be converted into German marks at the
official rate of exchange.
The decree applies to foreign stocks and bonds also, if
they were bought after July 12, the day before the collapse
of the Darmstaedter und National Bank shattered the nerve
Ordinarily long-term investments
of many investors.
abroad are not affected.
Penitentiary terms up to 10 years and "unlimited" money
fines are penalties for violation of the decree. In addition,
conviction is to be made public in newspapers at the expense
of the offender.
Another ordinance, forecast in a radio broadcast last
night,levies a special passport tax of $25 on Germans leaving
the country. It does not apply to foreigners visiting in
Germany or passing through. It will be effective July 22
and will remain in force until Oct. 1. Penalty for violation
will be a $250 fine or imprisonment. In to-day's newspapers
there was some protest against this measure, to the effect
that it would embarrass German traveling salesmen.
German Bank Closes Temporarily.
An Associated Press dispatch from Bremen, Germany,
July 23 reported that the Beamten Bank, used largely by
civil servants, had announced that night that it was compelled to close its doors temporarily on the ground that
because of the present restrictions the usual receivable
amounts had not been paid in and its assets were not strictly
realizable.
Hungary Extends Curb on Banks—Hungary Acts
Despite Absence of Heavy Withdrawals.
An Associated Press dispatch from Budapest, July723,
stated that emergency measures to meet the financial
crisis in Hungary would be extended despite the reassuring
fact that depositors withdrew only 13/% of their deposits
from the banks last week, instead of the 5% permitted
under the emergency order. The Government announced
that all reasonable industrial demands would be met.
Crisis Gains Force in Central Europe—Hungarian Difficulties Acute, Despite Improvement in German
Situation—Rumania Presses for Loan—Czechs
Ask Bank Control—Bank Rate in Jugoslavia Is
Raised from 6 to 732%.
John MasCormac,in a wireless to the New York "Times,"
from Vienna July 19, observes that while Germany's financial
crisis has experienced temporary easement, that of the
rest of Central Europe shows more signs of spreading than
of being dammed. The improvement in Germany has
embarrassed rather than helped the Hungarian Government,
since it has removed the official reason advanced for HunGermany Acts to End Tax Payment Delay—Will Levy gary's difficulties, while at the same time the difficulties
5% Monthly Upon Concerns in Arrears, with continue, as do also the restriction of exchange and bank
Interest for Respite.
payinents ordered to cope with them. This wireless disIn order to prevent delay in the payment of taxes, which patch also says:
There are indications, too, that the financial position of Rumania,—
as a result of the present crisis, especially the partial closing
approaching its crisis. M. Manoilescuo,
years—is
of the banks, has assumed alarming proportions, the Govern- cheerless for right-hand now who has been appointed President of the
man,
King Carol's
ment decreed July 20 that, beginning Aug. 1, 5% monthly Rumanian National Bank and quasi-dictator of Rumanian finances, will
will be levied upon trades in arrears, while 5 to 12% annual urgently seek foreign help in Paris and Geneva.
inflicted grievous wounds on RuThe
interest must be paid on taxes for which a respite has been manianworld agrarian depression hasof large expenditures on armaments
finance, and the continuance
granted. It was stated that if tax revenues continued to has made saving difficult. It was the financial situation as much as
the
fall off at the present rate the whole administrative machine anything which brought about raisedownfall of the Maniu Government,
Its successor has been able to
about $20,000,000 in Paris, but this
of the Reich would be jeopardized in the long run.
is only a drop in the arid desert of Rumania's financial needs.
570
FINANCIAL CHRONICLE
Confidence Shaken.
The collpase a few weeks ago of the Banca Generale was a danger sign.
Although it was more limited and local than the shattering of the Creditanstalt in Austria and the shaking of the Hungarian General Credit Bank,
many millions of lei were lost and public confidence In the Rumanian banking
system was affected.
According to private advices, some $10,000,000 deposits have been
qubtly withdrawn from Rumanian banks in the past week. Foreign
short-term loans have also been in great part reclaimed, but these have
never been considerable in extent. Measures such as taken in Germany
and Hungary are accordingly not looked for in Rumania. but decisive
economies are expected of M. Manoilescu in his new capacity.
The newspaper "Az Est" says that American and English groups which
have made short-term loans to Hungarian banks notified these institutions yesterday that they were willing to continue them on a single condition—that the Hungarian Central Financial Institute, composed of
big Hungarian banks, guarantee them. The bankers agreed.
Banks in Negotiation.
This report, however, is believed premature. It Is true that Hungarian bankers, as Austrian bankers did before them. initiated negotiations for the new withdrawal of short-term credits which have still to
fall due, but it Is understood these have still produced no result.
Meanwhile, although in private the traffic in the Hungarian pengo is
exchanged at even prices with the Austrian schilling and at seven, instead
of five to the dollar, the public is maintaining a calm which encouraged
the Government yesterday to allow deposits of 100 pengoe be withdrawn
and to permit holiday makers bound for foreign resorts to be supplied
with foreign currency up to 300 pengoe, or 860.
In Czechoslovakia a delegation from German and Czech Social Democratic circles waited yesterday on Finance Minister Trapl to declare that
experience in neighboring countries had shown the necessity of stricter control of bank administration, and that the personal responsibility of bankers
must be established by law.
The Minister replied that he had already considered the question.
In Jugoslavia the National Bank decided yesterday to raise the bank
rate from 6Si to 73i%.
[Vol.. 133.
The bank will take over most of the Government business
now done through the Bank of Brazil. All taxes are to be
collected by the bank and all salaries over $80 a month
capital for the bank will be raised by a foreign loan.
New Argentine Elevators—Forty More Planned by a
Co-operative in Port Rosario Zone.
A special cable to the New York "Times" from Buenos
Aires, July 22 stated that 40 more grain elevators would be
erected by the Association of Argentine Agricultural Societies
in the Port of Rosario zone, in addition to the huge terminal
elevator opened officially in Rosario last Sunday, and the six
country elevators already operated by the association.
Concessions for construction have already been granted.
Opening the terminal elevator at Rosario on Sunday, July
19, Provisional President Uriburu said that co-operative
organizations would rescue Argentine agriculture from
hazards and speculation, stabilize rural life and lower production costs. He added that farmers never before had
enjoyed orderly political representation in Congress, which
heretofore had been monopolized by professional politicians,
and urged that rural interests should have direct representation.
Former President Calles Takes Bank Post in Mexico—
News of Efforts to Save Peso Heartens Mexican
Dusiness Men.
A wireless to the New York "Times" from Mexico City,
July 22 says announcement was made on that day that
former President Plutarco Elias Calles had definitely accepted the presidency of the board of directors of the Banco
de Mexico, thus bearing out reports which had been widespread for several days. The news encouraged, it is stated,
all financial and business circles previously disheartened by
the depreciation of the silver peso.
Austria Increases Bank Rate to 10%—Unexpected Move
Is Result of Effect on Southeastern Europe of
Crisis—Hungary Curbs Market—Cancels Quotation of Pengo and Continues Exchange Restrictions
Adopted Last Week.
John MacCormac, in a special cable to the New York
"Times," from Vienna, July 22, says the failure of France
and Germany to reach an agreement is having constant repercussions in Southeastern Europe and then discusses prevail- Suspension of Debt Service by Panama Deemed a
ing difficulties as follows:
Most Remote Possibility.
/a
me Austrian National Bank to-day raised its bank rate from 7, to 10%,
A special cable to the New York "Times" from Panama
basing this unexpected move on the disturbed condition of the international
City, July 17, stated that Enrique Jimenez, Minister of
finance markets, but hinting it would be reconsidered if an agreement should
be reached in London. The quotation of the Hungarian pengo also was Finance, said that the suspension of service on foreign loans
cancelled in to-day's Clearing House traffic.
by Panama was a most remote possibility and then only
The Hungarian Government announced the continuance until July 30 in the event revenues dropped below the
amount needed
of bank payments and exchange traffic adopted last
of the restriction
Friday, when the three-day "financial holiday" first proclaimed to cope for the debt service, which he said was very unlikely. He
with the situation caused by Hungarian's failure to obtain a $25,000,000 loan added:
expired to-night. It is understocd that the Hungarian Parliament, instead
of adjourning to-morrow, will instead be kept in session until the country's
financial crisis is over.
As a permanent advisory council, a large parliamentary committee, to
which non-parliamentary experts will be added, will also be established and
the pruning down of State expenditures is expected with its assistance.
However necessary the present restricted regime may be, it is having
highly unfavorable effects on Hungarian trade. Wheat prices dropped
10 cents per 100 kilos yesterday. Farmers must bring their harvests to
market soon but at the moment, because of the lack of cash, no buyers are
in sight and it is feared the benefits which Hungarian farmers had hoped
for from the new trade treaty with Austria will disappear as a result of
these new circumstances.
That Czechoslovakia, like Austria, needs a prosperous Germany and is
suffering particularly from the virtual embargo imposed on German tourists is indicated by the intervention of the Czech Minister to Berlin at the
German Foreign Office this afternoon. He asked that Germans who could
produce doctors' certificates that they were in need of cures abroad be
relieved of the 100-mark exit tax.
This request having been refused by the German Minister of Finance,
the Czech watering places have announced a willingness to reduce local
taxes and charges so that German patrons can afford to pay the exit tax
and still take their cures.
"Panama has no thought of suspending payment on its debts," Senor
Jimenez told the press. "Not even in the event the decrease in revenue
becomes greater on account of the world crisis would this expedient be
resorted to. For the present government payment of the national debt
constitutes ^omething like an obligation of honor, compliance with which
will never be evaded, whatever may be the difficulties of the treasury."
Panama's foreign debt of about $20,000,000 takes about
20% of the budgeted revenues which have been conservatively estimated. Senor Jimenez added that in case
reduction of income threatened the debt service there would
be further salary reductions and other economies if necessary.
Outstanding Bonds of City of Oslo, Norway Called.
All outstanding City of Oslo, Norway, municipal external
-year 5
loan of 1926 20
sinking fund gold bonds due Feb. 1
1946, will be called for redemption at par on Feb. 11932,
according to a notice issued to-day by Kuhn, Loeb &
Co., fiscal agent. The redemption involves $3,055,000
principal amount of bonds, exclusive of the $104,000 of bonds
previously called for redemption on Aug. 1, next.
On and after Feb. 1 payment of principal and interest will
be made at the office of Kuhn, Loeb & Co. upon presentation
and surrender of bonds, together with all coupons maturing
on and after the redemption date. From and after Feb. 1
bonds shall cease to bear interest.
Bank Closed in Egypt—Deutsche Orient Branch
Stopped Temporarily by Berlin Measures,
Associated Press advices from Alexandria, Egypt, July 18,
reported that the local branch of the Deutsche Orient Bank
had been temporarily closed on that day pending negotiations between the Egyptian Finance Minister and the
German Government to facilitate the exportation of capital Philadelphia Produce Exchange Asks Abolition of
which would restore the bank's liquid state. Such exportaFederal Farm Board.
tion is banned at present by the German emergency reAbolition of the Federal Farm Board was demanded on
strictions designed to stop the flow of currency to other July 22 by members of the Philadelphia
Produce Exchange,
countries.
who met there to discuss the methods employed by the
Landolakes Creameries, Inc., of Minneapolis in competition
Brazilian Bank Outlined—Institution Will Take Over with local wholesalers of butter.
Government Business of Bank of Brazil.
Senator James J. Davis, who attended the meeting,
A wireless to the New York "Times" from Sao Paulo, pledged his support to the cause of the local dealers, saying
July 22, says the Rio de Janeiro Government announced that he was opposed to governmental interference in private
the night before the first definite results of Sir Otto Niemeyer business.
The cause of the opposition to the Federal Farm
study of Brazil's fiscal problems with the preliminary outline
Board
centers on the charge that the Board has
of the Bank of Emission and Rediscount.
subsidized the
JULY 25 1931.1
FINANCIAL CHRONICLE
571
Landolakes Creameries in such a manner as to permit them enacted, including adoption of the export debenture plan
to undersell local wholesalers. The subsidy, it was pointed heretofore pressed in Congress without ever being allowed
out, is in the form of a $2,00,000 loan at 13/% interest.
to become law. He said if substitutes along that line offered
in Congress when the Agricultural Marketing Act creating
President Hoover Says Debt Moratorium Will Aid the Federal Farm Board were in effect to-day much of the
Farmer—Believes.That Adjustment in Europe Will wheat problem, with starvation facing many of the proEnd Paralysis in Wheat Exports—Sends His Views ducers, would have been avoided. He said wheat from his
to Senator Capper.
own farm at Elsberry sold at the elevator on July 15 for 35
President Hoover on July 18 informed Senator Arthur cents a bushel, although the cost of production, all factors
Capper, Kansas Republican, that he believes a "considerable considered, runs somewhere between $1.38 and $1.50 a bushel.
part" of price difficulties suffered by Kansas wheat farmers Mr. Netherland's letter in full is given as follows:
was due to "the present paralysis of the export market."
This acknowledges receipt of your letter of July 9 containing an invitaThe President expressed confidence that a major problem tion to call on you when in Washington, and you may rest assured that I
will be glad to take advantage of your kindness.
had been solved by the war debt moratorium. "I am confiIn reading the county papers I note your suggestion with respect to
dent that we will bring about a solution of the remaining the moratorium on farm loans made through the Federal land banks, and
I am sure this suggestion arises out of your sympathy for our people
difficulties," Mr. Hoover said. Western Kansas wheat had
because, of course, a sound and profitable agriculture is necessary to the
sold as low as 24 cents a bushel since the 1931 harvest started stability of our country.
several weeks ago. Senator Capper, commenting on PresiYou will recall there were a number of proposals made during the last
session of Congress, providing for the extension of time of payments on
dent Hoover's telegram, said:
loans due the land banks,
'President Hoover is better qualified than any one else in the country
to judge the effect of the success of his plan to aid Germany by the postponement of reparations payments. The President regards this as the key to
the world-wide depression deadlock.
"His assurance that the moratorium will start the revival of business
in Europe and that this will be reflected over the world, especially in an
increase in the consumptive demand for American farm products through
the revival of industry both in Europe and in this country, is the most
hopeful development in many months."
Senator Capper made public the following text of Mr.
Hoover's telegram:
"You are entirely correct in your conclusion that a considerable part
of the price difficulties of Kansas wheat farmers is due to the present
paralysis of the export market arising from the economic crisis in central
Europe, which naturally affects not only them, but all countries importing
our wheat.
"The major problem in this connection has been solved by the aid
given to Germany in postponement of reparations and to other Governments
in postponement of debts and I am confident that we will bring about
a solution to the remaining difficulties.
"I know of no greater immediate service to the Kansas farmer and to
unemployment generally than the re-establishment of normal economic
life in that quarter."
Chairman:Stone of Federal Farm Board Denies Backing
Moratorium Proposal for Farmers.
James C. Stone, Chairman of the Farm Board, on July 18
dened that he was backing a moratorium for the farmers.
His denial grew out of reports from the Southwest of a
strong movement for a moratorium understood to have been
suggested by Mr. Stone. He said:
"My attention has been called to public reports that I had suggested a
moratorium for a temporary period on obligations of farmers to Federal
Land Banks and Federal intermediate credit banks. This matter is not
within the province of the Federal Farm Board and I have made no such
statement. A few inquiries have come to me on the subject, but these
have been promptly referred to the Federal Farm Loan Bureau, which has
supervision over the Federal Land Banks and Federal intermediate credit
banks.
Talk of a moratorium has resulted in demands that the
Farm Loan Board, which is distinct from the Farm Board,
exercise leniency toward farmers and allow them extensions
to make their payments.
Proposed Moratorium on Farm Loans by Federal Land
Bank System Opposed—President of Federal Land
Bank of St. Louis Says More Delinquencies Would
Result.
Suggestions of a moratorium on farm loans made through
the Federal land banks might have the effect of increasing
the number of delinquencies, and thus add seriously to the
problems of those banks, it was stated in a letter from Wood
Netherland, President of the Federal Land Bank of St.
Louis, just received by Representative Cannon (Dem.), of
Elsberry, Mo., and made public by him in Washington July
17, says the "United States Daily." Bills introduced at the
last session of Congress proposing extensions of time on
payments to' and banks, Mr. Netherland said, resulted in
many dlinquencles by borrowers who could have paid, but
Instead, waited for legislation which would grant the extensions. The continuity of the Federal farm loan system can
best be secured, in Mr. Netherland's belief, by efforts to improve the economic condition of the farming people rather
than by the alteration of existing contracts. He predicted
that delinquencies on land bank loans will materially decrease with the approach of harvest.
Mr. Cannon, who said he favors extension of time on
farmers' loans stated orally, according to the "United States
Daily," that he believed Congressional legislation should be
and while I realize these measures were well
intended, at the same time they have multiplied the problems confronting
the banks, for in many instances as a result of these proposals many borrowers in a position to ay have not paid promptly because they understood
they would be granted extensions by law.
Our funds, as you know, are derived chiefly from the sale of farm loans
bonds to investors, as security for which we pledge nearly all of the notes
and mortgages which we have made. In looking over our books you would
be surprised to find the peculiarly fiduciary nature of the funds which
are invested in our bonds; for instance, the proceeds of life insurance policies
left to widows and orphans, endowment funds of colleges, hospitals, etc., on
which we must pay the interest promptly if public confidence in these
securities is to be sustained. Naturally, the interest on these bonds must
be paid promptly semi-annually on the due dates of the respective issues
and the banks must rely primarily on the collection of their interest in
order to meet these obligations.
On Dec. 31, 1930, 89.3% of the number, and 88.4% of the amount of
the total outstanding loans of the 12 Federal land banks had no delinquent
Installments, and while this has increased somewhat since the first of
the year, bountiful crops, particularly in our section, indicate that
delinquencies will likely materially decrease with the approach of harvest.
With only a small per cent of the loans delinquent even under present
conditions, I am just afraid that suggestions of a moratorium might have
the effect of increasing the number of delinquencies and thus seriously
add to the banks' problems.
You will be glad to know that in cases of delinquency it is our policy
to consider each case on its individual merits, to co-operate with the
borrower in pointing out a way to him by which he may meet his obligation,
and at the same time maintaining an attitude consistent with the welfare
of our bank, for after all the first obligation that any financial institution
owes to the country and to its constituents is that of remaining solvent.
It is my feeling that the farm loan system is one of the greatest practical
measures for farm relief that has ever been enacted, and that the Farm
Loan Board at Washington as well as the men charged with the operation
of the individual banks have the utmost sympathy for the welfare of our
farmers consistent with safety. The continuity of the syStem can best
be assured by efforts to improve the economic condition of our farming
people rather than by the alteration of existing contracts which have
been pledged as collateral security for the payment of our obligations.
Chairman Stone of the Federal Farm Board Agrees
That Restoring of European Credit Will Aid Our
Export Sales,
James C. Stone, Chairman of the Federal Farm Board,
agreed on July 19, said a Washington dispatch of that date
to the New York Times, with the view expressed by President Hoover In a letter to Senator Capper, that "a considerable part" of the price difficulties of Kansas wheat farmers
has been due to the "present paralysis of the export market,"
arising from the economic crisis in Central Europe.
"I believe that the restoration of Central Europe to a stable basis by
the settlement of the pending questfons and an extension of credit necessarily would have an effect on the sale of wheat," said Mr. Stone. "Anything
that will restore Europe to a stable economic condition where she can
become a buyer of American goods will help the wheat business in the
United States."
Some Senators who have studied the question, while
agreeing with the President, said the dispatch, that stability
In Europe would be reflected in greater export business from
the United States, have contended that the most practical
way to aid the farmers would be to impound the 1930 stabilization wheat holdings.
Germany to Favor Hungarian Wheat—Trade Treaty.
Similar to Agreements with Rumania and Yugoslavia—United States May Object—Most-FavoredNation Agreements Are Involved—France Also
Likely to Protest Policy.
From a special cable to the New York Times from Budapest, July 19, it appears that a new trade treaty between
Germany and Hungary was signed the night before at
Geneva. All that official circles would disclose about it, the
dispatch said, was that this treaty, which is the first tariff
agreement between the two nations concerned, involves the
572
FINANCIAL CHRONICLE
[VOL. 133.
granting by Germany of preference for Hungarian wheat. relieved the problem of feed for livestock, according to a
statement made by G. L. Hoffman, who is in charge of the
The following further particulars were also given:
It will take effect formally only after mutual ratification, but can be Farmers'Seed Loan Office, U.S. Department of Agriculture.
put in force, either in whole or in part, provisionally before that time
In accordance with Secretary Hyde's policy of administerif this is considered desirable. The proposed preference on Hungarian
ing the funds appropriated by Congress for drouth relief in
wheat, which is the essence of the treaty, cannot take effect, however,
until the consent of other nations which enjoy most-favored-nation rela- a sympathetic manner, the Department has been willing to
tions with Germany has been obtained—and that is a large "until."
do everything possible to assist farmers, said Mr. Hoffman.
The new treaty is built practically on the same lines as that concluded
The several Acts of Congress dealing with the drouth relief
by Germany with Rumania and another which, it is understood, Germany will conclude with Yugoslavia. It is understood also that in the problem impose upon the Secretary certain restrictions and
Hungarian treaty the only preferences Germany would grant were proposed limitations with reference to security for these loans and the
as exceptions to most-favored-nation clauses, which thus require the con- purposes for which the money is available.
Recently,
sent of other nations concerned.
Lower tariffs which Rumania and Hungary will grant on certain classes regulations were promulgated by the Secretary providing
of German manufactured goods will be available to all other nations short time loans for feed for livestock in North Dakota and
which have most-favored-nation relations with Hungary, Germany appar- Montana. These regulations, limiting the number of animals
ently being confident of her ability, on account of her proximity and the
good-will she will enjoy, of competing with any other manufacturing nation to be fed to 5 dairy cattle, 5 beef cattle, and 25 sheep, will
affect many thousands of small farmers whose grain crops
in the Hungarian market
The preference it is proposed to grant on Hungarian wheat has been have been destroyed and whose credit has been exhausted.
framed in accordance with recommendations made by the European ComIn those cases where farmers secured spring loans from the
mittee of the League of Nations, which considered how the problem of
the inability of European agrarian States to compete with overseas grain Government, and the crops are under lien to the United
could be solved.
States, the Grand Forks, North Dakota office has been
These recommendations actually furnish the only way out of the impasse authorized to issue, upon specific
request, permits to feed
In which European grain producers find themselves, since the world wheat
such crops to livestock.
conference at London failed to agree on a general solution.
The Grand Forks office received only a few applications
At that conference, as at previous ones, Germany was the only European
industrial nation which showed readiness to grant preferential treatment for loans for feed during the past week, due, it is believed,
to European grain growers.
Consent to such an agreement, being considered an exception to most- to the improvement of the pasturage situation by recent
favored-nation clauses, is not likely to be granted by the United States rains.
or other overseas nations concerned without a struggle. France is also
Since the need for loans at present has been obviated, beunlikely to look on it with favor, since it would tie up Germany economically
France has attached to herself cause of improved pasturage conditions, Mr. Hoffman sugwith Rumania and Yugoslavia, which
gests that it would be well for farmers to defer borrowing
politically.
until later, when actual necessity may arise.
Federal Farm Board Explains Its Wheat Sales— Deliveries to Mills Made Only as Emergency Measures. Bankers' Acceptance Volume at
$1,368,372,987 on
James C. Stone, Chairman of the Federal Farm Board, in
June 30 $44,142,413 Less Than May 29—Increase
July 17 denied any suggestion that the
a statement issued
of $63,541,765 Over June 1930.
Farm Board or the Stabilization Corporation is selling wheat
According to the report of the American Acceptance
in competition with the price of new hard Winter wheat Council, released on July 24 covering the results of
its survey
being marketed in the Southwest. He said that "all sales
as of June 30, the total volume of bankers' acceptances was
made in that section to meet mill or storage requirements
$1,368,372,987, or 4,142,413 less than was outstanding on
since the new crop began moving had been replaced with
29. This leaves the volume nevertheless .at $63,purchases of an equal amount of other wheat." The full May
541,765 more than on the corresponding date of 1930. The
text of the statement issued by the Federal Farm Board
report issued by Robert H. Bean, Executive Secretary of
July 17 follows:
•
the Council, continues to say:
In response to questions of newspaper correspondents at my office
Thursday noon. I stated that the Grain Stabilization Corp. has not sold a
single bushel of wheat in the Southwest in competition with farmers marketing the new crop; that all sales made in that section to meet mill or storage
requirements since the new crop began moving had been replaced with
purchases of an equal amount of other wheat.
In the Northwest Spring wheat section some few sales have been made
to mills that had to have Spring wheat in order to continue their milling
operations, but these were made only after the mill had notified the Stabilization corporation, in writing, that it would have to close down unless it
got old Spring wheat to take care of its milling requirements. These small
sales in no way compete with the price of the new hard Winter wheat
being marketed in the Southwest.
I stated further that the Farm Board is doing and will continue to do
everything it can under the law to help farmers meet their present difficult
situation. Any published reports giving a contrary view to my expression
have no foundation in fact.
Federal Farm Board's Policy Regarding Holdings of
Cotton Not Yet Determined.
The Federal Farm Board is not yet prepared to make any
statement of policy with respect to what it will do in selling
its cotton stabilization holdings, according to information
from the Board on July 17. The Chairman of the Board,
James C. Stone, has indicated that so far the question of
sales program policy for this commodity has not been considered but that the Board may give the matter considera,
tion between now and the end of July. "It would have
been much better," Chairman Stone stated orally, said the
"United States Daily" on July 18 "if the reduction in
cotton acreage last year had been larger. There have not
been large cotton crops in the last year or two. The main
trouble is undereonsumption of cotton. If you get consumption of cotton back to normal, and, I think, it will be
considerably larger than last year, you will have a situation
that will clear itself. Until that consumptive demand comes
back, I think the only outlet is to reduce acreage. A 10%
reduction in acreage helps but it would have been much
better if it had been larger."
Better Pasturage Reduces Need for Feed Loans in
Northwest.
Rainfall and cooler weather in some of the more seriously
drought affected counties in northwestern North Dakota
and northeastern Montana, as well as in other sections of
these States, during the first 18 days of July, have greatly
The mid-year report on the volume of outstanding bankers acceptances
as announced to-day by the American Acceptance Council shows that on
June 30th the total volume of bills had declined $44,142,413 as compared
with the total for May 29th.
This was by no means an unexpected reduction notwithstanding the
remarkably small reduction of $9,000,000 as shown by the report as of
May 29th for the previous month.
In view of the disturbed conditions of the acceptance business abroad it
must be expected that the volume of dollar credits will be considerably
reduced. The total volume outstanding at this time is, notwithstanding
the untoward circumstances of the current year, $63,541,765 greater than
was outstanding on June 30 1930. The influence of continued low bill
rates is seen in this unusual comparison,
In the first six months of the present year the volume of bills decreased
$187.000,000 from $1,555.000.000 on Dec. 31 to $1,368,000,000 on the
date of the last survey. This is a remarkably small reduction for the first
half of the year.
The current report shows a reduction of $5,000.000 in import bills.
$12,000.000 in export bills, $11,000,000 in domestic warehouse bills, $6,000,000 in dollar exchange bills and 811,000,000 in. bills drawn against
credits arranged to finance goods stored in or shipped between foreign
countries. The only classification which shows a gain is in the domestic
shipment bills which increased 81.200.000.
The volume of bills against goods shipped or stored abroad is still $52,000.000 greater than in the more certain times a year ago.
Regardless of the very substantial withdrawal of American credit in
Germany which includes acceptance loans, there is still outstanding an
unusually large amount of dollar acceptances against foreign transactions
and it is in this department of our acceptance business that we must expect
a reduction until it is possible for American banks to again increase their
loans abroad.
The continued ease in the bill market with rates at or below 1% has not
lessened the demand on the dealers for bills, particularly in the short dated
class. In fact, the demand has greatly exceeded, at times, the supply of
bills which the dealers were able to bring out of the bill making banks. As
long as this condition prevails and the demand continues as it has recently.
there is no likelihood of any advance in market rates.
The position of the Federal Reserve Bank in the bill market has been
almost one of an interested observer rather than as an active participant.
The entire system's holdings is only about $70,000.000 as of the middle of
July. The volume of bills held by the Federal Reserve System for the
account of foreign correspondents continues to show a steady decline. This
is largely due to the reduction in the volume purchased by the Bank of
France in this market. The last report shows a decline of foreign holdings
of all kinds from 1378,000.000 at the middle of June to $289,000,000 at
the middle of July, the lowest figure since November 1928 when the total
stood at $263,000,000.
The volume of bills held by accepting banks in the United States on the
other hand, shows a very sharp increase and now stands at the highest
point on record. These banks held of their own bills which have not
been put into the market $196.000,000 and of other banks bills which they
have purchased, $357,000,000 a total of $553,000,000 as compared with a
total of $463.000,000 as of the end of May.
This Is a further bit of evidence of the support which is being given our
bill market by the bill creating banks themselves and this is further emphasized, when it is seen that on July 15th, with an outstanding total
volume of bills amounting to $1,368.000,000. the Federal Reserve System
FINANCIAL CaltONICLE
JULY 25 1931.]
held for their own account and for the account of foreign correspondents
combined a total of only $360,000,000 leaving an excess of $1,000,000,000
in the hands of outside investors.
Details for the month are supplied as follows by Mr. Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY. BY FEDERAL RESERVE DISTRICTS.
Federal Reserve Dtsirta.
June 30 1931.
Grand total
Increase
Decrease
May 29 1931.
June 30 1930.
$103,810,423
1,090,382,342
23,784,450
21,709,718
4,894.225
11,436,064
64,746,165
883,577
1,234.708
250,000
2,088.192
43,193,123
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$108,129,965
1,114,050,685
23,406,860
22,767,121
5,726,412
13,989,280
74,407,052
2,417,626
1,204,765
250,000
2,459,836
45,705.798
$136,119,164
956,295.597
20,291,598
21,501,092
8,411,193
12,221,739
76,888,411
988,915
3,537,025
2,410,332
66,166,156
$1,368,372,987 $1,412,515,400 $1,304,831,222
63,541.765
44 145 415
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
June 30 1931,
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored In or shipped
between foreign countries
May 29 1931.
June 30 1930.
$202,368,821
348,945,742
29,415,379
224,782,603
69,216,558
$207,479,351
361,160,805
28,248,375
235,668,989
75,170,067
$276,086.768
372,815,953
19,114,937
144,929,103
50,120,200
504.787.813
441.764 281
493.643.884
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
JUNE 19 TO JULY 18.
Days—
30
60
90
Dealers'
Dealers
Buying Rate. Selling Rate.
1.000
1.000
1.000
.875
.875
.875
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate.
1.125
1.375
1.375
1.000
1.250
1.250
Banks Seek to Peg Loans on Acceptances at % of 1%—
3
Now Holding Call Money to 13'% Renewal Rate.
The large New York banks have entered into an informal
agreement, said the New York "Journal of Commerce" in
its issue of July 24, to refuse to advance credits against
acceptances at rates below
of 1%, it was reported yesterday. The bill holdings of the acceptance dealers at present
are financed to a large extent by bank loans rather than
Reserve Bank credit. It is understood that the agreement
will also apply to loans issued against Government securities.
The "Journal of Commerce" also says:
Several weeks ago the banks agreed to refuse to lend call money below the
official renewal rate of 1 %. While this held the official renewal rate
on securities loans on the floor of the Stock Exchange consistently to
the level of 135%, it failed to keep up the rate for outside loans. Outside call money during the past month has been available at concessions
ranging from X of 1% to
of 1%.
The refusal of the banks to lend against stocks at rates below 1 X%
had two immediate effects. It increased the excessive reserves of the
banks. Frequently it was possible to place funds at lower rates but the
banks allowed outside lenders to take up such credits.
Banks which had funds which under the agreement could not be offered
against stock collateral at less than 1
increased their loans against
bills and Government securities as well as their holdings in both kinds
of credits. The rate for call money against bills was driven from time to
time to levels as low as '4 of 1%.
573
York; I. J. Fulton, Superintendent of Banks, State of Ohio; C. G. Satfin,
Attorney for Department of Banking, State of Ohio; William D. Gordon,
Secretary of Banking, Commonwealth of Pennsylvania; R. W. Doty, First
Deputy Secretary of Banking, Commonwealth of Pennsylvania; M. E. Bristow, Commissioner of Insurance and Banking, State of Virginia, and L. R.
Charter, Commissioner of Banking, State of West Virginia.
Wrote Banking Heads.
In view of the many problems confronting the Departments of Banking
of this country, Dr. Gordon deemed it proper to send a letter to the heads
of the Departments of Banking of the aforementioned States setting forth
questions which have confronted him in the Commonwealth of Pennsylvania
and which, undoubtedly, have or are confronting the Secretaries of Banking
of other States.
He purposely chose the representatives of the aforementioned States,
inasmuch as their States are similar to Pennsylvania with respect to industry,
agriculture, mining, etc., with the result to find that their banks are faced
by similar problems.
Dr. Gordon was of the opinion that an exchange of ideas would prove
beneficial and would make possible the formulating of a uniform policy
on the part of the nine heads of banking with respect to problems of a like
nature.
Up to the present, the heads of the banking departments of the various
States of the Union each have pursued independent paths and there has
been little or no attempt to have a common meeting of the minds on
similar problems.
The aforementioned heads of banking responded unanimously to Dr.
Gordon's call for a meeting and, accordingly, they assembled on Monday
and Tuesday, July 13 and 14, at Harrisburg.
Prqparea Features.
Dr. Gordon was elected chairman of the meeting and after a very valuable
series of discussions, it was voted that he should prepare the salient features
discussed at the meeting and send them to the respective heads so that
another meeting might be called to adopt a uniform line of procedure with
respect to the banking problems being encountered in the States in question.
It was agreed that the action in calling this meeting had resulted in
tremendous benefit to the members attending, and that it would result in
a cooperative movement on the part of the banking department heads of
the various States of the Union.
Such a procedure in these times should greatly benefit the banking situation in the various States for with a concerted attempt to analyze the
many financial problems confronting the banking departments with a view
of arriving at sound conclusions, it will bring about uniform action in
important matters. A second meeting will be held at the call of Dr.
Gordon as soon as he has codified the subject matter discussed at the first
meeting.
This initial movement eventually will result in the inclusion of a larger
number of States and will produce a plan of action to be considered at the
National Convention of Banking Superintendents to be held at New Orleans
in September.
Every department head was unanimous in approving the action taken
by Dr. Gordon of Pennsylvania in initiating this movement for cooperative
action and they unqualifiedly expressed a desire to assemble again to adopt
a Program to be prepared by him as a result of this meeting.
Canada Expanding Its Production of Gold—Approaches
Position of United States as World's Second Largest
Producer.
Canada is nearing the position of the United States as the
world's second largest gold producer, according to a statement just issued by the Department of Commerce. Canadian
gold mining and prospecting has been stimulated by the reduction in commodity prices and by the attitude of financial
circles favoring increasing the world's gold supply, it is
explained. The Department's statement in full is as follows:
of the State banking departments charged with supervision
of State-chartered banks of the country was predicted in a
statement which thas been issued by the Secretary of Banking
for Pennsylvania, William D. Gordon. The statement reveals, says the "United States Daily," that, on July 13 and 14
there met at Harrisburg, upon Mr. Gordon's invitation, representatives of the banking departments of Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, Virginia and West Virginia to discuss common
problems now facing them. The movement, according to Mr.
Gordon, will eventually include a larger number of States,
and will produce a plan of action to be considered at the convention of the National Association of Supervisors of State
Banks, which will meet in New Orleans, Sept. 28, 29 and 30,
1931. A statement issued by the Pennsylvania Department
of Banking on the meeting reads as follows:
With a new high record for gold production during 1930, Canada is now
running close to the United States for second place among the world's gold
producing countries, according to figures of the Dominion Bureau of Statistics
received in the Commerce Department's Minerals Division.
Final revised Canadian figures forwarded to the Department by Consul
Jesse B. Jackson at Fort William, Ontario, indicate that the record output
during the last year amounted to 2,012,068 fine ounces of gold. Gold production in the United States during 1930, according to preliminary figures,
amounted to 2,232,593 fine ounces, a slightly higher total than the Canadian, and the second largest in the world.
Pronounced activity in Canadian gold mining and prospecting has recently
been stimulated by an almost general reduction in commodity prices combined with the attitude in financial circles toward increasing the world's
gold supply, according to the Canadian information.
During the year gold discoveries were made in the Matach area in Northern
Ontario and around the Pascallis-Louvincourt section in the province of
Quebec and substantial gains were recorded in the output of most all of the
gold producing provinces.
Ontario's output during 1930 increased by 113,745 fine ounces, totaling
1,736,012, while 141,747 fine ounces were mined in Quebec, an increase of
50,949 fine ounces over the previous year. British Columbia also increased
its production, totaling 164,331 fine ounces compared with 154,204 during
1929.
World gold production during 1930 totaled 20,460,168 fine ounces, of
'which 10,716,851 fine ounces were obtained from the Transvaal, Cape
Colony and Natal, the largest producing section in the world. The total of
these South African districts, grouped together for statistical purposes, also
represented a new high record, according to figures of the American Bureau
of Metal Statistics.
On July 13 and 14, a meeting of the Banking Department heads of the
States of Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio,
Pennsylvania, Virginia and West Virginia was held upon the call of Dr.
William D. Gordon, Secretary of Banking of the Commonwealth of
Pennsylvania.
At this meeting were the following officials: Honorables Oscar Nelson,
Superintendent of Banking and Auditor of Public Accounts of the State of
Illinois; John Hospelhom, Deputy Bank Commissioner, State of Maryland
Arthur Guy, Secretary of Banking, Commonwealth of Massachusetts; G.
Hayes Markley, First Deputy Secretary of Banking, State of New Jersey;
George W. Egbert, First Deputy Superintendent of Banks, State of New
Dun's Reporeof Banking Failures.
Insolvencies in the banking division, as reported to
R. G. Dun & Co., have again been quite heavy this year.
The number has been considerably larger than in the first
six months of 1930 and the amount involved has been very
much larger than it was a year ago. In part, the difficulty
in financial circlesjiwhichiculminated in many banking
Uniform Action on Bank Problems Planned by States—
Supervisors of Nine States Meet in Pennsylvania to Draft Plan to Submit to Others.
Uniform action in important banking matters by the heads
FINANCIAL CHRONICLE
574
suspensions during the closing months of 1930 was responsible for the defaults during the early months of this year.
A continuation of the disturbing factors as the year advanced
led to a new batch of banking suspensions during the last
two months. Continuing, the report says:
The Increase in the West.
Banking failures for this year to date number 493, with total liabilities
of $304,968,610. During the corresponding period of 1930 there were
258 similar defaults, owing $133,291,476. The West contributed much
the largest number to this unfavorable showing this year, the 12 States
embraced in the two Western divisions, including Ohio on the east to
Nebraska and Kansas on the West, accounting for more than 80% of the
total of all banking failures for this year to date, and more than 40% of
the total liabilities. There were quite a number of suspensions of small
banks in Illinois, especially in the past two months.
Some Increase in the South.
The Southern States also contributed a considerable number of banking
failures to the total this year, and the liabilities were quite heavy, though
less than they were a year ago. For the Middle Atlantic division 33 banking defaults occurred for $40,350,000 of indebtedness. Quite a number
of small country banks failed in Pennsylvania and there were several in
New Jersey and in New York States. For the three Pacific Coast States
a few bank defaults were reported, with quite an amount of liabilities.
while there were still fewer for the Western or Mountain division.
In the following table banking failures for the half year this year are
compared by geographical divisions:
Liabilities.
Number.
Section.
1931.
1
1930.
1
2
as
1931.
New England
Middle Atlantic
South Atlantic
South Central
Central East
Central West
Western
Pacific
33
67
78
148
147
5
14
37
55
94
10
1
$2.600,000
40,350.600
31,270,400
33,183,886
136,987,515
38,397,783
1,299,000
20,879,426
United States
493
258
$304,968,610
United States Disposes of Another $50,000,000 Issue of
Treasury Bills on a Discount Basis.
A new issue of Treasury bills in the amount of $50,000,000
or "thereabouts" was announced July 21 by the Acting
Secretary of the Treasury, Ogden L. Mills, to meet a maturity of approximately $53,510,000 in bills of the same type
on July 27. They were 91 day bills, dated July 27 1931
and maturing Oct. 26 1931. Tenders were invited up to
two o'clock p.m. Eastern Standard Time, on Friday, July
24. The following is the full text of the Treasury
announcement:
Statement by Acting Secretary of the Treasury Mills.
The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $50,000,000. or thereabouts. They will
be 91-day bills: and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve banks, or the branches
thereof, up to two o'clock p.m., Eastern Standard Time, on Friday,
July 24 1931. Tenders will not be received at the Treasury Department,
Washington.
The Treasury bills will be dated July 27 1931, and will mature on Oct.
26 1931, and on the maturity date the face amount will be payable without
interest. They will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, and $100,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Friday,
July 24 1931, all tenders received at the Federal Reserve banks or branches
thereof up to the closing hour will be opened and public announcement of
the acceptable prices will follow as soon as possible thereafter, probably on
the following morning. The Secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
final. Those submitting tenders will be advised of the acceptance or
rejection thereof. Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve banks in cash or other immediately
available funds on July 27 1931.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, dated June 25
1930, and this notice as Issued by the Secretary of the Treasury, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or
branch thereof.
[vol.. 133.
applied for was $179,310,000, and the amount allotted $51,806,000. The highest bid made was 99.900, equivalent to
an interest rate of 0.40% on an annual basis. The lowest
was 99.868, equivalent to an interest rate of about 0.52%.
The average price of Treasury bills to be issued is 99.885,
making the rate about 0.46%.
United States Treasury Bond Subscriptions Called
"Padded"—Practice Resorted to by Banks in Richmond District Disapproved by Reserve System.
The "United States Daily" in a dispatch from Richmond,
Va., July 22, says the possibility that some of the banks in
t/he fifth Federal Reserve district have been "padding" their
subscriptions for Treasury bonds is referred to in a circular
letter which the Governor of the Federal Reserve Bank of
Richmond, George J. Seay, sent to all banks in the district on
July 21. Subscriptions from the fifth district have been out
of line with those from other districts, the letter reveals.
Mr. Seay's communication follows in full text:
To all banks in the fifth Federal Reserve district:
An analysis of the subscriptions received by this bank to the last offering
of 556% Treasury bonds seems to indicate the possibility that some banks
of the district have resorted to what has been called "padding" subscriptions,
in order to obtain the amount of securities desired, a practice which is not
approved by the Federal Reserve banks or by the Treasury Department.
Excess Subscriptions.
The aggregate of subscriptions to that issue in this district between $50
and $1,000 was exceeded in only two other Federal Reserve districts (of
much greater size); and the aggregate between $1,050 and $10,000 was
far greater in this district than in any other district and amounted to about
23% of all subscriptions of that class (Class B).
No restriction is placed upon the amount for which any banking institution may subscribe, either for its own account or for the accounts of its
easterners, but each subscription entered in behalf of a customer must be
a bona fide subscription, actually entered by that customer in his own right,
payment for which must be made by the individual subscriber from his
own funds. The Federal Reserve Bank is authorized to require, and in any
doubtful case may be called upon to require proof in the form of an affidavit that subscriptions are bona fide.
Subscriptions Misunderstood.
The extraordinary amount of subscriptions In this district to Classes A
and B in proportion to like subscriptions in all other districts (not only
to the last issue of government bonds alluded to but to previous issues)
seems to indicate the possibility of a widespread, if not a general, misunderstanding of the character of subscriptions which are invited to these
various Treasury issues and which are supposed to be received.
Of course, it is not believed that this misunderstanding prevails with all
subscribers, and this communication is not intended to apply to those banking institutions which have the correct conception of bona fide subscriptions; but inasmuch as notices of Treasury issues are sent to all banking
institutions of the district, we feel that this communication should likewise be sent to all such institutions.
Canada Plans Heavy Tax on United States Comic
Papers—Magazines Costing 5 Cents in United
States Will Be 25 Cents Across Border.
Under tariff changes announced on July 17, said United
Press advices from Ottawa, Ont., on that day by Premier
R. B. Bennett, leading American weekly magazines which
sell for 5 cents in the United States will cost Canadian
readers 25 cents on the newstands. The new rates are aimed
particularly at magazines and newspapers which carry
comic or feature sections and those w/hich have a large advertising volume. They will cause American publishers to
adopt an entirely new system of distribution through
Canada, costing the Dominion postal service approximately
a $400,000 loss in revenue. These advices also 'id:
In the budget of June 1 a tariff of 16 cents a pound on magazines other
than agricultural, scientific and religious was announced. This was
amended today in the following manner:
Newspapers without comic or feature sections will enter free. Comic
or feature sections of newspapers and magazines which consist mainly of
fiction will be taxed 15 cents a pound, with a minimum tax of 15 cents a
copy. Magazines, including business, technical and agricultural journals,
which contain 20 per cent or less of advertising, will be admitted free.
Similar magazines containing 20 to 30 per cent advertising will be taxed
2 cents a copy; those over 30 per cent, 5 cents a copy.
Nearly all magazines entering Canada from the United States contain
more than 80 per cent of advertising. The 15-cents-a-copy tariff on newspapers containing feature or comic sections affects United States Sunday
newspapers, which now sell at 10 or 15 cents. The tax almost prohibits
them.
The really drastic feature of the new tariff, however, is that it allows
no tax reblte on unsold copies. This policy, according to Charles V. Lucas,
Secretary of the North American Magazine Publishers' Association, will
result in almost prohibitive prices on many publications to insure dealers
against loss.
The new rates go into effect Sept. 1 and apply only to publications from
the United States,
At this sale the Government succeeded in getting even
Further Changes Made in Canadian Tariff Rates.
better terms than at the sale of July 15, when $50,000,000
The Washington Bureau of the New York Journal of
91-day bills were disposed of at an average cost of only 0.49%
per annum. At the present sale the Treasury borrowed on Commerce reported on July 17 that further changes in Canaan interest basis of only 0.46% per annum. The total amount dian tariff rates, effective provisionally from June 2, last,
JULY 25 1931.]
FINANCIAL CHRONICLE
575
"The end in view, as we have stated, is the maintenance of an adequate
subject to final approval by Parliament, were reported on
that day to the Department of Commerce by Assistant Com- national railway transportation system. Such a system, so long as it is
privately owned, obviously cannot be provided and
without a
mercial Attache Oliver B. North at Ottawa. The report said: continuous inflow of capital. Obviously, also, such maintained of capital
an inflow
Among the changes reported to the department are increases from 45%
ad valorem and 40c per pound to 50% ad valorem in the rate on artificial
silk fabrics from the United States; from 45% ad valorem to 46% and 7c
per ounce on silk clothing, wearing apparel and other articles; 50% to 60%
and 7c per ounce on artificial silk clothing, wearing apparel and other
articles; from SO% to 40% on electric refrigerators and a decrease from
45% ad valorem and 100 per yard to 45% ad valorem only on coated or
impregnated silk fabrics. Effective Sept. 1, it was stated, cold rolled iron
or steel sheets imported for use exclusively in the manufacture of sheets
coated with tin, etc., will be removed from the free list and made dutiable
at 10% ad valorem.
Official text of the tariff changes, affecting from 20 to 30 items, is not
yet available, and the rates reported to the department, it was said, are
anbiont, to rnnfirmation.
can only be assured by treatment of capital already invested which will
Invite and encourage further investment."
Mr. Dick also quoted from the (Mallon case in regard to
the limitation of profits which is correct and proper in an
industry of a public character, such as the railroads, but he
referred to the Commission's statements, which no one disagrees with, that if such limitations are to be imposed,
plainly stability of return is a necessary requisite.
Mr. Dick then went on to add that the large bulk of these
securities bought were not bought as speculations, but as
investments at low rates of interest, and were bought with
Testimony of Fairman R. Dick of Roosevelt & Son assurances that, while the earnings were small, they would
Representing the Security Holder's Committee at be stable and protected, such as is indicated in the above
the Inter-State Commerce Commission Hearing for decision. Mr. Dick stated that he considered the situation
Advance in Freight Rates.
to-day was as much a question of confidence as of earnings,
The testimony of Fairman R. Dick on behalf of the and that the future credit of the railroads depends on
Security Holders' Committee on the Railroad Emergency, whether these assurances of stability will, as a result of
placed before the Inter-State Commerce Commission on this rate case, be affirmed or repudiated.
He further pointed out that the present situation In regard
July 18 and 20, was an analysis of facts showing the present
state of railroad credit. He described the situation at to railroad stocks was not such as to invite further investpresent as "a flight of capital from the railroads," and ment of capital from the public, and also precented some
measured the intensity of this flight by the depreciation in data, going back to 1906, to show that the experience of
railroad securities from the high levels of 1930. He
called railroad investors during that period had not been such as
to the attention of the Commission that during this period to invite further contributions of capital. An investor who
bonds considered to be safe had gone up, and that, taking placed $1,000,000 in dividend-paying railroad stocks in 1906
savings banks for example, their holdings in Government would have less than $600,000 to-day. This theoretical inand municipal bonds had gone up in market price, which vestment was divided among the different regions of the
was likewise true of public utility bonds, even taking in country, and in the Northwestern region it was shown that
this case the junior and refunding mortgages of these com- $172,000 invested in 1906 would have been worth only $18,000
panies. On the other hand, the record in the case of the to-day. As compared with this record of railroad stocks,
railroad refunding bonds allows these securities to have he pointed out the very large appreciation that had taken
depreciated.
place in industrial stocks during this same period.
Of roads that qualify their bonds for the New York State
Another measure of the flight of capital from the raillegal law, 15 had declines ranging from % point to 6 points, roads was shown by the fact
that investors holding stocks
with an average decline of 2.81 points; while the remaining which were worth *4,075,000,000
in 1916 had seen their in17 show an average decline of 20.31 points. This compares vestment depreciate $664,000,000
in spite of an additional
with a rise in the legal public utility bonds, of approximately investment of $700,000,000 since
that time through the purtwo points. In regard to the railroads that do not qualify, chase of new stock at par, and
the ploughing back of $2,974,under the New York State legal law, the average
decline 000,000 in earnings retained after paying dividends.
was over 24 points.
Mr. Dick further pointed out that the present situation
Mr. Dick compared the flight of capital from the railroads was not on accident, but
was a direct result of the low
with the flight of capital from Germany in the present margin between expenses
and gross revenues in the period
crisis; the flight of capital in the case of such systems as over the last 10 years.
This margin, he showed, was only
the Chicago & North Western and the Illinois Central being approximately one-half
of the margin in the pre-war period
greater, measured by the decline in price, than the flight going back as far as 1890.
This low margin has created a
of capital from Germany at the worst of the present German situation where the
effect on net of a decline in gross is far
crisis. The shock to investors from such a state of affairs greater than it was in the
former period. The extent of this
cannot be exaggerated, when it is realized that the Illinois collapse in earnings was
due to this low margin, and that,
Central has paid dividends without a break since
before given the same low margin and the same decline in traffic
the Civil War.
in the future, the same collapse in net would take place.
The earnings situation is so desperate now, Mr. Dick said,
He also pointed out that if stability were to be given with
that as a result of probable failure of many roads to earn a margin of profit so small
as existed in the last 10 years,
their fixed charges 1.50 times, a total par value of $5,748,- rates must always
be increased in depressions; in other
500000 bonds, 76% of the total, now on the legal list will be words, either earnings in
normal years must be adequate to
removed from the legal list this year if the present projected tide the carriers
over a period of depression, or rates must
earnings are realized; and this in itself is a great shock
to be increased in depressions. Otherwise, stability could not
confidence. An additional factor is that refunding mortgage be given, and the assurances of this stability, on which inrailroad bonds held by institutions such as savings banks
as vestors relied when buying securities, could not be made
a secondary reserve are no longer salable at stable
prices, good. Until this doubt is cleared up, railroad credit cannot
and hence are not a satisfactory reserve.
be established on a firm basis.
This situation is probably even more distressing from
Cross-examination did not weaken, but strengthened, the
the
point of view of numerous trustees whose investments,
made testimony, as illustrated by the following:
largely for the benefit of women and children, in these
In regard to a question from the Commission as to why,
cases
where a bond is no longer qualified as a safe bond,
the in the case of the theoretical railroad investment the stock
s._trustee must sell the investment within a reasonable time in reorganization
s was considered as being wiped out, and
in Order to save possible further loss. The effect of this why no
attempt was made to include the value of new stock
whole situation has been to so thoroughly alarm investors
acquired by subscription rights, it was pointed out in reply
that unles:1 relief is speedily granted it will affect
railroad that in many cases, such as the cane of the reorganization of
credit for many years to come.
the Chicago Milwaukee & St. Paul,for example, the investors
The effect of this on the ability of the railroads to finance, who
paid their assessments had lost far more than those
now or in the future, is obvious, and in view of the fact who took
their loss.
that the average yield of the railroad bonds not qualifying
Another question, testing the marketability of railroad
as legal is almost 9% at the present time makes the present bonds, was answered
by showing the sales record of Mobile &
cost of financing prohibitive, even if the bonds could be Ohio refunding
mortgage 4%s, which were purchased by
marketed at all; in fact, the possibility of financing
to-day savings banks last year at close to par. These bonds sold
is limited, probably, to a very few of our strongest railroads. at
945 on Oct. 11 1930, and on aggregate sales since then
Mr. Dick quoted from the decision of the Inter-State
Com- on the Stock Exchange of only $26,000 bonds, the price has
merce Commission in the O'Fallon case as follows:
declined from 943 to 35, with a recovery only to 47.
FINANCIAL CHRONICLE
576
Mr. Dick was cross-examined at length by the Commission,
and in the following we give some of the questions asked and
his replies thereto:
Commissioner Eastman: Suppose we should grant the
Increase in rates and the increase in revenues does not
materialize; what will happen then? Will you abandon all
hope for the railroads then?
The Witness: I will not. I feel, and I feel every fundamentally sound investor feels, that if the Government wishes
to sustain the railroads by adequate revenues, it can be
done. Now,it is not only a question of rates; it is a question
of innumerable other things. There is this subsidized competition of trucks; there is the waterway competition; there
Is the branch line passenger service run at a loss, which
cannot be given up, and there is the taxation; and then there
Is the revenue end of the question. It is all linked up
together. I don't think now—I am sure I am right—that
the deep-thinking, sound investor has any doubt that this
country can support its railroads if it has the will to do it,
and the support of a rate increase would show that the
Government was taking steps to bring about that restoration
of revenues.
•
•
•
Commissioner Eastman: Let us take the second proposition. Aren't you contending, and the financial institutions
with which you are associated, that the granting of this
application will be an important factor in restoring prosperity?
The Witness: I think it will.
Commissioner Eastman: Do you personally believe that?
The Witness: I personally believe it will. I think it is
not within the realms of accurate, unquestionable fact that
can be determined, but I am personally extremely confident
that it will. I feel the question of confidence is behind this
whole depression. You have the banks in New York and
the banks all over the country full of money. In my experience I have never seen such a demand for good investments.
On the other hand, you have the carriers wanting, from a
physical standpoint, to increase their maintenance, to continue with improvements. As to the railroads with which I
am connected, we have any number of programs where we
could get good returns, but we can't do it. For example,
even if a question comes up of spending $500,000 and making
50% on it, we cannot do it. And the reason we cannot do it
is because if we run out of cash and we have no credit, we
go bankrupt.
Now, I feel that the restoration of confidence may turn
the whole thing. I think it is just balancing like that now
(illustrating). And if an attempt to turn the tide is made
prematurely it will fail. That is true not only of economics,
but is true of every phase of affairs. Take the war. The
Germans attacked and went forward from March until
July 18, and during that time the Allies were on the defensive. And if the Allies had attacked prematurely it
would have been wasted. But Foch started at the right
time, and it just tipped the whole side and went right forward. There is a time when the raising of prices will help
business.
• • •
Commissioner Eastman: From the credit standpoint, you
think it is very important that the railroads should earn
their fixed charges 1.50 times over, do you not?
The Witness: Yes, sir. But I want to point out that
credit is a state of mind. It is not only the earnings; it is
the state of mind which is affected by other matters. For
instance, a mining company the other day sold some bonds
,% bonds, and were sold at 99.
In New York. They were 51
And the company, for the first half of this year, had a net
loss of $1,300,000. And the bonds sold at 99. The reason
for the investors buying was that that company had shown
very big earnings in the last normal period, and they had
confidence, in the next normal period, that they would show
good earnings.
• •
You would not spend anything
Commissioner Eastman:
for increasing capacity?
The Witness: I am not so sure about that. I do not think
this country has stopped. I think we will go into another
period of good business. I think we are going into a period
into the future—I don't know when—of very good business
again. I am not a bit pessimistic as to the country. I think
*
[Vor.. 133.
to fail, even 1% of having an adequate plant, would be very
poor economy. I do not think the railroads should be run
on the basis that they are a dying industry. I don't think
they are a dying industry.
• •
*
Commissioner Eastman: Supposing a need for revenue
has been demonstrated, and the question comes up whether
an increase in rates will actually produce revenues, and that
resolves itself into a mere question of judgment; then would
It be your position that that is a matter of managerial discretion in which this Commission ought not to interfere?
The Witness: I think that when the Commission interferes it assumes the full responsibility; that if the managers
of the railroads say,"We can do it," and they are not allowed
to do it, that if disaster follows the responsibility clearly
lies with the people who had the power.
Commissioner Eastman: Well, the Commission is assuming the responsibility for management, then, if it does that?
The Witness: I do not quite follow you.
Commissioner Eastman: I say, if the Commission should
do that, it would be assuming the responsibility of management?
The Witness: Yes.
• •
•
Commissioner Eastman: Now, having that in mind, do
you think it is economically sound and wise for the railroads
to put their charges upon such a high basis in comparison
with the charges for commodities generally?
The Witness: I do not think they can help it. You
must realize that lathe railroad rates is a substantial amount
for taxation. That is not rates. That is taxation. You
must realize that branch line service at a loss is also taxation, indirectly. It is even more unfavorable where a railroad is taxed, that is a tax increase for an overhead crossing, which is used by its competitors. The reason for this
unsound level of railroad rates, I think, is due to the load
that has been put on to the railroads in addition to furnishing transportation. It is perfectly obvious that if taxation
is higfh enough, and subsidized competition is great enough,
and an indirect taxation on branch line service is also great
enough, that the railroads can be destroyed.
•
*
•
Commissioner Eastman: Is not this a unique case? Do
you know of any case where an industry, a railroad, a utility,
or a private industry has attempted to meet a shortage of
revenue induced by a temporary financial depression and
competition by increasing its rates or its prices?
The Witness: I think this that the necessity of increasing rates is very unfortunate. It was the very difficulty of
doing that which was the motive of my attempt fo get the
revenues previously. But having failed to get the revenues
previously, what can we do? Either the stability which the
investors have relied upon is repudiated, or thrown away,
or something has to be done about it.
President Cole of Louisville & Nashville Urges Advance
in Rates in Petition Before Inter-State Commerce
Commission.
Declaring that the railroads of the country could make
no exception of any commodity in their united plea for a
general increase in freight rates of 15%, W. R. Cole, President of the Louisville & Nashville RR., told the Inter-State
Commerce Commission at continued hearings July 17 on
the carriers' application, that the present condition of industry had "no bearing on the propriety of the railroads' request
for aid." (Ex Parte No. 103.) He stressed the "imperative
need" for prompt and expeditious consideration of the proposal, declaring the existence of an emergency, and urging
the Commission not to allow the matter to fall into the general character of an ordinary "rate case," which would involve lengthy litigation. "If the matter is permitted to
become an ordinary rate case by making exceptions of certain commodities which are alleged unable to bear the burden of an increase," said the rail executive, "the doctor will
arrive only to find the patient dead."
Mr. Cole is acting as the Chairman of the Special Committee of Presidents representing the Southern group of
carriers. The hearings on the carriers' plea for a freight
rate advance are being conducted before three members of
the Inter-State Commerce Commission and a committee of
FINANCIAL CHRONICLE
JULY 25 1931.]
seven State Commissioners representing all sections of the
country. .
The third day's proceedings before the Commission opened
with questioning, both from the bench and from the shipping interests present, of H. A. Scandrett, President of the
New York, New Haven & Hartford RR. and Chairman of
the Special Committee of Presidents representing the Eastern group of carriers. Mr. Scandrett testified during the
hearings July 16, but was retained for further questioning
into the hearings conducted July 17. The following is the
account of the day's proceedings as given in the "United
States Daily":
The first interrogation from the presiding Commission officials occurred
when C. E. Blaine, of Proenix, Ariz., representing livestock interests, asked
President H. A. Scandrett, of the New Haven RR., if it was contemplated
to make any railway wage readjustments in the event authority to make
the 16% freight rate increase was granted. Mr. Scandrett repliad he
thought it was the general opinion of rail executives that readjustment
a wages was not advisable at this time.
Mr. Blaine, pressing his
inquired of the New Haven President
If he thought the existing question, wages was too high. It was at this
level of
point that Commissioner B. H. Meyer ruled out the question, stating, "I
think that for the purposes of this proceeding we will have to deal with
wages as they now stand on the books." He said there existed another body
invested with the authority to deal with such subjects.
577
maximum when carriers are earning less than the fair return contemplated
by law."
While admitting the necessity under the law to hear the opposition testimony, Mr. Cole declared the matter should not be allowed to deteriorate
into an ordinary rate proceeding.
Commissioner Meyer said it must be borne in mind that the Commission
is charged with a duty to go beyond the mere question of revenue needs
in deciding the case.
Mr. Cole stated that if the carriers are to obtain relief at all he was of
the firm conviction that it cannot be accomplished in any way than by
the 15% horizontal increase proposed. He referred to the methods followed
by the carriers during the rate increase of 1920.
Commissioner Eastman then asked the Louisville & Nashville executive if
the 1920 situation did not differ materially from the present one.
"Were not commodity prices relatively higher than freight rates in 1920,
and relatively lower in 19302" questioned Commissioner Eastman. Mr. Cole
replied in the affirmative, but pointed out that he was not drawing any
parallel between the physical conditions of the two periods but rather the
methods followed in 1920 and proposed to be followed now.
He declared, in answer to questions put to him from the bench, that the
condition of industry generally has bearing on the propriety of the railroads' application for increased freight rates.
Commissioner Eastman then called to Mr. Cole's attention that the
railroads had voluntarily decreased freight rates during the panic of 1893,
when they were without governmental regulation. Mr. Cole replied that
he would not be surprised at anything that was done in the "good old days."
Cleveland Chamber of Commerce and Tennessee Products Corp. Support Application of Railroads for
15% Advance in Rates—Also American Short Line
Another representative of shipper interests asked Mr. Scandrett if many
Railroad Association.
of the Western carriers were not contemplating the establishment of free
pick-up and delivery service to and from store doors, and whether, in view
Support was given on July 20 at the hearing to the proof this fact the 15% increase was to be applied. Mr. Scandrett replied
posed increase by the Cleveland Chamber of Commerce and
that as far as he knew the increase would apply regardless of other action
the Tennessee Products Corp., both making approval conby the railroads designed to attract additional traffic.
Commissioner Paul A. Walker, of the Oklahoma Commission, pointed ditional on certain reservations. The latter, while approvout from the bench that the Commission had not yet completed its rate
investigation under the Hoch-Smith Resolution which, he said, was designed ing the principal of an increase, was of the opinion that it
to iron out certain prevailing inconsistencies.
He intimated that the .Should be as small as the Commission might consider justiproposed increase would be inconsistent with the investigation and that it fied. Exception was taken by the Cleveland
Chamber to
would add to existing rate differences.
President Scandrett replied that in his opinion it would be a "terrible the proposed increase of differential rates. "We oppose
situation" if because of an incompleted investigation the railroads would the differential theory basically," Andrew H. Brown told
be prevented from asking for additional revenues which they sorely needed. the Commission on behalf of the
Chamber. "It is always
General dissatisfaction was voiced by representatives of shippers as to
the nature of evidence submitted thus far in support of the application for unfair to some and unduly favorable to others."
the rate increase. Many of them called the attention of the Commission
"As a commercial organization," said Mr. Brown, "we
to the fact that no witnesses had been presented capable of discussing
fear any further curtailment in carrier operating and capitraffic conditions. Mr. 0. W. Tong, of Minneapolis, asked Mr. Scandrett,
following the lattees inability to answer certain of his questions, if he tal expenses. Obviously, reduced wages or reduced numbers
knew whether passenger-bus motormen dressed themselves in overalls. Mr. of employees must necessarily further reduce the buying
Scandrett replied that he did not know.
power of the country. That, in turn, will cause further
At this point the presiding officers again intervened and requested that
recession in general business. Reductions in purchases for
the testimony be confined to the matter at hand.
Mr. Scandrett stated on further questioning that no consideration had maintenance, additions and betterments have already adbeen given by the railway executives to the contingency of attracting
additional traffic through a reduction of rates. He added, however, that versely affected business. We hope to see a continuance
it was not the purpose of the railroads to raise rates to such a point as to of the vicious circle avoided."
drive rail traffic to competing forms of transportation.
The Chamber placed at a minimum the fear of diversion
W. R. Cole, President of the Louisville & Nashville RR. and Chairman of
the Special Committee of President representing the Southern group of of rail traffic to trucks as a result of the increase. Mr.
carriers, pictured the present rail revenue situation as a potential threat Brown pointed out that highway transport rates were
to the entire financial and industrial structure of the nation.
usually adjusted with relation to rail rates, and was of the
"With the enormous decrease in railway earnings during the current year,
below those of 1930, it is evident that the availability of railroad bonds opinion that highway carriers would take advantage of the
for savings bank investments is not only seriously threatened, but will opportunity to affect corresponding increases to treir
nonecertainly be destroyed if some way is not found to improve railway earnings.
It would be difficult to overestimate the potential threat to our entire too-secure financial positions. He said potential diversion
to trucks resulting from increased rail rates was not as
financial and industrial fabric which this situation discloses," he declared.
"The inadequacy of the present rate level," Mr. Cole continued, "is imminent as diversion which
might develop from deterioraamply demonstrated by the inability of the railroads to earn a fair return
upon an unprecedented volume of traffic generally during the period tion of the rail carriers themselves.
1926-1929, inclusive. In the present emergency, it is no longer a question
Ben B. Cain, Vice-President of the American Short Line
of a fair return, but of a return sufficient to avoid the disaster of receiverRailroad Association, told the Commission he had been
ships in the case of many railroads and the maintenance of reasonable
authorized by 153 short lines to support the application for
credit on the part of all of them."
an increase. He stated that he regarded as superfluous the
Offers Testimony to Refute Criticism.
Introduction of testimony on behalf of the short lines in
Much of Mr. Cole's testimony was devoted to a refutation of widespread
criticism that the present railroad situation had been brought about in part support of the petition in view of what had been presented
through lack of economy and efficiency on the part of railway management. by the Class I carriers, but said he would introduce an
"I do not claim," he said, "that the rail carriers of the country are operated
lines for additional
in a manner in every respect beyond criticism, or that their accomplish- exhibit later to show the need of the short
ments are perfect. No human instrumentalities with which I am familiar revenues.
Pick-up Service.
can make this claim. I think, however, it is a self-evident fact that making
due allowance for any criticism which may be directed toward railroad
managements with respect to any elements of wasteful competition that
may exist the sum total of savings to be effected through a correction of
these evils, if they be such, would represent only a relatively small savings,
and would increase the net revenues of the railroads only to a small extent
as compared with the magnitude of the emergency with which they are at
present confronted.
"If the railroads are to be deprived of a fair return during periods of
prosperity on the ground that they are not confronted with an emergency
requiring it, and likewise are to be deprived of such fair return during
periods of depression on the ground that general conditions do not admit
of it, then it is obvious that at no time can they hope to receive the fair
return on their property as required by both the common law and the
statute law, and the rate-making provision of the Transportation Act, as
indicated by Congress, becomes an empty gesture," he concluded.
Admits Necessity to Hear Opposition Testimony.
Questioned by Commissioned Lewis in connection with his plea that the
Commission expedite consideration of the proceedings, Mr. Cole declared
that "of course, the Commission should not decide the matter out of hand
after only hearing frdm the railroads. This is not an ordinary rate case.
It is an emergency application under Section 15a, and I cannot conceive
how any general rate level can be held to be in excess of a reasonable
Lakes Carriers Join Petition for Increased Rates in
Hearings Before Inter-State Commerce Commission on Petition of Railroads for 15% Advance
in Rates—Claim That an Advance in Rail Charges
Would Take Away Part of Their Share of Rail..
Water Income.
Steamship lines operating on the Great Lakes joined with
the railroads in their plea for a 15% horizontal increase in
freight rates during hearing before the Inter-State Commerce Commission July 20. (Ex parte No. 103.) The lake
lines claim that because of the divisions in rates between
the railroads and steamship lines, the latter would stand to
lose exactly the amount the carriers gained in the rail-lake
rates unless they also secured the increase sought by the
railroads.
W. R. Evans, comptroller of the Great Lakes Transit
Corp., told the Commission: "If the rail carriers in this pro-
578
FINANCIAL CHRONICLE
ceeding are accorded any advance in their all-rail rates,
without a corresponding advance being granted in the raillake rates, the result thereof will be that the lake revenue of
the Great Lakes Transit Corp. and other lake lines will be
diminished to precisely the same extent as the advance
granted to the rail carriers.
This is due to the fact that the usual basis of dividing joint through rates
between the rail carriers and the lake lines is to allow the rail lines substantially the same revenue as it would receive on a similar haul moving
all-rail, and the lake lines receive for their revenue the balance of the
through rate.
Thus, if the New York-Chicago all-rail rate is advanced without a
corresponding increase in the rail-lake rates between the same points, the
division of the rail-lake rates accruing to the rail carriers is increased to
the same extent as its division of the New York-Chicago all-rail rate.
To illustrate: The rail carriers east of Buffalo to-day receive as their
proportion of the New York-Chicago first-class all-rail rates of 31.42 the
sum of 66.6 cents. Allowing to those rail carriers the same division in cents
of the contemporaneous rail-lake rate of 31.29, leaves the lake lines the
sum of 62.4 cents. If the all-rail rate is increased 15% as herein prayed.
to $1.63 the division of the rail carriers east of Buffalo upon the prevailing
basis, would be 76.1 cents
Loss to Lake Carriers.
If the water lines secure no similar increase in rail-lake rates, the balance
of the present rail-lake rate of $1.29, would leave the lake line only 52.9
cents, or 9.5 cents less than it receives out of the present rate. It is therefore axiomatic that unless the rail-lake rates are increased correspondingly
with the all-rail rates, the lake lines will suffer an out-of-pocket loss equivalent in amount to any advance in the all-rail rates.
Railways Finish Presenting Case for Higher Rates—
Inter-State Commerce Commission Ends Hearing of
Carriers, with Announcement of Prompt Consideration of Application—Shippers Protest Efforts to
Shorten Period for Presentation of Testimony in
Opposition to Increase---The Threat of Congressman Beck.
Following a united plea of railroads that a decision be
shortly forthcoming from the Inter-State Commerce Commission upon the carriers' plea for a 15% freight rate increase,
the initial hearings on the carriers' proposal were adjourned
on July 21 with the announcement that the plea for prompt
action will be given immediate consideration and an order
issued in the near future dealing with the matter. (Ex
Parte No. 103.) Grenville Clark, on behalf of the investors
in rail securities, asked that the Commission hand down a
decision in the proceedings by Sept. 1, and asserted that in
an emergency of the nature of the carriers' proposal all
other matters before the Commission could be pushed to
one side without injuring the public interest. Henry Wolf
Bikle, on behalf of the railroads, urged the Commission
not to delay so long as Aug. 31 before the commencement
of the hearings devoted to the presentation of opposition
testimony.
Charles E. Elmquist, on behalf of shipper interests, told
the Commission that both the railroads and the bankers have
seen for a long time the steady decline in rail revenue, and
the impairment of railroad credit, and yet did not present
their case to the Commission before the middle of June. He
asked that in the interest of justice to the shipping public
full oppostunity be given for the presentation of opposition
testimony. He was supported in his contentions by J. H.
Henderson, Commerce Counsel for the Iowa Commission,
and J. V. Norman of the Southern hardwood interests.
Arguing in support of the banking interests, Grenville
Clark asserted that there were certain decisions in life in
which the time element was the very essence. He contended
that the present railroad emergency presented a similar
situation requiring immediate action by the Commission in
either approval or denial of the request for increased rates
if it was to have beneficial results. Contending the current
railroad situation was exactly comparable to the situation
in Germany, Mr. Clark asserted that there was involved the
major issue of the economic condition of the people and
human livelihood. It is safe to say, Mr. Clark declared, that
if this case is allowed to drag for months an increase of 15%
will be insufficient to meet the requirements. He urged the
compressing of all testimony in opposition to the railroads'
plea and immediate continuation of the present hearings.
Mr. Bikle for the railroads restated the position of the
railroads regarding procedural methods to be followed. He
said a short intermission between the first and second bearing, the latter to begin not later than Aug. 3, would be quite
satisfactory to the carriers. Asked by Commissioner Meyer
that he reduce to writing any recommendations for future
procedure, Mr. Bikle said he was prepared to give it now.
[Vol.. 133.
He accordingly recommended the allotment of definite
periods for the hearing of evidence representative of specific
commodity interests.
Mr. Elmquist, for the shippers, vigorously opposed the
proposals both of Messrs. Clark and Bikle, asserting that
the carriers had known for many months past of their needs.
He recommended that the hearings be adjourned with the
conclusion of the day's testimony, to be resumed on Aug. 31
as originally announced by the Commission. He challenged
the assertion of witnesses for the railroads that because of
their present situation they could no longer raise new funds
through normal channels. With reference to the alleged
impairment of railroad credit, Mr. Elmquist declared the
bankers had been preaching that doctrine so long that it
was a wonder people had any faith left in railroad securities.
He pointed to the flotation of bonds during the past year
by both the Pennsylvania and New York Central railroads
of $50,000,000 and $75,000,000, respectively, both of which
issues he said had been oversubscribed in a single day as
illustrative of the lack of impairment of railroad credit.
Commissioner Meyer said that, regardless of argument by
counsel, the Commission was considering the railroad
petition as the equivalent of a suspension case and asked
how the Commission might curtail the testimony of those
seeking to be heard and still comply with the law for a complete bearing. It was with a view to expediting the case
that the Commission had requested all seeking to be heard
to state beforehand the time they probably would require,
the Commissioner said.
Mr. Clark requested that the vacations of the Commissioners should not be allowed to interfere with prompt
action on the railroads' plea.
"Any one who thinks that the matter of vacations may
influence the Commission in the disposition of this case is
very much mistaken," Commissioner Meyer replied.
Proceedings before the Commission in connection with the
railroads' application were marked by the receipt of a telegram from Senator Capper (Rep.), of Kansas, says the
"United States Daily," assailing the "threat of Congressman Beck, of Pennsylvania, to have the Inter-State Commerce Commission abolished forthwith, unless it grants
forthwith, without hearing
. . the demand of the
railroads.
"To my mind," said the Capper communication, "the Back
threat is even more shortsighted and more inopportune than
the application of the railroads for this increase in the face
of the general depression and lowering of all commodity
prices and values, and especially in view of the crises facing
agriculture and practically every industry at this time."
In reply, Chairman Ezra Brainerd stated: "With reference to the matters to which you refer, I am sure that you
would be warranted in assuming that despite all attempts
to influence improperly the Commission's judgment in this
or any other matter, it will continue as it has in the past to
render its decisions based upon the record as made,' undisturbed by all the winds that blow." The "United States
Daily" goes on to say:
Mr. Capper's Message.
The communication from Senator Capper declared "the threat
of Congressman Beck of Pennsylvania to have the Inter-State Commerce
Commission abolished forthwith unless it grants forthwith, without hearing,
investigation or due consideration, the demand of the railroads for a 15%
horizontal increase in freight rates is the most astounding
proposal I have
heard for some time. I am taking it for granted that his
statement as
interpreted and printed in part in the Washington 'Post' of
July 15 correctly represents his views in the matter.
"In the first place I am astonished that as great a
constitutional lawyer
as Congressman Beck is reputed to be should wave the
threat of Congressional action over the heads of a Governmental tribunal
created for the
purpose of substituting the rule of reasonableness for
arbitrary action in
the matter of transportation rates.
Cites Grain Rate Case.
"In the first place I am astonished at the audacity of
his suggestion that
the Inter-State Commerce Co r.mission, which took years
of careful study
and investigation before reaching a decision in the
Grain Rate Case, should
now cast all rules to the wind and saddle additional
millions of dollars
upon the shippers of the country without any study into
the merits of the
demand, the needs of the railroads, or the probable
effects of such action
bath upon the railroads and upon the country as a
whole.
"Again I should call attention to the fact that where
the railroads assert
a loss of $400,000,000 in annual income, agriculture last
year took a loss
of $2,800,000,000 in income--and this year promises
to be even worse.
"Kansas wheat growers are getting as little as 25c. a bushel for wheat.
The carriers are proposing to charge 243c. to haul a
bushel of wheat from
the center of the Kansas wheat belt to Chicago. They are asking to receive
470. a bushel to haul wheat to seaboard, nearly twice
what the farmer
receives for planting, harvesting and marketing his product.
JULY 25 1931.]
FINANCIAL CHRONICLE
Comparative Figures.
"The price of wheat to-day is 70c below the pre-war level; present
freight rates are 47% above pre-war level; the grain rate reduction effective
Aug. 1 will not reduce that percentage materially.
"In the face of this condition the railroads are asking that their freight
rates be increased to 69% above the pre-war level.
"The railroads have remanded that the Commission increase grain rates
to a level 32% higher than the Commission recently found was a reasonable
level. And now comes a Pennsylvania Congressman and insists that the
increases be granted forthwith; couple that insistence with the threat of
Congressional action unless the Commission does what he and the railroads
demand merely upon the strength of their demand and his threat.
"It is an astounding proposal, and I cannot believe it will receive attention at the hands of the Commission. But I cannot keep quiet in the face
of such a statement, one calculated to add to the unfortunate breach already
created between the West as represented by agricultural and the East as
represented by financial interests in whose behalf such statements as those
credited to Congressman Beck presumably are made."
Chicago Group in Support.
O. E. Hochstedtler, Traffic Director of the Chicago Association of Commerce, voiced the approval of that organization of the petition for increased rates. Approval of the
Association was made conditional, however, on the authorization of a "reasonable increase," and a finding by the
Commission that the increase proposed will actually increase
the carriers' revenues and stabilize their credit. "How,"
asked Commissioner Meyer, "shall we be able to determine
beforehand whether the proposed increase will actually increase revenue?" Mr. Hochstediler replied he did not know.
He added, however,that the increase would undoubtedly provide additional revenues. He said the opinion had been
expressed that the 15% increase in rates would bring 8%
more revenue. The remaining 7%, he said, was expected
to be lost through readjustments to be made later. Questioned by counsel for shipper interests, Mr. Hochstedtler
admitted that Presidents of several Middle Western railroads were included in the membership of the Association,
but said they had not voted on the resolution to support the
carriers' plea.
Danger Is Seen in Delay in Railroad Rate Case by InterState Commerce Commission—Dr. Edward S. Mead
Urges that New York Alter Bond Legality Law.
Dr. Edward S. Mead of the University of Pennsylvania
believes that the Inter-State Commerce Commission should
reach a decision quickly on the railroads' request for a 15%
increase in freight rates. Dr. Mead, who had made a study
of the railway problem, said:
"Unless the Commission gives its decision earlier than the time usually
taken for hearings and consideration, 1931 will be gone, and most proponents of the increase contend nearly $5,700,000,000 of high-grade rail
bonds will be illegal for New York savings bank and trustee investment
because railroad earnings have fallen below the legal requirements.
"While other States have less stringent bank requirements, and though
life insurance companies work under more lenient rules, their investing
policy, they admit, is greatly influenced by New York's policy. It is
influenced so much that if the bonds should become illegal by cause of
too slight earnings, the result would be, in the words of the security
holders' committee, 'a collapse of prices comparable to the worst panic
days.' . .
"The New York Legislature can act in February to alter the law and
make 1931 a breathing spell. Then, if in 1932 the 15% increase, assuming it is granted, produced enough revenue, or if these should be a good
upturn in business, the bonds would not be disturbed. . . .
"Applied to Uri earnings of 1931, however, the rate increase, even if
fully productive of expected revenue, would fall short of restoring the
credit of those roads whose credit is endangered.
"For the earnings of 1931 are not real earnings, because the railroads
admittedly did not account for deferred maintenance costs in their published
earnings. . . .
"If this deferred maintenance and the regular 1932 maintenance are, as
they must be to keep up efficiency, deducted from the $400,000,000 estimated gain from the rate increase, some of the largest railroads could not
make the required earnings even in 1932.
"Evidently some more effective relief must be given if the calamities
which insurance companies and savings banks envisage are to be averted."
Rail Hearing Date Set Ahead by Inter-State Commerce
Commission—Case of the Opposition to Rate
Increase Is Advanced to Aug. 10 from Aug. 31.
In an endeavor to expedite consideration of the railroads'
request for a 15% increase in freight rates, the Inter-State
Commerce Commission, on July 23, advanced from Aug. 31
to Aug. 10 the date for the resumption of hearings at which
opposition testimony will be heard.
Counsel for the railroads had asked that presentation of
opposition testimony be begun not later than Aug. 3, while
representatives of banking interests and investors in railroad bonds sought an immediate continuation of the hearing upon the conclusion of testimony favoring the proposed
increase. Shipper interests urged that hearings on their
side of the case be started not earlier than Aug. 31 and
579
asserted that to advance the hearings would seriously handicap the development of their testimony.
The opening hearing for the opposition on Aug. 10 will
be held at the offices of the Commission. Other hearings
are set for San Francisco, Portland, Ore., Kansas City,
Dallas, Tex., Salt Lake City, Atlanta, Chicago and some
New England city to be determined later.
The San Francisco hearing will begin Aug. 17 and that
at Chicago Aug. 31. Dates for the other hearings, some
of which are to be held concurrently, are to be announced
shortly.
Rates on Livestock Revised by Inter-State Commerce
Commission—Action Is Taken As Railways Argue at
Hearing for 15% General Increase—Some Rates Up,
Some Down—Raised 10% in West, Where 40% of
Cattle and 60% of Hogs Are Produced-6% Cut for
Southwest—Mountain-Pacific Territory Also Gets
1.75% Reduction—Commissioner Porter Dissents.
While railroad presidents were advocating a 15% increase in the general level of freight rates, the Inter-State
Commerce Commission on July 17 ordered a revision of
rates on live stock throughout the Western States. An
increase of 10% throughout Western Trunk Line territory
was provided, but reductions were included of 6% and 1.75%,
respectively, in the Southwest and Mountain-Pacific territories. The Commission's ruling to revise live stock rates
brought from Commissioner C. R. Porter an "emphatic dissent." Western Trunk Line territory, where authority was
granted to increase live stock rates 10%, Commissioner
Porter said, produced 40% of all the cattle and 60% of all
the hogs in the country. "Coming at a time when the live
stock industry is prostrate, it is most inopportune and unfortunate, to say the least." "Obviously," he continued, "in
a wide readjustment of this character, with a number of
different bases of rates applicable, there are bound to be
some increases in the leveling-up process. If the mandate
of Congress to afford agriculture the lowest possible lawful
rates still stands—and it is our duty to carry out the direction, as near as may be, under the authority we possess—in
view of the more favorable condition in Western trunk line
territory and the greater volume of movement therein, which
makes for greater efficiency and economy in handling, can
it be said that we have complied with the direction
mentioned?"
The majority decision declared that "while the general
need of carriers for revenue does not of itself justify proposed increased rates on a particular commodity, it is relevant evidence when presented in connection with evidence
to establish that the particular rates are lower than the
carriers ought in justice to be required to maintain, the more
so when the particular commodity constitutes an important
source of the carriers' revenue."
"While we are not unmindful of the fact that carriers in
the Western Trunk Line territory, taken as a whole, have
not earned the fair return contemplated by the Act," declared
the majority,"we have not found the proposed increases warranted upon the record in this investigation, but have prescribed a level of live stock rates considered to be reasonable
In the light of all the existing circumstances and conditions.
"While it is the purpose of the Hoch-Smith resolution to
assist depressed industry to the full extent that minimum
reasonable rate levels and properly distributed transportation burdens can do so, it was not the intent of the Congress
that any commodity, even though it be one produced by an
Industry suffering a financial depression, should be transported by the carriers at less than reasonable rates."
The new rates become effective on Oct. 27.
Second Inter-State Commerce Commission Inquiry
Figures in Rail Plea for Higher Rates—Certain
Practices of Roads, Said to Add Needless Costs, Are
to Be Investigated—Prices Paid for Fuel, Handling
Coal, Duplication of Service Expected to Be Laid
Bare.
The decision of the Inter-State Commerce Commission
last week to Investigate certain practices of railroads that
have an important bearing on operating revenues and expenses has injected an unknown factor, said the New York
"Times" in its issue of last Sunday, into the application
recently filed with the Commission for a blanket increase
580
FINANCIAL CHRONICLE
of 15% in freight rates, hearings on which were opened in
Washington last Wednesday. Although no member of the
Commission has publicly discussed the connection of this
investigation with the plea of the railroads for a higher
freight rate structure, the consensus in railroad circles is
that the Commission desires to ascertain whether further
economies in railroad operations can be brought about
through which net operating revenues can be increased to a
level at which the granting of the full 15% advance in freight
rates will not be necessary. The subject is then discussed
as follows:
This investigation will include virtually every phase of railway operations.
The subjects first to be considered, according to the announcement of the
Commission, are the prices paid for fuel and certain practices in connection
with the handling of coal at tidewater points, lake coal, private freight
cars, the spotting of cars at private industries, and the construction and
maintenance of sidings for shippers. It is reported that other subjects,
Including duplication of passenger train service between large centers, fast
freight service and uneconomical, circuitous hauls will also be considered.
The price of steel rails, which has been maintained at $43 a ton for several
years, will also likely cane up for consideration before the investigation
is concluded.
The application filed by the railroads for an increase in freight rates
said that an emergency existed and asked the Commission to act on it with
as little delay as possible. In view of the necessary formalities, including
hearings for and against the proposed increase, it was expected that it
would be a few months before the decision was finally handed down by the
Commission. With the other inquiry indications are that the investigation
will be a rather long-drawn-out affair. The opinion is that it will be
near the close of this year, or probably early in 1932, before the railroads
can put increased freight rates into effect, if the decision of the Commission is finally favorable to the carriers.
Railroad Valuation Figures Ranging from $21,581,016,255
to $28,056,536,110 Filed with Inter-State Commerce
Commission in Petition of Railroad for Higher Rates.
Another set of railroad valuation figures, ranging from
$21,581,016,255 to $28,056,536,110, was put into the record
at the opening of the hearing as Exhibit No. 15 by Commissioner Lewis, who said it should be distinctly understood
that they were merely "studies" made by the Commission's
Bureau of Valuation, as "the Commission has not made a
valuation of the carriers," and that the same statement
applied to the exhibit made public on July 11, and introduced in the rate case as Exhibit No. 1, which stated the
total of the Commission's tentative or final valuations of
the railways, as adjusted to the end of 1930 by figures taken
from the annual reports of the railroads as compared with
the railroads' net book value." Commissioner Meyer also
stated that he had been "rather surprised to read in the
newspapers that the Commission had issued a valuation of
the railroads."
The exhibit gave a total of the "reproduction costs for all
steam carriers" as of Dec. 31 1930 as $28,056,475,952 for cost
of reproduction new and as $22,269,536,110 as the cost of
reproduction, less depreciation, calculated at "period prices,"
which means an average of the unit prices over a period of
years. On the basis of 1931 "spot prices" the total was given
as $27,189,657,479 for cost of reproduction new and as $21,581,016,255 for cost of reproduction less depreciation. Another study gave an estimate of the "original cost" of all
property, except lands, Owned and used by steam railroads
as of Dec. 31 1929 as $22,092,107,618, while the net increase
in investment for the year 1930 was reported as $597,211,445
and the value of lands and rights as of Dec. 31 1930 was estimated at $3,778,248,076.
Railroad Valuation Put at $26,000,000,000—Commission Figures, Announced in Rate Case, Taken As
Estimate Basis.
A total valuation of nearly $26,000,000,000 for the property
of the railroads of the United States, as of the end of 1930,
was seen by railroad men, said the Washington Bureau of
the New York "Journal of Commerce" under date of July
22, after combining the various valuation figures made public by the Commission the day before in an exhibit in the rate,
advance case, according to the method which has been used
by the Commission in recapture valuation cases. The dispatch continued as follows:
While the Commission was careful to state that it has not yet made a
valuation of the railroads and that the figures introduced were merely
"compilations" and "underlying studies" made by its bureau of valuation,
not yet passed upon by the Commission itself, if the aggregate figures introduced are put together, according to methods that have heretofore been followed by the bureau and the Commission in valuation reports of individual
roads, the resulting total is not much less than the total property investment figure which the railroads have been using in the absence of a completed valuation on which to calculate the percentage of return shown by
railroad net earnings from month to month.
[Vol,. 133.
Class I Roads' Investment.
For Class I roads this practical investment figure was $26,535,000,000 at
the end of 1930, but the Commission's totals include the smaller roads, which
are not included in the monthly earnings reports of Class I roads. The
railroads, however, object to the Commission's deduction of over 20% for
depreciation.
In the tentative recapture reports issued by the Commission's bureau of
valuation, since the Supreme Court set aside the Commission's valuation of
the St. Louis & O'Fallon Railway because it made no allowance for cost of
reproduction by averaging it with estimated original cost, subtracting depreciation, and adding the amounts ,found for lands and working capital, land
figures are not included in the cost of reproduction reports.
In the Richmond Fredericksburg dc Potomac case, the only one on which
the Commission has issued a final recapture order, it is understood by valuation experts that the Commission itself, in passing on the tentative report
of the bureau of valuation, gave only 25% weight to original cost and 75%
weight to cost of reproduction, instead of the 50-50 basis.
Commission's Figures.
The underlying studies made public yesterday report the cost of reproduction less depreciation as of 1930 at "period prices" at $22,269,526,110, not
including land or working capital. The original cost, lees depreciation, at
the end of 1929, was reported as $17,539,110,027, also exclusive of land.
The net additional investment in 1930 was reported as $597,000,000. On
whatever basis these are canbined there is then to be added $503,000,000
for working capital and $3,778,000,000 as the estimated value of land at
the end of 1930. The figures reported at 1931 spot prices is slightly lower
than the "period price" figure, but the latter was the one approved in the
R. F. & P. case.
No announcement was made by the Interstate Commerce Commission
to-day of its decision on its program for the future bearings on the railroad
application for a 15% general advance in freight rates. The Commission
held a conference last night after the hearing and the Commissioners in
charge of the rate case held another conference to-day to consider the motion
made by counsel for the savings banks and insurance companies that it
resume hearings at once with a view to completing them by Aug. 16 and
holding no hearings away from Washington, as well as the suggestion made
by the railroad counsel that it allow a recess of 10 days or two weeks before beginning hearings for the protestants. Commissioner Meyer had announced that a decision as to whether it would change the announced plan
for hearings beginning Aug. 31, and holding a limited number of hearings
outside of Washington would be announced as soon as possible, but that
It would have to be earnestly considered.
Missouri Pacific Orders Pay Cuts—Union Men Put on
Five-day Week—Clerks and Officers Reduced.
Wage adjustments affecting officers and clerical forces
of the Missouri Pacific RR. will be made effective Aug. 1,
"because traffic volume on the Missouri Pacific lines has
not returned to normal, as had been hoped for and expected." So reports an Associated Press dispatch from
St. Louis, July 23, which also says:
In announcing the wage adjustments to-day, the railroad said they
were of a temporary nature, and amounted to the equivalent of one day's
pay a week. "This will avoid the necessity of a force reduction," it said.
Union employees will work and receive pay for five days a week, instead of five and a half as at present. Officers and unorganized workers
will continue to work five and a half days and will receive weekly reductions equal to one day's pay. The adjustment, the statement said.
does not apply to employees in train service because their pay virtually
is on a "piece-work basis."
Southern Bank Management Conference.
The second bank management conference to be sponsored
In the Southern states by the American Bankers Association
In co-operation with State bankers associations, will be held
at Nashville, Tennessee, Nov. 5 and 6, it is announced by
Frank W. Simmonds, Deputy Manager of the Association.
The Nashville Clearing House Association will act as host.
The conference district includes Alabama, Arkansas, Florida,
Georgia, Kentucky, Louisiana, Mississippi, North Carolina,
South Carolina, Tennessee and Texas.
Four sessions will occupy the two days and will give participating bankers an opportunity to engage in an intensive
study and discussion of current management problems. Successful bankers, chosen because of their qualifications to
present practical knowledge gained from seasoned first-hand
experience in bank operation, will address the delegates.
The application of the best banking policies and practices to
the individual bank's requirements under conditions confronting them to-day will be treated from all points of view.
The delegates will be given ample opportunity to engage in
an interchange of ideas and experiences regarding the different subjects discussed.
"The keynote of the conference," says Mr. Simmonds,
"will be sound bank management and will have for its goal
complete protection for the depositor, adequate service to
the community, and satisfactory profits for the bank. The
practical side of bank management, especially as applied to
country banks, will be given emphasis.
"The first conference of this character in the Southern
states was held in Atlanta in 1930 with approximately eight
hundred delegates in attendance. The benefits gained from
the meeting far surpassed expectations and representative
JULY 251931.]
FINANCIAL CHRONICLE
bankers in this district have been most enthusiastic in requesting a similar conference this year."
United States Steel Corp. Stock Held Abroad.
The United States Steel Corp. in its regular quarterly
report of foreign holdings of its shares, shows, for the
quarter ended June 30 1931, an increase of 8,064 shares in
the common and a decrease of 2,626 shares in the preferred
stock. At the end of the quarter, 190,868 common shares
and 91,991 preferred shares were held in countries other
than the United States while at March 31 1931 there were
182,804 shares of common and 94,617 shares of preferred
stock owned abroad.
At June 30 1930 the holdings of common totaled only
170,803 shares while those of preferred totalled 95,213
shares. On June 30 1914 the figures were, of course, very
much higher, the common being 1,274,247 shares and the
preferred 312,832 shares. Below we show the figures at
various dates back to 1914:
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL00RPO RATION
June 30 June 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
193 1. 1930. 1930. 1929. 1928. 1927. 1914.
Common Stock.
199
198
257
2
178
183
Africa
178
Algeria
340
-255
--42
Argentina
50
8
20
122
20
217
Australia
217
233
192
198
8
189
Austria
3,071 2,081 3,418 2,210 2,643 4.095
690
1
1
3
Azores
------3
Belgium
2,857 2,671 2,756 2,645 2,513 2,502 3,509
200
Bermuda
150
150
150
150
144
48
1
7
Bolivia
1
1
1
255
221
Brazil
242
18
231
278
212
British India
17
isCOii 47:e22 56:869 ..05;:882 51:858 42.5- 4 64,259
Canada
,7
498
295
Central America
456
290
244
391
382
417
337
Chile
366
373
331
8
326
93
51
China
40
35
34
18
34
18
Colombia
18
18
1
1
1
Denmark
26
18
8
36
36
5
Ecuador
3
1
-7
1
1
60
69
60
Egypt
41,964 41,978 43.140 37,968 36,099 46.513 710,621
England
---# #1, 60
Finland
--14,950 12,772 13,375 12,937 13,074 14.313 64,637
France
Germany
849 1,037
979
885 1.271 2,664
880
Gibraltar
100
52
55
Greece
51
57
38
38
48,512 43,498 43,654 42,544 44,080 48.991 342,645
Holland
24
24
94
15
Hungary
16
14
76
India
14
14
14
464
425
435
343
Ireland
298
250 2,991
892
1,048
903
734
703
855
Italy
146
210
96
925
46
Japan
49
46
8
7
37
7
Java
s __-7
33
33
33
33
Luxembourg
1
29
56
56
56
56
56
56
Malta
75
1,185
949 1,035
36
21
Mexico
24
800
108
108
119
76
74
Norway
84
70
13
16
8
11
5
18
Peru
28
28
37
--553
1
Poland
1
-14 ...._ ii -_-_ _.....
Portugal
190
--ie
16
o
o
Rumania
6
6
6
4
4
4
Russia
10
2,914 2,989 2,814 2.735 2.884 3.814 4,208
Scotland
Sends
2:268 2,204 2,228 1:562 1A2 1,225
,289 1Spain
s
Sumatra
- gi -goo -ego -8I9 -857
862
Sweden
1,360 2,173 1,249 2,680 2.078 2.076 1,470
Switzerland
30s
30--Syria
219
219
-No -tiig -gig --le
Turkey
-28
Uruguay
--if) ---g --gg
3
Venezuela
Wales
623
6,318 6,092 5,537 6.307 1,872
7,745
West Indies
6,44(
-?
3
No address
190,868 170,803 182.072 182,150 166,415177.452 1,193.064
Total
Preferred Stack
104
104
104
392
104
392
Africa
88
Algeria
76
--ig --go --RI --go --iI
is
Argentina
11
60
60
80
60
80
60
Australia
484
476
453
528
538
588
483 2,088
Austria
120
120
120
120
120
120
Azores
548
523
604
570
523
619
Belgium
-iii
647
520
533
520
533
747
Bermuda
21
____
4 --------81
------Brazil
British India
81
25,1=26 26,107 25,808 287.2I8 26,222 277
.886 84,673
Canada
Central America
146
--U 55 --,
32
h
57 --ii
Chile
12
136
132
132
136
136
138
China
42
s
5
s
5
s
5
Colombia
217
217
265 . 30
5
217
217
22__
Denmark
--i
14
0
11
11
11
11
Egypt
32,678 34,978 34,135 32,132 35.354 38,098 174,906
England
9,620 10,386 9.641 10,658 13,088 17,156 36,749
France
1,007 1.070 1,016 1,091 1.081 1,080 3,252
Germany
13
13
13
13
18
18
Greece
38
10,329 9,529 10.509 10,369 10,570 11.120 29,000
Holland
75
75
Hungary
-89
-596
. -Riti
-Lee
616
616
India
_-_--_-_
520
514
520
514
561
523 4,119
Ireland
1.398 1,432 1.432 1,385 1,449 1,579 1,678
Italy
1
1
1
1
1
1
Japan
81
63
83
63
83
63
63
Luxembourg
so loo
Malta
--ii --ii --ii --ig 68
.18
Mexico
236
Morocco
7
--ii --ii --ii --ig --iti ---ig
Norway
27
--Poland
--__
---_
-___
---------Peru
120
Portugal
7
7
7
7
7
9
43
Russ%
1,508 1.473 1,508 1,442 1.455 1.305 13,747
Scotland
220
Serbia
-iig -iog -iog -igi -L'i§ -HI
432
Spain
722
717
722
753
753 1,137
r 1 722
Sweden
2,708 2,918 2,018 3.488 3,746 3.804 2,617
Switzerland
100
100
100
100
a, 100
105
100
Turkey
1,068
Wales
2,874 2.637 2r.77 2r,837 37.565 Ogi
874
West Indies
581
PREFERRED.
COMMON.
Date.Snares. Per Cent.
Snares. Per. Cent. Date.Mae, 31 1914.--1,285,636 25.29 Mar. 31 1914
312,311
8.67
June 30 1914
312,832 8.67
1.274.247 25.07 June 30 1914
Sept. 30 1914
309,875 8.60
1,231,968 24.24 Sept. 30 1914
Dec. 31 1914
309.457 8.59
1,193,064 23.47 Dec.31 1914
Mar. 31 1915
308,005 8.55
1.130,209 22.23 Mar. 31 1915
June 30 1915
303,070 8.41
957.587 18.84 June 30 1915
297.691 8.26
Sept. 30 1915
826,833 16.27 Sept. 30 1915
274.588 7.62
Dee. 31 1915
694,631 13.70 Dec. 31 1915
262.091
7.27
Mar. 31 1916
634.469 12.48 Mar. 31 1916
236,361 6.56
June 30 1916
625,254 12.30 June 30 1916
171.096 4.75
Sept. 30 1916-._-- 537.809 19.68 Sept. 30 1916
156.412 4.34
Dec. 31 1916
502,632 9.89 Dec. 31 1916
Mar. 31 1.117
494.338 9.72 Mar. 31 1917----- 151.757 4.21
142.226 3.94
June 80 1317
131,342 9.45 June 30 1917
140,039 3.69
477.109 9.39 Sept. 30 1917
Sept. 30 1917
140,0/7 3.88
Dec. 31 1917-- 431,190 9.52 Dec. 31 1917
140,198 3.90
Mar. 31 1918
485,706 9.54 Mar. 31 1918
149,032 4.13
June 30 1918
491,164 9.66 June 30 1918
147.845 4.10
Sept. 30 1918
495,009 9.73 Sept. 30 1918
148,225 4.11
491,580 9.68 Dec. 31 1918
Dec. 31 1918
149.832 4.10
Mar. 31 1919
493,552 9.71 Mar. 31 1919
146,478 4.07
June 30 1919
465,434 9.15 June 30 1919
Sept. 30 1919-394.543 7.76 Sept. 30 1919-_- - 143.840 3.99
Dec. 31 1919
368.895 7.26 Dec. 31 1919
138,566 3.84
Mar. 31 1920
348,036 6.84 Mar. 31 1920
127,562 3.54
June 30 1920
342,567 6.74 June 30 1920
124,346 3.46
118,212 3.28
Sept. 30 1920
323,438 6.36 Sept. 30 1920
111.436 3.09
Dec. 31 1920
292,835 5.76 Dec. 31 1920
Mar. 31 1921
289.444 5.69 Mar. 31 1921
106,781 2.96
June 30 1921
288,749 5.68 Jane 30 1021
105.118 2.91
Sept. 30 1921
103.447 2.87
285,070 5.60 Sept. 30 1921
Dec. 31 1921
280,026 5.50 Dec. 31 1921-____ 128,8I8 3.58
Mar. 31 1922
128,127 3.55
280,132 5.51 Mar. 31 1922
June 30 1922
123.844 3.43
275,096 5.41 June 30 1929
Sept. 30 1922
123.710 3.43
270,794 5.32 Sept. 30 1922
Dec. 30 1922
121.308 3.36
261.768 5.15 Dec. 30 1922
Mar. 29 1923
239.310 4.70 Mar, 29 1923____ 119,738 3.32
June 30 1923
117.631 3.27
207.041 4.07 June 30 1923
Sept. 30 1923
118.435 3.29
210,799 4.14 Sept. 30 1923
Dec. 31 1923- ..__ 203,109 3.99 Dec. 31 1923
113,155 3.10
Mar. 31 1924
201,636 3.96 Mar. 31 1924
112.521 3.14
June 30 1924
3.12
203.059 3.99 June 30 1924
112,191
Sept. 30 1924
3.97 Sept. 30 1924
111,557 3.01
201.691
Dec. 31 1924
198,010 3.89 Dec. 31 1924
111,739 3.19
Mar. 31 1925
195,689 3.85 Mar. 31 1925
111,463 3.10
Juan 30 1925
12'‘,335 2.50 June 30 1925
111,800 3.10
Sept. 30 1925
127,078 2.50 Sept. 30 1925
112.679 3.12
Dec. 31 1925
119,414 2.35 Dec. 31 1925
113,843 3.16
Mar. 31 1926
122,098 2.40 Mar. 31 1926
112,844 3.13
June 30 1926
129.020 2.53 June 30 1926
111.908 3 10
Sept. 30 1926
123,557 2.43 Sept. 30 1926
112,822 3.12
Dec. 31 1926-- _ 123,090 2.52 Doe. 31 1926
112,562 3.14
Mar. 31 1927
120,348 2.37 Mar. 31 1927
113.478 3.15
June 30 1927
113,432 3.15
168,018 2.36 June 30 1927
Sept. 30 1927
173,122 2.43 Sept. 30 1927
112,835 3.14
Dec. 31 1927
177.452 2.49 Dec. 31 1927
111,262 3.08
Mar. 31 1928
112,385 3.12
187,006 2.62 Mar. 31 1928
June 30 1928
180,829 2.54 June 30 1928
110.023 3.06
Sept. 30 1928
175,039 2.46 Sept. 30 1928
109.626 3.03
Dec. 31 1928
168.415 2.34 Dec. 31 1928
101,942 2.83
Mar. 31 1929
173,920 2.44 Mar. 31 1929
101,627 2.82
July 31 1929
183,396 2.28 July 31 1929
96,362 2.68
Sept. 30 1929
176,485 2.18 Sept. 30 1929
94.724 2.64
Dec. 31 1929
182,150 2.24 Dec. 31 1929
94.624 2.63
Mar. 31 1930
171,947 2.00 Mar. 31 1930
94,399 2.62
June 30 1930
170,803 1.99 June 30 1930
95.213 2.64
Sept. 30 1930
173,824 2.00 Sept. 30 1930
93.737 2.81
182,072 2.09 Dec. 31 1930
Dec. 31 1930
93.259 2.60
Mar. 31 1931
182,804 2.10 Mar. 31 1931
94,617 2.62
June 30 1931
190,868 2.19. June 30 1931
91,991
2.55
In the following table we also show the number of shares of
the Steel Corporation distributed as between brokers and
investors as on June 30 1931 and June 30 1930:
June 30 1931.
CommonBrokers, domestic and foreign_ _1,250,044
Investors, domestic and foreign7,451,327
Preferred
Brokers,domestic and foreign__ 284,132
Investors, domestic and foreign_3.318,679
Ratio. June 30 1930. Ratio.
14.37
1,589,834
18.57
85.63
6,971,042
81.43
7.89
92.11
252,771
3,350,040
7.01
92.99
The following is of interest as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
Preferred
Brokers
Investors
June 30 1931. Ratio. June 30 1930. Ratio.
1,181,594
13.58
1,507,949
17.61
2,029,880
23.32
2,258,346
26.38
254.038
1,516,918
7.05
42.10
226,755
1,505,099
6.29
41.77
Small Decline in Gas Utility Revenues for May.
Revenues of manufactured and natural gas utilities
aggregated $54,788,105 in May 1931 as compared with $55,505,276 in May 1930, according to reports to the statistical
department of the American Gas Association from companies
serving some 13,719,538 customers and representing about
90% of the public utility distribution of manufactured and
natural gas.
This slight decline in revenues, amounting to only 1.3%,
is the smallest decrease in gas utility revenues registered
during the current year, and doubtless presages the attainment of stabilized levels from which future changes should
take an upward trend.
Revenues of the manufactured gas utilities aggregated
$32,427,273 for the month, a drop of 1.5% from a year ago,
while gas sales totalled 30,419,411,000 cubic feet, a decline
of 1.2%.
The natural gas utilities reported sales of 54,742,695,000
cubic feet for the month, a decrease of 4.5% from the May
1930 figures. Despite this drop in sales, however, natural
gas company revenues aggregated $22,360,832 for the month,
as compared with $22,590,984 a year ago, a decrease of
only 1% in revenues.
This relatively smaller decline in natural gas revenues,
as contrasted with sales, was the result of marked expansion
91,991 95.213 93.259 94.524 101.942 111.262 309,457 of sales and revenues in the domestic and commercial fields,
Total
The following carries the comparisons back for a long which tended to offset continued declines in sales and
revenues from industrial customers. While revenues from
series of dates:
582 -
FINANCIAL CHRONICLE
industrial sales for the month averaged more than 20%
under May 1930, revenues from domestic and commercial
sales were more than 7% above the preceding year.
Heavy Decline in Railroad Traffic and Tonnage in May.
Freight traffic handled by the Class I railroads of this
country in May amounted to 30,014,344,000 net ton miles,
according to reports received from the railroads by the
Bureau of Railway Economics and made public to-day.
Compared with May 1930, this was a reduction of 6,558,984,000 net ton miles or 17.9%, and a reduction of 11,831,644,000 net ton miles, or 28.3% under May 1929.
In the Eastern District, the volume of freight traffic
handled in May was a reduction of 19.7% compared with
the same month in 1930, while the Southern District reported a decrease of 15%. The Western District reported
a reduction of 16.4%.
The volume of freight traffic handled by the Class I railroads in the first five months of 1931 amounted to 146,068,257,000 net ton miles, a reduction of 31,759,361,000 net
ton miles or 17.9% under the corresponding period in
1930, and a reduction of 51,700,735,000 net ton miles or
26.1% under the same period in 1929.
Railroads in the Eastern District for the five months'
period in 1931 reported a reduction of 18% in the volume
freight traffic handled compared with the same perio
1930. while the Southern District reported a decrease •f
18.5%. TheXestern District reported a decrease of 17.4%.
Ninth Regional,Trust Conference Committees.
R. M. Sims, Vice-President American Trust Co., San
Francisco, Chairman of the Executive Committee, Trust
Company Division, American Bankers Association, and
General Chairman of the Conference Committee for the
Ninth Regional Trust Conference of the Pacific Coast and
Rocky Mountain States, to be held at San Francisco, Oct.
21, 22 and 23, has announced the following committees to
arrange for the meeting:
Program Committee: J. E. McGuigan, Vice-President Bank of America.
N. T. & S. A., Chairman; Frederick K. Befriends, Vice-President California Trust Co., Los Angeles; F. J. Brickwedel, Vice-President Wells
Fargo Bank & Union Trust Co.; A. N. Hackett, Assistant Trust Officer
Bank of California, N. A.; R. M. Sims, Vice-President American Trust
Co.; John Veentiuyzen. Vice-President Security-First National Bank of
Los Angeles.
Hotel and Reception Committee: Frank H. Lougher, Trust Officer
Angio-California Trust Co., Chairman; J. W. Garthwaite. Vice-President
Bank of America N. T. & S. A., Oakland; Harry Geballe, Assistant Trust
Officer California Pacific Title & Trust Co.; Platt Kent, Vice-President
Anglo & London Paris National Bank; Parker S. Maddux, Vice-President
the San Francisco Bank; Daniel Read, Trust Officer Central National
Bank, Oakland; George Spillman, Trust Officer Capitol National Bank,
Sacramento.
Publicity Committee: G. W. Wickland. Assistant Cashier Wells-Fargo
Bank & Union Trust Co., Chairman; Roy Blair, Trust Officer California
National Bank, Sacramento; A. A.Calkins, Vice-President Pacific National
Bank; J. E. Drew, Vice-President American Trust Co.; T. A. Gallagher,
Manager Publicity Department Bank of America, N. T. & S. A.; Ralph
Hughes, Vice-President Monterey County Trust & Savings Bank, Salinas;
W. D. Lux, Vice-President Crocker First Federal Trust Co.
Shall
Freight Rates Be Advanced ?—Views of
way Age."
"Rail-
"In a period of depression the railways are considering
asking for a general advance in freight rates," says the "Railway Age." "Business men and the public should carefully
consider the reasons for this." Editorially, in its May 16
issue, the "Railway Age" continues:
The paramount reason is that officers of life insurance companies.
savings banks and other fiduciary and financial institutions, which own
some five billion dollars of railroad securities, are emphasizing that these
companies are being jeopardized by the failure of numerous railways to
earn sufficient returns to maintain their bonds and other funded securities
as legal investments. The effect produced upon insurance companies and
savings banks by failure of many railways to earn interest upon the bonds
held by such institutions would be a national calamity.
The principal of railway bonds is frequently becoming due and payable,
and large investment companies could not buy new railway bonds to replace those that came due if the railways were not earning the returns required to make the new bonds legal investments. Railroads that found
themselves without a marii.er for refunding bonds would have to go into
receivership.
What to do, when confronted with such a situation, presents a thorny
problem to railway executives. In 1921, a hen the last previous depression
prevailed, the railways sought and secured reductions of wages which were
accompanied by a general reduction of freight rates ordered by the Interstate Commerce Commission. It is natural that suggestions should come
from various sources that in the present emergency also railway wages
should be reduced. In the fall of 1929, however, railway executives and
labor leaders, along with other business and labor leaders, were called
together by President Hoover, and agreed not to seek reductions or advances of wages; and it has continued to be the polcy of the National Administration, as repeatedly expressed by President Hoover, to try to maintain wages.
Railway wages are subject to regulation by the Federal Railway Labor
Act. This Act provides, when changes in wages or working conditions are
[Vor.. 133.
contemplated, first, for conferences between the railways and he employees;second, if differences arise, for mediation by the Federal Mediation
and Conciliation Board; third, if mediation fails, for arbitration; fourta, if
no agreement to arbitrate can be secured, for hearings and a report by a
board appointed by the President of the United States. Labor leaders
never have agreed to arbitrate a proposed reduction of railway wages, and
could hardly be expected to do so now when the certain result of their
refusal to arbitrate would be the reference of the matter to a board appointed by President Hoover, who favors general maintenance of wages.
The reduction of freight rates made by the Inter-State Commerce Commission in 1922, and numerous subsequent reductions, have amounted,
based on the traffic of 1929, to 900 million dollars annually, and meantime
the average railway wage has been increased until it is 5% higher than In
1921. In addition, the State and National Governments, by subsidizing
and failing adequately to regulate other agencies of transportation, have
helped to divert from the railways much traffic which they now sorely
need.
Railway managers already have made reductions of operating expenses
at the rate of 700 million dollars a year as compared with those of 1930.
and at the rate of more than one billion dollars a _year as compared with
those of 1929. For the further safeguarding of-railroad service, credit and
solvency, they must seek (1) relief from the unfair competition to which
the railways are being subjected; (2) reductions of wages; (3) advances In
rates, or all of these. They can secure none of them without the support
and co-operation of the public and public authorities.
If they seek such support and co-operation and do not get them, they
will have
ne their full duty, and the responsibility for the results will
rest uyo
ublic authorities and the public, which will be the principal sufferer i he outcome is a serious disaster.
at Bank Stock Corporation of Minneapolis and
St. Paul Purchases Controllinz Interest in Agricultural Securities Corporation Which Owns
Agricultural Credit Corporation.
Announcement was made on Tuesday of the purchase by
the First Bank Stock Corporation of Minneapolis and St.
Paul of a controlling interest in the Agricultural Securities
Corporation, the holding company which owns the Agricultural Credit Corporation of Minneapolis. Under terms of
the arrangement just concluded, negotiations for which have
been in progress for several months, the Agricultural Credit
Corporation becomes an operating unit of the First Bank
Stock Corporation and will carry on its loaning activities to
farmers in the Northwest in close co-operation with the 112
banks and other financial institutions affiliated with the
First Bank Stock Corporation. The following further particulars are furnished:
The Agricultural Securities Corporation was organized in 1924 as a
holding company to furnish funds to the Agricultural Credit Corporation.
The latter corporation was organized at the same time for the purpose of
extending aid to banks, but was later converted into an agency for financing
the purchase of livestock by farmers on the installment basis. Business
firms and individuals, in the Twin Cities and elsewhere throughout the
United States, pledged themselves to subscribe for $10,000.000 of income
bonds of the Agricultural Securities Corporation. The Corporation called
for payments by subscribers totaling 36,000,000. Up to Dec. 31 1930
the corporation had loaned 36,780,833.45 to 13,960 farmers in Michigan,
Minnesota, Montana, North Dakota, South Dakota and Wisconsin. At
present it has outstanding between six and seven thousand loans totalling
slightly over $2,200,000.
Since its organization, the Agricultural Securities Corporation has reduced
by 35% the amount of its bonds,the present total outstanding being $3,843,000. In acquiring control of the Agricultural Securities and Agricultural
Credit Corporations, the First Bank Stock Corporation has purchased a
substantial majority of the outstanding bonds.
C. T. Jaffrey of Minneapolis. President of the Soo Line RR. Co., is Chairman of the boards of directors of the First Bank Stock Corporation, the
Agricultural Securities Corporation and the Agricultural Credit Corporation.
Commenting on the affiliation of the latter corporations with the former,
Mr. Jaffray said:
"I am particularly pleased that the First Bank Stock Corporation has
purchased the great majority of the ownership of the Agricultural Credit
Corporation, because of my anxiety to have the business of the latter
corporation carried on. The Agricultural Credit Corporation's work has
been a very great help in rehabilitating framers in the Northwestern States.
Their ability to buy foundation herds of cattle and sheep and to pay off
their loans in three years time out of the proceeds from their herds has given
a majority of the farmers to whom loans have been made a start in the
raising of livestock and a stability of income through diversification of their
farms such as to free them from complete loss of income through any year's
crop failure.
"With the numerous affiliated banks of the First Bank Stock Corporation
now at work promoting the activities of the Agricultural Credit Corp., the
latter corporation's work should be extended and ofeven greater value in the
future. I am sure it means a lot to agriculture in the Northwest to have the
work carried on. if anything, more extensively than for the past two or three
years. The present price of livestock makes this a most favorable opportunity for farmers to buy at prices which are now low and so to become successful livestock as well as grain farmers."
On Monday,executives of the Minnesota and South Dakota banks affiliated with the First Bank Stock Corp., met in Minneapolis and discussed
with officials of the Agricultural Credit Corp. methods of co-ordinating the
operations of the banks and the livestock loaning agency. P. J.
Leeman.
Vice-President and General Manager of the First Bank Stock Corp.,said:
"The addition of the Agricultural Credit Corp. to the First Bank Stock
Corp. group gives our affiliated banks additional facilities to assist customers
in rural comunities which we believe will Prove of great benefit to the territory served. The record of the Agricultural Credit Corp. demonstrates the
soundness and practicability of long-time livestock loans, and the importance of livestock to our agricultural territory is beyond question. We have
under consideration plans for the co-ordination of our banks and the
Agricultural Credit Corp. which we believe will work to the great
advantage
of the entire territory."
Active officers of the Agricultural Securities Corp. and the Agricultural
Credit Corp. are identical, and are as follows:
.C. T. Jaftray
Chairman 4. P. Kemp
President
C. W. Wilkins
Vice-President E.T.Peterson-Asst. Seer.&
, Asst. Treas.
JULY 25 1931.]
FINANCIAL CHRONICLE
Convicted Officials of the Closed Bank of United
States Released from Tombs on Writ of Reasonable
Doubt Pending Appeal—Total Bail Fixed at
$250,000.
Bernard K. Marcus, Saul Singer and Herbert Singer,
former officers of the defunct Bank of United States of
this city, found guilty on June 20 after a trial which lasted
12 weeks of the willful misapplication of funds of one of the
bank's subsidiary safe deposit companies, were released from
the Tombs early Wednesday evening July 22,under bail pending the outcome of their appeal. Bail for Marcus and Saul
Singer, under sentence of from three to six years in prison,
was set at $100,000 each, and for Herbert Singer, the 24
year old son of Saul Singer, who received an indeterminate
penitentiary term, at $50,000. All three bonds were furnished by a surety company. The three bankers had been
confined in the Tombs since their conviction. The account
of the matter in Thursday's Now York "Times," from which
we have quoted above, continued in part, as follows:
Their release followed the grantirg by Supreme Court Justice George V.
Mullen of the pleas for certificates of reasonable doubt to allow them
liberty under bail pending the outcome of the appeal. The trial judge.
George L. DonneIlan, had committed them to the Tombs when the District
Attorney, at the same time sentence was imposed, had objected to the
granting of ball.
Because additional indictments based on the failure of the bank are
pending against the trio, the granting of the certificates by Justice Mullen
and his setting of the ball did not automatically liberate the three. It
was necessary for their counsel, notably Charles H. Tuttle, to go before
Judge Morris Koenig in his chambers in the old Criminal Court Building
and allow him to set bail on the account of the pending Indictments. After
a brief argument. In which Assistant District Attorney Harold W. Hastings
Interposed no strenuous objection. Judge Koenig agreed to allow the ball
set by Justice Mullen to cover the pending indictments as well as the
appealed verdict.
Because of the necessary delay in preparing the legal forms it was not
until after 6 o'clock that Mr. Tuttle, with associate counsel and bondsmen,
went to the Tombs, presented the bonds and the accompanying papers
to Chief Keeper Louis Breitenbach and were allowed to depart with the
three bankers. The prisoners were pale and drawn. None would discuss
his experiences. .
.
Justice MuIlan's action In granting the certificates of reasonable doubt
was based, his decision showed, mainly upon the fact that Section 305
of the penal law, for violation of which the throe were convicted, never
has been passed upon by the courts of the State. Further, he held that
there was doubt whether Judge DonneIlan,at the trial, correctly construed
the meaning of the word "willful." This latter point had been stressed
by the defense counsel three weeks ago when they argued before the justice
for the granting of the certificates.
The Justice said he found no errors In the trial itself after reading ita
record of 8,775 pages. The record, he stated, contains nothing to show
the defendants did not have a fair trial. As to Judge Donnellan's conduct
of the trial, Justice Mullen found it to have been "eminently fair" and
"admirable."
583
over through the Morris Properties Corporation the assets
and liabilities of the Morris White Holding Co. and three
subsidiaries, all four bankrupt, to protect $700,000 owed
by them to the Bank of United States, was withdrawn the
previous day before Federal Judge John M. Woolsey because
of the opposition of Charles H. Tuttle, this time representing
4
creditors of Morris White, Inc., like the defunct bank, a
creditor of the four bankrupt companies. The "Times" went
on to say:
Withdrawal of the proposal was followed by the application by G. IS.
Smith, on behalf of the S. W. Straus Investment Corporation, for permission to foreclose a $2,000,000 second mortgage held on the properties of
the four bankrupt corporations. Judge Woolsey reserved decision and
ordered the filing of briefs. At the same time he directed creditors to
file claims at a hearing to be held by Special Master Peter B. Olney at
2 p. m., July 29. At this hearing Morris White will be examined.
Banking Situation in South and Middle West.
In the State of Mississippi, Associated Press advices from
Corinth on July 17 reported that eight men were indicted
by the Alcorn County Grand Jury on that day in connection
with the failure last November of the Corinth Bank & Trust
Co., including E. S. Chandler, who represented the First
Mississippi District in Congress from 1901 to 1921. The
dispatch, continuing, said:
Indictments returned by the Alcorn County Grand Jury Thursday, July
16, charged Farmer IV. Anderson, President of the bank; John W. Gaulding,
Active Vice-President; R. 31. Weaver, H. N. Young, E. S. Candler, A. IL
Dickson and Robert Hamm, directors, and Traverse A. Read, fanner director,
with receiving deposits in a bank that they knew was insolvent.
Read, a capitalist and cotton buyer, resigned from the bank's Board of
Directors several months before its failure. He is named in one indictment, while Anderson and Gaulding are named in five and each of the
directors in four.
Bonds of $1,000 on each indictment were furnished by all except Gaulding and 112rom, but officers said bonds were being arranged for them.
Hamm resides at Ramer, Tenn. Gaulding's bond was fixed at $2,000 on
each count. Prosecuting officials said he was connected with the State
Banking Department at Jackson.
Young is a Corinth insurance man, Weaver a manufacturer and Dickson
a Rosauth, Miss., merchant.
Trials will be set during the present term of Circuit Court.
In the State of Tennessee, with reference to the affairs
of the defunct Liberty Bank & Trust Co. of Nashville, which
closed its doors Nov. 14 1930, a dispatch from Nashville by
the Associated Press, on July 21, stated that Judge Charles
Gilbert on that day appointed a prosecutor pro tern to file
an indictment against Colonel Luke Lea, Tennessee newspaper publisher, and his son, Luke Lea, Jr., after Richard
M. Atkinson, Attorney-General, had failed to comply with
the Court's order to do so. The advices went on to say:
Bank of United States Plans to Pay Initial Dividend
Mr. Atkinson had declined to file charges of conspiracy
of 30% to 35% Some Time Before Sept. 15—Other his son in connection with the handling of the affairs of the against Lea and
defunct Liberty
Bank & Trust Co. of Nashville. Judge Gilbert to-day named Seth Walker;
Payments to Follow.
Nashville attorney, as Attorney-General pro tern, supplanting Atkinson in
The New York "Times" of yesterday, July 24, stated that the handling of the case.
Accepting the appointment, Mr. Walker said "no innocent man shall be
it was learned authoritatively this week that the first payment to depositors of the failed Bank of United States of persecuted, neither shall any man, or men, if the facts warrant, escape
the penalty of the Court."
this city would be made by the New York State Banking
Mr. Atkinson had challenged the Court's authority to order him to file
Department, custodian of the closed institution, early in an indictment and said investigations by him had failed to reveal any eviSeptember. This payment, it was said, would be about 30 dence on whichistoabase a conspiracy charge.
Conspiracy
misdemeanor in Tennessee, the maximum punishment
to 35% of deposits and other payments would follow in for which is 11 months and 29 days in jail or $500 fine, or both.
accordance with the progress made in the liquidation of the
In the State of North Carolina a press dispatch from
bank. The paper mentioned continued:
Greenville, July 22, appearing in the Raleigh "News and
Reports that all that the depositors would receive would be 30 cents on Observer," reported that the State Bank & Trust
Co., a bank
the dollar were denied as baseless. While neither Joseph A. Broderick,
recently organized in Greenville to take over the affairs of
State Superintendent of Banks, nor any other officials of the Banking
Department were prepared to make any definite announcement, it was the National Bank of Greenville, which closed its doors last
learned that an application would be filed in the Supreme Court within December, would
be formally opened for business to-day,
three or four weeks asking authorization for the first payment to depositors.
Barring unexpected obstacles, checks to depositors are to be sent some- July 25. The new institution is capitalized at $100,000, with
time before Sept. 15.
surplus of $25,000, the dispatch said.
More than a fourth of the bank's 450,000 depositors have borrowed money
In the State of Kentucky Associated Press advices from
on their deposits under the plan of the Clearing House Association. Such
depositors will not participate In the first payment, as their share will be Barlow, Ky., on July 24 reported that the directors of the
devoted to covering their borrowings.
Bank of Barlow, at a meeting held the previous night, had
It was explained that one reason for the comparatively small amount decided
not to open the institution for business on that da-y,
of the first payment is that many claims have been rejected by the Banking Department, and provision had to be made for payment of these and that Will H. Terrell, Cashier of the institution, had
claims should such payment become necessary upon adjudication In the attempted to commit suicide
in the bank building early that
courts. Most of these claims do not appear on the books of the bank and
are nct claims by depositors. Any money available subsequent to the morning and was not expected to recover. The dispatch
went on to say:
decision of the courts will be turned over to depositors.
No estimate was available as to the ultimate returns depositors are likely
to receive. This will depend upon the final resources realized by the
liquidation. It was said, however, that substantial additional payments
will follow the first payment.
Several years may be required to liquidate the bank, particularly its
large real estate holdings and other frozen assets.
June 29 was the last day for filing claims agaiest the limit oe :Felv ee,
as required by law, the Banking Department will file these claims milk
the County Clerk, and about two weeks later will apply to the Supreme
Court for authorization of the first payment. Another week or two will
be required to prepare the checks and mail them.
The directors' explanation was simply that the bank had been closed to
protect depositors.
Friends said Mr. Terrell had been depressed about business coralitions for
some time. He had been Cashier of the bank for nearly 20 years. The
bank's statement of June 30 showed deposits of $90,000. A State Banking
Commissioner is to arrange to-morrow to take charge.
In the State of Ohio the Commercial Bank of Marion was
taken over on July 20 by the State Banking Department for
liquidation at the request of its Board of Directors, according to advices by the Associated Press from Marlon on that
In its issue of Thursday, July 23, the "Times" reported date. The "frozen" condition of the bank's assets was given
that the proposal of the State Banking Department to take as the reason for the directors' action. Chauncey C. Steven-
584
FINANCIAL CHRONICLE
son, of the State Banking Department, was named liquidating agent, the dispatch stated.
With reference to the affairs of the State Security Bank
of Zanesville, Ohio, which was closed last January, an Associated Press dispatch from that city on July 21 stated that
Watt M. Barnett, former President of .the institution, had
been sentenced on July 20 to serve from one to 30 years in
the Ohio Penitentiary, following his plea of "guilty" to an
indictment charging misapplication of funds.
Advices by the Associated Press from Columbus, Ohio,
on July 21, reported that the Ohio State Banking Department had that day taken over the Harrod State Bank at
Harrod, Allen County, at the request of its directors. The
institution is capitalized at $30,000 and has total resources
of $150,000. The reason given for the bank's closing was
non-liquid assets, the dispatch said.
In the State of Indiana, a dispatch from Rushville, Ind.,
on July 18 to the Indianapolis "News," stated that Thomas
K. Mull, former President of the Manilla Bank, at Manilla,
Rush County, closed by the State Banking Department last
fall, had been indicted for alleged perjury by the Rush
County Grand Jury on July 17. We quote further from the
advices as follows:
Mull also was indicted for overdraft by an officer and embezzlement by
a banker. Bond of $2,000 in each case was provided.
He recently was adjudged not a bankrupt by Carl Wilde, Master of
Chancery. The bank of which he was President was a private institution.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
At the regular meeting of the Board of Directors of the
National City Co. of this city held Monday, July 20, Willard
Shrewsbury was elected a resident Vice-President, domiciled
in South America. After being engaged in the banking business in Kentucky and Indiana, Mr. Shrewsbury entered the
employ of the National City Bank of New York Jan. 3 1916
and was appointed Sub-Manager at Buenos Aires in June
1918. He was transferred to Rosario in 1925 and remained
there until the following year when he was appointed Manager of the Santiago de Chile branch. Recently he has been
associated with the foreign department of the National City
Company.
Mr. Shrewsbury has the distinction of being the first
United States banker to be decorated by the Chilean Government. He received the medal of the Order of Merit late in
1929 in recognition of this services to Chile in financial matters, both of domestic and international nature.
The Central Hanover Bank & Trust Co. of this city announces the appointment of Robert M. Lovell as an Assistant
Secretary.
-
The trial of Albert R. Allen and Edward F. Wagner, former Vice-Presidents of the Long Island National Bank of
Astoria (N. Y.) on the charge of having filed a false report
of the bank's condition, was postponed July 15 for the
eleventh time by Judge Robert A. Inch, in United States
District Court, Brooklyn. The New York "Herald-Tribune,"
of July 16,from whose account of the matter we have quoted
above, went on to say:
Judge Inch expressed impatience when Herbert H. Kellogg, Assistant
United States Attorney, informed him that another delay would be
necessary because an application for mercy in behalf of the defendants
now was being considered by President Hoover.
"I do not desire to antagonize or oppose the Executive Department,"
Judge Inch said, "but I do not see why I should hold up proceedings in this
court waiting for Washington to make up its mind. I am ready to try this
case. It has been in this court a long time and has become a notorious
matter."
Previously Allen and Wagner testified against eight other former officials
of the bank, all of whom were convicted of having misappropriated the
institution's funds. They have contended that the prosecution promised
them immunity for turning State's evidence.
Their trial was set to begin on Nov. 4.
[VOL. 133.
1 to stockholders of record on July 19. The stock transfer
books will be closed on that date and will be reopened on
Aug. 3, according to James S. Watson, President of the
trust company.
The following with reference to the affairs of the State
Bank of Bimghamton, Binghamton, N. Y., (an institution
which on Dec. 15 1930 was taken over by the State Banking
Department, following the mysterious disappearance of its
President and Cashier, Andrew J. Horvatt) was contained
in a Binghamton dispatch by the Associated Press on July 17:
Depositors of the defunct State Bank of Binghamton, which closed
just before Christmas last year, must take another method to secure their
funds from the bank directors, Supreme Court Justice Ely W. Personius
to-day (July 17) dismissing a civil action.
Three thousand persons, many of whom had their life savings in the
bank, brought the action to recover from the bank directors. Justice Personius contended the suit should be instituted by the Superintendent of
Banks, who has had charge of the institution's affairs.
The defending directors included Andrew J. Horvatt, former President;
Thomas J. Mangan, who was a Vice-President; Elmer J. Churchill, Massoud Ellis, Sigmund A. Friedlander, Joseph Greskovick and Michael J.
Horvatt.
Andrew J. Horvatt, accused by the Government of participation in a
liquor conspiracy, disappeared the night befcre the bank closed. He was
never arrested. The bank shortage was almost $3,000,000, much of it in
Christmas clubs and small savings accounts.
Our last reference to the affairs of the defunct bank
appeared in our Apr. 4 issue, page 2520.
4—
The reorganization plans of the stockholders' committee
of the Riverside Trust Co., of Hartford, Conn., which was
closed last December by the State Bank Commissioner for
Connecticut, took definite shape on July 17 when the stockholders elected the following directors: Clayton R. Burt,
George H.Day, Oliver B. Ellsworth, Solomon Elsner, Thomas
Hewes, Winthrop A. Haviland, William D. Holman, Edward
J.McDonough, Clifford A. Pease and John A. Pilgard.
In its report of the matter, the Hartford "Courant" of
July 18 said in part:
Directors were elected at the adjourned annual meeting of stockholders of
the Riverside Trust Company and subsequently notices were issued to
stockholders advising them of their rights to subscribe for new capital.
Subscription warrants accompanied the letters which will be received
today.
In the communication to stockholders it is now indicated that plans
contemplate reopening of the bank not later than Oct. 1 1931.
Stockholders have the right to subscribe for 134 new shares for each
share held, also the right to subscribe for a fractional share to round out
shares. These rights are to new $25 par stock at $50 a share. Subscriptions must be exercised on or before July 31 1931 and stock must be paid
for on or before Aug. 15 1931. Unsubscribed stock will be sold by the
directors.
The subscriptions are made payable at Goodwin-Beach & Riley or at
Putnam & Co. offices, payments to be held in trust and to be payable to
the bank when all conditions requisite for reopening are met.
The reorganization committee and directors will carry on an aggressive
campaign for new deposits. It is necessary to secure $300,000 new money.
The goal set for reopening is $1,100,000.
When the Riverside Trust Co. reopens it will have capital of $250,000
and surplus of $250,000.
Judge William J. Mulligan of the Merchants Bank & Trust Co. presided
at the meeting.
After the meeting the following statement was issued:
"Mr. Edward S. Goodwin, of Goodwin, Beach & Riley, and Mr. Clarence
E. Whitney, of the Whitney Manufacturing Co., will cooperate with the
Board of Directors as representatives of the stockholders' reorganization
committee.
"The directors in assuming the very large responsibility of reorganizing
and reopening the bank, do so because of their conviction that the best
interests of this community will be served by such reopening. It will be
not only of immediate benefit to the stockholders and depositors of the
Riverside, but the success of the bank will reflect itself in the value of the
stock owned by the receiver of Pallotti, Andretta & Co. and this enhanced
value will inure to the benefit of thousands of depositors in that latter
institution. The freeing of these resources will benefit the retail business
in Hartford and in general tend to restore public confidence.
The Board of Directors naturally cannot hope to achieve these results
without the enthusiastic backing and cooperation of the people of this
community. The long and successful operation of this bank prior to
the appointment of a receiver conclusively demonstrates that it fills
a definite place in the financial field and with proper support in the shape
of deposits its success is guaranteed."
Our last reference to the affairs of the closed bank, Riverside Trust Co., appeared July 4, page 60.
United Press advices from Buffalo, N. Y. July 17 reported
that the Marine Midland Corporation of that city had comAssociated Press advices from Derby, Conn., on July 21
pleted arrangements to acquire the Bank of Batavia, at reported that
the private bank of J. Mongillo at 163 Main
dispatch continued as follows:
Batavia, N. Y. The
the Marine Midland chain through an St. was closed by the State Banking Commissioner late that
The Batavia bank will enter
disclosed. The personnel of the day. The bank also conducted a steamship agency. The
exchange of stock, but the terms were not
Booth, President, will remain the dispatch went on to say:
'Batavia bank, headed by Herbert T.
To-morrow (July 21) the Attorney General's office probably will ask
the Court to appoint a temporary receiver for the bank.
It was stated at the office of State Bank Commissioner George J. Bassett this afternoon that an examiner had been sent by the department to
the office of Mongillo, who has been regarded as a private banker. As
a result of a
Trustees of the Security Trust Company of Rochester, ities about preliminary report which indicates that there are liabilof
$145,000. which may have impaired the bank, the examiner
their quarterly meeting on July 16 declared the was ordered to take charge, pending action by the Attorney General's
N. Y., at
a share, payable on Aug. office, looking to a temporary receivership. In absence of a report,
regular quarterly dividend of $10
same, it was said.
Batavia gave total resources of
The last statement of the Bank of
The bank was
$6,633,012, with deposits of more than $5,000,000.
organized in 1876.
JULY 25 1931.]
.
FINANCIAL CHRONICLE
or statement, in detail, as to Mongillo's affairs, the Commissioner's office
was unable to give further information.
585
Dawson, Minn., has a population of 1,386 and is located in Las qui
Park County, 136 miles West of Minneapolis.
The new bank will be the 137th institution to become affiliated in
the Northwest Bancorporation group. Combined resources of these institutions, which are located in 114 towns and cities, are in excess of $495,000,000.
Officers of the new Northwestern National Bank of Dawson are Dr. C. M.
Johnson, President; Henry Goldstein, Vice-President; C. T. Harding,
Cashier, and Glenn E. Blomquist, Assistant Cashier.
John H. JoIhnson has been appointed President of the
Mount Airy National Bank & Trust Co. of Philadelphia to
fill the vacancy caused by the death of John C. Rose, according to the Philadelphia "Ledger" of July 20: At the same
meeting of the directors, Charles H. James, formerly a
Announcement was made on Monday of this week, July
Vice-President of the First National Bank, was made Chair- 20, of the executive officers of the Central Republic Co.,
man of the Board of Directors,and John R. Davis was chosen organized as the investment affiliate of Central Republic
Bank & Trust Co. of Chicago, which is soon to be formed
a Vice-President.
On Aug. 1 next, the Miners Bank of Wilkes-Barre, one of
the outstanding banks of Northeastern Pensylvania, and the
Wyoming Valley Trust Co., one of the leading banks of
Wilkes-Barre, will consolidate. The new organization, which
will continue the name of the Miners Bank of Wilkes-Barre,
will bec apitalized at $2,500,000, with combined surplus and
undivided profits of $6,700,000. Its deposits will aggregate
between $23,000,000 and $24,000,000 and its total resources
will approximate $34,000,000. The officers of the consolidated bank will be those of the Miners Bank with the addition of W. B. Schaeffer <now President of the Wyoming
Valley Trust Co.) as a Vice-President, and Gary Miller (a
Trust Officer of the Wyoming Valley Trust Co.) as a Trust
Officer. The present personnel of the Miners Bank is as
follows: F. M. Kirby, Chairman of the Board of Directors;
C. W. Laycock, President; J. N. Conyngham, Samuel McCracken and F. A. Gamble, Vice-Presidents; William J.
Ruff, Cashier; M. G. Robbins, Roland Grover and R. H.
Mitchell, Assistant Cashiers, and A. W. Driesbach, Trust
Officer.
The directorate of the enlarged bank will consist of the
present directors of both institutions. A brief outline of the
history of the Miners Bank of Wilkes-Barre (as printed
recently in one of the local newspapers) said in part:
History of the Miners Bank starts in 1868 when it was founded as a
savings bank in what was then the Borough of Wilkes-Barre. It was
organized for the purpose of helping the small wage earner and providing
a bank where the small depositor could find encouragement to save as
little or as much of his wages as he could. Mining had started to develop
and the opening of the anthracite mines was bringing many laborers and
coal cutters to the Wyoming Valley. Population had grown and 7000 persons
were within the domain of the borough and the adjacent territory, when the
"Miners Savings Bank" was organized. The name was significant, for
the bank was meant to be an institution seeking to serve the men of
the Anthracite.
Into the history of the Miners Bank of to-day is interwoven the history
of five other city banks. The Anthracite Savings Bank, which succeeded
the Wilkes-Barre Savings Bank, was the first to consolidate its business
and interests with the Miners Savings Bank. Following that merger, the
bank became known as the Miners Bank. Later on the Peoples Bank,
which had its home in the present Meyers Building on Public Square, was
merged with the Miners, and later still the Luzerne County National
Bank, occupying a site on the westerly side of Public Square. Now comes
the Wyoming Valley Trust Co. to join other successful banks of the past
In making the Miners one of the foremost banks of Northeastern Pennsylvania.
through the consolidation of the Central Trust Co. of Illinois
and the National Bank of the Republic.
The executive officers include men who have been active
in the affairs of both Central-Illinois Co. and the National
Republic Co., Philip R. Clarke, who will become President
of the Central Republic Bank & Trust Co., will also be
Chairman of the Board of the Central Republic Co.; Samuel
W. White, President of the National Republic Co. and
Vice-President of the National Bank of the Republic, and
Louis H. Schroeder, Vice-Chairman of the Central-lllinois
Co., will be Vice-Chairmen; Carroll E. Gray Jr., Executive
Vice-President of the Central-Illinois Co., will be President
of the Central Republic Co.
Other officers will include Newton P. Frye and William
C. Freeman, Senior Vice-Presidents; J. Sanford Otis, James
A. Cathcart, and Charles H. Ireland, Vice-Presidents;
Edward K. Welles, Assistant Vice-President; William W.
Hinshaw Jr., Secretary; Howard F. Allen, Treasurer;
Olaf T. Henriksen, Comptroller; and Nathan S. Sharp,
Manager, Municipal Department.
The Central Republic Co., being a union of the business
and personnel of the Central-Illinois Co. and the National
Republic Co., will have an established national organization with branch offices and representation extending from
New York City to San Francisco, and will rank among the
strongest investment houses in the Middle West.
Central Republic Co. will be located at 134 South La Salle
St., Chicago, Ill., in the main banking room now occupied
by the National Bank of the Republic, as soon as the necessary alterations are made following the physical consolidation of the National Bank of the Republic and Central
Trust Co. of Illinois in the Central Trust Building at 208
South La Salle St.
From the Chicago "Post" of July 21, it is learned that
receivers were named on that day by Oscar Nelson, State
Auditor for Illinois, for three outlying Chicago banks,
which closed a short time ago. They are: the Immel State
Bank, 2800 Belmont Ave., R. F. Gentzel; Lincoln State
Bank, 31st and State Sts., J. P. O'Brien, and West Town
State Bank, 2400 West Madison St., Thomas B. Roberts.
The paper mentioned continuing said:
All three, according to State Auditor Nelson. have had experience in
real estate and financial affairs. Directors of three other banks, the
Berwyn State Bank. the Lyons State Bank and the Twelfth Street State
The Central Depositors' Bank & Trust Co. of Akron, Ohio, Bank,conferred with the State Auditor to-day(July 21)regarding prospects
of re-opening.
on July 23 formally opened their handsome new
bank and
office building at Main and Mill Streets, that city.
The Bank of Saginaw, Sa- ginaw, Mich., announces the
death of its Chairman, the Honorable Benton Hanchett,
On July 15 the American Trust Co. of Charlotte, N. C., on June 24 1931 in his 97th year. Mr. Hanchett had been
celebrated the 30th anniversary of Its founding. The insti- identified with the Bank of Saginaw since 1888.
tution began in a very modest way in what is known as
the Piedmont Annex, a little office 15 feet front by 60 feet
deep, belonging to and adjoining the Piedmont Building.
Its capital was $29,600. Total deposits on the opening day
amounted to $1,739.77. Today the institution is said to be
the largest individual bank without branches in either North
or South Carolina. Its statement as of July 15 1931 shows
capital of $1,200,000 with surplus and undivided profits of
$1,282,932; deposits of $21,044,185, and total resources of
$23,833,402. The personnel of the institution is as follows:
W. H. Wood, President; T. E. Hemby, Executive VicePresident; John Fox, Vice-President and Trust Officer; R.
E. Kerr, Assistant Vice-President; C. B. Campbell, John A.
Campbell, Jr., and F. W. DeArmon, Assistant Secretaries
and Treasurers, and Fred Sheetz, Assistant Trust Officer.
—*—
Acting on a petition signed by 130 business and professional men, the Northwest Bancorporation ((head office,
Indianapolis) announced the organization and opening of a
new bank in Dawson, Minn., last week. The bank will be
operated under the name of the Northwestern National
Bank of Dawson, with capital of $25,000 and surplus of
$5,000. The announcement goes on to say, in part:
The American Commercial & Savings Bank of Davenport,
Iowa, and the Citizens Trust & Savings Bank of that city,
were recently consolidated under the title of the American
Savings Bank & Trust Co. According to its statement at
the close of business June 30 1931, the new organization
is capitalized at $1,600,000 with surplus and undivided
profits of $1,584,555, has total deposits of $32,838,624 and
total resources of $39,980,457. Including its affiliated institution, the American Trust Co. (the two institutions being
known as the American Banks of Davenport), a statement
at the close of business June 30 1931 shows capital of $1,700,000 with surplus and undivided profits of $1,743,067 and
total resources of $39,980,457. Officers of the American Savings Bank & Trust Co. are as follows: Ed Kaufmann, President; Rey Nyemaster, E. J. Dougherty, H. P. Oetzmann and
Frank B. Yetter, Vice-Presidents; Louis G. Bein, Cashier;
F. A. Johnson, A. H. Hiegel, John D. Brockmann and Herman
Stank, Assistant Cashiers, and H. R. Boles, Manager of the
bond department. Rey Nyemaster is President of the American Trust Co.; Ed Kaufmann and H. P. Oestzmann, VicePresidents; F. A. Johnson, Secretary, and Julius C. Hasler,
Treasurer.
586
FINANCIAL CHRONICLE
[VOL. 133.
Gregory B. Schaefer, heretofore Assistant Cashier of the
Hopkins Street State Bank of Milwaukee, Wis., was recently
advanced to the Cashership of the institution. Mr. Schaefer
gias been associated with the institution since its organization in May,1927, serving in various capacities. His appointment as Assistant Cashier took place in February of this
year. Prior to his connection with the Hopkins Street State
Bank, Mr. Schaefer was with the old Marine National Bank
of Milwaukee for 11 years.
the Hellmans and the Bank of America, N. T. & S. A. The
three statements are as follows:
Mr. Marco H. Hellman, until now, vice president of the
Bank of America, N. T. & S. A., and chairman of the Los
Angeles Executive Committee, said:
went out of existence. On the same day the Commercial
,State Bank moved to the former First National Bank Building, which was included in the transaction. The capital of
the Commercial State Bank remains the same as heretofore.
A statement of condition on July 11, following the merger,
shows combined capital, surplus and undivided profits of
$33,473, deposits of $302,639, and total resources of $336,112.
The officers are: Oscar Hyoort, President; S. M. Scheffer,
Vice-President, and Roy Y. Stotts, Cashier. Mr. Stotts
organized the Commercial State Bank in 1918.
Mr. Irving H. Hellman, vice president and also vice chairman of the Los Angeles Executive Committee, said:
"After twenty-eight years of active service in one banking institution,
I have arranged to terminate my connection with the Bank of America,
National Trust & Savings Association, and its affiliates, and will in the
future devote more time to the managamement of the various projects
in which I am interested.
"My many friends, whose loyalty I greatly appreciate, may be assured
that I will be associated with the business development of Los Angeles
Springs, Ban., has and Southern California.
The Commercial State Bank•of Bonner
"Upon severing my connection with the bank, I extend my best wishes
acquired by purchase the First National Bank of that place,
for its continued success."
the deal being consummated on July 11, when the latter
The First National Bank of Valley Falls, Kan., with
capital of $25,000, went into voluntary liquidation as of
July 7 1931. It was taken over by the Kendall State Bank
of Valley Falls.
"Arrangements have been completed, whereby I have terminated my
connection with the Bank of America, National Trust & Savings Association, with which institution and its predecessors I have been identified
since 1912.
"While in the future I shall devote muds time to my personal interests,
I shall also be actively associated with the business development of
Southern California.
"In resigning from the bank I extend to the management my best
wishes for its future growth."
Mr. Harry J. McClean,attorney for the Hellman interests,
issued the following.
"Satisfactory negotiations have been concluded between Mr. Marco
H. Hellman and Mr. Irving H. Hellman, and the Bank of America, National
Trust & Savings Association for the termination of their official connection with the bank. The conclusion of the matter does nct involve any
change in their position of stock ownership in Transamerica Corporation."
Effective June 29 last, the First National Bank of MarysAn investigation by an Adams County, Colo., grand jury ville, Calif., capitalized at $50,000, was placed in voluntary
Into the affairs of the defunct Farmers' State Bank of liquidation. The institution was absorbed by the Bank of
Brighton, Colo., was to begin this week, according to Joel E. America National Trust & Savings Association with head
Stone, District Attorney of the First Judicial District. The office at San Francisco.
bank closed Dec. 29 last following the arrest of William M.
R. M. Philleo has resigned as a Vice-President and a
Hopkins,former President, on an embezzlement charge. The
Denver "Rocky Mountain News" of July 19, from which the director of the Bank of America National Trust & Savings
Association (head office San Francisco), according to the
preceding infarmation is obtained, furthermore said:
Hopkins is said to have given Stone valuable information, which prompted Los Angeles "Times" of July 18, which said:
plans for impaneling a grand jury.
Stone said last night (July 18) he could not reveal the nature of his
Information, but that the jury would "undoubtedly involve other persons in
the -affairs of the bank."
"Our information is of such a nature that it shouldn't take the grand
jury more than two or three days to complete its findings," Stone said.
Reports of the resignation of R. M. Philleo as Vice-President and director were confirmed here yesterday (July 17) by the Bank of America
National Trust & Savings Association.
Mr. Philleo started his banking career with the First National Bank
of Puente,later going to Arizona where he became Executive Vice-President
of the Phoenix National Bank. In 1926 he joined the Merchants' National
Bank of Los Angeles as Vice-President, later advancing to the position of
Vice-President and Cashier. He was made a Vice-President following the
That the Mt. Pleasant Commercial & Savings Bank of formation of the Bank of America.
Mt. Pleasant, Utah, had closed its doors on July 16 and its
On July 1 the Paisley National Bank of Paisley, Ore.,
affairs were being investigated by the State Banking Dewith capital of $40,000, went into voluntary liquidation.
partment was noted in a United Press dispatch from that
It was taken over by the Commercial National Bank of
place on July 17. The advices went on to say:
The bank's Board of Directors ordered the closure. Sherman Jones,
bank examiner, was in charge to-day (July 17).
W. H. Hadlock, State Bank Superintendent, said heavy loans on livestock and real estate, coupled with a scarcity of secondary reserves, was
the cause. The bank was capitalized at $50,000, with a surplus of $55,000.
Little cash was on hand at the time of the closing.
A consoidation of the Bank of Commerce of Anacortes,
Wash., and the Citizens Bank of that place, has been
effected under the title of the Bank of Commerce of Anacartes, The new institution is capitalized at $50,000 with
surplus and undivided profits of $20,000. An investment
affilate called the Commerce Co. has been organized. Fred
D. Cartwright heads the consolidated bank.
Mr. Marco H. Hellman and Mr. Irving H. Hellman, veteran Los Angeles bankers, and sons of an illustrious pioneer
banking family of Southern California, last night announced
their immediate retirement from the Bank of America National Treat & Savings Association, wherein both have been
vice presidents and holders of other high executive posts.
The brothers Hellman impressed the fact that both will be
actively associated with the future business development of
Los Angeles and Southern California.
Both have been identified for years in the creation and
upbuilding of Hellman Commercial Trust & Savings Bank,
and with Merchants National Trust & Savings Banks with
Mr. C. R. Bell, who on Sunday last announced his immediate
resignation as vice chairman, director of the Bank of America N. T. & S. A. from Transamerica Corporation and its
affiliates.
The announcements of resignation by the Messrs. Hellman
were accompanied by a brief statement from Mr. Harry J.
McClean, attorney for the Hellman interests, which antrounced the satisfactory conclusion of negotiations between
Lakeview, Ore.,
The annual report of the Standard Bank of South Africa
Ltd. (head office London), covering the fiscal year ended
March 31 1931, and presented to the proprietors at their
118th ordinary meeting on July 22, has just come to hand.
The statement shows net profits for the 12 months (after
payment of all expenses and rebating current bills) of £567,620, which when added to £125,002, representing balance
to credit of profit and loss brought forward from the preceding 12 months, made £692,622, available for distribution.
Out of this sum, the report tells us, an interim dividend
at the rate of 14% per annum (subject to income tax) for
the half year ended Sept. 30 1930, calling for £175,000,
was paid, and £75,000 credited to bank premises account,
leaving a balance of £442,622. This amount the directors
recommended be allocated as follows: £100,000 to officers,
pension fund;£175,000 to pay a dividend at the rate of 14%
per annum (subject to income tax), and £25,000 to pay a
bonus of Is. per share (subject to income tax), leaving a
balance of £142,622 to be carried forward to the current
year's profit and loss account. Total resources of the
bank are shown in the report as £70,409,068, and its paid-up
capital as £2,500,000, with reserve fund of X3,164,170. The
institution was established in 1862.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Trading on the New York Stock Exchange the present
week has been extremely quiet, with irregular changes in
prices,but with the drift downward most of the time. Transactions have been at the minumum, so much so, that on
several occasions the turnover has been considerably below
the million mark. Traders have been quietly marking time
awaiting the outcome of the Seven Power conference in
London concerning the German situation. The only note-
JULY 25 1931.]
587
FINANCIAL CHRONICLE
§§§§§§
44
4> 4D 42 421..• 42
t.05 V.-. ...I C.
C.4 Co 43 Co Co CO
worthy feature was the advance on Thursday of the Bank of more. United States Steel common led the downward
England rate from 2M% to 33 %. The weekly statement swing and closed at 903 with a net loss of 33/i points.
%
of the Federal Reserve Bank made public after the close of American Can was off 23% points as it closed at 983 and
%
business on Thursday showed a further decrease of $14,- Worthington Pump yielded 2% points to 463/8. The turn000,000 in brokers' loans in this district, making the third over was again very moderate and while a few issues were able
consecutive drop in as many weeks. Call money renewed at to score modest gains, the greater part of the list was on the
1M% on Monday,continued unchanged at that rate through- side of the decline. The principal changes on the minus
out the week.
side were Allied Chemical & Dye,3 points to 114; Bethlehem
The stock market again drifted downward during the Steel, 23 points to 5234; J. I. Case Co., 3 points to 66%;
%
abbreviated session on Saturday and while trading was dull Eastman Kodak, 53% points to 139%; Auburn Auto, 53
4
and irregular during the greater part of the session, there points to 16034, and International Harvester, 2 points to
was a very modest upward spurt just before the close. 413/2. There was a sharp decline in the last half hour and
The advances however, were very small and were, as a the undertone was heavy in the final dealings.
rule, confined to a few of the more active stocks. The
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
volume of business was below the average, due to some
extent to lack of news from abroad and the uncertainty
Total
United
State,
Stocks,
Railroad,
Bond
States
Week Ended
Municipal &
regarding the French and German conference.
Stan- July 21 1931. Number of & Misc. Poen Bonds. Bonds.
Sales.
Shares.
Bonds.
dard stocks like United States Steel, American Can and
$4,805,500
380,450 $2,268,000 $2,279,000
General Motors were off fractionally in the early trading, Saturday
6,225,000
Monday
3,354,000
2,693,000
705,340
7,498,000
Tuesday
1,148,630
4,718,000
2,565,000
but made up part of the loss before the close. Railroad Wednesday_ _ _ _
8,321,000
4,879,000
993,040
3,169,000
9,159.000
2,998,000
785.660
5,893,000
stocks were inactive, due in part to the unfavorable earnings Thursday
7,830,000
Friday
1,064,780
4,987,000
2,520,000
report of Kansas City Southern. Specialties were down and
TntAl
A A/7 atm 590 (1,10 nnn AIR 974 nnn Si 515 snn 343 g3f4.500
losses were recorded by such active leaders as Eastman
Kodack, J. I. Case and Ingersoll Rand.
Sales at
Jan. 110 July 24.
Week Ended July 21.
New York Stock
1930.
Trading was dull on Monday, the turnover dropping to
Exchange,
1931.
1930.
1931.
705,340 shares with only 500 issues dealt in. This was the Stocks-No,of shares_ 5,077,980 10,257,640 359,753,154 530,495,700
Bonds.
smallest volume of business for a full five hour day since Government bonds_ _ $1,515,500 $1,953,500 $94,990,700 $68,495,600
391,300,000
Nov. 1 1926. Speculative interest was apparently waiting State Sc foreign bonds_ 16,224,000 11,034.000 464,052,600 1,158,667,100
Railroad Sc misc. bonds 26,099,000 28,290,000 1,031,612,700
for more definite information concerning the Seven Power
Total bonds
$43,838,500 $41,277,500 $1,590,656,000 $1,618,462,700
conference in session in London. There was a brief period
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
of heaviness during the early part of the day and prices
BALTIMORE EXCHANGES.
drifted aimlessly around, but the brief rally toward the
close showed net gains in many pivotal stocks. The .prinBaltimore.
Philadelphia.
Boston.
Week Ended
cipal changes on the side of the advance included such
July 24 1931,
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
active issues as American Power & Light, 13 points; du
%
84,000
338
Saturday
9,630
81,000
7,209
526,000
Pont, 13/2 points; Coca Cola, 33% points; Auburn Auto, Monday
7.600
902
13,567
4,000
8,160
16,000
10,000
Tuesday
16,522
1,004
17,796
16,000
7,000
2% points; Air Reduction, 134 points; American Can, 1 Wednesday
27,000
1,142
18,400
15,726
3,500
14,549
12,000
694
16,481
3,000
11,250
30,000
point; Sears Roebuck, 1.1 points; Standard Oil of Kansas, Thursday
4
Friday
2,289
5,786
8,000
4,100
2 points; Eastman Kodak, 1 point; Detroit Edison, 534
6,369
860,600
Total
77,712
$26,000
63,061 8106,400
points; J. I. Case, 1 point and National Lead, 334 points.
Railroad stocks were stronger and were represented on the Prey, week revised 141.598 $46.600 123.159 $142.300 6.930 860,400
aide of the advance by New York Central, 1 point; Wabash,
COURSE OF BANK CLEARINGS.
13% points; Norfolk & Western, 2 points; Northern Pacific,
23% points and Delaware and Hudson, 534 points.
Bank clearings this week will again show a decrease as
The market displayed a moderate amount of strength on compared with a year ago. Preliminary figures compiled by
Tuesday,and while trading continued slow,the turnover was us, based upon telegraphic advices from the chief cities of
somewhat larger than on the preceding day. United States the country indicate that for the week ended to-day (SatSteel continued to move ahead, and there was a fractional urday, July 25), bank exchanges for all the cities of the
gain by Republic Iron & Steel. General Electric closed on United States from which it is possible to obtain weekly
the side of the advance and so did Westinghouse, Johns- returns will be 28.9% below those for the corresponding
Manville, J. I. Case Co. and Allied Chemical & Dye. Other week last year. Our preliminary total stands at $6,726,prominent stocks showing gains at the close included such 955,838, against $9,466,473,875 for the same week in 1930.
issues as Atchison, 43% points to 1653/2; Baltimore & Ohio, At this center there is a loss for the five days ended Friday of
234 points to 5934; Chili Copper, 2 points to 21; Houston 31.3%. Our comparative summary for the week follows:
Oil, 234 points to 4334; Otis Elevator, 23% points to 4332,
Per
Clearings-Returns by Telegraph.
and Worthington Pump,2 points to 51.
Cent.
1930.
1931.
Week Ended July 25.
On Wednesday unfavorable reports from abroad, and a New York
83,375,016,660 $4,913,000,000 -31.3
462,864,555 -42.9
261,132,051
further drop in steel operations, were, in a measure, re- Chicago
356,000.000 -19.1
288,000.000
Philadelphia
369,000,000 -19.8
296.000,000
sponsible for a dip of 1 to 3 points in most of the active Boston
109,979,500 -29.5
77,581.487
Kansas City
stocks and for the third time this year sales fell below the St. Louis
88,000.000 -23.6
67,200.000
136,000,000 -24.9
102.155,000
San Francisco
million mark. Railroad shares were inactive and the oc- Los Angeles
No longer will r 000rt clearings.
136,792,953 -27.9
98.643.873
casional sale reported was usually below the previous level. Pittsburgh
150,291,124 -30.5
104,205.470
Detroit
102,912,229 -16.7
Motor stocks were down and so were oil shares, copper Cleveland
86,868.627
67.165,257 -10.9
59,849.216
Baltimore
issues and amusements. United States Steel got up to New Orleans
-9.1
38.979,116
35,419,760
963 at its top for the day and closed at 943% with a loss of
%
84,855.072,147 $6,930.984,734 -29.9
Twelve cities, 5 days
856,799,905 -12.4
750.724,385
33% points. American Can also moved down followed by Other cities, 5 days
such active industrials and specialties as Auburn Auto, Total all cities, 5 days
$5,605.796,532 $7,787,784,639 -28.0
1,678,689.236 -33.2
1,121,159,306
Vanadium Steel, Worthington Pump, Eastman Kodak, All cities, one day
Tntsil ,Ti AIM. 1........re...1r
AA 790 055 ARR 50 400 473 875 -28.9
Johns-Manville and J. I. Case Company. The market
was somewhat irregular on Thursday and the volume of
Complete and exact details for the week covered by the
sales was under 800,000 shares, recording the second smallest foregoing will appear in our issue of next week. We cannot
turnover since the first of the year. The market was sluggish furnish them to-day, inasmuch as the week ends to-day
and moved within a narrow range with most of the pivotal (Saturday) and the Saturday figures will not be available
stocks on the side of the decline. The list of recessions until noon to-day. Accordingly, in the above the last day
included among others, Allied Chemical & Dye, American of the week had to be in all cases estimated.
Can, Auburn Auto, United States Steel and Westinghouse
In the elaborate detailed statement, however, which we
Electric. The closing hour showed a few stocks in the present further below, we are able to give final and complete
general list slightly higher than the preceding close. These results for the week previous-the week ended July 18.
included American Safety Razor, 2 points to 50; Safeway For that week there is a decrease of 23.0%, the aggregate of
Stores, 2% points to 60; Butterick & Company, 334 points clearings for the whole country being $7,912,273,150, against
to 133% and Colorado Gas & Electric pref., 4 points to $10,275,415,636 in the same week of 1930. •Outside of this
city there is a decrease of 24.9%, the bank clearings at this
1053%.
Stocks were generally under pressure on Friday and most center recording a loss of 21.9%. We group the cities now
issues showed declines ranging from a fraction to a point or 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, there is a decrease of
21.5%, in the Boston Reserve District of 10.0%, and in
the Philadelphia Reserve District of 22.1%. In the Cleve•
land Reserve District the totals are smaller by 25.6%, in
the Richmond Reserve District by 17.2%, and in the
Atlanta Reserve District by 15.7%. The Chicago Reserve
District shows a contraction of 40.7%, the St. Louis Reserve District of 26.8%, and the Minneapolis Reserve
District of 12.4%. In the Kansas City Reserve District
the totals record a loss of 29.2%, in the Dallas Reserve District of 15.3%, and in the San Francisco Reserve District
of 23.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. July 18 1931.
11931.
1930.
'next'
Dec.
'1928.
122 cities 7,912,273,150 10,275,415,636 -23.0 13,365,143,707 10,230,299,435
Total
2,922,832.130 3,890,616,333 -24.9 4,480,607.648 4,092,421,115
Dutaide N. Y. City
tranatin
22 ...Mon
all sic MK
74t nag len .-2.5i
500 874877
4441 MI IA1
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 18.
Clearings at
1931.
1930.
First Federal Reserve Dist rict-Boston
608,620
636,968
Maine-Bangor__
Portland
3,227,958
3,567,312
430,790,591 478,687,055
Mass.
-Boston
945,829
Fall River
997,166
Lowell
609,967
716,274
1,000,285
New Bedford
888,076
Springfield4,825,372
4,749,620
3,172.195
Worcester
3,163,818
-Hartford.
12.103,927
15,677,933
Conn.
8,166.165
8,809,776
New Haven
R.I.-Providence
11,983,000
12,343,100
N.H.-Manches'r
532.164
733,382
477,890,321
inc. or
Dec.
1929.
1928.
-4.5
-9.5
-10.0
-5.1
-14.8
+12.6
-1.6
+0.3
-22.8
-7.3
-2.9
-27.4
562,302
5,136,443
548,862,097
1,536.860
1,374.385
1,189,676
6,228,355
3,947,228
21,671,300
10,238,237
17,749,300
880,784
577,549
3.455,629
484.000,000
1,156,530
1,317,979
1,088,888
5,283,522
3,420,368
13,847,170
9,328,559
15,717,300
671,337
531,046,232 -10.0
619,376,967
539,864,831
Second Feder al Reserve D istriet-New
7,152,446
-Albany_ _
7,386,391
N. Y.
1,244,355
1,442,902
Binghamton
40,948,218
50,005,473
Buffalo
1,082,125
1,047,613
Elmira
Jameutown_ _
1:069,7823
4,989,440,810 6,384,799.303
New York
10,161,930
10,779,068
Rochester
5,207,932
Syracuse
4,591,777
-Stamford
3,560,330
4,313,586
Conn.
781.501
804,418
N. .L-Montclair
Newark
30.687,920
33,370,876
37,838,231
37,916,542
Northern N. J.
Week Ended July 18,
Ckarings at
1931.
York
+3.3
6,570,491
5,809,524
-13.7
1,556,075
1,449,667
-18.1
72,650,869
55,164,202
1,195,813
+3.4
1,021,846
1.358,422
-26.8
1,177,396
-21.9 8,884,536,059 6,137,878,321
-5.7
16,758,156
12,616,899
6,961,082
-11.8
5,686,308
-17.5
5,504,478
5,016,542
-2.8
1.279.707
839,836
-8.1
36,951,483
27,802,274
-0.2
46,979,141
38,560,511
Total(12 cities) 5,128,505,926 6,537,910,070 -21.5 9.082,301,776 6,293,023,326
Third Federal Reserve Dist rict-Philad elphia
-Altoona___
1.581.423 -60.3
628,533
1,818.117
Pa.
1,540,433
4,059,289
Bethlehem._ _
3,799,196 +6.9
4,565,813
4,487,863
Chester
1,095,694 -20.4
872,851
1,363,859
1,685,387
1,922,376
1,736,822 +10.7
1,930,472
Lancaster
1,636,432
395,000,000 515,000.000 -23.3 692,000,000 540,000,000
3,046,579
3,709.033 -17.9
4,794,343
Reading.--4,857,606
4,447,792
4.367,773 +1.8
6.118,793
Scranton
5,919,499
3,353,905 -2.5
3,270,559
4,254,776
Wilkes-Barre4.647,108
2,030.273
2,422,687 -16.2
2,241,046
York2.070,312
5,807,000
3,725.000 -44.2
N
4,446,040
-Trenton..
N.J.
5.597,351
421,085,252
540,791,533 -22.1
623,533,259
572,441,991
Fourth Feder al Reserve D Istrict-Clev eland
3,213,000
5.217,000 -38.4
Ohio-Akron__ _ _
2,005,357
4,587,910 --56.3
Canton
59,069,109
71,731,359 --17.7
Cincinnati
112,280,663 148,831,144 --24.6
Cleveland
14,725,400
17,287,800 --14.8
Columbus
1,728,539
2,033,502 --15.1
Mansfield
4,265,052
5,665.411 --25.8
Youngstown
-Pittsburgh_ 133.843,862 190,221,748 --29.7
Pa.
7,769,000
4,884,770
90,860,876
166,909,585
19,368,000
2,348,851
6,518,948
201,239,336
7,046,000
4,577,027
80,539,944
146,208,313
16,607,200
2,304,460
5,398,058
172,464,257
445,575,874 -25.6
499,899.366
435.145.259
Fifth Federal Reserve Dist Oct-Richm ond1,149,678 -44.8
634,469
W.Va.-Hunrg'n
4,206,184 + 3.1
4,336,051
Va.-Norfolk.
34,068,652
43,904,000 -22.2
Richmond .._ _ _
1,884,446 -20.1
1,507,816
-Charleston
S.C.
96,505,498 -17.5
79,657,278
Md.-Baltimore.
27,287.435 -9.4
24,731,744
D.C.-Washing'n
1,349,089
4,574,830
40,573,000
1,855,115
108,479,698
29,572,149
1,375,945
4,466,671
40,553,000
2,481,964
108,175,316
26,949,325
174,937,211 -17.2
186,403,881
184,002,221
-A Hunt a-Sixth Federal Reserve Dist rict
2,569,341 +62.9
4,185,063
Tenn.
-Knoxville
19,871.697 -37.8
12,358,947
Nashville
43,452.472 -13.8
37,474,115
Ga.-Atlanta_ _
1,353.640 -2.4
1,320,457
Augusta
1,378,285 -48.0
716,836
Macon
13,273,390 -13 7
Fla.-Jack'nville.
11,457,309
16,813,614 -19.8
Ala.-Birming'm'
13,486,874
1.540,386 -14.4
Mobile
1,319,100
2,063,000 -32.9
Miss.
-Jackson._
1,384,000
185,412 -20.0
148,417
Vicksburg
42,213,699 -9.8
La -NewOrleans
38,081,580
4,000,000
27,874,494
57,827,266
1,872,430
1,762.980
14,843,044
23,213.801
1,800.974
2,134,364
256,404
48,845.245
4,035,013
21,196,561
49,446,463
1,735,512
1,906,732
16,177,746
23,312,390
1.587,526
1,994,876
293,845
51,959,898
184,431,002
inc. or
Dec.
575,235,658
Total(6 cities)_
Total(11 cities)
331,130,982
144,936,010
121,932,698
144,714,936 -15.7
1928.
4,871,112
143,300,000
36,831,126
348,855
22,361,311
345,831
1,374,724
5,962,831
150,200,000
34,611,127
394,931
18,056,072
303,520
1,288,066
209,432,959
210,816,547
Ninth Federal Reserve Die trict Minn eapolisMinn.
-Duluth
3,584,308
5,082,834 -29.5
10,850,623
Minneapolis__
69,793.778
77,673,631 -10.1 105,183,462
St. Paul
21,025,482
24,693,132 -14.9
28,836,875
N. Dak.-Fargo_
2,105,211
2.078,374 +1.3
2,141,443
S. D.
-Aberdeen
845,823
1,057.555 -20.1
1,260,904
Mont.
-Billings.
466,674
520,793 -10.4
652,883
Helena
2,554,217
3,438,255 -25.7
3,723,938
6,104,554
83,404,984
31,528,521
1,999,572
1,758,372
612,397
3,383,000
Total(7 cities)_
Total(7 cities)_
135,647,101
100,375,493
185,343,347 -26.8
114,544,574 -12.4
152,550,128
128,771,400
Tenth Federal Reserve Ms trict-Kans as City
Neb.-Fremont _
271,809
325,463 --16.5
Hastings
298,813
483,463 --38.2
Lincoln
3,011,130
3,111,091 --3.2
Omaha
36,936,048
43.333,403 --14.8
Kan.
-Topeka
3,899,819 --33.6
2,589,303
Wichita
10,191,407 --32.7
6,865,173
Mo.-Kans, City 100,059,028 150,999,636 --33.7
St. Joseph _ _
4,499,597
6,225,036 --27.7
Colo.
1,370.194 --24.7
-Col. SPgs.
1,031,642
Denver
a
a
a
Pueblo
1,265,754
1,515.602 --16.5
369,017
500,000
3,774,176
49,269,481
4,225,878
13,282.020
184,715,640
7,706,282
1,511,164
a
1,597,329
406,032
468,434
4,307,311
47,511,577
4,126,583
13,359,132
170,782.835
6,833,201
1,432,097
a
1,458,016
221,455,114 -29.2
266,950,985
250,585,211
Eleventh Fede ral Reserve District
-Da Has
Texas-Austin _ _
1,257,912 +19.2
1,498,308
Dallas
34,650,977
39,634.127 -12.6
Fort Worth_ _ _
10,061,732 -25.4
7,501,727
Galveston
2,516,000
3,271,000 -23.1
La.
-Shreveport_
3,118,381
3,946,882 -21.0
1.737.958
51,346,132
17,461,910
5,943,000
4,674,664
1,489,176
50,456,485
15,999,606
5,267,000
6,516,567
81,163,664
79,708,834
Total(10 cities)
Total (5 cities).
156,828.302
49,285,393
58,171,053 -15.3
Twelfth Feder al Reserve D istrict-San Franc'/leoWash.
-Seattle._
35,417,951
39,446,006 -10.2
55,015,995
Spokane
11,761,000 -8.7
10,740,000
13,685,000
Yakima
804,947
909,369 -11.5
1,383,290
Ore.-Portland
35,937,529 -18.0
29,477,566
43,131,100
Utah-S. L. City
20,025.815 -25.9
14,839,273
21,339,280
Callf.-LongB'ch
7,163,135 -23.7
5.467,940
8,519,442
Los Angeles.. No longer will report clearin gs
Pasadena
4,683,617
5,840,928 -19.8
6,608,507
Sacramento__
9,122,217
7,004,728 +30.2
7,711,747
San Diego...5,276,521 -14.2
4,426,460
6,044,003
San Francisco_ 146,125,828 208,321,660 -29.9 209,629,172
San Jose
3,039,192
2,981,864 +1.9
3,311,417
Santa Barbara_
1,799,981
2,210,497 -18.6
1,910,628
Santa Monica_
1,786,842
2,207,558 -19.1
2,348,423
Stockton
1,688,200
2,751,500 -38.6
2,758,000
49,772,329
13,875,000
1,314,588
38,540,847
18,229,619
8611,783
5.541,831
7,284,789
6,347,862
193,671,543
3,254,237
1,935,382
2,233,222
2,894,700
Total(14 cities) 269,420,014 349,838,110 -23.0 383,396,004 353,477,732
Grand total (122
cities)
7 912,273,150 10274,020,789 -23.0 13365,143,707 10230,299,436
Outside NewYork 2,922,832,340 3,889,221,486 -24.9 4,480,607,548 4,092,421,115
Week Ended July 16,
Clearings at
-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton .. __ _
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
97,477,927
91,291,436
38,769,179
13,891.746
5.398,831
6,095,518
2,779,240
4,641,487
6,224,529
2,043.673
2,104,317
2,653,402
4,413,866
2,948,035
350,160
384,585
1,470,010
629,508
887,449
639,800
517,359
219,889
753,385
504,333
953,605
2,981,410
323,081
650,212
675,565
448,322
439,843
757,984
1930.
inc. Or
Dec.
$
%
147,800,510 -34.1
111,942,066 -18.5
46,787,944 -17.1
18.511,660 -25.0
7,686.313 -29.8
7,293.493 -16.4
3,389,605 -18.0
5,512,610 -15.8
6,894,665 -9.7
2,550,082 -19.9
2,586,054 -18.6
3,020,340 -12.2
5.441.173 -18.9
4,893,551 -39.8
462,863 -24.3
576,954 -33.4
2,030,862 -27.6
928,936 -33.3
1,006,869 -11.8
869,813 -26.4
876,462 -40.9
270,308 -18.7
1,052,990 -28.4
923,934 -45.4
1,259,404 -24.3
4,602,900 -35.2
425,195 -24.0
1,068,293 -39.1
809,094 -16.5
641,762 -30.1
665,283 -33.9
1,267,182 -40.3
173,646,562
Total(8 cities)_
1929.
969,692,705 -40.7 1,075,703,716 1.008,815,522
Eighth Federa 1 Reserve Dis trier-St. L ouls-Ind.
-Evansville.
4,276,024
4,305,420 --0.7
Mo.-St. Louis
94,900,000 122,400,000 --22.5
23,377,019
39,843,721 --40.8
Owensboro_
258,977
332,219 --22.1
Tenn.
-Memphis
11,925,702
16,965,103 --29.7
III.-Jacksonville
149,167
199,308 --25.2
Quincy
760,212
1,297,576 --41.4
1931.
Total(10 cities)
1930.
Seventh Feder at Reserve D istrict Chi Cag0Mich.
253,688
-Adrian _
180,491
309,470
190,552 --5.3
Ann Arbor..._
839,686
660,977
712,440 --7.2
892,549
Detroit
114,095,546 175,604,737 --35.1 222,773,326 220,051,773
10,089,640
Grand Rapids_
4,421,752
4,959,842 --21.8
7,206,468
3,101,011
3,292,449
Lansing
3,831,369
3,272,309 +0.6
Ind.
-Ft. Wayne
3,049,527
1,867,927
3,227,505 --39.0
4,232,460
Indianapolis...
22,950.000
18,893,000
25,872,000 --27.0
26,325,000
South Bend__ _
1,045,363
3,045,800
2,265,847 --53.9
3,064,251
Terre Haute..
5,102,383
4,567,932
4,929,961 --7.4
4,932,002
Wis.-Milwaukee
42,214.041
23,949,975
30,350,758 --21.1
39,970,196
2,963,278
2,805,535
2,784,694 +0.7
Iowa-Ced.Raps.
2,957,965
Des Moines_
7,326,851
7.465.741
9,610,443
9,502,026
Sioux City
7,089,414
4,636.228
5,726,996 -19.0
7,010,782
Waterloo
1,436,833
1,243,352 -31.7
849,830
1,867,780
111.-Bloomlon
1,514,120
2,044,365
1,608,916
1,867,555 -18.9
376.990,464 687,424,654 -45.2 723,681,563 662,199,344
Chicago
1,318,634
Deaatur
1,085,397
1,114,550
1,374,545
Peoria
5,221,606
3,075.746
6,169,219
4,718,640 --34.8
1,377.544
Rockford
4,115,176
3,284,159 ---58.1
4,338.590
2,598,531
Springfield_ _
2,554,329
2,676,413 ---2.9
3,219,790
Total(20 cities)
1929.
Federal Reserve Dist.
g
$
$
$
%
531,048,232 -10.0
lat Boston_ __ _12 cities
477,890,321
619,376,967
539.884,831
and New York_12 "
5,123,505,926 6,537,910,070 -21.5 9,082,301,776 6,293,023,326
623,533,259
530.791,533 -22.1
Brd Philadelphial0 "
421,085,252
572,441,991
445,575,874 -25.6
Ith Cleveland__ 8 ••
331,130,982
499,899,366
435,145,259
174,937,241 -17.2
144,936,010
186,403,881
5th Richmond _ 6 "
181,002,221
5th Atlanta__ __II "
183,431,002
144,714,936 -15.7
121,932,698
173,848,582
575,235,658
959,692,705 -40.7 1,075,703,716 1,008,815,522
rch Chicago_ _ _20 "
185.738,104 -26.8
Ilia St. Louis__ 7 "
135,647,101
209,432,959
210,616,547
114,514,574 -12.4
gth Minneapolis 7 "
100,375,493
152,550,128
123,771,400
321,455,114 -29.2
10th Kansas City 10 "
268,950,985
1564824,302
250,585,211
11th Dallas
58,171,053 -15.3
49,286,393
5 "
81,163,664
79,708,834
349,838,110 -23.0
239,420,014
12th San Fran 14 "
383,394,004
353,477,732
Total(12 cities)
For.. 133.
FINANCIAL CHRONICLE
588
Total(32 cities)
294,319,685
1929.
$
155,894,703
139,513,336
90,874,292
22,293,423
8,888,234
7,152,999
3,778,832
16,444,643
10,694,070
3,372,771
2.991,377
3,659,034
6,317,367
5,399,231
729,639
728.882
2,776,532
1,432,212
1,618,320
1,580,605
982,082
408,700
673,978
973,746
1,232,299
6,404,980
488,933
1,020,268
1,047,493
670,016
836,976
394,049,160 -25.3 500,879,973
•Estimated, a No longer reports weekly clearings.
1928.
$
141,234,255
136,981,568
70,340,991
20,086,893
8,240,237
7,224,625
3,524,865
6,258,514
10,243,633
3,562,097
3,061,683
3,657,182
6,854.122
5,222,183
761,914
751,811
2,432,703
1,290,908
1,563,501
1,486,727
800,685
458,688
992,227
983,392
1,218,394
4,980,271
458,484
1,035,530
1,038,481
678,062
725,835
448,150,461
JULY
25 1931.]
589
FINANCIAL CHRONICLE
THE CURB EXCHANGE.
dull and
Trading on the Curb Exchange this week was
g weakness. Standard Oil
featureless with prices displayin
was
(Indiana) after a fractional loss during the week to 27
sold to-day and broke to 243 the close being at
heavily
the oil
243/2. The few changes of importance in the rest of
from 61 to 63 and sold to-day
list: Humble Oil & Ref. rose
%
415 to 47 fell
at 62. Vacuum Oil after early gain from
4
to 433' and closed to-day at 433 . Gulf Oil lost about
back
three points to 56. Utilities *ere changed very little.
Amer. & Foreign Power warrants after early advance from
Gas & Elec. moved
%
173 to 18% weakened to 155 . Amer.
first from 64% to 693( then down to 643,. Electric
up at
Bond & Share, com. lost over three points to 37 and finished
to-day at 373/8. North Amer. Light & Power com. declined
from 68% to 659'. A few comparatively large declines
were registered in the industrial and miscellaneous group.
Parker Rust Proof dropping from 903/ to 86. A. 0.Smith
Corp., corn. lost 14 points to 100. Aluminum Co. corn.
sold down from 128 to 1163.. Deere & Co. corn. was off
from 243 to 22. Mead, Johnson & Co., corn. weakened
from 823 to 783/2.
A complete record of Curb Exchange transactions for the
week will be found on page 617.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds(Par Value).
Stocks
(Number
Foreign
Foreign
of
Week Ended
Total.
Domestic. Government. Corporals.
Shares).
July 24 1931.
$56,000 $1,405,000
$28,000
83,736 $1,321,000
Saturday
98,000 2,330,000
81,000
163,655 2,151,000
Monday
69.000 2,304,000
57,000
228,285 2,178,000
Tuesday
89,000 2,502,000
49,000
211,780 2,364,000
Wednesday
129,000 2,230,000
92,000
175,805 2,009,000
Thursday
87,000 3,019,000
83,000
243,640 2,849,000
Friday
of England secured £797,000
and £20,000 for the Home trade. The Bank
at the statutory buying price.
during the week have
Movements of gold at the Bank of England
Receipts totalled £1,529,680, of
resulted in a net influx of £1,343,515.
£78,000 in sovereigns rewhich £550,000 was in sovereigns "released."
gold, whilst withdrawals consisted
ceived from abroad and £801,626 in bar
and £110,165 in bar gold.
of £76,000 in sovereigns taken for export
imports and exports of gold
The following were the United Kingdom
mid-day on the 6th inst.:
registered from mid-day on the 29th ult. to
.Exports.
Imports.
£258.030
*5131,728 Germany
Germany
11.365
Netherlands
18.675
Netherlands
21.157
12.573 Prance
France
12.477
574.986 Other countries
British South Africa
24,100
British India
Straits Settlements and De87,365
pendencies
39,737
New Zealand
72,000
Australia
28,940
Other countries
£303,029
£990,104
* To amend period June 8 to 15 1931.
Commissioner of Canada
A bulletin issued from the Office of the High
Ottawa gives the Canaadvises that the Dominion Bureau of Statistics at
ounces. This compares
dian gold production for March 1931 as 203.818 fine
163,771 fine ounces for
with 195.118 fine ounces in February 1931 and
of 1931 is given as
March 1930. The production for the first three months
fine ounces for the cor601,721 fine ounces as compared with 463,321
responding period of last year.
SILVER.
the market on the
Until to-day movements in prices were narrow and
from China raised
whole has ruled rather quiet. Bear covering orders
buyers not disposed
quotations 3-16d. to 13,1d. on the 3rd inst. but with
to follow, the improvement was not maintained.
exchange advices,
To-day, selling orders from China, following weaker
decline in consefound a poorly supported market and there was a sharp
quence, 13%d. being quoted for both deliveries.
past week and the
America has been less inclined to sell during the
some boar covering
Indian Bazaars have also taken little interest, although
purchases on account of the latter were made yesterday.
and exports of silver
The following were the United Kingdom imports
on the 6th inst.:
registered from mid-day on the 29th ult. to mid-day
Imports.
£140,561
Mexico
United States of America__ 25,524
7.861
Other countries
£173.946
Exports.
Various countries
£20,803
£20,803
INDIAN CURRENCY RETURNS.
June 30. June 22. June 15.
/n Lacs of Rupees15331
15275
15254
$528,000 $13,790,000 Notes in circulation
$390,000
12858
1,104,901 $12,872,000
Total
12888
13003
in India
Silver coin and bullion
Jan. 1 to July 24.
Week Ended July 24.
Bales at
Silver coin and bullion out of India
5025
i§So
1714
New York Curb
and bullion in India
Gold coin
1930.
1931.
1930.
1931.
Exchange.
Gold coin and bullion out of India
"WI
537
537
)
92,382,355 Securities (Indian Government)
70.226,536
2,490,970
1,104,901
-No. of shares_
Stocks
Securities (British Government
Bonds.
on the 4th inst. consisted of about 81,700,000
$490,146,000
$526,953,000
The stocks in Shanghai
$12,872,000 $10,780,000
Domestic
19,054,000
17,202,000
564,000
390,000
162,000,000 dollars and 1,900 silver bars, as compared
Foreign Government_ _
24,033,000 ounces in sycee,
23,876,000
607,000
dollars and 3,260
528,000
Foreign corporate
with about 82,600,000 ounces in sycee, 159,000,000
$533.233,000 silver bars on the 27th ult.
3568,031,000
$13,790,000 311,951,000
Total
Quotations during the week:
-In the above tables we now give the foreign corporate bonds separately.
Note.
Bar Silver per Or. Std. Bar Gold per
Or. Fine.
2 Mos.
Cash.
Formerly they were included with the foreign government bonds.
848. 110.
13 9-16d.
13 9-16d.
July 2
848. 104d.
13(d.
13,1d.
3
July
13 11-164. 13 11-164. 84s. 103d.
84s. 10(d.
- July 4
13 9-164.
13 9-164.
Soviet Russia to Tax Incomes for Building Program
July 6
84s. 10 d.
13%cl.
13%cl.
848. 10 d.
130.
Wages of $37.50 a Month and Up Will Come Under July 7
13%cl.
July 8
84s.10.764.
13.594d.
13.594d.
Average
Levy for House Construction.
delivery are
quotations to-day for cash and two months'
The silver
Associated Press accounts from Moscow, May 25, are each 3-164. below those fixed a week ago.
taken as follows from the New York "Times":
To assist in raising $55,000,000 for building workers' houses in 1931 the
Government has announced it will levy a tax on employed and employing
persons, exempting agricultural workers, the army, navy, policemen, students, pensioners and persons who have received honorary decorations.
The levy will be collected in June, July, and August. It divides the taxpayers into five categories: First, workers, employees, writers, journalists,
and scientists; second, artisans and craftsmen who have no assistants; third,
artisans and craftsmen having not more than three assistantst; fourth, owners of houses, and, fifth, owners of industrial plants employing labor.
All income of more than 75 rubles a month (about $37.50) will be taxed
from 12 to 40 rubles. Incomes above 250 rubles will pay from 30 to 135.
Incomes above 300 rubles a month will be taxed from 12 to 60%.
PRICES ON PARIS BOURSE.
Bourse
Quotations of representative stocks on the Paris
been
as received by cable each day of the past week have
as follows:
18 July 20 July 21 July 22 July 23 July 24
July
1931, 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
16,500 16,600 16,400 16,200 16.300
of France
Bank
1,050 1.070 1,050 1,050
Banque Nationale de Credit
2,240 2,230 2,180 2,150 2:120
Banque de Paris et Pays 13a.s
1,130 1,125 1,081 1,065
Parlsienne
Banque de Union
674
672
678
684
682
Canadian Pacific
15,600 15,600 15,400 15,300 15,200
Canal de Sues
2,685 2,700 2,685 2,660
Cie Distr. d'Electricitle
2,840 2,880 2,830 2,830 2:840
Generale d'Electrieltie
265
260
268
Supreme Court of Russian Soviet Decrees Carelessness Cle Ole. Trans-Atlanttque
258
Cie
-iiiii
590
600
610
600
Citroen B
of Workers a Crime.
1,530 1.520 1,500 1,490
1,520
Compton Nationale d'Escompte
640
540
530
550
550
from Coty. Inc
---855
Under date of May 22 Associated Press advices
850
868
870
Courrleres
1,000 1,010 1,010 1,005
Commerciale de France.Moscow said:
Credit
5.328 5,320 5,300 5.260 5:260
de France
Because of recent numerous breakages of machinery in factories and col- Credit Fancier
2,250 2,350 2,300 2,260 2,260
Credit Lyonnais
2,760 2,760 2,710 2,710 2.740
lective farms, the Supreme Court has issued instructions to officials of F-aux Lyonnais
821
836
832
---820
District Courts throughout the Soviet Union that henceforth "carelessness" Energle FJectrIque du Nord
Holt- 1,255 1,251 1,245 1,240
du Littoral
"iiii
191
190
190
will be considered a crime and all offenders must be tried under criminal Energle Eiectrique
188
day
Ford of France
250
260
260
260
260
statutes.
French Line
120
120
120
120
130
•
it imprisonment or exile.
Gales Lafayette
Conviction would carry with
880
900
900
880
890
490
s
li33
500
When tried by factory courts these offenders usually were acquitted on Gas Le Bon
510
510
Kuhlmann
924)
930
960
950
a plea of "accident". Under the new Court rulings it will be unnecessary VAtr Llqulde
1,490 1,490 1,499
to prove the intention of workers who damaged machines or set fire, but Lion (P. L. M.)
2:680
2,070 2,080 2.070
Nord Ry
1,650 1,630
only that he was careless.
1,670 1,660 1,620
Paris France
126
129
143
120
Paths Capital
1,820 1:830
1,860 1,860 1,840
Pechiney
82.30 87.40 87.40 87.20 87.40
Rentes 3%
THE ENGLISH GOLD AND SILVER MARKETS.
137.00 137.00 137.00 136.80 136.60
Rentes 5% 1920
104.80 104.60 104.30 104.40 104.40
4%
We reprint the following from the weekly circular of Rentes 5% 1917
103.60 103.70 103.50 103.50 103.80
1915
Rentes
103.20 103.30 103.20 103.40 103.70
Montagu & Co. of London, written under date of Rentes 6% 1920
Samuel
2,250 2.260 2,220 2,140 2,130
Royal Dutah
2,845 2,845 2,730 2,780
.......
July 8 1931:
Saint Cobba. C.& C
1,192 1,169 1,070 1.100
GOLD.
Schneider & Cie
358
356
389
375
General Fonder°
The Bank of England gold reserve against notes amounted to L163.- Societe Lyonnais
2,750 2,750 2,715 2,720
271,740 on the 1st inst. (as compared with £162,894,416 on the previous Societe Manahan
899
895
890
890
Societe
294
270
276
260
Wednesday), and represents an increase of £15,646,118 since Dec. 311930. Tubb. Artificial Silk. met
Lose 1,100 1,100 1,10o 1,(Tio
open market yesterday £951,000 bar gold from South Africa and Union d'Electricitle
In the
500
500
£40,000 from the Straits Settlements was available. The price was fixed Union des Mines
210
209
11?
t.°98
Wagons-Lila
at 84s.10gd. per fine ounce. at which £167,000 was taken for the Continent
182.1
.
590
FINANCIAL CHRONICLE
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange is closed.
ENGLISH FINANCIAL MARKET
-PER CABLE.''
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
July 18.
July 20.
July 21.
July 22.
July 23.
July 24.
Silver, p. os_d _ 1314
1334
13
13
12 15-16
13
Gold, p.fine oz. 843.1134d. 84s.113(d. 84s.1114d. 845.11146. 840.1114d. 848.1114d
.
Consols,2M %_ 60
60
5934
5934
5814
5834
British, 5%.._ __103%
10334
10334
103
103
British, 454%- __-101
101
101
10034
10034
French Rentes
(in Parts).fr_ ____
87.30
87.40
87.40
87.20
87.40
French War L'n
(In Paris)_fr--_
103.60
103.70
104.30 31 103.50
103.80
[VOL. 133.
Capital.
July 14
-Paisley National Bank, Paisley, Ore
Effective July 11931. Liq. Agents: W. V. Miller, Lakeview, Ore.,and C. F. Snider, Paisley, Ore. Absorbed by The Commercial National Bank of Lakeview, Ore., No. 11,121.
July 14
-The First National Bank of Salida, Calif
Effective June 26 1931. Lig. Agent, Henry Vosti,
Salida, Calif. Absorbed by Modesto Trust & Savings Bank, Modesto, Calif.
July 16
-The First National Bank of Valley Falls, Kan
25,000
Effective July 7 1931. Liq. Agent, John Stafford,
Valley Falls, Kan. Absorbed by Kendall State
Bank, Valley Falls, Kan.
CHARTER ISSUED.
July 11-The Northwestern National
Bank of Dawson, Minn
25,000
President, 0. M. Johnson: Cashier, J. F. Millard.
BRANCH AUTHORIZED UNDER ACT
OF FEB. 25 1927.
-The National City Bank of New York,
July 16
N. Y.
No. eot5A 30 William St., Borough of Manhatt Location of
branch, 1
.
an. Permit
Auction Sales.
-Among other securities, the
The price of silver in New York on the same days has been: not actually dealt in at the Stock Exchange, were sold following,
Sliver in N.Y.. per os.(cts.):
in New York, Boston, Philadelphia and Buffalo at auction
on WednesForeign
28
2834
2734
2731
day of this week:
2734
2731
By Adrian H. Muller & Son, New York:
Shares. Stocks.
Public Debt of the United States
$ per Sh. Shares. Stocks.
-Completed Returns 250 United Ret. Chems.
$ Per a.
Corp. A.52 lot 8 Bank of N. Y. dr Trust Co
514
Showing Net Debt as of May 31 1931.
250 United Ret. Chems, Corp. B
300 InternatIonal Trust Co
voting trust certificates
$1 lot 61 State Title & Mtge. Co. (these 834
The statement of the public debt and Treasury cash hold- 17 Nat. Newark & Essex Bank 251
shares are reserved for sale
1,794 UpressIt Metal Cap
$71 lot
ings of the United States, as officially issued May 31 1931, 100 Okmulgee 011 Operators
against outstanding fractional
Co_ __El lot
scrip of State Title & Mtge. Co.)
350 The Jan-Jean Lafitte Corp.
delayed in publication, has now been received, and as interest (Del.)
95 45-100
no par
$10 lot
attaches to the details of available cash and the gross and
By Wise, Hobbs & Arnold, Boston:
net debt on that date, we append a summary thereof, making Shares. Stocks.
i Per Sh. Shares. Stocks.
5 Bristol County Trust Co
$ per
200
comparisons with the same date in 1930:
111 10-30 Nat,Service Cos., pref_23-3 Sh.
5 Associated Textile Cos
0
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 31 1931. May 31 1930.
Balance end of month by daily statements, &r:
Add or Deduct
-Excess of deficiency of receipts over
or under disbursements on belated items
41,060,314
104,609,501
-3,956,642
-2,735,600
37,103.672
101,873,901
28;542,451
98.126.772
1 4,787,540
"• 2.032,901
28,737,082
72.742,874
5,213,535
1.482,521
133,489,664
108,176,012
-96,385,992
INTEREST
-BEARING DEBT OUTSTANDING.
-6,302,111
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
Total
Balance, def c t(-) or surplus(+)
Interest May 31 1931. May 31
1930.
Title of LoanPayable.
$
$
23 Consols of 1930
Q.
-J. 599,724,050
599,724,050
25 of 1916-1936
Q.
48,954,180
-F.
48,954,180
2s of 1918-1938
Q.
-F.
25,947.400
25,947.400
as of 1961
Q.M.
49,800.000
49,800.000
3s conversion bonds of 1946-1947
Q.
-J.
28,894,500
28,894.500
Certificates of Indebtedness
J.
-S. 2,556,591,500 1,384,689,000
354s First Liberty Loan, 1932-1947
.1.-2. 1,392,241,350 1,392,256,250
4s First Liberty Loan converted, 1932-1947_ _ J.
-D.
5.003.050
5,005,450
434s First Liberty Loan, converted, 1932
-1947J.
-D. 532.793.850
532.798,500
434s First Liberty Loan. 26 cony.. 1932
-1947_J.
-D.
3,492.150
3,492,150
414s Fourth Liberty Loan of 1933-1938
A.-0. 6,288,222,950 6,268,251,550
41iis Treasury bonds of 1947-1952
758.984.300
758,984.300
4s Treasury bonds of 1944-1954
1,036.834.500 1,036.834.500
334s Treasury bonds of 1946-1956
489.087.100
489.087.100
344s Treasury bonds of 1943-1947
493,037,750
493.037,750
334s Treasury bonds of 1940-1943
359,042.950
359,042,950
3345 Treasury bonds of 1941-1943
594,230,050
234s Postal Savings bonds
22.834,660
19,224,720
5345 to 5145 Treasury bonds
614.366,450 2,490,672,500
Treasury bills, series maturing July 1 1931
c50,427.000
Treasury bills, series maturing July 2 1931
C50,428,000
Treasury bills, series maturing July 17 1931
c50.102,000
Treasury bills, series maturing July 27 1931
c53.510,000
Treasury bills, series maturing Aug. 3 1931
c60.100.000
Treasury bills, series maturing Aug. 10 1931
c50,000.000
Treasury bills, series maturing Aug. 17 1931
c50,000,000
Treasury bills, series maturing July 14 1930
c
51.316,000
Treasury bills, series maturing Aug. 18 1930
c
104,600.000
Aggregate of Interest-bearing debt
16,244,650.640 16.142,612,850
Bearing no Interest
229.299,278
230,944,870
Matured, interest ceased
53,155,120
25.842,165
Total debt
a16,527.105,038 16,399.399,885
Deduct Treasury surplus or add Treasury deficit__
-96,385,992
-6,302,111
Net debt
516,623,491,030 16,405.701,996
a Total gross debt May 31 1931 on the basis of daily Treasury
316,527,128,569.77, and the net amount of public debt redempti statements was
on and receipts
in transit, &c., was $23,532,000.
S No reduction is made on account of obligations of foreign Governme
nts or Other
Investments.
C Maturity value.
Commercialand WiscellatteonsBell3t3
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
10
10 Naumkeag Steam Cotton Co
70
5 Associated Textile Cos
10
5 Associated Textile Cos
10
1 Boston Athenaeum, par 5300....450
15 Plymouth Cordage Co
70
1 Springfield G. L. Co. v.t.e.,
par $25
4854
2 units First Peoples Trust
15
4 units First Peoples Trust
108 Worcester Consol. St. fly. Co., 15
1st pref., par $80
$5 lot
8 special units First Peoples Trust30 Washington Central Trust, pref., 8
9 common
$1 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per
60 Nat, Shawmut Bank, par $25___ 54
5 Greenfield Tap & Die Corp. 8% Sh.
50 Bank of Amer. N.A. of N.Y.,
preferred
par $25
42
27 special units First Peoples Trust_ 2834
1 Blue Hill Bank dr Trust Co., Mil10 Robertson Bleachery dr Dye 3
ton
49934
Works, Inc., pref
3 Ludlow Mfg. Associates
10634 168 Florence Stove Co.,common.__
10 Associated Textile Cos
1331
10
10 H.F. Staples & Co
3
so
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh. Shares. Stocks.
200 Penn Elastic Co., corn
$ per Sh.
$100 lot 41 Cont.-Equit. Title & Tr.
Co____ 1931
22 Central
-Penn Nat. Bank, par $10 4734
25 Ninth Bank & Tr. Co., par $10._ 3554
BondsPer
20 Corn Exch. Nat. Bank & Trust
$2.000 West Phila. Pass. fly. 26 Cent.
Co., par $20
5s, extended, 1958
28 Pa. Co. for Ins. on Lives. &o., 8731 $500 Oak
Lane Manor Apts., 1st m. 5734
par $10
6s. July 16 1935
7034
$230
45 Central Tr.& Say. Co.,par 810._10
$2,000 Cuba Cane Sugar Co.78, due lot
10 Arcadia Cafe Corp
52 lot
1930, W. dep
$102 lot
50 Strawbridge & Clothier Co.,6%
$2,000 Cuba Cane Sugar 8s, due
preferred
8234
1930, ctf. dep
$100
8 Keystone Public Service Co..
$2.000 New Orleans Pontchartrain lot
$2.80 preferred
49
Bridge Co. 7s, 1946
$40 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ per Sh.
500 Creighton Fairbanks Mines,
200 NIpissing Mines, par 55
par El.
$1 lot 10 Angel International Corp., corn., 1
10 Internat. Rustless Iron, par $1_ 50e
par 5
10e
By Weilepp, Bruton & Co., Baltimore:
Shares. Stocks.
$ per Sh. Shares, Stocks.
$ Per
50 Elmwood Land Co.; 200 Inter2 First National Bank of Blue Ridge Sly
ocean Oil, class B corn., no par...52 lot
Summit.
120
400 Lane Drug Stores common___$5 lot 5 Alexande Pa
r Hotel corp., class A,
10 Central Trust Co. of Md
2914
no par; 5 preferred
$1 lot
63 Metropolitan Realty
125
400 Am. Contr. Oilfields, oar
$5_55 lot
350 Munyon Remedy, pref., no
par: $70 scrip
Bonds.
El lot
Per Cent.
33 1-3 Pacific Coast 011 Co., no par.$3 lot $200,000 The
Brotherhood of Loco120 Thrurnont Milling & Supply
motive Engineers Bldg. Assn. sec.
Corp., par 325
serial 6s. Feb. 1 1945
550 lot
$10,000 lot
By Baker, Simonds & Co., Detroit, on Friday, July
17:
Bonds.
Per Cent,
Bonds.
Per
$2,000 Crowley Milner & Co. deb.
$3,000 Fort Shelby Hotel 1st M. Cent•
514s. 1937
9014
6s, May 1 1934
45
DIVIDENDS.
Dividends are grouped in two separate
first we bring together all the dividends tables. In the
announced the
current week. Then we follow with a
which we show the dividends previously second table, in
announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Akron Canton & Youngstown fly, Com,
Cincinnati Inter Terminal let pref
Erie & Kalamazoo
Georgla RR. dr Banking (quar.)
Quarterly
Louisv. Henderson dr St. Louis, com
Preferred
Troy & Bennington
Utica Clinton & Binghamton
Books Closed.
Days Inclusive.
dend o miffed.
Aug. 1 *Holders of rec. July
Aug. 1 *Holders of rec. July 20
Oct. 15 Holders of rec. Oct. 25
1
Jan15'32 Holders of rec. Jan. 1
Aug. 15 *Holders of rec. Aug. 1
Aug. 15 *Holders of rec. Aug.
Aug. 1 *Holders of ree. July 1
25
Aug. 10 *Holders of rec. July 31
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
•
Copilot.
July 16
-The First National Bank of Gladewater, Tex
$25,000
Correspondent, Carl B. Everett, Giadewater, Tex.
Public Utilities.
Amer. Gas & Power, 56 pref. (quar.)_
VOLUNTARY LIQUIDATIONS.
111.50 Aug. 15 *Holders of rec .Aug. 1
Bridgeport Gas Light (quar,
July 13
*60e. Sept. 30 *Holders of rec. Sept.
-The First National Bank of Marysville, Calif
Canada Northern Power, pref.
16
(quar.)_ •1
July 15 *Holders of rec. June 30
Effective June 29 1931. Liq. Agent, W. L. Vincent, 50,000 Cedar Ranids Mfg. &
Power
*75e. Aug. 15 *Holders of rec. July 31
Marysville, Calif. Absorbed by Bank of America
Central State Electric Corp.(quar.)
National Trust & Savings Association, San Fran7% pref. issue of 1912 (quar.)
Oct. 1 Holders of rec. Sept. 5
cisco, Calif., No. 13,044.
6% preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 5
July 14
-The Merchants National Bank of Middletown. N. Y
Cony. pref, opt. series 1928
200,000
Gum pref, opt. series 1929(quar,) _ (I) Oct. 1 Holders of roe. Sept. 5
Effective June 4 1931. U. Agent, The First Mer(quar.)
Cities Service Power dr Lt.,$7 Pt.(quar.) (I) Oct. 1 Holders of rec. Sept. 5
chants National Bank & Trust Co. of Middletown,
58 1-3c Sept. 15 Holders of rec. Sept. 1
N. Y., No. 13.528. Succeeded by The First Mer$6 preferred (quar.)
50c. Sept. 15 Holders of ree.
85 preferred (quar.)
chants National Bank & Trust Co. of Middletown,
41 4-3c Sept. 15 Holders of rec. Sept. 1
Concord Gas, pref. (quar.)
Sept. 1
N. Y., No. 13,528.
•14
Aug. 15 *Holders of rec. July 80
131
1
Name of Company.
591
FINANCIAL CHRONICLE
JULY 25 1931.]
When
Per
Cent. Payable.
Books Clorel.
Days IncWeise.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inductee.
Miscellaneous (Corilinusa).
July 15 *Holders of roe. July 13
Fenton 17n. Cleaners & Dyers,cone.(go.).31
*134 July 15 *Holders of rec. July 13
Preferred (guar.)
*135 Aug. 1 *Holders of rec. July 16
Fibreboard Products, prior pref. (guar.)
200. Sept. 1 Holders of rec. Aug. 15
Finance Service, class A Jc B (quar.)
17350. Sept. 1 Holders Of MO. Aug. 15
Preferred (guar.)
First Security Corp. of Ogden (Utah)
*250. Oct. 1 *Holders of roe. Sept.20
Class A & B (guar.)
Fitz Simons & Connell Dredge & Dock
Oct. 1 *Holders of rec. Sept.19
Preferred (guar.)
8754c. Sept. 1 Holders of rec. Aug. 15
Florsheim Shoe Co., corn. A (quar.)
Sept. I Holders of rec. Aug. 16
183ac.
Common B (guar.)
134 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
Founders Investment Trust, pref.-Div dend p Mood 1 *Holders of MO. July 25
elm Aug.
Fried Jr Rehaeman Pack., pre/.(guar.),. *1%
Aug. 1 'Holders of rec. July 25
Preferred B (guar.)
Furness, Wilily & Co.. Ltd
*Holders of rec. July 21
Amer. dep. rots. for ord. reg. shares_ *ts 234 Aug. 20 Holders of rec. July 310
40c. Aug. 1
General Alliance Corp. (guar.)
ranted.
Gen.Outdoor Advertising, class A-Aug. div. o
*30o. Aug. 1 *Holders of rec. July 20
General Parts, pref. (guar.)
*Holders of rec. July 25
General Utilities, 7% pref.(monthly)_' 58 1-3c Aug. 1 Holders of rec. Aug. 20
Globe-Democrat Publishing, pf. (guar.) 154 Sept. 1 Holders of rec. Aug. 15
*60c. Sept. 1
Gorham Mtg.(guar.)
Grand Rapids Store Equip., pref.-Aug. divide nd past eel
.1235.c Sept. 30 *Holders of rec. Sept.19
Grand Rapids Varnish (guar.)
.100 June 30 *Holders of rec. June 10
Group No. 1 Oil (guar.)
*100 June 30 Holders of rec. June 10
Extra
of rec. July 20
Guardian Bank Shares Invest Tr., set. I *1834c Aug. 1 *Holders of rec. July 20
_ *Mc. Aug. 1 *Holders
Guardian Investment Trust, pref. etre_
of rec. July 20
Guardian Public Utility Invest. Tr., pf. *150. Aug. 1 *Holders of rec. July 20
Guardian Rail Shares Invest. Tr., Prof. .20c. Aug. 1 *Holders
Guelph Carpet & Worsted Spinning Mills
25c. Aug. 1 Holders of rec. July 20
COOMOn (guar.)
145 Aug. 1 Holders of rec. July 20
Preferred (guar.)
*15e. Aug. 15 *Holders of rec. July 31
Hammermill Paper, corn. (guar.)
of rec. Sept. 5
Hanna (M. A.) & Co., $7 pref. (guar.) _ *31.75 Sept.20 *Holders of rec. July 15
*134 July 25 *Holders
Heels Coal Jr Coke(guar.)
*134 July 25 *Holders of rec. July 15
Hillman Coal az Coke, pref.(guar.)
Aug. 1 *Holders of rec. July 15
*3
Hillside Cotton Mills (guar.)
*134 Aug. 1 *Holders of rec. July 15
Elude & Douche Paper, prof.(guar.)
Sc. Aug. 12 Holders of rec. July 29
Hollinger Cons.Gold Mines, Ltd
*45c. Sept. 1 *Holders of rec. Aug. 11
Holt(Henry)& Co., class A (guar.)
Of Me. Aug. 1
Hormel (George A)& Co., corn.(guar.). *50e. Aug. 15 'Holders of rec. Aug. 1
.135 Aug. 15 *Holders
A (guar.)
Preferred
1-3c Aug. 1 *Holders of rec. July 25
•33
Income Shares Corp.(monthly)
.31
Sept. I *Holders of rec. Aug. 4
Ingersoll-Rand Co., corn. (guar.)
of rec. July 24
Inter-Island Steam & Navigation(mthly) *10c. July 81 *Holders
.36c. Aug. 1
Invest. Trust class A
erred.
Jackson ar Curtis Investment Associates-Divl dend de *Holders of rec. July 15
Jackson & Curtis Secure. Corp., pf.(go.) *134 Aug. 1 'Holders of rec. July 25
*20c. Aug. 1
Kekaha Sugar (monthly)
134 Sept. 1 Holders of rec. Aug. 10
Kendall Co., pref. A (guar.)
Kentucky Consol. Stone, pref.-Aug.div .°mitt ed.
Fire Insurance,
*21c. July 15 *Holders of rec. JUDO 30
Keystone Trust Shares
*Holders of rec. July 20
be. Aug. 1 Holders of rec. July 20
Amer. Equitable Assur. of N.Y.(qu.)._
Knickerbocker Equitable Sec., pt.(sm.). *31.75 July 30 *Holders of rec. July 81
$1.50 Aug. 5 Holders of rec. Aug. 3
Bankers & Shippers(guar.)
Knudsen Creamery, cl. A & B (guar.).,.., *3734c Aug. 20
30c. Aug. 1 Holders of rec. July 20
Knickerbocker Ins. of N. Y.,corn.(go.).
-Div. passed.
Laclede-Christy Cloy Prod.,corn.
134 July 15 Holders of rec. July 14
Preferred (guar.)
.4334c July 1 *Holdere of rec. June 15
Leber Auto Spring, 7% prof.
*Holders of rec. July 22
*300. Aug. 1 *Holders of reo. July 20
New York (guar.)
Lamson Jr Sessions Co., pref. (guar.).. .31.75 Aug. 1 *Holders of rec. July 25
.50e. Aug. 1 *Holders of roe. July 22
Stuyvesant (guar.)
Corp., Cl. A (monthly)..8 I-3e Aug. 1
Land Jr Royalty
*500. Aug. 1 *Holders of rec. July 21
Westchester Fire (guar.)
Aug. 1 *Holders of reo. July 15
..10c.
Lawlor( Co.(guar.)
•150. Aug. 1 *Holders of roe. July 21
Extra
19.58e Aug. 1 'Holders of rec. Ally 15
Leaders of Industry Shares, series
*30c. Aug. 1 *Holders of rec. July PS
Series 13
Miscellaneous,
• 12.67c Aug. 1 *Holders of rec. July 111
Series C
Agnew-Surpass Shoe Stores, pf.(qU.)-- *134 Oct. 1 *Holders of rec. Sept. 15
Sept. 1 *Holders of rec. Aug. 17
Liggett Jr Myers Tob.,com.& com.B(gu) *31
*50c. Oct. 1 *Holders of rec. Sept. 10
Amer. Bank Note, common (guar.)
.650. July 31 *Holders of rec. July 21
Lindner Co., pref. A (guar.)
*75e. Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
25c. Sept. 1 Holders of rec. Aug. 15
Lindsay (C..W.) dr Co., corn. (guar.)_:_
July 21
*134 July 2 *Holders of rec.
American Book (guar.)
1% Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
*150. Aug. 1 *Holders of rec. July 11
rec. July 31
Amer.
-Canadian Utilities
Lock Joint & Pipe, corn. (monthly).---- *67e. July 81 *Holders of rec. Aug. 31
15c. Aug. 1 'Holders of rec. July 30
.
American Factors(monthly)
*67e. Aug. 31 'Holders of
Common (monthly)
.15c. Aug. 1 *Holders of rec. July 17
Amer. Forge Jr Socket(guar.)
*670. Sept. 30 *Holders of rec. Sept. 30
Common( monthly)
.750. Aug. 1 *Holders of rec. July 25
Andrews Invest. Trust,6% Pt.(4U.)
.67c. Oct. 31 *Holders of rec. Oct. 31
Common (monthly)
134 Sept. 1 Holders of rec. Aug. 14a
Artiocun Corp., preferred (guar.)
*67c. Nov. 30 *Holders of rec. Nov. 30
Common (monthly)
Art Metal Works, common (guar.)._ _ _ .15c. Aug. 1 *Holders of rec. July 25
.67c. Dec. 31 'Holders of rec. Dec. 31
Common (monthly)
Apex Smelting-Dividend omitted.
*50c. July 10 *Holders of rec. June 211
Loomis-Sayies Mutual Fund (guar.)_
Aug. 14
rec. July 25
Bomberger(L.) & Co.,634% pf.(guar.). 154 Sept. 1 Holders of rec.
Lord Baltimore Hotel, 1st pref. (guar.)_ .134 Aug. 1 *Holders of rec. Aug. 17
Mfg.,common and pref.(guar.). *135 Aug. 15 *Holders of rec. July 31
Beacon
*135 Sept. 1 *Holders of
Lord Jr Taylor, 1st pref. (guar.)
*13.4 Aug. 1 *Holders of rec. July 20
rec. Aug. 1
Berland Shoe Stores, preferred (guar.)._
Jr Refg.. 634% pf. (guar.) 134 Aug. 15 *Holders of rec. July 21
Louisiana Oil
Bessemer Limestone ar Cement,cl.A(qu.) *50c. Aug. 1 *Holders of rec. July 20
*2
Aug. 1 *Holders of
Luther Manufacturing (guar.)
*75c. Aug. 1 *Holders of rec. July 20
Betco Corp., preferred (quar.)
Aug. 1 *Holders of rec. July 25
Majestic Royalty Corp.(spec.) (in stk.). *el
roc. Aug. 1
.50c. Aug. 15 *Holders of
Blauner's, Inc., common (quar.)
Aug. 1 *Holders of rec. July 18
Mallory Hat, pref.(guar.)
75e. Aug. 15 *Holders of rec. Aug. 1
.
Preferred (guar.)
Aug. 1 *Holders of rec. July 15
*2
Manchester Cotton Mills ((puar.)
*154 Aug. 1 *Holders of rec. July 15
Bohack (II. C.) Co., let Prof.(guar.)_ _ _
•134 Sept. 1 *Holders of rec. Aug. 15
Mengel Company, pref.(guar.)
*El Oct. 30 *Holders of rec. Oct. 15
Bon Anal Co., class A (guar.)
Michael Nairn Jr Greenwich, Ltd.
*50c. Oct. I *Holders of rec. Sept. 24
Class B (guar.)
July 24 *Holders of rec. July 15
.w5
Am dep. rcts. for ord. reg. shares
*15c. July 15 *Holders of rec. July 1
Bondshare Corp. (Seattle) (guar.)
.15e. Aug. 15 *Holders of rec. Aug. 1
Mickelberry's Food Product, corn.(qu.). e3
El Aug. 15 Holders of rec. July 31
Boss Manufacturing, common (guar.)._
Aug. 1 *Holders of rec. July 20
Midland Grocery Co., corn
*31.75 Aug. 15 *Holders of rec. July 31
Preferred (guar.)
Aug. 1 *Holders of rec. July 15
*4
Mitered Mfg. (guar.)
.
250. Sept. 1 *Holders of roc. Aug. 14
Bower Roller Bearing (guar.)
pt.-Div Mend o mitred.
Minneap. Moline Power Inplement,
41.25 Aug. 1 *Holders of rec. July 30
Brill (J. G.) Co., pref. (guar.)
.6235c Aug. 1 *Holders of rec. July 15
Mitchum Tully Partic., pref
Sept.15 Holders of me. Aug. 21
$1
rec. Sept. 20
Buckeye Pipe Line (guar.)
Montgomery Ward Jr Co., cl. A(qu.)- .31.75 Oct. 1 'Holders of rec. Aug. 1
*25e. Aug. 15 *Holders of rec. Aug. 1
Buck Hills Falls(guar.)
of
Moody's Investors Service, part. pf.(qu.) 750. Aug. 15 Holders of rec. July 24
250. Sept. 5 Holders of rec. Aug. 3
Burroughs Adding Mach.(guar.)
Morris Plan Co.(Rhode Island)(guar.)_ '1 34 Aug. 1 *Holders or rec. June 20
of rec. Aug. 15
25c. Sept. 1 Holders
Campbell Wyant & Cannon FdY. (qu.)
.40c. July 15 *Holdres
Mutual Finance Corp., Ltd., pref
* 4334c. Sept. 15 'Holders of rec. Aug. 31
Canada Wire dr Cable, el B (guar.)
of rec. June 30
Mutual Investment Trust(N. Y.), cl. A. 'Sc. July 15 *Holders of rec. July 31
1
.
154 Sept. 15 *Holders of rec. Aug. 3
Preferred (quar.)
Aug. 10 *Holders
Industrial Loan (monthly).National
250. Aug. 1 *Holders of rec. July 15
Canadian Invest. Corp., Ltd. (guar.)._ .
Sept. 10 *Holders of rec. Aug. 31
'Cl
Monthly(payable in stock)
25e. Aug. 15 *Holders of rec. Aug. 1
.
Canadian Oil, corn.(guar.)
'Sc. Oct. 10 *Holders of rec. Sept. 80
Monthly
Oct. 1 *Holders of rec. Sept. 19
.2
Preferred (guar.)
•12340 Aug. 15 *Holders of rec. Aug. 1
National Refining corn. ((par.)
Carey, Lombard, Young & Co.. Prof-- $3 Aug. 1 *Holders of rec. Aug. 1
*1234c Nov. 15 *Holders of rec. Nov. 1
Common (guar.)
75c. Aug. 31 Holders of rec. Aug. 15
Caterpillar Tractor (guar.)
8734c. Aug. 1 'Holders of rec. July 20
National Sash Weight, pref. (quar.) .
50c. Aug. 1 Holders of rec. July 27
Charis Corp. (guar.)
pref.-Divi dend a ction de ferrod.
National Security Corp., 1st
25c. Aug. I Holders of rec. July 27
Extra
National Supply com.-Aug,div. omitte d.
*31.50 Aug. 10 *Holders of rec. July 31
Chase (A. W.) Ltd., pref. (guar.)
134 Sept. 30 Holders of rec. Sept 19
Preferred (guar.)
*3714c Sept. 30 *Holders of rec. Sept. 4
Chile Copier Co. (guar.)
154 Aug. 1 Holders of rec. July 27
New Process Co., 7% Preferred
25e. Sept. 30 Holders of roc. Sept. 1
(guar.)
Chrysler Corp., common
234 Aug. 15 Holders of rec. Aug. 50
s New York Dock, wet
Cincinnati Post. Term. & Realty, pf.(qu) *135 July 15 *Holders of rec. July 5
•10c. Aug. 1 *Holders of rec. July 20
Noma Electric Co.(guar.)
Clinchfield Coal. pref.-Aug. dividend o mitted
Aug. 1 *Holders of rec. July 25
Oswego Falls Corp.,8% first pref.(go.)- *2
Aug. I *Holders of rec. July 27
City Baking, pref. (guar.)
50c. Aug. 15 Holders of rec. July 30
corn. (guar.)
Owens-Ill. Glass,
July 30 *Holders of rec. July 25
Columbus Dental Mfg., common (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
*134 July 30 *fielders of rec. July 25
Preferred (guar.)
.60c. Aug. 1 *Holders of rec. July 20
Pacific Clay Products(guar.)
25c. Sept. 30 Holders of rec. Sept. 10
Commercial Solvents Corp., corn. (gu.).
Pacific Finance Corp.(Delaware)
25c. Septa 5 Holders of rec. Aug. 15
Conzoleum-Nairn, Inc., common
.20c. Aug. 1 *Holders of rec. July 15
Preferred A (guar.)(No. 1)
4,154 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
Pacific Finance Corp.(Calif.)
134 Aug. 15 Holders of tee. July 31
Consolidated Sand & Gravel, pref.(qu.)
1634c. Aug. 1 *Holders of rec. July 15
Preferred C(guar.)(No. 1)
*50e. Sept. 1 *Holders of rec. Aug. 21
Como Mills (guar.)...
1734c, Aug. 1 *Holders of rec. J1119 15
Preferred D (guar.)(No.1)
Cosmos Imperial Mills, Ltd., pref.(q11.)- *134 Aug. 1 *Holders of rec. July 31
.10c. Sept. 12'Holders of rec. Aug.'15
Packard Motor Car (guar.)
Courtaulds, Ltd.
.135 Aug. 1 *Holders of rec. July,22
Pairpoint Corp.(guar.)
l'w2 Aug. 20 *Holders of roc. July 20
Am. dep. rms. for ord. req. she
*350. Aug. 1
Penn. Sec. Invest. Tr,Inv.Tr., el A
Crandall, McKenzie & Henderson (qu.). .15c. Aug. 1 *Holders of rec. July 23
.1834c July 31 'Holders of rec. July/ 20
Perfection Stove(monthly)
75c. Sept. 1 *Holders of rec. Aug. 13
Crown Zellerbach Corp.,pret. A az B(qu.) .
Aug. 15 *Holders of rec. July..31
Petroleum Landowners Corp.(monthly)_ *250. dend omitted.
dend o mined
Deco Refreshment, Inc., common-Divi
Pierce-Arrow Motor Car Co.. class A Se Pt. div Sept. 1
*25c. July 15 *Holders of rec. June 30
De Yilbiss Co., common.(guar.)
134
Preferred (guar.)
.1734c July 15 *Holders of rec. June 30
Preferred (guar.)
,
58360 Aug. 1 Holden of rec. July 24
Planters Realty, pref.(monthly)
Diamond Ice Jr Coal, Prof. (guar.)
.134 Aug. 1 *Holders of rec. July 25
Aug. 15 *Holders of rec. Aug. 1
Powdreli Jr Alexander, corn. (quar.)-- .8735c Oct. 1 *Holders of rec. Sept. 15
Diamond Match, corn. new (qu.)(No. 1) .25c. Sept. 1 *Holders of rec. Aug. 15
4,134
Preferred (guar.)
.750. Sept. 1 *Holders of rec. Aug. 15
Preferred (new)(guar.)(No. 1)
• 1735c, July 1 *Holders of rec. June 21
Secur.,common
Prudential
'154 Aug. 15 *Holders of rec. July 31
Diem & Wing Paper, pref. (guar.)
*315 July 1 *Holders of rec. June 21
Preferred
'
pref. (go.) 6234c Aug. 1 *Holders of rec. July 20
Dominion & Scottish
*41.75 Aug. 1 'Holders of rec. July 27
Public Util. Secur. Corp., pref.(qu.)
50c Aug. 15 Holders of roe. Aug. 1
(guar.)
Dow Chemical, corn. Invest..
.750.Sept, 1 *Holders of rec. Aug. 14
Purity Bakeries (guar.)
134 Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
8734c. Oct. 1 Holders of rec. Sept. la
Radio Corp. of Amer., pref. A (guar.)_
134 Aug. 1 Holders of rec. July 22
Elsemann Magneto, pref. (guar.)
$1.25 Oct. 1 liolders of rec. Sept. la
Preferred B (guar.)
ed
Eisenstadt Mte., pref.-Dividend omit(
•30c, Aug. 15'Holders of rec. Aug. 1
Rich's, Inc., corn.(gum.)
Electrical Appliance Finance. PI. (qu.).. '1734c July 15 *Holders of rec. June 30
*144 Sept.30 *Holders of rec. Sept. 15
% preferred (guar.)
Sept. I Holders of roc. Aug. 5
Electric Shareholdings, corn. tin stock).- 13
.51:50 Aug. 1 *Holders of rec. July 15
Cement, let pref.(guar.)
Riverside
• e$1.50 Sept. 1 *Holders of rec. Aug. 5
$6 preferred (quar.)
z4 Aug. 1 Holders of rec. July 15
Roper ((leo. D.) Corp., pref.(guar.)_
*4
Aug. 1 *Holders of rec. July 15
Elm City Cotton Mills (guar.)
*134 Aug. 1 *Holders of rec. July 25
St. Louis Car, pref.(guar.)
341
' Sept. 1 *Holders of rec. Aug. 12
Fairbanks Morse & Co., pref. (guar.)._
.134 Aug. 1 'Holders of rec. July 27
Bolt,pref. (quar.)_
St. Louis Screw Jr
Farbenindustrie (I. G.)
Sanford Mills-Dividend passed.
Amer dep. rots. corn, bearer shares_ *32.55 July 18 *Holders of rec. July 17
July 1
*2
Schramm-Johnson Drug el A (guar.)*50c Aug. 1 *Holders of rec. July 21
Fashion Co. (guar.)
•1% July 1
Preferred (guar.)
Federal Fidelity (KY.) com.-Dividend passed
Public Utilities (Continued).
Connecticut Light & Power, corn.(guar.) .134 Sept. 1 *Holders of rec. Aug. 15
'135 Sept. 1 *Holders of rec. Aug. 15
634% preferred (guar.)
4
.134 Sept. 1 *Holders of rec. Aug. 15
% preferred (guar.)
Connecticut Ry.& Lt., cora.& pt.(qu.)_ .135 Aug. 15 *Holders of roe. July 31
Consol. Gas. Elea.; Lt. & Pow.(Bait.)
*90c. Oct. 1 *Holders of rec. Sept. 15
Common 'quar.)
.134 Oct. 1 *Holders of rec. Sept.15
5% preferred series A (guar.)
•135 Oct. 1 *Holders of rec. Sept.15
6% preferred series D (guar.)
*134 Oct. 1 *Holders of roe. Sept. 15
534% preferred series E (guar.)
Dallas Power & Light,7% Pref.((Man). 134 Aug. 1 Holders of too. July 22
$1.50 Aug. 1 Holders of roe. July 22
86 preferred (guar.)
500. Sept. 1 Holders of Teo. Aug. 150
Empire District Elec.,6% pref.(guar.)15c. Aug. 15 Holders of reo. July 31
European El Corp., Ltd., corn A& B(qu.)
Fairmount Park & Haddington Pass.Ry. *31.50 Aug. 5 *Holders of rec. July 25
Federal Power & Light. pref.(quar.)_._. *135 Aug. 15 *Holders of roe. July 81
- *51.50 Aug. 15 *Holders of roe. July 80
Georgia Pow. & Lt.,$6 pref. (guar.).
Oct. 5 Holders of Teo. Sept.25
4
Hannibal Bridge
35 Oct. 5 Holders of rec. Sept.25
Extra
7% pref. (guar.). .134 Aug. 1 *Holders of rec. July 15
Houston Ltg. & Pow.,
•135 Aug. 1 *Holders of rec. July 15
$6 preferred (guar.)
.
8735c Aug. 20 *Holders of rec. Aug. 1
Kentucky Utilities Co.. pref. (quar.)
*31.50 Aug. 1 *Holders of rec. July 20
Lehigh Power Secure., $6 pref.(quar.)
*135 Aug. 15 *Holders of rec. July 31
Los Angeles Gas& Elec.. prof.(quar.)
$1.50 Aug. 1 Holders of rec. July 20
Louisiana Power & Lt., $6 pref.(gu.).
Mid-West States Utilities, corn. A (qu.) /235 Aug. 1 Holders of rec. July 25
New Eng. Wat.L.& Pow.Assn. pt.(rm.) *134 Aug. 1 *Holders of rec. July 15
Aug. 1 *Holders of rec. June 30
N.J.& EIud. Riv. RI.& Ferry, pref.__ *3
*134 Aug. 15 *Holders of rec. July 31
North West Utilities, pref.(guar.)
*134 Aug. 15 *Holders of rec. Aug. 5
Telephone, prof.(guar.)
Peninsular
July 15 *Holders of rec. June 30
*2
Peoples Telephone Corp. (guar.)
*1
Aug. 1 *Holders of rec. July 15
Petaluma & Santa Rose (guar.)
corn.(quar.)_ _ _ _ *45c. Aug. 1 *Holders of rec. July 10
Philadelphia Elec. Co.,
*75e. Aug. 1 *Holders of roe. July 20
Princeton Water (guar.)
Pub.Serv. Co. of Colo. 7% pf.(mthly.)- 581-30 Sept. 1 Holders of rec. Aug. 15a
50e. Sept. 1 Holders of rec. Aug. 150
6% preferred (monthly)
41 2-30 Sept. 1 Holders of roe. Aug. 154
5% preferred (monthly)
of Ind. $6 pref.(guar.)
$1.50 Aug. 15 Holders Of rec. July 81
Public Serv.
50te. Aug. 1 Holders of rec. July 20
Railway & Light Secure., corn.(quar.)
134 Aug. 1 Holders of rec. July 20
Preferred (quar.)
Rochester Gas & Else., pref. B (guar.)._ *154 Sept. 1 *Holders of roe. July 31
*135 Sept. 1 *Holders of rec. July 31
Preferred C & D (guar.)
*750. July 15 *Holders of rec. July 1
Springfield Gas Light (guar.)
50c. Aug. 15 Holders of reo. July 24
Tampa Electric Co., corn.(guar.)
Corn. (2-100ths sh. common stock)..... (I) Aug. 15 Holders of reo. July 24
134 Aug. 15 Holders of roe. July 24
Preferred series A (guar.)
*134 July 20 *Holders of roe. June 30
Telluride Power (quar.)
1834c. Oct. 1 Holders of roe. Sept. 4
United Corporation, corn.(guar.)
75e. Oct. 1 Holders of rec. Sept. 4
Preferred (guar.)
*31.50 Aug. 1 *Holders of rec. July 20
Utica Gas Jr Elec. $6 pref. (guar.)
*31.50 Sept. 1 *Holders of rec. Aug. 20
Williamsport Water $6 pref.(quar.).__
.134 July 3 *Holders of roe. July 20
Wisconsin Telephone (guar.)
'134
.$1
592
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Seaboard National Security (guar.)- ---* 37340. Aug. 1 "Holders of rec.
July 20
Shareholders Inv. Corp.(mum)
*300. Aug. 1 *Holders of rec. July 20
Sinclair Consol. Oil, pref. (guar.)
*2
Aug. 15 *Holders of rec. Aug. 1
Skinner Organ (guar.)
• 37340. Aug. 1 *Holders of rec. July 25
Smith Agricultural Chem., corn.(guar.)- *25c. Aug. 1 *Holders of rec. July 21
Preferred (quar.)
*134 Aug. 1 *Holders of rec. July
Spitzer Properties, Inc.,6% pf.(guar.)_• 3734c. July 25 *Holders of rec. June 21
30
Standard Cap & Seal, corn. (guar.)
60c. Aug. 15 Holders of rec. Aug. 1
Standard Corp., Inc.(guar.)
*7c. Aug. 1 *Holders of rec. July 20
Standard Financial
*10c. Aug. 15 *Holders of rec. July 25
Standard Paving & Materials, com.-Au g. div. omitted
•
Preferred (guar.)
134 Aug. 16 Holders of rec. July 31
State Capital Co.. cl. A and pref.-Dlvid end Pa ssed.
State Guaranty Corp., pref. (guar.) --• 3234c. July 15 *Holders of rec. July 12
Preferred (extra)
*I2c. July 15 *Holders of rec. July 12
Stott Briquette, Inc., $2 pref. (quar.)_
*500. Aug. 1 *Holders of rec. July 20
Straus(S. W.) Investing Corp., pref.-N o sotto non Au g. 1 dividend.
Sun 011, corn. (quar.)
25e. Sept. 15 Holders of rec. Aug. 25
Preferred (quar.)
•134 Sept. 1 *Holders of rec. Aug. 10
Taylor & Fenn (guar.)
*2
Aug. 1 *Holders of rec. July 20
Thomson-GIbb Elec. Welding. pref.-Au g. dIvl dend Pa reed.
Tillman Electro Plating, cl. A (No. 1)__ 500. July 24 Holders of rec. July 20a
Preferred
$3.50 July 24 Holders of rec. July 206
Trenton Petteries, pref
442
July 25
Troxel Mfg., corn.(guar.)
$1
Aug. 1 Holders of rec. July 20
Preferred (guar.)
134 Aug. 1 Holders of rec. duly 20
Trustee Stand. Shares, ser. C
*11c. Aug. 1 Holders of coupon No.2
Series D
*I8c. Aug. 1 Holders of coupon No.2
Turner Tanning Mach. (quar.)
•30e. Aug. 1 *Holders of rec. July 25
Underwriters Finance, 7% pf. (qu.)....
*134 Aug. 1 *Holders of rec. July 20
Union County Corp. (guar.)
•30c. Aug. 1 'Holders of rec. July
United American URI., Inc., cl. A (qu.). 3234c. Sept. 1 Holders of rec. Aug. 18
12
United Stores Corp., pref. (guar.)
$1
Sept. 15 Holders of rec. Aug. 26
U.S. Bank Corp.(monthly)
*7o. Aug. 1 *Holders of rec. July 17
U.S. Playing Card (guar.)
62140. Oct. 1 *Holders of rec. Sept. 20
Veeder Root, Inc. (guar.)
*400. Aug. 15 *Holders of rec. July 31
Walker & Co.. class B (guar.)
*15c. Aug. 1 *Holders of rec. July 20
Western Dairy Products, pf. A (qu.)_
*$1.50 Sept. 1 *Holders of rec. Aug. 20
Westvaco Chlorine Prod.(quar.)
*50c. Sept. 1 *Holders of rec. Aug. 10
Wesslx, Inc., pref.-Div. passed.
Western Newspaper Union, 7% pf. (qu.) cqg Aug. 1 *Holders of rec. July
25
White (S. S.) Dental Mfg- (guar.)
*20c. Aug. 1 *Holders of rec. July 22
Wilcox Rich Corp., Cl. A (guar.)
• 6234e. Sept. 30 *Holders of rec. Sept. 20
Wood; Alexander & James, pref. (guar.). 13‘ Aug. 1 Holders of rec. July 21
Name of Company.
[
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Calgary Power Co., pref. (guar.)
134 Aug. 1 Holders of rec. July 15
Paired(' Northern Power, corn. (quar.)..
20o
Central Arizona L.& Pr.,$6 pref.(qu.). *51.50 July 25 Holders of reo. June 30
Aug. 1 "Holders of rec. July 18
$7 preferred (guar.)
*51.75 Aug. 1 *Holders of rec. July 18
Central Hudson Gas & Elec. cons. (qu.). .200. Aug. 1
*Holders of rec. June 30
Central Power & Light, 7% pref.(qu.)-- •14
Aug. 1 *Holders of rec. July 15
6% preferred (guar.)
*134 Aug. 1 "Holders of rec. July 15
Cent. & S. W. Util 37 pref. (quar.)_--- $1.75 Aug.
15 Holders of rec. July 31
$7 prior lien preferred (guar.)
$1.75 Aug. 15 Holders of rec. July 31
$6 prior lien pref. (guar.)
$1.50 Aug. 15 Holders of rec. July 31
Cent. Vermont Pub. Serv., $6 pref.(iti.)
Central West Pub. Serv.„ el. A (qu.)... $1.50 Aug. 15 Holders of rec. July 31
0234 Aug. 1 Holders of rec. July 15
Preferred A (guar.)
*02 Aug. 1 *Holders of rec. July 15
Preferred B (guar.)
•134 Aug.
Chic. Rap. Transit, pr. pref. A (mthly.). *65c. Aug. 1 *Holders of rec. July 15
1 *Holders of rec. July 21
Prior reef. 13 (monthly)
*60c. Aug. 1 *Holders of rec. July 21
Cities Service, bankers' shares
*17.2Ic
Cities Service Pow & Lt. $7 pl.(qual.). 58 1-3c Aug. 1 *Holders of rec. July 15
Aug. 15 Holders of rec. Aug. la
$6 preferred (guar.)
500. Aug. 15 Holders of rec. Aug. la
$5 preferred (guar.)
41 2-3e Aug. 15 Holders of rec. Aug. la
City Water Co. of Chattanooga, pf.(gu.)
Cleveland Elec. Illum., pref. (qual.)... '114 Aug. 1 *Holders of rec. July 20
Columbia Gas & Eleo.. com.(quar.)..,.. •114 Sept. 1 "Holders of rec. Aug. 15
50o. Aug. 15 Holders of rec. July 20a
6% preferred (quar.)
134 Aug. 15 Holders of ree. July 20a
5% preferred (guar.)
14 Aug. 15 Holders of tee. July 200
Columbus Hy., P. & L., pref. B(
1111.) -- *1.63 Aug. 1 *Holders of rec. July 15
Commonwealth-Edison Co.(guar.)
•2
Aug. 1 *Holders of rms. July 115
Community Power & Light, corn
6234c Aug. 1 Holders of rec. July 210
First preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 210
Community Water Serv.(In corn. stk.)._
13
Consolidated Gas of N.Y.. pref.(guar.)_ $1.25 Aug. 1 Holders of roe. July 10
Consumers Power, 7% pref.(quar.)... 13‘ Aug. 1 Holders of tee. June 300
Oct. 1 Holders of rec. Sept. 15
0.6% preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
6% preferred ((guar.)
134 Oct. 1 Holders of rec. Sept. 15
$5 preferred (guar.'
$1.25 Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
50e. Aug. 1 Holders of rec. July 15
6% preferred (monthly)
600. Sept. 1 Haders of rec. Aug. 15
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
55e. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
550. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
550.
Cumberland Co.Pow.& Lt.. pref.(qu.). 134 Oat. 1 Holders of rec. Sept. 15
Aug. 1 Holders
Dallas Ry.& Term., pref.(guar.)
six Aug. 1 *Holders of rem. July 18
of rec. July 22
Dayton Power & Lt., Prof.(mthly.)
*50o. Aug. 1 *Holders of roe. July 20
$6.50
Below we give the dividends announced in previous weeks Derby Gas& (quar.) pref.(qual.).' $1.625 Aug. 1 *Holders of rec. July 20
$7 preferred
1 *Holders of rec. July
and not yet paid. This list does not include dividends an- Eastern States Pow., pref. A (aunt.).. •$1.75 Aug. 1 'Holders of rec. July 20
3
11.75 Aug.
20
Preferred 13 (guar.)
nounced this week, these being given in the preceding table. Eastern Utilities Associates,
*1.50 Aug. 1 *Holders of rec. July 20
corn. (qu.).
50c. Aug. 15 Holders of rec. July 17
Edison Elec. Ill.(Boston)(guar.)
3.40 Aug.
Per
Iloiders of rec. July 10
When
Books Closed.
Electric Bond & Share. $6 prof.(quar.)
Name of Company.
$1.50 Aug.
Cent. Payable.
Holders of rec. July 6
Days Inclusive.
$5 preferred (guar.)
Holders of rec. July 6
Electric Power Associates. corn.& el. A-. $1.25 Aug.
Railroads (Steam).
25c. Aug.
Holders of rec. July 15
Electric Power & Light. corn.(quar.).,
25e. Aug.
Alabama Great South.. ordinary prof..-. $2
Holders of rec. July Ila
Aug. 15 Holders of roe. July 10
26 preferred A (guar.)
'131 Aug.
Preferred (extra)
'Holders of ree. July 11
$1.50 Aug. 15 Holders of rec. July 10
Allotment ctfs. full paid (guar.)
12 340 Aug.
Atoll. Topeka & Santa Fe, corn. (quar.). 234 Sept. 1 Holders of rec. July 31a
Holders of roe. July lla
Allotment refs. 80% paid (guar.)
10e. Aug.
Preferred
234 Aug. 1 Holders of tee. June 26a
Holders of roe. July lla
Empire Dist, El Co 67 pf. (mthly.)
50c. Aug.
Atlanta & Charlotte Air Lire Ity
'134 Sept. 1 *Holders of rec. Aug. 20
Holders of roe. July 150
Empire Gas& Fuel Co.,8% pf.(mthly.)- 662-3c Aug.
Baltimore & Ohio,corn.(guar.)
13( Sept. 1 Holders of rec. July 186
Holders of rec. July itia
7% preferred (monthly)
58 1-3c Aug.
Preferred (quar.)
Holders of rec. July 150
1
Sept. 1 Holders of rec. July 180
6 34% preferred (monthly)
541-dc Aug.
Boston & Providence (guar.)
Holders of rec. July 150
•234 Oct. 1 *Holders of rec. Sept 19
6% preferred (monthly)
50c Aug.
Canada Southern
Holders of rec. July 156
134 Aug. 1 Holders of reo. June 260
8% Preferred (monthly)
66 2-3c Sept.
Central RR. of N. J. (guar.)
Holders of rec. Aug. 15a
2
Aug. 15 Holders of reo. Aug. 50
7% Preferred (monthly)
58 1-3c Sept.
Cincinnati Northern
Holders of roc. Aug. 156
July 31 *Holders of roe. July 21
634% preferred (monthly)
54 1-6c Sept.
Cincinnati Union Terminal pref.(qu.)- •13i Oct. I *amen* of rev Sept
Holders of reo. Aug. 150
1c
,
6% preferred (monthly)
•1'4 Jan.1•1e •Holder of roe lIf.• 10
Sept.
50
• Preferred (guar
,
Holders of tee. Aug. 156
,
Fall River Gas Works
750. Aug.
Cleve.. Clan., Chic.& St. Louis,corn.
Holders of rec. July 23
5 July 31 Holders of rec. July 210 Gas& Eleo.Securities (guar.) (mthly.) 50e. Aug.
Co.. corn.
Holders of rec. July 15a
Preferred (guar.)
134 July 31 Holders of rec. July 210
Common (monthly)
50o. Sept.
Connecticut & Passum psio Rivers
Holders of rec. Aug. 150
3
Aug. 1 Holders of rec. July I
Common (payable in corn. stock)....
A lig.
Cuba RR., preferred
Holders of tee. July 150
3
Aug. 1 Holders of rec. July 200
Corn. (payable In corn, stock)
Delaware & Hudson Co.(guar.)
14 Sept.
Holders of rec. Aug. 15a
234 Sept.21 Holders of rec. Aug. 280
Preferred (monthly)
58 1-3e Aug.
Holders of rec. July 15a
East Pennsylvania RR
$1.50 July 419 Holders of rec. July d9
Preferred (monthly)
53 1-30 Sept.
Great Northern. preferred
Holders of rec. Aug. 15a
135 Aug. 1 Holders of rec. June 300 Gas Securities Co.. corn.
(monthly).--- 05 Aug.
Holders of rec. July 150
Hudson & Manhattan.Prof
234 Aug. 15 Holders of rec. Aug. la
Common (monthly)
034 Sept.
Holders of rec. Aug. 150
Internat. Rys. of Cent. America. pt.(qu) 134 Aug. 15 Holders of rec. July 310
Preferred (monthly)
50c. Aug.
Holders of ree. July 156
K.C.St. I.. dc Chic..6% pref. (qual.).. *14 Aug. 1 *Holders of rec. July 17
Preferred (monthly)
50o. Sept.
Holders of rec. Aug.
Kansas City Southern. corn.(quar.)
500. Aug. 1 Holders of rec. June 300 Greenfield Gas
Light, pref. (guar.)
•75e. Aug. 'Holders of tee. July 15a
Louisiana & Missouri River, prof
•334 Aug. 1 *Holders of rec. July 17
15
Gullford-Chester Water
*80c. Aug.
Louisville & Nashville. common
*Holders of rec. July 15
234 Aug. 10 Holders of rec. July 150 Hamilton Bridge,
Mahoning Coal RR.. corn (guar.)
Holders of rec. July 15
$12.50 Aug. 1 Holders of rec. July 150 Ilartford Electric 634% prof. (qua?.).. 134 Aug.
Light (guar.)
•6831c Aug.
Maine Central, pref.(guar.)
114 Sept. 1 Holders of rec. Aug. 15
Havana Elec.& Utilities, cum. pref.(qui $1.25 Aug. 1 'Holders of tee. July 15
Massawippi Valley
Holders of rec. July
3 Aug. 1 Holders of rec. July 1
First preferred (guar.)
1 4 Aug. 15 Holders of rec. July 18
Michigan Central
•125 July 31 *Holders of rec. July 21
Idaho Power Co., 7% pref.(guar.)
134 Aug. 1 Holders of rec. July 18
Mine Hill & Schuylkill Haven
$1.50 Aug. 1 July 18 to July 31
15
$6 preferred (guar.)
Missouri
-Kansas-Texas. pref. A (qu.).
1% Sept.30 Holders of rec. Sept. 50 Illinois Northern Utilities. corn.(guar.). $1.50 Aug. 1 Holders of rec. July 15
*2
Aug. 1 Holders of
Nashville Chattanooga & St. Louis
134 Aug. 3 Holders of rec. July 25a
Preferred (guar.)
•134 Aug. 1 *Holders of rec. July 15
New Orleans Texas & Mexico (guar.).
rec. July 15
154 Aug. 31 Holders of rec. Aug. 190
$7 junior preferred (quar.)
•$1.75 Aug. 1 *Holders of rec. July
N. Y. Central RR.(guar.)
134 Aug. 1 Holders of rec. June 260 Illinois Power & Light.
6% pref.(guar.) $1.50 Aug. 1 Holders of roe. July 15
Norfolk & Western. corn.(guar.)
2M Sept.19 Holders of rec. Aug. 310 Internat. Utilities
Corp.. $7 pref.(guar.) $1.75 Aug. 1 Holders of rec. July 10
Adjustment pref.(guar.)
1
Aug. 19 Holders of roe. July 31a Keystone Telephone. $3 pref. (guar.).170
75c. Aug. 1 Holders
North Carolina RR.. 7% guar. stock._ .34 Aug. 1 *Holders of roe. Jury 31.
Kokomo Water Works. Prof.(qua?.)..-- '134 Aug. 1 *Holders of rec. July 22
Northern Pacific (guar.)
of rec. July 20
134 Aug. 1 Holders of roe. July 60 Lawrence Gas &
Eleo.(quar.)
•650. Aug. 1 *Holders of rec. July 15
pennsylvania FtR.(guar.)
750. Aug. 31 Holders of rec. Aug. la Lincoln Tel.& Tel., Prof.(guar.)
•ni Aug. 1
Pennroad Corp
20o Sept.15 Holders of roe. Aug. 11a Lockhart
•$3.50 Sept.30 *Holders of tee. Sept. 30
Pere Marquette. pr. and prior pf. (flu.) 134 Aug. 1 Holders of rec. July ire Lone Star Power. preferred
Gas,634% pref.(qual.)
*$1.62 Aug. 1 *Holders of rec. July 20
Pittsburgh & Lake Erie
82.50 Aug. 1 Holders of roe. June 260 Long Island Ltg., corn.(guar.)
150. Aug. 1 Holden of tee. July 15
Reading Company. common (guar.)._ $1
Aug. 13 Holders of rec. July 160 Lowell Electric Light
(guar.)
*650. Aug. 1 *Holders of rec. July
First preferred (guar.)
50e. Sept. 10 Holders of rec. Aug. 200 Malone Light, Heat & Power,
pf.(guar.) •$1.50 Aug. 1 'Holders of rec. July 15
Second preferred (guar.)
500. Oct. 8 Holders of rec. Sept. 17a Michigan Gas dz Eke,.
15
Prior lien (quar.) " Aug. 1 *Holders of rec. July 15
-San Fran-isco,6% pref. (qu.). 135 Aug. 1 Holders of rec. July la
5
4
St. Louis
Preerred (guar.)
•154 Aug. 1 *Holders
of tee. July 15
6% preferred (qua?.).
134 Nov. 2 Holders of roe. Oct. la Middle West Utilities, own. (guar.).(2
Aug. 15 Holders of rec. July 15a
Shamokin Valley & Pottsville
*$1.50 Aug. 1 *Holders of rec. July 15
$6 preferred (quar.)
00 $1.50 Aug. 15 Holders of roe. July 15
Southern Hy.. corn
1350 Aug. 1 Holders of roe. July la Milwaukee Elea.
Ky.& Light. pref.(an.) 134 July 31 Holders of
Common
11.65 Aug I Holders of rec. July la
rco. July 20a
6% pref.. series 01 1921 (guar.)
.134 Sept. 1
United N. J. RR.& Canal (guar.)
'234 Oct. 10 *Holders of rec. Sept. 19
Mississippi Pow & Lt., pref.(quar.).- - - *$1.50 Aug. 1 *Holders of rec. Aug. 15
Virginian Hy., preferred
Aug. I "Holders of rec. July 18
Mississippi Val. Utlf., pr. pref. (guar.).- •$1.50 Aug. 1 "Holders of roe. July 15
*Holders of rec. July 15
Mohawk Hudson Power Co., 1st pf.(qu.) '134 Aug.
Public Utilities.
Monmouth Consol. Water, pref.(guar.). •134 Aug. 15 *Holders of rec. July 15
Alabama Power $5 pref. (guar.)
*Holders of tee. Aug. 1
$1.25 Aug.
Holders of rec. July 15
Monongahela West Penn Pub. Serv.Amer. Cities Power & Light. el. A (qu.) ee75o. Aug.
Holders of rec. July 3
7% preferred (guar.)
43340 Oct. 1 Holders of rec. Sept. 15
Class B (in elms B stook)
p5
Aug
Holders of reo. July 30 Montana Power Co., pref.
slyi Aug. 1 *Holders
(guar.)
Am. Com'wealths Pow. com.A&B (qu.). 1234 July 2 Holders of rec. June 30
of reo. July 13
Montreal Lt. Ht.& Pow.Consol. (qu.)380. July 31 Holders of tee. June
First pref. Belles A (guar.)
$1.75 Aug
Holders of rec. July 15
Mount Holly Water
•800 Oct. 1 *Holders of rec. Sept.30
$6.50 first preferred (guar.)
$1.62 Aug.
Holders of rec. July 15
9
Municipal Service Co.. pref.(guar.).134 Aug. 1 Holders of roe. July 15
WI first preferred (quar.)
$1.50 Aug.
Holders of rec. July 15
Mutual Toler/.(Hawaii)(monthly)
•130 July 31 *Holders of rec. July 18
Second preferred series A ((Man)
$1.75 Aug.
Holders of rec. July 15
Monthly
*8e. Aug. 1 *Holders of rec. July 18
Amer. Gas & Elec.. pref. (guar.)
$1.50 Aug.
Holders of rec. July 8
National Electric Power,
Amer. Light & Tract., corn.(guar.)
6234o. Aug.
Holders of roe. July 17a National Power & Light, cam. A (guar.) •15c Aug. 1 *Holders of rec. July 10
common (qu.).
25c. Sept. 1 Holders of rec. Aug. 86
Preferred (quar.)
37340. Aug.
Holders of rec. July 170
66 preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 11
Amer. Water Wks.& Elec., corn.(qu.)__
750. Aug.
Holders of rec. July lea Nat. Tel.& Tel., class A (guar.)
•87c. Aug. 1 *Holders of rec. July
Common (guar.)
75e. Aug.
Holders of reo. July 10
17
Prererred (quar.)
*1 34 Aug. 1 *Holders of rec. July 17
$1.50 Oct.
$8 let preferred (quur.)
Holders of rec. Sept. Da Nevada-Calif. Elec..
pref. (guar.)
14 Aug. 1 Holders of too. June
Arkansas-Missouri Power, pref.
"14 Aug.
'Holders of rec. July 15
Newport Water, Prof.(guar.)
•$1.50 Aug. 1 *Holders of rec. July 306
Gas & Elec., class A (guar.) .
aa Aug.
Holders of rec. June 30
(qUar.)Asocited
North American Edison. pref.(guar.).- _
22
$4 pref.(guar.)
*Holders of rec. June 30
aa Aug.
North American Gas & Elec., CIA (qu.). 21.50 Sept. 1 Holders of rec. Aug. 156
Associated Telep., Ltd., pref. (quar.).. '3734c Aug.
"Holders of rec. July 15
North Amer. Light & Power, cum. (qu.) .40c. Aug. 1 *Holders of rec. July 20
Aug. 15 Holders of reo. July
12
Associated Telep. Utilities, corn.(qu.)_. /2
Oct. 1 Holders of rec. Sept. 30
Preferred (guar.)
•11.50 Oct. 1 Holders of roe. Sept.20
$1.50 Oct.
Holders of rec. Sept. 15
$6 cony. pref., series A (guar.)
Northern N. Y. Utilities. Prof.
19
$1.50 Sept.1 Holders of rec. Aug. 31
$6 corn. prior prof.(guar.)
Northern Ontario Power Ltd., (guar.).- 14 Aug. 1 Holders of roe. July 10
Oorn.(qu) 50e. July 25 Holders of tee. June 80
$1.75 Sept.1 Holders of rec. Aug. 31
27 sum. prior pref.(quar.)
6% preferred (guar.)
134 July 25 Holders of roe. June 30
Atlantic City Electric, $6 pref.(guar.).- '$1.50 Aug.
*Holders of rec. July 11
Northern States Power, corn. A (guar.).
2
Aug. 1 Holders of rec. June 30
Bangor Hydro-Elec.. corn.(quar.)
*Holders of tee. July 10
*50o. Aug.
Oblo Publio Service. 7% pref.(mtbly.)
58 1-3e Aug. 1 Holders of toe. July 156
Birmingham Gas. 1st pref.(guar.)
*Holders of tee. July 15
*134 Aug.
6% preferred (monthly)
50o. Aug. 1 Holders of rec. July 150
Brazilian Tr., L. & P., ord. (quar.)._...
Holders of rec. July 31
25e. Sept.
5% Preferred (monthly)
41 2-3c Aug. 1 Holders of rec. July
Broad River Power,7% prof.(guar.).- •1X Aug.
*Holders of roe. June 30
15a
7% preferred (monthly)
58 1-3o Sept. 1 Holders of too. Aug. 150
Bklyn-Manhat. Tr., pref. A (qua?.)....,... $1.50 Oct. 1 Holders of tee. Oct. la
6% preferred (monthly)
50o. Sept. 1 Holders of rec. Aug. 150
Preferred series A ((Mar.)
$1.50 Jan1513 Holders of tee. Dee. 310
5% preferred (monthly)
41 2-30 Sept. 1 Holders of roe. Aug. 150
Preferred series A (guar.)
$1.50 4/15/3 Holders of rec. Atir1'32a Orange & Rockland Elect
(quar.)
Aug. I *Holders of tee. JULY 25
Buff. Niagara & Eastern Power
Pacific Gas & Elec.,6% Prof.(quar.).-- *2
*3734o Aug. 15 *Holders of tee. July
First preferred (guar.)
*Holders of NO. Ally 13
•$1.25 Aug.
534% Preferred (guar.)
•3454o Aug. 15 *Holders of roe. July 81
31
JULY 25 1931.]
Name of Company.
593
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Public Utilities (Concluded)•75e. July 31 *Holders of rec. July 15
75e. Aug. 15 Holders of rec. July 200 American Meter (quar.)
Pacific Lighting, corn. (guar.)
*50c. Aug. I *Holders of rec. July 20
American Optical Co., common
pref.(guar.).- *1.80 Aug. 1 *Holders of rec. July 15
Pacific N. W.Pub.Serv.,
154 Oct. I Holders of rec. Sept lea
First preferred ((guar.)
Pacific Power & Light, 7% pref. (quar.) 1% Aug. 1 Holders of rec. July 18
200
gi Deo 31 Fielders of roe.
Pirat preferred (emir.)
1% Aug. 1 Holders of rec. July 18
6% preferred (guar.)
75e. Aug. 15 Holders of rec. July 31
Amer. Re-Insurance Co. (guar.)
Aug. 1 *Holders of rec. July 15
Pacific Public Service. corn. A (quar.)._ •3233c
51.25 Aug. I Holders of rec. July 15a
Amer. Shipbuilding, corn. (guar.)
Pennsylvania Power. $6.60 pref.(rn'thlY) 55c Aug. 1 Holders of roe. July 20
Holders of rect. July 15
134 Aug.
Preferred (guar.)
55c. Sept. 1 Holders of ree. Aug. 20
$6.60 preferred (monthly)
50o. Aug. I Holders of roe. July 10a
Amer. Smelting & Henning,corn. (qu.).
21.50 Sept. I Holders of rec. Aug. 20
ge preferred (guar.)
Sept. 1 Holders of rec. Aug. 70
134
Preferred (guar.)
350. July 31 Holders of rec. July la
Philadelphia Co.,corn. (Oiler.)
134 Sept. I Holders of rec. Aug. 7a
Second preferred (quar.)
$1.75 July 31 Holders of rec. July la
Common old, ($40 par) (guar.)
50o. Oct. 1 Holders of rec. Sept. 15a
Philadelphia Electric Co.. $5 pref. (qu.) $1.25 Aug. I Holders of rec. July 10a American Stores Co.(quar.)
1(4 Oct. 2 Holders of rec. Sept. 515
Philadelphia Elec. Power. 8% pt. (go.) 50e. Oct. 1 Holders of rec. Sept. 10a Amer. Sugar Refg.. coin. (guar.)
1 It Oct. 2 Holders of rec. Sept. 50
(quar.)
(guar.) 1 t3 Sept. 1 Holders of rec. Aug. 12a
Preferred
Phila. Suburban Water Co.. pref.
•15e. Aug. 1 'Holder, of rec. July 20
Amer. Thermos Bottle. corn. (qua?.)...
Portland Gas & Coke,7% prof. (guar.). 1% Aug. 1 Holders of rec. July 18
3730 Aug. 17 Holders of rec. July ha
Anaconda Copper alining (guar.)
I% Aug. 1 Holders of rec. July 18
6% preferred (guar.)
25e. Aug. 10 Holders of rec. July ha
& Cable (guar.)
AnacondaWlre
*ut Aug. 1 *Holders of rec. July 20
Potomac Edison,7% pref.(qua?)
Aug. 1 *Holders of rec. July 22
*2
Anchor Post Fence, 8% pref. (quar.)"1% Aug. 1 *Holders of rec. July 20
6% preferred (guar.)
•1zi Aug. 1 *Holders of rec. July 22
7% preferred (guar.)
corn.(guar.)... 500. Aug. 20 Holders of rec. July 31
Power Corp. of Canada.
Ltd.
Anglo-Persian Oil Co.,
Public Serv. Co. of Colo.,7% pf.(mthly.) 58 1-313 Aug. 1 Holders of rm. July 11
wit) Aug. 6 Holders of roe. June 26
Amer. dep. rota ord. roe
50e. Aug. 1 Holders of rec. July 150
6% preferred (monthly)
Aug. 6 *Holders of rec. June 26
snr4
Amer. dep. rots. for 1st prof
41 2-3o Aug. 1 Holders of roe. July 150
5% preferred (monthly)
"w4 34 Aug. 6 *Holders of rec. June 28
Amer. dep. rots. for 2d pre:
Public Service Co. of Nor. Illinois-13( Aug. 1 Holders of rm. July 2115
Archer-Daniels-Midland Co., pf. tqu.)
"52
Aug. 1 *Holders of rec. July 15
par) (guar.)
Common (no
•22
Oct. 1 *Holders of rec. Oct. 8
*2
Aug.
*Holders of rec. July 15
itiminook Co.(guar.)
Common, $100 par (mar.)
630. Aug. 1 Holders of roe. July 170
•1%
Associated Dry Goods. coin. (guar )Aug. 1 *Holders of rec. July 15
7% preferred (guar.)
133 Sept. I Holders of rec. Aug. 14a
First preferred (guar.)
*133 Aug. 1 *Holders of rec. July 14
6% preferred (guar.)
13( Sept. I Holders of rec. Aug. 14a
Second preferred (guar.)
85e. Sept.30 Holders of roc. Sept. In
Public Service Corp. of N.J. corn.(qU.).
Sept. I "Holders of rec. Aug. 25
2
Sept. 30 Holders of rec. Sept. la Associated Rayon, cone. pref. (guar.).- •1
8% preferred (quar.)
Sept. 100
of
Sept. la
Bull & W I. B.S. Lines. PLRIU.) 154 sept. 30 Holders of roe. Dee. 100
s'Tenths
1% Sept.30 Holders of roc.
7% preferred (guar.)
rec.
14 Dec. 30 Holders
Preferred (quar.)
$1.25 Sept. 30 Holders of rec. Sept. la
$5 preferred (guar.)
154 Aug. 1 Holders of roc. July 20a
50e. July 3 Holders of rec. July la Atlas Powder. pref.(guar.)
preferred (monthly)
6%
75e. Aug. 1 Holders of rec. July 150
50e. Aug. 31 Holders of rm. Aug. la Austin Nichols & Co.lne.pr.A stk•(qn.)
6% preferred (monthly)
Aug. 15 Holders of rec. Aug. 3
50e. Sept.30 Holders of . Sept. Ia Automatic Voting Mach., panic. stock_ 11500. Oct. 1 "Holders of rec. Sept. 20
6% preferred (monthly)
'134
- 31 Aug. 1 Holders of rec. July 154 Babcock & Wilcox (guar.)
Rhode Island Pub. Sere., cl. A (guar.)
"75o. Oct. 3 *Holders of rm. Sept. 15
50c. Aug. 1 Holders of me. July 15a Balaban & Eats, common (guar.)
Preferred (guar.)
'154 Oct. 3'Holders of rm. Sept. 15
•220. Aug. 1 *Holders of roe. July 15
Preferred (guar.)
Rockland Light & Power (guar.)
15
clu3- 124 July 31 Holders of roe. July
70. Aug. 1 Holders of rec. July 130 Bancroft (Joseph) & Sons Co., af•(
Seaboard Utilities, corn.(guar.)
'tankers Investment Trust of America
Sierra Pacific Elec. Co., pref. (guar.)... 1% Aug. 1 Holders of rec. July 20
*15e. Sept.30 *Holders of roe. Sept.15
Debenture stock (quar.)
•13( Aug. 10 *Holders of rm. July 31
prof.(quar.)Sioux City Gas & Elec.,
•150 Doe. 31 *Holders of roe. Doe. 16
Debenture stock (guar.)
South Pittsburgh Water. 5% pref.(qu.). •1K Aug. 19 "Holders of rm. Aug. 8
13( Aug. 15 Holders of rec. Aug. 1
50o. Aug. 15 Holders of rec. July 200 Baumann (Ludwig) & Co., let pt.
Southern Calif. Edison, corn (qua?.)..
134 Aug. 1 Holders of rec. July 15
Bros., 1st pref. A (quar.)
Beatty
25e. Aug. 15 Holders of rec. July 31
Southern Canada Power. corn. (guar.)._
(guar.) 154 Aug. 1 Holders of roe. July 15
Belding Cortiocel, Ltd.. common
Southern Colorado Power, corn. A (qu.) 50e. Aug. 25 Holders of rec. July 31
rec. July 15
Beneficial Industrial Loan. corn.(guar.) 3733e. July 30 Holders of rec. July 15
Springfield City water. Prof. A (guar.).- *51.75 Oct.• 1 *Holders of rec. Sept. 20
87140. July 30 Holders of
Preferred A (guar.)
- 873(o. July 25 Holders of me. June 300
Standard Gas & EleO., Corn. (guar.).
Aug. 1 'Holders of rec. July 20
'50e.
$1.50 July 25 Holders of rec. June 300 Benson & Hedges, pref. (guar.)
$6 prior preference (Oiler.)
$1 Aug. 15 Holden of rec. July 184
$1.75 July 25 Holders of rec. June 300 nethlehern Steel, oom.(guar.)
$7 prior preference (guar.)
•13i Aug. 1 *Holders of rec. July 20
Holders of reo. Aug. 11
Bigelow-Sanford Carpet. pref. (guar.).Standard Pow.& Lt., corn.& oom. B(qu) 500. Sept.
•12330 Aug. 1 "Holders of rec. July 15
$1.75 Aug.
Holders of rec. July 16
Batman Electric Co.. coma. (quar.)Preferred (guar.)
•$1.75 Aug. 1 *Holders of rec.. July 15
*Holders of rec. July 15
"21.75 Aug.
Preferred ((Mar.)
Standard Telephone. $7 prof. (quar.)
Oct. 1 Holders of roe. Sept.20
Bliss(E. W.)Co..corn.(pay,in com.stk) /2
Holders of rm. Sept. 15
Tennessee Elec. Pow.,5% let pl. (qu.).... 1% Oct.
•37.330 Aug. 15 *Holders of rec. Aug. 10
Holders of rm. Sept. 15
Bloch Bros. Tobacco. corn.(quar.)
134 Oct.
6% first preferred (guar.)
037 nic Nov. Hi *Holders of rec. Nov. 10
13( Oct.
Common (guar.)
Holders of rm. Sept. 15
7% first preferred (guar.)
'134 Sept. 30 *Holders of roe. Sept. 24
1.80 Oct.
Preferred (guar.)
Holders of rm. Sept. 15
7.2% first preferred (guar.)
•134 Dee. 31 *Holders of rec. Dec. 24
50c. Aug.
Preferred (guar.)
Holders of rm. July 15
6% first preferred (monthly)
prof. (quar,).. 1% Aug. 1 Holders of rec. July 20a
50e. Sept.
Holders of rec. Aug. 15
Bloomingdale Bros., Inc..
6% first preferred (monthly)
50c. Aug. 1 Holders of rec. July 15
BlueRibbon Corp., corn. (guar.)
50c. Oct.
Holders of rec. Sept. 15
6% first preferred (monthly)
17c. Aug. 1 Holders of rec. July 15
Corn. (adjusting dIv.)
60e. Aug.
Holders of rec. July 15
7.2% first preferred (monthly)
8154c. Aug. 1 Holders of rec. July 15
60e. Sept.
Holders of rec. Aug. 15
Preferred (guar.)
7.2% first preferred (monthly)
dd Sept. 1 Holders of rec. Aug. 5
Holders of rec. Sept. 15
Blue Ridge Corp., pref. (guar.)
60e. Oct.
7.2% first preferred (monthly)
Aug. 1 *Holders of rec. July 15
*El
1% Aug.
Holders of rec. July 13
Bohack(H.C.) Co.,corn.(guar.)
Texas Power & Light, 7% pref. (quar.)
Aug. 1 *Holders of rec. July 16
Holders of rec. July 13
$1.50 Aug.
&Mack Realty Corp., 1st prof.(quar.).. '154 July 31 Holders of rec. July 150
$6 preferred (quar.)
51
150 Bon Ann Co.. common A (guar.)
58 1-3c Aug.
Holders Of rec. July
Toledo Edison Co..7% pref.(mthly.)
51 July 31 Holders of ree. July 154
Common A (extra)
Holders of rec. July 150
50e. Aug.
6% preferred (monthly)
700. Sept. 1 Holders of rec. Aug. 1515
41 2-3c Aug.
Holders of roe. July 150 Borden Co. (guar.)
5% preferred (monthly)
July 2
Itrandrani-Henderson. Ltd., corn. (oil.). *50c. Aug. 1 *Holdenc of rec. Aug. 20
Underground Elec. Rye, of London
•51 Sept. 1 *Holders of roe.
Brennan Packing • cl. A (guar.)
Aug. 1 *Holdens of rec. July 10
Amer. dep, rots. ord. reg. (Interim)._ •3
*51 Dec. 1 *Holders of rec. Nov.20
A (guar.)
30o. Sept.30 Holders of rec. Aug. 3I0
Class
United Gas Improvement. corn.(guar.).
*250. Sept. 1 *Holders of roe. Aug. 20
Class II (guar.)
$1.25 Sept. 30 Holders of rec. Aug. 310
55 preferred (guar.)
•250. Doe. 1 "Holders of roe. Nov.20
Class 13 (guar.)
25o. Aug. 1 Holders of rm. July 150
United Lt. dc Pow., coin. A & B (guar.).3733c July 25 Holders of rec. July 10
Manufacturing (guar.)
Briggs
Un. f.t. & Rys.(Del.). 7% p1. (mthly.)' 5111-3c Aug 1 *Holders of rec. July 15
of rec. July 15
British Columbia Pulp & Paper, pf.(gu.) "154 Aug. 1 'Holders of roe. July 31
*53c. Aug. 1 *Holders of rec. July 15
6.36% prior preferred. (guar.)
'Se. Aug. 31 *Holders
British Type Investors, class A
*50e. Aug. 1 *Holders of me. July 15
6% prior preferred (guar.)
"122 Aug. 1 *Holders of roe. July 17
let pf.
•1
Broadway Dept. Stores,
United Ohio Utilities. 6% pr. pref. (qu.)
34 Aug. 1 *Holders of rec. July 10
151 Aug. 1 Holders of rec. July 20
Brown Shoe pref. (qear.)
United Pr. & Lt.(Kan.). Prof. (qual.).. •554 Sept. 1 *Holders of rec. Aug. 15
*50e Aug. 1 *Holders of rec. July 22
Buckeye Steel Casting, corn,(quar.)
*31.50 Aug. 1 *Holders of roe. July 20
Utica Gas & Elec. $6 pref. (guar.)
Aug. 1 *Holders of rec. July 22
6% preferred (quar.)
Washington(D.C.) Gas Light (qua?.)... 900. Aug. 1 Holders of rec. July 20
"154 Aug. 1 *Holders of rec. July 22
633% preferred (quar.)
West Penn. Elec. Co., 7% prof. (quar.). 134 Aug. 15 Holders of rec. July Ida
11
•154 Aug. 1 *Holders of rm. July 25
134 Aug.15 Holders of roe. July 201 Bullock's, Inc., 7% pref. (guar.)
6% Preferred (quar.)
*50c. Aug. 1 "Holders of rec. July
West Penn Power Co.,7% pf.(guar.)... 154 Aug. 1 Holders of rec. July 6a Hume Bros., COM. (guar.)
•lg Aug. 1 *Holders of rec. July 25
(guar.)
14 Aug. 1 Holders of roe. July 60
Preferred
6% preferred (qua?.)
*51 Oct. 1 *Holden of rm. Sept. 15
Burger Bros., 8% pref. (guar.)
Western Continental MIL, el. A (qu.)_' y3234o Sept. 1 *Holders of rec. Aug. 10
6254e Aug. 1 Holders of roe. July 1015
Bush Terminal, corn. (guar.)
Western Pow., Light & Telep., cl. A (go) •50c. Aug. 1 *Holders of rec. July 15
151 Aug. 1 Holders of rec. July 1515
1 *Holders of roe. July 15
•
Byers (A. M.) Co.. pref. (qean)
134 Aug.
Western United Corp., pref.(guar.)
.15.‘ Aug. 1 "Holders of rec. July 15
"14i Aug. 1 *Holders of rec. July 16
Campo Corp., prof. (guar.)
6 % preferred (guar.)
Sept.15 Holders of rec. Aug. 31
'134 July 31 *Holders of rec. July 20
Canada Wire & Cable. class A (guar.)._ 51
Wisconsin Telephone. prof.(guar.)
Doe. 15 Holders of roe. Nov.30
51
Class A (guar.).
*6240 July 31 *Holders of rec. July 20
York Rye., pref. (guar.)
6234c Aug. 1 Holders of rm. JULY 20
Canadian Bronze, corn.(guar.)
154 Aug. 1 Holders of rec. July 20,
Preferred (guar.)
Trust Companies.
43o. Aug. 31 Holders of roe. Aug. 15
Aug. 1 Holders of rec. July 230 Canadian Car & Fdy.ord..(qUar.). Corn Exchange Bank & Trust (qua?.)... $1
Aug. 15 Holders of roe. July 31
1
Sept.30 Holders of rm. Sept. SO
Canadian Converters, Ltd.(guar.)
Federation Bank & Trust (guar.)
75e. Aug. 1 Holders of roe. July 16
31 Holders of me. Dec. 51
corn.(quar..).
Dec.
Canadian Dredge & Dock,
Quarterly
154 Aug. 1 Holders of roe. July 16
Aug. 1 *Holders of rec. July 25
*20
Preferred (guar.)
Kings County (Brooklyn)(guar.)
*Holders of roe. June 80
Canadian Industries, Ltd..corn.(guar.). •6213c July 31 *Holders of me. June 30
*50c. July 31
i nou re nce.
Common (extra)
Holders of roe. July
500. Sept. 10 Holders of roe. Sept. I
Canadian Power & Paper. pref.(guar.)-- 624c. Aug. 15 "Holders of rec. July 20
North River Ina.(guar.)
23
*25c. Aug. 1
Capital Management Corp. (guar.).
Oct. 1 *Holders of roe. Sept- 20
•134
Miscellaneous
Carnation Co., pref. (qua?.)
*14 Jan 2'32 *Holders of ree. Dee. 21
Preferred (guar.)
•e1.75 July 30 *Holders of roe. July 15
*134e. July 27 *Holders of roe. June 30
Cartier. Inc., prof.(guar.)
A.B.C.Cigar (guar.)
•3734c Aug. 1 "Holders of rec. July 20
Abraham & Straus, Inc.. prof.(quar.).. I% Aug. I Holders of rec. July 15a Central Ills. Securities, prof.(guar.)
I50. Aug. 15 Holders of ree. Aug. 5
*334 Aug. 10 *Holders of roe. July 31
Dairy, Ltd.. pref
entritugal Pipe (guar.)
Acme Farmers
150. Nov. 16 Holders of roe. Nov. 5
*30e. Aug. 1 *Holders of roe. July 15
Adams (J. D.) Mfg., corn. (guar.)
Quarterly
Oct. 21
34 Aug. 1 Holders of roe. July 18
2.entury Co
Adams-Millis Corp., corn. (guar.)
- *I% Aug. 1 *Holders of rec. July 18
pref.(quar.)._.. 134 Sept. 1 Holders of rec. Aug. 200
preferred (guar.).
First and second
Century Ribbon Mills,
10c. Aug. 1 Holders of rm. July 100 Century Shares Trust, partici.shares..... •70e. Aug. 1 "Holders of rec. July 15
Alaska Juneau Gold Mining (quar.)....
25e. Aug. 1 Holders of rec. July 180
100. Aug. 1 Holders of rec. July 31a Cerro de Pasco Copper Corp.(qua?.)..
Allegheny Steel common(monthly)
•1,4 Sept. *Holders of roe. Aug. 15
Aug. 1 Holders of rec. July 20
Preferred (guar.)
Chain dr General Equities. pref.(guar.). 31
•1"., Dee.
I *Holders of rec. Aug. 1
*Holders of rec. Nov us
Preferred (guar
Chartered Investors, $5 pref. (quar.).... •$1.25 Sept. 1 *Holders of roe. Sept.20
'154 Oct.
13, Sept
Holders of rec Aug 20
Realty, Preferred (gran)
Alliance
Chatham Mfg.7% pref.(guar.)
Oct. 1 *Holders of me. Sept.20
_
Holder, of roe Nov 20
1% Dee.
Preferred timer
6% preferred (qual.)
Aug. 1 *Holders of roe. July 15
Holders of rec. July 100 Cherry.Borrell Corp., Prof (aear.
Allied Chemical & Dye, corn. (qUar.)--- $1.50 Aug.
)
250 Aug. 1 Holders of rec. July 20a
*50e. Aug.
*Holders of roc. July 24
Allied Internat. Invest., $3 pref. (oil.)
Chicago Yellow Cab (monthly)
250 Sept. 1 Holders of rec. Aug. 20a
51.625 Aug.
Holders of rec. July 20
Allied Kid Co., prof.(guar.)
Monthly
•35c. Aug. 15 "Holders of roe. Aug. 1
50e. Aug. 15 Holders of rec. July 240 Churngold Corp. (qual.)
Allis-Chalmers Mfg. coin. (guar.)
*35e. Nov.18 "Holders of roe. Nov. 1
25e. July 25 Holders of rec. July la
Alpha Portland Cement, eons. (gUar.)
Quarterly
Sept.19
75c. Aug. 1 Holders of rec. July 15
Altorfer Bros. Co., $3 pref.(qum.)
Advertising Products (qual.) •75o. Oct. 1 "Holders of rot. Dee. 19
•75e. Jan 1'32 *Holders of roe.
Aluminum Manufactures, Ino.,oomAtiu) *500. Sept.30 *Holders of ree. Sept. 15
Quarterly
15'Holders of roe. Sept. 1
.3
*50o. Dec. 31 *Holders of roe. Dee. 15
Sept.
Common (guar.)
CInclanati Land Shares
of roe. Sept. 1
•134 Sept.30 *Holders of rec. Sept. 15
Preferred (guar.).•JIncinnatl Rubber Mfg.,6% pref.(oil.) '134 Sept.15 "Holders of reo. Dec. 1
•
154 Dec. 51 *Holden of rec. Dec. 15
'134 Dec. 15 *Holders
Preferred (quar.)
6% preferred (guar.)
*Holders of rec. July 15
*17.12c .Aug.1
50e. July 31 Holders of rec. July 150 Cities Severe, bankers shares
Amerada Corp. (guar.)
Aug. 15 Holders of roe. July 310 Cities Service Co.. corn.(monthly.)
2340. Aug. 1 Holders of roe. July 150
51
American Can, common (guar.)
2310. Sept. 1 Holders of roe. Aug. 15
$1
Aug. 1 July 12 to Aug. 2
American Coal (guar.)
Common (monthly)
July 15a
Amer. Eloo. Smut.. partici. pl.(bl-mthlY) 25o Aug. 1 Holders of roe. July 20
Corn.(payable In corn. Stock)(mthly.) fS4 Aug. 1 Holders of rec. Aug. 15
*14 Sept. 1 *Holders of roe. Aug. 25
American Envelope, 7% pref. gu/ar.).
Corn, (payable in corn. stk.) (mthly.) 04 Sept. 1 Holders of rec. July 15a
50. Aug. 1 Holders of roe.
*14 Dec. 1 *Holders of roe. Nov. 213
7% preferred Bluer.)
Preference B (monthly)
5e. Sept. 1 Holders of recs. Aug. 15
Amer. European Securities, pref.(qua.) 51.50 Aug. 14 Holders of rec. July 31
Preference B (monthly)
50e. Aug. 1 Holders of roe. July 15a
Preferred and pref. BB (mthly.)
Amer.Founders Corp., let pro!. A (qu.). 87%c Aug. 1 Holders of rec. July 2
-50e.Sept. 1 Holders of rm. Aug. 15
8714o Aug. 1 Holders of rm. July 2
First preferred series B (quar.)
Preferred and preferred BB (mthly.)
•250. Oct. 15 *Holders of rec. Sept.30
75c Aug. 1 Holders of rec. July 2
City Union Corp.. corn.(qual.)
Flret preferred series D (quar.)
•250. Jan 15'E *Holders of rec. Dec. 31
- 25e Sept. 30 Holders of rec. Sept. 15a
Amer. Hawaiian Steamship. (guar.).
Common (guar.)
25e Dee. 31 Holders of roe. Dee. 160 Cluett Peabody & Co.. Inc.. corn.(9
Quarterly
,1.) 75c. Aug. 1 Holders of rec. July 21a
•46e. Aug. 1 *Holders of rec. July 20
Amer. Home Products Corp.(monthly). 35o Aug. I Holders of rec. July 140 Coast Breweries, Ltd. (guar.)
•60. Aug. 1 *Holders of rec. July 10
•50e Sept. 1 *Holders of reo. Aug. 25
Coast Foundation, Inc.. Pref
American Hosiery (guar.)
25e. Oct. 15 Holders of rec. Oct. 5
75o July 25 Holders of rec. July fla coca Cola Bottling (warted?)
Ice, common (qua?.)
American
51.50 July 25 Holders of rec. JULY ea Community Finance Service, corn.(MO 'Sc. July 3 *Holders of rec. July 15
Preferred (guar.)
•5c. July 31 *Holders of rec. July 15
31.50 Oct. 26 Holders of rec. Oct.•((2a,
Preferred (guar.)
Preferred A (guar.)
'Sc. July 31 *Holders of rec. July 15
Preferred A (extra)
Amer. Investment Co. (Springfield, Ill.)
•50e Aug. 1 *Holders of rec. July'20
•734e. July 31 *Holders of rec. July 15
Preferred B (guar.)
Class A (quar.)
350. Aug. 1 Holders of rec. July 170
•5e. July 31 *Holders of roe. July 15
Preferred B (extra)
Amer. Mach.& Fd.e.. common (guar.).-
594
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[Vol.. 1.33.
Per
When
Bo ta Closed.
Name of Corn posy.
Cent. Payable.
Days Indusise.
Miscellaneous (Continued).
Miscellaneous (Cont(nued).
Columbia Graphophone, Amer. shares__
56c. Aug. 4 Holders of rec. July 170 Guggenheim & Co., let
Columbian Carbon Co.(guar.)
$1.25 Aug. 1 Holders of rec. July 17a Haiku Pineapple, Ltd., pref. (guar.)--- •134 Aug. 15 *Holders of rec. July 29
pref. (quar.)___ •43Mc Aug. 1 *Holders of ree. July 15
Columbus Packing, pref.(gust)
•1M Aug. 1 *Holders of rec. July 15
Hall (W. F.) Printing, corn. (quar.)____
Connecticut Invest. Mirth. Corp.. corn
30e, July 31 Holders of rec. July 200
*100. Aug. I •13oldem of rec. July 20
Halle Bros. Co., corn. (guar.)
Conservative Financial, pref
•25e. July 31 *Holders of rec. July 24
*40c. Sept. 1 *Holders of rec. Aug. 1
Preferred (guar.)
Congo'. Chem. Industries, dam A
'14 July 31 *Holders of rec. July 24
•373ric Aug. 1 "Holders of rec. July 15
Han. Schaffner lz Marx, corn. (quar.)
Consolidated Cigar Corp., prior pf. (qu.) 14 Aug. 1 Holders
•I
Aug. Si •Bolders of tee Aug. 15
of rec. July 16a
Common (guar.)
Preferred (guar.)
"I
Nov 811 'holders of roe Nov. 14
13 Sept. 1 Holders of rec. Aug. 150 Hartford Times, Inc., pref. (guar.)
Consolidated Industries. Ltd. (quar.)
"75c. Aug. 15 'Holders of rec. Aug. 1
200. Aug. 1 Holders of rec. July 15
Hawaiian Pineapple (guar.)
Consolidated Press. Ltd.. ord. A (qu.)_
50e, Aug. 31 Holders of rec. Aug. 150
500. Aug. 1 Holders of rec. July 15
Hercules Powder, pref. (guar.)
Consolidated Rendering prof (quar.)
134 Aug. 15 liolders of rot Aug. 4a
*2 Aug. 1 "Holders of rec. July 21
IlenwerTed
ishey Chocolate, COM.(guar.)
Consolidated Royalty 011 (guar.)
51.25 Aug. 15 Holders or rec. July 250
*50. July 25 "Holders of rec. July 15
Preferred
Construction Materials, pref. (quar.)
$1
Aug. 15 'Holder, of rec. July 250
*873ic Aug. 1 *Holders of reo. July 20
Hewitt Bros. Soap, pref. (guar.)
Continental Can, corn.(guar.)
2
.
Oct. 1 *Holders of rec. Sept. 20
62.4c. Aug. 15 Holders of rec. Aug. 10
Preferred (guar.)
Coon(W.B.) Co., corn.(guar.)
O2
Jan 1'32 •Ilelders of rec. Dec. 20
*200. Aug. 1 *Holders of rm. July 13
Heyden Chemical. corn.(quar.)
Corn.(payable in common stock)
500. Aug. I floldere of roe. July 15
an
Aug. 1 *Holders of ree. July 13
Hibbard. Spencer, Bartlett Co. (n'thly)
Preferred (guar.)
20c. July. 31 Holdere of rec. July 24
*131 Aug.
*Holder,
Corporation See. of Chic.. prof. (quar.)_ •0750. Aug. 1 "Holders of rec. July 13
20e. Aug. 28 Holders of rec. Aug. 28
I
of reo. July 10
Monthly
Crowell Publishing. preferred
20c. Sept. 25 Holders of rec. Sept. 18
034 Aug. 1 'Holders of rec. July 24
Homestake Mining (mon(hly)
Crunden-Martin Mfg
50c. July
334 Aug. 3 *Holders of rec. Aug. 3
Horn & Harden Co. of N Y.,corn.(qu.) 62 tec Aug 25 Holders of rec. July 200
Cuneo Pram, corn. (guar.)
1 Holders of tee July 110
*824c Aug. 1 'Holders of rec. July 16
Horne (Jos.) Co., pref.(guar.)
64% preferred (qual.)
'134 Aug. 2 *Holders of rec. July 24.
•14 Sept.15 'Holders of rec. Sept. 1
Houston Oil, preferred ($25 par)
Curtis Publishing, corn. (monthly)
"75e. Aug. 1 'holders of rec. July 20
33 1-3e Aug. 3 Holders of rec. July 200
Preferred $100 par
Preferred (guar.)
*3
Aug. 1 'Holders of rec. July 20
$1.75 Oct. 1 Holders of rec. Sept. 190 Floweei Bros..
7% preferred (qrrar.)
Davidson Co., prof. (luer.)
Oa 1 'Holden of re' Sept 20
•5
•1 ei Sept. 30'Holders of rec. Sept. 20
7% preferred (guar.)
Preferred (quar.)
"114 Dee. 31 •Holdent of roe Dec. 20
•11.4 Oct. 1 •Holders of rec. Sept. 20
0% preferred (quar.)
Preferred (quar.)
•1
(let. I *Holders of rec. Sept 20
•1 34 Dec. 31 'Holders of rec. Dec. 20
6% preferred (guar.)
Freterred (guar.)
.1
•rei Jan 1'32 *Holders
Dm 31 'Holders of rec Dee 20
Humberstone Shoe, common (quar.)--Decker (Alfred) dr Cohn, Prof. fartar.)- - •rei Sept. I "Holders of rec. Dec. 20
50o. Aug. 1 Holders of roe. July 15
of red. Aug. 20
Hydro-Electric Securities, pref. B
De .Ionge (Louts) & Co., pref. (qua.r.). _ •14 Aug. 1
"25c. Aug. 1 *Holders of rec. July 14
itlinola Brick (Guar.)
De Meta, Inc.. prof. (quar.)
•30e. Oet. 16 •Holder, of rim. Oct. 3
"55e. Aug. 1 *Holders of rec. July 21
Illinois Pacific Coast Co., pref.(guar.)
Dennison MM., pref. (emir.)
•75c. Aug. 1 'Holders of rec. July 21
1% Aug. 1 Holders of rec. July '20
Imperial Sugar, $T Pref. (quar.)
Debenture siock (guar.)
•$1.75 Oct. 1 •Holdens of roe. Sept 20
2
Aug. 1 Holders of res. July 20
$7 preferred (guar.)
Deposited Insurance Sharer, tier. A
•.$2,4 len '32 •Holders of rec. Dee. 20
1.75
15
•13o. Aug. 1 'Holders of rem July 1
Incorporated investors, stock dividend_
Dictaphone Corp.. corn. (guar.)
Oct.
*Holders of tee. Sept.21
•5130. Sept. 1 "'Holders of rec. Aug. 14
Indiana Plpe Line (guar.)
Preferred (guar.)
*2
25c. Aug. 1)1
Sept. 1 *Flolders of rec. Aug. 14
Industrial Credit Corp. of Am.,com.(qu.) 3234c. Aug. 15 Holder's of rec. July 24
Dealer Steel Constr. pref. A (quar.)
3754c. Aug. 1 Holders of rec. July 15
Holders of me. July 31
Industrial & Power Securities (quar.(/Unifiers Co., Ltd.
*no Sept
.rieldere of roe Aug. I
Quarterly
Am.dep. rots. for ord.reg.shares
•25c Dec. 1 •Floidere of roe. Nov. 1
(m) Aug. 7 *Holders of rec. July 6
Insurance Investment Corp.. Pref.(go.)
Dr. Pepper Co., common (guar.)
•2e. July 31 'Holders of reo. June 12
110o. Sept. 1 holders of rec. Aug. 16
Preferred (extra)
Common (guar.)
•Ic. July
30o. Dec. 1 Holders of rec. Nov. 15
Internat. Bu.sinees Machines, corn. (qu.) $1.50 Oct. 31
Dominion Bridge. corn. (quar.)
10 Holders of rec. Sept.2 20
75e. Aug. 15 Holders of rec. July 31
International Cellueotton. corn. (quar.). '51
Common (guar.)
Oct. I •Ilolders of reo. Sept. 25
75e. Nov. 14 Holders of rec. Oct. 31
Common (guar.)
Dominion-Scottish Invest., Ltd.. pref
'Si
*fielders of roe. Deo. 25
624c Aug. I Holders of rec. July
First preferred (guar.)
Dominion Tar & Chemical, pref. (tin.).... 154 Aug. 1 Holders of rec. July 20
•
11•Iloldms of rec. Sept 25
j9iiI '32
Oct.
6
First preferred (guar.)
DuPont(E. I.) deNemoure & Co.
•1
'olders of rec. Dec. 25
Jan1'32
Internat. Cigar
Debenture stock (qmtr.)
621 51. s ug..
4 Aept
Holders of rec. July 17
154 July 25 Holders of roe. July 10a International Machinery (quar.)
Harvester, Pref. (quar.)
Duplan Silk Corp., common
50o. Aug. 15 Holders of rec. Aug. la Internat. Nickel of
Holders of rec. Aug. 50
Can.. pref. (quar.)_ _
Eastern Dairies, Ltd., corn. (guar.).._....
Holders of rec. July 2s
25e. Aug. 1 Holders of reo. June 30
Internat. Printing Ink, pref. (guar.)- - - ' Aug.
1 14 Aug
Eestern Food Corp., rises A (Quer.)
Holders of rec. July 13a
75c. Oct. 1 Holders of rec. July 1
Inter. Secure. Corp. of Am.corn. A (qu.)
25e. Sept.
Class A (guar.)
Holders of rec. Aug. 15
75c. Jan 1'32, Holders of rec. July
634% preferred (guar.)
Class A (guar.)
Holders of rec. Aug. 15
76e. A p 1'32
6% preferred (quar.)
Class A (guar.)
1 11
1
Holders of rec. Aug. 15
75e. Jly 132
Internat. Shoe. pref. (monthly)
Eastern Theatres, Ltd., corn. (quar.)___
50e. Aug.
Holders of rec. July 15
50e. Sept. 1 Holders of rec. July 31
Preferred (monthly)
•500. Sept.
Preferred
•iloldere of rec. Aug. 15
34 July 31 Holders of rec. June 30
Preferred (monthly)
•50c. Oct
Eastern Utilities Investing, part. pf.(clu) $1.75 Aug. 1 Holders of rec. June
"Holders ot rec. Sept 15
30
Preferred (monthly)
•50o.
58 preferred (quar.)
'Nov. 'Holders of rm. Oct. 15
$1.50 Sept. 1 Holders of rec. July 31
Preferred (monthly)
$7 preferred (guar.)
*500. Dee.
•Holders of rec. Nov. 15
$1.75 Sept. 1 Holders of rec. July 31
Internat. Tea Co's Stores, Ltd.
$5 prior pref. (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
Am,dep. rets, for ord. reg. shares
•18 Aug. 3 "Holders of rec.
Eaton Axle & Spring. COM.(guar.)
40c. Aug. 1 Holders of rec. July 15a Interstate Departme
3
nt Stores. pf.
Electric household Utilities (guar.). _ _ _
134 Aug. 1 Holders of rec. July 200
_
50e. July 28 Holders of rec.
July
Interstate Equities, cony. pref. A.(qu.)
750. Aug. 1 Holders of rec. July
Electrical Securities Corp.. $5 pref.(Qu.) *$1.25 Aug. 1 *Holders of rec. July 11
15
June 15
Intertype Corp.. corn. (guar.)
Empire Title & Guarantee (guar.)
25e. Aug. 15 Holders of rec. July
1
Aug. 1 Holders of rec. July 20
314
let preferred (guar.)
Eppens Smith & Co., Common
*2
Oct.
*2
Aug. 1 *Holders of rec. July 27
Investment Trust Associates, corn. (qtr.) 12 4c. Aug. 1 *Holders of rec. Sept. 15
Eureka Pipe Line (guar.)
$1
Aug. 1 Holders of rec. July 16
Jantzen Knitting Mills, common (guar.) •15c. Aug. 1 Holders of rec. July 15
Ewa Plantation (quar.)
I 'Holders of rec.
•00o. Aug. 15 'Holders of rec. Aug. 5
15
Preferred (quar.)
•
Exchange Buffet (quar.)
114 Sept. 1 *Molders of rec. July 20
37 4c. July 31 holders of rec. July 16a Jewel Tea, corn. (guar.)
Aug.
Faber, Cos & Gregg, prof. (guar.)
51
Oct. 15 Holders of rec. Oct. 1
*114 Aug. I *Holders of rec. July 20
Julian & Kokenge (guar.)
•
25e. Aug. 1 'Holders of rem
Preferred (qua?.)
•13,‘ Nov. I *Holders of rec. Oct. 20
Kalarn awe Yegetar le Parchment
•loc "opt. 30 • Holiose of roe July 15
(qu.)
Preferred (Oulu.)
*lei Febl'32 *Hold, of rec. Jan. 20 '32
merterly
19
•15c Deo 31 *Holden) of roc Orla 21
Fair (The), corn. (guar.)
60c. Aug. 1 Holders of tee July 210
Dec
Kaufmann Dept. Stone, corn. (guar.).250. July 28 Hoidens of rec. July
Preferred (guar.)
134 Aug. 1 Holders of rm. July 21a
Kayser (Julius) & Co., corn. (quar.)..
Faultlese Rubber (guar.)
25e. Aug. 1 Holden of rec. July 10a
•6234c Oct. 1 "Holders of rec. Sept. 15
Keleey Hayes WhoeLpf.,ser.W.W.(gu.)•
15a
114 Aug. 1 Holden' of rec.
Federal American Bond & Share
July 21
l'referred ear. K. H.(guar.)
'13,4 Aug 1 "Holden of rec. July 21
First and second pref. (guar.)
*$1.75 Aug. 1 *Holders of rec. July 20
Keroper-Thomas CO., corn. (guar.)
Federal Electric. $7 pref. (guar.)
--- - "75e Oct. 1 "Holders of reo de01
.51.75 Aug. 1 'Holders of rec. July 15
Common (guar.)
20
•75e J'n 1'32 *Holders of roe
te preferred (guar.)
•$1.50 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
"144 Sept 1 *Holders of roe Dec 20
7% preferred (old) (gust.)
•114 Aug. 1 *Holders of rec. July 15
Aug
Preferred (guar.)
•1 114 Deo I Holders of roe Nov 20
Federal Knitting Mills(guar.)
623-ic Aug. 1 Holders of rec. July 150 Klein (D. Emil) Co., corn.
20
(guar.)
*25e. Oct. 1 *Holders of rec.
Federal Terra Gotta (guar.)
.52
Sept. 15 "Holders of
Beet.
Preferred (guar.)
Federated Publications, trio.(quar.)__ _ •15c. July 31 *fielders of rec. Sep., 5
'134 Aug. 1 'Holders of rec. July 21
rev. July 15
lenudeen Creamery. Cl A & B
'37340 Aug. 20 "Holders of roe. July 20
Financial Institutions, Inc., corn
*25e. Aug. .1 *Holders of rec. July 15
31
Kress(S. II.) & Co. coin.(guar.)
25c. Aug. II fielders of roc
Common payable In corn. stock)
ef2
Aug. 1 "Holders of rec. July 15
Speelal preferred (guar.)
•15c Aug. 1 *Holdere of fee. July 20a
$6 preferred (qual.)
•$1.50 Aug. 1 *Holders of rec. July 15
July 20
Kroger Grocery & Baking, corn. (quar.)..
25c. Sept. 1 Holders of rec.
Fitz SOTIOne & Connell Dredge & Dk.(qu) •50c. Sept. 1 "Holders of rec.
Aug. 110
First preferred (guar.)
Aug. 21
'134 Oct. 1 *Holden of roe.
Food Mach'y Corp.,64% pt.(mthly.)_ "We Atut 16 *Holders of ree Au
Seeceid preferred (guar.)
s 10
•1 et Aug. I *Holderr of rec Sept. 19
vreferreo (monthly)
*rile. Sept. 15 *Holders of rec Sept. 10
Second preferred (guar.)
*1.34 Nov. 2 'Holders of roe. July 21.
Ford Hotels Cm. Inc
*500. Aug I *Holders of rec. Jul. 15
Landis Machine common (Quer.)
75e. Aug 15 Holders of rrn Oct. 20
Ford Hotels Co., Inc
•50c. Oct. 31 'Holders of roe. Dec 15
Aug
Common (quo!.)
5
754' Nov 15 Helder, of rec. Nov 5
Foreign Power Securities. pref. (quar.)
11.1 Aug. 15 Holders of rec. July 31
Pre/erred (guar.)
'13-4 Sept. 15 "Holders of roe
Foundation Co. of Canada, corn.(qu.)
At
25e• Aug. 15 Holders of rec. July 31
Preferred (guar.)
.
•144 13m 15 *Holders or roe Doe 5
Freeport Texas Co.(guar.)
"75e. Sept. I 'Holders of rec.
5
Lane Bryant, Inc., pref.(guar.)
Frost Steel & Wire pf.A & 1st pref.(qu.) 14 Aug. 1 Holders of rec. Aug. 15
13,4 Aug. 1 Holders of rec. July 15
tares & Bro. Co., preferred
July 18
03
Untar.)
Oct
Fuller Brush Co.. class A (quer.)
1 •Hunters of MO Sept 23
•200 Aug.
*Holders of
Lawbeek Corp., pref.((lust,)
•I ti Aug. 1 "Holders of roe.
Fuller (Geo. A.) Co. of Canada pf.(qu.) *51.50 Aug. 1 *Holders of rec. July 25
1
rec.
Lazarus(F.& It.) Co., pref. (guar.)
Aug. 1 •Holdere of rec. July 20
Fulton Industrial Inc. (Atlanta) corn_ '123-ic Aug. I *Holders of rec. July 15
Lercourt Real:, Corp.. corn.(quar.)
July 15
40c. Aug. 15 Holders of rec. July 20
Preferred (guar.)
*873.ee Aug 1 *Holders of rec. July 15
14 1111(11 Coal & Navigation. corn
,
30e. Aug. 31 Holder* of rec. Aug
Gotland Mercantlle Laundry(quar.)_. _ '8734c Sept. I *Holders of roe.
Lehn & Fink Products Co., corn.(quer.)Aug. le
75e. Sept. 1 Holders of rec. July 31a
Guru-to:1y
*874c Dec. 1 •Holdere of rec. Nov 15
Aug. I5a
Lerner Stores Corp., pref. (guar.)
'13-4 Aug. 1 'Holders or rec. July 22
Gardner-Denver Co., Peer. ((Mar.)
"131 Aug. 1 "Holders of rec. July 20
Limestone Products, 7% pref.(guar.)
52
- . tic mt. I •Holdere of rec Sept 15
General Cigar, corn. ((mar.)
31
Aug 1 Holden of roe. July 17
7% preferred (guar.)
•02
Jan l '32 *Holders of fee Dec.
Preferred (guar.)
lee Sept. I Holders of rue. Aug. 220
7% preferred (quar.)
15
• tic Apri'32 *Heide of ree Mar
82
General Electric, common (guar.)
400. July 25 Holder. of roe. June 26a Lincoln Printing, common
15'32
(guar.)
500. Aug. 1 Holders of roe
Special stock (guar.)
150. July 23 Holders of rec. June 26
Preferred (guar.)
,
87 tic Aug. 1 holders of rm. July 21
General Electric, Ltd.
July 21
Lincoln Store;
•25e. Sept. 9
Am. dep. refs. ord. reg. shame
*tel0 July 28 'Holders of rec. June 28
ink-Belt Co., corn. (guar.)
50e Sept 1 Aug. 16 to
General Foods Corp., corn.(quar.)
75e. Aug. 1 Holders of rec. July 150 Liquid Carbonic Corp.. corn. (quar.)
75e. Aug. 1 Ileldere of roe. Aug. 31
General Mill,,, Inc., corn. (guar.)
75e. Aug. 1 Holders of rec. July 15a
Little, Brown & Co., pref. (guar.)
'5 1 .75 July 31 Holders of rec. July 20a
General Motors Corp.. pref. (quar.)
$1.25 Aug. 1 Holders of roe. July 64
July
Lock Joint Pipe Co.. pref. (guar.)
General Publio Service. 513 pref. (quar.)_ *51.50 Aug. I "Holders of rec. July 10
Oct. 1 Holders of roe. Oct. 1
1
Dee 31 *11 'den ..1
55.541 preferred (guar.)
1101
, 11
• 51.375 Aug 1 "Holders of rec July 10
Boston Theatres (guar.)
15c. Aug. 1 Holders of rm. July
General Stock Yards, corn. (guar.)
60e. Aug.1 Holders of rec. July 15
1 news, Inc., preferred (quar.)
18
51.625 Aug. 15 Holders of rec.
Common (extra)
25e. Aug. 1 Holders of roe. July 15
Loevv's Ohio Theatre.s, pref.(guar.)
July
"2
Aug. 1 Holders of rec. July 31a
Preferred (gust.)
$1.50 Aug. 1 Holders of rec. July 15
Lome-Wiles Ithicult. corn. (guar.)
650 Aug. 1 Holders of red July 24
General Tire & Rubber. corn. (quar.)
Common (extra)
*75e. Aug. 1 *Holders of rec. July 20
1110 Aug. 1 Holders of ree July 17a
German Credit & (nvest. Corp.. pref
'334 Aug. 1 *Holders of rec. July 20
Lord & Taylor, 2nd pref. (guar.)
Aug. 1 Hoidens of roe. July 170
Allotment certificates 25% paid
874e Aug. 1 Holders of rec. July 20
Luckr noa Combination Gold MM.- 2
eo niTlger
17a
Gibson Art Co., common Qua!,)
•65o. Oat. 1 'Holders of roe. Sept. 19
"3c. Oct. 20 Holders of rec.
Common (guar.)
-..- _ •65e. Jaul '32 •Holdere of rec. Dee. 19
Common
.3c. Jari2032 Holders of roe. Oct. 10
Gillette safety Razor. pref.(guar.)
$1.25 Aug. 1 Holders of rm. July la
Lonkmnuon
Coe m w mer Co.
Jan. 10
s50. A p20'32
Gilmore Oil Co. (guar.)
'30e. July 31 'Holders of rec. July 15
preferred (quar.)__ _ '14 'let. 1 Holders of rec. Apr. 10
Gimbel Bros.. prof.(guar.)
Hold-re 111 one
lei Aug. 1 Holders of roe. July 150
Preferred Wier.)
•1 t4 Jae 1'22 Polder. of rine reept_21
Globe Knitting Works. pref
•115c July 55 *Holden of ma Jrily 7
Lynch Corporation (guar.)
Dm. 22
"50c. Ater. 15 Holders of
Gold Dust Corp.. common (guar.)
62 tic Aug. 1 Holders of rec. July 10a Lyon Metal Precuts, pref.
(guar.)
'134 Aug. 1 *Hoidens of rec. Aug. 5
Goldsmith (P.) Sons Co. (guar.)
•30c. Aug. 1 'Holders of rec. July 20
Macielnnon Steel Corp . Ltd..
pf. (qu.) 14 Aug. 1 Holders of rec. July 20
Goodyear Tire & Bubb., corn. (quar.)
76e. Aug. 1 Holders of me. July 3, MaeMarr Stores, corn. (2 mos. (II v.) _
rec.
16 2-3c Aug. 1 Holders of rec. July 15
Gotham Silk Hosiery, 7% prof. (quar-)
M SOY (R. 11.1 & Co., cons (guar.)
July 20
1% Aug' 1 Holders of roe. July 10a
Gramophone, Ltd.
75e.
Magnin (I.) & Co.,6% pref. (quar.)___ •14 Aug. 15 Holden of roe July 24a
Am. dep. refs, for ord. shares
Aug, 15 •Holders of no Aug
*15
Aug. 4 *Holders of rec. July 17
6% preferred lane: 1
6
Granby Cowed. Min. Smelt. & Pow.(qu)
•1'•, NW, 111 "Ho'dere of
250. Aug. 1 Holders of rec. July 17a
Manisehewitz (B.) & Co., corn. (quar.).
roc'
Grand (F.& W.) 5-10-25e. Sts..pret.(qu) 14 Aug.
*62 tic Sept. 1 *Holders of rm. Nov 5
Mansfield Theatres. pref
I Holders of rec. July 13a
Anne.
Grant I.unch Corp., corn
*34 July 31 *Holders of rec. June 20
"400 July 31
Marathon Razor Blade, Inc.
30
(montilly)- '*44e Aug 15 •IlolOon of ree
8% Preferred (qua!)
.200. Sept.30 'Holders of roe. Sept. 30
ontnly
Aug. 1
8% Preferred (guar.)
'13-4, Sept .15 *Holders of rec. Sept. 1
*200. Dee. $1 *Holders of rec. Deo. 15
Monthly
Great Lakes Dredge & Dock (quar.)
'
Z 34e Oct. 15 oilmen Of eve. Oct. 1
25e. Aug. 15 Aug. 6 to
Aug. 15
Monthly
•54e Nov. 15 *Holders of roc
teat Lakes Engineering (guar.)
•15c. Aug. I "Holders of rec. July 24
Monthly
'14.' Dee 15 *Pottle', of red Noe 1
lerfeenway Corp., corn
•300. Aug. 15 *Holders of rec. Aug. I
nee 1
Marine Bancorp (quar.)
Common 13
•30o. Aug. 15 'Holders of rec. Aug. 1
may Department Stores. COM.(enac,)_ _ '25c. Aug. 1 'Holder, of rec. July 20
03',,o Sept. 1 Holders of rec. ,414 154
Participating preferred
*51.50 Aug. 15 'Holders of rec. Aug. I
May Radio & Television (guar.)
Participating preferred (extra)
•25g. Aug. 15 "Holdere of rec. July
•511o. Aug. 16 "Holders of rec. Aug. 1
Maytag Co.. let pref. (guar.)
Gruen Watch, pref Neer.)
$1.50 Aug. 1 Holders of rec. July 31
•134 Aug. 1 "Holders of rec. July 29
Cumulative preference (guar.)
isa
75e. Aug. 1. Holders of rec. July 15a
Name of Company.
1931.]
JULY 25 .
595
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Palate.
Books Closed.
Daps Inclusive.
Name of Company.
Miscellaneous (Continued).
*50c. Aug. I *Holders Of rec. July 15
Miscellaneous (Continued).
Ice Cream,cow.(guar.)
.$1.50 Aug. 1 'Holders of roe, July 15
62(40 Aug. 1 Holders of me. July 250 Rich
McCall Corp. (quiz.)
Riverside Cement. 1st pref. (guar.)
- 114 Aug. 1 Holders of rm. July 20a Roland Pk. Homeland, pref. (guar.)... •114 Aug. I *Holders of roe. July 21
pref. (guar.).
McCrory Storm Corp..
.900. Aug. 1 *Holders of rec. July 15
250. Sept. 1 Holders of rec. Aug. la
McIntyre Porcupine Mines(guar.)
Rollins Hosiery etills,prefequar.)- - .3134o Aug. 1 *Holders of rm. July 15
20
- 87(4o Oct. 1 *Holders of roe Sept. 176 Roos Bros common (guar.)
McKee(Arthur O.) Co., clam B (qu.). '
*50o. Aug. I 'Holders of rec. July
• SI 625 Aug. 1 *Holders of rm. July 15
Melville Shoe. common (guar.)
Preferred (guar.)
•15.4 Aug. 1 "Holders of rec. July 17
Aug. 1 'Holders of roe. Aug. 1
First preferred (guar.)
Rose's 5-10 & 250. Stores, pref.(guar.).. 93.85c Aug. 4 Holders of rec. July 22a
7(40. Aug. 1 *Holders of rec. July 17
'
Second preferred (guar.)
Royal Dutch Co. New York Shares
'Sc Aug. 1 *Holders of rec. July 20
8114o. Sept. 1 Holders of roe. Aug. 20
Metal Textile Corp.. partici pt. (altar.).
Royalties Management, corn. (No. 1)
"$1.50 Aug. I 'Holders of rm. July 20
750. Aug. 1 Holders of rec. July 15
Metal Thermit Corp., corn.(guar.)
Russell !doter Car., common (quiz.).... I
Aug. 1 Holders of reo. July 15
"$1.50 Aug. I 'Holders of roe. July 20
Metropolitan Industries, pref. 0:Mari
Preferred (guar.)
Aug. 1 'Holders of roe. July 20
*50e. Aug. 1 *Holders of rec. July 20
Pref. allot. etre. 50% paid (quiz.)... .750.
Ruud Manufacturing common ((Mari
160, Aug. 15 Holders of rec. Aug. 5
.500. Nov. I 'Holders of rm. Oct. 20
Blanke Co., common
Common (quer.)
Meyer
*30c. Aug. 1 *Holders of rec. July 23
&Hoke!berry's Food Products
Ryerson (Joseph T.)& Son,Inc.(guar.)
"e214 Aug. 15 *Holders of rev Aug 1
*300. Nov. 1 *Holders of rec. Oct. 19
Common (Payable In corn. irtock)._
Quarterly
*Holders of me Nov 2
25e. Sete 21 Sept 11 SO Sere.21
Common (payable in eon) !took). *e214 Nov. le "Holders of roe. July 20
St. Jneeph teed Co.(quit'.)
•1g Aug. I
Ste. Dee 21 Tlee 11 to Dec. 21
Minneeota Valley Can.Prof.
Quarterly
•1M Nov. 1 *Holders of roe. Oct. 20
nee Aug. 1 *Holders of rec. July 20
Preferred (Quiz.)
Flour Mills, pref.(guar.)
1(4 Feb1'32 Holden of rm. Jan. 20'33 St. Lawrence
35e Aug. 1 Holders of rec. July 166
Preferred (guar.)
Salt Creek Producers AMU.(guar.)
of rm. Judy 15
slew 1 'Holders of roe. Aug. 15
"ea
Miss.Val. Utility Invest.. prior pref.(qui .$1.50 Aug. 1 'Holders of red
'evens° '911.1 .4 Paper stork dividend
Judy 16
500. July 31 Holders
*114 Aug. 15 *Holders of rec. Aug. 1
Missouri Portland Cement (guar.)
Ravage Arms 2nd pref. (Quit.)
75c. Aug. 1 Holders of rec July 20
51.50 Aug. 1 Holders of rec. July 15
Medina Mfg.. corn. (guar.)
Savannah Sugar Refg., coin. (quar.)___
25e. Aug. 29 Holders of rec. July 31
1(4 Aug. 1 Holders of rec. July 15
Mohawk Mining
Preferred (guar.)
.3 Aug. I *Holders of rec July 25
*Holders of rec. July 21
Morris Plan Bank (Cleveland) (guar.)
Schumacher Wall Board, pref. (guar.)._ *50c. Aug. 1 Holders of rec. July 17
s1
Aug. 1 *Holders of rec. July 21
114 Aug. 1
Mortgage Corp. of Nova Scotia (guar.)_
pref. A (quer.)
$1.75 Aug. 1 Holders of rec. July 154 Scott Paper Co.,
114 Aug. 1 Holders of rec. Ally 17
Mullins Mfg., pref. (guar.)
(guar.)
Preferred B
500. Sept. 1 Holders of ree. Aug 14a
*30e. Aug. 15 *Holders of rec. Aug. 7
etensinftwear Corp., corn.(quiz.)
Co.. corn. (guar.)
500. Deo. 1 Holders of rec. Nov. ma Scotten-Dilion
•10c. Aug. 15 'Holders of rec. Aug. 7
Common (quiz.)
Common (extra)
1)e Sept. 1 Holders of rec. Aug. 20
12 Hc Aug. 15 Holders of rm. July 31
Muskogee Co., pref. (guar.)
(quar.)
Aug. 1 Holders of rec. July 204 Seaboard Surety Share' of Del., corn..
$1
70. Aug. 1 Holders of rec. July 13
Nash Motors (guar.)
Seaboard Utilities
1(4 Aug. I Holders of rec. July 16
6214c Aug.1 Holders of ree J1/17 96
National Bearing Metals, pref.(guar.)
Sears Roebuck &
com. (guar.)700 OM. 15 Holders of coo Sept lea Securities Co.(N. Y.)
Aug. 15 'Holders of rec. July 30
'2
corn.(gum.)
National Biscuit.
of rec. July 22
1(4 Aug. 31 Holders of roe Aug 14a
Preferred (guar.)
General, eon,.(quiz.).. •10e. Aug. 1 *Holders of rec. July 22
Aug. 1 Holders of rec. July 204 Securities Corp.
.61.75 Aug. 1 *Holders
National Carbon. pref. (quar.)
$7 preferred (guar.)
$1 Aug. 1 Holders of roe. July 15a
"51.50 Aug. 1 *Holders of rec. July 22
National Dept. Storm, let pref. (quiz.)
$6 preferred (guar.)
15a
75e Aug. I Holders of reo July 15
500.
National Distillers Prodnotst. corn. [gni •1% Aug. 1 Holders of roe July 10
Seeman Bros.. corn (tins,'.)
Aug. 1 *Holders of roe. July
*35c. Aug. 1 *Holders of rec. July 20
Nat. Guar.& Floe lot & Ind Prof.(qu)
Selby Shoe,common (guar.)
Aug. 1 Holders of me. July 22
*1% Aug. 1 *Holders of rec. July 20
62(40
National Investment Shares, Prof
Preferred (guar.)
114 Aug. 1 Holders of rm. July 17e Serv. Sta., Ltd.(Toronto) cum. pt.(an.) 1% Aug. 1 Holders of rec. July 15
National Lead. preferred B (guar.)
Holders of rec. July 15
TrustNational Republic Invest.
Cumulative preferred, series A (guar.) 11.4 Aug. I 'Holders of rec. July 16
.25c. Aug. 1
Pref. allotment certificates(quiz.).... *50o. Aug. 1 *Holders of rec. July 25
Sven Leather, common (guar.)
1
87%c. Aug. 1 Holders of rec. July 17a
Nat. Securities Invest.. pref. (quar.)_-_ _ *114 Aug. 15 *Holders of rec. Aug.
pref. A (guari
Sharp Dohme, Inc.,
-tern It 'Butlers of roe Rept 1
el
National Short Term Securelee4heefter It a Pc,,corernon___ '
.
(bet. 20 "Holders of rec. Sept. 30
*2
150. Aug. 1 Holders of rec.July la
Common A (guar.)
.
"referred (guar.)
bh
Aug. 1 Holders of roe. July 3
1740 Aug. 1 Holders of roe. July 11)
(guar.
cony pre?
Preferred
Shenandoah Corp..
Aug. 15 *Holders of rec. Aug. 5
13He Aug. 1 Holders of rec. July 14
National Tea. pref.(gmar.)
Shumacher Wall Board, Partly. Pf.(qui *500.
1 *Holders of rec. July 13
*fic. Aug. 1 *Holders of rec. July 15
Nation-Wide Secure Trust, MN.ser. B_ _
(Isaac)& Bros. Co.. pref.(qui _ _ '134 Aug. 1 Holders of rec. July 20
sliver
•Iye Sept. 1 *fielders of roc Aug 2,0
Aug.
Neiman-Marcus Co., Prof. (guar.)
Simpson,. Ltd. (Montreal). el. A (aunt.) 50c. Aug. 1 Holders of rec. July 204
15.4
*14 Dec. I *Holders of rec Nov. 20
Preferred (gear.)
6(4% preferred (guar.)
134 Aug. 15 Holders of rec. July 156
Aug. 1 Holders of rec. July 15
1
Netener Bras.,Inc., pref.(gum.)
Solvay Amer. Investment. pref. (guar.).
15
31
Neon Prod. of West. Can..6% prefequi *750. Aug. I *Holders of rec. July la Sou. Pas. Golden Gate cl. A & B (qui '37%c Aug. 15 "Holders of rec. July 81
•11e Aug. 15 *Holders of rec. July
Aug. 15 Holders of rec. Aug. I
Neptune Meter, preferred( guar.)
Preferred (quer.)
No
Holders of rec. Sept.15a
Oct.
Nov. I6 Hoiden or
1
pref.(qu.) _
(oust
P-eferred
Sewer Chelfant & Co Inc.,
'Holders of rec. July 15
Sept. 1 *Holders of rec. Aug. 15
"25e. Aug.
Newberry (J. J.) Co., pref. (guar.)
Squibb (E. R. & Sons, corn.(quari
*Holders of rm. July 15
Aug. I Holders of ree July 1.6
'154 Aug.
Newberry (J. J.) Realty. pref. A (quiz.)
First preferred (quer.)
Holders of rec. July 20
Aug. 1 Holders of me July III
50c. ;Aug.
PreferredB Omar 1._
Standard Investing corp., pref
Aug. I *Holders of reo. July 20
374c Aug. I *Holders of rec. Aug. 1
'
New Amsterdam Casualty, Balt.(gU)
Stanley Works, prof (guar.)
Holders of rec. July 7
July I *Holders of rec. June 28
New England Box, pref. A & B.(guar.).
Canada, corn & rad (quiz,) 4334e Aug.
Steel Co of
Aug. 1 Holders of rm. July 15
40c. ,Aug. 15 Holders of rec. Jell' 31
New England Equity Corp. (quar.)- Stein (A.) & Co., common (guar.)
31
'43(4c Sept 30 •HoMses of roe. Bor4.13
N. E. Furniture & Carpet. pref. (qu.)... *1% Aug. 15 *Holders of rec. July
title Baer & Fuller, pref.(guar.)
431
• ,4olDee 31 *Holders of ree. floe. 15
Hew England Grain Prod.
preferred (quiz1 Aug. 1 *Holders of roe. Ally 14
*25ce Aug. 1 *Holders of roe. July 20
Corn.(1-100 Share In pref. A steak)
Storkline Furniture. pref. (quar.)
Febl'32'Hold, of reo Jan 14'32
"Wee Aug. 1 'Holders of rec. July 22
Corn.(1-100 share In Prof. A Moak)
visas A & B (quer.)
Stouffer Corp..
Oct. 1 *Holders of me Sept. 20
. !Aug. I *Holders of rec. July 15
91.75
$7 preferred (gnat.)
Suburban Elec. Securities, let Prof.(an.) 114
75e.IAug. 1 Holders of rec. July 20
*$1.75 Jan2'82 *Holders of roe Dec 20
$7 preferred (guar.)
Sun [westing Co.. pref. Meer.)
I
of reo July 23
111.50 Oct. 15 'Holders of roe. ()et
Preferred•
(gear.)
Superior Portland Cement. el. A (mthly.) '274c Aug. I "Holders of rec. July 25
100. July 31 *Holders
.
41.50 Ja15'32 "Hold of me Jan 9 '32
Preferred•
(awl
Sutherland Paper (guar.)
*144 Aug. 1 *Holders of rec. July 24
2504 Aug 1 Holders of ree. July 15
New Haven Clock, pref.(guar.)
CO of America. Inc.(guar.)
Sweets
500. Aug. 10 Holders of rec July 204 Swift International
$1.50 Aug. 15 Holders of rec. July 15
New Jersey Zinc (guar.)
18
15c.lAug. I July 18 to July 81
New River Co., Prof. (ricer. accum. Mee) 1% Aug. 1 Holders of rec. July is Took-Hughes()old Mines, Ltd
26e. Aug. 1 Holders of rec July
35e Aug 1 Holders of me. July 166
corn (Quiz.)
New York Air Brake (quer.)
Telautorraph Corp
*200. Aug. 1 *Holders of rec. July 20
250 July 31 Holders of rec. July 21
N.Y.& Honduras Rosario Mining
Telephone invest.. Corp. (monthly)
20
75e. Sept. 15 Holders of rec. Sept. le
New York Merchandise Co.,corn.(qu.)- *25e. Aug. 1 'Holders of rec. July 20
Texas Gulf Sulphur (quer.)
Aug. 1 *Holders of rec. July
*I
9O. Aug. 15 Holders of roe. Aug. 5
Preferred (guar.)
Thatcher Mfg , cony. pref. (guar.)
15 Holders of rec. July lea
.20e. Aug. 1 'Holders of roe. July 23
Aug.4
1
Niagara Arbitrage Corp.
(No.1)
The Water 011, pref.(quer.)
I
of roe. Om.
Holder' of rec. July 24a
Nineteen Hundred Cont.. el. A (quiz.)-- *50e. Aug. 15 "Holders
Tobacco Products Corp.. class A (guar.) 20c. Aug. 15 Holders) of rec. July ea
Nov.15 *Holders of rec. Nov. 1
25
500.
*
Clam A (quits.)
Tramemeriea 'ore. Omar.).
*10c. Aug. I *Holders of rec. July 20
*50c.;Aug. 1 'Holders of rec. July 20
Noma Electric Co. (guar.)
TrImount !hedging, class A (We)
-So Aug. 1 "Holders of tee Juts 11,
*25e.t Aug. 10 *Holders of rec. July 31
Northern Discount prof A (mthly.)..'682
Trunz Pork Stores (guar.)
•662-Sc Sept. 1 *Holders of me Al1R 16
leeelOot 15 [folders of roe. Sept.256
Preferred •(monthly)
Trusoon Steel eon) (guar.)
15
•144 Sept. 1 'Holders of rec. Aug. 21
•662-10 Oat. I *Holders of roe Sept 15
Preferred A (monthly)
!quer )
Preferred
of rec. July 20
662-30 Nov. 1 *Holden) of rm. Oct.
Preferred A (monthly)
Tung-eol Lamp Works. Time corn.(Qui- *25c. Aug. 1 *Holders of rec. July 20
Dee. 1 *Holders of rec. Nov. 15
.750. Aug. 1 *Holders
Preferred A (monthly)
Preferred ((Mari
603-50 Jan1'82 "Holders of rec. Dee 15
Preferred A (monthly)
prof. A (qu.) *25c. Aug. 1 *Holders of rec. July 24
Twelfth Street Store Corp..
Aug. I "Holders of tee J1117 18
el
*500. Aug. 9 *Holders of rec. July 18
Preferred 0(monthly)
Oil Associates (guar.)
Sept. 1 "Holder. of rec. Aug lb
aI
50c. Aug. 10 Holders of rec. July 186
Preferred C (monthly)
Union Oil of Calif (guar.)
Oct. I "Holders of tee Sept le
eg
500 Sept. I Holders of rec. Aug. 164
Preferred 0(monthly)
United Biscuit of America, corn. (qu.)..
Nov. 1 *Holders of roe. Oct 15
*1
let Aug. 1 Holders of reo. July 164
Preferred 0(monthly)
Preferred (guar.)- 114
104
Dec. 1 "Holder, of ree. Nov
*1
Preferred C (monthly)
pref.(qu.) 1)4 Aug. 1 Holden of rec. July 96
United clear Stores of Amer..
re 5.32 "Holders of rec. Doc if
ey
.
Nov 2 Holders of rec Oct.
1
Preferred 0(monthly)
Preferred (goat)
I "Holders of rev Rent. 20
*2 2.861c Aug. 1 'Holders of rec. June 20
Northland Greyhound Lines. pf. (rel.)-• 51.625 Oct. 1 "Holders of rec. July 15
United
United Ins. Tr.Shares,ser F
*200. Aug.
Aug. i Holders of rec. .11.117 151
Northwest Engineering (guar.)
llnited Piece Dye works. corn.(Quiz.).
of rm. July 31
.
50e Nov 1 Holders of rec. OeS. 134
Noyes(C. F.) Co.. Inc.,6% pref.(qu.)_ •134 Aug. 1 *Holders of rec. July 20
Common (guar.)
500. Aug. 1 *Holders
134 (lot. 1 Holders of roe. Sept.194
Oliver United Filters. clam A (quit.)... .
Preferred (enter.)
.
Oet.
144 Jetil'32 Holders of roe, Den. 194;
Ontario Tobacco Plantations, Prof.(qu.) 1
Preferred (quiz.)
Jaw '32
I
I Holders of reo. Jule 15
100.
Preferred (rwarter1v)
corn. A (WI.)
750. Aug. 15 Holders of rec. July 31a U.S.& Brit. Internat. Co.,
Holders of rec. July 15
75e. Aug.
Oppenheim Collins & Co., corn.(guar.).
S3 preferred (guar.) •
Aug. 1 Holders of rec. July 20a
51
'El 50 Aug. I "Holders of rec. JULY 2
Outlet Co., common (guar.)
of rec. July 2.0e U. 8 Eleo Power Corp.. Prof. (guar.)-- '25c. Aug. 1 "Holders Of rec. July 31
1H Aug. 1 Holden;
First preferred (guar.)
Fidelity & Guar. (Bait,) (quer.)-U.S.
)4 Aug. 1 Holders of me July 20
Holders of me. July 116
Aug.
Second preferred (guar.)
(
U. & Foreign Securelee, let prof. 1111.) $I 50
of rec. July 20
25c. Sept.15 Holders of rec. Aug. 17
Package Machinery, 151 pref.(quari_ •1ze Aug. 1 *Holders of rec. July 25
U.S. Realty & Improvement
Holdelli Of roe Sept.306
*500. Aug. 1 *Holders
Stir .rt
Parker (S. C.) & Co., class A (quar.)
corn.(quineed 'teem Pape & edy..
*25e. Aug. 1 *Holders of rec. Aug. 1
50e 1n2t1'32 Holders of reo. Dec. Ma
Parker Pen, common (quiz.)
Common (guari
•114 Aug. 1 "Holders of es. July 15
Oct. 20 Holders of rec. Sept.304
Peabody. Coal, pref. (guar.)
Firs preferred (guar.)
of rec Sept 20
32 Ffoldere of roe flee. 31a
811e. In.20'
Peabody Engineering. pref.(awe _ _ .114 Sept.30 *Holders
[Mrs nreterred (quiz.)
'1(4 Dee. 3 'Molders of roe Dee SO
25e. Aug. 1 Holders of rec. July 2a
Preferred (guar.)
United Verde Extendon eflnine (guar.)
75o Aug. 1 Holders of reo. July 176
-- 134
Peaslee-Gaulbert Corp., pref. (guar.) ' Oct. 1 "Holders of me. Sept. 25
Tobacco, one). (guar.)-Universal Leaf
Aug. 15 Holders of reo. Aug. 5
$1
Oct. I 'Holders of rec. Sept. 15
"el
Penman.) i.td . common (guar.)
Upressit Metal Cap, pref. (guar.)
134 Aug. I Holders of rec. July 21
"314 July 25 'Holders of rec. June 80
Preferred (quiz.)
Co., preferred
74c Aug. 1 Holders of rec. July 15a Urban Mortgage Rails Shares
10c Aug. 1 Holders of rec. July 9
Penn Traffic Co
Utilities Hydro &
Holders of ree Aug 15
Holders of rec. July 31
.
Pennsylvania Bankshares & See. pf.(qu.) .62140 Sept. I "Holders of me Nov 15
Utility & Industrial Corp., pref. (altar.) 373.4c Aug. 20 *Holders of roe. Sept. 1
.132140 Dec. 1
Preferred (gnarl
'134 Sept. 10
Vapor Car Heeling prof.(
guar.)
•14 T11,0 10 *Holler* of ree. Dee.
Pennsylvenla Industries, Too. prof.(on.) "114 Aug. 1 *Holders of rec. July 15
.
.
Preferred ewer I
•14 Nov. 2 "Holders of rec. Oct. 15
Aug. 1 'Holders of rec. July 8
Preferred (gum.)
Victor Talking Machine,common (guar.) *el
Pennsylvania investing Co., cl. A (qu.)_ 62)4c Sept. 1 Holders of rec. July 31
(guar.). '154 Sept. 1 *Holders of rec. Aug. 17
$1.50 Aug. I Holden, of me July 15a Va.-Carolina Chem.. prior pref.
Oct. 20 Holders of roe. Oct. 74
Phila Insulated Wire
•
1
1(4 Aug. 1 Holders of rec. July 20e vulean Dettnning. corn.(guar.).
Phillips-Jones Corp.. pref.(guar.)
134 Oct. 20 Holder) of rec. Oct. 7a
Preferred (quer.)
- *50o Oct. 10 *Holders of roe Sept 30
*75c Aug. 1 'Holders of roe. July 20
Phoenix Finance Corp.. Prof.(guar.).
Walker Mfg. Co.$3 pref. (guar.)
500 In10'32 'Holders of roe nee el
*
"Holders of reo. Sept. 21
500 Oct.
Preferred (guar
.
Waltham Watch. 6% pref guar.)
"100 Aug. I *Holders of rec. July 20
1 •Flolders of rec. Aug. 15
Pioneer Mill Co., Ltd.(monthly)
Weber Showcase & Fixture, 1st prefegu) .500 Sept.20 *Holden of ree. June 30
1
of roc
15
Pitney-Bowes Peetage Meter (in artock)_ _ 'el Dec. 1 "Holders of roe. Sept 20
prof. '8754eDec.
Westchester First National Corp..
Holders
July
Holders of rec. Aug. 1
H Aug. I
Pittsburgh-Erie Saw Corp., pref.(guar.) $1.75 Aug.
prof. IMO 17(40 July 26 Floldme of tee June 300 Wen ea. Pulp & Paper.6%
Pittsburgh Screw & Bolt (guar.)
1% Nov. le Holders of rec. Nov. 2
6% preferred (guar.)
'Holders of rec. July 21
United Corp., pref.(quar.)- lee Aug. 1 Holders of rec. July 110 Western Grocer (Iowa), corn. (guar.).- 37%c Aug.
'
Pittsburgh
134
' Aug. 1 *Holders of rec. July 15
*Holders of rec. July 15
Pogue (H.& B.) Co., prof. (guar.)
'
Western Inseranoc Security. 01. A (qu.)- 62%c Aug.
15e Aug. 1 Holders of rec. July 15
*Holders of me. July 15
'114 Aug.
Port Huron Sulphite & Paper (guar.)
P`efereed (quer.)
*50 Aug. 1 'Holders of ree. July 21
Holders of rec. July 20
corn.(guar.)
Proms, Corp..
Ltd., pref. (guar.)---- lee Aug. 1 Holders of roe. Ally 15
- 60c Aug. 15 Holders of rec. July 256 Western (Geo.).
Procter dr Gamble,common (guar.).
Products, let pref. (guar.) 144 Aug. 1 Holders of rec. July 15
Aug. 15 11 • eiers of tee J1111 24a Western Steel
$1
4
*14 Aug. 1
Pullman. Inc.(guar.)
Western United Corp., pref. (luar.)---July 31
to
•100 Aug. 1 July 18
500. July 31 Holders of roe. June 30a
Perene Mfg.. Man.(guar.)
Weatilerhottee Airbreks (guar.)
' Aug. 31 *Holders Of roe. Aug. 1
134
July 81 Holders of rec. July 60
Quaker Oats. pref. (quer.)
Westinghouse Elec. Mfg.. corn.(guar.).- $1
Cold Storage de Ware$1 July 31 Holders of rec. July ea
Quincy Market
Preferred (quite,)
•15e Aug. 1 *Holders of rec. July 16
.156
300. Oct. 1 Holders of rec. Sept,
house, pref. (guar.)
Inc. (guar.')
Weemoreiand.
*50e. Aug. 1 'Holders of roe. July 25
25c. July 31 Holders of rec. July 206
Randall Corp., claps A (quiz.)
Wilcox Rich corp.. clam B
20
106 Aug. 15 Holders of reo. Aug. 1
Raymond Concrete Pile. pref. (altar.) - *750 Aug. 1 *Holders of rec July 25
Will•resumer Candle, corn. (guar.)--of rec. June
Aug. 1 *Holders
Reeky name,special (payable In stock) *03
'1740 Aug. 1 *Holders of roe. July 20
Williams(R. C.)& Co., corn.(guar.)
60o. Aug. 1 Holders of rec. July 21
Aug. 1 'Holders of roe. July 20
*El
Reed(C. A.) Co.,class A (guar.)
Wil-Low Cafeterias. pref. Moat.)
12 H c Aug.Holders of rm. July 21
It Clam 1)
314 Aug. 15 Holders of rec. July 15
Wilson Line. Inc.. 7% pref
'1% Aug. 1 *Holders of rec. July 15
Aug. I 'Holders of res. July 15
Republic Service Co.. pref. (guar.)
,1%)
winos!' Hosiery 0001. 03119
15 Holders of roe Oct.I
The.
• ti Nov 1 *Holders et roe. Oct. 15
Republic Supply Co. (guar.).
- _
ifinnr .
Holders of rec. July 104
July 25 Holders of rec. July 20
$4
Revere Copper & Braes. prof.(guar.).- 154 Aug. 1 "Holders of rec. Aug. 1
Petroleum Corti (*Perla!).
Wolverine
*25e. Aug. 15
Reymer & Brea. (guar.)
596
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cons. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Woolworth (F. W.) Co.(guar.)
600. Sept. 1 Holders of ee. Aug. 100
Worcester Salt Co.. Pref. guar.)
*155 Aug. 15 *Holders of rec. Aug. 8
Wrigley(Wm.)Jr. Co.(monthly)
25c. Aug. 1 Holders of roe. July 206
Monthly
50e. Sept. 1 Holders of roe. Aug. 20a
Monthly
25e. Oct. 1 Holders of rem Sept. 200
Monthly
250. Nov. 2 Holders of rec. Oct. 206
Wurlitser (Rudolph) Co., corn. (mthly.) •50o. July 25 *Holders of rec. July 24
Common (monthly)
•
500. Aug. 25 *Holders of rec. Aug. 24
Common (monthly)
*50c. Sept.25 *Holders of rec. Sept.24
*1 g Oct. 1 *Holders of rec. Sept. 19
7% preferred (quer.)
•14i Jan1'32 *Holders of rec. Dec. 19
7% preferred (quer.)
•15,1 Aprl'32 *Hold.of rec. Mar.19'32
7% preferred Gloat.)
*IA Julyr32 *Hold of rec. Joe 19'32
7% preferred (quar.)
Zinke Renewing Snore Corp., tom.(qu.)_ *1 Si0. Oat. 2 *Holders of roe. Sept 5
Preferred (auar.)
*3o. Oct. 2 *Holders of roe. Sept. 15
•From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted es-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not Wooed for this dividend.
d Correction. e Payable in stook.
f Payable in common stook. p Payable in scrip. h On account of accumulated
dividends. J Payable in preferred stock.
American Commonwealths Power corn. A dr B dividends are payable in corn. A
stock at rate of one-fortieth share.
k The dividend of 35c. on Southern Ry.com,stock is payable out of 1930 earnings
and with the $1.65 declared out of 1929 earnings makes $2 payable Aug. 1 on common stock. No further dividend will be paid in 1931 on common stook.
1 Central States Elec. Corp. cony. pref. dividends are payable as follows: Series
1928, 3-32nds share common stock or $1.50 cash; series 1929, 3-16ths share common
stock or $1.50 cash.
Distillers Co., Ltd., dividend is 28. 6d.
Corporation Securities Co. pref. dividend Is payable in common stock at rate
of 1-40th share. Holders desiring cash must notify company on or before July 10.
o Central West Pub. Serv. class A div. is payable in class A stock. Stockholders
have option of taking cash at rate of 37140. per share. On the pref.stock outstanding
less than two years only 151% will be paid.
p American Cities Power & Light class B thy. Is payable in class B stock
. Electric .Shareholdings Corp. pref. dividend payable in cash or 44-1,000ths
y
share common stock.
r Public Utilities Securities stockholders have option of cash or 1-20th share
common stock of Utilities Power dr Light.
o New York Dock dividend erroneously reported in last week's issue as having
been omitted.
w Less deduction for expenses of depositary.
y Western Continental Utilities dividend Is payable in cash unless holder notifies company of his desire to take class A stock-1-40th share.
ass Associated Gas dr Electric class A dividend is 1-50th share class A stock.
Holders have option of taking 1-200th share of 35 pref. or 25e. cash in place of the
class A stock dividend. The $4 preferred dividend Is optional either 1-70th share
$4 preferred stock or $1 cash. Holders desiring cash must notify company on
or before July 10.
bb Shenandoah Corp. pref stock dividend will be paid one-thirty-second share
corn, stock unless holder notifies company on or before July 13 of his desire to take
cash-75c. per share.
cc Middle West Utilities $6 pref dividend Is optional either cash or 3-80th's share
common stock.
dd Blue Ridge Co. pref. dividend will be paid 1-32d share common stock unless
holder notifies company on or before Aug. 15 of his desire to take mrsh-75e. per sh.
se American Cities Power & Light class A dividend is payable in class B stock
at rate of 1-326 share unied holder notifies company by July 14 of his desire to
take cash-750.
[VOL. 133.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Publio
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending July 17:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 17 1931.
NATIONAL AND STATE BANKS-Average Figures.
Loans,
Other Cash Res. Dep., Dep. Other
Disc. and
Gold. Including N. Y. and Banks and
Gross
Investments.
Bank Notes Elsewhere. Trust Cos. Deposits.
Manhattan$
$
Bryant Park Bk 1,338.300 63,000
Grace National_ 18,981,131 1,650
Brooklyn
Brooklyn Nat'l_
8,096.800 17,009
Peoples Nat'l_ _
6,680,000 5,000
$
$
$
$
47,100
295,300
1,128.400
64,962 1,964,549 2,431,020 18,575,220
115,900
108,000
513,200
479,000
529,700
125,000
5,633,200
6,800,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Investments.
Cash.
Reeve Dep., Depos.Other
N. 1'. and Banks and
Gross
Elsewhere. Trust Cos. Deposits.
Manhattan$
8
$
Bank of Europe & Tr. 13,214.514
689,043
328,700
Empire
77,777,400 *4,962.300 7.760.100
Federation
16.568,022
110,067 1,098,212
Fulton.-...
19,640,400 *2.420,600
705.100
United States
71,876,811 5,000.000 14,740,855
Brooklyn
Brooklyn
111,652,000 2,167,000 32,432.000
Kings County
27,818,374 2,039,875 3,946,303
Bayonne, N. J.
Mechanics
8,233,964
295,895
677,251
$
$
-------12,651,000
3,029,700 78,310,000
330,640 16,381,530
299,700 18,257,500
62,164,555
975,000 122,975,000
___ 27,124,193
299,771
8 289. 48
,
3
'Include, amount with Federal Reserve Bank as
follows: Empire $3,531,000;
Fulton, $2,225,400
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
July 22
1931.
Capital
Changesfrom
Precious
Week.
$
$
93,875.000 Unchanged
Week Ended
July 15
1931.
$
93,875,000
Week Ended
July 8
1931.
$
93,875,000
86,772,000 +1,283.000
Weekly Return of New York City Clearing House.
85,489,000
- Surplus and profits
95.859,000
Loans, disets & investla. 1,016,333,000 -15.908.000
1,032,241,000
Beginning with March 31 1928, the New York City Clearing Individual deposits617,105.000 -3,408,000 620,513,000 1,008,937,000
625,325,000
Due to banks
157,467.000 -6,271.000 163,738,000 169,215.000
House Association discontinued giving out all statements Time deposits
264,097.000 -2,677,000 266,774,000 269,610,000
United States deposits
12,670,000 -2.048.000
previously issued and now makes only the barest kind of Exchanges for Cig. House 15,019,000 -2,202,000 14,718,000 17,363,000
17,221,000
21,093,000
other banks__ _
89,794,000
a report. The new returns show nothing but the deposits, Due from legal depotitles 82.658,000 -7,666.000 97,460,000 128,849,000
Res've in
+521,000
82,137,000
85,200,000
with the capital and surplus. The Public National Cash In bank
along
5,933,000
-168,000
6,101.000
6,925,000
3,605.000
+162,000
3,443,000
5.737.000
Bank & Trust Co. and Manufacturers Trust Co. are now Ree've in excessin F.R.Bk
members of the New York Clearing House Association,
Philadelphia Banks.
-Beginning with the return for the
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures week ended Oct. 11 1930, the Philadelphia Clearing House
given below therefore now include returns from these two Association began issuing its weekly statement in a new
new members, which together add $35,750,000 to the capital, form. The trust companies that are not members of the
$37,753,100 to surplus and undivided profits, $178,104,000 Federal Reserve System are no longer shown separately,
to the net demand deposits and $103,726,000 to the time but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
deposits. We give the statement below in full:
included. One other change has been made. Instead of
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
showing "Reserve with Federal Reserve Bank" and "Cash
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 18 1931.
in Vault" as separate items, the two are combined
under
*Surplus and Nd Demand
designation "Legal Reserve and Cash."
Time
Undivided
• Capital.
Deposits,
clearing House
Deposits,
Reserve requirements for members of the Federal
Members.
Profits.
Average.
Average.
Reserve
System are 10% on demand deposits and 3% on
$
$
$
$
time de14,254,900
6.000,000
65,721,000
Bank of NY & Trust Co
15,319,000 posits, all to be kept with the Federal Reserve
Bank. "Cash
50,760,200
22.250.000
259,194,000
Bank of klanhat'n Trust
51,887,000
32,713,600
36,775.300
124.868,000
Bank of Amer Nat Assn
48.130,000 in Vaults" is not a part of legal reserve. For trust
comNational City Bank__ 110,000,000 115,769.100 a1,045,954,000 192,407,000
panies not members of the Federal Reserve
21,000,000
44,260,900
239,975,000
Chemical Bank & Trust
27,816,000
System the
90.000.000 208,427,000 5942,292,000 141,268.000 reserve
Guaranty Trust Co
required is 10% on demand deposits and
16,446,600
16.200.000
149,327,000
Chatham Phenix NB&Ti
33,333,000
includes
21,000.000
83,630,600
400,453,000
Central Hanover I3k&Tr
89,495,000 "Reserve with Legal Depositaries" and "Cash
in Vaults." •
15,000,000
32,629,000
173,889,000
Corn Exchange Bk Trust
3
5,579.000
10.000.000 118,516.500
298,710,000
First National Bank23, 39.000
Beginning with the return for the week ended May
4
75,429,400
50.000.000
379.924,000
14 1928,
Irving Trust Co
59,356.000
10,694,000
11.360,200
6.000.000
Continental Bk & Trust_
1,328,000 the Philadelphia Clearing House Association discontinued
showChase National Bank_ _ _ 148,000,000 176,579,800 e1,374.320,000 166,598,000
ing the reserve required and whether reserves held
3,822,600
500.000
27,475,000
Fifth Avenue Bank
3,153,000
are above or
87,792,400 d458,447,000
25.000,000
Bankers Trust Co
83,478,000 below requirements. This practice
is continued.
10,000.000
24,860,800
32,798.000
1,964,000
Title Guarantee & Trust
5Iarine Midland Trust
Lawyers Trust Co
New York Trust Co_ _
Comml Nat Bank & Tr_
Harriman Nat Bk & Tr_
Public Nat Bank & Trust
ganufacturers Trust Co
:hearing Non-Member.
dechanica Tr, Bayonne.
Mtrale
10,000,000
3.000.000
12,500,000
7,000.000
2.000.000
8,250,000
27,500,000
500,000
9,632,800
4,258.700
35.644,000
10,158.000
2,822,400
13.873,300
24,380,500
51,288,000
16.250,000
193,257.000
50,096,000
25,714.000
39,129,000
138,975,000
7,493,000
2,012,000
4
6,468,050
5,813.000
6,254,000
34.751,000
6 .975.000
8
737,100
2,512,000
5.423,000
658.475.300 1.198.758.400 6,501,262,000__
1,151,739 000
.
•As per official report: National, June 30 1931; State, June 30 1931; trust companies. June 30 1931
Includes deposits in foreign branches:(a) 5285,114,000;(5)3108,926,000:(c) $120,305.000; (d) $57,114,000
Week Ended
July 18
1931.
Changesfrom
Previous
Week,
Week Ended
July 11
1931.
Week Ended
July 4
1931.
$
$
$
$
Capital
83,202 000 Unchanged
83.202,000
83,202,000
Surplus and profits
256 015 000
-134,000 258,149,000 258,727,000
Loans, dints, and invest_ 1,509,156.000
+2,959,000 1,506,197.000 1,509,754,000
Exch. for Clearing House_
28,293,000
-162,000
28.455,000
47,126.000
Due from banks
152,423.000 -15.225,000 1
67.648.000 166.885,000
Bank deposits
242,700.000
+727,000 241.973.000 238.777,000
Individual deposits
759,557.000 -12.694,000 772.251.000
Time deposits
437.858.000 +1,195.000 436,661,000 801,111,000
432,230,000
Total deposits
1,440,113,000
Reserve with F. R.Bank_ 121,228,000 -10.772,000 1.450,885.000 1,472,118,000
+192,000 121.036.000 124 1111 aim
JULY 25 1931.]
FINANCIAL CHRONICLE
597
Weekly Return of the Federal Reserv
e Board.
The following is the return issued by
the Federal Reserve Board Thursday afte
rnoon, July 23, and showing the conditio
of the twelve Reserve banks at the close of
n
business on Wednesday. In the first tabl
e 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 liabi
lities separately for each of the twelve
banks. The Federal Reserve Agents'
Accounts (third table following) gives detai
ls regarding transactions in Federal Rese
Reserve Agents and between the latte
rve notes between the Comptroller and
r and Federal Reserve banks. The Reser
ve Board's comment upon the returns for the
latest week appears on page 556 being
the first item in our department of "Cur
rent Events and Discussions."
COMBINED RESO
URCES AND LIABILITIES OF
THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS
JULY 22 1931
July 22 1931. July 15 1931.1 July
8 1931. July 1 193E June 24
1931 June 17 1931.1 June 101931. June 31931
RESOURCES.
. July 23 1930.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Trees_ 2,003,339,000 1,990,864,000 1,904.764.000 1,933,564,00
0 1,903,284.000 1,908,344,000 1,863,674.000
29,084,000
29,321,0001 29,616,000
1,778.164,000 1,558,214,000
30,167,000
30,166.000
32,666.000
33,114.000
Gold held exclusively agst. F. It.
32.614.000
36,814,000
notes 2,032,423,000 2,020,185,000
Gold settlement fund with F. R. Board
'1,994,380,000 1.963,731,000 1.933,
450,000 1.941,010,000,1.916.788.000 1.810.778,00
463,011,000 464.413,000 489,02
Gold and gold certificates held by
1,000 514,492.000 475.278.000 466,9
0 1,595,028,000
banks. 928,913,000 924.551.00
69.000 492.820,000 58.5,115.000
0 943,604,000 933,818,000
601,767.000
973.801.000 947.310.000 867,395,000
Total gold reserves
863.217.000 827,432,000
3.424,347,000 3.409.149,000 3.427,
Reservee other than gold
905.000 3,412,041,000 3.382.589,00 3,355,
173,604,0001 171.989,0001 164,04
0
289.000 3,277.003,000 3.259,110,000,3,02
2,000 167,257,000 175.059.000 170.98
4,227.000
5.000 167.599.000 167.948,000'
Total reserves
169,834,000
3,597,951.00013,581,138,000 3,591,
Non-reserve cash
947,000 3.579.298.000 3.557,648.00 3,526,
0
78,899,000
274,0003,444,602,000 3.427.058.000
Bills discounted:
77.133.0001 68.713.000
3,194,061,000
65.011,000
74.422,000
71,114,000
Secured by U. S. Govt. obliga
74.673.000
67.930.000
67,835,000
tions
78.204,000
59,997,0001 59,787,000
Other bills discounted
46,395,000
86,006.000
76,323.000
103,398,000 101.806,0001 102,599.000
77,098.000
67,140,000
103,805,000 111.672.000 109,06
59,629,000
5.000 107,657,000 105.086.000 130,94
Total bills discounted
1,000
181.602,000 161.803.0001 162,386,000
Bills bought In open market
150,20
67,033,000
O. El. Government securities:
70,408,000 i 91.788.000 103,340,000 197,678.000 185.388,000 184.755,000 172,826,000 190,570,000
1,000 106.390,000 106.814,000 127.21
Benda
7,000 134.155,000 150,523,000
189,946,000 185.781,0001 183,393,000
Treasury notes
188,395,000 136,840.000 117.209,000
46,242,000
49,760,000 1 51,748,000
77,118,000
Certificates and bills
73,715,000
60.741,000
42,750,000
53,882,000
52,233.000
441,813,000 442,312,0001 432,812.000
52,227,090
52.223.000 260,83
414,263,000 427.781,000 429,562,00
0 469,679.000 472.405.000 272,555,000
Total U.S. Government
securities
4,000
678,001,003 677.853,000: 667.953,000
Other securities (see note)
663,399,000 618,503,000 599,004,00
7,174,000
Foreign loans on gold
11.093,000
0 599,024.000 608.348.000 576,139,009
9,975,000
10,601,000
8.063,000
9,248,000
1,687.000,
1.687,000
7,323,000
16,700,000
Total bills and securities
933,810,000 921,157,000 932,102,000
Due from foreign banks (see(see note)
927,541,000 947,334,000 900,454.000
note)
725,000
Federal Ittnerve notes of
3,725.0001
912.683,000 907,016.000 924,555,00
3,726,000
other banks
1,426,000
0
2,699,000
15,862,000
699.000
Uncollected Items
16,465,000, 14,20
698.000
698 000
14,942.000
705,000
17.404,000
448,044,000 566.211,000, 498.7 E000
15,467,000
Dank premises
15,309.000
15.121
36.000 533.070,000 446,117,000
570.441,000 468.173,000 547,3 .000 553,600,000
58,913.000
All other resources
58.834.0001 58,834,000
49,000
58.783,000
22,175.000
58,762,000
26,939,000
58,730,000
26.906,000
58.618.000
25,999,000
58.585.000
59,572,000
26,4'25,000
22.702.000
22.692,000
Total resources
21,045,000 .20,917.000
13,146,000
5 161,143,000 5.251,569,000 5.194,258,00
LIABILITIES.
0 5,206,496,000 5.127.168.000 5,165.
P. R notes In actual circul
871.0004,995.801.000 •5.044,674.006 4,835,
ation
649,000
1,730,752,000 1.716.621,000 1,736,922,00
Deposits:
0 1.738,396,000 1.674,189.000 1,668,
313,0001,641.049,000 1.583,574,00
Member banks--reserve
0 1,356,180,000
account
2.431,802,000 2,435.530,000 2,439.
Government
578,000 2,389,211,000 2,457,474,00 2,401,
0
17,990,000, 17,501,000,
1 14,000 2,397.856,000 2.388.535,00
Foreign banks (see note)
0 2,432,086,000
41,182.000
59,459.000
58,481,0001 56.159,0001 16,060,000
43.573.000
Other depomits
14,313,000 *58.482.000
39,875.000
35,625,000
18,882,000
19,087.000
26,732,000 1
5.676.000
30.662,000
6.693,000
31.833,000
6.542.000
34,830,000, 19,918.000
5,760,000
22,136,000
Total deposits
21,140,000
30,379,000
27,884.000
2,535,005,000 2,539.852.000 2,527,
Deferred availability Items
346,000 2,500,848,000 2.556,838,00
.
0 2,472,499.000 2,440,011,0001 .1.4S3,
'
Capital paid In
93(.000 2,484,612,000
435,785,000 564.842.000
166.796,000 166,844,0001 167,979,000
Surplus
453,037.0001
274.636,000 274.636.000; 274,630,000 168.170.000 168,244,000 168.325,000 168.370.000 617.116.000 532,922.000
All other liabilities
168.419.000 169,882,000
274,636,000 274,636.000 274.636.000
13,514,000
13.163,0001 13,007.000
274.630.000 274,636,000 276,936,000
12,631,000
17.476,000
17.256,000
Total liabilities
17,798,000
16.991,000
15.117,000
5,161,143,000 5.25E569.000 6,194,
Ratio of gold reserves to deposits
258,000 5.206.496,000 .5,127,168,0
and
00 5,165,871.000 4.995,801.00
F. R. note liabilities combined
0 .5.044.674000 4,835,649,000
80.2% 1
Ratio of total reserves to deposi
80.0%
80.3%
ts and
80.4%
79.9%
F. R. note liabilities oombi
81.0%
80.3%
80.1%
78.7%
84.3%1
Contingent liability on billsned
84.1%
84.2%
84.4%
84.1%
85.2%
for foreign correspondents purchased
84.4%
84.2%
83.2%
298,111.0001 289,851,000 302,0
20,000 335,334.000 367.700,000
378.717,000 370,185,000 375,3
Maturity Distribution of Bills
3E000 481,315,000
and
Short-Term Secur0ies1-16 days bills bought in open marke
t_
19,067,0001 21,373,000
1
1-15 days Mlle discounted
35,792,000, 52.167,000
57,073
111,950,000! 93,597,000
49,808,000
1-15 days U. EL centl of indebt
52.076
94,801.000: 82.508,000 126,33 ,000
82.110,009
26, ,
e50 000, 20,500.000
73,456,000
2,000 116,017.000 116,07 ,000
1-15 days municipal warrants_ edness
5,500,000
1,000 107,645.000
99,648,000
9,300.000
16-30 days bills bought in open
10,617,000
22.352.000
market
10,764,000
11.710,000
16-30 days bills discounted
12,203.000
18.788.000
27,8320300
12,963,000', 13.672.000
32.025.000
16-30 days U. S. certif. of indeb
39,003.000
13,676,000
33.242.000
12.509.0(10
30.306,000
14,470,000
26,700,000, 12,850.000
15,101.000
16-30 days municipal warrants tedness_
16,426,000
26,850.000
14,893.000
10.500,000
19,947,000
15,500,000
99,000;
93,000
20,500,000
31-60 clays bills bought In open
39,300,00
39.300.001,
market
48,027,000
5,591,000
8.568.000
31-60 days bills discounted
14.688,000
16.157.000
51,000
21,769,000! 20.157,000
17.280,000
20,665.000
31-60 days U. S. certif. of indebt
30.927.000
19.967,000
34,418.000
19,765.000
28,720,000
105,597,000: 54.125,000
22.208.000
20,938,000
31410 days municipal warrants edness
21,433,000
55,125.000
21,324.000
37,550,000
29,033,000
57.550.000
31,850,000
61-90 days bills bought In open
51,350,000
75,000
35.500 000
76.000
market
94,576,000
31,490,000, 28.682,000
63,000
48,000
01-90 days bills discounted
28,996,000
16.223.000
21,902,0001
4,088,000
19.528.000
4,200,000
61-90 days U. S. certif of Indebt
5,034,000
18.857,000
4,008,000
15.976.000
15,592,000
edness
15.907,000
29,700,000
97.171.000
14,767.000
61-90 days municipal warrants
13.330.000
96,171,000 124,597,000 131,61
12.185.000
28,739,000
5,000 155,297,000
Over 90 days bulls bought In open
50.125.000
69,050 000
market
101,0001
75.000
Over 90 days bills discounted
37.000
114,000
37.000
6,000
13,018,000, 14,849.000
117,000
116,000
Over 90 days certif. of Indebt
177,000
15.615
377 000
19.442,000
edness
2,449,000
252,966,000, 257.666.000 249,1 .000
18.761
18.565,000
Over 90 days municinal warran
17,495.000
66,000 241.616.000 223,11 ,000
16.779
15,203,000
ts
6,000 212,615,000 309,287,000 316,20 .000
3.001' 129,951,000
Federal Reserve Notes—
22,000
Issued to F. 11.13k. by F. R.
Agent
2,135,945,000 2,134,063.000
Held by Federal Reserve Bank
2.132.684,000 2,111,944,000 2,097,
405,193.000, 418,342,000
809.000 2,099,019.000 2.076.103,00 1.964,
305,762,000 373,548,000 423.62
0
821.000
0.000 430.706,000 434.154.000 381,24
In actual circulation
7.000
1,703,752,000'1.716,621.000 1,736,
1
922.000 1.738,396,000 1,674.189.00
0 1,668,313.000 1.641,949,000 1.583.574.00
Collateral Held by Auent as
0 1,719,617,000
Security for
Notes Issued to Rant —
By geld and gold certifleates
1
612,709,0001 612,734,000
Gold redemption fund
612,834.000 612.334,000 612,35
4,000 612,364.000 612,394.000 608.38
Gold fund—Federal Reserve Board
4.000 402,905,000
1,390,630,000 1,378,130,000
By eligible paper
1,352.430.000 1.321.230.000 1,290,
210,063,0001 196,431,000 216,20
930,000 1.295.980.000 1.271,280.00 1.169,
0
6,000 222,597.000 285,405,000
780.000 1,155,306,000
277,190,000 301,972,000 284,1162,000
Total
317,947,000
2,213,402,0002.187.295.000
2.180.970 Mil 2,156 161.000 2.188.
NOTE.—Beginning with the state
689.000 2.185,534,000 2.185.646.00
ment of Oct. 7 1925. two new items
0 2,062.226.000 1,876,161,000
foreign correspondents. In additi
were added in order to show separa
on, the caption "All other earnin
tely the amount of balance held
securities," and the caption. "Tota
g assets," previously nuule
abroad and amounts due to
acceptances and securities acquir l earning assets" to "Total bills and securities." The latter up of Federal Intermediate Credit Bank debentures was chang
term was
ed under the provisions of SeCtIO
ed
DS 13 and 14 of the Federal Reser adopted as a more accurate de.erini ion of the total of the to "Other
• Revise I figures.
discou
ve Act, which, It was stated,
are the only Items included therein. nts.
WEEKLY STATEMENT OF RESO
URCES AND LIABILITIES OF
EACH OF THE 13 FEDERAL
RESERVE BANKS AT CLOS
Two Ciyhers (On, onseam.
E OF BUSINESS JULY 22 1931
Federal ReSPIVA Bank ofTotal.
Boston
New York. Phila. !Cleveland.
--Richmond Atlanta Gateau°.
Lewis. Afinneap. Ran Vity Dallas
RESOURCES.
. Son Pres.
Gold with Federal Reserve Agents 2,003,339,0
$
1
$
$
159,917,0 416,919,0 160,00
$
IS
Bold red'n fund with 13.5. Treas.
0,0 212,550,0 58.570,0 112,20
IS
29,064,0 1,014,0
s
$
0,0 456,900,0 76,730,0 49,940,0 61,000
12,724,0
778.0 2,326,0
,0 22,850.0215,763.0
995,0
1.105,0 3.887,0 1,473,0
Gold held excl. agat. F. R.notes 2,032,423,0
645,0 1.213,0
1,040.0 1,884.0
.1016 settle% fund with F.R. Board 463,011.0 160,931,0 429,643,0 160,778,0 214,876,0 59.5.65.0
Gold and gold Ws hold by banks. 928,913,01 26,769,0 180,849,0 61.729,0 41,934,0 11,675,0 113,305,0 146,787,0 78,203,0 50,585,0 62,213,0 23,890,0
217.647,0
35,243,0 618,196,0 27,700
7,218,
,0 64,999.0 5.362,0 8,841, 0 53,779,0 12,207,0 11,903,0 20,382,0 11,380.0 23,186
0 98,165,0 9,461,0 4,667.0 10,739
,0
Total gold reserve,
,0 4,460.0 41,080,0
3.424,347.0:222,943,0 1,228.
688,0250.207.0 321,809,0 76,602
Reserve other than gold
173,604,0 12.719.0, 59,941
,0
,0 7.139,01 15,818,0 11,349,0 129,364.0 612,731,0 09,871,0 67,155,0 93,334.0 39,730
,0 281,913,0
7,495,0 22,423,0 9.850,0 3,485,0
Total reserves
7.431,0 8,115,0 7,839,
3,597,951,0;235,662,0 1,288,
0
Non-reserve emit
629.0
78,899,0' 9,899,0' 25,463 257,346,0 337,627.0 87,951,0 136.859,0 635,154,0 109,721,0
diseounted:
,0 3,528,0' 4,250,0 3,989,
70,604,0 100,765,0 47,845
Bills
0 5,620,0 9.171,0 5,062,0
,0
Bee. by U S. Govt. obligations
1,596,0 1,906,0 3,464, 289,752,0
78,204,01 3,490,0
0 4,951,0
12,901,0 5 2
Other bills discounted
, ti9,0I 9,555,0 1.952,
103,398,01 4,684.0
621,0 4,235,0 3,831,0
10,280.0 11,388,0 7,397,0 15,477 0
575,01 1,159,0
,0 12,917,0 7,662,0 5,455,0
1
358,01 34,318,0
Total bills discounted
3,779,0 7,956,0
181,602,01 8.174,0
10,848,0 5,555,0
23,181,0 16,597,0' 16,952
Bills bought in over, market_ _
,0 17,429,0
67.033,0 4,844.0
16.919.0 3,223,0 6,879.0 3.031, 13.538,0 11,897,0 9,286,0 4,354,0 9,115,
0 7,921,0 8.100.0 2,163.
0
0 1,170.8 2,883, 11,206,0 39,573,13
0 2.398,0
7.502 0
1
1
1
1
1
1
1
1
$
I
$
$
[VOL. 133.
FINANCIAL CHRONICLE
598
Foos Maas (00) mined.
RESOURCild (Coscia4ed)11 L. Govermnent securities:
Bonds
Treasury notes
Certific.ates and bills
Total U S. Goes. securities-_ Other securities
Total.
Boston.
$
New York.
$
3
189,946,0 11,793,0
46,242.0 1.503.0
441,813,0 39.866.0
53.802.0
5.550.0
110.183,0
678.001.0 53.162.0
300,0
7.174,0
169,535,0
3,215.0
Louts. Mtntsenp. Kos.Cfly.
Cleveland. Richmond Atlanta. Chicago. Si.
$
$
$
$
$
I
$
$
5.489.0 11,523,0 8,293,0
13,184,0 13,407.0 6.801,0 4.036,0 37,994,0 3.998,0
1,111,0
612,0
423,0 3,830.0 2.012,0
4,627,0 11.567,0
19,989,0 15,623.0 29,673,0
36.662.0 47.111,0 24.334,0 14,518,0 55,326.0
30,476,0 27,753.0 39.077,0
54,473.0 72,085.0 31,558,0 22,384,0 95,332,0
780,0
229.0
200,0
530.0
210,0
220.0
400,0
560.0
Dallas. SonFraisi
Phila.
$
$
14,424,0 8,200.0
555,0 10.454.0
15.151,0 33,377.0
30,130,0 52,031.0
370,0
160,0
43,894,0 99,776,0
44,053,0 115,859,0 42,125,0 33,511,0 51,855.0
48,0
21,0
20,0
212.850.0 74.853,0 96,316.0 52.238,0
16,0
25,0
94,0
25.0
28,0
71,0
354,0 1,722.0
69.0
1,473,0
256.0
879.0
1,474,0
187,0 1,098,0 1,460,0 1.062,0 1,845,0 18,953,0 9,246,0 25.047,0 14.477,0 25.465.0
4.083,0
55,985,0
120.135,0 41,331,0 43,136,0 32.356.0 12.003.0 8.061,0 3,635,0 1,926,0 3,803.0 1,831,0 4,621.0
930,0
979.0
15,240,0 2,614.0 7,568,0 3.583,0 2,573.0 2,129,0 1,161,1
669,0
935,0
1,118,0 1.932,0 1,450,0 3,389,0
11,513,0
185,538,0 112,865,0 427,265,0
182,146,0 118,749,0
381,046.0 492.298,0 183.055.0 205,584,0 828,293,0
5,161,143.0 366.130.0 1.678,169.0
Total reeources
49,623,0 63,393,0 27,471,0 177,777,0
LIASILITI1.9.
198,968.0 67,864,0 115,972,0379,927,O 72,368.0
,0 135,603,0 295,998,0 145.888,0
V. R. notes in tunnel °insulation_ . 1,730,752
46,954.0 82,044.0 53,649,0 179,701.0
189.331.0 59,927,0 56.053,0 320,757,0 68.436.0 1,264,0
Deposits.
422,0 1,409.0
1,342.0
141.805.0 1,087.796,0 145.349.0 1,866.0 2,305,0 1,360,0
1,699,0 1,740,0
Member bank—reserve account 2,431.802.0 1.025,0
917,0
1,829,0 4,145,0
2,641,0
17.990,0
2,195,0 8.230,0 2,134,0 1,402,0 1.768,0
-rime:tit
Dom
41,0 7,372,0
17,576,0 6,035,0 6,157.0 2,438,0
98,0
198,0
266,0
58.481.0 4,572.0
81,0 1,318,0
144.0
77,0 6,734,0
Foreign hank
10.384,0
19,0
26,732,0
Other depoeits
72.576,0 49,818.0 85,252,0 55.941,0 192,627.0
152.378,0 204.088,0 64,814.0 59,689,0 332,004,0
26,376.0
2,535.005,0 147.421,0 1,118,397.0 38.863.0 43,659.0 31.851,0 11.833,0 54.919,0 20,653,0 8,443.0 23,583,0 15,480,0 11,416,0
Total deposits
440.440,0 49.838.0 114.942,0 16,735,0 15,696.0 5,676,0 5.182.0 10,633,0 4,812,0 2.989,0 4,219,0 4,216,0 18,475,0
Deferred avallabIlltY Items
64,386.0
7,144,0 8,702,0 8,936,0
166,796.0 11.836.0
12,114,0 10,857,0 39,936.0 10,562.0
594,0
Capital paid In
821,0
80.575.0 27,065.0 28.971,0
389,0
732,0
1,275,0
274,636,0 21,299.0
736,0 2.051.0 1,879,0
916.0
117,0
Surplus
3,871,0
133,0
13,514.0
AU other liabilities
112,865.0 427,265,0
185,538,0
492.298,0 183,055,0 205,584.0 828,298,0 182,146,0 118,749,0
5,161,143,0 366,130,0 1,678,169,0 381.046,0
Total liabilities
78.2
57.4
67.8
71.0
75.8
89.2
77.9
66.3
Af...woeful&
83.8
86.3
91.1
83.3
84.3
Reserve ratio (Der eent)
40.140.0 10.407.0 6.839.0 8.623.0 8020.0 20.219.0
Contingent liability on Mlle pur- one 1 1 1 n 99 'eon n
no eon n 20 430 n 30031.0 11.894.0 10.701.0
chased for foretgn eorreepond'te
STATEMENT,
FEDERAL RESERVE NOM
Total Mlle and securities
Dna from foreign banks
F a notes of other banks
Oneollesned items
Bank premises
All other reaourees
Federal Reserve Agent as—
933.810.0 66,430.0
52,0
725.0
225,0
15.862,0
448.044,0 49,610.0
58.913.0 3,458.0
744.0
26,939.0
TOlai.
Boston.
New York,
5
Two CloSers (00)
l'eleriti Reserve notes:
,0 162,416,0
Issued to F R. bk by F.R. ARS 2,135.945
26.813,0
Held by Federal Reserve bank_ 405.193.0
1 730.752,0 135,603,0
In actual circulation
Collateral held by Agt IA security
for noted Issued to hank:
612.700,0 35.300,0
Gold and gold eertifIcatts
1,390.630,0 124,617.0
Gold fund -F. It. Board
210.063,0 12,960.0
Eligible paper
2,213,402,0 172.877,0
Total collateral
San Fran.
Odessa°. Si. LOUIS. 3fInmeap. Kan Cup
Phila. ICIevelana. Rtamend Atlanta.
5
5
4
I
3
170,711,01226,635,0 75,014,0 131.992,0 465,474,0 86.304.0 54,380,0 87.193,0 33,911,0 231,280,0
430,635,0
16,020,0 85,547,0 14,036,0 4,757.0 3,800,0 6,440.0 53,503,0
134,637.0 24,823,0 27,667.0 7,150,0
1 115,972,0 379,927,0 72,268.0 49,623,0 63,393.0 27.471,0 177,777.0
295,998,0 145.888,0 198,968,0 67.864,0
8
7.300,0 50,000.0
10.900.0 73,900,0 15.330,0 6,740,0
351.919,0 38.700.0 12.550.0 10,070.0 101.300.0 383,000.0 61,400,0 43,200,0 61,000,0 15,550,0 165,763,0
65,000,0 121,300,0 200,000.0 48,500,0 20,209,0, 15,130,0 9.787,0 4.630.0 10.749,0 12,450,0 45,116,0
19,107,0
24.467,0 14.918.0 20,540,0
1
472,030,0 86.517,0 54,570.0 71,749,0 35,300,0 260,879.0
441,386.0 174,918.0 233.090,0 77.677,0 132,409,0
Federal Reserve System.
r Banks of
Weekly Return for the MembeFederal Reservethe
Board, giving the principal items of the resources
by the
Following is the weekly statement issued
obtained. These figures are always a week
weekly returns are
and liabilities of the reporting member banks from which of the different items in the statement were given in the stateReserve banks themselves. Definitions
upon
behind those for the
29 1917, page 2523. The comment of the Reserve Board
"Chronicle" of Dec.
on page 556, immediately prement of DOC. 14 1917, published in the
department of "Current Events and Discussio-n8,"
the figures for the latest week appears in our York and Chicago reporting member banks for a week later. endowment, and In&eta sold with
give the figures of New
ceding which we also
noes of other banks and bills of exchange or endorsement were Included with loans;
of Jan 9 1929, the loan figural exclude "Aeseepta
bills sold with
.IJCA3
©00.430 Ca
L3 •-•CO W..., 00 CO
CO,
Oct
Beginning with the statement
es of other banks and
Mane held by the bank Previously acceptanc
longer shown separately, only the total of loans on
Shlrle all real estate mortgages and mortgage Investments. Loans geourod by U. S. Government obligations are no
mortgages In
amount secured by U. 8. obligations and those secured
and some of the banks Included
Is not any more subdivided to show the the number of cities Maim:lied (then 101) was for a time
Furthermore. borrowing at the Federal Reserve
given
now omitted: In its Maw
Is
Securities being
Francisco district with loans and leveestotal being given. The number of reporting banks
been revised to exclude a batik In the Sanin round millions Inatead of lu thousands
by commercial paper, only a lump
given
this has been omitted. The figures have also
given, but beginning Oct 9 1929 even which had then recently merged with a non-member bank. The figure, are now
on Jan 2 1929
T AS AT CLOSE OF
E
manta of 5133.000.000
BANKS IN EACH FEDERAL RESERV DISTRIC
TIES OF ALL REPORTING MEMBER
PRINCIPAL RESOURCES AND LIABILI
BUSINESS 301.Y 15 1931 (In millions of dollar.).
. ----- •
Lout,. Aftoecap. Ran.Oily. Dallas. Sonleran,
Clayland. Richmond Atlanta. Chicago. St.
Ration. New York Phtla
Total.
Federal Reserve Dtslria—
$
$
3
5
$
3
$
$
$
—
$
1,948
$
636
430
i
370
$
630
S
3,161
560
632
2,221
1,365
9,007
1,455
22,415'
and Investments—tote'
Loans
1,201
298
364
232
406
2.223
382
407
1,377'
822
5,934
989
14,635,
Loans—total
317
92
101
61
166
1.062
114
156
645
425
3,113
884
206
263
381
171
240
6,633
1.161
268
251
732
On securitlee
397
2,821
6081
8.002
All other
747
132
272
138
224
938
178
225
844
543
3,073
466
7,780
Investinente--total
392
119
73
67
78
546
99
464
221
1,768
355
59
153
204
71
4,119
146
392
126
380
U H. Government geonritlea
322
1,305
2621
3,661
Other securities
31
107
53
24
42
253
41
139
02
941
17
12
6
931
5
6
1,854
40
13
28
Reserve with F R. Bank
13
55
741
271
14
447
222
217
373
1,782
335
1.068
ilsfi In vault
784
6,446
143
1,050
8741
204
151
13,645
237
1,228
267
1,021
Set demand deposits
403
1,690
15
514
1
9
3
7,142
5
27
14
22
Time deposits
22
88
203
15;
93
158
86
81
237
308
94
160
134
3overnmeni deposits
170
251
98
1271
211
86
113
1,698
483
113
370
262
Due from hanks
9
1 353
159
3,602
'
_ _
a
....
1.1.10 10 banks
orrow ngs irom
report of bank showed loans and Investmeote of &NMI 5190,000.000.
Last
In New York Oily, closed Dec.11.
•Exclusive of figures for one hank
York.
Bank of
Condition of the Federal Reserve of New YorkNew close of business July 22 1931,
at the
on of the Federal Reserve Bank
ng shows the conditi
In
The followi
corresponding date last year:
comparison with the previous week and the 1931. July 23 1930.
1931. July 15
Resources—
Gold with Federal Keser•O agent
Gold retlemp fund with 17 11 Treasury
own held ezelunivelv Agit. F. B. notes.
Gold settlement fund with P It Board
Gold and god cris. he'd by bank
July 22
$ .
41(1.919.000
12,724,000
406.919.000
12.787.000
258,594.000
14,803.000
429.643.01)0
180.819,000
618.196.000
419,706.000
162.905.000
617.418.000
273,397,000
241,418.000
494,728,000
Resources (Coneluded)—
Due from foreign banks (Sednole)
Federal Reserve notes of other banks
Unrolk3eted Items
Book preinlies
All other reeources
July 22 1931. July 15 1931. July 23 1930•
I
256.000
4,083.000
120.135.000
15.240.000
11,513.000
3,256.000
5,461,000
166,450.000
15.240.000
11,546.000
$
231,000
6,811,000
151,115.000
15,664.000
5,421,000
1,678,189,000 1,706,179,000 1,504,534,000
Total resources
,000
1,228.688.000 1.200.029.000 1,009,543
49,948,000
Total gold reserves
58.256.000
59,041.000
Llablifftsr—
Reserves other than gold
00
.000 Fedi Reserve notes In actual circulation 295.998.000 285.422.000 158,714,0
1,033,682.000
1,288.629.000 1,258.285.000 1,059,491
16,224,000 Dersailts—Member bank, reserve acct..- 1,087,796.000 1,084.654.000
0
Total reAfTVM
26.011,00
1,848,000
25.463.000
2,301,000
2.641.000
Government
Non reserver.ash
1,668,000
21.595,000
17,576.000
Foreign Dank (804 ROO 11,255,000
BUR d[mounted—
13.304,000
12,901.000
16,011,000
19.819.000
10.384.000
Other deposits
15.685.090
Secured by U sl Govt. obligations
10.8(36.000
10.280.000
Other bins discounted
1,118.397.000 1,128.369.000 1,053,239,000
Total deposits
26.935,000
24.230.000
23,181.000
114,942,000 143,694.000 142,026,000
37.175,000 1)eferred availataty hams
Total bill. discounter!
17.907.000
16.919.000
65,584,000
64,393.000
64,380,000
Capital paid in
Bills bought In open market
80.001,000
80,575,000
80.575.000
2,798.000 Surplus
0
Government securitise-4
52.643.00
U.1
4,970,000
63.802.000
3,726.000
3.871,000
0 All other liabllitles
93.222.00
Bonds
7,049.000
5.550.000
84.197.000
Treasury entee
110,183.000 111,581.000
1,678.169.000 1,706,179,000 1,504,534,000
Total IlablIltIet
es and bills
Certificat
40
169.535.000 171.273.000 180.217.0
5,250,000 RAM of total reserves to deposit and
Total U S. Government gesurittes
6,520,000
87.4%
3.215.000
80.0%
91.1%
Fedi Reserve note liabilities comlitned_
Other securities We 40.1
Contingent liability on bilks purchased
Foreign loans on gold.
04.545.000 158.988,000
98,598.000
for fOrPif(I1 efl/TANIPIDliCtall
249,577,000
212,850.000 210.930.000
onto)
held Abroad and amounts due to
TotAi bills auri werurttre.
194 ,, two new items were added in order to (Mow separately tbe amount of balancers
to "Other
h tile euriernent or (Set. 7
proylowily 'nada 1,9 01 Federal Intermediate Credit Bank debentures was changed discount.
NoTh.
'
,
-90 other earning
of the total of the
toreIgn eorreePondenle In addition. the caption to "Total hills and (securities." The latter terra urea adopted as. more accurate description
therein.
the Federal Reeerve Act, which, It was stated, are the only Items Included
securitlee." and she caption Twal earning meets"
of SeetInne 13 and 14 of
acceptances and geourniew Required under the Provisions
JULY 25 1931.]
FINANCIAL CHRONICLE
599
vaulters' J5antic.
United States Liberty Loan Bonds and Treasur
Certificates on the New York Stock Exchange. y
Below we furnish a daily record of the transactions in Liberty Loan and Treasury certificates on the New York
Wall Street Friday Night, July 24 1931.
Stock Exchange.
Railroad and Miscellaneous Stocks.
-The review of the given in a footnoteThe transactions in registered bonds are
Stock Market is given this week on page 587.
at the end of the tabulation.
The following are sales made at the Stook Exchang
e this Daily Record of U. S. Bond Prices. July 18 July 20 July 21 July
week of shares not represented in our detailed list
22 July 23 July 24
on the
pages which follow:
STOCKS.
Week Ended July 24.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
First Liberty Loan
ffllgh 1021111 102"ss 10214
1
834% bonds of 1932-47- Low.. 102"n 10211 n 102241 10210n 102"u 102"u
1
1021.n 10220. 102na
(First 335s)
Close 10210n 102nn 102nn 102"st 1022ess 102uts
Total sales in 21,000 units-3
7
13
3
1
12
Converted 4% bonds ofIHIgil
Lowest. I Highest.
Close
RailroadsPar. Shares. per share.
Total sales in 51,000 units__
per share.
per share.5 per share.
_
Caro Cl &0 ctfs sip 100
50 99 July 20, 99 July 20 964 July 102
Converted 434% bondrigli 103lio 103
--1in 103lis 103lin
Colo & South 1st pf _100
Apr
----10 57 July 181 57 July 18 55
of 1932-47 (First 434s) Low_ 1031.” 103ron 103 ts 103" 103an 103an
Apr 60
I. 2nd preferred..._100
Jan
st 10310ts 103"ss
,
10 44 July 22, 44 July 22 44
Close 10311st 103loss 1031 ss 103"st 103"ss 10311,1
July 564 Mar
111 Cent leased line_ _100
20 60 July 22, 60 July 22 60 July 78
Total sales in $1,000 units__
jut Rys of Cent Am___*
5
Jan
3
2
7
1
6
10 8 July 241 8 July 24
Second converted 411%{High
Certificates
•
10 735 July 24 714 July 24 8 Jun 1315 Mar
bonds of 1932-47 (First( Low7 May
Ir Preferred
Feb
------100
---10 3835 July 24 384 July 24 30 May 11
--------Second 414s)
554 Feb
NatRy ofItlexlst pf.100
50
15 July 22
15 July 22
Total sales in $1,000 units.__
15 Mar 115 Feb
New Orl Tex & Mex 100
__
__
--- - ---- _. -10 94 July 21 94 July
righ 105
Pao Coast lot pt_ __..100
_105
_Feb Fourth Liberty Loan
105
105
1041.11 104.4
-1
10 3 July 18 8 July 21 94 June 143
18
44% bonds of 1933-38 Low_ 104"ss 104"ss 104"st 104's,, 104"ss 104°,,
July
2d preferred
Mar
100
60 154 July 23 115 July 23 3 Jun 12
(Fourth 414s)
14
Close 104"ss 105
Pitts Ft W & Chi pf_100
Jan
104"st 1040n 1042on 104"st
1001604 July 2416034 July 24 15514 Mar 8
Total sales in $1,000 units__
163
219
30
Feb
80
61
14
Treasury
?Ugh 1131.n 11314n 113"st 113"ss 113',,118 59
Indus. & Miscall.
4145, 194742
Allegheny Steel
Low- 113"st 1131su 113"ss 113"ss 113ln 113
50 30 July 18 30 July 18 2835
Amalgamated Leather *
Close 11314n 1131.n 113nn 11311n 113.n 113
Mayi 4634 Feb
400 2 July 18 214 July 22' 1
Total sales in $1,000 units__
JanJ
Am Agric Chem (Del)•
1
s
it
1
9
400 1634 July 20 17 July 21 1115 June 215 Mar
4
2914 Feb
Amer Beet Sugar pf_100
High 1081In 108"st 108"st 108"at 108"st 108"n
240 10 July 22 1354 July 20 7
43. 1944-1954
June
American Ice pref._100
1.ow_ 1081
% 1081In 108"ts 108"ss 1082.12 108"n
100 6434 July 22 6434 July 22 64 Jun& 17% Jan
Amer Radiator & Stand
774 Jan
Close 108no 105o” 108"o 10816o 108ton 1081.11
Total sales in $1,000 units_ Sanitary
1
-_100
6
5
1
60 140 July 221404 July 22 133 June
1
45
Amer Water Works &
150
Apr
High 106141
-___
____
____ 106"tt 106"u
334e. 1946-1956
Electric ctfs
Low. 106"ts
---• 2,100 4435 July 20 48 July 23
------ 1061.n 1061112
38 June 804 Feb
Arch Daniels Mid pi 100
Close 106un
--------- 106"at 106"ss
10 9814 July 22 984 July
Total sales in $1,000 unitsArtioom Corp pref_-100
Jan
221 98 May 102
1
---20
100
60
Mar 83
Associated Apparel rte. 13,100 80 July 20 8034 July 22, 80
Jan
High 103
103
--- 1034-- 2
1-64 July 23
34 July 18' 1-64 July
34 July
310, 1943-1947
Austin Nichols pr A.*
Low_ 103
103
103
10 254 July 21 2534 July 21;
Calif Petroleum
1834
Clam 103
103
103
25
30 12 July 22 12 July 22 12 June 28 July
Total sales in $1.000 units_
July 25
Certain-Teed Product
Apr
10
16
lst preferred
100
700 224 July 22 24 July 24 11
314s, 1940-1943
Jan 254 Mar
Chile Copper
25
30 19 July 20 21 July 21 18 May 38
City Stores class A _•
Feb
10 13 July 23 13 July 23, 1234 May
Total sales in $1,000 units__
Colum Gas& El pf B100
Feb
----200 92 July 18 9334 Jul) 20 8934 June 25
1
,
9734 May
Columbia Graph ctfs__
{HIV;
____ 10114, loii.. 102- 1i,, --834
834a, 1941-43
Comm cred pref (7)_25 4,900 2434 July 23 94 July 211 6 Jun 114 July
Low_
-___ 1021.12 1021.is 1021.n
290
----July 22 25 July 20 20
Jan 25
Consol Laundries_ _
Close .- 102"ss 106"so 102"ss
700 13 July 20 1334 July 20 114 June 154 July
-----._
Total sales in $1,000 units__
Crown Wm'ette 1st pf_.
Mar
____
102
85
130
.....
70
July
Cuban Dominican Sue• 11,100 43 July 20 5094 July 241 43 July 68
Jan
(High 10111si 101nu 101nu 10111n 101.1. 101",
.
14
,
24
July 22
34 May 134 Jan
335s, 1946-49
Cush rn Sons pf(7%) 100
Low. 1011
% 101nn 101 11n 101nn 1011.13 10110n
100 106 July 18 106 July 18 100
Jan 12
Mar
DevoeSsItay'dlst pf_100
Close 10111n 10111in 1011.11 1011.31 1011.24 1011
10 101 July 18 101 July 18 100 June 109
.n
Total sales in $1,000 units_
Douglas Aircraft
Mar
8
*
8
13
340 1855 July 21 1834 July 21 1734 July
65
89
136
Else & Musical Ind W I
900 815 July 20 915 July 21 714 July 214 June
Elk Horn Coal pref._50
935 July
Note.
-The above table includes only sales of coupon
10 155 July 22 134 July 22 1
July 6
Fairbanks Cop!ctfs 100
Apr
60 44 July 23 54 July 2
454 July 12
Apr bonds. Transactions in registered bonds were:
General Baking
29 4th 414s
5 1,900 2034 July 22 214 July 20 1715 Jun
1041/n to 104"is
Preferred
2534 Apr
50107 July 18 108 July 21 98
Jan
Gen Cas & El pf A (7)_*
Mar
10 70 July 21 70 July 21 67 Jun 114
90
General Print Ink_
Feb
500 2135 July 18 2435 July 22 15 May 31
Mar
Preferred
CURRENT NOTICES.
•
160 6334 July 18 694 July 21 5934 June 76
Jan
Gen Ry Signal pref.100
1084 July 2010934 July 20 10434 Jan 114
Grand Stores pref_ _100
Mar
100 65 July 22 65 July 22 65
-Formal opening of the Eastern offices of the N. W. Harris
Elack's'k Wet pf el A_25
Co., Inc.,
180 28 July 20 2834 July 18 2615 July 854 Mar took place on July
Mar
22 at 55 Cedar St., to carry on in the Eastern field the
Hawaiian Pineapple_20
Apr
350 2734 July 23 29 July 22 2534 Jun 30
4215 Jan underwriting and security distribution business
Helme ($13 W) pref..100
2013534 July 21 136 July 24 134
in Government, municipal.
Jan 136
July public utility and
Houston 011 new_ _.25 5,000 815 July 24 935
industrial bonds originally established as a municipal
July 21 6
Indian Motocycle pf 100
20 23 July 18 23 July 18 9 Jun 144 Feb bond business by Norman
May 26
Wait Harris in Chicago In 1882. the first investInsuran Shs (Del) rts
Feb
5,100
34 July 20
15 July 21
55 July
Internet Sliver pref_100
3.4 July ment banker to send out salesmen. The company, which is affiliated
10 65 July 21 65 July 21 5834
Inter Dept St pref__100
20 6034 July 22 6014 July 2 5714 May 9015 Mar with the Harris Trust & Savings Bank of Chicago, will conduct in the
Feb
Kresge Dept Store__..•
110 534 July 21 534 July 21 414 Jun 6755 June Eastern market an investment banking business
of the conservative type,
Loose-WIle3131alstpf 101)
634 Jan
1012334 July 2112334 July 21 118
which has characterized their 50 years' experience
Jan
Lorillard Co prof_ _.100
in the West. In addi200 994 July 22 100 July 1 904 Ja 12634 Jan
102 June tion to Albert W. Harris, Chairman of the
MacAnd & Forbes pf100
40 90 July 20 91 July 21 85 June 10015
board of directors of both
Mackay Cos pref.__100
Apr Harris Trust & Savings Bank
10 60 July 21 60 July 21 60 July
and the N. W. Harris Co., Howard W.
70
Mengel Co pref_ _ _100
Apr
10 58 July 24 58 July 24
Noranda Mines
Feb Fenton, who is President of the bank, Is announced as President of the
• 6,500 1834 July 24 2015 July 21 5715 Jun 70
1534
Eastern affiliate. Paul S. Russell, Vice-President
N Y Shipbuilding
in the bond department
100 7 July 24 7 July 24 7 May 2915 May
July 7 July of the bank, who has been
Preferred
directing the organization activities in New York,
, 6834 July 23 69 July 23 684 July 69
July is a Vice-President
Outlet Co pref
100
60,1074 July 22 109 July 18 106
of the N. W. Harris Co., and for the time being will
Feb 110
Penn Coal & Coke___50
Mar
100' 415 July 21 44 July 21 4
direct the work of the company hero. The other executives
Jan
Peoples Drug Sts pf_100
include
2010034 July 22 10034 July 22 9615 Feb 515 Feb M. Haddon
Plana Co 6% pi new _*
Apr
MacLean, Vice-President; Frank McNear, Vice-President;
300 101 July 20 102 July 23 954 Jan 103
102% May Frank R.Elliott. who Ls
Proctor & Gamble pf100
19010915 July 23 110 July 23 107
a Vice-President of Harris Trust & Savings Bank.
Feb112
Sloss-Sheff St & Ir pf100
Mar Treasurer,
401 2034 July 18 21 July 18 20
and Norman Wadsworth Harris, grandson of the founder
United Dyewood_ 100
Feb
of
290. 3 July 21 334 July 24 2 June, 39
N. W. Harris & Co., Vice-President and Secretary.
Jan'
Unlv Pipe & Rad pf 100
All of these men,
40. 27 July 21 29 July 23 94 June' 334 May
60
Utah Copper
10
30 100 July 21 103 July 21 984 May 12435 Jan except for Norman Wadsworth Harris, are likewise officers of Harris
Van Raalte let pref.100
Feb Trust & Savings Bank.
201 43 July 24 45 July 21 224 Feb 60
June
Wilcox-Rich Maas A._•
1001
July 18
Jan1 30
Zonite Products_ ___ 1 2,100; 264 July 20 2635 July 16 20
Mar
-The international banking firm of Dupont & Purland, Parts,
1134
1235 July 24' 11 June 14 June
France,
has been transformed into a corporation under the name of Banque
•No par value.
Dupont
Furlaud. This firm since 1903 has been a leading factor in the
distribution
In France of high-grade foreign and particularly American
investment
Quotations for U. S. Trees Ctfs. of Indebte
dness, &c. securities, both directly and after their introduction on the Paris Stock
Exchange. That phase of the firm's business was curtailed after
the war,
Maturity.
due to the embargo set on the export of French capital. M. H.
Rats. BM. Asked.
Maturity.
Rate. Byt. Asked.
Furlaud
is Chairman of the board of directors of the company.
&pl.15 1931
- 2,4% 1006ss 10010. Mar.15
1032.__ 2%
100sin 10010n
1931___ 114% 100 st 100.81 Dec.
Beet. 13
-Porter Fox & Co., Chicago, have opened branch offices in New
,
15 1931-32 834% 100.n 100sou
York
Dee. 15 1931___ 114% 100"st 1001.81
and San Francisco. The New York office, located at 50 Pine
St., is under
the management of H. D. Whitcomb, formerly President of H. D.
WhitForeign Exchange.
comb & Co. The San Francisco office in the Russ Building is managed
To-day's (Friday's) actual rates for
by T. H. Cook,formerly manager of the Pacific Coast territory
for Albert
4,854 for eluvial and 4.84%04.85 sterling exchange were 4.84% (.4) E. Peirce & Co.
7-16
banks, sight, 4.8434(44.8434; sixty days, for cables. Commercial on
4.8134 ig4.8194; ninety days,
4.80@4.80 5-16. and documents for payment,
-The progress of the Guaranty Trust Co. over each of the
4. 031©4.S131, Cotton
last ten years
for_payment. 4.844. and grain for payment,
4.8434.
-1921-1931-is the subject of a special analysis issued by
To-day's (Friday a) actual rates for
Monahan,
@3.92 for short. Amsterdam bankers Paris bankers' francs were 3.9194 Schapiro & Co., 39 Broadway, New York, together with the first of a series
guilders were 40.27®40.
Exchange for Paris on London, 123.85:
2894
week's range, 123.85 francs of"Statistographs" on leading New York City banks and trust companies.
high and 123.40 francs low.
-Dillon, Read & Co., fiscal agents in this country for the
The week's range for exchange rates follows:
United States
Sterling, Actualof Brazil. made public to-day the report on Brazilian economy and
Cher/a.
finances,
High for the week
Cables.
which was prepared by Sir Otto Niemeyer of the Bank of England.
4.8534
4.85 7-16
Low for the week
Simultaneously the release of the report is being made in London by N.
48334
Parts Bankers' Francs
Paris
M.RothsHigh for the week
child & Sons,fiscal agents in England for Brazil,and in Rio de Janeiro.
3 %
.92
3.92%
Low for the week
3.9134
-Neergaard, Miller & Co. announce that Robert H.
3.91%
Germany Bankers' Marks
Hollander has
High for the week
retired as a general partner in their firm as of July 17. They also
23.65
announce
23.70
Low for the week
that James L. Richmond, formerly with E. A. Peirce & Co.,
23.00
23.00
Amsterdam Bankers' Guilders
is now associated with them.
High for the week
40.30
40.32
Low for the week
-Norfleet E. Blaine, who was connected with the Guaranty
40.2334
40.25
Company
of New York for over nine years, has become associated with
the Brooklyn
Commerce Co., Brooklyn, N. Y.. as Vice-President in
The Curb Exchange.
-The review of the Curb Exchange
charge of their
is bond department.
given this week on page 589.
A complete record of Curb Exchange transact
-The Baltimore-Gillet Co. have occupied new offices
in the Baltimore
ions for the Trust Building. Baltimore, to
week will be found on page 617.
continue the investment
formerly transacted by Gillet & Co. and the Baltimore banking business
Co
Report of Stock Sales-New York Stock Exchange
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Eight Pages ---Page One
recorded here. see preceding page.
Fur sales doting the week of stocks not
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range 13Inee Jan. 1
Sales
-PER SHARE, NOT PER CENT. 1 for
Year 1930.
SALE PRICES
lots
YORK STOCK
NEW
On baste of 100-share
HIGH AND LOW
EXCHANGE.
the
Friday
Highest.
Thursday
Lowest.
Highest
Lowest.
Monday i Tuesday 'Wednesday I July 23.
Week.
Saturday
July 24.
July 22.
July 18. 1 July 20. I July 21.
tPer sharp
share tiler Mare
Par I per share $ Per
Railroads
Shares
8
4June 2 2033 Feb 24 108 Dec 2421, Mao
share $ Per share 5 per share $ Per share
$ per share $ per share i 2 per 16512 161 164 I 16012 152 157 16214 4,000 Atoll Topeka & Santa Fe-100 1323 ne 2 10814 Apr 13 100 Dec 1084 Sep)
1
/
4
/
100 10012Ju
Preferred
161 162 j 1621
160 160
10512 10612 10514 10512 1,200
4
/
9512 Dec 1751 Mai
100 78 June 3 120 Jan 23
10512 10512 106 106 *10512 10612I *9238 94
100 Atlantic Coast Line RR
*9234 94
*10512 106
8
8
94
551 Dec 1223 Mar
4
1
/
91 I *92
91
100 4312June 2 87 Feb 24
& Ohio
91
8
91 I *873
4
4
/
*88
5738 541 563 10,300 Baltimore
1
/
7014 Dee 844 Jul/
5658 5812 56
8012 Feb 27
5712 5912
100 6512June 4
57
Preferred
700
5512 5614 56
7112 7112 7112 7138 7138
5012 Dec 8412 Mao
50 47 June 2 6634 Feb 26
7012 7012 *70
72
Bangor & Aroostook
200
72 i 72
8
*717
5214 5214
54
4
/
4
/
4
/
100 9934June 3 113': Mar 9 1081 Dec 1161 June
54 *5218 5712 *5218 571 *5218 111 *107 111
10
5712 *52
*52
44 Dee 112 Feb
' 11012 11012 *110
100 32 June 4 66 Feb 20
Boston
*107 111 *11012 111 *11012 111 1 *33
4
1
/
40 I *33 40 *33 40
6 Dec 16% May
4
1
/
712June 2 13 June 20
o ern &
BrpZly reci Queens Tr_No par
*33 40 *33 40
40 1
3
7
4
/
*33
1
/
1
/
58 MAY 664 May
4 1014 104 1112 121 1, 00
4Juno 27
4
/ *1038 103
5134May 4 643
8
64
*1038 1112 *1038 1112 *103 111 *63 63 8
*61
1
/
2 Mar 2 5518 Dee 784 Mat
6312
N a
5912 5,700 Bklyn-Manh Tran v t e No par 5378 Apr 29 693 Feb 11
*63 64 1 62 83 *61
59
1
/
4
1
/
83 Dec 984 Sept
4
18
8 593 60121 59 6014 *9112 9212
603
No Par 85 Jan 21 9414
v te
60
Preferred
400
*5912 60 I 59 59
8
8
WI Feb 10
92 I 915 9158
514 Nov 835 Apr
92 I *9112
3 May 27
4 92
923
9212 *91
*91
614 5,000 Brunswick Ter& Ry Sec No par 2418June 19 454 Feb 24 8514 Dec 5214 May
6
s 612
63
8
1
/
614 67
25
4
1
/
8 7
67
1
/
64
Canadian Pacific
6
I
6
6
8
253 2618 11,000
4
/
3232 Dec 511 Sent
8
4
/
25 27 June 2 464 Feb 10
261 2634 257 2612 2514 26
4
1
/
16,100 Cheepeake & Ohio
2658 27 I 2612 26
8
4 347 36
re Dec 10 AM
3
2 2 Jan 12
4 3514 36 1 3414 353
4June 2
_._ _100
3
8 3512 363
353
4
1
/ 35
3412 34
8 6,100 Chicago & Alton
7
4
3
8
7
1
/
4
3
14 Des 104 Apr
713
2
17 Jan 12
8
7
12July 18
100
1 j
1
Preferred
4 1 I
3
12 3.400
4
3
12
12
4
3
12
12
4
1
/
4% Dec 17 hito
22
4
1
/
7 Feb 10
58
8
5
0
58
4 June 2
12
is
12
614 614 1,100 Chicago Great Weetern_10
G18 612
4
1
/
12 Dec 52 May
612 612
4
4June 3 271:Jule 7
100 153
612 63
8
Preferred
6 1 *614 63
6,000
6
8
1
/
8
414 Dee 264 Feb
8
4
1
/
8 Jan 23
8 247 267 . 2514 2612 2658 26/
267
31sJune 2
8
*253 2614 26
26
600 Chicago Milw St Paul & Fag-26
518 5'8
,
51.1 5 8
4
/
2 512
4
1
/
7 Dec 461 Feb
4
/
1511 Feb 10
434June 2
4 *512 58
Preferred
3
*518 5 4 *518 53
4 4,400
4
1
/ 83
8
4
/
91 912
2
2812 Dec 897 Feb
4
/
958 10 1
1018
914 912 10
Chicago dc North Western_100 25 June 2 451 Feb 24 101 Dec 1403
8
93
4
/
*9
3012 2012 2912 2912 291 1,300
7
4. 1mo
3112 3112 30
100 89 June 4 118 Mar 18
Preferred
___
2938 2938 3012 311
98
98 *75
1
/
96 I *75
6514 Dec 1254 Feb
2212June 3 0512 Jan 27
96 *75 96 • *75
96 I *75
*75
40 4078 1,500 Chicago Rook lei & Paelflo_100 50 May 29 101 Mar 24
1
/
92 Dec 11038 Ma,
100
43 44 : 4014 434 40 4018 *68 80
43
Preferred
*39
7%
4
*383 43
80 *69 80
75 *67
75 • *68
*67 80 *67
0 50 May 29 1)0 Jan 28 81 Dec 10412 Mar
0% preferred
67 *60 7010
70 ' *60
70 *60
100 2458June 1 48 Jan 9 4012 Dec 1)5 Feb
70 *60
Colorado & Southern
70 i *60
*60
*2518 45
45
02 Apr
30
45 , *2518
Coneol RR of Cuba pref-100 25 June 3 4212 Feb 24 13018 Dec 181 Feb
4
1
/ *2518 45 *2518 45 *2518 3412 3412 3634 35
3814 3,300
*2518 40
Dec
3312
100 10712June 3 15714 Feb 25
33 35
34
32
1,100 Delaware & Hudson
33
*32
120 123
4
1
/
12418 123 123
Jan 8 69 Dec 153 Feb
2
4
123 1243 12418
300 Delaware Leek & Western_100 4514June 3 1023 Feb 10
8
*122 12412 *122 125
8
565 563
57
4
/
251 Dee 80 Mar
60 j 57
45 2
4
/
4
/
5712 *551 5812 *57
reo rrrWeet Pref-100 111June
p
100
57
300 Deny /e RlfeG ed
8
57
4
4
1
2218 Dec 035 Feb
/
26 I 9.034 297 *1924 24/8
4
100 1312June 2 39 Feb 24
24 *203 2512 *21
4
*233 2518 24
2012 2012 20 2034 1,000 Erie
4
1
/
27 Dec 57 Feb
100 23 June 3 4512 Feb 27
4
1
/ 2214 2214 2012 2012
8
1
/
204 *207 22
1
/
204
33
26 Dee 0212 Feb
4
1
/
4
323 33 I 3278 32 *3112 33 *3112 2612
100 1712June 1 4012 Jun 5
33
Second Preferred
33 I *3112
*28
2612 *20
51 Dec 102 Mar
2612 *20
'
2612 *19
43'8June 3 6034 Feb 24
2612 *19
2612 *19
1
/
*19
4614 444 45121 2,600 Great Northern preferred_100 13 June 5 274 Feb 17
1018 Nov 4612 Feb
1
/
4712 47 4714 46
4
1
/
Gulf Mobile & Northern...100
*47 4714 4718 4712 47
1
/
*1418 20 *1418 20
5112 Feb 10 76 Jan 9 554 Nov 9814 Mar
4
/
*141 20 *1418 20
100
Preferred
*1418 20 1 *1418 20
*25 46
2
347 Dec 5338 Mat
1
/
*25 46
8June 1 444 Feb 17
46
*20
100 337
46
100 Hudson & Manhattan
46 *20
*20
40
4
1
/
*3g12 4012 *3812
39 *3812 41
39
100 4112,June 3 89 Feb 24 654 Dec 1363 Aro
*3812 41
2,100 Illinois Ceetral
*3812 40
47 48
48 48
58 Dec 77 May
48
May 2' 01 Jan 23
4812 48
RR See stook certificates-- 37
270
4612 4612 47 4712 48
38 40
40
1
/
38
4
1
/
20 Jan 394 Mar
40
2 34 Mar 2
40 I *38
40 *38
40 *38
*38
2.500 Interboro Rapid Tran v t o_100 1912June 3 45 Feb 25
1
/
84 Dec 854 Mar
2214 2314 2012 2214
4
23 233 *23 24
100 25 June
24 *23 24
100 Kansa,'City Southern
*23
29
ns 29 *27 8 51
63 Dec 70 Ape
29
29 *28
29
100 40 June 2 64 Feb 9
29
Preferred
29 *28
200
*28
2
3
483 481 *483
8
*483 51
8
*483 51
4
/
50 371June 1 61 Jan 9 40 Nov 847 Mar
8
*483 51
51
Lehigh Valley
*4812
42 *40 42
4
1
/ Apt
*40
100 6114June 3 111 Feb 9 84 Dec 138 Sept
*3912 44 *4014 4414 *3912 42
300 Louisville & Nashville
*3914 41
24 June 4212
4 7612 78 *73 75
4
39 Feb 28
793 793
80
1.300 Manhat Kiev modified floar100 30 May 2 22 Feb 18
*7612 80 *7612 80 *7612 323
32
13 Dec 4512 Feb
3112 3112 31
32
3
4 32
3212 3112 3112 *32
Market St Ry prior pref_.100 12 June 18
*32
13
*11
13
4
1
/
2 Apr
14 Oat
13 *11
44 Jan 12
13 *11
14 Apr
*812 13 *11
13
12
200 Minneapolis & St LOIS.-100
*14
1
*11
*24
14
14
2
2
2
3
12
*14
12
*14
814 Dec 85 Feb
4
/
1 111 Feb 10
5 June
300 Minn St Paul & 85 Marie-100
518 522
7
*6
7
*6
21 Nov 5912 Feb
*512 7
100 29 July 3 45 Mar 11
7
Leased Ines
*5
7
*5
4
1
/
1472 Dec 68 Apr
43 *30 43 *30 43
43 *30
8June 3 2834 Jan 20
97
-Kan-121u RR_-_-No pa
43 .30 43 *20
1412 3,600 Me
*30
1412 1458 14
4
1
/
Jan 10
60 Dec 108 Mat
1434 1514
4
153 16
100 3934June 3 85
1478 15
Preferrell
700
1438 15
52 *52 53
51
4
1
/
2032 Dec 9812 Mat
52
52
4 5112 53
100 14 June 3 42 Feb 16
523
4
523
53
*52
2318 241g 1,400 Missouri Pacific
1
/
79 Dec 1454 Mar
26 *24 26
27 *25
June 2 107 Feb 11
100 50
1
/
8 254 2818 2612
Preferred
600
253
*23
4
/
Feb 25
70 De 182 Mai
6612 6712 67 67 *641 69
11
70
69 69 j 70
Nash Chatt & St Louis_-100 47 June 28 80 Jan 5
66 66
112 July
4
1
/ Dec
ls
4
1
/May
60 *50 80 *50 601 *50 6012 1,000 Nat Rye of Mexleo 2d pref_100
*50
60
*24
60 *50
14
*50
24 10518 Dec 1921 Feb
14
4
1
/
4
2
100 7112June 2 13214 Feb
14 323 *14
12
4
/ 20,900 New York Central
8
*3
73 De 144 Feb
1
/
844 8612 8234 84'4 8118 831
3
100 40 June 11 88 Feb 11
100 NY Chic & St Louis Oo
8
837 8412 84'2 8512 85 8 88 *40
4
1
/
75 Dec 110 May
4512 *40 451 *40 4512
50 June 2 94 Mar 9
4412 4422
45 I
100
Preferred
*42 48 *42
6412 *60 6413
Feb
Dec
64 *60 64 *60
50 14712June 2 227 Feb 24 152 Dec 824 Mat
64 I *60
64 *60
100 N.Y.& Harlem
*60
6758
1281a
4
1
/
1
/
2 94 Feb 24
157 1604 157 157 *15512 160
2,600 N. Y. N. H.& Hartford-100 63 June 8 11958 Feb 24 1064 Dec 185 Mat
*16018 16912 *157 169 *161 169 4 7114 7214 70
70
7018 69
4
1
/
1
/
une
10412.J
3
70 4 7112 *7214 743
Preferred
1,600
*7018 72
4
1
/
8 Dec 1714 Mat
4
/
113 113 11212 11212 *11112 113
8
53 Jan 2 131June 26
113 113
11314 11312 113 113
4
/
111 1212 5,400 N.Y.Ontario & Western-100
13
4
1
/
4 Jan
1 Oct
2 Feb 27
4
1
/ 12
4
1
/June 5
4
1
/ 1214 12
N. Y. Railways pref.-No par
1118 1118 1118 1114 1112 13
4 1
Ws Dec 33 Feb
12
4 1
814 Jan 9
4
*3
4
2 1
212May 25
*5
100
452 1
100 Norfolk Southern
514
514 *4
514 *4
514 *4
100 139 June 2 217 Feb 26 18112 Dec 265 Feb
514 *4
& Western
*4
4
800 Norfolk
4
88 Feb nil 001
173 173 172 17234 172 173
89 Jan 8 93 Mar 31
173
100
173
172 172
Preferred
200
11170 172
8
*905 ____
3
4
1
/
8
100 3012May 18 50 Jan 27 42 8 Dee 97 Feb
8
8
905 905 *9114-- *905 - / 3814 3812 36
3,100 Northern Pacific'
37
812 Dec 19 API
4
1
/
1
7 Mar 23
114June 1
403- 384 404
100
Pacific Coast
8
383 1838 3834 4012 4012 - 2 4 *1
4
23
4 *1
23
58 Dec sisoe Mat
*1
2
2 64 Feb 10
50 4218June
8 234 *1
Pennsylvania
1
/
1
/
*14 2341 *13
472 Dec 2412 Mat
4
1
/
9 Jan 9
4612 4712 4612 4612 454 4612 13,100 Peoria & Eastern
4 May 1
4612 48
100
4612 47
4614 4612
8 •
*4
8
*4
*4
8
*4
4
1
/
7012 Dec 164 ADP
8
*4
8
*4
100 28 June 11 85 Feb 10
Pere Marquette
44 *30 44 *30 44
43 *31
100 50 June 1 9214 Feb 25 90 Dec 101 May
Prior preferred
*2918 38 *35
38
*30
70 *5734 70
9112 Oct 99 Apt
4 70 *5734
100 49 July 24 80 Jan 8
4
4
Preferred
*573 70 *573 70 *573 59 *487 59
110
75734 70
49 49
1
/
8
Jan 9 4812 Dec 1214 Feb
8
4
1
/
8 59 *47
Pittsburgh & West Virginia 100 40 July 27 80 Feb 11
50
4
1
/ 59 *4878 59 *487 50 *35
*48
50 *35
4
/
78 Dec 1411 Feb
2718
50 *35
4
1
/
50 50 Apr
50 *35
200 Reading
50 *35
*35
69 69
70
6412 Mar 53 Feb
*69
71
*69
50 37 June 3 VI Jan 5
*7012 71
First preferred
71
4439
4
4
*6912 72
48 Dec 07 Feb
4
4434 *43 443 *433 441
4
1
/ *43
41 May 29 47 Jan 16
44
50
4434 *43
Second preferred
4
*4314 443 *43
1
/
394 Deo 11872 Mat
4
1
/ 4312 *4214 4312 *4214 4312 1,900 St Louis-San Francisco-AO°
*42
9 June 2 6234 Jan 27
1712
17
*4214 4312 *4214 4312 *4214 4312 1814 1814 1718 18
4
1
/
100 151sJune 1 76 Jan 27 62 Dec 101 API
4
1
/ 18
12 17
First preferred
1612 1612 1712 17
4 30 3012 1,600
4
1
/
311
17 Dec 765* May
32 1 31
May 27 8312 Jan 9
7
.
3022 3218 3212 31
St Louie Southwestern--100
30
17
*3012 32
19 *16
1
/
85 Dec 944 July
19 *16
8
100 16 May 27 60 Feb 24
213 *16
Preferred
2112 *18
2112 *16
*16
4
1
/
If Dec 12 Feb
152 Jan 12
40 *30 40 *30 40
8May 21
3
*30
40
No par
40 *30
4
1
/ 2,200 Seaboard Air Line
40 *30
8
5
*30
4
1
4
1
/ Dec 28 Feb
1
/
24 Jan 12
4
3
58May 21
4
3
100
8
3
4
3
4
3
Preferred
600
4
3
4
/
4
3
4
/
11 11
112
4
3
8
8
*1
88 Dec 127 Feb
1
1
100 6714June 1 10212 Feb 11
112
*1
Co
112
112 *1
3,000 Southern Pacific
*1
4
80 8012 7812 80
2612 Dec 1853 Jan
4
1
/
82
81
100 27 June 2 65 Feb 10
4 8212 83
4
801s 803 803
80
3014 3012 30 3012 4,200 Southern Railway
70 Dec 101 Mar
32
31
100 53 June 3 88 Feb 10
327
Preferred
100
5812 5812
3114 3138 3118 3112 3114 62 8 *58
85 Dec 165 Apt
62 *58 62
100 90 Mar 10 100 Jan 14
Texas & Pacific
62 *58
*58 62 *58
4
1
/
4 Dee 1512 Mat
*5014 85 *50 85 *5014 85
512 Apr 29 1514 Jule 10
100
400 Third Avenue
4
/
121 1212
14
*5014 85 *5014 85 *5014 85 8 13
718 Oot 8112 Jan
13 *12
1
/
4
1
/
6 June 5 174 Feb 17
4
1
/ 133
1414 13
200 Twin City Rapid Transit_100
13 *14
13
4
/
4414 Dec 79 Feb
4
1
/ 81 *738 818'
*7
8
8
June 1 62 Feb 9
4
/
100 351
4 8
*73
Preferred
4 8
*73
*40 41
8
8
4
*40 41
1
/
41
*40
41
100 137 June 2 29512 Feb 24 1664 Dec 2423 Mat
41 .40
3,600 Union Pacific
4
44 *40
*40
8
8214 Jan 881 Sep,
16214 18318 16012 163 1593 163
8
100 835 Jan 5 87 May 18
Preferred
4,300
85
4
85
161 1613 181 16212 16318 164
85
85
4
/
111 Dec 67so Apr
Jan 9
85
85
8 June 1 26
100
85 85
500 Wabash
8
1
/
843 85
144
*8414 85
1212 1212 •13
14
1418 *13
14
4
Dec 891 Ape
15
15 *13
*13
100 19 June 4 111 Jan 9 39
Preferred A
500
25 *23 26
10 Dee 36 Mar
4
1
/ *23
9 June 2 1938 Feb 24
100
2114 2112 2312 2312 2312 23
24
*21
4
4
/
1358 123 1314 1212 1212 3,700 Western Maryland
111 Dec 88 Mar
91aune 3 20 Feb 24
100
1314 1414 13
Second preferred
100
4
153 *1212 16
4 1278 13
*1212 123
4
1
/
15 I *1212
712 Dec 30 Mar
*12
4 June 2 1472 Feb 9
16
100
1678 16
200 Western PANS°
812 812 *712 812
*1118 1678 *1214
28 Dec 6311 Mar
812 812
1018May 25 8152 Feb 24
100
*812 9
Preferred
200
9
*8
9
15 *1514 1812
*8
1812 15
19 *15
,
1512 15 2 *16
4
*143 19
Industrial & Miscellaneous
8 Dec 6218 Apt
312May 21 1412 Feb 26
600 Abitibi Power & Paper_No par
412 412
438 438
4
/
36 Nov 861 Apt
4
1
/ 41 *15
100 15 June 3 52 Feb 26
4
Preferred
5
5
412 41
4 8 4s
1712
434
*4
171 *15
1712
21 Dec 65 ADP
par 25 Jan 22 3812Mar 13
1712 *15
Abraham & Straus___No
171 *15
36
1812 *15
*15
*31
36
I *31
4 102 Nov 11012 Aug
36
4
/
1081May
*81
100 100 Jan
Preferred
nol4 35 *3014 3612 *31 361 *10512 10534 *10512 10534 *10512 10534 3,400 Adams Express
4
1
/
1414 Dec 87 May
.1une 3 2312 Feb 24
4
/
4
/
No par 111
4
4
4
/
151 143 15
*10512 1053 *10512 10534 *10512 105
8012 Dec 94 Sept
8 15
4
1
/ 157
4
1
/ 15
100 8312 Jan 5 92 Apr
Preferred
50
4 1514 15
1
/
87
1478 1514 154 153
87 *86
*86
21 Oct 82 Mar
1
/
87 88
No per 2218 Jan 14 334 Apr 1
88
86
300 Adams Millis
*86 87
25
*88 88
4
2
4
/
25
CorpNe
2411 2712 *2412 2712 *1712 25 25 25 *2412 1858 1,000 Addropeograph Intnew.. No Par 1758July 16 331 Feb 17 .4 Dec 843 Yang
25
*24
1814 1812 *1814
19
4Mar
/
4 July 15 111
pox
18 •1712 19
2,200 Advance Rumely
18
6*1712 18
6
6
4
6
10 Dec 411 Jito
2 6
57
100 1112 Jan 29 2012 Feb 10
5
Preferred
5
5
5
*458 5
4
/
11 Mar'
4
1 Dec
2
3 Feb 27
1
18June 4
Ahnmada Lead
24
8712 Dee 15638 June
2
3
11.000 Air Reduction Inc... No Par 70 4June 1 1093 Feb 24
4
/
614 Dee 86 Mat
2
312 Apr 30 103 Feb
Ws 80 784 Isis 751 77 7514 "fisi 200 Air-way Else ApplianeeNe pa
753g 77l4 'Hit Ili
4
1
/
414 414 *414 5
2 Jan
4
1
/ Dec
4
1
/ lan 5
4
1
/
412 4
14 Jan 2
No pa
Ajax Rubber Inc
4
1
/ *412 478 '42 478
4
1
/ 4
*4
Vs Jun
4
1
/
9 Jan
201sJune 4
Tics 80.400 Alaska Juneau Gold Min___10 7 Jan
4
"Nis 16-3- iiRs -11C8
Itirs
1412 15 'TA Tic,
Ex-dividend. w Ex-righte.
-dividend and ex-righle. 4100% 'took dividend Paid. a
•Bid and asked micas: no sales on tide Sal. a Ex
New York Stock Record-Continued-Pagel
•sies during the week of stocks not recorded here,
see second page preceding
601
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
PER SHARE
Sales
PER SRA:is
STOCKS
Range Since Jan. I.
Range for Previous
NEW YORK STOCK
for
Monday
Tuesday
Wednesday Thursday
On basis of 100-stare lots.
Friday
Year 1980.
the
EXCHANGE.
July 20.
July 21.
July 22.
July 23.
July 24.
Week.
Lowest.
Highest.
Lowest.
Highest
$ per share 5 per share $ per share $ per share
S per share $ per share Shares Indus. & Miscall.(Con.) Par
*73
4 8 2 *8
,
per share 5 Per share $ per stare
812
813 812 *8
84 *8
Per a&'.
9
*73
4 812
600 A P W Paper Co
7
No par
73
8
712 718
5 June 3
84 Feb 10
714 73
4
6 Dec Mirk FCC
718 714
718 714
7
714 7,900 Allegbany Corp
*20
26
No par
*25
414June 2 1234 Feb 24
26
254 26
*20
534 Dec 3514 MAY
26
21
2114 *2118 2512
Prof A with $30 warr___100 2012June 3 594 Feb 25
600
O18
36
*18
36
*18
2812 •20
3614 Dec 107 2 Feb
3012 *1812 30
2114 22
1
Pref A with 140 warr____100 15 June 3 59 Feb 11
200
*18
30 *18
30
*1818 28 *18
29
87 Dec 9914 Apt
12
*1812 29 *2112 2512
Pref A. without warr____100 14 June 3 5512 Feb 25
11814 1173 11812 11912 11914 123
4
11814 1203
8411 Oct
4
4
*124 12878 *1241g 12878 •1244 12912 •1241g 12938 1163 11814 112 117 21,100 Allied Chemical & Dye_No par I023 une 1 1823 Feb 24 17014 Dec 9614 Feb
4J
4
4
•12718 1294 *124 1294
343 Ayr
Preferred
2438 25
26
2612 26
100 1217
2June 12 128 Apr 7 1203 Dec 1264 Apr
27
26
4
2812
Allis-Chalmers
*1418 167 *147 167 *1418 1514 *1418 2614 254 2512 •25
8
8
3
2June 3 4234 Feb 26
8114 Dec 68 Mal
154 144 1414 1414 14 4 1,800 Alpha Portland Mfg _-.No par 183
300
,
19
Cement No par
19 *1714 1834 *18
8 May 27 1372 Feb 9
183 *1714 1834 *18
4
1112 Dec 421 Mat
1814 18
4
1818
40 40 .40 43 .40
300 Amerada Corp
No par 1512June 2 23 Mar 21 . 161: Dec 314 June
413
4 40 40
40 40
3912 40
900 American Bank Note
*6118 63
63 63 *6214 63 *6214 63 *6214 63
10 343
4June 3 623 Feb 1$
454 Nov 974 May
4
63 63
Preferred
90
*212 314
3
312 *3
50 54 June 4 6814 Feb 26
312
6014 Nov 6634 Jan
3
3
*3
312 *3
312
800 American Beet Sugar-No par
*2712 2912 2912 2912 29
112June 15
2978 *29
4114 Jan 9
212 Dec 12 Jan
30
30
29
294
800 Am Brake Shoe & Fdy:No par 2578May 27 38 Feb 24
*11318 1197 *11318 11978 *11318 11978 *114 11978 *29
8
80 Dec 5432 Mai
*114 11978 *114 1197
Preferred
8
*63
4 7
64 7
100 11314July 15 12432Mar 10 118 July 128 Feb
7
7
*63
4 714 *612 7 8
7
700 Amer Brown Boyer! El_No par
*69
70 *69
70 *684 70 *683 69 *683 693 *6834 7
2June 3 123 Feb 24
53
2
4
64 Oet 2154 Apr
4
69
Preferred
10214 104
10314 1043 10118 1063 1017
4
100 31 Apr 29 72 June 12 88 Oct 84 Beet
8
8 9814 101 142,300 American Can
*149 152 2 14912 14912 *1494 152 *14918 10514 1004 1025
,
25 9214June 1 1293 Mar 28 1044 Dec 1584 Apr
2 15213 14912 151 *14912 150
4
100
Preferred
100 145 Feb 4 1524 Apr 30 14014 Jan 150 2 Oct
*184 19
18
18
7
184 19 *19
21
19
19
1812 187
2
600 American Car & Fd7.-No Par 14 June 3 384 Feb 24
6373 83 8 614 6118 *81
7
64
6152
341: Dec We Feb
6112
120
•18
Preferred
1814 *154 184 1714 1714 *1634 614 *1614 6212 6114 6114
100 5814June 22 86 Mar 18
1814
Dec 116 Jan
70
1814 *1614
1001 Aincrloan Chain
,
*42 427 43 43
3
No par 15 June 2 434 Feb 24
43 4312 4212 4311 4214 4214 .4114 1814
27 Dec ars AM
433
4 2,0901 Amerloan Chicle
'•12
1314 *1212 134
No par 3813 Jan 2 4832 Mar 20
85 Dec 514 Apr
12 *1212 1314
712 713 *712 8 *124 1314 *1212 1314 12
2001 Amer Colortype Co
*712 8 I *718 778
No par 10 June 11 2112 Feb 27
1572 Dec 22 1301
*718 77
*714 712
8 *74 77
714 714 *7
100 Am Compri Alcohol-No Par
8
572 Apr 29 1412 Feb 16
732 *7
9 Nov 88 Jan
738 *7
74 *7
100 Amer Enoaustio TIIIng_No par
712
*214 2212 2212 2212 *2212 23 1 21
512June
16
22 1 21
8 Nov 307 'far
21
2012 2012
2
2814 2914 2914 3014 2912 313
900 Amer European 81304-No Par 1812June 2 3318 Mm 2
2 284 30141 2818 2914 2718 2378 151,900 Amer
1
Feb
17 Dec 594 Mar
& Fern Power...No par 2114June 3 5144 Feb 24
*77 4 807 *773 807 *773 807 •78
3
8
4
8
4
8
8073 *7814 807 *7814 80'8
24
25 Dec
8
4
Preferred
*50
51
53
53 1 53
No par 8514 Jan 3 100 Mar 20 84 Dec 1013 AM
53 1 *50
534 53 53
11112 Ape
51
51
603 24 preferred
•884 90 *883 90 1 *8814 89 *8814
3
No par 481:June 3 791: Feb 25
93 , *8814 93
634 Deo 1004 June
773 7714,
4
103
83
4 8 4 *814 9 I *814 9
56 Preferred
1
No pi
a; 74 Jan 3 90 Feb 26
772
772
714 84
73 Dec 101 May
712 712
303 Am Hawaiian 9 El Co
*614 7
*6
7
612 612 *612 63
014 Arc 27 103 Jan 9
2
812 Dec 334 Mat
4
64 632
614 64
401 Amer Hide & Loather- No Par
2914 294 29
29 2 2812 29 1 *28
,
132 Jan 7
8 Mar 31
2812
l's Dec
274 274 1,209
7 Apr
583 583
4
Preferred
4 533 6012 603 6314 6112 6214 *2712 28
4
100 104 Jan 8 30 Apr 6
4
812 Dec 347 Ala
6014 614 60
2
• 4 23
223
223 223
4
4 223 22se 225 2258 22 224 *2234 61 I 9,100 Amer Home Products _No par 49V2June 2 04 Mar 20
8
3
464 Doc 89 4 Mar
3
23 1
600 American be
1414 1414 143 147
4
No par 1814May 20 314 Feb 9
8 1478 1514 144 15 I 144 1434
244 Dec 4172 Mar
14
1412 7,603 Amer Internal CorP
*3
4
7
8
*3
No Par
4
4
914June 3 26 Feb 28
*3
4
7
8
*3
4
16 Dec 553 Apr
7
8
*3
4
2
7
8
.
Am G erred
110
*3
prefFranee&Foarnite_No par
4
14
4
*10
1212 *10
1213 *10
12June 1
112 Jan 9
1212 *10
12 Deo
1212
4 Apt
1212 *10
*1733 19 1 174 174 19
100
412May 1 15 July 3
19
18
7 Dec 85 Feb
18
1814 1314
*72
699 American L000motive_No Pa
75 *724 7414 744 7414 7214 18 . 18
1312June 3 3034 Feb 20
7214 *72
184 Dec 105 Jan
7312 72
72 1
32 32
409
Preferred
325 33 I 3314 34
8
100 89 4June 25 843 Mar 6
4
33
684 Dec 11812 Mar
334 33 33
3212 3312 1,991 Amer Mach & Fdy new_No par 283
June 3 4334 Mar 19
*24 3 I
29 4 Dec 65 Beta
23
1
4 2 4 *212
3
*212
*212 3 I *212 3
300 Amer Mach & Metals-No Par
*1178 1214 1214 1214 1238 1212
2 May 27
7 Mar 2
1178 1178
8 Dec 1412 July
1078 1133 12
12
•
2,300 Amer erri dlos)
524 81 I *6212 81 , *5212 81
prefM eta Co Ltd-No par
8I8June 3 23114 Feb 24
*5213 81
1812 Dec 5112 Feb
*5213 81
*5212 81
1114 1114 10
11 I *1012
100 5312May 21 2912 Feb 5
12
12 *12
80 Dec 116 Feb
14
11
3558 37 I 3778 377g 3818 12
12
200 Amer Nat Gas pref_.-No par
5 May
3972
383
3734 38 •355 37
20 Dec 95 Mar
8
351g 36
3,030 Am Power & Light-__No par 3012June 29 6472 Jan 20
*903 913
4
3 9014 9138 9118 0114 91
2
Feb 26
91
3612 Dec 11932 Aim
901 904 9014 9012
8
*733 75 I *7438 75 i 7438 7433
,
4
No par 88 June 17 102 Mar 27
90 Dec 107 Mar
4
4
Preferred A
100
*74
7514' 7378 74 I 7378 737 *7334 79 *733 79 I *733 79
No par 7334JulY 1 84 Apr 9
8 *7334. 7412 733 733 *7353 74
7412 Dec 877 Bent
4
4
2
900
13
Pref A stamped
1318 13
No par
1338 13
14
1338 137
74/14 Dec 8912 SaP1
8 1314 133
4 1278 1312 10,400 Am Rod & Stand Eian'y_Ne par 73'4 July 2 35 Apr 4
*614 712 *614 712
1112June 1 211
*61
:Mar 20
712
I ' *61
15 Dec 8934 Apr
6
6
7'!
6
200 Amerlean RepublIce
2112 214 2118 2112 22 2 2212 *614
No par
5 Apr 27 1232 Feb 27
2138 2134 2138 2112 2013 202 3,400 American Rolling
512 Dec 87 Mar
*4518 4712 48
Mill
48 , *47
1518June 2 3732 Feb 20
48
48
28 Dec 1007 Feb
48
50 1 50 5012 1,800 American Safety Razor-N 25 45
2
*414 54' *414 512 *414 48
o Par
July 15 66 Feb 26
512 *414 513 *414 54 *414 512
5212 June 6712 Ara
Amer Beating v I o____No par
*4
3
41
3
4
4
4 June 2
*12
4
9 Feb 13
*12
5 Dec 2612 Feb
3
4
*12
5
8
*12
3
81
2212 2718 27
100 Amer Ship & Comm_ No par
27 1 27
'!May 29
27 , 2712 2712 *27
13 Feb 27
2
18 Dec
2712 *27 2712'
332 May
334 34 I 3418 35 1 3434 3512
160 Amer Shipbuilding now_No par 27
3314 35 ; 33
85 Dec 544 June
343g 33
3378 1 10,200 Amer Smelting & Refg_No par 243 July 20 42 Jan 6
129 129 1126 12912 •126
:June 3 584 Feb 24
1294'1264 12912 *12613 12912 *12612 12912
3712
•
90
Preferred
100
94 *90
92 i *90
100 1174May 14 1381:Mar 27 181 Dec 7912 Apr
92 *90
Dec 141 API'
*37
200
5% cum 2d prof
38
38
38 1 *3712 384
100 8312June 5 1023 Mar 12
4
934 Dec 1033 Aug
s
600 American Snuff
*1074 1104 *1074 1107 •10732 1107 *38
25 3514June 3 4214 Mar 10
2
3 1107 1104 *1075 1107 1074 1074
8
3
85 2
7
8
Preferred
70
112 1121
13
2 132
100 10234 July 1 11078 July 22 10012 Jan 484 Jan
13
13
153
114 14 1,600 Amer Solvents & Cbem-No
112 Sept
*34 33
41 *318 338 •313 338 *318 158 •14 158
Par
'fault,16
41: Feb 16
34 •34 33
2 Dec 2212 Mar
8 *34 34
Preferred
•1512 16 1 1814 1614 1612 153
par
214June 17 1112 Feb 24
4 163 1612 164 1638 1638 1638 1,000 Amer Steel Foundrl
3
54 Oct 8314 Map
3
es_NNO
1112June 2 8114 Feb20
*104 107 !•104 .105 *104 105
We Deo 52 Mee
14
,
1 104 10412 104 104 •104 107
*3934 4112 *3934 41 •40
10
Preferred
100 10012June 4 111 Feb 20 110 Dee 118
4172' 4134 4134 413 413
4
4 417 417
Feb
*54
2
4001 American Storm
2
5634' 57
5734 574 58 1 574 5712' 563
No pa
37 ten 7 4814 Mar10
MB: Dec 554 API
4 57
58
5612 2,100' Amer Sugar Refining
*105 107 1.105 107 1 10872
100 42 June 2 60 Mar 25 894 Dec 5272
1067 10534 10534 106 106
8
106 106
Mar
500, Preferred
*74 8
*612 8
100 96 Jan 2 10812Mar 16
*713 8 I 8
8 I *713 812 874 812
._
95 Nov 110 Apr
5001 Am Sumatra Tobaceo_No par
Patine 3 1112 Feb 13
5 Nov 263 Feb
4
I Amer Teleg & Cable Co
ilia- ifili iii iiiii Fri"
100 154 Jan 12 2312 Feb 18
s
15 Dec 2712 Feb
4
11914 11914 11912 11912 121 ficiiii iiii ffiss• ii8f4 fiff:, iiii- 176" lo;iiii, Amer Tele') & Teleg
121
118 11812 1,0001 American Tobacco new w I 100 15612June 2 2014 Feb 26 170 2 Dec 2744 Apt
3
122 12312 123 124 1 124 12472 I 121 121 1'11812 121
2
9818June 2 1283 Apr 14
12312 1253 12214 124
4
4
9812 Dee 127 Bent
122 12312 18,600; Common dam B new w 1_2
*12812 130 1 129 129 *129 130
10212june 2 132 Apr 14
129 129 1•12912 130 129 129
9914 Dec 1307 Sera
1
400 ' Preferred
*55 65 •55
65 *51
100
65 *51
Jan
64 *5512 65
*5718 65
1 American Type Founders_ _100 1244June 3 132 May 5 120 Feb 129 Sept
* , 100
88 4
*8814 100 *884 100 *884 100
58
4 165 Jan 16
*8814 100
*8814 100
95 Nov 1411 AM
Preferred
/
4
478 4738 4
50
50
523
4 491 5114 49 49
4
4758 4933 5,2001 Am Waterrrellia & Eleo_No 100 85 June 2 11012 Feb 28 10312 Nov 1143 July
*100 1017 *100 1013 *100
4
tai prefe W d
2
4
pa
40 2June 3 8014 Feb 26
1013 *100 1013 .100 1013 *100 1014
3
4
4
714 714
4
471 Dec 1244 Apr
4
714 714
983
73
4June 23 107 Mar 19
73
8
718 738
64 7 I 653 75
98 Nov 10812 OM
8 4,200 American Woolen
3072 3114 3012 314 31 a 314
100
514June 3 1172 Jan 12
3012 31 1 3032 311
5 2 Nov 2014 Feb
2 31, 3314 9,800
3
a
•13
4 178 •134 2 4
Preferred
,
100
13
4 134
1
132 •11
1341
154 Nov 4472 Feb
13
2 132
*10
900 Am Writing Paper otto_No Par 2641June 2 391s Mar 23
20 *10
20 t *10
112 Apr 29
20 t *10
20 1 *10 20 I *10
4 Jan 23
14 Dec
20
5
9 Map
5
Preferred certilleates___1
5
5Ig
54 54 847
8 514' 814 514
5
1018 Doc 404 Feb
514 1,200 Am Zino Lead & Smell_No 00 10 June 2 18 Feb 20
*32
4112 .36
4112 *39
par
332May 28
41 i *32
4112 4112 4112' *25
834 Feb 26
2518
3 5 Dec 17 2 Feb
3
2472 2832 2612 2714 27
7
200
Preferred
25 26 Jau 101 4112July 23
28 I 2532 2634 244 26121 247 26 69,2001 Anacond
26 4 Dec 79 2 Jan
2
3
3121
7
2212 •2012 223 *21
a Copper MinIng_50 183
8
214 *21
2112 2012 2012 203 21
25 Dec 8112 AM1
4
22 22 i *21
300 Anaconda Wire & Cable No par 20 4June 3 6314 Feb 27
2212 21
21
June 10 2614 Mar 10
4121
22 I *21
2212 *21
19 Dec 5314 Feb
2212
200• Anchor Oav
No par 1912June 2 86 Feb 21
.1038 14
*1032 14 1 *113: 14
24 Dec 514 Apr
*1032 14 I *104 14
4
*1052 14
111014 11
Andes Copper Mining _No Par
*104 11
*1012 11
9 June 13 1942 Feb 27
*1014 1012, 9 2 1012 10
7
104 Dec 874 Apr
10
*46
1,700 Archer Daniels MIdI'd_No par
53 *48
53
48 48
8 May
48
48141 *46
50 *44
1812 Dee 294 Apr
53
2
300 Armour & Co (Del) pref.-100 32 June 18 18 Feb 4
2
2
24
2
2
2 72 Jan 7 60 Dec 8272 June
2
2 1
2
2 18 *2
218 2,500 Armour of Illinois elms A.-_25
138 138
132 132
114 132
112May 29
44 Jan 6
114 132
114 114 *114 132 1,300
254 Nov
*1412 15
812 Mar
Claas B
*1313 16 1 *1412 15
1 May 28
25
143 1434 1438 1412 1412 1413
4
2 2 Jan 7
7
14 Nov
432 Mar
*7
500
74
Preferred
7
7
7
7
100 101:June 2 47 Jan 6
*7
8
7
354 Nov 65 June
7
74 714
500 Arnold Constable Corp-No
*53
4 712 *53
4 74 *578 714 *578 714 *57
34 Jan 2
Par
9 July 3
8 74 *57
312 Dee 134 Apr
8 714
712 712
Artloom Corp
732 74
7 4 814
No par
3
5 Jan 18 1012 Feb 28
712 713 *712 8
454 Dec 2012 AM
*18
712 712 1,100 Amodated
1912 194 19121 1914 1914 19
1941 1838 19
53 Apr 24 2872 Feb 10
4
1
20 Nov 481g Mar
1812 1834 2,400 Assoc Dry Apparel Ind_No par
*2012 26
•2012 26
2012 2012 *2112 26
Goods
No par 1614June 3 294 Mar 20
*203 26 .2034 26
4
19 Deo 5012 Apr
•I5
173 *15
20 Annotated Oil
4
173 •15
4
1714' 15
15
*1412 15
80 Dec 51 June
*1413 15
•29
31
100 Atl0& W 1 S S Line--NO 25 20 May 28 31 Feb 18
*29
31 1 •29
31
•29
31 .29
flat 15 July 15 89 Jan 7 33 Dee 804 Jan
30 *29
1512 153
30
4 1513 16
Preferred
153 1612 16
4
100 80 June 30 6812 Jan 21
48 Dec 654 Feb
1514 1553 13,900 Atlantic Refining
*3714 39
*3714 39 •3714 39 *3714 1634 1538 16
25 1112June 2 233 Feb 24
39 1 *374 39 *3714 39
2
164 Deo 5132 Ayr
*85
86
*85
Atlas Powder
88 .85
86
No par 30 June 3 54 Feb 11
.85
86 *85 86
12 Dec 106 Mar
86
*712 9
86
*74 9
Preferred
10
*734 81
4 *7 4 8 4 •73
100 84 2June 27 997 Jan 16
3
3
7
4 87
2
8 *73
97 Nov 106 Mar
4 Vs
*3
34 *3
Atlas Storm Corp
34 *3
3121 *3
7 MAY 29 131: Feb 10
No Par
34 *3
7 4 Dec 87 Map
3
318
164 168
169 1704 1693 17314' 165 ' 318 *3
Atlas Taok
4
No pm
170 I 16312 16712 158 166
2 Mai 15
84 Jan 8
34 Oct
*1
84 Mar
114 *1
114
114 114' *1,
4 138 *114 133 *114 14 14,600 Auburn AutomobileNo par 1014 Jan 14 29512 Apr 14
•
112 15
6032 Nov 116831 Apr
8
4
138 14
100 Austin Nichols
118 114
11g 114
No vat
112 2
1 June 17
214 Mar 30
2
14 D
2
2
*2 4 312 *23
3
7 May
4,200 Antonia Corp
4 312
23
4 23
4 *24 34 *24 312 *23
No par
1 Jan 2
212July 2
7 D
4
10 s Mat
4 312
3
35
8 33
8
312 34
30
Preferred
312 338
312 35
50
8
2 Apr 28
312 35
8
6 Feb 27
4 Dee 25 Mar
312 312 8,600 Aviation Corp
*134 15 I 14
No par
3 /an 3
14 I 144 15
64 Mar 2
VA Dee
14
9 a Apr
7
14141 *1314 1312 13
•754 81
13 4 1,300 Baldwin Loco WorM_No par .
7538 753 *7514 81
,
8
912June
7514
27 2Mar 19
7
19 83
8
88 Feb
10314 10314 31034 1044 *10313 10412 •10312 10412 10313 7512 7514 7314
80
Preferred
100 70 June 22 1044 Mar 19
1031 *10312 10412
84 Dec 115 Jan
318 34
150 Bamberger(L) A Co pref _100 10114 Apr 30
3 8 378 *3
7
4
*3
4
*3
4
107 Feb 11 103 Dec 1104 Feb
3
3
1113332 88 •3332 36
70 Barker Brothers
*333 36 •____ 36
8
No par
2 8June
*333 313
7
8
10 Jan 2
8 Nov 2034 Mar
334 3333
758 8
78 8
50
7
Preferred
8
858
813 9
100 3312July 1
812 83
60 Mar 10
68 Deo 91 Map
4
814 812 12,700 Barnedall Corp Mass
*2278 31
*2278 31
*2278 31
*2273 31
A
25
•227 31
5 4June 2 1412 Feb 28
3
3
84 Dec 84 Mat
2234 2278
*84 85 *84 85
100 Bayuk Clgare Inc
821 84 *824 85
*8213 83 *8212 83
No Par 22 Aar 27 88 Jan 19
23 Nov 68 Feb
60
100
60 *593 60
2
First preferred
6012 02 59
7
59 *59
100 8212July 21 90 Mar 5
5814 8812 1,000 Beatrtoe
89 Dec 101 July
*105 11014 *108 11034 *108 11014 *10914 1104 .10913 61
Creamery
. 60 5312June 2 81 Mar 19
11014 *10912 11014
62 Dec 92 Aim
4149 53 *45
Preferred
53
*50
53 *50
53 *50
100 108 Jan
53 *50
53
2 2 27
7
Beech-Nut Packing 0o____20 4412June 15 111 Mar 16 1014 Mar 10914 Sept
2
24 23
4 *213 23
4 *24 2 4
3
23
4 3
2 82 Apr 9 464 Nov 704 Jan
3
s7412 7612 *---- 7612 1175
33
8
7614 755 754 *7514 764 *754 7614 1,500 Belding Hem'way Co__No par
3
4June 1
13
4 Jan 80
212 Dec
100 Belgian Net Rye part pre__
83 Jan
20
205
2
2 2032 2114 21
2112 204 207
8 2014 205
_ 75's July 16 804 Jan 22
8 197 205 14,800 Manila
764 Dec 854 Map
8
8
373 373 *3712 3878 384 383
4
4
Aviation
4 383 383
8
No par 147
8
2June 2 2512 Feb 24
38
144 Nov 5732 Apr
375 38
8
1,500 Beet & Co
2 444 4534 464 4712 444 4812 38
44
No par 3114June 3 4614 Mar 19
437 4514 4212 4418 74,200 Bethleh
8
804 Dec 584 At,,
103 108
10812 10812 1084 10812 108 10812 10818
em Steel Corp-No Par 3812June
704 Feb 26
1084 10712 10812
474 Dec
900
*16
Preferred(7%)
19 • 3 19 *18
17 4
1812 18
18
100 964June 8 123 2 Mar 6 1124 Dec 1104 Ago
*1732 1812 *1712
7
8
100 Blaw-Knox 100
111185 20 *184 20 *184 20
2
784 Mao
*183 20 *184 20 *185 185
8
V.Par 16 June 2 29 Feb 21
23 Oct 4112 ADS
8 20
O91
94 *8914 94 *8914 94 .8914 94
Bloomingdale Brothers-No pa? 1612 Jan 5 2014
*8914 94 1 , 94
Mar 25
164 Dec 297
si___ 82
'89 4
82
Preferred
____ 82 '_ -_
100 85 May 15 95 Jan 9 95 Dec 104 2 Apr
• 3313 3414 •____ 82
34
3414 3514 3538 353
35
Blumenthal & Co
Oct
4 34
3538
3312 34
74 Feb 90 Apr
5,800 Bohn Aluminum & pref.-100 63 June 3 8212May 11
Br-No par 20 4 Jan 2 4012 Apr 9
3
153 Nov 69 Ay,
4
•Bid and asked Priem no stiles on this day
s Ex-dividend. g Ex-rlifine
Saturday
July 18.
N
g212 312
Itt,
New York Stock Record-Continued-Page 3
602
recorded here. see third page preceding.
For Wes during the week of ssocke not
PHI SHAER
P333114413
Sanyo for ProoVnio
STOOKS
Sales
Rawls Since Jan, 1.
-PER SHARE, NOT PER CENT.
Year 1920.
HIGH AND LOW SALE PRICES
100-saaro
NEW YORE STOCK
for
On brute of
EXCRANOE.
the
Ripka,
Friday
Lowe.
Ifigasa.
Wednesday Thursday
Lowest.
Tuesday
Monday
Salurday
Week.
July 24.
July 23.
Ju.y 22.
Jut!, 21.
July 20.
July 18.
per ullaro $ per stars
per glare
3 per skips $
Per share Shares Indus. & Miscall.Woe.) Par 60 Jan 6 :6614 Apr 15
5912 OM 73 API
per share
No par
Per share $ per share ; S per share $ per share $61
600 Boa Am, slam A
64
.61
I Mar
61
Oct
1
61
3 Feb 20
8 61
1 June 13
3
No par
72 I 617 617
*61
72
61
.
200 Booth Fiabsrias
4
13
113 '1
54 Dos 234 Jan
1 18
138
3 June 13 174 Fob 20
14 *1
100
14
P4 *1
*1
IA praferrsd
7
612 *4
"4
7
6018 Jan 004 Map
*4
7
4
7 *
I
23 47 June 1 7612 Mar 20
*4
7
*4
Co
8 58% 59% 10,800 Borden
15 Nov 5012 Mai
10 1412June 2 3044 Feb 27
r Corp
7
568 5714 575 5814 533 59% 53% 598 58% 595
8
3 Mai
• Dec
1918 183 1913 6,000 Borg-Warne Mills slam A_ _50
19
20
54 Mar 13
8
114May 22
19% 1914 1912, 197 20% 19
19
380 Botany Cons
114 *1,
112
4
8
1218 Oat 253 July
114
P4
4
114 *1
ing_N• par
814June 2 223 Mar 25
1141 '1
.1
114 13
12% 13% 29,600 Briggs Manufairtar
154 Nov 3414 Ape
8 1318 14
135
2411 Mar 24
,
No per 15 June 1
1214 1212 1212 13141 13 4 1414 13%
200 Beim & Stratton
"1618 17
8
14 Dec 224 May
514 Mar 3
2 Jan 2
1712 1614 164 .164 1712 *163 1712 '214 212
1714 1714 .15
Brockway Mot Truck_ _Nis Far
200
13 Dad II Apr
"214 212 *214 212
100 1012 Apr 22 28 Feb 17
212 212 .212 3
3 3
Preferred 7%
*23
30
4
153
4
153 •12
4
984 Dos 1784 Mu
153 '12
1 1294 Mar 10
124 .12
4 11
4
•1214, 153 *1214 153
4 1,300 Brooklyn Union Oas___No par z99 June 22 4418 July 23
109 10912 10814 1083
334 Nov £2 lesiD
8
1097 110
No par 8314 Jan
10912 10912 111 111
Sloe Os
112
•10913
1,400 Brown
M/11
43
447 *4312 45
10 Dee
4313 433
8 May 4 15 Feb 13
.4114 4212 *4113 4213, 4212 423
100 Bruns-Balke-Collender_No par
84 314
*818 814
1114 Dec Ills MAO
8
*813 9
4June 2 207 Feb 19
10 113
*818 8%1 .818 9
818 9
*
500 Bueyrne-Erle Co
1214 1214
8
21 Dee 43 liar
8
4
10 2012June 3 344 Feb 10
133 •1213 133 '123 1312 123 1233 227 22% 1,100
8
8
123 125g *123
Preferred
8
4
4
100 104 June 21 114 Apr 21 1073 Jan 117 Sett
4 223 2212 .2212 2312 *2212 233 '107 109
*2212 2314 2212 223
Preferred (7)
10
'107 109
3 Dee 164 APT
54 Feb 26
212June 1
No par
107 107 *107 109 ,*107 109 •107 109
418 5,600 Budd (E 0) Mfg
4
614 Oct 144 Feb
4% 414 *414 438
4%
par
Apr 29 13 Feb 27
712
No
4%
,
4% 414
414 4 41
2,600 Bull Wheel
91g 918
8 9
83
84 Dec 43 Um
918 914
812.7une 0 154 Jan 30
No par
9% 912
914 9331
918 9%
,
8% 8 4 1,100 Bakst& Watch
838 8s
9'l
9
,
912 9121
918 9 4
*812 912
1
97 Dec 74 Aim
812June 3 23 Feb 20
No par
800 Bullard Ce
,
1212June 2
1018 10731 1012 10 2 10% 10%
1212June
*1012 11
Burns Bros new elAnewNo Par
1018 1018 *1014 11
1612
1612 .11
*11
23
1612
3 Jun*
3 June 23
1612 "11
1612 *11
New elms D•t o____No par
2613 "11
•11
•112 6
*112 6
713* Dec log Feb
*112 6
100 22 Mar 17 85 Jan 20 "7
*112 8
*14 6
Preferred
*112 6
"5112 58
8
9
183 Dee ars Mai
1 324
*5112 58 '5112 58
*5112 60
*5112 60
*5113 60
3,000 Burroughs All Maoh_No Par 1912June 23 31 Feb 24
23
3 23
233
Feb
2111 Doc 4812 Mat
2318 23
24 12 2412 23
No Par 17 Apr
24
2312 2312 24
600 Book Terminal
20 201z
07 Nov 110 Mao
*2012 22 "2013 22
100 70 ADZ 23 104 Jan 23
21
21
Debenture
'2012 21
'2018 22
110
90 '8514 90
90
90
100 9518 Apr 29 113 \far 17 108 Oct 118 41)3
894 90
89
•85% 90
20 Buell Tann Bldg. prat
87 87
105 105
54 Jan
.102 105
s
7 Dec
4
13 Feb 20
3
4May 7
1
4
8
•1013 105 .1014 105 *102 1057 *1027 1057
•7
1,100 Butte & Superior Mining_10
1
8
44 Feb
*7
8
8
14 Dec
8
8
7
4July 17
23
5
14June 19
1
Zino
8
3
.
1
8
7
.
2,900 Btitte °upper A
21
2
8 23
25
10 Nov 294 Feb
26
3
4
4 23
9 June 2 30 8 Feb
23
4
No par
4 23
23
4
4 23
23
4
8 23
.25
5,100 Butterlak Co
1214 133
11 14 141
3314 Dee 1124 API
No par 234June 2 594 Feb 20
*1012 1114 "1012 1114 *1114 12
*1014 12
2838 303 18,300 Byers & Co (A 31)
311
31
100 80 June 2 1064 Feb 24 106 Dec 114 Jan
Preferred
8
313 3212 3133 32% 3214 3312 3114 3212
5 '8014 95
4114 Dec 774 Mal
1 53 Feb 15
*8014 95 "8014 95 .8014 95 "8014
8014 95
800 California PaakingNo par 2012May 29
24 Feb
23% 233* 22% 231
14 Dee
Ashlar 2
Itlune
10
*2312 2612 2312 24
-Lead
"2214 2412 *2318 21
53 1,300 Callahan Zino
*12
8
4
402
2
2
402
82
52
2
3
2832 Dec 804 Jan
2 434 Mar 17
*12
12
12
2,700 Calumet & Arizona MIalog_20 2312June 2 113 Feb 24
401
4013 4053 40
8
4
71 Dee 333 Jan
8
5 Juue
23
4018 404 4118 4013 4012 404 41
40
Calumet & Recta
1,600
7
7
10 Nov 30 Ms,
1632 Mar 25
733 '612 7
7
712 73
7 12
7
7
7
800 Campbell W & 0 Fdry _No par 1014June 20 45 June 25
12
3012 Dee 71A Mao
1114 1114 114 1112 1113 "11
No par 294 Jan 19
8 1012 1012 11
103
•10
4 2,000 Canada Dry Ginger Ale No pas 174 Jan 2 25 Mar 24
393
39
39
39
40
164 Dec 344 Mar
4018 39
40
40
40
381
. 4 40
20% 1,101) Cannon Mliii
20
.20% 21
94 Jan 3 16 Feb 20
712 Dec 284 AV,
2
20% 2014 .2012 2112 •2013 21, '2012 21
100 Capital AdmInln ol A.__No par 29 May 18 364 Feb 25
8
143 1438
s
2012 Dec 42 Mai
8
'143 15 '143 143
16
60
•15
4
.143 16
Preferred A
*1414 16
37
37 .3212
8312 Dee 3524 414
100 5012Juno 3 1314 Feb 24
*3212 37 .3212 37 .3213 37 .3215 723
Co)
*3212 37
4
3 6818 71, 56,600 Case(J1
4
693
May
6953 7218 713* 7312 7238 7512 7114 7313
Preferred oortifleates.._ _100 95 May 14 116 Mar 21 113 Dee 132 Au,
150
3 100 100
4
3
22 Dee 7911
..No par 2112June 3 524 Feb17
9814 9314 9314 1 814 9934 99
*9814 99
99
99
14 2314 2318 24% 4,201) Caterpillar Tractor___ _No par
/
112 Dee 137 Jan
4 Feb 27
2 June 5
24% 24% 2412 2312 24 I 23
24
211 .
Cavanagh-Dobbs 1n0
24
•
500
"212 3
*212 3
Jan
94 Dec 76
"213 3
100 15 June 9 20 Mar 7
4,212 4
3
3
4
Preferred
*3
4
'1012 223
8
.1012 21
918 Dee 203 Oal
8May 20 16 Feb 25
87
•1012 22% •1012 223 *1012 224 .1012 223
1,100 Celanese Corp of Am_No Par
13
4 13
123 123
8Mea 2
3 Dee 60 Ma,
13
54 Apr 24 143
1314 1312 13
No par
Corp
8 1313 131
133
Centex
"13
7
"6
"618 7
3 Dec 12 Sept
7
.6
3
34June 3 13 4 Mar 21
No par
'612 7
4.612 7
Certtileates
•612 7
300
6
6
53
'533 6
s
1714 Dee 847 Apr
14 Juno 1 374 Mar 21
57
No par
53* 538 *558
Preferred
7
53
6
*5
90
8
4
183 187
18 Dee 8012 May
4
19 I "183 20
19
177
243
8Jun• 3 2474 Jan 0
AssoNo yap
243 .19
•1718 24% •181!
3,300 Central Aguirre
23
24 Dec
4
84 Mar
223 2314 23
614, Feb 31
212 Jan
8 224 23
4
2212 2238 223 233
512
*2112 22
200 Century Ribbon Milla_No Par
514 512 *5
4
51 Feb 597 July
'
,
5 4 514.
100 50 May 23 70 Feb 26
8 4%
43
414 512 '413 512
Preferred
.
68
68 .65
21 Des 654 Jan
68 1 "65
*65
14 June 3 3013 Feb 24
68
*58
68
58
68 .
*56
1612 1714 3,800 Cerro de Pasoo OnDuer_No /Me
17
17
173
2 Dec 154 Feb
714 Mar 23
214 Jan 2
17
3
16% 1712 1712 174 173 173
2,400 Certain-Teed Produete_No par
53
,
54 6
4
53
6
324 Dec 49 Feo
*57
5% 61
No par 30 June 17 374 Feb 25
515 512
512 512
300 City Imo & Fuel
3218 '31% 32
4
79 Oct 9811 Feb
3218 3218 32
321
100 774 Jan 14 90 Apr 21
32!..; *32
32% *32
Preferred
32
.
170
4
803
4
4
804 803 .80
14% Dec 677 Mat
3
80 4 803
74June 1 234 Feb 7
No par
8012 80 80
4 80
914 912 2,100 Checker Cab
*8012 803
97 10
8
9, 10
324 Dec 824 Mar
*93 10
10
No par 2712Jun• 2 544 Feb 24
10
10
10
2,200 Chesapeake Corp
4 36% 37
3714 38,
74 Nov 37 Visa
4
373 38
612 Apr 29 1518 Feb 26
383
37
37
37
37
*35
100 Chleago Pneumat Tool_No par
*8% 9
4
2214 Nov 557 Mar
"314 812 '814 9
81
1512June 2 35 Feb 20
No par
8% 812 '8
Preferred
"812 912
500
20
201s 20
2012 .20
2012 Dee 32 Mar
23 Jan 9
.20
20
20
17 July
4
•193 21
*19% 21
30 °Memo Yellow OabNo per
18 2
,
1812 '18
4
104 De0 324 Apr
1812 '18
10 10 June 3 123 Mar 311
4
2
1812 18, •173 1812 1812 181 "18
200 Chickasha Cotton 011
e
3
101 1038 .1014 1013
2278 Dec 673 June
8June 3 334 Feb 10
No Dar 173
10% *1014 1013 1012 101 3 "101* 1012 '2012 21
*10
400 Childs Co
21
21
1108 000 Ai Apo
21% 2012 21
-Buie 2 2534Mar
8
217 "21
No par 124
21% .21
*21
21% 2234 190,000 Chrysler Corp
23
2214 233 22
,
4 23 4 21
233
21% 22% 23
44 Feb 11
24 Dee 134 Apr
2 June 2
Ns par
1,300 City Storm new
23
4 27
2% 2%
2%
1512 Dee 444 Apr
8
4
8 23
4 27
23
No par 13 July 16 227 Mar 26
3
Clark Irgulprnent
2% 2% '2 4 27
•1413 15
*1412 15
21 Dets 00 API
94 May 19 3414 Feb 17
15 .1413 15
*14
15
•14
*1212 15
200 Cluett Peabody & OoNo par 95 Jan 23 105 July 20
3114
31 '30
914 Jan 105 Apr
3014 3012
"26
*26% 35
1
•2612 35
Preferred
*2612 35
10
107 •103 107
No par 133 June 3 170 Feb 24 1334 Jan 1014 June
105 105 "103% 107 ,•103 107 '103 14413 1421s 14212 1,400 Coca Cola Co
*103 105
4
4,911 Jan 53 Mar
4
14614 146, 1414 1443 14318
No par 6012 Jan 2 5312June 4
8
Class A
*142 143% 1435 146
500
52 52
52
44 Dec 644 May
8
5218 .517 5212 52
"52
52
-Palmolive-Peet Na par 40 June 2 504 Mar 18
5212 52
*5218
200 Colgate
4434
4
443 .44
443 .44
97 Mar 104 Deo
4
4
1013 Apr 21 104 Feb 18
.4414 413 "44
100
441z 4413 4412
6% preferred
44
*
600
,
12 Out 354 Feb
9 Jan 30 1712June 20
4 10314 '103 103 2 *103 10313 8,100 Collins de Animas
No par
4
*10212 102% 1023 1024 103 10314 103, 14
13% 1238 13
13
73 Jan 92 May
1313
Preferred non-vetIng- --100 71 Apr 30 84 July 2
13% 1333 1314 1314 1333 1414
8414
8414 "72
4
,
83 Dee 204 Apr
84 4 .72
e 6 101* Jan 8
712Jun
*7014 8414 .7014
Colonial Boman Oil Co_No par
•____ 8414
2 8%
8 *7,
8 "712 85
914Juna I 1912Jun• 27
2 85
*712 8% •712 812
100 Oeloradoruelk Iron new No pot
1614
1
5.
654 Dec 191 -7 S;
1614 1614 *1513 1712 '1512 1713 '1512 72
par 55 June 2 1114 Feb 25
1812
1712 •15
•15
3.300 Columbian Carbon •to Ns
7312 7033
304 Deo 87 Apr
7518 "73
7612 73
par 20'8June 2 454 Mar 19
7538 75
75
73% 74
3012 2812 3038 22,000 Calumnies Om & gles_No 100 93 June 3 10912 Mar IR
30
99 Nov 110 AIM
8 3013 31
4 3112 323
x3118 313
Preferred
8
303 31%
200
4
74 Dec 373 API
7
8
1057 10512 10512 '103 105
6 June 2 164 Mar 13
•104 10812'102 106 •103 105 .103
8 3,100 Columbia Graybounona
84 87
1511 Do,, 403 Apr
4
8% 9
27 234 Fsb 20
* 9
87
9 12
9
,
9 8 938
8% 918
1,200 Commercial (rodit____No par 13 May 3 357 Feb 20
8
3012 Dec 1144 ADO
8
,
1718 *16 4 1712 163 1613 1613 1614
3
50 30 2June
1714 17
Class A
*1714 1712 1714
200
3512
1 373
4 35
204 Dee 28 Apr
4
4
33 2112 Jan 20 25I2July 9
3512 373 *3513 373 *35
373'
4
373 *35
Preferred B
*35
220
2514
25 '25
764 Jan 054 Sept
764 Jan 28 89 June 30
25 I 2514 2514 25
25
25
1s1 preferred (8)4%)--2 25
25,
230
*25
214 Doe 55 Mar
89 "8812 89 '8812 89
87
20 July 15 34 Mar 19
89
*8312
89 89
8812 89
•
1,700 Cora Invest Truat____No per
225 23
87 Mal
80 Jan
234 2312 228 23
2314 24
24
No par 82 Jan20 PO Jan 25
21
Oonv proferre4
25
•24
•8214 85
85
11 Os
311 Dee
88 '80
8 Feb 27
7
2 * Jea 7
88 '80
88 "80
.80
pumped
Warrasai
88
*80
4 412
.23
4
4 413 •23
*23
,
Apr
14 Dec 38
,
*3% 4 2 *2% 3% '2 4 412
No par 1014June 21 214 Fab lit
4
8 1614 163 59,900 Comm Solveato
74 Dos 204 AM
8 1618 167
173
e 21 19 Feb 24
2 1638
672Jun
4 1718 177
A Son-rn No yew
77
1612 1712 171 4 173
4
,
8 8 50,800 Conalnese'1418 serieri
814 818
804 Dec 1048 Jima
83, 84
814 814
No par 90 June 8 loins Mar 16
814 812
$6 preferred
8% 814
9613 9578 9614 2,000
314 Dee 57 is.Lee
9814 96
8
8 961 9612 96
Ne par 30 June 31 344 Feb Us
100 Conde Nam Publioa
,
96% 98 2 9614 963
31
*30
30
3
114 Dee 19 4 Mar
30
31
672 Ims 2 1312July 21
.30
31
.30
31
"30
31
8
*30
123 35,400 Congolauns-Nalrn Ins_No Par
8
123 1212 12
1314 Said 564 Mar
*
1712July 24 8034 Mat 10
No par
1212 1212 1312 123 13
8 114
400 Congress Cigar
11% 117
1712 1712
18
34
18
244 Dee 59 Mat
4June 27
20
Jan 8 373
.18
20
No par 354
8
•177 20 '17
200 Conaoildated Otgar
•17% 21
3412 *3312 3412
63 Dec 30 Nnsr
100 55 Jan 2 73 Mar 19
34 '3212 3112 .3212 3412 3433 62
Prior preferred
•32
34
100
GI
*32
61
61
74 Des 274 Mas
64
34June 3 15 'web 17
6413 *62
64 I '62
75
64
62
62
7% 1,800 Corusol Film IndnoNo par 1012.1une 2 184 Feb 17
,
8 8 8%
1212 Dee 2314 Jan
833
*712
No par
712 8
3
Preferred
700
7
*7% 7 8 .714 7 4
1412
,
1412 14 3
7814 Dec 1304 Apt
No par 8218 Jan 2 1004 Mar 19
(N Y)
1414 1414 1412 1438 1433 '14
Conan'
3 1433
8
143 143
4
,
9218 93 4 91 14 923 42,300
8912 Jan 1054 Beni
4 92% 947
5
No par 10112 Feb 27 r107 July 23
8
Preferred
700
4
923 9334 933 9412 913 953 '106, 10612 106% 107 1064 106%
2 Jan
4 !leo
4
13 MNr IS
4
4 Jan 2
4
106% 10518 10614 10614 .106 1063
58 53 1,900 Oonsoildated Textile_ No par 3 June 3 Ws Jan 9
54
"5
54 Dee 2211 Feb
4
3
8
5
vot No par
4
4
3
Coatalner Corp A
8
5
8
5
1338
5
,
84 Fels
2 Dee
1 2 *314 312 *314 3% *3 4 312
Jan 12
3
1 July 16
No par
Clam B voting
,2 *314 3
,
118 •1
*3% 3 2 *314 3
3
1,
1% '1
104 Doc 5212 Vs!)
914June 2 30 Feb 26
118 .1
*I
at AN. par
11
*1
.1
1412 1314 1338 1,500 Continental Bak'
7 Fes
14 .14
2 Deo
33ss Feb 2
114June 3
1412 14
No par
14
Clam B
4 1,600
13
1314 1314. 1312 14
13
4
4 13
13
4
13
12 Dec IMrs Feb
13*
8
17
100 444 Apr 30 771s Feb 27
4
Preferred
17
138 •13
13
4
573
*13
700
57
58
8
58 '56
4312 Dec 713 Mar
53
Can Ino_No par 404June 3 624 Mar 26
571z 53
57
56 I 57
56
5034 11,300 Continental
3
9 4 Dec 374 A94
4938 51% 4914 5033 49
818June 2 154 Feb 27
4
100 Cont'l Diamond Flbre_No Par
51 I 501 5112 5112 52
50
*91 10% "913 1012
am Dee 774 Mar
8
10,
10 31 June 1 517 Fe524
(",antinantal Ina
,
9 2 *912 1012 .912 41 3 40
2,300
912
*912 10 I
40% 33% 41
84 Feb
44 Feb 27
312 Nov
214June 3
41 12 40
o par
,
40 4 4014 41
40,
. 2 41
2% 212 1,400 Continental Muenn___N par
2 238
23
3
7 4 Des 3912 Ana
212 212
4
5 June 2 12 Feb 13
N
214 214 *212 23
,4
84 918 32,700 000thes:4W 011
,
24 2
95
8
93
9
9
812 912
,
8 8 8%
84 Dee ,507s ADO
,
345fay 21 12 Feb 24
par
833 8 8
4% 4% 5,100 Continental filaares___No _25 5532June 2 863 Feb 17
4% 5
8
65 Doi 1114 Apr
5 14
5
4 47
43
Prod eta RennIng___
48
434 47
*43
66% 6612 6612 6718 8,800 Corn
4
653 67
100 118% Jar 6 15212 Apr 2 140 Feb 1514 Oat
68
Preferred
6513 6518 6612 67
63
3
"150 150 4 2,710
150 150
714 Dee 33 Feb
18 Feb 27
150 150
614June 1
Nu par
150 150
75 73
73
4 1,830 Ooty Ina
*149 150 *149 150
8
77
254 Jan 354 Mae
812 812
Na par 3612June 3 3412 Mar 11
718 8%
8
200 Cream of Wheat
8
7% 7%
294 Mar
Jan
U
8
*267 28 '268 28 '26% 28
19's Apr II
100 1214June 1
8
100 Cruz Carpet
26% .267 28
28
28
Jan
34 Dec 22
*1513 18 .1512 1814 *1513 1814
84 Feb 25
412 Jan 2
800 Croeley Radio Oorp___N• par
4
513 512
512 512
1812 1812 *15% 18, '1512 18141
31 I)ec 59os Ara
6
403 Crown Cork & Seal____No par 184 lune I 394 Feb 24
,
5% 5 2 *514 533 '5
21
6 I
21
*43
22
*21
22
44 Des le!, Fob
574 Jan 12
2 June 2
No par
"2012 22 '21
22
200 Crown ZeIlerbach
418
4
2012 2012 *21
4% .33
*35
*3% 4
504 Dee 934 Mu
,
4
4
1,100 Crucible Steel of Amerlaa_100' 30 8June 2 63 Feb 11
*312 418
50
*312 4
4314 4414 4114 431 '41
46
100 80 June 4 106 Jan 3 1014 Dee 117 Mei
Preferred
210
4314 4412 46
43% 46
•
901
90 4 '89
90 •89
518 Dee 194 May
4
57 Jan 8
3 May 19
898 87
No par
89
Cuba Co
300
*8714 89
*8714 89
'518 514
5
5
7 3isr
Oct
1
4 5
2% Jan R
%June 1
No par
4 5 I *43
*43
5
5
5
4
•
*113 13 10,100 Cubs Cane Produete
1% 1%
0 Feb
s
17
4
2 Dot
5$4 Mar 24
213 Apr 30
2 I *13
2
2,800 Cuban-American Sugar____10
5 21s
17
8 2
17
514 514
51
58
512 512
8
29 Ilea 653 Feb
512 512
100 16 June 8 35 Jan 9
Preferred
5%
200
5
5
5
3312
'30
Jail
3018 31
31
384 June 68
1
60 353451ay 21 437 Mar 19
30 I 31
30
30 30
.2812 30
4012 1,500 Cudahy Peeking
"40
,
,
40 4 40 4
41
35 Dec 1204 May
Ottrtis Publahing Co___No par 69 June 8 100 Fob 7
404 403 41 j41
40
40 40
4 1,200
713
4
713 "71
*70
7
717 72
5 112 Dee 12113 Mae
73
No Dar 112121unr. 11 1184 Mar
Preferred
7312 '72
500
73 .72
72
4
•
114 114 '1133 114
8
114
4
13 Dee 147 API
44 Feb 27
No Par
24June 3
3
11312 1131 2 .1124 114, 11312 11333 '113
,
3% 3 4 9,200 Curtiss-Wright
3% 3141
3 Dee 1914 Apr
Vs
100
3 June 2
318
314 3%,
84 M.10 2
,
33 !
Clan A
33
412 43* 1,200
318 314
4
8 *413 43
47
36 Dee 9012 Mar
47
Ns par 1 1712June 2 61 Jan 7
5
100 Cutler-Hammer Mfg
4 47 ' 43
8 .43
4% 45
21 I 2012 2013
*2012
21
10 Dec 434 Ma;
8
3
No par
9 2June 2 23 Fab 24
22% *2012 227 "20
8
900 Davison Chemical
*2012 227 .20
8
1112 117
4
13 1 1212 1212 113 12381 •
4 13
1212 1212 In 123
1
ts.
•Ex-dividend. y Ex-dividend and ex-righ
•Bid and asked prices; no sales on tills day.
1 26
New York Stock Record-Continued-Page 4
For sales during th• week of stocks not
recorded here, see fourth page preced
ing.
603
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PBS SHAM
Sales
PER SHARE
STOCKS
Reny. Sine* Jan. I.
for
lance for Previous
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
On heals kr 100
Friday
-stare lois.
the
July 20.
Year 1930.
EXCHANGE.
July 21.
July 22. I July 23.
July 24.
Week.
Lowest.
Lerma/.
Highest.
$ per share $ per share IS per
share $ per share 1 $ per share $ per share Shares
.4
Indus. & Miscall.(Co..)
9
.4
9
.4
9
*4
rem $ per share $ per sherre $ per share 3 per share
9
.4
0
*4
0
•197 20
8
Debenhara BosunUes____5 Arca
20
20
*197 20
514May 25 12% Jan 23
197 197 •197 20
912 Dec 30 Apr
8
20
20
•15414 158
900 Deere & 00 Prig
160 160 .156 160
20 19 4June 9 22 Jan 5
3
15912 15912 *15512 160 *15414 160
20 June 24',
•13
143
300 Detroit Eason
4 133 133 *13
4
4,
16
100 14034June 2 195 Feb 11 161 Dee 255% May
*13
16 . *13
16
.13
Apr
16
1812 187
100 Devoe &
8, 183 19141 19
4
19% 1812 187
8 1812 188 1812 187 12,400 Diamond Raynolds A__No par 11 June 17 1918 Feb 13
1112 Dee 423 Mar
4
.2714 273
8
4' 275 275e, 275 275
Match
8
No par 141 Jan 15 23 Mar 6
8
8 274 275
s
4. 273 274 273 2778 1,400 Preferred
4
4
113 113
4
4 115 113
41 11% 12
23
24% Jan 7 27,July 24
113
4
22
4
2214 2212 2258! 2212 22% 225 1218 , 1112 1112 1112 113
No par
87 Jan 2 x13% Mar 01
8 23 I 2214 2214 224 2212 2.800 Dorne Alined Lea
8
034 Jan 103 SIMI
8
7214 73 I 723 7312 73
3,900 Domlnion Stores
4
737
No par 144 Jan 2 24 Apr 13
8 72
7314 7114 7212 7134 72121
*5
12 Nov 40% AP7
53*1 *5
58
81 *5
15,900 Drug Inc
53
8
5
No par 5111 Jan 2 78% Mar 20
5 1 •5
*5
57% Dec 473 Mae
533
538
8
*1314 187 •1318 187 •134 187
100 Dunhill Intornational_No
8
81
8 *1314 187 *1314 18% *1314
Par
5 Juno 1
81 Mar 19
4
8
5 Dec 4312 ADO
.10612 1063 .10912 1063 1063 1064
18%
Darden Silk
4
4'
4
No Par
*10612 1063 1063 1063 10634 10634
4
4
4
13
Oct 19 Sept
*6
400 Duqueane Light let prof___100 11 June 3 14% Feb 9
813 *6
812. *6
812 *6
102 Jan 5 10714July 3 100
812 .6
812
Jan 100% Oct
14312 145 I 145 146
812
Eastern Rolling MW___No par
146 14812 14312 1473 142 14514 *6
63
4June 1 1314 Mar 2
4'
614 Dee ay% Jan
139 14314 14,200 Eastman Kodak
•131 -__'•13118 ____ .132 ____ *133
Co__ __No par 118 June 3 13.53 Feb 24 14218 Dee
____P.133 ___- •133 _.-4
15
9554 APP
15 I 145 1514 15
e% CUM prof
1512 15
100 128% Jau 8 1341, Mar 23 12018 Feb 134
15
147 15% 148 1514 3 300 Eaton
8
8718 88 I 884 8912 89
Noe
903
8 8714 883
94June 3 2l7 Mar19
4 867 8814 8514 873 33,609 E 1 du Axle & Spring-No Pee
113 Dee 371 Fell
•123 1233 .123 12333 •123 1233
1
81
8
4
Pont de Nem
8 123 123 *123 12333 •123
20 71 June 3 107 Afar 19
3012 Dee 1484 Apt
1233
*712 72
8
100 9% non-vol deb
4 *712 73
4 *712 73
100 1183 Jan 9 124 Apr 9 1144 Feb
4 .712 7 41 *713 73
3
4
4 *712 73
123 IdaPt
41
lettingen Selina
.55
No par
5512 *55
)
314 Jan 2 114 Feb 17
5513 *55
218 Oct 10% Fell
5512 .55
5512 *55
5512 *55
40
5512
4041 40
Preferr
407
4014 4158 3933 403
100 3512 Jan 5 09 Feb 18
4 3918 404 38% 3914 16,000 Electri ed 044%
83 Nov 02 Feb
108 103 •10612 108 *10612 108 *10612
c Autollte
No par 3418June 2 74% Mar 10
108 *10612 1078 *10612 1073
4
35
83 Oct
33
4
10 Preferred
4
312 3331
3
358 3 4
100 106 May 29 110 Jan 7 loaej Oct 114% Mar
33
4 334
35
312 4
358
375 38 4 387 3933 39
8
110% Jab
4,100 Eleotrle Boat
,
8
4012 3818 398 378 38% 3614
No par
2 May 7
412July 10
7 10012, *9912 10038
218 Dec
*99
393 64,500 Electric Power & Lt.. No
94 Mal
8
3
10012 101 *10018 1005 10014
par 3018June 1 60% k'eD 25
8
343 Dee 1034 API
8
10014 10018 10918
*85
903 *8812 90 I *8812 90
41
400 Preferred
No par 92 8June 6 10812 Mai 20
8812 8812 *84
,
8812 *84
99 Doe 112 API
8812
*54
5412 5412 5412 ' 3 55
100 Preferred (0)
5541
No par 80 Jun, 8 084 Mar 17
*54
55
54
54
843 Dee 103 Sept
5314 5312
4
*3
3
300 Elea Storage Battery
3
4
*3
8
'33
3
4
.3
8
No Par
84
3
4
*3
4174 Nov 7914 Feb
8
*52
3
4
178
*3
2
*58
Elk Horn Coal CorpNo par 4918June '2 66 Mar 19
3
4
178
*5
8
17
7o July 15
81
. 34
'
1
178
*58 17
114 Feb 2e
14 Dec
*41
*3
44 .4112 44 I 42
2 1%
512 Mat
Emerson-Brant el A
42181 42
No par
34 Apr 24
44
*4112 45
2e, Mar 25
4212 4212 1,603 Endicott-Johnson
es Dec
.107 110 *107 110 *107 110
7% Jan
Oorp____80 $0 Feb 10 44 July 22
*107 110 .107 110 *107 110
8
*30
867
3512 34
Preferred
34
34
34 .31
100 10213 Apr 15 113 Feb 10 1074 Dec 59% Jan
3512 3412 3412 3412 341
*757 7612 76
Jan 116 Nov
8
509 Engineers Public idery-No Par 2812June
76
*757 77
8
*757 77
*757 77
3 49 Mar 12
8
*7578 77
.7614 82
367 Nov 5718 API
2
*7614 80%, 7614 77
103 Preferred $5
No par 76 July 20 87 Jan 27
*7614 8058 *7614 8033 *7614 8052
•28
80% Dee 1074 May
28% *28
202 Preferred (634)
287 *28
8
No par
2812 '28
75 July 14 91 Mar 12
2812 28
23
28
8918 Dec 104% Ain
*512 6
28
400 Equitable Office Bldre_No par 27 June
*514 534'
53
8 533
514 514
25 85% Jan 12
514 514
*412 5
5
354 Dee 50% Juno
5
1,700 Eureka Vacuum Clean_No par
.11z 5 I *412
5 July 24 123 Mar 17
*412 47
8 *4
4
5
•4
•1614 163 .1612 173 *164 5
Vs Oct 4355 Ma/
5
4
Evans Auto Loading
4
1731 1618 1618 *1553 164 *153 161
4 June 2
a
853 Feb 24
4 001 80% 212
2
• 12 212
140 Exchange Buffet Corp-No Par
*12 212 .
12 212
16.8July 22 25 Jan 7
*12 114
*12 114
*12 114
21% De
*618 9
3711 Sept
Fairbanke Co
*63
8 9 I .63
2 9
25
1 Jan 3
*574
*Ps 9
3 Mar 20
9
*16
1% July
*514 9
163 *1614 1634 •1614
4
9% Jan
Preferred
100
412 Feb 25 13 June 27
164 1614 1614 1513 1512 155 1558
34 Dec see. Jan
7314 75 .73
8
400,Fairbanks Morse
77 I 75
No par 1512July 23 29% Mar
75 ' *73
77
75
75 I *73
1912
77
991 Preferred
*414 45
100 7314 July18 1097 Feb 2 102 Dec 5012 MAY
8
433 434
2
5
Jan 1114 Mal
5
4 *41
413 43
*3518 36
514 *412 4%
500 Faahlon Park Afisoc____No par
*35
36
353 353 *3518 36
8
33 Jan 21
8
8
012 Feb 24
36
212 Dee 274 Feb
363 '
4 535
*86
90
37
300 Federal Light & Tree
*86
8712 *8614 8712 *86
15 30 May 26 427 Feb 26
8
8712 *864 8712 *8614 8712
134 Dee 9014 Mal
*512 6
Preferred
*512 6
No par 84 June 23 92 Mar 23
*51* 6
*312 6
*512 6
*512 6
85 Dec 98% Apr
*6
7
Federal Motor Truck _ _No par
•13
7
5 Apr 28
7
*6
7
74 Feb 24
*6
7
64 Nov 124 Feb
1512 1614 157 1612 .6
*6
7
Federal Screw Worka_No par
8
1514 153
412June
4 1433 1512 1412 147
1512 Feb 24
10 Dec 2512 Bey%
8 1438 143
*2212 25
4 5,200 Federal Water Seer 4_-No Par
*2212 25
*2212 25 .227 25
1114June 10 30 Jan 31
8
2212 227 *1914 27
1711 Dec 43 Mar
*43
443 *434 443
4
300 Federated Dept Stores_No Par
4 4312 4311 433 44
1512 Jun
26
4
4312 4412 435 44
1212 Dec 88 Apt
*73
4 912 .73
1,700 Fidel Pben Fire Ins N Y____10 3614June 5 5614May 12
4 912 *73
8
4 912 *73 10
2
Feb 24
*73 10
8
4214 Dee 39% Mat
•19
*73 10
26
Fifth Ave Bus
*19
26 .1914 26
No par
6% Jan 16
*1914 26
9 Feb 21
.1913 21
078 De
.1914 26
•99 104
1012 Apr
Filene's Sons
*99 104
.99 104
No par
16 Jan 27 22 Feb 23
*99 100
*99 104
10 Dec AO% Jan
*99 104
•1812 1914 .18
Preferred
1914
100 8514 Feb
1914 *18
1914 •18
1914 18
80 De 10014 SeP1
.6112 6212' *613 6212 *18
600 Firestone Tire & Rubber_ __10 13 Apr 10 104 May 12
4
6218 6212 6212 624 6212 6212 623 18
27 20 June 26
15% Oct 3318 Jan
5413 544 *543 5514 5412
4 62%
800 Preferred
4
100
55
5414 554 5512 5512 55
12
,
12.
53% Oct 874 Mat
56
•12
2,400 Find National storee_No Par 504 Apr 29 664Jun 29
3
8
12
12
12
12
41
12
an 2 59 June 23
•i2
12
•17
38% Dec 011 Jan
8 2 I *17
2,200 Flak Rubber
/
4
8 2
*178 2
No par
%June 16
*17
8 2
' 8 2
517
12 Feb 24
17
8 178
•15
II De
513 A pi
8 23
41 *158 23
20 let preferred
4 5
.133 23
4
100
1 May 18
15
8 158 *134 23
3 Feb 7
•20
14 Dec 21
23
25 .20
100 let pro! oonvertIble
4
ADI
25
.20
25
100
*20
1 8May 15
25
*20
25
312Mar
*20
*101 102 1.101 102 .101
14 Dec 213 API
25
Florsheim Shoe class A-No Par 22 June
4
102
2 3512 Jon 3
30 Dec 52% MU
*912 127 •1012 127 *10% 1414,*101 102 .100 102 *100 102
8,
Preferred 8%
8
•11
100 96%May 28 10213 Mar 13
1414 .11
1414 .11
04 De 1004 Oct
1414
.2514 2514' 257 263
Follansbee Bros
8
8 263 273
8
No par
4' 2533 2718 2514 26
8 June '2
193 Feb 25
4
*73
243 2518 3,000 Foeter-Wheeler
4 812
4
12 Dec 30% Mar
8
8
814 8141 .87k 11
No par 21 12June 3 5412 Feb 24
.814 1112 *8
1118
*2612 27 I 27
37% Dec 10412 June
200 Foundation Co
27
27
27 I 27
27
No par
4% Jan 5 1612MAr 9
2612 2658 *2614 27
312 Dec 23% AO
1,000 Fourth Nat Invest w w
16
16% 1612 1758 163 17331 1618
201:June 2 8212 Feb 24
4
1814 Dec 50 Apr
17
1618 163
4 1514 163 22,100 Fox Film clams
8
8 27 27
2633 265
27
2714 267 267
No par
115
8
8May 21 38% Feb 17
3 26
26
26 3 2634 2,400 Freeport Texas A
161 Jan 4711 API
4
8
52
55
3
65
0o__ _No par 22 June 2 4314 Mar
65 I._ ___ 65
65 *____ 65
23
244 Dec 5512 Ape
.358 4
120 Fuller Co prior pref
*338 33
4 *33
s 34
3
33
No Par 52 July 18 85 Apr 0
3 *314 33
2 33
8 *314 37
*4612 47
75 Dee 954 Mai
463 463 *463 47
4
4
100 Gabriel Co (The) Cl A _ _No ear
4
4
*463 47
4
*467 47
8
3 May 7
931 Feb 24
47
47
24 Nov 11% API
*12
30 Gamewell Co
3
4
*12
3
4
*12
3
4,
No par 42 June 2 60 Feb 21
*12
31
12
12
*47
*12
8 57
50 OM 80 Mat
8 .5
3
4
400 Gardner Motor
57
2 *5
514! *518 57
5% 518 *5
12 July 15
a
8
51
2% Mar 23
*7312 85
1 Nor
100 Gen Amer Investors___No par
*7312 73
73 Feb
8
*7314 85
*7314 85
44 Jan 15
•7312 85
3 58
*7312 85
77 Mar 19
2
•571
34 Dec 13312 rA0
58 58
Preferred
5814 59
53
58
100 74 June 1 83 Mar 12
58
5818 5814 5958 3,600 Gen Amer
*2012 21
74 Doe 105 Arm
22 22
22
Tank Car__ _No par 527
233
8 22
2333 2134 22
320,15 1 73% Feb 2d
2012 2112 7,500 General Anphal
738 833
534 Dee 1117 Apr
87
8 98
8
9
t
934'
No pa
8
73
154JuDe 2 47 Mar 26
8 8
78 87
714 914
•6
221 Dee 7118 Apr
24,000 General Bronze
7
8
6
6
*514
*524 6
No pa
6
6
5 June 3
012 Feb 15
6
*1212 14
*514 6
518 Doe 881 Feb
500 General Cable
*1112 1414 *1112 14141 *1112
,
No pa
1414 113 113
4
31 1May 26 13 Feb 24
4 113 114
4
*37
40
Ws Dee 344 'Sal
*37
200 Clam A
39
*37
39
*37
40
*37
No pa
40
7 June 3 2512 Feb 24
*37
40
*35
134 Dec 743 Feb
37
7% cum peel
3514 3514 3713 3712 37
8
3712 3512 3612 36
100 2712May 20 65 Jan 12
40% 414 414 4214 417
36781 2,303
36 Dec 1024 API
8 42
41
42% 403 4114 397s 403 88,900 General Cigar Ins
No par 31 June 2 4812 Feb li/
4
1114 1133 118 1138 1114 113
4
30 Dec 01 MO
General Electric
8 113 1158 11% 11% 113
8
No pa
35 June 2 543 Feb 26
8 113
4
4814 4814 487 49
81 3,403 Special
414 Dec, 953 Ape
8
8
49
497
8 483 4938 49
4
114 Apr 211 124 Jan 27
1
4912 48% 4938! 7,800 Genera
433 45
1114 Oct 12 Aug
8
43
l Foods
4 5
47
4% 5
5
43 June 1 50 Apr 13
43
4 4%
4% 47
1 5,500 Gate' Goa & Elea A__ No pa
*50
as Doo 014 May
s
55
*50
56
*51
60 .51
No pa
•50
60 '
418 Jun 2
550
812 Feb 21
6)
378 Dee 18% AD
3133 .283 3112 .283 3112 *2814 60
Cone prat see A
4
4
No pa
50 July 14 753 Mar 20
3112
4
*3712 373
88 PeeI 1001s Apr
4 3712 3712 373 373 *3712 373 *2712 3112 *2712 31%
Gan Ital Eason Elea Corp_
4
4
38
27 June 9 35% Mar 6
38
37% 373
*9612 97
2832 Deo, eeas rep
4 1,000 General Mills
97 97 1 .96
97 I 97
No pa
*97
97
97% *97
35 July 15 50 Mar 21
9718
eel. June' 5935 AP/
900 Preferred
3712 37% 3818
37
100 95 Jan 19 100 Apr 15
89 June 943 Des
378 38121 3718 33
367 38
8
8
3612 373 108,030 General Motors Corp
1027 1027 10212 103
8
41
8
1023 10312 10312 1035 103 10333 103
It
31 18June 2 48 Mar 21
8
10333 4,200
105 103
3112 Nov 8414 err
8
8 10%
,
No pa' 95 Jan 2 103%July 22
a
1112 *107 11
*318 514 *918 10 4 1114 1133 *1118 1158 11
8
91% Dee 1001. lept
914.
1,100 Geu O rejoorlid• A _
" tderr
Pu
54 5'8 *3
pa,
108July 18 28 Jan 44
518 *3
5'4 *3
43
arse Deo 414 4911
4
12% 13
100
13
1318 1312 133
No par
4 1314 1314 1214 127
3 July 3 104 Feb 25
8 12% 123
8
•49
5 Sept 21% ADP
56
"50
513 *50
4
543 *514 543 •513 514 *5118 5/34 1,903 GlanCoPmumblioentlervIee
4
No Par
4
84June 2 23 Feb 28
8
12/4 Dec 527 AD/
3
Gen
3
4
314 3 4
,
314 314 *3
No mu
318 318 1,300 Gen Hy Sigma
40,2June 3 8418 Mar 2
34
,
3
318
*33
55 Oct 1057 MAP
34
8
Realty & (.11,1Wies_ar2 per
34
34
3212 3212 *33
40
*33
2%June 2
*33
40
Ols alar 0
3% Dec 193 Apt
40
347 34% 3412 343
8
20) $0 preferred
8
4 343 343
4
4 3312 343
8 345 34% 333 343
8
4
•35
4 1,400 General Refractories_ _N. par 32 July 14 7418 Mar 10
49 Dee 100 Apt
50 .35
50 .35
50
__Nu par
*35
*35
50
50 .
35
50
3% 33
89 Dee 90 MA/
4
Gen Steel Cat* la pref_lie par 29 June 2 57% Feb 20
33
4 3%
37
8 37
8
8
35 Juno 15 55 Apr 9
3% 37
33
4 372
33
4 3% 27,103 GenTbe
89 Dec 101 MAP
2112 2212 2112 2214 217 2212
8
21
3' r Apr 27 1513 Fob 18
2214 2012 2114 2012 2278 41,000 Gillett stresEoulp•I 0 Ne par
/
1
4
•69% 70
54 Dee 10 Dee
•67
e Safety Itaeor_No Par
70
66% 69 .69
70
67
13's July 15 383
68
4May 11
6812 70
18 Dec 1004 Jan
*512 6
1,000 Cone preferred
*512 6
*5%
*53
4 6
*55
8
6
100 523 Jan 21 78's May 26
6
4
6
a
*463 48 .47
5614 Dec 70% Nov
4
100 Gimbel Brew
48
48
48 .47
No par
493 *47
4 June 2
4
*912 10
493 *47
7% F•la 18
4 Dee 20% Apt
493
14
4
10
100 Preferred
10
•912 10
10
10
100 36%June 3 52 July 7
918 93
4 *918 912 1.300 Glidden Co
•65
66
89 Dec 82% Apr
.65
66
66
69% 67
697
No Par
8 69% 70
734.1une 3 154 Feb 20
7312 73%
.7
7 Dec 38 Aid
7.8
3
714 712
420 Prior Preferred
7% 77
8
73
4 814
100 48 May 4 73 Jan 15
73
8
71
2714 27,
0312 Dee 10518 3.4a3
7 4 12,100 Gebel (Adolf
4 27% 2814 2812 2914! 273
,
No par
4 2812 27% 283
4 Jan 2
4 2712 2314 8,803 Gold Dual )
9%
•12% 133
3 Dee 19 Fell
4 1312 1312 1312 135
Corp v 1 0 Are par 21 June 1 4218 Mar 9
8 13
13 .123 13
4
Mar 20
•49
29 Dec 477 Apt
4 1,300 Goodrteh Co (.11 1/a ___ _No
50% 49
49 .45
2
5018 .454 503 *4514 50% 12% 123
par
8
814June 2 201s Feb 21
*4514 50%
1514 Oct 5512 Mar
*39
40
40
Preferred
40,
4 401 41
4
3912 41 I 3914 39% 3918
I 1 35 Apr .'7 88 Feb 10
02 Dec 10412 Aar
•83% 85% 83 83
40
,090 Goodyaar Tire & Hub ...N
10)3
•83
8513 .81
8513 81
. • 305
8June
84 1 84% 843
5212 Feb 21
354 Oct 947 `Aar
4
8
300 1s6 preferred
•9
10
*9
No par 71 June 2 91 Feb 25
10
*9
10
784 Oct 10214 Ara
*83
4 912i 10
10
*83 10
4
*68% 70
*6814 80
100 Gotham Silk Hoe
*6814 80 .6814 80 I *684 80
1pooar 47 Ja 6 13% Apr 11
8
,
*47
8 3
*6814 80
*2
3% Dee 23% Mat
Preferred
3
*2
3
.2
3
190 50 .11. 28 72 Apr 28
*2
•312 33
3
*2
312 312 •312 33
50 Nov 8218 AD7
3
4
Gould Coupler A
4
312 33
No Par
4 *313 33
6% Feb
1* July 16
4 *312 314 3,600 Graham-Paige
4 Dec 153e Apr
Motoni_No Par
314Juno 2
012May 5
"iiTs Ifti "Nit 15
8 Doe
_
1338 Ara
1412 - 2
Certificates
1111412 *134 11
No par
3% ear) 28
4% Feb 9
12
312 Nov
1412
•141 17 I *1514 17
10% A Dr
000 Granby Cane M 8m & Pr_ _100 10
153 16
4
153 1534' 1614 1614 153
4
June 31 22 8 Feb 14
5
4
12 No• 59% Apt
151/ 1518. 1518 1514 1512 16
4 1,000 Grand Sliver Storce
157 1658' 1514 155 *1514 153
8
Ne per 13 June 19' 2512 Mar 24
8
RI Dec 53 API
•42
43 I *423 43
151 2 2,600 Grand Union Co
4
43
43% 43% 433 .434 4312
81
No par 105* Jan 151 187, MA 24. 10 June 2054 Feb
,
4314 4314
*21
2212' *22
700 Preferred
24
22
22 .22
23 I *22
No par 38 Jan 18 48 May 13
23
*22
81 Dee 44 Aug
23
*3712 38 I 3712 38
100 Granite City Steel
373 37% 3712 377
4
8' 37
No r 1878June 3 293 Feb 25
37
4
18 Deo 80111 Ayr
37
•187 1914' *19
8
8
1914 .19
Grant(W T)
1914
19
19181 187 187 *187 377
8
8
293 Dee 43
93 1058 1014 103
8
8 19
Jan
98 6511
1,00008 Nor Iron Ore ProD_N pat 2554 Jan 2 39%June 22
4 10
10% *10% 1014
Nc
17,2June 8 234 Apr 9
o
1712 Dec 25 8 Mau
93 10
4
.83
1
84 I 84
6,800 Great Western Sugar
84
84
84
84
8412, 85
No par
74June 1! 11% Jan 8
85
7 Dee 34% Jan
*85
3
90
3141
160 Preferred
318 314 *318 314
318 318. 34 34
100 80%Alay 28 9013 Jan 8
*3
8
78
8. Dec 120 Mar
78
34 318 4,700 thigeby-Grunow
•7
8
33
8
71
s
I
*7
8 1
Na par
2%June 3
7
64 Mar 10
8
78
•13
218 Dec 28 June
161 *13
8
153 •14
500 Guantanamo Sugar_
4
4 1318 1478' '
153
513
r
a par
us Jan
3 Jan 0,
147
8
8. 14
4 Dee
1478
37 1 *21
37
Feb
43
400 Gulf Slats Steel
*21
48
*21
51
No par 104Jun• 2 3712 Feb 24
35 1 *28
15 Dee 80 Feb
•2712 2814 *2712 2814 *2712 2814 *2712 2814 *28
35
10 Preferred
, *2712 2814, *274
100 37 June 241 80 Mar 4
834 Dec 109 Apr
53
4 6
584 524
28
Hackentmok Water
,4
53
4 514
5% 53
4 .512 55
26%June 5! 3012 Mar '26
25
8:
20
513 533 2,200 Hahn Dept Store
Jan 38 July
4 5112 5412 5334
*5412 55 I *5112 543
m__No par
5412 54
412Juue 2, 9% Mar 26
54 I •53
011 Dee 234 Apr
•13% 151 2 11514 1514 143 147
400 Preferred
4
8 1412 1458 143 144 •1414 54
_100 50 JA2 3; 637 Mar 30
8
4
4511 Deo 86% ACV
15
700 Hall relating
i
10 12 May 6! /93 Mar 21
;
16 Dee 213 Mar
4
5 ma and asked priciest no sales
On this day.
$ Ex-dividend
ir Ex-right..
to Ex-dividends.
Saturday
July 18.
604
New York Stock Record-Continued-Page 5
tiers. see fifth page Preceding
V.,. eaten during the week of 'tacks not recorded
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Since Jan. 1.
Sales
Year 1930.
-PER SHARE, NOT PER CENT.
NEW YORK STOCK
On basis of 100-share lots.
HIGH AND LOW SALE PRICES
for
EXCHANGE.
Masai.
Lowest.
Friday
Iltaest.
the
Lowest.
Wednesday Thursday
Tuesday
Monday
Saturday
Week.
July 24.
July 23.
July 22.
July 21.
July 20.
July 18.
per share $ per
per share $
per 'Mare
Indus. & Mlecell.(Con.) Par
29 Jan 10518 Oct
$ per share $ per share Shares Hamilton Watch pref___-100 94 June 18 103 Jan 6
8 per share $ per share $ per share $ per share *__ __ 95 --- 05
85 Jan 98 Apr
Fe
95
No par 86 June 22
Apt
50 Hanna prof new
'P..- 9814 *____ 9814 *____ 95 *___ 87
8618
b2
86
87
84414 Feb 16 88 Dec 7314 Feb
*86
par 2412June 11 1
87
89
Harbison-Walk Refrae_No
*87 89 •87 89 *87
214 Des 20
Feb 14
Feb ,
30 *2614 30 *2512 30
238June 2
29 *26
8
287 *26
Hartman Corp elan B-No Par
*2611 30 *27
714 Dec 2314 May
4
*212 278 *212 23
1%
4 June 18 103
*212 3
No par
*212 3
*212 3
Class A
*212 3
4
100
24 Nov 173 Am
44 412
8 Mar 6
*412 5
6
*4
212June 3
6
No par
*4
6
*4
6
4
*
312 312
500 Hayes Body Corp
7718 Dec 92% Feb
314 314 *314 312
34 314
34
25 80's July 15 100 Feb 18
314 *3
*3
Helme (CI W)
134 Dec 31 Apt
*8012 95
*8012 95
8June 1 18 Mar 24
97
*8012 95 •8012 95
Ni par
•5012 DI
95
*8112
900 Hercules Motors
50 Dec 85 Jan
1018 1018 *1018 14
12
1018 *10
10
No par 40 May 7 258 Mar 13 11612 Nov 12334 June
4
/
*101 11
*1018 11
300 Hercules Powder
47 *46 47
11 11912 Mar 10
47 *46
47 *46
46 *46
45
46 46
280 Hercules Powder 27sum D1100 111 June 1 103;Mar 27
4
70 Jan 109 May
116 116 *116 1163
116 116
8318June
115 116
No Dar
*113 115 *113 115
1,500 Hershey Chocolate
96
834 Jan 108;June
96 295
96
No Par 93 Jan 2 161 Mar 27
Preferred
*9334 9512 *9412 9513 9512 9512 9413 95 103 103 *100 103
400
4 Deo 2514 Feb
1
8121,1a2 3
4
3
3 4June 22
4
No par
Hoe (R) & Co
102 10212 *1024 1023 102 10334 *1023 103
•
204 Jan 4114 Mal
*414 5
4
1
/ 5
*4
*414 5
*414 5
No par 26 Jan 3 37 Feb 27
*414 5
*414 5
800 Holland Furnace
5 June 12; Jan
304 3012
Apr 8
8
4
53 Jan 2 1918
313 *3012 3212 *3012 31
31
33
*334 3312 32
3.900 Hollander & Sons(A) No Par
15
72 July 83 Sept
1614 1718 158 1618 1512 1512 15
100 81 Jan 6 101 Mar 31
1514 1514 1514 16
Homeetake Mining
98;
4 Dec 29 Feb
9812 *90
934 Mar 10
98 *96
2
*96
98
414 Jan
8
987 *96
99 *96
*95
900 Houdallle-Herebey el B No par
47
4
49 Mar 88s Oat
4 43
43
8
47
4% 48
66 Mar 17
5
5
4 5
*43
48 4;
500 Household Flamm Part Df-50 5814June
1
2
5834 583 *5812 5914 5812 5812 7,300 Houston 011of To:tern offs 100 27 June 2 684 Feb 24 I 294 Dec 1151 APT
59
59
4
4
5912 5912 583 583
4
/
3
41; 4314 4014 4314 40 4 411 40 41
4
20 Nov 41% Feb
403 42
3712 38
2912
No par 13 June 3 38 Feb 24
309 Howe sound
4
41
193 *1918 193
18 Nov 6278 Jan
1934
4
*193 21
21
*20
No Par 11 June 1
1912 194 *1918 21
712 Dec 2632 Apr
4
13141 123 1318 2,700 Hudson Motor Car
1338 1314 1314 *13
3
-10
1238 1318 13
5 4June 1
13
13
4,800 Hupp Motor Car Corp.
678 7
2 Nov 17 Mar
6; 7
F
814 :24
678 7
7 14
8July 17 1438 P b 27
7
17
4
1
/
7
No Par
*74 714 *7
800 Indian Motooyole
218
8
*2
2
3 Dec 283 Ma?
2
.134 2
Os Feb 11
2
2 May 15
•14 2
2
2
10
2
500 Indian Refining
218 218
81 Oct 124 Jan
218 218 *218 214
No par 2112June 3 88 Feb 24 14714 Nov 239 Apr
Rayon
*218 212 *218 212 *218 212
Jan 3
4
1
/ 3112 3012 3012 2912 3012 1,000 Industrial
30
31
No Par 74 May 28 182
30 1 2914 30 *30
30
Mar
600 Ingersoll Rand
9578 9578
*87 98
99 99
99
8June 2 71 Feb 27 58 Nov 98 8 Feb
95 *90
No par 393
95
96
96
100 Inland Steel
638 Dec 307
,June 2
*4518 47 *4213 47 *44 47 *44 47
1
/
44
45 45
47
*45
600 Inspiration Cons Copper___20
7
7
7
5 Dec 134 July
7
714
8 *7
712 77
3
5 4June 8
4
/
1
/
*74 7; *71 74
800 Insuranshares CUE Ine_No par
4 64
63
7
: y2
28112
2 4 F bb 1 ---- -7
8 6%
67
*135* 7 I
*638 7
Ineuranshares Corp of Del.__1 1014June 9 141: J eul
*614 7
7's Apr
Di De0
Feb
1234 1212 1212 1214 1214 1112 1214 1,600 Interoont'l Rubber___No par
12
1; Apr 24
14
*1118 13 I *12
312
312 *2
1114 Dec 287e Apr
312 *2
312 *2
5 June 3
312 *2
No par
12 *2
3
Interlake iron
*2
2,000
638 63
t
812 Apr
67
838 Deo
1 ' 67
n 8
54
1 1
138May 21 18 Feb 24
1
713
par
No
200 Internati Agricul
2
4214 Oct 674 Apr
*1% 2 I *134 178' 1; 1; *134 19
100 1612June 3 5114 Feb 24
Prior preferred
•1% 2 I •1; 2
19 *10
24 131 Oct 19718 May
19 1 *15
19 *15
19 *16
19 I *16
16
Int Business Machlnes_No par 117 June 2 179; Feb 10
•
4
4
Bh Dee 1934 Mar
Feb 4
14234 1413 1413 14018 14212 1,800 Internal Carriers Ltd_No par
113: Feb 2
4June 10 8
133
4
*142 1453 *144 150 *146 14912 142
200
814 814
8121
694 Dec 7535 Apr
4May 21
4 *814 8; *814 84 *814 3213 32
4 *814 83
*814 83
700 International Cement-No Par 273
32
114 Boo 1412 Mar
4 Feb 2
1I4June 1
4 3212 3212 •314 324 *31
3214 323
Eng Corp_No par
4
313 32
1,400 Inter Comb
2
2
2141
13 Dee 78 Apt
2
1
/
24 218
2 I
2
100 13 May 28 39; Feb 18
18 218
Preferred
*178 2
1912 1934 1,600
4
20
20
604 Mar 2 4514 Dec 1153 Apr
383
1914 1714 1812 184 19
17 *17
17
3,800 Internal Harvester----No Par 131 8June 3 14312 Mat 21 183 Dec 1461, save
8
427 4312 4112 43
Jan 2
100
42 4212 4212 4313 4214 434 13512 136 1•13412 1384
Preferred
4134 42
800
184 Dec 54 Ave
31 Feb 26
*13412 13512
4June 8
Sys el A_No par 163
13512 13512 *134; 13513 *13412 13512
8
I 237 2412' 2312 24; 7,200 Int Hydro-El
8
4
4
243 2512 243 25 1 247 2512 2412 25
June 2 7314 Mar 20 5914 Doe 92 AO
5212 4,500 International Match pref__25 50 Juli 15 164 Jan 6
5312 52
15 Nov 33 AD'
5312 5512 53
56
712
Marine otts.100
7
8 55 81 55
Int Mercantile
5534 56 I 557
9
*8
1234 Dec 44; Apr
*838 9
9
*8
2June 2 201s Feb 24
9
91
par
*8
9
*8
9
*8
4
1314 133 71,800 Int Ntokel of Canada_No 100 112 June 2 123 May 31 114 Dec 123 Apr
1438 1312 14
14
Preferred
134 1438 14; 14; 1412 15 *118 119
300
26 Dec 86 Ant
11834 11834 119 119
4
01173 119
pref (7%).100 18 June 3 62 Mat 26
118 1'
70 Internal Paper
•11712 118 1 118
51 Dee 3118 Ma'
23 •22 23
23
23
4 June 2 1014 Feb 26
23 I 2212 2212 23
23
200 Inter Pap & Pow al A--No Dar
*2214 23
4
43
434 *4
Vs Dec 2284 Apt
6 i813 26
414 412 *4
212 Apr 30
No par
4 *412 5
Clans B
*413 43
*44 5
1
/
2 Dec 18 Apr
4
/
6 :: 6
412m
3
3 4 *31 334 *34 3;
134June 2 6 12 Ft 2
3
3 4 *3
*3
No par
3
Class C
3; *318 3 4'
700
*3
212 212
2%
21 Dee 86 Mar
24 212 *21
434 Mar 27
2;
100 1812June 3
Preferred
500
*212 238 *212 238 •212 2314 223 223
2212
10 Dec 58; Apr
4 2212 224 *21
4
7 June 2 1614 Feb 26
4' 2314
4 2234 223
100 Ion Printing Ink Corp.. N0par
*2212 223
1234
55 Dec 101 Apr
12 *114 12 •1112 65
12
13
100 $4 Feb 11
Preferred
180
*114 13 1 *1114 13 *1114 58
*5814
4
65
9 31 Oct 453 June
60 60 *5814
58
100 2914June 2 42 Feb
65 I .58 65
*58
3414 1,600 International Salt
Dec 62 Jan
4
3312 3413 333 3413 34
34
34
34
-No par 46143une 19 54 June 29 4712 Dec 119 Feb
*3315 34 I *334
494 4912 2,600 International Shoe4912 50
50
20 51 Mar 10 26
50
100 24 June
International Sliver
4 5012 5112 4912 53
513
*51
174 Dec 77; Ala
30 •22 30 *2218 30
2181:812 FeFe 2204
5834 F b24
4
183 Jan
30 •24
30 I *23
Telep & Teleg____No pa
30 I •21
21
•
14% Dec 40 Feb
4 3018 3114 2912 30;143,100 Inter
8 3012 313
111zJune
4
313 327
3014 31; 3118 32
500 Interstate Dept Storus_No pa
58% Dec 80 Aug
1418 1418 •1412 15
5712 F 11
13712Z..1 24
1418 1418
15 •144 15
Preferred ex-warrants- _100 58 Jan 2
30 I 15
20
21
•
12 Dec 82 Apr
6114 6114 *60 6212 *60 621
No par 10 May 25
6212 6212 *5914 6212 *6014 63 8 •1212 131 1218 1218 124 121
200 intertyPe Corn
44 Dec 29 Feb
jaanr 4
4
/
0414 Feb 24
889 61 16
3
3 8June
No pat
15 *1212 13; *1212 133
300 Investors Equity
*14
*434 514
25 Oct 43 Mar
4 51s
*43
45
20 June
478 478 *432 5
200 Island Creek Coal
4% 4; 4;
*2512 26
37 Dec 664 • Apr
26 *254 26
26
26
26
No pa? 3618June
26
8
600 Jewel Tea Inc
*254 264 *253
40
ON Dec 14831 Feb
43 *39 43 *39
*40
41
40
No par 4038May 27
40 40f'39 40
24,500 Johns-Manville
Nov
50;
5213 5518 5214 54; 51; 5312 *120 5238
100 105 June 19 126 Apr 10 117 Dec 12335
Preferred
4
513 5238 5214 53
*120 --__
'120
Mar 21 118 Dec 12312 Ap
*120
•120
Laugh Steel pref 100 111314June 19 12312 Feb 21
40 Jones &
54 Ape
4 Oct
14
14May 8
120 119 119 *11812 119
No par
Jordan Motor Car
*119 120 ,*119 120 *119 120 •119
Apr 9 108 Jan 116 Nov
17
KC P & Lt Mt pf ser 13 NO Dar 11314 Mar 11 11512 Jan 5
1418 Dec Ms Jan
*Hi" ::::
7
2 June
:--:" .118"
▪
3 ---100 Karstadt(Rudolph)
*2
3
14 Dec 304 Mar
Fob 16
*2
2
*2
2
2
234
Kaufmann Dept Stores-512.50 12 June 8 18 Mar 19
4
- *2 :-":23
*2
344 Dec 41h Jan
2 245*
8
8 127 *1212 13 *1212 134
400 Kayser (J) Co v 1 o.....-No Par 104.7une
*1212 134 *1212 1312 *1212 13 *123 13 *1212 13 *125* 13
Jan 45 Apr
81
____l00
13 *1212
Keith-Albee-Orpheum
1218 1218 *1234 13 p 13 40
5 Jan 150 Apr
40 *-_ 40 •___- 40
100 80 May 9 10112 Feb 9
Preferred 7%
40 •____ 40 ,•_ _
618 Apr
*70 844
1 Deo
312 Mar 20
1; Jan 2
Springfield Tire__No par
8412 *70 8412 *70 844 *70 8412
8412 *70
*70
24 218 4,300 Kelly29 Dee 42 Jan
214 214
912 Jan 5 26 Maz 21
100
214 214
214 23
214 212
50 8% Preferred
214 233
1412 *12
1412
17 Dec 55 Jan
16 *11
16
100 28 June 5 45 Mar 24
16
*1312 16 I 16
*1314 16
6% preferred
28 35
918 Oct 394 Apr
35 •
3
35 *28
8 June 3 29 4 Feb 25
35 *28
35 *28
Kelsey Hayes WhoelNo par
34 •28
*28
738 Nov 26; Apr
3
10 8 1012 1014 1012 2,800 Kelvtnator Corp
818June 2 1512 Mar 19
3
No par
1114 10 4 11
10
10
9; 9; 10
1014 19,200
10
25 Dec 89 Mar
103
No par 20 Jan 6 60 Apr 6
4
/
101 1114' 10; 1114 1038 1078 1014 52 8 5412 5412
Kendall Co Prof
140
4 94
93
2018 Dec 6234 Feb
51
8June 3 314 Feb 24
52 52
No par 143
51
Copper
5018 5018 5012
50
49
•
4
59 Mar
4 1834 193 30,500 Kennecott Clark
8
3
4 1914 183 193
No Par 80 4 Apr 29 41 Jan 9 38 Dec 404 June
8
Kimberley8. 193 2018 19; 2012 183 363
184 193
12
3
4 30 4 30; 3034 3034 1,100 Ktnney Co
4' *3034
4
No par 11 May 5 201a Jan 9 17 Dee 97 Am
4
4
4
3
200
*30 4 363 *303 363 *303 363 •1212 1313 *1212 1312 *1212 1312
51 Dec
3
23 4May 2 70 Jan 21
100
Preferred
13 *1314 1312 1312 134
13
Ws Apr
4
3 Dec
24 Feb 25
*3112 38 *3112 38
*2918 38
12Mar 31
38
Holster Radio Corp--NO par
1
/
*294 38 •2918 38 I .31
3 July
14 Dec
1; Feb 26
la Apr 16
Certificates
Jan 29 20 May 8 2618 Oot 36; Jan
10 25
67,7
,
4
/ 2(fA1 -- 766 Kresge(3 8) CO
39 Nov 70 Jan
55 Feb 24
2612 -261 4
263
4
- 2634 - - 2618 2684 26's 43 *42 43
No Par 42 June
s
;Hi 27
263 163
1,100 Krees Co
8
30% Dee 353 Apr
43
174July 15 27; Mar 25
44 *43 44
*43 45 I *43 45 *42
1814 18; 36,800 Kreuger & Toll
8
2014 187 1912 18% 194
1718 Dec 4818 Jan
8 20
3
23512May 8
4 20 8 203
2038 203
Par 18 Jan
4
7034 Nov 118 Apt
4 283 30 31,300 Kroger Gros & Bak__NO par 56 June 3 877 Mar 19
8
4
No
8 293 3114 29; 3(13
8
3
1
/
4,500 Lambert Co
2838 29141 294 29 8! 297 307 67; 69
67
17 Dec 2312 Oct
8
667 671z 66
10 Apr 27 1718 Jan 6
70
68
Lane Bryant
3
814 Nov 11 Mar
4
663 66 4 •6712 68 I *10
1412 *10
1412
434 Mar 26
1412 .10
214 Apr 28
ar
1414 *10
Afo por
1412'
1412 1110
•10
314 1,200 Lee Rubber &'Pure-._N o 0
11 Deo 42 Apr
314
4
312 33
334 334
914June 3 1834 Feb 26
338 35*
312 *313 338I
Portland Cement_5
•3
200 Lehigh
*1014 1112
98% Dec 10811 May
100 8818June 20 10112 Feb 3
1014 *1012 1112 *1014 11
1014
Preferred 7%
20
*1014 1114 1012 1012 89 89 I *89 10012 *89 1004 *89 10012
414 Dee 174 Max
838 Jan 14
412May 14
541
95
500 Lehigh Valley Coal___..NO Par
514 514
532
95 I *89
532
*89
14% Dec 3712 Mar
2
2 53
53
8 512
.33
50 18 Mar 31 30 July 6
54
Preferred
•514 54
200
5134 Dec 9714 Apr
8
23 *2612 2934 *2612 2934
2 693 Feb 24
8June
27 I *2612
(The)___No par 453
28; 2812 28'12 27
Oct 36 Apr
*27
21
51; 5334 51; 5214 5,600 Lehman Corp
3
55
No par 22%June 2 3434 Feb 27
5614 54
5412 554 55
5214 543
10% Nov 8112 Mat
8 2612 2612 2612 26; 1,500 Lehn & Fink Glass
4
/
264 267
No par 111 Jan 28 2078 Apr 16
8
1,600 Libby Owens
26 1 263 263* 26; 2714I 154 151
26
15%157
7612 Dee 11334 Apr
1534 16
Feb 7
1 91
4 17
2.200 Liggett & Myers Tobacco_25 60 June 1 9134 Feb 24
1714 1614 1634 163 734 7312 731 *7112 73
71
70
•16
7814 Dee 11438 Apr
25 6012June
73 I 7312
Series B
7134 7313 7,700
72 1 *72
731
72
73
7334 743
100 13712 Jan 7 146 May 13 1274 Dec 148 Sept
75
Preferred
100
8 7312 7412' 74 146 I
143
7214 733
4
/
1812 Oct 4914 Feb
1421 14214 *142
Mauna 3 3434 Feb 26
0'142 146
Lima L000mot Works-No pa
146 *14112
200
2412
2412 *24
*1411s 146 ,*14118
28 Dec 4535 Feb
251 *24
22 June 10 33 Feb 11
No pa
24 1 2412 2412 *24
100 Link Belt Co
2512 24
26
26
24
28
8
*
•26
89 Dec 817 Mar
551e Feb 24
28
20'sJune 2
No pa
28 I *26
*26
28
1.000 Liquid Carboni°
*26
29
28
a 29
‘
4
*26
283 283
4
413 Dec 953 May
361sJune 2 434 Feb 16
2914 2914 2914 291
Inoorporated_No pa
2912 2912 x2914 2914 457 46; 4412 451
4414 45; 43; 4434 18,800 Loew's
$
85% Jan 1123 June
May 15 99 Mar 19
83
No pa
8
Preferred
300
4314 44 I 44; 46 I
*9018 94 *8812 94
783* May 99; Oot
91
83 Jan 2 98 Feb 7
Prig ex-warrants____No pa
904 9012 91 1 91
9012 *88
638 Feb
•87
218 Dec
612 Apr 24
8
2 4 Jan 2
NO Pa
ed
LOit
8 52
8 Dec 1524 Mar
4 Jan 6
iiz --E3 -- -1- "-Er4 -138 -75:650 Long1110011)0Tht
4July 10
8
-13 --W4 -3
Bell Lumber A__No pa
514 -512
8 4
*13
518
5
•15* 4
4054 Dec 704 Apr
81Vlar 25
.1% 4
3
2
408June 1 547
51434 4 1 4
2,300 Loose-Wilee Biscuit
*112 4 I *1
*118 4
4818 4818 *48 494 48 48
8 4812
834 Dec 284 Mat
4
2
11; Jan 2 2178July 20
*4512 48 *463 474 473
20; 1918 2018 125,600 Lorlllard 011
20
8h Dec 12 Apr
21
44 Feb 10
2 May 22
No pa
8
81 203 21; 20
217
200 Louisiana
'213 3
21; 21
3
1938
60 Dec 90 Sept
212 212 *212
100 34 July 10 55 Jan 15
Preferred
•234 3*212 2; •30
*238 3
25 Dec 514 Apr
35 *30 35 *30 35
25 June 1 3538 Feb 26
35
35 1 *30
4
/
8 29 291 1,400 Louisville 0 & El A-No pa
35 *30
t
*30
914 Dec 447 Mar
2938 2914 293
4
/
81June 2 19 Mar 19
No pa
8
8 293 29; *2938
1214 5,100 Ludlum Steel
2938 2912 2938 293
3
114 1212 12
34; Dec 99 4 Mar
No par 3312June 25 524 Feb 17
124 1278 1178 1238 *32 35 *32 35
Preferred
100
1212 1214 13
12
3
20 Dec 39 4 AIR
35
35
1 25 Feb 24
16 June
38
*35
MacAndrews & Forbes_No pa
42
*35
19
854 Mat
42
19 •17
•32
3332 De
19 •17
4
2112.1une 2 437 Feb 24
19 1 *17
No pa
*17
2,900 Mack Trucks Inc
8
304
7
*15 8 19 *157 19
4
/
3
813 Dec 15914 Feb
314 314 311 3118 27714 3314 2,000 Massy Co
32
No par .6614June 2 10614 Feb 27
7714
3112 3214 32
1
/
1
/
*3112 32
784 79
418 Dec 554 June
Mar 24
4
793
712
79
5 Jan 3
No pa?
500 Madleon (30 Garden
4
794 793 80 I *8014 8212 1 618 618
618 618 *Ws 7
19
1914 Dec 5234 Jan
8
4
1
No par 1014June 3 273 Feb 24
/
6
Magma Copper
618' *6
618 *6
6
*
ih Dec 18 July
17 *1412 17 *1213 16
4h Mar 2
25
112 Apr
17 I *14
MaIllson(H It) & Co--No Par
8 212
6 Jan
*1312 17 •134 17 I *14
h Dec
5 Mar 25
*178 24 *178 212 *17
12 Jan 2
100
2
2
30 Menet'Sugar
*178 2
8 2
1
/
*17
24 214 *214 24
54 Dee 50 Jan
2
212, 214 24
100
4
1
/
8 1 Jan 2 121 Jan 8
Preferred
80
4
1
/
814
*5
Jan
6
olla 413 *24 3 , *24
6
5 Dec ea
16
614
8 June
No par
8121 6
314June 2
Manael Bros
4
73
4
1 Jan
4 *5
73
*54 84 *513 8141 *6
hg Jan 2 12 Feb 25 618 Dee 24/ Met
4 •5
4 73
25
3
Manhattan Shirt
4 7 41 *33
4' *33
10
*9
10
*9
8
3
*3; 7 4 *3311 73
1; Dec 103
10
*9
3; Feb 14
22
1 May
10 1
100 Maracaibo 011 Explor_No Par
10 I *9
*9
10
8 212
*9
8 212 *17
1734 Dec 11212 Aug
s 212 *17
10 1814May 27 244 Feb 24
2 212 *17
1,200 Marine Midland Corp
8 *17
178 17
4 212
*13
21h Dee 55 Feb
8
*203 20; 20; 20; 2014 204
400 Marlin-Rockwell_ ---No Par 1811Ju1y 24 32% Feb 24
8
1814 1814
*2014 203 *2014 20381 2012 20; *19
20
414 Dee 80% Apr
20 •19
25
2 May 18 10 Feb
1912
500 Marmon Motor Ca?- __No par
33
2 312
8
*312 37
O1912 20 •1912 20 I *19
24 Dee 484 API
*312 33
37
*31
31
31
4,100 Marshall Field & Co-_No par 2318 Jan 21 32% Feb 24
8 37
•33
4
8 Oct
/
2518 251 24; 25
214 Dec
4
1
/
244 25
3 Jan BO
4July 23
o par
13
I
100 MartIn-Parry OorP----N
244 2525 254 •
25 25
4 *Ps 24
lei 13
4 21
12 *113 24! 13
*112 212 •14 2
I
day. z Ex-dividend. y Ex-right&
•Bld and asked Oriels; no sales on this
New York Stock Record-Continued-Page 6
605
For tales during the week of stocks not recorded here. Pe Pith peas yreeetnni.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
SaturdayMonday ' Tuesday 'Wednesday I Thursday ' Friday
July 18. I July 20.
July 21.
July 22.
July 23.
July 24.
Bales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARD
Range 8111C4 Jan. 1.
OS baste of 100
-share las.
PER SHARE
Range lot Prertogs
Year 1930.
Lowest.
Highest.
Lowest
Ilighest
$ Per share I $ per share l$ per share I $ per share 1$ per share , $ per share Shares Indus.& Miscon.(Cos.) Par
Per chore
per share $ per share
per share
22 I *211 22
8
22
22
2214 22% 23 .22
23 1 2218 2218
Mathieson Alkali Workallo par 1758June 2 8112 Jan 8
804 Dec 51% Mae
*11514 11818 *11614 11818 *11614 11818 *11614 11810117 11818 *117 11818 1,000
Preferred
1g
100 112 Apr 29 125 Mar 24 115 Jan 186
OP
34
3418 3412 347
343, 34% 331 33 8' 33
7
333
41 3318 333
4 3,200 May Dept Stores
25 28 May 27 39 Mar 2
37 4 Dec 61% Jab
5
*41g 41
*414 412
414 414'
414 4141
414 4121 *414 5
1,100 Maytag Co
No par
414 July 6
5 Nov 23 Mat
8 2 Feb13
7
.
51.41z 1512 1412 1412 *14
1514 *1418 15144 •14
1514 *1418 1514
Preferred
100
No par 1412July 20 208 Mar 21
144 Nov 6012 Apt
73 I 60 60 ' .60
*60
6212 *60
62181 *60
6118 60
60
Prior preferred
300
No par z60 July 15 7112 Mar 24
68 Deo 8418 Mal
2912 *28
*28
2912 2912 30 I *30
301
30 3014 30 30
1,900 McCall Cori)
No par 23 June 3 ad Jan 7
38 Dee 60 Apt
*
44
4712 *44
4712 *44
4712 *44
4712 *44
4712
4712 *44
McCrory Stores ohm A No vat 34 Jan 24 51% Feb 17
37 Dec 74 Jan
4178 *38
417 *38
*38
4178 38
38
38
38
38
38
Claes B
120
No par 35 Jan le 5153 Feb 16
3814 Dee 70
Jan
85 i *8012 85 1 .80
*82
85
*80
85
*80
85
*80
85
Preferred
100 76 Jan 22 9312Mar 30
Oct 97 Mar
78
25 1 *25
25
27
*25
27
*25
27
*25
27
*25
27
100 MoGraw-Hill Pubilea's No Dar 2412July 8 29 Feb 26
27 Dec 44 Apr
213 213 *213 22 , *213 22
4
4
4
4
213 22
4
*2112 22
211 2112
600 McIntyre Poreupine Minem_ _6 197
8May 27 2612Mar 81
14% Jan 20% Des
8114 8114 *814 82 I 81
84
81
8318 803 82
4
79
81
14,400 MoKeesport Tin Plate_No par 714 Jan 2 10312 Apr 2
Jan 891,3585
61
97
918 97
98
93 1012
4
93 1018
4
93 10
4
912 918 2,800 McKesson & Robbins-No Par
718June 3 17 Jan 80
1012 Nov 37% AP
31
*29
*29
33 I 30
3018 31
31
*30
33
*30
317
8
300
Preferred
BO 20 June 20 87% Feb 26
254 Oat 49 4 AP
1
1
718 718 *74 7
712 712
712 71
*718 73
4
718
718 1,500 McLellan Stored
No par
414June 3 10 Mar 6
12
6 Deo 2014 Jan
*2518 27
*2512 27 • *26
27 1 *26
*24
27
26
*24
26
Melville Shoe
No par 2214June 16 84 Mar
35 Nov 62 Apt
*43
4 43
4 *43
*414 43
8 43
4 *418 412
412 41
418
418
4
2001 Mengel Co(The)
No par
81* Feb 24
318June 2
5 Dec 28g8 Mal
*243, 25
25
25
*25
26
*254 257 *2518 257 *2518 257
8
300 Metro-Goldwyn Pio prof__ _27 22 May 29 27 Apr 10
23 Dee 265 May
4
3 14% 145 1512 15
14
4
158 15
153
4 145 153 31,200 Mexican seaboard 011.
8
1618 15
8
-No Par 10 8 Jan 2 20 4 Apr 11
5
*312 7
9% Nov 87 Ate
5
*534 7
*612 7
612 612 *6
7
*6
7
100 Miami Copper
412June 3 10 8 Feb 24
B
7 Dec 337 Feb
5
8
85
8 83
938
9
4
918 10
912 95
8
912 1014
914
912 6,200 Mid-Cont Petrol
No Dar
4June 2 1634 Jan 8
11 Dec 33 Apr
53
*1814 1812 *17
19
1712 18
1712 *1634 17
1712 1712 17
1,400 Midland Steel Prod
164 Nov 58 Feb
No Par 13%June 3 314 Feb 24
*6814 72
*68
72
*6814 75
*6814 72
70
71
*6814 72
8% cum 1s1 pre!
200
100 6614June 2 94 Feb 20
74 Nov 110 Feb
*36
44
*3614 44
*3614 44
*3618 44 *3614 44
*3614 44
Minn-Honeywell Regu_No par 37 July 15 584 Feb 9
*3
87 Dec 76 4 Mar
1
338
3
318
3
3
*23
4 318 *23
4 318 *23
4 314
500 Minn-Molino Pow Imp'No par
74 Feb 10
212June 19
314 Dee 28% Mat
*20
*20
35
35
*20
35
20
20
20
20
22
22
Preferred
300
No par 20 July 22 48 Mar 2
44 Dec 921 Mat'
4
1314 1412 14
1314 14
14
14
14
14
14
14
14
3,500 Mohawk Carpet Mille_No par 10% Jan 3 215 Mar 10
8
9% Dec 60 Jan
*2514 258 *25
257
8 257 26
8
263 27
8
*27
29
27 27
1,000 Monsanto Chem Wks-No par 1812 Apr 28 27 July 22
18% Dec 63% APt
193 20
4
2014 207
8 205 2114 1912 2018 1918 2018 19
8
191 76,100 Mont Ward Co n1 Corp No par 154 Jan 2 294 Feb 26
8
1518 Dec 497 Jan
8
*39
4012 *40
4012 *40
401 *40
40 2 *40
,
4012 40 40
100 Morrell (..1) & Co
No par 87 June 9 58 Feb 16
*12
58
*12
5
8
8
*12
4417 Oot 73 Feb
5
8
12
1
Mother Lode Coalitlon_No par
12
12
%
18
%June 5
5 Feb 20
4
% Dec
2 Jan
*13
4 17
8
13
4 13
4
13
4 13
*13
8 13
8 *13
13, 13
4
8 134 1,
2g MotoMeter Gauge& Eu No par
15
8July 13
14 Oct 11% AM
418 Mar 26
29
*2814 29
*28
*2814 29
*2712 291 *27
2912 *2712 2912
Motor Products Corp No Dar 237
8June 2 475 Apr 6
8
Apr
25 Dec 81
10
10
1014 1014 10
10
*93 10
4
93
4 93
4
93
4 93
4 1,500 Motor Wheel
No par
4J
83 une 2 197 Feb 18
8
1414 Dec 34 Mat
25 4 253
3
4 26
263
4 27
2934 2812 291
2818 3112 29
313 15.300 Mulling Mfg Co
4
No par
8% Jan 2 36% Mar 26
614 Nov 20% Feb
*
50
60
*53
60
593 61
4
57
601
60
63
60
6378
Preferred
800
No par 36 Feb 10 7212Mar 5
8
354 Dec 1347 Jan
*18
20
*18
22 .18
20
*18
20
*18
20
*18
MunsIngwear Inc
20
No par 1612June 15 3114 Jan 26
2518 Dec 5812 Feb
•612 8
8
8
83, 83
813
814 814
8
8
814 2,600 Murray Body
No par
618June 2 184 Mar 10
9 Nov 2514 AP
39
39
*37
40
*38
40
*363 4
4 014 *39
4014 *3612 383
4
No par 36 June 3 4512Mar 26
100 Myers F & E Bros
84 Oct 49 Mar
12
273 2818 52714 2814 2718 2818 2718 28
4
2714 273
, 263 2818 10,600 Nash Motors Co
8
No par 20 June 2, 40% Mer 20
214 Dec 8811 Jan
*612 712 *612 7h *612 7
63
8 61
*6
612
612 612
500 National Acme stamped----10
478May 81 10% Mar 6
Mk Dec 261 Feb
4
*7
12
*7
12
*7
12
*7
12
*7
12
*7
Nat Alt Transport
12
No par
818 Jan 5 13 Mar 20
6 Dec MA Apr
614 614
614 63
4
63
4 63
612 63
*614 612 *6
612 1,600 Nat Belles Hens
No par
8 4 Jan 2 10 Feb 28
1
2 Dec 20 Apr
14
*20
30
*21
28
*20
29
*2118 22
22
22
*20
30
Preferred
100
100 17 Jan 3 82 Feb 27
1312 Dec 82 Jan
5818 587
8 583 5918 5912 6138 6014 607
4
8 60 6012 5812
10 5633 July 16 83% Feb 24
6858 Nov 93 May
*15112 1513 15118 15118 *15112 1513 *1515 1513 *1513 1513 *1513 6018 12,100 National Bleoult new
4
8
4
8
4
8 1513
7% rem pref
100
100 148 Jan 8 15314May 8 14212 Jan 152
4
Oct
*25
2514 25
25 4 253, 27
3
253 2612 257 26
4
8
243 2512 6,500 Nat Cash Register A w 115 par 183
4
/o
2June 2 89 4 Feb 26
3
275 Dec 834 Feb
8
3418 343
4 345 353
8
8 3514 36
3438 35141 34
35
333 3 8 27,300 Nat Dairy Prod
8 47
No par 265
4June 1 505 Mar25
4
314 314 *314 37
86 Dec 62 June
8
314 31
*3
378
3
3
*3
4
300 Nat Department Stores No par
3 May 11
712 Feb 26
312 Dec Mils Feb
*31
40
*3012 40
*3012 40
*3012 40 I *3012 40
*3012 40
Preferred
100 29 Apr30 60 Jan 9
60 Dec 90 Jan
*25
2612 *25
27
253 253
253, 26
4' 253, 26
900 Nat Distil Prod Ms--NO Par 191 Jan 6 383, Feb 24
25
2518
4
18% Dec 394 Feb
*19
227
20
20
*20
22
7 *20% 227 *2012 227
8
8 2012
200 Nat Enam & Stamping__..100 18 June 19 27% Feb 20
1714 June 284 Mar
*1044 106
108 106 *108 1191 1043, 10712 105 10518 1043 2012 2,800 National Lead
4 1043
100 85 June 2 132 Jan
4
114 Dec 18918 Feb
*141 150
141 141 *141 1433 *141 1433 141 141
4
140 140
Preferred A
50
100 136 Jan 2 143 June 4 185 Dec 164 Sept
*118 121
1203 1203 119 119
4
4
118 118 i *118 121 *118 121
Preferred B
40
100 118 Jan 8 1203
4July 20 116
Jan 120 Nov
243 2514 25
4
253
4 2512 261
244 25 8' 2418 2518 24
3
No Pr 2014June 2 4414 Feb 24
243
4 9.900 National Pr & Lt
80 Nov 58 4 AP
1
*3
8
h
*3
8
12 .
*3,
3
8
1
12
12
*3
8
300 National Radiator
14
No par
3
8
18May 29
.12 112
118 Feb 8
ah Jan
.12 112
4 Dec
*12 11
*12 112
*12 11
*12 112
Preferred
No par
IliMar 3
212 Jan 7
1% Deo 11
Jan
*38
383 *3812 39
4
383 40
4
397 403
4 3912 3912 3812 3912 2,500 Nat Steel Corp
8
hIp par 33 June 1 5818 Feb 27
61 Nov 62 July
*26
27
26
26
*2514 26
26 I 25
*25
25
24
2418
600 National Supply
60 24 July 24 7014 Feb 27
60 Dec 124% AIR
70
70
*7018 80
*701g 80
*75
•708, 71
75
77
75
Preferred
401
100 70 July 15 111 Feb 27 10612 Aug 116 July
•34
37
35
35
*3412 36
33
344 3112 341 *34
600 National Surety
35
50 31 June 2 7612 Mar 26
85 Dec 98% MP
*15% 1612 1514 1514 1514 1514 154 15
52 1512 155
8 1514 152 1,100 National Tea Co
No par 13 June 2 2478 Mar 24
*914 10
13 Dec 417 Feb
8
*914 10 I *914 10
97 1014 *1014 111 *101g 1112 1,100 Neisner Woe
97 July 22 2514 Feb 9
No par
20 De
54 Apr
912 10
97 1012 10% 103
93
4
934 97
9
3
94 93
4 5.200 Nevada Consol Conner-No Pt
618June 1 143* Feb 24
9 Dec 82% Jan
*19% 1912 19
19
19
19
18
1814 18
18
171 18
1,700 Newport Co
No par
1012June 2 2078 Mar 24
ibis Dec 1714 Dec
*47
50
•51
55
*51
55
*50
55
*50
Class A
55 •
50
55
50 41 June 5 58 Mar 24
30 Dee 85 Mar
*10
11
*1014 11
107 11
8
912 912 10
10
912 912
600 Newton Steel
No Par
7 June 3 24 Feb 20
11% Dec 58 AP
16
16
*15
1714 *15
1714 •15
1714 *15
200 N Y Air Brake
1714 15% 1518
No par 12 May 27 25 Jan 23
2118 Dee 67 Feb
*16
19 '
316
25
*18
25
*16
*16
25
16
18
16
200 New York Dock
100 - 8 May 29 37% Jan 29
22 Dec 48 Mk
*20
40
*25
57
*25
57
*25
*25
57
Preferred
*25
57
57
100 32 Apr 27 80 Jan 26
*538 512
7712 Dec 8812 Apt
512 512 *512 5 4
3
5 8 814
7
6
614 2,500 NY Inveetors Ino
53
4 6
No par
5 May 8 124 Jan 27
912 Dec 32 AP
1057 1057 1057 1057 1055 1055 1057 105 *10512 106
8
g
8
8
8
8
7
8
1055 106
400 NY Steam pref 06)_-__No pat 100 Jan 7 1073,Mar 12
s
98 Dec 1064 Sept
*115 ____ *115 116
116 116 *116
__,_ *116 -- 1153, 116
let preferred (7)
No par 11114 Jan 3 118 Apr 20 10814 Dec 117 API
70
8812 6914 683 693
4
4 692 7012 6812 8814 68 687
671s 8812 18,400 North American Co....No pa
-561
4June 3 90 Feb 26
14
574 Dec 1827 Apt
*55
2
5512 5512 5512 *55
5512 *55
5512 553, 551 *5514 5512
Preferred
700
50 53 Jan 5 57 Mar 27
Jan 57 June
61
814 814
8
14 812
71
814 83
8
g
81g 81
838
818 5,300 North Amer Avlation__No Po
438 Jan 2 11 Apr13
1310534 106 •1053 106 *1053 106
44 Dee 14% AP
4
4
106 106 I 1053 106
4
1057 1057
8
700 No Amer Edison pref No pa 102 Jan 2 10614May 6
*1814 1878 187 187
994 Dec 10518 OP
2
g 1818 181s 16
18i *1518 19
*16
19
500 North German Lloyd
16 July 22 353 Apr 7
8
*44
28% Dec 855 June
45
4
44
44
*44
45
45
4
433 45
45
*4312 4612
130 Northweetern Telegraph.,.
.00 43 Jan 31 4712May 5
*7
8
I
*7
8
1
4112 Dec 6018 Mar
*7
8 1
*7
8
•7
8 1
1
*78 1
Norwalk Tire & Rubber__ _.10
12 Jan 9
10
112 Mar 12
97 10%
12 Dec
4 Mat
10
912 104
3
93 10%
4
93 101s 24,700 Ohio Oil Co
4
9 4 10
No par
7 June 2 1912 Jan 8
*23, 3
16 Dec 32 Aug
*21
3
*21
3
*21
3
21
21 • *214 212
100 Oliver Farm Equip New No par
2 June 2
5 8 Feb 8
5
13
13
*13
157 •131g 157 *1318 157 *1318 157
,
8
8
13
1314
Preferred A
700
No par 10 June 2 26 Jan 12
*4
12% Dec 90% Mar
5
*4
44
438
418 *418 478 *45
8 5
•
418 5
300 Omnibus Corp
33, Jan 8
No par
*20
612Mar 27
23
253 Oct
*20
84 Mat
23
*20
23
*20
23
23 1 *20
*20
23
Oppenhelm Coll & Co No par 20 June 19 2812 Feb 28
*4614 4914 45 45
22 Deo ba
Apr
*47
51
*45
647
48 I *35
45
45
60 Orpheum Circuit Ina prof_100 85 June 9 72 Mar 11
60 Dec 997 Atni
8
4012 4012 4012 41
41
44
4012 43 I 423 423
4
42
4318 6,8)0 Otis Elevator
-No par 317
8June 3 584 Jan 12
4814 Nov 80% Mat
*126
126 126 *12618 ____ *12618 ____ •126 ---- *126 -__
Preferred
20
100 1245 Feb 16 1294 Mar 30 1184 Jan 1285 Sept
8
'8% 10%
4
9
9
*9
1014 *914 1012
914 91
*9
93
4
200 Otie Steel
No Dar
614June 2 164 Feb 26
*44
g4 Dec 8878 Mar
4718 *44
4718 44 4414 414 4114 *41
42
42
42
Prior preferred
190
100 80 June 2 694 Feb 2
3014 3014 *31
'30
76 Dec 99 AP
33
33
3012 31 1 3012 301 *31
33
1,200 Owens-Illinois Glass Co__25 2512June 3 39 4 Jan 20
4
47
32 Dec 607 Feb
47
8
47
4714 4712 477
4712 48
4612 471
467 47% 4,200 Pacific Gas & Electra°
8
25 38 June 3 54% Mar 10
54 54
8
4012 Dec 747 Mat
55312 5312 *5312 56
53 8 5414 5414 541
5
52% 5312 1,900 Pacific Ltg Corp
No par 4812June 2 6912 Mar 20
*18
46 Dec 107 2 Mar
193 *19
4
7
194 194 1914 .19
19 4 193 193
4
3
19
20
230 Pacific Mills
100 15 May 28 2614 Mar 23
*19418 12712 12512 12512 *126 12712 012512 12712 1263 1271 *12512 12712
18 Dee 80 Feb
4
70 Pacific Telep & Teleg
100 116 Apr 29 1315 Mar 19 11412 Dec 178 Feb
4
718 718
3
718 7
712 7 8
3
714 7 8
74 71
3
7
718 9,500 Packard Motor Car_ ---No par
514June 2 117 Feb 24
8
*24
714 Nov 23% Mat
25
*24
25 I *24
25
*241g 45 I *2418 45
*24
45
Pan-Amer Petr & Trans_50 25 May 26 351s Jan 29
*24
42 Nov 6414 Ma,
2912 *24
2912 *24
2912 *2418 2912 *2418 291 •
24
45
Clam B
60 24 June 3 3612 Jan 9
*5 4 7
30 Dec 571k Map
3
.5 4 7 I *53
3
4 7
*53
4 7
*53
*53
4 7
4 7
Park & Milord Inc
No par
6% Jan 2 11 Mar 19
*23
5 Dee 35 4 Apr
4 2%
2
7
5
7
2
*23
4 34 *27
8 3
27
8 27
23
4 2%
400 Parmelee Transporta'n-No par
24 Apr 25
4% Jan 21
*2
24 *2
853 Dec 264 Mar
214
2
2
*2
214
17
2
13
4 13
4
600 Panhandle Prod & Red-No Par
112May 19
44 Feb 18
18* Dec 1211 May
2312 2418 234 243
4
4 248 253
8 233, 2418 23 233
223 227 71,800 Paramount Publix
8
g
•114 13
8
5
No par .19 8June 2 5014 Feb 24
114
34$4 Dee 7714 Mar
112
138
112 *114 112 *114 13, *114 14
600 Park Utah M
1
1 June 3
214 Mar 12
Ils Dec
112 14
112 112
44 Are
13, 15
4
112
158
112 118
1521 1% 1,700 Pathe Exchange
1 May 26
No par
3 8 Feb 20
14 Dec
7
7 7
9 AD1
7 7 12
67
68
7
7
7
Claes A
6 2 63
,
4 1,500
3 Jan 16
No par
*934 10 4 •1012 11
83 July3
,
378 Dee likla ADi
3
10
10
912 91
938 10
85
8 83
4
800 Patine Mines & Entrepr----20
•3
8% *8787 1
6 June 3 1518 Feb 24
*3
818 Dec 32 4 Feb
7
318
3
3
*3
318
3
3
*3
31
,
500 Peerless Motor Car
25
50
8June 2
4% Feb 24
40% 4114 4 g 41 ; 41
3 Nov 14 Feb
07
417
8 4014 41
403, 41
395 401
8
9,030 Penick & Ford
No par 2S12June 2 4612 Feb 19
84
34
34
Ms Jan 55 Apr
34 1 333 34
4
3312 34
331g 333, 33
331
2,900 Penney (J C)
No par 281e Jan 2 39% Feb 17
. Jan
8
27% Dec 80
*30% 97
*9514 97 •9514 97
*96
97
*96
97
*98
97
Preferred
100 90 Jan 8 995 Mar 27
8
90 Dec 10153 Sept
*214 212 *24 24 *214 2
5
214 214 *24 23,
24 218
700 Penn-Dixie Cemeull---No Par
2 May 29
54 Feb 10
24 Dec 12 Mat
*11
15
*11
*11
15
15
*11
15
11
11
*11
15
Preferred
100
100 10 June 9 29 Jan 30
en
16 Dec 5512 Mar
35
*3112 34
*3114 34
•31
34
*31
34
*3114 34
People's Drug Stores-No Par 23 Jan 2 3512 Mar 31
2114 Dec 6018 Apr
196 200
194 196
1983 201 *196 198
4
197 198
1913 196
4
1,700 People's 0 L &0(Chle)_....100 18314June 2 * 0 Feb 16 18514 Dec 325 May
9
4,13
14
•13
14
*13
14
•13
137 *13
137 •13
13%
Pet Milk
No par 104June 4 1712 Jan 30
17 Dec 221k Aug
07
8 6%
67
87
3
8 67
77
8
8
8%
8
72 73
6 June 3 1078 Feb 26
572 Dec 274 June
8
12% 1212 127 133, 1314 1313 123 1314 1212 123, 1218 1214 15,000 Petroleum Corp of Am_No par
4
6,500 Phelps
-Dodge Corp
25 11 June 3 2558 Feb 24
10% Dec 4458 Apr
*100 200 •100 200 •100 200 •100 200
100 200 *100 200
Philadelphia Co (Pittsb)---50 150 May 21 155 June 23 170 Oct 248 Apr
*8412 5512 *55
1s
84
5814 564 •56
56% .56
561 .
5614 561
100
6% preferred
Jan 5 5612Mar 12
50 5212
76
8014 Jan 5778 Bent
77
288 7 4
712 712
3
73, 73,
718 71
7
7
3,000 Phil& de Read 0&I_No par
614June 2 1214 Mar 23
•1118 1218 1214 1214 123 123 *1114 1214 1214 1214
612 Dec 35 8 May
1
8
*1114 12
500 Phillip Morris & Co Ltd_---10
9 Jan 6 121aune 25
814 Jan 154 Mat
*1212 1412 •1212 1412 1212 1212 *11
1412 *11
141 *11
141
100 Phillips Jones Corp____No par 11 Jan 5 1212July 21
1014 Dec 377 Feb
*4814 50
8
*4814 50
*4814 50
*484 50
*4814 50
*4814 50
Phillips Jones prof
7% 8
100 4814 Apr 1 52 Jan $
52 Dec 75 Feb
8
7% 713
812
84 8 4
5
8% 84
818 81
9,500 Phillips Petroleum
4June 2 165 Jan 5
45
8
No par
1112 Dec 445 Apr
*7
*7
10
10
'
37
10
'
37
10
*7
10
*7
10
Phoenix Hosiery
12 Feb 14 1014 Apr 6
5
•13
7 Dec 204 Apr
14 4 *1314 13 g 1314 1314 13
3
7
13
13
13
*13
141
800 Pleree-Arrow Pass A___No par 13 July 22 2714 Feb 11
16 Dec 38 Apr
*3
8
3
4
*52
3
4
% %
8
4
3
4
*12
18
800 Pierce 011 Corp
May 26
%
25
112 Feb 28
4 Dec
1212 *101g 1212 5
.11
24 May
*10
1212 1212 1211 *10
127
1114 1114
300
Preferred
6123005 3 33 4 Feb 27
5
100
•12
8 2
74 Dec 52 May
2 2
2 1s 214
2
214
2
2
1% 13
2,800 Plane Petroleum
1 June 2
No par
34 Feb 27
*28
28
2812 283, 283 *2812 29
28
14 Dec
8
74 11)1
2812 281
2812 281
500 Pillsbury Flour lktilk-No per 25 June 2 37 Mar 9
2518 Dec 874 Apt
*3214 38
*323 38
8
*323 38
*25
,
38
*323, 33
*323 38
8
Pirelli Coot Italy
2814June 2 895 Mar 8
4
304 flee 507 Ilk
2
•Bid and asked prices; no sales on Pits day. b Ex-dIvliend and ex-rights. e.Ex-dIvidend.
y Ex-rights.
606
New York Stock Record-Continued-Page 7
For sales during the week of stock' not recorded here. see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
July 18.
Monday
July 20.
Wednesday
Tuesday
July 21. I July 22.
Thursday
July 23.
Friday
July 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-ahars lots.
Lowest.
Highest.
PER SHARE
Rano3 for Preston.
Year 1930.
II SeSis
Low oil.
Per 16014
Per thare 5 per share
per share Shares Indus.& Miscall.(Cosa par $ per share
$ per share $ per share $ Per share $ per share 3 per share
18 Dec 781, JaR
Pittsburgh Coal of Pa
100 1514June 17 2812 Jan 12
*131 15
/
4
8
*137 15
•137 15
8
*137 15
8
•1378 16
*1418 15
11:17s J ni
561,
66 Dec 123 vaa
Jan 27
Preferred
100 54 Jun.' 17 80
5612 *40
5612 40
MO
5612 *40
5812 *40
5612 *40
100 Pittsb Screw & Boll___No Par
912July 14 1514 Feb 24
*97 10
8
*97s 10
10
*97 1014 *97 1014 *10
8
8
1014 10
8412 Dm
1 1 Dec103 Jan
120 Pitts Steel 7% cum pref
100 45 June 2 87 Jan 15
5472 544
/
1
55
55
55
55
55
/
1
8
*50
547
8 547 544 *52
194 Oct
512 512
612 7
4 May 27 15 Feb 27
800 Pittnburgh United
25
5
a
*512 7
*5'2 7
*512 7
Ore
914 Dec 103
Preferred
100 7412June 2 100 Apr 24
*7514 81
81
86
*74
86
*74
*7314 83 1 *74
*7314 82
No par 13's July15 1814 Jan 6
Pittston Co
3 *127 133 *1278 133
1814 Dee 22% Art
8
8
8
8
8
8
8
*127 13
8
/ •127 133 r127s 133 *127 13
1
4
104 Dec 3453 Mar
4
6 Apr 28 133 Jan 10
200 Poor & Co claw B
No par
*712 8
8
7
*77 10
73
4 7 8 *712 8
4
,
*74 8 2 *73 10
/
1
600 PortoRloan-AnaTob CIA__ _100 10 May 22 27 Feb 28
16114 Dee 3033 21117
*1012 12
11
12
1114 1114 *1114 1212 11
1114 11,
2 12
Class B
Oct 2714 Mat
4
3 Feb 27
23
4June 2
300
No par
334
3
/ 314 *31
1
4
3g *33
8 312 *33
8 312
33
8 3
4
*314 33
Jan
20 Dec 103
100 Postai Tel As Cable 7% peel 100 18 Apr 20 394 Jan 9
24
2312 *21
*21
2312 *21
23
*22
25
23
*21
25
Apt
1114 Dee 64
612June 2 203 Feb 26
2
1018 1012 1014 1014 2,000 Prairie Oil& Gas
/
1
4
/
1
•
9
10, *1014 1012 1014 1012 104 10
2
Feb
8June 3 2612 Feb 25
25 143
184 3,900 Prattle Pipe Line
/
1
8
1713 17% 1812 177 1838 1818 1838 18
17
17
17
1314 Nov 664 reb
6N D
" 101
2
3sklay 29
600 Premed Steel Car
No par
35
33
312 312
712 Feb ID
4 4
*33
4 4
33
4 33
4 *33
33
4 334
Preferred
25 Dec 764 Feb
100
100 36 May 19 673 Feb 19
2
*271 29
/
4
28
28
32
32
*28
32
*28
*28
3012 *28
No par 56 June 3 71, Mar 10 '6253 Jan 7872 June
4
4
8 1,800 Fromm Gamble
8
8 6414 643 Z64' 643
/
4
6412 6112 6412 647
8 643 644 641 645
4
/
1
Producers & Refiners Corp. 50
1 Dee 117 Mae
2
172June 3
/
1
4
6 Feb 27
*212 2
*214 3
*212 3
*23
4 3
*23
4 3
*212 3
! Preferred
1112 Dee 40 Mar
6 July 20 10 Feb 27
70
50
127
3
127
8 *8
121
/
4
12
/ *10
1
4
6 I *7
*612 7
6
65 Dee 12344 Alg
9,100 Pub Sex Corp of N J___Na par 72 Jot, 15 964 Mar 19
78
80
8112 7812 80
7812 784 7912 80
/
1
8014 817
s 80
35 preferred
NO par 95 Jan 8 1021:May 16
91% June 100 001
4
8 993 10014 4,500
8
100 100
100 1003
997 997
8
8 997 100 I 997 100
8
100 109% Jan 3 11814July 7 104% Doc 117 Sept
6% Preferred
400
1173 1173
4
4
4
117 117
117 117 1 117 117 *117 11814 *1173 118
7% preferred
Jan 1354 003
100 12814 Jan 3 137% A ur 9 121
8
•13412 136 *13412 136 *1343 136 •1347 136 *1347 136 *13514 139
4
8
8% preferred
OctDecc 104 Jjjaas
58 m lla
100 143 Jan 6 158 July 3 1140%21
/
4
*15618 15814 *15018 15814 *15618 159 *15618 159 *1591 1533 *15618 159
4
8
8
1043 105 *1015 105
4
105 10514 105 105 *1047 10514 1,000 Pubservalice&Gas pf85 No par 103%June 4 10512July 11
105 105
Febfl
3,2001 Pullman [no
No per 28 June 2 584 Feb 27
DeC
36
384 371 3712 3714 3714 236
/
1
/
4
37
3712 3712 38
37
50
3 Jan 8
2
2 Jan 9
3
4
3
4 1,900, Punta Aleare Sugar
It
8
4
2
4
7
,3
3
4
3
4
*12
8
4,
3
4
1
513 Apr '28 117 Jan 5
11,7001 Pure 011 (The)
25
4
s
73
3 8
73 Dec 2714 Apr
8
83
8
75
8 818
/
1
78 8
5
712 712'
7 4 84
3
MI, Dec 114% Apr
,
8% preferred
100 06 2May 27 1017 Jan 8
87
3
70
85
87
92 I 9012 9012 80
80
86
85 1 *87
*80
2
No par 244June 2 554 Mar 17
34 Dee 887 Feb
233 285s 1,200 Purity Bakeries
8
3014 2914 291
*29
303 *29
4
301 2 30's 30,
2 29
/
4
12 Jan 2 274 Fob 25
No par
11% Dec 695* Apr
4
8
/
1
8
/
4
/ 183
1
4
4 1712 183s 1718 173 155,800 Radio Corp of Amer
1712 181 177 184 183 191 17
/
4
Preferred
50 45 June 23 5518 May 25
*47
49
47 Dec 57 Aar
49
493 *47
4
4
493 *40
4
493 *48
4
•48
493 *48
No par 231 12June 1 60 afar 21
Preferred B
/
1
4 2,400
8118 Dec 85 Apr
41
3918 4014 384 393
4012 40
3912 40
39
39 1 39
/
1
/
1
8
8 14
14121 1418 144 144 1514 143 147
141 1378 1414 21,600 Radio-Keith-Ore el A No par 111 kJune 1 2412Mar 21
/
4
14
145*e r)ep 51, A
pee
8 AP;
:Mar 25
900 Raybeetoa Manhattan_No par 1712June 3 291
/
1
8 1912 1912 *194 20
21
2012 2012 2012 207
20
2018.
*1912
5 June 11 30 2 Feb 10
10
6
612 4,600 Real Silk Hosiery
7
224 Dee 6472 Mat
65
8 7 I
7
7
7
7
3
012 67
8
*64 7 8
/
1
Preferred
100 22 July 1 00 Feb 8
180
*25
30
30
83 Dec 100 Mar
2514 *25
30
*25
*25
30
25's 2518, 25
*12 1
57 Feb
Rota(Robt)& Co
•12
*13 1
Iss Dee
1% Jan 8
7 Jan 5
8
No par
*12 1
*12 1
1
*12 1 1
Jan
i
First preferred
100
8 Nov 37
83s July 6 13 Apr 22
20
*10
*10
20
*10
20
*10
20
*10
20
*10
20
572June 2 19 4 Feb 27
4618 A m
,
3
No par
84 Nov 100 2 lirpr
1418
83
8 87
8 3,6001 Remington-Rand
93
8
812 914
914.
9
814 81
/
4
938
9
6013 *50
First preferred
100 4931June 4 88 Jan 7
601
/
4
*50
61
*50
61
6212 *50
*50
62, .50
2
100 51 Juno 17 98 Jan 6
Second Preferred
*65
70
70
93 Jan 104 July
70
*65
70
*65
*65
70 I •65
70
*65
6 May 21 104 Feb 11
10
a
9001 Reo Motor Car
612 612
/
4
1013: 94 blt;
7 4 D7 14% A )
3 r)
612 61
4 *612 61
*612 63
8
*
614 63
4
614 63
- 1 1414 147
25% Feb 24
14
14
133 143
4
8 7,1001 Republic Stool Corp_No par 10 June
143 la12
4
1312 145* 1413 15
54 Feb le
Preferred sour 6%
100 27 Juno 1
28 Dec 9511 may
31 12 3112 1,000
33
327 *31
8
3312 *32
3114 32
3112 3112 33
13 Jan 2
Revere Copper & Brass No par
64May
54 Dec 30 Jan
8
8
*6
8
*6
8
*6
8
*6
8
6
*6
Clara A
80 Jan 0
27 Jell
84 Doe 73 Jan
*712 25
*712 25
*712 25
*712 25
*712 25
*712 25
223* NUL: 10
10 Dee 3453 Apt
4,800 Reynolds Metal Co _No par 11 June
*1314 14
4 1312 14
4 143 143
4
1312 1312 153
•1212 1312 *13
51 Feb 1
:
1814 Mar 121
Reynolda Spring new. _N o par
No
9
918 *5
94 *5
4 9 1 *5
*43
4 918 *43
• 4 9
43
2
5412June 24' 40 Dee 58% Mar
51
24,700 Reynold* (11 2) Tob clean 19.10 403 Jan
4
8
513 5214 518 5213 513 5218 507 51118 504 5114 50
4
10 59 June 25 7513 Feb 15
Class A
70 Jane 80 Jan
8
120
717
8 703 737
4
70
70
*69
70 I *69
70
•69
70 I *69
6% Jan 6
1 June
64 Boo
114
114 2,000 Rithileld 01.101 Callf_ __No par
04 Dee
13
8 112
11
/
4
13
8 112
11 13
/
4
8
13
8
*114 112
1014 Feb 24
312June
No par
413 418 2,700 Rlo Grande 01.1
414 45
414 412'
3% 4 I
*37
4 1
4
4
5 1)03 254 Ain
4134 Mar
No par 1912July 2
25 8 Dec 595* Fen
2
2
400 Ritter Dental Mfg
1912 2014 *19, 23
*2014 23 1 *2014 23
•2014 23 1 *2014 23
26 Feb 34
14% Dec 48% Mat
10 1.534June
1,000 Roeabs Insurance Co
1818 19
8 19
19
*1918 20
197 197
8
1912 1912 *1812 20
425 Feb 10
8
863 Dec 5611 Apr
4
27
2714 2,000 Royal Dutch Co (N Y dwell) 247sJune
30 1 x2314 2314 27% 23
4
4 30
293 293
8
4 293 293
1914 Dec 5714 Fob
Ws Feb 20
10 1414June
18
17
1713 2.700 St Joseph Lead
18
18
1812 135
8 18
4
4
•18
1814 183 183
No per 38% Jan 15 654 Mar 24
2
/
4
8
885* Dee 1223 Jan
8
55
5512 5814 5714 5814 577 611 5814 605 14,100 Safeway Stores
54
4
86 Jan 19 06 Mar 20
84 Dec 9978 Feb
50
Preferred (6)
/ *9212 94
1
4
91
9312 9312 *913 9312 9312_ 93
4
94
91
'91
*91
1/5
Oat 10972 Mar
98 Jan 21 108 July 15
109 106
220
Preferred (7)
10512 106
105 10612 10518 106
*10612 10713'10612 107
2014 Feb 27
No par 124June 30
1214 Dec 31% Apr
1312 135
8 1,200 Savage Arms Corp
147 *1418 15
8
*1312 15
/
4
1312 1312 135* 131 14
4 Jan 13 1118M:11.30
Dec 184 Jaa
714 714
714 814 *612 8 1 *714 8
600 Schulte Retail Storea NO Par
714 714 *7
81s,
100 40 June 8 65 Mar 27
Jan
Preferred
35 Jan 75
55
*50
55
*50
55
*50
55
55 1 *50
*50
.55 , *50
312May 28 11 Feb 271
No par
53 Dec 144 Mat
3
300 Seagrave Corp
6
6
6
6
*514 6
*514 6 1
.4. 51 .;
‘, !
8
5
8
563
4 55
564 51154 5g114 '71. A7 16,200 Seam, Roebuck At Co No par WI Jan 2 864 Feb 2e, 434 Dee 100 * Jan
/
1
56
5412 5412 5512 5614,
54 Feb 27
212May 27
1
412 412 1,103 Second Nat Inveatora
24 Dec 23 Fob
4
412 *414 43
412 412
4
*33
4 412 *33
4 4 I
'1
33 June 2 5818 Feb 27
5113
Preferred
35 Dea 825* Mat
5412 *46
55 I *46
49 I *46
5412 *46
49 I *46
*47
12,May 26
1% Feb 11
1 Dee
No Par
312 Jan
.,00 Seneca Copper
114
1
1 1
114 114' *1
114 *1
114,
114 *1
*1
81 Nov 134 Apr
4
• l!tu 2 113 Apr 9
75
No par
8
712 3 14,300 Servel Ina
7
/ 81s
1
4
8 834' 814 812
3
77
7 4 7%
:
No par 164June 1 291 Feb 20
2018 Nov 62 AN
22
2014 2114; 2,200 Shattuck (.1 1:3)
3
/
4
4 211 2112' 22
*2012 2114' 2118 2112 2114 213
611June 1 13% Feb 18
9 Doc 333 Feb
2
200 Sharon Steel Hoop
No Par
4 914 *6% 914' 914 914 *73
4 .9141
• 4 912 *04 91 1' *63
63
No Dar 101sInne 3 21 Mrd 25
11% Doe 275* Mar
11
1114 1114 1158! 1114 1114 1114 11141 2,000 Sharp & Dobale
*113 1173 *1114 12
Noo
N par 5212July 24 614:Mar 25
54
200
Preferred
Jan 633 Mar
5212 5212!
4
583 *5114 5612 5414 5414 *5212 51
4
*521 60 1 *53
/
4
412may 15 1014 Jan 12
pa?
51 Dec 2512 Apr
4
o'
612 6
/
1
4
012 c341 8,900 Shell Union OS
63
4 718
61 67
/
4
8 7 I
6
/ 63
1
4
4' 67
100 2512May 8 70 Feb17
66 Dec 10614 Apr
SOO
Preferred
503* 5112 51341
8 4812 5014' *50
8 4712 49,
*413 51 1 *4714 523
4
232.1une 22
418 Nov 35 ADS
6% Mar 0
300 Shubert Theatre Coda-No Par
35* *3
3141
/ *3
1
4
3 1
33
8 3
3141 *3
3
318 3181
11 Nov 94% Jan
No Par 104June 3 22% Feb 26
4
*1512 1534' 6.500 Simmona Co
81 153 16
/ 163
1
4
3 15
1612 1612 167
*1618 1612, 16
5 June 17 11 Feb 2e
10
4
53 Ilea 87 Mar
2
6
6
1,800 Simms Petroleum
7 1
63
4 714
63
4 63 ' 614 614
6 I *6
6
8
25* 1),', 3
614June 2 157 Feb 20
G9,400 Staciatr Cons 011 CorP_No par
Am
4 1012 1114 1038 11121 1012 1118 1014 11
10
1014! 1014 103
86 Dec 11214 Apr
100 77 June 11 103 Mar 14
90
100 Preferred
90
*88
90 I *88
90 I *88
87 I *88
*85
90 1 87
1012 Dec 42 Apr
34June 3 12% Jan 7
25
512 *5
512 1,700 Skelly Oil Co
514 514
514 5121 •5
412 43
8' 412 434'
42 Den 994 June
/
1
100 10 May 28 62 Jan 8
Preferred
24
*2112 24 1
200
243 243 *21
4
4
24
25 I *21
*20
25 1 *23
4 4 Feb 16
,11
113May 19
14 Nov
8
Snider Peaking
No par
Jan
212 *15
8 212
234' *2
2
/ *2
1
4
/ *2
1
4
*214 212 *214 2
8 Dec 363 Feb
6 May 19 155* Feb 181
4
600
Preferred
No Par
7
11 I
9 8 97
11
11
*83 10 1
4
11
1112 11
11
*1018
903 Dec 12111 Air?
2
*82
87
150 Solvay Am Inv Trust pref_100 80 Julie 10 95 aler 19
85
85
85
*82
86 ! *82
85
*8212 85 I *82
No par
714June 1 174 .19.” el 104 Dee 3034 Jan
8 1414 1412 20.200 So Porto Rico Bugsr
8
8
/
4
8 147 1512 1412 145
14
1414 143 151 1514 157
81Ki 9 11212July 22 103 Aug 121
Jan
Preferred
100
11012 11112
270
110 11212 *11012 111
108 110
*108 109
108 108
404 Dee 72 Apr
25 36 June 3 644 t rt. 44
447
4312 4453 2,601 Southern Calif Wilson
8; 44
8
3
*4418 4412 x4412 4413 443 4514 443 447
5 Mar 12
3 4
311 Jan
9 Mar
3 Apr 18
Southern Balder Cl B__No par
*33
8 4
*33
8 4
*33
3 4 I *33
4
*3% 5
*3
/
1
4
33 Doc 45 Mar
No Par 21. June 3 36 Jan 6
26
*25
26
100 Spalding Bros
26 I *25
26
26 I *25
28
*26
28
*26
Jan 115 Alm
-lay 7 108
1st preferred
100 111 Jan 11 115127
60
11212 11212 11212 11212 *11212 114 *11212 114
*11212 114 *11212 114
1972 Jan 373 June
Spang Ctialfant&Colne No Par 22's Apr PI 2712 Feb 17
4
15
20
*15
20
20
*15
20
•15
20
*15
•15
20
92 Jan 06 Jan
Preferred
100 0813 rune 22 924 Jan 31
10
*3012 75
*3012 75
*3012 75
*2012 75
75
*3012 75
75
75
8 Ilea 3013 Apr
O June 2 135* Mar 16
2,800 Sparks WithIngton.__ No par
812
818 *8
8
8
8 14
8
8 18
8
8
834 Dee 25 Apr
15
Spencer Kellogg & Sons No par 10 Jan 3 1612 Mar25
*14
15
15
*14
*14
*14
15
15
15
*14
3114
71 Doe 864 Feb
4
33 Ave 22 173 Feb 21
2
No par
100 spice+ Mfg Co
9
*918 1012 *918 1012 *91s 1012
9
*87
8 9
*87
8 9
Preferred A
No par 2412May 22 3313 Feb 20
26 Doe 4318 Mar
*2514 26
*2514 26
*254 26
27
.2514 2613 *2514 36
*25
514 Ian 111
1712 Mar 24
413 Dec 53 Feb
600 Splegel-May-Stern 0o_No par
814
9
8
9
9
*8
4 9
*8
914 *8,
8
8
1418 Nov 3214 Feb
No par 147sJune 2 2013 Feb 26
14,000 Standard Brands
8
173 18
8
8
1714 18
173t 1814 1818 1838 175 1818 173 18
Preferred
No par 118 Sal. 5 124 July 1 114 Nov 12112 Sept
•1221s 132 *1221 132 *12218 132 *12218 132 *12218 132 I *12218 132
/
4
24 July 24
4 Yob 10
214 212
700 Stand Comm Tobaseo_No per
21 Dec
:
714 Feb
214 212 *214 212.
212 212 *214 212
*214 212
UPI Dee 1391 Apr
81 613 6314 11,500 Standard Gas & Elea(JoNe par 5518June 2 8818 Mar 10
4
4
643
4 6214 635
6412 63
603 613
613 63 1 63
4
2
No per 60% Jan 8 647 Mar 23
Preferred
55 Dee 67 May
200
8
*593 6012 5912 59121 *595 6012
4
*59
6012
61
6012 *59
*59
56 cum prior peel_ _ _No par 9212 Jan 1h 101 Ma 23
923 Deo 104 Rept
4
93 I *02
95
931 *92
9312 *92
943 *92
4
.92
943 *92
4
$7 cum ado: peel.. _No pay 101 July 3 1095* Mar 6
9312 Dec 11414 Sept
4
4
•1054 1078 *1057 108 *106 108 *1053 108 *1053 1073* *10512 10714
8
112J uly 15
414 Feb IS
500 Stand InvestIng Corp_ _No par
15
8 13
4
13 Ni, 154 Mar
3
/
4
/
4
2 I *11 11
*13
2
2
2
'17
•13
4 2
1
8
8
200 Standard OS Export prof_ _100 9974June 3 10514 Apr 13
8
98 Feb 106, Oot
8
8
*10212 10278 10212 10212 *10212 1027 *10214 1027 *1025 1027 ' 1025 1023
/
1
434 Dec 75 Apt
/
1
373
4 364 3712 3612 374 13,700 Standard 01101 Calif__ _No par 314June 2 6114 Feb IS
8 371
4 3714 377
/
4
3612 37
363 373
4
Jun
Stand Oil of Karma
83
4Jans 3 19
25
8
300
13 I 117 117
14% Deo 49
Apr
13 ; *12
*113 13 , 13
8
13
13
•11
13
3812 37,400 Standard OP of New Jersey _25 3033June 2 534 Feb 24
8
8 3818 3834i 37
4311 Dec 847 Ant
/
4
/
4
3712 38
387
8 381 3912 381 393
38
10e4 Dec AO% Apr
183
4 17524 1818, 1712 1813, 91,800 !theater(' Oil of New Yor125 1373June 3 36 Feb 10
8 18
17
,
173
4 17
/ 18 8 1812 187
1
4
19 1 .16
100 Starrett Co(The) L S_Ne par 1618June 2 344 Feb 24
19 1
19 Dec 67% Apt
18% *1614 19 • *17
*17
19
1712 1712 *18
312
*314 312
814 814
84
,
361 361 1 36
/
4
1034 1078 107
8
303 31
8
31
163 167
4
8 17
1113 112 *112
4
8 •314 3341
700 ltediug Securities el A_No pa
312 *312 37
314
Preferred
5001
No par
712,
*514
4 8
712 712 *63
Lloureilible preferred__ _50
900
38
3112 34121
35 , *35
35
8
1118 103 11121 6,200 Stewart-Warner Sp Coe p_ _10
11 I 11
11
No par
29
/ 305 13,100 Stone & Webster
1
4
81
3114 3214 3012 31
6,800 Studelo'r Corp (The)....No par
1718 18
8
18 ; 175 18
18
Prahrrecl
290
100
11214 *1105* 11214
8
1124 11214 *1103
Submarine Boat
No par
4012
400 San Oil
No pa
4112 36
*37
42
42
3711 38
Preferred
100
110
4
4
4
1015* 10114 *10114 1013 •10114 1013 010114 1013
..No per
700 Sapertroater Co (The)_
311
/
4
/ *3138 3238 31
1
4
8
8 311 32
/
4
*317 323
No per
3
8 2.000 Superior 011
3
3
3
4
*5
8
5
8
5
8
*5
8
3
4
100
1012 *10
1012
200 Superior:Ueda
111 *10
/
4
*10
9
/ 10
1
4
Swede Cool •prerioft
1334, *1313 133
8
133 *13
.1318 14 l *13
!
112 .*1
Symington
112 *1
112
•1
112 *1
No par
100 (Mute A
o rai50
/
1
8 314 .24 312
•24 3 1 *27
/
1
3
3
2
1912 *18, 1912 1814 1814 1812 1812 1,000 Tolantograph Com.... No par
19
No p
pars
(
600 Tennessee Corp
614 6 .1
8 *614 612
614 63
.63
8 612
4
233 2438 2318 24 I 2318 2312 223 2312 61,900 Teas); Corporation
8
/ 35
1
4
4,600 Texas Gulf Selphar_ No Par
353
41 3412 3458 33
353 36 , 35
s
4 4
37
8 37
8 1,00)) Texas PaeUle Coal &011... 10
4 4 1 *33
33
4 334 *33
11
lois 1014 6,500 Texas Pao Land Trust
/
41
/
1
1012 1118 104 111 1014 1014
3121
353
81/4 *7l
3614' •35
1118' 1114
3112 32
18
18
11214 *112
.
;54" 38 - ;3713 391
4
410114 1013 *1011.1 1013
4
•
3172 3238 32
/ 323
1
4
8
3
4
5
8
5
8
•3
8
95*1
9
/ *9
1
4
*9
•13
133 *13
8
131
112
11
*1
•1
*2 8 312 *3
7
312,
•
18
1914 19
19 1
* 8 612 *63
63
3 612
23
24
22 8 23
,
223*
*3412 3512 *3512 36
312
33* 4
10
10
103
8
0
1
3181
8
383
4'
12 I
33
/
1
4
19 1
1124'
Bid and &eked prlcee; no sales on this day.
s Ex-dividend.
V Ex-rights.
212May '27
57 Feb 10
2
23* Dec
5 June 2
95* Feb 16
6 Dec
39'2June 3 40 Mar 26
$018 Nov
14si Doc
8 May 27 217 Mat 10
2
2513Juna 2 6412 Mar 21
874 Dee
1412Juna 2 26 Mar 3.6
134 Nov
/
1
110 May 28 1/814 Apt
Jan
110
To Jan 2
4 Jan
4 Dec
31 June 2 454 Fob 24
89 Deo
94 May 18 10411 Feb
07% Doe
312 Apr 15 404 Feb 0
30 Nov
4
%July 15
11 Feb 17
3 Dee
4
6 May 27 18 8 Mar b
7
0414 D4i1J
822 Jan
113* Jan 7 137 Feb 20
1 Feb 4
134 Dec
24 Feb 2
212June 2
4 Dec
612 1,11)58
1614June 3 2112 Mar 0
153 Jan
s
514June '2
734 1Fee
31-2 Jan 5
IS June 2 357 Jae 7
2514 Doe
2
2914June 3 55 Fob 84
34
14114 Dee
213June 2
64 Jan 9
4 Dee
712June 1 1753 Feb 13
10 Doe
2012 Mar
145* Mar
48 1Lat
47
API
1133 Apr
8
4
671 Pell
12.3 Mar
3
13 Mar
70 Apr
10812 BMA
264 July
932 May
203 Mar
8
157 Mae
8
7 Apr
173 API
2
8014 Apt
Apr
17
6011 May
67% Mat
144 Mat
825* Maw
New York Stock Record-Concluded-Page 8
607
Fos sales during the week of stocks not recorded here. see eighth page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 18.
Monday
July 20. I
Tuesday 'Wednesday
July 21.
July 22.
Thursday
July 23.
Friday
July 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1.
On basis of 100
-stare Iota.
PER SHARE
Range for Precious
Year 1930.
L-est.
Highest.
Highest.
$ per share S per share $ per share $ Per share $ per share $ per share
Shares Indus.& Mace11.(Cosel.) Par $ Per share $ Per share ;Per share I per share
.
10
13
*10
12 t *10
12 I *10
12
10
10
.97 11
8
100 Thatcher Mfg
No par
914June 2 22 Feb 27
1212 Dee 353 act
8
*343 35
8
*34
3512 *34
3512- •343 35
8
*3438 36
8
Preferred
*347 36
No par 333aune 3 41 Mar
85 Dec 48 Ma:
*1812 19
19
19 '183 19 I 183 183 .177 1914 "1814 19
4
4
8
200 The Fair
No Par 1814June 2 23 Jan 9
2114 13e0 82 Jan
__ 100
100 ._ _ 100 •---- 100
Preferred 2%
100 99 June 19 1001s Feb 28 102 Jan 110 Feb
*418 412
418 41g. *418 414
3 8 418
7
418 414 *4
418 1,100 ThermoId Co
Vs par
378July 15
33 Dee 367 May
9 Feb 18
4
s
•
23
28
*23
28 j*23
28 I *23
2318 23
23
'23
28
100 Third NM luveetors
1
16 June 2 27 Feb 21
151 Dec 463 Apr
4
1612 1612 *16
*153
4
1612 1612 163
4 16
16
"153 17
8
500 Thompson (I R) Co
25 15' July2 85 Mat 2
23 Dec 47% Mar
•10
113 *10
4
1114 *10
1114' *10
1114 .
1114 *10
10
1114
Thompson Products IncNo par
*312
9 4June 1 18 Feb24
3
10 Nov 39% Ape
4
4 I •35
8 4181 *33
8 41 4 *35
.
8 418 •33
4 418
100 Thompson-Starret1 Co-No ear
312June 2
Altar 7
812 Dee 18% Mar
*25
31
'25
31 I *25
31
*25
2818 *25
2818 *25
2818
113.30 eum pre!
5
514 *514 512
231, Dec 495 Mar
Ne par 2112 Feb 4 2 Mar 19
8
312
114
512 57
512 53
8
4 4,600 Tidewarez Assoc 011
512 57t
Ne par
9 Jan 7
4 June 2
*4313 4712 *44
57 Dec 1738 Apr
s
4712 *45
4712 4712 4712 5212 5212 50
'
55
300
Preferred
100 38 June 2 68 Jan 8
53 Dee 8933 Mar
*5
15
*5
15
*5
15 I *7
15
*7
15
*7
15
Tide Water Oil
100 1012 La 31 18 Mar 15
,
12 Dec 81 Ain
.5114 57
*5114 55 I "5114 55 '5114 54
503 51 14 *49
4
5112
200
Preferred
100 503 July 23 83 Feb 26
68 Dee 967 Apr
*612 64 *612 63
8
4' 6 2 612 *612 7
,
"612 7
7
7
200 Timken Detroit Axle
10
512June 10 12 Feb 20
8 Oct 2114 Apr
*35, 363
4
355 35% 34
3612 3412 35
34
3473 3412 3412 6,600 Timken Roller Beartng_No par
/
32 June 3 59 Feb 17
318 318' 314 311, *3 8 33
4018 Dec 891 Apr
,
8:
318 318
3
3
*3
3%
900 Tebaceo Products Corp No par
15
8June 3
3 4 Apr 9
3
311012 107 *1012 107
612 Jan
2 Dec
8
8 101.2 1012. 10
1012 1012 1012 *97 1014 4.200
8
Class A
No par 10 July 22 14 Apr 10
714 712
3
78 Jan 1214 July
7% 7 4
3
73
8 738'
713 713
7,
8 74
714 12,100 Trete/emeriti* Corp
,
7
25
10% Dec 2538 Sept
13 aune 13 18 Feb 25
,
•10
12 '10
12
*10
12
*10
12
*10
12
*1012 12
Trammel &
St'l No par
77 Jan 3 1712Mar 6
Nov 2838 Jan
858 93
*
8
918 918
8 8 9,
5
8
9
9
812 9
838 85
8 5,100 Tri-ContInental Corp_No par
512 Jan 2 11% Feb 24
5% Dec 30% Apr
0112 9112 '91
92
92
92
92
9218 91 18 9118 9118 9118'
700
6% Preferred
100 91 July 15 9114June 15
82% Apr 90% Sept
*3318 337 *3314 333
8
4 337 33 8 3418 3414 34
8
7
34
3312 34
'500 Trice Product, Corp.
.37
4 512 *37
4 512 '3 2 4
-No var 2818June 1 45% Feb 27
4
201 Oct 4144 liar
,
3 4 33
3
4 *312 4
*312 4
100 TruazTriter Coal
No par
4Ju1y 22 10 Jan 20
33
9% Dee 22 liar
'1218 13 I *13
1312 1312 1312 1312 1312 *12
133
4 125 1233
8
300 Trusoon Steel
10 12 June 2 24 Feb 24
103 105 •103 11
8
204 Nov 37% Mar
8
11
1112 1112 1112 1034 11 14 *103 11
4
1.600 then & Co
No par
912May 29 2138 Mar 10
*48
14% Dec 24 Sept
51
48
49
4912 5012 4912 50 I *4712 4912 4712 4712 1.600 Uuder
Elliott Fisher Co No par 40 June 2 7533 Feb 27
•1012 13 '1012 13
19 Dec 138 Mar
1212 1312 12
12 '1218 125
8 1218 1218 1,200 Union Bag&Psper Corp No par
£04.1une 3
4312 4938 493 503
Dec 191, Sept
8
8 505 515
8
8 493 51
4
4918 5012 4912 5014 34.100 Upton Carbide & Carb_No par 21312June 2 1312 Mar 27
72 Feb 24
5211 Doe 1063 Mar
1612 1612' 1612 1714 167 173
8
8
8 165 163
8
4' 17
17
1612 1678 4,300 Union 011 California
25 11 Apr 23 2633 Feb 12
2018 Dec 50 Apr
Ms 2018 *2018 231 2 '2012 22 '2012 23141 "2012 22
'2012 22
100 Union Tank Car
No par 20 Apr 1 231a Jan 3
23 Dec 8511 Apr
2738 273
4' 275 23'4 2712 2914 2712 283
8
4 2714 2814 26
28
59,400 United Aircraft & Tran_No par 2038June 3 38% Mar 18
•
58
18% Dee 99 Apr
59 I '58
5812 '58
59 I *58
59 I 59 59
58
58
Preferred
300
50 80 Jan 2 6038.1uue 30
*14
1412 *13
41% Deo 7738 Apr
1412 14
14
1014
16 I 3114
16
*14
16
100 United Am 1308e11 Corp No par 10 May 28 27% Mar 2
*3512 38,i *3512 3814 *3512 3314 36 2 3612'
15% Dec 5438 Feb
,
3512 3512 *3412 3612
700 United Biscuit
No par 31 June 2 4114 Mar 26
*11214 11912 *11214 11912'11214 11912 '11214 11912 *11214
2212
11912 *11214 11912
Preferred
100 11314 Feb 2 122 Mar 23 115 Oet 112 ?any
•1514 16 1 .1513 16 '16
1612 15
1512: 1514 1514 1514 151 1
400 United Carbon
No par
13 June 2 2833 Feb 11
14% Dee 80 Ayr
81
48 43
5
5
0 4 43
3
7
41
5
5 1
47
8 5
4 8 51s 3,300 United Cigar Stores_ _ _No par
4 Jan 2
71z Apr 0
*5812 65
81,June
814 Dee
*5812 65 '5812 65 I "5812 65
585 5838 *5812 64,
8
8
Preferred
100
100 5218liay 29 276 Apr 10
26
Jon 68 June
2212 223
4 223 2318 2318 2312 2214 2318 22
4
2233 217 223 77,000 United Corp
8
8
Vs Par 1818 Jan 2 3114 Mar 19
13% D00 52 Apr
4912 50
50
5038 4912 50 I 5014 50,
4: 5018 503
8 5014 503
8 2,300
Preferred
Na par 441 Jan 2 5212 Mat 26
1
4319 Dec 5311 Apr
*512 612 *512 612
6
6 I
538 5 8, *538 57
7
8
8
514 53
700 United Electric, Coal_ No par
8 Jan 2 12 Feb 27
214 Dec 19% Feb
5814 5812 5812 5812 533 587
8
81 5814 53121 5814 583
4 58
3,400 United Fruit
No Tar 4814June 2 6738 Feb 27
5312
(1612 Dec 103 Jan
29
293
8 2914 293
4 2912 30 1 287 293
8
4
4
283 233 20,900 United Gas & reuprove_No par 25 8June 2 3712Mar 17
s
4
,
•1043 10514 *1043 10514 *105 10514 10514 10514 283 29
21, Dee 4238M y
4
4
4
10510 10518 *105 10514
Preferred
200
No par 98% Jail 30 1053
97
4MaY 18
Jan 1%4 Ot
____
3 •___
3 1._ _ _
3
United Paperboard
2, July 3
100
2
214 Jan 7
21t Dee 14 Mr r
1812 1812 185 193 *1918 20 1 1978 21
8
4
*2014 21
183 19
4
3,000 United Piece Dye Wks...No fear 13 July 16 8133 Feb 19
20% Dee 22% ADO
4 3 5 I *5
5
338
514 512 *5
514
5
5
518 1,400 United Storos el A____
5
par
June 9
4
9% Apr 9
'438 Jan 14% June
*40
4312 •40
55
40 40 1• *41
427 e41
8
42
40
41
Preferred class A__ Yo par 35 June 23 52 Apr 9
400
1512 Jan 50% July
*3112 34 1 "3118 34
*3112 34
*3153 34
*32
34
3214 3214
100 Universal Leaf Tobacco No par 28 Jan 2 4112 Apr 11
197 Aug 39 Mar
4
34
34
*34
37
37
40
39
42
42
4812 48
48
280 Universal Pleturea Ist pfd_1011 24 May 8 4812July 23
27 Dec 76 May
*13
4 2
*13
4 2
*13
2 , •13
4 2
13
4 13
4
13
4
13
4
600 Universal Pipe & Ral__No par
114May 28
2 De
4 it et 9
9 Apr
2212 2212 2212 223
4 2212 2312 23
2212 2212 217
23
8
1812 Jan 38% Apr
20 20 June 3 37% Mar 26
•181s 1812 *1818 1812 31181 1 1812. 1812 1812 1818 1818 *1818 2212 1,800 U. 8. Ploo & Fdy 1812
let preferred
200
No Par 1714 Apr 29 2014 Mar 21S
*8
158s Jan 21 May
912 *8
912 *8
912 "8
912 *8
912 .3
912
8 DIntrlb Corp
No par
45
,8 1 I
8June 2 10 Mar 20
67
7 Dec 2033 Jan
*33
*5
8 1 I
es, 1
*3
8
1 1
I
•5
8 1
CI Express
100
841-ttne 8
% Dec
lag Jan 7
4% AP:
.
18
183 *1818 1814 *1818 184 *1818 183 *1818 183 .18
4
4
4
US Freight
183
4
No par 10.14Afey 27 30% Mar 24
1612 Dee 103 Apr
•73
812 *754 9
*73
8
49
738 73
4 *73
500 US & Foreign Sulu_ No par
712 73
4
6 June 1 121j Feb 24
6% Dec 827 Mar
s
7912 80 .80
*78, 82 '78
82
2
*7812 82
*7312 82
Preferred
200
No par 76 June 2 90 Feb 17
73 Dec 101 Mar
36
36
*36
38
37
38
3612 3612 36
36
3612 3612 1,600 U Gyve=
"0 33 June 2 50 Mar 27
•11
12
*11
12
12
*11
1114 1114 "11
1112 11
11
200 US Hoff Mach Corp
57 Jon 2 123 Apr 1
No Par
8
5 Dec 80% Mar
*291 1 303
4 2938 30
293 3014 2938 30,
8
2 293 297
4
8 2812 2912 3,900 U S Industrial Aloohol_ No par 2'114.1une 19 775 Feb 25
*712 8
5011 Dec 1393e Jan
7 2 712
,
714 73
4
714 7 8
3
718 718 *7
1,50(1 US Leather
714
No par
3511 Jan 2 103 Mao 19
4
314 Dec 15% Apr
*1012 1418 14
14
1414 14
1312
1312 *113 1312, 117 1178
4
8
Clam A
600
No Par
7 Jan 2 157 Mar 19
8
54 Dee 26 APr
•85
8512 *85
8512 .85
8512 85
8512 "85
36 I 86
86
Prior preferred
500
100 691s Jan 7 86 July 24
6414 Dee 94 June
16 4 167
,
4
8 163 1814 17% 1814 175 1738 *1612 1712 .17
8
1712 2,200 US Realty & !rept_ ___No pat 1312June 1 851 Feb 261I 23 Deo 751, Mar
14 1 1414 1412 147
8 15
1514 14% 14% 1412 1434 14
1414 5,300 United States Rubber__No par 10aune 2 2018 Mar 20
Oct 35 Air
11
243 2433 25
4
2512 26
2514 2514 25
26
25
2412 2412
let preferred
900
100 17 June 2 3618 Mat 21
1912 Dec Ors Apr
•17
20
1316
*17
20
3116
20
20
*18
20
*18
20
U 13 Smelting Ref & M1n___50 1314June 3 2538 Mar 10
1712 July 8612 Jan
1341
*4112 42
42
42
42
*4112 45
*4112 45
*4112 4212
100
Preferred
50 40 May 22 47 Apr 1
40 Dec ea% Jan
9318 95% 943 95% 9514 973
4
4 93% 96% 921y 9412 9014 9412
14114 141, 141 14114 141 1s 14118 141% 14114 1407 14114 14014 141 396,800 United States Steel Corp_ _100 83I8June 2 15232 Feb 26 13438 Dee 198% Apr
4
8
Preferred
2.100
100 13612June 2 150 Mar 20 140 Jan 15114 Sept
*653 67
8
66% 67
*657 69 .65% 68
8
*657 68
8
•6618 68
200 U 8 Tobacco
No par
Jan
8
59 a Dec as Feb
,
2318 23 4 2318 2314 2318 23 8 223 23% 223 227
,
4
,
8
8 221 1 22% 10.700 UtIlies Pow & Li A__ _No par 13018 Apr 8 717 Mar 11
1912
22 31 Feb 28
7
8
*3
4
7
2
191 Dec 45% Apr
4
*3
4
7
4
*3
4
7
*3
4
%
"4
7
8
200 Vadsco Sake
No par
7% Mar
158May 29
2 Feb 26
•I4
Is Oct
20
*14
*14
20
20
*17
20
20
20
20
20
Preferred
200
100 14 May 19 28 Feb 16
1212 Dee 89% AIN
30% 3114 31, 321
8
31% 323
29% 313
4
8 29
30% 2812 30
81,600 Vanadium Corp
No par 2318June 2 763
4Mar 25
403 Nov 143% Apr
8
138 1%
1%
1% *13
8
8 154
4
1% "15
.31
4
13
4 13
300 Virginia
-Cum Chem
No par
1 June 3
314 Feb 20
878 Apr
•11
13
133 Dee
1118
123
*93 127
s 0914 13
*10
13
*018 1278
0% preferred
100
Taunt+ 4 17 Feb 19
9 Dec 3414 Apr
.
62
68
•60
68
65
*60
"60
66
*60
66
*60
66
7% Preferred
100 5914June 10 713 Jan 7
671s Dee 82 8 Apr
4
,
*10612 1067 *10612 107 *10612 107 *10612 107
8
107 107 *107 1077g
2() Virginia El & Pow p1(6) No par 91114 Jan 2 109 May 12 100 Dec 107% Oot
49
5038 5018 517 • 5018 5112 50, 5114 50
8
8
507
8 497 497
8
8
610 Vulcan DetinnIng
100 3812June I 7138 Feb 24
15633 Dec 156 Mar
24
24
2412 2412 .
243 *24
4
24% 24% 243 24% 24
8
25
700 Waldorf System
No par 91 Apr 29 2778 Feb 17
217 Dec 3134 Apr
8
.6
65
8
*512 012 *512 6
65
8 63
8
6
ls *512
400 Walworth Co
No par
5 June 1 15 Feb 18
,
•11
1012 Dee 42 8 Aer
133 .11
4
131s *11
13% •11
1312 1318 1312 1312 133
4
400 Ward Bakeries elase A_ _No par
614 Apr 29 27 Mar 12
1218 Deo 34 Mar
12
*37
414 *4
414 *4
414' *4
4% *4
414 *4
418
Clan 13
No par
3 June 1
3 Dec 15% APE
833 Jan 80
1340
47
3140
,
47
47 I .40
*40
*40
47
47
*40
45
Preferred
tOo 24 Apr 29 57% Jan 80
45 Dee 7714 Apr
6% 7 I
7
712
6% 718
718 712
7
714
67
8 7
18,300 Warner Brea Pletures__No par
1
43421t8y 19 20 * Feb 17
93 Dec 8014 Mer
4
•1512 18 I *15
18
*16
18
*16
18
*16
18
Preferred
No varl 1034May 22 40% Jan 2
31 Dee 7014 Mar
"212 3
*212 312 "212 3
*212 18 3 4
' 12 332 *212 312
Warner Quinlan
No var
Iraune 2
718 l'eb 4
.1% Dec 27 Air
213 213
4
4 2114 213
4 22
2214 217 22
8
*2114 22
2038 2114 1,400 Warren Bros new
No par 1412June 1 4638 Feb 27
26% Des 5319 Ain
•35
36
.35
36
*35
38
*35
371 335
38
*35
38
Cony mei
No par 30 June 3 4197 Feb 27
4
4015 Nov 513 Sept
.22
23
*22
24
2312 2312 223 2334 *22
24
4
*22
24
300 Warren Fely & Pipe__ _No par 217
8July 15 32 Feb 20
321s Dec 4314 MAY
32
3
.212 312 *2
312 *2
312 *2
31
.2
31
Webster Elsenlohr
No par
9% Mar
6 Feb 24
2 June 5
2% Dec
20
20
193 193
4
4 197 20
8
20
20
8
193 1934 *195 20
4
1,000 Wesson Oil& Snowdrift No par 173
8May 26 2514 Mar 20
19% Dee 39% Mar
11155
56
36
5512 5512
Preferred
200
No par 51 June 2 574 Feb 11
5011 Jan 5918 Apr
0114 117% 11g13 1V12 * rt 11
' a
*881' 11 g78 4( 116
1147 1
8
8
1
11412 11633 4,300 Western Union Telegraph 100 9618June 2 1508g Feb 24
12218 Dec 219 8 Feb
3
2512 25% 2512 2512 *2512 253
4 2512 26
"2512 261 *2512 2612
000 Weetingh'ae Air Brake_No par 20 June 1 8618 Feb 21
8114 Dec 52 Feb
65% 667
8 663 677
4
8 67
683
4 6518 663
4 6433 6618 6418 653 59.100 Westinghouse El & Mfg___30 541aune 18 1074 Feb 26
8
3 *993 997 *993 997
4
88% Deo 20112 Apt
993 99
4
4
8
9912 993
99 .
4 07
07
9912
let preferred
300
50 8718 Apr 30 11912 Feb 27 107% Nov 197% Apr
•16
193 1315
4
193 *16
4
193 •15
4
193 *15
193 .
18
1934
Weston Elee Instrunal.No par 15 June 2 28 Feb 21
17% Dec 48% Mar
1332
*32
34
34
*32
34
*303 34
4
34
*32
*32
34
Clam A
No par 3234June 11 8614 Jan 5
38 June 86
Jan
1396
9612 .96 100
9612 '96
•96 100
*95 100
•96 100
Weal Penn Elea class A_No par 9514June 28 10514 Apr 22
95 Dee 110 AV
10658 107 ,•10514 10712 10612 1073 1057 106 *10514 1071 106
8
8
106
Preferred
140
100 10212July 1 112 Mar 27 102 Nov 1121/ Sept
99 99
599
99
100 100
99
99
99
99
•9614 100
Preferred (6)
80
100 92 June 3 103 Mar 19
9014 Dec 104 July
11818 11912 *118 11818 *118 11818 118% 11818 118 118 3118 1194
70 Went Penn Power pref
100 114 Jan 5 120 Feb 17 113% Jan 11811 June
131103 --_- *1103 ---- *1103 ____ *112
4
4
4
____ 11112 11314 *111
____
6% preferred
30
100 10311 Jan 2 11312July 10 10314 Dec 111% Ss%
*26
27
2912 *28
3126
29
326 2 30
,
*2818 30 •26
27
West Dairy Prod cl A __No par 1712June 2 441s Feb 20
513 9
20 Oct 50 Mat
8'2 8'S
812 812'
812 83
4
812 812
8
8181
Claes B
No par
4
454 Jan 2 127 Mar 25
412 Nov 20% API
312212 2312 2212 2212 233 2313 2112 2334 2118 221s 203 21141 2.300
8
8
1,000 Westyeeo Chlorine ProdNo par 18 June 2 80 Mar 16
18 De
5912 Feb
__--1
Weetark Radio Storee_No par
18June 1$
238 Jan 3
7 Dee 31
8
Jan
•17
•1614 19
19
18
18
*1718 1712 '1718 17 2 17
,
17
200 White Motor
No par 1512Ju0e 3 51814 Jan 12
21% Deo 43 Apr
*30
3912 339
40
3912 3938 3912 3912 393 393
4
4 3814 3912
900 White Rook Min Spring et1_51 3612June 6 4733 liar 20
32 Dec 54% Mar
*3
314
3
3
*3
318 "3
318 •3
318 *3
318
100 White Sewing Matedne_Ne per
*5
211 Jan 3
712 *5
2% Dee 137 Mar
8
712 *5
712 *5
712 *5
712 *5
712
Preferred
47
No par
3
6 Jan 5 10 4 Apr 13
47
Dee 897 Apr
*414 5
4
412 51
: 512 5%
458 5
514 514
2,000 Wilcox Oil & Gas
312June 3
9% Mar 26
6% Doe 21
No par
4
4
Apr
4
4 1
4% 414 •414 412
414 414
4
414 2,300 wIllys-Overland (The)
33gJune 2
8 Mar 19
a
834 Oct 11
Aln
ell
80
*42
80
341
"41
SO
SO
*42
80 •42
80
Preferred
100 4414 Jae 30 5314May 9
454 Nov 35 Apr
*112 2
17
.112 2
*15
8 2
•I5
8
*15
8 2
*15
8 178
Wilson & Co Inc
118June 1
4 Feb 10
No par
I% Dec
7% Mar
6
6
6
6
*5
53
4 *413 53
4
513 512 *514 63
400
4
Class A
418June 1
1038 Feb 17
ilag Nov 13 Mar
No par
*31
34
.31
34
3218 3218 •32
33
*31
3212 33
33
300
Preferred
25 Dec 6411 Mar
100 21 May 25 51% Jan 12
6712 673
4 677 6838 68
8 67% 6812 663 6712 20,500 Woolworth (1
68% 6712 685
4
5 W)Co
8May 13
5112 Dee 72,18 Jan
10 5433 Jan 2 725
4612 4812 4812 49
4914 51 14 433 5014 48
4938 463 4814 20,100 Worthing P A m
4
,
47 Dec 149 Apr
100 3718June 1 105 4 Feb 24
•70
89 .70
89
*70
89
*70
89
*70
89 '70
89
Preferred A
88 Jan 107 Apr
100 6612June 17 95 Mar 7
.60
65 .60
65
*60
65 .
60
63
60
60
*50
63
500
Preferred il
03 Dec 92 Mar
100 60 June 23 83% Mar 9
93 8 21
3
*133 21
8
*1338 21
*1338 21 .
1333 21
•13% 21
Wright Aeronautleal_ No par
9 June 3 117 Feb 25
1011 Dee 5212 Mar
7212 2717 717
8
.71
8 7214 72 4 72% 7212 *71
,
7212 72
7212 1,200 Wrigley(Wm)Jr(Del)No
1
55 Dec 80 July
Per 6638 Jan 2 20 2 Mar 4
*22
24
•22
24
*22
24
2218 221s '22
24
24
*22
100 Yale & Towne
28 Da 77 Mar
25 21 May 28 20 Jan SS
318 812
8'4 83
4
838 838
77
73
4 84
73
4 814
818 9,200 Yellow Truck & Coach el B_I0
5 1une 2 1513 Mar 20
/
1
4
6% Nov 22% Apr
437 44 .4018 44
*4212 44
.40
44
134018 44
•4018 41
30
Preferred
100 42 June 4 76 Mar 19
50 Dee 105 Apr
31173 19
•1712 19
1318
19
•18
19
1812 1812 '187 20
1
100 Young Spring & Wire_Ne far 1412M ay 29 29 Feb 24
19 Oct 47 Mgr
14 *4712 54
*4512 52 .44
47
47
47
4712 4712 45
4512
GOO Youngstown ahem& T_No per 3212June 2 18 Feb 28
6912 Dec 152
Apr
31253 2% *23
8 27
s *25
8 28 212
23
3 *212 27
•212 27
81
200 Zenith Radio Corp_ No par
233 Jan 2
514 Feb 27
2 Dec 16% June
•Bid and asked prime: no 'Mee on thls_day. e Ex
-dividend. y Es-righta.
608
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jas.1 1909 MI iissidoWS waled of mitts, bonds was elanged aid picas are sow -and 48$orser-exeep1 for Owenne 0s444faultsd bongs
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 24.
t
Pries
Friday
July 24.
Week's
Range of
Last Sale.
13
co=8
Range
Since
Jan. 1.
Week's
I
BONDS
Pries
Range or
N.Y.STOCK EXCHANGE.
Friday
Lass Bale.
Week Ended July 24.
! July 24.
43
•
ft
Range
Since
Jan. 1.
H188
Mob No, Low
Ask Low
884
High
Cuba (Republic)(Onsoluded9012 99
Sinking fund 544e Jan 15 1963.8 .1 93 Sale 93
945
8 61
u
39 10114411020
_ 10110.1,10214u
5
52 8 81
41
Public wks 544e June 80 19463 0 65 Sale 65
67
10313., Cundlnamarca (Dept) Colombla_
24
45 694
1959 MN
5518 24
External t 6He
102 102
Czechoslovakia(Rep of) 88 1951 A 0 108 108 107
5212 5414 5212 10814 32 105 in
Sinking fund 88 ear B _ _1952 A 0 10818 Sale 108
5 10714 1104
109
483 10215n10514.
J 1043 Sale 1044
106
69 104 10714
Denmark 20
51942
-year exti 68
9614 102
External g 5345
0
0%
4
50
912 1071
31 taia; 11442
7 Sale
94s e 9 3
9229
8
9388 997
5
962 A A
External g 4 He__Apr 15 19 5 F O
211
59 10531,:10911,)
8414 10012
c95
33
.210711n Deutche Bk Am part et!66_1932 53 S 85 Sale 85
61 1041
90
86
37
89
87
4,10311es Dominican Rep Cust Ad 534s '42 M
28 1001
87 Sale
91
151 ser 5345 of 1926_
85
....1940A 0 89 Sale 8712
22
89
1 1001144103141
94
84
26 aeries sinking fund 534,1940 A 0 87 Sale 87
31
89
102108110211u
96
65
Dresden (City) external 78_1945 M N 72
1
72
72
317 101
80
1031181
7
16 100 2 10212
8
10114
319 1002411101141 Dutch East Indies exti 68_1947 J J 101 1013 101
1982 M
40-yr external Os
10218 34 101 102%
Sale 10114
1014
4
1963 M
30 yr external 5148
2 1003 10312
*
1011
10118 Sale 1014
4
1953 M N 18018
'
30-yr external 614s
_ 100% 1023
0
212 1 0
00 Ju1y 31
0
0212
99 107
341
"oil; 11 El Salvador (Republic) 85-1948 3 J
52 72
1967 J J
1
57
57
52
1001s 10018 Estonia (Republic of) 74
Gus 934 Finland (Republic) mil 65.-1945 M S 83
97
80
85
8
80
88
844 99
External sinking fund 76_1950 M S 88 Sale 8418
26
102 102
90
96
78
1064 10758
External sinking fund 6445 1956 M S
81
85
19
84
External sinking hind 5%81958 F A
1
4
713 88 4
4
87
1074 109
57 52 24
7452
77 Sale 8
94
78
2
10012 10012 Finnish Mint Loan 0448 A 1954 A 0
7718 934
82
External 6145 series B -1954 A 0
2
4
811
100 1004
87
45
1094 19034 Frankfort (City of) a 1 6Si8-1953 M N 60 Sale 50
60
28
D 12438 Sale 12418 12478 118 124 127
French Republic ext 7345. 1941
5
External 75 of 1924- _ 19423 D 11914 Sale 1184 11914 55 117 1217
__
-_ German Government Interna5412 84
tional-35-yr 544so0 1930.19653 D 5612 Sale 55
674 1939
7934 1084
924 800
German Republlo ext1 78_ _ _1949 A 0 8112 Sale 804
112 112
9358 10112
94 July'31 _
Graz (Municipality) 85_ _1954 M N 80
89
4
1084 150 105 1081
(It Brit & lrel(UK of) 5445_1937 F A 1074 Sale 107
Foreign Govt. & Municipals.
F A
107 107
75
Registered
45
16_ 107 June'31
6712
3
1947F A 55
60 60
Agile Mtge Hank 5 f 65
3
e4% fund loan E 00,1960.1990 MN eii27
_ awl 94 4
45
1s
73
59412 July'31
4
43
56
66
1948 A 0 564 63
Sinking fund Oa A_-Apr 15
4
ti5% War Loan E opt 1929_1947 J D e9818 100 el00
4 ebb% 1011
10053
9512 11
4
9 4 97
Akershus (Dept) ext So.-1963 53 N 93% 95 95
105
10 103 106
Greater Prague (City) 740.1952 MN 105 Sale 103
69
43
5512 17
55 Sale 5312
Ant1oquia (Dept) col 7s A_ .1945.8 J
951811083
s
9812 24
43 46912 Greek Government,f ear 78 1964 M N 9712 Sale 9712
4
J 53 Sale 53
54
19453
External f 7s ser B
60
,
881
08
Sinking fund see 65.... 1968 F A
43
834 38
3
80 Sale 80
54
19453 J 5312 Sale 5312
External t 713 ser C
1952 A 0 924 Sale 9018
Haiti (Republic) s f Os
43 63
97
79
9214
3
27
55
19463 11 54 Sale 5268
Ber D
External 8 f 7s
1946 A 0
3
787 92
80
8012
5
8
884 Hamburg (State) Os
35
7
•46
43
4
Externals f 78 lot eel.. _1957 A 0 413 55
1
, 984
82
Heidelberg(Germany)extl 7345'50 J J
67
8
37
817 88 July'31
43
5
External sec C f 76 26 ser_1957 A 0 43 Sale 43
9114
80
84
22
lielaingfors (City) ext 6448-1960 A 0 75
65
37
83 8312
8
497 50 July'31
1957 A 0 43
External sec ofT, ad Der
J 523 65
68
68
2
944
Hungarian Munk)Loan 744s 1945
68
9614 104
4
Antwerp (City) external 58_1058 J D 10014 Sale 994 10014 16
Sept 1 1946 J J 35
62
I
62 87 8
7
External sf78
62 62
8
983
87
33
80
4
4
Govt Pub Wke 65_1960 A 0 743 Sale 743
Argentine
95
79 July'31
77
Hungarian Land M Inat 7445 '61 M N
Argentine Nation (Govt of)
7412 944
78 July'31
58
9818
Sinking fund 734, see B_1961 MN
8412 132
Sink fund Os of June 1926-1959 J D 7412 Sale 74
91
2 87 101
984 Hungary (Kingd of) 7445_1944 F A
3
62
85 4 87
82% 36
Esti s f Gs of Oct 1925-.1959 A 0 7312 Sale 7312
105'2 49 1014 1074
9813 Irish Free State exti f 55_ _1960 MN ioii2 Bale 102
84
62
156
Sink fund Os series A..- 1957 M S 74 Sale 74
.19513 D 99 Sale 983
927se101
4 10018 381
9814 Italy (Kingdom of) ext1 Is.
54
62
7312 Sale 7312 c84
External Os eerie@ B_Deo 1958.7
9714
2
9214 100
3
98 8 Italian Cred Consortium 75 A '37 M S 97 Sale 97
57
66
83
7412 Bale 744
Bit' e 068 of May 1928..1960 M N
Nis 9112 91
94% 13
86 98
4
983
External sacs 1 78 ter B -1947 M
65
3
83 4 93
Externals I 68 (State RY)-1900 M S 754 Bale 74
gg
97
92'z
78
8
907 Sale 90%
ma 984 Italian Public Utility ext178-1952 .1 J
8412 66
Ext168 Sanitary Works-- -1961 F A 75 Sale 75
4
10714 144 1028 107%
0853 JapimeeeGovt30-year f6 He 1054 F A 10714 Sale 107
65
N
83% 112
Sale 7312
7312
Exti 68 pub wk8(May'271-1981 M
4 8/
918 9 8
4
4
983 120
92
Ertl sinking fund 540-1965 M N 98 Sale 973
60
76
63
Public Works esti 5 As_ _ _ 1962 F A 66 Sale 66
38
Jugoslavia (State Mtge Bank)
88
79
69
75
Argentine Treasury 5e C._ _.1915 M S
73
70
sal,
1957 A 0 73 Sale 73
14
Secured if g 75
150
5212 76
68
Australia 30-yr 58__July 15 1955.7 J 614 Sale 6112
95
82
65
82
1
74
75
Leipzig (Germany)a t 7s _ _1947 F A
117
68
70
52
External 51) of 1927„Sept 1957 M S 6112 Sale 614
1950J D
89 1004
90 July'31
64
4
693 Lower Austria (Prov) 754
82
48
MN
58 Sale 58
External g 4148 of 1928-1968
,
-year 60-1934 M N
1St 10414 1047» 58 10314 1061
4410812 LY01111 (City of) 15
1943 .1 D 1o738 Sale 10512 107% 60 1035
Austrian (Govt) s f 7s
9712
84
37
75
1957.7 .1 go gale 80
International, f 78
3
,
5 83 103 4 1071
Marseilles(City of) 15-yr 65-1934 M N 104% Sale 10414 1047
531
75
40
6
,
874 Medellin (Colombia)634 .__l954J D 45 Bale 45
6318 32
56
56 Sale 56
Bavaria (Free State) 8148-1945 F A
Va
7
7 Mar'31
Mexican Irrigat Aiming 4445_1943 _
8
6
124 106 111
1949 M S 107 Sale 10614 108
25-yr extl 645
Belgium
12
26 Apr'30
Mexico (US) exti Se 01 1899 9
1033 179 10012105
4
10214 Sale 101
1955.8
Externals f 68
812 July'31 _-_- -ars
Assenting 5s of 1899
11618
53
-year ,f 78-1955 D 11112 Sale 1114 114
External 30
,
11 tut
11 Feb'31 _-__
Assenting Is large
1956 M N 10714 Sale 10612 10914 145 10612 111
StablIlsatlon loan 78
10
6
Assenting 4s of 1904
6 July'31
512 8
Bergen Norway)4
5
5 3 113
Assenting 45 of 1910
3
6 4 June'31
95 100
9814
994 16
74 30
sink fund 68__Oct 15 1949 A 0 99 100
Extl
15 1014
6
Assenting 480!1910 large.........
54 7 July'31
99
5
944 100
6
External sink fund 6s.-1960 M S 9812 Bale 9812
8
4 94
43
5 July'31
Assenting 45 of 1910 small.....
_
91
67
20
53
1
Berlin (Germany) s I 634e-1950 A 0 555 Sale 55 8
_5
14 165
7
812 July'31
Tress 65 of'13 aseent(large)'83) .1
51
45 s84
60
External sink fund 68-1968 J D 45 Sale 45
4
54 131
Small _
7
7
92
12
54
70
Bogota (City) extl of Ss_ _3945 A 0 70 Sale 69
753 91
88
4
Milan (City. Italy)()MI 0148 1952 A 0 -88; Sale 854
109
55
2712
2
15
Bolivia (Republic of) exti 8a_1947 MN 27 Sale 27
Minas Gemee(State) Brasil
19
8
8
125 38
1812
19
J .3 18
External securities 7s(101r)'58
2314 88
_1958 M 8 39 Sale 35
39
21
Externals t 03-45 1818
3
7
Ws 38 4
Externals f 7s 1/100
- -1969 M s 1612 Sale 1612
234 65
3812 10
Extleec 8144 series A _1959 M S 3518 Sale ' 35
8 74 10334 10614
105 10414 1047
Bordeaux (City of) I5-yr 60_1934 MN
63
50 92
1
Montevideo (City of) 71 --- 1052 J D 6212 6412 63
149
92
70
37
eve gale 61
D
Brasil(US of) external 85_1941
62
5
84 4
3
45
64,56
Externals(68 eerie(' A _ _1959 MN
33
704
5512 196
External s t 610 of 1938..1957 A 0 50 Sale 50
4 10512 19 1081
8
010614
Netherlands 6a (fiat prices)._1972 M 8 1053 Sale 1043
70
32
55% 133
8
8
1957 A 0 601 Sale 601
Ertl f 6 345 of 1927
58
4
393 6915
23
7618 New So Wales(State)eat'55 1957 F A . 68 Sale 534
36
21
____ 50 50 4
54
3
19523
78 (Central ItallwaY)
57
26
Apr 1958 A 0 57 Sale 53
684
40
Externals 188
2 99 cup
734s (coffee seeur) E (flat).1952 A 0 10218 103% 10218 10218
105
1943 F A 1023 Sale 1021g
15 100 110812
8
-year eat](Se
7
928 Norway 20
814 38
69
Bremen (State of) esti 7s....1935 M S 69 Sale 69
1944 F A 103 104 10318 104
45 100 1074
Gs
0
2 -year external
3953 7212
53
53%
52
1957 M 8 50
Brisbane (City) s t 55
s 36 100 103
1962 A 0 1013 Sale 1014 1023
80-year external 60
3978 69
3
58
1968 F A 50 Sale 5412
Sinking fund gold 55
4
8
19653
4
1013 Sale 10118 1023, 66 1003 1037
-year s1534s
40
4
6314
3- 443 83
6314 62
1930.7 D 00
-year.f Os
20
4
Externals t 55Mar 15 1963 M 8 100 Sale 994 1004 134' 983 102
5714 32
464 78
Budapest (City) exti a f 68_1962 J D 4612 Bale 464
97
97 102
14
3
747
97 Sale 97
Municipal Bank Intl 5 I Si 1967.7
95
2
04
70
75
J
6514
Buenos Aires(City)614s 2B 1956
4 103
17 10018 103
Municipal Bank exile 088.1970 13 1014 103 1023
964
70
77 June'31
85
1960 A 0 74
External 8 f(is fier C-2
8312
57
26
50
1952 F A 50 Sale 50
1
934 Nuremburg (City) esti 65
74
69
-- A960 A 0 74 Sale 74
External cOOs ser
4
993 1041
4
22
-year if 68.- 1965 M N 101 Sale 10018 101
47 8312 0810(City)30
4
523 193
47
Buenos Aires (Prov) extl 68_1961 M S 4978 Sale
994 1024
1946 F A 1005 102 10112 July'31
8
Sinking fund 5345
14
48 8515
38
4814 Sale 4814
1981 F A
54
Exti if 610
10018 10453
1953.8 D 1034 104 104 July'31
58
7
7
54 8 77 Panama (Rep) end 5445
54%
5314 54
1967 J
Bulgaria (Kingdom) 8 f 75
90
75
9334
63
Exti 5 1 5e ser A May 16 1963 M N 8712 Sale 86
69
12
60 85
Stabll'n e f 7345 Nov 15 '68 --- 65 Sale 60
34
1612 07
10
Pernambuco (State of);ad Tit '47 ti S 32 Sale 30
25
3114 July'31
31
41
Peru (Rep of) external 75_ _1959 M S 28
76
65
26
40
6 J 3 6018 Sale
Caldas Dept of(Colombia)7448'4
D 1912 Bale 1914
4014
20
39, 15
Nat Loan extls f 68 1st ser 1980
3
95 4 160
944 97
Canada(Domin of) 80-yr 45_1960 A 0 954 Sale 95
19
20
1618 IA
6
Nat Loan extla 16a 25 iser_1961 A 0 19
107
23 1034 10814
1952 M N 107 Sale 106
Se
7014 311 6334 78
102% 10314 62 10053 1084 Poland (Rep of) gold 65.. _1940 A 0 854 Sale 654
1938 F A 10314 Sale
348
72
8
223, 63 83
Stabilization loan f 75...1947 A 0 701 Sale 66
2 103 1094
10612 0612 10612
19643 J
Carlsbad (City) Cf Ss
75
90
1011 68
74 Sale 7218
External sink fund g 88_ _1950 J J
774
62
2
44
6112
61
Cauca Val (Dept) Colors 714,'46 A 0 40
64 July'31
52
80
49
28
Porto Alegre(City of) 8s _ _1961 .1
Central Agric Bank (Germany)
45
6, 214 71
95
Extl guar sink fund 7%8.-1966 J J 40 Bale 40
60
7614 227
Loans f 7e_5ept 15 1950 M S 6214 Sale 6214
Farm
51
6612 63, 50
874
Prussia (Free State) esti 8548, M S seta Sale 594
84
63
89
48
Farm Loan s f 6s_July 16 1960.7 J 50 Sale 50
63
83
42' 45
49 Sale 49
Externals f Os
3
83 4
64
232
48
Farm Loan s I 6ELOct 15 1960 A 0 49 Sale 49
8812 22, 59
941
99
(State)
71
112
3
574 89 4 Queensland(Ste)exti 78 1952 A 0 87 Sale 85
Apr 16 1938 A 0 53 Sale 58
Farm Loan Osser A
74
1947 F A
70 Sale 68
3
13
504 87 5
-year external 68
25
C3912 34
4
523 100
4
1942 M N 55 Sale 523
Chile (Rep)-ext 5 f 78
8912 24; 35
884
65 6514
4212 431 35
Rio Grande do Sul exit s f 85_1946 A 0 50
86
sinking fund 68_1960 A 0 40 Sale 38
External
34
4
External Walking fund 68_1968 J D 3112 Sale 31
54; 213 554
43
125, 35
86
3814 Sale 3814
F A
1961
External a f 85
45
65
9, 29
External 8 f 75 of 1926-.__1966 M N 4118 424 41
45
63' 38
sa
1961 J .1 40 Sale 39
68
Ry ref ext1
38
64
37 37
36
71 27
External f 78 multi.)loan-1967 .1
87
4312 159
35
1961 M 5 41 Sale 39
Ertl sinking fund 65
63
6238
87$8
' 44
6
Rio de Janeiro 25-year f 85-1946 A 0
86
4314 18
39
Sale 39
1962 M S 4014
Ext1 sinking fund (01
1053 F A
c3914 501 22
3218 Sale 3218
68
External,f His
44
102
86
38
1963 M N 41 Sale 38
oinking fund Os
Ext1
867 Sale 867
8
911
4
3
88 4 1341 78
Rome(City) extl 6348
88
4512 50
40
3
D 43 4 Sale 4014
Chile Mtge Bk 6448 June 30 1957
64
19 A N
4
103 106
Rotterdam (City)(AU tie-1952 M 0 103 1043 108 July'31
90
45
52
418 53
5
504
f 8348 of 1926_ _June 30 1961 1 D 4814
78
8
715 83
20
Roumania(Monopolies)75-1959 F A 7514 Sale 738
4114 120
12
86 85
4
Apr 30 1961 A 0 373 Sale 3612
Cuara16a.
J 66
1953
75
89
79 July'31
79
43
Saarbruecken (City) 68
55
85
87
1962 M N 38 Sale 3712
Guars f Bs
62
5512 6212 62
3918 93
45
27
41
864 Sao Paulo(City)s 185_ _Mar 1952 M N
441. 41
1960 M S 42
Chilean Cons Munlo 7e
8
254 647
36
4
3518 383 35
31
Extemal sf634500 1927-1957 M N
21
1
21
3
14 4 28
D 204 24
Chinese (Hukuang Ily) 55-1951
93
78
24
38
7714 71
5
100 103 * San Paulo (State) exti s f 85.1936 J J 66
65'54 M II 100 101 100 July'31
Christiania (Oslo) 30-yr
1950.8 J 474 Sale 464
25
8414
External sec,08e
6212 21
15
8914
55
6145 1950 M 8 5514 Sale
CologneiCityGermany
62
36
78
External 5 t 75 Water L'n_1956 ki S 60 Sale 60
254 764
69
90' 42
J 61 Sale 60%
Colombia (Republic) Os. --1961
1988.7
35 Sale 35
8 73
397
414 78
External a f Os
204 68%
69
83
External s f 68 of 1928-1961 A 0 6012 Bale 604
1940 A 0 7412 Sale 70
88
Secured 5 t 78
65
7718 44
57
4814 73
A 0 5314 5612 55
Colombia Mtg Bank 6145 of 1947
75
90
61
83
29
50
3
Santa Fe (Pros Arg Rep) 76.1942 M S 7112 Sale 74
58
5714
60
Sinking fund 78 of 1926.-1946 M N 554 6538 55
70
644
68
6414 93
7
8
7014 Saxon State Mtge Ind 7s__ _1945 .1 0 55
58
50
7s of 1927_1947 F A 53
Sinking fund
4
70
59
61
12
51 4938
Sinking fund g 634e.Dec 19483 0 55
9912 se
9618 101
Sale 974
3
D 98 4
1952
Copenhagen (City) 5e
101 11/614 108
8
934 993 Seine. Dept of (France)extl 78 '42.7 I 106 107 1064 107
95% 27
8
915 938
1953 MN
25-yr g 4 Hs
861
8018 93
21
Seem, Croats & Slovenes 88.1962 M N
8012 Sale 8012
75
16
40
53
A 45 Sale 44
Cordoba (City) old s I 76_1957 F
1962 M N
73 Sale 71
External see 76 ear B
74
69
844
63
20
92
70
55
64
Extcrnalef7eNoV 15 1937 kA N
1955 F A
76
56
5612 Sale 53
40
6
25
8814 Sydney (City) s f 5)4e
60
8
687 Sale
Cordoba (Prov) Argentina 75 '42.7
1968 J
4714 Sale 494
4
49
691
523* 119
12
7914 Silesia (Prov of) extl 7s
64
66
Sale 62
Costa Rica (Repub) exti 78_1951 M N 63
SO
2
57 Sale 57
57
57
Silesian Landowners Assn 66_1947 F A
27
98
82
92
91
Cuba (Republic) Ss of 1904.1944,M S 9012 93
1 103 810814
105
Solesons(City of) sill 65-1936 MN -_-- 10612 105
96 100
96% 9612 July'31 _
ear A _1949;F A 90
External be or 1914
1944 F A
2
75
7212 89
73 951s
73
55
SI
4
7512
73 0711 Styria (Prov) external 71.
7712 82
triter...I loan 44s acr 0.1949'F A
e On the bads of 65 to sterling. a Option me
Caah sale.
Ask Low
High
Bid
U.S. Government.
First Liberty Loan
.81.) 102144 Sale 1021%102"n
834% of 1932-47
1011022July'31
3D
Cony 4% of 1932-47
3D
Sale 103144 1031142
% of 1932-47
Cony
102 July'31
J D
26 cony 434% of 1932-47
Fourth Liberty Loan
A 0 1042743 Sale 104144 105
434% of 1928-38
100 Sept'30
J
Converdon 81 ctoupon
Sale 113 113141
1947-1952 A 0 113
Treasury 43(1
10813 Sale 1081014108"n
.2
1944-1954
Treasury 4/1
1946-1956 M S 106144 Sale 106134410624s
Treasury 334s
10342
Treasury 334,1943-1947 J D 1022%4 103 103
Treasury 3148 June 15 1940 1943 J 13 102144 Sale 102144102141
10210)2Junel1
Registered
1941-1943 M S 11210,21022 42 102244102ne
Treasury 334s
.1
Treasury 3345 June 15_1946-1949 D 10110 Sale 1011%110121u
8% Sept'30
1961 QM
Panama Canal 38
nd City Securities
92 Nov'30
NYC 344% Corp et-Nov 1954 MN
4
1955 MN
923 Apr'31
3340
1936 MN
10012 Apr'31
registered
9912 July'31
1955 MN
la registered
02 May'31
1957 MN
4% corporate stock
07 Apr'31
1957 MN
444 corporate stock
09 May'31
1134% corporate stook _ -1957 MN
0012 Apr'31
1968 MN Hie;
6% corporate stock
0012 Apr'31
1959 MN 10012 corporate stock
4%
S 101
3
00 4 Mar'31
834% corporate stook _ _ -1960
0814 Nov'30
614% corporate stock _ _1971 JO
0614 Dec'30
434% corporate stock __ _1903 MS
0512 Dee'30
4%% corporate stock ......1905 3D
071s Nov'30
434% corporate stock July 1967 J
01 June'30
New York State canal limp ds 1961 J
112 Jan'31
1963 MS
444s
No. Low
not,
New York Bond Record-Continued-Page Z
BOND.
N.Y. STOCK EXCHANGE
Week Ended July 24.
V
Price
Friday
July 24.
Week's
Range or
tan sato.
ft
Range
31008
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 21.
b
609
Price
Friday
July 21.
Weer.
83vl8 0
1
Last Sale,
12
-7
Foreign O.vt. & Municipals.
Aek Low
Bta
Inals No. Low
High
Ask Low
Hid
Hire No.
Sweden external loan 5%9-19 4 M N 10318 Sale 103
5
1043
4 44 103 107
Chicago & East Ill 1st 86_1934 A 0 70
897 99 May'31 - -3
Switzerland Goat eat'5358-19 A 0 1053 108 105
4
18
1054 18 1037 107
8
C& E III Ry (new co) con fie _1951 MN 3212 Sale 3212
3312 21
Tokyo City be loan of 1912_1952 M S 5612 5712 8312
7712 8412 Chic & Erle let gold 5s
83 8 17
7
1982 IN al 10618 10712 106
/ 10683
1
4
3
External s I 534e guar-_1981 A 0 98 Sale 96
987
8 43
884 9712 Chicago Great West let 4s-1959 M
6612 Sale 66
6634 82
Toilma (Dept ot) aid 7e____1947 MN 544 58
53 July'31
4018 78
Chic Ind dr Louis / ref 6i.. 1947.3 J
,
10512 10512 July'31
Trondhiern (City) let 6348-1957 M N 9612 Sale 9612
2
9812
964 100 4
Refunding gold 5s
,
1947 J
97 101
Apr'31
_
Upper Austria (Prey) 78- _1945 J D 98 Sale 98
3 97 4104
98
Refunding 4e series C___ _1947 J J -6118 91
91
Apr'31
External el he June 15 1957 J D 85
87
8914 July'31
87
9114
1st & gen ris series A
1968 M N
50
66
66
1
66
Uruguay Republic) tall 88_1946 F A 7012 Sale 7012
82
30
70 106
& gen 88 ser Is___May 19663 J 73
80 75
2
7512
External e f Si
1980 M N 55 Sale 5212
82
49
39
88 e Mile Lod & Sou 50-yr 48
7
1966.8 J
95 June'31
N 55 Sale 54
Hall s t Se
May 1 1984
8012 19
5114 88% ChM L 8 & East let 4348 1969J D 101
10014 June'31 _
_
Venetian Prov Mtge Bank 76 '52 A 0 9914 Sale 9914
1
9338 100% Ch M & St P gen 48 4_May 1989 J J 82 8 8312 82 8
9914
5
83
7
13
Vienna (City of) extl e f 64_1952 M N 8318 Sale 83
85
54
8114 89
Reentered
84
A 3
Oct'30
Warsaw (CRY) external 76_1958 F A 5134 Sale 50
5212 70
45
Gen g 3he eer B--MaY 1989
70
72
75'2 72 June'31
Yokohama (City) eh! 86___1981 J D 100 Sale 100
101
89
Gen 4 Nsseries C
96 101 4
,
9112 July'31
93
May 1989 J I 92
Gen 4 he eeries E _ _May 1989 J J 92
93 9314 July'31 ____
Railroad
Gen 4 ha series F___May 1989 J J 954 9612 96
9612
6
Ala(It Sou 1st coati A 5a _ __1943 J D 105 10814 10512 July'31
1023 10512 Chic Milw St P & 1880 6e_ _1975 F A 60 Sale 593
4
4
63
38
1943 J D 0184
let cone 4e ser B
943 July'31 _
4
9234 943
4
Cony &dirt('
2012 Sale 2012
2412 311
Mb & Shia let guar 8348_1948 A 0 8912 913 9134 June'31
4
8918 9214 Chic & No West gong ta)48-29 MN 7512 Sale 7514
87
9
9 1 199 A
77
9
LilaC ds Went let g gu 4s. _ _1998 A 0 88
8912 9014 June'31
86
90
14
Reglatered
7912 Mar'31
(31
Alleg Val geu guar g 4e
19421W 13 99 Sale 99
.
100
9678 100
17
General 46_
8614 87'± 873 July'31 ____
8
Ann Arbor let g 4s___ _July 1995 Q .1 68
72 68 June'31
138
4101
4
Stpd 4e non-p Fed Inc tax '81 4
1
8583 0211 873
4
1
874
Atoll Top & 8 Fe--Gen it 46_1905 A 0 100 8 Sale 100
5
1003 159
4
101
Gen 4h s etpd Fed Ina tax_1987 M N 101 10214 10134 1013
4 27
Registered
A 0
99
99
98
1
99
Gen 56 stpd Fed Inc tax...1987 M N 10514 ---- 105
105
1
adjustment gold 4s-July 1995 Nov 93 4 97
3
9512
9312 69912
9512
1
Registered
MN
- 10512 July'30 _
_
Stamped
July 1995 M N 984 Sale 9612
94
97
17
9812
Sinking fund deb Si
MN
1933 RIN 10218 10212 102
102
1
Registered
MN
943 9412 May'31 _
4
934 9412
Registered
--- 99 June'31
Cony gold 43 ot 1909
1955 J D 943 ___- 97 July'31
4
94 4 9714
3
16
-year maned g 814e-1938 M
Hat 10714 1065
4 107
8
Cony 48 of 1905
1955 J D 96
9712 98 July'31 _
9414 98
let ref CS.
May 2037 J D 90
9112
*
93
921
2
Cony g 48 lasue of 1910_1980 .1 D 943 964 9414 Apr'31 _4
9414 944
let & ref!he
8212 Sale 8212
8212
9
Cony deb 410
1948.8 D 11512 Sala 115
116
42 11112 122
1st dr ref 434e see
Ma 2 37.1 13 82 Sale 8112
M ay 2037 J13
!
9
8388 19
Rocky Mtn Div let 48_ _1985 J .1 973 Sale 973
4
973
4
93 4 98
4
3
1
Cony 434s aeries A ._..1949 MN 75 Sale 75
77
96
Trani
-Con Short L let 46_1953 J J 9914 100'z 9914 July'31 ____
95 1004
Cal-Ariz let & ref 4348 A..1962 IN 13 1045 ____ 104 4 1043
8
3
4 15 102 108
CbioR Iiatere0
neg ar P Railway gen 46 1988 J
9014 Sale 89
90 8 36
3
Atl Knox,' & Nor ht g 56 1'J46J D 9414 97 10312 Feb'31
88
88
5
•l.& Charl A L lat 43484_1944 J J 9718 994 9914 July'31
1079 103141
9: 993
Refunding gold 48
9212 Sale 92
1934 2
94
164
-year Se Barbee B ...1944.3 J 103 103 8 103 July'31
let 30
8
10212 10458
9614 Apr'31
Atlantic City let cons 4e_ -1951 3 J 853 _
4
86
944
89 Mar'31
Secured 414e aerie. A -1952 55 S 80 Bale 80
83 "Ha
All Coast Line let cone 4e July '62 M S 978 Bale 975
8
95
98
Cony g 4 Ne
971
19801W N 74 Bale 74
9
7912 139
Registered
M
_ 9212 May'30
Ch St L & N 0 58.June 15 1951 J D 10318
10278 July'31
General unified 434e ___196l.8 D -kis 10084 9958
99 102
991
1
Registered
D 100 ___- 100 June'31
L & N cell gold 40 -Oot 1953 M N 91 Sale 90
92 4
3
88
Gold 3)48
91
27
June 15 1951 1 D 8218 86
8512 May'31
Ltl&Danletg4i
1944
J 4912 Sale 45
41) 52
4912
Memphle Div 1st g 4B.._195lJ D 85
4
90
9112 May'31
2648
19483
37
40
30
40 Oh St L & P let cone g 56-1932 A 0 10114 __- 10178 Mar'31
39 July'31
MI & Yad let guar 48
1949 A 0 65
69 64
60 75
14
64
1
Registered
A 0
_--- 101 Feb'31
Austin & N W let gu g 56-1941 J
10214 10418 104 May'31
1011 1049919 ChTH &So East let 58_ _1980 J D 72
96 4
4
le gu 58
75
7512 July'31
Balt& Ohio let g 4e.- July 1948 A 0 9812 Bale 974
Inc
71
99
Dec 1 1980 M
567 6212 6412 July'31
8
Registered
July 1948 Q J
971 Chic tin Sta'n let itu 4346 4_1983 J J 1033 Sale 10378 104
9712 June'31
8
4
26
20
-year cony 4143
1933 M
10512 sale Iowa 10118 242
98 1011
4
let Si series B
10814 Sale 10618 10814 25
Registered
IN
993 Dec'30 -4
Guaranteed g Si
1053 Sale 10512 108
4
16
Refund & gen &series A 1995.3 D 10012 Sale . 10012 10114 69
97 4 l
3 10414
let guar 834o seem C _ 1S:1 j
11534 11812 118
1963
11812 39
Registered
J D
9912 June'31 _
9912 108
Chic dc Weet Ind eon 4a
1052 J J 91
9114 91
9114 48
let gold Se
July 1948 A 0 107 10712 1083
7
let ref 534s series A
4 10712 26 104 8 109
10518 10512 105
1982 M
4
105%
Ref & gen 88 series C _-_1995 J D 108 Sale 1073
4 1081
93 10512 11012 Choc, Okla & Gulf eons 5I_..1952 MN 1017 ---_ 10312 10312
e
7
PL E & W Va Sy8 ref 49- _1941 al N 9612 973 974
9518 99
CM H 32 D 2d gold 4148_1937 3
978 29
9918 _ -I 9918 May'31
Bouthw Div let Se
1950 J .1 10314 Sale 10314 104
1004 10512 C I f3t Liatered g 48-Aug 2 1938
Reg &C let
30
994
1
9914
F 9914 __
Tol & Cln Div let ref 484_1959 J J 85
8612 8418 July'31 ____
83 864
Aug 2 1036(3 F
- -1 9818 Apr'31
Ref & gen its mice D__ _ _2000 M
100 Sale 10112 10112 72
99 104 4 an Leb & Nor 181 con gu 48_1942 MN 945 953 944 July'31
1
8
4
Cony 454e
1980 F A 9014 Sale 9014
9184 210
88 499
CM Union Term let 430-2020 J J 104 1047 10414
5
10 4
4
Bangor & Aroostook let 56_ _1943 J
10312 105 10312 June'31
103 105
Clearfleld & Mali let gu 56--1943 2
9814 Apr'31
Con ref 46
1951 J
92
9312 9112
9112
3 864 9212 clove Cin eh & St L gen 4e1993J 13 9212 93 I 9234
93
3
Battle Crk 32 Btur let gu 35_1989 J D
71 Feb'31
71
_
71
General Lie series B
1993.8 D 10118 ___ 1 110 Feb'31
Beech Creek let gu g 4e
1936 J J
9712 10014
10014 10
10014
Ref &'mat tie ger C
10412 105 110412 July'31
19413
2d guar g 551
1930.3 J
- 100 Jan'30 _
Red.'s impt 58 eer D
1983J + 10312 10412 10412 1043
4
Beech Crk ext let g 314 3-1951 A 0 873
8
- 88 Mar'31
864 88
Ref & Rapt 4 hs ser E---1977 3
97 Sale I 97
37
98
Belvidere Del cone gu 8348.1943.8
8914 - When lamed
--'10112 Jan'31
Big Sandy let 48 guar
1944.8 D 98
-Ws 151Cairo Div let gold 43---1939
9812 _
9814 June'31
Boston 32 Maine let as A 0-1987 M S 10014 i;fe lows 1001
974 10314
CinW&MDIV let g 48-1991 J
914 973 9234 July'31
4
let m fat series 2
1956 M N 9912 100 4 1004 lOOe 19
3
94 4 10314
3
St L Div let cell tr g 4
863 913 92 June'31
4
4
3-19 M
90
let g 4he ger J J
1901A 0 96 Sale 96
9614 119
9414 9814
Spr & Col Div let g 48--1940 55 S 965 ___- 953 Feb'31
8
4
Boston &N Y Air Line let 461965 F A 8318 85 85 June'31
81
86
W W Val Div let g 44--1940
9712
5
974
978
Bruns & West let gu g 46_1938 J 3
98 June'31
98 9814 OCC&Igenconsg88---1934 9 J 10514 Sale 10514
10514
3
Buff Roch & Pitts gen g 58_1937 M
10314 10414 10314 June'31
9810112 10814 Cley Lot & W con let g 63-1933 A 0 10114 ____,10118 July'31
Comm!4148
1957 M N 77
793 77
79
72 4 90
3
Cleve'& Mabon Val g 58-1938
25
10134 10212 10112 July'31
Burl C & Nor let & eon 58_1934 A 0 10212 Sale 10214 10288
4
5 100 1023 CI& Mar list gu g 4 he
102
__ill:1012 May'31
Cleve & P gen gu 4 he eter 13_1942 AO 10183
98 Dec'30
5
193 M N
Canada Sou cow gu 58 A__ _1982 A 0 107 10888 107 July'31
106 10812
Series B 3348
9218
-I 87 Mar'29
Canadian Nat 434a_Sept 15 1954 M S 10014 Bale 1004 1007
98 1024
15
Series A 4th
10018 ____ 10114 Nov'30
1941
191
-year gold 4146
30
1957.3 J 1005 Bale 10014
8
1007
971 1025
4
8
54
Belles C 314s
9114 ___-• 9283 Jan'31
8M
Gold 4)4.
1988 J D 10018 Bale 10078 1007
9711 10212
25
Serial D 3 he
8618 May'30
1950 F A 883 _
Guaranteed g 5e_-July 1989 J J 10538 10614 10534
1061
38 104 10814
Gen 4 ha ser A
4
2
1977 F A 1023 10312 10312 104
Guaranteed g Si -Oct 1989 A 0 106 Sale 10512 106
5
22 103 8 1084 Cleve Shor Line let gu 410-1961 A 0 10378 10412 10414 July'31
Guaranteed g Si
1970 F A 10512 10614 10638 July'31
104 107 4 Cleve Union Term let 5)48_1972 A 0 11018 110 4 11018
1
3
110%
4
Guar gold 44e___June 151055.8D 10118 Bale 10188 1021
1
25 100 8 104
let f /511 series B
1973 A 0 1063 1073 107 July'31
8
4
Canadian North deb s t 78-1940
0 11234 Bale 11238 113
18 1104 11312
let et guar 4346 series O-1977 A 0 10318 103% 10312 July'31
25
-year f deb 6348
1946 3 J 11914 Sale 119
1191
7 11518 121
Coal River RI let gu 48
1945 J D 95 ___ -I 92 Apr'31
10-yr gold 4 he_ Feb 16 1935 F A 10212 103 1025
8 1023
13 10018 1035 Colo & South ref & ext 4)48-1935 M
8
10138 1014 10114
8 29
1018
Canadian Pao RI4% deb stock__ J J 8578 Sale 85
88
83
179
894
Gent in 410ser A
85121 86
86
15
1980 M
Col ir 414e
1948 MS 10018 Sale 10018
102
98 102
14
Col & H V let ext g 48
1948 0 C
A 9414 ---1 9514 June'31
/
lis equip tr otIs
19443 J 105 Sale 1045
8 105
19 102 107
Col & Vol let ext 46
9514 -- 9614 June'31
1955
Col1tr g 5s
Dec 1 19543 D 102 Sale 1013
4 10212 35 1007 10513 Conn & Pass= Riv lit 48.1943 A 0 91
8
__
90 Dec'30
Collateral trust 4148
1960 J .1 9712 Sale 9712
9814 43
97 8 100
3
Como! Ry non-cony 48
4
1954 i 3 723 7412 74 July'31
Carbondale dc Shaw let g 4e-I932 M B
_- 9838 Oct'30
dab 46
733 July'31
8
7
1955
3 72 e 75
Caro Cent let cowl g 4s -1949
J 97-- 8 88 Mar'31
59
873
68
M
Non-conv deb 41
1955 A 0 727 -- -. 7214 Apr'31
8
Caro Cihtch 320 let 30-yr58_1938 J D 1033 104 10312 July'31
4
102 104
Non-cony debenture
7312
1956
1
lit & eon g es sec A Deo 15'62 J D 10818 Sale 108
10818 22 1074 10912 Cubs Nor RI let 534e 48. 1942 3 . 4234 Bale 40 July'31
3 13
Cart & Ad let gu g 4s
427
8 34
D
1981
--92
Apr'31
91
92
Cuba RR let 50-year 56116212 Sale 6112
64
14
Cent Branch U P let g 4e
1952
1948 J D 88-79
82
78 May'31
78
83 4
1
let ref 714e series A
783
4 19
1936 3 D 764 Bale 72
Central ot Ca let g 58__Noy 1945 F A 10214
1033 June'31
101 1034
4
let lien & ref (le ear B __1938 3
72 Bale 72
1
72
Consol gold Si
1945 M N 9512 Sale 94 4
94 1024
3
9513 15
Registered
MN
--- 100 Feb'30
Del & Hudson let & ref 46_1943 MN 96 Sale 964
9612 276
Ref & gen 5148 aerial B_1959 A 0 73 84 85 4 June'31
3
8634 fir
30-year cony 56
10312 107 106 June'31
tet&genSaeenieec
1959 A 0 7114 78
793 July'31
70 951
4
8
16
-year 5548
10518 Sale 105
10518 23
1C9 17
Chan Div pun money g 43_1951 J D 85 _--- 8712 May'31
87
88
D RR & Bridge let gu g 48_1938 F A 98
100 Apr'31
Mao & Nor Div let g 56-1948 J J 945
--- 931 June'31
9314 102
Den & G let eons g 48.._ _1938
9312
9
J 93 Sale 93
.
Mid Ga & At! Div par m ISs '47 J J
_ 100 10212 SepP30
8Como' gold 4 he_ _ _1938 J J 9412 96
96 July'31
Mobile Div let g fie
1946 J J 9488---- 1014 Apr'31
Ras 1-61-5-6 Den & HG West gen 5s_Aug 1955 F A 58
60
59
59
6
Cent New Eng let gu
J J 8512 90
885
8
885
8
86
8914
Ref & impt 56 see B_Apr 1978 A 0 60
70 65
65
1
Cent RR & Bkg of Ga 001156 1937 MN
95 95 July'31
94
12 991 Dee M at Ft D lot gu 4e._.19353 3
4
4
20
8 Apr'31
Central of N gen gold 58_.J987 J J iiiEs 114 11312 1133
4 13 1124 116
Certificates of depoeit
414 15
5 June'31
Registered
1987 Q J
112% 112%
1 10912 1144 Dee Plaines Val let Can 4)46_1947 MS 8212 ____ 99 Nov'30
General 4s _
1987J
11258874 9812 flat & Mao let lien g 48
9788 98 973 Jan'31
4
35 Apr'31
1955 3D
Cent Pau let ref Cu g 48_ _ _1949 F A 98
9811 98 I
954 99
983
4 16
Gold 4!
40
38 Dec'30
1995 3D 25
Registered
F A
96 /June'31
98
97
Detroit River Tunnel 4 he_ _1981 MN 1023 Bale 10238 103
8
21
Through Short L let Cu 4s 1954 A 0
97l 97 _June'31
818
97
9614 98
Dul Missabe dc Nor Can 51._1941 .3 .1 10412 10514 1044 June'31
Guaranteed g Se
1980 F A 10312 Sale 103
104
99 4 10514 Dui & Iron Range let Si..., _1937 A0 10414 ___ 10414
3
Charleeton & Sav'h let 76-1930 J J 109 ___- Ill June'31 20
10414 10
109 111
Dui SOU Shore & AtI g 56...1037 J J 413
50
46
48
5
Obes & Ohio let eon g
N 1083
4
- 1085
8 1085
8
3
1 104 4 10712 East RY Minn Nor Div let 41'48 A0 98
99
9718 May'31
Ftegletered
1989 1W N 104
_ 1034 Mar'31
101 10312 East T Va &
General gold &he
1992 M
1055 gife wale 10614 50 1034 1084 Elgin Jollet Oa DI,lot 66 1958 MN 10512 11012 10712 June'31
8
& East let g 511_1941 MN 104% ____ 104 8 July'31
3
Registered
IN 8
_ - 10412 10412
5 102 10412 El Paso & 5 W let Si
___- 108 June'31
1985 A0 103
Ref & impt 4 he
.1993 A 0 10258- - 102
10188 10212
gsli 1034 Erie let cony g 46 prior
10214 10
' 88 Sale 871e
3
88
1998
Ref 3c impt 4 Ns ear B -.1995 3 J 10178 Bale 10118
26
10218
994
4
3 8018 84
8012 June'31
Craig Valley let 58.-May 1940 J J 10278 ____ 102 June'31 58 1015 1023
8 10312
R°g18red
4
leitconsotalgen-lleng 411-1992968 J J 7612 Sale 753
Potts Creek Branch let 48_1948 J
7714 78
0511-__- 9514 June'31
911 968
, 1
'
Registered
3
88 Dec'30
1998
R & A Div let con g 46_1989 J J 97
98
9712 June'31
9314e102
Penn coil trust gold 46 _1951 A -668 1003 993
4
k
4
993
4
2d cone& gold 46
3
1989 J J
944
9414
921 9413
104,84 10484
4
50 r cony. 441 eerie' A 1953 A0 72
-year s
7412 74
7418 68
Warm Spring V let g 56_1941 IN El 10214 ___ 10434 May'31
Serlee
74
75 July'31
1953 A0 72
Cheep Corp cony 5e_May 15 '47 MN 9714 Bale 9714
88 4 1014
3
9814 io
Gen cony 46 eerie@ D
1953 AO 8718 ___- 7512 July'31
Chic & Alton RR ref g 36_1949 A 0 63 4 693 6922
3
2
693
4 22
6712 73
Ref & impt Si
MN 7514 Sale 75
7812 62
18 CU Sep ittpd Apr 11031 int66
6912 65127une'31
8518 70
Ref & impt th of 1930_ 1 67 5 A0 744 Sale 7413
91
1930
?fathom first lien 334s
7914-7812 88
7934 July'31
794 791
3
4
Erie & Jersey let elSe _1965 3' 112
,11218
11238
Div 3)4s-1949 J
We Burl&
5
9212 931 9218 July'31
4
89
9212
Genesee River let e I 88_1967 J J 11212 114 -111212 July'31
-Registered
J
91
Jan'31
91
91
Erie & Pitts gu g 3Na ser B 1940 3' 95
_
9355 May'31
Illinois Division le
1949 J J 10018 101 10014 July'31
Ws 10014
Series C 3he
1940 J J 95-I 854
°metal 4e
8518
19581W
1
9912 Sale 9914
995
8 63
96'S 100
92 1 93
let & ret 4148 sex B
93
'
1977 F A 103 Sale 103 11;10338 17 100 10412 Fla Cent & Pen let eons g 51 142 J J 85 1
Florida Et Coast let 430-1959 J O 75
80
75 July'31
let & ref 56 eerie. A
1971 F A 1103 Sale 110181
4
1
3
6 107 4 110 4
1103
4
bit & ref 68 aeries A
.
1974 MS 20 Sale • 194
20
15
Cash sato. a Option sale.
.7%
ri
8
Range
Since
Jan. la
Low
H105
99 1014
30
50
10418 108
58
61 4
1
104 8 110
7
100 4 102 4
1
1
91
93%
66
904
72 8 100
3
9313 96
99 8 1011s
1
79 4 8714
1
6984 7534
90
9812
8813 964
95 101
60
76
15
35
751 81
4
7718 7924
1157 91
a
81318 91
1013
4110311
105 um'
ilia ion
99 10112
106 1091s
88 103
80 96
78
95 8
7
65
93
88
96
88 91
8518 99
12
9614 981
8
75
95 8
1
6518 931
1
10278 1004
100 100
8512 8512
90
911s
101 1017
8
101 101
60
885
8
51
73
1023 1054
8
104 8 1043
5
4
1034 1(8
11458 11611
874 99
100 8 106 8
1
1
1014 1034
98 100
98
9912
981 98 8
8
1
93 96
102 4 106
3
9814 98 4
1
92 97
109 8 110
3
1034 105
1034 :15
9514 101%
100 1011
4
97
9913
91
94
90 934
954 95 8
1
1
952 972
8
4
1034 10514
10118 1011
4
101 1014
1094 101
"iiis
101 105
102 11141
14
,
10814 1111
4
10418 1098
1
1011 1044
8
1
92 961
8
99 1021
8
8534c7;
92 96 8
7
934 96 4
1
69t
68
70
68 8
1
3512
45
70
59
74l
76
7284.
75
47
70
11
30 8
1
72
9514 99 4
1
1001,106
10318 10618
9612 100
89
14 99
93 101
13
42
83
6418 85 4
1
8
8
5
8
-iilair' Nil;
loos vws
102
1044
364 601
8
96 4 97 8
8
1
104 4 108
1
104 107
12
1021 106 4
8
1
8414 89 4
3
8018 8718
70
7914
9824 101'.
est, nun
68
7878
7018 7518
6518 8418
66
84
109 11236
10618 11418
9318 sus
8518 851a
81
ga
671 80
8
17
31
•
610
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 24.
New York Bond Record-Continued-Page 3
Fetes
Friday
July 24.
W..8
Range or
Last Sate.
3
,7'
2
tango
Since
Jan. 1.
High
High No. Low
'41k Low
Bid
2812
Fonda Johns &(Nov let 434s 1952 MN
18
18 July'31
15
16
Fort Bt U D Co let g 4 %12_ _1941 .1 .1 95% 9712 9618 Aug'30
logs 107
- 1:1
Ft W & Den C 1st g 514n_ _1961 J D 105 107 1057 June'31 _
Frem Elk & Mo Val let 6s._1933 A 0 10414 Sale 10414
10414
5 10312 l0512
9512 100
Galv Hone & liend let 58-1933 A 0 9512 9714 9512 July'31
30
Ga & Ala Ry 1st cone be Oct 1945 J .7 44 Sale 44
574
4412
5
Oa Caro & Nor let fru g 58 '29
95
85
86
Extended at 8% to July 1_1934 J J 60
86 July'31
73
73
1946 A 0 35
Georgia Midland let 38
73 Jan'31
67
10312 105
Gouv & Oswegatchle let 58.-1942 J
10312 Apr'31
102
993 1013
8
4
3
Or R & I ext lat gu g 4 As_ _1941 J .1 10114 ---- 1013
8 1013
8
27 11018 113%
8 113
Grand Trunk of Can deb 7e-1940 A 0 113 Sale 1123
8
1936 M S 1077 Sale 1077
8
8
15
-years 168
1033
4 17 10614 1087
1947 J D
96 Nov'30
Grays Point Term let be
10212 84 10814 112
io ii;fe 110
Great Northern gen 72 ser A.1936.3 .1
109 110
Registered
J D
10912 May'31
98% 102
9
.1 10012 Sale 1003
let & ref 43s series A__.,_1961 .1
8 10012
1952 .1 .1 108% Sale 107% 108% 78 107% Ill
General 634.1 series B
43 101 c108
1973 .1 .1 10214 Sale 102%
General 5s wariee C
103
95 100
General 4 t4s aeries D
1976.1 J 9514 Sale 95
95% 31
9412 99
14
1977.1 .1 95 Sale 9412
General 4 %s series E
9618 56
6712 6712
Feb 5018 75
Green Bay & West deb etre A
6712 Apr'31
712 21
Feb
Debentures etLs B
7% June'31
7 4 16
3
9552 95.4
Greenbrier Ry let gu 4s.. _ _1940 M N 963
_ 95% Mar'31
9612 997
2
Gulf Mob & Nor let 5;Is_ _1950 A 0 758- 97 Mar'31
86
794 92
1950 A 0 80 Sale 80
6
let M 58 series C
80
1014 10454
Gulf & S I 1st ref & ter 5e_Feb'52 J .1 102
1015 June'31
8
s
Hooking Val let COL% g 4348-1999.1 .1 10414 1053 1035
8 10118 1067
8 1043
4
- 4
100/2 10012
1999.1 .1
Registered
10012 Apr'31
9714 101 4
,
2
HOW/1[0We Ry coue g 58-1937 M
100
4
100 1013 993
4
100 101%
H & T C 1st g 5a int guar_ _1937 J
1015 June'31
1015
8
10014 103
Houston Belt & Term let 521_1937 J
102 July'31
102
1004 10114
Houston E & W Tex late 68_1933 MN 102
10114 May'31
100 102
let guar 56 redeemable_ _ _1933 M N 102
102 July'31
98 10214
flud & Manhat let be ear A.1957 F A 100 tale 99%
96
100
74
Adlustmentincome Se Feb 1057 A 0 78% 7918 783
791
4
35
79
4
I Mote Central let gold 411 _ _1951 J J
1951 .1 .1
let gold 334e
.1 J
Registered
Extended let gold 334e__..1951 A 0
1951 M S
let gold 3e sterling
Collateral trust gold 4s_ _1952 A 0
1955 MN
let refunding 48
1952.1 .1
Purchased lines 34511
1953 MN
Collateral trust gold 4s
1956 MN
Refunding be
15
-year eecured 612112
1936 J
Aug 1 1966 F A
40
-year 4501
19501 D
Cairo Bridge gold 48
Litchfield Div let gold 341_1951 .11 .1
Louie Div & Term g 334e 1953 .1 J
'
,
Omaha Div let gold 38_ _ _1951 F A
St Louis Div & Term g 38_1951 .1 .1
1951 J
Gold 344s
Springfield Div 1st Ti 3AS-1951 J
Western Lines let if 4e- - -1951 F A
711 Cent and Chic St L & N ()Joint lst ref Cis sertee A __ _1963 J D
1983.1 D
lst& ref 4%5series C
Ind Bloom & West let ext 40_1940 A 0
1950
J
Ind III & Iowa Mg 4e
1956 1 .1
loll & Louisville let gu 4s
./
Ind Union Ry gen 56 ser A _1965
19613 .1
Gen & ref 56 sertee B
Sot & Oct Nor let 13e ear A_ 1952 .1 J
Adjustment Os ser A_July 1952 A 0
1956.1
let 5e series 11
1958.1 .1
lst g 5a series c
let Rye Cent Amer let 5e _ 1972 M N
1941 MN
let coil tr 6% notee
1947 F A
1st hen & ref 541
Iowa Central 1st gold 5s___ _1938 .1 D
Certihcates of deposit-----1951 M-S
Refunding gold 4s
Jamee Frank & Clear let 4s_1959 J D
1938.1
Sal A &0 R 1st gu g be
1990 A 0
Kan & M lstgu g 41
K C Ft S & M Ity ref g 4e._ _1936 A 0
Kan City Sou let gold 3s_ _ _ _1950 A 0
Apr 1950.1 .1
Ref & inapt 5e
Kansas City Term let 45_ _ _1980 .1 .1
Kentucky Central gold 4s _ -1957.1 J
Kentucky & Ind Term 4345_1961 J
1901 J .1
Stamped
J
1981
Plain
Lake Erie & West 1st g 58-1937 1 .1
1941 .1 .1
2d cold be
Lake Sh & Mich So g 3%s_ _.1997 J D
1997.3 D
Registered
Leh Val Harbor Term gu 56_1954 F A
Leh Val N Y 1st gu 4%e_ _1940 J J
Lehigh Val (Pa) cons g 411._2003 M N
MN
Registered
2003 MN
Generalcons4 4is
Lehigh Val RR gen bs series_2003 MN
Leh V Term Ry 1st gu g 58_1941 A 0
Lehigh & N Y lst gu g 4e _ _ _ -1945 M S
Lex & East let 50-yr 5a gu--1965 A 0
Little Miami gen 45 serlea A_1962 M N
Long Dock eoneol g Os
1935 A 0
Long Island1938 J D
Uenerat gold 48.
1932 .1 D
Gold 411 1949 M 14
Unified gold 4e
1934 1 D
Debenture gold 511
1937 M N
20
-year p m deb be
1949 M S
Guar ref gold 4s
Nor 811 B lst con gal 58 Oct'320 J
Louisiana & Ark let be ear A-1969 .1 J
Louie & Jeff 136ge Co gd g 4s_1945 M S
Louisville & Nashville 58..--1937 M N
1940.1 .1
Unified gold 4s
.1
Registered
Collateral trust gold 5e. _ _1931 MN
let refund 5 lie series A - _ _2003 A ()
2003 A 0
lst & ref fis series Et
2003 A 0
1st & ref 4;is series C
Paducah & Mem Div 4.e.._.1048 F A
Bt Louis Div 2d gold 3s _ _ _1980 M S
Mob & Montt let g 44Is_ _1945 M S
South Ry Joint Monon 441.1052 J J
All Knoxv & Clo DIY 43_ -1955 M N
Loulev Cin & Lea Div g 4 544'31 M N
943 May'31
4
8518 July'31
8614 June'31
8512 May'31
_
73 Mar'30 _ _ _ _
_
-853 88
4
86 June'31
8114 Sale 8114
8214 38
8318 8814 843 June'31 _ _ _
4
757 7812 7612
8
78 2
,
97 Sale 97
2 31
107
16
10614 Sale 10614
76% 41
75 Sale 75
90 June'31 _
_ _ 7612 July'31 _
83
8
83323- _ 83
71% . - 4 7612 July'31
773
75
79
7518 June'31
__ 83
84 June'31
66
85 Feb'31
9012 Ellace 9114 July'31
843
4
8514 If4
3_
8514 ____
____ 88
8614
88
77 Sale 77
7914
94
9814 913 Jan'31
8
96
9612
9612
___ 7514 8712 Feb'31
i023 105 1023
4
4 1023
4
1023 ____ 1027 June'31
4
8
87 Sale 87
88
so% Sale 49%
52
7612 Sale 7612
7814
77 Sale 77%
7814
663 Sale 668
8
663
4
61
66
63
68
51 Sale 51
52
65 10
9 July'31
6% 12
10 June'31
23
8 5
212 July'31
94
9612 9612
9612
10012 - - 103 May'31
88
___ 89
89
91 Sale 9078
91
787 Sale 7878
8
80
903 Sale 903
4
9318
973 Sale 973
4
98
9314 Sale 9314
9314
88
93 June'31
9212 93 July'31
89
94
89 Apr'30
s
1017 10212 1015g
g
1017
10014 _
_
10014 June'31
85
8418 Sale 84
825 833 June'31
8
4
104 10514 105 July'31
9912 July'31
1003 101
8
8512 Sale 853
87
83 May'31
92
9812 984 9812
93 4
3
105 Sale 1044 105
105
105 Sale 104
9514 98
9414 June'31
8
109 10912 1095 July'31
2_ 9112 May'31
921
8- - 106
1
061
10614
97 4
3
973 98
4
973
1
9512 May'31
997 100
8
93 Sale 101 June'31
4 1013
100 4 _ _ _ 1013
3
4
102
102 tale 102
9614
9614
9614 97
____ 101 July'31
101
55
6312 Sale 5312
9418 ____ 95 July'31
1041
4- 103% July'31
oni2
9912 100
_ 9112 Mar'30
8 1002
150E8 Sale 1005
8
106
10514 Sale 10518
4 10318
8
1023 10318 1023
9712
9612 9712 9612
93 July'31
96
91
4
6814 683 6814 July'31
____ 1013 May'31
4
101
88
88 Sale 88
9612 July'31
9414 97
10012 ____ 100111 June'31
gife
_ 102 June'31
Idahoan Coal RR let 58
1934.1 .1
6514 76% 75 June'31
Manna RR (South Lines) 18_1939 MN 102-65 July'31
77
1st ext 4s
1959 M N
65
4
4
993
993 993
4
Manitoba 8 W Coloniza'n 58_1934 J D 99
8714 June'31
Man GB&NW 1st 3%s_ _194
_
87
212 Dec'30
Met Internet let 4e aseld
1977 M S
10
988
Mich Cent
-Mich Alr L 42_1940 J .1 0812 ___ 9858
____ 79 May'26
Jack Lane & Sag 340
1951 MS 82
_ _ 90 July'31
letsold 340
1952 MN
10212
Ref 541mpt 414s sot C_ _1979 J J 1015 1025 102
90- -8
8
81
Mid of N J 1st ext be
1940 A 0 81
8412 81
9312
831s
8614
8512
90
851
4
861
4
87
"ii:4 id"
7
7612 93
80
88 4
,
73
9014
96% 108
106 110
7112 100
90
93
7512 784
82% 854
7512 78
751s 78
8113 844
85 85
894 93
BONDS
N. Y. STOCK EXCHANGE,
Week Ended July 24.
C-3
a.
Price
Friday
July 21.
Weser
Range or
Last &AI
42.2
High
814
Fligh No Low
Ask Low
Mil & Nor let ell 4 Ms(1880)1934
' 1013
p
9712 10214
4 --- 101 June'31
Cons ext 4 lIs(1884)
1934 in 9612 9712 9612
5
9612 100
96%
Mll Spar & N W let gu 4s _ _ _1947 MS 9218 97
9214 95
93 July'31
Mllw & State Line let 3S55.. _1941 '.1
90 Apr 28
.
Minn 54 St Louis let cons 56_1934 MN
20
2
14
15
15 Bale 15
' CUB of demerit
1934 NI N
2
13 30
13
13
let & refunding gold 4s
1949 MS
a
9
5 2 6 4 512 July'31
,
,
Ref& ext 50-yr 5s set A _ 1962 Q F
8
3
8
814 8 May'31
Certificates of deposit
--83 10 Nov'30
4
M St P & SS M con g 45 int gu '38'.3 ---- 747 79 July'31
-7812 8914
8
1st cons 56
1938'.3 68 Sale 68
8412
60
3
71
let cone be gu an to lnt_ -..1938
J
79
9412
79 July'31 _ 10
-year coil trust6%21 _ ...._1931 MS 9814 Sale 98%
90 1004
9812 19
1st & ref 138 seriee A
818
1946.1,
81 Apr'31
81
25
-year5%a
1949 MS
50
72
50 June'31
let ref 5 Asser B
1978 J J 893 Sale 85
4
85
994
89% 16
lat Chicago Term s f 4s_ _ _1941 MN 94% ____ 955 Dec'30
8
MiaslaelMal Central let 56-1949 J
7140-Ill RR let better A
1950• J
Nio Kan & Tex let gold 4s.._ _1990 J D
N10
-11-T RR pr Hen 5a ser A.1962'.3
40
-year 4e series B
1962 ii
Prior ilen 4%s eer D
1978'.1
Cum adjust be ser A_Jan 1987 A0
Mo Pac let & ref 5s ear A ___ _1965 FA
General 4e
1075 MS
let & ref 5e series F
1977 M
lst & ref g ba ser G
1978 II N
Cony gold 5%e
1949 MN
1st ref g 5s series H
1980 AO
lst & ref Se tier I
1981 FA
Mo Pao 3d 7s eat at 4% July 1938 MN
Niob & 131r prior ilen gba
1945 ii
Small
3,
let M gold 48
1945.1'
Small
• J
Mobile & Ohio gen gold 42.__1938 MS
Montgomery Div let g 56_1947 FA
Ref & inapt 434e
1977 MS
Sec5% notee
1938 MS
Mob & Mal let gu gold 4s__ _1991 MS
Mont C Rage (is
1937
J
let guar gold 58
1937 J J
Morris& Essex 1st gu 334* -2000 J O
Constr M ba ser A
1955 Ni N
Constr M 4 Sis ser B
1955 MN
941 July'31
88 • 97
7
5212
50
054
53
17
92
87
8812
89
8218 1034
9612
9712 18
5
84
84
777 92
2
98
87 July'31
87
7812
6912 95
7812
7912 29
844
843
80 100
4
8714 19
603
4
60%
6312 120
563 75
4
8318
83
764 9912
8514 113
83
37
83
85
7612 99
78
49
78
81
60 101
83
37
83
85
761 99
4
83
114
83
85
7612 96 2
,
9512
97 May'31
9512 99
95
00 Mar'30
9914 Sale 96 May'31
97
98
894 June'31
2483 92
4
81 Bale 81
7
81
88
79
90
80 May'31
83
80
95
9912 Apr'31
9912 102
40
4811 4914 July'31
47
69/s
53
3
54
5412
5518
35 904
93
9314 93
2
93
88
9314
1088 110 1087 June'31
7
s
9014 10914
104
__ 104 July'31
1024 104
833 Sale 8312
4
32
837
8314 86
10712 1085, 107
8 106 1085
107
4
10012 101 101
10114 25 10012 103
Naeh Chatt & St L 4aser A..1978 FA
N Fla & 8 1st gu g 541
1937 P A
Nat Ry of Mex pr lien 41.45_ _1957 J
J J
July 1914 coupon on
Aseent cash war ret No.4 on
Guar 4s Apr'14 coupon__ _1977 AO
Assent cash war ret No.6 on
Nat RR Mex pr lien 434s Oct '26 .1 .1
Assent cash war rot No. 4 on
let(mm14E1
1951 40
Assent cash war ret No.4 on
1954 MN
Naugatuck RR isle 4.8
New England RR cons be_ _ _1945 .1 J
1045
J
Consol guar 4a
NJ June RR guar let 4s_ _ _ _1986 FA
N 054N E let ref & impt 4 340A 52• J
.
New Orleans Term 1st 4s._..1953.3,
N 0Texas & Max n-ta Inc bs _1935 A0
Ist be Belles B
1954 40
lst be serieeC
1956 le A
1966 FA
let4l4seorleeD
1st 5%sseries A
1954 40
N & C ridge gen guar 4 14s
1945.1,
N Y 54M D 1st eon g 5e- - -1935 A0
943 July'31 --_
8
9314 94
9112 95
14
10418 ____ 10418 June'31
10218 1044
18 July'28
123 July'28
4
24 3 4 2%
3
212 10
i 484
3 Mar'31
8
3
13 ____
4
2 July'31
113
_
3512 July'28
-- 2 4
414
2
22 Apr'28
2
June'31
3
414
2
____ 86 Apr'31 _
86
87
101 10312 10312 June'31
99 4 10312
1
9114 92
9114
9114
4
93
88
8514 9012 92 Nov'30
761s June'31
76
85
76'g 86
9218 Sale 91
923
8
5
85
934
87
98% Mar'31
1
98 100 8
6914
6918 71
70
11
68
93
54
655 83
8
6428 June'31
634 94 8
5
59
72
65 July'31
50
72
73
77
75
76
27
62 1015
2
100 ____ 100 July'31
96 100
4
1015, ____ 1013
4 1018
1 101 1014
5212
885
8
963
84
9912
Sale
Sale
Sale
Sale
90
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Bale
___
864 10214
90
77
9112 914
944 974
2
844 8812
8
6 1023 10312
1024 10412
77 2 90
7
32
37
65
16
65
81
21
65
8012
30
66
73
38
63 8314
7
477 74
2
13
9
16
NY Cent RR couy deb 8s
10
15
1935 MN 10718 Sale 10614 10712 38
2%
Coastal 4e series A
1998 FA 94 Sale 94
947
88
94
967
2
Ref & hunt 4 lie series A-2013 A0 9614 Sale 9612
9814 165
2
103 103
96
When issued
9734 166
80
8
Ref & inapt be series C__ _ _2013 A0 1047 Sale 10412 10512 86
924
87
9912 NY Cent & Hull Riv St 3AB 1997.1" 83% Sale 8312
85
56
21
73 81%
8512 8314 June'31
Registered
1997.13
35
83 102 4
1934 MN 102 Sale 1015
8
10214 74
Debenture gold 46
3
32
9314 11815
80-year debenture 40
1042• J 99 100 101% July'31
31
Lake Shore coil gold 3He_ _1998 FA
9112 94 4
3
83 83
8318
6
2
' 7712 8212 81 May'31
A
93 93
Registered
1948
Mich Cent cell gold 3He - -1998 FA
8818 94
82i2 J uar331
8 1 m ly: 1
4
'
A
19911
Regletere(1
99 12 31
N Y Chic & St L lst g 4e_ _ _1937 A0 9912 Sale 99
9314 Mar'30
1937 A0
Registered
3 101% 10314
15
1004 100 4
95
1932 Al) 94 Sale 94
3
8% gold notes
83 8 871e
5
Refunding 534s eerie, A _ 1974 A0 8612 Sale 8612
898 25
34
Ref 4%a seriee C
83
&5
72 Sale 72
75
77
1978 M
10312 10712 N Y Connect let gu 4%a A 1963 P A 102 105 10212 July'31
99 1014
4
let guar 5e series B
1953 FA 1023 ____ 10512 May'31 _837 1104 N Y & Erie 1st ext gold 4s _ _1947 MN 9414
8
925 Mar'31
8
22
83
86
8d eft gold 434s
1933 MS 100 ____ 100 Jwae'30
9678 101
5
N
4
80
943 9614 Feb'31
4
11 102 lle13 N Y & Greenw L gu s as__ _ _1946
NY ds Harlem gold 3 %et_ _ _2000 MN
8512
_ 88 June'31
7 101% 105
NY Lack & W let & ref gu be'73 M N See Note* b elow
84
90
N 102%
1st & ref gu 4 Sioser _
108 111
1973
- - 102 July'31
9118 9312 NY&Jerseylel5s
11132 F A 101% Sale 10111
10111
2
NY & Long Breach gen 4m_ _1941 M S 9212 ---- 94 Apr'31
_
9 104 108
NY&NE Boat Term 4e_ _ _1939 A 0 913
8
7514 July'291.
N Y N If & If n-c deb 49_ __ _1947 MS 874
95
98
_ 8912 June'31
4
Non-cony debenture 3Yis _1947 MS 831x85
9812 99
8314 June'31
Non-cony debenture 3345.1954 A0 7912 81
8012 July'31
907 9512
8
Non-cony debenture 45 _ _1955 J J 853 8712 853 June'31
101 102
4
Non-cony debenture 4s _ _1956 MN
9812 103
86
863 87 July'31
7
4
Cony debenture 334e
92
97
J
1956
783 80
8
1
7918
7918
Cony debenture(le
10012 1013
J 11512 Sale 11412 116
1948
4
25
2
Registered
39
75
115 July'31
38
Collateral trust Os
93
9714
1940 A (1 1055, Sale 10512 105% 16
Debenture 4s
N
1957
_ _ 103 10338
7212 78
7212
7212
1
let & ref 415e ear of 1927 _ _1987
9712/102
I) 9314 94
45
9314
94
95
Harlem R & Pt Ches 1st 4111954 MN 95% ---- 9512 July'31
iZoi4 102
1992 M S 5912 Sale 587
57 101% 106% NYO&W ref g 4,June
6012 58
General Is
8
6 1017 106
1955 J D 50
52
51
5111 12
00.14 1091, N Y Providence & Barton 45 1942 40 911
34
96 Mar'31 L__
N Y & Putnam let con gu 48_1933 AO 923
93 93
_ 94 July'311___
Y Stum & Weet 1st ref be_ _1937 2.1 75 4-1 77
63
70
- 8
77
77
i
4
3clgold 4348
100 s 1011
5
1937 FA 4018 70
75 Mar'30
_
General ROM Se
86
95
1946 FR
5212 Sale 5212
523
4
2
Terminal lot gold 5s
894 9712
N 100 10012 101 May'31
1943
_
N Y Wchtst & D let ear 24 Sie'46'.3 8214 8314 824
100 101
8212
3
Nord Ry ext'l'ink fund 6 SO 1950 40 105 Sale 105
10612 44
Norfolk South let & ref A 56_1961 FA
10114 102
26 Sale
10
734 771
. Norfolk & South let gold rie 1941 MN 6514 74
74 July'31
65
7212 Norf & West RR impt & ext Os'34 FA 104% __ 10412 July'31
New River let gold 6,.._.1932 AO 10238 -984 100
-- 10228 July'31
NA W Fty let cons g
8714 9012
AO 10014 Sale 100
10014 49
Registered
1s9- 40
9714 July'31
Dlvi let lien & gen g 40_1944 J J
is 994
5
993
8
095 July'31
8
Pocah C & C joint 45._ _1941 J O 98%
_ _ 983
4
1
983
4
North Cent gen & red 5s A _ _1974
_
•B 106 2 -- -- 107 Nov'30
,
,
15 1004 1114 , Gen at ref 4% ser A
1974 M
10318
10312 June'31
80
8712 North Ohio let guar g be._1945 40
1
80
80
49
26
Range
Since
Jan. 1.
10312 1071
4
925 974
4
9412 104
9372c100%
101, 109
2
8312 874
83 854
14
100 10214
973 10014
4
82
86
78
8211
82
815%
80
84
9711 10012
88 iFi"
841 107
4
68
93
10
0 103 4
4 1051:
52
925 92%
8
925,
96
88
974
88
102 1034
10012 10214
94 94
-875, 9 -11t
0
81
84
73
8112
88
83
8012 874
70
83
110 11814
110 11512
10414 10612
714 77%
904 95 4
5
894 96
60
87
3118 62
96
96
9212 964
70
80
_ .
50
61
9812 101
7718 8712
105 108
19
45
7158 85
104 105
10214 102%
96% 10034
9714
96
974 1
9014
oe 100
jai& 10 ;
71
/
80
97
•Cash sale. cOptIonsale, •Bale as 10314 reported on Mut% 10 WM an error. should have been ref. 419e ot 1973. NObofldJoltheU*&ref.Seojl9lSIaeu.ou$
standing.
New YOCK Bond Record-Continued-Page 4
BONDS
N. If STOCK EXCHANGE.
Week Ended July 24.
5.43.
Price
Pride,
July 24.
Week's
Range or
Lost Bale,
Rungs
Bina
Jan. 1.
I:
L.
3'9
.
BONDS
N. Y STOCK EXCHANGE
3
Week Ended July 24...F 47.
4
r
611
Price
Pride,
July 24.
Week's
Range or
Last Bats.
14
44
Bid
Ask Law
High No Low
Milk
Bid
Ask Lots
Hitth No
94 Sale 9338
95
26
9212 97
Seaboard & Roan let 53extd 19313 J 92 Sale 92
92 14 11
93
9313 July'31 _
94
91
95
B.& N Ala cons gu g 53
1936 F A 1021: ----102
Oct'30 ____
6812 Sale 6818
6812 27
654 694
Gen cons guar 50-yr 543- _ _1963 A 0 1093 __ -- 1093 July'31 ____
4
4
__ _
__
66 June'31
65
67
Bo Pac coil 43(Cent Pee coil) e'49 J D 93 4 95 924
3
923
4
6
93 sale 93
944 24
93 101
' let 443(Oregon Lines) A_1977 IN S 100 Bale 100
10012 47
11018 Bale 110
11012 91 1073 11812
4
20-year cony. Si
1934.3 D 10312 ____ 10338 1033
8 10
10078 10214 July'31
9814 10512
Gold 434s
1968 M S 9353 Bale 935
8
943
4 35
100 10114 101 July'31
100 10512
Gold 4348 with war
1969 111 N 94 4 Bale 944
3
95 4 81
3
1054
10712 108
4 105 108
Gold 434e
1981 M N 92 Bale 914
9234 412
10412 --- 10338 Mar'31
102% 1035
8
Ban Fran Term let 4s
1950 A 0 9512 98
9558
9612
4
674 69
69 June'31
80 77
So Pac of Cal let con gu g 59 1937 MN 104
____ 10318 May'31 ____
97
_ 97 May'31
97
97
So Pee Coast let gu g 48-1937 I 1 98 __-- 96 June'30 ____
10318 165 10318 July'31
101% 10318 So Pac RR 1st ref 48
1955 J J 9714 Sale 97
974 41
1023
102 103
- 103 May'31
Registered
.1 J --------9514 Mar'31 ____
9714 9712 97 July'31
492
98
Stamped (Federal tax)-1955i J ____ ____ 9212 May'30 ____
10858 109 10812 July'31 _
107 10912 Southern Ry let cone g 5s---1994 .1
.1 1063 Sale 10614
8
8 44
1063
10888 10912 10912 109%
8 107 1097
s
Registered
J .1____ _ _
.10512 May'31 ____
9538 Bale 95
95% 95
921s 98
Dave!& gen 443 series A ___1956 A 0 7912 Sale 7912
82
69
Devel et gen Os
1958 A 0 10312 10412 10412 105
Pacific Coast Co let 5 68-194.6
6
D 19
25
1718 July'31
14
53
Develop & gen 6348
1956 A 0 10612 Sale 1064 110
Pao RR of Mo let ext g 4e__1938 F A 084 981 9812 July'31
42
9515 981:
Mem Div 1s1 g 5a
1996 J .1 1024 ____ 102 May'31 ____
24 extended gold Si
1938.3 .1 10118 1031 10113
101 102
St Louts Div 1st g 4s
1951 1 J 913 913 913
Paducah & Ille baste 44e_ _1955
8
4
4
143114 _
913
4
1
10158
1001e 101%
East Tenn reorg Ilen g 544_1938 M 5 10114 ____ 10018 June'31 ____
Patti-Lyons-Med RR extl 6e 1958 F A 10312 104 103 Apr'31
104
41 10212 10678
Mob & Ohlo coll tr 48
1938 M 8 9513 ____ 94 May'31 ____
Sinking fund external 78-1958 M S 104 Bale 104
105
44 104 10714 Spokane Internet let g 5e-1955 J 1 4033
Paris-Orleans RR ext 534e-1968 M 8 10234 Sale 1024 1023
50
40 June'31 ____
4 53 10012 105
Staten Island Ry let 4348_1943 J 1:1 --------87 Oct'30 ____
Pauline Ry let & ref at 73_1942 M 8 77
80 80
80
763 97
1
4
Sunbury & Lewiston let 443_1936 J J 983 _--- 9714 Apr'31.,,,-Pennsylvania RR coiarg 48_1943 M N 10138
4
_ 101 June'31
973 10112 Tenn Cent let 89 A or B
4
1947 A 0 80
C,oneol gold 4e
84
1948 M N 101 Sale 101
80
83 4
3
2
97%
1014 10
Term Aeen of St L 1st g 445-1939 A 0 10134 __-- 102 June'31 ____
ds 5terl stpd dollar-May 1 1948
N 100 Bale 100
100
as Iowa
96
let cons gold 58
1944 F A 10514 10618 10514 May'31 ____
Congo) sink fund 445_1960 F A 10612 Bale 10518
10612 23 le43
4'.3974
Gen refund is t g 4s
1953 1 J 95
General 4348 series A
9914 95 July'31 ---1966.3 13 10018 1014 100
10hz 23 100 105
Texarkana & Ft8 let 534e A 1950 F A 995 Sale 995
General 544 series B
8
*
1968 J D 108 4 1087 10834 109
14
3
8
2 10718 11114 7'ex & N.0corn gold 5e_Atig 19433 J 101 10312 10012 100
-year secured 83411
15
1936 F A He ease 11014 1103
Feb'3
4
76 1083 11034 'Texas & Pao let gold 58
2000 1 D ____ 108 10818 1081
Registered
F A joir4
6
10914 Feb'3
1094 10
2d Ina58(hier'28 epon)Dec2000 Mar ____ ____ 95 Mar'2 ____
94
40
-year secured gold be-1964 M N
Sale 104
10412 32 10214 10534
Gen & ref 54r series B
1977 A 0 0012 93 93
Debg4 43
1970 A 0 943 Sale 9434
93
5
904 994
4
96
116
Gen & ref be series C
1979 A 0 901: 93 93
Gen 4Pie eer D
93
1981 A 0 9614 Sale 96
2
94 4 98
9612 203
3
Gen & ref 53 eerie D
1980.3 D 92
Pa Co gu 334e coil tr A reg _ _1937 M
9314 9218
931
28
943 Sale 94
4
94
94
Tex Pac-Mo Pac Ter 543.-1964 M S 101 103 101 July'31____
Guar 330 coll trust ger B_1941 F A 9414 sae 9414 Apr'31
9078 9414 Tol &Ohlo Cent let gu 56-1935 J J 10212 10312
944
1
Guar 334e trust We C-1942 0
101 July'31 ____
9038 June'31
90 8 97%
3
Western Div let g be
1935 A 0 101
Guar 84 trust et/a D.l944i D 90 8
__-- 100 June'31 ____
7
9312 Jan'31
89 8 9312
3
Gen gold 5s
1935 1 D 10114 10212 101 June'31 ____
Guar la tier E trust ette_1952 MN
9778 July'31
98
9412 92
974 Tol St L & W 50-yr g 4e
1950 A 091
Secured gold 45is
95 91
1963 M N 102 Sale
91
3
10212 66 100 10212 Tol WV &0gu 434e set B 1933 J J 99 ---Ps Ohio & Del let & ref 43.4eA'77 A 0 99 Bale 102
10018 Oct'30
99
984 10212
100
40
let guar is series] C
1942 M S 97
Peoria & Easteru let cone 46_1940 A 0 72
____ 9618 Apr'31 ____
793 75
4
75
88
75
18
Toronto Ham & Buff let g 4s 1946 J D 9412 __-- 945
Income 4e
8
April 1990 Apr
94%
2
1212 1912
12.,
13
Peoria & Pekin Un let 546_1974 F A 103 ____ 13. Mar'31
100 1034 Ulster & Del let cone g 53
1928 1 D 65 ___ 90 8 June'31 ____
Pere Marquette let ser A 58-1956 3 J 93 Bale 103 July'31
5
93
8618 10514
96
18
Stpd as to Peet Deo 1930 Int.._ __-- 65
let 43 merles B
75
71 July'31 ____
19158
.1 8312 8412 84
794 95%
8512
6
let eon 58etts of deposit65
let g 441.series C
1980 M
8713 Sale 874
79 10113
89
27
Ctrs of dep stpd Deo'30 Int__ --- 65
68
Phila Bait & Wash let g 48-1943 MN 1004 ____ 100
6718 July'31 ____
10014
2 97 1004
let refunding g 43
1952 A 0 40
44
nenerall% seam B
39
39
3
1974 F A 10918 _--- 109 July'31
ma 1094 lJnIon Pac let RR & Id gr 48-1947 J J 10138 Sale 10138
Genlg 44eser0
10218 110
1977.3 J
1044 July'31
103 10412
Registered
PlililIppIne Ity let 30-yr a t 48 '87.3 J 23
1 1 9914 - -- - 9912 June'31 ____
243 23 July'31
4
2118 25
let lien & ref 4s
June2008 M 23 9718 Bale 9634
Pine Creek reg let Os
9712 57
19323 D 1023 Bale 1023
4
4 1023
4
1 10214109¼
Gold 434e
1967 J .1 101 Sale 100
Pitts & W Vs 181 4%I tier A.1958 .1 D 85
101
36
94
93 May'31
93 9513
1st lien & ref 58
June2008 M 8 1105 1121 11212 July'31 ____
8
let M 448 sertaill
1969 A 0 85
92 92 July'31 9514
91
40
-year gold 43
1963 3 D 94 Sale 9318
let M 434s series C
944 100
1960 A 0 89 Bale 89
89
95 8 II N J RR &Can gen 4.8
88
7
2
1944 M S 997 ____ 99 June'31 _
C C & St LIU 44e A__ _ _1940 A 0 1013
e
4 ---- 10112 10112
1 101 103
Utah .4 Nor let ext 45
1933.3 1 994 100 100 Sept'30 ____
Series B 434e guar
1942 A 0 10112 Bale 10134 July'31
99 103
Vandalla C0135 g 43 series A
1955 F A 9612 __-- 9538 June'31 ____
Series C 443 guar
1942 M N 1013 102 93 June'31 _
3
8
93 102
Cons 8f 42 eerie:4B
1957 M N 964 __-- 98 Mar'31 ____
Series D le guar
1945 M N 99 ___ 9818 June'31
957 981s Vera Cruz & P atoent 4343-1934 ____
s
2 ____ 4 June'31 ____
Series E 344s guar gold--1949 F A 954 --- 95 Juue'30
Virginia Midland gen 5s
1936 M N 1003 ___ 102 June'31 ____
4
Series F de guar gold
1953 J D 98% --- 9788 Apr'31
9714 Ws; Vs & Southten let gu 53
2003 1 .1 95
Serbia 4a guar
97
97 July'31 ____
1957 NI
July'31
9143 10114
8
let cons 50 year As
1958 A 0 59 Sale 59
Series H cons guar 43
61
1960 F A 9814
12
9814 9814 Virginia Ry let 54. series A.-1962 M N 106
&dee I cons guar 4348_1963 F A 19988 4 --_-_ 1980588%14
lOO7 10658 1063
e
4 16
031'44
108 ltm
let M 434e series B
1962 MN
Series J cone guar 443-1964 M N 1035 1047 10512 May'31
8 10014 10512 Wabash RR let gold 14 ..,...l939 MN 1004 1003 101 July'31 ____
10212 Sale 1024 103's 13
General M As series A ____1970
D 10814 109 10814 10814
1 108 1104
211 gold 53
1939 F A 9958 Sale 994
clan mtge guar
ser 8_1(475 A 0 10834 10918 1083
995
8 19
4 109
6 10713 11012
Ref & gen s f 5%Beer A _ _1975 M 23 7614 Sale 7614
.
Gen 4)43 serlee C
1977J J 10012 Bale 10014 101
77's
4
9914 1023
8
115
Deb 68 series 13 registered_1939 J 1 -------Pitts N1cK & Y let gu 65-193'2 J J 1027 103 1027
0 8
34
9814 May'2 ____
10234 103
8 1027
8
7
lst lien 50-yr g term 4s
1954 1 J 81
2d guar 65
19343 J
85 81
81
1
104 Apr'31
103 8 104
5
Det& Chic est let ta
19413 J 10012 ____ 101
Pitts Sh & L E let g 58-1940 A 0 10414 _-- 1035 June'31
101
1
8
101 103%
Dee Moinee Div Ist g 4a-1939 J J 84
let eoneol gold 58
19433 J 1035
907 8818 Apr'31
8
8
100 4 Aug'29 _
3
Omaha Div let g 3348-4-1941 A 0 79
Pine Va & Char lat 44,
1943 MN 97
80 82 June'31 ____
9818 June'31 _
-98‘ 98%
Tol & Chic Div g 48
1941 51
FittiY&Aehlet4eserA..l9483 D
9112
9113
1
925 92 8 Wabash Ry ref & gen 541B-1976 F S 9113 95
8
5
let gen 56 sedan B
A 6713 7312 6712
1062 F A 10538 ____ 19 18 June'31
6712
1
0 4
2
5
4
0512 1053
Ref & gen 4 Sis aortae C.-1978 A 0 6218 65
let gen 5e nodes C
1974.3 D
6218
6312
4
Ref & gen 5e aeries D
Providence Seem deb 4s....-1957 111 N 714
1980 A 0 67 Sale 65 8
5
6712 20
713
7134
4
6812 75
Warren let ret gu g 34e
Providence Term let 43-1956 M 8 90 -- 897
2000 F A 7718 __ 78 July'31 ____
874 9/
Wash Cent fat gold 48
Reeding Co Jersey Cen coll 43 51 A 0 97 Bale 96 8 July'31
1948 Q M ___ 92
8911 July'31 ____
97
95
19
98
Walsh Term let gu 3343
1945 F A 905 92 93 July'31 ___Gee & ref 448 series A-1997
8
4
1003 102 10134 102
8 100 1034
let 40
-year guar 4e
1945 F A 9634 ____ 92 June'31 ____
Gen&ref434aeerleeB.l997J .1 1013 Bale 10012 102
8
26 10014 103
Wean Maryland let 43
Rensselaer & Saratoga 6a-1941 M N
1952 A 0 78
784 78
79
9
103
Oct'30
let & ref 5348 series A
Rich & Meek let•4e
1977 I J 8814 8912 88
89
1948 MN
7
7453 794 Sept'30
West NY St Pa let R 58
Rlehm Term Ry let gu 5e 1952 J J 1013
1937.5 J 104 __-- 10412 1045*
8 - - 103 Sept'30
2
Geal gold 48
Rio Grande Jund let gu 58_1939 J 0 97 101 100
194 A 0 107% 108
973
8
- -12
1
978
May'31
98 106. Western Pac let Sc ser A-1946 FA B
Rio Grande Sou let gold 40_ _1949 3 J
80 Sale 784
214 June'31
80
9
2
214 West Shore let 4s guar
2361.5 J 9114 Bale 91
Guar 42 (Jan 1922 coupon)'403 1
9214 44
74 Apr'28
Registered
Rio Grande West let gold 48-1939
.1 8814 90
-58i8 Sale 954
9518
-OF 97 Wheel & L E ref 44e set A 238 1 5 9518 991 8914 June'31 ___
let con & coil trust 443 A..1949 A 0 7814 Sale 7814
196 M
9618 July'31 ____
7814
7818 8613
RefundIng 56 series B.- _l966 M S 10018 102
R 1 Ark A Louts let 434e-19341M
100 8 June'31 _
3
9112 Sale 9114
92
813 10114
4
RR let eonsol 444
Rut
1949 M 3 87
-Canada let gu g 4s_ _ _1949 J J 65 Sale 72 July'31 10
92
9014 July'31 ____
65
75
Wilk & East 1st gu g Se
Rutland let con 4 143..._ _1941
1942 J C 43
45
46 July'31 ____
.1 7812 79 80 July'31
744 92
Will AS F let gold Se
1938.3 D 10234 _ 1025e July'31 ____
Wineton-Salem IA 13 let 48_ _1960 J 1 96 Sale 954
St Joe & Grand 151 let is. 1947
J 923 94 925 June'31 -1.96
13
8
8
87 8 93
7
W13 Cent 50-yr let gen 4e...1949 J J
St Lawr & Adlr let g 58--.1996
5014 5334 51
J 90
55
14
_-- 95 Apr'31 _
95 101
Sup & Dui dIv & term let te'36 M N 567
2d gold 63
1996 A 0 90 100 100 Mar'31
3 58
58
„1
100 103
Wor & Conn East let 448_1943 J 3 7418 903 58
St Louts Iron Mt & Southern80 Mar'31 ___Riv &0 Div 1st g 48
1933 M N 97
973 96%
3
97
88 1003
23
a
INDUSTRIALS,
St L-Ban Franc pr lien 43 A _1950 .1 -1 67 Sale 6612
6812 159
5018 894 Abitibi Pow & Pap let 58_ _ 1953 J D 544
Con M 4 %a eerles A
1978M
Sale 54
55
17
54 Bale 534
57
40
275
811
Abraham Se Straus deb 5345_1943
Reglitered
D
695 Mar'31
8
_
89% 89 8
5
With warrants
Prior lien 58 series B
A 0 984 99 99
1950 I J 765
99
5
8
80
43
59 102
Adriatic Elec Co(let) 7e
St L Peor & NW lei gu 58-1948 3 J 1025 Bale 7658
9913 95
1952 A 0 95
951
3
8 1083 10234 1024 15 10212 1087 Adams Express
4
St Louis Sou let gu g 44.-1931 M
coil tr It 441 1948 114 A 8612 S Ad 8612
87
6
. 99 100
Ajax Rubber 1st 15-yr s I 83.1936 J D
St LB W let fr 43 bond MD _1089 MN 99%- __ 100 June'31
1
14
14 Feb'31 ___7412 713
75
7514 10
714 877 Alaska Gold M deb (19 A._..1925 M 8
s
3d g 4e Inc bond °tie Nov 19893 1 40
514 7
7 June'31 ____
60 62 June'31
__
52
78
Cony deb (Se series B
Consul gold 416
54 10
1926 M S
1932 1 I
5
78 Bale 78
81
6013 WM Albany Pefor Wrap Pao 68_1948 A 0 6112 64 60 June'31 ____
18
let terminal & unifying 58_1952 JI
July'3 ____
621 64
60
64
2
45
971 . Allegany Corp col tr 5e
St Paul & K C Se L 1st 43.0.1941 F A 8614
1944 F A
71 Sale 7912
7212 85
Sale 8614
88
4
844 981 .
Coll & cony 5e
St Paul & Duluth let 541. __ _1931 P A 100 101
1949 1 D 6912 Sale 6912
72
16
10058 Apr'31
_ 100 1008*
.
Coll & cony 53
1st consol gold 48
1950 A 0 68 Sale 6614
D 925 ___
1968
6812 43
8
9214 June'31 _
89
Mite-Chalmers Mfg deb 58_1937 MN 10218 103 10112 103
93
Si Paul E
Trk let 4343_1947 1
32
974 Aug'30 _
St Paul Minn & Man con 43_1933 J
Alpine-Montan Steel lid 73_1955 M 23 73
75
73
73
100
10014 July'31 _
1- 1 Am Agric Chao let ref 3 f 73is'41 F A 10212 103 10212 10213 2
6
1st consol g 68
19333
1
10412 - ;
105
I 10313 1051 4 Amer Beet Bug eonv deb 06_1936 F A
lie reduced to gold 4343.-1938 J J 1013 1043 105
32
41
3412
4 10212 10134
10212
4 1003 1021 t American Chain det e f Os__ _1938 A 0 100 Bale 997 July'31 ____
3
Registered
100
18
100 Apr'31
_ 100 100
Am Cyanamid rleb 58
Monteat let gold 4s
1937
1942 A 0 89 Sale 88
89
9913
5
9912 July'31
97
99 4 Am& Foreign Pow deb 58_ _ _2030 M S 74 Sale 74
Puerto ext guar 48 (iterlIng)'44) J
1
7714 142
_ 9412 June'31
93
98
St Paul Un Dep let & ref 53_1972 J
Amer lees(lob he
1953 J D 81
83 83
83 12
11158 112 11158
9414--4
1115
8
i 10918 112
A & Ar Paw. let gu g 43...._1943 J
Amer 1 0 Chem copy 534s_ .1949 MN 985 Sale 9814
8
9914 120
9418 943 9414
4
943
4 24
93
967 Am Internet Corp cony 5599 1949 1 J 8312 sale 8312
Santa Fe Free & Phen let 14_1942 M
854 33
10134
10314 May'31
10218 1951 Am Mach & Fdy a 1 138
Say Fla & West let g 68- _ _1934 A
1939 A 0 1047e 106 10412 June'31 __
10
412
-- 10412 July'31
104 101
let gold Si
Amer Metal 64% notes.- _ -1934 A 0 80 Sale .80
1934 A
83
102
40
_
1004 101
Eleioto V & N E 1st gu 48_1989 MN 9712 166 10134 Apr'31
Am Nat Gee 6343(with war) 1942 A 0 18 Sale 17
18
18
98 June'31
94
Seaboard Alr Ltne lit it 48_1950 A 0 3012 981 Am Sm AR let 30-yr Asset A '47 A 0 10318 Sale 103
10314 13
50 50 July'31
2512 541 Amer Sugar Ref 5-yr de
Gold 4s stamped
1950 A 0 27
1937 1 J 10412 Sale 10414 10412 21
32
34 July'31
28
Adjustment lis
644 Am T'elen & Teleg cony 4s-19.16 131 S 103 Sale 103
Oct1940 F A
10318
4
3
5
July'31
2
Refunding 48
30 rem coil tr 541
1959 A 0 133 Sale
19163 D 10712 Sale 1065
8 10714 49
4
133
4
13 8 105
7
Certificates of deposit......
111s 201
35.7r 44 f deb be
1960 1 .1 10814 Sale 10712 10812 90
1212
13 June'31 _
9
let & cone 88 series A
15
20 year 3f 5 45
-1945
1943 MN 110 4 Sale 11012 11034 113
3
13 4 Sale 13 4
3
1
1434 75
9 4 19
4onv deb 4 45
Certificates of 8890511...... -_
3
1939.3 1 13312 Sale 13314
134
1278
80
133
4
4
A ti & itirm go-er let,4a41013 M11 5018 Sale 1278
9
16 t
35-year deb 55
1
1965 F A 1083 Sale 108
4
1083 191
4
5
412 53
5412
40
di
Seaboard All Fla let gu Os A_1935 F A
AM1,De Found deb 6e
1940 4 0 101 105 101
101
7 Sale
2
7
8
20
Series B
1914 504 Wat Wk* & El ooll tr fis-1934 A 0 102 Sale 102
6
1935 F A
10218 29
814 June'31i____
Deb g fle aeries A
6 a 12
1
1975 MN 104 106 105
105
4
C Caab mho. a Du May. 3Du
Amami, 8 Ovidoa sale.
Korth Pacific prior llen 43_1997 Q
Registered
Q /
Gen lien ry & Id g as_Jan 2047 Q F
Registered
Jan 2047 Q F
Re/ & Inuit 448 eariee A__2047 J J
Ref & impt 68 series B____2047.3 1
Ref &!mut Ea seriee C _ _ -2047 J J
Ref & impt 544 eerie@ D___2047 J J
Nor Pao Term Co let g 6e--1933
Nor Ry of Calif guar g ba-1938 A 0
Oa & L Chem let gu g 4a.__1948.3
Ohio Connecting Ry let 443-1943 M S
Ohio River RR 1st g 5e
1936 .1 D
General gold Si
1937 A 0
Oregon RR & Nay eon g 48-1946
D
Ore Short Llee let cons g 53_1946 J J
Guar stid cons 58
19463 i
Oregon-Wasti let & ref 48-1961
J
a
Sanyo
Binge
Jan. 1,
Low 'pia
92 924
1
..._ ___
1094 111%
92 97
98 102 *
8
14
102 1052
4
90
994
88 100
7
851 94
1
934 98
102 410814
____ __
95
99
95 8 984
1
_.-- --10512 111
1051 1081s
4
751t88¼
100 1181
9
10414 117 S
7
10018 102
88 1 93
5
993410014
93
961
.
35
47
_--974 9714
80 92
994 102
5
104 1017 4
3
911 9
s 41111
91 1064
100 103 4
18
1
107% 118
____ __-884 100
844 100
89 101
9912 107
10018 103 1
3
100 1004
1004 103
88
94
95 e 96
1
11
89 97
90's 9054
797
81
1
64
76
39 60
96 1021,
91312 99 4
3
9312 98A
99 4 102 4
3
7
110 113
921s 95
973,6 99
____ __ ..
95 3 96
3
eel aa
!
214 44
97 108
97 1001
51)
77
102 1081
983 102
4
100 8 105
5
95 1031
60 102
1
__ _ ...81
94
1
101. 102
91
88
82
90
90
927
564 gel
554 gm
58
im
77
78
89 891
904 93
1
1
87
97
75 841
82 e47
10288 1041
924 971
68
4 97
904 94'
883 93
4
90
99
993 102
4
86 93
4278 Mt
10214 102
92
97 2
47
66
55
80
80
80
441e 78
904 101
86 100
83% 89
8
14
5
10
8
a
50
78
574 87
51
85I.
50
85
10014 103
78 94
10212 105
251 47
:
911 109
834 96
3
74
81
74 8 88
7
9012 102
334 95
10414 1011
74
98
813 5183
10112 101
103 105
99 4 102
3
105 102
104% 101
107% Ill
1204 131
10514 101
9911 101
101 104
1014 101 II
,4
612
BONDS
Na Y. STOCK EXCHANGE.
Week Ended July 24.
1947 „I
Am Writ Pap let561
Anglo-Chilean et deb Ts_ -.1945 MN
348.-1939
MARL(Comp Aim)7
Certificates of deposit
Ark dr Mem Bridge & i'er 69_1984 M S
1939 1
Armour & Co (III) 4149
_ _1943 1 J
Armour & Co of Del5
Cork cony deb 158 1940 4 D
Annetrong
Allguelated 0116% gold notes 1935 M
Atlanta Gas I. 1st 56_ _ _. _1997 J D
Ati Gulf& W I SS I- colt tr ISs 1959 J J
_1937 J
Atlantic Refg deb 56.-Beldw Loco Works let 5s... A940 M N
750-1937 J J
Baragua (Comp As)
Batavia° Pete guar deb 4)4. 19424 .1
1938 J J
BeldIng-Heingway139
J
Bell Telep of Pa 5a series B -1948 J 0
1960 A
lat & ref 59serie6C
Loan deb fle 1946 61 13
Beneficial Indus
Berlin City Elec Co deo 6 Ha 1951 J
1959 F A
Deb sink fund 6141
1955 A 0
Deb89
Beritn Elec El& Undg 6 Hs_ .1956 A 0
Beth Steel lot & ref 53 guar A '42 M N
80-yr p m & Motsf 58 _1938 J J
1950 M S
Wm& Bing deb 634e
1934 A 0
Botany Com M11186348
1934 WI 13
Bnwman-Bilt Hotels7s
(rimy & 7th Av let cone 58..1943 J D
deposit
Certificates et
-1941
Brooklyn City RR let
Bklyn Edison Inc gen 59 A _.1949 1 3
1968 3 1
Bklyn-Manh R T gee 59
akin Qu Co & Bub con gtd 56'41 MN
1941 3 1
stamped
let 59
Brooklyn It Tr let cony g 48 2002 J .1
Bklyn Union El ist g 4'544. _1950 F A
Bklyn Un Gas let coney 54_ _1945 MN
1st lien & ref Bowleg A _ _1947 MN
19354 J
Cony deb g 5348
D
1950
Cony deb 5a
D
Buff dr Sumi Boa let f 58 _ _1932 J 0
1952 A
Terminal lat 45
Bush
1955
Con9o156
Bush Term Budge 56 gu tal-es '60 A 0
1981 F A
sea B
Baff Gen El 4H9
1945 MN
By-Prod Coke let 5348 A
Cal & E Corp unif & ref 59.1937 MN
1940 .1 1
Cal Pack cony deb 56
CalPetroleum cony deb at 591939 F A
1938 MN
Cony deb 9 g 5346
Camaguey Sue let e f L 78- _1942 A 0
Canada SS L 1st & gen 84.__1941 A 0
-Tr
Cent DLit Tel lot 30 5a_ 1943 J 0
Cent Foundry let at 68 May 1931 F A
Cent Bud 0 & E as_ _Jen 1957 M Ei
Cent Ill Elec & Gas 1st 53-1951 F A
Central Steel ingot 88-1941 MN
Certain-teed Prod 5548 A. 1948 M S
Ceepedee Sugar Co let e f 714e'39 M 5
Ohio City & Conn Rye Se Jan 1927 A 0
Ch L &Coke 1st gu g 59-- _1937 J 4
Chicago Rye let 66 stpd rcts 15%
Principal and Feb 1931 101__ F A
1943 A 0
Obilde Co deb 14
1947 J .1
Chile Copper Co deb 5e
1968 A 0
Cln & E 1st at 46 A
Clearfield Bit Coal let 49-1940 J
1938 3 J
cony deb 63
Colon 011
1943 F A
Colo F & I Co gen e f 56
Col Indus let & coll 56 gu--1934 F A
Columbia0& E deb 5a May 1952 MN
Debentures 5s-- _Apr 15 1952 A 0
Jan 15 1961 J J
Debenture Si
Columboa Gas Id gold Si. _ _1932 3J
Columbus Ry P & L let 4%61957 J
Commercial Credit it66-1934 M N
1935J J
5 Wi notee
Col tr
Comm'i Inveet Tr deb 5348.1949 F A
Computing Tab-Bee e f 6e_ _1041 J J
Conn Ry AS L 1st & ref g 4)0 1951 .1 J
1951 4.1
Stamped guar 4149
Consol Agricul Loan 634e.l95S 3 D
Consolidated Hydro-Elec Works
of Upper Wuertemberg 7,.1958i .1
Cone Coal of Md 1st & ref 58.1950 J D
Cenral Gas(NY)deb 5149-1945 F A
1951 D
Deb 410
Coneumer9 Gas of Chic gu 59 1936 1 D
Power let 5s-1952 M N
Consumers
1948 .1 19
Container Corp 1st 6s
15-yr deb Sc with warr _ _ _1943 I 19
iria Feb 15 1954 F A
Copenhagen Telep
Corn Prod Refg let 25-yr at 58'34 M N
Crown Cork & Seal 9166-_1947 J D
Crown Willamette Pap 69-1951 J
Crown Zellerbach deb Sew w 1940 M S
Cuba Cane Sugar cony 71_1930 J J
Cony deben stamped 8%-1930 J
Cuban Cane Prod deb 69- 1950 J
Cuban Dom Bug let 710-1944 MN
Certificates of deposit
Stud with purch war attached_ _
Camb T & T lat & gen 5e---1937 J -.1
Cuyamel Fruit 1st 6 f 66A-1940 A 0
Den Oes & E L let & ref f 58'51 MN
Stamped as to Pa.tax_ _ __1951 MN
Dewy(DO)Corp late I 78-1942 M 5
2d 78 stpd Sept 1930 coupon-----.
3
Detroit Edison let coil tr 54_1933 .1 0
Gen & ref 58 eerie. A-__1949 A
19653 D
Gen & ref 58 series B
1962 F A
Gen & ref 58 series C
Gen & ref 4 Hs series D__ _1961 F A
FA
Wb en issued
Det United let con S 434a-1932 J J
1940 MN
Dodge Bra!deb 6a
1942 M N
Doll(Jacob)Pack let6s
Dominion Iron & Steel 68-1939 M S
1942 J J
let ref 79
Donner Steel
Duke-Price Pow let(is ger A-1960 M N
Duqueene Light 1st 4146 A _1967 A 0
East Cuba Bug 15-yt g r g This'37 M S
Ed El Iii Min Isteon 8 413-1939 j 3
Ed Eieo(N Y, let cons; 58-1995 J J
8
Elm Pow Corp(Germany)6)4850 MI 0
1953 A
Int t6 148
Elk Horn Coe.1st & ref634e 1931 J D
Deb 7% notes (with wart) 1931 J D
Eqult Gas Light let con 56_1932 M S
Ernesto Breda Co let to 7s_ _1959
With atock purchase warrants_ F A
Federal Light & Tr let Se._ _1942 M S
let lien s f 56 stamped_ _ _1942 M 5
1942 M B
let lien as stamped
J D
-year deb 68 eerie.B
80
Owls sale. SOptlonui,.
New York Bond Record-Continued-Page 5
Prigs
AVM
July 24.
Week's
Bassos or
Leas Bide.
13
sa
High No.
Low
62 July'31
7
60
58
1512 July'31
1412 July'31 -- 101 July'31
8114 99
80
7412 203
7118
7
944
9312
_
10278 July'31
10212-_ 104 June'31
1
5778
577g
5512 56
11
4
10138 1013 10138 102
2
107 1073 107 July'31 ____
4
25
24
2712 24
9534 48
9434 Sale 9434
8
96
9512 ____ 96
11018 13
_ 110
11018
4
-113 114 11234 113
3
egg's 1/ "
9814 Sale 98
49
73
65 Sale 65
7214 149
64 6512
60
64
180
5214 Sale 51
6312 19
534 5018
50
10512 10
10412 Sale 10412
47
4
1
/ 104
4
1033 Sale 103
2
71
72 71
70
2512 11
254 25
24
80 82 July'31 ---79
1
9
9
9
6
5 June'31
412 _
8212 17
80 Sale 80
7
4
1063 Sale 10634 107
4
1013 Sale 10114 102 135
73 6312 July'31 --64
89 6612 Jan'31
70
85 ____ 9212 June'28
12
91
91 Sale 9012
11114 Sale 11114 11114 29
_ 12078 July'31
12038
247 218 Jan'31
10514 Sale 10518 10514 15
95 98 944 May'31 - _
9210
4
4
903 913 91
5
2
897
8514 90 8412
7
10014
10012 10014 100
106 10612 1064 10612 18
9734 14
97 Sale 97
Ask
Bid
57 61
5912 Sale
30
15
16
9912 101
81 Sale
4
723 Sale
4
928 94
3
105 10534 10514 106
22
95
95 Sale 9412
85 90 85 June'31
90 July'31
90 91
1
30
39 30
30
4
487 50 49 July'31
1
105
4
1053 106 105
70
7412 72 July'31
10512 June'31
106
9712 36
9712 Sale 9712
10
114
113 120 112
148
60
58 Sale 52
25 59 Jan'31
11
1
2712 2718
24
3
10514 10512 10512 10512
624 63
73
71
884 Sale
4
1
/
98 Sale
49
53
94
88
78 Sale
9938 Sale
9978 ____
9812 Sale
9738 9814
3
99 4 Sale
8
1007 Sale
98 Sale
98 Sale
8
1063 108
__
8
1013
10212 163
494 Sale
6212
62
73
73
89
88
963
8
2
963
77 Dec'30
54 July'31
87 July'31
80
78
9914 100
9934
9934
994
9812
9814
9814
9934
9914
1007g 101
9714
98
4
973
3
98 4
108
108
4
/
1011 July'31
103
102
4912
614
2
2
35
143
6
81
1
227
3
54
3
17
56
1
22
42
1
70
70 Sale 70
3512 51
35 Sale 35
88
4
1073 Sale 10712 108
10234 Sale 10214 103 376
105 10512 105 July'31
3
106 Sale 10534 106
12
60
60 Sale 56
35
26
33 Sale 33
1
1
/
4
/
100 10134 1014 1011
4
1
/
10512 105 105 June'31
1
9212
94 9212
93
89
14
89 Sale 8612
6912 13
6912 Sale 68
814 ---- 41 Mar'30
4
1
/
814 ____ c27 Dec'30
1118 17
4
11 Sale 103
1
1414
23 144
11
712 _-__ 8 June'31
4
1
/ 15
9
9
13 Sale
1
10512 106 10512 10512
3
4
1
/
8
1053 Sale 1044 105
3
7
8
1023 Sale 10238 103 4
1
8
1027 104 0314 10314
20 61 Dec'29
6
6 64 15 June'31
104 Sale 0334 10418 31
10714 Sale 074 10912 24
2
1074 Sale 071/4 10712
4
1
/
1
/
1074 108 107 July'31
4
/
10419 Sale 10378 1041 158
---- - _ 104 July'31
4
/
991
4
4
983 9918 9918
92
55
4
913 Sale 90
5678 10
8
8
567 Sale 567
90 Mar'31
85
1
96
96 Sale 96
4
1
/ 24
4
1033 Sale 10312 103
4 1064 44
106 Sale 1053
4 20
373
3912 36
37
4
101 10112 1003 July'31
4
1203 123 122 June'31
67
7
58 60 65
13
65
70 60
54
56
4
753 80 May'31
20 15 June'31
10
4
1
4 1013
4
1013 --- 1013
634 Sale
4
95
963
944 95
9712 100
94
90
8
6314
631g
95
1
95
8
937 July'31 _
2
4
973
4
973
2
90
90
Range
Binge
Jae. I,
High
Low
77
55
58 87
10
26
13
144
97 10114
70 92
63 8012
98
91
102 104
10338 104
50 68
10012 1031
4
/
10812 10738
20
48
6
9 2 67
8211 974
BONDS
N. Y.STOCK EXCHANGE.
Week Ended July 24,
NA.
Pries
Prided
July 24.
Veer.
RaGgel ol
Lart Bale.
1
§3,-
Ark Low
High No,
Bid
2
8814
1939 J D 88 Sale 88
Federated Metals at 78
8814 89 88 June'31
Flat deb 7s (with war?)
2
88
88
"e
Without stock porch warralta.
6
28
28 Sale 28
Flak Rubber 1st a I lis
33,
4
9
8'4 1
Framerlean Ind Dev 20-yr 74 42 I J 1013 Sale 10134 103
11
60
Francisco Sag 1st f 7149_1942 M N 60 65 60
7412
7
744 Sale 73
Gannett Co deb /38
Gas & El of Berg Co cons g 581949 .1 D 10712 ____ 10312 Apr'31
4
19 3 F A
7812 43
Gelsenklrcheu Mining 86.-1934 M 8 67 Sale 67
87
20
Genl Amer Investors deb 58_1952 F A 87 Sale 85
9
9914
Gen Baking deb e I 514e._ _1940 A 0 99 Sale 9812
7812 7612
Oen Cable late 1534. A ___ _1947 J J 76
781s 23
1942 F A 9912 ____ 9914 July'31
Gen Electric deb g 3348
8612 12
Gen Elee(Germany)78 Jan 15'451 3 80 84 8312
78 91 Dec'30 _
70
S f deb 8
with ware-- _1940 J
D
8
81
80
Without waffle attaeled_1940
6934 24
63
20-year a f deb fls
55
-"
A
10412 68
104
Gen Mot Accept deb 6s19 " 104
37
- 48
- 19 F N
9 i
11939°4 A lints sale 10234 1031g 10
Genl Petrol lot a f
(lea Pub San,deb5494
7
941:
945s 98 9414
5548
Gen Steel Cast 5348 with warr'49 J J 87 Sale 87
6
87
3514 42
Gen Theatres Equip deb 64.1940 A 0 323 Sale 3234
4
74
75
7012
12
Good Hope Steel & I see 79_1945 A 0 68
9
98
Goodrich(B F)Co 1.t634a..1047 J 1 97 Sale 97
4
1
/
64
79
Cony deb 86.
63 Sale 62
4
19 8 MN
914 75
Goodyear The & Rub let 59_1957 1 D 91 Sale 9012
9212 90 July'31
Gotham Silk Hoelery deb 69_1936 J D 88
4712 41
4
4112
1940 F A 41
Gould Coupler let of 6a
12
Gt Cons El Pow (Japan) 79_1944 F A 9912 Sale 994 100
20
let dr gen of 6348
9314 Sale 9314
94
95° J j
2
56
Gulf States Steel deb 5%s 1 42 j D 554 62 5512
1.07 11012
1104 115
98 c9913
57 581
4
/
54
8634
4
1
/
50 80
5014 8512
10214 1064
10114 104
70 834
23
35
7912 105
34 9
4
5
8
767 87
10514 10712
0834 1021 Hackensack Water let 4e .19523 J
4
/
62 69 HarPen Mining Os with stk purch
6612 6812
war for corn stock or Am she'49 J J
Hansa 9.9 Lines Os with warr_1939 A 0
"iur
Havana Elise consol g 791_ _1952 F A
10714 11213
Deb 51.68 serlea of 1926-1951 M
1.174 12113 Hoe(R)& Co 1st 6 Hs ser A..1934 A 0
218 218
Holland-Amer Line Sc(Jlan-1947 M N
1024 106
Hotiston 011sink fund 5 He_ _1940 54 N
4
/
941 96 Hudson Coal let t 56 ser A_1962 J D
1949 M N
83 98 Hudson Co Gas ist g 59
72 10114 Humble 011 & Refining 5149_1932 .1 J
1937 A 0
9312 1031s
Deb gold Se.
101 1074 Illinois Bell Telephone 68-1950 J
1
/
• 1940 A 0
97 106
Illhaots Steel deb 4)44
Reeder Steel Corp mtge 69-1948 F A
6mN
93
103 106
Indiana Limmtone lst f 69_ 1941 MN
8934 100
Ind Nat Gaa & 01156
A 8
p8 0
81
7
98 8 Inland Steel let 4548
F A
B
89 101
4348
let m
15
8
119938
45 Inspiration Con Copper 810 1971
49 7014 Interboro Metrop 4348-1956 A 0
105 106
Ctts of deposit
3
334 7414 Interboro Rap Tran tat 50-1966 J I
I J
10434 106
Stamped
A s
NI O
9612 974
10-year
10112 114
19
-year cony 7% notes-1199322
698
3112 60 lilt Agri Corp let 20-yr 59_1932 31 N
RO
69
-tended to 1942_ M N
Stamped ea
274 45
lot Cement cony deb 59.-1948 M N
1034 1064 Internet Hydro El deb 80-1944 A 0
Internet Match e I deb 58-1947 M N
57
Cony deb 5a
74
j
4
1944
70
88 Inter Mercao Marine s f 6a-19 1 A O
79
953 Internal Paper Sc ser A & B_1947 3 J
4
1955 IA
90 98 4
3
Ref,f 6.series A
fat Telep & Teleg deb g 4 yfe 1952 J J
"ii 70
Cony deb 4 As.
95F j
19 9 j A
3
5
3
85 998
Deb 5e
1947 3 13
1
/
78 944 Invegtors Equity 5s A
1
/
Deb 58 ser B with warr___1948 A 0
9412 1014
1948 A 0
951s 10114
Without warrants
744 100 K0Pow & Lt 1st 430 eat B-1957 J J
gals 9912
19619 A
lat 11.1 431e
94 101
Kansas Gas & Electric 4348_1980 D
1943 M N
97 101
Karstadt (Rudolph) as
4
1
/
93 9814 Keith (B F) Corp 1st 89-1946 54 S
9112 10012 Kendall Co 5Hs with warr._1948 M S
4
1
/
105 108
Keystone Telep Co let 56-1935 3 J
4
1
/ Kinga County El & P g 54.. 1937 A 0
9914 101
4
994 1033
Purchase money 69
3
45 93 4 Kings County Elev tat g 4 1994997 F
A
1954
Kings County Lighting 56
7
70 93 8
First and ref 6146
.1
84
19 6
4
1
/
24 4ais Kinney(GED & Co 735% notee 3 1 0
103 1084 Kresge Found'n cell tr as_ _1936 I D
101 103 Kreuger & Toll Deo•I 58 _-.1959 WI
1034 10512
103 10678 Lackawanna Steel let 56 A-1950 M S
48 85
1.641(1aa ot St L ref & ext 59_1934 A 0
Col & ref 534e series C-1953 F A
20 64
19609 A
97 102
Coll & ref 5Hs ser D
102 105
Leiner° NItrato Co cony 69-1954
J J
90 9914
Without warrants
8
70 96 4 Lehigh C & Nay f 4348 A-1954 J J
1 1
5912 85
Cons slut fund 465s eer 0-1954
Lehigh Valley Coal let g 5e--1933 1 J
Ist 40-yr gu int red to 4%_1933 /
1934 F A
a--i- let &refer 58
1944 F A
7 16
181d:restos
1954 F A
1st/Scrotal/a
4
1
/ 8
7
1964 F A
4
1
/ 17
2
let & ref s f 511
1974 F A
10284 106
1st &ref 8158
1
/
1024 1054 Liggett& Myers Tobacco 76-1944 A 0
1951 9 A
58
100 105 Loew's Ins deb 66 with warr-1911 A 0
Without stocks punch warrants A 0
4
11
99/ 10412
Lombard Eiec let 7s with war '52 J D
3 D
Without warrants
8 215
1944 A 0
102 10412 Lorillard (P) Co 71
1951 F A
58
104346108'2
19373
Deb 5348
4
/
105 1091
Louisville Gas & El(Hy)61.1952 M N
10514 110
4
4
993 1053 Lower Austria Hydro El Pow
1944 F A
4
10314 1043
Half 6)4a
9714 100 McCrory Stores Corp deb 6)4s'4t3 D
af°Meson & Robbins deb 5349'50 MN
4
1
/
82 92
1
/
4
583 704 Menet'Sugar let e f 7He--1942 A 0
Stmed Mir 1931 coup on_1942 A 0
90 90
Manhat Ry(NY)eons g 42-1990 A 0
90 101
2d 4a
2013 D
102 10612
4
1
/
4
/
102 1061 Manila Elea Ry & Lt f 56..1953 M 8
Mfrs Tr Co elifs of partici in
42
20
A I Namm & Son Iet8e..l943l D
4
8
97 4 1007
11514 12312 Marion Steam Shovels f 8a 1947 A 0
Market St Ry 7a ser A_April 1940 Q
55 89
55 8714 Mead Corp 1st Ss with war...1945 A 0
Meridional° Else 1st 7s A .1957 A 0
50 81
detr Ed IotA ret 56 ser C_1953 1 J
20
10
latg 4HuserD
1988 M S
4
101 1013
detrop Wat Serv & Dr 5H9 1950 A 0
deo West Side E (Chic) 49_1938 F A
6514 76
view Mill Mach 74 with war 1956 J I)
1
/
914 98
I D
Without warrants
9114 97
97 1034 'AldvaieSt&OeolltrefSa 1938M
Atiw El Hy& Lt let 5(8 B.--1961 J D
90 100
1971 J .7
lat intim 59
9412 ____ 944 July'31
52.38
81508
Jae. 1,
Low
High
8
83 953
4
795 93
4
7912 923
21
3714
100 lt/9
404 094
1214 el6
9
103. 1054
9514
67
83 914
9312 9914
92.4
65
93
9912
7518 104
6514 95
92
60
4
4
/
1011 1343
4
1
/
102 103
95
92
80 9614
23 74
68 967
4
9312 10212
50
76
8314 96
90
76
41
68's
9334 10114
854 Ws
90
52
8
887 9419
75
6812
3
41 Salo 41
51
23
4112 46 41 July'31
1319 1934 14 July'31
52
52
5
56 Sale 56
56
5
8939 8934 894
1
/
90
17
6014 Sale 6014
1
/
614 18
10712 108 10712 10712
5
10234 Sale 10214 10234 247
10279 Sale 10212 10312 24
4
4
1064 1083 10614 1061
9
10314 Sale 103
103
4
1
/ 21
5612 11
50 Sale 45
25
28 25
2612 13
101 ____ 10134 June'31
96
95 Sale 9434
47
95
95 Sale 941g
86
_ 00 Feb'3I
10's 20- 1014 June'31
912 Jan'31
1
/
704 Sale 7012 C7212 52
7214 171
71 Sale 7012
59
56 Sale 54
20
9134 24
9012 Sale 9019
_
9839 July'31
99
_
65 - -717270 June'31
88
87 Sale 86
8
82
8112 Sale 78
53
8812 58
87 Salo 87
9314 416
89 Sale 89
74
8
734 Sale 7312
714
72 7012
7
71
55
4
55 533
7
54
80
15
7714 8112 7714
9212 145
91 Sale 91
8814 95
8514 Sale 8434
7214 13
70 Sale 70
73 72 July'31 _
70
75 72 June'31
70
10434
2
10434 Sale 10434
10612 29
- 106
.
2
-6812 187 98
3
98 4 45
48
30
38 Sale 38
68
_137_
. 12 _7_4_ 68
68
11
64
74 7014 July'31
106 ..-. 105 June'31
13812___ 139 July'31
4
8212 823
8112 8312 19
4
1
/
4
1
/ 107
1
4
1073 ____ 107
11812 __. 11812 119
2
88
88 Sale 86
2
10212 24
102 Sale 102
90 119
8514 Sale 8514
58 844
2
41
867
38
5812
12'2 8912
40 68
4
/
551 65
4
1
/ 94
87
63
51
10478 108
101 810414
10014 103'8
105 107
4
/
1001 1002
45 82
25 69
1
/ /
4
1
1004 101
4
4
1
/ 973
93
91
8
964
93 UM
4
1
/ 1018
0
1
9 2 919
6414 /7 4
3
6414 78
604 6414
394 95
12812 gess
65
764
8012 100
65
4
1
/
93
85 99
4
1
/
8612 100
7312 97
77
62
40 69
4
1
/
66 8415
94
81
7194 9112
70
76
70
76
75
71
1 Ills 10514
3
103 4 107
9318 9918
8
3512 753
62 78
4
1
/
39
704
1
/
70 112
103 1053
4
134 139
78 8512
1044 1073
9
1181e 120
724 904
101 103
55 943
s
4
1
/
10212 103 102
103 10314 10238
102 Sale 101
101 Sale 101
4
10111 10434
1011 10412
4
/
100 108%
100 108 4
1
4
1023
103
102
4
1013
3
18
58
16
38 Sale
101 _
101
-14
10112 101
37
4 40 34 7512
413
01 July'31
984 1014
01 July'31
1
/
984 101
014 1014
190 10278
0212 June'31
1
/
4
1
/
984 102
100'2-.-- 0013 June'31
9914100',
4919 76 70 July'31
69 4 78
1
52 60 424 June'31
53
4213
494 55 50 June'31
50 65
50 53 50 July'31
48 57
4 12412 2212 12312 18 1 Mae 125
1223
108 Sale 08
1081g 19 1041 1081
4
.
98 98 100 Mar'31
4
1
/
100 1101e
974
9838 38
4
94 994
-79r2 85 86 July'31
4
1
/
76 95
81 Sale 80
84
14
75 93
11418
11419 Sale 114
,
5 102141141
4
1
/
9334 Sale 93
94
96 82 9612
10014 Sale 98
4
1
/ 101
227
1
86 8 101
107 Sale 1063
4 10712 27 1384 108
6014 7112
4
983 Sale
76 Sale
2534 30
20
25
55 Sale
45
51
96
97
73
7112
5
4 12
4
993
983
77
75
27
2614
2614
1
20
22
8
55
5612 21
50 July'31 __96 June'31 _-_-
9234 95 9312 July'31
38
46 42 July'31
954
9518 9512 9514
7212 75 724
7212
9412 98 9812 July'31
4
1053g 1053 1051c 1053
4
4
1003 Sale 1001g 101
56 Sale 53
56
--- 6912 70 June'31
4012 55 77 May'31
57
55
1037, 10414 0314 10414
4 104
104 Sale 033
104 Sale 103
4
1
/ 1041
4
/
5
6
4
58
25
2
22
29
69
7112 874
,
112 2 100
6274 84
2114 60
1912 35
50 60
45 51
95 100
42
92 9 /
47
85
92 93
6812 0.
8498 10012
4
132.2 1053
2
994 1043
42 75
684 77
75 77
8
55
1347
19012 10414
4
1
/
9912 104
103 1041,2
New York Bond Record-Continued-Page
I '4
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 24.
"414
Price
July 24.
Wm!'
Range or
Lail 8a14
3
Range
Since
Jan, 1,
BONDS
N. Y STOCK EXCHANGE
Week Ended July 24.
613
.1.
4
Price
Friday
July 24,
Weal's
Rases of
Last Sal&
a,
Bid
.4.41 Low
1105 No. Low
H4ob
BM
Au Low
HUD No.
!.lontana Power 1st 68 A-1943 34 1053 Sale 103
8
10538 12 103 1053 Rhine-Ruhr Wat Ben 68___1953 7
4
45
54
5014
5
50 4
3
Deb Si eerles A
-1962 JD 1023 Sale 1023
4
4 1023
4
9
99 104
Richfield 011 of Calif (le
1944 MN 3014 41
29
31
54
MontecatInl Min & Aerie
Certificates of deposit
3014 July'31
Deb 7e with warranta _ _ _1037 43 9312 94
9313
94
14
911 10013 Rim Steel let a f 78
/
4
1955 PA 6114 684 7014
/
1
8
7014
Without warrants
J J 9312 Sale 9338
94
11
92
99
/ Rochester Gas & El 7s ser B.1946
1
4
10512 1053 10512 10512 23
4
Montreal Tram 1st & ref 68_1941 3, 10012 Sale 10014
10012 54
/
/
4
4
'J81 1011
Gen mtge 5348 series C...1948 M
10638 1063 10614 July'31
8
Genkretet 58 eerlee A _ _ _1955 AO 9234 9412 93 July'31
9(134 95
Oen rage 4 34s sedan D.__1977 58 S 102 1021 10214 June'31
/
4
Gc&retet8iserB
1955 AO 9234 9412 94 May'31
9311 94
Koch & Pitts C&I pm 56_1948 MN
82
90
85 Dec'30
Gen & ref it 434i ser C...1955 AO 84
89
8718 Mar'31 _ _ _ _
8718 871 Royal Dutch 4e with warr 1945 AO 90 Sale 8912
/
4
911 103
/
4
Gen & ref 8 I Si sec D__ _ _1955 AO 923 9412 9312 May'31
4
917 93 2
4
,
Morrie dr Co 1st s f 4 34e_ _ _1939 3, 73 Sale 7212
73
41
65
83
St Joseph Lead deb 53.413
1941 74 N 944 Sale 9412
/
1
9918 306
Mortgage-Bond Co 4e or 2_1966 AO 70
80
70 July'31
70
70
St Joe sty Lt Ce & Pr let 68_1937 7.118 90 100 100
100
2
10-25 year be serlem 3
1932 J J 9934 100
993 July'31
4
97
993 St L Rock Mt & P 5,3etznpd_1955 34 5112 Sale 51
4
5212 17
Murray Body let ()As
1934
D 93
97
93
93
92
/ 98
1
4
St Paul City Cable cons 69_1937 J J
8673 88 June'31
Mutual Fuel Gee let gu gra-1917 MN 10914 -- 10914 July'31
10213 1091z
Guaranteed 68
J
1937
847 88 June'31
8
Mut Un Tel gtd Be ext at 5% 1911 MN 10414 --- 10312 June'31
1023 1031 San Antonio Pub Serv let 68_1952 34 jail* 109 108
8
/
4
108
Saxon Pub Wks(Germany) 7s'45 PA 5912 Sale 57
/
1
4
alamm(Al) & Son_ _See Mfre Tr
7039 89
MN 5314 567 534
Gen ref guar 634s
1951
8
/
1
6412 39
NIWAU Elec guar gold 4a...1951 J J 48
30
49 July'31
4712 53
/ Sehulco Co guar 63.48
1
4
1948 J J 60
691 60 June'31
/
4
Nat Acme liter di.
19423 D 913 Sale 9438
8
911
/
4
1
93
9612
Guar it t 0 Ms series B__ _ _1946 A0 6018 75
60
Not Dairy Prod deb 534e.._ _1948 F A 10214 Sale 102
60
10212 181
98 1023 Sharon Steel Hoop it 534s_ _194S PA
4
7312 Sale 7312
4
77
Nat Radiator deb 634s
1947 F A
4
14
14 June'31
1113 2573 Shell Pipe Line i f deb 58_ _ _1952 MN 893 Sale 8012
8
NarEllool f deb 58
90
40
1941 J J
10018 Apr'31
96 1001 Shell Union Oil a f deb 5e_ 1947 MN 764 Sale 7678
/
4
/
1
Newark COI:18010u Cone 68_1948 J D
79
93
_ _ 10838 May'31
104 10812
Deb 5s with ware
1949 AO 783 Sale 7814
4
Newberry (.1.1) Co 534% notes'40 A 0 92 Sale 90
8018 151
9212 36
85
95 Shlnyetau El Pow let 634e.-1952 JO 9012 Sale 9012
9112 45
New Engl Tel & Tel 58 A_. _1952 J D 11138 Sale 1111 112
/
4
23 1083 11214 Shubert Theatre 6e_Juue 16 1942 3D 1112 Sale 10
8
1112 14
lat g 434s series 13
1961 MN 10678 10712 10534 1073
8 17 103 10712 Siemens & Haleke s I 7s_ -1935 J J 90 Sale 89
/
1
4
95
NJ Pow & Light ist 4348-19611 A 0 10212 Sale 102
9
10212 41 101 1031x
Deb s I 644s
1951 M 5 78 Sale 78
New On l'ub Serv let be A _ _1952 A 0 93 Sale 93
89
66
94
32
85
9434 Sierra & San Fran Power 5s_1949 PA 10413 105 10412 10412
First & ref 68 series II._ _ _1955 ./ D 9214 9314 9214
1
9412 44
85
9412 Sileela Elea Corps I 345...._1948 FA 37
62
66 July'31
N Y Dock 60
-year let g 43_1951 F A 73
754 74
/
1
74 18
4
70
8412 Sileelan-Am Corp roll tr 79_ -1941
A 6112 62
6112
Serial 5% notee
62
3
1938 A 0 60 Sale 60
61
15
60
817 Sinclair Cons 011 15-yr 7e_.1937 M
8
9612 Sale 95
/
1
4
964 24
N Y Edison let & ref 634s A_1941 A 0 116 Sale 11538 11612
/
1
33 1133 11714
8
let lien 6 3411 series B
1938 3D 93 Sale 93
let lien & ref Si series II _ _1944 A 0 10612 Sale 10614
94
37
107
25 104 107
/
1
4
14 Sinclair Crude Oil 534e ser A_1038
4
1023 Sale 10212 10314 36
Y Gas El Lt 11 & Pr g 58_1948 J D 11213 Sale 112
11212 17 107% 1124 Sinclair Pipe Line If 68
/
1
1942 AO 10112 10214 10112 102
Purchase money gold 48_ A949 F A 10014 1003
21
4 10014
12
101
974 102 Skelly 011 deb 5Sis
M
61
NY LESz W Coal dc FM 6348'42 M N
65
58
62
54
100 102 Sept'30
Smith (A 0) Corp let 630-19193393 MN 10231 10318 104 July'31
NYLEar WDock &Imp 5/3'43 J
9914 101 100 June'31
loci" 100 (301414Y Am invest be
1942 NI 8 9612 Sale 0613
N Y Rye let R E & ref 48_ _ _1942 .1
97
6
40___ 431 Oct'30
/
4
South Bell Tel & Tel let s I fal '41'3 10618 Sale 106
Certificates of depoelt
10612 45
40 -50
40 Dec'30
Sweet Bell Tel let & ref 15e 1954 PA 1071 Sale 10718 107
/
4
30-year ad) Inc 5a__ _Jan 1942 A 0
/ 23
1
4
14
13
4 212 Dec'30
Southern Colo Power 611 A 1947 3' 103 10311 10314
CertIth.ates of depoalt
104
13
/ 1
1
4
1 July'29 _Stand Oil of NJ deb 56 Deo 15'46 FR 10412 Sale 104
N
Rye Corp Inc 68__Jan 1985 Apr
1041
93
3
37
8 33
4
3
/ 10
1
4
13
4 412 Stand 01101 NY deb 434e.._1051 J
101 Sale 100
Prior Ilen es series A
101
106
1965 J J 60
63 60 July'31
45
61
Stevens Hotel let fle eer A.
.A945 I
Ft Y &'Minn Gas let 68 A._1951 M N 107
50 Sale 50
53
36
_ 107
107
108 10712 Sugar Eetates (Oriente) 7(1_1042 MS 1118 15
N Y State Rye let eons 4148_1962 MN
11
111
2
43 _- 4 7
614 July'31
1112 Syraeuse Lighting let g 63._1951
(1
D 11018 _
11014 July'31
Certitleates of depoelt ______ _
63
634 7
8
6 June'31
9
Taiwan Elea Pow at 554s -1971 .7.5 941 Sale 94
60-yr Set eons 6348 Hodes B 1962 MN
/
4
941 212
/
4
6
8
7 June'3 _612 12
Tenn Coal Iron & RR gen 54_1051 J
N Y Steam let 26-yr Os der A 1947
107
_ 107 July'31
Ni N 109 Sale 109
109
3 10712 1001 Tenn Cop & Chem deb Si 13_1044 74 S 90 Sale 90
/
4
let mtge be
90
10478 Sale 10434 lO47i 10 100 105
1951
/
1
4
Tenn Elea Power let 68
N Y Telep 1st& gen e I 430_19/9 hi N 10614
1947 3D 10714 Sale 107
10.714 17
MN
Sale 10514
10614 46 1014 1(614 Texas Corp cony deb be _ _1944 A0 913 Sale
80
-year deben at fle_Feb 1949 F A 110 Sale
4
9414
954 189
/
1
11014
11038
4 110 11'21 Third Ave Ry let ref 4e _ _1960
/
4
80
-year ref gold 65
55
5612 55
/
1
4
5712 39
1941 A 0 1053 Sale 10534
4
106's 283 10434 108
Ad)inc be tax-ex N Y Jan 1960 AO 43 Sale 43
NY Trap Rock let 13e
453
8 78
1946 J D 9412 96
96
96
63 10012 Third Ave RR let g ba
Niagara Falle Power let 58_1932 J
1937 J J 100 Sale 100
10018
6
J 10118 102 10118
10112
6 101 1031 Toho Elec Power let 7$
/
4
F 10113 Sale 1003
Ref & gen de
1055
4
4 10034 33
Jan 1932 A 0 10138 10214 10113 10112
3 10112 103
8% gold Dotes
Nlag Lock dr 0 Pr lat be A_ _1055 A (1 1044 Sale
1932 33 993 Sale 0912 100
8
122
/
1
/ 1051
1
4
6 10312 166
Tokyo Eleo Light Co, Ltd
NUtgara Share deb 5Sig ____1950 MN 9413 95 104
95
95
1
8984 983
4
D 85 Sale 844
lit (Is dollar series
Norddeutache Lloyd 20-yr at6847 M N 56 Sale 56
8512 104
/
1
66
22
66
87
Trenton CI & El let g be__ _1919 MS 10712
Nor Amer Cern deb 6148 A_1940 M S 39
953
1073 June'31
3
45
39
39
5
29
5812 Truax-Tmer Coal cony 634s-1943 MN
North Amer Co d e b be
45
_54
46 July'31
1961 F A .10114 Sale 10034
10113 250
9718 10184 Trumbull Steel lit 8 f Os_ _ -1940
No Am Edison deb 16 ser A..11157
N 88
92
92 July'31
M S 104 Sale
8 10014 105
Twenty-third St Sty ref 58..1962 .1 .1
Deb 5lie ser IL __Aug 15 1063 F A 10412 Sale 10334 104
2912 20 Apr'31
25
105
13 1011 105
/
4
Tyrol Hydro-Elea Pow 730_1955 MN _ _ 8912 8912
Deb be weeks] C.__Nov 15 1069 M N 10214 Sale 104
9114 10
10134
10238 5.3
97 1023
10234
10897
4
Guar we e t 731
Nor Ohio Tree & Light 8a_ _1947 M S 107 Sale 107
PA
go
84
86
86
10714
6 103
Nor States Pow 25-yr Se A 1941 A 0 105 105
/ 1043
1
4
4 105
42 102 105
U)igawa Mee Pow e f 7e_
lst rot 5-yr 6s eer Lt
1945 M
1941 A 0 106 Bale 1053
8 10614 23 10513 1073 Unlon Dee Lt .5 Pr (11101 58_1932 MS 10012 Sale 10012 10212
8
North WT 1st fd g 434/i gtd _1934 .1 J
1023 1027 102
8
/ 102
1
4
8
2
/
1
4
--- 1011 June'31
/
4
10018 10112
Ref & ext fe
Norweg Hydro-El Nit 51
MN 102 103 102
/
1
4
/ 10318
1
4
4
8_1957 MN 1019512 98 9614
/
4
98
24
964 1011 Un E L P (111) 1st g 5E13 A
/
1
/
4
01110 P111110 Serv Ice 734s A 1946 A 0 111 112 112
103
/ 10414
1
4
11995343'4 10414
9
112
2 1111 114
Union Elev fly(Chic)5s---1915 AO
let & ref 7s series 13
- -7
10 8 71
1947 F A 11214 113 113 July'31
Apr'31
11012 115
Union Oil 30 68A ____May1912 F A joi,- 10514 10513 10512 _ 1
Ohio River Edison let
-ye
4
_
J J
1021 Feh'31 _
/
4
10112 10212
Old Ben Coal let 68
let liens!baser C_ _lab 1935 AO 9938 Sale 99
1944 F A
26
/ 100
1
4
19
31
30
10
19
6014
Deb 58 with warn.. Apr 1045 3D 90
Ontario Power al F let Is _1943 F A 107 Sale 28
92
90
90
1
106
107
12 10314 10714 United Blecult of Am deb 88_1942
Ont rio Power Her, let 534(9.1950 J J 81
,
N 10414 105 10414 July'31
83
814
/
1
82 8 16
7
71
9 / United Drug 25-yr Se
41
4
Ontario Transmission let 68_1945 M N 10612 ____
1953 M
10112 79
1071 July'31 _
/
4
100 10714 United Rye St L let g 48.._ _ _1934 J J 101 Sale 101
Oriental novel guar fie
1937
52 Sale 5014
1953 M
10014 Sale 99
52
2
/ 10014 3
1
4
95 10114 United SS Co 15-yr 6e
Ext1 deb 5348
MN 100
1968 MN 9312 Sale 9312
1
053
4 44
8813 983 Un Steel Works Corp 6348 A _1951 31) 4712 101 10012 1001
4
Oslo Gas & El V71o/ extl 5e..1993 IN
1 31
Sale 47/2
9818 Sale 9818
73
59
99
12
9514 100
Sec e f 634s series C
Otis Steel let M 6e scr A
3D 44
521 50
8012 8l7 83
1941 M
o
22
59
84
10
71
99
/
1
4
S f deb 814e iser A _
./ I 48 Sale 4512
59
38
Pacific Gas & El gen & ref as 1042 J
United Steel Wks of Burbach1987
105 Sale 10512 1053
/
1
4
4 17 10212 1053
4
Pacific Tel & Tel let 5s
Eech-Dudelange at 78_ _ _1951 80 100 104 102 July'31
10614 Sale 10614
1937 J
1061
/
4
8 103 10612 US Rubber let & ref 5e ear A
/
1
4
Ref mtge 5e series A
'3 6912 Sale 6812
1947
1952 M N 10814 -72
70
10812
8 106 1081 Universal Pipe & Bad deb 62
/
4
Pan-Amer P & T cony s f 6/1_1034 MN 10214 Sale 10814
1936 J
1514 43
5112 Apr'31
102
10214 10 10112 103
Pan-Am Pet Co(of Cnilconv
Unterelbe Pow & Lt 63
1953 AO 4812 53
60
68'40 4 0 33 4 35
11
3318
,
35
6
30
78
Utah Lt & Tree let & ref 56_1944 A0 993 Sale 54
Certificates of deposit
4
9912
14
33 July'31
_
33
33
Utah Power & Lt let 6a_ _ _1943 PA 10314 10312 10318 100
Paramount-lyway let 5343_1951
.1 10214 Sale 101
103 2 35
,
10212 10 10013 105
UtIca Elec L & P let a I g 5a 1950 .1 J 108
Paramount-Pain's-Lasky 63_1917
/ 1071
1
4
86 Sale 86
3
/
4
- - - - 107
891
20
74
97
Utica Gas & Elec ref & ext be 1957 J .1 11114 11312 111 July'31
Paramount Publix Corp 534e 1950 F A
73 Sale 73
/
1
4
/
1
4
703
4 69
67
89
131.11 Power dr Light 634e......1847
Park-Lea let leasehold 6348_1953 J J 50 Sale 50
D
7314 Sale 7314
7512 36
50
3
40
824
/
1
Deb be with warranta
I armelee Trani deb 158
1959 FA 684 Sale 68
/
1
6914 112
1944 A 0 23
25
24
25
7
20
38
Without warrants
PA
Pat&PaasaloQ&EieoneSi 194974
10738 10914 10712 June'31
105 11/712 Vanadium Corp of Am
Paths Etch deli 7s with ware 1037 MN 93 Sale 92
cony Si'41 AO 853 Sale 8414
4
87
128
944 47
/
1
503 94
4
/ Vertlentes Sugar 1st ref 78 _ _1942 JO 34 Sale 34
1
4
Pennsylvania PAL let 4348 1981 A 0 99 Sale 9814
35
17
99
369
97
99
Victor Fuel let s I 5a
Penn-Dixie Cement Si A....1941 M S
1953 J J 20
22
22 Mar'31
59
60
3
54
80 4 Va Iron Coal & Coke let g be 1949
3
Peep Gas & C let cons g 68_11143 A 0 1164
83 July'31
/
1
8
11213 11612 va Fiy & Pow let dr ref 5e_ _ _1931
-- 1163 June'31
Refunding gold 649
3 1033 Sale 10313 104
4
15
1947 M S 10912 fio 10912 1091
10418 11013 Walworth deb 6
Regletersd
Sikl with war 1935 AU 52
60
59 July'31
M
10634
10912 July'31
_
106 1.(913
Without warrants
Phila Co eee 5s ser A
8412 50 July'31
51
19673 D 10318 Sale 1027
8 10314 100
9814 10312
let Rink fund 613 series A__1945 :;1
Elec Co let 434e
5112 July'31
5112 59
1967 MN 10512 Sale 10414
10512 30 102 10511 Warner
/
1
4
1st at ref 48
Broe Pict deb 68_1939 M S
4112 71
1971 F A 9814 Sale 97
/
1
4
984 143
/
1
92 8 9958 Warner Co let 6e with warr_1944 AO 4014 Sale 40
7
Fiala& Reading C& izetSa_1973 J J 78
82
85
85 July'31
80
78
78
3
7214 8514
Without warrants
Cony deb Os
AO 81
9312 83 July'31
194974 S 615 Sale 66
6712 14
56
83
Warner Sugar ROM 1st
Phillips Petrol deb
J
_ A939 J I) 62 Sale 59
65
5013 9214 Warner Sugar Corp let 7e _ _194 '3 106 1061z 106 July'31
8Pierce Oil deb t 88_53(e_- 1931 J D 103 10312 103
7s__1939
12
22
/ 12 July'31
1
4
_Dec16
103
103 1034
/
1
Stamped Jan 1 1930 coupon '19
Pillsbury Fl Mills 20-yr 68..1943 A 0 1053
10
15
14 June'31
_
10512 10513
4
10312 105 4 Warner-Quinlan deb 6._11)39 MA 413 43
3
Pirelli Co (Italy) eon, 7s_ _1952 MN 1043 -- 10434
4
42 July'31
4
_
104
/ 37
1
4
94 16414 Warren Bros Co deb 68 .._.1941
Focati Con Collieries let e f 56'57 J J 9034 93
86 Sale 84
87
26
90 July'31
/
1
4
9013 95
Wash Water Power s f 5e.1939 J J 10212 ____ 104 Apr'31
Port Arthur Can & Dk 6e A _1053 F A 100 10412 993
4
100
5
993 100
4
Westchester IA/ 58 stpd gad_1960 JD 10918 ____ 10912
lit M 68 series B
10912
1953 F A _
1
103 104
102 104
Went Penn Power 8er A 5,.A946 MS 10534 -_ ._ 1053
Port Genf Elec let 4344set 01960 M S 8814 Sale 8712 Mar'31
4 1053
4
3
8812 109
86
9218
let Si eerie F
Portland Ry 1..4( P 1 t 714s A11116 M N 10614 1067 10638 July'31
10938 110 10978 110
1963 M
4
8
1063 108
8
let 534e Beriel F
Portland Gen Elec let 68.. .19314 J 1023 10314 103
1953 A0 106
_--- 106 July'31
4
103
5 1014 1044
let see be series
Porto Rican Am Tob cony 681942 J J 6918 71
1950 3D 10578 10614 105 8
106
7
3
7012
71
12
51
79
Western Electric deb be__ _1914 AO 107 Sale 106
Postal Teleg A Cable coil b1953 -1 .1 6512 Sale 65
/ 10714
1
4
8
663
4 65
50
Western Union coil trust Ss 1938
7 4
47
Pressed Steel Car cony g 58.1933 J J 83
'3 105 Sale 105
10512 26
85
84
84
5
74
88
Fund & real est g 4 Hs_ _ _1950 MN 10218 Sale 102
Pub Serv El & Gas let & ret 53'65 .1 D
10212 13
10512 May'31
10218 10614
15
-year 0348
let A ref 4349
19673
1938 PA 11038 Sale 1094 1103
105 Sale 105
/
1
8 38
105
11 10112 106
25
-year gold Is
let & ref 41.18
1951 JO 10314 Sale 103
1970 F A 1043 Sale 10412 1043
10312 28
4
4 13 1011 1053
/
4
8
3 -year 58
/1
lst & ref 4s
MS 104 Sale 1024 104
1971 A 0 983 Sale 9814
4
/
1
42
984 140
/
1
9333 99
/ Westphalia Un El Pow Gs_ _1 53
1
4
Punta Alegre Sugar deb 78..1937 J .1
98 1
9 4'3 4612 Sale 45
5
6418 71
111 1112 July'31
/
4
4
1212 Wheeling Steel Corp let 530 1948 ii 9112 9212 9012
Certificated of deposit
9034
7
6 May'31
_
5
12
let & ref 414e eerie/ B _ _ _1953 A0 80
pure 011 f 534% notes
ioii
88 Sale 87
85
8012
8011. 13
88
/ 29
1
4
75
96
White Eagle 00& Ref deb 5348'37
f 644%
1941 M
8412 83
84
86
21
74
93
/
1
4
With Bieck parch
Purity Bakereie e I deb be_ _1948 .1 .1 937 94
notai---M
10312 104 10312 10312
8
8
5
9412
9,,334
9034 c9811 White Sew Mach 68 warrants_ -Remington Arms lit s f 8e._1937 MN 8413 Sale 0412
'4
with warr'36
38 June'31
5612
9
79
95 4
1
Without warrants
Rem Rand deb 534e with war '47 MN
'4 38
40
36
7834 Sale 7834
36
1
80
21
8439 92
Partie a I deb 612
Repub I & 8 10-30-yr 5es f 1940 A 0 98 Sale 98
19411 MN 33
38
34
34
2
98
P213 10214 Wlckwire Span
4
Re( gen 614e 'feriae A_ _ _1953 J J
St'l let 78_ 19 1
'4
8
35
9
/ 10 Mar'31
1
4
783 80
4
78 July'31
_
74
98
Ctf dep Chase Nat Bank _ _
Revere Cop & 13r Gs__ _July 1948 M S 8518 87
6
9
8 July'31
86 July'31
_
65 101
7s(Nov 1927 coup on)Jan 1935 SiRhelnelbe Union 7e with war 1946 J .1
7
14
9
638 July'31
8512 Jan'31 _ _
80
873
4
CH dep Chase Nat Bank_ _ _
WIthout etk parch warr_1948 .1 .7 "6018 65
7 Sale
7
7
3
60
75
49
60
93
/ WIllys-Overland a f 634s_ _ _ _1933
1
4
9813 SII18 9812
Rhine-Main-Danube 7s A 1950 M S 72 Sale 72
99
5
8212 20
70
984 Wilson & Co let 25-yr at 66_1941 AO 9614 Sale 9412
Rhine-Weetehalla El Pow 78 1960 1st N
71
9614 12
85 96 July'31
90 1011 Winchester Repeat Arras 7(4e'41 AO 50
/
4
Direct nage 68
60
55
1052 M N 6018 Salo 604
55
1
/
1
72
40
58
8914
Certificates of deposit
Cone M 68 of'28 with war_1953 1 A 60 Sale 60
50
55
54
3
57 2
,
6
73
34
58
88
Youngetowo Sheet & Tube Si '78
Without warranta
'4 10012 Sale 100
F A 51
101
65
78
60
61
6
6512 87
lst is8 1 Be sec B
Con m 6s of 1930 with war 1955 A 0 5514 Salo 5514
1970 AO 100 Sale 993
4
10014 83
69
43
5514 064
/
1
C Crab sales. a Option salss.
Range
Since
Jan, 1,
Low
HOD
5014 751
4
2434 57
25
604
70
881
/
4
10513 141713
105 1073
8
9912 10313
87
94
04
995
4
97 100
/
1
4
46
57
971 92
/
4
88
92
103 109 4
/
1
4
3
5714 9373
50
8614
60
75
60
911
/
4
65
9018
73
92
/
1
4
6212 89
5412 90
764 934
7
25
804 104
73 101%
102 1054
824 814
80
85
834 10(14
78
984
/
1
99 it 3
/
1
4
,
98 1(.212
41
84
102 1033
8
94
9811
104% 1064
103 1073
8
101 105%
1024 10513
9611:102
50
68
2
30
105% 1114
933 95
4
104 107 4
1
8812 99
1044 108
/
1
88 3 102
,
45
58
25
48
/
1
4
93 100,
3
911 101
/
4
9812 10011
8218 91%
104 107%
45
72
85 1001
/
4
20
2613
48312 100
80
9613
982 10512
8
10114 103
101 10314
102 1043
/
1
4
8
69
/ 73
1
4
10012 108
101
9712
79
97
100 10514
/
1
964 10211
40
62
9912 1011
/
4
4713 837
8
493 833
8
4
4512 833
8
100 108
7514
62
5113 5112
54
83
94 1014
100 1044
104 107%
105% 11312
88
84
5812 75%
-18- 16'23 45
22
22
75
85
1011 105
/
4
50
85
50
90
40
79
25
74%
83
97
83
97
10011 1054
10
174
812 23
414 69
/
1
84
91
103 105
105 110
/
1
4
1033 108 4
4
,
10514 1114
/
1
105 10712
10438 10618
10418 1073
3
1011 10553
/
4
9714 10212
1043
4411013
100 1043
4
99 1044
45
7913
853a 103
75
92
102 10312
3313 40
29
48 3
3
2213 4418
7 4 10
1
613 8
/
1
4
638 1012
0
1114
95 10012
883 101
4
20
83
281s 59
Ii7 103
97 101
[VOL. 133.
FINANCIAL CHRONICLE
614
Outside Stock Excnanges
Boston Stock Exchange.—Reeord of transactions at
inthe Boston Stock Exchange, July 18 to July 24, both
clusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroads
100
Boston & Albany
100 90%
Boston Elevated
99%
Preferred
100 110
preferred
let
1034
2d preferred
Boston & Maine—
Class A let pref stpd_100
100
Prior pre( stpd
East Mass St By let pi-- -----N YN Hex Hartford_100
Norwich Worcester pf.100
100
Old Colony
50 46
Pennsylvania RR
Range Since Jan. 1.
Low.
High.
182
904
99%
109%
103%
183
914
994
110
10314
63 17334 Jan 185
978 62% Apr 9531
507 7614 Apr 102
393 98% Jan 113
Apr 103%
832 82
Mar
July
June
June
July
55
102
714
7034
137
135
46
59
103
8
70%
137
135%
4734
32 55
208 100
44
150
65 63
50 130
22 125
492 42%
July 75
Jan 108
Apr 10
%
June 927
Jan 142
Jan 140
June 68%
Feb
Mar
Jan
Feb
Feb
Mar
Feb
Miscellaneous—
10
10
Amer Cont Corp
34
3
3
American Founders Corp—
1754 1794
100
Tel
Amer Tel &
84
8
814
Amoskeag Mfg Co
Aviation Sec of New Eng_
294 294
Bigelow Sanford Carpet.'
8.5
8.5
Preferred
18% 19
Personal Prop Trust
Boston
27
27
Brown Co pref
914
9
Columbia Graphophone___ -----314 314
Crown Cork & lot Seal Corp
1934 194
East Gas & Fuel Assn
88
85
100 88
414% preferred
9034 92%
100 92
6% preferred
Eastern SS Lines
4434 46
1st preferred
19
Economy Grocery Stores_ ------ 10
246 24815
100 247
Edison Elec Ilium
15%
15
Empl Group Mane T C
30
29
29
General Capital Corp
12
12
12
Georgian Corp pref class A_
13
German Credit dr Invest__ ------ 13
20% 22%
Gillette Safety Razor
29
------ 29
Hathaway Bakeries cl A
87
85
Preferred
Internet Hydro-Eleoiric___ ------ 244 24%
30
30
30
Kidder Peabody
Libby McNeal & Libby—- ------ 1011 10%
84 834
Theatres
Loewe
434
4
4
Mass Utilities Assoc v t
78
Mergenthaler Linotype___ ------ 78
294 294
Mfg Co
Mullins
%
17
134
1%
Nat Service Co corn shares
26
2534 25
New England Equity
17% 174 17%
Pub Serv
New England
132% 134
New Eng Tel & Tel_ _100
8% 814
No American Aviation Inc_
2014
100 194 19
Pacific Mills
154 15%
Reece Buttonhole Mach__
4
134 13% 137
Shawmut Assn T C
3014 33
Stone dr Webster
25% 26%
•
Swift & Co new
45% 4614
Torrington Co
19
19
Union Twist Drill
5
534
514
United Founders Corp corn
United Shoe Mach Corp_25 5311 53% 54%
31% 3114
Preferred
411
4
4
S Elec Power
19% 2114
19%
Warren Bros Co new
9 June 154 Feb
200
64 June
321
2% JUDO
1,070 156% June 201% Feb
Mar
14
Jan
7
965
54 Mar
2% Jan
100
Jan
45 204 May 33
Jan
Mar 85
20 80
226 17% June 2134 Feb
Feb
June 66
15 20
634 June 16% Mar
225
Mar
8
50
314 July
17% Jan 27% Mar
623
Jan 89 June
147 77
Jan
315 88 June 95
Sales
Friday
Last Week's Range for
Wee/c.
of Prices.
Sale
Stocks (Continued) Par. Price. Low, Nigh. Shares.
Cent Cold :nor Co corn_ _20
Cent Illinois Sec Co ctfs___
•
Central Ill P S pref
Central Ind Pow pref_..100
•
Cent Pub Ser Corp A
Util corn new •
Cent S
Cent West Pub Serv A...5
Cherry-Burrell Corp corn.*
Chic Investors Corp com.•
•
Preferred
Chic N S & 8811w—
100
Prior lien pref
Cities Service Co com____*
•
Club Alum Uten Co
Commonwealth Edison 100
Community Water Serv*
Construe Material Corp—
•
Common
•
$315 Preferred
Cont Chicago COM—
•
Common
Preferred
•
Continental Steel v t c_ •
100
Preferred
5
Cord Corp
Corp Sec of Chic allot at.*
•
Common
25
Crane Co common
100
Preferred
5
Curtis Lighting Inc corn .
5
Curtis Mfg Co corn
De Meta Inc prof (w w)_ •
1614
20%
93%
11
17
1711
13%
34
11
1634
2014
93%
74
1134
17%
1711
1311
31g
31
10
550
550
50
4,300
900
450
60
2,600
50
634
634 634
284 284
4% 5%
3415 35
534 5%
52
52
734
7% 84
47
48
1434 1414 15%
25
25
25
104 104
5% 514
124 124
8
8
5
34%
34 34
736 8
15% 16%
50
350
26
20
120
950
72
50
24
200
14
250
10
20
50
15
311 1,350
1934
450
5
700
70
20
314 6.950
15%
350
15%
410
4%
100
11%
650
20
98
111
10
30% 36,400
71
800
200
64
200
11%
100
16
65
10%
4931
62%
7
10%
21
914
414
19
65
1014
5014
6414
7
10%
22
94
414
194
30
200
380
100
50
2.200
400
100
100
100
700
9341034
150
3734 38
250
914 94
20
37% 38
24% 25% 1,150
250
164
16
100
2014 2034
1711 18% 47,050
300
9334
92
50
134 134
500
%
%
1,350
18% 19
50
3914 3934
150
14
14
4
2
18
254
95
84
1031
24%
17%
27%
414
314
Mar
Jan
Mar
Mar
Mar
Feb
July
Jan
Feb
Mar
Mar
June 60
May 20% Mar
311 Feb
June
June 2554 Feb
Apr
Jan 12
54 June
Apr
23
10% Jan
324 May
3
Mar
714 July
1534 July
Feb
Feb
Apr
Mar
Apr
Feb
Feb
Jan
Feb
June
Jan
Jan
Jan
7
10% Feb
29% Feb
June 92
May 29
June
434
June 35
Jan 20
Jan
5%
June 284
Apr
614
July 21
64
Jan
June 19%
Jan 18%
June
914
114 July 1634
96
Jan wog
1
June
4
21
June 494
70 June 92%
414 June 134
1014 Apr 2234
14
Apr 23%
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Apr
Jan
Feb
Mar
Feb
Feb
Mar
so
Apr
Mar
Feb
Feb
Mar
Mar
Apr
Feb
Jan
Mar
67
2014
1
18
1331
114
174
314
19
214
1214
114
Jan
1034 Mar
48 June
6234 July
July
9% May
19
June
Mar
6
214 May
154 Jan
7%
35
014
35
23%
15%
17
14%
914
1
34
18%
36
14
75
13%
51
83
16
1414
23%
94
614
20
June 164 Jan
Feb 40
Mar
July 204 Feb
Feb 40
Mar
Jan 3214 Feb
July 23% Mar
Jan 2314 Feb
June 25% Mar
July 100% Apr
May
Feb
4
May
Jan
3
Apr 23
Jan
Apr 4311 Feb
June
14 Jan
Jan 904
79
934 July 100
14% Apr 24
June 97
87
Apr 9614
85
June 10%
Feb
Feb
Feb
Jan
Apr
Mar
190
200
20
10
250
4
2
54
79
134
July
July
May
July
July
534
9
831
93
64
Jan
Feb
Apr
May
Apr
81%
934
20
8711
9014
534
50
10
BO
50
100
3,100
411
234
79
79
14 2
July
Apr
Jan
June
July
June
June
July
Jan
Jan
9,050
414 June 10%
July 40%
1,050 34
7
70
515 June
July 65
10 52
Jan 15
3,350
June 60
500 44
5,650 13% June 21%
460 25 June 404
20 103% July 119
10
8
534 May
50 124 July 18
10
8
July
14
72
234
1
20
15
33.4
19
4%
19
3
144
15%
411
11%
98
1%
28%
70
6
11%
16
8131
934
20
87%
9034
4%
High.
Low.
154
20
91
7031
93-4
13%
17
1334
10 54
54
54
0%
1011 1014 1034 117,550
200
14
14 14
134
850 190%
199% 199 201
100
9
911 9%
Decker (Alf) & Cohn corn •
_5
Dexter Co (The) corn
El Household Util Corp_10
Emp Gas & Fuel
Apr
Jan 98
155 94
100 72
8% preferred
Feb FitzSim dr Con D&D corns 24
June 26
100 16
June 26614 Feb Foote Bros G& M Co____5
134
823 225
Mar Gardner-Denver Co corn •
July 20
640 15
June 394 Apr Goldblatt Bros Inc com_.* 15
195 25
Apr Great Lakes Aircraft A___•
314
834 Jan 12
5
July 1834 May Great Lakes D & D
75 13
• 19
434
289 18% July 38% May GreyhoundCorp(The)com•
Feb Greif Bros Coopge A corn •
15 27% May 34
Jan Grigsby Grunow Co corn.*
July 96
30 85
25 164 June 304 Mar Hall Printing Co corn.,. 10
May Houdallle-Hershey Corp A* 15%
May 40
64 30
94 Jan 13% Feb
100
•
43-4
Class 13
May
9% Jan Illinois Brick Co cap_ _25
7
31
Feb Illinois Nor Mil pref.__100
5
34 Jan
560
Jan Inland UM Inc part A *
June 89
25 76
Feb 2934 July Insull Util Invest Inc
20 10
• 28%
June
3% Jan
1
135
• 7014
2d preferred
Jan Invest Co of Amer com_ •
Jan 30
134 23
Feb Iron Fireman Mfg Co v t c•
June 21
35 15
Mar Jefferson Elsie Co com_ •
June 142
196 129
14
5% Jan 104 Mar Kellogg Sw'bd&Sup—
1,345 15% June 25% Mar
100
Preferred
41 144 Jan 15% Feb Keystone Steel&Wire corn*
Feb By Util Jr cum pref._ _50
183 114 Apr 16
659 2534 June 544 Mar Lawbeck Corp allot ctfs • 6434
294 25 June 304 Jan Leath & Co cum pref._ •
Feb Libby McNeill & Libby_10 10%
157 384 June 47
Feb Lincoln Printing com_
May 30
100 18
•
44 June 10% Mar Lindsay Light corn
690
10
Jan Lion Oil Refg corn
June 58
653 47
•
May Lynch Corp common. *
Jan 324
16 31
Mar
8
232
311 May
165 1414 June 46% Feb McGraw Electrle com_ •
374
McQuay-Norris Mfg
Manhatt-Dearborn corn. *
Mining—
54 June 11% Feb Mapes Cons Mfg cap...'
237
634 714
714
25
Calumet & Hee%
44 June
814 Feb Marshall Field & Co com.•
175
44 514
25
Copper Range
June 304 Jan Mer & Mfrs See Co A corn •
50 25
26% 2631
Island Creek Coal
214 July
614 Feb Middle West Tel Co corn.'
68
24 3
Isle Royal Copper
Feb Middle West Utll new __.* 17%
July 21
40 15
1614 16%
25
Mohawk
Jan
1
5% Mar
134
1,930
111
114
•
$0 cony pref A
North Butte----- ____214
25
9 June 1514 Jan
10%
10
10
Warrants A
P C Pocahontas
3% June 1014 Feb Midland Nat Gus part A..*
1.255
431 6
25
34
Quincy
Mar Midland United Co corn...'
May
65
4
93.4
534 6
St Mary's Mineral Land__ -----Jan 30e June
100
Sc
20c 20c
Convertible preferred_ •
Shannon
114 Jan
14
60 75c June
1
Warrants
Utah Apex Mining
Jan 590 Feb Midland UM—
600 25c
------ 30c 40c
'
Utah Metals & Tunnel
100
6% prior lien
100
7% prior lien
Bonds—
Mar Miller & Hart Inc cony pf•
Feb 81
2,000 71
75
75
Amoskeag Mfg Co1948 75
•
Miss Vali Util 87 pref
Chic Jet ,Sc Un Stk Yds101% Jan 10334 July
•
103% 103% 3,000
1940
$6 prior lien pref
5s
44
MO-Kan Pipe Line cora-5
Mass Street By—
East
June
9.000 2134 Jan 34
284 30
1948
Monroe Chemical—
Series A 4148
•
10214 1024 4,000 10014 Jan 1024 June
Common
New Eng Tel & Tel 1932
June Morgan Litho common_.•
1.000 1024 Jan 104
1024 1024
1944
Swift & Co 58
101
3.000 1004 Feb 10134 Jan Mooser Leather Corp come
101
101
Western Tel ex Tel
Mountain States Pow pf100 79
• No par value. z Ex dividend.
•
Muncle Gear Co A
Chicago Stock Exchange.—Record of transactions at Muskegon Motor Spec—
•
Convertible A
both inclusive,
Chicago Stock Exchange, July 18 to July 24,
Nachman-Springfilled come
Nail Battery Co pref_.._' 29
compiled from official sales lists:
Nat Elec Power A part_ •
Sales
Friday
3
Natl Family Stores corn...'
Range Since Jan. 1.
Last Week's Range for
Nat Pub Ser $34 cony pf• 39
Week.
of Prices.
Sale
corn...'
Nat Secur Inv Co
High.
Low.
Par, Price. Low. High. Shares.
.100
Stocks—
6% corn pre!
.
2711
Jan 3934 Mar Nat'l Standard common'
500 35
Laborat cons__• 3731 3614 3711
Abbotts
June 4134 Feb Nat Term Corp part pf_ •
100 25
2834
2834
Acme Steel Co cal) stk..25
Mar Nat Union Radio Corp. •
7 Slay 1314
100
734 74
74
Ainsworth Mfg Corp com10
Feb Noblitt-Sparks common..'
June 36
110 26
33
30
Altorfer Bros Co cony pf_•
711 Feb North Amer Car com___.• 114
314 May
110
434 5
Amer Equities Co com_ •
Feb No Am Lt dr Pr Co com__• 66
40 88 June 94
89
89
Amer Pub Serv pref. _100
134 Feb Northwest Bancorp cons 50
3/ July
4 1,300
11
31
Am Bad dr Tel St Corp__-•
Jan
1
534 Apr Northwest Util200
211 234
234
100
Amer-Yvette Co Inc corn_•
7% Preferred
84 Feb
4 June
350
434
4
•
Appalachian Gas cons_
7% prior lien pref__ 100
834 Feb
334 Jan
300
511
534
•
10
Parker Pen Co corn
Art Metal Works corn_
June 6134 Mar
150 56
574 5814
Associates Invest Co com..•
Penn Gas & Elm A corn 10
Assoc Tel & Tel—
10 8414 May 8834 Mar Perfect Circle (The) Co__' 354
86
86
.
$6 pre! with warrants_ 5
May Pines Winterfront com_ •
100 964 June 100
9934
98
100
7% preferred
Mar Polymet Mfg Corp com_ •
Feb 70
60 65
67
66
•
Class A
950 204 Apr 2514 Feb Process Corp common_ •
244
24
•
Assoc Tel Utli Co com_
May Pub Serv of Nor Ill—
50 8514 June 88
8514 8514
• 207
Common
37 cumul prior pref_ •
Feb
June 24
350 14
15
100 1284
Bastian-Blessing Co corn.* 1434 1414 214 21,350 14% June 254 Feb
6% preferred
13-4
Bendix Aviation com____• 204 1934
934 Mar Q P.S De Vry Corp corn...'
May
4
10
5
5
-Sinks Mfg Co A cony pl. •
10.450 1454 May 3034 Feb Quaker Oats Co
•
Borg-Warner Corp com.10 1834 1834 2014 1,250 1131 Jan 1734 Mar
Common
1334
13
13
100
Brach & Sons(E J) com.._*
Preferred
14 Jan
Jan
40
%
Bright Star Elec class a.*
July 104 Feb Railroad Shares Corp corn •
4
150
411
4
Brown Fence dr Wire B.. •
Feb Rath Packing Co com__10 154
July 20
50 13
13
13
• 13
Class A
700 1334 May 264 June Raytheon Mfg corn v Ic.•
Bruce Co (E L) common.* 2311 2134 2311
Reliance Mfg Co com__10
Burnham Trading Corp—
Mar Rollins Hosiery Mills—
3
11 July
250
34
*
31
Common
Convertible preferred. •
Feb
14 July
11
400
111
1
Convertible preferred. •
4 June
734 Mar St Louis Nat Mk Yds._ •
2,150
434 5
5
Butler Brothers--------20
731 Mar Sally Frocks Inc corn....
June
4
30
4
4
rftrol I Ilnnatr p.m, nrof *
X
1614
20
91
74
11
16%
17
1314
3%
31
Range Since Jan. 1,
13%
134
29
22
3
39
414
70
2714
4
211
4014
1114
6434
29
1334
614
29
224
4
39
414
70
28%
4
24
4234
1114
68%
294
50
150
220
100
2,050
140
600
250
400
60
100
1,150
100
7.650
2,450
10
534
20
21%
3
38%
34
62
25
4
134
29%
14
61
27%
Jan
June
Mar
June
May
June
June
June
July
July
Jan
June
June
Jan
June
154
114
2911
28
6
47
734
76
344
8
6
47%
31
70%
37
Feb
Feb
July
Mar
Jan
Apr
Feb
Jan
Mar
Feb
Feb
Mar
Feb
Mar
Jan
8434
93%
124
104
35
13
214
884
95
12%
104
354
13
214
4%
40
20
50
50
200
50
100
750
80
89%
10
8
24%
12
2
3%
July 98
Jan 102
July 244
Feb 134
Apr 36
May 2254
si
JR n
Apr
Feb
Feb
Jan
May
Mar
Apr
Mar
June
0
200342 7
1284 12814
14 14
Feb
300 200 June 262
Mar
10 122% Jan 137
514 Mar
750
June
135 139
118% 118%
3
3
1514 1614
5%
5
634 611
220 1184 June 170
Jun 120%
40 113
5
300
24 June
300 14% June 2034
150
334 June 1514
74
Apr
5
250
26
26
66
66
411 4%
100
20
100
25
66
4
July
July
Jan
38
70
9
Jan
May
Feb
Jan
Mar
Jan
Feb
June
Mar
1
JULY 25 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Seaboard Public Service
$334 convertible pref....
.
Seaboard UHL Shares Corp*
South'n Union Gas com_ _•
So'west Gas & El 7% p1100
Southwestern Lt & Pw Pf *
Standard Dredge
Convertible pre(
.
Standard Telephone pref.*
Storkline Furn cony pf__25
Swift International
15
Swift & Co
25
Tel Bond & Share A
•
Thompson (J R) coin_ _25
12th Street Stores pref A *
Twin Sts Nat Gas part A..*
Unit Corp of Am pref._ *
United Amer Util Inc corn •
U 8 Gypsum
20
US Radio & Telev com__•
Utah Radio Prod com_
•
Utll & Ind Corp corn
•
Convertible preferred_.•
Viking Pump Co
Common
•
Vortex Cup Co corn
•
Class A
*
Wahl Co common
*
Walgreen Co common_ _..*
Ward Sc Co (Monte) A_ _s
Wayne Pump Co
Convertible preferred_ •
Western Grocer Co com_25
Weetern Pow Lt& Tel cl A.
Wisconsin Bank Shs com 10
Yates
-Am Mach part pt._
Zenith Radio Corp corn_*
1636
2334
531
234
High.
10
1,100
1,200
10
40
40
336
534
9036
84
June
Jan
June
June
July
48
Feb
536 Jan
12
Feb
9834 Mar
9434 Jan
8
50
7836
130
1036
20
3436 2,000
2636 4,450
54
50
1634
100
8%
10
34
100
134
100
534
150
38
850
2634 34,100
300
234
6
1,160
1734
550
436
7834
6
2934
2434
5136
15
8
%
1
334
33
1234
2
434
15
June
June
June
June
June
May
June
June
Apr
July
May
June
June
June
June
Jan
16
Jan
80
May
14
Apr
4036 Apr
3034 Jan
5534 Feb
34
Mar
11
Feb
2 w Jan
1236 Feb
9
Feb
49
Mar
3434 Mar
5% Feb
934 Feb
1934 Feb
8
1634
24
1
16
93
Feb 1234
June 23
June 29
June
4
June 2936
July 10434
Mar
Mar
Feb
Apr
Mar
Apr
1334 1336
1134 1234
2234 2336
5
534
3
3
3
23.4 234
1036
3334
26
534
1734
Low.
834 814
50
18
19
150
2534 2636
250
136 134
100
12,650
1634 18
94 100
110
731
3536
2334
4434 4434
336 336
7% 8
93
93
84
8434
Range Since Jan. 1.
10
1134
20
5
2
234
Apr
July
June
May
June
July
Feb
Mar
July
Jan
Feb
Feb
6
7836
10
3334
2534
54
1634
834
36
134
5
353.4
2336
254
534
17
Bonds
Chic City Ry Is ctfa_1927 61
61
6134
Chic Ry 5s ctts of dep_1927 6334 63
6336
COmmonw Edison
58 series B
1954
10834 10834
Gary Elec & Gas 55 A.1934 98
98
98
Instill Util Inv 68
1940 84
84
86
Pub Serv Co let & ref 5s'50
ioag loam
Southern Un Gas 6368 1939
80
80
• No par value. z Ex-d V. y
Ex-rights.
10
380
750
1,550
150
100
$2,000
2,000
5936 May
57 June
28
15
2334
694
9
534
7234 Mar
7334 Mar
4,000 10534 Jan 10834 July
10.000 98
July 98
July
59,000 75
June 94
Fell
1.000 1023.4 Jan 10534 July
21,000 80
July 80
July
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Per. Price. Low. High. Shares.
Low.
High.
3% June
8034 July
127
May
15 June
12
June
10
May
1634 June
2934 June
33.4 May
836 May
60 June
20
July
834 June
82 July
24
June
5936 Jan
96
July
25 June
57
Jan
434 May
736 June
15
July
7134 June
18034 Jan
70
July
9.20 Jan
14
Jan
1434 May
9434 June
734 July
4
Jan
6
July
92
July
93.4 June
31
June
434 May
23.00 Jan
11
May
10
Jan
30
July
18
July
336 June
20 May
1134 June
10236 June
16
July
50
Apr
4
July
68 June
18
Jan
9 June
10
Jan
40
July
73 June
334 Jan
25
May
2934 June
7 June
77 June
934 July
434 May
30
Jan
1354 Feb
8034 July
15136 Feb
22
Jan
2834 Max
1534 Mar
26
Feb
4434 Feb
734 Jan
1834 Max
70
Jan
3036 Mat
14
Jar
9234 Jar
3636 Fel
6334 Am
120
Jar
45% Fet
64
lila
10
Jar
1234 Fel
I734 Mai
187
Mal
187
Api
95
jai
13.40 Jun,
2434 Ap
2934 Ma
1073.4 Fel
1234 Jai
12
Fel
8.70
Ap
103
Ma
2034 Ma
46
Ap
1036 Fel
2836 Ap
1434 Ma
1436 Ma
32
Jai
40
Ma
1016 Jai
26.30 Ap
1734 Jo
126
Ja
21
Ma
60
Ma
514 Ma
9234 Fe
2836 Ma
16
Ja
1134 Jul
40
Jul
9234 Ja
934 Me
4234 Fe
3654 Fe
13
Jo
90
At
1234 is
834 Fe
45
Mi
1
WO.V.
_
1 199
205
I 239
1 236
1 217
May
May
Jun
June
Jan
231
224
302
291
238
1 195
t 3434
) 113
B 105
B 210
July
Feb
Mar
July
June
216 13fi
37
July
119
July
110
A or
235 I M
.11 -r . '
7
4- -
198
37
119
105
221
Mi
is
M,
M,
M,
Toronto Curb.
-Record of transactions at the Toronto
Curb July 18 to July 24, both inclusive, compiled from
official sales lists:
Goodyear T & Rub com •
Hamilton Bridge corn_ _ .
Imperial Tobacco ord
5
Montreal L 11 & P Cons.:
Pelissier's Ltd pref
100
Rogers Majestic Corp A._•
Robert Simpson pref_ _100
Ruddy ez Co R. L pref_ _100
Service Stations com A ___•
Preferred
100
Shawinigan W Sc Pow_ __ _.
Stand Pay & Marls com.._•
Preferred
100
Tamblyns Ltd G corn -•
'rhayers Ltd pref
•
Toronto Elevators cons....'
United Fuel Invest pref100
Waterloo Mfg A
•
Oils
Ajax 011 Sc Gas Ltd
1
British American Oil
•
Crown Dominion WIC°. •
Imperial Oil Ltd
•
International Petroleum...
McColl Frontenac 011 corn.
Preferred
100
North Star 011com
I
Superteet Petrol ord
•
Union Nat Gas Co
•
12
13
4
6
12
13
1734
334
26
70
836
3236
6534
6
4
283.4
83
6
1236
1334
18
4
26
70
9
3336
6534
6
435
2836
83
100 105
8
836
934 936
4434 45
30
30
1034 1034
106% 10634
75
75
75
10% 10% 1134
7034 7134
4234 4236 4234
6
5
736
71
71
49
49
49
22
22
11
11
11
27
27
334 331
8
936
1034
1254
12
11
1.18
1036
3
1136
1134
1234
7654
2.50
17
10%
10
760
110
35
70
25
10
150
45
60
100
50
100
1
Range Since Jan. 1.
Low.
6
8%
1036
1436
234
25
62
8
28
6534
3
4
2836
80
6 70
55
7
135
9
115 3
834
10 25
40 10
5 103
25 75
1,096
934
40 54
55 35
585
5
12
5
130
15
100
July
Jan
May
June
May
June
June
May
June
July
May
July
July
Feb
High.
12
1334
1634
20
6
31
7836
1234
5534
8136
736
1136
40
83
Feb
Apr
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Mar
July
June 119
Jun
20
June 1031
May 6834
Feb 30
June 163.4
June 109
July 84
May 3636
May 9034
June 59
July 16
Mar
Mar
Mar
Mar
July
Mar
Apr
Mar
Feb
Jan
Mar
Mar
2r% June :3
18
Jan 3n
936 Jan
27
July
2
May
JUT;
Apr
15
Mar
65
Jan
734 Feb
1.68
163.4
636
1834
1534
2234
80
6
3236
16
1.18
1134
336
1236
1236
1234
7654
2.50
17
11
300
1,410
455
1.317
2,005
100
10
100
140
392
1.14
8
2
10
834
936
69%
2
1231
936
4
4
41c
41c
18.50 20
66'
650
6.50 6.75
2.70 2.75
30
500
2,570
300
470
1,005
236 May
250. May
14
Jan
535
Jan
6.30 May
1.94 Jan
June
May
June
June
June
June
June
May
May
June
Feb
Jan
Mar
Jan
Jan
Feb
Juno
Mar
Jan
Jan
Unlisted
-
Macassa
Noranda
Sylvanite
'reek Hughes
Wright Hargreaves
5
• 41.3.
* 18.60
1 6613
1
•
•No par value.
Range Since Jan. 1.
mmmm ..000.00.00001,000mmN00.N0=000
0000000000000.0
M
mm,,m
0
.
NN000N1,MVC.n01-.000 00M 0
00..00MMMMN NN.M
N
0VMN0. .no0VNO.N. NVMM.V0 NWO
•
.4
Loan and Trust
Can Permanent Mort.-100 198
195
Economic Invest Trust..
5037
Ontario Loan & Debe_ -50
119
Real Estate Loan
100
105
m.senot. ncnerai Trusts 100 220
220
• No par value.
v;
205 2
0834
208 209
26136 26534
24434 246
21936 221%
...;
205
208
26136
245
22134
..
100
100
100
100
100
Vr
Banks
Commerce
Dominion
Montreal
Royal
Toronto
Beath Sc Son W D "A" •
Canada Bud Brew corn..•
Canada Malting Co
•
Canada Vinegars com_
•
Canadian NI, Merles
*
Consolidated Press A_
•
Cons Sand Sc Gravel pf _100
Distillers Corp Seagrams_.
Dominion Bridge
•
Dominion Textile corn...,..*
Dufferin P & Cr Stone com•
Durant Mot of Can com_10
English Elec of Can A_
•
Farmers Dairy pret_ __100
coast Connor
Toronto Stock Exchange.
-Record
transactions at
the Toronto Stock Exchange July 18 to of
clusive, compiled from official sales lists: July 24, both in-
Abitibi Pr Sc Paper corn_ •
4
4
7% preferred
100
8034 8031
Bell Telephone
100 139
13834 13936
Brantford Cordage let p125
19
19
Brazilian T L & Pr corn„. 1836
1836 2134
•
1036 1134
Building Products A
• 2134 2136 22
Burt F N Co corn
25 3534 35
3534
Canada Bread corn
•
434 4%
434
Canada Cement cons
.
10
10
Canada Wire dr Cable A • 64
64
64
B
•
20
2033
(Janad Canners cony pf _ •
1034 1034
let prof
100
8336 8336
Can Ddg de Dock com_
•
2936 2934
Can Gan Elec pref
51)
6234 6234
Canadian Oil pre!
100 96
96
96
Canadian Pacific Ry.-100 2536
253.4 27
City Dairy corn
*
6134 62
Cockshutt Plow com_
*
534 536
Consolidated Bakenes. •
10
10
Consolidated Industries_
1534
15
1536
Cons Min & Smelt
25 95
94 100%
Consumers Gas
100 184
184 184
Cosmos Imp Mills pret..100
70
70
Dome Mines Ltd
• 11.85 11.60 11.85
Dominion Stores corn
•
22
2234
Ford Cool Canada A._ __. 1634
1634 1754
Goodyear T & 12 pret__100
10134 102
Gypsum Line & Alabas_.
8
734 834
Hays Wheels & Fore com_•
6
6
lioLlneer Cons gold mines 5 6.05 6.00
6.20
Inter Milling 1st pret__100
92
95
Inter Nickel cons
• 1334
1334 1434
Inter Utilities A
• 3234 3236 33
13
5
74 7%
Lake Shore Mines
1
26.25 26.25
Loblaw Groceterias A_ _ _.• II%
1134 12
13
•
1136 1134
Loew's Theatres M corn 100
30
30
Maple Leaf Mill pref.- _100
18
18
Massey-Harris common...
436
434
McIntyre Porcupine M ine5 21.90 21.50 21.90
Moore Corp common__ •
1236 1236
B
100
112 112
Ont Hetet, Life 10% pd_100 15
15
15
Orange Crush 1st pret_ -100
53
53
2d preferred
•
4
4
Page-Hersey Tubes com_ _• 8036
7954 81
Photo Engravers dr Elec_• 24
2334 24
Riverside Silk Mills A. •
1216 1234
St Lawr Paper Mills ptd100 1134 1134 1134
Simpson's Ltd A
•
40
40
Preferred
100 80
80
80
Standard Steel Cons com •
4
4
Steel Co of Canada com...• 2834 28
29
Preferred
25 3334 3334 3354
Tip Top Tailors com
•
734
734 7%
Preferred
100
82
82
Traymore Ltd pref
20
93.6' 10
Walkers-Gooder'm Worts •
5
5
536
Weston Ltd Geo aim_ _ _ _ • 39
37
39
Stocks
-
615
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
1034 Feb
55e. Apr
29.65 Mar
1.10 Apr
8.65 Apr
3.18 May
Philadelphia Stock Exchange.
-Record of transac
at Philadelphia Stock Exchange, July 18 to July 24, tions
both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Foreign Securities__ ______
2834 3134
Bell Tel Cool Pa pret__100
11734 118
Budd (E 0) Mfg Co
4
434
*
4
Preferred
40
40
Budd Wheel Co
934 034
Camden Fire Insurance_
______
1834 1834
Fire Association
10 1734
1734 1734
Horn Sc Hard (NY)come
39)6 3934
Preferred
100
10434 104%
Insurance Cool N A__ _10 5334 5234 54
Lake Super Corp ate of dep
454 5
Lehigh Coal & Navigation
New when issued
2234 2234
Mitten Bank Sec Corn Pf6% 636
Penn Cent L & P cum prof•
7834 7851
Pennroad Corp
6
656
Pennsylvania RR
50
46% 48
Phila Elec of Pa 115 pref.
10536 105%
Phila Elec Pow pre(
25 3334 3334 3334
Phila Rapid Transit
7% preferred
50
2536 2634
Railroad Shares Corp
3% 3%
Reliance insurance
10
434
436
Seaboard Utilities Corp..
356
334
Shreve El Dorado Pipe L 25
434
434 434
Telephone Security Corp__
36
36
Union Traction
50 24
24
2436
United Gas Imp corn new • 2834 2854 30
Preferred new
•
10531 10534
US Dairy Prod cons cl 13.•
11
11
Victory Ins Co
534 5%
Warner Co
• 2336 2334 2334
BondsElec Sc Peoples tr cgs 4s'45
37
37
Lehigh Power Sc Light 6s_
10434 1044
Penn Cent L Sc P 434s._ _
97% 9734
Penn Pow & Light 4%a '81_
08
9834
Pennsylvania RR 436s 1981
9034 98
Philo, Electric (Pa)
1st Sc ref 4s
1971
98
9834
let 5s
1966
10836 10936
Phila Elec Pow Co 536s '72
107 10756
Strawbridge & Cloth 5s 48
9734 9736
York Railways 1st 5/1_1987
10936 10034
• No par value.
Range Brice Jan. 1.
Low.
High.
385 2234 June 5334 Feb
400 11554 Jan 11834 Mar
1,800
2% June
536 Feb
45 35
May 51
Jan
600
7
Apr 1234 Feb
100 163.6 June 2936 Mar
700 1536 May 2434 Feb
300 3436 Jan 4436 Apr
30 100
Jan 10434 July
1,000 45 June 6334 Mar
200
2% June
9
Jan
600
500
1934 June
536 July
60 75%
3,800
434
1,800 4236
100 101
500 3236
500
110
100
240
200
25
500
10,700
100
100
100
300
16
336
434
3%
134
36
20
2534
9836
834
436
20
$3.000 30
1.000 101
6.000 95
16.000 9734
17,000 8734
2736 Feb
1334 Jan
Feb 81
Mar
June
836 Feb
Juno 64
Feb
Fob 10634 July
Jan 3336 Mar
Apr 3834
May
534
June
734
May
5%
Jan
53.4
July
2
Apr 3134
Jan 3736
Jan 106
June 15
Jan
736
June 3236
May
Feb
Mar
Feb
July
Mar
May
Mar
May
Feb
Apr
Feb
Jan 45
May
Feb 10634 Apr
Apr 9756 June
July 9834 July
May 9954 June
21.000 9434 Mar 9934
16.000 10734 Jan 110
12.000 ma% Jan 10734
7.000 9336 Jan 98
2,000 9736 Jan 101
June
May
Mar
Jan
Apr
Baltimore Stock Exchange.
-Record of transactions
Baltimore Stock Exchange, July 18 to July 24, both at
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
36%
• 36% 36
Baltimore Trust Co
10 2834 28% 29
Black Sc Decker corn
10
•
10
Ches & PotTel of Balt p1100 11734 117 117)6
Commercial Credit
17
•
17
Preferred
25
25
25%
Preferred B
25
25
25
Consol Gas, E L& Pow.--• 88
8736 8854
6% preferred ser D._100 11136 111
11134
534% pref w I ser E_ _100
11034 11034
5% Preferred
100 10633 10636 107
Consolidation Coal
3
_100
3
Eastern Rolling Mill
•
636 7
Emerson Bro Seltz Awl....
28
2835
Fidelity Sc Cu Fire Corp. 10
25
25
Fidelity Sc Deposit
13736 140
50
Finance Co of Amer A..._
9% 9%
951
Range Since Jan. 1.
Low.
185 3436
310 2734
75
634
55 113
5 17
197 21
137 2135
62 79
ao 110
25 10836
57 1023.4
40
136
54
634
30 28
6 20
aa 130
18
7
June
June
May
May
July
Jan
Jan
June
Jan
Jan
Jan
June
July
July
June
June
Mar
High.
42
3234
15
11836
22
25%
25
Feb
Feb
Feb
Feb
Mar
July
July
lioq Feb
11236 June
111
June
107
July
6
Apr
12
Feb
3234 Jan
32
Feb
165
Mar
1034 Max
[VoL. 133.
FINANCIAL CHRONICLE
616
&ries
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Finance Service com A.._10
First Nat Bank w I
Mfrs Finance 2d pref_.._25
Maryland Cas New w l___
Maryland Tr Co New w I__
Monon W Penn P S pref _25
Mort Bond & Title w 1_
New Amsterdam Cas Ins__
Northern Central
*
Penna Water & Power_
50
Union Trust Co
U S Fidelity & Guar new_10
West Md Dairy Inc pref_*
Western National Bank_20
18
2735
17%
34
Bonds—
Baltimore City Bonds
1954
45 annex Impt
Benesch I & Sons Inc w 1'39
.
C,onsoI Gas gen 4M a _ _1954
Lake Roland let 5s___1952
Safe Harbor Wat Pow 4358Un Porto Ric Bug 634e 1937
United Ry & E 1st 4s_1949
1949
Income 4s
Wash Balt & Annap 5s 1941
6
41
7
1934
28
25
834
2835
8934
60
52
1734 1931
9834 9831
34
34
8
40
8
18
28
2431
631
2734
8934
60
52
10431
83
1083.4
76
9935
50
4331
1934
1435
200
93
31
907
85
85
358
784
228
25
100
1,721
10
16
at
Cincinnati Stock Exchange.—Record of transactions.
Cincinnati Stock Exchange, July 18 to July 24, both inclusive, compiled from official sales lists:
Range Since Jan. 1.
High.
Low.
5%
3834
4%
18
28
24
535
2735
8534
53
51
1731
94
33
June
June
Jan
June
July
June
Feb
July
Jan
June
June
July
Jan
Apr
10
50
8
38
32
2531
7
3635
90
70
82
37
9935
38
May
Feb
Feb
Feb
Feb
Apr
Jan
Feb
May
Feb
Jan
Feb
May
Jan
$600 10035 Jan 10535 May
10434
July
Jan 83
3,000 70
83
Feb 10631 July
1,000 101
10631
Mar
Jan 80
7,000 75
76
9934 10,000 9735 July 9935 July
Apr
Mar 67
2,000 50
50
8,000 4235 Jan 5031 Feb
44
Mar
1931 4,000 1731 Jan 28
Jan
May 35
21,000 12
15
•No Dar value.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Stocks—
Jan
437 2835 June 45
2834 2735
Am Laundry Mach corn 20
Feb
175 1534 June 37
2131
21
Amer Rolling Mill com_25 21
AIR
110
18 10334 July
10334 10935
Champ Ceat Pap 1st pi 100
•
34
Si
Cincinnati Car B
1
131 '1a y
Feb
94
5
3 9 10034 AprFe 104 13, eb
CM Gas & Elec pref100 10235 10235 103.34
Jan
92 3434 June 40
3435 35
Cincinnati Street Ry-__50 3435
453 92M July 9935 Mar
50 92g 92M 94
& Sub Tel
Gin
June
734 8
•
Dow Drug corn
4% jab
rnMal
431 Feb 17
7
9
3
268
1
1
534 534
Eagle-Picher Lead co 20
Jan
1
Jan
1
85
•
Excelsior Shoe corn
Jan
50 92
92
92
Fenton United pref_ -100
Jby
. .1ab
42
91x 7uln
June 102
114 31
3635 38
*
Hobart Mfg
May
809 1834 Jan
2835 3034
•
Kroger common
June
37
10035 101
100
Lazarus preferred
2355
193h
20
20
•
Newman Mfg Co
Proctor dr Gamble—
Jan
May 71
843 80
65
84
• 64
Common new
Feb
Feb 185
3 170
175 175
100
8% prefe
preferred
Feb
77 10934 Jan 110
110 110
100
p 6% pref
oilreferred
Jan
June 85
10 60
68
Pure
67
100
Feb
3% Feb
5
805
4
*
Randall B
July 465
5 32
34
32
* 32
Rapid Electrotype
Jan
July 93
85
3 85
85
100
WurlItzer 7% pref
Pittsburgh Stock Exchange.—Record of transactions at • No par value.
Pittsburgh Stock Exchange, July 18 to July 24, both inSt. Louis Stock Exchange.—Record of transactions at
clusive, compiled from official sales lists:
St. Louis Stock Exchange, July 18 to July 24, both inclusive,
Sales
Friday
compiled from official sales lists:
Range Since Jan. 1.
Week's Range for
Stocks—
Last
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
•
Allegheny Steel
Ark Nat Gas Corp pref__10
•
Armstrong Cork Co
*
Blaw-Knox Co
10
Devonian Oil
Hachmeister Lind Corp__*
Harbison Walker Ref____•
Independent Brewing pf_ 50
Jones & L.qu'gn Steel p1100
Koppers Gas & Coke 00 100
•
Lone Star Gas
5
Mesta Machine
Nat Fireproofing prof_ __50
50
Brewing
Pittsburgh
•
Pittsburgh Forging
Pittsburgh Plate Glass.. 25
& Bolt Corp..•
Pittsb Screw
5
Plymouth Oil Co
•
Shamrock 011 & Gas
United Engine & Fdy____*
Waverly Oil Wks, cl A___*
Unlisted—
Leonard Oil Developm1.25
Lone Star Gas, pref. _109
West Pub Service v 1c__•
Bonds—
Independent Brewing 6/1'55
pit rahnrgh Rrewinc Ss 1949
635
2054
1834
1834
2536
9635
1835
27
24
731
35
935
32
635
7
30
635
2034
18
5.
1835
2534
3
119
9534
11334
30
634
21
1854
5
1874
2534
3
11931
97
18
27
24
5
731
35
10
9
3
32
5
2734
24
5
734
35
10
935
5
32
635
75c
75e
101 101
734
7
55 2934
535
435
260 18
531 1834
434
10
340 10
10 2431
2
68
20 117
225 9535
3,840 1431
275
220
15
715
105
10
45
830
115
125
June 4835 Feb
Jan
7
May
Jan
May 30
June 2931 Feb
Apr
8
May
Jan 2035 May
Feb
June 44
5 June
May
June 12234 Apr
July 10234 Mar
Feb
May 29
25
2236
234
7
2834
935
634
3
32
2
June
June
June
June
June
June
May
July
July
June
500 50c
30 100
6
1,990
.
3134 3134 111,000
1,000
81
81
High.
Low.
Apr
Jan
June
Apr
Feb
1531 Feb
1934 Feb
1234 Feb
Feb
38
734 Feb
37
33
636
1331
4235
June
134 Apr
Mar
Apr 108
June 1434 Feb
June
31
7934 July
3134 July
8235 Ma/
*No Dar value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, July 18 to July 24, both inclusive, compiled from official sales lists:
Stocks--
DU4.5
!Tway
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aetna Rubber,common_ •
Central United Natl. _20
Chase B & C pref ser A_100
•
City Ice & Fuel
100
Preferred
Cleve Elec III 6% pref_100
100
Cleve Ry cite dep
•
Cleve Sec P L pref
100
Cleveland Trust
Cleve Un Stkyds com_ •
Cleve & Sandusky Brew100
Dow Chemical common_ •
100
Preferred
4
4
54
54
102 102
3235
32
80
80
11334 11334
7034
6935 89
131
131
290 200
1531 1534
335 4
42
42
10435 10435
52
52
Elec Controller & Mfg com*
6
•
6
6
Enamel Products
9
•
931
9
Foote-Burt common
1035
• 1034 10
Prs Steel
Fostoria
_ ,* 2031 2034 2031
Grief Bros. Coop cl A__
290 291
Guardian Trust Co_ _ _ _100 290
94
94
Halle Bros preferred_ _100
88
87
Hanna MA $7 cum pref _ _ • 87
15
15
•
common
Harbauer
75
75
100
Higbee Id pref
1234
12
•
India Tire & Rub com_
39
39
Interlake Steamship com_• 39
9
9
•
Jaeger Machine corn
2734 28
Kelley Isl Limo dr Tr com_• 2735
2% 2%
common*
Mohawk Rubber,
134 134
Natl Carbon preferred_100
16
15
National Refining com_ -25
121
121
100
Preferred
435 534
National Tile common_ •
9
9
100
National Tool pref
231 231
•
Nestle-LeMur corn
2434 2434
Corp cl A_ •
Nineteen Hun
3834 3734
•
Ohio Brass B
103 103
100
Preferred
2431
24
•
Patterson Sargent
3
3
3
10
Peerless Motor com
5934 60
60
*
Richman Bros com
9
8
8
9elberling Rubber corn_ _ _*
50
50
100
Preferred
1434 1434
•
gelby Shoe corn
8131
60
3herwin-Willlams com _ _25
10531 10534
100
AA preferred
101
101
3td 011of Ohlo pref._ _ -100
9134 9134
Trumbull-Cliffs Furn pf 100
18
15
Union Metal Mfg com _ —•
61
60
25 60
Trust
Union
8
Tool*6
Vlchek
1231 1035 12M
Weinberger Drug
99
99
pref _ _100
White Motor Sec
47
47
•
Youngstown 6 dr T
89
80
100
Preferred
.
Bonds—
nvneel.mi Re its
1933
• No par value.
10
475
15
122
1
8.5
857
285
55
80
100
15
60
Range Since Jan. 1.
Low.
High.
5
63
106
3731
8935
114
84
231
325
17
5
5134
10531
Feb
Feb
Apr
Feb
Apr
Apr
Mar
Jan
Jan
Jan
Mar
Mar
Jan
June 65
6
Jan
June 16
1134
May
June 22
July 330
July 9834
Juno 94
July 19
July 9734
Feb 1535
38 June 60
834 June 1534
2735 July 35
8
234 July
130 June 138
July 2235
15
July 135
121
8
May
4
July 25
9
3
Mar
2
2331 June 4434
Jan
Apr
Mar
Jan
Feb
Feb
Apr
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Feb
July
71
1073.4
2834
4
7835
1035
50
1834
5834
109
10234
104
3435
75
10
1535
104
47
10134
Feb
Mar
Feb
Jan
Feb
May
May
Feb
Mar
Jan
July
Feb
Mar
Jan
Mar
Jan
Jan
July
Jan
2
5135
102
30
7731
11131
67
131
279
15
215
3435
10135
June
May
June
June
Jan
Jan
June
July
June
Jan
June
June
Feb
35 45
534
100
7
30
8
170
150 1731
5.5 288
5 95
80 8835
50 15
16 75
45
831
50
200
269
120
25
190
27
100
10
25
.255
281
9
170
250
578
427
5.5
120
65
70
50
10
110
571
10
60
25
54
5
9994 9934 $10,000
.32
10531
2235
3
52
431
32
954
52
104
101
9134
16
5731
1
53
1035
98
47
85
June
Jan
May
May
June
Feb
Feb
May
June
Apr
June
July
July
June
June
July
June
July
June
9931 June 10034 Mar
Stocks—
oates
'Tway
Last Week's Range for
Week.
of Prices.
Sole
Par. Price. Low. High. Shares.
.
First National Bank _ _ _20
Franklin-Amer Trust_ _100
Mercantlle-Commerce Bk
100
dr Trust Co
Miss Valley Trust Co_100
St Louis Union Tr Co_ _100
•
Alligator common
•
Boyd-Welsh Shoe
100
Brown Shoe corn
*
Burkart Mfg com
*
Preferred
•
Consol Lead & Zinc A_
•
Corno Mills Co
5
Curtis Mfg com
100
Elder Mfg A
Ely & 1Valk Dry Gds corn25
Hamilton-Brown Shoe_ _25
International Shoe corn_ _•
100
Preferred
•
Johnson-S-S Shoo
59
149
62
63
149
180 185
202 207
455 455
4
4
10
16.
4434
44% 42
2% 2%
11
11
2
2
2235 2235
13
13
59
59
13
13
5
4
53
4935 52
50
109 109
30
30
202
455
1234 12%
•
Key Boller EquIpt
98
98
Laclede Gas Light pf _ _100
25
25
20
Laclede Steel Co
2535 28
Machine com__25 26
Landis
3834 3935
•
McQuay-Norris
21
21
Mo Portland Cement_ _,.25 21
1834 1835
*
National Candy com
535
535
Rice-Stix Dry Gds com_*
6
6
-V-B D G com _ _25
Scruggs
6
8
*
Scullin Steel pref
17
17
*
Sleloff Packing corn
12235 12334
Southwes Bell Tel pref_100 123
1435 1531
Stix Baer & Fuller com_' 1531
134
134
134
St Louis Pub Serv com___•
1435 15
Wagner Electric com-100 1435
Miscellaneous Bonds—
Serial
Scruggs-v-B 7s
85
85
Range Since Jan. 1.
Low.
High.
51 5835 July 70
July 200
81 149
31
60
5
100
50
297
25
10
100
4
100
10
20
150
2235
3
20
188
June
200 June
July
455
234 June
July
16
3335 Feb
234 July
9
Apr
135 June
2131 Apr
11
June
58
July
12 June
4 June
4631 June
10535 Jan
25
Jan
198
22434
490
8
18
44%
4
12
3
2431
1735
60
18
7
53
109
37
Mar
Jan
Jan
Mar
Apr
Mar
Feb
July
May
Apr
Mar
Mar
Jan
June
Jan
Feb
July
July
Jan
Jan
5 1234 July 25
May
July 101
20 98
Mar
150 20 June 35
Mar
75 24 June 30
350 35% Feb 3934 July
Apr 2934 Mar
312 20
Mar
150 1735 June 22
83.4 Jan
5
Apr
50
6
July
July
6
14
9
July
Jan
6
10
July 18
June
100 17
46 11734 Jan 12335 July
Jan 153-4 July
970 11
Feb
May
4
1
100
Mar
175 1236 May 19
$500
60
June
9235
Jaz
•No par value.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, July 18 to July 24,
both inclusive, compiled from official sales lists:
Stocks—
Sates
Friday
Last Week's Range for
Week,
of Prices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
15734 180
Anglo London P Nat Bk_
1434 16
Alaska Juneau Gold Mine_
635 635
_
Bond & Share Co, Ltd__ _
331 335
Byron Jackson
13
13
13
Calamba Sugar
1434 1435
Calaveras Cem't Co 7% pf- 1434
2234 2235 24
Calif Packing
2334 2334 2474
Caterpillar
3135 33
33
Crown Zeller pref A
3134 33
33
Preferred B
4
334 4
Voting trust ctfs
1834 1836
DouglasAlrcraft
113.4 1135
•
Eldorado 011 Works
231
234
234
Fageol Motors 7% pref
80
80
Flremans Fund Ins
1534 1831 16
Food Mach Corti
33
3335
Galland Merc Laundry
13
13
Golden State Co Ltd
4034 4131
Hawaiian C & S Ltd
2735 2735 29
Hawaiian Pineapple
15
15
15
Honolulu Oil
635 635
Leighton Ind A
134
131
Ind B
831 8%
Leslie Calif Salt
11035 109% mg
Los Angeles Elea pref
53.4
534
531
Lyons Magnus A
25 155 June 17931 Jan
1,200 11% Apr 20 June
534 June 1031 Feb
100
736 Feb
3 May
375
100 1231 June 16
Jan
360 70
Mar 70
Mar
918 2034 May 52
Feb
3,228 2134 June 52
Feb
180 19
May 5434 Jan
May 5334 Jan
120 19
1,674
234 May
834 Jan
100 1734 May 2331 Mar
115 1034 June 15
Feb
670
2
Feb
3
Feb
45 72 June 90
Feb
865 15
May 36
Feb
Jan 3934 Feb
410 27
107 13
July 1535 June
130 33 June 45
Feb
252 25 June 4134 Jan
118
9
May 2834 Jan
15
Apr
9
274 Feb
154 Mar
65
134 June
225
6
June 1131 Mar
230 wag Jan 110% July
100
534 July
63-4 Feb
2
231
1134 II%
3735 40
28
30
735 834
17
18
2631 27
2931 2974
4835 4734
10
10%
2234
22
1734 18
1231 1254
5334 54
104% 10535
13235 133
3735 38
12234 123%
635 7
1131 1131
9
9
3635 3734
17SC 111U
334 Mar
131 Jan
2,800
230 11
Feb
June 18
40 35 June 8335 Jan
July 7835 Jan
50 28
1,320
434 Apr 1274 Feb
93 1535 June 2235 Mar
July
1,051 2434 Feb 27
3,981 2634 Feb 2934 July
June 54% Mar
3,107 38
994
834 Apr 1134 Apr
3,007 18% June 28
Feb
Apr
1,582 1534 June 21
Jan
200 1534 Apr 14
391 4835 June 68,11' Mar
120 100% Jan 10534 Mar
30 12034 Jan 133 i July
790 3335 June 50311 Mar
114 11531 Jan 124 i.Mar
434 May 1030 Feb
4,704
330
934 May 1335i mar
Apr 1034, Feb
9
200
4,063 315-4 June 513.4i Feb
,
and 1514 Tnna 9 10.4 VAT
Magnavox
Magnin ILLS
No Amer Inv 6% pref
535% preferred
No Amer Oil
Occidental Ins
Pac Gas 534% pref
8% let pref
Pacific Gas
Pao Pub fiery now corn w L
A
New when Issued
Pacific Finance
Pacific Lite
8% preferred
Pac Tel 6% pref
Paraffin. Co
San J L & Pow 7% pr pref
Shell Union
So Pac Golden Gt B
Spring Valley Water
Stand 011 Calif
Stand 011 N Y
2
40
27
2931
4635
1034
22
1735
1231
38
3
831
Sales
Friday
Last Weeks. Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Tidewater assd
6% preferred
Transamerica
Traung;Lbl Litho A
Transamerica Corp no var.
Union Oil Assoc
Union Oil Calif
Union Sugar
7% preferred
Wells Fargo Bank
West Amer Fin Co 8% pf.
WesternPipe Steel
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
4
555
534 6
205 3854
44
5134
6%
74 754 10,100
20 15
17
17
7
751
7
731 10,465
1534 154 154 1,055 1354
1634 16% 1754 1,203 144
14 2
154
700
15
15
200 154
10 230
250 250
2
2
980
2
234
2231 23%
23
897 1454
High.
June
84
June 6954
June 18
Jan 18
July
74
Apr 24%
Apr 26 34
June
44
July 21
June 275
Jan
54
Jan 284
Feb
Jan
Feb
Feb
July
Feb
Feb
Mar
Apr
Jan
Mar
Apr
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, July 18 to July 24,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Assoc Gns & Elec A
•
10
Boise Chica 011 A
Broadway Dept St pref 100
California Bank
25
Central Invest Co___100
__100
Citizens National Bank_20
Claude Neon Elec Prod_ _•
Commercial Disc coos_ _25
Douglas Aircraft Inc
*
Globe Grain & Mill corn 25
Hal Roach 8% Pret__ _25
Hancock 011 corn A__ _ _25
Internet Re-insur Corp_10
Los Angeles 0 At El pf _100
Los Angeles Invest Co__10
Pacific Amer Fire Ins Co 10
Pacific Clay Products Co_•
Pacific Finance Corp com10
Pacific Gas & Elee 1st pf 25
Pacific Western 011 Co...•
Pickwick Corp corn-AO
124 135-4
834 934
75
75
74
75
62
62
82
71
71
16
16
16 34
18
18
1834 1854 1854
13
1334
7
7
7
7
24
2454
10934 11034
534 534
2554 254
1454 144
1254 124 1234
2934 2934
54
554 554
34
4
1254
Republic Petroleum C0_10
Republic Supply Co
*
Richfield 011 Co corn___*
Rio Grande Oil corn
25
San Joaquin Light & Pow
7% prior pref
100
Seaboard National Bank 25
Security First Natl Bank
of LA
25
Shell Union Oil Co com_25
Signal Oil & Gas A
25
So Calif Edison com____25
7% preferred
25
6% preferred
25
534% preferred
25
Bo Calif Gas 6% pref_ _ _25
Standard 011 of Calif.___*
Taylor Milling Corp
•
Trans
-America Corp____25
Union 011 Associates__ __25
Union 011 of Calif
25
• No par value.
17.4
4
154 14
10
10
131
134
44
4
122 123
4534 4534
72
64
4334
304
2834
2654
3634
174
634
154
1634
72
631
8
4334
3054
2834
264
10234
364
174
634
15
1634
Range Since Jan. 1.
Low.
High.
300 113-4 July 2174 Mar
2,000
534 June 2254 Jan
10 70
Jan 75
Jan
100 73 June 9454 Feb
50 62
July 94
Jan
200 70 June 90
Mar
300 1434 Jan 2354 Mar
Feb 20
600 15
Mar
200 1234 Jan 2354 Mar
200 13
July 2034 Jan
100
4
May
7
July
200
64 June
834 June
600 213.4 June 33
Jan
114 1024 Jan 11034 July
100
5
Apr 1034 Jan
100 21
Apr 29
June
100 144 July 25
Jan
400 104 June 1334 July
200 27
Feb 2934 July
54 June 1534 Feb
100
1.35 Jan
300
34 June
1,200
120
800
900
13.4
10
1
3
75 115
10 3734
75
2,100
674
400
8
100
2,900
45
3034 1,000
29
2,000
1,400
27
10
10234
3731 11,500
1734
200
754 13,400
1534 2,300
1734 4,400
7134
5
5
3654
29
2634
244
9934
3134
17
654
1334
1434
May
July
May
June
234 Mar
20
Jan
634 Jan
104 Feb
Jan 124
Mar
Jan 4534 July
June 9554 Feb
Apr 10 June
Apr
131 Feb
June 5454 Feb
June 3034 July
Jan 29
July
Jan 2754 May
Jan 10234 Mar
June 61
Feb
June 2434 Feb
June 18
Feb
Apr 2434 Feb
Apr 26
Feb
We also give below the record of transactions at the
Los Angeles Stock Exchange, July 11 to July 17, which
did not reach us in time for publication in our issue of last
Saturday.
Stocks-
617
FINANCIAL CHRONICLE
JULY 25 1931.]
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Associated Gas & Elec A_*
Bolsa Chico. Oil A
10
Central Investment Co_100
Citizens National Bank_20
Claude Neon Elee Prod_ •
Douglas Aircraft Inc_ _*
Globe Grain & Mill corn 25
Goodyear 'I' & R pref_ _100
Hancock 011 corn A
25
Intermit Re-insur Corp_10
12
9
2414
11%
8
6851
71
16
18
1331
7331
7
23%
134
954
684
71
16
1834
1351
7331
7
244
1,000
3,500
20
50
100
300
200
30
1.000
700
Range Since Jan. 1.
Low.
1134
554
684
70
14%
123-4
134
66
64
1234
High.
July 213-4
June 2254
June 94
June 90
Jan 2334
Jan 2334
July 20%
Jan 80
June
8%
June 33
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Feb
June
Jan
*
Lincoln Mtge pref
Los Angeles Gas & El pf 100
MacMillan Petrol Co__.25
Pacific Amer Fire Ins Col()
Pacific Fin Corp corn_ _ _10 1251
Pacific Gas & Elec lot pf 25
•
Pacific Lighting corn
Pacific Mutual Life Ins_ _10 5234
Republic Petroleum Co_10
44
25
Rio Grande Oil corn
San Joaquin Light & Pow
100 124
Prior preferred
6% prior preferred. 100
Security First Natl Bank 7534
634
Shell Union Oil Co com_25
25
Signal 011 & Gas A
So Calif Edison com___ _25 44%
Original preferred_ _25
25 3054
7% preferred
25 2834
6% preferred
25 2634
554% preferred
So Counties Gas6% pf 25
Standard 011 of Calif____. 3634
*
Taylor Milling Corp
74
-America Corp_ ___25
Trans
Union Oil Associates__ _25
25 1634
Union Oil of Calif
14 13.4
109 1094
1%
13-4
26
26
1234 1334
2931 2931
514
51
52% 5234
134
13.4
44
4
Range Since Jan. 1.
High.
Low.
3
June
1
170
59 10231 Jan 110
6
1% July
100
Apr 29
100 21
1,000 1054 June 1354
Feb 29%
300 27
July 6754
200 51
Apr 5831
150 50
234
154 May
100
3 June 1034
1,100
Jan
May
Feb
June
July
July
Mar
Jan
Mar
Feb
Jan 124
Jan 10634
June 9554
Apr 10
Apr 1731
June 5434
June 60
June so%
Jan 28%
Jan 2734
Jan 10234
June 51
June 2431
June 18
Apr 2434
Apr 26
Mar
May
Feb
Jan
Feb
Feb
Feb
May
May
May
Mar
Feb
Feb
Feb
Feb
Feb
126 115
122 124
62 10134
10434 10454
7434 754 1,150 714
5
300
64 634
5
100
8
8
4334 4431 4,600 3654
7 50
55
55
900 29
3034 303-4
700 26
28
2854
2654 264 1,900 244
20 9934
102 102
3554 364 6,000 3154
300 17
1731 18
734 25,30
634
63-4
154 1534 2,300 134
1634 173-4 5,800 1434
* No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, July 18 to July 24,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Admiralty Alaska Gold_ _1
1
American Sealcone
5
Andes Petroleum
•
Atlas ULU 53 pref
1
Bagdad Copper
Basic Industry Shares
British Can
•
Columbia Baking 1st pf__•
Comm Credit Cond warr_
1
Como Mines
Corporate Trust Shares__
ii
Detachable Bit
Detroit Sc Canada Tunnel C
Diversified Trust Shrs C._
1
Eagle Bird Mine
1
Exeter Oil A
•
Flag 011
10
Fuel Oil
10
Golden Cycle
1
Group No Two 011
Internet Rustless Iron__ _1
1.08 1.40 143,800
231
1,800
234
.12 .15 16,000
100
3934 393-4
500
.40 .40
200
5
434
434
100
44 43-4
100
4
4
300
4
4
.25 7,500
.12
600
434 44
434
100
4
4
4,400
1
134
1
400
5
44 44
300
2.15 2.20
2.20
.75
500
.75
.10 .28 2,000
.20
300
234 34
100
154 1531
200
1.75 1.75
1.75
.60 .69 3.200
.60
1.10
24
5
Jencks Mfg
334
•
Jenkins Television
2.05
1
Keystone Consol Min
*
Kildun Mining
1
Lincoln Drilling
41)
Macassa Mines
1
10
5
Metrop Gas & Elec
Nation Wide Sec
534
Nat Aviation E warr
34
431
North American Tr Shrs
Pan American '34 warr
______
Petroleum Conversion_ _ _•
2.35
Pioneer Gold
1
154
Radio Securities A
5
Roxy A
*
Shortwave & Television_ _1
33.1
Splitdorf
*
Super Corpomtlon A
54
B
531
Torn Reed Gold
1
.78
Trent Process
•
Trustee Standard Oil A. 8
5
B
54
U S El Lt Power B
Util Ilydro w w
334
•
71n finIrl
3
33-4
1.80
5
14
.37
5
534
34
434
134
434
2.35
13-4
104
3
134
591
534
.78
.25
5
531
834
334
11
6
600
4
700
2.05 5,500
534 2,800
200
174
.44 48,500
100
5
600
631
100
4
431
400
100
14
500
53-4
2.40 2,500
200
134
104
100
, 331 10,300
100
13-4
63,1
600
534
400
.96
500
.44 1,500
400
55-4
500
534
300
64
200
33-4
11
Alla
Range Since Jan. 1.
High.
Low.
.20 May
134 May
.10 July
33 June
.39 July
434 July
May
2
24 July
31 July
.05 Feb
43-4 June
Mar
3
June
431 Jun
1.80 Mar
.50 Apr
.10 July
231 July
June
14
1.75 July
.36 June
1.40 July
July
3
.44 Mar
4034 Feb
1.45 Feb
Feb
7
Jan
7
Apr
5
4 Mat
.90 Apr
634 Mar
7 June
Feb
4
63-4 Mai
3.25 June
.75 July
131 Mai
Fel
7
154 July
231 Pet
1.20 Fel
July
Jan
Apr
July
July
May
July
June
Apr
June
June
June
July
Feb
July
151 Feb
34 June
554 June
534 June
.74 July
.25 July
431 May
May
5
534 June
Apr
3
.10 June
1151 JUDI
534 AP:
2.05 Jul:
934 Ma
234 An
.56 AP
Jul:
5
74 Ma
174 AP
634 Fe]
Jai
2
734 Jai
2.65 Jun
24 Jun
1834 Ja:
4 Jun
34 Ja
731 Fe
754 Ma
1.50 Al
% .1a
634 Fe
794 Jo
834 Me
434 Ja
.26 Fe
3
251
1.14
5
134
.24
5
53-4
4
431
1
334
2.25
1
1051
* 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 (July 18) and ending the present Friday (July 24). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds,
in which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended July 21.
Stocks-
Indus. & Miscellaneous.
Acme Steel corn
25
30
25
30
Acme Wire, corn v t c___25
1231 1254
100
•
Aero Underwriters
8
8
100
Affiliated Products Inc_ _t 1834 1831 1974 8,000
64
Agfa Anseo Corp com____*
634
734
200
Air Investors corn v t c__ •
54
200
51
Convertible preferenco.•
7
7
7
100
43-4 451
•
434
Allied Mills Inc
300
Aluminum Co coin
* 1164 1164 128
2,125
6% preference
100 10394 10334 10394
100
31
31
Aluminum Ltd C warr__ __
31
300
Warrants series D
31
31
31
300
34
34
%
400
Amer Austin Car com____•
134 13-4
15-4
100
Amer Brit dr Cont'l com__•
Amer Brown Boveri Elec
•
Founders shares
654 654
100
100
66
Amer Capital Corp pref__*
66
75
75
100 75
Amer Cigar pref
2
37-4
American Corporation_ •
33-4
10
34
Warrants
34
100
751
7
734 4,600
Amer Cyanamid corn 13 •
234 234 1,000
Amer Dept Stores Corp *
234
5
5
American Equities com__•
534 2,800
8
3
354 1.800
Amer Founders Corp____*
53.4 554
Amer Investors el B corn.*
300
27
27
125
Amer Laundry Mach-20
28
28
Amer Salamandra Corp_50
200
134 17-4 2,20
Am IRS & Gen el 13 v t c.._ ______
'iii
15
15
100
$3cum pref
American Yvette Co com_•
231 294
700
234
Anglo-Chilean Nitrate,
. .._......,1,- tila.rlh".1nn
U
U
1
9 Ann
Range Since Jan. 1.
Low.
30
63-4
654
1154
5
51
614
434
90
95
14
14
14
131
July 39
June 1431
Feb
12
Jan 2234
Feb 1034
Jan
174
Feb
9
Apr
57.4
June 224
June 10934
June 60
June 60
June
14
June
274
24 Apr
Feb
75
July
334 June
34 June
1331 Zpr
131 Mar
334 May
254 May
434 Jan
26
May
28
July
14 July
15
July
1
Jan
soq
,z
High.
11•11.
734
66
804
534
34
1294
3
734
54
754
45
28
5
3034
6
1 It
Feb
J11137
Apr
Apr
Apr
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Apr
June
July
July
June
July
Feb
Apr
Feb
Mar
Feb
Jan
July
Jan
Mar
Apr
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Arcturus Radio Tub& •
Armstrong Cork common.*
Art Metal Works com____•
Associated Elec Industries
Amer dep rcts ord shs_31
Associated Rayon corn
•
Atl Fruit & Sug corn ____1
Atlas Plywood Corp
•
Atlas 1Jtillties Corp corn__•
Warrants
Automatic Vot Machine
Cony prior partle stock,.•
Babcock & Wilcox
100
Beneficial Indus Loan....•
Bickford's Inc common._ili
Bigelow Sanford Carpet-_*
Blyn Shoes corn
1
Blue Ridge Corp com___ •
Opt 6% cony pref____LO
Bohack (II C)Co com_
•
Bourjois Inc
•
Bridgeport Mach cern_
•
Brill Corp class A
•
Brill° Mfg com
•
British Amer Tobacco
Amer dep rcts on)reg-C1
Duro% me
6% pref with war& _-_50
Burma Corp-Am dep rcts tog she
Carman & Co A stock_
•
Carnation Co com
T..I.. (
1/m/w1hi,. I .r.
. ....
:
Range Since Jan. 1.
100
300
700
44
2
34
734
594
154
434
2
31
734
534
13-4
1,100
100
3,300
100
1,900
400
43-4
4
1-16
5
374
134
2954
54
334
31 34
11 34
93
14
15
2934
34
351
31 34
65
534
1
434
734
1234
93
1454
15
2934
4
4 34
33
65
534
1
434
8
1,400
100
1,800
100
125
1,200
2,200
1,200
100
100
400
100
300
8
9054
1334
15
2034
li
3
27
65
43-4
34
3
534
40
40
2094
534
451
4
554
134
1434
High.
Low.
454 Jan
1534 May
4 June
5
5
2034 2074
53.4 634
May
Jan
June
June
Jan
May
10
Ant
2634 Jan
831 Feb
534
4
34
1431
834
24
May 16
June 110
June 19
June 1834
may 31
31
July
634
June
June 384
July 80
Feb 1034
24
June
Jan
6
Jan
8
Mar
Feb
Jan
Mar
Mat
Mel
Feb
Jan
Mat
Feb
Jan
May
Pet
Mai
Mal
Mar
Feb
Fel
July
200
1834 June
203-4
300
3431
Jan
4031 Mai
174 17.4
13
1331
214 2194
100
200
100
154 June
1234 June
2134 July
CIA
9200
234 ma
15
Ma
26
Pal
fat 'ow
1854 1834
KU
••7.1.
a
40
A
Jima
Jai
618
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
Chain Stores Dave! com_ •
1
Jan
131 1%
400
Chain Store Stocks
Jan
7
10
• 10
500
10
Chatham & Phenix Ailled_• 15% 15
1531 2,300 13 June
Cities Service common_ • 10% 10% 10% 54,100
9% May
Preferred
• 65% 85% 85%
700 61% June
a% May
Preferred B
•
5%
534 594
100
Claude Neon Lights com_i
4
434
331 June
4
500
Cleveland Tractor com_ •
534 531
200
33,4 June
Colombia Syndicate
% May
400
34
Columbia Pict corn v t c__•
9% June
1034 11%
600
Consol Automatic
Merchandising corn v t ce
:is
500 1-16 Mar
31
Cont'l Shares cony pref 100 25
29%
25
725 2034 Apr
Preferred series B
.100 25% 25% 27%
225 21
May
Copeland Products Inc
Class A without warr__*
June
8
14% 2331 1,600
Cord Corp
5
8
531 Jan
8
83,4 3,000
Corroon & Reynolds corn.•
3
3
200
3
234 May
,
$6 preferred A
•
34
July
34
100 34
Crocker Wheeler corn_
• 12%
Jan
7
931 13
4,700
Crosse Sr Blackwell pref..•
24% 2434
100 24% July
Crown Cork Internet A *
331
33/ July
331 331
800
Cuban Cane Prod warr____
31 Feb
Ire
31 2,900
Curtis Mfg class A
-1774 e1731 17%
1,000 e1735 July
Curtiss Airports v t c____*
Jan
1
1:4
100
Curtiss-Wright Corp warr.
31 June
1,000
is 13134
34
Dayton Airplane Eng com•
9,4
3,4
31 may
11,300
Deere & Co common
• 22
22
24% 4,300 20 June
De Forest Radio corn
*
331
1% Jan
33,4 374 4,400
Delsel-Wenarner-Gilbert_ •
11% 11%
100 1131 July
Detroit Aircraft Corp_
•
1%
1% 13.4 1,800
13.4 June
Dresser(S R) Mfg Co cl A • 31
31
3134
800 27 May
Class B
19
19
19%
500 18 June
DubIller Condenser Corp.*
23,1 3%
23/ June
300
Durant Motors Inc
134
1% 131
131 Jan
1,400
Duval Texas Sulphur_
131
131
131
131 June
100
High.
434 Mar
11% Feb
Feb
17
2031 Feb
8t5(Feb
731 Mar
10% Feb
10% Jan
34 Jan
Feb
22
e% Jan
54% Jan
Jan
51
23%
15
634
51%
1431
25
811
17%
2
2%
4431
831
17
3%
39%
2731
471
,
3%
331
July
Apr
Mar
Jan
Mar
Apr
Mar
Jan
July
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Feb
Mar
May
Mar
Jan
Eastern Utll Invest corn A*
Jan
2
2% 2%
May
7
100
Edison Bros Stores corn..'
Feb
10
Feb
6
10
100
10
Eisler Electric common.-•
4
4
4
631 Mar
500 z3 May
Elec Power Assoc com
•
June 2231 Feb
1331 14
800 11
Class A
931 June 22% Feb
13% 14
1,100
Elec Shareholdings corn. _* 13
1231 13%
Jan 18
700
Mar
9
Empire Corp coot
•
1
1
TA May
1
1,100
2% Mar
Fairchild Aviation com •
3% 3%
Mar
100
334
135 Jan
5
Fandango Corp common_• 3031 3031 33
290
A Tune
31 Jan
Federal Bake Shops
2 Jun
23,4 234
4% Mar
100
Flat Amer dep rcts
9% Jun
10% 104
200
133-4 Mar
Film Inspection Mach_ •
Apr
1
131 1%
1% Jan
100
Finance Co of Am (Bait) A*
10
10
11
100 10 Jun
May
Fischman (I) & Sons A. •
July
3
3
Mar
3
8
100
Fllntkote Co corn A
12
•
6 Jun
100
Mar
6% 63/
Ford Motor Co Ltd
Amer dep rcts ord reg__E 11
19% Jan
10% 12% 8,900 1031 Jun
Ford Motor of Can cl A__* 16% 16% 17%
900 14% May 29% Mar
Ford Motors of France
Amer dep rots
691 Jun
73.4 735
100
10% Mar
Foremost Dairy Prod corn*
31 July
200
31
34
% June
Cony preference
•
Apr
1
1%
4
Jan
135
20
Foremost Fabrics corn
•
31 Jun
700
34
31
6% Mar
Foundation Co
Foreign shares class A.
2
3% 33-4
Jul
331
600
Feb
5
Fox Theatres class A corn.*
2% May
2% 2% 3,000
631 Jan
Franklin (II H) Mfg com •
234 July
234 2%
Feb
100
Garlock Pack common_ •
1431 1431
100 1335 May 18% Mar
General Alloys Co
•
4 June 10% Feb
474 5
400
General Aviation Corp.
4 June 12
5
5
5% 1.400
Mar
General Cable Corp warr
100
331 Feb
% June
31
31
General Empire Corp_
16% 16% 16%
300 1431 Jan
Mar
18
General Leather Co corn •
331
300
331
3% July
6% June
73,4
Gen Theatre Equip pref *
531 June 3134 Feb
73,4 834 1,200
Glee Alden Coal
• 3434 3431 3431
100 29 June 60
Jan
Globe Underwrit Exch. *
7
Jan
Apr
9
73.4 7% 1,500
Godchaux Sugars A
10% 11
200 1034 June 11
July
Golden States Co Ltd___ _• 1434
14%
13
400 13
15
July
May
Goldman-Sachs Trading._•
4% June 1131 Mar
531 53.4 8,400
5%
•
Gold Seal Electrical
700
% May
1% Feb
3.4
%
Gorham Inc
20
$3 pref with warrants_ •
100 15 June 23% Jan
20
Gorham Mfg corn v t c. *
n1931 ri194
10 15 June 23
Feb
Graymur Corp
100 19 June 29% Mar
2234 2231
Gray Telep Pay Station_ •
6634 70
June 7331 Feb
100 56
Gt AU & Pan Tea
Non vot corn stock....' 200
200 203
113 16735 Jan 260
Apr
7% first preferred_ _100
11931 120
Feb 122% May
30 117
Greif Bros CooP'ge el A.
1931 1931
100 1931 July 1934 July
1931
GroceryStores Prod v t c_•
2
24 234
100
July
631 Mar
Hambleton Corp $3 pref_ •
25
100 2431 June 25
25
Apr
Handley-Page Ltd
100
Am dep rcts for part pfd
2
2
131 May
231 Jan
Happiness Candy Ste corn•
1,200
13,4 131
2 May
31 Jan
13,4
Hazeltine Corp
•
16
100 14
16
May 2331 Feb
Hygrade Food Prod corn_*
600
331
25.4 June
334 431
631 Apr
Imperial Tob of Canada.
.5
200
9% 9%
Mar
8% June 10
Imp Tob GB & Ire
Mar 2231 July
20% n22
Am dep rcts for ord__El
900 20
900 22
June 49% Feb
Instill Utility Investment.. 2831 2834 30%
__* 70
60 69% June 85
70
70
Second pref with warr.
Mar
53
54%
200 45 June 6331 Mar
Insur Co of North Amer.10
5% May
800
8%
Feb
634 6%
Insurance Securities..--10
June 50
500 35
50
50
June
Internet Cigar Mach._..t
200
Internet Safety Razor B__* _.1035
935 June 13% Feb
1031 11
Inter Sleep Car & Euro Exp
July
100 19
10
11
10
July
TrainsAm dep rcts ord br
1,500
134 June
2
434 Apr
2
2
Interstate Equities corn_ _•
434 June
100
7
7
7
Jan
Interstate Hosiery Mills. •
200
May
731 Jan 11
931 934
Irving Air Chute com_
*
12%
Klein (D Emil) Co
134
Kolster Brandes Am she El
Lackawanna Securities- •
Lakey Fdry & Mach com.•
•
Lehigh Coal & Nay
Lerner Stores Corp cora- •
Libby McNeill & Llbby.10 1034
Louisiana Land Sr Explor_•
MacMarr Stores Inc
• 10%
Mangel Storm
634% pref with warr_100 19
Mapes Consol Mfg
• 38
231
Mavis Bottling class A
5
13
May Radio &
7
McCord Red & Mfg B *
Mead Johnson & Co cons * 7834
Merritt Chapman & Scott
Common
•
Mesta Machine corn
5
Metal Sr Mining She corn.*
Midland Steel Prod 2d pf_•
Midland United Co com_e
Minneapolis Honeywell
Regulator pref
100
Miss River Fuel warr
Mock Judson & VoehrCommon
•
Montgom'y Ward & Co A ' 9931
3
Nat American Co Inn...."
2%
National Aviation
•
631
Nat Bond & Share Corp..
31%
Nat Family Stores oom •
2%
Nat Investors corn
•
5
[vol.. 133.
FINANCIAL CHRONICLE
100
123-4 1234
134 19,4 2,400
100
3331 33%
200
134
114
100
22% 224
100
21% 21%
200
1034 10%
1,000
131
134
x931 z10% 10.500
1231
34
29
131
1931
20
10
y,
4%
Feb
Jan
June
July
June
May
Jan
June
June
19
38
231
18
7
8235
76
100
1,100
4,800
400
1,000
19
32%
1%
tg
6%
73
July 30
Jan
Jan 41
Apr
June
511 Apr
July
May 18
July
Jan
July 113% Mar
674
5
27
27
% 1
1731
17
18% 1834
400
100
300
800
100
5
July
2431 June
31 Jan
Jan
14
1731 Jan
83% 8331
63-4 6%
100
600
82
4
Feb
May
735 735
993'
99
234 234
831
31% 33%
2% 33-'
414 5
100
80
1,300
900
1,200
1,700
1.700
4
99
235
431
26%
2%
331
Apr 10% Mar
July 103% Apr
May
4% Jan
Jan 10
Mar
June 34% June
July
5% Jan
June
731 Feb
19
38
231
17%
631
78%
14
135
37
331
2731
3631
14%
2
1131
1434
36%
2%
18
23
Apr
Apr
Jan
Jan
Feb
Mar
Mar
Jan
Feb
Jan
Apr
Apr
Mar
Feb
91
Mar
1031 Feb
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Nat Screen Service
Nat Service Cos common_e
Nat Short Term Sec A__-• 2134
Nat Union Radio corn..-•
234
Nehl Corp corn
•
Weisner Bros 7% pref_.100
New Amsterdam Cas_ ..10
New York Auction Cora. •
New Mexico & Ariz Land 1
131
N Y Hamburg Corp____50 18
N Y Merchandise
•
Niagara Share of Md__ _10
7
Nitrate Corp of Chile(Cosach) ctfs for ord B__ -----Nordon Corp Ltd corn_ _5
Nor Amer Aviation warr A
.f4"
North Amer Cement
•
Nort'ani Warren Corp pt.*
Northwestern Toast_ ..t00
Outboard Motors corn B_•
Cony pref class A
431
•
Pan American Airways._ •
Paramount Cap Mfg com_•
Parke Davis Sr Co
Parker Rust-Proof Co..
86
Ponder (D) Grocery A_ •
Pennroad Corp corn v t c.•
6
Pepperell Mfg
100
Perryman Elec Co coot. __•
134
Phoenix Secur Corp cont.,
.
134
Preferred A
24%
Philip Morris Consol com_*
2
Class A
25
Pilot Radio Sr Tube cl
1034
Pitney Bowes Postage
Meter Co
•
Potrero Sugar
3
•
Pratt Sr Lambert
Propper McCallum H
Prudence Co prof
100 65
Prudential Investors corn • 11
•
$6 preferred
Public Utility Holding Corp
Corn without warrants.*
39.4
$3 cum pref
Warrants
34
..t
Rainbow Lum Prod A.,.
Class B
•
Reliable Stores Corp com_•
Reliance Managemt com_•
Republic Gas (formerly
Beset Co)
9
Reybarn Co Inc
134
10
Reynolds Invest corn_ _ __*
35
Itike-Kumler Co corn
•
Rossia International_
Royal Typewriter corn,...5
Safety Car Ht Sr Ltg___100 50
St Regis Paper Co com 10 125-4
Schiff Co corn
Schulte-United Sc to $1 St*
Seaboard Utll Shares_ _ _ -•
331
Securities Corp Gen coin.* 1694
Segal Lock Sr Hardware..'
531
SelberlIng Rubber com__.*
84
Selected Industries nom_ _•
274
$534 prior stock
54
Allot ctfs full pd unstpd. 53%
Sentry Safety Control__ •
Shenandoah Corp corn. _•
4%
6% cony pref
$O 30
SherwIn-Wms Co corn.
.25 6034
Silica Gel Corp corn v t
Singer Manufacturing.
.100
Singer Mfg Ltd
Amer dep rcts for ord reg
Smith (A 0) Corp corn...* 100
Smith (L C) & Corona
Typewriter vot tr ctfs__*
Southern Corp corn
•
3
..t
S'west Dairy Prod root.
Spanish & General Corp
Am dep rcts for ord reg.
Spiegel May Stern pref_100 33%
Starrett Corp
6% pref with privilege 50 123,4
Strauss (Nathan) corn_ •
Strauss-Roth Stores corn.*
Stromb-Carls Telep Mfg.•
Stutz Motor Car Co
Swift & Co
25 25%
*
Swift International
15 3331
Syracuse Wash Mach B__*
Technicolor Inc corn
634
21%
Thatcher Securities
Tobacco Prod Exports
*
Tobacco Securities Trust
Am dep rcts ord reg.._£1
Am dep rcts der ref.
Todd Shipyards Corp____* 44
Transcont Air Transp____•
5%
Trans Lux Pict Screen
Common
53.4
TM-Continental Corp MUT
3%
*
Tri Utilities Corp com
334
e
Tubize ChatIllon Corp
Common Byte
Tung Sol Lamp Wks com_•
$3 cum cony pref
•
Ungerlelder Financl Corp* 28
Union Amer Invest corn •
United-Carr Fastener....*
United Chem $3 pref..
•
United Founders com
5
•
United Shoe Mach com.25
United Stores Corp v t c •
134
United Wall Pap Fact come
US Dairy Prod class A •
US Finishing corn
•
USFoilclassB
•
4%
US & Internet Sec com...•
First pref with warr- •
U S Linea pref
•
2%
U 63 Overseas corn w w
• 25%
Utility Equities corn
434
Priority stock
•
Utility & Indus Corp corn.'
Preferred
•
Van Camp Milk pf w w 100
Van Camp Pack com _ _ •
Vick Financial Corp- _10
531
Vogt Mfg
8%
watgreen Co corn
•
Walker(Hiram) Gooderham
& Worts corn_
534
Welch Grape Juice corn_ •
Western Air Express____10 12
Wil-low Cafeterias corn_..*
• 23%
Preference
Woolworth (F W) Ltd
Amer dep rcts for ord sits 1031
2134 21%
15-4
134
21%
21
2% 2%
8
8
60
55
z263-4 x2634
331 3%
131 1%
18
18
r834 z834
7
7 3.4
Range Since Jan. 1.
Low.
High.
200 1934 June 24
1% June
700
2,400 1534 Jan
531
300
134, Jan
100
8
July 13
350 55
July 80
25 x2634 July x2233]
26
4%
Jan
3
100
13' June
3
1,100
July 29%
100 18
100 z854 July
534 May 111131
500
31 July
100
1% 134
3-16
1,800
3-18 July
34 Jan
31
% 3,400
1
1
1
July
100
35
35
Jan
100 29
126 126
June
10 115
1% May
15-4
200
13,4
41%
431
4% July
100
25
800 17)1 Jan
2574
331 431
1,500
231 Apr
27
27
100 28
May
86
9035
800 81
Mar
20
20
100 1931 Jan
6
631 4.200
431 June
6731 6731
400 6031 June
800
1
134 1%
Jan
1% 13' 2,700
1% June
2431 2431
500 2231 June
13-4 2% 52,900
34 Jan
15
15
100 10
Jan
103.4 10% 1,600
33.4 Jan
Feb
June
Mer
Feb
Jan
Feb
July
F b
Feb
Mar
Apr
M• ar
ueMar
244 j
1 36 Mar
M
40131
Feb
Apr
50
334
FebFe
6
5
Apr
jan
30
Feb
34
Mar
298:
73324
6
23.4
13
5
234
July
FFFAAjaeeoppbbbnrr
July
JA pe
unr
10
mar
Jan
Apr
8
3
39
334
65
1154
88
300
200
300
200
25
2,100
250
5
231
33
3
65
8%
80
June
May
June
Jan
May
Jan
May
55*i M a:b
14 •
FFee
Apr
91
3% 4
2931 30
3,4
34
1
I
34
31
5% 531
431 43-4
2,400
1,400
4,300
500
600
100
100
331
2331
31
1
34
531
3
June
July
May
May
July
July
Jan
Feb
36
731 Feb
131 Jan
4
Jan
Jan
2
931 Jan
731 Feb
534
3
39
3
65
11
87
5
405,4
931
9
13.4 2
34
%
24%
24
3
3
24
24
50
50
1231 13%
1731 19
31
31
331 331
1835 1634
531 6
831 8%
2% 3
53% 54
5134 5431
13,4
1
431 43-4
30
30
603-5 61
431
4
275 275
4.100
631
3,200
131
900
31
200 20%
200
23.4
200 22
50 50
2,400 10%
900 1731
1,000
31
500
3%
100 16
3,700
4
100
4%
2,700
235
200 40
1,900 4231
1.100
31
2.200
335
300 z30
bo 52
700
4
20 230
2
100
2,100
3% Mar
60 100
ally "'eb
192
klar
l
3
114
Jan 13%
Apr
July
51%
July 26
Jan 38
531
June
July 9031
June 21%
July
1934
1
Jan
Jan
55-4
June 303.4
Jan
731
Jan 1031
Jan
47-4
June 70
June 703-4
July
8351
Jan
July 36
May 68%
July 10%
May 342
Apr
Feb
June
Feb
u
Jan
Mar
Mar
jee
Feb
Feb
Mar
May
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Jan
10
10
2% 3
134
134
100
1,100
100
831 July
231 July
1% July
18)4 Mar
431 Feb
2% Mar
35
31
28 n3531
100
978
31 June
13
Jan
31 Feb
37
Mar
14
7
5-16
1031
1331
26%
34%
531
635
234
31
700
2,400
100
100
40
1,30
50
80
40
20
600
10
331
5-16
10%
11
2431
29%
4
334
2%
35
2531 Feb
10
Mar
Jan
1814 Jan
6
n
28
Mar
30,4 Jan
40% Apr
Mar
1434 Mar
3% Feb
1% Jan
1434 14%
431 4%
44
44
531 531
300
300
100
400
12
May
4
May
44 June
334 Jan
2.800
500
1,200
531 June
23-4 Jan
3 June
13% Mar
6% Mar
29% Mar
200
5%
20
834
200
2634
10
28
200
20%
4% 1.700
10
223-4
531 17,400
100
5331
30
1%
700
3
100
60
531 1,00
40
5
40
134
60
3931
100
23-4
70
2534
5% 1,200
15
74
900
631
100
17
25
35
300
5
500
531
100
83-5
100
17
3% Jan
7 June
26
June
2131 Jan
17% Jan
4
Jan
16
Jan
431 June
48 June
131 June
2
May
59
May
4% May
4 June
1
June
Jan
31
2 June
12
Jan
431 June
6731 June
5 May
1431 Jan
35
July
231 Jan
5
Jan
834 July
15% June
16
Feb
12
Feb
2 14 Junb
2 % Fee
9
6
1,500
25
200
1,400
1,000
431 May
40 June
12
June
3
Jan
12% Jan
84 Feb
5231 Jan
Apr
22
9% Jun
634
12
3% July
ulyt
12 34
53-4
5-18
1034
11 34
255-4
33%
5%
83-4
231
31
5%
33(
331
531
8
26%
28
20%
43-4
2231
5
5331
134
3
60
5
4%
13.4
39)1
2%
25%
414
73
531
17
35
43-4
5%
835
17
6
3%
33-4
53,4
%
40
40
12
12
3
3%
22% 24%
1031 114 60,800
June
June
July
June
July
June
June
Jan
June
Jan
June
14%
431
50
834
July
July
Feb
May
22
7
Mar
Feb
Mar
2551061 Mer• ar
831 Feb
2
F
65% Mar
Mar
10
5% M• ar
650 31% FebF b
3
Jane
25% July
911 Feb
78
Ayr
Mat
15h Fe
i
9b
48
Jan
7
7 Mar
jan
12% Feb
2931 Mar
JULY 25 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High. Shares.
Rights
Associated 0 & El deb rte.
Stock rights
2
131
Public Utilities
Alabama Power $7 pref__*
Allegheny Gas corn
•
Amer Cities P& L el A__50
Class 13
•
Am Com'w'th Pow corn A•
Common class B
•
$7 1st preferred A
•
$6.50 1st preferred_
Am Dist Tel NJ 7% pf 100
Amer & Foreign Pow warr.
Amer Gas & Elec corn. _ _*
Preferred
Amer L & Tr com
25
Am Superpower Corp corn'
First preferred
•
$6 cum pro(
Appalachian Gas com____•
Warrants
Assoc Gas & Elec cl A____•
Warrants
Assoc Telep & Teleg el A.*
Brazilian Tr Lt & Pr ord..*
Butt Niag & East Pr 0...25
1st preferred
Cable & Wireless Ltd
Am dep rcts A ord ehs_11
Am dep rcts B ord shs_CI
Cent Hud G& E 6% pf_100
Cent Pub Serv corn
•
Class A
•
$4 preferred
•
$6 preferred
Cent Bouwest Util cont. •
Cent States Elec corn_
•
6% prof without warr___
Cent West Pub Sere A___
Cleve Elec Ill corn
Com'w'th Edison Co_ -100
Com'w'Ith & Sou Corp
Warrants
Community Water Serv__*
Compania Hispano Amer
do Elec S A (Chad)
Conn Lt & Pr 355; pf..100
Coas'l G El & P Balt coin •
Consol Gas Util class A •
ClassBvto
•
Conti G & E 7% pr pf-100
Duquesne Gas corn
•
East Gas & Fuel Assoc_ •
6% preferred
100
East States Pow corn B__•
Eastern Util Assoc com_ •
Convertible stock
•
Elea Bond & Sh Co com__*
$6 preferred
$5 cum pref
•
Elea Pow & Light warr____
Empire Dlst El6% pref 100
Empire & E 7% pf__100
8% preferred
Empire Pub Serv COM A__•
European Elm Corp warr
Florida P & L $7 pref. •
3116
7
13%
15%
64%
3714
10%
9256
4%
1254
1831
26%
731
11%
59
--173.1
1995(
1%
9%
115
31
934
37%
91
18%
61%
7135
194
1%
& E $6 pref 11.. •
Gen
Gen Pub Util $7 pref. •
Georgia Pow $6 pref
•
Hamilton Gas Co coin v t c
P & L 26 pref__ • 91
6% preferred
fo0
lot Hydro-Elec $3.50 pf •
Internet Util el A
•
Class B
•
735
Peale prof
•
Interstate Power $7 pref.* 70
Italian Superpower corn A.
Jersey Cent P & L 7% Pf.. 10931
Kings Co Ltg pref D_ _100
Long Island Ltg com
•
7% preferred
100
Los Anis0& El 6% pf.100 1104
Marconi Wire!T of Can__1
231
Memphis Natural Gas_ --•
834
Middle West Util
• 17%
Mid West States Util cl A • x11
corn__Moh'k & Bud Pow let pf.'
Mtn Sts Pow 7% pref__100
Nat Pow & Lt $6 pref____* 100
Nat Pub Say corn A.
•
New Engl Pow 6% 0_100 82%
New England Pub Serv$6 prior lien
•
$6 prior lien pref
•
N Y Pow & Lt $6 pref. _ •
N Y Steam Corp corn. •
NYTelep634% Pref._100 116%
Niagara Bud Pow com_-10 1036
Class A opt warrants- __
2
Class B opt warrantsClass C opt warrants_
Nor Amer Lt & Pow corn.' 6531
Nor States Pow 6% pf.100
Ohio Power 6% pref-__100 111 54
Ohio Pub Ser 7% let pf 100 102
Pacific CI & E 6% 1st pf_25 29%
534% 1st preferred
Pacific Pub Sorv class A__• 22
Penn Cent Lt & Pr $5 pf..'
Peoples Lt & Pow class A*
656
25 33%
Phila El Pow pref
Pub Ser of No III corn....' 200%
Pub Ser of Ind pr Prof.... 9651
Pug Sound L & P 6% pf__• 9956
Rochester G & E pref 13 100
Rockland Light & Pow._l0 1631
Shawinigan \Vat & Pow_ •
So Cal Edison 6% Pt 13-25
25
7% prof A
535% prof series C.- _25
So Colo Pow class A.___25 19
Southern Nat Gas corn..
Sweet Gas & El 7% pf.100 94
S'west
So'west Gas MB corn....'
3%
Standard Pow & Lt com• 33
Common class B
81
Swiss Amer Elea pref
•
Tampa Else Co corn
Union Nat Gas of Can....* 11
United Corn warrants.--.
United Mao Serv warrants
6%
United Gas Corp corn.__*
• 81
Prof non-voting
--
Warrants
United Lt & Pow corn A..*
Common B
$6 cony 1st pref
-•
20%
9056
Range Since Jan. 1.
Low.
High.
1%
1%
Jan
Jan
4% Jan
456 Feb
11451 115
100 112
156
1.51 1,100
1%
3156 3256
500 31%
656 736 3,600
55(
12% 13% 9,200 1056
20
2234
GOO 17
80
90
50 75
73
73
25 65
111
111
25 11056
15% 18% 9,000 11
64% 69% 8,300 48%
109% 110
500 10216
3754 38
800 3416
1051 12
27,300
8%
92% 9256
100 81%
83
83
200 8214
4
456 4% 22,100
400
56
51
51
1256 1456 8,300 11%
100
5-16
%
%
65
65
50 65
18% 21
5,400 12%
26% 26%
500 25%
103 103
100 98%
June
July
July
Jan
June
Apr
May
May
Feb
June
June
Jan
June
June
May
Jan
May
May
July
June
July
June
Jan
Jan
11536
3%
38%
10
17
29%
90
75
112
3154
86%
110%
5416
1956
99
89%
8%
36
2351
1
65
28%
27
103%
Mar
Feb
Feb
Feb
Mar
Jan
July
June
Mar
Feb
Feb
July
Feb
Mar
Mar
Mar
Feb
May
Mar
Jan
July
Mar
Mar
May
35
35
3.4
35
103 103
756
754
11
12
52
52
59
59
16.54 1651
751 731
59
59
17
17%
45
45%
199% 199%
June
114
May
54
July 103
July
1854
July
19%
July 58
July 7034
24%
Jun
June 12%
Feb 68%
July 17%
June 52%
June 256%
Mar
Feb
July
Feb
Apr
June
May
Feb
Mar
Feb
July
Mar
Feb
2
2
151 n3
I%
834
1%
936
51% 51%
115 115
88
88%
9% 956
4
4
101 102
1
19%
19%
al
91
956 10
3316 3354
751 756
4134
37
102% 103%
91
91%
1856 20
70% 70%
61% 61%
71% 71%
1% 15(
151, 2
100 100
49
50
59
6035
9856 99%
3% 4
91
91%
91% 9436
42
42
31% 33
734 8
100 100
70
70
291 3%
10931 10954
9954 9931
30% 30%
110% 1104
110 11054
234 2%
844 8%
17% 18%
9
12%
10631 10734
75
75
100 100%
17 34 1734
8131 8231
200
110
300
51
500
%
25 103
1,400
756
6,400 10
25 51
300 59
100 1456
6,600
651
300 54
1,100 17
400 40
25 190%
3,200
7,400
135 Jun
Jan
a
75 51% July
50 115
July
300 77 Jun
200
9 Jun
4
300
July
50 975( Jan
6,100
5( July
200 17
Jan
25 88% Jun
2,700
854 Jun
100 29% Jun
600
5 Jun
137,400 31% Jun
900 101% Jun
600 89% Jan
1,100 14% Jun
50 7016 July
50 50% Jun
50 66% Jun
200
14 May
900
151 Jan
900 99
Apr
300
50
300
1,500
225
225
25
1,100
5,500
50
20
1,000
300
50
200
80
75
4,700
200
5,700
5,200
125
10
900
100
150
48%
53
95%
334
86%
88%
41
31%
534
88
68%
251
106%
96
2931
10634
10755
35
855
1434
7
10035
75
97
12%
783(
July
Jun
Jun
Jun
Jan
Jun
Jan
Jun
Jan
Jun
Jun
Jan
Jan
Ma
Apr
Jan
Ma
Jan
May
Jun
July
Jan
Jul
Jan
May
Jun
8235 82%
20 78
Jun
8354 83%
10 7134 Jun
25 101
105 105
Jan
68% 70
400 46% Jan
116 11634
375 113% Jan
10% 1134 10,700
9% Jun
2
2
155 Jun
700
5
5
4% July
100
134 2
300
1% Jan
65% 68%
550 6356 Feb
96% 97
20 95% Fe
110 11151
45 10454 Jan
102 102
20 101% Jun
29% 2931 1,700 25% May
100 25% Ma
2656 26%
22
22
100 18
May
78
78
50 78
Jul
600
611 651
6 Jun
3356 3354
100 32% Ma
200 20556
275 200
Jul
30 96% Jul
9651 96%
99% 99%
50 98
mar
92
200 90
9231
Jun
1631 1031
900 14
May
4356 4354
100 36 Jun
28% 28%
400 25% Jan
30% 31
300 29 Jun
2616 2656
400 24% Jan
19
19
100 19
Jan
3
100
3
3 Jun
94
94
2,000 92% Jul
3% 3%
100
2% Jun
33
3351
600 30 Jun
33%
33
200 82
July
81
81
100 77 Jun
45% 45%
100 38% Jun
1051 11
400
9 Jun
956 1054
600
73( Jun
1-32 1-32 1,900
1-32 May
15,100
03.4 7
4% Jun
8055 83
1,400 71% Jun
2% 251
700
h May
20% 21% 7,700 17% June
43
44%
300 43
July
9054 90%
700 84% June
2% Mar
12% Apr
6854
115
101
17%
8
103%
616
27
94
24
3514
8%
61
108%
97
37%
7056
7936
8955
754
4
104
Mar
July
Feb
Mar
Mar
Apr
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Feb
July
Apr
Jan
Jan
Mar
Mar
78
704
10051
6
94%
e95
45
45
10%
100
88
1034
110
10035
86%
11254
110
4
12%
25%
25
10734
03%
104%
21%
86
Mar
Jan
Mar
Apr
Apr
Feb
Jan
Feb
Feb
July
Mar
Jan
June
May
Mar
Mar
May
Mar
Feb
Mar
Feb
Apr
Jan
Apr
Mar
Feb
619
Sales
Friday
Last Week's Range for
Public Utilities
Week.
Sale
of Prices.
(Concluded)
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
AZT)
US Elec Pow with warr__*
4
4
434
Stock purchase warr____ -----1%
1
Utah Pow & Lt $7 pref___•
855 934
835
7% preferred
82
82
100
Western Power pref___100
105 105
Former Standard Oil
Subsidiaries
Borne Scrymser Co
25
Cumberland Pipe Line.
.50
Eureka Pipe Line
100
Humble 011 & RefInIng_25
Imperial Oil (Can) coup..'
Registered
•
Indiana Pipe Line
10
Ohio 0116% Pt
100
Socony-Vacuum Corp new_
Solar Refining
25
South Penn Oil
25
Standard Oil (Indiana) 52
Standard 011(By)
25
Standard 011(0) corn. _25
5% preferred
100
Vacuum Oil
25
Other Oil Stocks
Amer Maracaibo Co
*
Ark Nat Gas Corp corn..'
Class A
•
Atlantic Lobos 011com •
Preferred
50
British Amer Oil Ltd
Coupon stock (bearer).Carib Syndicate
Colon Oil Corp corn
Columb Oil & Gesol v t c_*
Consol Royalty 011
1
Cosden ou co corn
•
Preferred
100
Creole Petroleum Corp...'
Derby 011 & Ref com
•
Gulf Oil Corp of Penne__25
Indian Ter Ilium Oil el A •
Intercontinental Pettl_ ..5
Internat'l Petroleum
•
Leonard Oil Develop_ _25
Lone Star Gas Corp
•
Magdalena Syndicate__ _1
Mexico-Ohio 011
•
Mid-States Pet e1 A v t O.
ClassB v t c
•
Mo-Kansas Pipe Line comb
1
Class B vet tr etfs
Mountain Prod Corp..-10
23
25%
62
12
88%
1334
24%
18%
433(
3-1
394
34
---13-4
34
134
234
56
9%
h
12
31
1635
3
4%
31
88
18
10
13
24%
1834
43
100
4135
10
23
2554
63
12%
12%
12%
so
150
1,200
6,100
100
100
High.
8%
May
May
256
June 108
July 9251
Jan 105
Feb
Mar
Mar
May
July
1234
30
31
72
14
18
2155
Jan
Jan
Apr
Feb
June
Jan
Feb
63( May
20% Jan
24
June
4934 June
93' May
10 June
931 June
June 10235 Jan
July 18% July
June 13% July
June 23% Jan
June 38% Jan
May 23% Feb
June 6234 Jan
July 106
Apr
May 5954 Feb
1,900
900
8,600
100
300
34
3%
3
56
55
June
June
June
Feb
July
I%
6%
651
1
3%
Mar
Feb
Feb
Mar
Apr
435 5
3( 5-16
4
700
1,900
700
3,600
700
500
400
2,100
300
1,800
300
9,100
8,500
2,700
2,000
6,900
100
600
300
4,200
200
200
815
35
h
2
1%
1
1
2
215
38
955
3-16
854
55
1434
35
1%
251
54
374
5.4
355
May
Jan
June
June
Apr
Apr
June
May
May
June
July
July
June
Apr
May
Jan
Jan
June
June
June
Jan
June
16%
2%
356
756
2%
3%
15
335
6
76
1631
56
1556
1%
29
35
4%
4%
156
11
54
5%
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
194
31
34
556
536
35 3-16
54
35
3-4
55
9
97-4
1%
1
66% 8831
135
1%
2
2
2% 2%
31
474 4%
43.4 5
134 134
8
8%
51
31
2
2
134 2
1,000
1.000
600
1,500
500
300
500
1,300
50
1,100
100
200
100
400
5,100
2,400
500
1,200
200
2,300
1635
55
5
55
34
3(
655
1
1554
35
154
13(
54
4
3%
1
734
h
June
Jan
July
June
June
June
2654
256
15
51
2
154
19
414
8334
1%
%
3
2%
14
7%
716
55(
12%
I%
3%
25(
Feb
Mar
Feb
Apr
Feb
Jan
Feb
Jan
Jan
July
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
JUly
53
Feb
%
334
355
%
55
%
4
3%
h
1134
134
I%
1%
34
1%
1
215
234
255
56
9%
5-16
11%
%
1634
3-16
354
235
31
1%
134
4
135
135
254
3
2%
59
10%
7-16
12%
17%
5-16
3%
3
19
335-4 36
1
35
234
98
34
55
34
55
31
1-16
55
550
8835
200 80
400 17%
1835
133-3 5,700
334
13% 1,700 1255
2754 43,900 1935
19
1,800 1534
43%
300 35
102
160 100
47
39,200 x28
4
National Fuel Gas
•
North European 011 Corp_
Pacific Western Oil
•
Pandem 011 Corp
• 3-16
Pantepec Oil of Venez
•
Petrol corp of Amer warr_
51
95.4
Plymouth 011 Co
5
1
Producers Royalty Corp..
*
Pure OH Co 6% pref___100
Reiter Foster Oil Corp__ •
Root Refining pref
•
Ryan Consol Petrol
•
Salt Creek Consol 011_10
415
Salt Creek Producers__ -10
Southland Royalty Co-* 5
115
Sunray Oil
5
TaX00 Oil & Land Co....*
835
Venezuela Petroleum_ - _ _5
51
Woodley Petroleum
1
13-4
"Y" Oil& Gas Co
•
Mining Stocks
Brinker Hill & SullIvan__10
Swann M'Kubwa Copper
American Shares
Comstock Tun & Drain 10e
Consol Copper mines_ _ _ 5
Consol Min &Smelt Ltd 25
Cresson Cons Gold M&M 1
Cusl Mexicana Mlning___1
Engineers Gold Ltd
5
Evans Wallower Lead corn*
Falcon Lead Mines
1
Golden Center Mines_ ___5
Goldfield Consol Mines __I
Heels Mining Co
25c
Hollinger Congo'0 M. -5
Hud Bay Min & Smelt...'
Moss Gold Mines Ltd
_1
Newmont Mining Corp.10
NipLssIng Mines
5
834
23
2555
61
11%
12%
12%
300
9,700
100
200
3%
36
104
82
9835
1
%
2%
98
h
7-1
45
'4
1-16
54
34
5% 554
5% 536
4
451
4
5-1
5-16
29% 293.4 3136
1% 134
100
100
2,300
100
20
200
4,600
400
900
200
1,6
200
300
100
700
100
1,100
1,000
8254 July
83% July
105
July Ohio Copper
1
3-4 3-16
34 2,700
89% Mar Premier Gold
800
54
94
34
118% Mar Quincy Mining
436
436
100
25
15% Mar Roan antelope Copper
3% Mar
Amer shares
856
834 93i 1,700
8% Mar St Anthony Gold Mines__I
55 3-1 59,800
51
3% Mar Shattuck Denn Mining. •
200
335 335
400
68% July Sou Amer Gold & Plat___1
151 14
101
May Standard Silver-Lead _ .1 1-16
1-16 1,000
1-16
1115( July Teck Hughes Hold klin__I
655 6% 3,100
656
10734 Apr Tonopah Belmont Day __I
600
1-163-4
29% July United Verde Extens'n_50c
936 1034 4,200
956
26% July Utah Apex Mining Co.._5
1
1
100
28% Feb Walker Mining
1% 151
200
_1
78
July Wenden Copper Mining.
54 5-16 3,600
.1 5-16
26% Feb
34
BondsMar
258
Feb Abbotts Dairies 6s_..1942
10034 100% 3,000
963( July Alabama Power 4568..1967 98% 9834 9934 129,000
100% Jan
1st ref 5s
1956 1043.4 104% 104% 4.000
100
Mar
1st & ref 58
1968 104% 104 10434 21,000
1856 Mar Aluminum Coat deb Se'52 104% 10494 10531 47,000
60
Mar Aluminium Ltd 55._ _1948 9734 973.5 9735 5,000
29
May Am Aggregates Corp Os '43
31
July
With warrants
6035 60% 2,000
27% May Amer Com'Ith Pr 6E1_1940 7354 a725( 74
46,000
24% Mar
Debentures 534a...1953 ea
2.000
68
65
9% Apr Amer & Contln Corp 55343
79
7934 20,000
07
Feb Am El Pow Corp deb 6s'57 62% 6231 63
9.000
634 Feb Amer 0 hs El deb 5s__2028 10054 10055 100% 128.000
50
Max Amer Gas & Power 5s_1953 68% 6755 6874 14,000
50
Feb
Debenture 68
2,000
87
89
1939 87
95
Mar Amer Pow & Lt 6s
2016 10454 10434 10535 64,000
61
Feb Amer Radiator deb 431s'47
100 10034 21,000
1754 Jan Amer Roll Mill deb 5s..1948
8,000
83% 84
15% Mar
435% notes___Nov 1933
9355 13,000
s93
3-16 Jan Amer Seating Corp 6s.1936
59
10,000
59
11% Jan Appalachian El Pr 58_1956 104
10334 10434 20,000
94
Mar Appalachian Gas 6.1_1945 62
97.000
613-4 65
435 Jan
Cony deb Os ser B__1945 4955 s48
52 132.000
3435 Feb Arkansas Pr & Lt 58...1956 10035 10055 101 55 135,000
69% Jan Arnold Print Wks 6s__1941
86
86
1,000
104% Mar Associated Elec 4356..1953
8354 85
25.000
13-4
55
May
June
June
June
May
June
June
June
May
June
May
may
Jan
Jan
2454 June
35
7-16
2
86
5-16
55
31
34
1-16
h
34
4
59-4
354
3.4
2334
%
June
I%
Feb
h
3%
May
May 144
Jan
15(
154
Jan
151
Mar
3%
May
Feb
51
2
June
34
May
8
June
July
83(
6%
June
May 11-16
June 58%
I%
June
35 June
55 Jail
43-4 July
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Mee
Apr
Mar
Apr
Feb
May
54 Feb
1% Apr
6% June
734 June 1856
1-16 Jan
3-16
6
Jan
3
15-16 Jan
24
1-16 . July 1-16
9
654 Jan
Feb
1-16
54
535 June 13%
1%
54 May
2
June
I
% Fe
14
5
Mar
Jan
Mar
May
July
Apr
June
Mar
June
Feb
Feb
99
Ma
9635 Fe.
10151 Jan
10135 Jan
10331 Jan
9331 July
1003.4
999-4
10431
105
10594
101
July
Jan
May
July
Apr
AIR
July
June
June
Jun
June
Jan
June
June
June
May
June
May
Jan
Jan
June
June
Feb
Mar
July
77
83
7054
8331
7634
10051
7034
94
108
10216
9734
9851
70
104%
89
75
Jan
Jan
July
June
Apr
Mar
July
June
Apr
Apr
Feb
Apr
Feb
May
Feb
Feb
6074
60
65
79
60
97
6255
84
10151
96
70
8934
55
9951
4834
z43%
9534
583
81
1024 may
86
94
July
Mar
Bonds (Continued)
[VOL. 133.
FINANCIAL CHRONICLE
620
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Associated Gas & Electric •
May
July 80
13,000 61
62
63
Deb 4358
1948 62
Mar
4368 series C
1949 6131 6134 6235 139,000 6134 June 73
July 8036 Feb
1950 6734 67
58
6835 90,000 67
1968 6934 6736 6931 209,000 6736 July 8031 Feb
55
Feb
6631 66% 3,000 66% July 77
Registered
July 76% Jan
5365
1938 63
62% 64% 28.000 262
82
5358._
1977 84
85% 8,000 78 June 9636 Jan
July 6031 Apr
Assoc Rayon deb 55 1950 44
44
4936 19,000 44
Jan
Jan 90
37,000 84
,
0
8834 89
Assoc T & T deb 53 3A '55
July 10036 July
5,000 99
Assoc Telephone Mil 6$'33 9936 99 100
1944 8634 85
88
44,000 27636 June 92% Mar
535s- Mar
Baldwin Loco Wks 536533 10134 100% 10136 36,000 99 June 102
Bates Valve Bag 65 1942
Mar
Jan 110
102
warrants
with
107
107 107
4,000
May
106% 106% 9,000 10234 Jan 107
Bell Tel of Canada 55_1957
106% 10735 26,000 103% Jan 10734 June
1st M 55 series A_1955
1st M 5$ ser C
1960
10634 107
26,000 103% Jan 10736 May
Mar 9734 May
Birmingham Elec 434s 1968 9635 96% 96% 25,000 94
Birmingham Gas 1st 55 '59
11.000 95% Jan 1003: Mar
99 100
Jan 10536 June
Boston Consol Gas 58_1947
105% 105% 10,000 103
Jan
Boston & Maine RR 6s '33
102 102
1,000 100% Jan 103
Ry 75-- _1935 109
109 109% 28,000 108% Jan 11135 May
Canada Nat
25-yr guar 434s__195
100% 100% 19,000 98% Jan 102% May
6
Capital Admin deb 5s A '53
Feb 87 June
Without warrants
85% 85% 1,000 81
may
Carolina Pr & Lt 55_ _1956 10434 104% 104% 20,000 10114 Jan 105
Caterpillar Tractor 58_1935 9936 99% 9936 30,000 9534 Feb 10136 Feb
Cent Ariz Lt & Pr 58_A960 10035 10036 101% 31,000 98% July 10131 July
Cent Ill Pub Ser 55 0.1968 101
10036 10136 43,000 9934 Apr 102% may
1st & ref 4368 ser F_1967 93
,
92% 93 116,000 91% Apr 9436 may
Apr 104% June
Cent Maine Pow 434s E '57 100
100 100% 14,000 99
Cent Pow & L 1st 55__1956 93
93
93% 34,000 92% June 96% Mar
Cent Pub Serv 5368 1949
Mar
With warrants
7234 7236 73% 131,000 7031 Mar 81
Jan 71% Mar
Cent States Elec 5s_ _1948
64% 65% 95,000 58
Mar
June 77
Deb 5348__Sept 15 1954 6734 67% 68% 62,000 58
Cent States P & L 5355 '53
66. 68% 26,000 262 June 8731 Mar
Feb 94% Mar
Chic Dist Elise Gen 434s '70 9434 9334 94% 47,000 90
Jan 0102% May
Deb 5301____Oct 1 1935 102 10134502
29,000 99
Mar
June 73
Chic Rya 55 ctts dep__1927
6231 62% 3,000 56
Cigar Stores Realty Hold
Deb 535s series A__ _1949 6734 65% 6734 25,000 65 June 7731 Apr
Cincinnati St Ry 534s A '52
82% 8236 1,000 79 June 90% Jan
1st 6s series B
30,000 84 June 9636 Feb
1955 90
8836 90
Jan
Cities Service 55
6236 2,000 259% May 76
1966
62
5731 May 8231 Mar
Cony deb 55
1950 6434 64% 6534 409,00
Jan
6334 May 83
68,00
Cities Serv Gas 5365_1942 6834 6836 70
Jan
78% June 89
Cities Serv Gas Pipe L 85'43 83
8331 15,00
83
Jan
June 84
71
64,00
Cities Serv P & L 535s 1952
,
78% 79
Cleve Elea Ill 1st 5s__1939
4,00 10336 May 105% June
104% 105
Jan
July 107
1,000 105
1941
Deb 7s
105 105
Jan
2,000 3136 Apr 43
Commander-Larabee 68 '41 3834 38% 40
Commers und Privat
July 8736 Mar
Bank 5303
1937 56
56 70% 98,000 56
Com'wealth-EdlsonAP 110% July
lat Is
June 1 1943
110% 110% 4,000 107
Feb 105% June
1st mtge 4348 ser C_I956
10334 10434 2,000 101
1st m 436s ser D____1957
103 103% 37,000 100% Jan 10534 may
1st M 436sser E____1960 10234 10234 10236 31,000 99% Jan 10335 May
1st M 48 ser F
1981 9434 9436 094% 252,000 9436 Jun 091% July
July 92
July
Community Pr di Lt55 1957 8734 87
40,000 87
90
Consol Gas El Lt & P(Bait)
1st & ref 536s ser E.1952
2,000 107% Jan 108% May
10734 108
Jan 105 June
3.000 102
1st & ref 436s ser H 1970
105 105
99 June
1981 9834 98
1st ref Hs
9835 70,000 96% Jun
Consol Gas UM Co
Mar
85
Deb 6368 with warr_1943 6034 57
60% 10,000 55 Jun
Mar
88
1st az coil 6s ser A I943 63
66% 15,000 62 Jun
63
Mar
Fe
1,000 17
35
Consol Textile 1st 88 1941
20
20
59,000 99% Jan 10534 May
Consumers Power 4368 '58 104
103% 105
1958 85
Cont'l G & El5s
8431 8536 203,000 80% Jan 88% Mar
Jan
Continental 011 53-48_1937
86% 16,000 28236 May 95
86
Continental Secur 55__1942
Jan
7331 Apr
7034 70% 7034 2,000 65
With warrants
Apr
5,000 10036 Jan 103
102% 10236
Crane Co 10-yrs d 5s_ _1940
May 10136 Mar
98% 18,000 92
97
Crucible Steel deb 5s__1940 97
July 107
Mar
4,000 98
Cuban Telep 7360____1941
9834102%
Jan 55
June
52
52
10,000 45
Cuban Tobacco 55_ _ _1944
Apr 099% July
5,000 97
9934 9934
Cumber'd COP & L 4345'56
Feb
50,00
94% Jan 100
Cudahy Pack deb 5365 1937 9735 97% 98
13,00 locoM Jan 103% June
Sinking fund 55____1946 10231 102% 103
Feb 95
88
9336 9335 1,00
,
May
,
Delaware Elec Pow 536s'59
May 104% June
102 102
1,000 99
Deny & Salt Lake Ry 68 '50
Del City Gas 65 ser A.1947 10634 106% 106% 19,000 105% Jan 10716 May
Jan 10431 Apr
10334 10334 12,000 100
1950
1st 55 series B
1,000 10 June 30
Jan
12
12
,
Dec lot Bdge 6365__ _ _1952
2
Jan
274 9,000
5
Mar
1952
2
25
-year deb 7s
Dixie Gulf Gas 6368
,
Jan 9834 June
10,000 83
93 895
1937 93
With warrants
•
July 7036 Jan
15,000 20
22
20
Duquesne Gas 1st 65_ _1945
East Utilities Investing
60% 68,000 5134 June 71
Jan
1954 5831 58
55 with warr
102% 10336 33,000 10136 Jan 10436 May
Edison El(Boston) 55_1933 103
1,000 100% July 101
Mar
100% 1003o
/
% notes Nov 1 1931
Mar
86 203,000 79% June 90
84
Elec Power & Lt 55_ __2030 85
July 61
1,000 55
May
55
55
Elec Pub Serv 5365 C 1942 55
Empire Oil & Refg 5348 '42 593.4 5931 6036 23,000 49% May 80% Jan
Ercole Mareill El Mfg
3,000 26336 Jan 83
Mar
69
st3831
With warrants 6355-1953
European Elec 6345_1965
15,000 65
July 84
Mar
67
6634 65
Without warrants
July 90
Apr
(35% 95,000 65
65
Eur Mtge & Inv 7s C_1967
July 98
9336 14,000 91
Jan
91
Fairbanks Morse Co 551942 92
Mar
66
3,000 66
July 81.
66
Farmers Nat Mtg Inst 75'63
61
Feb
50,000 453.4 Jun
00
57
Federal Water Serv 534s'54 59
Finland Residential Mtge
8236 May
1961
76% 77% 18,000 73 Jun
Bank 65
Apr 86
4,000 79
Jan
85% 86
Firestone Cot Mills 55_1948
May 90% July
90% 6,000 83
90
Firestone T & R 5s_ .1942
May 27% Feb
5,000 12
16
16
Rubber 5165_ _1931
Fisk
1534 15% 6,000 12% Apr 1536 July
Certificates of deposit_ _
15,100 82% June 91% Apr
_-Florida Power & Lt 5s..1954 8834 87% 89
July 95
Apr
5,000 84
84
84
65_ _1939
Garlock Packing
Gatineau Power 1st 55 1956 9034 9036 9036 49,000 84% May 9436 Jan
12,000 6934 June 95
Mar
86
Deb gold 6s June 15 1941 8531 85
3,000 69% June 9236 Jan
84
84
Deb 6s ser B_ _A & 01941
Apr
46,000 56
Jan 65
62
Gen Bronze Corp 65_1940 6034 60
Corp
Gen Motors Accept
1,00 101% May 101% May
101% 101%
5% serial notes_ _1032
102 102% 6,00 101% July 10234 June
5% serial notes_ _ _1933
1934 10234 102 102% 14,00 101% June 102% may
5% serial notes
1935 10134 10134 101 34 6,00 101% May 102% May
5% serial notes
2.000 101% May 102% May
10134 1013.6
5% serial notes_ __ _1936
Mar 288
June
1,000 80
85% 8536
Gen Pub Serv deb 58._1953
Mar
2,00
84 June 97
91
91
cony 65.1931
Gen Pub TRH
Jan
1,00
43 June e53
46
46
Gen Rayon deb 65 A__1948
98% 98% 1,000 98 June wog mar
General Refract 55_1933
Gen Wat Wks G & E
Jan
28 June 69
7,00
43
40
Cony deb 65 ser B__1944 40
9831 Jan 10231 May
105,00
Georgia Power ref 58_ _1967 10234 102 102%
1953
Gesfurel deb 65
54
July 88% Mar
4,00
61
54
54
Without warrants
Jan 09531 May
84
90,00
93
92
Gillette Safety Razor 58 '40 92
June 93
Jan
81
5,00
8631 87
1935 87
Glidden Co 5365
(Adolph) 6368._1935
Gobel
June 82
61
Feb
37,00
7034
68
With warrants
Grand (F & W) Properties
July 74
1,00
64
Jan
64
64
Cony deb 65_ _Dec 15 '48
00 105% Jan 109% May
108 10831 31,
Grand Trunk Ry 6368_1936
July 85
July
3.000 85
85
85
Grand Trunk U4s____1950 85
Bonds (Continued)
Great West Pow 55 C_1962
Guardian Invest Corp 58'48
With warrants
Guantanamo & W Ry 6s'58
Gulf Oil of Pa 55
1937
Sinking fund deb 55_1947
Gulf States Util 55
1956
4365 series B_June 1 1961
Hamburg Flee deb 75_1935
Hamburg El& Und 5365'38
Hood Rub 53650ct 15 1936
Houston Gulf Gas 65_1943
Houston Lt & Pr 4%61978
1953
lot 55 series A
151 lien & ref 434s E.1981
,
Hygrade Food
ser A.'49
Idaho Power 55
1947
III Nor TRH 1st 55_ _1957
EI Pow & L 1st 68 ser A '53
1st & ref 534s ser B.I954
1st & ref 53 ser C.. 1956
S f deb 53-4s May 1957
Indep Oil & Gas 6s
1939
Indiana Hydro-Elec 55 '58
Indiana & Mich Elm 55'55
Indiana Service 55____1950
1st I & ref 5s A
1963
Ind'polis P & L 55 ser A '57
Insull Mil Invest 68 1940
With warrants_ Intercontinents Pow 65 '48
With warrants
Interlake Iron 55 B_ _ _1951
Internat'l Pow Sec 75 E '57
Coll trust 63-laserfl 1954
1955
6365 series C
Secured 7s ser D____1936
1952
Deb 7s ser F
Sales
Friday
Last Week's Range for
Sate
of Prices.
Week.
Price. Low. High.
105% 105%
8331 86
35
35
37
8734 8836
9631 96
97
10135 103%
89%
88
95% 95%
86
87%
86
245
20
100
100
96
94
80
54
4236
74
95
10236
9816
40
103%
10034
103%
0814
1)6%
8631
72%
90
10436
81
80
29934
99,000
10331 8103 10336
68% 6731 6334
050
63
10331 104%
8636 86
87
70
6936 70%
9834
9331 92
97
97
9815
10231 102% 102%
54
53
9035 9031 91
8631 86
87%
8731
8636 286
8636 885
87
89
89.36
89
82% 83
9435 95
Jan
Mar
May
May
Feb
May
June
July
June
June
Mar
May
June
Mar
Mar
Jan
June
Jan
July
Jan
May
Mar
June
May
July
Feb
10534
Mar
Jan
Feb
Feb
May
May
Mar
Mar
Mar
Jan
May
May
June
July
June
July
Apr
Apr
May
Feb
Jan
July
May
95
Feb
59
35
103
104
10236
94%
10031
86
6936
291
99%
104
99%
56
105%
105
105
105
9931
9436
100
97
7536 June
8834 mar
86%, Apr
July
105
9,000 28
Mar
May 60
11,000 87
July 9035 June
17,000 8931 Jan 10034 Mar
13,000 101% June 10431 July
12,000 85% June 9236 July
July
9,000 9435 July 96
July
41,000 8636 July 88
85
8531 6,000
International Salt 55_1951
70
70% 48,000
Internal Securities 55_1947 70
88 107,000
Interstate Power 55._ _1957 87% 86
1952 7036
68
7234 7,000
Debenture 65
5,000
Interstate P S 436s F_I958 9236 9234 9236
1st & ref 55 ser D_ _ _1956
9931 9934 5,000
9231 92%
1,000
Interstate Telep 5s A_1961.
Invest Co of Amer 53_1947
84% 28,000
84
84
Without warrants
Iowa-Neb L & P 55_1957 94% 94% 9536 11,000
1961
94% 9536 4,000
55 series B
Iowa Pow & Lt 4348A_1958 96% 9536 96% 11,000
Iowa Pub Serv 1st 5s__1957
97% 97% 1,000
Isarco Hydro-Elec 7s__1952
79% 7931 1,000
Isotta Fraschini 78___1942
1,000
64
With warrants
64
Without warrants
64% 8454 1,000
Italian Superpower of Del21,000
Debs 65 without warr '63 66% 66
67
85% 5,000
84
Jacksonville Gas 55_ __1942 84
Jersey C P& L 5%541_1945
103% 103% 2,000
1st & ref 5s ser B _1947 103% 103 10336 100,000
Kansas City Gas 6s_ _1942
10734 10734 2,000
3,000
Kansas Gas & Elec 65_2022
10736 108%
Kansas Power Is A___1947 10034 100 Nog 18,000
Kansas Pow & Lt 55 B_1957
100% 100% 2,000
Kelvinator Corp 6.5___1936 93
98% 17,000
93
Kentucky MO 1st 55_1961
10036 10036 6,000
1969
1st 5s series I
100% 10034 10,000
Keystone Pub Say 55_1978 9935 9936 9936 7,000
Kimberly-Clark 55. _1943
2,000
99
99
99% 22,000
Koppers G & C deb 58 1947 9931 99
Sink fund deb 5%5.1950 102% 102 31 102% 14,000
Kresge(SO) Co 1st 55.1945 101
5,000
100% 101
Ctts of deposit
100% 100% 5,000
1935
Laclede Gas 534s
10036 101
6,000
Lehigh Pow Scour 65_ _2026 104
103% 10436 42,000
Lexington Utilities 55_1952
96% 9631 15,000
Libby McN & Libby 55 '42 92% 0234 9336 51,000
,
Lone Star Gas deb 5s_ _1942
99
99
1,000
106 106
1.000
Long Island Ltg 6s_ _1945
Cony deb 5345 A_.1952
10334 10311 4,000
Louisiana Pow & Lt 551957 101% 101% 10216 32,00
Manitoba Power 53,65..1951
6,00
8236 83
Mansfield Min & Smelt
6531 65% 2,000
75 with warrants_ 1941
15,000
Mass Gas Cos 5345_1946 104% 1043,6 105
Sink fund deb 5s___1955 10131 8100 10131 60,000
5,000
96
96
Mass ULU Assoc 5s A _ _1949
,
1
Metrop Edison 1st 48 E '71 93% 923 9336 44,000
Middle West Utilities
1932 99% 9936 9936 5,000
Cony 5% notes
9736 24,000
Cony 5% notes_ _ _1933 9736 97
9534 52,000
94
Cony 5% notes__ _ _1934 94
16,000
Cony 5% notes_ ___1935 94% 92% 95
104 10534 8,000
Milw Gas Light 4345...1967
Minneap Gas Lt 4368_1950 9434 93% 94% 41,000
49,000
98
97
Minn Pow & Lt 43/5.1978 98
4,000
95
95
Mississippi Pow 1st 55_1955
9631 12,000
96
Miss Power & Light 55 1957
Miss Ely Fuel 6s Aug 15 44
76,000
96
96
With warrants
6,000
92
90
Without warrants
Miss Ely Power 1st 5s 1951
1045410574 5,000
17,000
9936 100
ivfonon W P 57-58 B _ _ _1953
Montreal L H & P Con
4,000
10431105
1st & ref 5s ser A___1951 105
Narragansett Flee 55 A '57
Nat'l Elec Power 551978
Nat Food Prod 65_ _1944
Nat Pow & Lt Os A__2026
55 series 13
2030
Nat Public Service 55_1978
Nat Steel Corp 1st 55_1956
Nat Tea Co 55 May 1 1935
Nebraska Pow 4%5_ 1981
Neisner 13r05 deb 65_1948
Nevada-Calif Elec 55_1956
NE Gas & El Assn 55_1947
Cony deb 55
1948
Cony deb 5s
1950
New Eng Power 5365_1954
55
1948
N Orleans P Serv 4348 '35
NY & Foreign Inv 5368 '48
With warrants
NYP&L Corp 1st 4345'67
Niafara Falls Pow 65_1950
Nippon Elec Pow 6365 1953
Nor Conti 11th 536s A 1948
North Ind Pub Serv 55 1966
1st dc ref 55 ser D_I969
1st & ref 436s ser E_I970
Nor Ohio Pr & Lt 516s 1951
Nor Ohio Tr & Lt 55_1956
No Sts Pow 6355% notes'33
% notes
1940
Ref 4365
1961
Northern Texas 1E11 75 '35
Northwest Pow cony 68 '60
Ohio Edison 1st 5,5_ _1960
High.
Low.
6,000 105% July 106% June
3,000
50
52
3334 40.000
30
102% 1023110231 19,000
10234 102 102% 28,000
68,000
99% 98% 100
94
9436 3,000
94
88
90
5,000
54
54
62
11,000
60
60
1.000
82% 83
3,000
0931 99 9931 6,000
10331 10336 10331 3,000
99
99
11,000
4934 51
12,000
104% 104% 2,000
103% 103% 103%
1,000
10416 104% 104% 57,000
102% 10236 102% 14,000
97% 97% 98
55,000
91% 91
9134 4,000
82
8031 82
3,000
95
95
5.000
104% 104%
1,000
85
8236 85
12,000
82% 8236 82% 1,000
10431 8104% 105
64,000
84%
Range Since Jan. 1.
4,000
39,000
13,000
7,000
49,000
61,000
384,00
11,00
166,00
3,000
17,000
16,00
8,00
56,00
36,000
6,000
2,000
80
6831
79
68
88
9931
92%
Feb
Jan
Apr
July
Feb
July
July
8531 July
7834 Feb
Mar
89
84% Mar
93A Mar
9931 July
9331 June
7436
91%
9334
90
9336
,
64
Mar
Jan
May
Jan
Ma
Jan
86
9731
9636
9636
9836
95
58
59%
Jan
Jan
July
Apr
May
May
June
Mar
79% Apr
7834 Apr
5536 Jan 7736 Mar
July
85
101
83
Jan 104% May
ul
9834
103% June
105
May 107% July
104
Jan 10836 July
94
Fe 10135 May
July
9934 Jun 101
990836
n 9831 July
Jan 10135 June
93
Jan 100% May
95
Jan 10036 July
Mar
98e 100
ujuu nee
June 10236 Mar
10131
8087 3
:
0
10336 Mar
Jan9Jny 10331 Feb
100% July
19
101% Jan
Jan 10636 Apr
91
Feb 9634 July
Jan 9636 Apr
0896% Feb 10036 Mar
965
n
4
102u Jan 10635 May
0%
3
July 103% June
9636 Jan 103 May
82% July 9531 Jan
65%
102
9734
92
91%
July 9235
Jan 106
Feb 10234
Mar 9636
Jun
95%
9834
93
92
291%
101%
8936
9136
,
91
9336
Jan 10031 Mar
Jan 9936 Apr
Jun
9731 Mar
June 97
Jan
Jan 106% June
Feb 95
May
Jan 98
May
July 9636 July
Jan 98% Mar
Apr
May
May
June
May
9236 June 106% Feb
89
July 98% Mar
10231 Jan 105% May
98 June 101
May
102
10136
65%
48
10036
84
65
92
49
101%
50
88
8531
286
83
87
78
91%
Jan 105% May
Jan
June
Jan
Jan
June
June
July
June
July
June
June
Jan
July
Jan
May
May
Mar
104
77
70
10731
93
78
e99}1
99%
10336
80
9336
94
95
94
9431
may
88
May
Mar
Apr
Apr
Mar
Mar
May
May
Juno
Jan
Jan
May
Mar
May
Apr
9534 Mar
3,000 276
Jan 82
272 z72
100
9934 100 124,000 9336 Feb el00%
106
106 10634 24,000 105
July 10834
21,000 84
91% 91% 92
Jan 9431
57
5735 2,000 57 June 75
1043.4 10331 104% 3,000 993
, Jan 105
1
26,000 99
104 8105
Jan e1043(
9831 98% 98% 80,000 903-4 Jan 99
10436 10431 10436 12,000 0834 Jan 105
10236 102% 9.000 93
Jan 10331
10234 102% 102% 7,000 10134 Jan 104
102% 103
12,000 99
Jan 10331
9831 9831 98% 269,000 9731 Apr 993-4
Jan 2100
9,000 95
9634 96% 97
July 90
2,000 76
79
79
Jan 105
104 10436 27,000 99
Mar
May
May
May
Jan
May
July
may
Mar
June
Mar
May
May
Mar
Jan
June
JULY 25 1931.]
Bonds (Continued)
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Pricey.
Week.
Price. Low. High.
1952
Ohio Power Os B
1956
454s series D
1950
Okla Gas dr Elec 5s
1941
Oswego Falls 65
Pac Gas & El lot 43,48_1957
1941
1st 68 series B
1st & ref 54s C____1952
1st & ref 455s F____1960
Pac Invest deb bs A___1948
Pac Pow & Light 55_1955
When issued
Poe Pub Serv 5s...._1938
Pacific Western Oil 654043
With warrants
Penn Cent I. & P 4555_1977
Penn-Ohio Edison 6.9._1950
Without warrants_ _
Deb 5355 ser B
195.
Penn-Ohio P & L 554s A '51
Penn Dock & W'house 6s'49
With warrants
Pa Flee 1st & ref 4s FA971
Pennsylvania Power & Lt
1st & ref 55 ser V___1952
Apr 11981
1st 41513
Penn Telep 55 ser C___1960
Penn Water Service 5s 1967
Penn Wat & Pr 455s B_1968
P001)1090 Lt & Coke 4s '81
Peoples Lt & Pow 58_1979
Phila Elea Pow 5146_1972
pima Rapid Transit Os 1962
Piedmont Hydro-El Co
let & ref 6345 cl
Piedmont & Nor fly 551954
Pittsburgh Coal(is_ _ _1949
Poor & Co 65
1939
Potomac Edison 5s._1956
1st 455s ser F
1961
Power Corp(NY)54E3.'47
Procter & Gamble 455E3247
Prussian El Os
1954
Pub Sor of N III 449.1980
1st & ref 5s C
1966
lot & ref 455s nor D_1978
1st & ref 454s ser F_1981
Pub Serv of Okla 55._1957
Puget Sound P & L 5555'49
let & ref Os ser C_ _1950
1st & ref 454s ser D_1950
Queens Borough Gas& Else
555s series A
1952
Ref 434s
1958
Reliance Managem't Os '54
With warrants_
Remington Arms 5555_1933
Republic Gas Corp (formerly Saxet'Corp) 59_1945
Rochester Cent Pow 55 '53
Ruhr Gas 6%s
1953
Ruhr Hous'ng Corp 6346'58
10054
10355
55
10135
10634
102
9875
99
98%
53
9735
58
97
9,000
97,000
27,000
1,000
63,000
2,000
12,000
156,000
5,000
90,000
2,000
50,000
60
24,000
9751 72,000
Low.
101
98
100
51
964
10954
10455
97
6794
29555
99
98%
61
92
59
61
9154 92
7,000
57,000
1034
97
96
0854
9954
99
10034
10234
9454
1054
10151
10451
674
1024
11451
106%
102
754
100
994
9955
June
May
May
Jan
May
July
May
May
Jan
Mar
July
July
84% Jan
98
June
Jan 10455 Apr
Jan 104
May
Jan 105
Apr
Jan
July
Jan
June
Mar
July
June
Feb
Apr
83
Jan
9555 May
10555
,
29855
10331
92
1004
96
7455
10735
80
June
May
Juno
July
June
July
Mar
May
Jan
78
80
19,000 71
Jan 88
Mar
86
884 4,000 80 June 93
Mar
90
90
81
1,00
June 9911 Jan
86
86
2,000 80 June 97
June
10254 10334 42,000 90
Jan 104 June
97
9755 28,000 954 June 9755 May
95
96
Jan 974 Apr
11,000 90
105 1054 23,000 10035 Jan 210(34 June
5854 58% 100,000 5834 July e794 Apr
9854 99
21,000 9455 Feb 99 May
10554 10555 10,000 102% May 1054 July
9855 9934 10,000 9454 Feb 9955 July
9355 9955 191,000 9655 June 9955 July
100 10055 35,000 98
Feb 1014 Stay
102 10234 47,000 100
Feb 10435 Apr
1004 100% 7,000 95% Jan 101
May
29455 9434 55,000 9455 May e9451 May
104 104
10235 10235
8311
884 884
904 904
804
8851
6135
41351
51
4651
Feb
Jan
Jan
June
Feb
Jan
Jan
Feb
July
Jan
July
July
57 June
8855 June
10454 10454 10455 1,000 102
9555 95% 187,000 9455
10351 1034 4,000 95%
02
92
3,000 90
100 10055 10,000 974
95
96 424,000 94%
36
3434 364 25,000 30
1074 10755 41,00 10531
733/4 734 1,000 60
80
High.
56 June
924 Jan
10351 1034 10451 14,000 10056
10155 10155 102
63,000 9735
10435 10455 13,000 1024
Safe Harbor Wat Pr 445'79 10055
St L Gas & Coke 63._ _1947 3435
San Antonio Pub Serv 5s'58 9955
Sauda Falls 55
1955
Saxet Corp See Republic Gas
Saxon Pub Wks Os...1032
80
Schulte Real Estate 651935 60
Scripps(E W)535s___1943
Serval Inc 55
1948
Shawinigan W dr 1' 4545'67 9751
1st & coil 4!.s ser13.1968 97
1st Os series C
1970
lot 4.5s series D.__1070 9735
Sheffield Steel 5.513___1948
Snider Packing 6s___1932 46
Southeast P & L 6s__.2025
Without warrants
10434
South Carolina Pr 5s__1957 95
Sou Calif Edison 5s___1951
Refunding 5s
1952 10554
,
Sou Cal Gas C',rp 55._ 1937 9534
,Sou Calif Gas Co 434s _1961
lot & ref is
1957
Southern Natural Gas 6s'44
With privilege
Without privilege
60
S'western Assoc Tel Os 1961 9355
So'west Dairy Prod 655s'38 34
Southwest G & E Os A.1957
S'west Lt & Pow 5s A_1957
So'west Nat Gas 6s1945
So'west Pow & Lt 85..202'2
Staley (A E) Mfg 6s1942
Stand Gas & Elea 63_1935 10035
Cony 6s
1935 101
Debenture Os
1051 9855
Debenture Os Dee 1 1966
Stand Invest deb 5s__1937
Deb 555s
1039
Stand Pow & Lt6s1957 9535
Stand Talon 555s ser A 1943 724
Stinnes(Hugo) Corp
79 Oct 1 '36 without warr 50
7s without warr___J946
Sun Oil deb 535s
1939
Sun Pipe Line 55
1940
Super Pow of No III 434E370
1st 4555
1968 9154
Swift & Co 1st m 515s 1944
5% notes
1940 10134
Tenn Elec Pow 5s
1950
Tennessee Power Os.
..1962
Tenn Public Serv 55_1970
Terni Hydro-Elec 655s '53
Texas Cities Gas 58_1948
Texas Electric Serv 5s 1960
Texas Gas Util (33.__1945
Texas Power & Lt 53._1956
Debenture Os
2022
Thermoid Co 6%____1934
With warrants
'Fri Utilities Corp deb 59'79
Ulen Co cony deb 8s_1944
Union Am Invest 55..1948
With warrants
Union Gulf Corp 55 Jul 150
Un El L & P 5s ser 13_1967
United Elec Service 75 1950
With warrants
Without warrants
United Indus Corp 615s 41
United Lt & Pow 6s1975
Debenture 648.....1074
1st lien & con 54E3_1059
Un Lt & Rys 6s sor A _1952
1932
1st series 5s
1952
Deb 555s
United Rys (Hay) 855s '35
10455 105
1004 10055
103 10331
55
55
101 102
11451 1143,4
1063-4106)4
10034102
6755 68
9834 994
99
9951
984 99
Range Since Jan. 1.
90
63
5755
55
5,000 10134 Jan 105
Jan 104
1,000 100
2,000
1,000
80,000
10,000
36,000
13,000
75
88
Apr
June
May
June
8834 June
96
Feb
7931 Jan 108
60
Jan 7635
40
July 8551
51
July
8234
Apr
May
Mar
Apr
994 10051 367,000 97% June 10055 July
314 35
,
19.000 3035 June 524 Jan
994 100
Jan 10235 Mar
36,000 94
1044 105
Jan 10555 July
8,000 102
79
60
90
80
97
9635
10455
97
s9051
46
87
60
91
8134
97%
97
10435
9754
s0034
4755
July 96,4 Apr
22.000 79
3,000 5451 Jan 80
Apr
Jan 91
16,000 85
July
Jan 84
18,000 63
Apr
53,000 924 Jan e9855 May
Jan 98% May
25,000 93
8,000 100% Jan 10514 Mar
72,000 9334 Jan 974 May
2,000 90 May 103% Mar
543,5 Mar
14,000 3535 Jan
10355 10455
95
95
1054 10535
105% 105%
9551 96
954 9655
10231 10251
94,000 9935
11,000 90
12,000 103
4,000 103
16,000 0034
23,000 9454
11,000 994
Jan
Feb
Jan
Feb
Jan
May
Jan
106
95
106
106
96
0655
10334
Apr
Mar
Apr
May
July
May
May
61
63
60
6335
9354 93%
34
35
9555 9551
9355 9355
4655 4755
106 106
80
80
1003410134
10055 101%
9834 0855
9851 99
7851 78%
784 7851
95
96
7254 75
23,000 40
2,000 4951
1,000 93
6.000 34
8,000 293
5,000 9051
7,000 35
8,000 101
2,000 78
32,000 98%
98,000 9951
20,000 9435
16,000 9551
8,000 70
2,000 27235
29,000 9251
11,000 7255
June
June
May
July
Jan
Jan
June
Jan
Juno
Jan
June
June
June
June
June
June
July
89
8414
0435
66
29735
974
72%
10755
98
102%
1024
10151
10135
8514
8651
100
83
Mar
Apr
May
Jan
Mar
Mar
Feb
50
65
50 n53
10155 1024
9951 9955
914 9131
91
9155
10354 1034
10151 10251
16,000 50
5.000 40
8,000 9854
10,000 97%
11,000 8955
18,000 90
8,000 10234
37,000 9954
July
July
June
June
Feb
May
Jan
Jan
80
1024
100
9335
93%
104
10255
Mar
July
Jan
Mar
May
May
Mar
1044 1034 10451
1023-41023,4
994 99
9955
79
79
80
634 6351 64
10034 9951 1004
48
48
5154
102
101% 102
1094 10955
45,000 9834
3,000 99
30,000 9455
13,000 73
15,000 504
58,000 95%
13,000 46
49,000 9854
2,000 106
Jan
Jan
Jan
Jan
June
Jan
July
Jan
Feb
o105
10231
9031
87
71
1014
80
103
11014
June
July
May
Mar
Mar
May
Feb
May
June
5655
1535
654
5654 5654 1,000
154 18% 46,000
64
654 24.000
50
July
1251 June
6335 Juno
,
8434 8455 7,000 280
10255 10255 1023,4214,000 210054
10534 10554 10,000 102
82
82
82
82
57
65
9255 93
99
9955
10434 104% 105
108
1074 108
10055 100%
,
914 9051 914
50
50
57
9255
May
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Star
Juno
8634 Apr
79.51 Mar
64
Jan
85
Star
Jan 28655 Mar
Jan 103
May
Jan 10555 July
1,000 78 June
1,000 7911 June
10,000 55
July
45,000 9154 Jan
3,000 98
Jan
23,000 91
Jan
61,000 974 Jan
4,000 10051 Jan
133,000 80
Jan
1,000 36
June
9235
92
90
6755
102
105
108
10155
92
80
Mar
Apr
Stay
Mar
Mar
July
June
May
July
Jan
Bonds (Concluded)
621
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
5
Price. Low. High.
U S Rubber
3
-year 6% notes____1933 9234
Serial 634% notes__1932 9334
Serial 655% notes...1934
Serial 655% notes._1935
Serial 64% notes__1936
Serial 615% notes._1937
Serial 655% notes._1940
Utah Pow & Lt lot 58_1944
Van Camp Packing 65_1948
Van Siveringen Corp 6s_'35 53%
Va Elec Power 5s
1955
Va Public Serv 555s A.1946
1st ref 55 sec B
1950
S f deb 6s
1946 9231
,
Ward Baking Co 6s
1937
Waldorf-Astoria Corp
1st 75 with warr
_1954
Wash Wat Pow 5s._,,1960
West Penn Eloc 5s___ _2030 88
West Texas Util 53 A_1957 874
Western Newspaper Union
Cony deb 65
1944 38
Westvaco Chlorine Prod
10-year 54s Mar 1 1937
'His Pow & Lt 5s F....1958
1st dr ref 5s ser E___1956 1034
Range Since Jan. 1.
Law.
High.
May 9355
9234 12,000 81
92
9834 9835 3,000 8051 Jan 9834
June 84
2,000 65
75
75
75
1,000 65 June 8351
75
June 77
6651 17,000 60
63
3,000 60 June 764
66
66
1,000 60 June 78
61
61
Jan 9851
9634 9634 3,000 94
Jan 60
52
52
1.000 15
5235 57 127,000 52 June 85
4 1,000 10235 Jan 105
1044 1045
9655 9614 13.000 9234 Feb 9734
8951 0055 16.000 8755 June 9154
9235 9251 6,000 28851 Jan 294
1014 10251 10,000 9955 Jan 10455
June
July
Mar
Mar
Apr
Star
Mar
Slay
Feb
Jan
May
Stay
May
Mar
June
Feb
55
5534 14,000 48 June 74
4,000 210254 Jan 10511 Stay
105 105
Feb 93
Mar
24,000 85
88
90
8634 8735 48.000 84 June 9134 Mar
38
39
103 103
10355 10355
1034 10351
Foreign Government
And MunicipalitiesAgric Mtge Bk (Colombia)
20
-year s f 7s
1946
7634 nS1
20
-year 7s_Jan 15 1947
7534
75
Buenos Aires(Prov) 7555'47 70
6934 75
Ext 7s April
1952 6355 6354 634
Cauca Valley 75 June 1 '48 42
42
47
Cnt Bk of German State &
Prov Banks Os B
1951 51
50
58
Danish Cons Munic 5,1‘i's'55 10051
003410034
5s
1953
97
073,4
Danzig Port & Waterways
25-year ext 65431_1952
5954 63
German Cons Munie is '47
5555 70
65
1947 46
4535 6134
Hanover (City) 7s__ HID 64
64
65
Hanover (Prov) 650_1949 55
55
65
Indus Mtge Bk of Finland
1st mtge coil et 7s._1944 89
89
9034
Maranhao (State) 79..1958 35
35
354
Medellin 7s set' E
1951
6934
65
Mendoza (Prov) Argentine
Externals I g 7345.1951 427
4 39.4 45
NIortgage Bank (Bogota)
7s issue of Oct 1027_1947 56
56
56
Bank ot C1111E364_1931
Mtge
70
79
Mtge Bk of Denmark 5s72 100
994 100
Netherlands (Kingd) (is '72 104
101 104
Parana (State) Brazil 75'55 2834 2354 2954
Rio de Janeiro 635E3_1959 314 3051 38
Russia's Government
055s ctfs
1919
24
2
231
515s Ws
1921
2
2
Saar Ba.sin Consol 7s..1935 90
90
0955
Saarbruecken (City) 7s '35
101 101
4,000 238
July
6851
Jan
Jan 10434 Feb
5.000 101
2,000 10134 Mar 10355 May
Jan 10334 Stay
1,000 101
May
Slay
May
June
Stay
8835
7955
,
9734
9055
75
Jan
July
Mar
Mar
Apr
16,000
4,000
10,000
1,000
7,000
55
56
5734
56
38
28,000
10,000
22,000
July 8034 Star
50
9955 Jan 10251 Stay
9655 Jan 10035 Slay
0.000
26,000
43,000
4,000
23,000
5955
53
4535
64
55
July
July
July
July
July
32,000
6.000
5,000
89
34
56
July
June
July
23,000
3334 June
80
90
8251
957-4
844
Mar
Star
Apr
Star
Mar
295
Mar
5954 Mar
Mar
79
78
Mar
Star
1,000 52 Stay 75
July 29955 Apr
3,000 79
Jan 10155 Star
21.000 98
5.000 10011 Mar 10555 Jan
May 5435 Mar
21,000 18
mar
28,000 2251 May 68
5.000
4,000
6,000
3,000
3
Feb
155 June
July 10454 June
90
July
9935 Jan 104
. No par value. I Correction. in Sold under the rule. o Sold for cash. s Option
5
sales. I Ex-rights and bonus. :a When Issued. r Ex-dividend. y Ex-rights.
e See alphabetical list below for "Under the Rule" sales affecting the range
for the year.
Chicago District Electric, gen. deb. 5345, 1035, May 13, 52.000 at 10354.
Commonwealth Edison 4 ser. F 1931, July 22, $9,000 at 9174.
Consol. Automatic Merchandising, corn. V. t. c., March 9, 100 at 5-16.
Cumberland Co. P. dr L. 4555, 1956, May 26, 31,000 at 109.
Empire Power partic. stock. July 10, 50 at 3955.
General Rayon deb. (1s, 1948, Feb. 3, 13,000 at 55.
Gillette Safety Razor, deb. 5s, 1940, June 29, 19,000 at 964.
Illinois Power & Light, 6% pref., March 23, 18 at 9735.
Iron Cap Copper Co., March 16, 100 at 151.
National Baking, common, Jan. 16, 100 at 5.
National Steel Corp. 5s, 1956, May 6, 531,000 at 9934.
Northern Indiana Public Service 5s D, 1069, July 7, 52,000 at 105.
Northern States Power, 7% pref., Starch 20, 50 at 11034.
Prussian Elec. (Is, 1954. April 21. $4,000 01803-C.
Puget Sound Pow. & Light 454s, series D, 1950, June 15, 53,000 at 95.
Shawinigan Water & Power 1st 455s, ser. A, 1967, May 18, $5,000 at 9815.
Wright & Hargreaves blines, June 3, 100 at 531.
z See Alphabetical list below for "Option" sales affecting the range for the year.
Appalachian Gas 65, series B 1945, Juno 3, 14,000 at 43.
Arnold Print Works Os, 1941, Jan. 22, $1,000 at 83.
Associated Gas & Elec. cone. 555s, 1938, Juno 16. $1,000 at 6154.
Associated Telephone Utilities, cone. deb. 534s. 1944, Juno 3, 55.000 at 76.
Central States Power & Light 5355, 1953, June 11, $1,000 at 61.
Cities Service deb. 58, 1966, May 22, $5,000 at 584.
Columbia Gas dr Electric deb. 5s, 1961, Feb. 2, 05,000 at 0651.
Consol. Publishers, 611s, 1936, March 9, $1,000 at 9534.
Continental Oil deb. 551s. 1937, May 18. 35,000 at 8234.
Curtis Nlfg. class A, July 22, 100 at 1755.
Eisler Electric, June 4, 100 at 24.
Ercole Marcia El. Mfg. 634s, 1953, w. w., Jan. 7, $1,000 at 6354.
Gen. Pub. Serv. deb. 5s, 1953, April 4, 12,000 at 9351.
Guardian Investors 55, 1918. with warrants, Jan. 28, $1,000 at 4034.
Indianapolis Power & Light 1st 5s, 1957, Feb. 3, $2,000 at 9955.
Industrial Nfortgage Bank of Finland 1st mtge. 75, 1944, Feb. 4. 11.000 at 95.
Interstate Power 1st 5s, 1957, Jan. 20, $3,000 at 7634.
Middle West Utilities. 5% notes, 1935. June 16, 32,000 at 9135.
Mortgage Bank of Chile 6s, 1931, Feb. 24, 32,000 at 100.
National Trade Journal 85, 1938, Feb. 26, 52,000 at 15.
New England Gas & Elec., 55, 1948, July 21, $2,000 at 8251.
New York & Foreign Invest. 5349w. w. 1943, July 21,52,000 at 72.
Northern Texas Utilities 7s. 1935, April 15, 131,000 at 10051.
Pacific Power & Light 5s, 1955, March 10, $5,000 at 90.
Public Service of Nor. Ill. deb. 5s, 1931, April 27, 31,000 at 9951.
Puget Sound Pow. & Lt. 455s, 1950, July 23, 12,000 at 94.
Sheaffer (W. A.) Pen. June 3, 100 at 30.
Shenandoah Corp. 8% cone. pref., July 15, 100 at 2931.
S'west G. & E. 1st 58. 1957, Jan. 2,15,000 at 91; May 7. 11.000 at 10054.
Standard Invest. Corp. 555s, 1939, June 2, 53,000 at 70.
Truscon Steel pref., April 22, 25 at 100.
Union Amer. Investing 5s, 1948, with warrants. Jan. 6, 51.000 at 79.
Union Amer. Investing, deb. 55, 1948, with warrants. June 23, 52,000 at 93.
Union Gulf Corp. 55, 1950, Jan. 2, 51.000 at 10051.
U. S. Radiator 5s A, 1938, March 6. 53,000 at 86.
Virginia Public Service Co. 8s, 1946. Jan. 15. $2.000 at 83* March 11, $5,000 at 9451.
Washington Water Power lot & ref. 5s, 1060, Jan. 24, 51.000 at 10231.
Western Newspaper Union 6s, 1944, June 11, 31,000 at 38.
Wisconsin Public Service 5555 B, 1958, Juno 24, 31,000 at 10534.
[VOL. 133.
FINANCIAL CHRONICLE
622
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
Par fitil I Ask
.100 11412 11514
Alabama Power $7 pref.
.20 2812 33
Amer Elec Sec panic pf.
68
.100 59
Arizona Power 7% pref.
Ark Pow & Lt $7 pref.—. 106 108
Assoc Gas & El °rig pref. _* 5012 53
99
97
$6.50 preferred
* 100 103
$7 preferred
Associated Tel Util $6 pt_(t) 78 83
9212
(t) 87
$7 preferred
_-Atlantic City Elee $6 pref.* 108
Bangor Hydro-El 7% pt_100 119
Binghamton L H & P $6 pf• 78 83
Birmingham Elec 7% pref_* 10812 110
88
Broad River Pow 7% p1.100 85
_25 2612 27
Buff Meg & E pr pref
Carolina Pow & Lt $7 pref_* 109
Cent Ark Pub Serv pret_100 100
Cent Maine Pow 6% pref100 95 97
100 104 106
7% preferred
Cent Pow & Lt 7% pref_100 101 10212
76
Cent Pub Serv Corp pref * 72
Cleve El Illum 6% pref —10 11214
Col Ry P & L 6% 1st p1_100 107,2
634% preferred B_---100 10812
40
Consol Traction N J.-- _100 37
4
Consumers Pow 6% pref.100 1043 10512
100 105 10612
6.60% preferred
102 103
$5 preferred
Conti Gas & Elec 7% pf _100 110012 10112
Dallas Pow & Lt 7% pref100 110 112
4
Dayton Pow & Lt6% P1-100 1093 11034
Derby Gas & Rice $7 pref._* 280 88
1
13
8
Detroit Canada Tunnel__
4
23
•
Erie Railways
3712
100
7% preferred
100 160
Essex-Hudson Gas
- - 63
Foreign Lt & Pow units__
Gas & Ewe of Bergen-100 99
20
Gen Gas dr El part ctfs
Hudson County Gas.—_100 160
109
Idaho Power 7% pref
101
6% preferred
92
Illinois Pow & Lt 6% pf_100 91
Inland Pow do Lt 7% pf_100 47 50
71
Interstate Power $7 pref__* 68
Jamaica Water Supp pt.-50 53 54
Jersey Cent P & L 7% 01-100 10912 111
12 114
Kansas City Pub Service. •
712 9
Preferred
Kansas Gas & El 7% pf_100 10914
Kentucky See Corp com_100 325
12
100 89 91
6% preferred
Kings County Ltg 7% pf 100 114 110
Lake Sup Dist Wat SuPP pf. 99 102
LongIsland Lt pref A 100 110
_
100 107 108
6% preferred_
Los Ang Gas & E16% pf_100 10814 10914
109
1176-
Par
Memphis Pr & Lt $7 pref..*
Mississippi P & L $6 pref
Metro Edison $7 prof B___*
$6 preferred C
Miss River Power pref_ _100
Mo Public Service 7% pf 100
Mountain States Power_ *
100
7% preferred
Nassau & Suffolk pref
Nat Pub Serv 7% pf A_100
Nebraska Power 7% pref 100
Newark Consol Gas
100
New Jersey Pow & Lt $6 pf •
New Orleans P S 7% pf.100
NY & Queens EL & P pf100
Nor NY Utility prof
100
Nor States Pow (Del) corn A
Preferred
864
10912 11012
99
96
103
.1100 161 2
10812
79
13
83 88
106 108
8012 8212
109 111
103
96
10012
103
107 169115 123
104 108
10112
10712 10812
Ohio Edison $6 pref
• 114 115
$7 preferred
Ohio Pub Serv 7% pref _100 102 105
96
94
6% preferred
Okla Gas & El 7% pref-100 10812
30
Pac Gas do El $1.50 pref _ _85 29
89
66
Pac Northw Pub Serv
73
70
Prior preferred
60
Preferred
Pac Pow & Lt 7% pref-100 104 106
ill 112
Pa Pow & Lt 7% pref
40
Piedmont Northern Ry_100 d 30
Pub Serv Co of Col 7% pf100 99 101
Puget Sound Pow & Lt pr pf 85 87
Rochester G & E 7% pf B100
6% preferred C
100
Sioux City G & E 7% pf_100
Somerset 17n Md Lt _ _ _100
South Calif El 81.50 pref.25
$1.75 preferred
25
25
So Colo Pow corn A
7% preferred
100
South Jersey Gas dr Elec.100
Tenn Elec Pow 6% pret_100
100
7% Preferred
Texas Pow & Lt 7% pref 100
Toledo Edison pref A.._100
United 0 & E (Conn) pf 100
United 0 & E (X J) Pt 100
United Public Service prof..
UtahPow & Lt $7 pref.—.
Utica Gas & El 7% pref _100
UM Pow & Lt 7% pref-100
Virginian Ry corn
100
Washington Ry & El com100
5% preferred
100
Western Power 7% pref.100
101 103
9212 6314
101 103
80 85
4
28 283
2912 3012
23
19
102
165 170
9912 101
10812 110
112 114
109 111
92
7512
19
17
10412 106
105
3
82 83 4
85 100
600
99
101
103"
Investment Trusts.
ABC Trust Shares sec D.....
Series E
All America Investors A._ _ _
Amer Brit & Cont $6 pt.
Amer Composite Tr Shares_
Amer Founders Corp—
Convertible preferred.
6% preferred
7% preferred
1-40ths
1-70ths
Warrants
Amer & General Sec corn A.
Common B
$3 preferred
Amer Insuranstocks Corp...*
Amer & Continental Corp.*
Assoc Standard 011 Shares_ _
AU & Pac Intern Corp units
Common with warrants- Preferred with warrants.Atlantic Securities Corp pt *
Warrants
Bankers Nat Invest'g Corp •
Banslcilla Corp
Basic Industry Shares
British Type Invest
Century Trust Shares
Chain & Gen'i Equities Inc•
655% preferred
Chain Store Inv Corp
100
Preferred
Chain Store Shareown Inc..
Chartered Investors corn....
Preferred
Chelsea Exchange Corp A..
Class B
Corporate Trust Shares
Crum & Foster Ins Shares—
10
Common B
100
Preferred
Crum do Foster Inc corn B8% preferred
Cumulative Trust Shares—
Deposited Bk Shs sec N Y.
Depos Bk Shs N Y ser A
Diversified Trustee Shares A
Equity Corp corn
Preferred
Equity Trust Shares A
First American Corp
First Custodian Shares
Second Custodian Shares
Five-year Fixed Tr Shares..
**
FixedTrust Shares A
Fundamental Tr Shares A-Shares B
..1O
General Equity class A.
Granger Trading Corp....*
Gude-Winmill Trad Corp.*
Incorporated Investors---*
Incorp Investors Equities—
Int Sec Corp of Am corn A..
CommonB
614% preferred
6% preferred
Independence Trust Shares_
* No par value.
5
512
4
71.1 73
7
73
s 7s
650
55
s
5 8 63
7
z72
z38
z41
60
3c
13
12
3612
3
10
612
20
2
19
33
14
2112
6
Invest Trust Associates_
z1112
Investment Trust of X Y..
63 In;
4
Investors Trustee Shares__
915 1018
Jackson&Curtis InvTr Asso• 3614
Jackson&Curtis SCorp p1100 95
4
Leaders of Industry A
63
80
4 514
43
4012
412 5
45 Low Prices Shares
4
s 63
63
103
(ic Major Corp Shares
43
s
2712 2914
Mass Investors Trust
4234
Mohawk Investment corn.* 41
4s 5s
3
3
Mutual Iv Trust class A...
24
3
MutualManagement com.•
14 National Trust Shares
3103
s
13 Nation Wide Securities Co..
5 4 614
3
s
41
8 53
51 Nat Industries Shares A
s
N Y Bank Trust Shares_
8
61
8 73
43
8 51s
No Amer Trust Shares
85 95
Northern Securities
14 114
38 North & South Amer B corn
166-
112
2sia
14
Oil Shares /no units
7 Old Colony Trust Assoc Sh * 26
712
5 8 Old Colony Invest Trust corn
3
4 4 Petrol & Tragrg Corp cl A 25 10
2
Power & Rail Trustee Shares
311 3312 Public Service Trust Shares
- 394
11
212 Representative Trust Shares 1314
82 65 Second Internet See Corp A 1114
12
3
Common B
3413
60
6% Preferred
Securities Corp Gen $6 pref 83
43
5
-16- 1112 Selected American Shares...
78 80 Selected Income Shares....
57
8
2 Selected Management Trus12
712
13
12
tee Shares
712
43
8 518 Shawmut Bank Inv Trust.*
Spencer Trask Fund
• 21
29 33 Standard Amer Trust Shares
57
s
99 101 Standard Collet Trust Shs_.
78
7
29 32 State Street Inv Corp
60
103
5113
Super Corp of Am Tr Shs A
63
s 6'
514
914
51
s 818
83s
65
8
14 4
3
51s
Trust Shares of America...
123
8
312
Trustee Stand Investment C
41,11 18
133
8
5
7 s 815 Trustee Standard Oil Shs A
3
s
2511 27
53
61
42 Trusteed Amer Bank Shares
40
412 47 Trusteed X Y City Bk Shs_ _
814
s
514
712 73 20th Century Fixed Tr Shs_
s
183
4
153
s 6's Two-year Trust Shares_
8
53
53
8 57s United Fixed Shares
60
6 4 714 Unit Founders Corp 1-70ths
3
103
8
United Bank Trust
1228
S's
United Ins Trust
107
s
- .2 U S & Brit Internet class A. 2614
6
1
6
Clas B
6as 87»
z351
Preferred
7
U S Eiec Lt & Pow Shares A 2834
s
133
25
48
1
Universal Trust Shares
30 3212
Bonds.
512 7
--- Int Seeur Trust of Amer—
10
12
Secured gold 61
1933
1943
Secured gold 68
7713 --1933
Secured gold 5s
71
Secured gold 55
1943
3.80 4.10
478
a
16"
d Last reported market.
I New stock.
18
2712
812
15
112
14
9141
8
63
8
8
194
163
8
8s
3
62
614
618
94
3
93
8
528
37
8
33
4
79s
7
9
53
2014:
51
100
Par Bid
ASS
Adams Minis $7 pref
88
93
Aeolian Co $7 pref
100 d37
45
Aeolian Weber P&P corn 100 61
4
Preferred_
100 4...- 8
Alpha Port! Cement p1_100 112 120
Amalgamated Laund corn_
4
12 212
American Book 37
100 83 86
Amer Canadian Properties_*
2
32
,
American Cigar prof__..100
85
Amer Hard Rubber 54_-100 420
30
American Hardware
25 4012 4212
Amer Mfg 4% corn
100 23
30
5% preferred
100 40
50
American Meter new
42
46
eo
Babcock & Wilcox 7%..100
Baker (J T) Chemical corn_*
Bancroft(J)&Sons$1.20com*
7% preferred
100
Bliss (E W) $4 let pref_-50
2d pref B
10
Bohn Refrigerator 8% pf 100
Bon Ami Co B corn
Bowman-Biltneore Hotels1st preferred
100
2d preferred
100
Brunsw-Balke-Col $7 pref.*
Bunker Hill & Sun $3 corn 10
Burden Iron pref
92
10
5
65
66
9
70
30
90
14
10
73
60
ea
e
82
Deep Rk 011&Ref $7 pf 100 25
De Forest Phonofilm Corp..
1
DictaphoneCorp corn
18
100 100
58 preferred
Dixon (Jos) Crucible 88.100 115
Doehler Die Cast 7% pt 50 16
$7 preferred
Douglas Shoe $7 prof...100 25
100 34
Draper Corp $4
Driver Harris $7 prof..
.100
Dry-Ice Holding Corp
4
Eisemann Magneto COM37 preferred
Franklin Ry Supply $4._*
Fuel Oil Motors Corp corn..
Gen Fireproofing $7 pf_100 104
Graton & Knight corn
100 29$7 preferred
Great Northern Paper $3.25 28
iti"
o
35
2
22
103
125
30
37
74
30
85
45
4
110
4
30
30
as
-Mary Safe 100 428
Herring-Hall
4
Howe Scale
100 27
Preferred
Hudson River Nay corn.... 41
630
Preferred
7
30
3
45
Industrial Accept corn...*
100
$7 preferred
100
Internet Textbook
48
52
15
d
100 685
35
King Royalty Co corn
$8 preferred
eo
Ask
93
44
5
4
1012
13
1812
57
75
75 80
National Casket $4
• 108 110
$7 preferred
.100 d 34
National Licorice corn.
40
National Paper & Type Co_
70
*350
New Haven Clock pref_ _100 *
17
New Jersey Worsted pref.—
Northwestern Yeast_ _ - _100 120 130
Ohio Leather
1st pref
20 pref
Okonite Co $7 pref
100
Petroleum Derivatives
36 Pick (Albert) pref with warr
54 Poole Eng do Mach class A..
9
ClassB
4 Publication Corp $3.20 com*
70
72
$7 let preferred
100
48 53
48 Reming'n Arms $7 let p1100
Riverside Silk Milts
11 Robinson(D
1st $7 pf 100
70
75 Rockwood & Co $4 corn--*
21
24
58 preferred
100
102 2
,
Rolls-Royce of America.....
Preferred
100
65
15 Rosy Theatres unit
88
Common
4212
Preferred A
(160
75 Rubel Corp corn
212
1
Preferred
(Vs
Ruberold Co $4
100
Canadian Celanese com-iiio
Preferred
Carnation Co $1.50 com_ •
$7 preferred
Chestnut Smith corn
Preferred
Childs Co $7 pref
100
Cilochfield Coal Corp ..100
$7 preferred
100
Color Pictures Inc
Columbia Baking corn__ _ _•
1st preferred
12
2c1 preferred
114
Colts Pat Fire Arms Mfg_25 14
18
Congoleum-Nairn $7 p1100 102
11
Crosse & Blackwell corn- Crowell Pub Co $3 corn new 57 61
$7 preferred
104 109
io
O
Par Bid
Lanston Monotype M 86100 88
Lawrence Portl Cem 34 100 39
414
Liberty Baking cora
100 6812
Preferred
10
..8
Locomotive Firebox Co.
Macfadden Publict'ns corn 5 17
53
$6 preferred
100 70
Merck Corp $8 prof
15
14
98 102
87
91
83
•
15
3
2
53
103
s
5
75
10
50
33
66
80
12
75
35
71
4
7
12 4 1414
,
3
4 1
12
14
6
29
25
37
35
55
Safety Car Heat & Ltg.100
33
Scovill Manufacturing_ ..25
Shippers Car Line
18
23
Singer Manufacturing_..100 260 280
Smith (A 0) Corp N D $2 * 96 106
Solid Carbonic Ltd
712 91,
12
Splitdorf Beth Elec
Standard Screw Co
65
75
100
Standard Textile Prod 100
2
$7 class A
100
30
$5 class B
15
100
Stetson(J B)Co $6.25 com_* 18
20
52 preferred
25 24
if
Taylor Mill Corp $2.50com* 17
Taylor Wharton Ir& St corn*
4
Preferred
100 15
Tenn Products Corp $4 pf 50 34
Trent Proems Corp
3
8
Tubize Chatillon $7 Dt B 100 436
18
7
25
33
12
42
Unexcelled Mfg Co 700-10
United Business Pub$7pf100
United Publishers $7 pf_100
U S Finishing $7 pref. .100
7
65
75
51
46
Walker Dishwasher corn.--*
312
7
Welch Grape Juice corn...* 39
42
$7 preferred
100 99 102
W Va Pulp & Pap $1.60 coin* 271 291s
$6 preferred
100 961 98,
4
White Rock Min Spring—
$7 1st preferred
100 101 105
$20 2d preferred
100 185
Willcox & Gibbs $5 corn.... 40
42
Woodward Iron $4
100 17
21
Worcester Salt $5
100 88
92
Young (J 6) Co mug-.
..100 94
Preferred
100 102
Telephone and Telegraph Stocks.
Am Dist Tel of NJ $4....' 82 86 New York Mutual Tel_ _100 421
24
1121s Northw Bell Tel pf 634%100 108
preferred
.
Boll ? (Can) 8% pret_100 138 140 Pac & Atl Teleg U S 1% _.25 415
rel
18Bell Tel of Pa 655% prof 100 116 118 Peninsular Teleph $1.40_. 819
22
Cln & Sub Bell Telep—..50 92
95
7% preferred A
100 102 106
Cuban Telephone 8%
8110
Porto Rico Telephone
485
d 75 80 Koch Telco $6.50 let pf _100 107 1167% preferred
62 So & Atl Toler; $1.25
Empire do Bay State Tel.100 857
25 d17
20
44 So & N E Telephone 8% _10 162 166
Franklin Teleg $2.50-100 640
Int Ocean Teleg 87.-- --100 485 92 S W Bell Tel 7% prof.
..1
121 123
8120
TN-States Tel & Tel $6._* 6150
Lincoln Tel & Tel 8%
Mountain States Tel & Tel_ 145 148
$.60 preferred
10 101s 10s
7New England Tel & Te1.100 132 134 Wisconsin Telco 7% pref 100 4111
o 11512
Chain Store Stocks.
Bohack (H C) Joe
7% 1st preferred
100
Butler (James) common_ _ _ Preferred
100
Diamond Shoe Prof with war
Edison Bros Stores pref_100
Fan Farmer Candy Sh pt.*
Fishman(1 IVI) Stores corn.
Preferred
•
99
102
2
25
95
75
80
3014 3314
16
90
Gt Atl & Pac Tea pret__100 118 122
Kobachcr Stores prof. 100 50 60
Kress (S H)6% prof
z 1014 11
Lerner Stores 634% pref w w z --- 80
Lord & Taylor
1008175 205
First preferred 6%...l00' 694
Second preferred 8%_1001 d97
MacMarr Stores 7% pf w wi 87 90
3014
718
53s
Melville Shoe Corp—
let pref 6% with warr_100 88
Metropol Chain prof....100
7
Miller (I) & Sons pref...100 35
45
Moclauds&Voehringer pfl00 65
65
Murphy (S C) 8% pref.100 695 110
5
Nat Shirt Shops corn
7
Preferred 8%
70
100
•
12 Us
Nedick's Inc corn
Newberry (J) Co 7% pf.100d 93
98
NY Merchandise let pf.100 70
85
5
Piggly-Wiggly Corp
10
Reeves (Daniel) pref._..100 100
-—
Rogers Peet Co corn----100 d 80
Schiff Co prof
72
100 62
Silver (Isaac) & Bros pref100 55 60
US Stores 1st prof 7%..100 40
48
Sugar Stocks.
Fajardo Sugar
Haytian Corp Amer
Savannah Sugar corn
7% preferred
z Ex-dividend.
100
100
o Ex-dividend of $65.
31
32 Sugar Estates Oriente pf 1001 _—
112 2 United Porto Rican com____
12
5
10
62 67
Preferred
84 90
y Ex-rights.
3
10
15
623
FINANCIAL CHRONICLE
JULY 25 1931.]
Quotations for Unlisted Sacurities-Uuncluded-rage Z
Insurance Companies.
New York Bank Stocks.
Par 81e Alt
Par Bid Ask
25 4114 4414 Lafayette National
25 23 26
America
100 30 38 Lebanon
American Union
100
Liberty Nat Bank & Tr 25 1812 2013
Bank of United States units
70 Manhattan Company-- -20 6412 6712
100 60
Bank of Yorktown
31
Brooklyn National
Merchants
50 26
100 85 95
19 Midtown Bank
11
20 16
Bryant Park
20
68 Nat Bronx Bank
20 65
Chase
50 70 80
Chatham-Ph Nat Bk & Tr20 61 64 National Exchange
23 28
20 7334 763 Nat Safety Bank & Tr_ _25 11
4
City (National)
16
100 150 170 Penn Exchange
Columbus Bank
100 42 52
Comm'i Nat Bank & Tr 100 243 253 Peoples National
100 200 250
100 2175 2375 Public Nat Bank & Trust 25 451 4812
Fifth Avenue
First National of N Y-100 3500 3700 Queensboro National_ ..100
170
95 Seward Nat Bank & Tr.100 04 69
100
Flatbush National
58 Sterling Nat Bank & Tr_25 17
Globe Bank & Trust Co.100 48
21
Grace National Bank_ --100 400 600 Strauss Nat Bank & Tr 100
105
25
Harbor State Bank
55 Textile Bank
16- 44
Harriman Nat Bk & Tr_100 1485 1585 Trade Bank
100 118 128
100 115 130 Washington Nat Bank.
Industrial Bank
.100
50
Kln,gsboro Nat Bank_ - _100
120 Yorkville(Nat Bank of)_100 68
78
Trust Companies.
100
American Express
Banes Comm Itallana Tr 100
20
Bank of Sicily Trust
Bank of Europe Trust_ -25
Bank of New York & Tr_100
Bankers
10
Bronx County
20
Brooklyn
100
Central Hanover
20
Chemical Bank & Trust--10
Clinton Trust
1011
Continental Bk & Trust-10
Corn Each 13k & Trust--20
County
25
Empire
20
Fiduciary Trust
Fulton
1013
Guaranty
100
190 210
210 218
25
27
48 58
515 535
913 943
4
4
25
30
385 395
208 213
4514 4714
82
23 24
9312 9712
34 36
4414 47 4
,
104 106
300 350
430 435
Hibernia Trust
100 114 118
International Madison. .25 14
19
International Trust
20
7
10
Irving Trust
10 313 333
4
s
Kings County
100 2450 26.50
Lawyers Title & Guar__100 190 198
Manufacturers
25
Mercantile Bank & Tr w 1_
4212 4413
14
17
Mldwood
100 66
76
Mutual Trust of W
100 300 325
New York
25 139 144
Times Square
6
7
20
Title Guarantee & Trust_20 12712 13212
Trust Co of N A
100
150
Underwriters Trust
21
25 17
United States
100 2825 3025
Westchester
100 900 1000
Westchester Title & Trust 213 100 110
Chicago Bank Stocks.
Central Trust Co of 111-100
Continental Ill Bk & Tr_100
First National
1001
Foreman National
100
Harris Trust & SavIngs_100
157
304
437
9
428
160
307
1 141
,
13
432
Nat Bank of the Republic 20
Northern Trust Co
100
Peoples Tr dz Say Bank.100
Strauss Nat Bank & Tr_100
Union Bank of Chicago_ 100
2512 26
457 462
280 290
150 157
108 112
Par
Aetna Casualty dc Surety_10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Constitution
American Equitable
5
American Home
American of Newark
5
American Re-Insurance..._
American Reserve
10
American Surety
25
Automobile
10
Baltimore Amer Insurance.5
25
Bankers & Shippers
Boston
100
25
Bronx Fire
.5
Brooklyn Fire Insurance.
Carolina
10
Chicago Fire & Marine_ 10
100
City of New York
10
Colonial States Fire
Columbia National Life_100
Connecticut General Life_10
Consolidated Indemnity_
10
Constitution
Continental Casualty_ -10
Cosmopolitan Insurance...1 r
5
Eagle
5
Excess Insurance
10
Federal Insurance
Fidelity & Deposit of Md_50
20
Firemen's
25
Firemen's Fund
Franklin Fire
5
General Alliance
10
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
Globe & Rutgers Fire_ -100
10
Great American
Great Amer Indemnity_ 10
10
Halifax Insurance
50
Hamilton Fire
Hanover
10
Harmonia
10
10
Hartford Fire
Hartf St'm Boiler Ins&Ins 10
Home
10
Home Flre & Marino
10
Home Fire Security
Homestead
10
10
Hudson Insurance
Importers & Exp of N Y 25
5
Independence
Independence Indemnity_10
Industrial and Railroad Bonds.
Adams Express 45, 1947 &D 81121 83 Little (A E) 7s, 1942__A&O 20
American Meter 6s, 1946..._ 4102
Locw's New Drd Prop
Amer Tobacco 48, 1951 F&A 9212
65, 1945
J&D 92
Am Typo Fdrs 68, 1937 M&N 100
Mallory Steamship5s.'32J&J 99
psDebenture 65, 1939_M&N 101
-- Merchants ROM 6s, 1937.. 95
A m Wire Fabrics 1st'42 M& 480 90 Middle States Oil 7% notes.
7
Bear Mountain-lludson
N 0 Or No RR 5s,'55 F&A 40
1ss River Bridge 7s, 1953 A&O 85
95 N Y & Hob Ferry 5s,'46 J&D 8812
Biltmore Comm 7s '34 M&S
100 NY Shipbldg 5s, 1946 M&N 89
Bee & Alb RR 55 Oct'63J&J 107
Piedmont & No Ry5s.'54J&J 83
Hos & Me RR 65, 1933 J&J 102 115312 Pierce, Butler & P 6345 '42
.
Chicago Stock Yds 5s, 1961 83 86 Realty Assoc Sec 8s.'37J&J 16
Consol Coal 434s, 1934 M&N 83
70 Securities Co of N Y 48....
Consol Mach Tool 7s, 1942 35
45 61 Broadway 530,'50 Aar° 4°
3
4
Consol Tobacco 4s, 1951_ 90
. Bo Indiana Ry 4s, 1951 F&A
16 Stand Text Pr 634s,'42111&S 45
4
ContinentalSugar 78, 1938Equit Office Bldg 58, 1952.. 84 87 Struthers Wells, TitusFisk Tire Fabric 6348, 1935
80
ville, 630, 1943
80
Haytian Corp 88, 1938
20
25 Tol Term RR 4348,'57M&N 961$
Hoboken Ferry fis, '46 M&N 90
U S Steel Is, 1951
114
Internet Salt be. 1951...A&O 831 86 Ward Baking Os.'37 J&D 15 101
Journal of Comm 634s, 1937 89
93 Witherbee Sherman 65, 1944 19
Stasis City Pub Sexy 68, 1951 45
47 Woodward Iron 55, 1952J&J 78
Par
B10 Ask
81 1 Industrial of Akron
67
4112 43l3 Kansas city Life
100
43'2 45121 Knickerbocker common_ _ _5
10
94 104 Lincoln Fire
10
2312 2712 Lloyds Casualty
Voting trust certlfs-.__10
12
17
10
912 1212 Majestic Fire
2'
12
17 Maryland Casualty
25
1512 1812 Mass Bonding & Ins
42 1 Merchants Fire Assur com 10
38
30 Merch & Mfrs Fire Newark 5
26
10
5012 5312 Missouri State Life
30 Morris Plan Ins
26
10
9 4 1034 National Casualty
,
lb
100 110 National Fire
5
460 485 National Liberty
44
50 National Union Fire
5
8
11
New Amsterdam Casualty10
221 2412 New Brunswick
.
10
10
6
9 New England Fire
230 255 New Hampshire Fire.---10
712 1012 New Jersey
20
235 260 New York Fire corn
5
10
89
94 North River
3
5 Northern
25
4
6 Northwestern National.-- 2512 28
41
4 5 4 Pacific Fire
25
5
1112 12/2 Peoples National Fire
5
51s 7 Phoenix
1s
10
Preferred Accident
60
20
137 142 Providence-Washington_ _10
221 241s Public Fire
8
5
80 85 Public Indemnity (formerly
Hudson Casualty)
2112 2312
1614 194 Reliance Ins of Phila
5
10
Republic (Texas)
4112 438 Republic Ins Cool Amer_10
1014 1314 Rhode Island
10
490 540 Rochester American
25
247 263 St Paul Fire & Marine.- _25
8
s
15
18 Seaboard Fire & Marine_ _ _ _
1612 1812 Security New Haven
10
125 225 Springfield Fire & Marine 25
2712 2912 Standard Accident
50
23 25 StuYvesan1
25
68 Sun Life Assurance
100
56
63 68 Transportation Indemn'y 10
3014 3214 Transportation Insurance 10
30
50 Travelers Fire
100
512 512 U S Casualty
25
163 183 U S Fidelity & Guar Co..10
4
4
18
23
S Fire
10
25
30
S Merch & Shippers-100
612 912 Victory
10
4
7 Virginia Fire & Marine-25
Westchester Fire
10
Bte Ask
11
800 900
13
17
25
30
812 611
512 612
41s 71s
1712 2112
67
75
60 65
12
9
16
1712
95 115
14 4 163
3
4
52
54
8
9
94 102
27
29
22
24
20
25
50
55
3712 42
1712 20
33
36
67
79
95 105
16
18
110 120
512 612
62 64
35
40
43 8 45 s
7
7
5
7
17
8 37s
4
6
12
17
12
8
17
22
40
50
150 160
7
11
3112 3312
95 105
100 150
39 44
1175 1275
54 74
3
3
712 913
720 770
42
47
1712 2011
42
45
275 305
4
78
88
36
38
30
95
98
15
45
8912
16"
4°
85
Realty, Surety and Mortgage Companies.
Bond & Mortgage Guar_ _201 8413 8714
Empire Title & Guar_ _ __100 1105 115
Franklin Surety
10
12
Guaranty Title & Mortgage- 190 210
Home Title Insurance_ _ _25 39
44
Aeronautical Stocks.
6512
81
50
90
98
24
82
20
International Germania Ltd 15
Lawyers Mortgage
4
201 393 415
4
Lawyers Wes Mtge & TI_100 165 185
National Title Guaranty 100 34
39
State Title Mtge
100 50 60
Alexander Indus 8% pref___
American Airports Corp.--Aviation Sec of New EngCentral Airport
Cessna Aircraft corn
Curtiss Reid Aircraft corn..
FederalAviation
General Aivation let pref._
ao
4
2
1
212
1
2
112 312
18
18
Kinner Airplane & Mot new
2
12
Lockheed Aircraft
Maddux Air Lines
.
Sky Specialties
4
Southern Air Transport.... 4 3
4
12
Swallow Airplane
Warner Aircraft Engine
1
Whittelsey Manufacturing- ---
312
2
8
7
6
2
12
2
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Allis-Chal Mfg 55, May 1937
Alum Co of Amer 55 May'52
Amer Metal 5345, 1934 A&O
Amer Rad deb 4.14s,May '47
Am Roll Mill deb 55,Jan '48
Amer Wat Wks 5s, 1934A&O
Bell Tel of Can 5s A Mar '55
Baldwin Loco 53.45.'33 M&S
Cud Pkg deb 5348, Oct 1937
Edison Elec Ill Boston
3.(% note Novl'31 M&N
is 4% notes Nov 1 '32 M&N
5% notes Jan 15 '33--J&J
Gulf Oil Corp of Pa
Debenture Is..
1937
Debenture Is..-Feb 1947
810 Ast
10214 103 General Motors Accept
105 10514
5% ser notes-Mar 1932
83
Ws
5% ser notes-Mar 1932
10014 1017
8
5% ser notes.--Mar 1934
8312 83 4
5% ser notes___Mar 1935
,
102 10218
5% sex notes-_Mar 1938
107 10711 Hoppers Gas & Coke
10012 101
Debenture Is.
1947
97 9711 Mag Pet 4348 Feb 15 '30-'35
Mariam! 011
10012 101
Serial 5% notes June15'32
1011s 1017 Mass Gas Cos 5348 Jan 1946
5,
102 4 1031a Frac & Gamb 4345 July 1947
3
Sloes-Sheff S & I 434s-1931
10212 1023 Union Oil 58 1935--F&A
4
102141102/8 United Drug 55 1932-A&O
Debenture 55 1933-A&O
Railroad Equipments.
Btel Idea
10112 1013
4
102 10214
1018 10214
4
1013 102
8
1013 10218
4
9912 993
4
10114
97 8 99
7
10412 105
105 10814
100
lOOlj
166-
10013
Water Bonds.
Alton Water 5s, 1950-A&O
Ark Vat let 5s A 1956 A&O
Ashtabula W W 55 1953A&O
Atlantic Co Witt5s'58 A M&S
W 1st 534sA'54A&O
Blrm
let m 59, 1954 ser B_J&D
1st 58 1957 ser C-._ -F&A
Butler Water 5s, 1957_A&O
City W (Chat) 53 B '54 J&D
let 55, 1957 ser C__M&N
Commonwealth Water
F&A
1st 55, 1956 B
let ni 55, 1957 ser C_F&A
Davenport W 5s 1961_J&J
E St L & Int W 5s,'42 J&J
let 133 64, 1942 tier LI_J&J
1st 55, 1960 ser D.--F&A
9413 96
98
99
95
97
94
96
10212 10312
101 102
101 102
94
07
101 10212
101
---
Hunt'ton W 1st 6s.'54 M&S
let m 5.s. 1954 ser 13.51&S
Joplin
W 5s,'57ser AM&S
Kokomo W W54, 1958 J&D
Monm Con W 1st 5s,
'56J&D
Monon Val W 530,'50 J&J
Rich m'd W W 59,'57M&N
let
St Joseph Wat 53. 1941A&O
South Pitts Water Co
1st 53, 1955
F&A
1st & ref 5s.'60 ser A J&J
100
1st & ref 5s,'60 ser B I&J
100
_.- Terre H'te WW 6s.'49AJ&D
9512 97
let m 55, 1956 ser B_J&D
9914 10014 Texarkana W let 5s,'58F&A
102I2
Wichita Wat 1st 68,'49 M&S
9712 let m 55, '56 ser B.
1st m 53. 1960 ser C_M&N
10212
1.
99 2 166 2
,
94
95
94
96
95
97
10012 10112
9512 98
9813 101
Atlantic Coast Line as
Equipment 634s
Baltimore & Ohio Ce
Equipment 4345 & As....
Buff Roch & Pitts equip 613.
Canadian Pacific 4348 & 63
Central RR of N J 613
Chesapeake & Ohio 68
Equipment 634s
Equipment Ss
Chicago & North West Os...
Equipment6345
Chic RI & Pao 4348 & 55...
Equipment6s
Colorado & Southern 6g....
Delaware & Hudson 68
Erie 434s & 58
Equipment Os
Great Northern OS
Equipment 58
Hocking Valley 53
Equipment 6
Illinois Central 434s & 55...
Equipment Os
Equipment 7s & 6
-Kanawha & Michigan Cs...
Ask
4.00
4.00
4.00
3.90
3.80
4.20
4.00
4.00
4.00
4.00
4.00
4.05
4.00
4.10
4.10
4.00
4.10
4.20
4.00
4.00
400
4 00
4 00
4.00
4.00
4.10
Par
Kansas City Southern 5.34s_
Louisville & Nashville 68_ _
Equipment 634s
Michigan Central 58
Equipment 6s
Minn St P& 88 38 43.4e & .58
Equipment 634s & 7s.
MissouriPacific 6348
Equipment6s
Mobile & Ohio 58
New York Central 43.4s & 513
Equipment 6s
Equipment 7s
Norfolk & Western 43.4e.. _ Northern Pacific is
Pacific Fruit Express 7s_ _ _ _
Pennsylvania RR equip 55..
Pittsburgh& Lake Erie 634s
Reading Co 4348 & 58
St Louis & San Fran 58
Seaboard Air Line 53.48 & 6s
Southern Pacific Co 4348...
Equipment7s
Southern Ry 4348 & 53
Equipment 64
Toledo & Ohio Central Cs
Union Pacific 7s
810
4.75
4.20
4.20
3.75
4.00
4.75
4.75
4.80
4.50
4.30
4.20
4.20
4.15
4.10
4.25
4.20
4.10
4.25
4 10
4.75
8.75
4.10
4.15
4.25
4.40
4.30
4.20
Ask
4.40
4.00
4.00
3.25
3.50
4.25
4.25
4.20
4.35
4.10
4.00
4.00
4.00
4.00
4.00
4.00
4.00
405
4.00
4.40
600
4.00
4.00
4.00
4.10
4.10
4.00
Investment Trust Stocks and Bonds.
Amer Bank Stk Tr Shares-101 10112 American & Continental....
10012 10112 Amer Invest Trust Shares..
10012 10112 Bankers Nat Invest corn A.
10212
- Beneficial Indus Loan pref.'48 Hifi
Central National Corp A...
93
96
ClassB
_ Colonial
10212
Investors Shares..
9812 1(30
CommonwealthTr Shares
9812 100
Continental Metrop Corp A
Continental Socur Corp- - -1
Preferred
Devonshire Investing corn
1No par value. a And dividend. 4 Last reported market. z Ex-dividend, y Ex-rights.
Bid
4.20
4.15
4.20
4.10
4 10
4.40
4.20
4.20
4.25
4.15
4.20
4.28
4.25
4.40
4.40
4.25
4.40
4.60
4.20
4.20
4.20
4.25
4.20
4.20
4.15
4.40
8
10
53
4 614 Inter Germanic Trust
10
13 Invest Fund of N J
is 8 4
3
North American Trust Shs_
4 4 514
3
III 661; Old Colony by Tr 434% bds 70
:
44 Shawmut Association corn_ _
38
1352 147i
-19 Shawmut Bank Inv Trust_
14
712
2
4348
7
1942 70
75
5s
16 4 1714
,
1952 70
75
(is
1952 110
212 Standard Corporations
612 ifs
Standard 011 Trust Shares A
51s
55
Class B
43
8 51
York Share Corp
1718 18%
Current Carnin0
Abut*,
uarterip anb 3balf
Nearly.
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 of those given in the issue of July 18. 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, July 17, 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 July 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
of Chronicle
Issue of Chronicle
trim, Puhlithed Page
Name of Company—
i nPuliCshhercl Page
When
Name of Company—
When Published Page
Name of Company—
July 25_ 641
626 Eastern Massachusetts Street RY___July 25__ 629 Memphis Power & Light co
July 25_
Abbott Laboratories
July 25__ 641
July 25._ 630 Memphis Street Ry. Co
July 25_ 626 Eastern Utilities Associates
Air Reduction Co., Inc
July 25_ 641
July 18_ 466 Merldionale Electric Corp
July 25_ 625 Eaton Axle & Spring Co
8c Youngstown
Akron Canton
July 18_ 492
July 25__ 629 Mesta Machine Co
8c Share Co
July 25_ 627 Electric Bond
Alabama Water Service Co
July 25_ 633
July 25__ 625 Midland Steel Products Co
July 25_ 624 Erie RR Co
Allen Industries, Inc
July 25_ 633
July 25_ 630 Minneapolis Honeywell Reg. Co
July 25_ 627 Fairbanks Co
Alliance Realty Co
July 25__ 633
July 18_ 487 Mississippi Power & Light Co
July 25_ 627 Fairchild Aviation Corp
Allis-Chalmers Am Co
July 23_ 625
July 25_ 630 Monongahela Connecting
July 18_ 464 Fall River Gas Works Co
Alpha Portland Cement Co
July 25__ 633
July 18_ 488 Monsanto Chemical Works
Co_July 18— 483 Federal Bake Shops, Inc
American Car & Foundry Motors
July 25_ 633
July 18_ 488 Montgomery Ward & Co
fuly 18_- 464 Federal-Mogul Corp
American Chicle Co
July 25_ 625
630 Montour
July 25
& Foreign Power Co.. Inc.July 18._ 464 Federal Water Service Corp
American
July 25_ 633
627 Fonda Johnstown & Glov. RR. Co_July 25_ 626 National Air Transport, Inc
American & General Securities Corp.July 23...
July 25_ 633
July IS.. 466 National Biscuit Co
July 25_ 627 Freeport Texas Co
American Republics Corp
July 25_ 633
July 23__ 630 National Cash Register Co
July 25_ 627 (Geo. A.) Fuller Co
American Writing Paper Co., Inc
July 25_ 633
July 25_ 625 National Securities Invest. Co
July 25_ 627 Galveston Wharf
Anchor Cap Corp
July 25_ 633
July 25__ 630 (The) Nevada-California El. Corp
July 25_ 625 Gardner-Denver Co
Ann Arbor
July 25_ 625
25_ 627 General American Tank Car CorpJuly 25_ 630 Newburgh & South Shore
July
Arnold Constable Corp
July 23._ 633
July 18_ 466 New England Tel & Tel Co
July 25_ 627 General Baking Co
Artloom Corp
July 18_ 481
July 25._ 630 New Rochelle Water Co
Associated Apparel Industries,Inc_July 25__ 627 General Electric Co
July 25_ 625
New York Ontario & Western
July 25_ 63
July 18__ 464 General Foods Corp
Associates Investment Co
July 25_ 642
New York Railways Corp
July 25_ 63
July 25_ 627 General Motors Corp
Atlantic Refining Co
July 25__ 633
New York Water Service Corp
July 25.. 6
July 25_ 627 General Outdoor Advertising Co
Atlas Powder Co
July 25_ 634
Niagara Hudson Power Corp
July 25_ 630
July 25_ 627 General Printing Ink Corp
Aviation Corp.(Del.)
July 18_ 468
July 25_ 630 North American Cement Corp
July 25_ 627 General Railway Signal Co
Baldwin Locomotive Works
Iuly IS.. 466 North American Investment Corp July 25_ 633
627 Gillette Safety Razor Co
July 25_
Baldwin Rubber Co
July 25_ 642
July 25_ 630 Ohio Edison Co
July 18_ 471 Goldman Sachs Trading Corp
Baltimore & Ohio RR.Co
July 25__ 634
July 18_ 466 Ohio Water Service Co
July 25_ 627 Gould Coupler Co_
Bayuk Cigars. Inc
July 18_ 468
25_ 630 Oil Shares, Inc
July 25_ 628 Granby Cons. M.Sm.& Pr. Co., Ltd_July
Beech-Nut Packing Co
July 25__ 634
July 25
630 Orange & Rockland Electric Co
July 25_ 628 Graymur Corp
Blckfords, Inc
icily 18._ 466 Orgon Washington Water Service Co.July 25__ 634
July IS_ 464 Gulf States Steel Co
Bigelow-Sanford Carpet Co
July 25_ 634
July 25_ 631 Parker Rust-Proof Co
July 25_ 628 (M. A.) Hanna Co
Bing 8c Bing, Inc
July 25__ 634
July 25_ 631 Penick & Ford, Ltd
July 18._ 465 Haverhill Gas Light Co
Bohn Aluminum & Brass Corp
July 18_ 481
July 25_ 631 Penn Central Light & Power Co
Co., Inc
July 25_ 628 Hercules Powder
Boston Elevated Ry
July 25__ 634
July 25_ 631 Penn-Dixie Cement Corp
July 18_ 484 Hershey Chocolate Corp
Bourlois, Inc
July 25— 634
July 18_ 489 Pennsylvania Gas & Electric Co
Hilicrest Collieries, Ltd
Brazilian Traction, Light & Power
July 25_ 634
Perfect Circle Co
July 25__ 631
July 25_ 628 (A.) Hollander & Sons, Inc
Co., Ltd
July 25_ 626
July 25_ 628 Hollinger Consol. Gold Mines, Ltd July 25_ 631 Pere Marquette Ry
Bridgeport Machine Co
July 25_ 634
July 25_ 631 (The) Philippine Ry. Co
628 Holly Development Co
July 25_
Briggs & Stratton Corp
July 25__ 634
July 25_ 631 Pierce Arrow Motor Car Co
July 25_ 628 Honolulu Rapid Transit Co., Ltd
Brillo mtg. Co., Inc
July 18_ 489 Pittsburgh Surburban Water SerHoskins Mfg. co
Brooklyn-Manhattan Transit System
July 25_ 634
vice Co
July 25_ 631
Household Finance Co
including Brooklyn & Queens
July 25._ 634
July 25__ 641 Pittsburgh Terminal Coal Corp
July 25_ 628 Houston Lighting & Power Co
Transit System
July 25_ 656
July 25__ 631 Procter & Gamble Co
25_ 628 Howe Sound Co
Brooklyn & Queens Transit System_July
fuly 18._ 468
July 25_ 631 Prudential Investors,Inc
July 18— 465 Hudson & Manhattan RR. Co
(E. G.) Budd Mfg. Co
July 25_ 631 Public Service Corp. of New Jersey July 25._ 634
465 Hudson Motor Car Co
July 18
Budd Wheel Co
July 25_ 631 Public Utility Holding Corp. of Am _July 18-- 472
July 25_ 628 Hupp Motor Car Coro
BiltterIck Co
July 25_ 634
July 25__ 631 Puget Sound Power & Light Co
July 25_ 628 Illinois Pacific Coast Co
(A. M.) Byers Co
July 25_ 634
July 25_ 631 Purity Bakeries Corp
July 25_ 628 Illinois Water Service Co
California Water Service Co
25_ 631 Rochester & Lake Ontario Water
July
Interlake Iron Corp
Campbell Wyant & Cannon Foundry
July 25__ 634
Service Corp
July 25_ 628 Internat. Business Mach. Corp_ _July 25_ 631
Co
July 25_ 625
July 25_ 631 St. Louis-San Francisco Ry. Co
July 18_- 465 International Carriers Ltd
Canada Northern Power Corp
July 25__ 632 Scranton Spring Brook Water Service
Foreign Invest.Corp.,Ltd.July 25__ 646 International Cement Corp
Canadian
July 25_ 635
Co
July 18._ 490
July 25_ 646 International Printing Ink Corp
Carnation Co
July 25__ 635
July 25_ 628 International Rys. of Central Amer_July 18_ 463 Schiff Co
Caterpillar Tractor Co
July 25__ 635
July 25_ 632 Seagrove Corp
July 25_ 625 International Salt Co
Central Vermont
July 25__ 632 Second International Secur. Corp July 25__ 635
July 25_ 628 Internat. Seem. Corp. of Amer
Century Ribbon Mills Inc
July 25_ 635
July 25_ 632 Sharon Steel Hoop Co
July 25_ 647 Investment Co. of America
Chapman Ice Cream Co
Co
July 25_ 635
July 25_ 625 Investment Corp. of Philadelphia July 18_ 467 Sierra Pacific Electric
Chesapeake & Ohio Lines
July 25__ 657
July 25_ 632 Sisto Financial Corp
Associates
July 25_ 628 Investment Trust
Chester Water Service Co
July 25_ 626
July 25__ 632 Soo Line System
July 25_ 628 Iowa Public Service Co
Tool Co
Chicago Pneumatic
July 25_ 632 South Bay Consolidated Water Co.,
25_ 628 Island Creek Coal Co
July
Chicago Surface Lines
July 25_ 635
Inc
July 25_ 632
628 Jamaica Public Service, Ltd
July 25
Chrysler Corp
July 25_ 632 Southern California Edison Co.,Ltd.July 25__ 635
July 25_ 629 Johns-Manvillo Corp
Citizens Water Service Co
July 25_ 626
July 25_ 625 Southern Pacific Lines
629 Kansas City Southern Ry. Co
July 25_
City Ice & Fuel Co
July 18_ 496
July 18_ 480 Southland Royalty Co
July 25_ 629 Kansas Electric Power Co
Commercial Solvents Corp
July 25_ 635
July 25_ 632 Standard Cap & Seal Corp
July 25_ 625 Kendall Co
Conemaugh & Black Lick
July 25__ 635
_ 5 Standard Fruit & Steamship Co
.. 4
.
18
July 1 8
July 23_ 629 Kimberly Clark Corp
Congoleum-Nairn, Inc
'uly 18_ 496
Starrett Corp
July
July I8_- 465 (G. R.) Kinney Co., Inc
Co
Connecticut Electric Service
July 25__ 635
July 18-- 467 Sun Investing Co
Consolidated Chemical Industries_July 25_ 647 (D. Emil) Klein CuBaking Co
July 25__ 635
July 25_ 632 StIn 011 Co
July 18-- 485 Kroger Grocery &
Consolidated Rock Products Co
July 18_ 469
July 25__ 632 Sutherland Paper Co
Lane Bryant, Inc
Consolidated Water Co. of Utica,
July 18_ 469
July 25_ 632 Symington Co
July 25_ 640 Lambert Co
N. Y
July 25_ 658
J uly 25__ 625 Tacony-Palmyra Bridge Co
July 25_ 629 Lehigh Valley
Continental Steel Corp
July 25__ 635
July 25_ 632 Tampa Electric Co
486 Lehn & Fink Products Co
'uly 18—
Cooper-Bessemer Corp
July 25_ 635
July 18_ 480 Taylor Milling Corp
July 23_ 629 Lexington Water Co
Copeland Products, Inc
July 25_ 635
July 25_ 653 Telautograph Corp
July 25_ 629 Lindsay Nunn Publishing Co
Corn Products Refining Co
July 25__ 635
July 25__ 632 Texas Gulf Sulphur Co
Icily18_ 486 Loft, Incorporated
Corno Mills Co..
July 25_ 635
July 25_ 632 Thompson Products, Inc
July 18-- 486 Loose-Wiles Biscuit Co
Crown Willamette Paper Co_
July 25_ 658
July 18_ 492 Traymore, Ltd
648 Los Angeles Steamship Co
July 26_
Crown 7ellerbach Corp
July 25_ 635
Corp
July 25__ 633 Trung Pork Stores, Inc
Curtiss Aeroplane & Motor Co., Inc_July 25._ 649 Louisiana Power & Light Ltd
July 25_ 635
July 18_ 492 Union Carbide & Carbon Corp
July 25_ 629 McColl Frontenac Oil Co.,
Cutler-Hammer Inc
July 25_ 626
July 18._ 477 Union Pacific System
Mines, Ltd
July 18-- 486 McIntyre Porcupine
De Forest Radio Corp_
July 25_ 632 Union Water Service Co.(8c Subs.) July 25_ 635
July 18_- 466 McKeesport Tin Plate Co
Street Rya
Detroit
July 18._ 470
July 18_ 477 United Biscuit Co. of America
466 Magma Copper Co
July 18—
Dome Mines. Ltd
July 25_ 633 United States & British InterJuly 25_ 649 Marion Steam Shovel Co
Dominion Textile Co., Ltd
national Co., Ltd
July 25_ 636
July 25. 633
July 25_ 629 Market Street Ry
Deisel-Wemmer-Glibert Corp
July 25_ 636
July 18_ 477 United Carr Fastener Corp
Works,Inc
Mathieson Alkali
July 25_
(S. R.) Dresser mtg. Co
July 25_ 636
July 25_ 633 U. S. Distributing Corp
(E. 1.) Du Pont De Nemours & Co...July 25._ 629 MaYtag Co
JULY 25 1931.]
FINANCIAL CHRONICLE
188146 of Chronicle.
Nome of CompanyWhen Published Page
United States& Foreign Secur.Corp.July 25._ 636
U. S. Hoffman Machinery Corp
July 25_ 636
U. S. Industrial Alcohol Co
July 25_ 636
U. S. & Internat'l Securities Corp. July 18-- 470
U. S. Leather Co
July 25_ 636
U. S. Pipe & Foundry Co
July 25_ 636
U. S. Realty & Improvement Co
July 18. 470
Vickers, Ltd
July 25_ 659
Issue of Chronicle.
Name of Commit
When Published Page
Viking Pump Co July 25__ 659
Virginia Iron, Coal & Coke Co
July 25_ 636
Wabash Ry
July 25__ 626
Waldorf System, Inc
July 25_ 636
West Virginia Water Service Co_ July 25_ 636
Western Maryland Ry. Co
July 25 626
Western New York Water Co
July 25_ 636
Westinghouse Electric & Mfg. Co July 25._ 636
Latest Gross Earnings by Weeks.
-We give below the
of earnings for all roads making such
latest weekly returns
reports:
Name
Canadian National
Canadian Pacific
Georgia ds Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Current
Year
Previous Inc.(+)or
Year
Dec.(-).
8.376.180
2,709.000
27,600
209.621
188,498
2,382,819
329.100
244.164
Period
Covered.
2d wk of July
2d wk of July
2d wk of July
1st wk of July
2d wk of July
58 wk of July
26 wk of July
2d wk of July
4,292,310 -902.474
3,445.000 -736,000
30,350
-2,750
229.880
-20.259
272,811
-84.313
2,756,370 -373,551
382,924
-53.824
335,010
--90.845
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earnings.
Month.
1930.
January
February
March
April
May
June
July
August
September
October
November
Deoember
January
February
March
April
May
Month.
Length of Road.
Inc. 1+) Or
Dec.
(-).
1929.
$
$
450.526,039 486.628,286
427.231,361 473,265,483
452.024.463 516.620.359
450.537,217 518,733,181
462,444.002 537,575.914
444,171,625 531.690.472
656.869.950 557,552,607
465.700.789 586.397.704
466,826.791 566,461.331
482.712,524 608,281.555
398.211.453 498,882,517
877,473,702 468,494,537
1931.
1930.
865,416.905 450,731,213
838,137,679 427,465.369
375,588,834 02.261.686
869,106.310 450,567,319
368.483.871 462.577.503
$
-30,102.247
-8,034,122
-69,595,796
-63.195,964
-75.131,912
-87,518.847
-101,152.657
-120.696.915
-99,634,50
-125,569,031
-100.671.064
-91,220,835
-85,314,308
-91,327.690
-76.672.852
-81.461,009
-94.091.632
' Nes Earning..
1930.
1929.
Miles.
242.350
242,348
242,325
242,875
242,158
242,320
235,049
241,546
242,341
242,578
242.618
242.677
1931.
242,657
242,660
242,566
242,632
242.716
Miles,
242,175
242,113
241.964
242,181
241,758
241.349
242,979
242.444
242,322
241.655
242.625
242.494
1930.
242,332
242,726
242,421
242,574
242 542
ISA.(+)or Des,(-).
1930.
January
February
March
April
May
June
July
•
uguel
September
October
November
December
January
February
March
April
May
1929.
desorel.
94,759,894
97,448.899
101,494,027
107.123,770
111.387,758
110.244.607
125.495,422
189,134,203
147,331,000
157,115.953
99,528.934
80,419,619
1931.
71.952.004
64.618,641
84,648,242
79,144,653
81.038.584
117,764.570
125.677.886
139,756.091
141,939,648
147.099.034
150.199,509
169,249.159
191,197,599
183.486.079
204.416.346
127,125.694
105.987,347
1930.
94.836,075
97.522,762
101.541.509
103.030,623
111,359.322
-23.005.170
-28.128,967
-88.202,064
-34,815.878
--35.711.276
--89.954,902
-43,753.737
--52,063,396
--36,255,079
-47,300.893
--27,596,760
--25.567,928
19.55
-22.40
27.46
-24.54
-24.22
-28.58
-25.85
27.21
-19.75
-23.13
-82.85
26.08
-22,883,171
--32.904,121
--16.893,267
-23,885.970
-30.320.738
-24.13
-38.76
-16.66
-23.21
-27.23
Per Cent.
Net Earnings Monthly to Latest Dates.
Akron Canton & YoungstownJune1931.
1930.
1929.
1928.
Gross from railway.-- $157.018
$237,494
$355,190
$279,058
Net from railway_ _ __
47,209
78,890
179,749
99.269
Net after taxes
61.756
33,879
154.921
86,518
From Jan. 1
Gross from railway
1.024,164 1.513.740 2,004,851
1,603,591
Net from railway---323,562
516,508
940,486
525,551
Net after taxes
247,495
407.359
806.073
445.789
Central VermontJune1931.
1930.
1929.
1928.
Gross from railway.-- $563,569
$688.146
$819.711
$706,404
Net after taxes
-55,021
107,461
165,425 -115.332
Net after taxes
-60,912
90,701
151,427 -131.557
From Jan. 1
Gross from railway
3,477,903 3,874.326 4.309.701 3,003.067
Net from railway---.
311,843
586.231
917,884 -1.463,515
Net after taxes
235,498
489.407
822,977 -1,543,643
Chesapeake & Ohio
June1931.
1930.
1929.
1928.
Gross from railway---$10,495,700 $11,356,203 $12,249,830 $12,006,228
Net from railway_ ___ 4,451,229 4,184,691 4,274.485 4,120,183
Net after taxes
3,630,705 3.358,698 3,450,193 3.387.120
From Jan. 1
Gross from railway
59,009.701 68,097,067 71,920.774 68,731,008
Net from railway_
21.065.945 23,008,774 23,696,392 20,439,518
Not after taxes
15.905.633 18.052,579 18.745,384 15,743.114
Conemaugh & Black LickJune1931.
1930.
1929.
1928.
Gross from railway..
57.605
136.499
214.138
159,649
Net from railway__
-2,800
33,266
59.185
31,478
Net after taxes
-3.700
32,266
58,185
30.478
From Jan. 1
Gross from railway
390,032
830.689 1,041.367
772,353
Net from railway....... -72,765
106.781
70,668
21.644
Net after taxes
-78.165
100.781
164,608
15,644
Galveston WharfJune
1931.
1930.
1929.
1928.
Gross from railway
$123,676
$105,904
$137,057
$257.299
Net from railway__ _ _
25.051
19,854
31,714
166,910
Net after taxes
2,051
5,146
14,714
116,910
From Jan. 1
Gross from railway
773,524
719,575
996.053
962.332
Net from railway-- 215,943
170,589
359,832
402,890
Net after taxes
•
77,708
20,589
257.382
267,890
Lehigh ValleyJune1931.
1930.
1929.
1928.
from railway.... $4,238,141 $5,276,504 $6,019,493 $5.813,262
Gross
Net from railway_
1,359,499 1.580,114
Net after taxes
*437,132
*788,739 1,086,434 1.253.901
From Jan 1
Gross from railway..... 26,790.488 30,733,735 35,083,722 33,925,004
Net from railway_
8,440,720 7.200,375
Net after taxes
*2,853,221 3.700,572 6.611.191 5.493,287
625
June of Chronicle
Name of CompanyWhen Published Page
Westvaco Chlorine Products Co_I-July 18_ 470
Wilcox Rich Corp
July 25-- 636
Willard's Chocolates, Ltd
July I8__ 497
WiIlya-Overland Co
July 25_ 636
(Wm.) Wrigley Jr., Co
July 25_ 636
Yellow Truck & Coach Mfg Co
July 25_ 636
(L. A.) Young Sprint & Wire Corp_ July 18-- 470
Zonite Products Corp
July 18-- 470
Monongahela ConnectingJune
1930.
Gross from railway___ $106,65
$169,961
Net from
16.303
37,777
Net after taxes
14.524
30.575
From Jan. 1
Gross from railway
608,188 1,082,879
Net from railway...._..
253.739
39,865
Net after taxes
7.636
201.837
Montour- .
June
1931.
1930.
Gross from railway...... $151,416
$237,603
Net from railway__
31,700
91,587
Net after taxes
29.631
89,812
From Jan. 1
Gross from railway
993.948 1.230,962
Net from railway_ _ _ _
304.762
401,977
Net after taxes
292,349
391,327
Newburgh & South ShoreJune
1931.
1930.
Gross from railway_ _ _
$86,004
8117.502
Net from railway_ _
8,910
12.148
Net after taxes
-4,084
-3.856
From Jan. 1
Gross from railway......
574,978
722,292
Net from railway..--*-3,608
272,377
Net after taxes
-81,676
176,269
New York Ontario & WesternJune1931.
1930.
Gross from railway-- $1,024,130
$869,743
Net from railway__
298.662
154.479
Net after taxes
111,914
256,152
From Jan 1
Gross from railway
5,379,743 4,981,518
Net from railway__..- 1,368,509
599,583
Net after taxes
1,113,224
344.135
PereMarquetteJune1931.
1930.
Gross from railway.... $2.473,615 $3,088.930
Net from railway_
Net after taxes
*180.136
*366,721
From Jan 1
Gross from railway
14,237.617 19.400,028
Net from railwayNet after taxes
*811,655 *2.114,510
St Louis-San Francisco System
St Louis-San Francisco Ry CoJune1931.
1930.
Gross from railway
$4,853,332 $5.844,701
Net from railway_
Net after taxes
*984.621 *1,175,816
From Jan 1
Gross from railway...... 28,533,045 36,031,359
Net from railway..
Net after taxes
*5.433.281 *7,628.239
*Net after rents.
1929.
$234.558
71,918
59.619
1928.
$164,191
45,376
36.366
1,328,500
390,134
320.987
958,905
217,289
175.453
1929.
$243,140
90.638
88,767
1928.
$134.882
26.034
24,534
1.089,627
349,674
339.931
738,760
167,772
158.772
1929.
$185.577
64.196
46.613
1928.
8207.278
65.005
50,550
961.004
26.515
164,995
1,023.340
245.702
165,465
1929.
1928.
51.046.249 $1,062,777
223,227
198,653
178.227
153,225
5,421.273
659,421
389,349
5,442.779
611.969
321.217
1929.
1928.
34.172,152 53.561.272
1.283,703
844,063
1,015.627
623,996
23,071,691 20,689,256
7,094.081
5,562,471
5.582,158 4.317.673
1929.
1928.
$7,103,638 $6,544,273
1,975.281
1,806,288
1,530.356 1,431,690
40,194,527 38,697,498
10,991.243 10.764,453
8,536,817 8,551.045
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Ann Arbor.
Month of June1931.
1930.
1929.
1928.
Net ry. oper. income-- -$23.399
$46,718
570,487
$57,934
Gross Income
-21,127
47,727
73,384
61.032
Netcorporate income _- -58,536
11.493
34,992
22,092
6 Mos. End. June 30
Net ry.oper.income--$78.972
$229,895
$519,977
$399.328
Grossincome
91,895
539,540
245,268
414.737
Netcorporate income_
-132,487
37,052
312.779
155.683
112rLast complete annual report in Financial Chronicle June 13'31. p.4401
Erie Railroad Co.
(Including Chicago & Erie RR. Co.)
Month of June1929.
1930.
1931.
1928.
Operating revenues
$7.717,747 $9,220,007 510,575.368 510,097.560
Oper.expenses & taxes
6.518,586 7,503,844 8.716,953 8,352.314
Operating income-- 51,199,160 51,716.162 $1,858,415 $1.745,246
Hire of equip. & joint
tacit,rents
-net debits
300,464
287,869
353,396
294.651
Net oper. income_ --- $845,764 51,415.698 51,570.545 $1,450.594
6 Mos. End June 30
Operating revenues
46,634,105 55,040.080 63.377,769 59.081,834
Oper.expenses & taxes- 38,656.115 46,100,027 50,861.489 49.027,634
Operating income-- 57.977,989 $8.940.053 $12.516,279 $10.054,200
Hire of equip. & joint
facil, rents
-net debit 1,894,878 2.041,276
2,035,482 2,076,664
Net oper. Income_..._36,083,110 56.898,776 $10,480,797 57.977,535
Ia"Last complete annual report in Financial Chronicle Apr. 13'31. p. 2949
and Apr. 25 '31, p. 3178.
Kansas City Southern Ry. Co.
(Texarkana and Fort Smith Ry. Co.)
Month of June1929.
1930.
1931.
1928.
Railway oper. revenues_ 51,202,372 $1,668,631 51,766.179 51,648.109
Railway oper. expenses_
793.595 1.148.622 1,191,342 1.150,596
Netrev.from ry. oper. $408,777
5520.008
3574,837
$495,512
Railway tax accruals-110,032
100,374
134,250
123,277
Uncoil, railway revs-132
142
336
387
Railway oper. income $298,409
$419,501
$440.443
$371,847
e Mos.End. June 30
Railway oper. revenues_ 57,479,870 $9,820,072 510.661.716 $10,178,005
Railway oper. expenses- 5,012.188 6.752,522 7,068,216 6.948,417
Netrev.from ry. oper. $2,467.681 53.067,549 $3,593.499 $3,229.588
Railway tax accruals..,...
622,693
746.415
805,504
753,952
Uncoil, railway revs1,834
1,590
10,181
2.085
Railway oper.income- 51.843.388 52.319.300 52.777.813 52.473.550
ri'Last complete annual report in Financial Chronicle May '31, p. 3586
[VOL. 133.
FINANCIAL CHRONICLE
626
Fonda Johnstown & Gloversville RR. Co.
1931.
163.338
54,846
1930.
572.865
60,524
1929.
585.895
80,169
1928.
$77.118
58.448
Not rev,from oper___
Tax accruals
Operating Income__ _
Other income
$8,491
4,500
$12,341
4.800
$5,726
7.840
$18,669
7,840
$3,991
2,909
27.541
12,849
--$2,113
54,920
$10,829
12,598
Gross income
Deduc. from gross inc.-
$6.901
31,601
$20,390
33,331
152,807
35,032
$23,427
34,629
-$24,700
Net income
6 Mos.End. June 30
5435,544
s
Operating revenue
349.802
Operating expenses
$85,742
Net rev,from oper___
27,000
Tax accruals
-512 940
$17,774
-$11,201
5484.717
377,702
$516.531
388.780
$F46,801
383,551
$107,014
28,800
5127.750
47,040
$163.250
47,040
Operating income_
Other income
$58,742
19,723
$78.214
38,332
180.710
$116,210
Gross income
Deduc. from gross inc
$78,466
176,155
$116,547
188,930
$148.338
194,826
$152,516
192,702
Month of JuneOperating revenues
Operating expenses
-297,688 -872,383 -246.488 -$40,185
Net income
20'31, p.4581
nE"Last complete annual report in Financial Chronicle June
Pere Marquette Ry.
Month of Jun.Net railway oper.rev
Other income, net
1931.
3180,136
20,999
1930.
$366.721
67.368
1929.
5822.291
103.591
1928.
1495,937
35,412
Bal. bet. deduc.°tint.
Total interest accruals
$201,135
305.290
3434,089
232.713
$925.882
212,349
$531,350
216.678
$314,672
5713.532
$201,376
2811,6'54 $2.114.510 $4,728,417 33.767.086
231,698
484.966
271.583
205,505
159 12,386.093 55.213,384 23,998.784
Bal. bet. deduc. ofint. $1,017,
1.291.715 1.302.056
1.310.671
Total interest accruals__ 1,769.154
11,075.421 13,921,669 52,696,728
-$751,993
Balance
le May 16 '31, p. 3706
1:2rLast complete annual report in Financial Chronic
Balance
6 Mos. End. June 30
Net railway oper. rev
Other income, net
-$104,154
Soo Line System.
Co.)
(Minneapolis St. Paul & Sault Ste Marie Ry.
(Including Wisconsin Central Ry. Co.)
1928.
1929.
1930.
1931.
Month of June$724,352
$877,399
$460,289
$245,778
Net after rents_Cr
Cr46,818
Cr15,624
22,550
38,618
Other income net _Dr- - _
574,879
574.204
551,047
562.741
Int. on funded debt_Dr817 Cr$196.289
$113,308 Cr1318,
$355,581
Net deficit
Div. of net def. between
105,450 Cr203,135 Cr110.339
255,733
Soo Line
Cr85,950
7.857 Cr115,682
99,847
Wisconsin C. Ry. Co.
08 01318,817 Cr$196,289
$113,3
$355,581
System
6 Mos. End. June 30
506,255 2.935,675 2,194.538
Dr124,650
Net after rents-Cr
71,047 Cr156,184 Cr116,741
146.677
Other income _Dr
3,343,707 3,483,269 3,477,452
Int, on funded debt-Dr. 3,407,074
$391,411 31.166,172
$3,678,402 $2,908,500
Net deficit
Div. of net def. between 2,051,592 1,525,337
454,162
Cr889
Line
Soo
712.010
392,300
1,383,162
Wisconsin C. Ry. Co- 1,626,809
$391,411 $1,166,172
33.678,402 $2,908,500
System
le May 9'31, p. 3513
,
1,25 "Last complete annual report in Financial Chronic
1930.
13,842
1929.
13,618
1928.
13.634
Month of JuneAver. miles of road operRevenues
114,709,551 $15,580,456 $19,402.887 $18,405,928
Freight
3.141.432 4,037,059 4.928.085 4,807,675
Passenger
346.236
668.555
403,969
389.363
Mail
717.325
739,919
609.969
433,139
Express
704,394
574.295
412.405
426.388
other transportation_
All
659.001
822.567
559.645
428,887
Incidental_
23,678
34,238
20.438
20.517
Joint facility-Cr
125.546 Dr141,631 Dr139,194
100,116
Joint facility-Dr
325,525.044
.917
Railway oper. revs $19,449,163 121,498,396 327.028
Expenses03 3,265,128
98
way & struct_ 2,193.687 2,777,670 3.357,585 4,254.811
Maint. of
4,491,3
Maint. of equipment... 2,650.425 3.807.6
607,443
653,486
700,399
566.257
Traffic
6,483.108 7.222.097 8,594,786 8,702.772
Transportation
437,675
599.868
411.713
315.736
Miscellaneous
988.242
943.765
919.457
841.415
General
143,997 Cr119,188 Cr243,447
73
Transp. for invest.-Cr- Dr55,8
,039 $18,521.607 $18,012,625
Railway oper. exps $12,994,756 815.695
20
Income
6,454,407 5,803.356 8,507,310 7,512,4 50
1,889.6
Net rev,from ry. °per
1.657.430 2.034,016
1,471.879
4,252
Railway tax accruals
5,628
5.479
7,935
revs
667,228
Uncollectible ry.
927.994
765,746
50
16,455
Equipment rents (net).. 1,069.6
VAIL
22,170
22,428
Joint facility rent (net)539 $4,932.835
oper. income.. $3,882,513 83,352.529 $5,482,
Net ry.
1928.
1929.
1930.
1931.
13,574
6 Mos.End.June 30
13,615
13,841
13,823
Aver. miles of road oper.
Revenues
,747 1110947.470 8102642,148
$75.959.697 $94,676
485
Freight
17,765,922 22.663.603 25,155,641 24,894. 46
83
Passenger
2,362.413 2,446,050 3,032.464 2,139.9 39
3.534.6
Mail
3,933.0
2,740,719 3,213,858 4,158.266 4.190,671
Express
2,522,835
2,420.5
All other transportation- 2,520.294 3,305,670 3.978.860 3,475.773
99
158,110
tal
Inciden
182,137
148.299
113,300
Joint facility-Cr
710,747 Dr724,624 Dr712.868
524,484
-Dr
Joint facility
1128266,317 $150663,300 8140322,906
Railway oper. revs--$103,358,463
Expenses615 17.877,569 19,449.719 19,089,557
Maint. of way & struct- 13.562,561 24,618,176 27.264,383 25.608.030
19.089.
Maint. of equipment
3.813.934 3,737,772
3,349,622 3.892.684 50,676.337 49,722.814
Traffic
38.413.435 45.166.489 2,818.923 2,384.476
rtation
Transpo
1.883,459 2.474.476 5,736.215 5,832.331.
Miscellaneous
5,274.134 5.877,145 Cr665,816 Cr781.145
General
853,170
. for Invest.-Cr- Dr375,796
Transp
,372 1109093,696 3105593,833
Railway oper. expo-1111,197,033 $99,053
Income-945 41.569,604 34,729.074
Net rev,from ry. °per 22,161.429 29,212, 55 10.989.810 10,053.826
9,400.8
8,515.004
Railway tax accruals
34.434
45.871
33.484
32.180
Uncollectible ry. revs
83 3,937,835 3.047,687
Equipment rents (net)_.. 4,009,714 3,850.8
349,993
64.758
70,258
Cr2,065
Joint facility rent (net)$26,531,328 $21,843,134
Net ry. oper. Income_ $9,606,595 315,857.464 le May 9 '31, p. 3547
Chronic
12'Last complete annual report in Financial
Wabash Ry.
1928.
1929.
1930.
1931.
Month of June$738,783
$830,875
$433,649
Net ry. oper. income..,. $203,208
873,503
972,562
962,640
307,474
Gross income
267,218
362,643
335,424
-352,572
Net corporate income
6 Mos. End. June 30
,020
$1,365,106 $3,341.077 55,751.918 $44,634 69
Net ry. oper.income-- 2.002,836 4,691.632 6,640.451 5,416,284
Gross income
54 1,921.5
te income _ - _-1,789,164 1,111.358 2,955,718 '31, p. 2953
Net corpora
Chronicle Apr.
OrLast complete annual report in Financial
Western Maryland Ry. Co.
Southern Pacific Lines.
1931.
13,817
Union Pacific System.
1928.
1929.
1930.
1931.
Month of Juno-s
Operating Revenue
$9,758.051 $10,227.456 $12,192,266 $11.546,100
Freight
1,814.000 2,333,360 2,931,359 2,914.237
Passenger
341,018
405,126
410,444
382,395
Mail
463.409
475.269
444,970
274,509
Express
516,134
578.296
478.664
398.357
transportation_
All other
417.576
341,415
229,611
261,367
Incidental
,474
Railway oper. rev-312,888,679 814,124,505 516.923,731 $15.998
Operating Expenses2,265,115 2,913,417 2,922.874
2.170,155
Maint.of way & struc_
2,848.972 3,032.962 3,152.590
Maint. of equipment... 2,624.282
449.439
476,347
464,125
412,283
Traffic
43 4.358,881 4,757,402 4,854,884
3,886,9
Transportation
484.299
439,690
326,106
280.102
Miscellaneous operations
476,509
715,230
656,258
724,597
General
8,518
Trans. for invest. Cr _
10,098,362 310,919,457 $12,335,048 $12,332,077
Railway oper.expenses$
Income Items
83 3,666,397
Net rev.:rum rail. oper. 2.790,317 3.205,048 4,588,6 60 1,308,319
1,314,452 1,395,0
Railway tax accruals... 1,224,794
738
1,398
1,161
843
revsUncollect, railway
680 $1,889,435 $3,192,225 12,358,740
Railway oper. income $1,564,022 Dr.364.533 Dr.364,273 Dr.391,336
-Net- Dr.376,
Equipment rents
45,381 Dr.86,853 Dr.93,865
48.745
Joint facility rents-Net
915 51,479,521 32,741,099 81,871,539
Net rail, oper. income $1,139,
9,928
9.857
9,878
9.863
Aver. miles of road oper.
68.70%
72.89%
77.31%
78.35%
Ratio of exp,to revenue_
6 Mos.End. June 30
Operating Revenues
560,893,142 $65,667,218 $76,823,302 872,517,157
Freight
8,284.481 10,625,481 12.857,579 12,704,926
Passenger
66
2.437,009 2,536,260 2.544,848 2,124,584
Mail
1.894.330 1,915,623 1,877,3
1,455,931
Express
19
rtation- 1,877,824 2,271,517 2,473,164 2,435,517
All other transpo
1,460,625 1,385.135 1,852,114 1,893,8
Incidental
393,553,369
Railway oper.revenues$76.409,012 584,379,941 198,466,630
Operating Expenses11,643,691 14,523,471 14,583.421
Maint. of way & struc_ 10,985,658 17.435,603 18.891,812 19,083,790
Maint. of equipment-- 15,637,830 2,535.491
2,498.438 2,400,726
2,267.827
Traffic
24,546,241 27.244.541 29,433,145 28,371,059
Transportation
2,103.215 2,088.547
aneous operations 1,489.619 1,657,336 4,157,588 3,848.480
Miscell
4,090,591 4,015,395
General
17,599
2,230
4.962
Trans. for invest.-Cr-,057 $71,605,439 570,358,424
Railway oper.expenses$59,012,804 $64,532
Income Items
191 23,194,945
Net rev,from rail. oper. 17,396,208 19.847.884 28,861, 11 7,682.379
09 8,129.7
Railway tax accruals_ _ - 7,457,452 8,041.2
4,257
6,962
4,741
5,329
Uncollect, railway revs89,933,427 811,801.934 1118,72018 $15,508,309
Railway oper. income
.2,057.886Dr.2,714,486
Equipment rents-NetDr.3,017,926Dr.2,205,606DrDr.465,836 Dr.513.584
288,235
288,353
-Net
Joint facility rents
,796 312,280.239
Net rail. oper. income $6,627,148 $9,308,093 316,200
9,930
9,857
9.878
9.859
Aver, miles of road oper.
70.23%
72.72%
76.48%
77.23%
Ratio of exp. to revenues
report in Financial Chronicle Apr. 25 '31, p. 3180
ICV'Last complete annual
Month of JuneNet ry. oper. Income__ _
Other income
1931.
$331,050
15,656
1930.
$378,749
17,242
1929.
$413,356
19.213
Gross income
Fixed charges
5346,706
295.564
$395,991
289.089
2432,569
253.819
1928.
$355,132
12,551
$367,68.3
251,120
$116,563
$178,750
$106,902
$52,142
Netincome
6 Mos. End. June 30
195 82,499,379 $2,374,660
Net ry. oper. income.,._ $2.136,886 $2,640,
67.584
93.902
83,518
78.998
Other income
82.215,884 82,723.713 $2,593,281 $2,442,244
Gross income
1.740.422 1.498.844 1.513,282
1,737.141
Fixed charges
$928,962
3983.291 $1,094,437
2478.743
Net income
a.Chronicle June 6 '31, p. 4228
le"Last complete annual report in Financi
INDUSTRIAL AND MISCELLANEOUS CO'S.
Abbott Laboratories.
y1930.
x1931.
6 Months Ended June.30$265,718
Federal taxes.Net profit after charges deprec. &stock (no par)__ $261.262
$1.83
$1.80
Earns, per sh. on 145,000 shs. cap.
x Excluding Canadian subsidiary. y includes Swan-Myer Co. 1996,
le Mar. 14'31, p.
LV'Last complete annual report in Financial Chronic
and Mar. 7 '31, p. 1801.
Air Reduction Co., Inc.
1931-6 Mos.-1930.
Period End.June 30- 1931-3 Mos.-1930.
$4,320,669 15.207.553 88.799.684 310,659,272
Gross income
76 5,464.913 6.406.452
2,650.115 3,161,7
Operating expenses
1,039,516
1,038,381
526,187
518.789
Additions to reserve
329,458
250.898
159,021
125,314
Federal tax (est.)
$1.026,451 $1,360,569 $2,045,491 $2,883,845
Net profit
Shares capital stock out791,781
841,288
791,781
841,288
standing (no par)
$3.64
$2.43
$1.72
$1.22
Earnings per share
p. 1225
"Last compkte annual report in Financial Chronicle Feb. 14 '31,
Allen Industries, Inc.
Earnings for Six Months Ended June 30 1931.
Sales
Cost ofsales
Selling expense
General and administrative expenses
Non-operating expense
Reserve for Federal income tax
3629.006
541,205
29.930
45,164
772
1,432
$10.502
Net profit
'31, p. 1225
53TLast complete annual report in Financial Chronicle Feb. 14
JULY 25 1931.]
FINANCIAL CHRONICLE
Alabama Water Service Co.
627
Associated Apparel Industries, Inc.
12 Months Ended May 31
Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1931.
$854,273
312.330
37,426
87.779
1930.
5868,560
336,710
34,288
87.617
(And Subsidiaries)
Consolidated Income Account
-Six Months Ended May 31 1931.
Gross profit before depreciation
52.350,287
Administrative, selling & advertising, incl. discount on sales- 2.534.459
Net earnings from operations
Other income
$416,736
3,797
3409.944
2.467
Net loss
Other income (cash discounts, interest, royalties, rent. &c.)
Gross corporate income
420.534
$412.412
Interest on funded debt
207.309
195.122
rZrLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2757
Alliance Realty Co.
6 Mos. End. June 30
Income from real estate
operations & sales_ _ _ _
Interest on mortgage.._ _
1931.
1929.
535,978
69,747
$304.730
79,348
$807,315
73,691
loss$33,769
336.473
Balance
Other income
1930.
$225,382
383,408
5733,624
116.061
Total income
Expenses & Fed. taxes
$302,704
$608,790
$849,685
28.884
61,013
125.162
Netincome _____
5273,820
$547,777
$724,523
Shs. cap. stk. outstanding(no par)
132,000
132.000
132.000
Earns, per share
$1.53
$3.60
$4.94
OrLast complete annual report in Financial Chronicle Jan. 31
and Jan.24'31, p. 658.
1928.
I
Not
available
$657.188
49.116
Balance, income
Other expenses (provision for uncoliectible accounts, maintenance of buildings, legal expenses, &c.)
Interest
Depreciation
Net loss for period
Surplus at beginning of period
Miscellaneous credits
$184.173
194.406
$10,234
26.518
66,150
49.814
5132.249
1,749.212
3.505
Total surplus
51.620.469
Surplus at end of period
*$927.506
* Includes profit and loss surplus of $732,835 and capital surplus of
5194.671.
1ZF'Last complete annual report in Financial Chronicle Jan. 10 1931,
P
.
314, and Jan. 17 1931, p. 497.
Atlas Powder
Co.
(And Subsidiaries)
6 Mos. End. June 30-120.000
1931.
1930.
1929.
1928.
56,515,709 58,664,191 511,183,827 59.704.499
$4.66 Sales (net)
'31, p. 851 Cost of goods sold, deliv- 6.238,783
ery & other expenses
7,983.837 10,023.531
8,725.620
Net operating profit_.. 5276,925
5680.353 51,160.296
5978.880
Other income (net)
166,092
132,039
185,209
137,056
Allis-Chalmers Mfg. Co.
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Gross inc. for period.... 5443.017
5812.391 51.345.506 51.115.936
Federal income tax
Bookings
33,898
87,369
$5,774,089 $14,819,533 $12.224,877 $29,480,951
150,780
141,066
Net profit after deprec.,
Net income for period.. $409,120
Fed.taxes, &c
$725,022 $1.194.726
523.254
1.180,603
$974.869
1,006,061
2,351,540 Surplus, beginning of yr- 8.355.520
Shs. corn. stk. outstand8,704,229
8,008.712
6.254.788
ing (no par)
1,295,900
1,258,400
1,295,900
1,258,400
Gross surplus
Earns. per share
$8,764,640 59,429.251 89,203.438 57,229.657
$0.40
$0.94
$0.78
Unfilled orders on June 30 1931, totaled $9,032,531 comparing $1.87 Preferred dividends..- - 295,919
270.000
270.000
270.000
with Common dividends
$11,517,082 on March 31 1931. and $17.833,860 on June 30
522,870
522.870
522,870
522.870
of previous
year.
Profit & loss surplus__ $7,945,851 $8,636,382 58,410,568 56,436.787
rg"Last complete annual report in Financial Chronicle Mar.
21 '31, p. 2183 Shs. corn. stk. outstanding(no par)
261,439
261,439
261 439
261,439
Earnings per share_ _ _ _
$0.43$1.74
8.3.54
15
52.69
American & General Securities Corp.
"Last complete annual report in Financial
ci
ri
onicle Jan. 31 '31, p 2 6
.8 9
.42
Earnings for Six Months Ended May 311931.
Interest
Atlantic Refining Co.
566,485
Dividends(including no stock dividends)
270,913
Profit on syndicate participations
(And Subsidiaries)
5.400
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930
Gross income
$342.798 Net loss after interest,
Investment service foe
depreciation, depletion
43,119
Miscellaneous expenses
& intang.develop.costs $1.850,200pf$1,694.523 $4,013,000 pfx$2818823
26,952
Miscellaneous taxes
1,262 Earnings per share on
Foreign government taxes
common stock
Nil
$0.63
Nil
9,934
$1.04
x After inventory adjustments of 52,940,000.
Net income
ri'Last complete annual report in Financial Chronicle,Feb. 28 '31, p. 1611
$261.530
Dividends paid and accrued on preferred shares
15.243
Dividends paid on class A common shares
125,003
The Aviation Corporation (Delaware).
Balance of income
$121,284
(And Subsidiaries)
fZrLast complete annual report in Financial Chronicle Jan. 31 '31, p. 851
6 Months Ended June 301931.
1930.
Profit from operations
$39.621 loss5983,076
Depreciation
640,651
801.804
American Republics Corp.
Loss from operation
(And Subsidiaries)
5601,030 51,784.880
Other income-Interest earned
171.152
261.976
Period End.June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Dividends
168,173
178.231
Sales
$3.710,565 $7,176.366 $7,460,627 $13,191,097
Profit on sale of securities
loss243.244
42,104
Cost of sales
3.823,718
6,219.076
7,533,207 11,599.917
Expenses
Total loss
633.559
704.510
1,147.439
5504,948 51,302,568
1,309.101 Expenses of
Other charges (net)
215,551
parent company
11,327
321.464
231,948
235.503 Extraordinary
320.826
charge-offs and provision for special
Surplus after res. for
losses incl. adj. relating in part to prior periods
1.095.815
Federal tax
def$962.265
$241,452loss$1541483
le"Last complete annual report in Financial Chronicle Feb. 7 '31, $46,577
p. 1025 *Proportion of profits of controlled companies 5736.895 52,719,207
(not consolidated)
7,415 loss517.111
American Writing Paper Co., Inc.
Loss for the period
$729.480 $2.236.318
6 Months Ended June 30* Operating results of American Airplane & Engine Corp.
1931.
1930.
1929.
Net sales
part of Fairchild Aviation Corp.). now wholly owned but(formerly a
$4,130.839 55.747,993
previously
Manufacturing cost of sales
1 3,837.075 14,801,430 $6,442.742 included in this caption, are now included with the operating figures.
5,436,029
Administrative and selling expense...-.j
'Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2771
I 504,178
577.153
Operating profit
$293.764
$442.384
$429,559
Baldwin Locomotive Works.
Other income
82,444
57,628
62,381
(And Subsidiaries)
Total income
$376,208
6 Months Ended June 30-$500,012
$491,940
1931.
1930.
Depreciation
140.291
Sales
59,803,501 526.241.383
Income charges
63,154
58.607
60.709 Cost ofsales
10,066.751 23,018.314
Bond interest
158,390
162,177
163.980
Reserve for Federal taxes
Operating loss
1,725
30.715
32,070
$263,250 pf$3,223.069
Other income
438,049
539.702
Net profit
$12,648
5248.513
$235.181
12F Last complete annual report in Financial Chronicle Apr. 11 '31,
Total income
.
$174,799 53,762.771
p. 2769 Interest,Sic
891,156
731.656
Depreciation
865.000
845,000
Federal taxes
Anchor Cap Corp.
128,100
Minority interest
194.179
250,118
(And Subsidiaries)
6 Mcmths Ended June 30Net loss
1931.
81.775.536pf31.807,897
1930.
Preferred dividends
Gross manufacturing profit
700.000
700,000
Selling, advertising St administrative expenses _ _ 51,250.917 $1,403.787 Common dividends
462.339
737.630
529.388
Depreciation and amortization_x
246.045
228,479
Deficit
Other deductions, less other income
$2.475,536 sur$370.267
Dr. 30.025
Cr. 1.318 Earns, per sh.on 843.000 shs. corn.stk.(no par)_
Federal and Canadian income taxes
Nil
51.31
65.059
72.103
tarLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1403
Net income
$447.448
5575,135
earnings per share on common stock
$1.49
Baldwin Rubber Co.
$2.04
x Amortization, $17.845 for 6 months ended June 30 1931,
Earnings for Six Months Ended June 30 1931.
and $17,779
for 6 months ended June 30 1930.
Net profit after all charges and taxes
570.000
farLast complete annual report in Financial Chronicle Mar.
14 '31, p. 1994 Earnings per share on 100.690 shares class B stock
$0.32
IGEFLast complete annual report in Financial Chronicle June 13 '31, p. 4415
Arnold Constable Corp.
Month
February
March
April
jsfay
$608,072
Bayuk Cigars, Inc.
Sales.
Period End.June 30- 1931-3 Mos.-1930.
Net Profits.
1931-6 Mos.-1930.
5613.251 108556,793 x Net earnings
5183.036
5241.729
$310,406
5442,770
746,523
42.314
27.245 Other income
18,259
62,067
45,200
839.753
39.522
964.188
Total income
$225,350
5259.988
50.299
5372,473
5487.970
Reserves
90,224
95.644
Total for first 4 months of 1931
179,095
180.302
$3.163,715
$110,273
KVI.ast complete annual report in Financial Chronicle Mar.
Balance,
$164.344
28 '31, p. 2391 Preferred dsurplus
5135.126
$193.378
$307.668
Mar. 21 '31, p. 2200.
and
ividends_ _ _ 64,458
70.964
131.509
142.199
Common dividends
68.669
69.413
138.208
140.628
Balance, surplus
Artloom Corp.
51.998
523.966 def$76.429
$24.840
Corn. shs. outst.(no par)
91.559
92,550
Period End. June 30- 1931-3 Mos.-1930,
91,559
92,550
1931-6 Mos.-1930.
Earnings per share
$0.77
$1.01
Net loss after charges and
$0.67
$1.79
After deducting charges for maintenance and repairs of
x
depreciation
$45,440
5159.851
plants and
$258,657
343,249 estimated Federal tax. &c,
'Last complete annual report in Financial Chronicle Feb. 7
'31, p. 1034
ai Last complete annual report in Financial Chronicle Feb. 14
e
'31, p. 1227
[Vox.. 133.
FINANCIAL CHRONICLE
628
Beech-Nut Packing Co.
(And Subsidiaries)
1928.
1929.
1930.
1931.
6 Mos.End. June 30Net profits (without pro$1,510,484
_ _x$1,173,128 $1,438,814 $1,553,243
vision for Fed. tax)_
4,945,916
5,331,272
Earned surplus Jan. 1..... 7,589,625 6,387.563
Dr8.994
Cr3,332
Cr1,838
Cr365
Adjust. of Federal tax...
16 $6,887,846 26,447,407
$8,763.118 $7,828,2
Total surplus
510.157
637.657
669,533
669,532
Dividends paid
$6,250,188 $5,937,249
Profit & loss surplus... $8,093.585 57.158,683
x After Federal taxes.
Mar. 7 '31, p. 180$
larLast complete annual report in Financial Chronicle
Bickford's, Inc.
1930.
1931.
6 Months Ended June 30
$3,963,151 $2,898,802
Sales
328,596
372,527
Not profit after charges & taxes
248,744
278.388
Shares common stock outstanding
$1.05
$1.10
Earns, per share
report in Financial Chronicle April 11 '31, p.2772
'Last complete annual
Bing & Bing, Inc.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
$819,463 $1,422,013 $1,558,683
$743,176
income
Gross
878.252
1,012.092
475,983
521,657
Exp. deprec. & arnort
x210.515
144,624
x103,587
71,500
Interest
325.748
325,748
property
Loss on sale of
$469,916
$239,893 loss$60,451
loss$175.729
Net profit
x Includes Federal taxes.
May 16 '31, p. 3717
a"Last complete annual report in Financial Chronicle
Boston Elevated Ry.
-Month of June
Receipts
$2,336,676 $2,461,429
From fares
From oper. of special cars, mail pouch service, and
15,600
8.499
cars
service
From advertising in cars, on transfers, privileges at
62,513
61,514
stations, &c
From other railway companies for their use of
3,975
3,699
tracks and facilities
5,094
5,198
From rent of buildings and other property
2,161
6,192
revenue
From sale of power and other
75
from direct operation of the road__ $2,415,179 $2,550,7
Total receipts
8,613
3,496
Interest on deposits. income from securities, &c_
$2.418,675 $2,559.389
Total receipts
Cost of Service
$233.317
equipment & buildings_ _ _ _ $242,529
Maintaining track, line
310,416
341,557
Maintaining cars,shop equipment, &c
165,618
161,888
Power
wages of car service
Transportation expenses (incl.
888,504
894,213
men)
8,316
7,586
Salaries & expenses of general officers
101,845
143,710
Law expenses, injuries & damages & insurance_ _ _ _
112,712
116,360
Other general operating expenses
116,406
165,712
Federal, State & municipal tax accruals
260,897
260.011
Rent for leased roads
tunnel & rapid transit line rentals to be
Subway,
232,562
199,027
paid to the City of Boston
Cambridge subway rental to be paid to the Com33.256
33,201
Massachusetts
monwealth of
205.197
204,182
Interest on bonds & notes
4,087
4,653
Miscellaneous items
$2,774,637 $2.673.138
Total cost of service
113,749
355.961
Excess of cost of service over receipts
Feb. 21 '31, p. 1404
larLast complete annual report in Financial Chronicle
Brazilian Traction, Light & Power Co., Ltd.
-Month of June- -6 Mos. End, June 301930.
1931.
1930.
1931.
oper $3,250,203 $4,146,884 $18,766,873 $24,286,359
Gross earnings from
7,455,582 10.265.339
5
1.675.64
1,219.977
Operating expenses
32,030,226 52.471,239 511,311.311 514,021.020
Not earnings
June 27'31, p.4753
arLast complete annual report in Financial Chronicle
Bridgeport Machine Co.
1929.
1930.
1931.
6 Months End. June 30-$93.669
5150.319
loss$13,838
Net profit before taxes
report in Financial Chronicle Apr. 11 '31, p. 2773
a'Last complete annual
Briggs & Stratton Corp.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Net income after charges
$622,845
$320,042
$321,804
$123.394
& Federal taxes
Barns. per Ms. on 300.000
$2.07
51.06
51.07
50.41
dm.cap.stk.(no Par)Financial Chronicle Mar. 7 '31, p. 1806
Last complete annual report in
I'
Brillo Manufacturing Co., Inc.
1931-3 Mos.-1930. 1931-6 Mos.-1930.
Period End. June 30
5871,272
5890.581
5439.968
$449,301
Gross sales
deprec..
90,103
Net profit after
60.640
45,025
84,234
taxes,&c
$0.38
Earns. per sh.on 160,000
50.83
$0.19
$0.44
she. corn. stk.(no par)
25 '31, p. 3153
'Last complete annual report in Financial Chronicle April
Brooklyn-Manhattan Transit System.
Transit System)
(Including Brooklyn & Queens
-Month of June- -12 Mos.End.June301930.
1931.
1930.
1931.
981
$4,983,112 $5,070,028 $58,791,088 $60,700, 37
Total open revenues
3.231,745 37.530,159 39,786.5
_ 3,110,371
Total oper. expenses--41 $1,838,283 521,260,929 $20,914,444
Net rev, from oper- $1,872,7
4,001,505
4,071,733
359,998
356,013
Taxes on oper. props939
$1,516,728 $1,478,285 $17389,196 516,912.
861.347
Operating income-'886,329
65,662
138.729
Net non-oper.income286
$1,653,457 51443,947 518.076,525 $17,774, 8
Gross income
9,280.07
9.298,582
767.272
782.538
Total income deductions
$776,675 $8.776.943 $8,494,218
8
-70,919
$Net income *
*Of which sums there ac1,074,574
crues to minority int.
1,048,039
105,164
89,634
of the B.& Q.T.Corp.
Financial Chronicle Sept. 6 '30, p. 1562
O'Last complete annual report in
Butterick Co.
1931-6 Mos.-1930.
Mos.-1930.
Period End. June 30- 1931-3
$372,660
Net profit after deprec.. $251,808
$411.968
$303,728
182,239
Fed.taxes, int.. &c_
184,192
182,239
184,192
(no par)
Shs.com.stk.out.
$2.04
$2.23
$1.66
$1.36
Earnings per share
p. 2393,
l Chronicle Mar.28'31,
Itarlast complete annual report in Financia
and Mar. 21 31, p. 2202.
Brooklyn & Queens Transit System.
-Month of June- -12 Mos.End.June301930.
1931.
1930.
1931.
180
Total oper. revenues_ - _ $1,942,830 $1,968,238 $22,624,831 $23,589, 70
1,478,334 17,507,682 18.386,3
Total oper. expenses_ _ _ _ 1,508,007
$489,904 $5,117.149 $5,202,810
Net rev, from oper___ $434.823
1,389,323
1,284.425
125,622
101,328
Taxes on oper. props_ __
Operating income_
Net non-oper. income__
$333.495
17,574
Gross income
Total income deductions
$351,069
129,576
5364,282 $3,832,724 $3,813,487
251,532
187.679
16,755
$381,037 54,020,403 $4,065,019
1,501,473
1.511,354
123,555
$257,482 $2,509,049 $2,563,546
Net income
$221,493
p. 1563
10 Last complete annual report in Financial Chronicle Sept. 6 '30,
(A. M.) Byers Co.
(And Subsidiaries)
1931-9 Mos.-1930. ,
Period End. June 30- 1931-3 Mos.-1930.
Net profit after deprecia$913,817
$106,999
5242.469
tion, Fed. taxes, &c_ _
$3,766
Earns. per sh.on 266,635
$2.22
Nil
$0.51
Nil
(no par)
shs. corn. stk.
499,
Last complete annual report in Financial Chronicle Jan. 17 '31, p.
l'
and Jan. 10 '31, p. 317.
California Water Service Co.
1930.
1931.
$2,112,429 $2,165,117
825,426
770,222
87,601
73,406
151,531
155,060
51,113.741 51,100,560
14,369
26,499
12 Months Ended May 31
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Net earningsfrom operations
Other income
$1340,240 $1,114,930
Gross corporate income
374,118
429,310
Interest on funded debt
-The decrease in revenues and expenses is duo to the sale of Fresno
Note.
plant, Feb. 1 1931.
larLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2758
Campbell Wyant & Cannon Foundry Co.
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1030.
Net income after charges
$583,496
$296.000
$254,732
$155,800
& Federal taxes
Earns. per sh.on 348,000
$1.67
$0.85
$0.73
$0.45
par)
shs. cap. stk. (no
p. 2203
iGT'Last complete annual report in Financial Chronicle Mar. 21 '31,
and Mar. 14 '31, p. 1996.
Caterpillar Tractor Co.
1929.
19:30.
1931.
Six Months Ended June 30516,857.050 $30,065,532 $27,160,015
Net sales
g expenses, 8.:C- 14,082,837 22,582,280 20,358.204
Cost of sales, operatin
638,414
866,008
811,317
Depreciation
164,025
299,306
319.173
Interest paid
719,939
694,973
197.246
Provision for Federal income tax
$1,446,476 $5.622,965 $5,279,432
Net profit
Earnings per share on 1,882,240 shares
$2.80
$2.99
$0.77
of capital stock (no par)
12y Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1229
Century Ribbon Mills, Inc.
1930,
1929.
six Mos. End. June 30-- 1931.
Net profits after depreciation & Federal taxes_
Preferred dividends -- --
$102,015
41,744
573.719
50,137
$54,600
46,532
1928.
595.792
54.655
541,137
$23.582
$8,068
$60,271
Balance,surplus
Shares of corn, outstand100,000
100,000
100,000
100,000
ing(no par)
$0.41
$0.24
$0.10
$0.60
Earns. per share on comrirLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1624,
Chester Water Service Co.
12 Months Ended May 31
Operating revenues
eration expense
aintenance
Taxes (excluding Federal income tax)
V
1931.
$563.358
140,763
20.868
19,424
1930.
$575,858
135,328
24,908
12.785
Net earnings from operations
Other income
$382,301
13.653
$402,835
3,264
$406,099
$395.955
Gross corporate income
136,534
145,911
Interest on funded debt
-Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2759
137
Chicago Pneumatic Tool Co.
(And Subsidiaries)
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net profit after doprec.
5287.771
310,179
$113.556
$8.737
interest & taxes
O'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2395
Chicago Surface Lines.
Month of JuneGross earnings
Operating expenses, renewals and taxes
1930.
1931.
$4.348,895 $4,766,687
3.835.838
3,629,942
Residue receipts
Joint acc't expenses, Federal taxes. &c
City's 55%
5718,953
8.3,487
Dr. 28,656
5930,848
31,500
122,467
$776,880
$664.122
Balance
e
V§ 'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2190
Chrysler Corp.
(And Subsidiaries)
1931.
Six Mos. End, June 30--
1930.
1929
100.176,510 139,030,489 227,9(38,78(3
86,576,761 121,246,865 188,633,904
13,599,748 17.783,624 39,334,883
Gross profit
1.985,822
914,029
597,292
Interest and brokerage
14,197,040 18,697,653 41,320,704
Total income
Admin., engin., selling, advertise.,
10,138,765 13,236,372 18,796,296
service and general expenses
1.884.206
1,550,460
1,468,603
Interest paid & accrued
Prov, for income taxes of U. S.
2,544,062
501.964
337,635
and other countries
Sales ofautos.and parts
Cost ofsales
3,408,857 18.005,239
2.252,036
Not income
4,452,609
4,438.422
Shs, cap. stk. outstand. (no par)_
4,414,892
$4.06
$0.77
$0.51
Earnings per share
l Chronicle Feb. 21 '31, p. 1402
rar'Last complete annual report in Financia
JULY 25 1931.]
FINANCIAL CHRONICLE
Citizens Water Service Co.
12 Months Ended May 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
629
Deisel-Wemmer-Gilbert Corp.
1931.
$38.472
10,669
1.482
1,296
1930.
839.074
11,504
1,122
1,022
Net earnings from operations
$25,024
125.425
Interest on funded debt
11,282
10.991
rirLast complete annual report in Financial Chronicle Apr. 11 '31,
p. 2759
City Ice & Fuel Co.
Six Months Ended June 301931.
1930.
Sales
$12,621,707 $12,676,565
Net profit after int. deprec., Federal taxes, minority int. & pref. diva. ofsubs
2,052,631
2,150,756
Preferred dividends
647,577
481.598
Balance for common
$1,405,054 $1,669,158
Earns, per sh. on 1,178,000 abs. common stock _
$1.19
$1.41
"Last complete annual report in Financial Chronicle Mar.
28 '31, p. 2395
Commercial Solvents Corp.
Period End. June 30-1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after charges
and Federal taxes_ __ $171,310
$200,906
$326.678
$352,209
Earnings per share on
238.095 shs, corn. stk_
$0.59
$0.70
$1.11
$1.20
1221"Last complete annual report in Financial Chronicle Mar. 14
and Mar. 7 '31, p.
'31, p. 1998
1809.
(E. I.) du Pont de Nemours & Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Income from operations- $6,984,627 $7,957,036 811.255,206 314,705,317
Inc. from investment in
General Motors Corp- 7,487.465 7,484,000 a14,971,465 17,965,065
Inc. from miscellaneous
& marketable secs.,&c. 1,293,337
1,016,591
2,525,841 2,025.373
Total income
$15,765,429 816,457,627 828.752.512 $34.695,755
Prov.for Fed. inc. tax
793,868
835,773 1,105,885
1,708,063
Net income before interest on bonds----514.971,561 $15,621,854 $27,646,627 $32,987,692
Int.on bonds ofsub.cos.
18,096
18,166
36,233
36.378
Net income
$14,953.465 $15,603,688 $27,610,394 $32.951,314
Dividends on deb. stock 1,492,995 1,492,978 2,985,990 2.985.957
Amount earned on
common stock
$13,460,470 514,110,710 $24,624,404 $29,965,357
Average.no.of abs. of$20
par value corn, stock
outstanding during the
period
11,065,762 10,629,447 11,065.762 10.546,570
Amount earned a share..
$1.22
31.33
$2.84
$2.23
Surplus Account June 30.
1931.
1930.
1929.
1928.
(And Subsidiaries.)
Period Ended June 30- 1931-3 Mos.-1930. 1931.-6 Mos.-1930.
Oper. profit after deprec. $769,552
$041,342 $1,459.836 $1,856,371
Other income
24,916
58,078
48,789
126,048
Total income
$794,468
$999,420 $1,508,625 $1,982,418
Interest, discount, &c
30,103
27,841
48,552
54,269
Federal taxes
69,564
224,554
127,726
430.633
Reserve
50,000
150.000
Net profit
$644,800
$747,025 $1,182,344 $1,497,517
Shares ofstock outstanding (no par)
2,529,996 2.481,876 2,529,996
481,876 Surplus beginning of yr-208,082,665 144,920,215 105,710,319 97,785,244
Earned per share
$0.26
$0.30
$0.47
$0.60 Net income,6 months-- 27,610,394 32,951,314 41,536,412 32,696.782
larEast complete annual rez3ort in Financial Chronicle Feb. 7
b Surplus resulting from
revaluation of General
Motors investment..22,457,745 24,953,050 19,962,440
Premium (excess over
Commonwealth Edison Co. .
par value) received for
Period End. June 30- 1931-3 Mos.-1930,
1931-12 Mos.-1930.
corn. stk. issued under
Gross income
$19.686,074 $20,400,071 $82,356.883 $85.162.146
subscription offer
3.120
Net income after taxes,
Surplus resulting from
int., deprec., &c
4,076,130
issue of MM.stk. sold
Sim.com,stock outstand 1,527,186 3,664.801 16,920.440 16,662.279
1,378,556
1,527.186 1,378,556
under executives Trust
Earnings per share
$2.66
$2.66
$11.07
$12.08
and Bonus Plan
7,767.060
al
-Last complete annual report in Financial Chronicle Feb. 7
1029 Surplus resulting from
acquis. of Roessler &
Hassiacher Chem.Co6,340,559
Congoleum-Nairn, Inc.
Surp.resulting from issue
of 101,573 shs. add'l
(And Subsidiaries)
non-voting deb.stock1,218,900
6 Mos. End. June 30-- 1931.
1930.
1929.
1928.
Surp.resulting from acq.
Operating profits
$861.923 11,086.999 31.345,742
$912.600
of min.int.in Du Pont
Other income
221,808
207,676
311,364
236.988
Rayon Co., Du Pont
Cellophane Co., Inc.
Total income
$1,083,732 $1,294,675 $1.657.106 $1,149,588
and Layote, Inc., and
Interest
42.410
52,399
55,399
58.398
entire interest in Krebs
Depreciation
449,179
521,922
493,942
Pigment & Chem.Co5,146.743
Federal taxes (est.)
3 .am
2
87,241
129.574
71,670
Total
235,696,179 214.436,893 177.346,524 151,66.3,366
Net income
3607.842
$705,857
$950.211
$525,578 Divs,on deb.stock
2,985,990 2,985.957 2,861,443 2,571,657
First pref. dividends_ _ .
_
47,246
50.397
52.829
52,829 Divs, on corn, stock
First quarter
11,063,084 13,457.155 19.819.672 16,634,718
Surplus
5560,596
5655.460
$8897,382
$472,749
10,065,671 10,709.706 12,473,380 7,984,725
Second quarter
Shs.corn. outst. (no par) 1,333.151
1,641,026
1,641.026 1,641.026
Earns. per sh. on corn_ _ _
$0.42
$0.40
$0.54
Total diva
25,114,745 27,152,818 35,154,495 27.191,100
$0.29
"Last complete annual report in Financial Chronicle Feb.
Surplus June 30
210,581,434 187,284,075 142.192,029 124.472.266
a Extra dividends received from General Motors Investment for the first
quarter in the amounts of 52.993.600.
Continental Steel Corp.
b The value of du Pont Co.'s investment in General Motors Corp. com(And Subsidiaries)
mon stock (equivalent to 9,981,220 shares in 1930) was adjusted on the books
Earnings for Six Months Ended June 30 1931.
of the company in March 1930 to 5187.147,875. in March 1929 to $164.Loss from oper. after deduct. mfg., sell. & administration expense,
690,130 and in March 1928 to 139,737.080, which closely corresponded
hicl, depreciation of1236.078
133.621 to its net asset value as shown by the balance sheets of the General Motors
Interest and discount on bonds
59.361 Corp. at Dec. 31 1929, Dec. 31 1928 and Dec. 31 1927. respectively. The
Interest on loans
6,665 figure for 1928 represented a valuation of $18.75 a share compared to the
previous valuations of $16.50 and $14 a share respectively.
Net loss
arLast complete annual report in Financial Chronicle Jan. 31
Divs, paid on subs. pref. stk. appertaining to min. stockholders 399.647
6,902
Proport. of loss appertaining to min. stkhldrs. in subs. corn. stk
Cr15
Eastern Massachusetts Street Ry.
Net loss for 6 months
$106,533
-Month of June- -6 Mos.End. June 30-larLast complete annual report in Financial Chronicle Mar. 14
1931.
1930.
1931.
1930.
Ry, operating revenues_ $622,120 5619,456 $3,895,574 $4,089.924
fly. operating expenses_
422,734
408.468 2,557.517 2.565.349
Copeland Products, Inc.
Balance
5199.386
1210.988 81.338.057 $1,524.575
Earnings for Eight Months Ended June 30 1931.
Taxes
24,397
26,825
144,521
181,441
Net profit after depreciation & Federal taxes
$265.628
Earns, per share on 52,072 shares no par stock
Balance
3184,164 31.193.535 81,343,133
3174,988
$5.10
'Last complete annual report in Financial Chronicle Jan.
Other income
10.839
9,855
64,471
59,828
Gross corp.income_ _
8185.827
8194,018 11.258.007 81.402.961
Int. on fund,debt,rents,
Corn Products Refining Co.
&c
.81,675
81,068
482.368
487.826
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net income after int.,
Available for depreciadeproc.& Fed. taxes.... 53,104.887 $3,488,918 $5,494,266
tion,dividends, &c_
5112.951
$775.638
$915.135
'East complete annual report in Financial Chronicle Mar. 14 $6,641,261 Depreciation & equal_ _ _ $104,153
IZ
99.062
84,278
638,855
569,218
'31, p. 1980
Net income carried to
profit and loss
Cutler-Hammer, Inc.
$5,090
828.673
$136.783
$345.916
aMast complete annual report in Financial Chronicle Mar.
(And Subsidiaries)
Six Months Ended June 301931.
1930.
1929.
Shipments
Electric Bond & Share Co.
Net income after depreciation, re- $3,355.552 $5,209,918 85.875.315
serve and Federal taxes
12 Months Ended June 30-1931.
1930.
-1270.086
802,807
1,123.152 Gross income
Shares corn, stock outstand.(no par)-330,000
$46,953,106 $53.263.165
330.000
x275,000 Expenses
Earnings per share
10,092,760 12,168.159
Nil
$2.43
$4.08
x Par $10.
Net income
336,860.346 341.095,006
a"Last complete annual report in Financial Chronicle
Preferred stock dividends
Mar. 14
7,919,727 6.674,104
Common stock dividends*
8.674.100 7,972.770
(S. R.) Dresser Mfg. Co.
Surplus income
$20,266,519 $26,448,132
Earnings per share on common stock:
6 Months Ended June 301931.
1930.
On total outstanding at end of period
1929.
Gross profit
$1.95
$2.46
$658,229
$610,917
On average amount outstanding
$548.931
Administrative, general & selling
2.00
2.55
* Regular quarterly divs. in corn, stock at the rate of 3-200ths of a share
expenses
227,585
182,504
139,011 (14%,or at the annual rate of 6%)are paid on the common stock. These
dividends are charged against surplus of the company at $10 a share for
Profits from operations
$430.644
$428,413
8409.920 each share of common stack issued in payment of dividends.
Other income
35.262
41,883
Note.
-For the purpose of this statement the income of Electric Investors,
39.899
Non-recurring income
18,126 Inc. (the assets of whicn were acquired Oct. 17 1929) has been included in
the 1930 period after reducing the reported income of that company, in
Total profit
3465.906
3470.296
5467.945 respect to stock dividends received, to conform to the policy of Electric
Federal income taxes
53,997
55.605
58,157 Bond & Share Co., i.e., stock dividends received by the company in the
form of common stock are taken on its books either at par value-or if
Net profit carried to surplus
$411.909
$414,691
$411.788 par value then at stated value as shown in the balance sheets of the no
xEarnings per share on 100,000 shares
spective issuing companies-or at market value if less than par value reclass A stock (no Par)
$2.00
$2.00
xEarnings per share on 100.000 shares
$2.00 stated value, as the case may be. By "stated value" in this connection or
is
meant the figure at which such dividends have been charged
class 11 stock (no par)
$2.12
$2.14
$2.11 account or surplus account by the respective issuing companies to income
x Figured under the participating provisions of the shares
according to
information received from such companies.
garLast complete annual report in Financial Chronicle Feb. 14
'31, p. 1230 , UrEast complete annual report in Financial Chronicle
Mar. 21'31, p. 2130
'31, p. 1039
'31, p.
21 '31, p. 1420
'31, p. 839
'31, p. 1998
17 '31, p. 500
7 '31, p. 1795
'31, p. 1998
[VOL. 133.
FINANCIAL CHRONICLE
630
General Motors Corp.
Eastern Utilities Associates.
Month of June- -12 Mos. End.June 301930.
1931.
1930.
1931.
$721.046 $9,212,394 $9.383.840
$745.092
-Gross
3,804,216
3,850.466
272,598
290,838
Net operating revenue
2,687,562
2,833,810
Surplus after charges
arLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1989
Fairbanks Co.
(And Subsidiaries)
- 1931-3 Mos.-1930.
Period End. June 30
$174,090
$62.399
Operating profit
111.567
79,445
Operating expenses
Depreciation, int., res.,
52.639
48.768
for Federal taxes, &c_
1931-6 Mos.-I930
$385,102
$147.405
225,501
180,429
97,998
109,317
$50,284
$9,884 def$131,024
def$65,814
Net profit
Earns, per sh. on 10,000
$5.02
Nil
$0.98
Nil
_
shares 1st preferred__
UPLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1811
Federal Water Service Corp.
(And Subsidiaries)
12 Months Ended May 31Operating revenues
Operation expenses
Maintenance
Reserved for retirements and replacements
General taxes
1930.
1931.
$16,727.438 $15,963,028
4.752.194
4,935,956
849,281
743,350
661.510
835,487
1,043.627
1,231,073
$8,981,570 $8,656.415
704,405
541,771
Net earnings
Other income
$9,685,975 $9,198,186
Gross corporate income
4.046,534
Charges of subsidiary co. Interest on funded debt.. 4,668.481
59,421
139.543
Amortization of debt discount. miscell. int. &c_
1.174.673
1,272,519
Dividends on preferred stock
Charges of Federal Water Service Corp. Interest
362.211
384.626
on debentures
35.470
64.699
Miscellaneous interest & other charges
355.719
341,314
Provision for Federal income tax
$2,814,791 $3,164,157
Balance
Dividends on preferred stock of Federal Water
985.868
981,757
Service Corp
$1,833,034 $2,178,289
Balance
113.98
$3.23
Earnings on which class a stock has first lien per sh.
$3.01
$2.62
Distributable to class A stock per share
Chronicle Mar.21'31, p. 2187
-Last complete annual report in Financial
lai
General Outdoor Advertising Co., Inc.
1931-6 Mos.-1930.
Period End, June 30-- 1931-3 Mos.-1930.
$5,018,865 $6,275,468 $9,443,363 $11,296,997
Operating revenues
9.280,784 10,210,467
5,241,693
Oper. exp., incl. deprec_ 4,734,466
$162,579 $1,086,530
Earns.from opers_ _ _ _ $284,399 $1,033,775
91,870
78,321
60,636
39,409
Miscellaneous income_ _
Gross earnings
Amortization
Interest
Provision for Fed. taxes..
Month of June--12 Mos.End. June 301930.
1931.
1930.
1931.
$85,788 $1,005.975 $1,032,977
$80,579
318.483
269,498
28,741
23,410
292.085
246,368
$240,900 $1,178,400
1,156,083
1,115.865
19,267
12,846
366
$2,684
$501,688 loss$887.811
loss$237,594
Net profit
642,383
642,383
642,383
642,383
Shs. corn. outst.(no par)
Nil
Nil
Nil
$0.51
Earns. per sh.con com__
'Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1042
General Printing Ink Corp.
(And Subsidiaries)
Period End. June 30-- 1931-3 Mos.-1930.
$200,973
$228,241
Operating profit
29,482
21,898
Other income
Total income
Other deductions
Federal taxes
$222,871
47,602
21,200
$257.723
35,919
26.100
1931-6 Mos.-1930.
$455,693 $ 477,663
63,482
45,885
$501,578
88.516
50,600
$541,145
73,762
54,222
$413,161
$362,462
$154,069
$195,704
Net profit
Shs. corn. stk. outstand.
185,000
185,489
185,000
185,489
(no par)
$1.53
$1.26
$0.71
$0.48
Earnings per share ._
May 23 '31, p. 3895
ItgrLast complete annual report in Financial Chronic'e
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Net inc. after expenses
$658,923
$752,390 31,170,242
Federal taxes, &c..-- - $564,868
Shs. corn. stk. outstand357,500
357.500
324,100
324.100
ing (no par)
$3.03
$1.72
$2.10
$1.64
Earnings per share
report in Financial Chronicle Jan. 31 '31, p. 860
larLast complete annual
Goldman Sachs Trading Corp.
(Geo. A.) Fuller Co.
(And Subsidiaries)
Earnings for Six Months Ended June 30 1931.
$332,766
Net income
6% cumulative guaranteed pref. dividend of Geo. A. Fuller Co. 22,500
Ltd
of Canada,
245.615
Pref. dividends of Geo. A.Fuller Co
$64,651
Balance
Gardner-Denver Co.
1931-Monlh-1930.
$323,808 $1,094,411
580,114
554,982
12,243
6,420
366
General Railway Signal Co.
Fall River Gas Works Co.
Gross
Net oper. revenue
Surplus after charges
1931-6 Mos.-x1930.
Period End. June 30- 1931-3 Mos.-x1930.
Net earnings after all
& incl. equities
charges
in undiv. prof. or losses
ofsubs. not consol_ _355,122,767 $53,386,768 $84,122,176 $98,355,355
Earnings per share on
$2.15
$1.83
$1.17
$1.22
corn. stock outstand_ _
x These figures do not include a non-operating, non-recurring profit of
General Motors Management
$9.517,943, resulting from the sale to the
earnCorp. of 1,375,000 shares a General Motors common. Thus total share
ings for this quarter were $60,963,841, or the equivlaent of $1.34 a share
$2.32 a
on the total common and for the 6 months $105,932,428 or
on the common stock after allowances for preferred dividends.
3136
IO'Last complete annual report in Financial Chronicle April 25'31, p.
and April 4'31, p. 2570.
1931-6 Mos.-1930.
Period End. June 30Net profit after interest,
$588,071
$80,807
$93.414
$23,631
Federal taxes, &c_
larLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2001
General American Tank Car Corp.
Six Months Ended June 30
Cash dividends received
Interest received
Profit on syndicate operations
1930.
1931.
$700,792 $2,900,564
534,755
284,463
367,608
Total
Interest paid
Taxes paid,including N.Y.State license tax
Other operating expenses
$985,256 $3,802,928
573,072
200,599
195,688
45.010
171,561
291,721
Net income
Stock div. at $27.50 per share, paid April 1 1930_
Cash payments in lieu of fractional certificates_
3568.084 $2,742,447
2,010,773
514,893
3216.782
$568.084
Balance ofincome
3.642.848
Operating surplus Dec. 31 1929
72,849.154
Capital surplus Dec.31 1929
87,035,764
Deficit Dec.31 1930
Surp. arising through reduction in stated value of
129,722.618
capital stock
(And Subsidiaries)
$43,254,937 $76,708,784
Total
1931-6 Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930.
$3,653,699 Add-Amount allocated to surplus in respect of
Net inc. after all chgs__ $1,271.000 $1,949,782 $2,475.000
71.610
797.422
shares ofstock issued for securities
818,833
797.422
818,833
par)
(no
Shs.cap.stk.out.
Excess of sales price of securities sold over values
$4.58
$3.02
$2.44
$1.55
Earnings per share
323.923
751.180
as of Dec.31
in Financial Chronicle Apr. 18 '31, p. 2974#
'Last complete annual report
843,578,861 $77,531,574
Total
Deduct-Interim reserve to adjust investments to
General Electric Co.
market quotations or estimated fair
basis of
1928.
1929.
1930.
1931.
46.522.024
6 Mos.End.June 30-value in the absence thereof, as at June 30 1930
141,180.091 197,229,347 194.353.308 158,015.221
Reduction of purchase commitments to market
Net sales billed
15,658,674
value and provision for other contingencies_
-Cost of sales billed,
Less
incl. open. maint. &
Surplus as shown on the balance sheet. June 30543,578.861 515,350.875
deprec. charges. res. &
138.889,039
erLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1023.
prov. for all taxes- _124.761.555 174.174.426 170.104.501
23,054.921 24,248.806 19.126.182
Net income from sales 16,418.536
Granby Consol. Mining, Smelting & Power Co., Ltd.
Other Inc., less int. paid
7.779.348 6.549.125
7.505,824
1931-6 Mos.-1930.
6.392.686
Period End. June 30- 1931-3 Mos.-1930.
3z sundry charges
875.046
8298.013
$868,525
loss$23,971
Net income
25.675.307 Miscellaneous income
120.086
102.437
237.960
31,376
for dive__ 22,811,221 30,560.745 32.028,154
Profit avail,
1.287.305
1,287.386
1.287.469
$418,099
8177.483 $1,106,485
$7,405
Cash divs. on spec. stock 1,287.498
x Total income
Earns. per sh. on 450,000
$0.93
$0.39
$2.46
$0.01
Profit avail, for divs.
(par $100)
shs.com.stk.
24.388.002
on common stock_ _ 21.523.723 29,273,276 30,740,768
x Before depreciation, depletion and Federal taxes.
of common
No. of shams
7.211.481
7,211.481
al'Last complete annual report in Financial Chronicle April 18 '31. p.2974
I .
28.845.927 28,815.927
stock outstanding-$.3:38
$4.26
$1.01
$0.75
Earned per share
set and tube busines, orders
Graymur Corporation.
-As a result of the transfer of radio
Note.
from sales in 1930 and 1:i31 do not
received, sales billed and net income
income."
Earnings for 6 Months Ended June 30 1931,
sets or tubes but are Included in "other
Include radio
$144.423
Chronicle Mar. 21 '31, p. 2184 Dividends
6.228
afLast complete annual report in Financial
Interest
3.275
Other income
General Foods Corp.
(And Subsidiaries)
Mos.-1930. 1931-6 Mos.-1930.
Period End. June 30- 1931-3
f$62.835.762
.
$30,354.3281
Sales to customers
Not
Not
Cost of sales, incl. mfg.}
31.298 626
Avail. { 14.939.005f Avail.
expenses
$15.653.890 515,415.323 $31,754.767 $331,537.136
profits
Gross
389,825
396,705
195.609
203.998
Miscellaneous Income
$31,926,961
M415,857.888 $15,610.932 $32,151,472
Gross prof. & misc.
Sell.. distrib.. admin. &
9.997.821 10.340.346 19.408.491 19,853.493
general expenses
1.443.752
1.405.717
631.634
649.034
Provision for income tax
1.169.806
615.974
Depreciation
$4.595,059 $4,638,952 $10,167,458 $10,629.716
Net profits
Sim. com.stock outstand.
5.284.649
5.256.350
5,284.649
5.256.350
(no par)
$2.01
$1.93
$0.88
$0.87
Earnings per share
Financial Chronicle Mar. 21 '31, p. 2178
K&PLast complete annual report in
Total income
General expenses
Taxes
8153.926
16,470
265
Net income
Previous surplus
5137.191
566,427
Total surplus
Dividends paid
$703,610
87.500
$816.119
Analysis of Capital Surplus June 30 1931.
36,486,239
Balance,surplus Jan. 1 1931
Deduction for net losses realized from sales of investments for
period Jan. 1 1931 to June 30 1931:
1,795.013
Total losses
Cr.32,411
Total profits
Balance
34.723.037
Capital surplus
'Last complete annual report in Financial Chronicle Jan. 31 '91, p. 861
JULY 25 1931.]
FINANCIAL CHRONICLE
(M. A.) Hanna Co.
Period End. June 30
- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
$580,776
Operating profits
3903.248 $1.049,912 $1,439,894
Interest
73,500
78.750
147,000
157.500
Deprec. & depletion..
95,453
106.198
174,462
178,702
Federal taxes
Cr4.173
Net income
$391.823
$722,472
$728.450 $1,103,692
Shs. common stock outstanding (no par)_ _ _ _ 1,016.961
1.016.961
1,016,961
1,016,961
Earns, per share (after
preferred dividends)_ _
$0.14
$0.47
$0.23
$0.60
z No Federal taxes required due to to previous losses and liquidations.
"Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1427
Haverhill Gas Light Co.
-Month of June- 12
1931.
1930.
Gross earnings
$54.574
$54.672
y
s eration
33.083
33,704
aintenance
2.002
1,522
Taxes
7.379
7.048
Net operating revenue
$12,108
$12,396
Interest charges
Balance
I
Mos. End. June 301931
1930.
$725,849
$747,223
431.428
467.628
30,182
22,720
80,784
77.964
$183.453
$178,910
5.127
5.678
$178,326
$173,231
Hercules Powder Co., Inc.
(And Subsidiaries)
6 Mos.End.June 30- 1931.
1930.
1929.
1928
Gross receipts
310,689.392 314.039,330 317,243,564 314.620,378
Net earns. fr. all sources,
after deduct, all exps.,
incident to manuf. &
sale, ord. & extraord.
repairs,maintenance of
plants, accidents, depreciation, &c
825.713
1,818.188
2,353,574
2,100,918
Fed. inc. tax (estimated)
89,609
219,720
318.036
311,269
Net profits for period.. $736,103 31,598,468 $2,035,538
31.789,649
procesfrom sale of cap.
stk. in excess of stated
value
110,425
177,765
350,000
Surpl. at beginning of yr 13.329,725 13,380,596 12,863.378
11,682.085
Total surplus
314,176,253 315.156.829 $15,248,917 $13,471,734
Preferred dividends- 399.844
399,844
399.844
399,844
Common dividends
906.985
900,809
897.000
588,000
Surplus at June 30- $12,869,425 513.856.176
313,952,073 312,483,890
Shs. corn. stk. outstand_
606,234
603,079
598,000
147,000
Earnings per share
$0.55
$1.99
$2.74
$9.45
fO'Last complete annual report in Financial Chronicle Jan. 24
'31, p. 665
Hershey Chocolate Corp.
(And Subsidiaries)
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Sales
37.088.761 39,202,427 316.771.092 320,652.486
Cost of goods
4,065,460 x6,295,641
9.957,780 14,346.725
Expenses
596,914
637.970
1,180,219
1,275,646
Operating profit
32.426.387 $2,268.816 35,633.093 35,030.115
Other income
70.373
139,242
109.441
252,356
Gross income
32,496.760 $2.408.058 $5.742,534 35,282,471
Cash discount
169.545
235.590
380,399
503,016
Federal taxes
279.265
238.972
643,455
525,741
Net income
32,047,950 $1,933,496 34,718.680 $4,253,714
Prior pref. diva
113.215
234,417
Cony. pref. divs
293.480
290,567
586,960
y934.140
Common dividends
883.150
869.100
1,766.300
1.716,866
Surplus
$871.320
3660,614 32,365,420 31,368,291
Shares corn, stock outstanding (no par)
706.520
706.520
706,520
706.520
Earnings per share
$2.48
$2.16
35.43
54.36
x Includes reserve for adjustment of inventory fluctuations. y
Includes
$1 extra dividend. z Includes extra dividend of $1 per
share payable
Feb. 15 1931, from 1930 earnings.
rE'Last complete annual report in Financial Chronicle Mar. 14
'31, p. 2002
(A.) Hollander & Sons, Inc.
(And Subsidiaries)
6 Mos. End. June 30
- 1931.
1930.
1929.
1928.
Gross income
$695,417
$438.278
8537.073
$505,790
Deductions
119,791
48.161
134.809
Interest
187,7481
38,204
42.417
34,382
Depreciation
42,594
44,994
69.500
Federal taxes
60,920
28.523
48,180
32.052
Sub. preferred dive
15.166
17,500
17,500
17,500
Net income
$431,582
$191.666
$335,821
$217.547
Earns. per sh. on 200.000
shs.cap.stk.(no par).
32.15
30.96
$1.68
$1.09
arLast complete annual report in Financial Chronicle Feb. 7 '31, p.
1043
Hollinger Consolidated Gold Mines, Ltd.
6 Months Ended June 30
Production revenue
Operating expenses
Operating profits
Other income
Profit before taxes
Dividends
1931.
1930.
34.862.687 35.250,360
3.678.513
3.335.621
31.184,174 31,914.739
319.295
335.994
31.503.469 32,250,733
1,599.000
1.599,000
Balances
def$95.530
3651.733
rirLast complete annual report in Financial Chronicle May 16
'31, p. 3724
Household Finance Corp.
(And Subsidiaries)
6 Months Ended June 30Gross income from operations
Operating expense
1931.
1930.
$5.959.197 $5.055.592
2.988.643
2,571.664
Net income from operations
Other income credits
$2.970,554 $2,483,928
11,536
16.371
Gross income
Interest Paid
Federal income tax
Other charges
32.982,090 $2,500.299
496,376
349.975
301,635
267,006
67,749
12,779
Net income
Balance Jan. 1
Other credits and charges
$2,116.330 $1,870,540
2,918,341
2.671.462
Dr.24,872
125,766
Balance before dividends
35,009.799 84.667,768
Participating preference dividends
349.112
337,503
Class A common dividends
165.908
137,838
Class B common dividends
826,787
745.676
Stock dividends: Class A common
194,138
common
Class 1.1
1,070.738
Balance June 30
Combined class A & B shares outstanding (no par). $33.667.992 $2,181,877
553.643
554,815
Earnings per share
$3.01
$2.50
"Last complete annual report in Financial Chronicle Jan. 31 '31, p.
862
631
Holly Development Co.
6 Months Ended June 30Net profit after deducting depreciation, depletion and income tax____
Dividends paid
1931.
1930.
$74.816
45.000
$92.710
45,000
1929.
$54.008
67.500
Balance
$29,816
$47.710 def$13,492
Earnings per share on 900,000 shares
of capital stock outst'g ($1 par)
$0.08
$0.10
$0.06
IGrLast complete annual report in Financial Chronicle May 30 '31, p. 4070
Honolulu Rapid Transit Co., Ltd.
-Month of June- -6 Mos. End. June 3°1931.
1930.
1931.
1930.
$82.169
383,919
3498.552
$516.747
47,927
49.362
306.524
301.315
Gross rev,from transp-Operating expenses
Net rev, from transpRev, other than transp_
$34,242
1,221
$34.557
1,021
$197,237
6.340
$210,223
7.546
Net rev, from oper
Taxes assign, to ry. op..
Interest
Depreciation
Profit and loss
Replacements
$35,462
7,331
335.578
9.149
550
10,561
212
$203,578
48.560
$217,769
53.246
3,300
64.936
2,762
26
10,456
845
62,741
845
48
Total deduc. fr. rev..$18,633
$20,473
3112.196
$124.271
Net revenue
16,828
15.104
91.381
93,497
larLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1990
Howe Sound Co.
Gold, Silver,
Copper,
Lead,
Zinc.
1931 Production-Ounces. Ounces.
Pounds.
Pounds.
Pounds.
Second quarter__ 1,200
919,773
8.006.654 24,871.074 20,700,604
First quarter__ _ 2,489
1,078,408
8,054,620 29,168.294 22,692,729
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Value of metals produced $2,128,082 $3,050,323 34,832,802 $6,589.136
Operating costs
1,983.805
2,482,057
4,373.650
5.169.121
Operating income_
3144,276
$568.267
1459,152 31,420,015
Miscellaneous income_ _ _
109,950
111,483
239.647
213,789
Total income
$254,227
8679,750
8698,799 31,633.804
Depreciation
126.760
220,490
251,634
451,514
Net income__ _
$127,467
$459,260
$447.165 31.182,290
Earns, per sh.on 496,038
shs. corn. stk.(no par)
$0.26
30.92
$0.90
$2.38
l"
Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1628
Hudson & Manhattan RR. Co.
Gross revenues
Oper. exps. and taxes
-Month of June- -6 Mos. End. June 301931.
1930.
1931.
1930.
$941,598
3989,627 35.873.743 36,252,254
477.391
499,396
2.921.927
3.105,535
Bal. applic. to charges
Charges
$464.206
335,310
3490.231
335.245
$2.951.815 $3,146,718
2.011.175
2,008.881
Balance
3128.896
3154.985
3940.640 31.137.836
WLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2380
Hudson Motor Car Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net income after deprec.,
Federal taxes & other
charges
$300,597 $1,075,067
3526,992 33,392.012
Earns, per share on 1,596.660 shs. no par stk
$0.19
$0.67
$0.33
32.12
liarLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1044
Hupp Motor Car Corp.
Period End. June 30- 1931-3 Mos.-1930,
1931-6 Mos.-1930.
Net loss after charges &
depreciation
$396,198prof$442,304 $1,077,110prof$509,053
Earns, per sh. on 1,512,092 shs. corn. stk.(par
$10)
Nil
$0.29
Nil
$0.33
rtrLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1816
and Feb. 28 '31, p. 1628.
Illinois Pacific Coast Co.
Earnings for 12 Months Ended May 31 1931.
Net earnings after deprec. & available for bond interest
3527.330
Illinois Water Service Co.
12 Months Ended May 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$674.226
251.714
44.211
48.120
1930.
$645.833
256.121
38.178
47.137
Net earnings from operations
Other income
$330.181
740
3304,396
852
Gross corporate income
$330.921
3305.248
Interest on funded debt
154,132
134.563
10
-Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2761
Interlake Iron Corp.
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net loss after int., depreciation, &c
$264.762prof$532,632
3195,307 Pf$1.297,538
Earns, per sh. on 2,000,000 shs. corn. stk. (no
par)
Nil
$0.26
NU
30.65
tarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1429
International Business Machines Corp.
(Including Foreign Subsidiaries)
Period Ended June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net income after int, reserves. deprec. & est.
Federal taxes
$1,887,829 $1.856,479 33.778.492 33,654,310
Shs. capital stock outstanding (no par)
669,852
637.954
669,852
637.954
Earns, per share
$2.82
$2.91
$5.64
$5.73
larLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2185
International Carriers, Ltd.
Earnings for Six Months Ended June 30 1931.
Dividends received
Interest on bank balances, &a
$232,835
1.914
Tosal income
Expenses. taxes, &c
Net loss on sale of securities
8234,749
52.361
856.470
Net operating loss
$674,082
ra'Last complete annual report in Financial Chronicle Feb. 7 '31, p.
1044
[VoL. 133.
FINANCIAL CHRONICLE
632
International Cement Corp.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
$8,868,625 $9,051,665 $14,980,049 $16,291.409
Gross sales
6,529,341 11,797.527 12,035,628
6,918,779
Expenses,&c
1,279.945
1,302,825
788,008
835,199
Depreciation
924,074
879,070
523.134
524,929
Interest, taxes, &c
$589,718 $1,210,282 $1,000,627 $2,051,762
Net income
Shs. common stock out631.356
636,124
631.356
636.124
standing (no par)- _
$3.25
$1.57
$1.91
$0.92
Earnings per share
'31, p. 2189
arLast complete annual report in Financial Chronicle Mar. 21
International Salt Co.
(And Subsidiaries)
1929.
1930.
- 1931.
6 Mos. End. June 30
$411,531
$499.101
$528,770
expenses
Net after
Fixed charges and sink180.233
176.200
129,450
ing fund
Island Creek Coal Co.
1928.
1929.
1930.
6 Mos. End. June 30-- 1931,
Net profit after deprec.,
deplet., Fed. taxes. Ste $803,292 81.119.802 81.487.652 31,222.904
Earns, per sh.on 593,865
$1.85
$2.33
$1.73
$1.21
shs. corn. stk. (par $1)
tarLast complete annual report in Financial Chronicle April 4 '31, p. 2596
1928.
$187,175
184.066
$3,109
$231,298
$322.901
Prof. before Fed. taxes $399,320
Shares of cap. stk. outx60.771
x60,771
183,000
240,000
standing (no par)_ _ _ _
$0.05
$3.80
$1.79
51.67
Earns. per sh. on cap.stk
x Par $100.
p. 1816.
a"Last complete annual report in Financial Chronicle Mar. 7 '31,
International Securities Corp. of America.
Income Statement for 6 Months Ended May 31 1931.
$919.696
Interest
626,304
Dividends (including no stock dividends)
$1,545,999
Gross income
61,330
Investment service fee
Miscellaneous expenses
3 9
5 342
847, 21
Interest and amortization of discount, bonds and debentures
15,060
Miscellaneous taxes
11,238
Foreign government taxes
$557.621
Net income
182,030
Dividends paid and accrued on preferred shares
$375,591
Balance
21,604
.
Add-Reduction of bond int.res. duo to retirement ofser. g. bds.
$397,195
49,649
354,694
• Total
Appropriated for preferred share dividend reserve
Dividends paid on class A common shares
57.148
Balance charged to undivided profits
Jan. 31 '31, p. 663
!Last complete annual report in Financial Chronicle
Investment Co. of America.
1929.
1930.
1931.
6 Months Ended June 30-Int. earned on invest. & prof. realized
of secur., less reserve defrom sales
8729,144 $1.163,555
ducted from investments
195,593
220,198
Divs.from inv. iu pref. and coin.stks. x$235,101
3949,341 $1,359,148
125,000
125,000
34,743
52,771
1.079
1,466
Total income
Interest on 5% debenture bonds
Operating expense
2% income tax OD bond Interest
Discount on 5% deb. bonds, proportion written off
Provision for Federal Income tax_
$235,101
116.659
47,478
997
Net income
Loss from sale of investments
$52,467
2,513.155
$685,403 $1.036,802
loss $2,460.688
Net income
104,314
Pref.share divs. paid and declared Balance to surplus and reserves_ _def$2,565,002
Reserve for cum. pref. dividends___
Reservefor contingencies
$685,403 $1,036,802
210,000
210,000
Balance, surplus
Surplus previous Dec. 31
Transferred from reserves
17,500
def.$2.565.002
1,205,002
850,000
17,500
67.201
17,500
144.024
$475.403
47,540
$826,802
74,180
85,000
5427,863
1.014,709
3667,622
945.663
def$509.099 32,342,573 31.613,285
Profit and loss surplus
111.100
137,827
137,827
Shs, common stock outst.(no par)
$7.44
$7.04
Nil
Earnings per share
interest and dividends from investments.
x In 1931 this amount represents
Feb. 14 '31, p. 1234
a'Last complete annual report in Financial Chronicle
Investment Trust Associates.
Income Statement 6 Months Ended May 31 1931.
Interest
Dividends (including no stock dividends)
Profit on syndicate participations
Gross income
Miscellaneous expenses
accrued
Foreign government taxes paid and
S3,220
177.534
7,200
$187,954
8,032
224
3179,697
150.000
Net income
Dividends paid
$29.697
Balance of income
in Financial Chronicle Jan. 31 '31, p. 863
KarLast complete annual report
Iowa Public Service Co.
Corp.)
(Controlled by American Electric Power
-Month of June- -12 Mos.End. June301930.
1931.
1930.
1931.
$347,346 34.500.482 54,422,668
3334,347
2,600,010
Gross earnings
217,778 2.619,673
198,453
Oper. exps. and taxes
3129.568 $1,880,809 31,822.658
$135,894
746.285
828.942
Net earnings
41,303
67,308
Bond interest
Other deductions
S984,559 $1,035,070
220,218
Balance
231,306
First preferred dividends
$814,852
$753,253
Balance *
retirement reserve.
* Before provision for
'Si, p. 2761
report in Financial Chronicle Apr. 11
tarLast complete annual
Ltd.
Jamaica Public Service,
.)
(And Subsidiary Companies Mos. End. May 31.
-month of May- 12 1931.
1930.
1930.
1931.
8803,080
$845,630
368.573
$68,455
476.745
Gross earnings
493,361
40.287
42.538
Oper. expenses and taxes
3327.231
$352.268
528.285
525.916
74,495
Net earnings- ----112,316
6.395
9,403
Int. & amortiz. chargesBalance for reserves,
3252.738
3239.952
$21,890
$16,512
retirements & divs_ _ _
sterling at the rate of $44.86 2-3 to
The above figures converted from 2
the 21.
Chronicle Apr. 25 '31, p. 3145
1arLast complete annual report in Financial
Johns-Manville Corp.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930.
$9.618.775 313,397,256 817,430,261 $25,561,918
Sales
8,815,571 12,283,021 16,378,673 23,603,985
Costs and expenses
217.773
105,819
115.706
87.545
Federal taxes
$945,768 31,740,160
5998.529
$715,658
Net profit
Earns. per sh. on 750,000
$1.97
$0.91
$1.16
$0.78
shs. corn. stk. (no Par)
121rLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1817
Kroger Grocery 8z Baking Co.
(And Subsidiary Companies)
Consolidated Income Accountfor the Period from Jan. 3 1931 to June 20 1931
$119.736,487
Net sales
90,903,884
Cost of sales
25,091,317
Operating and administration expenses
Profit from operations before allowance for depreciation
Net accrued earnings of subsidiary companies for the period_ -
$33,741,286
269,672
Allowance for depreciation
$4,010,958
1,420,587
Profit before interest and Federal taxes
Interest received-net
32,590.371
4,949
Federal income tax, estimated
$2,595,320
279,078
Net profit for period
Earned surplus Jan. 3 1931
Deduct surplus charges applicable to prior periods
$2.316,242
15,086.187
Dr.1,425
$17,401,003
946,000
Total surplus
Cash dividends paid or payable
$16,454,997
Surplus at end of period
tarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1401
Kendall Company.
June 13 '31. June 14'30.
24 Weeks EndedNet profit after depreciation, interest. Federal
$108,029
tax s & provision for preferred dividends of subs 3240,510
107,927
103.700
Dividends paid on preferred A stock
$102
$136.810
Balance
arLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2004
Lambert Company.
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net profit after charges
51,462,222 51,696.082 33,572,529 53,764.349
& taxes
Earns, per sh.on 748,996
$5.02
$2.26
34.77
$1.95
shs.cap.stk.(no par)ta"Last complete annual report in Financial Chronicle Mar. 11 '31, p. 2210
Lane Bryant, Inc.
(And Wholly Owned Subsidiary Companies)
12 Mos. End
-6 Months EndedMay 31 '31. Non.30 '30. May 31 '31.
Period39,276,021 58,481,300 317.757.321
Sales
240.503
42,326
198,177
Net Income before Federal taxes
13.000
16,710
Cr.3.710
Provision for Federal taxes
Net income after Federal taxes____
Preferred dividends
3181.467
46,151
346,036
46,326
$227.503
92,477
$135,026
df.$290
$135,316
Balance for common
Earned per sh. on 134,053 shares comNil
31.00
$1.00
stock outstanding
mon
ar Last complete annual report in Financial Chronicle Aug. 30 '30, p. 1430
Lehn & Fink Products Co.
(And Subsidiaries)
1929.
1928.
1930.
1931.
6 Mos.End.June 305923.116 31,052,326
3918.383
profit after taxes_.... $777,300
Net
419.166
419,166
295,000
419.166
Shares of corn. outstanci_
$2.19
$2.20
$3.49
$1.85
Earns. per sh. on com___
ICrLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1431
Loft Incorporated.
1929.
1928.
1930.
1931.
6 Mos.End.June 3036,430,879 $33.853,827 $3,074,985 33.608.202
Net sales
4.154.004
3,580.319
3,043.307
6.055,817
Costs and expanses
$27,883
331.678
3375.062 loss$300.177
Operating profit
221,912
al13.282
80.764
371,725
Other income
Total profits before dopreen & Fed. taxes_
Interest, &c
Inventory write-down..
Depreciation amortiz
3455.826 loss$186.895
10,787
30.497
63.2•59
206.324
$403,403 . $249,795
$249,795
8219.005 loss$260,971
$403,403
Net profit
a Includes $18.374 profit from building operations.
Company owns approximately 71% of Happiness Candy Stores, Inc.,
capital stock. The proportion of the loss of that company for the six months
period allocable to the stock owned by Loft, Inc., was $43.074.
r.'"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1818,
and Feb. 28 '31, p. 1601.
Loose-Wiles Biscuit Co.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mo5.-1930
xNet profit after Fed.
$551,600
$450,702 31,067,433 31,010.752
int. & deprec _ _ _
taxes,
Shs. coin. stk. outstand.
500.000
548.303
500,000
548,303
(par $25)
31.73
30.88
30.75
31.70
Earnings per share_ _ -x Before appropriation for sinking fund requirements.
10 Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1818
and Feb. 28 '31, p. 1629.
McKeesport Tin Plate Co.
1930.
1931.
Six Months Ended June 305
1812 63
earnings after taxes
31.270.722 $1,513,850 $1,092,.
Net ea
Earnings per share on 300,000 shares
$5.04
stock
common
Mar. 14 '31, p.$230.0615
$
4'Last complete annual report in Financial 4.Chronicle23
r.
JULY 25 1931.]
633
FINANCIAL CHRONICLE
Louisiana Power & Light Co.
Montgomery Ward & Co.
(Electric Power & Light Corp. Subsidiary)
-Month of May- -12 Mos. End. May 311931.
1930.
1931.
1930.
$479,310
$483.644 $6,250,052 $5,676,351
Operating revenues
242,740
261.658
3,181,110 2,961,227
Oper.exps.,incl. taxes_ _
1931-6 Mos.-1930
Period Ended June 30- 1931-3 Mos.-1930.
Net loss after charges,
$185,473 $1.375,968 $2,503,733
depreciation, &c
Pf$407,706
KR
-Last complete annual report in Financial Chronicle Jan. 31 '31, p. 840
Net rev. from oper-- _
Other income
$236,570
8,345
$221.986 $3,068.942 $2,715,124
7,914
84.781
85.776
Gross corp. income_
Interest on bonds
Other int. & deductions_
$244.915
72,917
3,606
$229,900 $3,153,723 $2,800,900
52,083
625,000
738,058
12,500
113,427
108.865
Balance
$168,392
Dividends on preferred stock
$165,317 $2,302,238 $2,067,035
359,454
330,000
Balance
$1,942,784 $1,737.035
Marion Steam Shovel Co.
6 Mos.End.June 30-Gross profit from oper__
Sell., gen. & admins,exp
Net profit
Other income
1931.
$307,569
x479,320
1930.
$467.884
555.161
loss$171.751 loss$87,277
118,579
77.628
Total income
loss$53,172
Deductions from income
Interest on funded debt_
95,475
Federal taxes (estimated)
loss$9,649
99,082
1929.
1928.
$962,544 $1,067,828
583,144
577,441
$379,400
77.830
$490,387
142,610
$457,230
13,034
102,495
40,914
$632,998
91.752
105,720
56,508
Net loss for period_ _ _
$108,73lprof$300,788 prof$379,017
$148,646
Preferred dividends_ _ _ _
108,500
108,500
108,500
Common dividends
75,000
Balance
loss$148.646 1055$217,231
$192,288
$195,517
Shares corn, stock outstanding (no par)__ __
100,000
100,000
100.000
50,000
Earnings per share
Nil
Nil
$1.92
$5.41
WLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1046
Market Street Railway Co.
Month of June
1931.
$704,769
Gross earnings
Net earns., incl, other income, before provision
for retirements
Income charges
12 Mos.End.
June 30'31.
$8,890,075
87.928
50.544
1,331.543
627.181
Balance
$37,384
$704.362
iSvLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2581
Maytag Co. (Delaware).
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net sales
$2.732,620 $5,531,555 55.479.345 $9,073,504
Other income (interest)
royalties, rents, &c
97,813
134,331
174,317
236.903
Total
$2.830,433 55.665,886 $5,653,662 $9,310.407
Less manufacturing,selling & general expenses 2,376,999
4,455,640
4,870,810
7,562.584
Pros', for Fed. inc. taxes.
37,500
134.000
67,500
188,000
Depreciation
65,895
59.610
131.792
119,221
Other deductions
94,798
25,487
112,567
57,676
--Net profit
$255,240
$991,150
$470,994 $1,382.927
Balance surplus Jan. 1 _ _
1,647,147
2,561,503
Other credits
1,990
Total surplus
$255,240
$991,150 $2,118.141 $3,946,418
1st pref. dividends
219,139
239,535
219,189
239,535
Cum. preference diva_ _ _
428,226
428.214
428,226
428,214
Common dividends
1,213,404
1,213,404
Balance, surplus
def$392.175 def$890,003 51.470,726 $2,065,265
Earns. per sh. on 1,617,922 sh.s. common stock
Nil
$0.40
Nil
$0.44
VirLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2006
Midland Steel Products Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net prof. after deprec. &
est, taxes, but before
employees' prof. shar.
provision
$431,653 x$568.023
$747,925 x$1.267,996
z Before Federal taxes.
arLast complete annual report in Financial Chronicle Apr. 18 '31, p. 2978
Minneapolis Honeywell Regulator Co.
(Ind. Time-O-Stat Controls Corp. from date of acquisition March 1 1931.1
.3 .
19 0
6 Months Ended June 301931.
Net sales
$1,637,301 $2.260.358
Net loss after all charges
184.167 prof.17,041
x Figures revised for comparative purposes.
rarLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1046
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
Month of May- 12 Mos. Ended May 31
1931.
1930.
1931.
1930.
Gross earns,from oper_ _ $372,852
5351,039 55,081,344 $4,705,782
Oper. expenses and taxes
234,828
236,664
3,314,573
3,013.955
Net earns, from oper_
$138,024
$114.375 51,766.771 51.691,827
Other income
10,685
15,702
214.481
263,681
Total income
$148.709
5130,077 51.981,252 51,955,508
Interest on bonds
68,142
39,022
748,996
459,626
Other int. & deductions_
11,470
30,029
206,111
446,654
Balance
569,097
$61,026 $1,026,145 $1,049.228
Dividends on preferred stock
403.702
165,000
Balance
$622,443
$884,228
Monsanto Chemical Works.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after all chgs_
$416,000
$329,227
$671,378
$622,399
She. corn. stk. outstand429.000
404,254
429,000
404,254
Earnings per share
$0.97
$0.79
$1.56
$1.49
09 Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2211
and Mar. 14 '31, p. 2007.
National Air Transport Inc.
Period End.Juno 30Operating revenues
Costs and expenses
1931-3 Mos.-1930.
1931-6 Mos.-1930.
5886,021
$690,693 $1,602,979 $1,268,703
705,001
477,290
1,318,799
925,478
Operating profit
Other income
$181,020
47.786
$213.403
36,997
$284,180
75,776
Total income
Federal taxes
$228,806
25,132
$250,400
30.442
$359,956
38.703
$343,225
50.171
$393,396
46,170
Not profit
Earns. per eh.00 650.090
shares, no par stock
$203,674
5219.958
$321,253
$347.226
$0.31
$0.34
$0.49
50.53
National Biscuit Co.
x1931-6 Mos.-1930.
Period End. June 30- x1931-3 Mos.-1930.
Net inc. after taxes, &c_ $4.566,121 $5,371,141 $9,406,791 $10,036.757
Shares corn, stock out6,206 755 6,286.238 6,206.755
standing (par $10)--- 6,286,238
$1.48
$1.36
0.80
Earnings per share
$0.66
x Excludes Pacific Coast Co.
p. 651
Itfflast complete annual report in Financial Chronicle Jan. 24 '31,
National Cash Register Co.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30
- 1931-3 Mos.-1930.
Net profit after deprec.,
8491.701 $1,685,705
$773,465
taxes,Sze
$864,884
Earns, per share on
1,19,0,000 shs. class A
81.41
$0.41
$0.65
stock (no par)
$0.72
PZPLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2379
National Securities Investment Co.
Earningsfor Periodfrom Jan. 11 1931 to June 30 1931.
Cash dividends
Interest received
Profit on sale of securities
$363,699
39.457
163.862
Total income
General and administrative expenses
$567,018
52,541
Balance
Paid-in capital and surplus Jan. 10 1931
Discount on pref. stock purchased and retired
$514,477
628,412
894,610
Total surplus
Preferred dividends
Net charge to bring securities to cost or market value
Prior year's income tax adjustment
$2.037.499
233.341
1.395,333
7.454
$401.371
Surplus June 30 1931
-Stock dividends not taken up as income.
Note.
IGPLast complete annual report in Financial Chronicle Jan. 24 '31, p. 669
(The) Nevada-California Electric Corp.
(And Subsidiary Companies.)
-Month of June- 12 Mos. End. June 30.
1930.
1931.
1930.
1931.
$673,887 55,795,497 85,674.201
$731,799
Gross oper. revenues_ _ _
234,977
211,137
21,207
18,184
Maintenance
411.396
451,763
54,031
46,945
Taxes (incl. Fed.inc. tax)
2.118.102
2.125,091
238,340
270,481
Other oper. & gen. exp_
$306,492 82,787,992 $2.764.476
Total oper. & gen.exp. $342,698
3,007.504
2.909.724
367,394
389,101
Operating profits
173,603
4,410
129.366
3,467
Non-oper. earns. (net)53,083,328
$392,568
$371,804 53,136.871
Total income
1.482.522
1,483,372
129,636
121,785
Interest
Balance
$250,019 $1,653,498 $1,600,806
$262,931
639,200
Depreciation
79,404
73,101
717,280
Balance
$936,218
3961.605
$183,527
$176,917
95,960
99,519
Disc. & exp. on sec. sold
8,660
7,963
Miscell. additions and
102,756
Dr.1,198
deductions (net Cr.)_
5,739
Dr.848
Surp. avail, for red, of
$968,402
$835,500
bonds, dividends, &c- $180,606
$168.105
10 Last complete annual report in Financial Chronicle Apr. 25 '31, p. 3147
-
New England Tel. & Tel. Co.
Period End. June 30- 1931-3 Mos.-1930, 1931-6 Mos.-1930.
Operating revenue
$19.113,224 $18,997,375 $37,449,526 $37,092,405
Operating expenses
12,710.882 13,081,159 24,746,630 25,391.020
3.168,462
3.570,274
Taxes & uncollectibles
1,794,644
1.626.297
Total oper. income_
Net non-oper. revenue
54.607.699 $4,289,920 $9.132,623 $8,532,923
289,578
257,367
131,149
151,224
Total gross income_ ... $4,738,848 54,441.144 $9,389,990 $8.822,501
2,094,025
2.025,000
1.047.012
Int. on funded debt
1,012,500
415,139
604,712
Other interest
85,175
312,992
83,153
83,153
Debt disct. & expense_ _ _
41,577
41.576
407,091
406,430
Rent,Sze
206,703
199,937
4,752.822
5,328.874
Div. appropriation
2,664,450
2,535,766
$941,820 $1,070,273
Balance, surplus
$524,916
$507,391
Shs. cap, stk. outstand1,320,981
1,332,029
1,320,981
ing (par $100)
1,332.029
$4.40
$4.70
$2.31
$2.38
Earnings Per share
Wlast complete annual report in Financial Chronicle Feb. 7 '31, p. 1022
New York Water Service Corp.
(And Subsidiary)
12 Months Ended May 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
1931.
$2,803,162 $2.619,310
772.455
817,182
135,520
86.256
222,431
250.954
Net earnings from operations
Other income
$1,648,770 $1.488,902
50.174
72,852
$1,721,622 51,539.077
Gross corporate income
634.609
745.865
Interest on mortgage debt
Financial Chronicle Apr. 4 '31, p. 2583
rarLast complete annual report in
North American Investment Corp.
(And North American Securities Co.)
Consolidated Income Account for 12 Months Ended June 20 1931.
514.483
Interest earned
368.146
Dividends received
$412,629
Total direct income
80,011
Operating expenses
11,635
Taxes
187.525
Bond interest & amortiz. of discount
414.779
Net loss on sale of securities
Operating loss
Amortization of discount on capital stock
$281,322
1,826
Balance loss
Previous surplus
Surplus credits
$283.148
778,936
15,820
Total surplus
Preferred stock dividends
Common stock dividends
Adjustments'
8511,610
140,269
148,527
21,276
8201,537
Consolidated surplus June 30 1931
arLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1050
[VOL. 133.
FINANCIAL CHRONICLE
634
Niagara Hudson Power Corp.
Peoples Gas Light 8c Coke Co.
1931-12 Mos.-1930.
Period End. Mar.31- 1931-3 Mos.-1930,
Sales of gas (Cu. ft.)- _2146415700 2.197423300 8,530,360500 8599054700
K.w.h. gemer'd & purch_1484707209 1.769532301 6,355.382553 7349289 129
Ifterating revenue_ _ _ _ _319,034,106 $19,521,759 377,723,18.3 $80,482,132
2,712,703
1.107,385
442,787
262.765
Non-operating inc. (net)
3,523,277 x13,733,884 x15,547.516
Balance for dividends__ _ 2.829,066
x Equivalent to $0.52 a share on 26,134.248 shares of common stock as
against $0.60 for the previous 12 months.
Kar'Last complete annual report in Financial Chronicle April 11'31, p.2763
(And Subsidiaries)
Period End.June 30-- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross operating revenue $9,566,285 510.270.543 538,363,097 $41,374,289
Net income after charges
for taxes, interest and
provision for retlrenfts 1,805,904
1,801.855 7,204.733
6,870,823
Shares capital stock_ __ _
668,201
608.328
668.201
608,328
Earnings per share
$2.70
$2.96
$11.29
$10.78
IZPLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1023
Ohio Water Service Co.
The Philippine Ry. Co.
12 Months Ended May 31
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$595,441
182,304
25,769
70,101
1930.
$623,794
163.378
28,297
64.018
Net earnings from operations
Other income
$317,264
21,035
3368,101
25.955
$394,056
$338,300
Gross corporate income
165,350
180,943
Interest on funded debt
WLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2584
(The) Orange & Rockland Electric Co.
Operating revenues
Oper. exp., incl. taxes
but excl. deprec
-12 Mos. End. June 30-Month of June1930.
1931.
1931.
1930.
$743,177
$772,247
$61,797 , $59,441
Gross operating revenue
Oper. expenses and taxes
12 Mos. End. May 31.
Month of May
1931.
1930.
1930.
1931.
$773,736
$632,624
$52.672
$43,182
43,080
550,528
473,481
35.392
Net revenue
Interest on funded debt-
37.789
28,496
$9,591
28,496
$159,142
341,960
$223,207
341,960
Net deficit
Inc. approp, for invest.
in physical property
320,707
$18,905
$182.817
$118,752
76,293
28.214
$146.966
$259,110
318.905
$20,707
Balance, deficit
'Last complete annual report in Financial Chronicle Apr. 18 '31, p. 2949
Pierce-Arrow Motor Car Co.
(And Subsidiaries)
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
4,596
2,352
1,385
2.987
No.of vehicles sold
$3.899,013 36,553,592 58,053,401 $12,511,848
Net sales
Cost of sales. incl. selling,
adver. & admin. exps.
5,945,699 7,529,263 11,394,026
& all cost of mfg., &c_ 3,732,015
119,667
76.374
153,369
59,834
Reserve for depreciation
31,017
34,431
423.637
414,135
Balance
Depreciation
830,780
7,233
25,010
6,862
3348,610
84,568
$3329,042
78.142
Operating income_
Other income
$23.547
1.470
$18,148
1.375
$264,042
20.906
$250,900
16,032
Gross income
Int. on funded debt_
$25,017
5,208
$19,523
5,208
$284,948
62,500
$90,624
33,388
$548.059
30,132
$370,769
68,442
Balance
Other interest
$19,809
183
$14,315
484
$222,448
2,951
Net profit on sales_ _
$266,932
62,500 Int., disct. on purch., Ste
Total profits
$204,432
4,094 Int. on debentures, &c.._
$124.012
8,750
$578,191
8,914
3439,211 $1,060,124
29,446
17,500
$19,626
1,052
$13,831
1,052
$219.497
12,627
$200,338
12,701
Net profits for period_
Div. paid pref. stock_
Div. paid class A stock_
$115,262
107.250
49,312
$569,277
112,500
$421,711 $1,030,678
225,000
214.500
147,937
Balance
Other deductions
$18,574
256
$12,779
457
$206,870
4,483
$187,637
4.315
def$41,300
$456.777
Balance
Divs. accrued on pt. stk.
$18.318
6,135
$12,322
5,688
$202,387
70,478
$183.322
69.134
Balance
Fed. inc. taxes incl. in
operating expenses_ _ _
$12,183
$6,634
$131,909
$114,188
2.560
1,600
32,607
23,729
Balance
Amortiz. deductions_
_
Oregon-Washington Water Service Co.
12 Months Ended May 31
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$500,699
174.639
17,239
61,152
1930.
$613,216
224.923
25,934
77,139
Net earningsfrom operations
Other income
$247.668
9,604
$285,219
1.943
$257.272
$287.163
Gross corporate income
137.693
135,021
Interest on funded debt
-The decrease in revenues and expenses is due to the sale of
Note.
Hoquiam plant, during May 1930.
Ita"Last complete annual report in Financial Chronicle Apr. 4 '31, 13. 2584
Parker Rust-Proof Co.
1931.
1930.
Six Months End. June 30$407,863 x$311,098
Net profits before Federal taxes
x After Federal taxes.
10 Last complete annual report in Financial Chronicle May 23 '31, p. 3900
and May 2 '31, p. 3356.
Penick & Ford, Ltd., Inc.
(And Subsidiaries)
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Gross profit & income
from all companies_ _ _ $866,078 $1,157,320 $2,018,250 $2,561,603
Selling,admin.& general
x617,012
422,975
1,062,627 x1,238,284
expenses
323,759
322.287
155,703
158,686
Depreciation
Prof. before Fed. inc.
$631,864 $1,001,032
$384,605
$284.417
tax
x Includes premium paid on preferred stock purchased for retirement
amounting to $64,140 for June quarter and $103,701 for the six months.
reLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1823
$59,274
4,186,939
$805,678
3,306,513
Surplus at Juno 30_ _
34.246,213 34,112,191
-L
10 ast complete annual report in Financial Chronicle Feb. 21 '31, p. 1402
Pittsburgh-Suburban Water Service Co.
12 Months Ended May
31-19.
.
$342,i22
$327,163
Operating revenues
124,801
118.264
Operation expense
22,015
18.667
Maintenance
6,824
8.721
Taxes (excluding Federal income tax)
Net earnings from operations
Other income
$186,683
789
$183,407
1,109
$184.517
$187,473
Gross corporate income
84,999
89,026
Interest on funded debt
ICEPLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2765
Pittsburgh Terminal Coal Corp.
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net loss after deprec.,
$199,610
$423,429
$206,776
depletion, &c
$322,937
10 Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2406
and Mar.21 '31, p.2212
.
Public Service Corp. of New Jersey.
Month of June- 12 Mos. Ended June 30
1930.
1931.
1931.
1930.
310,947,355 510,950.994 3139272,569 5138267,081
Gross earnings
Oper. exp., maint., taxes
7,494,928 7,630,275 94.253,369 95,869,280
and depreciation
Net income from operOther net income
$3,452,426 $3,320,719 $45,019.199 $42,397,800
117,198
378.063
2,530.271
3.024.177
Total
Income deductions
$3,569,624 $3,698,783 347,549,471 $445,421,978
1,341,157
1.372,797 16,281,656 15,420,243
Balance for diva, and,
52,228,467 52,325,985 531,267,815 330,001.734
surplus
rirLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1636
Puget Sound Power & Light Co.
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.)
Month of June- 12 Mos. Ended June 30
1931.
1930.
1930.
1931.
$113,025
$118.925 $1,322,575 $1,340,073
Gross earnings
711.942
56,502
707,208
58,738
Oper.expenses & taxes
$60.187
$56,523
Net earnings
Subsidiary company charges and pref. dividends..Bond interest
Other deductions
$615.367
17,516
267,839
22,316
$628,131
14.188
260,489
18,769
Balance
Preferred dividends
$307,696
104,976
$334,685
105.000
$229,685
$202,720
Balance*
* Before provision for retirement reserve.
arLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1798
Pennsylvania-Dixie Cement Corp.
1929,
1930.
1928.
12 Mos.End. June 30- 1931.
Not
$2,011,634 $2,439,080 $3,232,5071
Gross profit
1,390.263
depletion 1,384.548
1,362,9341 Available.
Depreciation &
Profit after deprecia$627,086 $1,048,817 $1,869,573 $2,316,326
tion & depletion_ _ _
692,465
714,4311
646,806
955,393
Interest
179.329f
51,799
95.831
Federal taxes
$975,813 $1,360,933
$304,553
loss3115,551
Net profit
Shs. of corn. stock (no
400,000 , 400,000
400,000
400,000
par) outstanding
Earnings per share after
$0.06
$1.02
Nil
Nil
preferred dividends_ _ _
4
12 2
"Last complete annual report in Financial Chronicle Feb. 14 '31, p.1 00
.
Perfect Circle Co.
1930.
1929.
1931.
6 Mos. Ended June 30-$4495,704
$368,057
$494,662
Net inc. after charges, depr. & taxes_
Earns, per sh. on 162,500 shs. corn.
$3.05
$2.26
$3.04
stock (no par)
la"Last complete annual report in Financial Chronicle April 11 '31, p. 2788
Balance to surplus_
Surplus at Dec.31
$998,155
61,969
-Month of June- -12 Mon.End. June 301931.
1930.
1931.
1930.
$1,277,091 81,347,339 516.524.491 $16,926,533
Gross
Net operating revenue
557,913
618,679
7,170,072
7.186,895
Surplus after charges
4,175.578 4,469,702
ng Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1799
Purity Bakeries Corp.
(And Subsidiaries)
Period End. July 12- 1931-12 Weeks
-1930. 1931-28 Weeks
-1930.
Net profit after interest,
deprec., & Fed. taxes- $559,890 31,166.745 $1,190,884 $2,415,289
Shares corn. stk. outstanding (no par)____
805,044
805,060
805,060
805,044
Earns, per share
$0.70
$3.00
$1.45
$1.48
Pa"Last complete annual report in Financial Chronicle Jan. 31 '31, p. 843
Rochester & Lake Ontario Water Service Corp.
12 Months Ended May 31Operating revenues
Operation expense
Maintenance
Taxes(excluding Federal income tax)
3564.548
178,672
21,536
42,203
3570.321
191.795
28,814
40,838
Net earnings from operations
Other income
$308,874
5322.136
1,448
1,009
Gross corporate income
$310,322
3323,145
Interest on funded debt
125.000
125,000
a'Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2767
St. Louis, Rocky Mountain & Pacific Co.
Period
Gross earnings
Expenses, taxes, &c
Interest, &c
Depreciation & depletion. &c
Net income
Queer. End. Quar. End.6 Mos. End.
Mar. 31 '31. June 30 '31. June 30'31.
$834,172
3449,250
3384,912
599,029
321,910
277,119
104,812
52,387
52,425
117,318
59,545
57,773
$15,380
loss$2,367
$13,013
JULY 25 1931.]
FINANCIAL CHRONICLE
Schiff Co.
1931.
6 Months Ended June 301930.
Netsales
$4,890,421 $4,695,255
Net profit after taxes
222,944
150,757
Earns, per sh.on 99.000 shs. corn. stk. outstand'g_
$1.89
$1.17
'Last complete annual report in Financial Chronicle May 30 '31, p. 4078
Scranton-Spring Brook Water Service Co.
1931.
12 Months Ended May 311930.
Operating revenues
$5.179,786 $5,405,003
Operation expense
1,237,719
1,300,893
Maintenance
284,005
353,796
Taxes (excluding Federal income tax)
145,003
125,871
Net earnings from operations
Other income
$3,513,057 $3,624,442
17,349
18,170
Gross corporate income
$3,530,407 $3.642,611
Interest on funded debt
1,678,657
1.635,534
WLast complete annual report in Financial Chronicle Apr. 11' 31, p. 2767
Seagrave Corp.
6 Months Ended June 30
1931.
sales
Net
$547,748
Costs & expenses
609.306
StandardSapl& Seal Co.
6 Months Ended June 301931.
1930.
$336.808
Net earnings after all charges and taxes
$369,623
$1.79.
Earns, per sh. on 206,000 shs, cap. stk. (no par)
$1.63
ItZ'"Last complete annual report in Financial Chronicle May 16 '31, p. 3734
Standard Fruit & Steamship Corp.
1931.
6 Months Ended June 30Net earnings after all charges, deprec. & taxes_ _ $733,910
$0.19
Earnings per share on 1,100,000 shs. corn. stock__
loss$61,558
21.398
$9,839
24,919
$133,714
23.038
Total income
Interest, &c
loss$40,160
928
834,758
4,769
$156,752
x28,151
Net profit
loss$41.088
$29,989
$128,601
Shares of corn, stock outstanding (no
par)
122,453
122,700
118,445
Earns. Per share on common
Nil
Nil
$0.78
x Includes Federal taxes.
lag Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2012
-
Sun Oil Co.
(And Subsidiaries.)
1929.
1928.
6 Mos.End. June 301930.
19'31.
Gross, inc. from oper.
(excl. inter-cc. sales)-$36,016,967 $46,555,426 $38,380,321 $28,003,719
Cost of materials. oper.
& gen. adin. expenses_ 32,036,888 40,1E9,730 32,236,287 23,411,243
Total income
$4.058,108 $6,642,242 86,436.323 84,731,749
Int. OD funded debt,.__..228,498
257,232
236,596
250,763
1,670,588
Doprec. & depletion
2,185,518
2,443,489
2,694.207
290.000
.
Federal taxes
362,500
304.000
82,000
Not income
Preferred dividends_
Common dividends
Interest
Dividends (including no stock dividends)
Profit on syndicate participations
$263,233
247,836
3,975
Gross income
Investment service fee
Miscellaneous expenses
Interest and amortization of discount, debentures
Miscellaneous taxes
Foreign government taxes
$515.045
55,816
33,899
187,313
3,902
5,921
Net income
Dividends, on first preferred shares
Dividends on second preferred shares
Dividends paid on class A common shares
$228,192
37,407
30,000
154,046
Balance of income
$6,740
arLast complete annual report in Financial Chronicle Jan. 31 '31, p. 869
Sharon Steel Hoop Co.
(And Subsidiaries)
6 Mos. Ended June 301931.
1930.
1929.
Net oper.profit for the period after deducting charges for maintenance &
repairs to plant
def$58,290
$782,599 $1,761,208
Prov,for depreciation & renewals_
465,802
589.155
507,791
Interest & discount on bonds
156,923
159,174
177,865
Prov. for Federal income tax
4,141
131,001
Net profit
def$681,016
$30,129
$944,550
Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1632
Sierra Pacific Electric Co.
-Month of June- -12 Mos. End. June 301931.
1930.
1931.
1930.
Gross
$134,700
$122,263 $1,552,217 $1,429,336
Net operating revenue
48,264
59,598
597,715
603,069
Surplus after charges
519,339
548,135
10 Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1413
South Bay Consolidated Water Co., Inc.
Income Account for Year Ended May 31 1931.
Operating revenues
$4$8,998
Operation expense
157,016
Maintenance
24.125
Taxes (excluding Federal income tax)
62.722
Net earnings from operations
Other income
$245,133
7.352
Gross corporate income
Interest on funded debt
$252.486
$158,981
Southern California Edison Co., Ltd.
-Month of June
-12 Mos. End. June 301931.
1930.
1931.
1930.
Gross earnings
$3,419,779 $3,497,754 $41,411.589 $40,794,716
Expenses
774,676
760,476 8,937,412
9,319,526
Taxes
380,667
390,250 4,093,672
4,384,576
Total expenses & taxes $1,155,344 $1,150,737 $13,031,085 $13,704,101
Total net income
2,264,434
2,347,027 28.380.503 27,090,614
Fixed charges
573,839
595,854
7,006.822 6,943,904
Balance
$1,690,595 $1,751,172 $21,373.681 $20,146,710
a"Last complete annual report in Financial Chronicle May 21 '31, p. 2178
Sun Investing Co., Inc.
Six Months Ended June 301931.
Interest on bonds, call loans, &c
$23,218
Dividends earned
91,346
Profits from arbitrage transactions
Not loss
Surplus, Jan, 1
Adjustment of Federal income tax reserve
Adjustment on preferred stock dividend
$114,564
19,377
15,765
1930.
$40.898
115,248
46,029
$202.175
12,500
17,725
42,232
$79,421
81,235
prof.7,592
$129,718
127,500
9:3,000
prof.$5,778
235,503
$90,783
305,529
Cr3,271
Cr50
Surplus, June 30
$241,331
$218,018
Note.-Tho depreciation in the market value of securities at June 30
1931 was $1,305.455 as compared with $2,021,916 Dec. 31 1930.
Realized losses of $845.983 on sales of securities acquired prior to July 1
1930 are charged to capital surplus.
OrLast complete annual report in Financial Chronicle Jan. 17 '31, p. 538
0
$1,049,403 83,654.157 83.637,540 $2,513. 29
150,000
150.000
249,957
300,000
650,000
600,864
701.750
767,952
Balance
def$18,549 82,703,450 $2,837,540 $1,763,065
Shs. com. stock out7,205,579
1.409,323
1,299,934
standing (no par),.,.__ 1,535,403
$1.96
Earnings per share
$2.42
$2.68
$0.49
'31, p. 1440
OPLast complete annual report in Financial Chronicle Feb. 21
Second International Securities Corp.
Income Statement 6 Months Ended Mna 31 1931.
Net income
Preferred stock dividends
Loss on sales of securities
1930.
$535.871
$0.01
Operating income_ ___ $3.980,079 $6,385,6C6 $6,141,033 54,592,476
Other income
292,289
139.273
256,546
78,029
1930.
1929.
$787,642 $1,086.240
777.803
952,526
Operating profit
Other income
Total income
Administrative and statistical services
Other general expenses
Amortization of organization expense
State franchise taxes
635
Gross earnings
Operation
Maintenance
Retirement accruals *
Taxes
Tampa Electric Co.
(And Subsidiary Cos.)
-Month of June- -12 Mos. End. June 30.1931.
1930.
193
$344,223
$35'5,90 $4,533,619 $4,580,851
1,883.003
146.997
1,731,876
129.255
325.816
26,732
285,950
22,603
489,218
550,273
38,960
41,539
300,089
28,893
352,103
30,338
Net operating revenue
Interest and amortization
$123,065
$111,727 $1,674,470 $1,521,668
52,120
47.285
$1,622.350 $1,474,383
Balance
* Pursuant to order of Florida RR. Commission, retirement accruals
for a large part of the property must be included in monthly operating
expenses and such an accrual is included for the entire property.
IZ'Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1414
Taylor Milling Corp.
6 Months Ended June 301929.
1931.
1930.
Net income after all charges, including Federal taxes
$250.985
$122,131
$316,805
Earnings per share on 100,000 shares
$2.51
common stock
$1.22
$3.17
'Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2013
rff
Telautograph Corp.
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
$505,616
Gross Income
$508,915
$251,355
$252.556
227,544
Expenses
105,047
215.586
112,669
Operating income_ _ _ _
Depreciation
Miscell. expenses, &c_ _ _
Taxes other than Federal
Federal taxes (est.)
$146.309
36,294
1,922
3,173
12,592
$139,886
36.576
2.552
3,220
11,704
$293,329
73.729
4.047
6,184
25.124
$278,071
73.185
5.502
6,116
23.192
Net profit
$170,075
$184,243
$92,331
$85.833
a"Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1056
Texas Gulf Sulphur Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
earnings
Net
81,939,967 $3,648,345 84.388.165 87.452.046
Dividends paid
4,445,000
5,080.000
2,540,000
1,905,000
Balance, surplus
356,835 82.372.046
$34,067 31,108.345
Total surplus & reserve_ 25,143,810 23,760,607 25,143,810 23,760,607
Shares of capital stock
outstanding (no par)_ 2,540.000
2,540,000
2,540,000 2,600,000
Earns. per sh.on cap.stk
$2.93
$1.72
$1.43
$0.96
rarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1405
Thompson Products, Inc.
Period End.June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after int.,
$399,036
deprec. & Fed. taxes
$138,254
$196.856
$103,195
Earns. per sh. on 263,160
$1.68
shares common stock_
$0.48
$0.72
$0.37
WT-ast complete annual report in Financial Chronicle Apr. 4 '31, p. 2604,
and Mar. 21 '31, p. 2215.
Trunz Pork Stores, Inc.
1930.
1931.
6 Months Ended June 30-Sales
52,388.203 52,575.136
110.838
Net prof:t after charges and Federal taxes
97,700
$1.11
Earnings per share on 100,000 shs. no par stock_ _ _
80.98
I'
Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1243
Union Carbide & Carbon Corp.(8c Subs.).
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Earns,after provision for
income & other taxes_ $6,640,750 $8.602.073 813,384,163 $17,357,238
Int. on funded debt and
630.439
divs. on pf. stk.of subs
628,483
321,999
317,466
Deprec. & other charges
3,947,213
(estimated)
3,635.855
1,973,271
1,817.129
Balance
$4,506,155 86,306,802 59,119,825 $12.779,586
Shares cont, stock out9,000,743
9,000,743
standing (no par)_ _ _ _ 9,000.743
9.000.743
31.01
$1.42
Earnings per share
$0.70
$0.50
Chronicle Mar. 21 '31, p. 2179
lO
PLast complete annual report in Financial
Union Water Service Co.
(And Subsidiaries)
12 Months Ended May 311931.
Gross revenues (including other income)
$505,563
Operation expenses
134,738
16,569
Maintenance
General taxes
59,724
1930.
3483,059
110,115
17,039
57,649
Gross corporate Income
$294,530
$298,255
Interest on funded debt
146,520
146,520
MPLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2167
[VoL. 133.
FINANCIAL CHRONICLE
636
Waldorf System, Inc.
United-Carr Fastener Corp.
(And Subsidiary Companies)
1931.
6 Months Ended June 30$577,960
Gross profit from operations
290,276
Commercial expenses
34,683
Net sundry charges
1930.
$555.799
321.055
20,288
Net income before depreciation
Depreciation
Profits applicable to minority interests
$253,000
97,076
2,659
$214,455
90,703
4,550
Net income beofre interest & taxes
Debenture interest
Federal, State & foreign income taxes
$153,264
59,878
16.946
.
1931-6 Mos.-1930
Period End. June 30- 1931-3 Mos.-1930.
Sales
$3,942,529 $3,902,119 $7,798,045 88,009.272
592,101
604.270
Net after taxes & chgs__
270.563
273,172
21,216
12.939
Preferred dividends__ _
5.418
9,761
$119,201
60.000
12,829
5570,885
8591.331
Balance. surplus
3260.802
3267,751
461.610
Shs.corn. outst.(no par)
461.610
461,610
461.610
31.23
Earns. per sh.on com_
51.28
.50.86
$0.58
127 Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2217
Western New York Water Co.
12 Months Ended Nay 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
546.371
$76,440
Consolidated net Income
arLast complete annual report in Financial Chronicle June 27'31, p. 4783
United States & British International Co., Ltd.
Income Statement 6 Months Ended Map 31 1931.
Interest
Dividends (including no stock dividends)
Profit on syndicate participations
$112,367
271,490
3,600
Gross income
Investment service fee
Miscellaneous expenses
Interest and amortization of discount, debentures
Miscellaneous taxes
Foreign government taxes
$387,457
39.044
24.680
158,473
2,495
17,844
Net income
Dividends paid and accrued on preferred shares
Dividends paid on class A common shares
$144,919
43,590
73.591
327.738
Balance ofincome
igrLast complete annual report in Financial Chronicle Jan. 31 '31, p. 872
(And Subsidiaries)
1931-6 Mos.-1930.
Period End.June 30-- 1931-3 Mos.-1930.
Net profit after charges
$228,645
3201.465
3108.756
and taxes
$100,477
rErLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2016
United States & Foreign Securities Corp.
1928.
1929.
1930.
1931.
6 Mos.End.June 30Int. & cash divs, received
8652,736 31,300,499 31:111.272
less interest paid
Profits on sale of securi2,682,896
1965,558
1 1oss452.266
ties (net)
I 99.481
Profit on partic.(net) j'
$952,922
3,922,932
Total income
Expenses
Prov.for Fed.inc. taxes_
$200,470 $2,365,538 $3,794,169 $4,875,853
67,142
107,379
45,926
77,738
484,066
332,432
14,145
168,428
Net income
1st pref. dividends
2d pref. dividends
$140,400 32.119,372 53,354.357 $4,324,645
748.725
710,055
750.000
749,838
150.000
150,000
150,000
150,000
Balance, surplus
def$719,655 $1,219,372 $2,454,519 33,425.920
la"Last complete annual report in Financial Chronicle Jan. 17 '31, p. 509
United States Hoffman Machinery Corp.
(And Subsidiaries)
1931-3 Mos.-1930.
3474,214
$596,699
393.872
426,999
1931-6 Mos.-1930.
8843.959 $1,133,869
841.114
752,678
$80,342
41,480
Total income
Depreciation
Other charges
Federal taxes
Amortization
$169,700
52,891
$91,281
78,210
$292,755
97,035
$121,822
44,578
36,050
819
57,880
Operating profit
Other income
$222,591
41,721
45,663
2,061
56.233
$169,491
87,981
59.654
1.089
114,704
$389,790
82.693
86,067
5,271
112.466
$93,937prof$103.293
$17.505 prof$76,913
Net loss
larLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1244
U. S. Industrial Alcohol Co.
1929.
1928.
1930.
1931.
6 Mos. End. June 30-$81,362 $1,182,253 $2,528,196 $1,840,023
Operating profit
489,905
600.865
561,483
608.649
Depreciation
162,014
231.280
x68,284
Federal taxes
Net profit
Preferred dividends_
loss$527,287
$552.485 $1,696,051
1930.
$809,972
281,804
42,143
78.351
Net earnings from operations
Other income
$428,199
2.082
$407,673
3,633
8411,306
5430.282
Gross corporate income
184.430
182,989
Interest on mortgage debt
1:2"Last complete annual report in Financial Chronicle April 11'31, p.2768
Westinghouse Electric & Manufacturing Co.
(And Proprietary Manufacturing Companies)
.
xQuar.End. Quer. End. 6 Mos.End.
Mar.31 '31. June 30'31. June 30'31.
Period828.476,175 532,147,158 560,623.333
Net sales billed
Cost of sales billed, including depreciation and general expenses, and
provision for employees service an31,726,356 31,844,799 63,571,155
nuities reserves and all taxes
33.250.181 pf.$302,359 $2,947,822
Net operating loss
364,236
624,245
988,481
Other income, less int. & misc. chrgs_
U. S. Distributing Corp.
Period End.June 30-Gross profit
Expenses
•
1931.
$783,950
245,598
25,462
84,690
$1,188,104
270.385
3917,719
$552.485 $1,696.051
loss$527,287
Surplus
240.000
320,000
373.846
373,846
Shs.com.stk.out.(no par)
$3.82
$5.30
$1.47
Nil
Earnings per share
required and returned to earnings.
x Not
igrLast complete annual report in Financial Chronicle June 13 '31, p. 4432
United States Leather Co.
.
1931-6 Mos.-1930
Period End. June 30- 1931-3 Mos.-1930.
Net loss after prov. for
taxes, deprec., repairs
$666,294 prof$196187
$31,285 prof$19,859
and maintenance ____
rirLast complete annual report in Financial Chronicle Mar. 28 '91, p. 2409
Net loss for period
32,885,945 pf.$926,604 $1,959.341
x Adjusted to a comparable basis.
complete annual report in Financial Chronicle Mar. 14 '31, p. 2026
it2irLast
West Virginia Water Service Co.
12 Months Ended May 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income taxes)
1931.
$849,052
326,388
49,499
100,913
1930.
5822,939
305,569
41,076
95.163
Net earnings from operations
Other income
5372,250
846
5381.130
2,353
$373,097
3383.484
Gross corporate income
178,763
194,378
Interest on funded debt
rErLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2586
Wilcox Rich Corp.
1931-6 Mos.-1930.
Pertod End. June 30-- 1931-3 Mos.-1930.
Net profit alter charges.
on class
taxes & divs.
8347.433
8619.070
$298,410
8158,772
A stock
tarLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2411
Willys-Overland Co.
(And Subsidiaries)
1930.
1928.
1929.
1931.
6 Mos.End.June 30-Wet profit after deprec.,
& other charges__ x$304,648 y$151,704 34,155,478 35.641,517
int.
x Includes $111,972 recovery of prior years taxes. y Includes 31767.07',
recovery of prior years taxes.
IZ'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2411
Pg' (William) Wrigley Jr. Co.
re
•
Period End' June 30- 1931-3 Mos.-1930. 1931-6 M1930.
$6,359,944 $5,467,559 $11,533,960 510,353,800
Net profit
1,989,758
2.663,559
4.950,583
3,816.480
Expenses
127,995
:375,397
185,452
258,828
Depreciation
335,350
453,712
784.797
620.609
Federal taxes (est.)
33.057,222 $3,014,455 35.423.182 $5,657,881
Net income
Shares of capital stock
1,999.974
2.000,000
2,000,000
1,999.974
outstanding (no par)
$1.50
$2.71
31.53
$2.82
Earns. per sh.on cap.stk
Financial Chronicle Mar. 14 '31, p. 2028
tarLast complete annual report in
Yellow Truck & Coach Mfg. Co.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End.June 30
- 1931-3 Mos.-1930.
38,640,791 316.233,993 $13,801,166 326.963,994
Net sales
28,110
Net profit after all chgs_
1,437,863
1,332,019loss1,046,881
Earns, per sh. on 2,100,000 abs. comb. B. &
Nil
Nil
$0.51
corn. stock
$0.43
IarLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2607
United States Pipe & Foundry Co.
1930.
1931.
6 Months Ended June 30Total earnings after deducting cost of operating.
maint. of plants, expenses of sales & general
offices, provision for taxes (incl. Federal income
51,071.354 $1,632,173
taxes) and doubtful accounts
302,415
272.815
Other income
$1.344.169 $1,934,588
Total income
408,657
430,215
Allowance for depreciation
$913,954 31,525.932
Net profit
$1.76
$0.92
Earns. per sh. on 600,000 shs. corn stk. (par $20)
tairLast complete annual report in Financial Chronicle Mar. 21 '31, p.2186
Virginia Iron, Coal 8c Coke Co.
Period End. June 30- 1931-3 Mos.-1930.
$340.595
$313,768
Gross
375,022
328,146
Expenses
1931-6 Mos.-1930.
3845,495
3713.260
887,106
700,971
Operating loss
Other income
$14.378
102,821
$34,427 prof$12,289
201,935
46,918
541,611
77,875
Total income
Interest, &c
$88,443
61,615
$12,491
81,257
$214,224
121.143
$36,264
146,483
$110,219
$93,081
$68,766
Net loss
prof$26,828
larLast complete annual report in Financial Chronicle Mar. 7 31, p. 1827
FINANCIAL REPORTS
Congoleum-Nairn Inc.(and Subsidiaries).
-Six Months Ended June 30 1931.)
(Semi-Annual Report
A. W. Hawkes, President, July 17 wrote:
In presenting the consolidated balance sheet of this company as of
June 30 1931, and the consolidated income account for the six months'
period ended June 30 1931. I believe, under these difficult economic conditions, the stockholders are entitled to know the excellent condition of
their company,and therefore I emphasize the following:
1. The net income of your company for the six months' period ended
June 30 1931, amounted to 3607,8.12, which, after provision for all charges
and Federal Income taxes, and after payment of pref. divs., is equivalent to
42 cents per share on the 1,333,151 shares outstanding in the hands of the
public.
2. At the stockholders' meeting on June 3 1931.the management recommended the retiring of 251.026 shares of common stock, which had been
purchased at an average cost el $11.27 per share, including brokerage.
The stockholders unanimously voted to accept the management's recommendation, and accordingly the stock has been retired as of July 10 1931,
but the balance sheet gives effect to the transaction as of June 30 1931.
The price paid by the management In the open market for the 251,026
JULY 25 1931.]
FINANCIAL CHRONICLE
shares retired was $10 per share less than the present book value of the
now remaining outstanding stock, and, more important, was lower than the
current assets value of the now remaining outstanding stock,after provision
for all current liabilities,funded debt and preferred stock. This means to the
present common stockholder that through this transaction the sum of
$2,108,638 was added to the equity of the now outstanding corn. shares.
3. The management has purchased and paid for up to June 30 1931.
56,849 additional shares of com. stock, which it now has in the treasury, at
less than $10 a share, including brokerage. This stock is available for such
corporate purposes as may be deemed advisable in the future.
4. The company's cash and liquid position has been improved. The
cash in banks, together with cash invested in short-time government and
municipal securities, amounts to $10,223.913, an increase of $2,294,526
since Jan. 1 1931. The ratio of its net current assets,including investments,
to its total current liabilities is in excess of 33 to 1. The company's inventories of both raw materials and finished product have been reduced since
Jan. 1 1931, by $2,487,000. and the total inventory of the company on
.Tune 30 1931, is at the lowest point in the history of Congoleum-Nairn,
Inc. Its raw material inventory and commitments are practically all at the
present low price levels and its finished inventory is carried at cost or market.
whichever is lower, and is practically all valuable salable merchandise of
current patterns and quality.
5. After many months of research and experimentation, we have recently developed a new wall-covering material of exceptional beauty and
utility, which material can be marketed and applied in a way that, we believe, will give satisfaction and unusual value to the consuming public.
This material is made on our present machinery, and,in our opinion, has a
wide field and extensive outlets which should substantially increase the
company's volume of business.
Considering the fine cash and liquid position of company and its depreciated plant status directors on July 17 1931, voted to pay to common
stockholders of record Aug. 15 1931, a dividend of 25c, per common share
on Sept. 15 1931. Tne management believes unless the economic situation
becomes worse, this dividend or 23c.can be maintained quarterly.
For income statement for six months ended June 30 see
"Earnings Department" on a preceding page.
p.
637
CONSOLIDATED SURPLUS ACCOUNT AS AT JUNE 30 1931
Capital surplus created by valuation of good-will & trade-marks_ $1,000,000
Appropriated surplus in re. sinking fund 1st mtge. 7% gold
373,300
bonds due 1942
16.588,434
Earned surplus.balance-Dee.31 1930
607,842
Net income for six months ended June 30 1931
$18,569,577
Total
47.247
Dividends paid on first preferred stock
Excess of purchase cost over average paid-in value of 251 026
725.009
shares of common stock retired and cancelled
$17,797,322
Combined surplus-June 3O 1931
COMPARATIVE BALANCE SHEET JUNE 30.
1931.
1930.
1931
1930.
$
Liabilities$
Assets8
$
Land
1,085.186 1,057,101 1st pf.7% cum.stk. 1.338.100 1,399,100
Rldgs. & equip-a11,905,196 12,372,327 Common stock__b11,650,620 13,754,655
Cash
-.4
3,905,490 2,470,582 Accts. payable &
accrued charges_ 848,742
465,870
Notes & accts. rec. 3,044,523 3,839,110
1,186,200 1,523,300
Inventories
4,693,508 8,265.937 Funded deln
322,074
219,066
Sundry debtors_ 184,651
104,163 Federal taxes
958,629 1,155,361
U.S. Govt.& mun.
Reserves
securities
6,328,423
Surp.(inerged cos.):
Created by value
Treasury stock--- 559,272
Investments
742,787 1,909,893
of good-will and
Demand loans_
trade-marks.._ 1,000,000 1,000,000
5,622,000
323,300
Constr, in progress
16,629
69,960 Approp'd sure__ 373,300
Good-will & tradeEarned surplus-16.424,022 17,183,647
marks
1.000.864 1,000,864
Deferred debits32,148
415.369
Total
33,498,678 37,127,307
33,498,678 87,127,307
Total
a Real estate, buildings, machinery and equipment, automobiles and
auto trucks, furniture and fixtures, less reserve for depreciation of $10,891,560. b 1.390.000 shares of no par value -V.132, p. 4248.
enerat Corporate anb 3inbefitment ,f/euZ.
STEAM RAILROADS.
President Hoover Considers Coal Parley Call.
-President Hoover will
decide after getting operators' views whether conference will be held.
Secretaries of Commerce and Labor Doak and Lamont will survey replies
of 125 leaders to query on advisability. N. Y. "Times" July 24, p. 33.
Reproduction Value of Railroads Put at $27.189,657 by 1.-S. C. Cornmission.
-The 1.-S. C. Commission estimated that it would have cost
327.189,479 to reproduce the country's railroads. The estimate was made
as an exhibit to be used in considering the appeal of the railroads for a
15% freight rate increase. N. Y. "Evening Post" July 21. p. 1.
.
Rail Hearing Date Ahead by I -S. C. Comtntssion.-Case of the opposition
to rate increase is advanced to Aug. 10 from Aug. 31; railroads urged
haste; testimony will be taken in other cities also, President of the American Institute of Finance James R. Bancroft, calls rise a vital need. N. Y,
"Times" July 24. p. 25.
Eastman Attacks Railroads' Views.
-Examining F. R. Dick, he challenges
argument that rate rise would aid recovery; cites big jump over 1916;
Commissioner Eastman points out charge would be 72% higher, while
commodity prices are lower. N. Y. "Times" July 21, p. 28.
Rates on Livestock Revised by the 1.-S. C. Comintssion.-Action is taken
as railways argue at.hearing for 15% general interest: some rates uP,
some down; raised 10% in West, where 40% of cattle and 60% of hogs
are produced; 6% cut for Southwest; Mountain-Pacific territory also gets
1.75% reduction Commissioner Porter dissents. i%T. Y."Times" July 18,
p. 19.
Locomotives in Need of Repairs.
-Class I railroads of the country on
July 1 had 5,938 locomotives in need of classified repairs or 10.9% of the
number on line, according to reports just filed by the carriers with the Car
Service Division of the American Railway Association. This was a decrease of 139 locomotives below the number in need of such repairs on June
15, at which time there were 6,077 or 11.2%. Class I railroad on July 1
had 9,394 serviceable locomotives in storage compared with 9.639 on
Juno 15.
Freight Cars in Need of Repairs.
-Class I railroads on July 1 had 172,776
freight cars in need of repairs or 7.9% of the number on line, according to
the Car Service Division of the American Railway Association. This was
a decrease of 29 cars below the number in need of repair on June 15, at
which time there were 172,805 or 7.8%. Freight cars in need of heavy
repairs on July 1 totaled 122,779 or 5.6%, an increase of 621 compared
with the number on June 15, while freight cars in need of light repairs
totaled 49,997 or 2.3%, a decrease of 650 compared with June 15.
Matters Covered in the "Chronicle" of July 18.-(a) Gross and net earnings
of United States railroads for the month of May. p. 355;(b) I.
-S. C. Commission begins hearings on petition of railroads for 15% advance in rates
carriers point to decade of dwindling income-life insurance and savings
bank heads say increase is needed to guard investors, p. 387; (c) I.
-S. C.
Commission values railroads at 321,691,000,000 as basis for rates
-a
figure 33,000.000,00 above that of 1920 is set for hearing on 15% rise
employers only 1,487,730 in 1930 against 2,032,832 in 1920
-steady drop
in passengers noted, p. 388.
Akron Canton & Youngstown Ry.-Omits Dividend.
-
The directors recently voted to omit the quarterly dividend ordinarily
paid about July 1 on the capital stock. From Oct. 1 1925 to and incl.
April 1 1931, the company made regular quarterly distributions of $4
per share.
-V. 132. P. 2576.
Boston & Albany RR.
-Paymentfor Use of South Station.
The Department of Public Utilities (Mass.) has found that the proportionate use of the South Union Station, Boston, and facilities be fixed as
70% of use by the New Haven and 30% of use by the New York Central as
lessees of the Boston dc Albany. This use is the basis of payments for administration, maintenance and operation of the terminal. Former percentages were 72% for the New Haven and 28% for the Boston S: Albany.
-V. 131, p. 472.
Chicago Great Western RR.
-Car Loadings.
Showing an increase in weekly carloadings for the first time this year
over a similar period in 1930, as well as an increase over the preceding week
of 1931,the company reports total car loadings for the week ended July 18
of 6,745 cars, as against 6,508 in the same week last year, an increase of
237 cars, according to Acting President Patrick H. Joyce. This total also
compares with 6,020 cars handled in the preceding week ended July 11 this
year, an increase of 725 cars. Increases were largely the result of increased
shipments of grain and oil, Mr. Joyce stated. Operating results of the road
for June, to be ready in the next few days, are expected to show the same
relative increase in net income that has been reported in previous months.
V. 133, p. 476.
-To Build New Branch.
Consolidated Railroads of Cuba.
Announcement was made July 23 that the company has entered into a
contract for the construction of a new branch line which will connect its
main line with the properties of the Cuban Manganese Corp., in which the
Freeport Texas Co. recently acquired a controlling interest. The company's manganese deposits, which are extensive, are located near Cristo.
16 kilometers north of Santiago on the Cuba RR. mainline.
Cuba Mining Corp. proposes to immediately develop and operate the
manganese deposits and other materials and by-products which will further
diversify the road's traffic, not mentioning the materials and supplies which
are to be transported to the properties.
E. L. Norton, President of Cuban Manganese Corp. recently announced
the company plans to erect a plant on the property capable of treating 1,000
tons of ore daily by a new patented process recently perfected by engineers
of the company in collaboration with the B. F. Goodrich Co. It was also
pointed out that inasmuch as 92% of the 750,000 tons of manganese ores
annually used in the United States comes from Russia, the Cuban development provides a nearby supply for the American steel industry.
The Cuban Manganese Corp.13 concentration plant under its initial
program will reduce the 1,000 tons of ore to 300 tons of concentrates.
Based upon this estimate Cuba RR,expects to handle approximately 125.000 tons of freight during the first year of operation, excluding the hauling
of fuel aud other supplies. Estimated gross revenues to the railroad for
the first year are placed at $172,000 and for the second year at $275,000.
-V. 132, p. 4233.
Denver & Rio Grande Western RR.
-Files Acceptance
of Salt Lake Plan.
The company July 18 filed with the 1.-S. C. Commission acceptance of
the conditions laid down by that body in authorizing it to purchase the
Denver & Salt Lake RR. The conditions fixed by the Commission were
that the so-called Dotsero cut-off be constructed and that the road purchase any outstanding stock offered at not more than $155 a share.
The agreement provides that the Salt Lake shall transfer to the Denver
& Rio Grande ownership of the Western company organized to construct
the Dotsero cut-off.
The Denver & Rio Grande agrees to have the Western company spend
not less than $3,500,000 in constructing the cut-off, which, though only
42 miles in length, will reduce the distance from Denver via the Denver
& Rio Grande Western to the Pacific Coast by about 150 miles.
The agreement provides that the Salt Lake shall continue to pay the
rentals for the Moffat Tunnel, but that the Denver & Rio Grande Western
shall reimburse the Salt Lake for half of this cost. The Denver & Rio
Grande also agrees to pay $300,000 annual rental for use of joint property
not including the Moffat Tunnel.
It also is agreed that the Salt Lake will spend not to exceed $1,250.000
for additions and betterments. Lengthening of passing tracks is necessary
and new rails of 100 pounds or more to the yard will be laid in some sections
of the line which now have only 902=2
-
Great Northern Ry.-President Budd Issues Statement on
Crop Situation.
-
Ralph Budd, President, on his return from a trip through the Northwest
Boston 8c Maine RR.
-Air Service Planned.
Roston-Maine Airways, Inc., a new aviation subsidiary of the Boston & is quoted as saying:
"Forage crops for livestock in western North Dakota and eastern MonMaine RR. and the Maine Central RR., will inaugurate an air passenger
service between Boston, Portland, Rockland and Bangor on Aug. 1, ac- tana were much benefited by recent rains, but the moisture came too late
cording to an announcement made on July 20. The new company will to save the grain crop.
"Generally speaking, the grain crop from Minot, N.D.,to Havre, Mont.,
operate under an agreement with Pan American Airways Co., a subsidiary
of the Pan American Airways Corp. Daily service will be continued to was burned up before the rains came. From Minot east to St. Paul crops
are in fair condition.
Sept. 30 this year. The line will be equipped with 12
-passenger, tri-motor
"The livestock industry in the Minot to Havre area will benefit materially
planes, equipped with radio.
The Boston-Maine Airways, Inc., will have a board of directors, which from the late rains, which have so stimulated growth of forage feeds that it
includes Morris MacDonald (President of the Maine Central RR.), and now appears foundation dairy and beef herds can be kept and fed on their
E. S. French (President of the Boston & Maine RR.); P. M. Payson of home ranges.-V. 133,p. 117.
Portland, Me., is its President; Laurence F. Whittemore (general represeniotecti
3=Jacksonville Gainesville & Gulf Ry.-tr-tative of the Boston & Maine RR), Vice-President; Arthur B. Nichols
(Vice-President of the Boston & Maine RR.), Clerk; W. S. Trowbridge mittee.Vice-President of the Boston & Maine RE.). as Treasurer, and W. 0.
At the request of a large number of bondholders Robert I. Curran,
Wright(Passenger Traffic Manager of the Boston & Maine RR.),as General Chairman, (Vice-Pres.. Hibernia Trust Co.) and S. A. Traugott (President,
Traffic Manager.
-V. 133, p. 116.
Liftman Corp.),have consented to act as a protective committee for the
purpose of looking out for the interest of the holders of the first mortgage
Canadian National Ry.-Cuts Salaries 10%.
2.5-yr. 6% bonds. due 1951, interest on which was not paid on April 1 1931.
Bondholders are requested to deposit their bonds with the Hibernia
Announcement of a reduction affecting all salaries in excess of 33.600
Y.
per year. during the next ten months from Aug. 1, was made July 22 by Trust Co., depositary. 57 William St., N.be City, on or before Sept.
accepted except subject to
Henry W. Thornton, Chairman and President. The resolution passed 12 1931, after which time no deposits may
Sir
the committee may impose.
by the board of directors follows: "Resolved,that all officers and employees, such penalties and conditions as N. Y.
T.
City, is secretary of the committee
those whose rates of pay and working conditions are governed by scheduled and L. Wollner, 42 Broadway,
Paskus, Gordon & Hyman, 2 Rector St., N. Y. City, are counsel.
agreements, earning In excess of $3,600 per annum shall be reduced by 10%
This line
for a period of 10 months from Aug. 1 1931. At the expiration of this terminals inis part of the Seaboard Air Line system. It owns valuable
Gainesville and feeds much long-haul business to the Seaperiod the reduction herein included shall be restored unless the board board
Air Line system.
-V. 133. P. 476.
otherwise orders.
"Be it further resolved, that no salary in excess of $3.600 per annum
Maine Central RR.
shall, by virtue of such reductions, be reduced below $3,600 per annum."
-Air Service Planned.
--v. 133. p. 476.
See Boston & Maine RR.above.
-V.132, p. 4233.
638
FINANCIAL CHRONICLE
Minneapolis St. Paul & Sault Ste. Marie Ry.—
Abandonment of Branch Line.—
The I.
-S. 0. Commission July 8 issued a certificate authorizing the
company to abandon its so-called Hollister branch, which extends from
Hollister in a northeasterly direction to Camp No. 5, a distance of 3.42
miles, all in Langlade County, Wis.—V. 133, p. 476.
New York Central RR.—Increase in Commutation Fares
Postponed.—
Criticizing the methods employed by the company in presenting its
application for a 40% increase in commutation rates, the New York P. S.
Commission July 23 adopted an opinion written by Chairman Milo R.
Maltbie in which the company is instructed to submit additional testimony
in behalf of its application.
This move on the part of the Commission is seen as an attempt to forestall an appeal by the road to the courts, which had been threatened in
case the application had been denied on the grounds of insufficient testimony. The present rates will continue in force for another three months
while the railroad decides whether or not it desires to take advantage of
the Commission's offer to receive additional information.
It is recalled that after the company concluded the presentation of its
case several months ago a motion was made by Charles G. Blakeslee,
Counsel for the Commission, representing opponents of the increase,
asking that the application be refused on the grounds ofinsufficient evidence.
The various cities and organizations objecting to the increase have not
yet presented their case, and, according to the Commission's decision as
adopted July 23, they will not be required to do so until the company has
provided the additional testimoney asked of it.
An examination of Chairman Maltbie's opinion reveals that it is not
additional data which the Commission is asking for, but the presentation
of existing data in a new form, which will more accurately reflect commutation conditions.
According to Chairman Maltbie,"the attitude of the company suggests
a lack of confidence in their statistical data or the existence of other important considerations not frankly admitted."
If it is clear," he stated,"that the company has not sustained the burden
of proof, it should be so informed at this time."
Officer Approved.—
-S. C. Commission has authorized William J. Fripp to hold the
The I.
pmItion of Vice-President of this road and also to act as a director of the
Owesco River By., an affiliated company.9—V. 133, p. 476, 282. 279.
New York, New Haven & Hartford RR.—Savings Banks
Oppose New England Rail System—Executive Committee of
Massachusetts Body Favors Trunk Line Extension—Attitude
Contrary to Governor's Committee Report.—
The mutual savings banks of Massachusetts July 16 adopted a definite
pIan of relief for the New England railroads. At a meeting held in
Boston, Myron F.Converse,chairman of the special committee of the State's
savings bankers and president of the Worcester Five Cents Savings Bank,
presented a detailed study of consolidations, as they affect that territory.
The report, adopted in whole by the executive committee of the savings
bankers, recommended as follows: "1. We believe—contrary to the general tenor of the report of the New
England Governors Railroad Committee—that the interests of New England
would be best served by a complete extension through its territory of the
proposed four-party trunk lines system of the North Atlantic States. This
extension in substance would encourage the control by the Pennsyvinaia
RR. of the New Haven system.
"2. The Baltimore & Ohio RR.should enjoy access by rail to the port of
Boston.
-Nickel Plate should enjoy entry into
"3. The Chesapeake & Ohio RR.
New England over Boston & Maine RR.lines.
"4. The New York Central RR.and the Canadian railways including the
Canadian Pacific Ry.should continue to enloy their present privileges.
"We arrive at these conclusions believing that New England industrially
would be better stabilized through such competitive service, and that the
credit of New England railroads would be strengthened through the proposed combinations."
The committee is composed of: Myron F. Converse, Chairman; Edward
S. Rogers (Treasurer, Lee Savings Bank); Alfred H. Hastings (Treasurer,
Springfield Institutiion for Savings); William A. Dupee (Treasurer, Provident institution for Savings), Boston, and Roger F. Nichols (Treasurer,
Lynn Institution for Savings).
Mr. Converse said that it was of paramount importance to provide the
New England lines with proper outlets.
"In my opinion New England could suffer no worse disaster than to hold
an isolated position in our transportation," he said. "The viewpoint that
would maintains so-called 'New England system' is out of date. If there
is one thing we should guard against more than any other it is the viewpoint
of Isolation. That applies to a great deal more than transportation, but
It is especially true of our railroads.
"By all means let us have a close connection—just as many connections
as we can get—with the big national trunk lines. We have passed the day
when New England roads should be thought of as ours alone. They really
are a part of the great national transportation arteries and belong to the rest
of the country Just as fully as they belong to us. By the same reasoning,
we have equal claims upon the national rail systems and a right to share in
all the privileges of their operation.
"We have made a check to ascertain the extent of holdings of Massachusetts savings banks in bonds of the New Haven and its subsidiaries, and
find that these banks have $35,101,000, or 13.% of their total assets invested in these bonds. Other New England banks, together with New
England insurance companies hold $28,001,000 more, making a total interest of $63,102,000 in bonds of the New Haven.
"We have also inquired into the extent to which the New England institutions are interested in New Haven stock. While Massachusetts savings banks have none of this stock, we find that a considerable amount is
held by other instituional investors in New England and elsewhere.
"These stock investments, which amount to $3,022,600 for New England,
and $4,830,000 for other parts of the country, a total of $7,852,600, would
be seriously menaced by any wholesale divestment by the Pennsylvania.
Such divestment might also have a confusing effect on the bonds of other
New England railroads. Massachusetts savings banks hold $74,443,000
bonds of New England railroads.
"Massachusetts savings banks have $249,499,321, or over 10% of their
total assets, invested in railroad bonds, and they have of this amount
$74,443.000 or over 3% of their total assets invested in bonds of New England roads. This will indicate the interest which they have in the enforced
unloading of New Haven stock by the Pennsylvania.
..We recommend that earnest thought and consideration be given this
matter by those in authority so as to prevent any undue disturbance to the
vast railroad holdings of Massachusetts savings banks and other New England investing institutions.
"With respect to the Boston & Maine, the Boston Holding Co., all of the
voting stock of which is owned by the New Haven, owns 273,863 shares, or
Corp. owns
26.41% of all voting stock outstanding. The Pennroad New Haven
183,2183 shares, or 17.68%. The combined holdings of the
of the Boston &
and the Pennroad amount to 44.09%, or practical control,New Haven apin the
Maine. Since the ownership of the
proaches working control, the Pennsylvania is in a position to influence, if
dominate the policies of the Boston & Maine.
not to
"We have disagreed with the Pennsylvania RR.'s proposal that the
the merged system be
Boston & Maine and New Haven be merged and recommendation of the
turned over to it. We have also disagreed with the
majority of the governors'committee that the two roadebe merged free from
Pennsylvania influence. We are of the opinion that the Boston & Maine
should be separated from the Pennsylvania and allocated to an Eastern
trunk line which would furnish real competition to the Pennsylvania-New
Haven combinations.
"The Pennsylvania RR.owns no Boston & Maine stock, but secures its
and
influence over that road through the holdings of the Pennroad Corp The
through the Boston Holding Co., which is owned by the New Haven.
Chesapeake & OhloNikel Plate system had expressed itself as being willing
to take over these holdings, and such action would, of course, prevent any
disruption of the securities market and loss to security owners. We believe the Pennsylvania should be given permission to acquire full control of
the New Haven on condition that it turn over to the Chesapeake & OhioNickel Plate system the Boston & Maine stock now held by the two holding
companies mentioned.
We have been struck by the outstanding aggressiveness of the two
newer trunk line systems proposed in Eastern territory. The Baltimore
[VOL. 133.
& Ohio has made a remarkable record of operations during the past decade,
and the Chesapeake & Ohio-Nickel Plate, by persistent effort, has built up a
system which not only has lifted its component parts out of their former
financial difficulties but has made them profitable. These two systems are
extremely vigorous and energetic.
"New England,in our opinion, has much to gain by injecting this youthful
spirit into its railroad structure. Industries and ports of New England undoubtedly would profit considerably from the new facilities which would be
inspired by the agressiveness and keen competition which would be furnished
by these newer systems.—V. 133, p. 282. 117.
Norfolk & Western Ry.—Cut-Off Line Approved.—
The I.
-S. C. Commission has authorized the company to construct a
3
-mile cut-off lino in Pike County, Ky., and Mingo County, W. Va.,
estimated to cost $725,000. The cut-off will begin at a point near Devon,
W. Va., on the Knox Creek Ry., which the Big Sandy operates, and will
connect with the main line of the Norfolk & Western about two miles east
of Devon. The existing line of the Knox Creek By., which is to be superseded by cut-off llne, is unsuited for the handling of the large tonnages,
principally coal, expected to be developed on the line of the Big Sandy.
—V. 133, p. 117.
Oregon Short Line RR.—Abandonmen of Branch Line.
The I.
-S. C. Commission July 10 issued a certificate authorizing the
company to abandon its so-called Conroy branch, which extends from a
point near Moyer Junction in a southerly direction to Conroy, 1.94 miles,
all in Lincoln County, Wyo.—V. 131. p. 3041.
Paris-Lyons-Mediterranean RR.—Bonds Drawn for Redemption.—
Kuhn,Loeb & Co. as fiscal agents, have notified holders of 6% external
sinking fund gold bonds, due Aug. 15 1958, that $568,000 principal amount
of the bonds have been drawn by lot for redemption at par on Aug. 15
1931. Bonds so drawn will be paid upon presentation and surrender, with
subsequent coupons attached, at the office of Kuhn, Loeb & Co., 52
William St., or at the office of the National City Bank of New York. on
'or after Aug. 15, after which date interest on the drawn bonds will cease.
—V. 131, p. 625.
Pennsylvania RR.—Increases Container Car Service.—
With the inauguration this week of new freight rates for container car
service, the company announced that the number of points on its lines
where such service is available would be doubled and that more than
3.000 new steel containers would be placed in service to take care of shipments under the new tariff.
Revised rates for merchandise shipments in steel containers having a
capacity of 10,000 pounds each were recently authorized by the I.
-S. O.
Commission, effective July 20.
The Pennsylvania Railroad began experimenting with merchandise
containers about three years ago. The containers are approximately seven
by nine feet in size and eight feet high, with a cubical content of 440 cubic
feet. Flat cars, equipped for the purpose, carry five and eight of these
containers with a possible capacity carload of 25 to 40 tons.
Shippers have found the containers of immense advantage in loading
small lots of merchandise not requiring the use of an entire car. Widespread demand for additional shipping points and more equipment resulted
in a recent order by the Pennsylvania RR. for 3,250 new containers at a
cost of $1,500.000. These containers are now ready for service.
The present service offered by the Pennsylvania Railroad is operated
between the New York metropolitan area and the principal points east of
Pittsburgh, as well as Pittsburgh. Cleveland and Buffalo. Additional
schedules will provide service between these points and the following cities:
Akron, 0., Chicago. Columbus, Dayton, Detroit, East St. Louis, Indianapolis, Grand Rapids, Mich., Louisville, Ky.. and Toledo.
Shipments by container is considerably speeded up through elimination
of sorting packages at freight transfer stations These containers can be
oaded by the shipper at his warehouse, trucked to the railroad station
and transferred to the railroad car by crane and likewise unloaded at
destination and trucked bodily to the door of the receiver.—V. 133. p. 477.
Richmond Fredericksburg & Potomac RR.—Recapture
Order Ignored.—
This company has failed to remit to the L-S. C. Commission the $696,705
which the Commission on April 7 ordered it to pay to the "general railroad contingent fund" within 90 days as representing the balance due ofonehalf the amount by which the Commission found that its net railway
operating income for 1922 and 1923 exceeded 6% on the value of its property
as determined by the Commission. It was also stated at the office of
the Commission that no application had been received from the company
for any extension of the date to allow for litigation and this is taken to
mean that the company intended to place on the Commission the burden
of suing for the money and of justifying its calculations of value and income. instead of itself applying for an injunction against the Commission's
order in the way that the St. Louis & O'Falion did. The R. F. & P.
case represents the only one since the O'Fallon in which the Commission
has issued a final recapture order. In it the Commission adopted a revised method of figuring value, taking into consideration estimates of
both original cost and cost of reproduction, less depreciation (Railway
Age).—V. 132, p. 3333.
St. Louis-San Francisco Ry.—New Director.—
Frank C. Rand of St. Louis. Mo., has asked the L-S. C. Commission
for authority to act as a director of the St. Louis-San Francisco By. to
which position he was elected on July 1. The applicant now is a director
of the Big Four railroad. He is also Chairman of the International Shoe Co.
President Kurn Sees Year's Upturn in Earnings Coming
This Month.—
The company should earn its preferred dividend this year and $1 to $2
on the common if business conditions continue to improve, J. M. Run,
President, is quoted as saying in a press dispatch from Chicago.
General business along the lines of the road are on the upward trend, he
said. With the exception of the lumber crop conditions are very good, he
declared.
"Weather conditions so far, with cheapness of labor and willingness of
farmers to work,should enable them to raise a very cheap crop as compared
with other years," Mr. Run declared.
"The Frisco is receiving full benefit of oil production of wells brought in
on their rights of way, but proration rules of Oklahoma hold wells to 12
hours run out of each month. Well No. 3, brought in recently, must be
closed fcn• 65 days and the road will not receive any benefit from it until
August."
The upturn in earnings always begins in July, Mr. Earn pointed out,
and his year is expected to prove no exception. With the small stock
capitalization of the road and the management's firm control over expenses,
any increase in gross would be sharply reflected in per share earnings.—
V. 133, p. 282, 117.
Seaboard-All Florida Ry.—Listing of Certifs. of Deposit
for 1st Mtge. 6% Gold Bonds.—
The New York Stock Exchange has authorized the listing of certificates
of deposit of Bankers Trust Co. representing $25,000,000 1st mtge. 6%
gold bonds, series A, due Aug. 1 1935. and $2,000,000 1st mtge. 6% gold
bonds, series B, due Aug. 1 1935, on official notice of issuance.—V. 132,
p. 1027.
PUBLIC UTILITIES.
Alabama Water Service Co.—Earnings.—
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.—V. 132. p. 4585.
Amarillo (Tex.) Gas Co.—Reduces Rate, &c.—
Acceptance by the City Commission of the offer of this company to
reduce its natural gas rate to 27 cents per 1,000 cubic feet has ended the
City's fight against the company and has caused rescinding of the former's
resolution to institute prqceedings to condemn the local distributing system
of the company. The City Council had progressed to the point where it
had contracted with the J. M. Huber Petroleum Co. for the purchase of
gas delivered at the City gates, for 5 cents per 1.000 cubic feet, the gas
to be retailed through the proposed municipal distributing system at 221
cents per 1,000 cubic feet. Under terms of the agreement, the Amarillo
Gas Co. has purchased the pipe line of the J. M.Huber Petroleum Co. for
JULY 25 1931.1
FINANCIAL CHRONICLE
639
-V.99. of these bonds have been designated by lot for redemption on Sept. 1 at
$140,000 and will purchase gas from the company for a limited time.
105 and int. Drawn bonds will be paid at the office of the trustee, 70
p. 1750.
Broadway, N. Y. City, on and after Sept. 1, all future interest ceasing
-Power with the coupon due on that date.
American Water Works & Electric Co., Inc.
-V. 120, p. 954.
Output.
The power output of the electric subsidiaries of the company for the
month of June totaled 140,223.887 k.w.h. against 148,950.441 k.w.h.
the
for the corresponding month of 1930. For ' six months ended June 30
1931, power output totaled 872,682,664 k.w.h., as against 959,520.153
-V. 132, p. 4585.
k.w.h. for the same period last year.
Appalachian Gas Corp.
-Subs. Increases Capitalization.
The Monroe Consolidated Gas Co.. a 100% owned subsidiary, has inereased its capitalization to 110,000 shares of no par stock from 10,000
-V. 132. P. 4756.
common shares.
Arkansas Power & Light Co.
-Bonds Offered.
-Chase
Harris Forbes Corp., W. C. Langley & Co., Bonbright &
Co., Inc., The First National Old Colony Corp., Tucker,
Anthony & Co. and John Nickerson & Co. are offering at
100 and int. an additional issue of $2,000,000 1st & ref.
mtge. gold bonds 5% series of 1956. Bonds are dated
Oct. 1 1926.
Issuance.
-Subject to authorization by the Arkansas Railroad Commission.
Data from Letter of L. H. Parkhurst, Vice-Pres. of the Company.
-Company supplies electric power and light service, through
Business.
extensive transmission and distribution systems aggregating 4,058 miles,to a
large part of the State of Arkansas. Among the 212 communities supplied
with electric power and light service in the agricultural,industrial and minitg
regions served by the company are Little Rock, Pine Bluff and El Dorado.
Company also owns and operates transportation systems in Little Rock
and Pine Bluff and class some natural gas, steam heating, water and ice
business. The total population in the territory served is estimated at
370,000.
Capitalization Outstanding Upon Completion of Present Financing.
Common stock (no par value)
1,000,000 ehs.
$7 cumulative pref. stock (no par)
96,132shs.
$6 cumulative pref.stock (no par)
*46,291 shs.
1st & ref. mtge.gold bonds 5% series due 1956 (incl. this issue) $35,000,000
Underlying divisional bonds (mortgages closed)
x2,214,500
* Not including 3,709 shares held in treasury. x In addition $2,112.000
underlying divisional bonds of these issues arc held by the trustee under
the first refunding mortgage and 5887.500 are held alive in sinking funds
and $22,000 have been reacquired.
Purpose.
-Proceeds will be used to reimburse the company for property
additions and acquisitions, and for other corporate purposes.
Earnings 12 Months Ended June 30 1931.
Gross earningsfrom operation
$8,579,267
Operating expenses, maintenance and taxes
4,645,968
Net earningsfrom operation
$3,933,299
Annual int. on $37,214,500 bonds to be outstanding with the
public (incl. this issue)
1,873,050
Balance for other interest. depreciation,&c
32.060,249
Net earnings as above over twice the above annual interest charges.
Of the gross earnings as shown above for the 12 months ended June 30
1931, approximately 78% was derived from electric power and light service,
8% from transportation service, 7% from water service and about 7%
from natural gas and miscellaneous business.
Security.-13onds are secured by a first mortgage on the major portion
of the company's physical property,and by a direct mortgage on the remainder of its physical property, subject to three closed issues of underlying
divisional bonds. Only $2,214,500 of these underlying divisional bonds,
all of which mature on or before April 1 1938 are now outstanding with the
public. The mortgage provides for the issuance of additional bonds upon
conditions therein stated and contains provisions permitting modifications
with the assent of the holders of not less than 85% in aggreggate principal
amount of the outstanding bonds.
Supervision.
-Company Is controlled through ownership of all of its
common stock (except directors' shares) by the Electric Power & Light
Corp. Electric Bond & Share Co. supervises (under the direction and
control of the boards of directors of the respective companies) the operations of the Electric Power & Light Corp. and the Arkansas Power & Light
-V. 132, p. 489.
Co.
Associated Public Utilities Corp.
-Sells Three Water
Supply Systems in California.
See California Water Supply Co. below.
-V.132, p. 2189.
Associated Telephone Utilities Co.
-Acquisition.
-
Company has acquired Home Telephone Co., Ltd., of Genesee, Ida.
The new property is near territory already served by the Associated system.
Permission has been granted to Associated Telephone Co., Ltd., to acquire
the properties of other operating units of the system in California. This
represents a further step in the system's program of consolidation of
operating properties within State areas.
-V. 133, P. 477.
Bell Telephone Co. of
pleted.-
Canada.
-Another
Link Com-
Another link has been completed in the trans-Canada telephone system,
with completion of the loop connecting this company and the Manitoba
Government Telephone System. The final link, between Vancouver and
Winnipeg, may be completed by December. The all-Canada system will
eliminate the necessity of routing coast-to-coast calls through United States
centres, at certain points.
-V. 132, p. 1615.
Brooklyn-Manhattan Transit Corp.
-New Wage Plan.
The company issued the following general statement.
"The existing two-year arrangement with employees of the B. M. T.
system with reference to wages and working conditions expires in August
of this year, and the arrangement for the coming year has been under
discussion with the representatives of the respective groups of employees
during the last three or four weeks, and a definite understanding has been
reached with practically all of the groups of employees, including motormen, both on rapid transit and surface lines.
The arrangement agreed upon with the representatives with reference
to employees now in service involves no reduction in the hourly rate of
wages for the respective classes of work, but changes have been made in
working conditions so as to change the regulation with reference
allowance, reducing maximum bonus allowance and also reducing to bonus
for
classes of employees the hours worked per day and hours worked per some
week
so as to continue to furnish employment to as many employees as Possible.
"At present surface car motormen receive 65 cents an hour and trainmen
on the subway and elevated lines 60 cents an hour. They receive the $5
bonus for each 30 days of operation unmarred by accident. The halving of
this bonus, It was estimated, would cut the wages of all motormen, trainmen and conductors, excluding subway and elevated motormen, by one
cent an hour."
The new wage policy will affect about 10,000 men. The entire schedule
of wages and hours, upon which the new policy will be based, will be incorporated in a new one-year agreement to supersede the two-year contract
which will expire on Aug. 1.
The basic eight-hour day is to be retained, but several classes of
ployees will have their working time cut several hours a week, it was emunofficially reported. The company, it was said, had made it clear to representatives of the men that reduced hours offered the only alternative to
laying off a large number of employees.
The subway and elevated motormen do not belong to the general company union, but are, for the most part, members of the Brotherhood of
Locomotive Engineers. Their agreement with the company, it is understood, will not be affected by the new policy.
-Acquires Three Water
California Water Service Co.
Supply Systems.
This company, a subsidiary of the Federal Water Service Corp.. has
purchased three water supply systems in California, it was announced this
week. The companies, acquired from the Associated Public Utilities Corp..
are the Pacific Water Co., which serves the towns of San Mateo, South
San Francisco Hillsborough and Lonita Park, all situated in San Mateo
County: the Lim Altos Water Co. which operates in Los Altos, Santa Clara
County; and the San Carlos Water Co. serving San Carlos in San Mateo
County. The combined population of these communities is about 27.000.
Distribution systems of the three companies total 137 miles of mains which
supply over 6,400 customers, the average daily consumption being nearly
3,000,000 gallons. Water is derived principally from wells, although the
Pacific and San Carlos companies obtain a part of their supply from the
San Francisco Water Department. For the 12 months ended Feb. 28 1931.
combined gross earnings of Pacific Water Co., San Carlos Water Co.. and
Los Altos Water Co. amounted to $342,940. With the acquisition of these
properties, California Water Service Co.'s distribution system, comprising
1.027 miles of mains, serves communities having a total population of over
278.000, the average daily consumption exceeding 40,000,000 gallons.
Earnings.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 132, p. 4586.
Canadian National Electric Rys.-Not To Pay Interest.
Holders of 435% first mortgage debenture stock of Toronto Suburban
Ry., will not receive the interest due at this time. The British Empire
Trust Co., Ltd., trustee for the Toronto Suburban Ry. 4;5% mortgage
debenture stock, have notified shareholders to this effect. Their letter
follows. "We regret to inform you that the Canadian National Electric
Rys. has notified us as trustee for the holders of the above stock that they
are unable to provide the interest due on the stock. The position is being
investigated, and a further communication will be made in due course:*
-V. 120, p. 954.
Central Maine Power Co.
-Chase,
-Bonds Offered.
Harris Forbes Corp.; Coffin & Burr. Inc.; Hill, Joiner & Co.,
Inc.; and the N. W. Harris Co., Inc. are offering at 10
and int. an additional issue of $2,000,000 1st & gen. mtge.
gold bonds, series E,43%. Dated Dec. 1 1927; due Dec. 1
1957.
Issuance subject to authorization by the Maine Public Utilities
Commission.
Data from Letter of Walter S. Wyman,President of the Company.
-Company's hydro-electric plants, transmission and distribuCompany.
tion lines serve 171 cities and towns and more than 400 industrial establishments manufacturing over 150 different products, in 13 of the 16 counties
in Maine.
The strength of the company's position, In a section widely known for
its textile, paper, shoe and ship-building industries, is established by its
ownership of developed water power plants which together with three units
of the Wyman Station at Bingham, two of which units are already in
operation, will have an aggregate installed capacity of 171.378 h.p. and
its control of over 150.000 h.p. of undeveloped hydro-electric sites located
on the principal power streams of the State. The hydro-electric installations are supplemented by a steam station of 10.000 h.p. capacity, owned
by the company and the entire system is interconnected by 994 miles of
transmission lines. The company also owns gas systems serving Rockland,
Waterville, Augusta, Gardiner and Bath.
Purpose.
-Proceeds will be used to reimburse the company's treasury for
the retirement of $1,550.000 series C 5;5% bonds, due 1949 and for other
corporate purposes.
CapitalizationAuthorized. Outstanding.
Common stock
$5,000,000 32,500,000
6% cumulative
660.800
Preferred{7% cumulative
x25,000,000 i11,444,900
7,463,000
Series stock ($6 dividend series)._
First and general mortgage: z
Series B 6%.due 1942
811,500
Series D 5%. due 1955
12.750,000
Series E 4;57.. due 1957. (Including this isue)
9.000,000
First mortgage 5%, due 1939
4,171,000
closed
Other divisional lien bonds
y
175,000
5 Closed (except for deposit with trustee under the first and general
,
mortgage) by company's covenant in latter mortgage.
z Limited only by the conservative restrictions of the mortgage.
x All classes preferred stock.
The above does not include $7,500,000 of notes junior to preferred stock
which represent permanent advances on the part of New England Public
Service Co. These notes by resolution will not be called for payment
except as payment is made in common stock as same may be authorized
from time to time.
Earnings Year Ended May 31.
1931.
1930.
Gross earnings
$5,021,723 $5.496,729
Operating expenses incl, maint. and taxes, other
than income taxes
*2.103,489
2,041,338
Net earnings
$2,918,234
Annual interest charges on $26,907,500 funded debt
33.455.391
1,308,490
Balance for reserves, income taxes, depreciation and dive-- $2,146,901
• Gives effect to $102.812 deduction on account of power charges against
reserve heretofore provided for that purpose.
Depreciation charge for 12 months ended May 31 1931 was S428,231.
Security.
-Secured by a first mortgage upon a very substantial part of
the Bingham Development, including the power house and the principal
part of the new Wyman Dam, and upon the electric and gas properties in
Rockland. Thomaston and Camden, together with certain local distributing systems in other communities, which mortgage is also a lien upon the
remainder of the Bingham Development and all other physical property of
the company, subject only to $4.171.000 first mortgage (now closed) and
$175,000 other divisional lien bonds.
The depreciated reproduction value of the entire mortgaged property.
with no allowance whatever for rights, franchises or undeveloped water
powers, largely exceeds the total bonded debt of the company.
Management.
-Corporation is a part of the Middle West Utilities System.
-V.132, p. 4757.
-Subs. Inc.
Central & South West Utilities Co.
Output.
An increase of 22.5% in output of electric energy for June 1931 over
June 1930 for the company's subsidiary serving east Texas and sections of
Arkansas and Louisiana is announced by President James 0. Kennedy.
An increase of 5.7% for the same period was also noted by another
subsidiary serving south and southwest Texas.
Chief reasons for these gains, according to Mr. Kennedy, are the increased demand for power in the new east Texas oil field and surrounding
territory, and the gain in demand for power to serve ice plants and Irrigation. Ice sales for June 1931 in the territory served by the entire Central
& South West group showed a substantial gain over June 1930.
Output of these two companies has been the greatest for the month of
-V.132.
June In the entire history of either company, Mr. Kennedy said.
p. 4757.
For Income statement for month and 12 months ended June 30. see
"Earnings Department" on a preceding page.
-V. 132. p. 4586.
-Earnings.
Chester Water Service Co.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 132. p. 4586.
Chicago Local Transportation Co.
-Progress of the
Reorganization and Consolidation Plan of the Chicago Traction
Companies During the First Six Months of 1931.
-
The Central Hanover Bank & Trust Co.,as trustee, announces to holders
-year gold bonds, series A. that $39,000
of 1st mtge. 5% sinking fund 40
Edwin L. Lobdell of Edwin L. Lobdell & Co., Inc., Chicago, has issued a circular outlining the progress of the reorganization and consolidation plan so far in 1931. He says:
Earnings.
California Electric Generating Co.
-Bonds Called.
-
640
FINANCIAL CHRONICLE
"Owners of Chicago Traction Securities and others contemplating
Investment in the securities of the new transportation company may be
interested in the following developments of the Chicago Traction reorganization and consolidation plan.
"(1) The time in which the ordinance can be accepted has been extended to Jan. 31 1932.
(2) Quo warranto proceedings to establish the validity of the ordinance
'
have been filed by the Attorney-General of the State of Illinois and the
State's Attorney of Cook County, and are now being heard in the Circuit
Court of Cook County. •
The ordinance provides that the new company must acquire title to
all of the properties before it can be accepted. Title to the surface line
properties can only be acquired by Purchase at foreclosure sale, which
Is held up pending the decision in the quo warranto suit. The decision
in the lower court in the quo warranto case will be appealed to the Supreme
Court of the State for adjudication. No final decision is expected before
the October tenn and possibly not until the December term of court.
"(3) Another suit has been filed in the Superior Court which has delayed the reorganization plan. Its sponsors are apparently trying to
prove
"(a) That the 'terminable permit' is in fact a perpetual franchise.
which is prohibited by the Constitution of Illinois.
"(b) That the commission to be appointed by the Mayor of Chicago
to regulate the conditions of operation of the new company, &c., cannot
legally act for the reason that the territory under which the commission
Is to have jurisdiction extends beyond the city limits.
"(c) Its sponsors are trying to prevent the use of the traction fund
for paying the cost of building a subway by the city.
"A temporary injunction was issued on July 9 restraining the city from
spending money appropriated from the traction fund for the purchase
of land and for construction work in connection with the subway. This
decision, I understand, does not apply to preliminary legal, engineering
and survey work now in progress and the subway program will not be
delayed or hampered during the period of waiting for the quo warranto
decision. If the constitutionality of the transit ordinance and its enabling legislation Is upheld the basis for the injunction will be removed.
'The laws, under which the new franchise was granted to the Chicago
Local Transportation Co., were carefully drawn by the best legal counsel
obtainable, who represented the City of Chicago, the Citizens' Advisory
Committee, the bankers who will be called upon to raise the new capital
and the present transportation companies. Judge Wilkerson of the Federal
Court was also represented by Walter L. Fisher as special counsel.
"It is reported that this legal counsel is agreed that the new ordinance
in all essential points conforms to the Constitution of the State of Illinois
and that its validity should be upheld by the Supreme Court of this State.
"(4) The Chicago surface lines are earning interest charges on first
mortgage bonds by a wide margin. Interest is being paid regularly on
these bonds on Feb. 1 and Aug. 1 of each year by.order of court.
"(5) During the four years ended Jan. 31 1931, while some of the traction properties were operated by receivers, earnings, after payment of
interest on first mortgage bonds, have been nearly $12,500,000 for the
Chicago Railways Co. and about $8,500,000 for the South Side lines.
These earnings have increased the equity of the junior bondholders. The
series A bonds 415,696,500) of the Chicago Railways Co. rank next to
the first mortgage bonds of that company. The Chicago City Sr Connecting bonds ($20,616,000) rank next to the first mortgage bonds of
the companies composing the South Side lines. These increased equities
Indicate that about $800 per bond on the series A and about $400 per bond
on the Chicago City & Connecting collateral trust bonds have been earned.
"The South Side lines include the Chicago City Ry. Co., Calumet &
South Chicago Ry. Co. and the Southern Street Ry. Co. The Chicago
City and Connecting Rys, collateral trust owns all of the capital stock
of the South Side lines, excepting about $900,000 of the Chicago City
Ry:. stock.
'(6) $25,000,000 of new securities have been underwritten, proceeds
to be available as soon as the new company acquires the properties and
is qualified to do business.
'(7) All traction bonds being peat due are sold flat. First mortgage
bonds bought in July will take the 2%% interest payable Aug. 1.
"Under the proposed plan of reorganization the first mortgage bondholders will receive 50% in the new first & refunding 5% 0 bonds,
which will be a first mortgage on the properties of the Surface Lines and
junior mortgage on the Elevated Lines. They will also receive 7% prior
preferred stock of the new company for the remaining 50%.
"As 10% has been paid on the bonds of the South Side lines, the Par
value of these bonds is $900 each.
"As 15% has been paid on the first mortgage bonds of the Chicago Rya.
-V. 132, p. 3712.
Co., the par value of these bonds is $850 each."
-Earnings.
Citizens Water Service Co.
For income statement for 12 months ended May 31 see "Earnings De-V. 132. p. 4586.
partment" on a preceding page.
-Notes Offered.-Halsey,
Commonwealth Edison Co.
Stuart & Co. Inc., are offering at 99.88 and int, to yield
37%, $20,000,000 3% gold notes.
Dated Aug. 1 1931; due July 30 1932. Notes will carry an interest
coupon payable Feb. 1 1932 and interest for the remaining period will
be payable at maturity as stated in the body of the note. Interest payable
without deduction for Federal income taxes now or hereafter deductible
at the source not in excess of 2% per annum. Principal and interest payable at the office of Halsey. Stuart & Co., Inc.. in Chicago and New York.
.
Denom. $1,000, $5,000, $10,000 and $2,5,000c5 Redeemable as a whole
or in part at any time on 30 days' notice at 100 and interest.
Data from Letter of Samuel Insull, Chairman of the Company.
-A consolidated Illinois corporation. Has entered its 45th
Company.
year of service, its principal predecessor having been incorporated in 1887.
At the present time it supplies with electrical energy, practically without
competition, the entire City of Chicago, having a population of 3,375,000.
Company is one of the largest electricity supply companies in the world
producing electrical energy from coal, and during the year 1930 generated
and purchased 4,191.296,000 kwh. for the use of 936,000 customers.
Capitalization (Net) Outstanding with Public.
x$153,058,500
Capital stock
157,000,000
First mortgage gold bonds_ y
20,000,000
3%% notes (this issue)
stockholders and being paid for on
x Additional stock subscribed for by
deferred payment plan, $3,803,500. y Certain additional bonds are outstanding, but the company has deposited the necessary funds for the redemption or payment in full of all such bonds.
Earnings for the 12 Months Ended June 30.
1931.
8
3
19 ,240
$83,640,542 $85.92 0
Operating revenue (including other income)
Total expenses (incl. charges for amortization, retirement reserve,&c.),except int. on funded debt 60,307,422 63,370,282
$23,333,120 $22,557.958
Net income
The annual interest on the net total funded debt of the company above
shown in the hands of the public, including these notes, will require
37.490,000.
-The proceeds of the sale of these notes will be applied in such
Purpose.
company and of its
manner as to discharge all bank indebtedness of the and to provide for
Corp.,
sold subsidiary, Commonwealth Subsidiary the remainder of
the current
contemplated additions and extensions during
year. It is expected that part of these notes will be retired through procompany's capital stock, and that the
ceeds derived from the sale of the
balance will be retired with other funds which will be available.
-Company will covenant that so long as any of these
Special Covenant.
notes remain outstanding and provision for the payment thereof shall not
have been made, it will not execute any mortgage upon its present physical
properties in addition to its existing mortgages, provided, however, that the
company may make indentures supplemental to such existing mortgages. a
Market Equity -The outstanding capital stock of the company has
market value, as indicated by recent quotations, of about $300.000,000.
Company and its principal predecessor, Chicago Edison Co., have paid
dividends since 1889 without Interruption. Since 1907, the dividend
rates paid have been as follows: Nov. 1907. until Aug. 1908.5%; Nov. 1908,
until Feb. 1911, 6%; May 1911, until Aug. 1913. 770: Nov. 1913, to date,
8%•
-Company is the principal member of the super-power system
Property.
centering in and around Chicago. It has available in its own stations and
through long-term contracts with Chicago Dist. Electric Generatingirorp.
and Super-Power Co.of Illinois, generating capacity of 1,321.000 kw. In
addition, the company has interchange energy agreements with three other
[VOL. 133.
companies in the Chicago district which permit an interchange of reserve
power station capacity to the mutual advantage of the four companies.
.
Earnings-
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133. P. 284.
-Earns.
Consolidated Water Company of Utica, N. Y.
Income Account Year Ended Dec. 31 1930.
Gross revenues
Operating expenses including maintenance & taxes
Net revenues
Depreciation
Net before interest
Interest and amortization
$806.057
230,859*
$ 575,197
68,294
$506.903
303,992
$202,910
Balance
Balance Sheet Dec. 31 1930.
Liabilities
Assets
$5,575,000
Property, plant & equlpment_$8,550,162 Funded debt
150,000
323.668 Notes payable
Investments
2,264
Accounts payable
12,866
Cash
53,180
Notes & accounts receivable._ 264,388 Accrued interest, taxes, &o_ __
4,791
15,234 Deferred credits
Materials & supplies
2,911
1,510 Consumers deposits
Miscellaneous current assets_
Unamortized debt dIsct.& exp. 626,180 Due to affiliated companies_ __ 155,529.
754,460
18,658 Reserves
deferred chgs.
Other prepaid &
x3,114 532
Capital stock
$9,812.660
Total
$9,812,669
Total
x Represented by 120,000 shares class A and 30,000 shares class B comp. 4053.
-V. 132,
mon stock of no par value.
-Initial Dividend.
Eastern States Gas Co.
The company has placed its common stock on an annual dividend basis
of 50c. per share. Checks have been mailed for the initial quarterly
dividend of 12%c. per share to stockholders of record July 15 1931. R. G.
-V. 130. p. 3158.
Harper & Co. are the New York bankers.
-To Redeem
Elizabethtown Water Co. Consolidated.
Bonds.
The company announces that it has elected to redeem and call for
redemption all of its first mortgage 5% series A gold bonds at 105 and
accrued interest on Oct. 1 1931 on which date all such bonds will be due
and payable at the principal office of the City Bank Farmers Trust Co.,
22 William St. New York. From and after Oct. 1, all interest shall cease
to accrue. Bondholders have the option of presenting their bonds with
all unmatured coupons attached at any time prior to Oct. 1 for purchase
at the redemption price and accrued interest to the date of presentation.
-V. 133, P. 478, 119.
--Earnings.
Federal Water Service Corp.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page -V. 132, P. 4586.
-Halsey,
-Bonds Offered.
Gary Electric and Gas Co.
Stuart & Co. Inc., are offering at 98 and int., $8,000,000
1st lien collateral 5% gold bonds, series A.
Dated July 1 1931, due July 1 1934. Red. at any time as a whole or in
ipart upon 30 days' notice at following prices and int.: To and incl. June
30 1932 at 101; thereafter to and incl. June 30 1933, at 1003.; and thereafter to maturity at 100. Interest payable J. & J.at the offices or agencies
of the company in Chicago and New York without deduction for Federal
income taxes now or hereafter deductible at the source, not in excess of 2%•
Halsey, Stuart & Co., Inc., will be appointed paying agent for the making
of principal and interest payments. Denom. $1.000 c*. Company will
agree to reimburse individual and partnership holders of the series A bonds,
if requested within 60 days after payment, for the Penn. and Conn. personal property taxes not exceeding 4 mills per dollar per annum, and for
the Mass. income tax on the interest of the bonds not exceeding 6% of
such interest per annum.
-Bonds listed on the Chicago Stock Exchange.
Listed.
Data from Letter of Samuel Insull, Jr., Chairman, July 22.
-Recently incorporated in Delaware. Is indirectly controlled
Company.
by Midland United Co. The former company controls Gary Heat, Light
& Water Co. incorp. In Indiana, through ownership of all outstanding
funded debt and all its capital stock (except directors qualifying shares).
The latter company furnishes electricity, gas and water to the important
steel centre of Gary, Ind., the population of which has increased from
55,378 in 1920 to 100,426 in 1930. Gary Heat, Light & Water Co. operates under the indeterminate permit law of the State of Indiana, and as of
June 30 1931 had 27,645 electric customers, 23,320 gas customers and 14,206
water customers.
Authorized.
Outstanding.
Consolidated Capitalization130,000 she. x50,000 shs.
Common stock (no par)
y
$8,000.000
1st lien coll. 5% gold bonds,ser. A (this issue)_
x All of the common stock of Gary Electric & Gas Co. except directors'
qualifying shares is indirectly controlled by Midland United Co.
V Issuance ofadditional bonds is limited by restrictions of the indenture.
-Proceeds will be used to reimburse the company in part for
Purpose.
the acquisition of the control of Gary Heat, Light & Water Co.
-The bonds will be a direct obligation of the company and
Security.
will be secured by a first lien on all the outstanding bonds and capital
stocks (except directors' qualifying shares) of its subsidiary, Gary Heat,
Light & Water Co., all of which will be deposited and pledged with the
trustee under the indenture securing these bonds. No additional stocks,
bonds or other evidences of indebtedness may be issued by its subsidiary
company unless deposited as additional security under indenture. Com
pany will further covenant that, for such deposit, it will not permit its
subsidiary, Gary Heat, Light & Water Co., so long as any first lien collateral bonds are outstanding, to contract any additional indebtedness
except current accounts payable incurred in the conduct of its business.
-indenture will provide that additional
Issuance of Additional Bonds.
first lien collateral bonds may be issued to a principal amount not exceeding 75% of the cash cost of betterments, improvements, extensions or
additions to the property of the company's subsidiary, and to a principal
amount not exceeding 75% of the lower of cost or value of additional
property acquired by the subsidiary. Benda may not be issued unless
the net earnings (to be defined in the indenture) of the company and its
subsidiary, during the 12 consecutive calendar months ending within 60
days next preceding the date of issuance, shall have been at least 1 h times
the annual interest requirements on all first lien collateral bonds then issued
and outstanding and those then proposed to be issued.
Consolidated Earnings and Expenses (Company and Subsidiary), 12 Months
Ended June 30.
1931.
1930.
Gross earnings. including other income
$2,990,086 $2,900,070
Operating expenses, maintenance and taxes
1,797,060
1,775,723
Net earnings before depreciation
31.214,363 31.103,010
Annual int. on the 1st lien coll, bonds to be presently outstanding in the hands of the public requires
400,000
•
Due to a substantial decrease in rates to domestic and commercial consumers which took effect on May 20 1930, the net earnings of the company
for the year ended June 30 1931 were slightly lower than for the corresponding period ended June 30 1930. The above statements of earnings, however, give no effect to the increased efficiency expected to be derived from
the centralized operation of this company with other companies in the
Midland United Co. group. These economies would not be reflected in
the statements as control of Gary Heat, Light & Water Co. was not acquired
by Midland United Co. until May 11931.
Approximately 60% of the net earnings were derived from the sale of
electric light and power, 19% from the sale of gas, 18% from water and 3%
from miscellaneous sources. Approximately 85% of the gross earnings
from the sale of electric light and power and over 97% of the gross earnings from the sale of gas were derived from residence and commercial
service.
-Gary Heat, Light & Water Co. owns the electric, gas and
Property.
water distribution systems in the City of Gary, Ind. In addition, it
owns a modern water works with pumping facilities of 38,000,000 gallon,
JULY 25 1931.]
FINANCIAL CHRONICLE
daily capacity. It supplies electricity, gas and water within the city
limits of Gary without competition. Electrical energy and gas are Pur
chased under a long-term contract from the steel plant at Gary, Ind.,
operated by the Illinois Steel Co., a subsidiary of the United States Steel
Corp. Properties of the Gary Heat, Light & Water Co. will form an important addition to the Midland United Co.group in northwestern Indiana.
An affiliated company, the Northern Indiana Public Service Co., supplies
electricity and gas to the surrounding territory, including Hammond,
Whiting, East Chicago and Michigan City. The 132,000 volt line of the
latter company passes through Gary on the way to its principal transmission centre, two miles east of the centre of the city. This line is tho
link between the Greater Chicago Power Pool and the Northern Indiana
Public Service Co.'s new generating station at Michigan City. In addition, it connects on the east with the system of the American Gas & Electric Co. and on the south with the plants of the Indiana Hydro-Electric
Power Co. Two of the gas transmission lines of the Northern Indiana
Public Service Co. traverse Gary, affording a potential additional source
ofsupply. These lines are in turn connected with the system of the Peoples
Gas Light & Coke Co.
Management.
-The operations of the company are indirectly controlled
by Midland United Co. The latter company is jointly controlled, directly
or through subsidiaries, by Commonwealth Edison Co., the Peoples Gas
Light & Coke Co.. Public Service Co. of Northern Illinois and Middle
West Utilities Co
641
for increasing the directorate by two but no election was held to fill the new
Positions.
-V. 133, p. 115.
Memphis Power & Light Co.
-Earnings.
Calendar Years1930.
1929.
1928.
1927.
Gross earns,from oper__ $6,821,058 $6,148.487 56,019,933 35,653.848
Oper. exp., inc.l. taxes__ 4,013,347
3,711,335
3,477,163
3.257,565
Net oper. income_ _ __ $2,807,711 $2,437,152 $2,542,770 $2,396,283
Other income
256,838
274,698
315,832
261,682
Total income
Interest on bonds
Other int. & deduct-
$3.064,549 12,711,850 $2,858,602 12,657,965
656,256
598,957
583,119
740,690
101,271
122,360
81,415
110,142
Net income
Div. on pref. stock
32,242,444 31.954,323 32,137.285 31,964,704
232.603
355,188
285,119
249,519
Balance, surplus
$1,887,256 $1,669,204 $1.887,766 $1,732,101
Renewal & replacements
647,340
601.094
547,353
575,515
Balance
$1.239,916 $1,068,110 31,312,251 11.184,748
Comparative Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Gary Heat Light & Water Co.
AssetsLiabilities
-Control.
$
Plants & invests_36,303,982 34,498.331 Capital stock_.
See Gary Electric & Gas Co. above.
-.x21,793,639 20,890,230
-V.132. p. 3713.
Cash
303,134
20,094
263,937 Subscr.
103,326
General Utilities Co., Kansas City, Mo.-Receivership. Notes & loans rec. 2,508,427 1,972,235 Funded to pfd. stk.15,716,000 13,236,000
debt
The affiars of the company, operating more than 20 oil and gas units Accts. receliele
1,233,104 1,430,468 Dividends declared 181.000
174,250
in the Middle West, have been placed in the hands of a receiver, appointed Mat. & supplies- 514,604
525,935 Notes & loans pay. 1,845,300 2,675.820
22,414
July 13 by Judge George A. Kline, of the Shawnee County District Court Prepaid accounts_
235,356
37,509 Accts. payable_ _ 240,236
of Kansas, according to dispatches from Topeka. Kan., July 14. Louis S. Pfd. stk. held for
Cust deposits.... 178,817
205,205
subscr. (contra)
43,452
Hall, of Topeka, was named receiver and granted a temporary order to
83,334 Accrued accounts_ 667,952
656,127
restrain company officials from interfering with the fulfillment of his Reacq. secs. (pref.
PM. stk. held for
stock)
15,255
duties. The receiver was appointed in response to a petition filed by
46,884
subscr.(contra)_
83,334
43,452
Trust funds & spec.
Alex A. Case, a shareholder.
Bonds called for
deposits
company was incorporated in April, 1927, as a Delaware corporation.
The
705,337
228,507
redemption _
5.000
528.817
238,702 Accr. int. fd. debt_ 261,025
and serves natural gas to more than 50 communities in Kansas, Missouri Reserve funds. _
199,025
and Illinois. Properties owned or controlled consist of more than 100 Unam. debt disc't
Mat. in td_ debt_
2,482
2,312
and expense.... 771,065
producing wells in 21 different fields, 450 miles of pipe lines and also gas
683,120 Deferred credits
125,959
87,869
95,367
rights in more than 30.000 acres, including many oil rights. The properties Deferred debits_ _
106,572 Reserves
381.640
678,956
have an open flow capacity of about 50,000,000 cubic feet a day, and gas
Surplus
1,328,308 1,141,780
reserves in excess of 75,000,000,000 cubic feet, it is said.
Total
Subsidiaries of the company include the Illinois Gas Co., Arrow Oil &
43,044,963 40,115,538
Total
43.044,963 40,115.539
Gas, Arrow Pipe Line, Marion Gas & Service, Moline Gas & Service.
x Represented by 30,000 shares of $7 pref. stock, 26,689 shares of $6
Atlas Chemical, Suburban Gas & Service, Public Gas & Service and others. preferred stock and 400,000 shares of common stock.
-V. 131, p. 628.
Total assets of the company on Doc. 31 were given as S5,177.027.
The petition for receivership stated that the company is solvent but had
Memphis Street Ry. Co.
-Earnings.
been compelled to carry debts of its subsidiaries aggregating $350,000
Calendar Years1930.
1929.
1928.
1927.
and that officers of the company have failed to collect the debts.
Gross earns, from oper__ $2,652,932 $2,915,090 $2,922,428 $2,900,471
The Kansas City "Star" July 11 had the following: While a stockholder Oper. exps..incl. taxes-- 1,874,778
1,997,052
1,943,520
1,969,329
equity suit for a receiver was pending and three creditors were filing involuntary bankruptcy proceedings in the Federal Court here against the
Net earns, from oper- $778,154
$918,038
$978.908
$931,142
General Utilities Co., the officers of the corporation were in the circuit Other income
861
792
3,331
2,680
Court obtaining from Judge Thomas J. Seehorn, an order appointing a
receiver of their choice. The Kansas corporation, with headquarters at
Total income
$779,015
$918,830
$982,239
$933,822
Wichita, is a holding company controlling gas distributing companies in Interest on bonds
410,012
418,376
426.641
433,886
Missouri.
Other int. & deductions.
140,640
109,967
90,910
79.407
Judge Seohorn named Frank J. Lynch. receiver.
The bankruptcy petition states the company has committed various
Balance
1228.363
1390,487
$420,529
5464,688
"acts In bankruptcy" by transferring property while insolvent. It asserted Divs, on pref. stock...62,500
125,000
200,0p0
162,500
the operators of the General Utilities Co., under the name of the Utility
Bond & Share Co., bought franchises and sold them to the General Utilities
Balance
5165.863
$265,487
1264.688
3258.029
-to themselves.
Co.
Renewal & replace.res-253,278
244,568
239,941
235.976
The petition also states that the General Utilities Co. is a holding concern for 18 utilities companies in Missouri, Kansas and Illinois. It states
Balance
def$87,415
320,919
$24,747
$22,053
also that a receiver was appointed recently in Federal Court in Topeka.
Comparative Balance Sheet Dec. 31.
The suit in equity filed July 6 by a stockholder of the company asked
1929.
1930.
not only the appointment of a receiver, but for a restraining order to keep
1929.
1930.
Assets-$
8
Liabilities
officials of the company from interfering with the work of such a receiver.
Officers in the company who asked the receiver are C. A. Nicoll, Wichita, Plant & investm'te16,263,808 16,063,057 5% preferred stock 2,500,000 2.500,000
Cash
53,264 Common stock__ 2,500,000 2,500,000
53,018
Pres.: Nelson If. Poe, Bernard A. Gillespie and Nelson H. Whitnell, ViceNotes Sr loans rec.
11,083
11,083 Funded debt
Presidents; and L. L. Baker. Treasurer and Asst. Secretary.
8,003,000 8,143,000
31,082 Equip, trust etre
76,573
In the application it was sot forth that by order of the District Court at Accts. receivable
99,000
134,000
145,546 Dividends declared
Wichita, Louis Hall was made receiver of the General Utilities Co., July Mat. & supplies_ _ 192,561
31,250
9,313
13,239 Notes & loans pay. 2,658.000 2,122,000
8 1931. The petitioners maintain that since this receivership was declared Prepaid accounts.
Trust fds. & spec.
Accts. payable_.. 450,277
the Missouri companies have been much harassed by creditors, and are
367,659
deposits
272,171 Employees' deps_
272,021
threatened with litigation which would be costly to stockholders. They
8,380
7,740
.
336,389
340,582 Accrued accounts. 168,471
208,674
maintain each of the individual companies is solvent and could operate Reserve funds_
Acct.. Int, Id, debt_ 234.025
successfully, independently of the holding company, but the relationship Unam. debt Meet
234,025
and expenses...
5,348
7,181 Mat, int. fd. debt_
4,635
5.205
at present is a handicap.
-V.132. p. 2386.
Deferred debits
721,449
433,925 Deferred credits
385,002
137,376
Reserves
337,159
340,992
Houston Lighting & Power Co.-Earning8.Surplus
639,141
593,684
12 mos. Ended May 311931.
1930.
Operating revenues
$8,676,592 $8,399,088
Total
17,941,566 17,371,133
Total
17,941,566 17,371,133
Maintenance
443,360
405,796 --V. 128, p. 4003.
Other operating expenses
3,957,315 3,931,176
Meridionale Electric Co.(& Subs.).
-Earnings.
Net revenue from operations
$4,275,917 $4,062,116
Comparative Consolidated Statements of Earnings.
Non-operating revenue
43,772
44,432
(All conversions made at the rate of 5.25c. per Bra)
Gross corporate income
Years Ended Dec. 31$4,319,689 $4,106,548
1930,
1929.
Interest on bonds
1.072,624
$11,480,247 $8.372,481
964,596 Gross electric revenues
Other interest & deductions
83.114
6,323,582
4,358,489
106,815 Operating expenses, maintenance and taxes
Balance
Net earnings
$3,163,951 13.035,137
$5,156,665 $4,013,992
Other income
1.967,299
Balance Sheet May 31 1931.
1.667,986
AMULiabilities
Gross income
$7,123,964 $5,681,978
Plant
$39,719.398 Capital stock
:$15,020,000 Interest on 7% 1st mtge, gold bonds
809,760
818,195
Cash
1,127,674 Long-term debt
22,000,000 Other interest, incl. floating debt
1,981.550
1,264,001
Notes & loans receivable
26,963 Dividends payable
150,000
Accounts receivable
809,649 Accounts payable
184.193
Balance avail, for deprec., director fees and diva. $4,332.654 13.599.782
Materials & supplies
392,291 Accrued Accounts
734,943 Times interest on 1st mtge, bonds earned
6.9
8.7
Miscellaneous current assets.
80,025 Miscell. current liabilities....
273,707 Times fixed charges earned
2.7
2.5
Trust funds & special deposits
8,845 Reserves
4,820,464
Consolidated Balance Sheet December 31.
Unamortized debt discount &
Sundry credits
4,501
expense
1,663,912 Surplus
Liabilities1929.
1929.
1930.
1930.
920,054
Sundry debits
Assets279,103
Accounts payable_34,072,561 34,791,207
$
$
Cash
453,506 Consumers deposits 953,935
485,705
801,224
Total
Consumers accts._ 4,291,776 2.667,796 7% 1st mtge. gold
$44,107,861
Total
$44,107,861
x Represented by 30,000 shares of 7% preferred stock (par MO),20,000 Other notes and
bonds
11,403,500 11.568,000
accounts receiv_21.678,278 25,276,563 Internal fund.debt 3,259,279 2,750,738
shares of $6 preferred stock (no par) and 500.000 shares of common stock
Inventories
-V.133. p. 478.
(no par).
1,864,046 1,217,393 Italian pub. utility
Property account.56,009,670 43,230,914
credit loan
1,129,458 1,153,180
15,613,938 15,910,415 Reserve for deprec. 9,323,371 6.975.596
Huntington (W. Va.) Water Corp.
-Increases Stock.
- Investments
Other reserves
2,992,500 2,992,500
The capitalization of this corporation, controlled by the American Water
Capital stock
32,476,155 24,124,360
Works & Electric Corp.. has been increased to $2,000,000 from 31.000,000.
Earned surplus... 4,332,654 3,599,782
-V. 122. p. 1609.
Total
Total
99,943,413 88,756,587
Illinois Water Service Co.
99,943,413 88,756.587
-Earnings.
For income statement for 12 months ended May 31 see "Earnings De- -V. 131. D. 3529.
partment" on a preceding page.
-V. 132, p. 4587.
Middle West Utilities Co.
-Power Output.
Accelerated business activity in 30 States is indicated by an 8.4% inKeystone Telephone Co. of Phila.-Receives Contract.
- crease in the Middle West Utilities System's power output for the week
The company has been awarded a contract by the Board of Education ending July 18, over
corresponding week a year ago, according to
of the School District of Philadelphia for installation of a complete auto- figures made public bythe
"The
President Martin J.
matic telephone system providing 693 stations, connecting all adminis- week ending july 18 is the greatest gain madeInsult. systemincrease for the
by the
in 16 months,"
trative and school buildings in the school system. The contract provides Mr. Insult said, "The highest gain is shown in the companies serving the
that the new system be ready for operation Oct. 1 of this year. Installa- Atlantic Seaboard States. The southwestern companies output has risen
tion work will be started immediately.
-V. 132, p. 3713.
to within 4% of their 1930 output, whereas three months ago their business
was running 15% below 1930. These figures accurately reflect the state of
Mexican Light & Power Co., Ltd.
-New Director.
business in the portions of 30 States served by the Middle West Utilities
J. A. Ready of Toronto, Ont., Canada, has been elected a director to fill System, because new territories acquired during the past year have not
a vacancy caused by the resignation of G. T. Clarkson during the past year. been included in the figures. This 8.4% increase is particularly significant
-V. 133. P. 115
.
because it is the culmination of gradual increases during the past several
weeks, and evidently reflects a well established tendency toward greater
Mexico Tramways Co.
-To Increase Directorate, &c.
power demand, which in turn must largely be the result of improved business
Dollar volume of business, in Mexican currency. has been well maintained conditions in
nearly 5.000 communities served by the Middle West Utilities
by the company during the first five months of 1931, according to Miller System.
-V. 133, p. 480.
Lash, K. C., Chairman of the board. During the same period, however,
Mid-West States Utilities Co.
-New Issue of One-Year
business conditions and the foreign exchange situation has become somewhat
less favorable.
Notes Proposed To Meet July 15 Maturities.
The board of directors was re-elected, the previous appointment of
The company, in a recent letter to holders of its two-Year 8% gold notes,
W. D. Dawes being confirmed. At a special meeting provision was made stated that it
proposes to create a new issue of one-year notes, not exceed-
[VOL. 133.
FINANCIAL CHRONICLE
642
ing $500,000 in amount, and to exchange the new notes for those which
matured July 1.5 1931. funds for which have not been deposited. will be the
This exchange will be on a par for par basis; the interest rate
of the present
same; and the arrangement will be, in effect, an extensionhave the same
note obligation for one year. The new notes also willdeposited will be
now outstanding, as present notes when
security as those
kept alive in a collateral trust as security for the new notes.
When the plan becomes effective, interest duo July 15 1931. on present
notes will be paid. If the plan has not become operative by Sept. 15 1931
the old notes will be returned to former holders. principal and interest due
The company states that its inability to pay
at this time is due to prevailing business conditions. outstanding but by
Originally there were $1.200,000 of these notes
mortgage bonds the bankers
accepting them as payment for the company's prior to maturity.
have retired approximately 8700.000 of them
Bankers To Finance Redemption of Notes Through Purchase
of Class A Stocks.
has announced that bankers
Paul L. Cowan, Secretary and Treasurer
A common
have agreed to purchase from the company sufficient class
new one-year
stock to redeem by call by lot at par and accrued interest the as follows:
of notes due July 15
6% gold notes recently offered holders
thereafter to
10% Sept. 15; 15% Nov. 15; 15% Jan. 15 and 15% monthly
and including may 15.
Dividend.
Class A
of a share
The company has declared a quarterly dividend of 1-40th of July 25.
class A stock on class A, payable Aug. 1 to holders of record
share.
Previously company paid an optional dividend of 43,ic. or 1-40th
-V. 132, P. 3336.
-Stock Dividend.
Mid-West Utilities Co.
the class
The directors have declared the usual 23 % stock dividend on option of
The usual
A stock, payable Aug. 1 to holders of record July 25. 3336.
-V. 132, P.
cents per share in cash was omitted.
43X
Montreal Light Heat & Power Consolidated. Contract.
used
The company has obtained a contract for supplying power to be
new North End trunk sewer.
in the construction of the city of Montreal's
estimateo that this
which will stretch for a mile to the Back River. It isuse on construction
company will furnish $300,000 of electric current for cost of $5 00, and
work alone. A special power line has been built at a
the company will supply 12,000 volts of current to the power plant erected
-V. 132.
at the site. Construction work will require a year to complete.
p.3713.
-Probable Acquisition.
National Light & Power Co., Ltd.
The "Financial Post" of Toronto. July 18. says:
to buy the electric light and power and gas
The company has offered
31.398,000 from
system of Brandon, Man., Canada, at a price reported atoffer is receiving
the Manitoba Government and reports indicate that the
serious consideration.
the part of
Terms of the proposed sale would include an agreement on a 30
-year
the province over
the company to purchase electrical energy fromnature that the Government
period. Other terms are understood to be of a the City of Brandon.
should prove decidedly acceptable to
believes
Manitoba as
The Brandon utilities were taken over by the Province of ric system.
hydro-elect
at Jan. 1 1931. and became part of the provincial was arrived at after a
is reported at $1.200,000 and
The purchase price
the property. The
board of arbitration had set a price of $1,398,000 on
-V. 132.
Corp.
utilities were focmirly owned by Canada Gas & Electric
IL 656.
-Earnings.
New England Telephone & Telegraph Co.
"Earnings
For income statement for 3 and 6 months ended June 30 see
Department" on a preceding page.
expenditure of $2,608,362
The executive committee has authorized the
-Y. 132, P. 4055.
for new construction and plant improvements.
-Earnings.
New York Railways Corp.
1929.
1930.
Calendar Years$5,097.908 $5,718,576
Revenue from transportation
453.093
447,379
Other operating revenue
$5,545,288 $6,171,669
Total operating revenue
4,515.968 4,989.388
Operating expenses
450.971
453.288
Taxes
$731.310
$576,032
income
Operating
130.874
130,874
Non-operating income
$862,184
$706,906
Gross income
861.134
611,382
Deductions from gross income
81.050
495.524
Net income-available for other charges, &c...._
unx Results shown are exclusive of the following: Accumulated and inincome gold bonds, which
-year 6%
paid interest on $20,685,472, 40
terest has not been declared due and payable, amounting to $1,241,128
& Seventh
for the year ended Dec.311930;interest on $5,058,000 Broadway
default since Dec. 1 1929
Avenue RR. 1st consol. mtge. 5% bonds in is not liable) amounting to
interest New York Railways Corp.
(for which
stockholdings
$252,900 for the year ended Dec. 31 1930; claims of minority
controlled comIn controlled companies, if any; non-operating income of
panies.
Comparative Balance Sheet Dec. 31.
1929.
1930.
1929,
1930.
15
$
Liabilities$
$
Assets33,317
30.294
81,348 Taxes acenied___.
338,164
Cash
188.508
Accounts payable. 203,773
247,215
Special deposits._ 184.914
388.725 Int. on fund. debt
Accounts receiv.__ 180.285
324,351
307,980
147,330 accrued
Int. & dive. rec.- 103.534
rates
Mark'le sec. at cost 1,188,524 1,243.814 Rents &water
8.383
5,209
accrued
380,029
304.420
Inventory
2.779
3,208
Inc. tax at source_
0th. accts. & notes
338.435 Mina. temporary
833.978
receivable_.
741.434
815.291
credits
9,918,282
Inv. in eentr. roe_ 9,357.008
28,813,275 28.710.412
Funded debt
Bills & accts. rec.
3.322.243 3,239.100
Reserves
from contr. cos_ 1,658,591 1,579,830 Capital stock
x1,447.069 1.447.089
Fixed capital at ap1,416,921 1,364.033
Surplus
value at
praised
May 11925. plus
subseq.addirn1.19,185,287 19,103,700
Miseell. temporary
819.047
1,090.576
debits
34,185,282 34.055.364
Total
34,185.262 34,055.384
Total
preferred stock (no par) and 90,200
x Represented by 184.830 shares of 133. p. 121.
-V.
par).
shares of common stock (no
-Bonds Called.
New York Telephone Co.
pay off on Oct. 1 1931 at 105 and int., at
The company will redeem and York. all the outstanding refunding mtge.
the office of 140 West St., New-V.133, p.481,287.
-year 6% gold bonds,series A.
20
-Earnings.
(& Subs.).
New York Water Service Corp.
ended May 31 see "Earnings DeFor income statement for 12 months p. 4588.
-V. 132,
partment" on a preceding page.
Earnings.
Niagara Hudson Power Corp. ended June 30 see "Earnings
months
For income statement for 3 and 12
-V. 132, p. 4410.
Department" on a preceding page.
-Registrar.
-Co
Northeastern Public Service Co. has been appointed coAssociation
The Bank of America National
shares of preferred
60,000
registrar of 611.000 shares of prior preferred and
stock.
-Earnings.
Ohio Water Service Co.
May 31 see "Earnings DeFor income statement for 12 months ended
-V. 132, p. 4589.
a preceding page.
partment." on
--New Vice-President.
Oklahoma Gas & Electric Co.
of 0. A. Jennings as
President J. F. Owens announces the election
Jennings
company. Mr.
Vice-President and Commercial Manager of the
1919.-Y. 133, p. 287.
has been commercial manager of the company since
Ohio Edison Co.
-Earnings.
Calendar Years
Gross earnings
Operating expenses and taxes
1929.
1930.
$19,207.918 $19,384.661
8,167,055.
7.538,475
Gross income
Interest, amortization and expenses
$11.669,443 511.217,606
4,098,41Z
3.601,270
Net income
Provision for retirement reserve
Dividends on preferred
$8,068,173 37.119,194
1.047.352
1,222,760
1,911,596.
1.928,269
$4,917,144 34,160,246.
Balance
Balance Sheet Dec. 31 1930.
Assets
Cumulative pref. stock.._-- $30,084,600
Property, plant & equip.
1,434,920
general account
$108.284,278 Common stock
67,958,006
Funded debt
Invest. in and advances to
1,545,924 Bonds and debs. being retired 8,542.337
affiliated and other cos__
Special deposits
8,593,629 Customers' deposits and ax1,001,180
Debt discount and expense
crued interest
192,767
in process of amortization 4,364,081 Miseell def. liabilities
386,867
190,312 Accounts payable
Def. charges Si prepaid accts.
1,947,805
Cash and working funds___
112,425 Accrued taxes
879,445
Accrued interest
U. S. Govt. secur. and certi248,963
ficates of deposit
2,704,912 Due to affiliated cos
87,000
Investment bonds
2,180,763 Contracts payable
8,640
Accounts receivable
1,822,218 Dividends payable
3,689,486
Notes receivable
Retirement reserve
332,330
:
72 10
372354 Other reserves
Interest receivable
176,466
Due from affiliated cos
217,790 Contributions for extensions
9,942,222
Due on subscrip.to pref. stk.
62,253 Paid-in surplus
4,927.788
Surplus
Rec. on pref. stock sold for
281,711
affiliated company
Materials and supplies
1,370,962
$131.840,822
Total
$131,840,822 Total.
-V. 132, p. 1222.
Oklahoma Natural Gas
Corp.
-Oklahoma City to Vote
on New Franchise.
The City Council of Oklahoma City. Okla.has ordered an election to
decide whether the City is to issue $4,000,000 in bonds for a municipal
-year
-cent rate, and a 25
natural gas service, or accept a proposition of a 45
franchise by this company now serving the city.
The date of election has not been set as time is being arranged to permit
legal notice and also to investigate offers from two other companies, each
of which is for a lower rate than the existing rate of 50 cents. The Appa-cent rate and the Western Service
achian Gas Corp. has proposed a 40
Corp. a 44-cent rate.
The present rate of 50 cents was reduced from 57 cents on July 1 last.
-V. 132, p. 4589.
---Earnings.
Oregon-Washington Water Service Co.
For Income statement for 12 months ended May 31 see "Earnings De-V.132. p. 4589.
partment" on a preceding page.
-Ownership.
Pacific Gas & Electric Co.
The company has recently compiled statistics covering the distribution
of ownership of the gas and electric companies of California, which show
that there are 219.687 California owners of these utilities holding $338,285,000 par value of the stock, with an aggregate present day market value
of almost half a billion dollars.
The stocks of the nine major operating companies in California, namely
Pacific Gate & Electric Corp.. Southern California Edison Co., Los Angeles
Gas & Electric Corp., Southern California Gas Co., Southern Counties
Gas Co., San Diego Consolidated Gas ,St Electric Co., California Oregon
P wer Co. Coast Counties Gas & Electric Co. and Nevada California
'
Electric Corp. are owned by 236,453 investors, of whom 128,150, or four
fifths are California residents and 48,303 reside outside of the State. In
addition, the stocks of the Pacific Lighting Corp. and Pacific Public Service
Co. (the former owning a controlling interest in the Los Angeles Gas &
Electric Corp and affiliated companies, and the latter in the Coast Counties Gas 5c Electric Co.), are held by 31,537 Californians and 2.332 outsiders. Altogether, there are more than 270,000 partners in these various
-V. 133. p. 481.
utility enterprises.
-W. C.
Pacific Power & Light Co. Bonds Offered.
Langley & Co.;Chase Harris Forbes Corp.; Bonbright &
Co., Inc.; White, Weld & Co.; Blyth & Co. Inc., and the
N. kv. Harris Co. Inc. are offering at 9i% and int. to
yield 5.11%, an additional issue of 153,500,000 1st mtge. &
prior lien gold bonds 5% series due 1955. Bonds are dated
Aug. 1 1930, due Aug. 1 1955.
Data from Letter of Vice-Pres. L. H. Parkhurst, July 23.
-Company owns and operates an extensive system of electric
Business.
power and light properties in a wide territory in the Columbia River Valley
in southern Washington and in northern Oregon, and supplies electric
power and light service at retail to 115 communities, including Yakima,
Walla Walla, Pasco, Toppenish, Dayton, Sunnyside and Kennewick.
Washington, and Astoria, Bend. Pendleton, The Dalles and Hood River,
Ore. Wholesale electric service is furnished to eirht additional communities.
Water service is supplied in two communities, steam heat in one community and ice in one community. The total population of the territory
served by the company is estimated at 188.000.
The company also owns all the capital stock, except directors' shares, of
Inland Power & Light Co. The latter company, in addition to owning
-electric properties, has under construction on the
certain minor hydro
Lewis River, about 25 miles north of Portland. Ore., the new Ariel hydroelectric development. The Ariel plant, which will have an initial installed
generating capacity of 45.000 kilowatts, is expected to be placed in operation on or before Jan. 1 1932, and will make available large additional
capacity to Pacific Power dc Light Co. and associated companies serving
extensive areas in Oregon and Washington.
Authorized.
Outstanding.
Capitalizationlet mtge. & prior lien gold bonds, 5% series,
due 1955 (incl. thisissue)320,500,000
70,000 shs. a58.100 shs.
7% pref. stock ($100 par)
150,000 shs.
125,777 shs.
$6 preferred stock (no par)
None
75.000 shs.
$6 2nd preferred stock (no par)
Common stock (no par)
1,500,000 ells. 1.000.000 shs.
x Limited by restrictive provisions of the mortgage. a 57,617 shares with
public. b 3,745 shares with public.
Purpose.
-proceeds will be used for the purpose of reimbursing the company for a portion of advances to its subsidiary, Inland Power & Light Co.,
In connection with the construction of the Ariel hydro
-electric development
and for other corporate purposes.
Security.
-Secured by a first mortgage on all fixed property now
owned, including a new 16-story office building located in the business
centre of Portland, Ore., and completed late in 1927. The mortgage will
also constitute a direct first lien upon all the outstanding shares of stock
(except directors' shares) of Inland Power & Light Co. Such shares of
stock will be pledged with the corporate trustee.
Earnings.
-A comparative consolidated statement of earnings of Pacific
Power & Light Co. and subsidiary (Inland Power & Light Co.) for the 12
months ended June 30, follows:
12 Months Ended June 301931.
1930,
Operating revenues
$4,604,748 $4,655.621
Operating expenses, including taxes
2,325.893 2,413,987
Net revenues from operation
Other income
52,278,8.55 $2,241,634
593,755
Gross corporate income
$2.835,389
Annual int. requirements on $20.500.000 first mtge. & prior
lien gold bonds,5% series due 1955(incl. this issue)
1,025,000
Net revenues from operation of 82.241,634, as shown above, for the 12
months ended June 30 1931, were equal to 2.18 times the annual int. requirements on the first mtge. 2nd prior lien gold bonds outstanding, including
this issue, and gross corporate income of 52,835.389, as shown above, was
equal to 2.76 times such interest charges. Other income of 3593.755. as
AIM\
JULY 25 1931.]
FINANCIAL CHRONICLE
shown above. includes interest, lease rentals and interest during construction.
Of the total gross operating revenues for 12 months ended June 30 1931.,
approximately 99% was derived from electric power and light service and
1 V froT
propt igwatp4stratn hzt r emnei llacl : etibusizer stalled electric gensieai r er yd w isce inne n tet
i
us
n
.
erating capacity of 33,342 kilowatts.of whichI21,892 kilowatts is hydro-electric. Company's power supply is supplemented by electric'power Purchased
under contract from Washington Water Power Co.(an associated company),
which owns important hydro-electric generating plants serving a wide
territory in Washington and northern Idaho. The power thus made available to the company has relieved it of the necessity of maintaining a larger
investment in electric generating facilities.
Property owned also includes a new office building in Portland, Ore.,
known as the Public Service Building, completed late in 1927. This building,
which is of steel and concrete construction, has 16 stories and 2 basements
and affords ample space to provide for the continued expansion of the
company. In addition to being the general headquarters of the company,
it also houses the offices and merchandise salesrooms of Portland Gas &
Coke Co. and Northwestern Electric Co.(associated companies).
The principal electric generating plants owned are the Youngs Bay steamelectric station with an installed capacity of 8.000 kilowatts and the Neches
and Powerdale hydro-electric plants with installed capacities of 7,120
kilowatts and 6,000 kilowatts, respectively.
Inland Power & Light Co.(all the capital stock of which,except directors'
shares, is owned by the company) has under construction, at what is known
as the Ariel site on the north fork of the Lewis River, about 25 miles north
of Portland, Ore., the new Ariel hydro-electric development. The Ariel
plant is designed for an ultimate installed generating capacity of 180.000
kilowatts and will have an initial installed capacity of 45.000 kilowatts,
which it is expected will be placed in operation on or before Jan. 1 1932.
This plant upon completion will make available large additional capacity
to Pacific Power & Light Co. and associated companies serving extensive
areas in Oregon and Washington. The additional power obtainable from
the Ariel plant will provide adequately for the expansion of the company's
business and for the increasing demands for service.
High voltage transmission lines owned and operated by the company
aggregate 1,090 miles and include a 66,000-volt line extending from Pasco
to Naches, a distance of 104 miles and connecting the Naches hydro-electric
generating plant with the company's main transmission system; a
66,000
volt line extending from Pasco to Lind, a distance of 66 miles, and a 66,000volt line extending from Pasco to Pomeroy, a distance of 102 miles, these
lines connecting respectively at Lind and at Pomeroy with the extensive
transmission system of Washington Water Power Co. and
a 110,000-volt
line extending from Hanford to Taunton, a distance of
fording a third high-voltage interconnection between 15 miles, and afthe transmission
soroterwnsof
company tryabfrgeehion
las
and
electric ist=tio?to ysTep
wr
er
rr In
addition, the company also owns 233 miles of transmission
lines and 370
miles of distribution system which are leased to and operated
by an associated company,
Interconnection.
-The principal electric properties owned
pany in eastern Washington and northeastern Oregon are by the comdirectly
connected with the company's electric properties in north central interOregon
and south central Washington through a 76
-mile. 110,000-volt transmission
line recently constructed between Union Gap (south of Yakima)
(approximately 65 miles east of Portland, Ore.) in the State of and Condit
These eastern Washington and northeastern Oregon electric Washington.
properties of
the company are also interconnected with those of Washington
Water
Power Co.. the latter company operating an extensive transmission system
and important hydro-electric properties in central and eastern
Washington
and northern Idaho. The transmission system of the company
in
Washington and northeastern Oregon (except those in and about western
Astoria,
Oregon) is also interconnected with the lines of Northwestern
serving Portland, Ore., and Vancouver. Wash., and certain Electric Co.,
,
adjacent communities. Interconnections with Washington Water Power Co.
and Northwestern Elect:ic Co. afford the means for the
electrical energy and provide customers of the advantageous interchange of
companies so interconnected
with greater assurance of an ample and continuous power supply.
Supervision.
-Company is controlled through ownership of all outstanding
common stock, except directors' shares, by American Power & Light
Electric Bond & Share Co.supervises (under the direction and control Co.
respective boards of directors) the operations of American Power & of the
Light
Co. and Pacific Power & Light Co. and of their subsidiaries.
-V. 131. p.
2538.
643
Pittsburgh-Suburban Water Service Co.
-Earnings.
-
For income statement for 12 months ended May 31 see "Earnings Department" no a preceding page.
-V. 132, p. 4539.
Public Service Co. of Northern Illinois.
-Notes Offered.
Halsey, Stuart & Co., Inc. are offering at par and int.
$15,000,000 4% gold notes.
Dated August 1 1931; due July 30 1932. Notes will carry an interest
coupon payable Feb. 1 1932 and interest for the remaining period will
be payable at maturity as stated in the body of the note. Interest payable
without deduction for Federal income taxes now or hereafter deductible
at the source not in excess of 2% per annum. Principal and interest payable
at the office of Halsey. Stuart Sr Co., Inc., in Chicago and New York.
Denoras. 51.000. 55,000. 510.000 and $25,111110. c*. Red. at the option
of the company as a whole or in part at any time on 30 days' notice at 100
and interest.
Data from Letter of Samuel Insull, Chairman of the Company.
Company.
-Incorporated in Illinois in 1911. Serve s319 communities
situated in a compact area of Illinois, containing over 6,000 square miles
and located in 17 counties. Based on the 1930 census, the combined population of the territory served is in excess of 1,000,000. Electric service is
rendered in 317 communities, gas in 103. water in 5. and heat in 3. Company's field of operations, embracing the wealthy suburban territory
tributary to Chicago and the surrounding widely diversified manufacturing
and agricultural districts, provides an unusually favorable market for
light, heat and power, and both domestic and industrial gas. During
1930 the company sold 1,195,446,343 k.w.h. of electricity to 289.497
customers and 7,861,901.900 cubic feet of gas to 153,245 customers.
Capitalization Outstanding (Upon Completion of the Present Financing).
Preferred stock (expressed value)
516,357.600
Common stock (expressed value)
x56,146,500
Mortgage bonds and debentures
107.593.000
4% gold notes (this issue)
15,000,000
x Additional common stock subscribed and being paid for on deferred
payment plan, $4,911.400.
Earnings 12 Months' Periods Ended June 30.
1931.
1930.
Gross revenue (including other income)
$37,420,350 $36,414,511
Oper. exps., incl. maintenance, taxes & rentals
(but not incl. depr.,amortiz. of debt disct., &c.). 22,035.700 21,201,017
Net earnings
515,384.650 515,213.493
The annual interest on the total funded debt of the company in the hands
of the public. including these notes, will require $5,648,230.
Purpose.
-Proceeds will be applied in such manner as to discharge all
bank indebtedness of the company (its subsidiary, Public Service Subsidiary
Corp., having no bank indebtedness) and to provide for contemplated
additions and extensions during the remainder of the current year. It is
expected that part of these notes will be retired through proceeds derived
from the sale of the company's capital stock, and that the balance will
be retired with other funds which will be available.
Special Corenant.-Company will covenant that so long as any of these
notes remain outstanding and provision for the payment thereof shall
not have been made, it will not execute any mortgage upon its present
physical properties in addition to its existing mortgages, provided, however.
that the company may make indentures supplemental to uch existing mortgsires•
Afarket Equity.
-The outstanding preferred and common stocks of the
company have a market value, as indicated by recent quotations, of about
$140,000.000. Dividends are now being paid on the common stock at the
rate of $8 per share per annum.
-V.132. p. 2585.
Radio Corp. of America.
-Decision on RCA Licenses
Appealed-Journal Company of Milwaukee Charges Federal
Commission Erred in Recent Order.
-
Charging that the Federal Radio Commission committed an error in its
recent order holding the Radio Corp. of America subsidiaries blameless
under the anti-trust act, the Journal Co. of Milwaukee, operating radio
broadcasting station WTMJ, appealed to the District of Columbia Court
of Appeals from the order which granted the National Broadcasting Co.
a renewal of a license to operate a station in Chicago on a wave length
which had been applied for by the petitioner.
Pennsylvania Telephone Corp. Th8trairdiOn8.-The Court is informed that on Aug. 2 1930 the Journal Co. applied for
-permission to operate unlimited hours on a frequency of 870 kilo-cycles
This corporation, Pennsylvania operating unit of the Associated
phone Utilities system added 1,250 new telephone installations in a Tele- with 50 kilowatt power which wave band had been divided between
special two Chicago stations, WENR and WLS. The former station was
sales campaign Just concluded, it is announced. Similar sales
leased
are under way in other eastern States served by the system. campaigns to the National Broadcasting Co. by its owners while the application of
-V. 132. D. the petitioner was still under consideration,
3885.
the Court is told, and before
a final determination of its application the Radio Commission in its recent
Peoples Gas Light & Coke Co.
-Notes Offered.
-Halsey, hearings ordered a renewal of the license of the National Broadcasting Co.
operate the station.
Stuart & Co., Inc., are offering at 99.76 to yield 3.75%, toThe ruling of the Federal Court of Delaware
holding Radio Corp. of
$15,000,00033% gold notes.
America in violation of the anti-trust act in connection with a vacuum
Dated Aug. 1 1931; due July 30 1932. Early this month the
tube contract
De
bankers the petitioner with the the Forest company is the basis for the appeal and
offered $15.000.000 1st & ref. mtge. 4s. Notes will carry an
refers to
radio act
interest licenses to violators of the Clayton which forbids the issuance of renewal
coupon Payable Feb. 1 1932 and interest for the remaining period
Act.
-V. 133, p. 121.
will
be payable at maturity as stated in the body of the note. Interest
payable
without deduction for Federal income taxes now or hereafter
Rochester & Lake Ontario Water Service Corp.deductible
at the source not in excess of 2% per annum. Principle and interest
payable at the office of Halsey, Stuart & Co., Inc., in Chicago and New Earnings.
For income statement for 12 months ended May 31 see "Earnings DeYork. Denorns. $1,000, 55.000, $10,000 and $25,000c*.
Redeemable partment" on a preceding page.
-V. 132, p. 4590.
at the option of the company as a whole or in part at any time on 30
days'
published notice at 100 and int.
Safe Harbor Water Power Corp.
-Bonds Listed.
Data from Letter of Samuel !mull, Chairman of the Company.
The Baltimore Stock Exchange has authorized the listing of $21,000.000
Capitalization Outstanding Upon Completion of the Present Financing.
1st mtge. sinking fund gold bonds 43 % series due 1979 (see offering in
6
,
Capitalstock
466.820,100 V. 132, p. 4590).
Mortgage bonds and serial gold notes
Balance Sheet as of May 31 1931.
67.465,000
335% gold notes (this issue)
Assets
Liabilities
15,000,000
x Additional stock subscribed for by stockholders and being paid for Construction work In progress$13,346,021 Capital stock
$10.000
on deferred payment plan, $2,008,400.
Cash
90,730 Notes payable
18,275.000
Note.-Corepany has guaranteed as to principal and interest the following Accounts receivable
7,392 Accounts payable
161,958
outstanding bonds.$6,000,000 Ogden Gas Co. Its mortgage 5% gold
2,812
bonds.
due May 1 1945; $6,000,000 Indiana Natural Gas & Oil Co. refunding Other prepaid accounts
mortgage 5% gold bonds, due May 1 1936; 5196,333 Chicago &
Total
813,446,958
Total
$13.4.93.956
Western RR. general mortgage 6% gold bonds, due July 1 1947. Illinois -V. 133. D.
122.
Earnings 12 Months Ended June 30.
Scranton-Spring Brook Water Service Co.-Earntngs.
1931.
1930.
Operating revenue (incl. other income)
For income statement for 12 months ended May 31 see "Earnings DeTotal expenses (incl, charges for amortization, re-$35,465,612 $37.396,936 partment" on a preceding page.
-V. 132, p. 4580.
tirement reserve, &c.) except interest on funded
South Bay Consolidated Water Co.
debt
-Earnings.
25,567.517 27,902.599
For income statement for 12 months ended May 31 see "Earnings DeNet income
-V. 132. p. 4057.
$9.898.095 $9,494,336 partment" on a preceding page.
The annual interest on total funded debt of the company in the
hands
Tampa Electric Co.
-Semi-Annual Stock Payment.
of the public, including these notes, will require
The directors have declared a quarterly dividend of $1.75 Per share on
-The proceeds of the sale of these notes will be used
Purpose.
$3,752,250' to provide
for contemplated additions and extensions and for other corporate pur- the pref. stock, series A, a quarterly dividend of 50 cents cash and a
poses, including the payment of all bank indebtedness of the company semi-annual dividend of 2-100 of a share of common stock on the common
stock, all payable Aug. 15 1931. to holders of record July 24 1931. A stock
(none of Its subsidiaries having any bank indebtedness). It is expected
part of these notes will be retired through proceeds derived from the that distribution of like amount has been made semi-annually since and incl.
sale
of the company's capital stock, and that the balance will be retired with Aug. 15 1927.-V. 132. p. 1414.
other funds which will be available.
Union Water Service Co.(& Subs.).
-Earnings.
Special Corenont.-Company will covenant that so long as any
For income statement for 12 months ended May 31 see "Earnings Denotes remain outstanding and provision for the payment thereof of these
-V. 132, P. 4590.
have been made, it will not execute any mortgage upon its presentshall not partment" on a preceding page.
physical
properties in addition to its existing mortgages, provided, however,
that
-Earnings.
Western New York Water Co.
the company may make indentures supplemental to such existing mortgages,
Market Eouity.-The outstanding capital stock of the company
For income statement for 12 months ended May 31 see "Earnings Dehas a partment"
market value, as indicated by recent quotations, of over
on a preceding page.
-V. 132, p. 4591.
$130,000,000.
Dividends are now being paid at the rate of 8% per annum.
Earnings.
-
West Ohio Gas Co.
-New Chairman,
Samuel Instill Jr.was elected Chairman at a meeting of the board of
directors held July '22. Robert M. Feustel was elected Vice-Chairman.
Emmett R. Curtin was elected President, to succeed his father, E. R.
Curtin, who died on June 7. William A. Sauer was elected Vice-President;
Public Service Co. of Indiana.-Acguisition.Frank L. Pringle, Comptroller; G. Corson Ellis, Assistant to Chairman,
The Indiana P. S. Commission has authorized the purchase of the Cam- and
0. L. Smith, Assistant Treasurer and Assistant Secretary,
bridge Light & Power Co. of Cambridge City, by the above company.
Mr. Feustel was elected a member of the board of directors to fill the
The purchase price was fixed at $93,820.73.
Service Co. also was authorized to issue 1,880 shares of com- vacancy coused by Mr. Curtin's death.
The Public
The company is one of the companies in the Midland United Co.
mon stock at not leas than $50 par value to acquire the property.
-V.133, and supplies gas to Lima and a number of other cities in central group
western
p. 288.
Ohio.
-V. 132, p. 3339.
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a Preceding page.
-V. 133. p. 481.
FINANCIAL CHRONICLE
644
--Earnings.
American & General Securities Corp.
-Earnings.
West Virginia Water Service Co.
For income statement for 12 months ended May 31 see "Earnings De-V.132, p. 4591.
partment" on a preceding page.
INDUSTRIAL AND MISCELLANEOUS.
-National and Western Sugar RefinPrices of Refined Sugar Advanced.
pound.
eries advanced the price of refined sugar 10 points to 4.75 cents a
•
Philadelphia "Financial Journal" July 20, p. 6.
-An organization aiming to combat
Retailers of State Fight Chain Shops.
formation for two
chain stores through taxation has been in process of State Independent
months. Working under the name of the New York
tax
Merchants Association. This organization seeks to impose 35.
Retail
21, p.
on linked stores similar to plan in Indiana. N. Y."Times" July
-Federal census bureau figures
Farm Values Show $18,400.000,000 Drop.
average farm value
a shrinkage in decade to $47,879,000,000 Drop;1920. but area was $76.14;
larger;
total number of farms dropped 159,000 from
gained,
crop land increased; 1930 figure is 413,000,000 acres pasturage
. 3.
but live stock declined. July 23.le.
offered at
Matters Covered in the "Chronicle of July 18.-(a) Copper
and custom
73ic. a pound-second-hand sellers cut price, but producers 11 countries
reported-companies in
4
smelters hold at 73 -curb on zinc
agree to reduce output by 45%, it is said, p. 372.
-Earnings.
Laboratories.
Abbott
'Earnings DeFor income statement for 6 months ended June 30, see
-V. 132, p. 3529.
partment" on a preceding page.
-Earnings.
Air Reduction Co., Inc.
see "Earnings
For income statement for 3 and 6 months ended June 30,
-V. 132. P. 3150.
Department" on a preceding page.
-Earnings.
Allen Industries, Inc.
see "Earnings
For income statement for 6 months ended June 30 1931
Department" on a preceding page.
Balance Sheet July 1 1931
LiaMttitesA ssets$92,779
$251,309 Current liabilities
Current assets
8,953
886,344 Res,for taxes dz contingencle5. 143,599
Permanent assets
3,214 Long-term indebtedness__ . _
Prepaid items
8,423
for retirement of pfd. stk.
Res.
Capital stock and surplus.... x867,113
$1,120,867
$1,120,867 Total
Total
66,000 shares comx Represented by 14,609 shares preferred stock and
-V. 133. p. 483.
mon stock.
-Earnings.
Alliance Realty Co.
ended June 30 see "Earnings
For income statement for 6 months
-V. 132, p. 1415.
partment" on a preceding page.
[VOL. 133.
De-
-Earnings.
almers Mfg. Co.
Allis-Ch
ended June 30 see "Earnings
For income statement for 3 and 6 months p. 289.
-V. 133,
Department" on a preceding page.
-Expansion.
Aluminum Goods Mfg. Co.
interest in the Aluminum
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Statement of Surplus and Undivided Profits May 31 1931.
Balances, Dec. 1 1930$3,000,000
Capital surplus
1,318,507
Undivided profits
Total
Balance ofincome for six months(as above)
Gain on retirement of preferred shares acquired below par
$4,318,507
121,284
4,114
$4,443,906
Total
x884,728
-Net losses sustained during period
Deduct
-net losses
ions for reserves, $1,004,114; Less
Appropriat
119,386
charged thereto $884,728
Balances, May 31 19313.000,000
Capital surplus
439,791
Undivided profits
$3,439,791
Total surplus and undivided profits
2,903,024
xBalance of reserves, Dec. 1 1930
1,004,114
Appropriations during period
$3.907,139
Total
884,727
Less
-Losses charged thereto
$3,022,411
Balance ofreserves, May 31 1931
-On May 31 1931 the unrealized depreciation from book value
Note.
cost leas reserves-of the securities in the portfolio at market quotations
.
the unrealized depreciation at Nov. 30 1930. by $1.204,183above
exceeded
-An appraisal at June 30 1931, showed that the
Treasurer's Note.
amount of unrealized depreciation was materially reduced.
Comparative Balance Sheet May 30.
1930.
1931..
1930.
1931.
$
$
Liabilities$
$
Assetssecuritles13.239,685 10,677,624 Secs. porch., not
aInvest.
299,560
171,683
received
778,254
297,797
Cash
100,000 Accr, inv, serv. fee
Call loans
34,112
24,681
93,755 & send.expenses
Secs, sold, net del. 111,752
242,923
1,200
Accrued taxes_ _ -_
Accr. inc. & notes
Cum. pref. stock- 6499,500 2.195,100
rec. & Items in
c8,655,509 8,655,509
72,515 Class A stock
course of cello. 143,129
d1,000.000 1,000,000
Class B stock
3,000,000 3,000,000
Capital surplusUndivided profits_ 439,791 2,294,954
Total
13,702,363 17,722,148
Total13,792,363 17,722,148
a Investment securities, portfolio at cost, $16.262.096, less balance of
ed from undivided profits, $3,022,411. The total market
reserve appropriat
value of securities taken at market quotations May 31 1931 was $8,317,343.
b Represented by 9,990 no par shares. c Represented by 500,000 no par
-V.132, p. 4592.
shares. d Represented by 500,000 no par shares.
--Earnings.
American Republics Corp.
For income statement for 3 and 6 months ended June 30,see "Earnings
-V. 132, p. 483.
Department" on a preceding page.
Co.
-Now Handling Century
This company has acquired a substantial
American Trustee Share Corp.
is organizing a new corporation,
of Canada Ltd., Toronto, Ont.. andthe business. 0. M. Salter, asso•
Aluminum Goods, Ltd.. to continue many years, will become President Shares Trust.This corporation, depositor and distributor for Diversfied Trustee
ciated with the Canadian interest for President of the Aluminum Goods
George
and General Manager,Chairman Vita, board, with A. J. Vita and H. L. Shares, announces that they now are also handling Century Shares Trust,
of the
a bank and insurance stock trust of the management type formed by
Mfg. Co.. will become
The principal product of the two concerns Brown Brothers & Co. in 1928.-V. 132, P. 4593.
Vita, also members of the board.
utensils.
is aluminum kitchenware and other
Forms Canadian Company.
-V. 132. p. 3150.
See Aluminium,Ltd. above.
-New Subsidiary Organized.
Ltd.
Aluminium
ing Co. jointly have
The company and the Aluminum Goods Manufactur
to be known as Aluminum Goods, Ltd.,
formed a new Canadian company, manufacture and distribute aluminum
$500,000, which will
capitalized at
has taken over a factory at Toronto
goods in Canada. The new company will be centered. The majority of
ing operations
where initial manufacturGoods, Ltd., is owned by Aluminium,Ltd., while
the stock of Aluminum
Manufacturing CO. holds a substantial interest. The
the Aluminum Goods
materials for its manufacturing operations
new company will obtain raw , Ltd.
-V. 132, p. 3529.
Aluminium
from subsidiaries of
-Definitive Ctfs.Associated Dealers, Inc.
American
Bank Shares are ready at
Definitive certificates for Trusteed American
of New York to be exchanged for outstanding
the Guaranty Trust Co. . 133, p. 483.
temporary certificates.-V
-Common DiviAmerican-Canadian Utilities Corp.
dend No. 2.
regular quarterly dividend of 15 cents
The directors have declared the
1 to holders of record July
stock,
per share on the commonof like Payable Aug.paid on this issue on April
amount was
11. An initial dividend
-V. 132, p. 2199.
15 last.
-Outlook.
American Car & Foundry Co.
the stock-
of
Chairman William H. Woodin at the annual meeting
holders held on July 9 stated:
buying by the railroads. The one
hope this fall will sae some
"1
equipment situation' a the application of
hopeful feature of the railroad
rates. I have an idea they are going to get their
the roads to increase freightbe slow.
but it is going to
Increase,
wearing out. As soon as this business
"Our products are constantly see good buying of railroad equipment."
should
situation definitely turns you
said: "It seems to
on general business Mr. Woodin crop situation is not
Commenting
has definitely turned. The
me that the tide be a considerable amount of goods hauled this year.
There will
so bad.
business on our books at present," the chiraman
"We have not much the calendar year to get much encouragement for
stated. "It is too lat emn
benefit by this."
fiscal year ends April 30 1932, and we should
1931, but our pointed out that the company reduced overhead by about
Mr. Woodin
that It was hoped salaries
of the depression and
$2,000,000 at the beginning
However. if the situation continues as at present.
could be maintained. that the company would have to reduce salaries.
Woodin concluded
Mr.
Receives Order. Refrigerator
-Transfer Agent.
Amoskeag Mfg. Co.
The Boston Stock Exchange is advised that on and after Aug. 1 1931
the Old Colony Trust Co. will act as transfer agent in Boston for common
shares of the company.
To Cancel 81,537,000 6% Bonds.
At a meeting of the trustees July 16 the Treasdrer was authorized to
cancel and retire $1,537.000 6% gold bonds held in the treasury of the
-V. 132, p. 3888.
company.
-Earnings.
Anchor Cap Corp.
For income statement for 6 months ended June 30, see "Earnings Department" on a preceding page.
The report shows current assets as of June 30 totaling $2,431,383 and
ourrent liabilities of 428,833. Inventories were carried at $1.344,383.V. 132, p. 3342.
-Dividend Omitted.
Apex Smelting Co., Chicago.
The company has omitted the quarterly dividend of 50c. per share, due
at this time.
-Earnings.
Arnold Constable Corp.
For income statement for first four months of 1931 see"Earnings Depart-V. 132, p. 2771.
ment" on a preceding page.
--Earnings.
Artloom Corp.
For income statement for 3 and 6 months ended June 30, see "Earnings
Department" on a preceding page.
assets
The balance sheet as of June 30 1931 shows current of 44.4of $2,431.016
to 1. Cash,
$54,742. a ratio
as compared with current liabilities ofamounting in all to
81,464,615 were
and other bonds
U. S. Government
surplus.
more than 26 times total liabilities other than capital and the reportInof
ventories of $707,678 show a reduction of $244,232 since
Dec. 31 1930.
Comparative Balance Sheet,
June 3031, Dec. 31'30.
June 3031. Dec. 31'30. LiabilitiesAssetsPreferred stock_41,173,000 $1,300,000
:Land, bidgs. machinery, &c____$3,295,401 $3,325,571 Common stook.--y3.000.000 3,000,000
24,786
1 Accounts payable3,978
1
Patents, &i,
15,991
2,622
977,452 Accr. wages, &e_.
627,888
Cash
28,951
13,965
177,134 Federal tax res've_
244,810
Acc'ts receivable
1,547.504 1,839,474
120,055 Surplus
zI4,010
Treas, pref, stock_
585,128
Govt. securities- 836,649
951,911
707,679
Inventories
37.773
49.028
Deferred charges.-
Total
$5,775,446 $8,175.025
$5,775,446 $8,175,025
Total
Line Co. has ordered 220 specially
x After depreciation. y Represented by 200.000 no par shares, z RepreThe Northwesterncarsfrom the above concern,delivery to begin Aug. 15. sented by 150 shares.
2969.
-V. 132. p.
quipped refrigerator
-V. 132, p. 4768. 4753.
Bond-
-Assistance Sought from
Asbestos Corp., Ltd.
-Smaller Div.
Assurance Co.
-Interest Delay
American Equitable a quarterly dividend of 30c, a share on holders of Asheatos Corp. of Canada, Ltd.
declared
The directors have $5, payable Aug. 1 to holders of record July 20. Sought.
stock, par
3533,
the common
-V. 131. p.
373c. quarterly.
Previously the company paid
Robert F. Massie, Pres. and Gen. Mgr. in a letter dated July 17 to the
Ltd.,
bondholders of Asbestos Corp. of Canada, Ltd. says:
due 1942 of Asbestos
A meeting of the holders of first mortgage 5%
DeLtd.(subsidiary of Asbestos Corp. Ltd..), has been called
Corp. of Canada,
For income statement for
for August 21, to consider and if approved to pass resolutions to sanction
on a preceding page.
partment"
some of the following
Balance Sheet June 30.
1930.
(a) To accept the interpretation of Asbestos Corp., Ltd. that all bonds
1031.
1030.
'
1931.
of the said issue which have from time to time been purchased by or delivered
Liabilities
$
303.982 to the Royal Trust Co.in connection with the sinking fund,have ceased to be
Assets764,595 Accounts payable_ 196,585
469,430
135,595 an obligation of Asbestos Corp. of Canada. Ltd.. and (or) of Asbestos
Cash
Accrued accounts_ 101,313
130,979
Corp., Ltd., and that interest is not payable thereon by Asbestos Corp.,
Notes & accept__ 1 875,059 11,064,664 Reserve for Fed.50,325 Ltd.; or in the alternative to sanction and approve of the cancellation of the
5,692
Acc'ts receivable_J
oral taxes
1 803 267 2 090,482 Funded debt
5,514,2005,848,100 said bonds and (or) to waive payment of any further interest thereon;
Inventories
11,855,840
,278,572 9278,572
xPlant & equip.__11,933,734
(b) In the alternative to consider and if approved to sanction the post417,600 Capital stock
361,323
414,650 i345,929 ponement till Jan. 1 1933 (or to such other date prior or subsequent thereto
Investments
74,427 Surplus
56,832
248,512 as may be decided at such meeting) of payment of the interest on the said
Prepaid expenses__
,
12,488 Profit,current-11,366
Deferred taxes_ _
bonds which will be payable July 11031. Jan, 11032,and July 1 1932; 1
19,939
Other def. assets::}
(c) To consider and if approved to sanction the postponement to Jan.
1
1
1933 (or to such other date prior or subsequent thereto as may be decided
Trade-marks,&e__
15,511,012 18,211,016 at such meeting) of payment of the installment of $30,000 payable in respect
Total
15,511,012 16,211,016
Total
fund
the
by 89,266 no Par shares of $5 ofYousinkingdoubton Jan. 11932. Corp., Ltd. (the holding company) has
aware Asbestos
are no
x After depreciation. y Represented held in treasury, and 188.077
nor on its
preferred, excluding 734 shares preferred 2,748 shares common held in not paid interest on its general mortgage bonds since Jan. 11930,
& ref. mtge. bonds since July 1 1930. This co-operation from these
of common stock, excluding p. 3531.
1st
no par shares
-V. 132,
escrow.
treasury and 9,175 shares in
--Earnings.
Inc.
American Writing Paper Co., June 30 see "Earnings
6 months ended
JULY 25 1931.]
FINANCIAL CHRONICLE
bondholders, permitted the carrying through of
to the opening up of new high-grade ore bodies,development work essential
thus enabling this corporation to meet world competition.
Since the present management took charge in May of 1929. $457,000
has
been expended on drilling and developing properties (1. e. Asbestos
Corp. of
Canada. Ltd.) and at least $500,000 additional will have to
be expended
within the next two years to advance development work.
In the last few years the whole situation as affecting the asbestos
industry has changed and the future success of Asbestos Corp., mining
with the ability to supply the varying grades and textures of fibres Ltd. lies
standard demanded by the trade. With its many component of higher
mines Asbestos Corp., Ltd. as now constituted can furnish all grades from
fibres of Thetford. for fine spinning, to the harsh shingle fibres of the silky
Virny, for
slate manufacturers, but it can supply these grades only as it is at
constituted-not if split up into several units as before the merger. present
When the merger was consummated in 1926 many holders
of
mtge. bonds of Asbestos Corp. of Canada, Ltd. exchanged their 5% 1st
bonds for
6% bonds of the new corporation. This letter is addressed to those
who did not make the exchange. It is tho opinion of the present holders
management that the protection of the interests of all bondholders lies
solely in cooperation and that component properties of the
greater value if kept together than if separated. present corporation are of
In the view of the management the relief asked in the
holders of bonds of Asbestos Corp. of Canada. Ltd. does foregoing from
affect their security and assists in carrying through plansnot detrimentally
for future operations on a profitable basis.
Holders of first mortgage 5% bonds of Asbestos Corp. of Canada.
Ltd.
earnestly requested to consider carefully the above stated
are
situation and
to deposit their bonds and execute the necessary proxy.
-V.133, p. 123.
645
In connection with the listing the company's, application
to the Exchange states:
The 9,540 shares for which listing is now applied are an unissued
unlisted balance of 35 000 shares for which listing was requested In and
the
application of Aug. 15 1929, which application wae approved by the Governing Committee of the Stock Exchange Aug. 28 1929. Of said 35.000 shares.
5,000 were stated in said application to be for the purpose of acquiring the
entire minority interest in the outstanding stock of Vending Machine
Corp.. and have been so issued and used: and 30.000 shares were to be
offered for subscription to the common stockholders of record of Autosales Corp. on subscription rights expiring Sept 23 1929, all or any part
not subscribed to by the common stockholders being underwritten as
therein stated. 15.460 of said 30,000 shares were subscribed and paid for
by stockholders or on stockholders subscription rights and 5,000 shares
were taken up and paid for by the underwriters. A balance of said 35,000
shares. namely, 9,540 shares, however, were neither subscribed for by
stockholders nor paid for by the underwriters, and in or about the month
of Nov. 1929, the underwriters declared their inability to complete such
underwriting. This failure on the part of the underwriters having been the
subject of control ersy between them and the corporation, along with
other matters, a settlement agreement was entered into on or about April
7 1930, by the terms of which the corporation retained the right to issue
and dispose of said 9.450 shares free from any claim of the underwriters in
respe,t thereto. 25,460 shares out of 35,000 shares have accordingly
been paid for and ibted in alcordance nith the application of Aug. 15
1929; but 9.540 shares not having been listed in accordance with toe terms
of said application, the present application is now made for the listing
thereof upon the terms herein set forth.
Associated Apparel Industries Inc.
In accordance with the existing provisions of the certificate of incorpora-Listing of Ad- tion the additional common
stock will be carried at
ditional Common Stock to Be Issued Under
'
Rights to Stock- valuation of 31 a share, and all sums realized from the previously stated
holders and Options.
such valuation will be carried to capital surplus. this stock in excess of
The New York Stock Exchange has authorized the listing
• Balance Sheet. March 31 1931.
of 230,533
shares of common stock (no par value), on official notice
(Giving effect to fulfillment of settlement with Underwriters)
ot issuance in
accordance with subscription offering to
Assets
common stock on official notice of issuancestockholders: 15,000 shares of
Liabilities
for cash at $5
$25,599 Accounts payable
terms of an option, and 10,000 shares of common stock per share, under Cash
$44,053
on official notice Accounts rec. (after reserve)__
25,670 Notes payable
of issuance for cash at $8 per share, under terms of an option;
20,784
making the Collections in transit
34,484 Bonds due within one year (net)
total amount applied for 486,066 shares.
9.100
Due from underwriters
Directors July 3 authorized the issue and sale of
10,000 Advances due within one year
48,227
230,533 shares ofcommon Inventories
82,596 Advances and deposits
stock to be offered to stockholders of record July
50,136
16
1,835,316 6% pref. stock
on subscription basis of one share for each share1931 at $10 per share, Working assets
1,799,749
held. Subscriptions Investments
807 Common stock
may be exercised on or before Aug. 6 1931 at the
x175,4130
the First Union Trust & Savings Bank, Chicago,principal office of either Machinery & equip. (after
Capital surplus
2,811,570
or Guaranty Trust Co.
depreciation)
Now York, N. Y.
95,943 Deficit from operations
of
461.204
Deferred assets
It has been provided that officers and directors
13,751
of the company will Contracts, patents & good-will 2,173,709
endeavor to negotiate with
as are not subscribed for bybankers or others for underwriting such shares
stockholders.
Total
$4,297,876
Directors May 5 granted to V. G.
Total
$4,297.37
x 175,460 shares (no par).
representatives and assigns the right Dunnington (agent), his heirs, legal
-V. 132, p. 3343.
any time and from time to time on or to purchase from the company at
prior to May 1 1934, all or part of
Aviation Corp. (Del.).
15 000 shares of common stock, at a price of $5 per
-Earnings.
-share, one option
being for 9,000 shares and two for
For income statement for 6 months ended June 30 see "Earnings De
given as part of the consideration3,000 shares each. These options were partment" on a preceding page.
-V. 133, p. 484.
in connection with the company's arrangements for securing temporary financing
up to $1,500,000. Such
funds were for the purpose of retiring bank and commercial
Baldwin Locomotive Works.
-Earnings.
obligations.
The amount obtained under this arrangement
For income statement for 6 months ended June 30, see "Earnings Dehas now been reduced to
about $1,000,000.
partment" on a preceding page.
Directors April 17 granted to Thomas R.
Charles D. MacGillivra has been
Gowenlock,
representatives and assigns the right to purchase from his heirs, legal Arthur L. Church, and J.yHarrison elected Secretary to succeed the late
Kerst has been elected Assistant Secthe company at
any time and from time to time on or prior to April
17 1933, all or part retary. Mr. MacGillivray and Mr. Kerst were also elected Secretary
of 10,000 shares of common stock at a price of $8 per
share. This option and Assistant Secretary, respectively, of two Baldwin subsidiary companies,
was given in lieu of certain valuable services rendered,
including the Standard Steel Works Co.and Baldwin-Southwark Corp.
payment to the company of $440,000 for
Forms Securities Corp.
option and cancellation by the bankers stock sold under terms of previous
as
common stock called for under that option.to 45,000 additional shares of
The Baldwin Locomotive Securities Corp. has been incorporated in
It is the intention of the company to capitalize the
Delaware with an authorized capital of 100,000 shares of common stock
230,533 shares offered without par
to stockholders at the subscription
price and (or) at prices received from Locomotive value, and will be a wholly owned subsidiary of the Baldwin
bankers, If underwritten, and
Works with power to deal in
referred to above at prices per the 25,000 shares covered by the options other products of the parent company. securities and in locomotives and
share received and to use the proceeds in
retiring existing indebtedness and placing the
It is not contemplated that this new subsidiary will transact business in
company in a strong financial
position with ample working capital for its future
any large volume at an early date, but it is stated that it has been organized
needs.
Holders of the options have
in order to provide in so far as
hereafter appear desirable for an
them in a way that would alter agreed with the company not to exercise independent means of financing for may benefit
the
the total amount of shares required under
of the Baldwin Locomotive
the subscription plan.
Works receivables and obligations of a character now carried in the parent
Stockholders have no pre-emptive rights.
company's treasury.
Earnings.
-For income statement for six
Officers and directors of the new subsidiary
"Earnings Department" on a preceding page. months ended May 31. see Vauclain. Chairman of the board; George H. are as follows. Samuel M.
Houston, President; Charles
E. Acker, Vice-President and Treasurer; Howard D. Humphreys, Assistant
Consolidated Balance Sheet.
Treasurer; Charles D. MacGillivray, Secretary, and J. Harrison Keret.
Assetsmay 31'31 Nov 30'30
Assistant Secretary. Directors are. B. Dawson Coleman, George
LiabilitiesMay 31 '31 Nor.30'30
H.
Cash
$976,722 $486,623 Notes payable-- $997,589 $1,300,000 Houston, Sydney Emlem Hutchinson, Thomas
Newhall, Arthur W. se.
Notes receivable
11,267
163,141 Accts.
983,992 wall, Sidney F. Tyler and Samuel M. Vauclain. ("Philadelphia Finaacial
Accta. receivable 1,147,458 2,354,076 Accruedpayable-- 607,380
Journal.")
-V. 133, P. 484. 290.
accounts,
Inventories at cost_ 3,085,051 3,518.232
including taxes. 300,282
328.257
Cap. stock at cost.
Baldwin Rubber Co.
993,000
5-Yr.6% gold notes 945,000
-Earnings.
Adv.for travel. clap
10,536 Purch. money oblig
72,000
For income statement for six months ended June 30 1931 see "Earnings
72,000
Prepaid expenses_
63,593
42.953 Res. for conting__
77,159
78,266 Department" on a preceding page.
Other assets
-V. 132, p. 4415.
415,615
159,468 Common stock__ _x4,802,024 4,298,847
Land, buildings,
surplus-__
Bayuk Cigars, Inc.
machinery, &c.._ 2,025,047 1,950,749 Earned surplus-- 732,835 1,554,541
-Earnings.
Capital
194,670
194,670
prepaid rent under
For income statement for 3 and 6 months ended June 30, see
"Earnings
Department" on a preceding page.
lease agreement. 147,369
-V. 132, p. 3343.
151,557
Deferred charges
288,181
235,851
Beech-Nut Packing Co.
Good-will
-Earnings.
558,057
573,037
For income statement for 6 months ended June 31 see "Earnings DeTotal
$8,728,941 $9,802,575
Total
$8,728.941 $9,802,575 partment" on a preceding page.
x Authorized, 500,000 shares;
Condensed Balance Sheet June 30.
outstanding, 207,500 shares for 1930,
and 230,533 shares (plus outstanding
covering 25.000 additional
1931.
1930.
1931.
1930.
shares and subscription offering of optionsshares
Assets230,533
to stockholders) for
Liabilities$
$
1931.-V. 133. p. 289.
Real estate, buildCommon stock__ 8,925.000 8,925,000
ings, Sec
6,089,744 6,253,236 Prof. stock class A
4,500
4,500
Atlas Powder Co. (8c Subs.).
Nitges. ar secured
Notes & accts.pay.
-Earnings.
85,401
123,397
For income statement tor 6 months ended
loans on real est..
87,533 Fairmont Box Co.
June 30, see "Earnings De- Pats., trade-marks, 85,245
partment" on a preceding page.
(cash on call)_
100,000
&c
65,724
61,418 Dividend payable_ 334.768
334,766
Baiance Sheet June 30.
Securities owned 1,782,022 1,768,817 Expenses dr taxes_ 347.830
212,828
1931.
1930.1931.
Cash
1,909,566 1,138,983 Reeve for deprec_ 2,484.602 2,385,129
1930,
Assets8
$
1 LiabilitiesU. S. Govt. & mu8
Rea. for insur., &c. 301,773
$
234,355
Plant, property &
, Preferred stock
nicipal bonds
9,860,900 9,000,000
2.389,731
Res. for gen. adver
216,628
equipment
15,215.798 15,276.104 Common stock.„1 8,714,825
/
2,612 Ras. for coating__ 300,000
2,612
8,714,625 Cash for red. notes
Collateral loans.-- 200,006
300.000
600.000 Pur. money notesBank ar tr.co.stka_
64,934 RCS, for bad and
64,934
Good-will,pata.,&c 3,135,795 2,875,255 Acc'ts
50,000
pay., incl.
Accts. & notes rec_ 1,427,148 1,688,539
doubtful acc'ta..
84,185
&icor. of affil.cos_ 3,795,470 2,057,816
div. on pref. stk.
Inventories (cost). 7,849,967 9,319,448 Res, for red, of
Cash
2.290.502 2,060,883and Federal tax330,043 short term notes,
875,517 Due from sub. cos_ 344,954
Notes & acc'ts rec. 2,756,137 3,231,217 lbs. for deprec., 716,028
Deferred assets__ 670,170
835,256
&c
2,612
Stk. of Atlas Powuncoil. acc'ts &
Other reserves
226,860
109,836
der Co
621,348
contingencies__ - 6,331,997 8,882,301
Surplus paid in..... 1,450,700 1,450,700
Unpaid employees'
Surplus
7,945,851 8.636,382
Earned surplus_ 8,093,586 7,158,683
stock subscr'no. 478,042
Inventories
2,432,552 3,539,092
Total
22.641.816 21,555,821
Total
22,641,816 21,555,821
U. B. Govt. scour- 1,250,000 1.250,000
-V. 132, p. 3152.
Security Invest_ 1,186,300 s2.777,321
Def'd items (net). 207,428
291,156
Bessemer Limestone & Cement Co.
-Smaller Div.
The directors have declared a quarterly dividend of 50
Total
33,569,402 33,958,825
per
Total
33,569,402 33,958,825 on the class A stock, payable Aug. 1 to holders of record cents 20. share
a Includes acquired securities of Atlas Powder Co.
July
b Common stock viously the company made regular quarterly distributions of 75 centsPrerepresented by 261,438;I shares of no par value.
per
-V. 132. p. 3343.
share on this issue.
-V. 131, p. 2700.
Atlantic Refining Co.
-Earnings.
-
For income statement for 3 and 8 months ended June
,
30 see "Earnings
Department" on a preceding page.
-V. 132. p 4593.
Bickford's, Inc.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Autosales Corp.
-Listing of Additional
New Directors.
The New York Stock Exchange has authorized Common Stock.
At a special meeting, the stockholders voted to increase the number of
additional shares of common stock (no par value) the listing of 9,540
upon official notice of directors to not more than 15, and not less than 11.
issuance and payment in full making the total amount
The following additions were made to the board: Edward J. Winters of
applied for 185,000
shares.
George H. Burr & Co., Lamont S. Foster of Foster Lunch System, Ltd. of
The 9,540 shares of common stock the corporation proposes
to issue for San Francisco, which System was recently merged with Bickford's, Inc.,
acquiring outstanding obligations of the corporation
to
-V. 133, p. 290.
amount of $14,000 with accrued interest thereon pursuant the principal and Frank F. Davenport of Harrisburg, Pa.
of the board of directors adopted at a meeting held on July to a resolution
Bing & Bing, Inc.
-Earnings.
holders have no preemptive subscription rights in respect6. The stockto the shares
For income statement for 3 and 6 months ended June 30 see "Earnings
CON .:ed by this application.
Department" on a preceding page.
-V.133, p. 484.
FINANCIAL CHRONICLE
646
-Registrar.
Bon Arni Co.
appointed
The Chase National Bank of the City of New York has been
shares
registrar for 200.000 shares of class A common stock and 400,000
effective Aug. 1 1931.-V. 132, P• 4061.
of class B common stock,
-Earnings.
Bridgeport Machine Co.
DepartFor income statement for 6 months ended June 30 see "Earnings
ment" on a preceding page.
30.
Balance Sheet June
1930.
1931.
Ltabliittes1930.
1931.
Assets882,456 Notes payable__ $300,000 $460,000
5181,275
Cash
497,707
59,559
accts. rec. 755,036 1,415,621 Accounts payable.
Notes &
428,500
1,224,533 1,383,678 Def. indebtedness_ 340,000
Inventories
32,151
810,407 Res, for conting__ 461,635
824,616
Prop,and plant
Res, for over-abPats.,trade-marks,
59,376
solved mfg. exp.
593,972
good-will, &c__ _ 593,977
438,314
123,445 Res, for deprec_
160,555
Other assets
391,900
Preferred stock... 548,850
Common stock-22,029,946 2,101,632
[VOL. 133.
of the new company. The committee expects to be able to announce
the names of the president and directors within a few days. The majority
of the new board of directors who will control the management of the
new company must, under the plan, be appointed by the committee to
act for five years and this majority will not include any members of the
old board.
"Regarding Mr. Biermans' questions respecting the Anglo-Canadian
Co., the committee's plan provides for the complete separation of the
-F. 133. P. 455. 125.
two companies, and this will be carried out."
-Earnings.
Canadian Foreign Investment Corp., Ltd.
Income Account for Year Ended Dec. 31 1930.
Interest received
Dividends received
$243,186
160,735
Total revenue
Expenses, taxes, &c
Interest on debentures
$403,921
32,157
57,095
Net profit
Previous surplus
$314.668
135,455
Totalsurplus
Preferred dividend
Advances re investigations
Discount on debentures
$450,123
5105.102
10.552
34,286
$3,739,991 $4.409.580
Total
$3,739,991 $4,409,580
Total
-V. 132, p. 2773.
x Represented by 150,000 no par shares.
-Earnings.
Briggs & Stratton Corp.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
Cash and marketable securities held as of June 30 1931,tota.ed $2.195,460
with total
and total current assets amounted to 82,728,651 as compared
current liabilities and accrued taxes of 8377.354.-V. 132, p. 3153.
-Dividend Reduced.
(J. G.) Brill Co., Philadelphia.
on the
The company has declared a quarterly dividend of $1.25 a share
30. Pre7% cumul. pref. stack, payable Aug. 1 to holders of record July
-V. 133, p. 125.
quarterly.
viously company paid $1.75
Brillo Mfg. Co. Inc.-Earnings.-
'
For income statement for three and six months ended June 30 see"Earnings Department" on a preceding page.
Total current assets on June 30 1931 are shown as $623,519, compared
sundry
with current liabilities of $107,321, including accounts payable and
provision
accruals of $38,633, dividends payable July 1 of $34,903, and
of $33,785. a ratio of approximately 6 to 1.-V. 132,
for Federal taxes
P. 3153.
-$1.50 Liquidating Div.
Bristol Mfg. Co., New Bedford.
share.
The directors have declared a liquidating dividene of $1.50 per
This makes a total of $38.50 per share paid in llquidation.-V. 133, p. 125.
-New Directors.Burco Inc.
$300,184
Batance Sheet Dec. 31 1930.
Liabilities
Assets
$41,500
$30,110 Loan
Cash
5,547
112 Accts. payable & accr'd liab
Accounts receivable
29,015
1,208 Accrued debenture interest
Notes receivable
829,000
7% collateral trust gold debs_
& interest in BraAdvances to
Milan Portland Cement Co _ 3,380,576 8% cum. preferred stock.... 1,751,700
x456,060
1,500 Common stock
Office equipment
300,684
Capital surplus
Balance_
Total
$3,413,505
Total
-V.133, p. 126.
x Represented by 73,416 shares (no par).
$3,413,505
-New Superphosphate Plant.
Canadian Industries, Ltd.
The company has opened Its new superphosphate plant in Hamilton,
Ont., Canada. it is stated. This plant is said to be one of the most modern
of its type in the world, and will have an annual capacity of 75,000 tons of
-V. 133, P. 485.
16% superphosphate for fertilizing.
-Bondholders Approve
Canadian Terminal System, Ltd.
Reorganization.
deben-
Eugene "iV. Leake, formerly Chairman of the board of directors of
American,
American Ry. Express Co.,and now director of Wells Fargo, Wickerof Cadwalader,
Adams Express companies, and Robert Le Roy on the board of directors.
vacancies
sham and Taft. have been elected to fill
-V. 131. p. 3047.
At a meeting of the series "A" and "AB" bondholders and of the
ture holders held at Montreal June 29 the plan of reorganization was approved. Compare plan in V. 132, P. 4417.
-Stockholders Ask Receivership in Jersey
Burns Brothers.
Alleging Mismanagement.
was
the
Consolidated Income Account for Year Ended Dec. 31 1930.
Profit from operations after all charges, exclusive of deprecia$2,638,830
tion but inc. div. received from General Milk Co., Inc
996,367
Depreciation
-Earnings.
Carnation Co. (& Subs.).
company
for
An equity suit seeking the appointment of a receiver
is the
filed July 2 in Federal Court at Newark, N. J. The application ones
$1,642,462
third attempt to obtain a receivership for the company, the previous
Balance
Supreme
52,152
having been denied in Chancery Court, Jersey City, and in
Interest received
Court, Manhattan,
Campbell,
C. Wallace Vail, attorney for Paul R. Fischel and Edward
$1,694,615
Total
both of New York, named as holders of 60 and 100 shares of common stock, Interest paid
51,875
the board
respectively, filed the bill, which charged mismanagement by arguments Bond interest and discount
81,113
of directors. The basis of the action closely resembles the by Burns Provision for income taxes
149,993
suits, attacking an alleged agreement
offered in the previous
Brothers with the Lehigh Valley Coal Co. of Pa. and the Delaware, Lacka$1,411,632
Net profit for year ended Dec. 31 1930
which,
wanna & Western Coal Co. for purchase of coal by Burns Brothers, com- Earnings per share on 611,628 shares of corn, stk. (no par)
$1.99
latter
it was argued, would result in a $3,000.000 annual loss to the
Consolidated Surplus Account Dec. 31 1930.
-V. 132, p. 4061.
pany.
$3,538.483
Surplus at January 1 1930
-Receivership.
Butler Consolidated Coal Co.
253.833
no longer required now restored to surp
James 0.Camp- Reserve for contingencies
9,471
Marten A. Reiber has been appointed receiver by Judge operation of the Adjust, of deprec. & other reserve applicable to prior years (net)
Pa. with authority to continue
31 1930
1,411,632
bell of Butler County,
counties. Net profit for year ended Dec.
various plants of the company in Butler. Alleghany and Indiana formerly
85,213,419
The petition for a receivership was filed by the Union Trust Co.,
Total
for the bond110,702
the Guaranty Trust Co. of Butler, which is acting as trustee the last two Loss on properties sold
150,000
Appropriated for obsolescence of properties
holders. It is said that the company has been in default in
42,911
on common stock purchased (net)
interest periods.
told the court that Premiums on preferred stock (1930)
141,792
Charles F. Hosford Jr., President of the company,
Dividends
Aug. 4
908.597
Dividends on common stock-Cash
lans were under way for a reorganization. Judge Campbell set
case.
302,451
or further hearing in the
Stock
52,275
Divs. on subsidiary company pref. stock not owned
-Earnings.
Butterick Co.
ended June 30 see "Earnings
$3,508.692
Balance
For income statement for 3 and 6 months
141,792
Department" on a preceding page.
deflation Surplus appropriated for pref. stock dividends (1931)
S. R. Latshaw, President, states he believes the trend toward he looks
and
Balance, surplus, Dec. 31 1930
$3.848.484
In advertising rates in women's magazines has about ended and postage
wages
for a pick-up in business this fall. While print shop
Consolidated Balance Sheet Dec. 31 1930.
since before the war, Mr.
costs have tripled, and paper costs doubled pages have decreased in the
I
AssetsLatshaw said, advertising page rates per 1,000 more than 50 new adver$56,464
$1,212,987 Notes & acceptances payable
magazine, he said, gained
"Delineator." That
appropriations Cash
232,243 Accounts payable
1,735,283
Marketable securities
tisers in the first six months of 1931, although curtailed
-V. 132. Accounts & notes receivable 3,065,552,Real estate & income taxes__
393,956
resulted in a net loss of about one-half page in the period.
have
498,648
I Dividends payable
Due from stockholders and
p. 3154.
171,991'Purchase money obligations_
484,250
employees
-Earnings.
23,662 Employees' stock subscrip'ns
102,521
Due from affiliated co's
(A. M.) Byers Co.
ended June 30 see "Earnings Inventories
5,799,835 Subsidiary co's 1st mtge. 6s_ 1,262,000
For income statement for 3 and 9 months p. 3154.
1,682.887 Reserve for insurance
321,823
-V. 132,
Investments
Department" on a preceding page.
320.908 Minority stockholders' interDeferred charges
--Sale.
est in
914,491
Cadet Hosiery Co., Columbia, Tenn. Cadet Hosiery Mills Plant sites, budge., mach.,&c.x11.858,503 Preferredsubsidiary co's
stock
2,025,600
Patents, trade marks ac g'd-w. 2,365,648
Court has confirmed the sale of the
The Federal
Massachusetts Knitting Mills, Inc., of Boston,
Common stock
y15,290,700
at Columbia, Tenn., to the
the plant will
President. announces that
Surplus
3,648,483
for $153,000. J. S. Gordon,
full-fashioned hosiery, with
resume operation at once, manufacturing
Total
that the machinery moved from Boston to
$26,734,220
$26,734,220
Total
400 operatives. It is stated
Columbia consists of recently purchased equipx Less reserve for depreciation and obsolescence of $8.361,310. y Repthe newly-acquired plant in
company is moving from New
shares of no par value.
-V. 132. P. 4417.
ment, and does not mean that the
continue resented by 811.628
intact, and we expect to England'
present Boston mill Is remaining
Our
announced.
exactly as we have right along," it is ("American
-Sale.
Paper Co., West Tacoma, Wash.
Cascade
operating at Boston
as a separate unit."
operated
The sale of the assets of the company to W. L. Raymond of Seattle was
"The Columbia mill will be -V. 132, p. 3344.
Reporter.")
by Judge Fred G. Remann in Pierce County (Wash.) Superior
confirmed
Wool and Cotton
Court July 8. The bid was $133,694. The purchaser also assumed the
Insurance Co.
California State LifeJune 25 have been-Rights. right to sub- general bonded indebtedness of the company, aggregating $675,000, with
given the
record
from Jan. 1 1930, to date on which the paper company
The stockholders of
capital stock, Par $10, at $40 per accrued interest
additional
from
scribe on or before Aug. 1 for shares for each five shares held.
-V. 133. went into the hands of a receiver, together with taxes and assessments
the same date.
share on the basis of two new
P. 484, 291.
F
•
-Earnings.
Wyant 8c Cannon Foundry Co.
Campbell
six months ended June 30 see "EarnFor income statement for three and -V. 132, p. 3531.
ings Department" on a preceding page.
-Reorganization Plan
Canada Power & Paper Corp.
Defended.
60% of all bonds, 60% of all debentures
Reporting that approximately
well as 85% of the common shares,
and 60% of all preferred stocks, as
with the scheme of reorganization prohad been deposited in connection committee. Charles Dunning, chairman
posed by the securities protective July 17. dealt further with the proposals
of that body, in a statement Issueddebentures of the Belgo-canadian Paper
of Hubert Biermans to holders of
Co.. Ltd.
the committee's plan provided
Mr. Dunning reiterated his belief that of chaos, whereas liquidation
order out
an excellent prospect of bringing Canada's greatest industries. Ile quesand litigation might ruin one of
of raising $5,000,000 new capital
tioned the success of Mr. Biermans' plan said.
he
for the Beige Co. In his statement
response from security holders
"Regarding direction and management,
in approaching men of the
has been sufficient to warrant the committeeboard of directors, many of
new
on the
highest business standing to act Negotiations have been practically conalready accepted.
whom have
who has never been concluded with an outstanding industrial executive
president and executive head
nected with the company, who will become
Caterpillar Tractor Co.
-Earnings.
For income statement for 6 months ended June 30, see "Earnings De-V. 132. p. 4417.
partment" on a preceding page.
-Operating at Profit.
Celotex Co.
"Notwithstanding the current reduced volume of sales as compared with
a year ago, operations of this company during the past three months have
shown a substantial profit." according to President B. G. Dahlberg.
"This was chiefly accomplished by operating economies and rigid control
of expenses and in spite of the fact that the showing was made during a
period of the year which is always comparatively dull. We believe it is
only logical to expect that added products and our new ability to offer a
complete line will stimulate sales and profits within the near future.
"Added products, including leaders long manufactured under well-known
trade-marks, will be produced for us under favorable contracts by nationally
known manufacturers and thus will not entail investment of additional
capital by our company. They will be manufactured according to our
own specifications under the supervision of our own technical experts and
as the result of our intimate knowledge of building requirements, will
embody improvements long needed."
With its additions, this company now has a line of 24 different materials
for various distinct building and industrial uses, and Is well on its way
toward complete coverage of the industrial and building insulation fields.'
V. 133, p. 485.
-§0116
JULY 25 1931.]
FINANCIAL CHRONICLE
647
-Time for Deposit of Bonds
Central Foundry Co.
Extended to July 31.
power" principle embodied in the new Plymouth, which eliminates the
objectionable vibration heretofore inherent in four-cylinder design, is
protected by patent applications owned by this cprporation. We believe
The committee, of which Frederick J. Leary is chairman, has notified this principle of engine mounting described as "floating power" will attain
holders of the first mortgage 6% sinking fund gold bonds that the time wide significance to the industry and constitutes an advance in the art
within which bonds may be deposited without penalty has been extended ofautomobile design comparable with that accomplished by the introduction
to July 31. The committee announces that 68% of the outstanding bonds of the self-starter, four-wheel brakes and low-priced closed bodies. It
already have been turned over for deposit with Central Hanover Bank is difficult at this time to accurately evaluate the eventual benefits to be
& Trust Co. as depositary.
derived by the corporation from this development, but there is every
"Under the agreement dated June 16 1931, between the committee and indication that they will be substantial.
,at least 75% of the outUniversal Pipe & Radiator Co." the notice says,.
In addition to the new Plymouth and in keeping with the management's
be deposited in order to bring into effect the obliga- fundamental policy of anticipating the public's desires in automobile design,
standing bonds must
tion, now contingent, of the Universal Pipe & Radiator Co. to pay on construction, performance and beauty, the corporation has also improved
Aug. 1, for distribution among holders of certificates of deposit an amount its other lines of passenger cars, trucks, buses and coaches. The more
equal to interest on the deposited bonds at 6% from May 1 1931."-V. important of these advances are represented in the new Chrysler De Luxe
133, p. 291.
models, the new De Soto De Luxe models and in the development of free
wheeling for all Chrysler. Dodge
Century Airlines, Inc., Chicago.
-Passengers Carried.
- with dual high gears which offerand De Soto lines except those equipped
the advantage in operation obtainable
This corporation carried 6,206 revenue passengers during June, according from free-wheeling equipped automobiles.
to L. B. Manning, Vice-President and General Manager. This was the
The potential market for the corporation's products has been further
company's largest month of passenger traffic to date.
improved by two important factors which are becoming increasingly
The St. Louis-Chicago route led all others with a total of 1,035 passengers favorable. (1) new car stocks in dealer's hands and used car stocks on
carried. Chicago to Toledo was next with 724. and Toledo to Chicago June 30 were about 25% less than they were on June 30 last year; (2) autothird with 698.-V. 132. p. 4594.
mobiles are being worn out faster than they are being produced. Reference
to the latter has been made in the past but as this situation continues,
Century Ribbon Mills, Inc.
-Earnings.
-there is obviously accumulating and becoming more imminent an increasing
For income statement for 6 months ended June 30. see "Earnings De- necessity for new car purchases which must soon be reflected in actual
-V. 133, P. 126.
partment" on a preceding page.
sales.
Chrysler Corp.looks forward with
Century Shares Trust.
-Now Handled by American largely in this inevitable demand forconfidence in its destiny to participate
more automobiles when general busirestore to
-See latter company above.
Trustee Share Corp.
-V. 133, ness conditions large an the public the purchasing power which has been
impaired to so
extent during the past year or so. We feel that
p. 485.
never in its history has the corporation been in so strong a competitive
Position with respect to its products, its facilities, its distributing organizaCerro de Pasco Copper Corp.
-To Reduce Output.
The corporation has issued orders to shut down another of its furnaces tion and its finances as it is at this moment. The improvement in the
at its smelter at Oroya. This will leave only one reverberatory furnace in corporation's financial operations which an increase in the volume of
business done would accomplish is self evident.
operation.
Earnings.
-For income statement for 6 months ended June 30. see
There are three furnaces at the company's plant at Oroya, one blast
and two reverberatories. Last November when other producers "Earnings Department" on a preceding page.
furnace
curtailed, the company shut down the last furnace and until now has been
Comparative Surplus Account June 30.
operating the two reverberatories. The company is now out of the market
1931.
1930.
1929.
and accumulating its production as it does not care to sell its copper at Balance Jan. 1
$45,960,501 $56,791.614 $48,225,210
the present price of 7% cents delivered, it was said.
Net profit from oper.for 6 mos. ended
-V.133. p. 291.
June 30
2,252,036 3,408,857 18,095.239
Chapman Ice Cream Co.
-Earnings.
-
Calendar YearsNet sales
Cost ofgoods sold
Distribution and administration expenses
1930.
$610,950
222,222
300,749
1929.
$857,916
258,583
280,841
Net profit on sales
Other income
$87,978
2,745
$118,491
5,159
Total profit
Federal income taxes
$90,723
10,782
$123.649
13.487
Net income
Dividends declared
$79,942
62.498
$110,163
76.498
Balance, surplus
$17,443
Earns, per share on 50.000 shs. capital stk.(no par)
$1.60
Condensed Balance Sheet Dec. 31.
Assets1930
Liabililies1929
1930.
Cash
$27,280
$47,212 Accounts payable..
$3,948
Liberty bonds.-25,900
25,300 Dividend payable_
15,624
Accts. receivable
8,910
7,035 Fed, income tax__
10,782
Inventories
18,704
14,838 Res. and deferred
Land, bldgs.& eq_ y177,047
154,208 credit to income
2,012
Investm'ts in other
Capital stock
x25,000
companies
1,000 Surplus- 219.939
Deferred charges to
operations
19,464
13,928
$33.665
$2.20
Total
5277,308 8263,521 Total
$ 277,305
y After reserve for depreciation of $96,123.-V. 131, p. 943.
$263,521
1929.
$3.808
15,625
13,487
1,663
25,000
203.938
Total surplus
$48,212,537 $60,200.471 $66,320,450
Divs. paid & declared-lst quarter
1,103,681
3,323,674
3.308,993
1,103.732
2d quarter
3,328,835 3,338,993
Surplus June 30
$46.005,124 $53,547,962 $59,672,465
Consolidated Balance Sheet June 30.
s
1930.
1931.
1931.
1930.
$
LiabilitiesAssets
$
$
43,666,685 28,046,003 Accts. payable- 12,565,512 14,868,355
Cash
Marketable secs. 11,590,412 16,521,199 Accr. int., taxes,
Car shipments
insurance, &c.
879,599
917,872
against 13-L
Distributors' ee
drafts, &c
5,970,362 6,084,297
dealers' depos.
971,605 1,216,017
Notes receivableal,311,477 2,895,771 Provision for InAccts. receivable .277,937 2,698,402come taxes_ _ _
401,085 1,374,650
Inventories_ _ _ _ 22,762,213 35,699,114 5%% serial gold
Sink, fund cash_
663
bds. of MaxReal estate not
well M.Corp_
575,500
used in oper_ _ 4,352,336 4,300,489 6% gold debs. of
Investm'ts, land
Dodge Bros.,
contracts and
Inc
0,633,000 48,652,000
miscell. accts. 1,992,853 2,185,232 Reserves for conChrysler Mantingencies, &c. 10,428,745 9,739,125
agement trust 3,077,500 3,113,147 Capital stock_ _.d73,255,373 73,992,219
Land, buildings,
Approp. surplus
mach.,equip.,
acct, of repur.
dies, &c
c68,263,447 77,722,909
of cap. stock_ 3,205,432 2,468,585
Good-will
25,000,000 25,000,000 Unapprop. surp. 42,799,692 51,079,377
Prepaid insur.,
taxes, dic. _ _ _
617,136
874.156
Charis Corp.
-Extra Dividend.
-
Total
191,140,042 204,883.700
Total
191,140,042 204,883,700
The directors have declared the regular quarterly dividend of 50c. per
a Less allowance of $125,926. b Less allowance of $52.324. c After
share and an extra dividend of 25c. per share on the common stock, no depreciation of $55,778,791. d
Represented by 5,414,892 no par shares.
par value, both payable Aug. 1 to holders of record July 27. Like amounts -V. 133, p. 292.
were paid in each of the 11 preceding quarters.
-V. 132, P. 3532.
Chicago Pneumatic Tool Co.
-Earnings.
--
City Ice & Fuel Co.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
R. C. Suhr, President, stated in connection with the company's report
for the first six months:
Chrysler Corp.
-Reports Profit for Quarter.
"A mild winter and a cool spring season brought decreased coal sales in
Net profit for the second quarter of 1931 after provision for all interest, the company's fuel
division, which caused net earnings for the first six
taxes and depreciation charges was equivalent to 73 cents per share, the
same per share profit as in the second quarter of last year. Net profit months to fall below those for the corresponding 1930 period. Starting
with the summer period, however, business has been excellent, with net
for the first half of 1931 was equivalent to 51 cents per share as against earnings for
June $92,439 above those for June a year ago.
77 cents per share for the first half of 1930. For the second quarter this
"The heavy volume of business is continuing into July and with normal
year net profit amounted to $3,231,962 as compared with $3,228,139 for temperatures for
the remainder of the month, the management believes
the second quarter of last year. For the first half of this year net profit earnings
for the current month will break all previous records."
-V. 133,
amounted to $2,252,035 as compared with $3,408,856 for the same period
last year. The net profit for the first half of this year covers the dividends P. 126.
of $2,207,412 paid out during that period, leaving a surplus of $46,005,124
Clinchfield Coal Corp.
-No Action on Dividend.
on June 30, as compared with $45,969,501 at the beginning of the year.
The directors have taken no action on the regular quarterly dividend of
,
Walter P. Chrysler in his remarks to stockholders states:
$1.75 per share due Aug. 1 on the % cum, pref. stock, par $100. The last
The corporation has continued its past policy of absorbing in current
operations all expense of creating new models. Depreciation and amortiza- quarterly distribution on this issue was made on May 1 1931.-V. 132,
tion in the amount of 37,840.177 were charged to production during the P. 2396.
first half of the year, and net permanent assets decreased $5,909,176 during
Columbia Phonograph Co., Inc.
-Registrar.
the same period.
The Bankers Trust Co. has been appointed registrar of voting trust cerFurther reduction of the corporation's funded debt and consequent
tificates representing capital stock of the above company.
-V.128, p.3518.
saving of fixed charges was effected during the first half of this year through
the reduction in the amount of $950,000 of the outstanding 6% gold debenCommercial Solvents Corp.
-Earnings.
tures of Dodge Brothers, Inc. In this connection, it may be of interest
For income statement for three and six months ended June 30 see"Earnto the stockholders to know that since the report for Sept. 30 1928, which
first reflected the purchase of Dodge Brothers, Chrysler Corp.'s funded ings Department" on a preceding page.
debt has been reduced $13,589,000.
Joint Subs. Incorporated.
The financial results of the first half of 1931 reflect the continuing effect
The Krebs Pigment & Color Corp. was incorporated in Delaware on
of the close attention paid by the management to the adjustment of ex- July
17 with an authorized capitalization consisting of 10.000 shares of
pense to the volume of business currently available. Administrative,
selling, advertising, service and general expenses amounted to $10,138,766 common stock. This company was jointly organized by the Commercial
in the first six months of this year, as compared with $13,236,372 for the Solvents Corp. the E. I. duPont de Nemours & Co. and the Graaselli
-V. 133, P. 293.
first half of 1930, a decrease of 33,097,607. Moreover, in the second Chemical Co.
quarter of this year the corporation realized more fully than in any preCongoleum-Nairn, Inc.
-Resumes Dividends.
ceding period the benefits of the economies and efficiencies of operation
The directors on July 20 voted a distribution of 25 cents a share on the
effected since the business depression began.
Some idea of the significance of these improvements in operation in common stock, no par value, payable Sept. 15 to holders of record Aug. 15.
all departments of the corporation's activities, and the potential benefits Quarterly dividends of 50 cents a share were paid in July and October
to be derived from them in the future, may be gained from the fact that 1925; none since.
President, A. W.Hawkes, stated that it was the opinion of the managewhile the volume of business for the second quarter of this Year, due to
general conditions here and abroad, amounted to only 77% of the second ment that unless the economic situation becomes worse this dividend of
quarter of last year, nevertheless the corporation's net profit for the second 25 cents can be maintained quarterly.
-V. 132. p. 4248.
quarter of this year shows an increase over the corresponding quarter
last year. Volume of business for the first quarter was 65% of the volume
Consolidated Lithographing Corp.
-New Subsidiary.
for the first quarter of 1930, and for the six months as a whole 72% of
The International Lithographing Co., Ltd., has been organized by the
the volume for the same period last year. The corporation's substantial Consolidated Lithographing Corp. of New York, and Lawson & Jones,
progress in the face of unsatisfactory conditions during the six months Ltd., of London and Ontario. Canada, to manufacture cigar bands and
just ended is evident from the accompanying statements.
labels for Canadian consumption, according to an announcement made by
During the first half of this year one of the most important advances Jacob A. Voice, President of the Consolidated corporation. Machinery
Chrysler Corp. has made since the first Chrysler-built car was introduced, and equipment is now being installed in the new company's plant at Tohas been accomplished in the development and introduction to the public ronto, and operations are expected to commence early in August.
-V.132,
of the new Plymouth with floating power, free wheeling, four-wheel
- p. 4771.
hydraulic brakes and low center of gravity-the first vibrationless four
cylinder car in automotive history. We believe this new Plymouth car
Consolidated Chemical Industries Inc.
-Earnings.
will give Chrysler Corp. for the first time in its history a position of major
Earnings for Calendar Year 1930.
importance.in the lowest-price field.
Net profit, before deducting reserves for depreciation and reThe new Plymouth was formally announced to the public on July 6.
serves for income taxes
$925,189
In the short space of time since that date it has met with a very gratifying Depreciations charged off
227.204
response from the public. Actual sales have exceeded all expectations Income taxes
69,290
and a very substantial bank of forward orders from Chrysler. Dodge and
Final net profit
De Soto dealers throughout the country has resulted. The "floating
$628,394
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 4062.
FINANCIAL CHRONICLE
648
Condensed Balance Sheet Dec. 31 1930.
Lie)UttiesAssets
$13,827
$298,610 Accrued payroll
Cash
1,974
30,000 Notes payable
Listed securities
267,970
8,650 Accounts payable
Notes receivable
553
interest
369.705 Accrued
Accounts receivable
835,245 Reserves and accruals for local
Inventories
71,841
1,686,073 and Federal taxes
Lands
17.500
Accrued dive, of sub. corp'ns.
Bldgs., yard facilities, mach'y
187,154
x3,185,286 Notes pay. on land purchases
and equipments
4,846
Other liabilities
7,000
Stocks in other corporations_ _
y5,026,915
36,150 Capital stock
Prepaid exps. & misc. adrces
903,117
38,981 Surplus
Other assets
$6,495,699
$6,495,699 Total
Total
x After reserves for depreciation of $1,422,836. y Represented by
205.000 shares class A stock and 80,000 shares class B stock all of no par
-V. 132, p. 3155.
value.
Consolidating Mng. & Smelting Co. of Canada, Ltd.
Ore receipts at the Trail smelter of this company for the first seven-day
period of July and for the year to July 7 follow, in tons with comparisons:
-1930. 1931-Yr. to July 7-1930.
1931-7 Days
245,190
238.666
9,201
8,973
Company's mines
5,924
3,527
143
Other mines
9,116
Totals
-V. 133, p.293.
9,201
242.193
251,114
-Federal
Consumers Brewing Co. of N. Y. Ltd.
Government Sues to Confiscate Property for Violation of Prohibition Law
The New York "Times"July 19, had the following:
Acting under provisions 'of the revenue law, which permits the Governlment to confiscate land and buildings used in evading taxes on alcoholic
spirits, the Federal Government for the first time in the history of prohibition enforcement in this district, sought to libel real estate yesterday.once
The property and land against which the libel was filed is that
owned by the Consumer's Brewing Co.. Ltd., at Sutton Place between
be the
55th and 54th Streets, valued at $2,000,000 which was said toinvoked
largest sum involved in any libel action. The Revenue Act was
because under the prohibition law the Government can only institute padlock action and obtain an injunction against a place where the law has been
violated.
-story structure, a block wide, was raided May 22 by
The building, a 6
men under Horace J. Simmons special prohibition agent who found what
they described as the largest distillery uncovered since prohibition. took
. Joseph A. Frayne, Special Agent of the Department a Justice who
profit
part in the raid, said that the Sutton Place plant brought a net who
of between 88,000,000 and $10.000,000 annually to its operators
and 29,000 gallons of alcohol a day.
turned out between 26,000
of whisky,
The agents seized 246,000 gallons of molasses, 39.000 gallons "tremenddescribed in the libel papers as "good,' distilling apparatus of
caps, bottles and innumerable
ous size," yeast tubs, motors, piping, tanks,
articles used in brewing and distilling.
The petition, which asks that the property be forfeited to the Government, explains that the Consumers' Brewing Co. on Feb. 1 1929, conveyed
2,872 Heath Ave..
the brewery and its property to Anna Smallenback of the same date the
the Bronx, for a nominal consideration of $100. On
Smallenbach woman conveyed the building and property to the Tishman
conReal Estate Construction Co. of 285 Madison Ave. for an expressed
sideration of El.
According to Mr. Taggart's sworn statement there is a $900,000 5;.5
first mortgage outstanding against the property. The mortgage is held
by the Bank of Savings in the City of New York.
to the
Though the records show that the property was last transferredpresent
who
Tishman concern, Mr. Taggart was not prepared to saycourt its contest
to
in
owners are. Whoever they are, unless they appear
the libel the property will be turned over to the Government by default.
If the libel is contested the investigators may be able to compel owners
-V. 127.
of the old brewery to reveal the identity of its last occupants.
P. 3709.
-Earnings.
Continental Steel Corp.
For income statement for 6 months ended June 30 1931, see "Earnings
-V. 132, p. 1998.
Department" on a preceding page.
-Earnings.
Copeland Products, Inc.
For income statement for eight months ended June 30 1931 see"Earnings
Department" on a preceding page.
assets to
Louis Ruthenburg, President, states: "The ratio of currentsame date
of the
current liabilities is 3.6 to 1 as compared with 1.7 to 1 as
bank
There are no senior securities, funded indebtedness nor
last year.
bank loans of
were
loans, whereas on June 30 1930, there 1931. outstanding as compared
$350,000. Cash on hand as of June 30 ago. was $220,4.02
year
with $167,647 as of the same date a all previous records by a substantial
"Sales for 1931 have surpassed
Export sales are also
in both household and commercial lines. the fiscal year, followmargin
of
materially increased. While sales for the balance
course, taper off, sales for July are
ing usual seasonal tendencies, will, ofmonth in 1929 and 1930.
considerably above those of the same
gasoline-driven
'Among new Copeland developments this season are
electric motor installed on
replaces
units in which a gasoline engine This has the
made mechanical refrigeration
equipment.
the usual Copeland
power lines. As a result,
available in communities not reached by electric
dairy farms, ranches, resort hotels
a new market is opened with remote
-V.133, p. 485.
and cotntry stores."
-Gets Interest in Resinox.Refining Co.
Corn Products
Realises Corp., hitherto a wholly owned
A substantial interest in the
Solvents Corp. has been acquired by the
subsidiary of the Commercial was revealed July 22 in connection with the
Refining Co., it
Corn Products
Solvents for the second quarter of
Issuance of the report of Commercial Sayre of the Corn Products Co. are
F. M.
the year. George Moffett and directorate. Resinox is interested in the
Resinox
soon to be elected to the resins and has a plant at Metuchen, N. J.
development of synthetic
Earnings.
and six months ended June 30 see
For income statement for three
-V. 132, P. 4771.
preceding page.
"Earnings Department" on a
-Reduces Div.
& Henderson, Inc.
Crandall-McKenzie a div. of 15c. per share payable Aug. 1 to
The directors have declared 131, 9.2070.
holders of record July 23.-V.
-Annual Report.
Crown Zellerbach Corp.
said in part.
President I. Zellerbach, July 10,
invested in properties and plants. Bonds
During the year $3,093,973 was $1,381,200 were retired through the
aggregating
and other obligations
maturities. Company acquired during the
operation of sinking funds and stock (voting trust certificates) previously
common
Year 40.300 shares of its under Crown Zellerbach Employees' Stock Plan
purchased by trustees
of the trustees in connection therewith.
No.3 and assumed the obligations
9.303 shares in cancellation of sales
In addition, the corporation acquired 1. Prior to the acquisition of these
No.
made under Managers Stock Plan
72.255 additional shares in anticishares, the company also purchased
management stock ownership plants and for
pation of other employee and it is not expedient for the present to carry
other corporate purposes. As
contemplated, these shares have been
out the stock plans as originally
company.
returned to the treasury of the the future, this is of such intense interest
With regard to the outlook for
that I do not feel it can be Ignored
to all of the company's security-holders
times like this.
reluctant as I am to prophesy during
of sales of all classes of
the severe decline in volumeand we are by no means
On the one hand,
still in effect
paper and especially of newsprint is lowest levels. On the other hand, we
certain that prices have reached their paper as cheaply as any competitor:
produce
are assured of our ability to
plant improvements which will
we have spent many millions of dollars in
market is in that part of the
bear fruit in the near future and our principal in population and wealth.
rapidly
United States which is growing most spirit of loyalty and devotion to
In addition, our employees have shown a admirable.
the company's interests which is altogether
Income Account Years Ended April 30
Gross profit
Depreciation
Depletion
Bond interest
United States and Canadian income taxes
Interests of minority stockholders.
Crown Willamette Paper Co
Other companies
[VOL. 133.
(Incl. Sub. Cos.)
1930.
1931.
$9,587,188 $12,366.689
3,549,476
3,706,857
686,771
560,001
1,415,286
1,932,491
620,509
388,682
1,646,000
57,686
1,646,000
74.329
Balance transferred to surplus
Previous earned surplus
$1,295,472 $4,374,317
3,510.829
3.638,997
Total surplus
Preference dividends
Common dividends
Prems. on pref. stock redeemed and to bored
Reserve for shrink, in value of investment
$4,934,469 $7,885,146
1,129,009 x1,512,963
1,991,469
987.858
79,785
650,000
$2,817,603 83,650,929
Earned surplus April 30
1,991,680
1.868,122
Shares common stock outstanding (no Par)
$1.43
$0.05
Earnings per share
x Includes dividends of $125,983 declared in advance for May 1930.
Capital Surplus Account'Year Ended April 30 1931.
Arising from revaluation of investment in Fibreboard Products, Inc., formerly carried at cost, plus equity in undistributed profits, now carried at pro rata share of net worth
$1.345,729
shown by that company
6,338
Other credits
$1,352,067
Total
Losses sustained on liquidation of investments, less excess of
1,101,184
capital value over cost of company's own stock acquired
$250,883
surplus, April 30 1931
Capital
Consolidated Balance Sheet April 30.
1930.
1931.
1930.
1931.
Liabilities
AssetsCapital stock_ __c43,471,219 45,728,423
Ld., timberl'ds,
31,569,500 32,547,900
leases, &c____a35,272,408 35,877,570 Bonds
Cap stks of subs 25,884,210 25,780,638
Bidgs., mach. &
800,000
equip., &c___b49,215,607 49,571,189 Notes payable_ _ __ 5,545,000
1,627,370 Accts. payable_ 3,920,544 4,503,418
2,331,701
Cash
537,810
rec 7,440,180 0,783,949 Accr. bond int
Notaa&aects.
12,196,869 12,040,926 Accrued State &
Inventories
548,462
County taxes.
1,346,940
Other assets_ _
10,306,669 9,368,668 Accr.Fed.&Can.
Investments
866,337 1,047,899
Deferred charges 1,420,560 1,964,236 income taxes_
404,912
Divs. payable_
Mtgs., notes &c.
348,500
210,387
Pay. (current)
Long-term notes
& contr. pay_ 3,457.778 1,566,740
465,317
190,334
Special reserve_
3,068,486 4,300,929
Surplus
Total
118,183,795 118,580,848
Total118,183,795 118,580,848
a After depletion and amortization b After depreciation of $20.986,561.
(no par) 36 series A preference stock (less
c As follows. 198,334 shares
7.603 shares in treasury). $15,317,142: 60,000 shares class B preference
stock (less 130 shares in treasury). $5,388.300, and 1,991,680 shares common stock (less 123.558 shares in treasury) $22,735,776.
Preferred Dividends.
The directors have declared dividends cf 75 cents each on the preference
A and prefercnca B stocks, both payable Sept. 1 to holders of record Aug. 13.
The dividends rept', sent the balance of the regular quarterly dividends of
$1.50 which were due on June 1. On May 4 1931, the directors declared
75 cents each on the pref‘rence A and preference B stocks in lieu of the
regular quarterly dividends of $1.50. The dividends on the preference
stocks are cumulative. 'Unpaid dividends on the two issues amount to
-V. 132, p. 3533.
$1.50 each.
-Reorganization Plan.
Cuban Dominican Sugar Corp.
Under a reorganization plan which was announced July 24, bondholders
of the corporation and its subsidiary, Sugar Estates of Oriente, Inc..,
assenting to the plan and exercising in full the subscription rights offered
thereunder, will become owners of substantially all the securities to be
Issued by a new company to be formed to take over the extensive Cuban
Dominican properties. The plan provides, among other things, $6,000,000
of new bonds and what amounts practically to a three-year holiday from
the payment of fixed charges. The plan already has the approval of the
committees representing the bonds of the Cuban Dominican and Sugar
Estates companies and the protective committee representing the preferred stock of Sugar Estates and the common stock. of Cuban Dominican,
which committees have joined in urging all holders to deposit their securities.
Outstanding capitalization of the new company, upon reorganization,
will comprise $6,000,000 of an authorized $15.000,000 of first mortgaige
(collateral) gold bonds, 6% convertible series due 1946: $4,000,000 8%
convertible preferred stock of the Barahona Sugar Corp.: 842,110 shares
of no par value common stock and approximately $3,000,000 of obligations of subsidiary companies which may or may not be assumed, paid
or adjusted by the new company.
The $6,000,000 of new bonds will be convertible into common stock of
the new company on the basis of 60 shares for each $1,000 principal amount
of bonds. Interest on the new bonds during the first three years is payable
only to the extent earned, and to the extent not paid is cumulative and
payable, but without interest thereon, at the end of five years. There
are no sinking fund provisions in either the new bonds or the Barabona
preferred stock, dividends on which stock are cumulative only to the extent
earned.
Assuming full interest and dividend requirements are earned, such
charges under the new capitalization will amount to $902,826 as compared
with interest and dividend requirements of $2,213,000 based on the present
capitalization and exclusive of existing sinking funds. The 842.110 shares
of new common are part of an authorized 2.000,000 shares, 360,000 being
reserved for conversion of the now bonds and 50.000 for option or sale
to employees.
Securities of the new company are to be distributed to depositing bondholders on a basis which will give assenting holders of Cuban Dominican
-year sinking fund 73 % gold bonds, new common
Sugar Corp. first lien 30
stock at the rate of 30 shares for each $1,000 principal amount of bonds,
and assenting holders of Sugar Estates of Oriente, Inc., first mortgage
7% sinking fund gold bonds new common stock at the rate of 14 shares
for each $1,000 principal amount of bonds. An independent study by
Stagg, Mather & Hough, public accountants, supports the relationship
between these respective numbers of shares. This distribution is entirely
independent of whether or not subscription rights are exercised.
New money will be provided through the sale of $6.000,000 new bonds
and 360,000 shares of new common at $80 flat per unit of $100 of new bonds
and 6 shares of common stock, all to be offered to the security holders for
subscription. Holders of the bonds, notes and stock who assent to the
plan may subscribe to new bonds and common stock as follows.
-year
Assenting holders of Cuban Dominican Sugar Corp. first lien 20
sinking fund 714% gold bonds and Sugar Estates of Oriente, Inc.. first
mortgage 7% sinking fund gold bonds, for each $1,000 principal amount of
bonds will receive subscription rights calling for $300 principal amount of
new bonds and 18 shares of common stock upon payment of $240, equal
to $80 flat per unit.
Assenting holders of Sugar Estates of Oriente, Int., 8% cumulative
preferred stock will receive pro rata in accordance with the number of
shares held, subscription rights calling for such principal amount of new
bonds and common stock as shall not be subscribed for by holders of outstanding Sugar Estates of Oriente, Inc., first mortgage 7% sinking fund
gold bonds, upon payment of $80 flat for each unit.
Assenting holders of Cuban Dominican Sugar Corp. secured 7% serial
gold notes and secured 7% gold notes, will receive pro rata in accordance
with the principal amount of notes held, subscription rights' calling for
such principal amount of new bonds and common stock of the new company, at $80 flat per unit, as shall not be subscribed for by the holders of
bonds and preferred stock.
Assenting holders of Cuban Dominican Sugar Corp. common stock
will be entitled to receive pro rata in accordance with the number of shares
held, subscription rights calling for such principal amount of new bonds
and common stock of the new company, at $80 flat per unit, as shall not
be subscribed for by holders of bonds and notes and preferred stocks.
Subscription rights, exercisable within 20 days after the plan is declared
operative, at City Bank Farmers Trust Co., 22 William St., will be mailed
to registered holders of certificates of deposit entitled thereto.
The reorganization committee has arranged with the National City Co.
to underwrite without compensation or commission the issue and sale of
the $6,000,000 of new bonds and 360,000 shares of common stock of the
new company offered under the subscription rights. The price at which
the National City Co. agrees to purchase these securities is identical with
that at which they are offered to the security holders. The underwriters
have given an option to the committee representing the 8% cumulative
preferred stock of Sugar Estates of Oriente, Inc., and the common stock
of Cuban Dominican Sugar Corp., to subscribe at a price of $5 per share
for one-half (not exceeding 180,000 shares) of the total amount of common
stock of the new company which may be delivered to the underwriters.
Upon consummation of the plan, the new company will receive $4,800.000
as proceeds from the sale of the new bonds and common stock under the
subscription rights and underwriting, from which is to be deducted whatever amounts may be necessary to cover reorganization expenses, &c.
It is estimated that this will result in the new company having sufficient
funds to permit continued maintenance and operation of the properties
with reasonable allowances for unfavorable prices, weather and operating
conditions and yield.
-V. 132, p. 3720.
Curtiss Aerop7ane & Motor Co., Inc. (& Subs.).
Calendar YearsSales
Cost of sales
Gross profit on sales.Other income
Profit of sub. cos
Profit from sale of stk. of
sub. company
1930.
$7,586.049
a7,083,851
1929.
$8,303,706
7,213,940
1928.
$5,958,234
4,837,243
1927.
$3,953,339
2,905,844
$502,198 $1,089,765 $1,120,991
1,136,450
1.064,035
151,081
$1,047,495
64,270
28,116
732,559
Gross profit
$1,566,233 $2,226,215 $2.004,630 $1,139,882
Sell., adm. & gen. exp_
1,404,909
254.987
199,814
Income taxes. interest &
special charges
227,286
232,136
220,860
145,920
Extrord. mfg. develop.
exp. & Invent. adjust.
783,945
965,311
Net profit
Previous surplus
$555,003
982,994
$623,859
1,069.255
51,528,782
1,083,395
$794,148
465,864
Total surplus
$1,537,997 $1,693,114 $2,612.175 $1,260,012
Pros. for conting
,
1,050,000
Good-will written off.__
400,000
Divs. paid on pref. stock
75,6 (7%)176.617
93
Guar. pref. divs
20,985
13,050
Common dividends
355.327
523,668
Prem. paid on pref. stks.
retired
1,047,086
Exp, of recapitalization_
51.766
Sundry adjustments_
165,468
Surplus
887,996
$982,994 $1,069,255 $1,083,395
Shs. corn. stk. outstanding (no par)
348,99:3
348.895
348,895
218,060
Earnings per share
$1.59
$1.73
$4.12
$2.54
a Includes depreciation and amortization of patents of $671.891.
Condensed Consolidated Balance Sheet Dec. 31.
1930
1929
1930
1929
Assets$
Liabilities$
$
8
Prop. accts (net). 4,560,026 7,283,191 Common stock_x10,540,379 10,535,379
Patents (net)
770,857 1,267,704 Notes payable____
75,000 3,825,000
Investments
136.988 1,050,733 Notes payable (not
Due from affil cos
239,887
current)
225,000
300,000
Mortgages ree- - -- 182,780
202,780 Notes §s pay
Inventories
1,475,014 3,699,941
due to Mill cos 1,009,633
Accts rec
339,564 1,451,571 Accrued salaries &
Marketable sec.__
20,787
wages, &c
31,330
158,537
Interest receivable
5,483
6,083 Accts. Payable-- 245,017
608,359
Cash
381,493
402,768 Prey. for Inc tax_
43,000
Deferred acct. due
Res for contingenfrom affil.co. for
cies
1,050,000
sale of plant ELSSurplus
87,996
982,994
sets, &c
4,593,777
Deferred charges_
540,643 1,067,710
Prepaid taxes, insurance, &e_
37.851
Total
13,264,354 16,453,269
Total
13,264,354 16,453,269
x Represented by 3413.993 no par shares.
-V.133, P. 293; V. 132, p. 4064,
V. 131, p. 3374.
Cutler-Hammer, Inc.
-Earnings.
For income statement for 6 months ended June 30. see "Earnings Department" on a preceding page.
-V. 133, p. 293.
Deisel-Wemmer-Gilbert Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30, see "Earnings
Department" on a preceding page -V. 132, p. 3534.
Diamond Match Co.
-Initial Dividend on New Common.
The directors have declared an initial quarterly dividend of 25 cents on
the new no par common stock, placing the issue on a $I annual basis.
Directors also declared a semi-annual dividend of 75 cents on the new
$25 par participating preferred stock. Both dividends are payable Sept. 1
to holders of record Aug. 15.
By placing its common stock on a $1 annual basis, company is paying
the equivalent of $11.50 a share to its holders under the former capital
stock basis, an increase of $3.50, or 43%, over the $8 paid on old capital
stock. Each share of old capital stock was exchanged for five shares of
preferred stock and 4 shares of common stock.
-V. 132, p. 4249.
-Earnings.
Dominion Textile Co., Ltd.
Years End. Mar. 311929.
1931.
1930.
1928.
Sales
$15,307,758 $19,349,973 $21,262,400 $19.797,902
Manufacturing profits.. 1,085,3.51
1,518,322
1,652,562
1,532.487
Interest received
721,952
561,610
324,105
371.346
Total income
$1,807,303 $2,079,932 $1,976,667 $1,903,833
Bond interest
304,515
300.595
311,220
310.320
Premium on bonds red
3,350
3.150
Net income
Preferred dividends_ _
Common dividends
Surplus
Previous surplus
649
FINANCIAL CHRONICLE
JULY 25 1931.]
$1.503,358 $1,772,267
135,842
135,842
1,350,000
1,349,804
$17,516
7,498,035
$286.621
7,211,415
$1,665,447 $1,593,513
135,842
135,842
1.180,850
1,125,000
$348,755
6.862,659
$332.671
6,529,988
-Earnings.
(S. R.) Dresser Mfg. Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
June 3031 Dec 3130
LiabilitiesAssets-June 3031 Dec 3130
Cash
$1,149,669 $1,122,923 ACCOUllta payable
$80,535
119.720
and accrued____
358,103
Acne receivable._ 446,017
Accrued Federal &
Notes receivable &
116,591
123,065
local taxes
6,226
15,709
accrued interest_
y1.750,000 1,750,000
39,893 Capital stock
Due from emph _ _
36,010
1,968,859 1,397,247
91,285
157,515 Surplus
Marketable securs
733,383
Inventories
693,524
48,298
Empl. stock subscr
32,378
Other investments 126,358
Land, buildings,
875,816
roachry & equip:1,339,756
1
1
Patents
8,684
Deferred charges
24,463
$3,955,170 $3,350,847
Total
Total
$3,955,170 $3,350,847
x At cost less depreciation. y 100,000 shares of class A participating
.-V.133,p.487.
onv.stock (no par); 100,000 shares ofclass B stock (no par)
Duplan Silk Corp.
-Stated Capital Decreased.
Notice has been received by the New York Stock Exchange of the reduction of capital represented by the 350,000 shares of common stock having
no par value from $6,879,480 to $3.500,000. The above was effected by
filing of a certificate of reduction on July 9 1931.-V. 133. p. 127.
-Earnings.
-(E. I.) du Pont de Nemours & Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
30
Consolidated Balance Sheet June 30.
1930.
1931.
$
mammiesAssetss
m m
$
,446..000 1,451,000
Plant & props_ .247,426,323 233,454,467 Bd. of sub. co_ 119 1
Deben. stock... 99,533,150 99,531,983
Patents, good27,539,352 27,808,240 Common stock_221,315,240 214,196,460
will,&c
19,947,656 20,045,710 Aorta payable_ 6,558.929 9,974,326
Cash
3,085,000
Notes payable_
Notes and steels
receivable_ _ _ 23,033,150 28,226,726 Divs,payable on
.
deben. stock_ 1,492,995 1,492,979
Marketable secs.
& call loans.- 45,615,890 13,700,433 bRoc'ts on corn.
148,660
stk. subscrns
Inventories
_ 34,925,365 45,336,890
Inv. securities_a216,109,764 225,739,241 Res.for los.,penslops, bad dts.
Notes recle for
& contIngen's 25,102.004 26,609,044
common stock
Deferred liab. &
sold to ernpl's 8,404,854
credit items__ 2,098,854 2,070,909
Deferred debit
917,274 Reserve for de812,587
items
precia'n, Am- 55.686,337 40,384,544
210,581,434 187,284,075
Surplus
Total
623,814,943 595,228,980
623,814,943 595,228,980
Total
a General Motors Corp. common stock-9.981,220 shares. carried at
$18.75 per share (9,843,750 shares of which are represented by E. I. du
Pont de Nemours & Co.'s interest in General Motors Securities Co.).
$187,147,875 miscellaneous securities, $28,961,889.
b Under offer of May 9 1930 rights were issued to common stockhloders
of record on June 5 1930 entitling them to subscribe to an additional issue
of 357,071 she, of common stock pro rata to their holdings at a price of
S50 a share. These expire on July 15 1930.-V. 133, p. 487.
-Comparative
Eaton Axle & Spring Co.
a Prop., equip., &c10,522,193
b Cash & Govt.
3,243,479
securities
Notes & accts rec. 1,164,588
Inventories
2,827,382
Patents, trade mks
good will, etc.._ 265,781
771,618
Other assets
304,879
Deferred charges
10,907,813
2,261,551
1,117,787
2,649,886
297,631
784,791
245,408
Balance Sheet.
•
June 30'31. Dec. 31'30.
$
$
Liabilities-c2,777,880 2,371,856
Capital stock
Gold notes
750,000
750,000
Accts. pay., ac
cruel payrolls,
939,962
1,058,366
taxes, Arc
237,186
Dividends payable 277,788
144,946
274,927
Reserves
Minority interest_ 2.000,224 2,193,637
Capital surplus... 9,808,998 9,467,174
Profit & loss surp_ 2,151 735 2 160,106
19,099,918 18,264,867
19,099,918 18,264,867
Total
Total
a After depreciation. b Includes other marketable securities and ex.^
-V. 133, p. 487.
crued interest. c Represented by 694,470 no par shams.
Eisenstadt Manufacturing Co.-Pref. Div. Omitted.
The company has omitted the quarterly dividend of $1.75 a share on
-V. 125. p. 525.
the 7% cumulative preferred stock, due at this time.
-Preferred Dividends.
Electric Shareholdings Corp.
The board of directors has declared the regular quarterly dividend
on the $6 preferred stock of 44-1,000ths of a share of common stock, or,
at the holder's option, advised to the company by Aug. 15 1931, $1.50
in cash; payable Sept. 1 1931 to holders of record Aug. 5 1931.
The directors have declared a semi-annual dividend of 37, in common
on the common stock, payable Sept. 1 to holders of record Aug. 5. Pre--V. 132, p. 3156.
viously the company had been paying 131% quarterly.
Fairbanks Co.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 133, p. 487.
Department" on a preceding page.
-Subs. Resumes.
Fashion Park Associates, Inc.
With the exception of two departments waiting for materials to arrive,
Rochester, N. Y., has
Fashion Park, Inc., clothing manufacturers of
gone on a full-time basis, for the first time in 18 months. Approximately
3,400 workers are affected by the new order. This company is the fourth
and largest of the city's clothing manufacturers to experience an upturn
in orders.
Some of the Fashion Park departments are compelled to work on a
seven-hour day temporarily because woolens are not being delivered as
-V. 133, P. 487.
rapidly as the company is filling orders.
Federal Fidelity Co., Inc.(Ky.).-Dividend Passed.
The company has passed the dividend on the common stock due at this
time. A semi-annual payment of 20 cents a share was made April 1 last.
-Resignations, cfcc.
Fidelity & Casualty Co., New York.
Allan J. Ferns and W. A. Reid, Vice-Presidents, and Arthur D. Kelley,
Agency Superintendent, recently resigned from these positions. M. J.
O'Brien has been appointed superintendent of agencies in charge of the
agency department.
-V. 132, p. 4772.
Fidelity-Phenix Fire Insurance Co.-Bal, Sheet July 1.Profit and loss balance $7.515,551 $7,498,035 $7,211,414 $6,862,659
1931
1930
1930
1931
corn.outst.
(no par)
Shs.of
270,000
270.000
3
270,000
Assets225,000
Earns. per an. on corn. _
$ .6
56.06
$5.66
$6.47 Bonds & st ocks.._ _61,841,691 76,900,462 Unearned prems. _21,510,517 23,246,068
Comparative Balance Sheet March 31.
Real estate
1,738,852 1,736,962 Loss in process of
2,379,346 2.474,804
adjustment
Prem. in course of
.
.
1930.
967 897 1,262,062
Assets$
LiabIlitiescollection
T"
. 2.784,163 3,098,632 Other claims
720,118 Div. or coating.
Common stock_ .y18,375,000 18,375,000 Accr. int., div., &c 666,356
Land build. mach.
2,800,000 2.800,000
reserve
x19 668,661 19,567,684 Preferred stock__ 1,940,600 1,940,600 Cash
1,161,424 1,324,124
.te
5,000,000
Res. mark. fluct_
Bonds
Invest. & adv. to
4,982,000 5,049,000
13.859,193 13,799,706
Cash capital
4,399,707 4,317,207 Loans
subs
1,105,730 1,649,492
26,675,533 35.197,658
Net surplus
667,155 2,035,126 Open accts. & dep.
Raw cotton
Stock mfg. & in
incl. tax
536,079
608,994
68,192,486 83,780,298
Total
1,957,604 1,768,799 Allow, for wages
Total
process
68,192,486 83 780 298
314,000
255,000
340,671
321,435 Interest on bonds.
Supplies
24,910
25,245 -V.132, p. $59.
758,314 Preferred dividend
Cash & bills reo.-- 165,313
33,960
33,960
-Omits Common Dividend.
Open account/L.- 1,901,765 2,405,689 Reserves
266,552
Florence Mills Co.(N. C.).
266,552
133.954 Profit and loss_
106,428
Insurance
7,515,552 7,498,035
The stockholders have been advised that at a meeting of the directors
Inv. Ar call loans._ 5,889,079 4,393,690
on June 22, it was decided not to pay a dividend on the common stock as
of July 1,
Total
35.094,384 35,701,879
Total
35,094,384 35,701,879
Ills explained by D.D.Little, President and Treasurer, that net earnings
x After depreciation. y Represented by 270,000 share no par),
-V. for the six months ended March 31 1931 amounted to $23.286. which will
132. P. 2593.
amply care for the current preferred dividend." There is not much evidence
650
FINANCIAL CHRONICLE
for hope in the way of increased profits for the last six months of our fiscal
year," says Mr. Little, "and, from the present outlook, if we can do as
well during this period as the first half, it will be a creditable showing."
-V.128, p. 409.
-Foreclosure Proceed(George M.) Forman Realty Trust.
ings Avoided.
-
[VOL. 133.
and 92% of common stock of the corporation have been exchanged for
common stock of the company.
-V. 133, p. 488.
-Acquisition.
General Cotton Corp.
The corporation has acquired the Laurel Lake Mills, Fall River. Mass.,
and will liquidate the business of the latter. The General Cotton Corp.
-will run out the Laurel Lake process at the Davis Mill, Fall River.
V. 132, p. 2780.
Foreclosure proceedings have been successfully avoided in handling the
27 apartment house and hotel properties of the George M.Forman Realty
General Electric Co.
-To Act as Transfer Agent.
Trust, William G. Lodwick, President, has announced. The properties
that on and after Aug. 1 1931
The Boston Stock Exchange is
were originally financed by sale of George M. Forman & Co. mortgage the company will maintain its own advised office in the City of New York.
transfer
bonds throughout the United States.
The address
York. and the following em"Practically all equities in the buildings have been acquired, and none ployees have will be at 120 Broadway, New by the directors: A. D. Marbeen appointed transfer agents
of them by foreclosure," he said. "We have only one foreclosure pending shall, L. W.Mosher, E. J. Walsh and E. L. Heywood.
in Chicago and if it were not for a small minority of non-depositing bondholders we would not have that.
Earnings.
"This general co-operation of widely scattered bondholders is preventing
For income statement for 6 months ended June 30 see "Earnings De-.
costly litigations, receiverships and foreclosures. Satisfactory settlements partment" on a preceding page.
Properties
have been reached with owners of junior securities and equities.
Orders received by the company for the first six months of 1931 amounted
that faced sacrifice in a highly disorganized market are being consered for to $141,428,978, compared with 8190,313,758 for the corresponding period
the day when they can return maximum value to all the interested and last year, Gerard Swope, President, announces.
affected parties."
-V. 132. p. 3350.
The stockholders to whom the July dividend is to be distributed total
133,163. compared with 116,750 at
- ago, an increase of 50% over a year the end of 1930 and with 88,408 a year
-Defers Dividend.
Founders Investment Trust, Ltd.
ago.
6
The directors have voted to defer the quarterly dividend of 11, % due
General Foods Corp.
July 15 on the 6% cum. pref. stock, par $50. The last quarterly distribu-Earnings.
"
tion on this issue was made on April 15 1931.-B. 130. p. 2974.
For income stitement for three and six months ended June 30 see Earnngs Department" on a preceding page.
-V. 133. p. 488.
Balance Sheet.
Freeport Texas Co.
-Comparative
AssetsProp., plant & eau
Cash
Inventories
Notes & accts. rec_
Investments
Deferred assets_ _ _
June 30'31
$
8,522,497
2,087,829
6,073,560
796,682
1,167,911
98,111
May 3130
$
8,540,812
1,890,106
4,731,295
1,363,830
2,948.178
346,055
June 30'31. May 31'30
General Machinery Corp. of Del.
-Sub. Co. Contract.
$
LtabilUtesThrough a contract which has been awarded to the Hooven-Owenx7 323,022 7,323,022 Rentschler Co., a subsidiary, the City of Vernon. Calif., will have the
Capital stock
accts. pay., &c___ 409,202 3,054,914 largest Diesel engine plant in the world. The contract calla for the inAccrd.royalties__ 2,119,975
stallation of five Diesel engines of 7,000 h.p. each, the total of 35,000 h.p.,
Deprec'n reserve__ 4,802,272 4,833,627 placing the unit considerably ahead of any other. The plant will be used
Tax and amortizafor generating current for the various industries in the City of Vernon.
531,266 -V. 132, p. 2400.
tion reserve_ _ _ 993,982
3,098,138 4,075,447
Surplus
18,746,590 19,818,276
Total
Total
18,746,590 19 818 276
-V. 132. p. 488.
x Represented by 729,844 shares of no par value.
-Receives Contract.
(George A.) Fuller Co.
Contracts for the erection of the new 43-story Marshall Field office buildng at La Salle, Adams and Clark Streets, Chicago, Ill., have been awarded
to this company. The general contract involves an expenditure of approximately $11,000.000. This project will give employment to about 7,500
men in the Chicago territory. A third of the men will be engaged in
actual construction and some 5,000 more will work in shops and mills
producing material. Clearing of the site will begin Nov. 1 and involves
the razing of five buildings. It is expected that on April 14 1934, both
sections of the new structure and the tower surmounting them will be completed and ready for occupancy. Fourteen floors of the first section,
however, will be ready for occupancy Aug. 1 1932. The other floors of the
first section will be ready for use in spring of 1933.
Earnings.
-
For income statement for 6 months ended June 30 1931 see "Earnings
-V. 132, p. 3156. 663.
Department" on a preceding page.
-Extends Activities.
(Robert) Gair Co.
E, Victor Donaldson, President and General Manager of this company,
has been elected a director of the Maritime Paper Products, Ltd., of
Halifax, Nova Scotia, as a result of the extension of the (Pair activities to
Canada,and its acquisition of a substantial interest in the Halifax company.
Maritime Paper Products, Ltd., was organized recently for the manu-V.132, p.3721.
facture and sale of corrugated paper boxes and containers.
G.
-B. Theatres Corp.
-Debentures Called.
There have been called for payment as of Sept. 1 next, a total of $47,300
of 7% coupon debentures, series B. at 100 and int. The bonds called will
be redeemed at the First National Bank, 17 Court St., Boston, Mass.
-V. 131, p. 2231.
-Earnings.
Gardner-Denver Co.
For income statement for month and 6 months ended June 30 see "Earn-V. 132, p. 4421.
ings Department" on a preceding page.
General American Tank Car Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 4597.
-Resignation.
General Aviation Corp.
Anthony H. (P. Fokker has resigned as director of engineering of this
corporation, which position he has held since its inception. Mr. Fokker
is remaining on the board of directors and is retaining his large stock interest.
He has acquired from the company all of the rights of the company in connection with the use of his name and rights to manufacture products designed by the Dutch Fokker Aircrafts Co.
Mr. Fokker on July 12 announced plans for the formation of the International Fokker Corp., combining into one organization Fokker interests
all over the world. The new company will have its headquarters in the
United States. It is likely that its formation will wait upon the granting
of citizenship papers, probably within a few weeks. to Mr. Fokker, who
has been a resident of the United States for five years and who took out his
first papers several years ago.
The Dutch Fokker company is to be the nucleus of the new organization,
and through it the new company will exercise a controlling interest in aircraft companies elsewhere. At present aircraft corporations in Great
Britain, France, Belgium, Italy, the Scandinavian countries and the
Balkans are mz.•nufacturing Fokker planes under licenses from the Dutch
Fokker corporation.
"The interests of the two companies will not conflict in any way," Mr.
Fokker said, "and I expect that they can be mutually helpful. General
Aviation,in which General Motors has a controlling influence, is very much
interested in the development of aircraft motors. The new Fokker Aircraft corporation will buy its engines where it can obtain the best service but,
other things being equal, we would naturally favor General Aviation."
Albert A. Gassner, formerly chief engineer for General Aviation and its
subsidiary Fokker Aircraft Corp., whose resignation was announced recently, will join the new Fokker company, H. V. Thaden, formerly head of
Pittsburgh Metal Plane Corp., became acting chief engineer for General
Aviation upon the retirement of Gassner.
The general plan of the new Fokker company calls for the construction of
aircraft plants in parts of the world not now served by a Fokker company
or a company manufacturing planes under Fokker licenses.
"The arrangements which I have just completed with General Aviation
Corp. are not to be regarded in any way as a lessening of my interest in the
welfare of that company," Mr. Fokker said. "As a director and large stockholder I shall continue to be personally and financially interested in its
affairs, I am now free to devote my energies to my other interests in aviation,
particularly to the development of an extensive expansion program which I
-V. 132, p. 4421.
now have under way for my Dutch Fokker company.
-Balance Sheet July 4 1931.
General Baking Co.
[After giving effect to adjustments necessary in connection with the
plan for capital re-adjustment which eliminated the General Baking Corp.]
Assets
$1,156,974
Cash in banks and on hand__ _ $4,901,707 Accounts payable
97,343
762,129 Accrued interest on delis
Accounts receivable
7,980
1,263,814 Dive accrued on prof stock_
Inventories
387,292 Provision for current year's
investments
388,487
Federal income tax
a28,821,250
Property and plant
6,800,000
921,705 Funded debt
Deferred charges_ ,
143,361
Reserve for contingencies_ _
Bond Bread, other trade
38 cumulative preferred stock b9,077,500
names, trade-marks, copyc7,973,995
Common stock
1
rights & good-will
11,432,258
Earned surplus
$37,057,898
Total
$37,057,898
Total
a After depreciation of 89.312,978. b Represented by 90,775 no par
shares. c 1,594,799 shares of $5 par value.
Acquires Over 99% of Stock of General Baking Corp.
In accordance with the plan for capital readjustment of the General
Baking Corp., and the General Baking Co., more than 99% of preferred
General Motors Corp.
-Earnings Six Months Ended
-Alfred P. Sloan Jr., President, announced
June 30 1931.
July 22 the following:
Net earnings of the General Motors Corp. for the three months ended
June 30 1931, including equities in the undivided profits or the losses of
subsidiary and affiliated companies not consolidated, were $55,122,767.
After deducting dividends of $2,343.970 on the preferred stock, there
remains 852,778,797 or the equivalent of $1.22 per share earned on the
common stock outstanding.
This compares with operating earnings of $53,386,768 for the second
quarter last year, which, after deductions for preferred dividends, left
$50,976,626 available for the common stock or the equivalent of 81.17 Per
share. However, these latter figures do not include a non-operating, nonrecurring profit of $9,517,943 resulting from the sale to General Motors
Management Corp. of 1,375,000 shares of common stock of the General
Motors Corp. Thus total earnings for the second quarter last year, operating and non-operating, were 860,963,841 or the equivalent of $1.34 per
share on the total common stock outstanding.
Net earnings for the six months ended June 30 1931, were $84,122,176
or the equivalent, after the deduction of $4,687,539 for dividends on the
preferred stock, of $79,434,637 or 81.83 per share on the common stock
outstanding.
This compares with net operating profits of $98,355,355 for the first half
of last year, or the equivalent, after preferred dividends, of $2.15 per share
on the common stock. Total net earnings, operating and non-operating.
were $105,932,428 in the first half of last year, or the equivalent, after preferred dividends, of $2.32 per share on the common.
Cash, U.S. Government and other marketable securities, at June 30 1931,
amounted to $245,856,668, as compared with $179,037.071 at Dec.31 1930.
and with $175,693,782 at June 30 1930. Net working capital at June 30
1931, amounted to $328,651,750, compared with $281,037,636 at Dec. 31
1930, and with 8290,577,234 at June 30 1930.
Attention is called to the fact that the financial position of the corporation
has not only been maintained during the period but has been materially
strengthened. Cash and cash items were approximately $70,000,000
greater than at the close of the period a year ago, and approximately
866,800,000 greater than at the end of December of last year. Net working
capital position likewise has been substantially Improved.
During the second quarter ended June 30 1931, General Motors dealers
in the United States delivered to consumers 361,683 cars, compared with
371,139 cars in the corresponding quarter of 1930. Sales by General
Motors operating divisions to dealers in the United States for the second
quarter amounted to 369,677 cars, as compared with 356.129 cars in the
corresponding period of 1930. Total sales to dealers, including Canadian
sales and overseas shipments, amounted to 419.650 cars, compared with
395,584 cars in the corresponding quarter of 1930.
For the six months ended June 30, General Motors dealers in the united
States delivered to consumers 593,564 cars, compared with 657,829 cars in
the corresponding period of 1930. Sales by General Motors operating
divisions to dealers in the United States amounted to 625,674 cars, as compared with 679,572 cars in the first six months of 1930. Total sales to
dealers, including Canadian sales and overseas shipments, amounted to
724,197 cars, compared with 764.219 cars in the corresponding period of
1930.
From the above statistical statement of the operations of the corporation
It will be noted that the earnings for the second quarter were 3.3% above
operating earnings for the corresponding period a year ago. Total sales
of cars in units by the corporation to its dealers exceeded the corresponding
item of a year ago by 6.1%. While progress has been made in injecting into
the corporation's operations further operating economies, the influence on
net profits has been offset by the shift of demand to lower priced unite
reflecting the general circumstances prevailing during the period under
review.
Sales of the automotive industry as a whole to consumers in the United
States were approximately 27% less in the second quarter than a year ago.
Sales of General Motors cars to consumers were 2.5% less in the second
quarter than a year ago. The more favorable comparison of the corporation's sales is accounted for by the fact that the corporation is enjoying a
somewhat larger percentage of the business available than was the case
last year. This improvement in percentage, referred to in the corporation's
report for the first quarter, has been well maintained, evidencing the continued popularity and competitive strength of the corporation's products.
-V. 133, p. 295.
General Outdoor Advertising Co.
-Dividend Omitted.
The company has omitted the quarterly dividend of $1 a share on the
class A stock, due at this time. The last previous payment was that of
May 15.
Earnings.
For income statement for 3 and 6 months ended Juno 30 see "Earnings
Department" on a preceding page.
-V. 132. P. 3895.
General Printing Ink Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 4251.
General Railway Signal Co.
-Earnings.
--
For income statement for three and six months ended June 30 see"Earnings Department" on a preceding page.
-V. 132, p. 3351.
General Tire & Rubber Co.
-New Product.
-
The company has introduced a new rubber product known as Perfection
Brake Shields designed to make internal automobile brakes waterproof
and dirtproof.
Prices Unchanged.
President William O'Neil issued the following statement: "This company is not affected by any change in tire prices on second or third line
tires as we manufacture only one high-grade line."
-V. 133. p. 488.
Germanic Fire Insurance Co. of New York.
-
The merger of this company with and into American Merchant Marine
Insurance Co. was approved at the special stockholders' meeting on June 4
and the agreements were executed on the following day and have been filed
with the Superintendent of Insurance.
This merger does not become effective until approved by the Insurance
Department after examination of both companies. The examination of
JULY 25 1931.]
651
FINANCIAL CHRONICLE
both companies has now been completed and the reports and the Department's approval are now awaited. When this has been granted, the
merger will be effective as of the date of the signing of the agreement,namely
June 5.-V. 129, P. 1751.
-Registrar.
-Gibson Art Co., Cincinnati.
The Bankers Trust Co. has been appointed registrar in New York of the
C mmon stock.
-V. 132, p. 4422.
-Settles Litigation with United
" Gillette Safety Razor Co.
Cigar Stores at Cost of $1,900,000.
The $10,000.000 suit by the Gillette Safety Razor Co. against the United
Cigar Stores Co. of America, and the $7,000,000 counter-suit by United
against Gillette has been settled by payment to United Cigar by Gillette of
$1,900,000 cash, according to the Boston "News Bureau" which further
states: The payment terminates all past differences between the two
companies and they are resuming business relations for the future on a
freindly basis.
All existing contracts and agreements for allowances are cancelled by
this settlement.
No new agreement between Gillette Safety Razor Co. and United Cigar
Stores Co. has been substituted for the agreement which has been cancelled. United Cigar Stores Co. is placed in same relation to the company
-V.133. P. 488.
as the rest of its customers.
Comparative Balance Sheet.
Liabilities- June 30'31 Dee 31'33
AssetsJune 30'31 Dec 31'30
Cash
$949,674 $360,618 geld estate taxes &
sects pay of sub
3,571
Notes receivable
2,860
real estate corp
$9,391
Accounts reeelv_
36,092
221,517
$5,930
112,650
Invest'ts at cost 6,110,392 8,334,094 Stocks loaned_
1,422
1,125 Accrued expenses..
Furniture & rixt
1,069
244
Prepaid expenses_
326 State taxes accrued
725
x1,750,000 1.750,000
Capital stock
4,723,636 6,486,239
Capital surplus_
566,427
Earned surplus_ _ _ 616,119
$7,100,813 18,921,253
Total
$7,100,813 $8,921,253 Total
x Represented by 175,000 no par shares.
-V. 132, p. 861.
-Bondholders Protective
Great Lakes Paper Co., Ltd.
Committee.
Right Honorable Arthur Meighen, former Premier of Canada, will act as
Chairman of a protective committee representing bondholders.
Other members of the committee are. A. D. Cobban, of Wood, Gundy
& Co.; J. H. Ratcliffe, of McLeod, Young & Weir; R. P. Mathiessen, of
Chicago and Henry D. Thrall. of Minneapolis, the latter two representing
United States banking interests connected with the original offering of
bonds.
The National Trust Co. will act as depositary for the bonds, with co- '
Goldman Sachs Trading Corp.
-Report.
depositaries in the United States. E. G. Long, K.0., of Toronto, will act
semi-annual report discloses a net asset value for capital stock of as counsel to the commitee.-V. 133. p. 489.
The
$12.94 as of June 30 1931 in contrast to $12.40 as of Dec. 31 1930, or an
Great Lakes Pipe Line Co.
increase of 54 cents per share. Based on market values on June 30 1931
-Another Line Completed.
where obtainable, the appreciation in the corporation's investments on
The company has completed the extension of its gasoline pipe line from
that date amounted to $2.215,951.
Des Moines, Ia., to Minneapolis and St. Paul, Minn., and the line is now
The net worth of the corporation, as disclosed by the balance sheet, in operation. The line originates at Barnsdall, Okla., and reaches Minneamounted to $72,405,595 without taking into account the appreciation in apolis by way of Kansas City and Des Moines.
-V. 133. p. 130.
the security account from Dec. 31 inventory values or subsequent costs of
Greif Bros. Cooperage Corp.
$2,215,951. Accordingly, on the basis of market values or, in the absence
-Retires Bank Debt.
thereof, at estimated fair values, the net worth of the corporation amounts
The corporation is entirely free from bank indebtedness, it is stated.
to $74,621,547 on June 30 1913, in contrast to $71,513,588 on Dec. 31 1930, The company has wiped off some $300,000 from its bank loan account
or an improvement of $3,107,959 for the six months period.
since April 30 and in addition has purchased $150,000 of its own 10
-year
The report contains a detailed list of the securities owned by the cor- 6% sinking fund gold notes reducing the issue to 81,100,000.-V. 132,
poration and its Pacific Coast subsidiaries with market values in each case. p. 4251.
A comparison of the list of investments of the Goldman Sachs Trading,
Guardian Bank Shares Investment Trust.
-Resumes
Corp., exclusive of its Pacific Coast subsidiaries, disclosed the following
changes.
Dividend.
Securities disposed of:
See Guardian Investment Trust below.
-V. 132. p. 3723.
Shares.
128,141 Central States Electric Corp.,common stock.
Guardian Investment Trust, Hartford, Conn.
277,000 Manufacturers Trust Co., capital stock.
Resumes Dividend on Preferred Stock.
600 Foreman-State National capital stock.
Preferred stockholders of Guardian Investment Trust and affiliated trusts
25,012 Associated Newspapers, Ltd.
-Guardian Bank Shares Investment Trust, the Guardian Rail Shares
1,300 Blaw-Knox Co., common stock.
Investment Trust and the Guardian Public Utilities Investment Trust
14,100 Chrysler Corp. common stock.
will receive dividends payable Aug. 1 to holders of record July 20 as follows:
6,800 Conde Nast Publications, Inc., common stock.
Guardian Investment Trust, 25 cents; Guardian Bank Shares Investment
1,854 Deere St Co., common stock.
Trust, 1834 cents; Guardian Rail Shares Investment Trust, 20 cents; Guar11,221 General American Tank Car Corp., common stock.
dian Public Utilities Investment Trust. 15 cents. This compares with
300 General Cigar Co., common stock.
quarterly dividends of 3734c., 185 c., 31 nc. and 25c., respectively, paid
%
905 Gimbel Brothers, common stock.
on Jan. 1 1931.
$345,000 B. F. Goodrich Co. 6% convertible gold debentures.
The liquidating value of Guardian Investment Trust preferred stock
6,600 International Shoe Co., common stock.
on the basis of market values of June 1 was approximately $29 a share.
4,875 Lehn & Fink Products Co., common stock.
V. 132, p.3723.
5,000 McGraw-Hill Publishing Co., common stock.
4,800 Manhattan Shirt Co., common stock.
Public Utilities Investment Trust.
Guardian
-Pre379 May Dept. Stores Co.. common stock.
300 National Dairy Products Corp., common stock.
ferred Dividend Resumed.
125 Pillsbury Flour Mills Corp., common stock.
-V. 132. p. 3723.
See Guardian Investment Trust above.
$793,000 Warner Bros. Pictures, Inc., opt.6% cony. debs.
Guardian Rail Shares Investment Trust.
-Resumes
Securities acquired:
Shares.
Dividend on Preferred Shares.
15,930 Shenandoah Corp., common stock.
-V. 132. p. 3723.
See Guardian Investment Trust above.
2,500 American Metal Co. common stock.
2,000 Best & Co.. Inc., common stock.
Hahn Department Stores, Inc.
-Changes in Personnel.
800 First National Stores, common stock.
Low Hahn has been elected Chairman of the board of directors to succeed
500 General Motors Corp., common stock.
George W. Mitten, who becomes Chairman of the executive committee, a
2,600 W. T. Grant Co.. common stock.
new post; Paul Quattlander has been elected President and General Manager
1,000 J. 0. Penney Co. common stock.
-V.132, p. 2975.
to succeed Mr. Hahn.
2,000 United Corp., common stock.
1,000 F. W. Woolworth Co., common stock.
Hammermill Paper Co.
-Smaller Dividend.
A comparison of the current report with that of Dec. 31 1930 discloses
The directors have declared a quarterly dividend of 15c. per share on
the fact that the total indebtedness including commitments of the cor- the common stock, par $10, payable Aug. 15 to holders of record July 31.
poration and its Pacific Coast subsidiaries, have been reduced during the Previously, the company paid regular quarterly dividends of 25e. Per
six months period by over $17,000,000.
-V. 132, p. 4599.
share on this issue.
Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Hampshire House, Inc., N. Y. City.
-Receivership.
The following is taken from the New York "Times":
Balance Sheet June 30.
The Hampshire House, the 37 story apartment hotel building in Central
1931.
1930.
1931.
Park South, east of Seventh Avenue, was thrown into foreclosure July 17
1930.
AssetsLiabilities$
$
$
$
in the Supreme Court because work on the building was abandoned by the
Investments .._-x84,995,794 192,895,650 Notes payable.... 5,000,000 7.500,000 builder shortly before its completion.
Divs. reeeivle &
Acets.pay.te sub
508,219
The New York Title & Mortgage Co., which took a mortgage for $3.sundry assets_
323,115
885,121 Accts. pay. &
000,000 on the property, on which $2.200,000 had been advanced up to
Cash
2,192,181 3,127,427
accrued exps..
85,033
294,895 June 19, last when the contractor quit, filed the foreclosure action and got
Res.for commitan order from Justice Collins appointing Samuel Lax receiver of rents.
ments & cent_ 10,020,442 14,707,000 Although there will be no rents to collect during the foreclosure, the court
Capital stock_ __y28,826,735 158,547,208 fixed the bond at $50,000.
Surplus
43,578,861 15,350,876
The complaint, which names as defendants the Hampshire House, Inc.,
formerly the Hotel Maurice, Inc., and the H. K. Ferguson Co.. the conTotal
87,511,070 196,908,197 Total
87,511,070 196,908,197 tractor, asked that any deficiency judgment be entered against both
x Market value as of June 30 1931 was $87,211,745. y Represented by defendants because the Ferguson company gave a bond for $3,000,000 as
security for the mortgage. It states that a mortgage for $1,000,000 ori5,765,347 no par shares.
Note.
-The corporation is under commitment to purchase from July 1 ginally was executed on the property by Lignante. Inc., on Sept. 30 1926,
1931 to Jan. 2 1932 a total of 21,150 shares of Manufacturers Trust Co. but after work had been started, it was long delayed and the site was
stock for a total of $5,816,250: a reserve sufficient to reduce this to market acquired by the defendants. The $3.000.000 mortgage was executed by
is included in the above reserve for commitments and contingencies. The the Hampshire House. Inc., on Sept. 23 last and includes the original
corporation has a contingent liability of $480.000 from which no loss is mortgage. The property adjoins the former Sevilla Towers and new the
at the Seventh
anticipated and against which securities have been deposited as collateral.
- Essex, which in turn adjoins the New York Athletic Clubis 120 feet deep.
Avenue corner. It has a frontage of 117 feet 2 inches and
V. 133, P. 296.
The complaint alleges that the defendants failed to carry on the erection
of the apartment hotel building "with dispatch and diligence" and for that
GoldenrState Co. Ltd.
-Offer Withdrawn.reason was not entitled to the ninth advance on the $3,000,000 loan,"but
See National Dairy Products Corp. below.
-V.133, p. 130.
on the contrary has entirely discontinued the erectifbn of the said building
and has entirely abandoned the entire operation, and is doing nothing
GoldenI State Milk Products Co.
-Exchange Offer toward completion," The complaint continues:
"The said building has been left and is now unprotected, unguarded and
Withdrawn.
exposed to the elements to the great injury and damage of the security of
See National Dairy Productions Corp. below - 133, p. 488, 295.
the plaintiff."
The plaintiff said that to protect its interests it will be necessary to
Graham-Paige Motors Corp.
-New Distributors.
employ watchmen and pay the bills for material, men and other outlays.
The corporation has appointed Bell Brothers to represent the Graham
The Hampshire House is a $6,000,000 project.
line as distributors for all of Kings County N Y., a territory formerly
controlled by a factory branch. A. J. Wise formerly in charge of retail
-Extra Dividend.
Hannibal Bridge Co. of Miss.
sales in Brooklyn, will extend his activities to cover wholesale operations
The directors on July 16 declared a regular dividend of 4% and an extra
-V. 132 p 4422
for the whole of Long Island.
dividend of .4 of 1% payable Oct. 5 to stockholders of record Sept. 251931.
April
Granby Consol. Mining Smelting & Power Co., Ltd.- Thereafter, if conditions warrant, 434%,will be paid in 618. and 434%
in October, making an annual rate of 83.
5%.-V. 106. p.
Earnings.
Hercules Powder Co., Inc.
-Earnings.
For income statement for three and six mo
ended June 30 see "EarnFor income statement for 6 months ended June 30 see "Earnings Deings Department" on a preceding page
partment" on a preceding page.
In the second quarter of 1931 company produced 8.395,107 pounds of
Balance Sheet June 30.
copper a monthly average of 2,795.369 pounds compared with 8.700,283
pounds in the first quarter, a monthly average of 2.900,094 pounds.
1931.
1930.
1931.
1930.
The net cost per pound of copper produced in the second quarter, inAssets
3
-down expense of the Allenby proper- Plants & property_20,099,042 20,380,466 Common stock_ _ _15,155,850 15,076,975
cluding all operating, general and shut
this quarter. was 8.078 cents compared Cash
ties, which did not operate during
2,641,491 1,685,634 Preferred stock._ _11,424,100 11,424,100
with 7.065 for first quarter of 1931. according to Charles Backing, Presi- Accts. receivable 3,526,187 4,621,644 Accounts payable_ 353,827
439,907
dent. These costs are before depreciation and Federal taxes, and after Collateral loans_
2,700,000 Preferred dividend
99,960
99,961
crediting precious metals and miscellaneous income to copper.
Invest. securities__ 1,698,231
839,587 Deferred credits__
35,675
194,984
After writing unsold copper in inventory down to 8 cents a pound, net U. S. Govt. secur_ 5,176,975 2,370,450 Federal taxes(est.) 214,097
504,093
the second quarter was equivalent to 1.65 cents a share on stock Mat.& supplies_ _ 2,598,803 4,059,174 Reserves
income in
3,321,777 3,097,459
outsthnding at end of quarter and compares with 38 cents a share in first Finished products_ 2,484,335 2,875,305 Profit & loss
12,869,425 13,856,176
-V. 132, p. 4598.
Deferred charges
quarter.
161,343
249,646
Good-will
5,000,000 5,000,000
-Earnings.
Graymur Corp.
Total
43,474,711 44,693,655
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
-V. 132. P. 4774.
Total
43,474,711 44,693,655
652
FINANCIAL CHRONICLE
(M. A.) Hanna Co.
-Earnings:
-
For income statement for three and six months ended June 30 see"Earnngs Department" on a preceding page.
-V. 132, P. 3352.
Hershey Chocolate Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department"on a preceding page
Balance Sheet June 30.
1931.
1930.
1931.
1930.
Assets$
g
Liabilities$
$
Land, buildings,
6% prior pref. stk.
6,913,200
mach., eic
16,935,211 16,256,762 84 pref.stock_ _ ..x $293,480
.
293,480
Cash
2,789.866 1,019,372 Common stock..y 706,520
706,520
Accts. receivable
924,004 1,339,113 Accounts payable_ 587,497 1,037,088
Call loans
2,100,000 Accrued Fed. taxes 1,156,177
982,544
Inventories
6,659,226 11,056,022 Accrued dividends 1,176,630
198,589
Deferred charges
387,988
196,819 Accrued exp.,,kc__ 817,152
814,321
Depreciation res.- 7,998,050 7,389,681
Surplus at organ's_ 2,389,826 2,389,826
Earned surplus_ _ _12,570,963 11,242,839
Total
27,696,295 31,968,088
Total
27,696,295 31,968,088
x Represented by 293,480 no par shares. y Represented by 706,520
no par shares.
-V. 132. P. 3896.
•
(A.) Hollander & Sons, Inc.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133, p. 489.
Hollinger Consol, Gold Mines, Ltd.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133, p. 489.
Holly Development Co.
-
For income statement for 6 months ended June 30 see"Earnings Department" on a preceding page.
Condensed Balance Sheet June 30.
Assets1931
1930
Liabilities
1931
1930
011 leases, wells,
Capital stock
$900,000 $900,000
equipment, ,
tc_$2,1348,478 $2,128,118 Accounts payable_
3,092
3,212
Investments & ad3,209
Taxes accrued__
4,853
vances at cost
176,250
22,500
22,500
111,000 Reserve for divid'd
Inventory
13,455
1,417 Res. Fed. inc. tax_ 112,016
105,066
Accts receivable
16,046
26,010 Res. for deprec'n_ 727,814
709,049
Cash
333,852
526,154
339,013 Res. for depletion_ 735,070
Prepaid insurance.
172
132 Cap. surp. Zr. appr ec la Lion of
288,911
value of leases._ 576,066
104,720
47,710
Surplus
Total ______ _ _83,186,254 $2,605,694
V. 132, p. 4070.
Total
$3 186,254 $2,605,694
-SemiHomestead Fire Insurance Co. of Baltimore.
Annual Distribution.
The directors have declared a semi-annual dividend of 65 cents per share
on the capital stock (par value 910) payable July 25 to holders of record
July 22. This declaration is the same as made in January 1931 making
a total disbursement of 13% for this year an increase of 3% over that
paid during 1930 and 1929.
Houghton & Dutton Co., Boston.
-Offer Made
Responsible Party Agrees To Take Lease on Property and
Buy the Assets.
-
[Vol,. 133.
Insuranshares Corp. of Delaware.
-Listing of Addl
Common Stock.
The New York Stock Exchange has authorized the listing of 93,750
additional shares of common stock (par $1) upon official notice of issuance
making the total amount applied for 468,750 shares.
The directors, July 7, authorized the issuance of 93,750 shares of common
stock (par $1) for subscription by stockholders and the unsubscribed
portion thereof to the underwriters on the same basis as to stockholders.
l'he 93,750 shares will be capitalized in the corporation's capital stock
account by crediting the capital stock account for the par value of such
shares ($1 per share) and crediting the capital surplus account with the
balance. The purpose of the issuance of the rights is to obtain funds to
reduce an outstanding loan amounting to $600,000 on July 7 1931,and to
obtain investments in insurance and bank stocks at current market levels,
so carrying out the purposes and continuing the growth of the corporatilon.
Warrants.
-Warrants shall be issued to the stockholders of record
July 20, entitling them to subscribe for such stock. Such warrants are to be
issued by the Guaranty Trust Co. of New York and are to be subject among
other conditions, to the following:
"Such rights shall be issued at the rate of the right to subscribe to one
share of common stock for each four shares of common stock outstanding
on July 20: warrants representing such rights will expire Aug. 10.
"When warrants are exercised payment must be made of the full subscription price, $9 per share, in New York funds by cash or certified check,
or said subscription price may be made up in whole or in part by shares of
stock of insurance, bank and (or) trust companies set forth in a list submitted to the stockholders entitled to subscribe, the value of such shares
of stock being taken at bid prices at the close of business on the day preceding the date of subscription payment, determined by a certificate of
Goodwin-Beach & Riley, of 94 Pearl Street, Hartford, Conn., provided
that the investment committee of the corporation may have the right to
accept or reject any of said securities, and provided that the acceptance
of any such securities does not conflict with any of the limitations upon
the investments of the corporation set forth in the certificate of incorporation. In the event that any shares of stock tendered in payment of
such subscription price are rejected by the investment committee, the
shares of stock of any corporation acceptable to such committee and (or)
cash or a certified check must be delivered to such agent, of an aggregate
value, at bid prices as of the close of business on the day preceding such
delivery, and when added to the value of securities and (or) cash already
deposited, equal to the subscription price of the shares for which the subscription is made. The right of the corporation is expressly reserved to
reject any or all of the shares of stock so offered in payment of the subscription price and to receive New York funds (cash or certified check) in
lieu thereof.
The subscription warrants will be accepted and stock certificates issued
only for full shares of stock. Said warrants shall be in a form satisfactory
to the New York Stock Exchange.
Acceptable Stocks -The following is a list of the insurance and bank
stocks which in the first instance will be acceptable in whole or in part in
payment of the subscription price.
The Aetna Casualty & Surety Co.
The Manhattan Co.
Boston Insurance Co.
National Fire Insurance Co.
Conn. Gen. Life Insur. Co.
Phoenix Insurance Co. '
The Continental Insur. Co.
The Pref. Accident Ins. Co. of N.Y.
Fidelity & Deposit Co. of Maryland Safe Deposit & Trust Co. of Bait.
Fidelity-Phenix Fire Insur. Co.
Springfield Fire & Marine Ins. Co.
The First Nat. Bank of Boston
St. Paul Fire & Marine Insur. Co.
The First Nat. Bk.of the City of N.Y. The Travelers Insurance Co.
Guaranty Trust Co. of New York
United States Fire Insur. Co.
The Hartford Steam Boiler Insp't'n United States Guarantee Co.
& Insurance Co.
Lincoln Nat. Life Insur. Co.
Balance Sheet,June 30 1931 (Adjusted to Give Effect to Presentl?,ecapitalization)
AssetsLiaMlUiesaCash
$887,274 Notes payable, secured
b $845,000
Dividends & int. receivable
76,403 Accts. payable & accrued
13,012
abNet book value of My'
c7,352,523 Common stock
468,750
Management contract
1,000 Class 13 stock (250,000 sbs.)
1,000
Deferred debits
2,277 Surplus paid-in
7,027,790
Surplus earned183,923
The Boston "News Bureau" July 18 had the following:
It is understood that trustees of Houghton & Dutton Building Trust
have forwarded a letter to the bondholders' committee, consisting of
Thomas P. Beal, G. P. Gardner Jr., and Augustus Hemenway, stating
that a possible tenant has been found for the property. The letter, it is
understood, says that of the original issue of $2,000,000 43l% first mortTotal
$8,319,477
Total
$8,319,477
gage bonds,due Oct. 11932. there are outstanding $1,436,000; that monthly
a Subject to adjustment for subscriptions paid in securities. b Investrent received since Dec. 1 1930, has been sufficient to pay 1-12 of the interest
on $2,000,000. 1-12 of the sinking fund of $25,000, 1-12 of the real estate ments include collateral to secure bank loans-market value $1,089,050.
taxes, trustees' fees. Federal and State taxes and the small running expenses c Market value $8,105,909.-V. 133, p. 490.
of the trust; that trustees are fearful that the Court will not allow the
receivership to continue much longer and that unless a tenant is found
Interlake Iron Corp.
-Listing of $5,000,000 1st Mtge.
shortly, they may be obliged to liquidate the business, in which case the
trust property would be without a tenant except for tenants in the office Gold Bonds, Series B.
The New York Stock Exchange has authorized the listing of $5,000,000
building paying about $79,000 gross. Real estate taxes alone are over
$70,000. If, as likely, the letter states, a tenant could not be found to 1st mtge. gold bonds, series B 5%, due May 11951.
For income statement Per 3 and 6 months ended June 30 see "Earnings
occupy both the Houghton & Dutton Building Trust property and the
Pavilion Building next door, at present occupied by Houghton & Dutton Dep)rtment" on a preceding page.
-V. 133. 12• 206.
,
Co., there would be a large expenditure to replace party walls.
"A very responsible person," trustees state, has agreed, provided his
International Business Machines Corp.
-Earnings
offer for assets of Houghton & Dutton Co. is approved by the Court, to
For income statement for 3 and 6 months ended June 30 see "Earnings
take a lease of the Houghton & Dutton Building Trust property and of the
Pavilion Building: for 10 years. Rental of the Houghton & Dutton Build- Department" on a preceding page -V.133, p. 490.
ing will be sufficient to pay 4%% on the $1,436,000 bonds outstanding, a
International Carriers, Ltd.
yearly sinking fund of $10,000. real estate taxes and insurance and leave
-Earnings.
For income statement for 6 months ended June 30 1931 see "Earnings
a balance of a few thousand dollars. To consummate the lease, the mortgage must be extended for 10 years at 4%% from Oct. 1 1931.
Department" on a preceding page.
-V. 132, p. 3897.
The court on August 15 will consider the offer for assets of Houghton &
Dutton Co. and trustees urge prompt deposit of bonds. They state that
International Cement Corp.
-Earnings.
-holders of over $900,000 of the bonds have informally agreed to the
For income statement for 3 and 6 months ended June 30 see "Earnings
extension.
Department" on a preceding page.
-V. 132. p. 3159.
Identity of the person making the offer for the property is not disclosed,
-V. 132. p. 4599.
nor the amount of the offer.
-Earnings.
Household Finance Corp.
For income statement for 6 months ended June 30, see "Earnings De-V. 132, P. 3352.
partment" on a preceding page.
-Earnings.
-Howe Sound Co.
For income statement for 3 and 6 months ended June 30, see "Earnings
-V. 132, p. 4599.
Department" on a preceding page.
-Earnings.
Hudson Motor Car Co.
For income statement for 3 and 12 months ended June 30 see "Earnings
-V. 132, p. 4423.
Department" on a preceding page.
Hupp Motor CariCorp.-Earnings.-
For income statement for 3 and 6 months ended Juno 30 see "Earnings
-V. 133, P. 131.
Department" on a preceding page.
I. G. Farbenindustrie Aktiengesellschaft (I. G.
-Div. on American Shares.
-on-Main.
Dyes), Frankfurt
The directors recently declared an initial dividend of $2.25 per share
on the American receipts for common bearer shares payable July 18 to
holders of record July 17. This distribution is for the year 1930.-V.
132, p. 4600.
-Earnings.
Illinois Pacific Coast Co.
For income statement for 12 months ended May 31 1931 see "Earnings
-V. 132, p. 2208.
Department' on a preceding page.
-Adds Shareholders.
Incorporated Investors.
During the past 30 days the number of shareholders of Incorporated
Investors has increased at an even faster rate than in earlier months of this
year. From June 18 the record date of the last dividend payment to
July 18 the shareholders of this investment trust increased from 15.564 to
-day period was considerably greater
15,848. The gain of 284 for the 30
than the average increase of slightly over 160 each month during the first
-V. 133, p• 48 .
eix months of the year.
9
International Securities Corp. of America.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Statement of Sur ins and Undivided Profits May 31 1931.
Balances Dec. 1 193
apital surplus
$510,412
Surplus from retirement of debentures
101,916
Secured serial gold bond interest reserve
163,038
Preferred share dividend reserve
1,676,070
Undivided profits
3,154,016
$5,605,451
Balance transferred for six months 1931
def$7,148
Gain on retirement of debentures
216,376
Increase in bond interest and pref. share div. rat yes
28,045
237.272
Net losses sustained during period
Less
-Charged to prior reserves
$5,842,724
a$1,642,826
24,534
Appropriations for reserves
41,618,291
Less
-Net losses charged thereto_ -- - 1,618,291
Balances May 311931-Capital surplus
Secured serial gold bond interest reserve
Preferred share dividend reserve
Undivided profits
$1,618,291
a1,618,291
$510,411
141,433
1,725,719
1,846,867
Total surplus and undivided profits
a Balance of reserves Dec. 1 1930
Appropriations during period
Losses charged to current appropriations
Losses charged to prior balance
$4,224,432
53,611,144
1,618,291
$5,229,436
$1,618,291
24,534
1,642,826
Balance of reserves May 31 1931
$3,586,610
Note
.-On May 31 1931 the unrealized depreciation from book value
-of the securities in the portfolio at market quotations
The special meeting of stockholders to consider the proposal of the -cost less reserves
directors to reduce the stated value of the no par common stock from 510 exceeded the unrealized depreciation at Nov. 30 1930 by $4,092,853.
Treasurer's Note -An appraisal at June 30 1931 showed that the above
to $1 a share, the balance to be transferred to surplus. has been postponed I
amount of unrealized depreciation was materially reduced.
to Aug. 5.-V. 132, p. 4774.
-Postpones Meeting.Insuranshares Certificates, Inc.
JULY.25 1931.]
FINANCIAL CHRONICLE
Balance Sheet May 31.
1931.
1931.
1930.
Cap. & Liab.Resources$
$
b Invest. (at cost
Preferred stock- -_z5,945,000
less reserve)_--- 53,504,037 56,472,167 Class A core. shs_y17,965,779
4,289,640 6,804,458 Class B coin. shs _ _x2,222,220
Cash
Securities sold
Serial gold bonds__ 905,900
not delivered211,465 5% debentures_ _29,322,000
62,425
Acer'd Inc. rec., &c 525,589
704,133 &curs. purchased
Unamort. disct. on
-not received__ 114,822
bonds and debs_ 2,322,981 2,609,162 Taxes
7,704
46,583
65,216 Invest. service &
Transf. & fin. exps
sundry expenses.
43,399
Surplus .4 undiv.
• profits
4,224,432
1930.
$
6,830,600
17,202,869
2,222,220
939.500
31.000.000
771,584
437,079
118,602
7,344,158
60,751,256 66,866,602 Total
Total
60.751,256 66,866,602
a Includes call loans. b Total market value of securities taken at
market quotations May 31 1931 was 838,399,005. x Represented by
600,000 shares of no par value. y Represented by 591,156 shares of no par
value. z Represented by 44,736 shares of 6% series and 14,714 shares of
-V. 133, p. 132.
6J-% series, all of $100 par value.
International Mercantile Marine Co.
-New Secretary.
The company on July 16 announced the appointment of A. P. Palmer
as Secretary and George W. Cook as Controller. Mr. Palmer succeeds
Emerson E. Parvin, who resigned on July 1 because of ill health, and Mr.
Cook succeeds the late Alfred R. Marshall.
-V. 133. p. 490.
653
-Earnings.
Johns-Manville Corp.
For income statement for 3 and 6 months ended Juno 30, see "Earnings
-V. 132, p. 3352.
Department" on a preceding page.
-Sales Gain.
Kelly Springfield Tire Co.
"Shipments to dealers by this company so far this month are ahead of
June,and indications are that they will continue so throughout the month."
President W. II. Lalley stated. "We believe that present levels will be
sustained well into October."
The company reports shipments to dealers in June exceeded May by
27.7% and were 43.6% greater than those of June 1930.-V. 133, p. 490.
-Earnings.
Kendall Company.
For income statement for 24 weeks ended Juno 13 see "Earnings De-V. 132, p. 3538.
partment" on a preceding page.
-Dividend Omitted.
Kentucky Consolidated Stone Co.
The company has omitted the dividend of $1.75 a share on the preferred
stock, due at this time. The previous dividend was paid May 1.-V. 128,
P. 413.
-Smaller Dividend.
Knickerbocker Insurance Co.
The directors have declared a quarterly dividend of 30c. per share on
the common stock, par $5, payable Aug. 1 to holders of record July 20.
Previously, the company made quarterly distributions of 37Mc, per share
-V. 129, p. 2548.
on this issue.
-Listing of Additional
Kroger Grocery & Baking Co.
Common Stock.
The New York Stock Exchange has authorized the listing of 100,000 additional shares of common stock (no par value) on official notice of issuance
to certain officers, executives and employees of the company and of its
J. C. Nichols of Copper Cliff, Canada, general manager, has been pro- subsidiaries, upon payment in full therefor, making the total amount applied
moted to Assistant to the President at Toronto. Donald Macaskill, also for 1,930,878 shares.
The directors, at a meeting held Dec. 19 1930, adopted a plan whereby
of Copper Cliff, has been promoted from manager of raining and smelting
division to general manager, and Dr. John F. Thompson, Assistant to the certain officers, executives and other employees of the company and (or)
President, has been appointed Vice-President.
its subsidiaries are given the option of purchasing certain shares of the com-V. 133, p. 296.
mon stock, at a price of not less than $25 per share, under contracts to be
International Printing Ink Corp.
approved by the Stock Contract and Option Committee of the board of
-Reduces Stock.
The company has filed a statement with the Secretary of State of Ohio directors, and at the same meeting the board recommended to the sharethat 2,330 shares of 6% cumul. pref. stock have been redeemed and can- holders that the plan be adopted by them, and that 100,000 shares of comcelled, thus reducing stated capital to $9,285,280 from $9.518,280.-V. mon stock be set aside for said purpose.
133, p. 490.
At the annual meeting on March 4 1931, a resolution was adopted by
shareholders, setting aside 100,000 shares of common stock for the purInternational Salt Co.
-Earnings.
poses aforesaid and releasing it from pre-emptive rights, and authorizing
For income statement for 6 months ended June 30 see "Earnings Depart- the President of the company to enter into option contracts with certain
ment" on a preceding page.
officers, executives and other employees, subject to the approval of the
-V. 132, p. 3352.
Stock Contract and Option Committee of the board of directors.
International Utilities Corp.
-Registrar.
The full value received for the shares to be so issued will be credited to
The Guaranty Trust Co. of New York has been appointed registrar for capital.
prior preferred, preferred, class A and class B stock.
Employees Stock Option Contract.
-V.132.P.4775, 4800.
The form of stock option contract adopted provides that the 100,000
Investment Co. of America.
-Earnings.
shares subject thereto may be purchased by officers and employees to whom
-For income statement for 6 months ended June 30 see"Earnings Depart- such contracts may be granted with the approval of the Stock Contract
ment" on a preceding page.
and Option Committee of the Board of Directors in instalments over a
Charles J. Collins, Secretary, says:
period beginning June 30 1931 and ending Dec. 31 1935 at a price of not
The net realized loss of $2,460,000 represents primarily the substitution less than $25 per share in cash.
of realized for unrealized losses arising during periods prior to Dec. 31 1930.
Earnings.
-For income statement for period Jan. 3 1931 to June 20 1931.
This was a period in which rapidly changing economic conditions called for see "Earnings Department" on a preceding page.
a shifting of Individual securities held. The fund, taken at market values
Consolidated Balance Sheet as of June 20 1931.
as of June 30 1931, stood at $9,060,958, as against a figure of $9,568,976
Liabilities
Assets
as of Dec.31 1930. This compares with a general decline in common stocks
-affil. company__ $800,000
(as represented by the Dow Jones Industrial Averages) from 164.58 on Cash in banks and on band-- $8,599,699 Notes pay.
U. S. Government bonds- 1,573,125 Accts. payable, vendors, &e_ 5,171,517
Dec. 31 1930 to 150.18 on June 30 1931.
Accts. & notes rec. (net).... 1,035,989 Accrued expenses, taxes, &c. 1,238,092
Comparative Balance Sheet June 30.
399,365
16,990,411 Prey,for Fed,income taxes__
Inventories
1931
14,781
1930
23,297 Dividends payable
Value of life insurance
1931
1930
Assets516,333 Employees deposits on subI Liabilities$
Prepaid ins., rent, taxes, &e_
$
$
Cash in banks and
473,951
Pref. etock-ser A 5,000,000 5,000,000 Accrued accts, rec., not due
190,316 scriptions on unissued stock
demand deposit_ 2,887,363
602,500
787,941 Prof. stock-ser. B 1,000.000 1,000.000 Investments at ledger value_ - 8,327,383 Funded debt, sub. companySecured demand
Common stock_ _ _x3,181,659 3,181,658 Com,stock of co., purch. and
Prof. stocks of sub. companies
991,450
loans
800,000 Pt. div. pay July 1
Res. for uninsured losses, dre663,416
held by trustee for sale to
105,000
Investment sales
Accrued int. on 5%
81,400
199,962 6% 1st pref.stock
employees
receivable
3,560
62,100
debenture bonds
55,925
62,500 Laud, bides. & equip., &c.._ 23,045,158 7% 26 pref. stock
Company's preRes. Fed. Inc. tax
a32,963,276
Common stock
154,703 Store & general supplies & de•
ferred shares__ - 167,016
Divs, received on
1,094,961
510,133 Paid-in surplus
ferred charges
Divs, and accrued
stock not owned
16,454,997
Earned surplus
1,068
1,650
46,230
interest receiv_
60,583 Reserve for cumuInvestments
10,249,503 15,451,095
Wive Prof. diva. 260,286
161,011,808
Total
$61,011,808
Total
260,286
Deferred charges- 109,365
253,750 Rea. for coating_
245,000
-V. 133, p. 491.
a 1,813,486 shares (no par).
Net operating
5% gold debenture,
loss
509,999
series A
4,474,000 5,000,000
-Stock Off List.
(B.) Kuppenheirner 8c Co., Inc.
Surplus
2,342,572
The common stock was stricken from the list of the New York Stock
17.-V. 132, p. 4600.
Exchange on July
Total
13,972,938 17,353,370
Total
13,972,938 17,353,370
-Earnings.
Lambert Company.
x Represented by 137,827 shares of no par common stock.
-V.132.p.4428
For income statement for 3 and 6 months ended June 30 see "Earnings
D:partment" on a preceding page.
-V. 132, p. 4253.
Investment Trust Associates.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Depart-Earnings.
Lane Bryant, Inc.
ment" on a preceding page.
For income statement Sand 12 months ended May 31 1931 see "Earnings
Statement of Surplus and Undivided Profits May 31 1931.
Department" on a preceding page.
Balances Dec. 1 1930
-Capital surplus
$4,800,000
The balance sheet as of May 31 1931,showed current assets of $5,318.331.
Undivided profits
2,150,158
against current liabilities of $1,148,420, a ratio of 4.6 to 1. Cash alone
$6,950,158 amounted to $1,663,048. Inventories stood at $2,785,457 on May 31
Balance of income six months 1931
29,697 1931, compared with $3,442,547 on Nov.30 1930.-V. 133, p. 297.
International Nickel Co. of Canada, Ltd.
-New
Officers.
Total
Net losses sustained during period
a Appropriations for reserves ($1,500,000, less losses
charged thereto, $796,838)
Balances May 31 1931-Capital surplus
Undivided profits
Totals urplus and undivided profits
$796,837
$6,979,855
-Earnings.
Lehn & Fink Products Co.
703,162
$4,800,000
679,855
-Sale.
Laurel Lake Mills, Fall River, Mass.
-V. 132, p. 1235.
See General Cotton Corp. above.
1,500,030
For income statement for 6 months ended June 30, see "Earnings De-V. 132, p. 2977.
partment" on a preceding page.
-Earnings.
Lindsay Nunn Publishing Co.(& Subs.).
$5,479,855
a Balance of reserves Dec. 1 1930
Appropriations during period
$3,000,000
1,500,000
Consolidated Income Account Year Ended Dec. 311930.
$1,715,623
Gross revenues, less refunds, rebates and allowances
1,456,216
Operating expenses
Losses charged thereto
$4,500,000
796,838
Net profit from operations
Miscellaneous income
$259,407
23.837
Total income
Miscellaneous expenses and losses
Federal income tax
$283,244
140,075
18.165
Net profit
Dividends on preference stock
$125,004
79,368
Profit and loss surplus
Surplus, Dec. 31 1929
Discount on treasury bonds purchased at less than par
Surplus adjustments
$45,636
64.957
14,486
Dr.4.366
Balance of reserves May 31 1931
$3.703,162
-On Nov.30 1930,the book value (cost less reserves) of the Trust's
Note.
investment securities exceeded the market value thereof by
On the May 31 1931, the book value (cost less reserves) of $6,505,255.
the Trust's
investment securities exceeded the market value thereof by
$7,131,199.
Comparative Balance Sheet.
1931.
1930,
1931,
1930.
Assets$
Liabilities$
$
$
Invest. securities
Common shares- -y8,200,000 8,200,000
x13,320,650 16.647,239 Due for securities
(at cost)
370,230
Cash
232,596
much., not rec_
265,825
Call loans
100.000 Aeon sundry exps.
1,180
1,450
480
See. sold, not del'd
74,698 Accrued taxes_ -27,285
323,237
reAccrued income
Capital surplus_ __ 4,800,000 4,800,000
ceived & items in
Undivided profits_ 679.855 3,507,775
16,941
course of collect.
43,752
$120,712
Balance Dec.31 1930
Consolidated Balance Sheet Dec. 31 1930.
AssasLiabilities
y$1.169,810
Plant & equipment__
x$288,930 Preference stock
Common /mock
--z1,675,289
Excess of Investment over net
13,708,300 17,098,2861 Total
Total
worth of subs, at date of ac16-year secured 6%, debs._ 1,651,000
13,708,300 17,098,286
quisition
2,982,481 Equipment notes payable.4,380
x Total market value of securities taken at market quotations
Notes Payable
19,000
1931 was $6,189,450. y Represented by 600,000 no-par shares. May 31 Circulation lists, good will, ad-V. 133.
vertising contracts, eze
46,048
1,255,698 Trade accounts payable
p. 296.
Stocks of co. with whom busiMiscellaneous accruals payable
8,289
Island Creek Coal Co.
ness is done at cost
4,430 Federal inc. tax payable
18,165
-Earnings.
23,646 Accrued int. on 6% bonds
33,020
For income statement for 6 months ended June 30 see "Earnings De- Cash on deposit & on hand__
Notes receivable
11,390 Miscellaneous current assets._
partment" one preceding page.
14,877
-V. 133, p.490.
Accounts receivable
157,656 Deferred credits to income_
49,662
Inventories
Jackson & Curtis Investment Associates.
43,038 Surplus
120,712
--Defers J. Lindsay Nunn
20,412
Dividend.
Miscell. current assets
9,155
The directors have taken no action on the quarterly dividend which Deferred charges
13,387
ordinarily would have been declared at this time on the issued
interest shares. On Feb. 2 and May 1 last, regular quarterly beneficial
Total
$4,810,233
Total
84,810.233
tions of 50e. per share were made, as against 60c. per share ondistribuNov. 1
x After depreciation of $197,708. y Represented by 38,244 shares
1930.-V. 133. p. 297.
(no par). z Represented by 50,000 shares (no par).
-V. 130, p. 4619.
654
FINANCIAL CHRONICLE
-Receivership.
Lehigh Bernstein Mfg. Corp.
Federal receivers in equity were appointed July 20 for this corporation
of Allentown, Pa. Louis Denison, President of the company, and Fred.
B. Gernerd, were named by Federal Judge Kirkpatrick in a friendly suit
for the conservation of the assets, which are estimated at $500,000. Liabilities are placed at $250,000 and the trouble with the company, it is
explained, is lack of working capital.
-Earnings.
Loft, Inc.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet June 30.
1930
1931
1930
1931
Liabilities8
$
Assets
y9,854,177 9,853,455
Capital stock
Real estate, equip250,000
150,000
x6,390,520 6,560,327 Mortgages
ment, &c
383,290 Due to Happiness
Leaseholds, &c___ 311,090
470,738
Candy Stores,
516,945
Cash
68,352
Inc
121,553
131.080
Accts & notes rec_
321,037
431,514 Accounts payable_ 544,267
050.695
Inventories
4,799
3,385
179,163 Rentals sec. dep._
49,970
accts ,&c
Prepaid
128,276
125,823
601,316 Acced liabilities__
1,100,000
Investments
Surplus
1,520,266 1,640,368
Notes de accts rec
671,973
(not curreat)___ 385,129
27,250
Deferred charges ._
1,259
Marketable secur_
17,330
Mtge expenses_ _ _
262,077
Treasury stock_
Good-will, trade2,659,982 2,459,982
marks, &c
12,266,250 12,197,933
Total
12,256,250 12,197,933
Total
x After deducting depreciation of 83,049,663 and mortgages payable of
$525,000. y Represented by 1,023,209 no par shares.
-The 1931 balance sneet does not include or reflect pending litigaNote.
tion brought by and(or) against the company and related matters.
V. 132, p. 4424.
-Earnings.-.
Loose-Wiles Biscuit Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 132, p. 4253.
Department" on a preceding page.
-Earnings.
McKeesport Tin Plate Co.
For income statement for 6 months ended June 30 see "Earnings De-V. 132, p. 4073.
partment" on a preceding page.
-Operations Curtailed.
Magma Copper Co.
Dodge, Treasurer of the company, says:
B.
"Having in view the low price of copper and the large accumulation of
stocks throughout the world," Mr. Dodge said, "it has been decided by
the management not to resume production until Oct. 1. This decision to
extend the inoperative period is based solely on the management's belief
that radical action must be taken to reduce production before the industry
can regain prosperity, and represents Magma's contribution to that end.
If all the other copper companies would follow this example, the situation
-V.133, p. 492.
would be rapidly corrected."
--Earnings.
Marion Steam Shovel Co.
r[VoL. 133.
sented by the bond and note issues. During this period of time approximately $20,000,000 worth of property has been sold, and the $25,000,000
funded debt has been reduced to about $13,700,000.
o to"The appraised value of unsold lands, amounting to $15.0
gether with the balance due on land sales contracts amounting to approximately $9,500,000; net current assets, amounting at the present
time to $1,500,000, and other assets, amounting to about $4,000,000,
-more than twice the amount of the
aggregate a value of $30,000,000
outstanding funded obligations of the company.
'Certain of the provisions of the trust indenture are found under present
economic conditions to interfere with the company's liquidation program.
It is important to you and to the company that an amendment be made
which will remove these objectionable provisions. The board of directors,
after careful study and consultation with the trustee under the trust indenture, the Superintendent of Banks, and the underwriters of our bond
and note issues, has proposed the necessary changes in the trust indenture.
The effect of the proposed changes is as follows:
"The trust indenture as it now stands provides that 75% of the interest
collected on land sales contracts, relating to land upon which our 1st
mtge. 6% bonds are a first lien, must be paid to the trustee to be used
for the redemption of bonds, and such amounts,therefore, are not available
to pay interest on our bonds and notes or for other corporate purposes.
The amendment provides that such interest may be used for corporate
purposes, including the payment of interest on our bonds and notes.
"The trust indenture as it now stands requires that 70% of the gross
first payment received for land sold under contract shall be paid to the
trustee without allowance for deduction of sales commissions. It is
found that the remaining 25% of the first payment is frequently less than
the selling expenses, so that upon making an installment sale some payment must generally be made to the trustee out of working funds. The
amendment provides that, after deduction of sales commissions, 75% of
all principal payments, or such greater percentage as may be needed
to equal the release price, shall be paid to the trustee until the full release
price has been paid.
"The remaining important change relates to correcting certain mac"
miracles and inconsistencies which have been disclosed in an appraisal
made over five years ago. The trust indenture as it now stands provides
for release prices based upon such appraisal but it does not contain provisions whereby these inaccuracies and inconsistencies may be corrected.
The amendment provides that not to exceed 734% of the acreage unsold
on July 1 1931 may be re-appraised by an appraiser selected jointly by the
company and the trustee.
"Pursuant to the provisions of the trust indenture the managerial control
of the company is vested (while our securities are outstanding) in those
primarily representing the holders of our bonds and notes. In view of
the fact that such holders are the first to benefit from the liquidation
of the company, it is vital to their interests that the proposed changes in
the trust indenture should be made to the end that the maximum insurance
may be given, during this period of depression, for the continuing orderly
sale of the company's assets.
"Therefore, in order that the proposed amendments may be properly
proposed and acted upon in accordance with the terms of the trust indenture, the board of directors has called a meeting of the bondholders
and noteholders to be held Sept. 15 at 465 California St., San Francisco.
This meeting, to be effective, must be attended, either in person or by
proxy_ by owners of at least 75% of the outstanding bonds and by owners
of at least 75% of the outstanding notes.
Peirce, Fair & Co. and Blyth & Co., Inc., announce that as underwriters of the bonds and notes, they have collaborated with the management of the company in determining the form of the proposed changes
to the trust indenture securing the bonds and notes and are convinced
that all of these changes are in the interest of the security holders and
needed for their protection.
They urge upon them prompt consideration of the company's letter
outlining the effect of the proposed changes and their prompt response
-V. 133, p. 493.
to the company's request in this matter.
For income statement for 6 months ended June 30 sea "Earnings Department" on a preceding page.
Balance Sheet June 30.
1930.
1931.
1931.
1930.
5
LiabilUiesAssetsAccounts payable_ $159,772 $297,748
Land,bidgs., mach..
24,478
250,000
x4,447,413 4,837,787 Notes payable__
equip., &c
16.385
10,050
881,929 1,678,387 Adv. pay. recelv_
-Omits Extra
Minneapolis-Honeywell Regulator Co.
Investments
449,923 Accrued Interest,
528,538
Cash
272,612 Dividend.
payrolls,&c____ 238,937
Accts. and notes
The directors have declared the regular semi-annual dividend of $1.50
rec. less reserve_ 2,133,855 1,687,826 Federal, State and
67,499 per share on the common stock, no par value, payable Aug. 15 to holders of
62,787
3,252,451 4,155,609
county taxes-Inventories
54,250 record Aug. 4, but omitted the declaration of the extra dividend of 50c.
201,194 Dividends declared
184,075
Deferred charges
which was previously paid every six months.
Notes & accounts
66,948
payable gill. co_
Earninas.-For income statement for six months ended June 30 see
1st mtge.20-yr.bds 3,151,500 3,273,500 "Earnings Department" on a preceding page. •
Cum. pref. stock__ 3,100,000 3,100,000
Cash and marketable securities as of June 30 1931 were 8995,052 and
Common stock__x 2,500,000 2,500,000 total current assets were $3,790,223 as compared with total current liabiliy 2,180,135 3,111,782 ties of $261,334.-V. 132, p.4777.
Surplus
11,428,261 13,010,724
Total
11,428,261 13,010,724
Total
x Represented by 100,000 shares of no par value. y Paid-in and apsurplus 32.730,025, earned deficit $549,889. z After reserve
propriated
for depreciation of 86,012,122.-V. 132. p. 1236.
-Bankruptcy.
Marquette-Easton Finance Corp.
This corporation with offices at 1006 Louderman Building, St. Louis.
July 15, filed a voluntary petition in Federal Court at St. Louis, saying it
is unable to pay its debts in full and is willing to surrender its property for
the benefit of creditors. Frank E. Williams, attorney for the corporation,
said declines in the market value of land and securities held by the firm
made it desirable to liquidate through bankruptcy proceedings to protect
the interests of creditors. He added the firm is a holding corporation for
improved city property, farm lands and securities, and would not oppose
appointment of a receiver.-V. 132, p. 1235.
-Earnings.
Maytag Co.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet June 30.
1930.
1931.
1931.
1930.
$
Liabilities$
AssetsPerman't assets_ 11,050,920 3,629,100 $6 pref. stk. (no
par)
a7,500,000 8,000,000
trade-marks,
Pats,
1 Preference stk.(no
1
good-will
285,500
6285,500
par)
899,910
899,910
Cash
413,798
1,500,000 Corn. stk.(no par) c552,109
Call loans
1,470,726 2,065,265
3,423,323 2,358,724 Surplus
Marketable sec_
620,083
Accts. payable.- 291,302
Notes & accounts
93,256
823,242 Unpaid wages-- 296,478
y422,106
received
60,235
56,211
1,440,034 2,268,196 Accruals
Inventory
362.147
76,965 Reserves
84,517
Cash value ins__
621,839
207,219
352,713 Fed, tax reserve
Invest. Can.sub_ 318,372
400,000
Res. for costing,.
127.000
Cum. pref. stk. In
113,731
398,511
treasury
858,700
106,459
14undry investml_
40,840
48,500
Dderred asse
10,786,545 12,922,125
Total
• 10,788,545 12,922,125
Total
a Represented by 75,000 shares of no par value. b Represented by
285,500 shares of no par value. c Represented by 1,617,9122 shares of
no par value. x After reserve for depreciation of $1,313,028. y Less allowance for doubtful accounts in the amount of $34,931.-V. 132, p. 4074.
-Dividends.
Mickelberry's Food Products Co.
The directors have declared the regular quarterly dividends of 15 cents
per share in cash and 23'i % in common stock on the common stock, both
payable Aug. 15 to holders of record Aug. 1. Like amounts were paid on
-V. 132, p. 4777.
May 15 last.
-Earnings.
Midland Steel Products Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 133, P. 493
Department" on a preceding page.
-Dividend
Minneapolis Moline Power Implement Co.
Omitted.
The company has omitted the quarterly dividend of 51.62;i a share
on the preferred stock, due Aug. 15.-V. 132, p. 3546.
-Research Work.
Monsanto Chemical Works.
The company has completed its research on two new chemicals, Pyrocatechol and Pythalyl Chloride, which have not been produced before in
America. The company's new synthesis process will make these products
available at reduced prices which should in time attract a large volume of
consumption in photographic, dyestuff and other industries.
Heretofore, these chemicals have come from Germany where they are
manufactured on a small scale.
The company has let a contract to the Woerman Construction Co. of
St. Louis for completion of a warehouse 92x170 feet at its Illinois plant.
The building will add about one million cubic feet of storage space and will
cost approximately $100,000.
Earnings.
For income statement for 3 and 6 months ended June 30 sae "Earnings
-V. 132, p. 4778.
Department" on a preceding page.
-Earnings.
Montgomery Ward & Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 133, p. 299.
Department" on a preceding page.
-Dividend Rate Reduced.
Mutual Investment Trust.
The directors recently declared a quarterly dividend of Sc, per share on
the class A stock, payable July 15 to holders of record June 30. A distribution of 735c. per share was made on April 15 last as against 154. each
-V. 132, p. 2784.
quarter previously.
-Earnings.
National Air Transport, Inc.
For Income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
Company reports that miles flown with mail in the second quarter totaled
0 .88 .
,2 1,9 499
130. p 3 , and miles flown with passengers, 508,003. Total mail carried
amounted to 615,681 pounds, while pay passengers totaled 5,826.-V.
Awararai.4
-,a
National Bellas Hess Co., Inc.
-Reduces Prices.
President Albert S. Scott stated, in issuing the new fall and winter
catalogue, that 750.000 new customers have been added in the first six
months of this year. Unit sales show an increase of 35% during the
Period onver the first half of 1930. Mail orders showed a gain of from 15%
to 30% every month. The new catalogue shows average price reductions
of 12.87%. A number of new lines of merchandise have been added.
including sporting goods, electrical appliances, and home furnishings. The
-V. 133. p. 134.
company is continuing to pay all postage.
--Earnings.
National Biscuit Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V.133, p. 134.
Department" on a preceding page.
--Earnings.
National Cash Register Co.
-To Change Certain Provisions of
Miller & Lux, Inc.
Trust Indenture Now Interfering with Liquidation Program.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 132, P. 4062.
Department" on a preceding page.
The holders of let mtge. 6% gold bonds and secured 7% gold notes
are in receipt of a letter dated July 8 from James E. Fickett, President,
in which he asks that they amend certain provisions of the trust indenture.
President Fichett says:
"Since the fall of 1925, when Miller & Lux, Inc., 1st mtge. 6% bonds
and secured 7% notes were sold, the officers and directors of the company
have managed its affairs to one end; namely, the rapid liquidation of the
realty holdings and the repayment of the funded indebtedness repre-
President T. H. McInnerney has announced that that corporation has
withdrawn its provisional offer for the acquisition of the assets of the
Golden State Co., Ltd. Mr. McInnerney stated that this action was taken
not because of any adverse developments in the financial position or business
of the Golden State Co., Ltd. in ordinary course but because of certain
other developments in that company and the litigation attendant therewith
National Dairy Products Corp.
-Withdraws Offer.
1]
JULY 25 192, .
FINANCIAL CHRONICLE
which were unforeseen at the time the agreement was made by the board
of directors of the two corporations and which have made it inexpedient to
-V. 132, p. 4254.
proceed with the acquisition.
-Acquires Stock.
National Enameling & Stamping Co.
It is reported that the company has been buying in its own capital stock
during the past six or eight months and has purchased so far more than
25,000 shares. Thus, instead of the 155,918 shares indicated as of the Dec.
81 1930, balance sheet,there now are only about 130,000 shares outstanding.
Results for the first six months of 1931 were poor, it was said and the
report for that period may show an operating loss of $200,000 or more.
In the last half of 1930. the net loss amounted to $250,129 and in the first
half, to $13,452.-V. 132, P. 3355.
-Dividend Reduced.
National Refining Co.
The directors have declared two quarterly dividends of 12 Mc.a share each
on the common stock, placing the stock on a 50c. annual basis, against
$1.50 previously. Dividends are payable Aug. 15 and Nov. 15 to holders
-V. 132, p.3899.
ofrecord Aug. land Nov. 1, respectively.
-Earnings.
National Securities Investment Co.
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
During the period the company purchased for retirement 28,864 of its
preferred stock at an average cost of approximately $69 per share.
Balance Sheet June 30.
1930
1931
1931
1930
Liabilities$
$
Assets
652,786 Loans pay -banks
Cash in banks.___ 946,372
14,645,370 20,021,884 (sec. per contra)
Investments
2,400.000
Accounts payable_
9.064
447,281
U.S. Govern.secur 601,006
Capital stock_a15,875,244 19,829,457
Loans & advances
6,363.056 Surp., incl. paid-in
-secured
92,931
92,197 surplus
401,371 5,295,896
Accts. & dive. rec_
Due from brokers
824,391
on securities sold
18,319
Prep, int, on loans
16,285,679 27,972,634
Total
Total
16,285,679 27,972,634
a Represented by 149,361 shares 6% cumulative preferred stock (par
$100) and 939,144M shares common stock (par $1)
.-V. 132, p. 2404.
National Supply Co.
-Common Dividend Omitted.
The company has omitted the quarterly dividend of $1 on the common
due at this time. The regular quarterly dividend of $1.75 on the pref. was
declared, payable Sept. 30 to holders of record Sept. 19.
The following statement was issued: The "directors decided to take no
action on further common dividends at this time under present conditions."
-Nr. 132, p. 3900.
National Weaving Co.
-To Pay $10 Accrued Dividends.
The directors have announced a quarterly dividend of $1.75 a share on
the stock of $10 par value. It was further announced that $10 a share of
the $24.50 accrued and unpaid dividends on the stock would be paid.
The interest checks are at the rate of 73M cents a share. or 6% interest on
$24.50 a share unpaid dividends from Jan. 1 to June 30 1931. There remains $14.50 a share accrued and unpaid dividends on the stock,the officials
said. ("American Wool and Cotton Reporter.")
655
building Corp., the reduction in number of shares of founders stock from
300,000 to 212,830 and the reduction of the amount of capital of the corporation from $17,664,220 to $16,923,275.
Such sale, change of name, reduction in number of shares of founders
stock and reduction in capital was authorized by the stockholders June
17. The sale will be consummated on or about July 16 1931 and the
certificate of change of name and reduction of capital will be filed on July
22 1931.
The change of name does not and will not in any way affect the corporate
-V. 132, P. 4603.
Identity of the corporation.
-New Loan.
New York Title & Mtge. Co.
The company has loaned on first mortgage to Irrose Realty Corp.
$145,000 on the one-story taxpayer consisting of 22 stores situated at the
south side of Lydig Ave., Cruger to Holland Ayes., New York City.
V. 132, p. 4603.
-Earnings.
North American Investment Corp.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30 1931.
[Including North American Securities Co.]
LiabilUiesAssets$4,240,100
x$9.640,549 Common stock
Investments
1,798,700
966,446 6% preferred stock
Cash
1,304,700
1,572 534% preferred
Accounts receivable
1,300
11,726 Subset. to 514% Pre stock._
Accrued bond interest
3,387,000
594 Collateral trust 55
Due from subscribers
4,819
1 Taxes payable
Furniture and fixtures
58,460
82,013 Accrued bond int. payable__ _
Unamort. dIsct. on cap.stk_
6,601)
204,142 Reserve for contingencies
Unamortized bond discount__
201,536
4,160 Surplus
deferred debits
Other
$11,001,205
$11,001,205 Total
Total
x The market value of securities owned as of June 30 1931 was $5,867,706.-V. 133, p. 493.
-Balance Sheet Dec. 31. '
Ohio Leather Co.
1930.
Liabilities1929.
1930.
AssetsFirst pref. stock.. $542,800
Plant .1z equip.,&e.,
less depreciation $855,469 $859,587 Second pref. stock. 775,400
7,246 Common stock_ _ _ a677,609
7,363
Cash
Accts. pay. and acU. S. Treas. notes
186,035
220.185
crued taxes_ _ _ _
fixer. interest_ 277098
&
Notes payable_ _
Accts.& notes rec.,
63,275
519,775 Dividends payable
less discount.- 604,881
1,076,317 1,077,985 Conting. reserve__ 191,262
Inventory
37.617
91,240 Liability ins. res...
98,881
Other assets
34,189
7,511 Conting. cred. res.
7,886
Prepaid expense...
Federal tax res.
419,707
Balance
1929.
$610,100
790,000
677,609
116,542
26,028
126,703
33,024
32,693
34,000
336,829
$2,927.895 52,783,530
Total
$2,927,895 $2,783,530
Total
-V.132,-p. 4780.
a Consisting of 48,657 shares of no par value.
-New Director.
Owens-Illinois Glass Co.
H. F. Atherton of New York has been elected to the board of directors
to succeed Francis H. McAdoo, resigned.-V. 133, p. 134.
-Initial Preferred
Pacific Finance Corp. of California.
New England Southern Corp.
-Corporation and Subsidiaries Show Small Profit After Charges-Reduction in Dividends.
The directors have declared initial quarterly dividends of 20c. per share
Bank Debt.
per share on the series C pref. stock and
The committee representing holders of 5% notes and scrip of the cor- on the series A pref. stock, 164c.pref. stock, par $10, all payable Aug. 1
17 Mc. per share on the series D
poration, which is a
company for stock
holding
of three textile mills, has
sent a letter to the note and scrip holders describing the present condition
of the affairs of the corporation and its subsidiaries. The letter says in
part:
"The Treasurer of New England Southern Corp. advised that, for the
six months ended March 28 1931, the combined results of the operations
of New England Southern Corp.'s three subsidiaries-Lisbon Spinning Co.,
-showed a profit of $30,509
Pelzer Manufacturing Co. and. Tucapau Mills
after all charges, including interest on these companies' bank loans and
depreciation, but not, of course, including interest on New England Southern Corp.'s funded debts, namely, its 5% notes and the 7% notes of New
England Southern Mills. As a result of this profit and of unexpanded
depreciation, there has been, for the period, a total gain in the net quick
assets of the three subsidiaries of $156,966, an amount almost equal to the
full accrual of interest for the period on New England Southern Corp.'s
said funded debts. The combined interim results of operations by New
England Southern Corp.'s three subsidiaries for April and May showed an
additional small profit, after all charges: Tucapau Mills has paid off its
entire bank debt, secured and unsecured, and Pelzer Manufacturing Co.
has reduced its bank debt to $150,000.
"New England Southern Corp. has exercised its option to pay in scrip
the interest due June 1 1931 upon its 5% notes.
"The undersigned (members of the committee, viz. Thomas P. Beal,
S. St. John Morgan and Henry L. Shattuck) are Informed that the mills
are in good condition and believe that the financial condition of New England Southern Corp. has not changed for the worse since their appointment
as your committee.
"In view of the foregoing and of prevailing business conditions, the undersigned believe that at the present time the proper proceeding in the interests of the holders of the 5% notes and scrip is to await further developments before taking any action.
"The amount of deposits of 5% notes and scrip under the deposit agree3:dent dated Nov. 1 1930 has been gratifying and the depositary now holds
a very substantial portion thereof.
"The undersigned committee is of the opinion that it is distinctly desirable
for such holders of the 5% notes and scrip as have not deposited the same
to do so forthwith in order that concerted action may be taken when necessary or desirab:e to protect the interests of holders in the unpledged assets
and in the equity, if any, in the pledged assets of New England Southern
Corp. Deposits of notes and scrip are still being received under the deposit agreement, the time having been extended, pursuant to the provisions of said agreement, to Oct. 15 1931."
The depositary is Lee, Higginson Trust Co., 50 Federal St., Boston.
V. 132.P. 1049.
New Process Co.
-Resumes Dividend.-
to holders of record July 15.-V. 132, p. 4604. 4427.
-Declares 10c. Dividend.
Packard Motor Co.
The company has declared a dividend of 10c. a share for the third quarter
of the calendar year, payable Sept. 12 to holders of record Aug. 15. Books
will not be closed. This is the same rate as paid June 12 last when rate
-V. 132, p. 4780, 4076.
was reduced from 15c. per share.
-Sells
Pan American Petroleum & Transport Co.
Interest in Iraq Oil Development.
The company recently sold its 16 2-3% interest in the Near East Development Corp. to the Standard on Co. of New Jersey. It is reported that the
Atlantic Refining Co. may also sell its 16 2-3% interest to the Standard
Oil Co. of New Jersey or Standard Oil Co. of New York. The Near East
Development Corp., a holding company, owns a 23Li% interest in the Iraq
Petroleum Co., Ltd.
As the American participation now stands, Standard Oil Co. of New
Jersey holds a 41 2-3% interest in the Near East Development Corp.,
Standard Oil Co. of New York 25% and Gulf Oil and Atlantic Refuning
.-V. 133, p.494.
each 16 2-3%
Park Central Apartment Hotel (56th St. & 7th Ave.
-Receivership Denied.
Corp.).
Supreme Court Justioe-William T. Collins denied July 17 the application
for the appointment of a receiver of rents of the Park Central Hotel pending
the suit brought by the Chatham Phenix National Bank & Trust Co. to
foreclose two first mortgage bond issues of $8,220.000. The court upheld
the objections of owners of the bonds, represented by Samuel Untermyer
and others, against the receivership on the ground that the bondholdersr
had almost perfected reorganization plans looking to the continuation of
the business under the present management when the receivership was
applied for. The bondholders contended that the receivership was unnecessary and detrimental to the best interest of those concerned.
Stating that the receivership was applied for on the usual ground of
depreciation of the property and the operation of the business at a loss.
Justice Collins said that counsel for the trustee stated that if the court
believed the appointment of a receiver was unnecessary he was "entirely
satisfied." The opinion says.
"The opposing papers are overwhelmingly convincing in sustaining the
validity of the opposition. Not even the plaintiff assails the honesty or
efficiency of the present management. The reorganization plans, designed
to save the properties from disaster and prevent their dissipation through
unnecessary and costly legal, proceedings, ought to be encouraged, and
-V. 133, p. 494.
whenever possible receive approbation.
Th directors have resumed the payment of dividends on the 7% cum.
-Earnings.
Parker Rust
-Proof Co.
pref. .t ck by declaring 1 % on this issue, payable Aug. 1 to holders of
For income statement for 6 months ended June 30, see "Earnings Derecord vuly 27.
partment" on a preceding page.
Dividends aggregating $3.50 per share are in arrears, as the two quarPresident W. M. Cornelius in a letter to stockholders says.
terly dividends of 14% each due Feb. 1 and May 1 were not paid.
We are pleased to inform the company's stockholders of the invention of
V. 132, p. 3162.
"
Parcolite, a new patented product which we have Just announced.
While
New York Dock Co.
-Regular Preferred Dividend Declared. both "Parkerizing" and "Bonderizing" cover a very wide rang., they are
immersion processes, and therefore limited to articles that can be so
The directors have declared a dividend of $2.50 on the pref.stock, payable
the treatment of
Aug. 15 to stock of record Aug. 15. A similar amount was paid Jan. 15, treated. "Parcolite" is sprayed on andismakes possible to process of imimpracticable
that vast number of products which it
last.
mersion."
Pareolite" is already in use in the body plant of one of the leading
In our issue of July 18 we stated that directors deferred action on the
automobile manufacturers.
dividend which was incorrect
.-V. 133, p.493.
Until further notice the company will purchase for retirement its outpremium
-Listing of Certificates of standing preferred stock at par plus aendorsed,of'5.1 a share ($11 per share).
New York Shipbuilding Corp.
may be sent to the company
Preferred stock certificates, properly
Preferred and Participating Stock to Replace American Brown direct, or to the Chene Street branch of the Peoples State liank.-V. 132.
p. 3900.
Boveri Electric Corp. Certificates.
-Patents Upheld.
The New York Stock Exchange has authorized the listing of 30,000 shares
Penick & Ford, Ltd., Inc.
In a decision on the suit filed by Penick & Ford. Ltd., against Corn
of pref. stock (par $100) and of 395,256 shares of participating stock (no
par value) bearing the name New York Shipbuilding Corp., on official Products Refining Co.in which former charged violation of its Widmer
notice of filing of certificate of change of name and availability of certifi- patents by the latter,'Judge Walter C. Lindley of U. S. District Court
cates bearing the new name of the corporation. The 30.000 shares of at Chicago, upheld Penick & Ford's Widmer patent in its entirety and held
pref. stock and 395,256 shares of participating stock have been listed on that the patent was infringed by modification by Corn Products Refining
the New York Stock Exchange under the name of American Brown Boveri Co The Court's decision further held that the McCoy patent of the
Electric Corp.
defendant was invalid and ordered dismissal of counterclaims filed by the
The directors at a meeting held June 1 recommended the sale of the Corn Products company.
electrical business of the corporation consisting of all of the assets of the
Judge Lindley ordered the entry of the decree which orders an injunction
electrical subsidiary, American Brown Boveri Co., Inc. which owns all of Corn Products Refining Co. in use of patented methods and orders an
'
of the capital stock of Condit Electrical Manufacturing Co.. and certain accounting.
The Corn Products company will appeal the decision to U. S. Court
patents owned by the corporation and carried on its books at $1 to AllisChalmers Manufacturing Co. for 85,000 shares of the capital stock of Allis- of Appeals.
Chalmers Manufacturing Co. and $600,000 cash, and the assumption of
Penick & Ford's Widmer patent covers the utilization and disposal of
the liabilities of American Brown Boyer' Co., Inc. and upon the consumma- gluten waters and solubles in process of manufacturing cornstarch and also
tion of such sale, the change of the corporate name to New York Ship- a means for "bottling up" of starch mills.
656
FINANCIAL CHRONICLE
The Boston "News Bureau" commenting on the decision says:
The decision will permit the company to recover from competitor companies a part of profits they have realized the past six years through use
of this patent or variations thereof. It will further permit Penick & Ford,
Ltd., to realize in future years on its investment in perfecting the process.
For many years disposal of water used in corn refining has been one of
the most serious problems. Numerous methods were attempted to recover the 2% of corn which remained in the water after use in manufacturing, but all were unavailing. This left the corn refining companies with
the necessity of securing an adequate, constant supply of water, on the
need for acidifying this water, and subsequent disposal of the water, which
could not be used again because of presence of soluble matter which fermented.
Penick & Ford, Ltd.. experimented with a new idea at considerabO
expense, and eventually found a method which completely cleared the
water of protein content and permitted its re-use. This greatly cuts down
consumption of water, entirely eliminates the disposal problem and returns
2% of the corn to the manufacturer. The corn industry uses about 80,000,000 bushels annually, and a saving of 2% is considerable.
Subsequently Corn Products Refining Co. adopted a method of obtaining
the same result which Penick & Ford contended was an infringement.
The Court has upheld Penick & Ford.
One result of the decision, if ultimately upheld, will probably be accounting of books of competing firms to determine what their savings have been
since 1925 by use of methods which infringed the patent of Penick & Ford.
When it brought suit against Corn Products Refining Co., it notified other
firms it would ask accounting in event of a favorable decision. Since
savings in corn alone reach so high a figure annually, and other savings
also are large, the indemnity to Penick St Ford for past damages should
be substantial.
Penick & Ford, if it finally wins, will license other corn refining companies
to use its process. Determination of fees to be charged and the effect on
Penick & Ford shares must await accurate determination of amounts to
be saved and what part should go to the licenser. Because savings are
large, it is probable the entire industry will take out licenses for the process.
Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3356.
Pennsylvania Co. for Insurances on Lives & Granting Annuities.
-Balance Sheet June 30.AssetsCash and amount on dep. with Fed. Res. Bank_ Clearing House exchange
Due from banks and items in process of collection
Loans upon collateral
Investment securities
Commercial paper
Reserve fund for the protection of "cash balance
In trust accounts"
Furniture, fixtures and vaults
Miscellaneous assets
Interest accrued
Bank buildings
Customers' liability account letters of credit
issued and acceptances executed
1930.
1931.
$24,513.027 813,414,906
7,974,488
10,119,859
25,610,437 39.967,808
101,812,604 122..767,627
96.338,510 38,422.827
23,323,711
24,014,924
1,784,136
1,800,679
4,461.226
6,640,841
1,234,739
2.324,776
1.145,854
2,815,500
3,927,099
3.064,784
9.454,488
Total
$303,836,989 $263,097,862
Liabilities
Capital
88,400,000 $8,232,400
Surplus
34.000,000 37,000,000
Undivided profits
2.248,191
3,325,621
Reserve for contingencies
1,000,000
Reserved for dividends
617,430
630,000
Reserved for building
721,366
661,366
Reserve for taxes and expenses
499,413
629,127
Treas.checks & Clearing House due bills outst'g_
3,191,965
1,915,532
Interest payable depositors
648,591
588,879
Miscellaneous liabilities
331,291
195,893
Letters of cred. & accept, executed for customers 3,927,099
3.065,016
Deposits
248,573.474 206,532,196
Total
-V.132, p. 4428.
8303,836,989 5263,097,862
through an orderly liquidation or a continuance of the various businesses..
as may be deemed advisable.
Such a committee is imperatively necessary to enable the creditors to
take concerted action and such steps as may be advisable, which, without
such representation, cannot be expeditiously accomplished.
The committee is at this time taking and will continue to take such
action as seems advisable for the protection of creditors and those it represents will be advised from time to time of the progress made.
Creditors are urged immediately to authorize the committee to act for
them. Forms for such authorization are being mailed to all creditors and
additional copies are available at the office of the Secretary of the Committee.
Committee.
-Max Englander, Pres., Englander Spring Bed Co., N. Y.
City; John C. Long, Chicago Representative, Riverside & Dan River
Cotton Mills, Inc., Danville, Va.; Gus Eichman, Hobart Manufacturing
Co., Troy, 0.•, D.J. McNicol Jr., Pres., McNicol Pottery Co., Clarksburg,
W. Va.: James McKenzie Morrison, Secy. & Treas. Ontario Mfg. Co..
Muncie, Intl. with Lei inson, Becker, Glenn & Schwartz, Counsel. 1 North
LaSalle Street, Chicago and Max Swiren, Sec., 1 North LaSalle Street,
Chicago.-V. 133. p. 494.
Pierce-Arrow Motor Car Co.
-Omits Class A Dividend.
The directors have decided to omit the quarterly dividend
which ordinarily would have been payable about Sept. 1
on the class A common stock, no par value. On June 1
last a distribution of 25 cents per share was made on this
issue as compared with 50 cents per share in each of the two
preceding quarters.
•
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet.
June 30'31. Dec. 31'30.
June 30'31. Dec.31'30.
Liabilities$
$
Assets
Cash
1,074,243 1,296,031 Accounts payable_ 383,415 1,200,252
484,327 Deposits on sales
Bight drafts oustdg 291,183
contracts
59,850
89,028
63,020
Investments
91,065
466,593 Sundry creditors &
Notes & accts. rec_ 787,344
reserves
247,872
333,799
3,927,145 4,672,184
Inventories
152,997 Due the StudeDeferred charges. 215,189
baker Corp_ _ 1,128,836 1,340,603
xPlants & proplies 7,580,391 7,925,343
Purchase money
•
Trade name, good1 obligations
1
326,000
332,500
will, &c
6% cum. pref.stk. 7,150,000 7,150,000
Class A stock
197,250
197,250
Class B stock
230,125
230,125
Surplus
4,246,213 4,188,939
Total
13,966,564 15,060,498
Total
13,966,564 15,080,498
x Less reserve.
-V. 132. p. 4256, 3544, 3356. 3165.
Pipe Line Statistics.
-Total Oil Deliveries (in Barrels).
-
(3. H. Pforzhelmer & Co., New York, specialists in Standard Oil securities, have prepared the following statistics.
1931-Month--1930.
1931-6 Mos.-1930.
xBuckeye Pipe Line Co
3,539,512 2,700,775 19,004.548 15,381,806
Cumberland Pipe Line Co
165,381
202,495
958,701 1,011,222
Eureka Pipe Line Co
696,607
626,728 3,857,792 4,405,838
Illinois Pipe Line Co
529.287
771.378„ .5,125,684
Indiana Pipe Line
1,269,625 2,848.167 7.791,499 17,181.298
National Transit Co
1,193,746 1,027.570 6,339,794 6,480,120
New York Transit Co
169,549
239.523 1,073,863 1,396,327
Northern Pipe Line Co
516,911
447,275 2,900,977 2,615,991
Prairie Pipe Line Co
2,147,395 5,571,207 13,323,495 34,627,937
Southern Pipe Line Co
280.582
193,1881,181,159, ,
Southwest Pa. Pipe Lines_- 884,941
768,090 4.656,308 4.445,165
x Includes inter-company transfers.
-V. 132, p. 3165.
Pittsburgh Terminal Coal Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3357.
Procter & Gamble Co.
-Earnings.
-
Pennyslvania-Dixie Cement Corp.
-Earnings.
For income statement for 12 months ended June 30 sec "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1930.
1931.
1930.
Assets
Liabilities8
$
a Fixed assets____23,671,313 24,859,991 7% pref.stock _...13,588,800 13,588,800
Cash
2,423,124 1,899,218 Common stock. b 4,000,000 4,000,000
Notes& accts. rec_ 994,672 1,122,07.1 Gold bonds
10,487,000 11,135,000
Short-term secur-- 620,000
Accounts payable.. 227,043
242,956
2,469,480 2,992,011 Accruals
305,531
350,022
Inventories
Miseen. invest__ 347,721
405,763 Fed, tax reserve
103,899
95,274
Insur. fund, &e_... 186,919
104,725
111,587
138,920 Miscell. reserves
1,955,854 1,914,952
Deferred charges__
59,843
20,598 Surplus
Total
30,772,852 31,438,571
Total
30,772,852 31,438,571
a After depreciation and depletion. b Represented by 400,000 no par
shares.
-V. 132. p. 3164.
Perfect Circle Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V.133, p. 135.
(Albert) Pick-Barth Co., Inc.
-Creditors Committee.
See Albert Pick & Co. below.
-V. 133, P. 494.
-Debenture
(Albert) Pick & Co.
Committee.
-
[VOL. 133.
Holders Protective
Year End. June 301930.
1931.
1929.
y1928.
Gross sales
$190,523,237$203,365,6108202,213,831$179,622,844
Disc., allow.& ret. goods 14366.194 11,013,019
8,917,110
7,197,574
Cost of goods sold
115,895,414 133,868.305 137,501,610 124.994,477
Expenses excl. of deprec. 32,293.603 31,932,678 31,794,545 27,833,661
Depreciation
2,557,650
2,515,450 2,371,813
1,982,151
Profit from oper
Other income
$25,410,375 824,036,157 $21,628,752 $17,614,980
975,796
1,485,533
530.740
2,148,141
Gross profit
826,386,171 $25,521,690 $22,159,492 $19,763,121
Interest
479,250
483,750
488,250
719,571
Expense in connection
with acquisitions
982,306
Exp. in connection with
pref. stock and debs
17,420
Miscellaneous charges_ 34.474
Federal income tax
3,256,103
2,827,622
2,522,308
2,430,015
Acli.of prior yrs. tax res
240,282
Net profit
Previous surplus
$22,650,818 $22,450,601 $19,148,934 $15,579,335
68.382,976 58,854,920 43,040,374 38,908,119
Total surplus
$91,033,794 $81,305,521 $62,189,308 $54,487,454
Pref. diva. (company)_1 1,027,175
808,250
612,464
1508,011
Pref. diva,sub. cos_ __f
l 3,250
Common dive. (cash)..... 15.383,369 12,114,295
9,998,870 10,935,819
G'd-will writ, down to $1 z826,415
2,883,054
A committee has been organized under a depositary agreement dated • Bal. close of period_ _473,796,835468,382.976 $48,694,920 $43,040,374
Of which $19,618,950 Raid in surplus. y Figures taken from company's
-year 6% sinking fund
July 20 1931 for the protection of the holders of 10
statement made to N. Y. Stock Exchange. Z Includes the good-will
gold debentures.
Committee.
-George F. Getz, Chairman. Chicago: J. J. Newman (Presi- acquired in the purchase of the properties of James S. Kirk & Co. and the
-V. 133, p. 494.
dent. Pick Barth Holding Co.), N. Y. City; Herbert A. Friedlich (At- shares of Thos. Hedley & Co., Ltd., England.
torney), Chicago; James P. Carey Jr., Sec.. 1351, 230 South Clark St.,
Prudential Trust Co., Montreal.
-Approve Offer of
Chicago. Sims Stransky Brewer & Poust, Counsel, 230 South Clark St..
Chicago.
Sale.
Depositam-The Central Trust Company of Illinois, 208 South La
Shareholders of the company have approved an offer of $20 a share
Salle St., Chicago.
made for their holdings. The offer came from the
The committee issued the following statement. The organization of this Corp. of Canada and was made on behalf of that Mortgage & Discount
company
committee has been made necessary by the failure of Albert Pick & Co. Trust Co. of Canada, in their capacity as trustees. Thereby General
are about
on July 1 1931, to meet the sinking fund and interest requirements of its 18,000 shares of Prudential Trust Co. in the hands of the public and a
10
-year sinking fund gold debentures. Furthermore, on July 13 1931, on total acceptance of the offer would involve around 8360,000.
the application of Clinton Carpet Co., a creditor, the Chicago Title &
Trust Co. WU appointed receiver in equity by the U. S. District Court
Purity Bakeries Corp.
-Earnings.
-at Chicago for Albert Pick ,it Co.and Albert Pick-Barth Co.. Inc. Petitions
For income statement for
in bankruptcy have also been filed against both of the above named com- Department" on a preceding12 and 28 weeks ended July 12 see "Earnings
page.
-V. 132. p. 4256.
panies. Petition in bankruptcy has also been filed against Sterling, Inc..
a subsidiary of Albert Pick & Co., in New York.
Quaker State Oil Refining Corp.
-Personnel.
The situation requires immediate action for the protection of the holders
Wilms of this company are. H. J. Crawford. President; Samuel Messer
of debentures.
and James
The first step for the debenture holders is to deposit their securities with Treasurer: D. Berry, Vice-Presidents; W. R. Reitz, Secretary and Assistant
Charles D. Berry, Treasurer and Assistant Secretary. See
the committee's depositary. It will then be the duty of the committee also V. 133, p.
494.
to promptly take action as may be deemed advisable. The depositors
will be advised from time to time of the progress made.
Radio Products Corp.
-Receiver Asked.
Officials of the corporation, 548 South Eleventh St., Newark, manuCommittee for the Protection of the Creditors of Albert Pick
facturers of radio parts, were directed July 20 by Federal Judge Fake
& Co. and Albert Pick-Barth Co., Inc.
at Newark. N. J., to show cause August 3 why an equity receiver should
The following notice has been issued to the creditors of Albert Pick & not be appointed to take over the company's assets.
William Harris, counsel for the company, who said he would ask disCo. and Albert Pick-Barth Co., Inc..
Due to the complex financial and intercorporate relations between missal of the bill stated a report of Lybrand, Ross Brothers & Montgomery,
Albert Pick & Co. and Albert Pick-Barth Co., Inc. and subsidiaries, public accountants, for June 30, showed liabilities as 83,884 and assets as
the default in sinking fund and interest on the bonds of Albert Pick & Co. $497,108, 880,000 of which was said to be cash and $139,000 marketable
securities.
has seriously affected the financial positions of all of the companies.
The show cause order was signed by the court after Kessler & Kessler,
The larger creditors, believing that the embarrassment is principally
the result of general economic conditions, have formed the committee counsel for Peter A. MacDonald of Washington, a stockholder, had filed
named below under a protective agreement dated July 20 1931 for the I a suit in equity. The company's business is at a standstill, the complaint
protection of the interests of the creditors and for the further purpose of , alleges, and is being operated at a loss. It also is charged the concerns'
endeavoring to effect a plan of reorganization of these companies either olTicers are drawing high salaries.
-V. 130, P. 2787.
JULY 25 1931.]
FINANCIAL CHRONICLE
Rand Mines, Ltd.
-Gold Output in the Transvaal.
The output ofgold (in ounces) of the mines of the Transvaal follows:
Month1930.
1931.
1929.
1927.
1928.
January
839,000
February
839,937
818,188 815,284
81'6,133
779,339
March
910.998 889.370 866.529 879,380 860,511
882.337 868,606 872,123
April
825,097
824,014
910,279 916,213 897,598 886,186
May
859,479
897,000 887,867 856,029 826,363 855,154
June
912,652 889,480 867,211
July
851.861
August
921,081
889,601
891,363
863.345
September
903.176
489.553
875,731
842.118
October
926,561
888,690
897,720 856,843
November
__-884,753
861,593 872,484 848,059
December
908,492 851,134 859,761
851,225
-p. 133, p.301.
657
Comparative Balance Sheet May 31.
1931.
1931.
1930.
Assets
Invest. securities
Pref. stocks
2,187,900
(less inv. res.)_:17,822,776 20,907.487 Class A corn. stocky7,923.025
Cash
1,253,715 a1,297.671 Class B corn. stockx1,800.000
Accr. inc. receiv.
5% debentures__ 6,704,000
& items in course
Current liabilities_ 241,919
of collection_ _ 147,990
212,274 Capital surplus_ __ 472,523
Securities sold not
Undlv. profits..... 551,826
delivered
134,122
78,924
Unamort. disc. on
debentures
578,398
522,590
1930.
2.726,850
7,923,025
1.800.000
7.000.000
753,605
472,523
2,398,751
Total
19,881,193 23,074,754
Total
19,881,193 23,074,754
x Total market value of securities taken at market quotations May 31
1931 was $12,621,548. The figure of $17.822.776 is after deducting reserve
James H. Rand Jr., has been elected President, succeeding William F. of $2,375,515. y Represented by 308,091 no par shares. z Represented
by 600,000 no par shares.
-V. 132, p. 4605.
Merrill. Mr. Rand also remains as Chairman of the board.
William P. MacCracken. James G. Blaine, Joseph P. Ripley and W. S.
Sharon Steel Hoop Co.
-Earnings.
James were elected directors at the annual meeting held on July 14. In place
For income statement for six months ended JIM 30 see "Earnings
of W. F. Merrill, Harry Landseidel, G. W. Fraker and H. J. Fuller.
At the organization meeting held on July 15 the number of directors was Department" on a preceding page.
Henry A. Roemer, President says:
increased by one. H. J. Fuller, who had not been re-elected at the annual
While operations have been unsatisfactory, resulting in a loss for the
meeting, was elected a director to fill the now place on the board. Mr.
Fuller represents on the board former stockholders in the Noiseless Com- period, it may be noted that while the first quarter showed a loss of $88,203
leefore depreciation and interest, the second quarter showed a profit of
rinr ab or3bai. several years ago by the Remington Typewriter Co.
38 )
;
- 829.913.
You will note by the following statement of current assets and current
liabilities that the company is in a strong current position.
Republic Carbon Co. (Del.).
-Bonds Called.
Pursuant to the provision of the trust indenture, dated March 2 1925,
Current Assets
Current Liabilities
made by this company to the Union Trust Co. of Pittsburgh, trustee, Inventories
$2,797,466 Bank loans
$525,000
securing an issue of $2,000,000 serial
155.228 Accounts payable
% debenture gold coupon bonds. Ore contract balances
558,250
the Republic Carbon Co. has elected to redeem on Sept. 1 1931 550.000 Notes and accounts receivable,
Due on ore contracts
115,253
less reserve
1,102,852 Accrued Interest
of the outstanding bonds of said issue, being bonds in series 0, Nos. 1751
122,100
to 1800, both incl., maturing March 1 1942, by paying 1023i and int. to Cash In banks and on hand__ 1,261,481 Accrued taxes
98,137
Investments
Sept. 11931. Payment is to be made at the office of the trust company.
1,067,530
Frank J. Tone is President.
Total
86,384,559
Total
81.416,742
Richfield Oil Co. of California.
-V. 132, p. 2603.
-Closes Orders.
Federal Judge Henry W. Goddard has approved a contract entered into
Siemens & Halske (A. G.) Siemens Schuckertwerke
by the Richfield Oil Corp. of New York for the purchase of not more than
4,000,000 barrels of gasoline of 42 gallons each from William C. McDuffie, (G. m. b. H.).
-Pay Off Short-Term Credits in New York.
as receiver for the Richfield Oil Co. of California, and from the Arkansas
Dillon, Read & Co. announce that the Siemens companies, German
Natural Gas Corp., a subsidiary of the Cities Service Co.
manufacturers of electrical products, have voluntarily paid off short-term
The contract provides for the delivery of the oil during a period of from credits outstanding with Now
York
8 to 21 months beginning Aug. 1. It was originally approved in Cali- by several months. This action was banks, anticipating their maturities
taken to avoid any possible service
fornia recently, the receivership for the California company having been difficulties in view of
the exchange restrictions imposed in Germany.
established in that State. The Irving Trust Co. and Mr. McDuffie are
V. 132. p. 3902.
ancillary receivers in this district.
-V. 132, p. 4257.
Remington Rand, Inc.
-New President,
Rhodesian Anglo-American, Ltd.
-New Director.
-
J. B. Joel has been elected a director to succeed the late S. B. Joel.
V. 132. P. 1825.
Rosenbaum Grain Corp.
-Registrar.
-
The Chase National Bank of the City of New York has been appointed
registrar for an authorized issue of 70,000 shares of 1st pref. stock. 50.000
shares of class A common stock, 175, ee shares of class B common stock,
all of no par value: also registrar of the voting trust certificates for 70.000
shares of 1st prof. stock.
-V. 133, e. 136.
St. Louis Rocky Mountain & Pacific Co.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3545.
Sanford Mills.
-Dividend Passed.
-
The company has passed the dividend on the no par stock due at this
time. A payment o($1 a share was made Jan. 15.-V. 133, p. 136.
Schiff Co.
-Earnings.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133. p. 302.
Seagrave Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 132, p. 2982.
Sears, Roebuck & Co., Chicago.
-Sales Off 1%.
-
Period End. July 16. 1931-4 Weeks-1930.
1931-28 Weeks
-1930.
Sales
825,738,837 $25,986,995 $184,707,207 $198,263,008
Merger Rumors Revived.
-
The old rumor of a contemplated merger of Montgomery Ward & Co.
with Sears Roebuck & Co., to unite the two largest mail order houses of
the country is going the rounds of Wall Street, but there is nothing in
the way of official information. According to the reports some large stockholders of Montgomery Ward & Co., who favor a merger with Sears,
Roebuck & Co. had made a study of the proposal.
-V. 132, p. 495, 302.
Selected Industries, Inc.
-To Reduce Stated Capital.
-
A special meeting of the stockholders has been called for Aug. 7 for the
purpose of voting on amendments to the certificate of incorporation and
on a proposal to reduce the capital of the corporation to $46.43 per share
of prior stock to $10.75 per share of convertible stock and to $2 per share
of common stock. The amendments would remove a charter provision
according to which the existing surplus is not now available for the paynient of dividends, and the reduction of the capital would increase the surplus available for such purpose. Stockholders of record July 24 are entitled to vote.
New Director.
Albert H. Gordon, member of the firm of Kidder, Peabody & Co., has
been elected a director in place of James M. Nicely. Vice-President of the
Guaranty Trust Co. of New Yerk.-V. 133, p. 495.
Second International Securities Corp.
-Earnings.
--
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Statement of
1930:Surplus and Undivided Profits May 31 1931.
Balance Dec. 1
Capital surplus
$472,523
Surplus from retirement of debentures
19,860
Undivided profits
1,295.086
86,74081,787,469
Balance of income six months 1931
Gain on retirement of debentures
33,005
Gain on retirement of preferred shares acquired
below par
23,721
63.466
Total
$1,850,934
Net losses sustained during period
a$772,354
Appropriations for reserves
a$826,585
f,qes-Net losses charged thereto
772,354
54,231 a826,585
Balances, May 31 1931:
Capital surplus
Undivided profits
Total surplus and undivided profits
$472,523
551.826
$1,024,349
a Balance of reserves. Dec. 1 1930
Appropriations during period
$
9,321,283
826,585
Less: Losses charged thereto
$3,147,869
772,354
Balance of reserves, May 31 1931
$2,375,515
-On May 31 1931 the unrealized depreciation from book value
Note.
cost less reserves-of the securities in the portfolio at market quotations
unrealized depreciation at Nov. 30 1930 by $1.200,177.
exceeded the
-An appraisal at June 30 1931, showed that the above
Treasurer's Note.
amount of unrealized depreciation was materially reduced.
Sisto Financial Corp.
-Earnings.
-
PeriodInterest and dividends earned
Profits arising from participations in syndicates
Total
Interest paid and accrued
Registration and transfer fees and expense
Net loss on securities sold
Year Ended Aug. 16'29
Dec.31 '30.
to
Dec.31'29.
8176.994
$88,176
78.200
4.150
$181,144
57,999
17,142
305.269
$166.376
21,061
303
395,302
Net loss from oper.from Aug. 16 to Dee.31 1929 $199,267
$250,290
Pro Forma Balance Sheet As at Dec. 31 1930.
[After adjustments giving effect to reduction of stated value of capital
stock to $1 per share and cancellation of 30.100 shares of stock heldin
treasury.]
Assets
Securities Owned:
Accounts payable
$1,637
Stock and rights
$888,030 Capitalstock
x69,900
Bonds
330,328 Surplus
1,319,138
Cash in banks
147,462
Miscellaneous
10,000
Accrued int. & diva. receivable
14,852
Total
$1,390,673
Total
$1,390,673
s Represented by 69,900 shares of no par value.
-V. 132, p. 673.
Skinner Organ Co.
-Dividend Reduced.
-
The company has declared a dividend of 37Mc. a share on
common, a reduction from the 621.ic. paid May 1, payable the no1par
Aug, to
holders of record July 25.-V. 132, P. 4078.
Southwest Utility Dairy Products Co.
-Initial Div.
-
The directors have declared an initial dividend of 25c, a share on the
participating debenture shares.
-V. 132, p. 4608.
Standard Cap & Seal Corp.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3734.
Standard Corporations, Inc.
-Dividend Decreased.
-
The directors have declared a quarterly dividend of 7 cents
payable Aug. 1 to holders of record July 20. Previously, theper share,
company
made regular quarterly distributions of 10 cents per share.
-V.132, p. 2791.
Standard Fruit & Steamship Corp.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 128, p. 4021.
Standard Oil Co. of Indiana.
-To Discontinue Leasing
Service Station Equipment to Resellers.The company has announced that effective Aug. 1 it will discontinue
Installing, loaning cc leasing service station equipment to resellers.V. 132, p. 3734.
Standard Oil Co.(New Jersey).
-Iraq Oil Development.
The Iraq Parliament is reported to have recently ratified an agreement
with the Iraq Petroleum Co. by which the latter agreed to build a pipe line
to be completed in 1935 from the Mesopatamian oil fields westward to
Haifa and Tripoli, ports on the Mediterranean Sea. The line will extend
1,200 miles and the cost is estimated at 850,000,000. The concession gives
the company sole rights over part of the provinces of Mosul and Bagdad
lying east of the Tigris River for 70 years from 1925, after which it is to be
taken over by the Iraq Government. Control of the Iraq Petroleum Co.
is divided approximately as follows: Anglo Persian Oil Co., 234%, Royal
Dutch-Shell 234'7e French interests 234%,and an American group comprising Standard Oil Co. of New Jersey, Standard Oil Co. of New York,
Gulf 011 Corp. and Atlantic Refining Co., 23(%•
Acquires Additional Interest in Near East Development
Corp.
-See Pan American Petroleum & Transport Co.
above.
-V. 133, p. 138
Standard Oil Co. of New York.-Barnesons Withdraw
Objections to Consolidation.
-
The objections of the Barneson interests to the proposed merger of the
Standard Oil Co. of New York and the Vacuum 011 Co. were removed
July 17, when the Barneson interests announced that they were sending in
proxies in favor of the merger.
-V. 133. 9. 496, 303.
State Dairy Products Co.
-Bonds Offered.
-Stern Bros.
& Co., Kansas City, Mo., are offering $125,000 10
-year
6% 1st mtge. sinking fund gold bonds, series A, at 100
and int. (with common stock purChase warrants).
Dated July 1 1931; due July 11941. Principal and int. (J. &
at the principal office of Stern Brothers & Co. in Kansas City. J.) payable
Mo. Red,
all or part on any int. date upon 30 days' notice at 105 and int. if
redeemed
on Jan. 1 1932; the premium decreasing
% for each six months period
elapsed thereafter. Denom. $1,000, $500 and $100 c*. Boone
County
[Vol,. 133.
FINANCIAL CHRONICLE
658
Trust Co., Columbia, Mo.,trustee. Sinking fund, operating semi-annually
commencing Jan. 1 193_ is estimated sufficient to retire this entire issue
by maturity.
Authorized. Outstanding.
Capitalization$125,000
-year 6% 1st mtge.sinking fund gold bonds _8500,000
10
259,300
500,000
7% cumulative preferred stock
*50,000 shs. 11,768 sta.
stock (no par)
Common
* Including 3,750 shares reserved against stock purchase warrants.
Data from Letter of C. J. Menzel, President of the Company.
-Company was organized in Missouri in 1929 as a consoli
Business.
for
dation of five dairy companies which had been operated successfully
in Columbia, Hannibal, Louisiana, Marshall and Moberly,
many years
Mo., and has since acquired additional established plants in Brookfield,
Louisiana, Marceline, Shelbina and Wentzville.
including
The company's sales for the year ended Sept. 30 1930 (and
gallons
the sales of two plants subsequently acquired), included 258,000
of ice cream and more than 400,000 pounds of butter.
lien upon the land, buildings and equipment
-A first mortgage
Security.
of the company, carried on its book at a net depreciated value of $349,152.
after
Total net tangible assets of the corporation as of March 31 1931, more
giving effect to this financing amounted to $419,023, equivalent to basis,
the same
than $3,300 for each $1,000 'first mortgage bond. On totaled $85,158,
current assets, including more than $28,631 in cash,
compared to current liabilities of oily $17,449.
Earnings -Gross sales of the constituent properties for the past 4I.4,
years have averaged more than $500,000 annually and for the year ended
Sept. 30 1930, amounted to 5563.469. Net income after depreciation,
available for interest on these first mortgage bonds, and including an
allowance for profits from newly acquired plants, has averaged about
$37,000 per annum for the above period. For the year ended Sept. 30
1930, such net income amounted to over 4.9 times the annual interest
requirements of this issue.
-Common stock purchase warrants
Common Stock Purchase Warrants.
stock
attached to this issue entitle the holder thereof to purchase common
1
of the company at $10 per share from time to time on or before July
prinat the rate of 10 shares of such common stock for each $1,000
1941.
cipal amount of bonds.
-Receiver Named.
Sterling, Inc., N. Y. City.
Trust Co. receiver
Federal Judge Goddard July 15, appointed the Irving
in bankruptcy for the company, furniture manufacturing concern of 547
Sixth Ave., N. Y. City, on the petition of three creditors who set forth
that the company's liabilities were in excess of $2,000,000, while its assets
were worth approximately only $250,000.
The petitioners were the William Gulden Furniture Co., claiming $6,750
as due and unpaid; Samuel Gross, $50, and the Levison Manufacturing
the
Co., $122. Katz & Somerich of 120 Broadway, are attorneys for to
petitioners, who alleged that the company made preferential payments
certain creditors.
The capital stock of Sterling, Inc., it is asserted, is owned by Albert
Pick & Co., Inc.,
After the receiver had been appointed, Harry Meyers of Passaic and
Jersey
' the Irving Trust Co. were made ancillary receivers for the New
ancillary
assets of the company by Federal Judge Fake in Newark. TheFurniture
created on application of the William Gulden
receivership was
Co. The assets in New Jersey arc estimated to be $220,000, including $85,$135,000 in
000 in merchandise, furniture and fixtures in stores, and Inc., has on
merchandise which the petitioner says it believes Sterling,
consignment, in stores of Roessler Sterling, Inc., in New jersey.
-Earnings.Texas Gulf Sulphur Co.
For income statement for 3 and 6 months ended June 30 see "Earning*
-V. 132, p. 3904.
Department" on a preceding page.
-Earnings.Thompson Products, Inc.
For income statement for three and six months ended June 30 see"Earn-V. 132, p. 3904.
ings Department" on a preceding page.
-Initial Dividend.
Tillman Electric Plating Works Co.
The directors recently declared an initial semi-annual dividend of 50
cents per share on the class A stock, payable July 24 to holders of record
July 20.
-Listing of Capital Stock Without
Transamerica Corp.
Par Value to Replace $25 Par Shares.-
The New York Stock Exchange has authorized the listing of 24,847,484
shares of capital stock (no par value) upon official notice of the filing of
the certificate of amendment of the certificate of incorporation changing
its shares of capital stock of the par value of $25 per share, both issued
and unissued to shares without par value, without increasing or decreasing
the number Of shares. Included in the shares now outstanding are 241.680
shares held in the treasury of the corporation subject to restricted registration. Of this amount 200,000 shares are reserved for issuance upon exercise
of options.
-V. 133, p. 496, 140.
-Earnings.Traymore, Ltd.
Income Account for Year Ended Dec. 31 1930.
Net earnings
Depreciation
General reserve
Preferred dividends
$138,771
40,000
33,874
37,516
Net profit
Previous surplus
Adjustments
$27,381
73,028
10,508
Balance Dec. 31 1930
. Comparative Balance Sheet Dec. 31 1930.
Liabilities
Assets$40,954 Payables
Cash
27,642 Accrued charges
Inventories
47,139 Reserves
Receivables
13,600 7% bonds
Preferred charges
4,510 Preferred stock
Insurance,0.8. V
844,963 Common stock
Fixed assets
Subsidiary companies.... 620,824 Profit and loss
$89,899
$1,599.632
Total
-V. 127, p. 698.
x 95,964 shares.
Total
$83.503
8,131
103,874
151,484
528,800
x633,941
89,899
$1,599,632
-Earnings.
Trunz Pork Stores, Inc.
For income statement for 6 months ended June 30 see "Earnings De-V. 132, p. 1243.
partment" on a preceding page.
--Earnings.
Union Carbide & Carbon Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 132, p. 3361.
Department" on a preceding page.
-Recapitalization Proposed.
Unit Corp. of America.
Holders of preference stock have been asked to subscribe for $500,000
-year 6 % debentures. Along with this, the preference stockholders
of 10
The directors have voted to defer the quarterly dividend
in charge of outlining a plan for the refinancing of the
cum. pref. stock, series A. par $50. The last quar- committee, which isto organize a new corporation to take over all of the
Aug. 1 on the 6%
company, proposes
4067.
terly dividend on this issue was paid on May 1 1931.-V. 131, p.
assets and liabilities of the present corporation. The new corporation will
capital of 100,000 shares of
-Inc. Surplus.- have an authorized of 10-year 6.4% debentures. common stock of no par
Stutz Motor Car Co. of America Inc.
value and $500,000
The financial position of the company is reflected in a statement issued
The present preference stockholders will receive 30 shares of new common
surplus increased $2,332,by President E. S. Gorrell, showing that Stutz's
stock for each 100 shares of preference stock they now hold will give this
541 between Oct. 31 1930 and May 31 1931. "The widespread success of group 41,367 shares and the holders of the present outstanding 110,000
the new Stutz DV-32, the first car with dual valves and a double overhead shares of common stock will receive 4,139 shares of stock in the new corshould insure a
camshaft engine to sell for less than $10,000 in America,
poration. Each $100 par value of debentures will carry five shares of new
still greater increase in surplus at the end of the current fiscal year," Col. common stock as a bonus and a warrant entitling the holder to purchase
-V. 133, p. 496, 303.
Gorrell states.
five shares of common stock at. 10 per share.
The debentures will be callable at 110 and interest. According to the pro
-Earnings.
Sun Investing Co., Inc.
forma balance sheet the new corporation will have assets of $5,663 for each
-V. 132, p. 3169.
income statement for 6 months ended June 30 see "Earnings De- $1,000 par value of debenture.
For
partment" on a preceding page.
-Suit Against
United Cigar Stores Co. of America.
Capital Surplus June 30 1931.
•
-See Gillette Safety Razor
$1.572,748 Gillette Safety Razor Co. Settled.
Balance, capital surplus Jan. 1 1931
in open market of 3,525 shares of comCredits from purchase
-V. 132, p. 4783.
39,701 Co. above.
pany's preferred stock at a discount
-Defers Dividend.
(S. W.) Straus Investing Corp.
of 1 % due
$1,612,449
Total credits
845,982
-Realized losses on securities acquired prior to July 1 1930
Debits
$766,467
Balance, capital surplus June 30 1931
Balance Sheet June 30.
1930.
1933.
LW/Miles1930.
1931.
Assets13,265 Adualnls. & statis$28,120
Cash
$2,083
Heal exps. acer_
14,169
24,724
Accr. int. receiv.l.
87 Reserve for Federal
Accr. divs. receiv.f
30,125
income tax
investments
Total
a4,826,078 6,644,502 Accrued divs. on
at cost
42,500
preferred stock. $26,500
*Securities long in
236,713
Owing to brokers
arbitrage acc't
1,848
22,787 Deferred credit_
(book value).
500,000 83 pref. stock-. 2,650,000 4,250,000
100,000
Call loans
Common stock.... 1,400,000 2,875,000
49,757
75,674
Syndicate panic..
218.018
1.007,797
234.567 Surplus
20,875
Due from brokers8,827
Prepaid franch.tax
Organic. exp. (less
154,850
amort.,398,541).
$5,084,298 $7,656,286
Total
25.084,298 $7,656,286
Total
long in arbitrage account
for
'Securities to be received in exchange and those
if issued contracts.
have been sold for $23,229 on when, as
132, p. 508.
a Market value June 30 1931, $3,520,623.-V.
I22,3
-Earnings.
Sun Oil Co.
June 30 see "Earnings DeFor income statement for 6 months ended303.
-V. 133. p.
partment" on a preceding page.
-New Director.
myra Bridge Co.
-Earnings.
U. S. Distributing Corp.
For income statement for three and six months ended June 30 see"Earn-V. 132, p. 4080.
ings Department" on a preceding page.
-Earnings.
United States Hoffman Machinery Corp.
For income statement for three and six months ended June 30 see "Earn-V. 133, o. 304.
ings Department" on a preceding page.
-Federal Grand Jurors in
U. S. Industrial Alcohol Co.
Persons in "Conspiracy."
Baltimore Indict 53 Corporations and53 corporations and
individuals
A Federal grand jury at Baltimore indicted
on charges of conspiracy to divert industrial alcohol into bootleg channels.
The indictments came as a climax to an inquiry that began two years ago.
In the alleged conspiracy it was charged that companies in several of the
large eastern cities, including New York, had a share, while the territory
covered by the"ring" whose operations were investigated included Michigan
S. Industrial Alcohol
and Ohio. Among the concerns indicted were the
U.
Co. and its subsidiary', the U. S. Industrial Chemical Co., said to be the
company in the country
largest industrial alcohol
Earnings.
For income statement for six months ended June 30 see "Earnings
-V. 132, p. 4783.
Department" on a preceding page.
United States & British International Co., Ltd.Earnings.
For income statement for six months ended June 30, see "Earnings
Department" on a preceding page.
Statement of Surplus and Undivided Profits May 31 1931.
Balances, Dec. 1 1930:
$420,500
Capital surplus
31,245
Surplus from retirement of debentures
1,560,010
Undivided profits
$2,011,755
$27,738
Balance of income six months 1931
28,106
Gain on retirement of debentures
55,848
Tacony-Pal
succeed the late N. Perry
Russell G. Cone has been elected a director to
Edmunds.
the Year Ended Dec. 31 1930. $517,339
Income Account for
Gross earnings
40.964
Operating expensss
$476,375
Gross profit
100.976
12,067,599
Total
Administrative and general expense
218,165 Net losses sustained during period
41,121,283
Interest and amortization
3.186 Less
61,932
-Charged against previous reserves
Other expenses
$154.048
$1,059,352
Net profit
30,000 Appropriations for reserves
a$1,059,352
Preferred dividends
1,059,352
Less-Net losses charged thereto...
$124.048
a1,059,351
Balance
class A and 24,000
Balances, May 31 1931:
Earnings per share on combined 30,000 shares
$2.29
$420,500
Capital surplus
shares common
587,748
Undivided profits
-V.132, p.3545.
$1,008,248
Total surplus and undivided profits
-Earnings.
Milling Corp.
Taylor
30 see "Earnings
For income statement for six months ended June
$1,511,079
a Balance of reserves,
Department" on a preceding page. amounted to $1,829,653 and current Appropriations duringDec. 1 1930
1,059,352
period
Current assets as of June 30 1931,
$191,717, respectively,
$2,570,431
liabilities $110,171 comparing with $1,397,993 and
-V. 132. p. 2013.
year.
1,059.351
on June 30 previous
Less
-Losses charged to current appropriations
61,931
Losses charged to previous balance of reserves
-Earnings.
Telautograph Corp.
June 30 see "Earnings
$1,449,147
For income statement for 3 and 6 months ended
Balance of reserves May 31 1931
-V.133. p.496.
Department" on a preceding page.
JULY 25 1931.]
FINANCIAL CHRONICLE
-On May 31 1931 the unrealized depreciation from book value
Note.
-of the securities in the portfolio at market quotations
cost less reserves
exceeded the unrealized depreciation at Nov. 30 1930 by $876,578.
-An appraisal at June 30 1931 showed that the above
Ise Treasurer's Note.
amount of unrealized depreciation was materially reduced.
Balance Sheet May 31.
1931.
1980.
1931.
1930.
LiabilitiesAssets$
s
$
$
Invest. (at cost)_a14,101,153 16,184.765 $3 pret.stock
x1,453,000 1,453,000
392,948 b627,441 Class A corn, stock x5,799,308 5,799,308
Cash
65,280 Class B corn.stky1,000,000 1,000,000
71,339
Secur.sold,not del.
Accr. Inc. rec., dm_
105,505 5% gold debs
71,799
5.691,500 6,000,000
Unamortized dlsSec. purch. not rec.
99,714
277,946
count on deb___ 471,760
526,512 Taxes
1,725
129,490
Int. on debs
23,715
25.000
$3 series pref. dive.
7,265
7,265
Ilw, serv. fee and
sundry expenses
24,526
29,697
Surplus & undiv.
Profits
1,008,248 2,788,169
15,108,999 17,509,874
Total
Total
15,108,999 17,509,874
a Market value May 31 1931, $9,113,499. The figure of $14,101,153
is after deducting reserves of $1,449,147. b Includes call loans. x Represented by 294,358 shares of no par value. y Represented by 300,000 shares
of no par value. z Represented by 29,060 shares of no par value.
-V.133.
p. 140.
United States 8c Foreign Securities Corp.
-Earnings.
659
Westchester Fire Insurance Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 10c. per share in addition to the regular quarterly dividend of 50c. per share, both payable
Aug. 1 to holders of record July 21. Extra distributions of 10c. per share
each were made on Feb. 2 and May 1 last.
-V. 132, p. 3189.
Western Electric Co., Inc.
-Patent Upheld-Court
Finds Pacent Equipment Infringes Rights-Numerous Theatres
Affected.
In an opinion made public July 21, Judge Clarence G. Galston of the
Federal District Court, of New York held that talking picture equipment
of the Pacent type infringed on patents embodied in the Western Electric
Co.sound system. The opinion affects a large number of theatres throughout the country now using Pacent equipment. It terminates favorably
for the Western Electric Co. the first in a series of suits based on the same
patents.
The Western Electric Co.'s victory in the Federal District Courts over
the Parent interests, suit having been brought by the former against the
latter alleging infringement of five patents in sound amplifying equipment
In motion pictures, is regarded as important in the industry.
The Warner Brothers Pictures were party to the Pacent defense. Suit
was won in the matter of three counts out of five and was brought by Western Electric against the Broadway theatre of Sol Wallerstein in Buffalo,
using the Pacent equipment rather than against the manufacturers of the
equipment itself.
Western Electric won in the matter of the Arnold patent, Mathes patent
and Coldpitter patent and the judge found that the Lowenstein patent was
invalid and the Dlattner patent was not infringed upon.
It is probable that the suit will be appealed by the defendants.
Suits brought by the Western Electric Co. based on the same patents
are pending in the Federal Court of the Southern District of New York
against Pacent Reproducer Corp. and Pacent Electric Co., and in the
District of Delaware against the Stanley Co. of America.
-V. 132, p. 4433
For income statement for six months ended June 30, see "Earnings Department" on a preceding page.
Condensed Balance Sheet June 30.
1931.
1930.
1930.
Assets$
$
Liabilities
807.915
Cash
263,646 1st pref. stock___a23,670,000 25,000.000
Westinghouse Electric & Manufacturing Co.
-Earns.
Demand loans
6.700,000 14,800,000 2d pref. stock ____ b50,000
50,000
For income statement for 3 and 6 months ended June 30 see "Earnings
Invest. in U. S. &
Common stock___ c100,000
100,000 Department" on a preceding page.
dl 9,493,112 General reserve_ _..x4,950,000 4,950,000
Int. See. Co_ _ _ _
A. W. Robertson, Chairman, says:
Loans,accounts reDivs. payable_ _ _ 430,050
"Cash on hand Juno .30 was $22,011,026, compared with $19,750235
ceivable, &c
328.021
635,655 Accounts payable_
383
18,987 Dec. 31 1930. Comparison of current assets and current liabilitiesJune
Securs. at cost_ _ _y22,432,915 29,264,462 Fed,income taxes_
14,145
783,712 30 1931 and Dec. 31 1930 is as follows:
13.8. Govt. bonds 10,439,641
Res. for coating__ 450,000
200,000
June 30 1931.
Dec. 31 1930.
Surplus
11,043,015 23,351,074 Current assets
$105,022,447
5115,168,754
Current liabilities
12,110,379
15,244,585
Total
40,708,492 54,456,774
Total
40,708,492 54,456,774 Current ratio
8.7
7.6
a Represented by 236,700 shares of no par value. b Represented by
"The increasing sales of Westinghouse refrigerators has contributed
50,000 shares of no w.:r value. c Represented by 1,000.000 shares of no materially to the improved showing, the billing on this business
in the
par value. d 93,000 shares of 2d pref. and 1,987,653 shares common second quarter
stock at cost of $9,493,112. x Set up out of $5,000,000 paid-in cash by V. 133, p. 305. having been over six times that of the first quarter."
fl.bscriners to 2d pref. stock. y Includes 15,000 shares of company's own
common stock under option to the President. The aggregate value of
Westvaco Chlorine Products Corp.
-Debentures Called.
these securities and U. S. Government bonds based on available market
A
s. f. gold debentures
quotations or estimated fair value in the absence thereof, was less than the havetotal of 586.500 10-year .534% 1 next at 10234 and due March 1 1937
been called for payment Sept.
int. at the Guaranty
above book value by about $3,057,000.-V. 132, p. 509.
Trust Co., trustee, 140 Broadway, N. Y. City, or at the Continental Illinois
Bank & Trust Co., Chicago, Ill.
-V,133,p. 497.
United States Leather Co.
-Earnings.
For income statement for 3 and 6 months ended June 30, see "Earnings
(R. H.) White Co., Boston.
-Readjusts Capital.
Department" on a preceding page.
-V. 112, p. 3169.
This company, controlled by Wm. Filene's Sons Co., which in turn is a
unit of the Federated Department Stores, has filed with the Massachusetts
United States Pipe & Foundry Co.
-New Directors.
George W. Cobb has been elected a director. Mr. Cobb is General Commissioner of Corporations and Taxation a notice of a change in the
authorized common A stock, consisting of 4,255 shares, and the authorManager of Sales of the American Can Co.
ized common B stock, consisting of 35,745 shares, both of $100 par value,
Earnings.
into 40,000 shares of $100 par common stock. This issue of 40.000 shares
For income statement for 6 months ended June 30 see "Earnings De- of $100 par common is in turn changed into a like number of shares of no
partment" on a preceding Page.
par value.
-V. 132, p. 3169.
The company is also reducing its stated capital to $1,000,000 without
United States Radio & Television Corp.
-Balance Sheet reducing the number of common shares. The reduction is to be effected
by the transfer of all but that amount from its capital account to surplus
Jan. 31 1931.and such surplus shall be available for distribution as dividends and for
Assets
Liabilities
all other corporate purposes. Total actual capital of the company prior
Cash
$943,868 Accounts payable
$524,321 to the reduction was 54.000.000.-V. 126,.P. 1827.
Receivables
x819,180 Accrued accounts payable
134,870
Inventories
909,701 Reserves
(S. S.) White Dental Co.
131,066
-Dividend Reduced.
Capital stock purchased
23,436 Capital stock
z2,045,489
The directors have declared a quarterly dividend of 20c., payable Aug.
Deferred charges
3,035 Surplus
334,557 1 to holders of record July 22, placing the stock on an 80c. annual basis.
Land
58,518
against $1.20 previously.
-V. 132, p. 3559.
Bldgs., machry., fixtures &
equipment
y412,242
Wilcox Rich Corp.
-Earnings.
R. C. A. & Hazeltine licenses,
For income statement for 3 and 6 months ended June 30, see "Earnings
Patent rights, &c
1
Department" on a preceding page.
-V. 133, p. 141.
Total
$3,169,983
Total
$3,169,983
Willys-Overland Co.
x Less reserve for losses $54,174. y Less reserve for depreciation of
-Earnings.
For income statembnt for six months ended June 30 see "Earnings
$149,372. z Represented by 142,705 shares no par value.
-V. 133, p. 304.
Department" on a preceding page.
United States Steel Corp.
The company sold 42,365 cars in
-New President of
L. A. Paddock, formerly Vice-President ,has been electedSubsidiary. cars in first six months of precedingfirst half of 1931, compared with 57,009
year.
President of
During the first six months company retired 81.000,000 of 634%
the American Bridge Co., a subsidiary, to succeed the late Joshua A. Hatleaving $2,000,000 outstanding, and 12.600 shares of 7% preferred bonds.
field. A. L. Davis, formerly general contracting manager, has been !cede '
stock,
Vice-President in charge of sales, with headquarters at Pittsburgh.
of
shares
-V.133. at which 7,650 price were purchased during the first six months of this year
an average
p, 497, 304.
of $51 a share.
"As a result of the recent introduction of a new low-priced Willys-Knight
Six," L. A. Miller, President said, "our sales for July will make a better
Vickers, Ltd.
-Earnings.
showing in comparison with June than the industry in general.
Calendar Years1930.
1928.
1929.
1927.
"Operating expenses for the
Gross income
£1,173,268 £1,270,999 £1,249,213 £1,275.995 $8,000,000. On this basis first six months of 1931 totaled approximately
our expenses would be around $17.000,000 anInterest, taxes, &c
397,343
329,028
309,311
283.011 nually compared with actual expenses in 1930 of $126,458,000. Of the
reduction in first-half expenses from the corresponding period of 1930.
Net profit
£775,925
£'941,971
£939,902
£992,984 about 50% resulted from curtailment of schedules and the remainder was
Dividends
418,190
418.190
418,190
418.190 due to actual economies in operation."
Surplus
£357,735
£523,781
£521.712
£574.794
New Officer.
Harry B. Harper as been elected Vice-President in charge of sales, efViking Pump Co.
-Earnings.
fective August 1.-V. 133, p. 497.
Year Ended 9 Mos. End.
PeriodDec.31 '30. Dec.31 '29.
(William) Wrigley Jr. Co.
-Earnings.
Gross profit
$568,417
$448.273
For income statement for three and six months ended June 30 see "Earn..
Selling & general expenses
162,501
136,693 ings Department" on a preceding page.
-V. 132. p. 3363.
Net operating profit
$405.917
$311,580
Yellow Truck & Coach Mfg. Co.
-Earnings.
Other charges
10,880
Cr.2,512
For income statement 3 and 6 months ended June 30 see "Earnings
Total income
Department" on a preceding page.
-V. 132. IL 3363•
8395.036
$314,092
Federal taxes
46,602
33,942
Youngstown Sheet & Tube Co.
-New Director, &c.
-'Net income
George T. Bishop Jr. President of Continental Shares, Inc. has been
5348.435
$280,151
elected a director, succeeding
Cyrus S. Eaten, resigned. Frank Purnell,
Comparative Balance Sheet Dec. 31.
President of the Youngstown Sheet & Tube Co., succeeded Mr. Eaten as a
1930.
Assets
1920.
Liabilities
1930.
member of the executive committee.
1929.
-V. 133. P. 497.
$250,723 $117,270 Accounts payable_ $22,826
Cash
$20.583
Marketable seem- 172,355
169,159 Accrued salaries_ _
26,669
30,218
Receivables
81,548
107,715 ProvLsion for taxes
54,724
42,346
CURRENT NOTICES.
Inventories
241,726
257,398 Other current liab.
603
554
Consignments14,327
Capital stock
640,652
651,627
1,600
Investment
1,000 Surplus
Frank S. Bennett, formerly with the First National Old Colony Corp.,
518,950
374,979
502,204
Fixed assets
631,330 Deprec.reserve_
163,561 is now associated with Gertier, Deviet & Co. in their New York office in
Patents
1
charge of trading in Federal Land Bank bonds.
$1,264,484 51,283,873
Total
Total
-F. B. Hooch & Co. announce the removal of their uptown office from
81,264,484 51,283,873
-V. 132, p. 3906.
730 Fifth Ave.to the Savoy-Plaza Hotel, at Fifth Ave. and 59th Street.
-Bond & Goodwin, announce that James A. Cole, formerly with S. W.
Virginia Iron, Coal & Coke Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings Straus & Co., Inc., is now associated with their organization.
Department" on a preceding page.
-V. 132. P. 3188.
-Bartlett, Knight & Co. announce the removal of their offices to the
Bankers' Building, 105 West Adams Street, Chicago.
Waldorf System, Inc.
-Earnings.
Reginald Hess is now associated with Howe
-Ryan & Co., Hartford,
For income statement for 3 and 6 months ended June 30, see "Earnings
Department" on a preceding page.
-V. 133, p. 105.
Conn., specialists in bank and insurance stocks.
William It. Compton Co., Inc., announce the removal of their New
West Boylston Mfg. Co.
-Auction Sale.
Machinery and equipment of the company will be sold at auction at York offices to 90 Broad St.
East Hampton, Mass., July 29 and 30 by Samuel T. Freeman & Co.,
-Blake Brothers & Co., 40 Wall St., New York, have issued an analysis
auctioneers, 80 Federal St., Boston, Mass.
-V. 132, p. 4609.
of W.T. Grant Co.
[voL. 133.
FINANCIAL CHRONICLE
660
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-DRY GOODS
-WOOL
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
be
The introductory remarks formerly appearing here will nowthe
found in an earlier part of this paper immediately following
SUSI.
editorial matter, in a department headed INDICATIONS OF
NESS ACTIVITY.
Friday Night, July 24 1931.
COFFEE on the spot was very quiet. Stocks were small,
but prices have had to be reduced as Brazilian prices have
fallen; Santos 4s were 9 to 9lie.; Rio 7s 6 to 63'c. Fair to
%
good Cucuta 123/i to 123 c.; prime to choice 14 to 15c.;
,
washed 1436 to 1634c.; Colombian, Ocana 12 to 123'c.;
Bucaramanga, Natural 13 to 1334c.; washed 16 to 163'c.;
Honda, Tolima, and Giradot 16 to 1634c.; Medellin 1734
to 1734c.; Manizales 16 to 1630.; Mexican washed 1634
to 180.; Ankola 23 to 240.; Mandheling 23 to 32c.; Genuine
%
Java 23 to 240.; Robusta washed 83 to 90.; Mocha 153 to
16c; Harrar 1434 to 15c.; Abyssinian 11 to 1134c.; Salvador
%
natural 12c.; washed 148 to 16M0.; Nicaragua natural 93i
4
to 10c.;wa,shed 13 to 133.c.; Guatemala prime 173 to 173 o.;
good 15 to 153'c.; Bourbon 13 to 13;4c.; San Domingo,
washed 143 to 15c. On July 21, cost and freight prices
were 15 to 25 points lower. For prompt shipment, Santos
Bourbon 2-3s were quoted at 934 to 9.45c.; 3s at 8.70 to
9.05c.; 3-4s at 8.60 to 8.80c.; 3-5s at 8.30 to 8.70c.; 4-5s
at 8.30 to 8340.; 5s at 8.20c.; 5-6s at 7.70 to 8340.; 7s at
7.65c.; Part Bourbon 2s at 9.800.; 3s at 9.05 to 9.15c.;
Peaberry 2-3s at 9.00c.; 3-4s at 8.300.; 4s at 8.350 to 8.55.;
5s at 8.30c. On July 22, cost and freight was unchanged
to 15 points higher, due to a slight improvement in Brazilian
exchange. Prompt shipment, Santos Bourbon 2s were
quoted at 9.80c.; 3s at 8.80c.; 3-4s at 8.60 to 8.75c.; 3-58
at 834 to 8.700.; 4-5s at 8.30 to 83c.; 5s at 8.300.; 5-6s
A
at 8.10 to 834c.; 7s at 73 c.; Part Bourbon 3s at 9.150.;
6s at 8.300.; Peaberry 3-4s at 8.40c.; 4s at 8.45 to 8.55c.
On July 23, owing it was supposed to the steadiness of
Brazilian exchange, there was little change in the cost and
freight offers of coffee. Prompt shipment, Santos Bourbon 2s
were quoted at 9.30 to 9.80c.; 2-3s at 8.90 to 9.35c.; 3s at
8.70 to 9.15c.; 3-4s at 8.45 to 8%c.; 3-5s at 83' to 8.70c.;
4-5s at 8.30 to 8.600.; 5s at 8.300.; 5-6s at 8.10 to 83,4c.;
%
6s at 7.70 to 7.800.; 7s at 73c.; 7-8s at 734 to 7.60c.; Part
Bourbon 2-3s at 9.45c.; 3s at 8% to 8.95c.; 4-5s at 8.350.;
Peaberry 3s at 8.65c.; 3-4s at 8.40c.; 4s at 8.45 to 8.65c.;
1c.
4-5s at 8.35 to 8.600.; 5s at 8.10c.; Victoria 7-8s at 5Y
New York spot coffee dull and nominal at 9 to 9Yo. for
Santos 4s and 6 to 6Hc. for Rio 7s. On the 20th inst.,
futures declined 22 to 30 points as Brazilian freight rates to
New York and New Orleans were down 20e. to a rate of 40c.
The sales of Santos here were 25,000 bags and of Rio 22,500.
On July 20, an official cable to the New York Exchange said:
"Rio freight rates to New York and New Orleans 40 cents,
but rumored still lower rates being given spasmodically."
National
On July 20, Rio cabled to the Exchange that the coffee.
Coffee Council had destroyed 11,000 bags of Santos on Rio
On the 21st inst.futures closed 9 to 13 points higher
sales of
and unchanged to 7 points higher on Santos with on the
33,000 bags of Santos and 20,000 Rio. Early prices lower
21st inst. were 5 to 18 points lower with Brazilian cables with
but later they became steadier and New York rallied
considerable covering and other buying. On the 22nd inst.
A further
prices ended 2 points lower to 2 points higher.per bag had
in freight rates to New Orleans to 300.
reduction
Recent reno apparent effect on the price trend either. reflected by
rates to the New York market were
ductions in
and
declines a few days ago. In the futures market 3 Santos
the day of Santos
3 Rio notices were issued. Total sales for On July 22 Santos
were 18,000 bags and of Rio 14,500 bags.
initial
cabled that the exchange rate there was 3-128d. above dollar
and the
figures which were unchanged at 363-128d. opened 3-64d.
100 lower at 10150. The Rio exchangeat 10160. On
higher at 33'd. and the dollar 140 lower
National
July 22 cables to the Exchange from Rio said the coffee in
Coffee Council destroyed 10,000 bags of Santos freight
addition to 10,000 bags destroyed yesterday. Rio'sde Cafe
rate to New Orleans is now 30 cents. The Institute interior
De Sao Paulo says the stocks of coffee in Sao Pauloon June
warehouses and railways, including Minas Geraes
May
30th were 18,568,000 bags, against 19,163,000 bags on
31st.
On the 23d inst., Rio futures here closed 13 to 18 points
lower with sales of 11,000 bags. Santos ended 7 to 12 points
lower with sales of 14,000 bags. On July 23, Hamburg,
after having been closed since July 13, reopened. On July
23, Rio Exchange opened at an advance of 1-64d. at 33'd.,
while the dollar was 50 lower at 148150. The spot price
was unchanged at 118125. No prices for futures were
cabled. To-day futures closed 5 to 13 points higher on
Rio here with sales of 5,000 bags and 6 to 10 higher on
Santos with sales of 8,000 bags. Final prices show a decline for the week of 25 to 30 points. According to a Comtelburo cable from Rio to the New York Coffee & Sugar Exchange, the National Coffee Council has destroyed another
12,000 bags of Santos coffee. An official cable to the
of 1-32d. in Rio
Exchange at 2 p. m. reported an advr.
Exchange on London and a decline of F..., . .in the dollar
rate.
Rio coffee prices closed as follows:
Spot unofficial
July
er
September
•
6
'December
March
5.54©nom May
5.81© --5.980nom
6.130 ---
Santos coffee prices closed as follows:
Spot unofficial
July
September
9Si
8.38©
1 December
March
May
8.61 --8.79 --
o
salewith
8.89 imn
COCOA to-day closed 6 to 10 points lower
83 lots. Final prices are 27 to 28 points lower than a week
ago.
-Spot raws were quiet at 1.50 to 3.500. early
SUGAR.
in the week; 15,000 bags of Cuba for the first half of Aug.
sold at 1.57c. to New Orleans. Refined was 4.65c. with a
moderate business. On the 20th inst. futures were dull and
refined also quiet; 4.750. was the price that night. Receipts
at United States Atlantic ports for the week were 67,242
tons, against 47,583 in previous week and 32,176 in same
week last year; meltings 64,924, against 61,552 in previous
week and 74,498 in same week last year; importers' stocks
146,579, against 146,579 in previous week and 161,162 last
year; refiners' stocks 98,892, against 96,574 in previous week
and 178,229 last year; total stocks 245,471, against 243,153
in previous week and 339,391 in same week last year.
Havana cabled July 20: Week's arrivals, 43,485 tons; stock,
1,266,866 tons. The exports were distributed as follows:
To New York, 29,284 tons; Philadelphia, 11,092; Boston,
5,078; Baltimore, 6,898; New Orleans, 8,666; Savannah,
6,336; Galveston, 1,648; Wilmington, 3,843; Interior U. S.,
96; U. K., 33,903; France, 3,651. Weather rainy. Early
London cables reported sales of 2,000 tons Peruvian raws
%
at 6s.63 d. c. i. f., equivalent to 1.263 c.P. o. b. for Cubas
A
with further buyers. Aug. shipment raws are offered in a
moderate way at 6s. 73/2d. c. i. f. or about 1.28e. f. o. b.
Cuba. The trade is reported by some cables to be still
waiting but others state that there are indications of an
improvement.
On July 20 the California-Hawaiian has announced an
advance in their refined sugar list to the basis of 4.75c.,
effective at the close of business on the 21st. On July 21st
the Sugar Institute, Inc. said :"Total deliveries of 14 United
States refiners up to and including the week ending July 11
1931, and same period for 1930 wore: Melt, Jan. 1 to July 11
1931, 2,240,000 long tons; Jan. 1 to July 12 1930, 2,575,000
long tons. Deliveries: Jan. 1 to July 11 1931, 2,055,000
long tons; Jan. 1 to July 12 1930, 2,360,000 long tons. On
the 22nd inst. futures were 1 to 4 points higher with sales of
35,600 tons. Spot raws advanced to 1.55 to 3.550.; 30,000
bags of Cuba for first half August shipment sold at 3.55o.
Savannah bought 4,100 tons of Porto Ricos for August at
-March at 3.65c. and
3.5704 2,000 tons of Philippines Feb.
2,000 tons Aug.
-Sept. at 3.59c. Sales of Philippines to
-March at 3.650. and
operators included 5,500 tons., Feb.
2,000 tons for March-April at 3.680. On July 22 private
cables stated that the Java Syndicate had sold 45,000 tons
of Brown for August shipment to the Far East at 73/i florins
or 34 florin better than the last price obtained. Early
London cables reported a quiet market with,sellers of raws for
August shipment at 6s. 73id. c. i. f. equal to 1.28c. f. o. b.
A
/
Cuba and probable buyers at 6s. 63 d. or 1.263 c. f. o. b.
On July 22, London opened steady at Yid. decline to
unchanged. Liverpool opened steady at unchanged to
%d. lower. On the 23d inst., prices ended unchanged to
4 points lower. There was covering of hedges but aside
from this there was little trading. The sales of actual
sugar included 4,100 tons of Porto Ricos for second half
Aug. shipment at 3.58c.• 15,000 bags Cuba for prompt shipment to an operator at 1.46c. f.o.b., equivalent to about
'
1.58c. c. & f. New York. Of new crop Philippines 2,000
tons for Mar.
-Apr. shipment sold at 3.68c. and 1,000 tons
for Apr.
-May at 3.71c. On July 23, London terminal
market, according to the early cables was steady and fairly
active; sellers for Aug. shipment at 6s. 7jd., equivalent
to 1.273'c. f.o.b. Cuba with buyers at 6s. 74d., equal to
JULY 25 1931.]
FINANCIAL CHRONICLE
1.263e. f.o.b. On July 23, London opened firm at % to
/td. advance. Liverpool opened steady at % to id. ad3
vance.
On July 23, Havana cabled:"A general strike for 24 hours
was ordered by the Cuban Federation of Labor for Aug. 1.
The strike was called in protest against the recent closing
of the Labor Union's building against arrest of several labor
leaders and in sympathy with minor strikes in Havana,
among certain industries including some fruit canneries,
fishermen, hat manufacturers and others. An Associated
Press despatch from Havana said: "Two thousand Chinese,
about 1-15th of the Orientals in Cuba, are to be sent back
to China in the next two months, Chinese legation officials
said to-day. This is because of the suffering to which
they had been subjected due to economic difficulties."
To-clay futures closed 2 points higher to 2 points lower with
sales of 21,650 tons. Fmal prices for the week are 1 point
lower to 2 points higher. To-day Willett & Gray estimated
the indicated consumption of sugar in the United States for
the first six months of 1931 at 2,679,344 tons against 2,879,882 tons during the same months last year, or a decrease
of 200,538 tons, or say, 6.96%. To-day London cabled
early: "Market nervous lest Continent forced to liquidate
segregated sugar account financial position. Sales beet
sugar 88 degree analysis-6s. 33jd. c.i.f. Limited sellers
raws 6s. 6341., equivalent 1.26%e. per lb. f.o.b. refiners
%
indifferent ideas 6s. 63 td. utmost."
/
Closing quotations follow:
Spot unofficial
July
September
December
1.5O1.55%
(January
March
1.46:1.47 May
1.51;nom
1.55
1.61 nom
LARD on the spot was steady with prime Western 8.30
to 8.40c.; refined to Continent, 8%c.; South American,
8%c.; Brazil, 9 8c. On the 18th inst. futures closed 7 to
12 points lower. On the 20th inst. futures ended unchanged
to 3 points lower. Futures on the 21st inst. closed 5 points
lower to 2 higher. Hogs declined 10e. Total western
receipts of hogs were 59,000, against 88,000 a year ago. Exports from New York were 199,000 lbs. to London, Glasgow
and Copenhagen. Contract deliveries were 200,000lbs. Cash
markets were steady. Prime Western, 8.30 to 8.40c.;
fined Continent,83ic.; South American,8%43.; Brazil,98re/
%e.
On the 22d inst. futures ended unchanged to 5 points lower
with hogs and grain weak or irregular. Western receipts of
hogs were 60,200, against 72,800 last year. Exports from
New York were 418,000 lbs. to Rotterdam, Bristol, and
Naples. On the 23d inst. futures closed 3 to 8 points lower.
Receipts of hogs at Western points were 58,500, against
63,700. Prime Western, 8.25 to 8.35e. To-day futures
ended 5 to 17 points lower. Final prices show a decline for
the week of 17 to 25 points.
DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
July
7.75
7.75
7.77
7.75
7.70
7.65
September
7.80
7.80
7.80
7.80
7.70
7.67
October
7.75
7.72
7.80
7.75
7.70
7.65
December
7.30
7.25
7.20
7.15
7.12
6.95
Season's High and When Made
- I Season's Low and When Made
July
9.45
Mar. 17 1931 July
7.22
May 29 1931
September
9.60
Mar. 17 1931 September
7.35
May 29 1931
PORK steady; Mess, $22.25; family, $27.50; fat back,
$17.50 to $18.50. Ribs, cash 7.75e. Chicago. Beef quiet;
Mess, nominal; packet, nominal; family, $12 to $13.50;
extra India mess, nominal; No. 1 canned corned beef,
$2.75; No. 2, $5; six lbs. South America, $16.75; pickled
tongues, $60 to $65. Cut meats firm; pickled hams, 10 to
16 lbs., 153. to 155sc.; pickled bellies 6 to 12 lbs., 14 to
/
1604 bellies, clear, dry salted, boxed, 18 to 20 lbs., 93/2e.;
12 to 14 lbs., 16e.
OILS.
-Linseed was in fair demand of late and steady.
Raw oil in carlots cooperage basis was quoted at 9e. From
present reports it seems that the domestic flax crop will be
short. The Canadian crop too is far below last year's.
And it is reported that the bulk of the exportable surplus
in the Argentine has already been sold to European interests.
Cocoanut, Manila Coast tanks 33/2 to 4e.; spot N. Y. tanks
43(o.; Corn, crude, tanks f.o.b. mills 63/2e.; Olive, 82 to
85e.; China wood, N. Y. drums, carlots spot 7/sc.; tanks
3
6% to 63/2e.; Pacific Coast tanks 53/ to 60.; Soya Bean,
s
carlots, drums 7.1c.; Tanks, Edgewater 6.5c.; domestic
tank cars f.o.b. Middle Western mills 6.0e.; Edible, Olive
1.50 to 2.15e. Lard, prime 123c.; extra strained winter,
N. Y. 83/2e. Cod, Newfoundland 45e. Turpentine 373/2
to 423/2o. Rosin $4 to $7.75. Cottonseed Oil sales to-day
including switches 1 contract; Crude S. E. nominal. Prices
closed as follows:
Spot
July
August
September
6.908
7.10 7.26
6.96 7.20
6.83 6.69
October
November
Novemb
December
January
6.3516.50
6.25 6.50
6.20 6.39
6.29 6.39
PETROLEUM.
-Bulk gasoline was firmer in the Middle
West as well as in the Gulf section during the week. Demand was better and United States Motor gasoline at the
Gulf ports was raised %c. and is now held at 3e. by leading
suppliers. Export demand was rather light. The Shell
Petroluem Corp. advanced its service station price Me.
Later in the week one of the big refiners is said to have inquired for 500,000bbls. of United States motor gasoline at
33/2e., Gulf ports, without disclosing sellers over any length
of time at this figure. In the Mid-Continent two cargoes of
natural gasoline were bought from Oklahoma and Texas
sellers and will be shipped to the Gulf and then abroad.
661
These cargoes called for a total of approximately 4,000,000
gallons of gasoline. The daily average production of crude
oil last week decreased over 100,000 bbls. and there was a
steady drop in surplus gasoline stocks. Gasoline was in
better demand owing to the recent heat wave and the more
favorable developments in the crude oil situation. The
Continental Oil Co. advanced crude oil to 10c. a barrel
maximum and similar advances are expected in the Middle
West in the early future. Later on two more large crude oil
buyers posted substantially higher prices in the Mid-Continent and Texas. The Texas Co. posted the following
prices: Mid-Continent crude oil below 36 gravity, 35c.; 36
and above, 40e,• Gray County, 30c.; Carson and Hutchison,
27c., and Winkler and Lea, 25e. On the 23rd inst. the
Magnolia Petroleum Co. posted a flat price of 40c. a barrel
for Mid-Continent crude oil thereby meeting the new price
schedule announced earlier in the week by the Continental
Oil Co. Prior to this announcement the Magnolia Co. had
been asking from 35 to 36e. for Oklahoma and north Central
Texas crude. It has withdrawn its price of 30c. for Kansas
crude oil. Other large companies in this area are posting
prices of from 10e. to 220. a barrel. Locally 53c. was generally quoted for U. S. Motor but it was still possible to
obtain gasoline at 5e. in tank cars. Gas oil was a little more
active. Domestic heating oils were fairly active with Grade
"C" bunker fuel oil steady but quiet at 80c. refinery, while
Diesel oil was marking time at $1.50 a barrel, same basis.
Water white kerosene 41-43 gravity was 43 e. tank ears
%
refinery, with demand small.
Tables of prices usually appearing here will be found
our department of "Business Indications." in an articleon an earlier page in
entitled "Petroleum
and Its Products."
RUBBER.
-On the 18th inst., futures closed unchanged
to 4 points lower with sales of 190 tons of No. 1 standard
and 5 of old "A". No. 1 standard contract closed with Sept.
6.40e.; Dec. 6.600.; Mar. 6.80c.; New "A" July 6.260.;
Old "A" July 6.20c.; Dec. 6.60e. Outside prices: Spot;
July and Aug. 63( to 6 7-16e.; Sept. 63 to 65-160.; Oct.
%
Dee. 6 1-16 to 63Ic. On the 20th inst., the market was
quiet and closed unchanged to 10 points lower. Sales were
610 tons of No. 1 standard. There were no sales of new
or old "A." No. 1 standard ended with July 6.28 to 6.30e.;
Dec. 6.57 to 6.58c.; New "A" July 6.260.; Old "A" July
6.20c.; Oct. 6.300.; Dec. 6.50 to 6.60c.; Outside prices:
Spot, July and Aug. 63 to 6 7-160.; Sept. 63s to 6 5-160.;
/
Spot, first latex thick 63/2 to 6%e.; thin pale latex 63/2 to
73/2c. On July 20, London opened quiet and unchanged
to 1-164. decline and at 2.39 p. m. was quiet, 1-16d. decline;
July 3d.; Aug. 3d.; Sept. 3 1-16d.; Oct.
-Dec. 3 3-16d.;
Jan.
-Mar. 3 5-16d.; Apr.
-June 3 7-16d.; July-Sept. 3%d.
London stocks decreased 313 tons for the week to 81,766 tons
against 80,814 tons last year. Liverpool stooks totaled
54,697 tons, an increase of 253 tons. On July 20, London
closed unchanged to 1-16d. higher, and generally 1-16d.
above the early lows. July closed at 3 1-16d.,; Aug.3 1-16d.;
Sept. 33/2d.; Oct.
-Dee. 33d.; Jan.
-Mar. 35-16d.;Apr.-June
33/2d.; July-Sept. 35 d.
%
On the 21st inst. prices ended unchanged to 3 points off.
The cables were lower. No. 1 standard contract July ended
at 6.29e.; Dec. at 6.56 to 6.58e.; Mar.,6.76 to 6.78e.; May,
6.960.; sales 210 tons; new "A" July, 6.27e.; Aug., 6.30e.;
old "A" July and Aug., 6.20e. Outside prices: spot and
July, 6%c.; Aug., 63 to 63s0.; Sept., 63/2o.; spot first latex
/
thick, 63/2 to 6%e.; thin pale latex, 67s to 73/2e. On July
/
21 London opened quiet, unchanged to 1-16d. decline and
at 2:37 p. m. was steady, unchanged to 1-16d. decline; July,
3 1-16d.; Aug., 3 1-16d.; Sept., 35/2d.; Oct.
-Dec., 3 3-16d.;
Jan.
-Mar., 33 d.; April-June, 33/2d.; July-Sept., 3%d.
%
Singapore closed stagnant, 1-16 to Ad. decline; Aug.,23 d.;
%
Oct.
-Dee., 23/d.; Jan.
8
-Mar., 3d.; No. 3 amber crepe spot,
2 9-16d., off 1-16d. On July 21 London market closed quiet
and unchanged to p1-16d. lower with Aug. at 3d.; Sept.,
3 1-16d.; Oct.
-Dec., 3 3-16d.; Jan.
-Mar., 3 5-16d.; AprilJune, 3 7-16d.; July-Sept., 3%d. On the 22d inst. prices
ended 10 points lower to 10 higher; sales 160 tons of No. 1
standard and 50 of old "A." No. 1 standard Sept., 6.29e.;
Dec., 6.48e.; Mar., 6.67e.; May, 6.87c.; old "A" Sept.,
6.30e.; Oct., 6.40c.; Dec., 6.50c.; outside prices: spot and
July, 63/2 to 6%c.; Aug., 6 3-16 to 6 5-16c.; Sept., 63j to
638c.; Oct.
/
-Dec., 6% to 61 e.; Jan.
-Mar. 1932, 63c.; spot
/
%
first latex thick, 63j to 65 e.; thin pale latex, 63/2 to 63/sc.;
%
clean thin brown No. 2, 6 to 63/se.; rolled brown crepe 53%
to 6o.; No. 2 amber, 6 to 63/2c.; No. 3, 6 to 63/2c.; No. 4,
63/2c.; Paras, upriver fine spot, 83 to 83/2c. Increased demand and higher prices during June stimulated production
in Malaya. The output of small estates largely native,
showed an increase to 16,663 tons, while those on the larger
European estates underwent an increase to 19,014 tons.
The May figures were respectively 15,399 tons and 18,904
tons. Estate stocks showed a slight increase from 21,901
tons at the end of May to 22,101 tons at the close of June, a
development easy to understand. Dealers' holdings increased from 18,393 tons to 19,948 tons.
On July 22 Singapore closed dull, unchanged to 1-16d.
higher; August 2 13-16d.; Oct-.Dec.,27 d.;Jan.
4
-March, 3d.;
No.3 Amber Crepe spot, 2-9-16d., unchanged. On the 23rd
inst. futures prices declined 11 to 30 points with London
lower and considerable selling for both sides of the account.
Malayan statistics were bearish. Factories bought
deliveries. At the Exchange No. 1 standard ended atnearby
6.10c.
662
FINANCIAL CHRONICLE
[VOL. 133.
Granville County along the Durham and Wake County lines,
and scattered thunder showers with light rains fell in some
sections last week. The country,on the whole, and especially
the northern and western side along the Virginia border is
much in need of a good rain. In this section, due to lack of
rain, the crop looks small and irregular, though 'kith no
sings of burning. With a good soaking rain the crop would
grow off and come into top rapidly.
SILVER to-day closed 2 to 10 points higher with sales of
6 lots or 150,000 ounces. Aug. closed at 27.95; Sept., 28.00;
Oct., 28.05; Nov. 28.10; Dec. 28.15; Jan. 28.17; Feb.,
'
28.19; Mar., 28.21; Apr., 28.23; May, 28.25 to 28.38;
June, 28.30.
COPPER buying for export increased sharply early in the
week. Following sales of 2,000 long tons or 4,500,000 lbs.
for foreign account at the close of last week exporters sold
1,400 additional tons, or approximately 3,000,000 lbs., up
to early afternoon on the 20th inst. France was the largest
buyer. Later on export sales fell off sharply. On the 21st
inst., they were 900 tons and on the 224 800 tons, a total of
1,700 tons in two days, or about equal to one day's total
business at the end of last week and the beginning of this.
The market became somewhat easier. The export price
was still 8.25c. c.i.f. European ports, but the domestic
market was quoted by a range of 73 to 8c. In London on the
4
22d inst., prices declined, and on the 23d inst., there was a
further reaction. Spot Standard in London on the 23d inst.,
fell 13s. 9d. to £33 8s. 9d.; futures off 12s. 6d. to £4 5s.;
sales 50 tons spot and 500 futures; electrolytic dropped 10s.
to £36 10s. bid £37 10s. asked; at the second session in
London that day spot standard advanced is. 3d.; futures
unchanged; sales 25 tons spot and 225 tons futures.
TIN was down close to the low point of recent swings.
Spot Straits sold on the 23rd inst. at 24.35c. as against 24%c.
on the previous day. There was very little demand. London was lower. On the 23rd inst. all tin descriptions fell
there £2; standard closed at £108 7s. 6d. for spot and £110
7s. 6d. for futures; sales 90 tons spot and rko futures; spot
Straits ended at £110 2s. 6d.; Eastern, c. i. f. London closed
at £112 15s. on sales of 300 tons; at the second session London
rose 7s. 6d. on sales of 90 tons spot and 500 futures. Futures
on the Metal Exchange here dropped 15 to 35 points; no
sales. July closed at 23.95e. nominal; Aug. 24c., bid;
Nov., 24.30o. bid; Dec., 24.400. bid; Jan., 24.500. nominal
with 15 points higher for each succeeding month, all nominal.
Tin afloat was 5.740 tons; arrivals so far this month have been
Atlantic ports, 3,880 tons; Pacific ports, 65 tons.
LEAD was quiet with prices unchanged at 4.40c. New York
and 4.225c. East St. Louis. In London on the 23rd inst.
spot lead fell 5s. to £12 us. 3d.; futures dropped 6s. 3d. to
£12 us. 3d.;sales 250 tons spot and 100 futures; at the second
session prices declined 3s. 9d. on sales of 200 tons of futures.
ZINC was dull with the price still 3.90e., East St. Louis.
London dropped on the 23rd inst. us. 3d. to £11 15s. for
spot and £12 5s. for futures; sales 100 tons spot and 300
futures.
STEEL has been quiet. Steel ingot production of the
United States Steel Corp. for the week ended Monday is
estimated at 33% of theoretical capacity. This is an increase
of about 2% over the preceding week when the rate was
31%. Two weeks ago, before the Independence Day,
holiday, the operation was at 323% of capacity. Independent Steel Cos. continue to show curtailment and are
at about 293/2% of capacity against 31% a week ago and
about 32% two weeks ago. Scrap prices are tending upward. Youngstown, Ohio, reported a larger output,
a relative basis. Aside from
-Cuba, July 10-25. to United Kingdom or 35%, with finish mills on
CHARTERS included sugar.
Continent, 148; activities of electric welding tube mills, however, steel pipe
Continent 14s, Santo Domingo. August to United Kingdom
4I4d.;
-45,000 qrs. Gulf, July 25, Aug. 15, United Kingdom, 2s. 10. output is off for the time being, as indicated by the fact that
Grain.
Antwerp-Rotterdam, 10 and 10I4c.. Bordeaux-Rotterdam range.
and 11c.: 28.000 ors. Gulf mid-August, Greece. 21, lid., about 143(c.; only two of 10 lapweld pipe furnaces and two of 10 buttweld
Wheat, Portland or Puget Sound to United Kingsfen or Continent 21s.. furnaces in the district are fired. Two of four electric weld-One load Antwerp,
option Vancouver, B. C.. 20s. 3d. Grain Booked.
Montreal-Rotterdam. 7c. ing mills are inaction. Active open-hearth melting operation
7 loads, Rotterdam. 614c.; 15 loads, South
America round 60c. is 35% against 60% a year ago. Youngstown Sheet &
West Coast
-Prompt. north of Hatteras.
Time.
COAL was quiet here. Export trade was also slow. At Tube is melting from eight to 24 open hearths, against six
the West the demand was light. Chicago could think of a week ago.
PIG IRON has been a trifle more active, due it is undernothing cheerful to report.
possibility of higher rail freight rates. Barge
has been quiet here as usual at this time of stood, to the
TOBACCO
rates from Buffalo eastward are low. It is said that a rate
but prices are about steady. Amsterdam cabled of $1.50 from Buffalo to Beacon is frequent as against such
the year
the U. S. Tobacco Journal July 17. Last Sumatra sale of rates as $2.00 to $2.50 in recent years. It is even said that
spring series produced 225 bales for America. Buyers were less than $1.50 is accepted from time to time. In New
Bornholdt, 131; Duys, 53; General, 41. Havana-For six England sales last week were 7,000 tons making the best,
months ending June 30 the exports of manufactured tobacco showing for some time past. But trade in general shows no
from Cuba were 24,956,279 lbs., against 23,400,911 in the snap and prices are largely nominal. They have been quite
same time last year; of cigars, 26,152,934, against 30,763,- irregular in New England. Quotations varying it is said,
433 in the same time last year; of cigarettes, 29,910,059, from the same furnaces $1 a ton.
against 46,673,402; of Picadura, 78,593 lbs., against 106,347.
-Early in the week a Government report from
WOOL.
Baltimore wired: "While some upward revisions of cigarette
prices have been effected these have not been general as yet. Boston said: "Domestic combing wool values are firm in
Boston. Numerous advances of
Most independents are now offering cigarettes at 15c. The spite of heavy arrivals at
prices vary at the chain stores. A. & P. stores are offering 1-3c. per pound, scoured basis have been realized on combJune. Arrivals of domestic
single packs at 14c. or two for 27c., and tins of 50 for 33c., ing wools since the first week in six
past
weeks as compared with
while the carton price has been set at $1.32." San Juan, wool at Boston during thelbs. for the
of
Porto Rico, reported that the total value of tobacco and to- the totalof 157,000,000 at Boston year up to July 18.
during the week ended
bacco products shipped from Porto Rico to the United States Receipts domestic wool
lbs. as
in 1930 was $15,367,341. This included 2,508,000 lbs. of July 18 amounted to 31,073,100 week." compared with 13,Prices have shown
unstemmed leaf; 16,420,000 lbs. of stemmed leaf; 7,085,000 562,900 lbs. during the previous
lbs. of stems, scraps, &c.; 145,566,000 cigars, and 6,027,000 an upward tendency and in some cases the grease basis has
cigarettes. Oxford, N. C. a good rain in the southern part of been a little higher.
for July 6.15e. for September; 6.35 to 6.360. for December;
6.55 to 6.56c. for March and 6.76 for May; sales 880 tons.
73/i tons.
New "A" July, 6.08c.; Old "A" July, 6.000.; sales,
Outside spot July and August, 63/i to 63O.;first latex thick,
3-16d. off;
/
63/8 to 63so. On July 23rd London closed % to Oct.
-Dec.,
July 2, 15-16d.; August, 2 15-16d.; Sept., 3d.;
-March, 3 3-16d.; April-June, 3 5-16d.; July3 1-16d.; Jan.
Sept., 3 7-16d.
On July 23 London opened dull and unchanged to 1-16d.
decline and at 2:40 p. m. was quiet, unchanged to Ad. de-Mar., 35'd.; April-June,
cline; July, 3d.; Aug., 3d.; Jan.
3 8d.; July-Sept., 3 9-16d. Singapore closed dull, and unchanged; Aug., 2 13-16d. Amber crepe, 2 9-16d. To-day
No. 1 standard contract closed 4 to 10 points lower with
sales of 99 lots; new "A" 4 to 8 off with sales of 12 lots and
old "A" unchanged to 10 off with sales of 92 lots. Final
prices show a decline for the week on No. 1 standard of 28
to 34 points. To-day London opened quiet and unchanged
and at 2:35 p. m. was quiet, 1-16d. advance; July, 3d.;
-Mar.,
8
-Dec., 33/d.; Jan.
Aug., 3d.; Sept., 3 1-16c1.; Oct.
/
33id.; April-June, 33 3d.; July-Sept., 3%d. Unofficial estimate of rubber stocks in Great Britain for the week ending
July 25 shows a 850 ton decrease at London and a 350 ton
decrease at Liverpool, or a total decrease of 1,200 tons.
Singapore closed dull, 1-16d. to %d. decline; Aug.,2 11-16d.;
-Mar., 2 8cl.; No. 3 amber crepe,
-Dee., 2 13-16d.; Jan.
Oct.
2%d., off 1-164.
-On the 18th inst., prices ended unchanged to
HIDES.
3 points lower. In the Argentine 4,000 July frigorifico steers
sold at 113%c. and 3,000 light frigorifico steers at 10 13-16c.
The closing of futures here on the 18th inst. was as follows:
July 10.85c.; Dec. 12.950.; Mar. 13.850. On the 20th inst.,
prices declined 5 to 20 points. Chicago was said to have sold
25,000 hides at steady prices. They included 3,000 heavy
Texas steers at 12c. and 1,500 Colorado steers at 113'c.
River Plate frigorifico were rather more active and 4,000
/
July frigorifico steers sold at 113 0. Common dry hides
sold a little more freely at fairly steady prices. Country
New York City calfskins
hides were also rather better.
steady with 5-7s 1.10c.; 7-9s 1.60c.; 9-12s 2.373'c. At the
Exchange Dec. closed at 12.95c.; Mar. at 13.75 to 13.80c.
On the 21st inst., prices declined 15 to 20 points with sales
of 1,600,000 lbs. Business in the Argentine was quieter.
Chicago sales included 8,000 native cows and steers, July
at 12c.; branded cows and steers, July lie.; packer 9,500
butt branded steers, July 12c.; 13,500 Colorado steers July
113c.; 16,500 branded cows, July lie.; 1,500 light Texas
steers, July 113/2e.; 12,500 light native cows, June-July 12c.;
11,000 branded cows, July 11c. Futures closed on the
21st inst. as follows: Sept. 11.40c.; Dec. 12.70c.; Mar. 13.55
to 13.650.; June 14.35 to 14.450. On the 22d inst., prices
closed unchanged to 19 points off. Trade houses both
bought and sold; 6,000 July extra light steers sold at the
West at 120. and 3,000 July extremes frigorifico sold at
10 9-16c. On the Exchange here prices closed with Dec.
12.650.;Jan. 12.95c.; Mar. 13.550. On the 23d inst.,futures
were irregular closing 25 to 30 points lower with sales of
1,800,000 lbs. The Endicott-Johnson leather factories are
said to be operating at capacity. Brown shoe plants are
said to be running at 95%. Of frigorifico hides 4,000 June
extremes sold at 10% to 10 7-16c., and 2,000 July extremes
also at 10% to 10 7-16c. at the Exchange Sept. closed at
Ile.; Dec. at 12.37 to 12.40c.; Mar. at 13.30c.; June at
14 to 14.150. To-day prices ended 13 to 20 points higher
with sales of 100 lots. Final prices show a decline for the
week of 44 to 45 points.
OCEAN FRIEGHTS were quiet. Later rates fell.
JULY 25 1931.]
FINANCIAL CHRONICLE
Ohio and Pennsylvania fine delaine. 26 to 27c.; 34-blood, 2454 to 25c.;
%-blood, 2254 to 23e.; 34-blood, 2134 to 22c. Territory, clean basis, fine
staple, 62 to 63c., fine medium French combing, 57 to 58c.; fine medium
clothing. 52 to 55c.; 14-blood staple, 55 to 60c.: 34-blood, 47 to 50c.; 34blood, 40 to 45c. Texas, dean basis, fine 12 months, 58 to 62c.; fine 8
months, 53 to 55c.; fall, 48 to 50c. Pulled, scoured basis, A super, 55 to
60c.: H. 45 to 48c.; C, 40 to 454. Domestic mohair, original Texas, 24
to 25c.: Australian, clean basis in bond, 64-705, combing super, 45 to 47c.;
64-70s clothing, 40 to 42c.; 64s combing, 43 to 45c.; 60s, 40 to 41c.; 58-60s,
38 to 390.; New Zealand, clean basis in bond. 58-60s, 37 to 38c.
663
Stock.
1929-1930.
1930-1931.
Receipts to
July 24.
This Since Aug This Since Aug
Week. 1 1930. Week. 1 192g.
Galveston
Texas City
Houston
Corpus Christi__ _
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
N'port News,5cc
New York
Boston
Baltimore
Philadelphia
1931.
1930.
414.994
12.624
755.327
26,354
1,389 1.755,056
--- 137.115
1,937 2.627,427
5,365 394.430
15,111
2,232 1.699.521
1,557 1.404.514
126 111,687
2.032 2.846,581
441 574.503
25,715
4.759 1.458,203
-
190.626
3.183
535.766
11.274
595.041 333.251
In London on July 17 offerings, 6,993 bales; demand was
better for greasy warp wools, merinos and fine crossbreds
10.285
2,087 601,101
64 410.350 218,095
32.708
1,845
69.460
and prices of such lots were often equal to the May closing
867
1.348
493
--_5.34
levels. America bought superior greasy Geelong and
39e 524.757 352.573 104,555
922 722.051
7.094
Tasmanian comeback 64s at 19d. clean, and 60s at 18d.
49.050
60.620
403 248,701 151.398
1,220 298.425
Superior scoured Adelaide witefree warp 64s to yield 98%
__60,76412,070
touched 19d. Superior Queensland free 1 to 2 inch, 70s
5,446
14
7
92,234
3.886
64.667
54,547
49.316
890 157,801
455 161,848
lambs brought 11 d., equal to 19d. clean. Burry Sydney
half inch to inch lambs were withdrawn. It WES stated that
58,655 228,378 240.257
1.175
49
2.193
3.041
6.108
6.590
---the bids for the latter wools were equal to only 8d. clean,
411
850
33.063
1,024
28,568
---not including the carbonizing charges. In London on July
5,186
753
5,293
20 offerings 8,150 bales chiefly of New Zealand greasy slipe
Totals
16,304 8,481,360 12,297 8.213.620 2,823,923 1,557,590
and crossbreds. Liberal buying was resumed by Yorkshire
In order that comparison may be made with other years,
and increasing purchases by the Continent resulted in prices
we give below the totals at leading ports for six seasons:
frequently in sellers' favor. Details:
Sydney, 282 bales: greasy merinos. 734 to 11%cl. Victoria, 406 bales;
scoured merinos. 1154 to 17344.; greasy. 834 to 1234d. West Australia,
353 bales: greasy merinos, 754 to 1134d. New Zealand, 6.721 bales,
scoured merinos, 13 to 20144.: greasy, 8 to 934d.; scoured crossbreds,
534 to 13d.: greasy. 5 to 1034cl. Cape. 338 balm; scoured merinos, 1034
to 11344.: greasy. 6 to 8d. New Zealand slipe, ranged from 5 to 931cl..
-bred lambs.
latter half
In London on July 21st offerings of 6,100 bales included
512 bales of English greasy crossbreds, all of which were sold
mostly. Yorkshire. New Zealand best Colonial selection
to
sold briskly to both home and Continental buyers. Prices
showed a hardening tendency. Details:
Sydney, 1.218 bales: scoured merinos. 954 to 173444 greasy, 654 to 15d.:
Queensland, 1,139 bales; scoured merinos. 9 to 18d.: greasy, 8 to 11d.:
Victoria. 750 bales; scoured merinos. 14 to 164.; greasy, 1034 to 14d.:
scoured crossbreds. 7 to 134.; West Australia. 1SS bales; greasy merinos.
834 to 11d.: Tasmania, 330 bales: scoured merinos. 11 to 1334d.; greasy
crossbreds. 8 to
New Zealand, 1.919 bales; scoured crossbreds, 11
12%d.•.
to 144.; greasy. 534 to 10%d.
In London on July 22 the fourth series of Colonial wool
sales in the current year closed to-day. Offering 9,500 bales.
Demand good from Yorkshire and the Continent. Compared with May sales, prices on best greasy scoured merinos
ranged from par to 5% lower; inferior merinos were 5 to 10%
cheaper. Fine greasy crossbreds were par to 5% lower;
medium coarse greasy and slipe 5 to 10% below May rates.
Cape wools showed a 10% decline, while Puntas were 5 to
107 lower. Dealers estimate purchases by home buyers
0
at 43,000 bales; Continent, 34,500 and America, 3,000.
Of the 146,000 bales held over, 134,000 were unoffered.
Deatils of July 22:
Sydney, 724 bales; greasy merinos, 7 to I254d.; Queensland, 515 bales;
greasy merinos. 7 to 12144.; Victoria, 362 bales; greasy merinos, 1234 to
I334d.: West Australia, 196 bales; greasy merinos, 6 to 1034d.; South
Australia. 138 bales: scoured merinos. 854 to 124.; New Zealand, 4,084
bales: greasy crossbreds. 454 to 954d.; Puntas, 3,443 bales: greasy merinos,
5 to 7d.•. greasy crossbreds, 5% to 11%d.; Falklands, 102 bales; greasy
crossbreds. 434 to 634d. New Zealand slipe ranged from 454 to 101.0..
latter halfbred lambs.
The next series will begin Sept. 15. The first five series
arranged for 1932 begin on the following dates: Jan. 12,
March 1, April 12, May 24 and July 5.
To-day wool tops were active here and 150 to 190 points
higher with sales reported of 105,000 lbs. closing with
Sept. 75.80e.; Oct., 75.20e. and Nov. to June inclusive 750.
Boston dealers reported to be buying tops heavily here.
Roubaix closed quiet and unchanged after being unchanged
to 10 points lower early. July and Sept., 22.50c.; Dec. and
Jan. 22.70e. Antwerp steady and unchanged at 193 0.
/
for all months. Boston tops, 80.50e.
SILK closed 2 to 4 points lower to-day with sales of 135
lots. Final prices are 7 to 10 points lower than a'week ago.
July ended at 2.32c.; August, 2.30 to 2.310.; Sept., 2.29c.;
Oct., 2.28 to 2.290.; Nov., Dec. and Jan., 2.27 to 2.28c.;
Feb., 2.28c.
COTTON
Friday Night, July 24 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
16,304 bales, against 16,170 bales last week and 13,152 bales
the previous week, making the total receipts since Aug. 1
1930 8,481,360 bales, against 8,213,620 bales for the same
period of 1929-30, showing an increase since Aug. 1 1930
of 267,740 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi.._
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Totals this week_
Sat.
Mon.
Tues.
Wed.
178
66
405
205
316
22
164
207
1.845
372
32
1,308
1.248
299
225
441
----
551
21
255
116
1,018
2
21
_---
63
3,778
3,831
28
NO
2
2
Thurs.
Fri.
Total.
651
__94
77
428
304
52
126
400
64
2,163
212
1,557
126
2.032
441
4.759
2.087
108
i8
922
1,220
14
890
411
722
---,
8
32
172
6
37
-
2,115
1,190
1,874
7
---36
411
3.516 16,304
The following tab e shows the week's total receipts, the
total since Aug. 1 1930 and the stocks to-night, compared
with last year:
Receipts at
,
- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
Galveston-Houston
New OrleansMobile
Savannah_ __ _
Brunswick..
CharlestonWilmington
Norfolk
Newport News
All others___
1,557
2,032
4,751
2.087
922
1,389
1,937
2,232
64
396
1.220
14
890
403
7
455
2,823
5,414
522
4.346
1,666
2.101
Total this wk.
16.304
12.297
15,609
18,771
35.602
35,602
5,601
2.504
3,356
2,768
2,174 .. 6,860
109 lip 293
842
878
2,532
109
364
5.525
4.885
8,918
615
10,825
2.093
245
830
790
28
304
9.549
40.917
9.488
1.002
18.392
1,464
38
2,271
Since Aug. 1 - 8.481.3608.213.620 9.043,127 8.333.754 12679958 9,672.792
The exports for the week ending this evening reach a
total of 27,957 bales, of which 4,056 were to Great Britain,
497 to France, 3,865 to Germany, 2,916 to Italy, nil to
Russia, 11,939 to Japan and China, and 4,684 to other
destinations. In the corresponding week last year total
exports were 34,495 bales. For the season to date aggregate
exports have been 6,662,006 bales, against 6,615,922 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
July 24 1931. Great
GerJapandb
Exports from- Britain. France. many. Italy. Russia, China. Other.
Galveston
Houston
Corpus Christi_
New Orleans..__ _
Mobile
Pensacola
Savannah
Charleston
Wilmington _Norfolk
Los Angeles......
Total
140
2,327
447
50
1.003
26
3.539
497
2.100
95
1.142
218
1,845
2,889
-"a
-aio
2,916
4,684 27,957
1,900
8.730
2,401 34.995
3.157 58,235
27
3,865
2.439
1.849
95
1,701 14.407
450
668
1.845
1,568
1,705 1,750
27
1.383
2.126
5
,551
1.518
2.183 8.011
587 14,431
1,550 18.450
600 27,191
828
From
Exported to
Aug. 1 1930:0
July 24 1931. Great
GerJapan&
Exportsfrom
- Britain. France. many. Ll_taly. Russia. China. Other.
Galveston-Houston
Texas City_ -Corpus Chrlstl
Beaumont .-New Orleans
Mobile
Pensacola.._ _.
Savannah_
Brunswick
Charleston.._
Wilmington_
Norfolk
Gulfport
New York_ _ Boston
BaltimorePhiladelphia_
Los Angeles-San Diego_ _
San Francisco
Seattle
Lake Charles_
Total.
11,939
700
4,056
Total 1930
Total 1929
1,471
949
Total.
148,692171.630'227.722107.79
_ _ _ 297,179243.758 1,196,660
218.326447.612 491,395 186,609 3,435 514.391 308,699 2.170.467
15,167 15,057 16.724 1,425 - - 9.109 6,959 64,441
66.361 160.837 103,072 25,06
121,317 48,353 525.005
4.631 6,237 10,270
300
4,449 25.887'
208.744 98,850 191,998 111,612 25,844281.879 114,040 1.033.017
114.560 7.614 96,583 2,694 -_ 46.666 4,550 272,667
13.381
____
45,988 1,272
8.748
20
135,995 2.078 239.051 10,907
69.06
44,777 11,261 444.5 9
9
_
49.050
7,79341,257 -13:542 198.015
64,838 -5ii
13 126 -865 3,501 56.062
7,845 __ 119..772 30,5691
1,360 1,491 106.170
50.288 2,849 49.691
50
50
2.745 6,063 24,336
3,296 6.593
3,820 1,815
245 1.819
6.312
3,288
300
660 -205
205
--- _122
- _122
25.355 15,452 284.808
SOO
15.029 3.595 24,977
-_
400
400
7,226
4703i7
1.677 60.315
____
3,685
50
13,000
493 13,493
5.906 2,383 60,564
2.456 13,225 27,088 9,806
Total
1,087.646 936.795 1,706,879 490,822 29.27911620901 789.6646.662,006
Total '29-'30_ 1,267,973824,220 1,786,276 668,269 128,721 1227245 715.2186,815.922
Total '28-'29_ 1.852,727797,790 1,935,530 715,908 335,445 1511259 794,626 7,943.256
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Other CoastGreat
Ger- Britain. France. many. Foreign wise.
July 24 at
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports *
Total 1931- _
Total 1930Total 1029.....,.
•Estimated.
800
1,044
1,000
953
1.600 4.000
1,847 14,725
1,500 5.700
Leering
Stock.
Total.
5C0 7.900
1.600 20,169
7,200
1.500
500
1,000 22,000
407.094
574.872
345.373
151,398
8.301 209.794
54,547
25.000 1,012,275
3.344
3.896
4.487
3,104
2.726
4,219
5,947 54,075
4.730 11.906
7.440 27.528
2,100 68.570 2.755,353
1.314 24,572 1.533.018
9.159 45.826 494.996
-651
_
7,e815
664
Speculation in cotton for future delivery has been on a
very small scale, awaiting events from the international
conference In London. But, in the main, the swing of prices
has been downward, owing to generally favorable crop reports, declining stock markets, disappointment at the results
in London, and more or less liquidation. Of late the trade
demand, moreover, has fallen off. The weekly report on
the crop and weather conditions was, in the main, favorable.
On the 18th inst. prices declined 10 to 15 points, with stocks
off, European political news uncertain, favorable crop
news, and scattered liquidation. Later offerings fell off,
stocks advanced, fears of unduly heavy rains in Texas, the
menace of weevil damage, and, finally, trade and European
buying and general covering caused a rally. On the 20th
Inst. big buying by the trade and what were considered bad
Texas rains caused an advance of 34 to 37 points. There
was some alarm about the weevil. The rains in Southern
2
Texas, including 7V inches in two days at Corpus Christi,
were considered excessive. The New York and London stock
markets were firm. German bonds advanced. Spot markets
jumped 35 points, which seemed to check buying. Worth
Street was quiet and Manchester dull.
On the 21st inst. prices declined 24 to 29 points with the
London news about the international conference indefinite,
the weather in some respects better, the Liverpool cables
disappointing, and more or less liquidation. Also the trade
demand fell off sharply. The technical position on the
surface seemed weaker. Spot markets were dull and 25
points lower. On the other hand, Texas and Arkansas rains
continued. The forecast was for showers. The trade short
Interest was considered large. Liverpool reported the Continent buying. Memphis wired that there was increasing
weevil talk. Louisiana in some cases reported damage by
•weevil. Worth Street and Manchester were quiet. The
Cotton Exchange Service stated that in five and a half
months since the end of January the exports of American
cotton to Japan, China and India have reached the imposing
aggregate of 837,000 bales against only 357,000 in the same
time last year and 467,000 two years ago. They are the
largest exports to that part of the world for four years past.
Also in four months from February to May the exports from
India to Japan and China were only 829,000 bales, or 141,000
bales less than in the same time in the previous year and,
156,000 bales less than two years ago. The exports of
American cotton to the Far East were 480,000 bales larger
this year than last year. The world's spinners' takings of
American cotton for the full current season, it is figured,
will be about equal to world consumption of around 11,100,000
bales, which will result in mill stocks at the end of this
season being about equal to mill stocks at the end of last
season. France reports sales of yarns and cloths above
production. Italy likewise reported sales above current output. Poland expects an active demand for winter goods, in
consequence of better prices for agricultural products. Belgium activity is slightly increased. Holland reports spinners working full time.
On the 22nd inst. prices declined, roughly, 25 to 30 points
on unsatisfactory news about the London international conference, a generally favorable weekly report, mostly good
weather, poor Liverpool cables, dull and lower spots on this
side, and general liquidation. The summary of the weekly
weather report said: "Moderate temperatures were the
rule in the cotton belt, except in the more Eastern portion,
and showers occurred, many in generous amounts in nearly
all sections. There was some local damage by excessive
rains, but the week in general was favorable. In Texas
progress and condition of cotton are generally good in the
northern two-thirds of the State, but rains in the south were
unfavorable, resulting in shedding and rank growth. In
Oklahoma plants are growing and fruiting satisfactorily,
except in some dry areas of the central and west. In the
Central States of the belt showers were favorable except
where rainfall was excessive in some southern districts, and
where too much moisture Is causing rank growth in parts
of Arkansas; also the weather in some sections has been
rather favorable for weevil activity. Additional showers
were beneficial in Georgia, while progress and condition of
plants continue mostly good in the Carolinas, though with
further complaint of local dryness on some uplands." The
fact that the report said so little about the weevil tended to
cause selling to increase the weakness of prices.
On the 23rd inst. prices ended 6 to 14 points higher, after
an early decline. Offerings fell off. In fact, contracts
were scarce. There was considerable rain. Some thought
it suggested danger of weevil. The Bremen market reopened.
But speculation was dull. Many seemed disappointed with
the results of the conference in London. Spot markets were
quiet. Both Manchester and Worth Street were dull. Today prices were irregular, ending 30 points lower, with
stocks down, crop reports for the most pall favorable, and
a feeling of disappointment over the results of the conference in London. There were a couple of bank failures reported in Berlin. The trade demand here fell off. In parts
[VoL. 133.
FINANCIAL CHRONICLE
of the belt there was little or no rain. Nothing more than
showers was predicted. Manchester was still dull. Worth
Street was quiet and a few constructions were said to be
lige. lower. In general it was a dull, dragging market, with
selling by Liverpool, the Continent, Wall Street and the
West, and no demand sufficient to cope with the offerings
except at lower prices. Spot cotton has latterly been very
quiet. There were practically no exports to-day. Final
prices show a decline for the week of 35 to 40 points. Spot
cotton ended at 9c. for middling, showing a loss for the week
of 30 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
July 30 1931.
15-16
Inch.
1-Inch &
longer.
.25
.25
.25
.25
.25
.23
.22
.54
.54
.54
.54
.54
.44
.42
.25
.25
.23
.54
.54
.44
.23
.23
.23
.42
.42
.42
.22
.42
.22
.42
.23
.23
.43
.42
Differences between grades established
for delivery on contract July 30 1931.
Figured from the July 23 1931 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.88 on Mid.
Middling Fair
White
do
.70
Strict Good Middling._ do
do
.52
Good Middling
do
do
.31
Strict Middling
do
Middling
Basis
do
.49 off Mid.
Strict Low Middling_
do
do
1.00
Low Middling
do
do
1.75
*Strict Good Ordinary_
do
do
2.36
*Good Ordinary
do
Good Middling
.52 on do
Extra White
do
Strict Middling
.31
do do
do
Even
Middling
do do
Strict Low Middling- do do
.49 off do
do
Low Middling
1.00
do do
Good Middling
.24 on do
Spotted
do
Strict Middling
Even
do
Middling
do
.49 off do
do
*Strict Low Middling... do
1.01
*Low Middling
do
do
1.76
do
Strict Good Middling___Yellow Tinged
Even
Good Middling
do
do do
.47
Strict Middling
do
do do
.72
*Middling
do
do do
1.20
*Strict Low Middling..., do do
do
1.75
*Low Middling
do
do do
2.40
Good Middling
Light Yellow Stained_ .78 off do
*Strict Middling
do
do do
1.28
do
*Middling
do
do do
1.90
do
Good Middling
Yellow Stained
1.03 off do
do do
do
*Strict Middling
1.53
*Middling
do do
do
2.33
Gray
Good Middling
.85 off do
do
do
Strict Middling
.90
do
*Middling
1.15
do
Blue Stained
1.25 off do
*Good Middling
do do
Strict Middling
do
1.70
do do
Middling
do
2.35
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
9.40
9.65
9.30
9.15
9.00
9.30
July 18 to July 24Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
July 24 for each of the past 32 years have been as follows:
1931
1930
1929
1928
1927
1926
1925
1924
9.00c.
12.65c.
18.60c.
20.95c.
18.55c.
19.20c.
25.30c.
. 34.75c.
1923
1922
1921
1920
1919
1918
1917
1916
24.65c.
21.450.
12.650.
42.000.
35.850.
29.40c.
25.650.
13.15c.
1915
1914
1913
1912
1911
1910
1909
1908
9.20c.
13.25c,
12.15c.
13.00c.
13.60c.
15.80c.
12.50c,
10.80c.
13.00c.
10.90c.
11.40c.
10.90c.
13.50c.
9.06c.
8.25c.
10.12c.
1907
1906
1905
1904
1903
1902
1901
1900
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
July 18.
July
Range_
Closing
August
Range_
Closing
Sept.
Runge_
Closing_
Oa.
Monday,
July 20.
Tuesday, Wednesday, Thursday,
July 22.
July 21.
July 23.
Fr y.
Jul y 24.
9.12- 9.17 9.21- 9.49 9.23- 9.45 9.00- 9.15 8.90- 9.14 8.81
9.12- 9.47- 9.49 9.23- 9.24 8.99- 9.13
9.04
9.19- 9.54- 9.27- 9.02- 9.13 -- 8.5
9.15- 9.25- 8.91
9.32- 9.67- 9.40
Range.. 9.31- 9.47 9.52- 9.82 9.53- 9.80 9.28- 9.48 9.15- 9.40 9.01 9.28
Closing. 9.45- 9.47 9.80- 9.82 9.53- 9.55 9.28- 9.29 9.38- 9.01 9.10
Nov.
Range_
Closing _ 9.57- 9.92- 9.65- 9.40- 9.50- 9.21
Dec.
Range._ 9.56- 9.69 9.74-10.03 9.75-10.01 9.53- 9.70 9.38- 9.63 9.3( 9.50
Closing 9.69- 0.02-10.03 9.76- 9.77 9.53- 9.54 9.60 -- 9.3( 9.32
Jan.
Range_ 9.69- 9.82 9.87-10.14 9.87-10.12 9.65- 9.81 9.51- 9.73 9.41- 9.63
Cloning. 9.80- 9.82 0.13-10.14 9.87- 9.88 9.65- 9.66 9.71 -- 9.41- 9.42
Feb.
Range__
Closing. 9.9010.23- 9.96 -- 9.74 -- 9.80- 9.51
March
Range__ 9.87-10.01 10.06-10.35 10.04-10.31 9.83- 9.98 9.72- 9.92 9.61- 9.79
Closing_ 10.0110.34-10.35 10.06- 9.83- 9.90- 9.6e
.4prORange..
Closing _ 10.0910.4210.13- 9.91- 9.99- 9.61
May
Range.. 10.02-10.18 10.23-10.5110.21-10.49 9.99-10.17 9.85-10.08 9.77- 9.96
Closing _ 10.17-10.18 10.50-10.51 10.22- 9.9910.08- 9.77- 9.78
June
Range__
Closing _
Range of future prices at New York for week ending
July 24 1931 and since trading began on each option:
Option for
June 1931_
July 1931_
Aug. 1931.,
Sept. 1931
Oct. 1931__
Nov. 1931_
Dec. 1931_
Jan. 1932._
Feb. 1932
Mar. 1932._
Apr. 1932
May 1932__
Range for Week.
8.89 July 24 9.49 July 20
9.08 July 24 9.82 July 20
9.30 July 24 10.03 July 20
9.41 July 24 10.14 July 20
Range Since Beginning of Option.
10.10
8.16
8.36
8.83
8.53
9.21
8.75
8.87
Apr.
June
June
June
June
July
June
June
28 1931
8 1931
2 1931
15 1931
8 1931
13 1931
8 1931
8 1931
10.76
13.82
12.15
12.57
12.31
9.97
12.32
12.42
June 23 1931
Aug. 7 1930
Oct. 28 1930
Oct. 28 1930
Nov. 13 1930
June 22 1931
Feb. 25 1931
Feb. 25 1931
9.61 July 24 10.35 July 20 9.06 June 8 1931 11.59 Apr. 6 1931
9.77 July 24 10.51 July 20 9.25 June 8 1931 11.40 June 27 1931
JULY 25 1931.]
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
July 24Stock at Liverpool
Stock at London
Stock at Manchester
•
1931.
bales 785,000
183,000
Total Great Britain
tock at Hamburg
tock at Bremen
tock at Havre
tock at Rotterdam
took at Barcelona
tock at Genoa
took at Ghent
took at Antwerp
968,000
1930.
684.000
115,000
799 000
1929.
738,000
63,000
816.000
773,000
372,000
305,000
9,000
101,000
44,000
Total Continental stocks
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
1928.
710.000
78,000
280.000
164,000
9,000
74,000
21,000
246,000
143.000
6,001
53.000
33,000
379,000
194,000
9,000
95,000
39,000
831.000
548.000
481,000
716,000
665
SALES.
Futures.
Market
Closed.
Spot Market
Closed.
Spot.
Saturday..__ Steady, unchanged_ Steady
Monday _
Steady. 35 pts. adv. Firm
Tuesday _ _ _ Quiet,25 pts. dec___ Barely steady-Wednesday_ Quiet,25 pots. dec_ -- Easy
Thursday _ Steady, 15 pts. adv- Steady
Friday
Quiet,30 pts. dec., _ Easy
Total week_
Since Aug. 1
contr.t.
Total.
400
400
700
200
800
1,013
100
1.713
200
900
1.513 1.700 3.213
53,873 590.400 644.273
'
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:
Total European stocks
1,799.000 1,347,000 1,297,000 1,489.000
India cotton afloat for Europe__ - 72,000 130,000 128,000
114,000
American cotton afloat for Europe 87,000 123,000 174.000 162,000
Egypt,Braxil,&c.,afloatforEurope 107,000
84.000 120.000 104.000
Stock In Alexandria, Egypt
618,000 482,000 223.000 220,000
-1929-30--1930-31Stock in Bombay, India
795,000 1,031 000 1.035,000 1.182.000
Jul1 24Since
Since
Stock in U. S. ports
2,823,923 1,557.590 540.832 624.709 ShippedWeek. Aug. 1.
Week. Aug. I.
Stock in U. S. interior towns
818,425 579.770 224,790 328,470
Via St. Louis
h
h
2,200
1,841
U. S. exports to-day
71
3,931
Via Mounds, Sic
728
h
h
108
hh
Via Rock Island
Total visible supply
7,120,419 5,334,360 3,742,622 4,228,110
Via Louisville
h
h
155
- MI5
Of the above, totals of American and other descriptions are as follows.
Via Virginia points
h
3,000
Is
3,411
American
Via other routes, &c
h
Is
5,726
2.600
Liverpool stock
369,000 245,000 353.000 449.000
Manchester stock
71.000
44.000
47,000
46,000
Total gross overland
h
11,241
h
9,068
Continental stock
721,000 432,000 401,000 658,000 Deduct Shipments
American afloat for Europe
87.000 123,^ 0 174,000 162,000
Overland to N. Y., Boston, &c.... 411
h
49
h
U. S. port stocks
2,823,923 1,557,590 540.832 624,709
Between interior towns
h
h
342
296
U. S. interior stocks
818,425 579,770 224.790 328.470
Inland, kc., from South
8.434
h
4,126
h
U. S. exports to-day
71
3,931
Total to be deducted
Is
9,187
h
4,471
Total American
4,890,419 2.981,360 1.740,622 2,272,110
East Indian, Brazil. &c.
Leaving total net overland *
Is
2,054
Is
4,597
Liverpool stock
416,000 439.000 385,000 261,000
London stock
•Including movement by rail to Canada.
Manchester stock
112,000
71,J00
31,000
17,000
Is We withold the totals since Aug. 1 so as to allow proper adjustment at
Continental stock
110,000 116,000
80,000
58,000 end of crop year.
Indian afloat for Europe
72,000 130,000 128.000 114.000
-----1930'-31
-1929-30Eg3rpt, Brazil, &c., afloat
107,000
84,000 120,000 104,000
/n Sight and Spinners'
Since
Since
Stock in Alexandria, Egypt
618,000 482,000 223,000 220,000
Week.
Takings.
Week.
Aug. 1.
Aug. 1.
Stock in Bombay, India
795,000 1.031,000 1,035,000 1.182.000 Receipts
at ports to July 24
Is
h
12.297
16,304
h
Is
2,054
4,597
Total East India, &c
2,230,000 2,353,000 2,002,000 1,956,000 Net overland to July 24
h
Is
85.000
Total American
4,890,419 2,981.360 1,740.622 2,272,110 Southern consumption to July 24..100,000
Total marketed
h
118,358
h
101.894
Total visible supply
7,120,419 5.334,360 3,742.622 4,228.110 Interior
stocks in excess
Middling uplands. Liverpool
h
h
*19.409
4.98d.
7.47d. 10.584. 11.73d. Excess of Southern mill takings*15,161
Middling uplands, New York.-9.00c.
12.75c.
18.70c.
21.05c.
h
over consumption to July 1____
Is
Egypt, good Sake'. Liverpool
8.70d. 13.504. 18.054. 20.954.
Peurvian, rough good. Liverpool14.50d.
13.50d.
Came into sight during week-103,197
h
Is
Broach, fine, Liverpool
82,485
4.29d.
5.10d.
8.80d.
9.90d.
Total in sight July 24
Tinnevelly, good, Liverpool
4.94d.
6.504.
9.954. 10.854.
Continental imports for past week have been 65,000 bales. North.spinners'takings to July 24 2,953
h
h
6.075
The above figures for 1931 show a decrease from last
• Decrease.
week of 108,360 bales, a gain of 1,786,059 over 1930, an
h We withold the totals since Aug. 1 so as to allow proper adjustments
increase of 3,377,797 bales over 1929, and a gain of 2,892,- at end of crop year.
309 bales over 1928.
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
AT THE INTERIOR TOWNS the movement
-that is, OTHER MARKETS.
the receipts for the week and since Aug. 1, the shipments for for middling cotton at Southern and other principal cotton
the week and the stocks to-night, and the same items for the markets for each day of the week:
corresponding period of the previous year, is set out in
Closing Quotations for Middling Cotton on
detail below:
Week Ended
Movement to July 24 1931.
Towns.
Ala., Birm'ham
Eufaula
Montgomery,
Selma
Ark.,Blytheville
Forest City__
Helena
Hope
Jonesboro..._
Little RockNewport
Pine Bluff
Walnut Ridge
Ga., Albany _
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La, Shreveport
Miss., Cl'Irsdale
Columbus.
Greenwood..
Merldian
Natchez
VicksburgYazoo City_ _
Mo., St. Louis.
N.C.,Greensb'o
Oklahoma
15 towns*
S.C., Greenville
Tenn.
,Memphis
Texas, Abilene_
Austin
Brenham...
Dallas
Paris
Robstown_ _
San Antonio_
Texarkana
Waco
Ship- Sweks
ments. July
Week., Season, Week. 24.
180
28.947
73,411
37a 100.754
-_
43
io
34,
32
----
44
4,486
5,274,
200
1,109
353
42
5
5,
43
4
1,805
8311
1
76,871
15.766
41,825
32,555
26,454
103,035
27.976
88,785
24,022
7,404
45.555
244,399
354,867
49.830
95,431
20,886
108,638
113,500
25.287
138.305
66,424
13,199
35.219
32,912
248,688
54,064
769'
437'
300
1,11
90
57
560
100
918
1241
5051
675
31,932
7.361
50,341
34,312
11,610
2,083
8,967
399
974
14,531
2,293
8,184
1,538
2.771
200123.210
976169,439
2,446 63,750
5.000
1,214 25,885
750 5.202
588 59,064
729 11,307
3,343
18,038
183 19,486
150 4,749
243 3,809
208 3.662
1,841 3,936
1,182 33,496
1,551
96 534,263
893 19,247
1,760 151,007 2,923 36,704
5,975 1,389,364 14,018 111,758
27,104
124
24,889
286
6
19,612
42 3,640
234 196,713
496 6,226
1 63,571
30
242
86
59,906
1 1,282
27,976
300 1,706
34,709
30 2,639
--88 62,0091
87 3,209
Ship- Stocks
menu. July
Week. Season. Week, 25,
Receipts.
315 112,737
6141
20,148
101
45
5 64,003
220
73,957
127 896
586
31,000
68
61,907
167
56.714
6
39
3
39,869
71
7 129,28
66
51,454
3
4
189,483
418
55,90
423
6.482
--20 43,472
700
214 185,629 1,694
694 320,562 2,218
25,903
70
95,627
36
178
23,378 1,500
70 147,125
856
63 192,980
423
29,193
188 234,106
616
14
53,489
238
25,674
39
33,190
174
41,846
313
2;ii5 329,478 2,200
116
22,537
70
6,938
4,558
17,537
13,850
10,354
5,273
8,977
768
1,544
6,621
1,042
14,422
2.370
2,494
12,131
48,686
47,961
1,097
11.999
2,616
36,279
15,470
2,781
40,763
3,434
3.383
4,806
4,423
7,725
7,641
317 751,905 1,065 30.808
951 195,580 2,917 22,928
4,567 1,088,697 10,412 153,762
130
29,311
153
313
4
11,511
---517
10
11,536
32 2,446
74 118,768
83 10,712
76,135, ---- 1,654
____
-55
g1:021
61,053
106,942
---71
663
2,040
5,846
Total. 56 towns 23.489 4.933.938 37,862818,425 10.2046,233199
28,635579,770
*Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 15,161 bales and are to-night
238,655 bales more than at the same time last year.
receipts at all towns have been 13,195 bales more thanThe
the
same week last year.
July 24.
Saturday. Monday. Tuesday. Wed'day. Thursdy. Friday.
Galveston
Receipts.
398 102,723
Movement to July 25 1930.
New Orleans-- Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock__ _ _
Dallas
Fort Worth_
9.25
9.06
8.35
8.92
9.00
9.20
8.75
8.30
9.10
8.25
8.75
___
9.55
9.40
-___
9.32
9.38
9.30
9.19
8.70
9.50
8.60
9.15
9.15
9.30
9.21
8.45
8.95
9.13
9.50
8.88
8.45
9.25
8.35
8.95
8.95
9.05
9.01
8.20
8.68
8.88
9.20
8.63
8.20
9.00
8.20
8.65
8.65
9.15
9.01
8.30
8.78
8.94
9.00
8.75
8.30
9.10
8.25
8.75
8.75
8.85
8.87
8.00
8.48
8.69
8.90
8.44
8.00
8.80
7.92
8.45
8.45
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
July
August_ _ _
September
October _
November
December_
January
February _
March
April
May
June
July
Tone
Spot
Options_
Monday,
Tuesday, Wednesday, Thursday,
July 18.
July 20.
July 21.
July 22.
July 23.
Friday,
July 24.
9.07- 9.10 9.43- 9.44 9.21 - 9.01 - 9.03- 9.05 8.80 -9.45- 9.46 9.78- 9.80 9.54- 9.55 9.31- 9.32 9.37- 9.38 9.11- 9.11
9.68- 9.69 10.00-10.02 9.76- 9.77 9.53- 9.54 9.58- 9.60 9.34- 9.3/
9.79 Bid. 10.11 Bid. 9.87 Bid. 9.65 Bid. 9.69 Bid. 9.45 Bid
9.98 Bid. 10.30 Hid. 10.08 Bld. 9.83- 9.84 9.88 Bid. 9.62 Bid
10.18 Bid. 10.48-10.50 10.22- 9.98-10.00 10.04- 9.80-
Steady,
Steady.
Steady.
Very st•dv.
Quiet.
Easy.
Quiet.
Steady.
Quiet.
Steady.
Quiet.
Steady.
ACTIVITY IN THE COTTON-SPINNING INDUS-Persons interested in this report will
TRY FOR JUNE.
find it in our department headed "Indications of Business
Activity" on earlier pages.
WEATHER REPORTS BY TELEGRAPII.-Reports to
us by telegraph this evening denote that considerable rain
has fallen during the week in nearly all sections of the cotton
belt and in many cases precipitation has been very heavy.
There are complaints of insects and some reports of damage
by rain.
Texas.
-Progress and condition of cotton in the northern
two-thirds of this State have been generally good, but rains
in the south have been unfavorable, causing shedding and
rank growth.
-The weather during the week has been very
Mobile, Ala.
unfavorable, there having been too much rain and considerable weevil damage.
-There are complaints here of too much
Memphis, Tenn.
rain causing cotton plants to go to weed.
Galveston, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Henrietta, Tex
Kerrville. Tex
Lampasas, Tex
Longview, Tex
Luline, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex.,,
San Antonio, Texas
Taylor, Tex
'Weatherford, Tex
Ardmore, Okla
Altus, Okla
Muskogee, Okla
Oklahoma City, Okla
Brinkley. Ark
Eldorado, Ark
Little Bock, Ark
Pine Bluff, Ark
Alexandria. La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Vicksburg. Miss
Mobile, Ala
Decatur, Ala
Mcntgomery, Ala
Selma, Ala
Gainesville, Fla
Madison. Fla
Savannah. Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N. C
Newbern, N. 0
Weldon, N. C
Memphis, Tenn
Rain.
2 days
4 days
5 days
3 days
4 days
2 days
3 days
2 days
'3 days
1 day
6 days
4 days
2 days
4 days
2 days
2 days
2 days
4 days
2 days
4 days
1 day
4 days
1 day
5 days
5 days
3 days
3 days
5 days
3 days
3 days
4 days
4 days
4 days
3 days
3 days
4 days
4 days
2 days
1 day
4 days
4 days
3 days
3 days
1 day
2 days
3 days
4 days
5 days
3 days
4 days
Rainfall.
0.50 in.
0.89 in.
0.51 in.
1.58 in.
7.28 in.
0.94 in.
2.86 in.
2.06 in.
0.50 in.
1.12 in.
1.08 in.
1.22 in.
0.30 in.
0.65 In.
1.40 In.
0.03 In.
1.06 in.
4.55 in.
2.36 in.
1.14 in.
0.09 in.
2.10 in.
0.34 in.
1.26 in.
3.23 in.
1.46 in.
1.93 in.
0.89 in.
1.05 in.
1.20 in.
1.42 in.
2.03 in.
4.37 in.
2.10 in.
1.34 in.
1.27 in.
1.16 in.
0.55 in.
0.06 in.
3.10 in.
1.91 in.
1.17 in.
0.61 in,
0.57 in.
2.20 in.
1.01 in.
2.74 in.
1.97 in.
2.55 in.
1.80 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
89 low 80 mean 85
96 low 72 moan 84
00 low 74 mean 82
92 low 76 mean 84
90 low 72 mean 81
96 low 72 mean 84
98 low 72 mean 85
90 low 68 mean 79
97 low 70 mean 82
94 low 68 mean 81
94 low 72 mean 83
92 low 70 mean 81
92 low 74 mean 83
96 low 72 mean 84
92 low 72 mean 84
94 low 74 mean 84
96 low 72 mean 84
96 low 70 mean 83
99 low 69 mean 84
98 low 71 mean 85
101 low 68 mean 85
95 low 68 mean 82
94 low 73 mean 84
94 low 71 mean 83
90 low 71 mean 81
99 low 70 mean 85
92 low 67 mean 80
92 low 72 mean 85
94 low 70 mean 82
97 low 67 mean 82
95 low 68 mean 82
92 low 69 mean 81
93 low 70 mean 83
100 low 68 mean 84
94 low 70 mean 82
94 low 70 mean 82
96 low 69 mean 83
95 low 69 mean 82
96 low 73 mean 84
101 low 70 mean 86
101 low 72 mean 87
97 low 71 mean 84
93 low 73 mean 83
97 low 69 mean 83
08 low 70 mean 84
99 low 70 mean 85
98 low 68 mean 83
96 low 72 mean 84
97 low 67 mean 82
93 low 67 mean 80
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
July 24 1931. July 25 1930.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
1.7
5.4
9.4
5.2
8.6
1.7
4.8
6.9
7.5
9.6
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date July 20, in full below:
TEXAS.
WEST TEXAS.
-Showers last part of week and pleasant
Abilene (Taylor Co.).
weather. Cotton growing rapidly and fruiting well. Looks perfect but
this showery cloudy weather may start worms though nothing botherinx
yet. In some places plant is a little rank for this early in the year, but
can't expect conditions to continue as good as they are now.
-Cotton making wonderful progress. Fields
askell (Haskell Co.).
well cultivated. Plants fruiting and blooming satisfactory. Some
lice on cotton but no material damage up to now. Rain will be needed
next week.
Quanah (Hardeman Co.).-Hardeman County cotton growing satisfactorily. Spotted showers past week covered half of county. More
rain desirable in some places; but average advancement of plant is
nearly normal for this time of year in spite of late start.
-Weather has been favorable for cotton past week.
Turkey (Hall Co.).
Some report of cotton fleas. Underground season is good, general rain
would be very beneficial to early feed. Some local showers to-day.
NORTH TEXAS.
-Past week has been favorable to the growth of
Paris (Lamar Co.).
cotton, the plant seems to be fruiting well, though the season promises
to be about two weeks later than last year. As yet there have been few
reports of insects doing damage, though the real time of damage has
not yet arrived; however, unless conditions are very favorable for
weevil we do not anticipate material damage.
-Crop progressing favorably, had good rain
Terrell (Kaufman Co.).
Friday. All we need now is warm dry weather.
-Three weeks since my last report and during
Texarkana (Bowie Co.).
that time the crop has made perfect progress. Weather just what the
Doctor ordered, cultivation perfect. Crop possibily a week later than
normal and we are now entering the critical period. Boll weevil, boll
worms, leaf worms and many other enemies can do serious damage
before maturity of the crop.
CENTRAL TEXAS.
-Weather this week unfavorable, too much rain
Austin (Travis Co.).
and cloudy weather, breeding weevils instead making cotton.
-Cotton crop this section appears to be making
Bartlett (Bell Co.).
very satisfactory progress. It is fruiting well. Fields are clean and at
this time the crop gives promise of producing better than an average
it
yield. However, we are very apprehensive of worms and weevil, as
is showering almost daily.
practically covered by
-This county
Brenham (Washington Co.).
rains past week, ranging from only light showers in places to heavy in
of area has had all moisture needed, remainder
others. Three-quarters
needs more. Plant showing considerable improvement where rains fell.
[VOL. 133,
FINANCIAL CHRONICLE
666
Crop blooming freely everywhere, but stalk small. Not many insects
now, but expected to become more numerous if showery weather continues for any length of time.
Cameron (Milam Co.).
-Too much rain past four days, raining again
to-day. Few boll worms showing up but not enough to be alarmed over
yet. Need hot dry weather from now on.
Lockhart (Caldwell Co.).
-Condition 72%, fields clean. Had about
two inches rain in all this week, too many showers, need dry hot weather.
Very little insect damage at this writing; however, rain continues which
will no doubt do lots of harm. Plants are knee high and fruiting well.
Bolls developing fine in older cotton, movement will be two weeks late,
about Aug. 20th. Labor plentiful.
Navasota (Grimes Co.).
-A part of this territory received nice rains
which however, were not general, but where rains fell prospects are
improved, but insects are said to be more plentiful, but very little
damage reported.
Taylor (Williamson Co.).
-We have been getting many showers and
heavy rains during the past week which I fear will start insects working
and may cause serious damage to cotton. In fact the fleas and weevil
are both very plentiful, fleas having already done considerable damage.
In all localities in portions of the fields where they have been you can
see the plant from 25 to 30 inches high and yet absolutely nothing on
We must have hot and dry weather from now on.
Waxahachie (Waxahachie Co.).
-For the past two weeks cotton has
been doing fine, the plant is fruiting from the bottom. The hot dry
weather we have,had has helped and then the two rains Thursday and
Saturday will help the cotton and corn too. There has been very little
talk about insects so far but we are looking for them to start after the
above rains. I would say the cotton at this time is above the average
and two weeks late.
EAST TEXAS.
Jefferson (Marion Co.).
-Have had rains every day this week, too
wet for field work Weevils in part of county. Crop about three weeks
late. Want about two weeks dry weather.
Marshall (Harrison Co.).
-Crop conditions here are the best in several
years. With plenty of moisture cotton is growing and fruiting rapidly,
and with favorable weather from now on East Texas will produce a
splendid crop.
-Crop making excellent progress. Ample
Palestine (Anderson Co.).
rains fell over territory during past week and moisture is sufficient for
present. Nothing is now needed except a period of hot dry weather
to keep insect activity in check. Scattered reports of weevil and fleas
but damage is negligible at present. Partly cloudy to-day.
SOUTH TEXAS.
-Has been raining for past three days with
Gonzales (Gonzales Co.).
no sign of a let-up. With present weather conditions weevil damage is
going to prove very serious. Crop is about three weeks late and just
beginning to fruit well. Rains are getting the blooms now and in a few
days the weevils will probably do the rest. Movement is going to be
late this year and rains will hold it off longer. Do not look for strong
receipts before September.
-Cotton crop in this territory has deteriorated
Kenedy (Karnes Co.).
about 50% in the past three weeks caused by the heavy rains followed by
very hot weather. The plant has thrown off almost all fruit but the
grown bolls and had just started to bloom again when we received more
big rains the last few days. We have a heavy infestation of weevil and
fleas and a light infestation of boll worms, a largo rank stalk full of sap
with an abundance of moisture. We find some fields with a fairly good
crop of grown bolls that should make 3.4 to 1-3 bale to the acre, while
other fields have practically no grown bolls and it looks like it will take
from 8 to 10 acres to make a bale. If we can get hot dry weather from
now on we may make some more cotton, but the present prospects are
for a crop of 40% to 50% of last year.
-Rains have been falling in this section
San Antonio (Bexar Co.).
which were not needed. About two inches have fallen this week and is
still cloudy. No doubt, this will cause shedding. What we need now
is dry, warm weather.
OKLAHOMA.
-Cotton is making good progress but is
Frederick (Tillman Co.).
going to need rain before long. We have had several local showers but
they have not been extensive enough to do much good.
-Lower temperatures and showers with cloudy
If ugo (Choctaw Co.).
weather has been beneficial but much concern is expressed where weevils
are increasing. So far damage has been mostly fleas and spotted with
some places showing nothing, no stalks and others well fruited. With
continued rainy weather heavy weevil damage is feared.
-Been raining past five hours which breaks
Wynnewood (Garvin Co.).
a seven weeks drouth. We needed this rain badly and it will do wonders
for the cotton as it fell slowly enough to soak into the ground.
ARKANSAS.
-Good rain Friday was beneficial. As
Ashdown (Little River Co.).
a whole our plant is undersize, early planting blooming freely, late
insects.
planting badly affected by
-Weather past week warm with light,
Blytheville (Mississippi Co.).
scattered showers and while cotton does need rain at persent, rains were
not heavy enough to retard cultivation and practically all fields are
clean, soil in good condition and cotton growing and fruiting. Nearly
all crops are laid by and as cotton is too large to work with cultivators,
any future cultivation will be done with hoes.
-Past week favorable with good needed
Little Rock (Pulaski Co.).
rains, need sunshine now. Few insects reported.
-Cotton making good progress in this
(Conway Co.).
Morrilton
county. Some sections beginning to need rain. Crop still 8 to 10 days
later than normal. Fruiting satisfactorily. A few insects are reported
though no damage as yet.
-This section received beneficial showers the
Newport (Jackson Co.).
past week, and the crop made excellent progress. No inserts of any
kind have appeared so far, but preparations are being made to use
poison freely in the event they do show up later. Altogether the situation here is very promising.
-Good rainfall two days of this week. Weather
Searcy (White Co.).
the past two weeks has been very favorable for crops. Crops in this
section are looking better than any for several years. Cotton is growing
and fruiting well in this section and farmers are well pleased with conditions of the crop. No insects have been found to date.
-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
JULY
25 1931.]
FINANCIAL CHRONICLE
667
part of the crop which finally reaches the market through
MANCHESTER MARKET.
-Our report, received by
the outports.
cable to-night from Manchester, states that the market in
yarns is easy and in cloths is quiet. Demand for both yarn
Week
Receipts at Ports.
1 Stocks at Interior Towns. keceiptsfromPlantations.
and cloth is poor. We give prices to-day below and leave
Ended
1931. 1 1930. 1929.
1931.
1930.
1929. 1931. 1930. i 1929.
those of previous weeks of this and last year for comparison:
Apr.
10._
17._
24__
May1_
8_
15_
22_29._
June5-12...
1928July3__
1017._
24._
40,428 47,498 48,859 1,284,845 1.086,544 879,205
52,119 48,893 63,351 1.213.9901.024,125 648,881
33,372 50,239 50,917 1,175.730 980,279 695.322
Nil
1,264
Nil
37,720
31,288
27,481
20,518
18,911
50,024
49,181
74.760
84,842
36,228
51,241 1,138,594
40,133 1,112.593
27,000 1.091,370
31.129 1.080.746
30.429 1.037.599
20,902
18,600
18,977
21,134
42,838
31,419
38.511
32,650
24,388 1,009,231 740.002
17,318 973,071 714.880
18,488 943,151 687.981
13,090 910,874 685,467
381,208
352,658
324.575
303,805
Nil
Nil
Nil
Nil
17,802
13.152
18,170
16,304
19,24
10.899
13.098
12,297
10.769 877,605 844,225 278,723
30,388 854,340 819,981 252,555
13,203 833,586 599,179 234,392
15.609 818,425 579,770 224,790
Nil
Nil
Nil
1,143
940.995
893,425
843,575
809.849
778.788
5134,848 37,195
512,890 8,731
481,152 6,258
446,203
Nil
418,598
Nil
I
450
4.2741
8.393,
1
10.740
1,5911
24,910
30.716
5,3871
1
4,388
8,277,
9.832
10,145
,
Nil
N11
Nil
Nil
1931
18,515
25.027
25,358
785
NI:
Nil
Nil
2,319
Nil
Nil
Nil
Nil
Nil
8,200
Nli
8,007
132, Cop
Twist.
Apri
1930
83( Lbs. Shirt- Cotton
ings. Common M kW°
to Finest.
Uprds
32s Cop
Twist.
834 Lbs. Shirt Cotton
(nos, Common IfiricIVY
to Finest.
pi'ds.
s.d.
e. d
0.
6
d.
5.59 123401331 104 011 0
5.55 115101254 101 @105
5.62 12 013 101 0106
d.
s. d.
d. s• d.
4 @90
8140 951
4 090
85401054
4 @90
83101034
d.
8.76
8.61
8.74
May
8..
83(01014
8540103‘
84010
8340 2%
8 0 234
4
4
4
4
2
O
O
O
O
@
90
90
90
90
86
5.48
5.39
5,28
5.12
4.80
12 018
115401251
115401254
11%01234
115401251
10 1
10 0
10 0
97
97
010 5
010 4
010 4
010 3
010 8
8.65
8.88
8.54
8.67
8.58
1
O
@
O
O
85
85
85
85
4.78
4.75
4.75
9.43
11340123.4
1134 012k,
11 012
11 012
97
96
95
95
010 3
010 2
010 1
010 1
8.34
7.98
7.81
7.74
June-
8 0 934
7140 934
7540 934
The above statement shows: (1) That the total receipts
89401014
26
from the plantations since Aug. 1 1930 are 8,858,805 bales; July
.5.48 111i012)4 95 010 1
7.63
O 85
83401034
5.05 11 612
O 85
in 1929-30 were 8,577,599 bales, and in 1928-29 were 8,985,7.73
95 010 1
834010
O 84
7.88
95 010 1
5.17 11 4612
8%0 954
bales. (2) That although the receipts at the outports
406
7.47
4.98 105101131 96 010 1
O 84
24__ 8340 991
the past week were 16,304 bales, the actual movement
from plantations was 1,143 bales, stock at interior towns
-As shown on a previous page, the
SHIPPING NEWS.
having decreased 15,161 bales during the week. Last year exports of cotton from the United States the past week have
receipts from the plantations for the week were nil bales reached 27,957 bales. The shipments in detail, as made
and for 1929 they were 6,007 bales.
up from mail and telegraphic reports, are as follows:
Bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- GALVESTON-To Bremen-July 16-Tripp, 140
140
119
To Rotterdam-July 16-Tripp, 119
The following brief but comprehensive statement indicates
709
To Ghent-July 16-Tripp, 709
at a glance the world's supply of cotton for the week and
1,271
To Japan-July 18-Lisbon Maru, 1.271
since Aug. 1 for the last two seasons from all sources from
200
To China-July 18-Lisbon Maru.200
1,690
which statistics are obtainable; also the takings or amounts CHARLESTON-To Antwerp-July 17-Elsa Menzell, 1,690
Menzell, 45
45
-Elsa
To Hamburg-July 17
gone out of sight for the like period:
-Elsa Menzell. 15
15
To Rotterdam-July 17
380
-To Bremen-July 16-Westfalen.380
NORFOLK
100
To Liverpool-July 21-Bellflower, 100
903
To Manchester-July 21-Bellflower, 903
Week.
Season.
Week.
Season.
1,845
PENSACOLA-To Bremen-July 17-Veerhaven, 1,845
-Lisbon Marti,899
899
HOUSTON-To Japan-July 17
Visible supply July 17
7,228.779
5,490,445
-Lisbon Maru 50
50
To China-July 17
Visible supply Aug. 1
-Governor. 700
700
To Liverpool-July 20
American in sight to July 24
103,197
82.485
Bombay receipts to July 23---Liverpool
-July 14
-Chancellor, 795___July
NEW ORLEANS-To
34,000
17,000
Other India ship'ts to July 25...
-Mount Evans, 497
1,292
18
9,000
13,000
Alexandria receipts to July 22_ _
-Mount
To Manchester-July 14-Chancellor, 655_ __July 18
19,000
600
22*5
Other supply to July
Evans,3801,035
13,000
10.000
447
To Havre-July 16-City of Joliet, 447
Total supply
To Ghent
-July 16-City of Joliet, 1,600
1,600
7,406,976
5,613.530
Deduct
To Venice-July 17-Anna C., 650
650
Visible supply July 24
-George Peirce, 648.__ _July 20-Riol,
To Bremen-July 17
Ii
7,120,419
5,334,360
1.142
423_ _ _July 17-George Peirce, 71
Total takings to July 24
To Genoa-July 18-Jolee, 2,239
2,239
286,557
279,170
Of which American
1
To Belize-July 17-Newsome, 1
183,557
162,570
which other
Of
100
To Lapaz-July 18-Iriona, 100
103,000
116.600
-Lisbon Maru. 3,871
3.871
To Japan-July 20
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
-Lisbon Maru, 2,030
2,030
To China-July 20
h We withhold the totals since Aug. I so as to allow proper adjustments
1,518
SAVANNAH-To Japan-July 18-Silversandal, 1,518
at end of crop year.
.50
To Dunkirk-July 21-Toledo, 50
S Estimated.
218
MOBILE-To Bremen-July 14-Veerhaven, 218
450
To Rotterdam-July 14-Veerhaven, 450
INDIA COTTON MOVEMENT FROM ALL PORTS.
26
ANGELES
-To Liverpool-July 18
The receipts of India cotton at Bombay and the shipments LOSTo Japan-July 15-Hague Maru, -Bessemer City. 26
600; Buenos Aires Marti.
2,100
from all India ports for the week and for the season from
500_ July 16-Toba Marti, 1,000
95
CORPUS CIIRIST I
-To Bremen-July 21-Bockenheim, 95
Aug. 1, as cabled, for three years, have been as follows:
27
WILMINGTON-To Genoa-July 17-American Press, 27
Cotton Takings
Week and Season.
1930-31.
1930
-31.
July 23.
Receipts at
-
Week.
Bombay
1929-1930.
1929-30.
Since
Aug. 1.
Week.
1928-29,
Since
Aug. 1.
Week.
Since
Aug. 1.
34,000 3,391,000 17,000 3,493,000 22,000,3 291,000
For the Week.
Since Aug. 1.
Exports
from
Bombay
1930-31 _ _
1929-30-1928-29_.
Other India:
1930-31..
1929-30_
1928-29._
Total all
1930-31..
1929-30_
1928-20_
Great Conti- Japan&
Britain. nent. China. Total.
Great
Britain.
'
3,000 11,000 32,000 46,000
23,000 33.000 56,000
1,000 89,000 70.000
1
9,000
9,000
___ 13,000
13,000
4:000 3,000
7,000
Conti
tient.
Japan &
China.
Total.
673,000 1, 8,0002,657000
85
8
69,000 1,557,0002.514,000
818.000 .790,0002,677,000
488,000
857,000
583,000
838,000
811.000
710,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
17,000 bales. Exports from all India ports record a decrease
of 14,000 bales during the week, and since Aug. 1 show a
decrease of 32,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1930-31.
July 22.
Receipts (cantors
This week
Since Aug. 1
95,000
7.493.917
Exports (bales)
-
This
Since
1Veek. Aug. 1.
To
To
To
To
Liverpool
Manchester, e.:c
Continent and India_
Americ•
9,000 145,439
5,000 128.267
13 000 589.618
1.001 22,372
1929-30.
3,000
8.397,022
7,971,913
Since
This
Since
Week. Aug. 1. Week. Aug. I.
1,000 143.828
149,790
2:666 462.509
101,930
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday.
Quiet,
Quiet.
Quiet.
3,000 184,123
6,000 186,732
9.000 507,159
3.000 188,979
Wednesday. Thursday.
Market,
12:15 I
P. M.
Mid•Upfds
Sales
More
demand.
5.25d.
5.17d.
5.12d.
4,00c,
5.110.
7,000
5,000
8,000
Quiet.
5.01d.
4,000
Friday,
Dull.
4.980.
3,000
Quiet.
Quiet,
Quiet, Quiet but Barely Indy Quiet,
Futures.{
Market
2 to 3 pts. 2 to 4 pts. st'dy• 9 to 14 to 15 pts 7 to 8 pts. 4 to 5 Ma.
advance.
decline.
advance. 11 pts. adv. decline.
opened
decline.
Easy,
Quiet,
Quiet but
Steady,
Steady,
Market, f Steady,
4
2 pts.
2 to 5 pts. 11 pts. st'dy.,16 to 1110 12 pts 3 to 9 pts.
decline.
P. M.
advance, advance. advance. 18 pts. dec. decline.
Prices of futures at Liverpool for each day are given below:
Sat.
July 18
to
July 24.
This
July 10.
July 17. July 24.
28.000
26,000
26,000
10.000
13.000
10,000
1.000
1.0001,000
30.000
38,000
49,000
797,000 793,000 785.000
384,000 379,000 369.000
17.000
32.000
13,000
2,000
11,000
97,000
78,000
90.000
11.000
9.000
15,000
July 3.
27.000
13,000
1,000
43,000
814.000
397,000
23,000
4,000
76,000
10.000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
1928-29.
28.000 885 696 3,000 8.58.057 21.001 1046993
Total exports
-A cantar is 99 lbs. Egyptian bales weigh about 750 his.
Note.
This statement shows that the receipts for the week ended July 22 were
95.000 cantars and the foreign shipments 28,000 bales.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Total imports
I
126,000,
88.000
69.000,
150,000I
154,000
127,000
3,000 20,000 32,000 55,000 278,0001,159,000 1.858,000 3,293,000
_ 36,000 33,000 69,000 242,000 1,528,000 1.5.57.0003,325.000
4:000 4,000 89,000 77,000 196,000 1,401,000 1.790,090 3,387,000
,
Alexandria, Egypt,
27.957
Total
New Contract.
July
August
September_ _ _ _
October
November. _ _ _
December
January 1932_
February
March
April
May
June
July
I
Mon.
I
Tues.
I
Wed.
I Thurs. I
Fri.
12.15 12.30 12.15 4.0012.16] 4.00 12.15 4.0012.19' 4.0012.10 4.00
P. m.p. m.p. m.p• m.p. m. p. m.p. m.p. in• p. m.p. m.'p. m•Ip. m.
•
4.98 5.02 5.00 5.10 5.11
.5.00 5.05 5.03 5.13 5.14
5.02 5.07 5.06 .5.16 5.17
5.09 5.19 5.20
5.05 .
5.13 5.12 5.22 5.23
.
5.12 5.17 5.16 5.26 5.27
5.15 5.21 5.19 5.29 5.30
5.19 5.25 5.23 5.33 5.34
5.24 5.29 5.28 5.38 5.39
5.28 5.33 5.32 5.42 5.43
5.32 5.37 5.36 5.46 5.47
5.35 5.40 5.39 5.49 5.50
- 5.38 5.44 5.43 .5.53 5.54
4.96 4.95 4.86
4.98 4.97, 4.88
5.011 5.00 4.91
5.04' 5.03 4.94
5.07, 5.061 4.97
5.11' 5.10 5.00
5.15 5.13 5.04
5.19 5.17 5.08
5.23 5.22 5.13
5.27, 5.26 5.17
5.31 5.30 5.21
5.34 5.33•
5.38' 5.36 5.271
4.83
4.85
4.88
4.91
4.94
4.98
5.02
5.06
5.11
5.15
5.19
•5.25
4.83; 4.74
4.85 4.78
4.88 4.81
4.93, 4.88
4.94' 4.89
5.00; 4.94
5.04 4.98
5.08 5.02
5.13 5.07
5.17, 5.11
5.211 5.15
5.24' 5.18
5.271 5.22
668
FINANCIAL CHRONICLE
[Vor.. 133.
q w7on's High and When Made—
,
Season's LOW and When Made—
July
92
Oct. 28 1930 July
July 15 1931
501
September
72%
Dec. 18 1930 September
517
July 15 1931
December
69
June 3 1931 Decber
em
55
July 13 1931
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Flour with quiet and steady.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
55
57% 58
57
57
58
Wheat prices have stood up very well during the week, October
57
59
December
60
59
1
BREADSTUFFS
Friday Night, July 24 1931.
for they are already low, and this is beginning to be cited
as a bullish factor. Moreover, some of the crop reports have
been unfavorable. Latterly there have been rumors of a
rather better export inquiry, though it is uncertain just how
much actual business for foreign account has been done.
The market has acted more or less oversold and has largely
ignored the London conference and falling stock markets.
On the 18th inst. prices ended / to %c. off on week-end
1
2
liquidation, pending possible political developments in London on the 20th inst. Canadian crop reports were still bad
despite recent rains, for more are needed. One million
bushels were under Charter to move out from Chicago for
Eastern Lake ports, being wheat owned by the Grain Stabilization Corp. Argentine needs more rain. Russian wheat
has recently been exposed to very hot, dry weather, followed
by heavy rains. But export demand was poor and the Gulf
basis was weaker at 1% to 2c. under Chicago September
for No. 1 hard. Speculation in Chicago was small. There
was buying against flour sales and hedge selling against
cash purchases.
On the 20th inst. prices ended unchanged to %c. lower at
!Chicago and % to %c. lower at Winnipeg. Liverpool, like
Chicago, acted very well, closing / lower to / higher.
1
4d.
1
4d.
The United States visible supply increased 7,198,000 bushels
against 8,020,000 last week. The total was 199,381,000
bushels against 125,191,000 a year ago. The export trade
was slow. Of course, too, visible supplies are enormous, but
prices are low. There is believed to be a good-sized short
.
account. Therefore the changes in prices were not marked
In spite of the sharp decline in corn, the smallness of foreign
demand, and all the rest of the bearish argument.
On the 21st inst. prices advanced % to %c. on most months,
but July advanced 2c. Rumor said that 1.300,000 to 2,000,000
bushels of Canadian wheat sold for export, but some doubted
whether it was all for export. Central Europe expects
medium sized crops. July shorts covered freely. Prices
resisted pressure. Bear factors, some say, are discounted
by the cheapness of the price, at least for the time being.
On the 22nd inst. prices ended unchanged to/ lower. Some
1c.
4
Northwestern crop reports were bullish. It was said that
some hard winter sold for export. There was pressure of
Australian wheat in Europe. Wet weather was delaying
harvesting there. The Government weekly report on this
side was bullish. Further deterioration was reported owing
to the heat. The Canadian Government report, on the other
hand, was rather more favorable. On the 23rd inst. prices
ended / to %c. lower in a small market. Export demand
1
4
was almost absent. At the same time there was no great
pressure to sell. Some contend that the bear arguments
are all discounted in the price.
4c. lower at Chicago, with
To-day prices closed % to 7
more or less liquidation, some hedge selling, and a certain
amount of professional selling due to poor cables and a
decline in stocks. At the same time there was said to be a
rather better export demand. Some business was done in
old crop hard winter. The sales in all positions, including
the estimated Farm Board sales, were said to be about
1,000,000 bushels. Greece was said to have bought some
hard wheat for September shipment. But these were final
reports of pressure of Australian and Russian wheat in
Europe. Some weakness towards the close was attributed
partly to rumors that the Farm Board was in negotiation
with foreign interests or grain interests at the West for the
disposal of its surplus. This was denied by the President
of the Grain Stabilization Corp. But the rumors persisted
for all that. World shipments are expected to be 12,000,040
/sc.
1
4
bushels. Final prices show a loss for the week of / to 11
The market has acted very well.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
60
61
6034 6p, 61 61_ 62% 61%
,
July
63A
63% 6JA 63
Octobex
65% 64% 63%
65% 65% 65
Decftber
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
--67
67
67
67
69
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
53
53
52% 54% 54
July
52
52%
54
53
53% 54
September
53
58
57% 58% 58
577
57%
December
834 8?k 83
Indian corn has declined, partly in sympathy with lower
prices for wheat and of late the temperatures in the Eaetern
belt have been cooler and therefore more favorable. These
have offset the less favorable reports from the heated Western belt. Deliveries on July contracts have not been large.
The crop is in the critical stage. One trouble, however, is
that corn prices are regarded as too high as compared with
those for wheat. On the 18th inst. prices advanced / to %c•
1
2
net on old crop, with no marked pressure to sell. September
was bought rather heavily, and closed 7
4c. higher. December advanced %c., but closed unchanged. On the 20th inst.
prices fell 1% to 2%c. on general rains in the belt from
small amounts up to 2 inches. They were highly beneficial.
Country holders sold 700,000 bushels of cash corn to arrive
at Chicago. The buyers hedged their purchases by sales
of July.
On the 21st inst. prices advanced 1 to 1%c. on lessened
selling and fears of another hot wave. Country offerings
were smaller, though 250,000 bushels were bought to arrive.
Cash market were steady. On the 22nd inst. prices closed
%c. lower to %c. higher. Distant months were sold on the
favorable crop reports. July shorts ran that month up 7
4c.,
and it closed %c. net higher. But cash markets were about
%c. lower and No. 2 yellow was selling on track at a full
delivery basis. On the 23rd inst. prices ended /to / lower
1 1c.
4 2
despite very hot weather in Kansas and the Central West,
and some unfavorable crop reports from Iowa and Kansas.
It is largely a weather market in corn. Some firing is
reported owing to the very high temperatures.
To-day prices closed unchanged to %c. lower, partly in
sympathy with wheat. But,on the whole, the market resisted
pressure owing to complaints of hot, dry weather in parts
of the West, though these were in a measure neutralized by
lower temperatures in the Eastern belt. Final prices show
/
1
a decline for the week of 14 to 2%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
74% 72% 72% 72% 72% 71%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
59% 57% 58
July
58% 511 58
er
54% 51% 52% 51% 51
September
50%
December
46% 45% 45% 45
44
44
• Season's High and When Made—
Season's Low and When Made—
JulyOct. 9 1930 July
54
Mar.25 1931
September
Jan. 15 1931 September
131
49
July 13 1931
December
April 1 1931 December
56
44
July 13 1931
Oats prices have, in the main, followed those for corn,
although there has been no undue depression. It has been
a small market. At the same time the movement of the
crop is beginning to increase, though it is still light. On
the 18th inst. prices closed / lower to 1
1c.
4
4c. higher. Cash
houses bought. Shorts covered. Local traders sold. July
was the strongest. On the 20th inst. liquidation told in a
decline of % to %c. The buying centered in December.
Harvesting was well along over the Middle West, with good
crops despite recent bad weather. There were 11 cars of
new 'oats offered in Chicago, with No. 2 white lc. under
September, or around 25%c.; old oats were 3 1 to T over
/
4c.
September, making them 26% to 7 c. on track. On the 21st
/
1
4
inst. prices advanced / to / in response to the rise in
1 1c.,
4 4
other grain.
On the 22nd inst. prices closed / to %c. lower, with corn
1
4
Irregular and more or less liquidation. On the 23rd inst.
prices were % to %c. lower, following corn to a certain
extent. To-day prices ended % to %c. lower. July went to
a new low for the season in sympathy with some depression
in corn. Final prices show a decline for the week of 1%
to 14c.
/
1
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Fri.
Mon. Tues.
Wed. Thurs.
38%-39 38-38% 38-38% 38-38% 37%-38 37-37%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
241
26% 25% 26
25% 247
September
25
27% 26% 26% 26% 26
December
30
29% 29% 29% 281 28
Season's High and When Made—
Season's Low and When Made—
July
371 Nov.24
July 13 1931
-Dec. 4-5 1930 July
24%
Sept.
337
July 13 1931
Feb. 20 1931 September
24%
Dec.
34
July 13 1931
June 29 1931 December
27
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
29% 29% 29
29% 29% 30
October
303(
31% 31% 31% 31% 31
No. 2 white
FINANCIAL CHRONICLE
JULY 25 19311
669
Corn.
Wheat.
Flour.
Rye has been largely neglected, and with wheat inclined
Exports for Week
to sag a little. Prices for rye have also given way, though
Since
Week
Since
Week
and Since
Since
Week
July 18
July 1
July 1
July 18
July 18 July 1
July 1 to
only moderately so far as net results are concerned. On
1931,
1931.
1931.
1931.
1931.
1931,
the 18th inst. prices declined % to I/2c., with wheat off. On
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
/
the 20th inst. prices ended 14 to %c. lower, on light trading. United Kingdom_ 73,080 213,330 911,000 4.065.000
Continent
94,186 1,507,000 5,011.000
40.306
On the 21st inst. prices advanced 1 to 14c., with small So.& Cent. Amer_ 72.453
20.000
80.453
9,000
92.914
22,000
West Indies
77,914
4,000
/
offerings. On the 22nd inst. prices ended 1 s to %c. higher. Brit. No. Am.Col.
962
962
223,000
21,715
101,000
final tone was rather firm, with cash houses buying. Other countries... 14,859
The
9.000
Total 1931
503,560 2,523,000 9.341,000
Offerings were smaller, and July closed %c. higher, with
279.574
5,000
10,000
646,149 4,100.000 13.470,000
Total 1930
198,875
cash interests absorbing the offerings. On the 23rd inst.
The visible supply of grain, comprising the stocks in
prices declined % to y2e., partly in sympathy with wheat.
lake and
granary
To-day prices ended TAc. lower, in sympathy with wheat, and seaboard at principal points of accumulation at
ports Saturday, July 18, were as follows:
slow. Final prices show a decline for the
with trade very
GRAIN STOCKS.
week of % to 'The.
Barley,
Wheal,
Rye.
Oats,
Corn,
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
July
34
35
35% 35% 34%
September
-- 36% 36
37% 37% 36% 36
December
40
39% 40% 40% 40% 39%
Season's High and When Made
Season's Low and When Made
55%
July
Oct. 16 1930 July
30%
July 13 1931
45%
September
Feb. 20 1931 September
33%
July 13 1931
June 29 1931 December
45%
December
37%
July 13 1931
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New York
No. 2 red, f.o.b., new
No. 2 white
67
37037%
Manitoba No.1,f.o.b. N.Y. 64%
No. 3 white
34034%
Rye
-No.2,f.o.b. N.Y
39%
Corn. New York
Chicago. No. 4
No. 2 yellow, lake and rail
71% Barley
No.3 yellow, lake and rail
No. 2 c.i.f. N. Y.. dom.___ _Nom.
70%
Chicago. cash
37053
FLOUR.
Spring pat. high protein S4.55 S4.90 Rye flour patents
$3.251 5.1S3.65
Spring patents
4.25 rt 4.55 Seminole. bbl. Nos. 1-3 4.60
0
Clears,first spring
4.00
4.25 Oats goods
1.95
2.00
Soft winter straights_ _ _ 3.25
3.40 Corn flour
2.05
2.10
Hard winter straights_ _ 3.60(53.90 Barley goodsHard winter paten
_ _ 3.85
4.20
Coarse
3.250
Hard winter clears
3.2094 3.40
Fancy pearl, Nos. 2,
Fancy Minn. patents_ _ 6.750l6.50
4 and 7
6.15(5 6.50
City mills
5.350 6.20
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:
Flour.
Receipts at-
Wheat.
Corn.
Oats.
Barley.
Rye.
bb13.1961bs. bush. 60 ths. bush. 56 lbs. bush. 32 lbs:bush.481bs.bush..56lbs.
Chicago
182,000 3,023.000
822,000
208,0001
30,000
18,000
Minneapolis
1,357,000
198,000
28,000,
72,000
42,000
Duluth
210,000
32,000
26,0001
28,000
15,000
Milwaukee_
16.000 1,369.000
96,000
19.0001
80.000
3.000
Toledo
598,000
38.000
17.000
Detroit
6,000
2,000
14,0001
4.000
8,000
Indianapolis
279,000
196,000
92.000
2,000
St. Louis_ - 122,000 2,546,000
243,000
120,000
14,000
Peoria
104,000
49,000
145,000
23,000
63,000
3,000
Kansas City
9,000 13.055,000
36.000
280,000
11,000
2,000
Omaha
1,001.000
194,000
6.000
St. Joseph.....
1,625,000
99,000
12,000
Wichita
2.840.000
9,000
2,000
Sioux City.
324,000
7,000
Total wk.1931
Same wk.1930
Same wk.1929
378,000 29,237.000
568,000 23,568.000
457,000 18,199,000
2,361,000
3.648,000
3,915,000
603.000
1.178,000
2,177.000
302,000
371,000
832,000
93,000
81,000
127,000
Since Aug.11930
20,421,000 474,700,000 199,401,000 105,201,000 47,659.000 20,820.000
1929
21.465,000 396,447,000 245,283.000 134,496,000 64,l55,00023,286,000
1928
24,048,000 511.012,000 271,296,000 142,481,000 93,128,000 25,888,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 18 follow:
Receipts at
New York
Philadelphia._
Baltimore....
Norfolk
New Orleans*
Galveston
Montreal_
Boston
Flour.
Corn.
Wheat.
Oats.
Barley.
Rye.
5615.198155. bush. so lbs. bush. 56 lbs. bush. 32 tbs.4bush.48Ths,bush4015s.
206,000 1,238,000
24.000
11,000
139,000
2,000
34.000
6.000
2,0001
657,000
12,000
225,000
4,000
17,000
104,000
54,000
123.000
15,000
27,000
1,739,000
52,000
708,000
125.000
132,000
27,000
2,000
1,000
1
1
1
Total wk.1931
385.000 4,794,000
Since Jan.1'31 11,339,000 95,102,000
45,0001
188,000
271.000
3.000
1,878,000 6,730,000 1.605.000 1.780,000
Week 1930.-470,000 7,949,000
77.000
153,000
Since Jan.1'30 13,592,000 68,023,000 2,672,0001 2.794,000
378,000
398,000
Receipts do not include grain passing through New Orleans for foreign ports
•
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 18 1931, are shown in the annexed
statement:
Exports fromNew York
Boston
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Wheat.
Corn.
Flour,
Oats,
Rye.
Bushels. Bushels. Barrels. Bushels. Bushels.
981,000
194.574
33,000
12.000
1,000
104,000
329,000
19,000
1,000
401,000
1,000
708,000
52,000 125.000
Total week 1931._ 2.523,000
Same week 1930__ 4,100,000
1,000
279,574
198,875
159,000
25,000
Barley,
Bushels,
206,000
132,000
338.000
79,000
The destinat'on of these exports for the week and since
July 1 1931 is as below:
United StatesNew York
afloat
"
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
afloat
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
Sioux Clty
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
bush,
671,000
bush,
4,000
33,000
1,033,000
3,879,000
20,000
353,000
2,354,000
28,000
7.169,000
9,518,000
44,000
15,060,000 1,422,000
79.000
2,130,000
14.000
65,000
15,000
25,766,000 3.641,000
4,375,000
29,761,000
32,503,000
652.000
7.393,000
27.809.000
1,340,000
6,379,000
5,228.000
bush,
19.000
31,000
3,000
58,000
20,000
2.000
5,000
32,000
451,000
731,000
bush.
10,000
64,000
115,000
68,000
3,000
414,000
16,000
455,000
2.000
1,000
197,000
21,000
12,000
28,000
602,000
792,000 2,071,000
774,000
57.000
214,000
45,000
460,000
145,000
146,000 1.803,000 2,215,000
36,000 1,231,000 3,277.000 1,937,000
57.000
10.000
9,000
9,000
154,000
6,000
103.000
3.000
151,000
79,000
102.000
345.000
2,000
386.000
358,000
124,000
2.000
373.000
81,000
20,000
912,000
13,497.000
1,455,000
bush.
67,000
26,000
14,000
15,000
31,000
98,000
Total July 18 1931...J99,381,000 6,921,000 6,613,000 9,209.000 3.666,000
Total July 11 1931-192,183.000 7.425.000 7,071,000 9.301,000 3,904.000
Total July 19 1930____125,191.000 3.643,000 7,920.000 11,557,000 4,105.000
-New York. 2.000 bushels:
-Bonded graln not included above: Oats
Note.
Buffalo, 57.000; total, 59,000 bushels, against 71,000 bushels in 1930. Barley
New York 54,000 bushels; New York afloat, 94,000: Buffalo. 106,000: Duluth,
3.000; Canal, 45.000: total, 302,000 bushels, against 2,116,000 bushels In 1930.
Wheat
-New York, 795.000 bushels; New York afloat, 592,000; Baltimore. 86,000:
Buffalo, 3.591.000: Buffalo afloat. 472,000; Duluth, 1,000; on Lakes, 96,000; Canal.
987,000 total, 6,620,000 bushels, against 17,601,000 bushels in 1930.
Canadian
7.442,000
Montreal
558,000
681.000
616.000
Ft. William & Pt. Arthur 45,330.000
2,030,000 9.176,000 6,629,000
7,610.000
Other Canadian
409,000
707,000
1,317,000
Total July 18 193L___ 60,382.000
4,028.000 10,499,000
Total July 11 1931_ ___ 58,669,000
3,877,000 10.717,000
Total July 19 1930._
60.857,000
4,564,000 7,201,000
Summary
American
199.381.000 6,021,000 6,613,000 9,209,000
Canadian
60,382,000
4,028,000 10,499,000
7,596.000
8,205.000
15,750.000
3.660,000
7.596,000
Total July 18 1931._ _259,763,000 6,921,000 10,641.000 19,708.000 11,262.000
Total July 11 1931._ _250,852,000 7,425,000 10,948,000 20.018,000 12,109.000
Total July 19 1930._ __186,048.000 3,643,000 12,484.000 18.758.000 19.855,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, July 17, and since July 1 1931 and 1930,
Wheat.
Exports.
North Amer_
Black Sea__
Argentina. _
Australia
India
0th.countr's
Week
July 17
1931.
Since
July 1
1931.
Corn.
Since
July 1
1930.
Since
July 1
1931.
Week
July 17
1931.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
17,376,000 22,240,000
60.000
5,260,
20,000
17,000
264,000 1,000,000
840,000
6,108.000 3,739.000 9,249.000 27,459,000
1,626
10,336.000 3.576.000,
2.296,
288,000 1,344.000
56,000
783,000,
1,232,000 3,192.000 3,176,000 315,000
1
Since
July 1
1930.
Bushels.
171,000
7,055.000
10.695.000
1,960,000
Total ..10
.734.000 38.300.000 34,915.000 9.584,000 28.319.000 19.887.000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
JULY 21.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended July 21,follows:
The week was abnormally warm in all sections of the country, except
the central and west Gulf areas. Chart I shows that the weekly averages
of temperature from the Carolinas, Kentucky, Missouri and eastern
Kansas northward ranged generally from 4 dog, to as much as 13 deg.
above normal. while like conditions prevailed in the Northwest, and also M
the more western States. In much of the Gulf area it was somewhat cooler
than normal, extending In the Mississippi Valley as far north as northern
Arkansas. Afternoon temperatures were high. with 100 deg. or over
reported from some first-order stations In the Southeast, the Ohio and upper
Mississippi valleys, the Great Plains from Kansas northwestward to
southeastern Montana, and generally between the Rocky Mountains and
Pacific Coast sections. The highest temperature reported was 114 deg.
at lied Bluff, Calif., on the 20th.
Chart II shows that rainfall during the week was decidedly spotty, but
at the same time most places in the entire eastern half of the country received substantial to generous amounts. The Great Plains States from
Kansas northward were generally dry and hot, while only very local rains
occurred in Rocky Mountain sections and westward.
While rainfall of the week came almost entirely in the form of local
showers, characteristic of the present summer, they were decidedly more
numerous, generous in amounts, and widespread than recently. Practically all States east of the Mississippi River, and in addition Missouri,
Arkansas, Oklahoma, Texas and Louisiana, had timely and very beneficial
showers in most places, though many localities were missed. The rains
were especially helpful for cultivated crops, notably corn and cotton,
but, because of previous dryness, pasture lands were relieved only temporarily and further moisture Is needed. Many storms were rather severe,
resulting in local damage by wind and hail, and in parts of the extreme
South by excessive rainfall, but these were far outweighed by the beneficial
effects in other sections. Because of the dry condition of the subsoil,
and the local character of the rains, there Is a lack of the usual lasting effect
and early additional showers are essential.
West of the Mississippi River the weather was less favorable over large
areas. In the southern trans-Mississippi States as far north as Oklahoma
and Missouri numerous showers, as In the East, were timely and helpful,
but otherwise dry, hot weather was detrimental and crops in most place;
670
FINANCIAL CHRONICLE
[VoL. 133.
need rain badly. This condition Is rather general from central Iowa and
Kansas northward and northwestward and in the Rocky Mountain and
Great Basin areas.
Corn especially needs rain in the northwestern portion of the belt.
while northern late spring rains deteriorated further because of the heat
and dryness. Pastures are failing, with reports of stock being fed in some
central-northern sections, while water for irrigation is becoming scarce on
many Western projects. In general, the week brought decided improvement to growing crops in the Southwest and east of the Mississippi River,
but elsewhere it was mostly unfavorable.
COTTON.—Moderate temperatures were the rule in the cotton belt, except in the more eastern portion, and showers occurred, many in generous amounts, in nearly all sections. There was some local damage by
excessive rains, but the week in general was favorable.
In Texas progress and condition of cotton are generally good in the
northern two-thirds of the State, but rains in the south were unfavorable,
resulting in shedding and rank growth. In Oklahoma plants are growing
and fruiting satisfactorily, except In some dry areas of the central and
west. In the central States of the belt showers were favorable, except
where rainfall was excessive in some southern districts and where too much
moisture is causing rank growth in parts of Arkansas; also, the weather
in some sections has been rather favorable for weevil activity. Additional
showers were beneficial in Georgia. while progress and condition of plants
continue mostly good in the Carolinas, though with further complaint of
local dryness on some uplands.
volume of business has continued to be transacted, notably
in those divisions most exercised over the price situation.
The woolen goods trade, the most advantageously placed,
appears to have struck a stable level of prices, and a steady
stream of fall business, embracing practically all lines, has
been'done at that level. Prospects for the fall textiles are
fairly promising, and at least afford better indications of
the future than can be seen in many other industries. Accumulations of stocks in first hands are slight in most cases,
and retailers are coming into the market for increasing
quantities of fall goods, in some cases requesting deliveries
on goods not yet due. It is thought that, with the lessons
learned from various instances of shortages in the fairly
recent past still in their minds, buyers will be more inclined
to anticipate their needs this season. Activity in rayons is
reported to be substantially ahead of the same period a
year ago, with many concerns receiving considerably more
The Weather Bureau furnishes the following resume of business this month than in June. The complications caused
by offerings of debased goods, which served to lessen poputhe conditions in the different States:
Virginza.—RIchmond: Temperatures slightly high; rainfall locally larity of rayons, are now reported on the wane, as the
Cotton improving. horn significance of trade-marked
heavy but urgently needed in many localities.
quality goods is becoming more
tasseling and some ears forming Harvesting and threshing wheat and
oats delayed by rain locally. Meadows and pastures mostly good. To- generally recognized.
bacco improving. Peaches heavy: apples promising.
DOMESTIC COTTON GOODS.—Cotton goods markets
North Carolina.—RaleIgh: Warm, with light to moderate and locally
heavy rains, though some dry spots. Generally favorable for crop growth, have continued generally quiet,
with seasonal conditions a
except some small areas, where insufficient moisture. Progress of cotton
varies from fair to excelinnt, but mostly very good. Advance of cron primary factor, and with an unsettled and "temperamental"
spots from dryness
good to excellent, as a whole though some damage in
or local wind squalls. Fruits doing nicely. Tobacco improved in most raw,cotton market, and similarly wayward movements in
security markets accentuating the disposition of buyers to
sections.
South Carolina.—Columbia: Mostly scattered showers and considerable
local areas need rain. Cotton progress and condition good gen3rally, place orders for the smallest practical volume of supplies.
veth squares and blooms forming freely, but some complaint of local dry- The tendency in goods markets to reflect developments in
ness. Corn on uplands and sandy sod shows drouth effects, but lowland
crop mostly green and vigorous. Condition of tobacco, sweet potatoes, the raw market more closely and quickly was again illustrated when a mid-week reaction in the latter was followed
truck and other crops similar to that of corn; tobacco curing continues.
Georgia.—Atlanta; Weather warm, but not excessively so. with frequent, well-distributed tom rains causing marked improvement in crop by a rather broad revision of %c. in gray goods, a considconditions over greater part of State. Progress of cotton good; plants, erable volume of which changed hands at concessions of that
though small, are blooming freely and older plants are full of bolls. Rain amount. This condition is the more disappointing
as it does
too late for old corn, but progress of late fair. Peanuts, cane tobacco,
and rice improved. Late potatoes being planted and coming up nicely; not seem to be justified by the statistical position in the
transplanting sweet potato vines being completed.
Fuelda.—Jacksonville: Progress and condition of cotton very good. cotton goods trade as a whole, and the fact that there is
Rains sufficient to maintain improved condition of late corn. cane, pea- little present indication of important additional accumulanuts, cowperts, late melons, and citrus, but more needed in some districts, tions of stocks during the remainder of the summer. Curespecially in Everglades, where fires burning on muck land. Rains heavy
,
tailment, while not golly forward according to any conand locally excessive in extreme west.
Alabama.—Montgomery: Showers daily, substantial in some localities.
be
and excessive rain on coast: a few places still dry. Crops improved where certed plan, is reported toe' in evidence in practically every
rain adequate. Sweet potatoes poor to good condition and truck crops division of the trade, and recent agitation for deliberate
fair. Condition of cotton mostly fair; plants
and pastures mostly poor to
small in many localities, but normal size in others; improved since rain, co-operation to avoid overproduction seems to have been less
but blooming at top in some localities. mostly In southeast.
necessary than previously supposed. Current reports from
Mississipp2.—Vicksburg: Frequent moderate to heavy rains. Progress
of cotton fair to good; some reports of shedding. Progress of late corn various mill centers indicate that stocks are not only being
fair to very good, but progress of early poor in scattered localities, account held down to conform to actual demand, but that they are
previous dryness. Progress of gardens, pastures and truck generally good. actually being further depleted. This is giving
rise to hopes
Loubiona —New Orleans. Excessiv rain in southeast from tropical
storm* otherwise daily beneficial showers, except in northwest and west that by Labor Day mills will be in a position effectively to
central. Progress of cotton generally good, with conditions fair to good;
fruiting fairly well. Corn, where not beyond recovery, improved by rain; resist pressure from buyers for further concessions. The
condition of late fair, except in portions of west. Considerable wind sheetings division is a notable feature in this respect. Curdamage In south.ast. Sugar cane improved by rains, but rice needs more tailment is going forward there at a greater rate
than in
water. Minor crops and pastures improved.
Teras.—Houston: Days cool in eastern half of State, account excessive June, and buyers in search of goods for prompt shipment are
cloudiness; otherwise temperatures moderate to warm: scattered showers already encountering scarcities in more than one
quarter.
frequent and beneficial in northern two-thirds, but unfavorable in southern third where heavy to excessive. Threshing ontinued in northwest Meanwhile producers are manifesting a less urgent desire
where yields of small grains good. Progress and condition of pastures,
have on hand, a condition that is
corn, truck, feed and minor crops mostly fair to good, although recent to get rid of what they
rain came too late to save corn on uplands. Peogress and condition of especially encouraging in this traditionally quiet period.
in northern two-thirds, where fruiting satisfactorily,
cotton generally good
but frequent rains unfavorable in southern third, resulting In shedding Their increased tendency to be patient and await the time
and rank growth; condition still mostly good. Recent moisture improved. when buyers are actually ready to take fall goods is of
rice and citrus.
Oktahoma.—Oklahoma City: Cooler, with frequent light to heavy course largely traceable to the fact that they are not in
showers latter part; drouth relieved, except scattered areas in central immediate danger of accumulating stocks, and it is thought
and west. Threshing winter wheat and oats nearly finished; grain yields that if they can only strengthen their resistant attitude the
good. Progress and condition of corn generally very good in east, but
spotted. ranging from very poor to only fair, in central and west, accord- present price basis may be maintained for fall business.
ng to soil moisture; some uplands burned beyond recovery. Progress
constructions are quoted at 3%c.,
and condition of cotton fair to very good; fruiting satisfactorily, except Print cloths 27-inch 64x60's
-inch 68x72's
in dry areas of central and west; no material insect damage reported. and 28-inch 64x60's at 3%c. Gray goods 39
Pastures and minor crops good in east, but poor to fairly good in central constructions are quoted at 5% to 5 c., and 39-inch
/
1
2
80x80's
and west.
plants at 6% to 61
Arkansas.—Little Rock: Growth of cotton very good to excellent:
4c.
localities, due to moderate to heavy
rank and fruiting slowly in some
rains, but elsewhere progress and condition good to excellent. Progress
of corn excellent, except in some localities In hills, where it deteriorated,
due to previous dryness. Condition very good to excellent in most portions. Weather very favorable for rice, sweet potatoes, truck, meadows
and pastures.
Tennessee.—NashvIlle: Above normal temperatures, with good, general
rainfall last day of week. Condition of corn poor on highlands and fair
to excellent on lowlands, except where too dry. Condition of cotton
improved In east and is fair to good in west; fruiting fairly well. Tobacco
growing slowly: 9011113 spotted.
Kentueko.—Loulqville: Temperatures high; light to heavy showers in
end, causing marked
central and west and heavy to excessive in east near to showers, tasseling
Prior
Improvement of corn, tobacco and gardens. localities; condition of both
many
corn damaged and tobacco firing in
supply, which ranges
crops very irregular. depending on local moisture only
and
from decidedly deficient to plenty. Corn poor to landsfair on hills
elsewhere, while
thin uplands; very good in northeast and on better
in spots favored by repeated showers. Pastures mostly deteriorexcellent
much
ated; rain sufficient to revive them in northeast; otherwise need
more.
THE DRY GOODS TRADE
New York, Friday Night, July 24 1931.
Textile conditions, while scarcely warranting the "bullish" enthusiasm which often goes into the making of current
press reports, have nevertheless shown considerable improvement in recent months. It is true that in numerous industrial
and agricultural areas buying of dry goods is on a very
meager scale, but compared with the slumps in many of
the industries which contribute to the buying power of such
areas, the textile position has certain definite favorable
aspects. 'While prices throughout the textile trade are
notoriously unsatisfactory, notably in the cotton and silk
divisions, it is a matter of some note that there are a number
of mills in every division which continue to do business
profitably and also continue to pay regular dividends to their
shareholders, notwithstanding general complaints of profitless business. At the same time a relatively heavy total
WOOLEN GOODS.—The woolens and worsteds trade as a
whole is somewhat less active, but a steady demand for fall
piece goods is reported to be forthcoming. Mills which have
recently been deluged with so much business that they could
not meet deliveries on it, and took the agreeable expedient
of advancing prices, are now said to have got a better hold
on the delivery situation. However, it Is thought that
clothing manufacturers have booked the bulk of their fall
requirements and that such business as will be forthcoming
during the next two or three months will come chiefly from
sources which buy late, with some reordering to be expected
also, of course. Buyers' requests that mills open spring lines
early instead of delaying them until late in the season as
in the case of fall lines, is not looked upon favorably by
mill men. They believe that early openings give buyers too
much time for meditation and holding off, so that mills are
inclined to offer concessions in order to move goods.
FOREIGN DRY GOODS.—Supplies of linen piece goods
in importers' hands are so slight, it is reported, that buyers
are having considerable difficulty in securing even small
amounts for fill-in purposes. The recent extremely hot
weather gave additional impetus to the public's demand for
linen clothing, and though the season for selling linens is
said to be about to close recent business at retail has continued to be brisk. Current business centers in linings for
suits and women's coatings. Housekeeping lines continue
very quiet. Burlaps were quiet, but somewhat higher on the
week. Reports from Colcutta indicate that there will be
revived discussions of possible further curtailment of output
there. Light weights are quoted at 3.85c., and heavies
at 5.15c.
JULY 25 1931.]
FINANCIAL CHRONICLE
,§tate anti Txtg pepartment
NEWS ITEMS
Committee Seeks Solution of Money
Difficulties.—This City is reported as having a treasury
balance of only $82,000 and an unpaid salary list of $454,000, with the prospects of a much greater deficit to contend
with in the next three months, according to a United Press
dispatch from Chicago to the New York "Herald Tribune"
recently. The newspaper report mentioned above reads
as follows:
Chicago, 111.—Finance
"A problem of city financing, wherein the financial wizards must provide
for vital expenditures of $21.000.000 out of an income of only $1,000,000
during the next three months, beset Chicago to-night.
"Governor Louis L. Emmerson and 11 of his financial experts hurried
to the scene, bent on evolving some sort of miracle to save the City from
bankruptcy. The Chicago treasury now contains $82,000, while unpaid
salaries already total $454.000. In the next three months salary and expense bills will jump to more than $21,000,000, while income will be slightly
more than $1,000,000.
"The only possible way out so far discovered consists of using the money
obtained by public improvement bond issues for current expenses instead
and that scheme has its obvious complications, as Mayor Anton J. Cermak
has pointed out.
"The School Board, meanwhile,started paying its salaryless teachers and
other employees with scrip, which banks characterize as valueless and which
most tradesmen refuse to accept in lieu of cash. The teachers have received no cash since April."
671
In the event of a default on the part of the city in making payments on
the refunding bonds or in carrying out faithfully any of its agreements
incorporated in the plan, provision is made for the appointment by the
courts of a Comptroller of Bond Revenues and Funds, who shall have the
powers of a receiver in chancery.
Commenting on the agreement, Vincent D. Wyman, Mayor of Coral
Gables, in a statement issued to the local press. said. "Acceptance of the
settlement by all the bondholders and other creditors will bring about a
stabilization of property prices at fair levels, a rapid and steady growth in
.
population and a heavy building program. This is the final liquidation of
the excesses of Coral Gables during the boom period, and means the dawn
of a new and prosperous future for Coral Gables."
More than 50% of the outstanding bonds of the city had been deposited
with the Bank of New York & Trust Co., the protective committee's depositary, up to July 15, upon which date the time for deposits expired.
The committee recently announced that further deposits would be accepted
upon such terms as the committee in its discretion deemed fair to the bondholders who have already deposited their bonds.
Maricopa County Municipal Water Conservation District No. 1, Ariz.—Extension of Time for Bond Deposits.—
In a report recently issued by the Bondholders' Protective
Committee it was announced that more than 57% of the
bondholders, representing a total of $2,566,000, have deposited their bonds under a plan of reorganization devised
by the committee and the time for depositing bonds with the
Irving Trust Co. of New York, the authonzed depositary,
has been extended without penalty until Sept. 15. The
text of the statement issued to the bondholders on May 12,
regarding the plan of reorganization, reads as follows:
To the Holders and to the Depositors of Bonds of
Number One:
Maricopa County Municipal Water Conservation District
The Committee under the Bondholders' Protective agreement dated
Feb. 27 1930, for the deposit of water bonds, first series, and water bonds,
Dissecond series, of Maricopa County Municipal Water
trict No. 1. has adopted a plan of readjustment of the finances of the
District pursuant to Section 1 of Article 4 of said agreement, a copy of
which plan has been duly filed with Irving Trust Co., the depositary under
said Bondholders' Protective agreement.
Under said plan the Committee has entered into an agreement dated
Jersey Central Power & Light Co.: 1st 5s, 1947; 1st 430, 1961.
April 15 1931, with Donald W. Waddell, a copy of which is herewith enSouthern Public Utilities Co.: 1st and refunding 5s, 1943.
closed, together with a report to the bondholders covering the operations
New York State Gas & Electric Co.: 1st mtge. ohs, 1962.
of the Committee and the financial and physical conditions of the District,
New York State Electric & Gas Co.: 1st mtge. 43s, 1980: let mtge
and a form of letter for your signature to evidence your approval.
Ms,1931.
Pursuant to said plan, If and when it becomes effective. Mr. Waddell
Coral Gables, Fla.—Agreement Reached on Refinancing will, upon the terms and conditions of said agreement. purchase from the
under
Committee
Plan for City.—It was announced on July 20 by the Bond- agreement. acting on behalf of depositorsbecomethe Bondholders' Protective
payable on the first days
the coupons payable or to
holders' Protective Committee that a tentative agreement of January and July of each of the years 1930, 1931 and 1932 and the first
to each
day of January 1933,
has been reached with the City Commission, based on the deposited bonds, and a total of seven coupons, appurtenant purchaseof the
price
give in exchange therefor and as the
capacity of the city to pay, on a comprehensive program for thereof voting trust certificates representing capital stock of Arizona Citrus
Land Co.
refinancing the entire bonded debt of this municipality. coupons. at the rate of one share thereof for each $30 face value of such
The proposed plan will now be offered to the holders of
Thus each holder of deposited bonds will receive a voting trust certificate
representing seven share; of such stock for each bond represented by his
these,bonds for approval.
The following statement is authorized by the Coral deposit certificate. of said plan, each depositor who participates therein
Further, as a part
Gables, Fla., Bondholders' Protective Committee:
and each bondholder who hereafter deposits under said Bondholders'
The Coral Gables, Fla., Bondholders' Protective Committee on Friday, protective agreement, is to pay to the depositary for the account of the
July 17, after a series of conferences with the City Commission, reached an Committee the sum of $25 for each $1,000 principal amount of bonds
agreement covering the refinancing of the entire bonded and floating debt deposited or to be deposited by him, as payment on account of his ratable
of the city on the principle that the city will pay to its creditors from year share of the disbursements, expenses and compensation of the Committee.
to year the utmost that can be raised for that. Purpose, through the levy Each depositor or bondholder upon making such payment will be entitled
the cvand rigid enforcement of the maximum taxation which can be collected to credit for such payment notation of which will be made uponfor that
tlficates of deposit upon presentation thereof to the depositary
and by the practice of the most rigid economy in the operation of the city.
principle, the entire outstanding bonded and float- purpose or upon issue of deposit certificates against further deposit of bonds.
In pursuance of this
In accordance with Section 2 of Article IV of said Bondholders' Protective
ing indebtedness is to be refunded by a like amount of refunding bonds and
placing
corporate stock bearing 6% interest. The refunding bonds will amount agreement, unless any depositor within fifteen (15) days after the postage
will amount to the difference between of this notice in the United States mails in the City of New York,
to $4,000,000 and the corporate stock
in writing
that sum and the total bonded and floating indebtedness existing on the prepaid, files with Irving Trust Co., the depositary, a notice bonds and
that such depositor dissents from said plan and withdraws his
date of the consummation of the plan.
The amount of refunding bonds was determined by the maximum amount (or) coupons in the aggregate amount represented by the certificates of
which the city, under present conditions, can raise for the payment of deposit then held by him, said plan will be binding upon him. Such right
interest. These bonds will constitute general obligations of the city and of withdrawal, however, is conditioned upon payment by the depositor
will be secured by an unlimited ad valorem tax upon all taxable property to the depositary for the account of the Committee of such sum as the
in the city. The bonds will mature 40 years from their date. Provision Committee shall determine in its discretion as a fair proportion of the exwill be made for the amortization of the bonds beginning in the sixth year. penses, obligations and liabilities of the Committee and the depositary.
You are urged to sign and return the enclosed letter of approval to.r ther
Prior to that date, in the opinion of the committee, it is doubtful whether
the city can raise more than the interest charge, but in the event funds in with your remittance as aforesaid, accompanied by your certificates of deexcess of interest charges are raised during those years, the plan provides posit for notation and (or) your bonds for deposit under said Bondholders'
for the payment of the surplus into a special account for the benefit of the Protective agreement.
Said plan and agreement dated April 15 1931, will in no event be efcreditors.
The corporate stock is intended to permit the creditors to benefit by fective unless 75% of all outstanding bonds are deposited under said Bondon the part of the city from the present level. The obliga- holders' Protective agreement on or before July 15 1931.
any recovery
Very truly yours,
tions are parable solely from a special fund known as the "Corporate
FREDERICK YALE TOY
Stock Trust Fund.' into which will be paid or pledged all tax certificates
CHARLES J. LAMB
and properties owned by the city not used for strictly governmental PurA. M. LAMPORT
poses and the net revenues of the municipal public utilities. The physical
JOHN R. BRANDON,
public utilities are also pledged to this fund. All tax
properties of the
COMMinee.
Dated May 12 1931,
certificates and delinquent assessment liens hereafter acquired by the city
will also be transferred into the trust fund. The custodian of the Corporate
Montana.—Opinion of Supreme Court on State Institu$10,000 has accumulated in the fund, is
Stock Trust Fund, whenever
required to call for tenders of the corporate stock and must apply the funds tional Bonds.—The State Supreme Court held the $3,000,000
In purchase of the stock tendered at the lowest price offered. In the event bond
issue for construction of State institutions invalid on
a sufficient amount of stock Is not tendered to exhaust the funds, the custodian must purchase stock in the market at prices not exceeding par, and July 6 (see V. 133, p. 323) for the following three reasons,
stock for redemption at par and which
failing that must call by lot sufficient
are given as they appeared in the "Montana Record"
accrued Interest to exhaust the funds on hand. The city agrees to accept
the corporate stock at par. flat. In payment of delinquent taxes and special of July 6:
assessments for the years 1928 and prior thereto and for the year 1929
Regarding the first of the objections, the Court says:
"The amount to be borrowed, the amount of the bonds to be issued, the
upon such terms as may be agreed upon between the city and the taxpayer,
time when the obligation will attach, rest within the discretion of succeedprovided the taxpayer pays subsequent taxes in full in cash.
Provided the city calls for redemption at par and accrued interest all ing Legislatures, yet all are requisite to the provision demanded by section 2
outstanding corporate stock, it will have the right on or after 20 years of article XIII of the Constitution. Under the terms of the Act some of
the bonds might not be sold for 30 or even 50 years; they are to be sold
also to call the outstanding refunding bonds at 105 and accrued interest.
The city agrees to reduce its budget of operating expenses for the next as appears necessary to the Legislature."
On the second of the three objections, the Court said In part:
fiscal year to $220,000, a reduction of approximately $51,000 over the last
"The addition of the four institutions that were not embraced In the Act
budget. The city, moreover, agrees to Include in its budget within the
maximum amount allowed various items deemed by the committee essen- in the Bonner case (the $5.000,000 bond issue in 1920) deprives chapter 126
tial for the protection of the bondholders, Including current deficit for the (the law under discussion) of the requirement that it relate to a single puroperation of the public utilities, which amounted In the last fiscal year to pose. These four Institutions are not in any sense educational institutions.
approximately $7,000: a proper depreciation reserve for the utilities in an Their affairs are not administered by the same officers or boards. Their
amount to be agreed upon • and the premiums for insurance against liabili- purposes are wholly unrelated to the purposes of the institutions involved
ties incurred In the oration of the municipal street railway and bus lines in the Bonner case and which are again commingled in this Act. What
and other utilities. These items were not provided for in prior budgets. possible relation can there be between the college of agriculture and mechanic
All funds received by the city over its operating budget are required to be arts and the insane asylum'?"
On the third objection the Court said:
paid Into the sinking fund for the refunding bonds. The annual surpluses
"When the law which Is to create a debt Is submitted to the people It
In the sinking fund are to be transferred to the Corporate Stock Trust
Fund. Tax collections from day to day are to be segregated by the col- must give them definite information as to the amount of the debt, the
lecting officer and the amount payable into the sinking fund is to be Paid specific purpose for which the money is to be spent and respecting the tax
to the custodian of the fund directly by the tax collector. The custodian levy. This last is, if comparison is permiesible. the most important of
of the sinking fund is to be the Central Farmers Trust Co. of West Palm the provisions, for upon it rests the rate of interest to be paid. * • •
Beach, or such other bank or trust!company as the committee shall desig- They have a right to know the extent of their additional tax burden.
• • • There cannot be any imposition of a tax without the rate or
nate.
All assets credited to the Corporate Stock Trust Fund are to be liquidated amount being fixed. An undetermined tax is no tax."
by the depositary on terms satisfactory to the committee and the proceeds
North Bergen, N. J.—State Finance Commission Approves
applied to the retirement of the corporate stock.
The plan contemplates that the rate of taxation for debt service in the Refinancing Plans.—The State Finance Commission, which
sixth year after the plan is in operation shall be the minimum rate of taxa- has
been investigating the tangled financial affairs of this
tion for debt service thereafter, so that any increase in the assessed valuation will result in surpluses in the sinking fund which will be transferred to municipality—V. 132, p. 4446—is reported to have worked
the Corporate Stock Trust Fund for the retirement of the corporate stock.
Believing the present method of assessing property for taxation to be out a plan for the refinancing of both the long and short
nequitable and to be retarding the development of the city, the committee term obligations of the community, although.the final plan
insisted upon a complete reassessment of all property in the city in propor- of refinancing
cannot be completed until the reassessment of
tion to its value. The city has agreed to make the next assessment along
the lines dictated by the committee. The plan prohibits the city from the township has been concluded. An Associated Press disthere:mina its budget for operating expenses, except for capital improve- patch from Trenton to the Newark "News" of July 15 had
meets approved by the committee, without making an equal increase in
the following to say:
its budget for debt service.
Connecticut.—Additions to List of Legal Investments.—
Ina bulletin issued by the State Bank Commissioner on
July 20 the following securities were added to the list of
Investments considered legal for savings banks and trust
funds:
672
FINANCIAL CHRONICLE
"The State Finance Commission, created by the Legislature to assist
North Bergen in adjusting defaulted obligations, has approved plans to
refinance both long and short term bonds and notes.
"Arrangements to meet $160,000 due on long term bonds July 1 were
made. The Commission yesterday approved a plan to pay interest on short
term notes to August 1 and renew the notes for six months with provision
for 30
-day call.
"Notes totaling approximately $475,000 will be issued to meet interest
obligations. Mayor Julius Reich told the Commission North Bergen
bankers bad indicated they would take up the notes. The renewed short
term obligations total about $4,000,000.
"Walter R. Darby, State Commissioner of municipal accounts, Chairman of the Finance Commission, said the 30
-day clause was inserted to
permit a readjustment of the plan before the six months period expired,
if this were possible. He said reassessment of the township would be
completed about Oct. 1. A final plan of refinancing must wait, he said,
on reassessment and adjustment of tax and assessment appeal.
Would Make Loan.
"The Commission advised the township to deposit all improvement
assessments collected with the Sinking Fund Commission as optionally
provided in the Home Rule act. If funds were needed, Darby said, the
Sinking Fund Commission would make a loan to the township.
"An agreement with three appraisers for reassessment of the township
was tentatively approved by the Commission. North Bergen must approve.
The work was estimated to cost $30,000.
"Henry Steneck, President of the closed Steneck Trust Co., Hoboken,
asked the Commission to approve issuance of tax anticipation notes by
North Bergen to meet some of its obligations held by the institution. The
company holds approximately $5,000,000 of township bonds and notes.
of which about $3,000,000 are in default. Darby told Steneck the Commission could not indorse such a plan unless Frank H.Smith, State Commissioner of banking and insurance, and the township approved.
"Attorney General Stevens, member of the Commission, said the township would have about $4,000,000 at the end of 1931, which he considered
'a stride forward.' He said he had conferred with attorneys for appellants
from assessments and an 'amicable' attitude was indicated. He said the
appeals, however, would require court action."
Ohio.
-Governor Signs Cigarette Tax Bill. A recent
dispatch from Columbus to the "Wall Street Journal'
reports that Governor White has signed the cigarette tax
-V. 133,
bill passed by the recently adjourned Legislature
p.154
-to become effective on Sept.1. The bill(S.No.324)
places a tax of 1 cent on every 10 cigarettes or 2 cents on
every package of 20.
Salem, Ore.
-State Supreme Court Holds $1,200,000 Bond
Election Invalid.
-On July 8, the Supreme Court of Oregon
sustained the ruling of a lower court in holding that the
election at which the voters of the city ratified the proposed
issuance of $1,200,000 in bonds to purchase the city water
system from a private corporation, was illegally held.. The
Portland "Oregonian" of July 9 had the following to say
regarding the decision:
"The Oregon Supreme Court to-day affirmed the opinion of the Marion
County Court, which held that the Salem amendment authorizing the
Issuance of $1,200,000 bonds with which to purchase the city water system
from the Oregon-Washington Water Service Co., was illegally presented
to the people. '
"The city, on petition of taxpayers, submitted to a vote an ordinance
authorizing the bond issue for the water company. The matter was approved 4,296 to 2.090. Suit was then filed attacking the validity of the
proceedings and asking an injunction from further action. Judge Gale S.
Hill's court held the bond issue invalid."
Sanford, Fla.
-Initial Payment to Bondholders Available.
In an announcement issued on July 21 by the Bondholders'
Protective Committee to the holders of Certificates of Deposit it was stated that the collections of funds from the
municipality by the Committee had been such as to make
possible at this time an initial payment against their certificates up to $12 on each 6% certificate with a further
payment considered probable for early next year. The text
of the announcement reads as follows:
To Holders of Certificates of Deposit
Issued under a Deposit Agreement dated Aug. 15 1929.
The City of Sanford, Fla., Bondholders Protective Committee is glad to
announce that it is now prepared to pay to each depositor the face amount
of his first delinquent coupon,subject to deduction of the following amounts
per bond to cover in part the Committee's expenses to date:
5 bonds
$15.0915%% bonds
$17.25
18.00.
5 % bonds
16.50 6% bonds
This differentiation, based upon coupon rates, Is for the purpose of
enabling the Committee to make a pro rata distribution to all depositors,
and will result in the distribution of the following amounts per coupon.
$11.50
9610.0015K % coupon
5 coupon
53j% coupon
11.00 I 6% coupon
12.00
hie expenses, of course. Include the major portion of the cost of the pro
tracted litigation which finally resulted in establishing the validity of the
deposited bonds and made a settlement with the City possible, all as outlined in our letter of Feb. 16 1931.
It is not anticipated that the Committee's expenses will be nearly as
heavy In the future as they have been heretofore. Part of the present
expenses of the Committee will be charged against the next distribution and
in the meantime,the Committee will continue to make a flat charge o(2 %
of the par value of deposited bonds in connection with the release of bonds
from deposit to be sold for use in payment of taxes and (or) assessments.
The amount of expenses charged individual depositors at this time will be
credited against the 2M % charged in the event they desire to withdraw
bonds in the future.
The Committee has filed an accounting of its total expenses as of June 30
1931 with each of its depositaries and with the secretary. This accounting
Is to be regarded as a final accounting for the period ending June 30 1931,
within the meaning of Article VII, Section 2, of the Deposit Agreement
dated Aug. 15 1929, as amended.
General taxes in Sanford became delinquent on June 15 1931, on which
date 5,3% of the 1930-31 tax roll had been collected. While this was not as
large a tax collection as was anticipated by the City Commission, we think
it can be regarded as moderately satisfactory, particularly when the increase
in the tax rate over the 1929-30 tax rate is considered.
The City's financial affairs for the fiscal year 1931-32 will probably be
organized along substantially the same lines as has been the case during the
present fiscal year. It is hoped, however, that tax collections will show an
improvement and that the Committee will be able to make another distribution to depositors in the early part of 1932.
Holders of Certificates of Deposit should send their certificates to the
issuing depositary, who will endorse payment of the appropriate coupon on
the certificate and return it to the depositor, together with a check for the
amount of interest due less expenses as calculated above. No provision has
been made for payment to non-depositing bondholders by either the City
or the Committee.
Yours very_ truly,
C. T. DIEHL,
SENECA D. ELDREDGE,
KENNETH M. KEEFE.
ALBERT O. MITTENDORF.
Committee.
-Mayor Edwards Recalled-New Mayor
Seattle, Wash.
Elected by Council.
-At a special election held on July 13
Mayor Frank Edwards was recalled by a vote reported to
have been 35,637 "for recall" as compared with 21,836
"opposed." The election was held as a result of charges of
malfeasance brought against Mayor Edwards after the
[Vol,. 133.
dismissal of a veteran civil service employee. On July 14
the City Council elected Robert Harlin, President of the
Council, to the vacant post until the elections next June.
A special dispatch from Seattle to the New York "Times"
of July 15 reads as follows:
"Robert Harlin, President of the City Council, was elected Mayor tonight after a stormy Council session in which Mr. Harlin was accused by
Councilman Ralph Nichols of being the recipient of a $15,000 slush fund
collected by members of the Police Department.
The fund, Mr. Nichols said he had been informed, was supposed to have
been distributed among Council members to assure the choice of Mr.
Harlin as Mayor,succeeding Frank Edwards, who was recalled at a special
election yesterday.
"Mr.Nichols repeated his charges in the presence of a court stenographer
and Councilman James Scavotto asked that a grand jury be convened
to act on them. Mr. Harlin who had been Acting Mayor since noon. when
the official vote was canvassed, was summoned to the Council chamber
and made a formal denial.
"Mr. Harlin previously had pledged the restoration of J. D. Ross to the
post of city light superintendent. The dismissal of Mr. Ross, for 25 years
head of the municipal lighting department,led to the charges of malfeasance
against Mayor Edwards which resulted in his recall by a vote of 35,637
to 21,836.
"Mr. Harlin, a native of England and coal miner in his youth, was
for many years President of the United Mine Workers of Washington
State, and a member of the international executive board of the union.
During the World War, he worked with the Federal Fuel Administration
and accompanied Dr. Harry A. Garfield, fuel administrator to the Paris
Peace Conference. His term as Mayor runs until elections next June."
BOND PROPOSALS AND NEGOTIATIONS.
ALLEGAN, Allegan County, Mich.
-The
-BONDS NOT SOLD.
following issues of bonds aggregating 8300,000 offered on July 20-V. 133.
p. 155
-were not sold.
$170,000 general obligation lighting bonds. Due Aug. 1 as follows:
$3,000 from 1934 to 1937- incl.•, $4,000. 1938 to 1940, incl.;
.
$5.000, 1941 to 1944, incl.: $6.000, 1945 to 1948, incl.•, $7,000.
1949 to 1953, incl.: 88,000. 1954 to 1958, incl., and $9,111110 from
1959 to 1961, incl.
130.000 first mortgage bonds on municipal hydraulic plant. Due Aug. 1
as follows: $2,000 from 1934 to 1936. Incl.: 83.000. 1937 to 1940.
irvl • $4,000, 1941 to 1944, incl,; $5,000, 1945 to 1950, incl.,
and 86,000 from 1951 to 1961, incl.
ANDERSON COUNTY (P. 0. Clinton) Tenn.
-BOND SALE.
-It is
reported that a $65,000 issue of roads bonds has been purchased recently
by an undisclosed party.
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
R. W. Pressprich & Co., of New York, purchased on July 20 a $200,000
temporary loan at 1.42% discount basis. The loan matures Nov. 27 1931
and was bid for by the following.
Discount.
Discount
BidderBasis.
BidderBasis.
R.W.Pressprich & Co.
(Purch.)1.42 o Merchants Nat. Bank
1.597
Bank of Commerce & Tr. Co.. 1.55% Menotomy Trust Co
1.595 0
Salomon Bros.& Hutzler-- 1.56% F. S. Moseley & Co
1.62
Faxon, Gade & Co
1.56% Exchange Trust Co
2.00%
ARNOLD SCHOOL DISTRICT, Westmoreland County, Pa.
BOND SALE.
-The $80.000 4% coupon school bonds offered on July 21
-V. 133, p. 335
-were awarded to Singer, Deane & Scribner, of Pittsburgh. at par plus a premium of $512, equal to 100.64, a basis of about
3.93%. The bonds are dated July 15 1931 and mature $5,000 on July 15
from 1935 to 1950, inclusive.
ASHLAND, Ashland County, Ohio.
-BOND SALE.
-The $46,000
street improvement bonds offered on July 6-17. 132, p. 4624
-were
awarded as 4 Yi,s to the Guardian Trust Co. of Cleveland at par plus a
premium of $273, equal to 100.59, a basis of about 4.12%. The bonds
are dated July 1 1931 and mature Oct. 1 as follows: $4,000 in 1932:$5,000,
1933; $4,000, 1934: $5.000, 1935; $4,000, 1936: $5,000, 1937; $4,000, 1.93s
and $5,000 from 1939 to 1941 inclusive.
ATTLERORO, Bristol County, Mass.
-TEMPORARY LOAN.
William ilarshall, City Treasurer, reports that the $100.000 temporary
loan offered on July 24 was evenly divided between F.S. Moseley & Co., of
New York, and the First National Bank, of Attleboro, each of which bid a
discount basis of 1.52% for the entire loan. The issue is dated July 27
1931 and is payable Dec. 28 1931 at the First National Bank, of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge, of Boston.
Other offers received for the loan follow:
BidderDiscount Basis.
Faxon, Gade & Co
Bank of Commerce & Trust Co
19;
First National Old Colony Corp. (plus $1 premium)
1.70 o
BACA COUNTY (P. 0. Springfield), Colo.
-WARRANTS AND
-A long list of registered warrants will be paid upon
BONDS CALLED.
presentation at the office of the County Treasurer. Interest upon warrants included in this call will cease on Aug. 1 1931, except those that have
been previously called. Denver bond houses will supply the list. The
6% School District No. 15 building bonds, dated Aug. 1 1916, entire issue
is called for Aug. 1 1931 at the County Treasurer's office. Due on Aug. 1
1946, optional on Aug. 1 1931.
-BOND SALE.
BANGOR, Penobscot County, Me.
-The Atlantic
Corp., of Boston, purchased on July 23 an issue of $250,000 4% refunding
bonds at a price a 102.33, a basis of about 3.73%. The bonds are dated
Aug. 1 1931. Denom. $1,000. Due Aug. 1 as follows: $10,000 from
1932 to 1941, incl.; $20,000 from 1942 to 1946, incl., and $25,000 in 1947
and 1948. Principal and interest (Feb. and Aug.) are payable at the
Merrill Trust Co., Bangor.
BELL TOWNSHIP (P. 0. Avonmore) Westmoreland County, Pa.
BOND OFFERING.
-L. T. Carnahan, Township Secretary, will receive
sealed bids until 2 p. m. (Eastern standard time) on Aug. 10, at the office
of Crowell & Whitehead, Bank & Trust Bldg., Greensburg, for the purchase
of $10,000
% township bonds. Dated Aug. 1 1931. Denom. 81,000.
Due Aug. 1 as follows. $2,000 in 1936 and 1937. and $3,000 in 1938 and
1939. Interest is payable semi-annually in Feb. and Aug. A certified check
for $500, Payable to W. B. McKallip, Treasurer, must accompany each
proposal.
BENT COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Las Animas),
Colo.
-PRE
-ELECTION SALE.
-A $50,000 issue a 4% refunding bonds
is reported to have been purchased by Bosworth, Chanute, Loughridge
& Co. of Denver, subject to an election to be held soon. Due in from 1 to
15 years.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.
William T. Small, County Treasurer, will receive sealed bids until 2 P. tn.
on July 31 for the purchase of $9.696.60 6% drain improvement bonds.
Dated July 6 1931. Denom. $484.83. Due $969.66 on Nov. 10 from
1932 to 1941 incl. Prin. and semi-ann. int. (May 10 and Nov. 10) are
payable at the County Treasurer's office.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND OFFERING.
-Luther Speidel, County Auditor, will receive sealed bids until
10 a. m. on Aug. 4 for the purchase of $10,612.10 6% bonds. Dated
July 15 1932. One bond for $352.10, others for $540. Due July 15 as
follows: $1,972.10 in 1932 and $2.160 from 1933 to 1936 incl. Prin.
and semi-ann. int. are payable at the office of the County Treasurer. A
certified check for 10% of the par value of the bonds bid for, payable to
the order of the County Treasurer, must accompany each proposal.
BOSTON, Suffolk County, Mass.
-BONDS UNSUCCESSFULLY
OFFERED.
-Edmund L. Dolan, City Treasurer, informs UB that a total of
$2,238,000 coupon bonds, comprising $1,150,000 3;Is and $1,088,000 3)'s.
for which sealed bids were invited until July 22, were not sold, as the single
offer submitted, a price of par for the $1,150,000
% bonds, tendered by
a group composed of R.L. Day & Co., the Atlantic Corp., Estabrook & Co.,
the Chase Harris Forbes Corp., and the First National Old Colony Corp., all
of Boston, was rejected. No offer was made for the $1,088,000 335%
bonds. The offering consisted of:
JULY 25 1931.]
FINANCIAL CHRONICLE
$1.150,000 3V% bonds, divided as follows:
$210,000 Columbus Park impt. bonds. Due July 1 as follows: $11,000
from 1932 to 1941 incl. and $10,000 from 1942 to 1951 incl.
200.000 sewerage works bonds.'
Due $10.000 July 1 from 1932 to 1951 incl.
150.000 hospital dept. equip. and impt. bonds. Due July 1 as follows:
$8,000 from 1932 to 1941 incl., and $7,000 from 1942 to 1951 incl.
100,000 fire station bonds. Due $5,000 July 1 from 1932 to 1951 incl.
100,000 branch library establishment bonds. Due $5,000 July 1 from 1932
to 1951 Incl.
100,000 charities administration bldg. bonds. Due $5,000 July 1 from
1932 to 1951 incl.
80,000 Sevin Hill sewer bonds. Due 34,000 July 1 from 1932 to 1951 incl.
40,000 Morton St. bridge bonds. Due $2,000 July 1 from 1932 to 1951
incl.
25,000 playground impt. bonds. Due July 1 as follows: $2,000 from 1932
to 1936 Incl., and $1.000 from 1937 to 1951 incl.
25,000 playground impt. bonds. Due July 1 as follows: $2.000 from
1932 to 19:36 incl., and $1,000 from 1937 to 1951 Incl.
25,000 Billings Field impt. bonds. Due July 1 as follows: 52,000 from
1932 to 1936 Incl., and $1,000 from 1937 to 1951 incl.
25,000 playground bonds. Due July 1 as follows: IMMO from 1932 to
1936 incl.. and $1,000 from 1937 to 1951 incl.
25,000 playground [rapt. bonds. Due July 1 as follows: $2,000 from
1932 to 1936 incl.. and $1,000 from 1937 to 1951 incl.
25,000 playground impt. bonds. Due July 1 as follows: $2,000 from
1932 to 1936 incl., and $1,000 from 1937 to 1951 incl.
20,000 courthouse bonds. Due $1,000 July 1 from 1932 to 1951 incl.
% bonds, divided as follows:
51,088,000
$480.000 street construction and impt. bonds. Due $32,000 July 1 from
1932 to 1946 incl.
210.000 fire boat bonds. Due July 1 as follows: $11,000 from 1932 to
1941 incl., and $10,000 from 1942 to 1951 Incl.
150,000 street widening bonds. Due $10,000 July 1 from 1932 to 1946 Incl.
150.000 street construction and widening bonds. Due 510,000 July 1
from 1932 to 1946 incl.
43.000 hospital department equip, and impt. bonds. Due July 1 as
follows: $3,000 from 1932 to 1945 Incl. and $1,000 in 1946.
43,000 hospital department equip. and Impt.' bonds. Due July 1 as
follows: $3,000 from 1932 to 1945 Incl., and $1,_000 in 1946.
6,000 hospital department buildings impt. bonds. Due 51.000 July 1
from 1932 to 1937 Incl.
6,000 hospital department buildings impt. bonds. Due $1,000 July 1
from 1932 to 1937 incl.
Each issue is dated July 1 1931. The bonds will be issued in registered
bond certificates of $1,000 each, or any multiple thereof. Prin. and semiannual interest (J. & J.) are payable at the office of the City Treasurer.
BOSTON, Suffolk County, Mass.
-62,000,000 TEMPORARY LOAN
-The City Treasurer opened bids on July 23 submitted for the
SOLD.
purchase of an issue of $2,000,000 temporary revenue notes and awarded
the loan to Salomon B
Bros. & H utzler of Boston on their interest rate basis
bid of 1.23% plus a premium of $11. The loan Is dated July 24 1931 and
matures Oct. 6 1931. Bids received at the sale were as follows:
Bidder
Rate of Interest.
Salomon Bros. & Hutzler, plus $11 premium (purchaser)
1.23
Shawmut Corp., plus $11 premium
1.24
F. S. Moseley & Co
1.24
First National Old Colony Corp., plus $17 premium
1.28%
BRIDGEWATER,PARIS AND BROOKFIELD CENTRAL SCHOOL
DISTRICT NO. 1 (P.0. Bridgewater), Oneida County, N. Y.
-BOND
SALE.
-The $125,000 coupon or registered school bonds offered on July
20-V• 133. p. 510
-were awarded as 5s to the M. & T. Trust Co. of
Buffalo, at a price of 100.671, a basis of about 4.94%. The bonds are
'
dated May 1 1931 and mature May 1 as follows: $2,000 from 1932 to 1941.
incl.; $3,000 from 1942 to 1947, incl.; 34,000, 1948 to 1952, incl.: $5.000,
1953 to 1956. incl.: $6,000, 1957 to 1959, incl.; $7,000, 1960 to 1962, incl.;
and $8.000 in 1963. Only one bid was received at the sale.
BRISTOL COUNTY(P.O.Taunton) Mass.
-TEMPORARY LOAN.
The $200,000 temporary loan offered on July 21-V. 133. p. 510 was
awarded to the B. M. C. Durfee Trust Co. at 1.48% discount basis. The
loan is dated July 23 1931 and matures Nov.23 1931. Bids submitted at the
sale were as follows.
Discount
I' count
s
BidderBasis,
Bidder.
B. M. 0. Durfee Trust Co.
First Nat. Co., New Bedford
(purchaser)
1.487
(plus $1 premium)
1.587
National Shawmut Bank
Faxon, Gade & Co
1.58
Merchants National Bank of
First Nat. Old Colony Corp.,_.1.58 0
Bedford
1.55% First Nat. Bk.of Attleboro_ -1.59%
BROOKLINE, Norfolk County, Mass.
-FINANCIAL STATISTICS.
-The town tax rate for 1931 has been fixed at $20.40 per $1,000 of assessable property, an increase of $0.50 over the levy In 19:30 which was $19.90
per $1.000. The valuation of property, both real and personal, for the
current year is given as $173,692,300, an increase of $2,387,200 over the
past year.
BROWNSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.
Brownsville), Cameron County, Tex.
-The 580,000
-BOND SALE.
Issue of 5% coupon school building bonds offered for sale on July 15V. 133. p. 326
-was purchased by A. C. Allyn & Co. of Chicago at a
price of 97.75, a basis of about 5.18%. Denom. $1,000. Dated July 1
1931. Due serially in 40 years. Interest payable J. & J.
CAMBRIDGE, Guernsey County, Ohlo.-BOND SALE.
-The following issues of bonds aggregating 346.103.84, offered on July 17-V. 133
p. 156
-were awarded as 4 Pis to the Davies-Bertram Co. of Cincinnati
at par plus a premium of 304.40, equal to 100.13, a basis of about 4.22%:
$40,040.16 special assessment street 'rapt. bonds. Due Oct. 1 as follows:
$4.040.16 in 1932 and $4,000 from 1933 to 1941 incl.
6.063.68 city's portion street impt. bonds. Due Oct. 1 as follows:
61063.68 in 1932 and $1,000 from 1933 to 1937 incl.
Each Issue Is dated July 15 1931.
CAMBRIDGE, Middlesex County, Mass.-TEMPORAEY LOAN.
William J. Shea, City Treasurer, Informs us that a 51.000.000 temporary
loan offered on July 22 was awarded to R. W. Preasprich & Co., of New
York, at 1.58% discount basis, plus a premium of $5. The loan Is dated
July 23 1931 and Is payable Jan. 27 1932 at the National Shawmut Bank,
of Boston, or at the Chase National Bank, New York, at the option of
the holder. Legality of the loan has been approved by Ropes. Gray,
Boyden & Perkins, of Boston. The following is a list of the bids submitted
for the loan:
BidderDiscount Basis.
R. W.Pressprich & Co.(Plus $5 premium)
Shawmut Corp
1:87
Central Trust Co.(Plus $5)
1.62
Harvard Trust Co
1.637T,
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Samuel E.
Barr, City Auditor, will receive sealed bids until 1 p. m.(Eastern standard
time) on Aug.5 for the purchase of $154,438.60 43i and 5% bonds, divided
as follows:
$89.945.71 5% property portion impt. bonds. Dated Aug. 1 1931. One
bond for $946.71.
others for $1,000. Due Feb. 1 as follows:
$17,945.71 In 1933. and $18,000 from 1934 to 1937 Incl.
27.674.67 5% property portion :rapt bonds. Dated Aug.1 1931. One bond
for 3674.76, others for 31.000. Due Feb. 1 as follows: $2.674.67
In 1933; 32,000. 1934,• 53.000, 1935; $2,000, 1936, and $3,000
from 1937 to 1942 incl.
18,931.65 43.4% property portion impt. bonds. Dated Feb. 2 1931. One
bond for 3431.65: one bond for $500 and others for $1,000. Due
Feb. 2 as follows: $1.431.65 In 1933;$2,000, 1934;$1.500. 1935.
and $2.000 from 1936 to 1942 incl.
12,886.67 6% property portion impt. bonds. Dated Aug. 1 1931. One
bond for $386.57, others for $1,000 and $500. Due Feb. 1 as
follows: $1.386.57 in 1933; 51.000, 1934; 31,500, 1935; 51,000,
1936; 51,500. 1937; 81,000. 1938; 31.500, 1939; 51.000 in 1940.
and $1,500 In 1941 and 1942.
5.000.00 436% fire hydrant purchase bonds. Dated Feb. 21931. Denom.
$1,000. Due $1,000 Feb. 2 from 1933 to 1937 incl.
Principal and semi-annual interest are payable at the office of the C'ity
Treasurer. Bids will be received for the bonds to bear Interest at a lesser
or higher rate of interest then above specified. A certified check for 5%,
of the amount of bonds bid for must accompany each proposal The successful bidder will be furnished with a certified copy of the abstract showing
the legality of She bonds.
673
CASCADE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Great
Falls) Mont.
-BONDS VOTED.
-We are informed that a 375,000 issue of
school building bonds was approved by the voters on July ii by a majority
of more than 2 to 1.
BOND OFFERING.
-The above issue of serial or amortization bonds
will be offered for sale at public auction by V. F. Gibson, District Clerk,
at 7:30 p. m.on Aug. 31. Dated June 1 1931.
CASS COUNTY (P. 0. Logansport) Ind.
-BOND OFFERING.
Herbert D. Condon, County Treasurer, will receive sealed bids until
2 p. m. on Aug. 4 for the purchase of $13,300 434% bonds, divided as
follows:
56,800 Bethlehem Twp. road impt. bonds. Denom. $340. Due $340.
July 15 1932: $340, Jan. and July 15 from 1933 to 1941 incl., and
$340. Jan. 15 1042.
6,500 Bethlehem Twp. road impt. bonds. Denom. $325. Due $325.
July 15 1932: 5325, Jan. and July 15 from 1933 to 1941 incl., and
$325, Jan. 15 1942.
Each issue is dated July 15 1931. Principal and semi-annual interest
(Jan. and July 15)are payable at the office of the County Treasurer.
CASSVILLE, Barry County, Mo.-PURCHASER.-The 312,500 issue
of water supply bonds that was reported sold-V. 133. P. 510
-was purchased by Alexander, McArthur & Co. of Kansas City.
CHERRY VALLEY, MIDDLEFIELD AND ROSEBOOM CENTRAL
SCHOOL DISTRICT NO. 1 (P. 0. Cherry Valley), Otsego County,
N. Y.
-BONDS NOT SOLD
-Fred J.
-COUPON RATE INCREASED.
Gliday, Clerk of the Board of Education. informs us that the Issue of
575.0004% school bonds for which seised bids were invited until July 20V. 133, p. 326
-was not sold, as a result of the failure to receive an offer
for the bonds. Mr. Gllday also states that the issue will be readvertised
for sale at 8 p. in. on Aug.3 with the coupon rate increased to 4345'. The
bonds are dated June 30 1931 and mature on June 30from 1933 to 1962,incl.
CLEVELAND, Bradley County, Tenn.
-BOND OFFERING.
-It is
reported that sealed bids will be received until 2 p. m. on July 28, by
Willard J. Parks, Mayor, for the purchase of a $50,000 issue of 5% semiann.city bonds. Denom.$1,000. Due 35,000 from Aug. 1 1933 to 1942 incl.
COLLIERVILLE, Shelby County, Tenn.
-MATURITY.
-The
$30,000 issue of coupon water works impt. bonds that was purchased by
Saunders & Thomas of Memphis, as Ms, A. & 0., at a price of 100.50-matures as follows: $1,000. 1932 to 1941. and $2,000.
V. 132. p. 3754
1942 to 1951, giving a basis of about 5.69%.
COLD SPRING, Putnam County, N. Y.
-BOND SALE.
-The
National Bank of Cold Spring purchased on July 22 an issue of $10,000
434% street impt. bonds at a price of par. Dated Aug. 1 1931. Denom.
$500. Due $500 Aug. 1 from 1932 to 1951 incl. George B. Gibbons &
Co.. Inc., of New York, bidding for 4.70% bonds, offered 100.02, while
a price of 100.52 for 5% bonds was named by Dewey, Bacon & Co. of New
York.
CONCORD, Middlesex County, Mass.
-TAX RATE.
-The 1931 tax
rate has been set at $38.20 per $1.000 of assessable property, a reduction
of 8.80 from the levy of 1930. The decrease was made possible through
the addition of about $900,000 on the town's tax rolls, the total assessed
valuation now being $9,442.478. of which $8.142.503 is in real estate and
51,299.975 In personal property.
COCHRAN COUNTY (P. 0. Morton), Tex.
-BOND OFFERING.
It is reported that sealed bids will be received until Aug.3, by D.'S. Smith.
County Clerk, for the purchase of an issue of 5100,000 road bonds.
COVINGTON, Kenton County, Ky.-BOND SALE.
-The $142,600
Issue of coupon asphalt street improvement refunding bonds offered for sale
-was purchased by Breed & Harrison, Inc. of
133, p. 327
on July
Cincinnati and associates, as 430, paying a premium of $443, equal to
16-V.
100.31. a basis of about 4.22%. Dated July 1 1931. Due from July 1
1932 to 1961.
CYGNET,Wood County,Ohio.
-PRIVATE SALE OF $16,500 BONDS
EXPECTED.
-T. A. Morrow. Village Clerk, reports that the issue of
$16.500 5% coupon street improvement bonds offered on July 1-V. 132,
-at which time no bids were received, is to be disposed of at private
p.4800
sale. The bonds are dated May 15 1931 and mature 31.650 Sept. 1 from
1932 to 1941. Inclusive.
DALLAS, Dallas County,Tex.
-BONDS AUTHORIZED.
-It is stated
that the City Plan Commission has approved a program for the sale of
5800.000 bonds for street widening and extension during the coming year.
DARLINGTON COUNTY (P. 0. Darlington), S. C.
-BONDS OFFERED TO PUBLIC.
-The $250.000 issue of coupon refunding bonds that
was purchased by .T. H. Hilsman & Co., Inc., of Atlanta. as 43
, at 98.86.
18,
a basis of about 4.88%-V. 132, p.4800 being offered by the purchaser
-is
for general investment _priced as follows: 1932 and 1933 maturities yield
4.25%; from 1934 to 1936, the yield is 4.40%; 1937 to 1945, 4.60% and
from 1946 to 1951, 4.70%. Legality approved by Storey, Thorndike,
Palmer & Dodge of Boston. These bonds are reported to be free of all
taxes in South Carolina, including State, County, City, State income and
Federal income taxes.
DAVIE COUNTY (P. 0. Mocksville), N. C.
-ADDITIONAL DETAILS.
-The $8,400 issue of notes that was purchased by the Bank of
Davie of Mocksville, as 6s, at par
-V. 133. P. 327
-is dated July 7 1931
and matures on Dec. 71931.
DECATUR SCHOOL DISTRICT NO. 61 (P. 0. Decatur), Macon
County, 111.
-LIST OF BIDS.
-The following is an official list of the
bids received on July 14 for the purchase of the 3150,000 4% coupon school
bonds awarded to the Harris Trust & Savings Bank, of Chicago, for a
premium of $289,equal to 100.19, a basis of about 3.98%.-V. 133. p. 511.
Biddera-Premium;b-Discount
Harris Trust & Savings Bank, Chicago
a$289.00
National Bank of Decatur
010.00
First Union Trust & Savings Bank, Chicago
a27.00
Citizens National Bank of Decatur
62.104.50
White-Phillips Co.. Davenport
5654.00
DEDHAM, Norfolk County, Mass.
-The Board of
-TAX RATE.
Assessors recently completed Its survey and announced the town tax rate
for 1931 as $34.80 per $1,000 of assessable property, an increase of $2 over
the levy of the previous year. Valuation of property in the municipality
Is fixed at 325,464,675, of which $22,315,800 represents real estate and
$3,148,875 personal property. Expenditures for 1931 will be $67,457 in
excess of the amount in 1930.
DEDHAM, Norfolk County, Mass.
-John T.
-NOTE OFFERING.
Gaynor, Town Treasurer, will receive sealed bids until 11 a. m. on July 28
for the purchase of $240,000 334% high school addition notes. Dated
Aug. 1 1931. Due 324,000 annually from 1932 to 1941 incl. Int. is
payable semi-annually in February and August. Notes will be issued
in coupon form.
Financial Statement.
Average assessed valuation of the Town of Dedham for the
previous three years._ less abatements
$25,245,160
3% valuation debt limit
757.354
Total indebtedness July 1 1931
450,925
DETROIT, Wayne County, Mich.
-FINANCE OUT-CITY TO RE
STANDING NOTE ISSUES AGGREGATING 353.000.000.
-At a meeting
of the city council on July 23 unanimous approval was given the request
of Controller Roosevelt for authority to issue temporary securities to the
amount of $53,000,000 with which to pay in part 562,000,000 in note
Issues which become due during the next few months, according to news
dispatches from Detroit. The difference of 59.000.000 will be paid out
of current tax collections, according to the Controller. The council spedfled that the int: rate is not to exceed 65'. and that the new loans mature
within six months. The Detroit "Free Press" of July 23, in reporting on
the anticipated favorable action of the city council, said:
"Authority to borrow $53,000,000 and pledge the revenues of the city
'other than taxes' for repayment will be granted Controller G. Hall
Roosevelt at a special session Thursday noon, the common council decided
in informal session Wednesday.
"This is the first time that the water receipts, license fees, auto violations fines and similar forms of income have been offered as security
for the short-term notes of the city which now total $62.000,000.
Under Woodruff Ad.
"Mr. Roosevelt explained the procedure is necessary under the Woodruff
Act passed by the last Legislature to control the borrowing power of
municipalities.
FINANCIAL CHRONICLE
674
"Although the law will be obeyed as to form, he declared, the actual
situation will not be changed, since It is not proposed to pay off the shortterm notes out of receipts, but to borrow more money when these notes
run out.
The actual disbursement of the anticipated revenues will not be held
up, he said, by the fact they are legally the security for the loan. Mr.
Roosevelt explained he plans to ask bids for $45,000,000 Aug. 1 and the
remaining $8.000,000 before Sept. 15. The additional $9,000.000 making
up the $62,000,000 present tote will be paid out of current tax collections,
he said.
Rebuked by Hall.
"Councilman John S. Hall rebuked the Controller for endeavoring to
have the Council grant the authorization at its formal session Tuesday
night without having first discussed it in committee.
"If some one had asked me last night what the $53,000,000 loan was
needed for," he said,"I should have been forced to answer'I don't know'
and •I have had no opportunity to find out.'
"I still consider a million dollars a large amount of money and I won't
vote to spend it at any time until I know what it's for."
DeW1TT, James Street Terrace Water District (P. 0. East Syra-BOND OFFER1N0.-WIlliam W.
cuse) Onondaga County, N. Y.
Fay, Town Supervisor, will receive sealed bids untli 7.30 p. m. (Eastern
standard time) on July 28 for the purchase of $16,000 ont to exceed 6%
interest con. in or registered water district bonds. Dated Jun 1 1931.
Due $1,000. July 1 from 1936 to 1951 incl. Rate of int.
Denom. $1
to be expressed in a multiple of X of 1-10th of 1% and must be the same for
all of the bonds. Principal and semi-annual interest (Jan. and July) are
payable at the Bank of East Syracuse, in East Syracuse. A certified check
for $500, Payable to the order of the above-mentioned Supervisor, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater. of New York. will be furnished the purchaser.
DORCHESTER COUNTY(P.O.Cambridge), Md.-LIST OP BIDS'
The following is a list of the bids submitted for the issue of $175,000 5%
coupon school buidling construction bonds sold recently to the Union
Trust Co. of Baltimore, at a price of 110.853, a basis of about 4.17%.
-V. 133. p. 156:
Rate Bid.
BidderUnion Trust Co.of Baltimore (purchaser)
The Baltimore Co.;John P. Baer & Sons; Robert Garrett & Sons.110.853
105.12
and Jenkins. Whedbee & Poe. jointly
109.137
Stein Bros.& Boyce.and the Mercantile Trust Co..jointly
-A
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND SALE.
00,000 issue of 4 4%coupon county hospital construction bonds was
ntly purchased on July 21 by the First Trust Co. and Ware, Hall &Co..
both of Omaha,for a premium of $25.432, equal to 108.477. a basis of about
3.84%. Denom. $1,000. Dated Jan. 1 1929. Due $100,000 on Jan. 1
1947 and $200,000 on Jan. 1 1948. Interest payable J. & J.
-BOND OFFERING.
DREW COUNTY (P. 0. Monticello), Ark.
Sealed bids will be received by W. E. Spencer, County Judge, until 1:30
p. m.on Aug.6,for the purchase of an issue of 5% semi-annual court house
bonds. Denom. $1,000 and $500. Dated Aug. 1 1931. Due from
Aug. 1 1932 to 1961 and optional in 1951. These bonds are issued pursuant
to the authority of Amendment No. 17, to the Constitution of the State.
and Act 294. of the General Assembly for 1929. The purchaser may
designate the bank at which the bonds may be made payable. The County
will defray the expense of issuing the bonds and pay a reasonable fee for
the opinion of purchaser's attorney approving validity of the issue. Bids
will be'received in the alternative for delivery of all of said bonds and
payment thereof in cash, or for delivery of and payment of bonds in Installments as work progresses. A certified check for $1,000 must accompany
the bid.
DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,
-It Is reported that at an election held on July 18,
-BONDS VOTED.
Minn.
the voters approved the proposed issuance of $199,500 in school bonds.
EAGLE LAKE SPECIAL TAX SCHOOL DISTRICT NO. 9 (P. 0.
-Sealed bids will be
-BOND OFFERING.
Bartow), Polk County, Fla.
received until 11 a. m. on Aug. 10, by Hugh W. Wear. Chairman of the
Board of Public Instruction, for the purchase of a $10,000 issue of6% semiann. school bonds. Denom. $500. Dated Aug. 1 1931. Due $500 from
Aug. 1 1934 to 1953,incl. A $500 certified check must accompany the bid.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
-BOND SALE.
-The $180,000
Tuckahoe), Westchester County, N. Y.
coupon or registered school bonds offered on July 20 (V. 133. p. 327)
were awarded as 4.20s to M. M. Freeman & Co., Inc. of New York, at
100.32, a basis of about 4.17%. The bonds are dated Aug. 1 1931 and
mature Aug. 1 as follows: $10,000 from 1941 to 1958. incl.
-TEMPORARYFINANCING.
Salem), Mass.
ESSEX COUNTY
-The Cape Ann National Bank was awarded on July 17 a $10,000 Industrial Farm maintenance loan at 1.82% dIcsount basis. Due Jan. 27 1932.
Other bidder was the Merchants' National Bank of Salem, at 1.91%.
-The county also on July 17 awarded an
ADDITIONAL LOAN SOLD.
additional loan of $200,000, due Nov. 6 1931, to the Salem Trust Co. at
1.40% discount basis, plus a premium of $1.50. This loan was bid for
by the following:
Discount Basis.
Bidder1.40
Salem Trust Co. (plus $1.50 premium)
1.55
Gloucester Safe Deposit
1.57%
Naumkeag Trust Co
1.575%
Gloucester National Bank
1.59%
Merchants National Bank, Salem (plus $3.58 premium)
1.61 %
Beverly National Bank
1.61
Salomon Bros. & Hutzler
1.61
Warren National Bank, Peabody
1.65
Cape Ann National Bank
1.68%
Faxon, Gade & Co
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Evans-The $285.000 school
-RATE OF INTEREST.
ton), Cook County, Ill.
building bonds recently purchased at a price of par by the H. C. Speer it
-V. 133. p. 511-bear interest at4j4%, payable
Sons Co. of Chicago
semi-annually. The bonds are dated July 1 1931 and mature July 1 as
follows: $10.000from 1937 to 1942 incl.,and $25,000 from 1943 to 1951 incl.
FAIRLAND SCHOOL DISTRICT (P.O. Fairland), Ottawa County,
-The $8.000 issue of school bonds that was
-BOND DETAILS.
Okla.
purchased recently (V. 133, p. 512) was awarded to the First National
Bank of Fairland as 5s at par. Due from 1934 to 1942.
-The $20,000
-BONDS NOT SOLD.
FALLS CITY,Polk County, Ore.
issue of 6% semi-annual refunding water bonds offered on June 15(V. 132,
p. 4626) was not sold as there were no bids received. Dated June 1 1931.
Due $1.000 from June 1 1932 to 1951. Inclusive.
-The
-BOND SALE.
FARMINGDALE, Nassau County, N. Y.
$90,000 coupon or registered building bonds offered on July 22-V. 133.
-were awarded as 4.20s to the M. & T. Trust Co. of Buffalo at a
p. 327
price of 101.169, a basis of about 4.03%. The bonds are dated Aug. 1
1931 and mature Aug. 1 as follows: $4.000 from 1932 to 1941 incl.. and
$5,000 from 1942 to 1951 incl. Bids submitted at the sale were as follows:
Rate.
Rate Bid.
Bidder2
M.& T. Trust Co.(successful bidder)
100.18.3
4.25%
Batchelder & Co
4.25$
100.088
F
M. M.Freeman & Co.. Inc
4.50
100.276
Farson, Son & Co
100.00
4.90%
First National Bank
4.40%100.48
Roosevelt & Son
4.30
100.18
ey.
Dew.Bacon & Co
4.30
100.179
George 11. Gibbons & Co., Inc
4.40%
100.561
A.0. Allyn & Co
-BOND OFFERING.
County, Tenn.
FAYETTEVILLE, Lincoln
It is reported that sealed bids will be received until Aug. 4 by R. L. LindCity Clerk, for the purchase of a 340,000 issue of 5% semi-ann. resey,
funding bonds.
-ADDITIONAL INFERGUS FALLS, Otter Tail County, Minn.
-The $15,000 issue of 4.3i% semi-annual certificates of
FORMATION.
indebtedness that was purchased by the city sinking fund (V. 133. P. 512)
was awarded at par and maturtzt $1,000 from July 1 1932 to 1946. inclusive.
-Myrtle
-BONDS NOT SOLD.
FINDLAY, Hancock County, Ohio.
Hamprecht, City Auditor. informs us that the Issue of $350,000 6% sewage
disposal plant bonds offered on July 16 (V. 132, p. 4800) was not sold, as
(P.O.
[VoL. 133.
no offer for the bonds was made. Dated July 11931. Due $7,000 April
and Oct. 1 from 1932 to 1956,incl. The offers received were as follows:
Rate Bid.
Int. Rate.
BidderWeil, Roth & Irving Co., Van Lahr, Doll & Tsphordlug and Assort!, Goetz & Moerlein, Inc., jointly
4 07
100.8101.22
1
01
101.13
Seaaongood & Mayer
100.70
BancOhlo Securities Co
FLORAL PARK, Nassau County, N. Y.
-BOND OFFERINO.-John
Biome, Village Clerk, informs us that he will receive sealed bids until
8:30 p.m. on Aug. 18 for the purchase of $100,000 drainage and road
improvement bonds.
-The $30,000
-BOND SALE.
FONDA, Montgomery County, N. Y.
-were awarded
4% registered bonds offered on July 22-V. 133, p. 327
to the National Mohawk River Bank, of Fonda, the only bidder, at a
price of par. The bonds are dated Aug 1 1931 and mature $1,500 on
Aug. 1 from 1933 to 1952, inclusive.
FOND DU LAC, Fond du Lac County, Wis.-BOND SALE.-'Phe
$65,000 issue of4% semi-ann. street Impt. bonds offered for sale on July 22
-V.133. p. 512
-was awarded to the Milwaukee Co. of Milwaukee,paying
a premium of $500,equal to 100.769.a basis of about 3.91%. Dated July 1
Due from Sept. 1 1932 to 1950 incl.
1931.
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass.
The First National Old Colony Corp. of Boston was awarded on July 17 a
$100,000 temporary loan at 1.83% discount basis. Maturity of loan is
April 11 1932. A discount basis bid of 1.97% was named by Faxon, Ga de
& Co. of Boston.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
The $60.334 coupon sewer improvement bonds offered on July 22-V.
133, p. 157
-were awarded as 4,1s to the BancOhlo Securities Co.. of
Columbus. at par plus a premium of $71.20. equal to 101.11, a basis af
about 4.55%. The bonds are dated August 15 1931 and mature semiannually as follows. $2.334 March and 33.000 Sept. 15 1933' $2,000 March
and $3,000 Sept. 15 from 1934 to 1938. incl., and $3,000 March and Sept.
15 from 1939 to 1943, incl.
Bids received at the sale were as follows:
Premium.
BidderInt. Rate.
$71.21)
BancOhlo Securities Co. (successful bidder)
4 %
48.26
Provident Savings Bank & Trust Co., Cincinnati
5
446.00
Stranahan, Harris & Co., Toledo
5
.
366.00
811er, Carpenter & Roose, Toledo
5
FREEPORT, Brazoria County, Tex.
-BOND SALE.
-The $1 5.000
offered
Issue of 5% semi-annual refunding bon& that was unsuccessfully
-Is reported to have since been purchased by
on July 1-V. 133. p. 327
the J. R. Phillips Investment Co. of Houston. Due 33,000 from 1933
to 1937.
GALLATIN COUNTY SCHOOL DISTRICTS (P. 0. Boze man),
-Sealed bids will be received, accord ins to.
-BOND OFFERING.
Mont.
report, by the District, Clerk, until Aug. 15, for the purchase of the following issues.
att
At 2 p. m. $5,000 School District No. 4 bonds.
At 3 p. m. 3.000 School District No. 19 bonds.
Interest rate is not to exceed 6%. These bonds are to be either serial
or amortization in form with the latter plan being the first choice.
GARFIELD COUNTY SCHOOL DISTRICT NO.39(P.O. Glen wood
-A call has been issued for the entire
-BONDS CALLED.
Springs), Colo.
Issue of 6% bonds dated Sept. 1 1921; optional in 1931; due in 1941; called
for Sept. 1 1931 at Grigsby & Co. in Pueblo. The entire issue of bonds
dated Feb. 15 1922, optional 1932; due In 1942, has been called for payment as of Feb. 1 1932 at Grigsby & Co.
-NOTE SALE -The $1 00.000
GASTONIA, Gaston County, N. C.
Issue of tax anticipation notes offered for sale on July 21 (V. 133. p. 512)
was purchased by the State Planters Bank & Trust Co. of Richmond as
454s at par. Dated July 25 1931. Due on Nov. 25 1931.
-ADDITIONAL INFORMAGLEN ROCK, Bergen County, N. J.
-Charles P. Van Allen, Borough Clerk, states that the principal
TION.
and interest payments on the $205,000 bonds scheduled for sale on July 27
and referred to in V. 133, p. 512, will be payable at the Olen Rock National
Bank of Glen Rock, not at the First National Bank of Glen Rock, as
previously reported.
-BOND OFGLOUCESTER COUNTY (P. 0. Woodbury), N. J.
FERING -Chester N. Steelman. Clerk of the Board of Freeholders, will
receive sealed bids until 12 m. (daylight saving time) on Aug. 4 for the
purchase of $400.000 4% coupon or registered road bonds. Dated
Aug. 1 1931. Denom. $1,000. Due Aug. 1 as follows: $20.000 in
1933 and 1934, and $30000 from 1935 to 1946 incl. Prin. and semi-ann.
Int. (F. & A.) are payable at the Farmers & Mechanics National Bank,
Woodbury. or at such other banking institution as the Board of Freeholders may hereafter determine. Bids must be for the total issue offered
and must provide for the payment of accrued interest from Aug. 1 to the
date of delivery. A certified check for 2% of the amount of bonds bid for
must accompany each proposal. (These bonds were previously offered
as 48 on July 8. at which time no bids were received-V. 133. p. 328.)
-BOND SALE.-WIlmot A.
GLOUCESTER, Essex County, Mass.
% coupon
Reed, City Treasurer. Informs us that an issue of $25,000
fire station bonds was awarded on July 22 to the Gloucester National
Bank at a price of 100.175, a basis of about 3.47%. The bonds are dated
Aug. 1 1931 and mature Aug. 1 as follows. 83.000 from 1932 to 1936, incl.,
and $2.000 from 1937 to 1941, incl. Principal and semi-annual interest
(Feb. and Aug.) are payable at the First National Bank, of Boston. This
Bank will supervise the engraving of the bonds and will also certify as to
their genuineness. Legality to be approved by Ropes, Gray. Boyden &
Perkins, of Boston, whose opinion will be furnished the purchaserna.teBBlidad.
received at the sale were as follows.
ed
idder100.175
Gloucester National Bank (purchaser)
100.139
R. L. Day & Co
100.051
Gloucester Safe Deposit & Trust Co
100.00
Cape Ann National Bank
Financial Statement July 10 1931.
7
5
.7
.
2 93 2
942 13 15
Assessed valuation for year 1930
Total bonded debt (including this issue)
938.000
Water debt (included in total debt)
None
Sinking funds
Population, 24,204.
RAPIDS, Kent County, Mich.
-BONDS PUBLICLY OFGRAND
FRRED.-The $435,000 sewage disposal system bonds,comprising $290.000
due in equal amounts from 1942 to 1961 incl. and $145,000 43s
3
on July 15 to M. M. Freeman &
.
due from 1932 to 1941 incl., awarded
Co., Inc.. of New York,and A. E. Kustner & Co. of Grand Rapids, jointly.
-are being re-offered by the
-V. 133. p. 512
at 3.90% net cost basis
successful bidders for general investment priced to yield from 2.25 to
3.75% for the 3X % obligations, and 3.80% for the 3% coupon bonds
The securities, according to the bankers, are legal investment for savings
banks and trust funds in New York, Massachusetts and Connecticut.
-BOND OFFERING.
GRATIOT COUNTY (P. 0. Ithaca), Mich.
John William Young, County Drain Commissioner, will receive sealed
bids until 3 p. m.on July 28,for the purchase of $9.900 6% drainage bonds.
Due April 15 as follows. 3600 from 1932 to 1964. incl.. and $900 in 1947.
-BOND OFFERING.
GREENE COUNTY (P. 0. Bloomfield), Ind.
Lewis V. Brewer, County Treasurer, will receive sealed bids until 10 a. m.
on July 28 for the purchase of 920.340 04% bonds, divided as follows:
$9,500 road impt. bonds. One bond for $950. others for 3450. Due
$950 July 15 1932, $450 Jan. 15 and July 15 from 1933 to 1940
incl.; $450 Jan. 15 and $900 July 15 1941.
9,300 road Impt. bonds. One bond for $750, others for $450. Due
5750 July 15 1932; $450 Jan. 15 and July 15 from 1933 to 1940
incl.: $450 Jan. 15 and $900 July 15 1941.
1,540 road impt. bonds. One bond for $190, others tor $150. Due
$190 July 15 1932; $150 Jan. 15 and July 15 from 1933 to 1940
Incl.; $150 Jan. 15 and $300 July 15 1941.
JULY 25 1931.]
FINANCIAL CHRONICLE
Each issue is dated July 15 1931. Prin. and int. (Jan. 15 and July 15)
are payable at the office of the County Treasurer.
GREENVILLE, Pitt County N. C.
-NOTE OFFERING.
-Sealed
will be received by Chas. let. Johnson, Secretary of the Local Govern.
ment Commission, at his office in Raleigh, until 10 a. m. on July 28,
purchase of an issue of $100,000 gas plant bond anticipation notes.
for the
In denomination or denominations to suit the purchaser. Dated Aug. 1
1931. Due on Oct. 11931. Prin. and int, payable in N. Y. City. The
approving opinion of Masslich & Mitchell of New York will be furnished.
A $500 certified check, payable to the State Treasurer, must accompany
the bid.
GREENVILLE SEWER DISTRICTS (P. 0. Greenville), S. C.
-The four issues of sewer bonds, aggregating $1,BONDS NOT SOLD.
220,000, offered on July 23-V. 133. p. 512
-were not sold as all the bids
received were rejected. The issues are divided as follows:
$610.000 not to exceed 5% Greater Greenville Sewer District bonds. Due
from 1932 to 1971, inclusive.
100,000 not to exceed 6% Augusta Road Water and Sub-Sewer District
Due from 1942 to 1971. inclusive.
85.000
85,000 not to exceed 6% Northgate Sewer and Water Sub-District bonds.
Due from 1942 to 1971, inclusive.
425,000 not to exceed 6% Parker Water and Sewer Sub-District bonds.
Due from 1932 to 1971, inclusive.
GREGG COUNTY (P. 0. Longview), Tex.
-BOND ELECTION.
We are informed that an election has been called for Aug. 18 in order to
have the voters pass on the proposed issuance of $850,000 in bonds aggregating 5850,000 divided as follows. $650,000 in road and $200,000 in
court house and jail bonds.
GRETNA
Parish, La.
Aug.efrson
-BOND ELECTION.
-It is reported
25 in order to have the voters pass on
that an election will be held on
the proposed issuance of $200,000 in street paving bonds.
GUILFORD COUNTY (P. 0. Greensboro), N. C.
-NOTE SALE.
The five issues of notes, aggregating $369,000, offered for sale on July 21
(v. 133, p. 512) were purchased by the Greensboro Bank Securities Co.as
follows:
$319,000 various purposes revenue anticipation notes were awarded as
53s, plus a premium of $17.00.
50,000 current county expense notes were awarded as 6s at par.
Dated July 27 1931. Due on Jan. 27 1932.
HAMMOND, Lake County, Ind.
-BOND OFFERING.
-W. H.
Spellman, City Controller, will receive sealed bids until 12 m. (standard
time) on Aug. 5, for the purchase of $42,000 04% Park District bonds of
1931, issue No. 2. Dated June 1 1931. Denom. $2.100. Due $2,100 on
Jan. 1 from 1933 to 1952, incl. Principal and interest (January and July)
are payable at the office of the City Treasurer. A certified check for 2)4%
of the par value of the bonds bid for must accompany each proposal. Sale
of the bonds is subject to the approving opinion of Matson. Carter. Ross
& McCord, of Indianapolis.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
$5.750 coupon road improvement bonds offered on July 20-V. 133, p.
512
-were awarded as 434s to the Ohio Bank & Savings Co., of Findlay,
at par plus a premium of $1. equal to 100.01, a basis of about 4.49%. The
bonds are dated June 1 1931 and mature annually as follows: $1,750 in
1932, and $1,000 from 1933 to 1936, incl. Only one bid was received at
the sale.
HANOVER SCHOOL DISTRICT, York County, Pa.
-BOND SALE.
-The $225,000 4% coupon direct obligation school bonds offered on July 18
-V.133, p. 157
-were awarded to Stone & Webster and Biodget, Inc., of
Philadelphia, at par plus a premium of $9,479.25. equal to 104.213, a basis
of about 3.68%. The bonds are dated July 15 1931 and mature July 15
as follows: $5,000 from 1934 to 1938 incl.; $6,000. 1939 and 1940: $7,000,
1941 to 1945 incl.: $8,000. 1946 to 1949 incl.; $9.000, 1950 to 1952 incl.;
$10.000, 1953 and 1954; $11,000, 1955 and 1956; $12,000, 1957 and 1958:
$13,000 in 1959, and $15,000 in 1960. Bids submitted at the sale were as
follows.
BidderRate Bid. BidderBale Bid.
Stone & Webster and Blodget.
Brown Bros. Harriman & Co..101.815
Inc.(purchasers)
104.213 W.H.Newbold's Son & Co--101.509
Graham Parsons & Co
103.01 H.M.Byllesby & Co
101.31
M.M. eeman & Co., Inc_ _102.53 A.B.Leach & Co
101.128
Tradesmen Nat.Bk.& Tr. Co.101.881 E.H.Rollins & Sons
100.281
HARTFORD SOUTHWEST SCHOOL DISTRICT,Hartford County,
-BOND OFFERING.
Conn.
-The Hartford-Connecticut Trust Co., of
which Edward Dugan is Chairman, as Treasurer of the District will receive
sealed bids at its offices in Hartford until 10 a. m.(Eastern standard time)
on Aug. 1 for the purchase of $290,000 4% coupon (registerable as to 'principal) school bonds. Dated Aug. 1 1931. Denom. $1,000. Due $10.000
on Feb. 1 from 1933 to 1961 incl. Prin. and int. (F. & A.) are payable at
the Hartford-Connecticut Trust Co. A certified check for 2% of the par
value of the bonds, payable to the order of the Trust Company, must
accompany each proposal. The legality of the bonds will be examined by
Buckley, Creedon & Danaher of Hartford, and a copy of their opinion will
be furnished with the bonds.
The assessed valuation of taxable property in the District in 1930 was
$13,162.530. The total bonded debt, including the issue now offered. is
$365.000. A sinking fund for the retirement of bonds was instituted last
wear with the sum of $10,000. As of July 13 1931, the total legal debt
limit for the city of Hartford,Including school districts, &c., was $23,170,774
and indebtedness. $20,268,525.
HASTINGS
-ON-HUDSON, Westchester County, N. Y.
-FINANCIAL STATISTICS.
-In connection with the proposed sale on Aug. 4 of
$150,000 improvement bonds, notice and description of which appeared in
V. 133, p. 513-we are in receipt of a statement placing the total assessed
valuation of village ratables, exclusive of special franchise, for 1931 at
$13,563,105. Outstanding bonds, exclusive of the issue now offered, as of
Aug. 1 1931 total $631,000. Tax rate of 1931 is $12.40 per $1,000 of assessable property. The village was incorporated Nov. 19 1879 and the population now is estimated at 7,300.
HAYVVOOD COUNTY (P. 0. Waynesville), N. C.
-BOND SALE.
The $65,000 issue of coupon school funding bonds offered for sale on July 21
(V. 133, 9.328) was purchased by Mr.J. It, Boyd of Waynesville as 6s, paying a premium of $162.50. equal to 100.25.a basis of about 5.89%. Dated
July 11931. Due on July 1 1933 and 1934. There were no other bidders.
HENDRICKS COUNTY (P. 0. Danville) Ind.-BOND OFFERING.
-Byron N. Cox, County Treasurer, will receive sealed bids until 10 a.m.
on July 31, for the purchase of $9,000 434% road improvement bonds.
Dated July 15 1931. Denom.$450. Due $450 July 15 1932;$450 Jan.and
July 15 from 1933 to 1941, incl., and $450 Jan. 15 1942
HENRY COUNTY (P. 0. McDonough) Ga.-BOND OFFERING._.
Sealed bids will be received until noon on Aug. 1, by J. 0. Tarpley, Clerk
of the Board of Commissioners of Roads and Revenues, for the purchase of
an Issue of $150.000 5% ann. road 'flint. bonds. Denom. $1,000. Due on
Jan. 1 as follows. $3,000 in 1934 and $7,000 from 1935 to 1955 incl. These
bonds are part of a $200.000 issue of bonds validated in 1925, dated Jan. 1
1926, of which $50,000 have been sold. A certified check for 2% must
accompany the bid.
HILLSBOROUGH COUNTY (P. 0. Manchester), N. H.
-BOND
--Sealed bids addressed to the County Treasurer will be reOFFERING.
ceived until 2 p. m.(Eastern standard time) on Aug. 10 for the purchase of
$225,000 4 3.4% bonds, comprising a $150.000 funding issue, due from 1932
to 1946 incl, and a $75,000 construction issue, due from 1932 to 1936 incl.
Each issue is dated May 1 1931.
HOUSTON, Harris County, Texas.
-BONDS APPROVED.
-The
Houston "Post" of July 16 reported that the Attorney-General has approved the 14 issues of 434% and 5% bonds, aggregating $2,400,000, that
were sold on July 6 to a syndicate headed by Halsey, Stuart & Co. of New
York (V. 133, p. 328). These bonds were scheduled for dellvery about
July 20, according to report.
-The above issues of bonds were registered by
BONDS REGISTERED.
the State Comptroller on July 13.
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
Pierre Bonvouloir, City Treasurer, informs us that a $300.000 temporary
loan was awarded on July 23 to the First National Old Colony Corp., of
Boston, at 1.69% discount basis. The loan is dated July 23 1931 and is
payable Feb. 15 1932 at the First National Bank, of Boston, or at the
office of the First of Boston Corp., In New York City. The notes will be
authenticated as to genuineness and validity by the First National
Bank,
675
of Boston, under advice of Storey, Thorndike,Palmer & Dodge,of Boston.
Bids received at the sale were as follows.
Bidder
Discount Basis.
First Nat,Old Colony Corp.(Purchaser)
1.69
F. S. Moseley & Co
1.69
Blake Bros. & Co
1.72
Merchants Nat. Bank (plus $5.35 premium)
1.74
Faxon. Gade & Co
1.88
Bank of Commerce
1.925%
R. W. Pressprich & Co. (plus $7 premium)
1.93%
HUBBARD, Trumbull County, Ohio.
-BOND SALE.
-The $27,000
coupon sewage disposal plant bonds offered on July 17-V. 133. P. 158
were awarded as 4345 to the BancOhlo Securities Co., of Columbus, at
.
par plus a premium of $16.20, equal to 100.06, a basis of about 4.49%•
The bonds are dated May 1 1931 and mature $900 semi-annually on May
and Nov. 1 from 1932 to 1946 incl. Bids submitted at the sale were as
follows.
Bidder
Premium.
Int. Rate.
BancObio Securities Co.(purchaser)
$16.20
434%
Seasongood & Mayer
4.00
f.ipt
Ryan, Sutherland & Co
84:00
2 00
7
%
Davies
-Bertram Co
IRONWOOD TOWNSHIP (P. 0. Ironwood), Gogebic County,
Mich.
-BOND SALE.
-John Nuveen & Co. of Chicago recently purchased
an issue of $50,000 5% serial highway impt. bonds.
JACKSON, Madison County, Tenn.
-BOND DESCRIPTION.The $60,000 issue of 435% armory bonds that was purchased by Little,
Wooten & Co. of Jackson at par-V. 1'33, p. 512
-is more fully described
as follows: Denom. $1,000. Dated Nov. 1 1930. Due on Nov. 1 as follows:
52.000, 1932 to 1941; 53,000, 1942 to 1946:$4,000, 1947 to 1951. and $5,000
in 1952. Prin. and int.(M.& N.) payable at the Second National Bank in
Jackson. Legality approved by Chapman & Cutler, of Chicago.
JACKSON, Jackson County, Mich.
-BONDS PUBLICLY OFFERED.
-The $147,000 4% coupon water bonds awarded on July 15 to the Harris
Trust & Savings Bank, of Chicago, at 100.09, a basis of about 3.98%V. 133, p. 513
-are to be approved as to legality by Chapman & Cutler.
of Chicago, and are bing reoffered for general investment as follows:
Maturities and Prices (Accrued Interest to be Added.)
Due-Price.
Yield, DueYield.
Price.
July 15 1934
102.10
3.25
July 15 1941
3.75
102.06
July 15 1935
101.83
3.50
July 15 1942
101.78
3.80
July 15 1936
101.80
3.60
July 15 1943
101.91
3.80
July 15 1937
101.59
3.70
July 15 1944
102.03
3.80
July 15 1938
101.52
3.75
July 15 1945
101.61
3.85
July 15 1939
101.71 ' 3.75
July 15 1946
101.69
3.85
July 15 1940
101.89
3.75
July 15 1947
101.77
3.85
JACKSON COUNTY ROAD DISTRICTS (P.O. Edna) Tex.
-BOND
-Both sealed and auction bids will he received until 2 p. m.
OFFERING.
on Aug. 3, by Jno. T. Vance, County Judge, for the purchase of two issues
of 53.4% road bonds aggregating $193,000, divided as follows:
$73.000 District No. 3 bonds. Denom.$500. Dated Jan. 10 1929. Due on
April 10 as follows: $1,000 in 1933; $2.000. 1934 to 1939: $3.000.
1940 to 1959. all incl. Opinion of Clay, Dillon & Vandewater of
New York will be furnished on these bonds.
120,000 District No.4 bonds. Denom. $1,000. Dated July 10 1931. Due
on April 10 as follows: $2,000 in 1932, and 1933: $3.000, 1934 to
1941: $4,000, 1942 to 1949. and 55.000, 1950 to 1961, all incl.
Approving opinion of recognized bond attorneys will be furnished.
Prin. and int. (A.&0 10.) payable at the Central Hanover Bank & Tr.
Co.in New York City. A certified check for 2% of the bid is required.
Official Financial Statements.
Road District No. 3 has an assessed valuation of $544,820. of which
$457,260 is real estate. Estimated actual valuation of District, $1,100,000.
There is no indebtedness of any kind against this District.
Road District No. 4 has an assessed valuation of 51,138.630. of which
$910.905 is real estate. Estimated actual valuation of District,S2.300.000.
The population of this district is about 550. This is the only debt of this
Road District.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.
Homer A. Lambert, County Treasurer, will receive sealed bids until 2 P.m.
on July 30 for the purchase of $10,600 434% road improvement bonds.
Dated July 15 1931. Denom. $530. Due $530 July 15 1932: $530 Jan.
and July 15 from 1933 to 1941,incl., and $530 Jan. 15 1942.
JUNCTION CITY,Geary County, Kan.
-BOND OFFERING.
-Sealed
bids will be received until 7:.30 p.m. on July 27 by C. H. Manley, Clerk
of the Board of Education, for the purchase of a $30.000 issue of 43.4%
semi-ann. school bonds. Dated Aug. 1 1931. Due $3,000 from Aug. 1
1933 to 1942, incl. The Board will furnish, print and register the bonds.
The Board will furnish the required bidding forms. A certified check for
2% of the bid is required.
KINNEY COUNTY (P. 0. Brackettville) Tex.
-BONDS VOTED.
An issue of 5150,000 road bonds is reported to have been approved by the
voters at an election held recently. These bonds were awarded subject to
the election-V. 132, p. 3931.
KINTA SCHOOL DISTRICT (P. 0. Kinta) Haskell County, Okla.
BOND SALE.
-The $10,000 issue of coupon school bonds offered for
sale on July 13-V. 133, p. 329
-was awarded to R. J. Edwards, Inc., of
Oklahoma City, at par as follows: $1.000 as 534s, due $1,000 from 1934
to 1938, and $5,000 as &lig, due 51.000 from 1939 to 1943. The other bid
received was an offer of par on $5,000 as 5348 and $5,000 as 6s, tendered
by the Plersol Bond Co.
KOSCIUSKO COUNTY (P. 0. Warsaw) Ind.
-BOND SALE.
The following issues of coupon bonds aggregating $41,600 offered on July 20
- 133. P. 158
V.
-were awarded as 4s and *is, two of the issues bearing
the former rate, to the Indiana State Bank & Trust Co., of Warsaw, at
par plus a premium of 51.448. equal to 103.48.
$13,100 Washington Twp, road impt. bonds. Due one bond each six
months from July 15 1932 to Jan. 15 1942. Denom.$655.
16,900 Clay and Monroe Twps. road impt. bonds. Due one bond each
six months from July 15 1932 to Jan. 15 1942. Denom. $845.
11.600 Lake Twp road impt. bonda. Due one bond each six months from
July 15 1932 to Jan. 15 1942. Denom. $580.
Each issue is dated July 15 1931. In the following list of the bids received
at the sale, the mark (x) beside the amount of premium bid indicates that
B offer was
the idder- based upon an interest rate of 45i% for the three issues.
Premium.
Indiana State Bank & Trust Co (successful bidder
$1.448.00
Salem Bank & Trust Co., Goshen (bid for one issue at 4%)
142.50
Pfaff & Hughel, Indianapolis
x1.486.
Brazil Trust Co., Brazil
1,223.63
Union Trust Co., Indianapolis
x1.514.00
Morrish & Hackett, Inc., Greensburg
x1.490.00
Merchants National Bank, Muncie
x1.601.60
Fletcher American Co., Indianapolis
L.18 :6
296 2
6 1
Old National Bank, Fort Wayne
LAFAYETTE SCHOOL TOWNSHIP, Madison County, Ind.
BOND OFFERING.-Esrom Leach, Township Trustee, will receive sealed
bids until 10 a. m. on July 31 for the purchase of $46,200 4% school improvement bonds. One bond for $200, others for $500. Due $2,000 July
11932;$2,000 Jan. and July 1 from 1933 to 1942, incl.; $2,000, Jan. land
$2,200 July 1 1943.
LA GRANGE COUNTY(P.O.La Grange), Ind.
-BOND OFFERING.
-James E. Zook. County Auditor, will receive sealed bids until 2 p.m. on
Aug. 1. for the purchase of S2,203.05 6% drainage bonds. comprising an
issue of $1,920. in denoms. of $192. and an issue of $283.05. of which the
first bond Is for $28.35 and the others for $28.30. Each issue is dated
July 15 1931. One bond of each issue matures annually on June 15 from
1932 to 1941, inclusive.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
H. K. Groves, County Treasurer, will receive sealed bids until 10
on July 27, for the purchase of $10,000 5%_ Winfield Township roada.m.
improvement bonds. Dated July 15 1931. Denom. $500. Due
$500 July
15 1932: 5500 Jan. and July 15 from 1933 to 1941, incl., and $500 Jan.
1942. Transcript with approved opinion of Matson, Ross, McCord 15
&
Clifton, of Indianapolis, will accompany the bonds and no bids
will be
received except for immediate cash.
FINANCIAL CHRONICLE
676
-BOND OFFERING.
LA PORTE COUNTY (P. 0. La Porte), Ind.
until 10
J. C. Loomis, County Treasurer, will receive sealed bids follows: a.m. on
July 25,for the purchase of $49.000 5% bonds, divided as
Denom. $675.
$27,000 Michigan Township road improvement bonds. 15 from 1033 to
Due 51.350 July 15 1932: $1,350 Jan. and July
Jan. 15 1942.
1941, incl., and $1,350
$550.
22,000 Coolspring Township road improvement bonds. Denom. 1941.
Due $550 July 15 1932: $550 Jan. and July 15 from 1933 to
incl., and $550 Jan. 15 1942.
on
Each issue is dated July 25 1931. Interest Is payable semi-annually
Jan. and July 15.
-BOND SALE.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
recently
A $300,000 issue of road bonds is reported to have been purchased
auction by the Union & Planters Bank & Trust Co. of Memphis,
at public
as 534s, for a premium of $1,025, equal to 100.34.
Sioux
LIBERTY RURAL SCHOOL DISTRICT (P. 0. Morrill) school
-A $50,000 issue of 5% semi-ann.
County, Neb.-BOND SALE.
been purchased by an undisclosed Investor.
bonds is reported to have
Dated June 15 1931. Due in 1956, and optional in 1936, 1941 and 1946.
(These bonds were voted at an election held on May 22.)
LINCOLN COUNTY (P. 0. Merrill) Wis.-BIDS.--The following is a
semi-ann.
complete list of the bids received for the $55,000 issue of 4 %
-Dickey Co. of
highway impt. bonds that was purchased by the Wells
D. 513.
Minneapolis, at a price of 102.12-V. 133.
Premium.
Bidder$1.170.00
•Wells Dickey Co.. Minneapolis
394.50
Citizens Investment Co., Merrill
Lincoln County Bank,Merrill
475775..0%
Co., Chicago
Thompson, Ross &
515.00
,
White, Phillips Co. Davenport, Iowa
260.00
C. Allyn & Co., Chicago
A.
330.00
Chicago
Halsey Stuart & Co.,
w
First Wisconsin Co. Mil aukee
Mississippi Valley Co., St. Louis
053
.
669680 50
1,017:
Milwaukee Co., Milwaukee
* Purchaser.
-BOND OFFERING.
LITCHFIELD, Litchfield County, Conn.
bids until 11
A. William Pruner, Borough Treasurer, will receive sealed
coupon
a. in. (daylight saving time) on July 31 for the purchase of $65,000follows:
Jan. 1 as
sewer bonds. Dated July 1 1931. Denom.$1,000. Due 1952, incl. Prin1948 to
$3,000 from 1933 to 1947, incl., and $4,000 from are payable at the First
cMal and semi-annual interest (Jan. and July)
engraving
National Bank, of Boston. This bank will supervise theof interest of the
to be
bonds and will certify as to their genuineness.to Rate
be approved by Ropes.
of 1%. Legality
in bid, in multiples of
named
whose opinion will be furnished the
Gray, Boyden & Perkins, of Boston,
purchaser.
Financial Statement July 15 1931.
$3.881,108
Last grand list of borough
The borough has no debt.
-George B.
-BOND SALE.
LOCKPORT, Niagara County, N. Y.
of $14,850.04
Gibbons & Co. of New York purchased on July 23 an issue 4.36%. The
4.40% paving bonds at a price of 100.07, a basis of about55.000 in 1933
bonds are dated July 23 1931 and mature Jan. 2 as follows:
nd 1934, and $4,850.04 in 1935.
-REDEMPTION
LOS ANGELES, Los Angeles County. Calif.
-The following report dealing with the proposed redemption of
NOTICE.
17:
power bonds is taken from the Los Angeles"TIMES* of July
authorized
"The Board of Water and Power Commissioners yesterday charges on
of $3,000.000 for interest and redemption
advance payment
in the history
power bonds for the year 1931-1932 This is the first time advance.
have been paid 'n
of the department that the bond charges in advance interest earnings of
"By paying the bond charges a year
$40,000 will accrue to the department. It was pointed out by President
Strasburger of the commission.
"Attention was directed to the recent action of the commission in paying into the general fund $537.000, which is in direct aid of the taxpayer.'
-PROPOSED BOND
LOS ANGELES, Los Angeles County, Calif.
-The following report of a possible referendum on a huge
ELECTION.
of
18:
Los Angeles
water bond issue is taken from the$220.000,000"Times" July the Metroto the voters of
"Submission of a bond issue of
the earliest practicable date to finance the impolitan Water District at
along the
mediate construction of an aqueduct and auxiliary features capacity
Parker route from the Colorado River, with an ultimate average board of
upon by the district's
of 1,500 second feet, was formally decided
directors yesterday.
E. WeySuch action was recommended to the board yesterday by F.
mouth,chief engineer of the district, in a letter accompanying the engineer's
conclusions and recommendations' on the project.'
'final
-Harold
-BOND OFFERING.
LYNBROOK, Nassau County, N. Y.
p.m.(daylight saving
R. Dana, Village Clerk, will receive sealed bids until 8 exceed 5% interest
$24,000 not to
on Aug. 3 for the purchase of equipment purchase bonds. Dated
time)
coupon or registered fire department
Aug. 1 from 1932 to 1943,
Aug. 1 1931. Denom. $1,000. Due $2,000
or 1-10th of 1%,
multiple of
incl. Rate of interest to be expressed in a Principal and semi-annual Interbonds.
all of the
and must be the same for payable at the Lynbrook National Bank & Trust
est (Feb. and Aug.) are
payable to the order of the
Co.. Lynbrook. A certified check for $500, approving opinion of Clay,
The
village, must accompany each proposal. furnished the purchaser.
& Vandewater of New York will be
Dillon
-The
McDONOUGH, Henry County, Ga.-BOND SALE.offered $35,000
for sale
improvement bonds
issue of 5% coupon semi-annual street to the First National Co. of Atlanta.
July 16(V.133.P. 159) was awarded
on
$760, equal to 102.17, a basis of about 4.83%. Dated
paying a premium of
incl. The other bids were
June 1 1931. Due from Jan. 1 1937 to 1981,
officially reported as follows:
Price Bid.
Names of Other Bidders$35,755
R. T. Persons
35,750
Hibernia Securities Co
35,630
-Humphries Co
Robertson
35,640
J H Hilsman & Co
-BOND SALE.
Anderson), Ind.
MADISON COUNTY (P. 0. aggregating $21,700 offered on July
bonds,
The following issues of 4K%
awarded to Breed, Elliott & Harrison, of Indiana-were
15-V. 133, p. 159
•
equal to 103.61.a basis ofabout
polis, at par plus a premium of $784,
3.76%.
improvement bonds. Due semi-annually
$9,000 Anderson Township road 15 1942.
from July 15 1932 to Jan.
road improvement bond's. Due semi-annually
6.500 Anderson Townshipto Jan. 15 1942.
from July 15 1932
Due semi-annually
Anderson Township road improvement bonds.
6,200
Jan. 15 1942.
from July 15 1932 toimprovement bonds offered at the same time
The $13,600 4 % road
National Bank, of Muncie. at par plus a
were awarded to the Merchants
a basis of about 3.73%. Due semiPremium of $515.17, equal to 103.78. 1942.
annually from July 15 1932 to Jan. 15
4% township poor relief notes offered on
-The $42,000
NOTE SALE.
-were awarded to the Anderson Banking Co.,
July 16-V. 133. p. 159 premium of $141.90. equal to 100.33. The notes
of Anderson. at par plus a
$21,000 on May 15 and $21,000 on
are dated July 1 1931 and mature Co., of Indianapolis, the only other
Nov. 15 1932. The Union Trust of $42 for the issue.
bidder, offered par plus a premium
SCHOOL DISTRICT NO. 1
MADISON COUNTY INDEPENDENT -It is announced that the
-BONDS CALLED.
(P. 0. Rexburg), Ida.
bonds was called for payment at the State
$55.000 issue of school funding
Boise, on July 1, on which date
Department of Public Investments in
interest ceased. Dated July 11921.
-BONDS NOT
Youngstown). Ohio.
MAHONING COUNTY (P. 0.
Board of County Commissioners,
-F. E. Lancaster, Clerk of the 5% sewer impt. bonds, for which
SOLD.
issue of $18,235.67
informs us that an
sold, as no offers for the loan were
bide were invited until July 16, was not
1931. One bond for $235.67.
received. The bonds are dated March 1 $235.67 In 1932, and $2,000
1 as follows:
others for $1,000. Due Oct
from 1933 to 1941 inclusive.
Westchester County, N.
MAMARONECK (P.0. Mamaroneck),
registered bonds, aggre-The following issues of coupon or 514), were awarded as
BOND SALE.
(V. 133. p.
21
gating $138,114.07, offered on July Now York at 100.837, a basis ofabout
to Graham, Parsons & Co. oi
434s
4.10%:
K,
K
[VOL. 133.
One bond for
Dated May 1 1931.
$70,747.69 street impt. bonds.
$1,747.69, others for $1.000. Due May 1 as follows: $2,747.69
In 1932: $3,000 In 1933, and 55,000 from 1934 to 1946 incl.
45.437.44 Weaver St. Sidewalk Dist. No. 1 bonds. Dated March 1 1931.
One bond for $1,437.44, others for $1,000. Due March 1 as
follows: $5,437.44 in 1932, and $5,000 from 1933 to 1940 incl.
21,928.94 street impt. bonds. Dated Feb. 11031. One bond for $1,928.94
others for $1,000. Due Feb. 1 as follows: $1,928.94 in 1932;
$2,000 in 1933, and 51.000 from 1934 to 1951 incl.
The following bids were received at the sale:
Amount Bid.
Bidder$139,270.08
Graham, Parsons & Co.(purchasers)
138,155.00
Batchelder & Co
138,183.13
Trust Company of Larclunent
138.500.80
Marine Trust Co
138,417.92
Dewey, Bacon & Co
138,359.08
Larchmont National Bank
138.306.04
First Detroit Co
Financial Statement. •
Valuations
$110,000,000.00
Actual valuation (estimated,1931)
Assessed valuation real estate and special franchise (1930
80,343,820.00
for taxes of 1931)
Debt
Gross bonded debt outstanding
53,778.500.00
These issues
138,114.07
Total gross debt
$3,916,614.07
The above bonded debt is apportioned as follows:
Sewer District bonds
52,003.000.00
Water District bonds
, .
Park District bonds
422,000.00
Sidewalk District bonds
45.437.44
Fire District bonds
22.000.00
Highway bonds
719,500.00
Street Improvement bonds
240,676.63
Total
$3,916,614.07
Floating indebtedness outstanding, after deductions by
$1,123,977.74
the issuance of these bonds
Population: 1920 Federal census, 6,571; 1925 State census, 13,124;
1930 Federal census, 19.058.
MANCHESTER EIGHTH SCHOOL AND UTILITIES DISTRICT,
-BOND OFFERING -Sealed bids addressed
Hartford County, Conn.
to John M. Miller, Town Treasurer, care of the Manchester Trust Co..
South Manchester, Will be received until 1 p. in. (eastern standard time)
on July 29 for the purchase of $100,000 4% coupon refunding bonds.
Dated July 1 1931. Denom. $1,000. Due Nov. 1 as follows: 55,000 from
1932 to 1945, incl., and 56.000 from 1946 to 1950 incl. Principal and semiannual interest (M. & N.) are payable at the First National Bank, of
Boston, or at holder's option at the Manchester Trust Co., South Manchester. The bonds will be prepared under the supervision of the Boston
institution, which will also certify as to their genuineness. Legality to
be approved by Ropes, Gray, Boyden & Perkins, of Boston, whose opinion
will be furnished the purchaser.
Financial Statement July 1 1931.
$7.596,009
Last grand list of district
102,000
Total bonded debt of district
114,200
*Floating debt
No sinking funds.
* Of this amount $100,000 to be paid from proceeds of this issue.
--The
MANITOWOC, Manitowoc County, Wis.-BOND SALE.
$450,000 issue of 4K% coupon school bonda offered for sale on July 20-was awarded to a syndicate composed of the First National
V. 133. p. 330
Old Colony Corp. of New York, the Milwaukee Co. of Milwaukee, and the
First Securities Co. of Manitowoc, paying a premium of 820,6:10.25, equal
to 104.584, a basis of about 3.94%. Dated Jan. 1 1031. Due $22.500 from
Jan. 1 1932 to 1951 incl.
BONDS OFFERED FOR INVESTMENT-The successful bidders are
re-offering the above bonds for public subscription at prices to yield from
2.00 to 3.80%,according to maturity.
The following is an offcial list of the other bids received.
Premium,
Name and Other Bidders
$19.961.00
A. C. Allyn Co., Chicago
18,986.00
East Wisconsin Trustee Co., Manitowoc
17,650.00
Continental Illinois Co.. Chicago
14,355.00
Northern Trust Co., Chicago
13,448.00
Ames, Emerich & Co., Chicago
13,022.00
First Union Trust & Savings Bank, Chicago
12,077.00
Harris Trust & Savings Bank, Chicago
11,906.00
A. C. Allyn Co., Chicago,(4K %)
-The
-BOND SALE.
Washington County, Ohio.
MARIETTA,
964,500 coupon bonds offered for sale recently(V.133,p.330) were awarded
as follows:
$32,500 street improvement bonds offered on July 17 and awarded as
-Bertram Co. of Cincinnati at par plus a pre4345 to the Davies
mium of 358.50, equal to 100.18, a basis of about 4.22%. Dated
July 1 1931. D ue Jan. 1 as follows: $4,000 in 1933 and 1934:
$3,500 in 1935, and $3,000 from 1936 to 1942, incl.
32,000 534 7. city's portion impt. bonds, originally held as investments by
the City Sinking Fund, awarded on July 14 to Assel, Goetz &
Moerlein, Inc., of Cincinnati, at par plus a premium of 51,238,
equal to 103.86, a basis of about 4.54%. The bonds are dated
Feb. 1 1928 and mature $4,000 on Feb. 1 from 1932 to 1939,Incl.
In the case of bids for the $32.000 issue, each offer was based upon a
coupon rate of 534 %, whereas in the case of the $32,500 issue the rate of
interest was left to the discretion of the bidder. Offers received for the
two issues were as follows:
$32,000
Issue.
-$32,500 IssuePremium,
Rate. Premium.
Bidderx434
$58.50
$1,206.60
Davies-Bertram Co
x1.238.00
18.00
434
Assel, Goetz & Moerlein,Inc
4
243.42
Breed & Harrison, Inc
1,083.20
334.75
434 V
Provident Savings Bank & Trust Co
6.00
1,128.00
434
Seasongood & Mayer
Well, Roth & Irving Co1,065.00
4
181:66
BancOhio Securities Co
Ryan, Sutherland & Co
175.00
4g a
Par
Citizens National Bank
x Accepted bids.
-BOND OFFERING.
MARION COUNTY(P.O.Indianapolis),Ind.
BOND SALE.
-0. E. Robinson, County Treasurer, will receive sealed
bids until 10 a.m. on Aug. 10 for the purchase of $4,000 434% Lawrence
Twp. road improvement bonds. Dated July 15 1931. Denom. $200.
Due $200 July 15 1932; 3200 Jan. and July 15 from 1933 to 1941, incl.,
and $200 Jan. 15 1942.
BOND SALE.
-The $7,500 434% coupon road improvement bonds
offered on July 22 (V. 133, p. 330) were awarded to Morrish & Beckett.
Inc., of Greensburg, at par plus a premium of $215, equal to 102.82, a
basis of about 3.68%. Dated July 1 1931. Due $375 July 15 1932:
s375 Jan. and July 15 from 1933 to 1941, Incl., and $375 Jan. 15 1942.
Bids submitted at the sale were as follows:
Premium.
Bidder$215.00
Morrish & Hockett, Inc. (successful bidders)
191.00
Union Trust Co., Indianapolis
101.75
Newton Todd
180.75
Fletcher American Co
175.00
Pfaff & Hughel
148.75
Brazil Trust Co
-BOND OFFERING.MARSHALL COUNTY(P.O.Plymouth),Ind.
Oscar P. Woodbury, County Treasurer. will receive sealed bids until 2
p. m. on July 31, 1'or the purchase of $14,800 434% bonds, divided as
follows:
$6,400 road inapt. bonds. Due one bond each six months from July 15
1932 to Jan. 15 1942.
3,000 road impt. bonds. Due one bond each six months from July 15
1932 to Jan. 15 1942.
3.800 road impt. bonds. Due one bond each six months from July 15
1932 to Jan. 15 1942.
1,600 road impt. bonds. Due ono bond each six months from July 15
1932 to Jan. 15 1942.
Each issue is dated July 7 1931.
JULY 25 1931.]
FINANCIAL CHRONICLE
677
-It is
-BOND SALE.
MARSHALL SCHOOL DISTRICT (P. 0. Marshall), Lyon County,
MOORE COUNTY (P. 0. Lynchburg), Tenn.
-It is reported that an $85,000 issue of school reported that a $22,000 issue of 6% semi-ann. high school bonds has been
Minn.
-BOND SALE.
bonds has been purchased recently by the State of Minnesota. These purchased recently by the Equitable Securities Corp. of Nashville, at a
bonds were approved by the voters on May 15.
price of 101, a basis of about 5.80%. Dated June 8 1931. Due $2,000
from June 8 1932 to 1942, incl. The legal approving opinion by Chapman
MARTINSBURG, GREIG AND TURIN CENTRAL SCHOOL DIS- & Cutler of Chicago.
-BOND SALE.
TRICT NO.8(P.O. Glenfield), Lewis County, N. Y.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 51 (P. 0. PortThe $140,000 coupon or registered school bonds offered on July 21-V.
-Sealed bids will be received until 7.30
-BOND OFFERING.
-were awarded as 55 to the M. & T. Trust Co., of Buffalo, at land), Ore.
133, p. 514
a slight premium. Only one offer was made for the issue. The bonds are p. m. on July 27 by Thornton Ladd, District Clerk, for the purchase of a
dated June 15 1931 and mature Dec. 15 as follows: $2,000 from 1932 to $36,000 issue of 4%% school bonds. Denom. $1,000. Dated Aug. 1
1936, incl.; 33,000, 1937 to 1941, incl.; $4.000, 1942 to 1946, incl.; $5,000, 1931. Due $2,000 from Aug. 1 1932 to 1949,incl. Prin.and int.(F.& A.)
1947 to 1951, incl.; $6,000, 1952 to 1956, incl., and $8,000 from 1957 payable at the County Treasurer's office. The approving opinion of Teal,
Ni'infree, McCulloch & Shuler of Portland, will be furnished.
to 1961. incl
-BOND OFFERING.
MYRTLE CREEK, Douglas County, Ore.
MARYVILLE, Blount County, Tenn.
-BOND SALE.
-The two
July 27, by Chas. W. Rice,
issues of 5% coupon semi-annual bonds, aggregating $28,000, offered for Sealed bids will be received until 8 p. m. onissue of 6% refunding bonds.
were awarded to Joseph, Hutton & Estes City Recorder, for the purchase of a $17,000
sale on July 20 (V. 133, p. 514)
Demon. $1,000. Due $1.000 from 1935 to 1951, incl. Principal and int.
of Memphis at par. The issues are divided as follows:
(F. & A.) payable at the fiscal agency of the State in New York. or at such
$19,000 street improvement bonds.
banking house in Oregon as purchaser may designate. A certified check
0,000 general improvement bonds.
for 5% of the bid, payable to the City, is required.
The $9,000 issue matures $1,000 from July 1 1932 to 1940, incl. The
-The three issues
-BOND SALE.
NACHES, Yakima County, Wash.
$19,000 issue is due on July 1 as follows: $2,000, 1932 to 1940, and $1,000
in 1941. Denom. $1,000. Dated July 1 1931. Prin. and int. (J. tt, J.) of coupon bonds aggregating $15,000, offered for sale on July 13-V. 132.
were purchased by the State of Washington. as 58, at par. The
payable to bearer at Chemical Bank & Trust Co. in New York. The P• 4620
approving opinion of Masslich & Mitchell of New York City will be fur- issues are divided as follows:
$3,000 fire dept. bonds. Due in from 2 to 25 years.
nished.
Official Financial Statement.
9,000 water system bonds. Due in from 2 to 25 years.
1.•
Assessed value taxable property, 1930
3,000 special water revenue bonds. Due in from 6 to 25 years.
$3,943,365
There were no other bidders for the bonds.
Bonds now outstanding.
General city
350,500
-At a
-BONDS DEFEATED.
NASHVILLE, Barry County, Mich.
Assessment bonds
26,850 special election held recently the voters defeated a proposal to issue $7,000
Water bonds
55,000 in bonds for water works department equipment purposes, the vote being
measure.
•
Total
$432,350 64 in favor and 113 in disapproval of the
-The $175,000
-BOND SALE.
NEWPORT, Newport County, R. I.
Bonds offered herewith
28,000
Floating indebtedness
2,500 4% coupon (series B) sewerage and drainage bonds offered on July 23There is no municipality, school district or political subdivision whose V. 133, p. 515
-were awarded to R. L. Day & Co., of Boston, at 100.039,
limits are practically coterminous with those of the City of Maryville.
a basis of about 3.99%. The bonds are dated Aug. 1 1931 and mature
Population, 1930 census. 4,958.
Aug. 1 as follows: $3,000 from 1932 to 1952, incl.; $6,000 from 1953 to
1970; incl., and 84,000 in 1971. The Chase Harris Forbes Corp., of
MARYVILLE, Blount County, Tenn.
-BOND ELECTION.
-We are Boston, the only other bidder, bid 98.78 for the issue.
informed that an election will'be held on Aug.3 in order to have the voters
-The
-BOND SALE.
NEW MEXICO (P. 0. Santa Fe), State of.
pass upon the proposed issuance of $20,000 in sewer line bonds.
$1,000,000 issue of highway bonds offered for sale on July 20 (V. 132, P.
MASON COUNTY SCHOOL DISTRICT NO. 309 (P. 0. Shelton), 4453) was awarded as follows.
Wash.
-BOND SALE.
-The $75,000 issue of coupon school bonds offered $500,000 highway bonds as 43'is at par. Due $250,000 on July 1 1933
for sale on July 17 (V. 133, p. 160) was awarded to the N irst Seattle Dexter
and 1934. Purchased by the State Sinking Fund.
Horton Securities Co. of Seattle as 4s, paying a premium of $52.50,
500,000 highway bonds to the International Co. of Denver and the
equal to 100.07, a basis of about 4.49%. Dated July 1 1931. Due in
Fidelity National Corp. of Kansas City for $250,000 as 53s, due
from 2 to 30 years. The other bids received were as follows.
in 1939, and $250.000 as 5s, due in 1940, paying a premium
Bidderof $100, equal to 100.02, a basis of about 5.15%•
Rate Bid,
Premium.
State of Washington
Par
43 %
-CERTIFICATE SALE.NEW PRAGUE, Le Sueur County, Minn.
Burr, Conran & Broom
$25.00 The.$43,000 issue of certificates of indebtedness offered for sale on July 175%
Richards & Blum
76.00 V. 133, p. 331-was awarded as follows: $18,000 to the State Bank of
5 %
MASSILLON, Stark County, Ohio.
-BOND OFFERING.
-Lee F. New Prague, and the First National Bank of New Prague, jointly, at par,
Cordes, City Auditor, will receive sealed bids until 12 m. on Aug. 3 for callable on any interest payment date and $25,000 to the BancNorthwest
the purchase of $20,000 43% poor relief bonds. Dated April 1 1931. Co. of St. Paul, for a premium of $330, equal to 101.32. Not optional
Denom. $1,000. Lue $5,000 Oct. 1 from 1933 to 1936 incl. Prin. and before maturity. Due in from 1 to 20 years.
semi-ann. int. (A. & 0.) are payable at the State Bank of Massillon.
-BOND OFFERING.NEWTON COUNTY (P. 0. Kentland), Ind.
Bids for the bonds to bear int. at a rate other than 4 %,expressed in a
County Treasurer, will receive sealed bids until 2 p. m.
multiple of
of 1%, will also be considered. A certified check for 3% Conda H. Stucker,
purchase of $30,496 5% bonds, divided as follows:
of the amount of bonds bid for, payable to the order of the City Treasurer, on Aug. 15 for the
$12.176 Lake Twp, road impt. bonds. Denom. $304.40. Due $608.80
must accompany each proposal.
July 15 1932; $608,80, Jan. and July 15 from 1933 to 1941, incl.,
MASSILLON,Stark County,Ohio.
-BOND ORDINANCE ADOPTED.
and $608.80, Jan. 15 1942.
-The City Council recently adopted an ordinance providing for an issue
11.520 McClellan Twp. road impt. bonds. Denom. $288. Due 3576,
of $25,000 4 % bonds for poor relief purposes, to be dated April 1 1931
July 15 1932; $576. Jan. and July 15 from 1933 to 1941 incl., and
and mature $5,000 on Oct. 1 from 1932 to 1936,incl. Principal and interest
$576, Jan. 15 1942.
(April and Oct.) to be payable at the State Bank in Massillon.
6,800 Lincoln Twp. road impt. bonds. Denom. $170. Due 3340,
July 15 1932; $340, Jan. and July 15 from 1933 to 1941. incl., and.
-BONDS DEFEATED.
MEDFORD, Jackson County, Ore.
•
-It is
$3340 Jan. 15 1942.
reported that the voters rejected a proposal to issue $235,500 in sewage
Each issue is dated July 15 1931. Interest is payable semi-annually on
disposal plant bonds at an election held on July 15 by a large majority.
Jan. and July 15.
-TEMNEWTON (P. 0. West Newton) Middlesex County, Mass.
METROPOLITAN TRANSIT DISTRICT (P. 0. Boston), Maim-Francis Newhall, City Treasurer, reports that $200,000
DISTRWT MAY FLOAT SUBSTANTIAL SIZED NOTE ISSUE.
-The PORARY LOAN.
Boston "News Bureau" of July 21 contained the report below, dealing with temporary loan was awarded on July 20 to R. W. Pressprich & Co. of
New York,at 1.37% discount basis. The loan matures as follows: $10000
probable temporary financing by the district.
"The Metropolitan Transit District is considering the advisability of on Oct. 29 1931 and $100,000 on Nov.3 1931. Legality approved by Ropes.
issuing notes for temporarily financing the redemption of Boston Elevated Gray, Boyden & Perkins of Boston. Bids submitted at the sale were as
preferred stocks. While nothing has been decided, discussion has pro- follows:
Discount Basis,
Bidderceeded along the lines of an eight or nine months' note issue, of $18,000,000
1.37%
to $25,000,000 in amount. At prices fixed in the new Public Control Act R. W. Pressprich & Co.(purchasers)
1.477
for retirement of these three preferred issues, the cash requirement would F. S. Moseley & Co.(plus $5 premium)
1.48%
Day Trust Co
be approximately $23,500,000."
1.48/
have arisen regarding savings bank ex- Salomon Bros. & Hutzler
"It is understood that doubts
1.537
emption from State tax on the income of bonds issued by the Metropolitan First National Old Colony Corp
1.54%
Transit District; hence the possibility that short term notes may be issued Shawmut Corp
and the next Legislature asked to clarify the tax status of Transit District
-Wallace
-BOND OFFERING.
NOBLE COUNTY (P. 0. Albion) Ind.
bonds. If this program should be carried out, the stockholders would C. Harder, County Treasurer, will receive sealed bids until 10 a. m. on
receive their money from the proceeds of the note issue, and after the Aug. 1 for the purchase of $4,720 4% road improvement bonds. Dated
necessary action by the Legislature the notes could be retired from the July 151931. Denom.$236. Due $236, July 15 1932;$236,Jan.and July 15
proceeds of a bond issue.
Jan. 15 1942.
"Under the terms of the Public Control Act, the trustees of Boston from 1933 to 1941 incl., and $236,
Elevated Ry. are given authority to issue up to $30,000,000 of 6% 40
NORTHAMPTON, Mayfield, Edinburg and Hope Central School
-year
-BOND
bonds to retire the preferred stocks. These bonds are to be sold only to DISTRICT NO. 1 (P. 0. Northville), Fulton County, N. Y.
the Metropolitan Transit District, it being the bonds or notes of the district OFFERING.
-John W. Delaney, District Clerk, will receive sealed bids
that are to be sold to the public. Savings banks could reasonably be until Op. m.(daylight saving time) on Aug. 3for the purchase of $290,000
expected to take a considerable portion of an issue of Transit District 434% coupon or registered school bonds. Dated April 1 1931. Denom.
securities; hence the desire to have the tax status definitely determined."
$1,000. rue April 1 as follows: $2,000 from 1937 to 1943, incl.; $3,000,
1944 to 1948, incl.: $4,000, 1949 to 1954, incl.; $5,000. 1955 to 1957, incl.;
-BOND SALE.
MIDDLETOWN, Middlesex County, Conn.
-Charles $6,000, 1958 to 1961,incl.; $7,000, 1962 to 1965,incl.; $8,000, 1966 to 1968.
A. Chafee, City Treasurer, reports that an issue of $260.000 coupon Wood- incl.; $9,000, 1969 to 1971, incl.; $10,000 in 1972 and 1973; $11,000, 1974
row Wilson High School bonds was awarded on July 17 as 45 to the Atlantic and 1975; $12,000, 1976 and 1977; 313,000 from 1978 to 1980, incl., and
Corp. of Boston at a price of 101.801, a basis of about 3.77%. The bonds $14,000 in 1981. Principal and semi-annual interest (April and Oct.) are
are dated July 1 1931 and mature July 1 as follows: $15,500 from 1933 to payable at the Northville Bank, Northville, or at the Chase National
1948, incl., and $12,000 in 1949. Prin. and semi-ann. int, are payable Bank, New York. A certified check for $6.000, payable to Elwyn Mosher,
At the First National Bank of Boston. Legality to be approved by Ropes, Treasurer, must accompany each bid. The approving opinion of Clay,
Gray. Boyden & Perkins of Boston, whose opinion will be furnished the Dillon & Vandewater, of New York. will be furnished the successful bidder
purchaser.
without cost, which opinion will refer to the case of Gardner vs. Ginther
Financial Statement June 9 1931.
(to which this school district is not a party),in which the Appellate Division,
Total grand list 1930, less exempt property
$35,788,080 Fourth Department, recently affirmed unanimously the judgment of the
'Total bonded city debt (this issue included)
1,116,500 Supreme Court.and will state that in their opinion the plaintiff's contention
Temporary notes to be retired from proceeds of these bonds---150 000 Is legally without merit.
Water bonds
None
NORTH CASTLE (P. 0. Armonk) Westchester County, N. Y.
Population, 24,422.
-In connection With the proposed sale on
FINANCIAL STATEMENT.
July 27 of various issues of bonds totaling $442,858.07, notice and detailed
MILTON, Norfolk County, Mass.
-FINANCIAL STATISTICS.
-we are in receipt of the
The tax rate for 1931 will be $25.60 per $1,000 of assessable property, a description of which appeared in V. 133, p. 515
decrease of $1.20 below the rate of $26.80 which prevailed in 1930, accord- following.
Financial Statement.
ing to figures made public recently by town officials. Valuations of real
$19,021,671:00
and personal property for the present year is given as $36,375,050, as com- Valuations-Real property
139.974.00
Special franchise
pared with $35.292.700 for 1930.
5.550.00
Personal property
MINOT, Ward County, N. Dak.-BOND OFFERING.
-It is reported
$19,167,195.00
Total assessed valuation, 1930
that sealed bias will Do received until 2 p. m. on Aug. 5, by G. S. Reishus,
30,000.000.00
Actual valuation, estimated
City Auditor, for the purchase of a $51,000 issue of funding bonds. Int.
$1,016.478.07
Debt-Total bonded debt including these Issues
rate is not to exceed 6%, payable semi-annually. Demon. $1,000.
172.000.00
Water district bonds, included above
-BONDS NOT SOLD.
MOBILE, Mobile County, Ala.
-The two issues
312,000.00
Sewer district bonds included above
1,705
of 5% semi-ann. norms, aggregating $150,000, offered on July 21 (V. 133. Population-1920 Federal census
p. 330)' were not sold as all the bids received were rejected. The issues
1
'
are as follows:
Note.
-The total bonded indebtedness will be about 5.3% of the assessed
$100,000 sewer, series A bonds. Due from Dec. 1 1933 to 1960, incl.
valuation upon the issuance of these bonds.
works,series B bonds. Due from Dec. 1 1933 to 1960,
50,000 water
-BONDS NOT
NORTH CAROLINA, State a (P. 0. Raleigh).
-We are informed that the five bids received for the two issues
), N Y. BOND SALE.
MONROE COUNTY (P. 0. Roch
-The SOLD.
coupon or registered road impt bonds offered on July 22-V. of coupon or registered bonds aggregating $900,000, offered on July 23$375,000
-were taken under advisement at a meeting of the State
133, p. 330
-were awarded as 3.60s, at a price of par, to the Security Trust V. 133, p. 5I5
Co., of Rochester. The bonds are dated April 1 1931 and mature $25,000 officials on July 24 and were rejected as being too low. The issues are
divided as follows:
1947, incl.
on April 1 from 1933 to
$500,000 World War Veteran's Loan bonds. Due on July 1 1951.
MONTGOMERY COUNTY (P. 0. Winona), Miss.
-NOTE SALE.
- 400,000 State prison bonds. Due on July 1 1967.
A $25,000 issue of tax anticipation notes is reported to have been purThe rejected bids were reported to have been as follows:
Commerce Securities Co. of Memphis. Dated
chased recently by the
The Branch Bank & Trust Co., of Wilson, N. C., offered 101.11 for
June 30 1931. Legality approved by Benj. H. Charles of St. Louis.
$500,000 434s and par for $400,000 48. The First National Bank of
678
FINANCIAL CHRONICLE
New York and the Wachovia Bank & Trust Co., jointly, offered 100.20
for $500,000 4ha and $400,000 4s, with exactly the same figures named
by M. M. Freeman & Co., Inc., and the North Carolina Bank & Trust
Co., jointly. The National City Co. offered 100.019 for $500,000 40
and 100.469 for $400,000 4s. The First National Old Colony Corp.
and Ames, Emerich & Co., jointly, offered 100.217 for all 4.4s.
NORTH CASTLE FIRE DISTRICT NO. 2 (P. 0. Armonk) Westchester County, N. y.
-FINANCIAL STATEMENT.
-According to a
statement of the financial condition of the District, issued in connection
with the proposed sale on July 27 of $16,000 bonds, as referred to in V.
133, p. 515,the District has an assessed valuation ofapproximately $11,500,000, the actual valuation of which is estimated at 1)15,000.0.00,_ and the
issue now contemplated represents the only item of bonded ifidel4tedness.
The population of the municipality, as of 1931.4s approximately 1.500.
-NOTE SALE.
-The Norwood
NORWOOD, Norfolk County, Mass.
Trust Co. purchased on July 21 an issue of $13,500 highway notes as
334s, at a price of par. The notes are dated July 28 and mature from 1932
to 1936 incl. Bids received at the sale were as follows:
Int. Rate.
Rate Bid.
BidderNorwood Trust Co. (purchaser)
35%
100.00
Bank of Commerce & Trust Co
100.00
3
4
4
Atlantic Corp
3 %
100.333
100.00
First National Old Colony Corp
0
OKLAHOMA COUNTY SCHOOL DISTRICT NO. 53 (P. 0. Oklahoma City), Okla.
-BOND SALE.
-The $12,000 istme of school bonds
offered for sale on June 5 (V. 132. p. 4281) was purchased by Calvert &
Canfield of Oklahoma City as 531s, paying a premiuni of $2.20, equal to
100.01, a basis of about 5.24%. Due $4,000 from 1934 to 1936, awl.
OLD.FORT, McDowell County, N. C.
-NOTE SALE.
-A $5,100 issue
of revenue anticipation notes is reported to have been purchased recently
by the Bank of Old Fort, as 5s, at par.
OMAHA, Douglas County Neb.-BOND OFFERING.
-Sealed bids
ild.
will be receig by John Hopkins, Superintendent of the Department of
Accounts and Finance, until 10 a. m. on Aug. 1, for the purchase of a
$2.000,000 issue of coupon or registered O'Hern St. Bridge revenue bonds.
Int. rate Ts not to exceed 6%. The official offering ciotice contains the
following eondittpns governing the sale of these bonds. Bonds will bear
interest at the rate not exceeding 6% per annum, payable semi-annually,
and to be sold for not less than 92 cents on the dollar and accrued interest
to date of delivery. Split bids at various rates of interest in multiples cf
3,t of 1%, will be accepted, but in aggregate not lower than the price which
repryents the same interest yield basis, computed according to standard
tables of bond values which would be represented by sale at 6% and bonds
at 92 cents on the dollar, and accrued interest to date of delivery. Interest
to be paid 'limn the bonds during the period of construction, from the
proceeds of the bonds. The principal end interest of such bonds are payable
solely from the revenue to be derived from such bridge, through the collection of tolls azid other income therefrom, and the city of Omaha does not
pledge its credit, its taxing pqwer nor any part thereof for the payment of
such bonds. Such bonds will constitute a lien upon the net tolls and other
revenue of said bridge. The form of the recitals and pledges to be made
appear in Ordinance No. 13976 of the city of Omaha and a copy of the same
will be available to bidders. Bids must be submitted on forms furnished and
accompanied by certified check for $40,000. PrIncipal and interest will be
payable at the office of the County Teeasurer, or at any bank or trust
company in the State of Nebraska or in the city of New York, State of
New York, at the oaten of the purchaser. These bonds are issued subject
to favorable ojoinion of Messrs. Thomson, Wood and Hoffman of New
York. Bonds will be furnished by city of Omaha and delivered at place
designated by purchaser.
ORANGE COUNTY WATER WORKS DISTRICT NO. 5 (P. 0.
-BOND SALE.
-The $31,650 issue of 6% semi-ann.
Santa Ana), Calif.
water *bonds offered for salb on July 21-V. 133, p. 331-was awarded to
the District Bond Co. of Los Angeles, paying a premium of $369, equal to
101.16, a basis of about 5.88%. Dated July 1 1931. Due from Jan. 1
1935 to 1964 incl.
[Vol,. 133.
PELHAM MANOR Westchester County, N. Y.
-FINANCIAL
STATEMENT.
-Pending the result of the offering on July 27, of 518.000
highway improvement bonds, description of which appeared in V. 133.
p. 516, we are in receipt of the fol.owing:
Financial Statement.
Assmsed valuation
$25,625,520
BonUs outstanding
1,147.700
PERRY, Dallas County, Iowa.
-BOND SALE.
-We are informed
that the $18,000 issue of 5% semi-ann. refunding bonds offered on July 17
-V. 133. p. 516
-was sold. Due $1,500 from May 1 1932 to 1943. incl.
PETERSBURG Dinwiddie County, Va.-NOTE SALE.
-We are
informed by the City Auditor that an issue of $115,500 4% demand notes
was purchased At par by the city sinking fund commissioners.
(This report corrects the one appearing in V. 133, P. 516.)
PLAINVIEW, Hale County, Texas.
-BOND SALE.
-An $80.000
issue of5 % semi-ann. refunding bonds is reported to have been purchased
by the Brown-Crummer Co. of Wichita. Denom. $1,000. Due in from
1 to 40 years.
(These are the bonds that were registered on June 24-V.133. p. 162.)
PLATTE COUNTY SCHOOL DISTRICT NO.3 (P. 0. Glenville),
Wyo.-BOND SALE.
-A 315,000 issue of 5%% refunding bonds has been
purchased recently by the TJ. S. National Co. of Denver. Due as follows:
$500, 1933 to 1952, and $1,000, 1953 to 1957, all incl.
PLEASANTVILLE, Atlantic County, N. J.
-BOND SALE.
-The
$50,000 coupon or registered sewer bonds offered on July 20-V.
331-were awarded as 5s,at a price of par, to the Bankers Trust 133, P.
Co., of
Atlantic City. The bonds are dated Aug. 1 1931 and mature $2,000 on
Aug. 1 from 1932 to 1956 incl.
PORTAGE COUNTY (P. 0. Ravenna) Ohio.
-The
-BOND SALE.
656,100 coupon (series A)sanitary sewer impt. bonds offered on July 20V. 133, p. 331-were awarded as 5s to Stranahan, Harris & Co., of Toledo,
at par plus a premium of $222, equal to 100.39. a basis of about 4.91%•
The bonds are dated Aug. 1 1931 and mature semi-annually as follows:
33.100. April 1 and $3,000, Oct. 1 1932: $2,500, April 1 and $3,000, Oct. 1
from 1933 to 1936 incl.; $3,000, April and Oct. 1 1937; 52,500, April and
Oct.; 33.000, Oct. 1 from 1938 to 1941 incl. Bids submitted at the sale were
as follows:
BidderInt.Rate. Prernium.
Stranahan, Harris & Co. (successful bidders
5%
$222.1)0
Provident Savings Bank & Trust Co
4)1%
140.25
Stier, Carpenter & Roose
53(%
58.00
BancOhlo Securities Co
531%
x Bid rejected because of non-conformance with conditions of sale.67.20
PORTLAND, Cumberland County, Me.
-LIST OF BIDS SUBMITTEG Al' BOND SALE
-FINANCIAL STATEMENT.
-The following is a list of the bids received on July 17,for the purchase of the 3180„4000335% bonds awarded to the Atlantic Corp., of Boston, and Ti...erilike,
Estes & Co.. of Portland, jointly. at 97.753, a basis of about 3.' %-V.
133, p. 516.
BidderRate Bid.
Atlantic Corp., and Timbenakc, Estes & Co., jointly (purchasers)- _97.753
Fidelity-Ireland Corp., and H. M.Payson & Co.. jointly
97.742
Graham, Parsons & Co
97.092
E. . Rollins & Sons
97.05
Chase Harris Forbes Corp
96.922'
Estabrook & Co., and the Eastern Trust & Banking Co., joint y96 54
R. L. Day & Co
96.19
National City Co
94.55
Financial Statement July 9 1931.
Total bonded debt (including this issue)
55.512,000.00
Floating debt:
Balance due account land purchases
$48,646.43
Notes payable
22,000.00
70,646.43
Total debt
$5,582,646.43
ORANGE COUNTY (P. 0. Paoli) Inj.-BOND OFFERING.
-Noel Deductions:
S. McIntosh, County Treasurer, will receiTla sealed bids until 2 p. m. on
Cash sinking fund
8435,528.98
% highway impt. bonds. Dated
Aug. 3 for the purchase of $3,200
Investments res. for reduction of city debt
209,911.25
Aug.31931. Denom.$160. Due $160,July 151932;$160, Jan. and July 15,
645,440.23
from 1933 to 1941 incl., and $160, Jan. 15 1942.
Net debt
!
84,937,206.20
OSHKOSH, Winnebago County Wis.-BONDS AUTHORIZED.
The City Council has recently authorized the issuance of *250,000 in 4% Assessed valuation, 1930
8114,778,475.00
coupon school building bonds, described as follows: Denom. $500. Dated Debt limit..5% of valuation,1930
$5,738,923.75
Aug. 1 1931. Due 510.000 from Feb. 1 1933 to 1957 incl. Interest payPopulation: 1930. U. S. census, 70,452.
able F. & A.
POSEY COUNTY(P.O. Mount Vernon) Ind.-BOND OFFERINGOSOLO SCHOOL TOWNSHIP (P. Q. Elkhart), Elkhart County,
-Joseph M. Connors, Trustee, informs us Casey J. Martin, County Treasurer, will receive sealed bids until 2 p.m. on
-BONDS NOT SOLD.
Ind.
that the issue of $9,000 5% school construction bonds for which sealed Aug. 10 for the purchase of $12,800 434% bonds, divided as follows:
bids were invited until July 22 (V. 132, p. 4804) was not sold, as the tax- $7,800 Center Twp. road impt. bonds. Denom. $390. Due $390 July
payers filed a remonstrarre with the State Trx Board in opposition to the
15 1932, $390 Jan. and July 15 from 1933 to 1941, incl., and $390
issue. A decision from that body is expected to be made within ten days.
Jan. 15 1942.
5,000 Smith Twp. rbad impt. bonds. Denom. $250. Due $250 July 15
The township reports an assessed valuation of $1,430,706 and bonds
now outstanding total $15,000, part of which mature Dec. 24 1931. Tax
1932: $250 Jan. and July 15 from 1933 to 1941, incl., and $250
rate is $2.72 per $100.
Jan. 15 1942.
Each issue is dated Aug. 13 1931.
prow0SSO SCHOOL. DISTRICT, Shiawassee County, Mich.
BOND SALE.
-The following issues of 434% coupon bonds, aggregat--The District has bonds outstanding in the amount of
BONDED DEBT.
5583,000, of which $468,000 represents an issue floated three years ago ing $6,600, offered on July 14(V. 133, p. 162) were awarded to the Peoples
and on which no principal payments are due until 1936, according to report. Bank & Trust Co. of Mount Vernon at par plus a premium of $166, equal
to 102 51. A basis of about 3.99%:
-BOND OFFERING.
-John H. Thompson, City 54.000 Black Twp. road impt. bonds. Due $200 July 15 1932:
PARMA, Ohio.
$200 Jan.
Clerk, will receive sealed bids until 12 m. on Aug. 3 for the purchase of
and July 15 from 1933 to 1941, incl., and $200 Jan. 15 1942.
$120,500 6% bonds, divided as follows:
2,600 Black Twp. road !rapt. bonds. Due 5130 July 15 1932; 5130 Jan.
$88,500 special asst. street impt. bonds. Dated Sept. 11931. One bond for
and July 15 from 1933 to 1941, incl., and $200 Jan. 15 1942.
$500, others for $1,000. Due Oct. 1 as follows: $8,500 in 1932;
Each issue is dated July 20 1931. The Fletcher Savings & Trust Co.,
$8,000 in 1933. and $9,000 from 1934 to 1941 incl.
Indianapolis, bid par plus a premium of $84 for the bonds, while a premium
20,000 special asst. street impt. bonds. Dated May 1 1931. Denom. offer of $65 was made by Morrish & Haskill of Greensburg.
$1,000. Due $2,000 on Oct. 1 from 1932 to 1941 incl.
POTEAU SCHOOL DISTRICT (P. 0. Poteau), Le Flora County,
12,000 special asst. street impt. bonds. Dated Sept. 1 1931. Denom.
-BOND SALE.
-The $24,000 issue of school bonds that was offered
$1,000. Due Oct. 1 as follows: $2,000 from 1932 to 1934 incl., and Okla.
on July 7 (V. 133, p. 162) is reported to have been purchased by R. J.
$3,000 in 1935 and 1936.
Bids for the bonds to bear interest at a rate other than 6%.expressed in a Edwards, Inc., of Oklahoma City. Dated July 15 1931, Due $2,000
multiple of g of 1%, will also be considered. A certified check for 2% of fnom July 15 1936 to 1947, incl.
the bonds bid for, payable to the order of the City Treasurer, must accomPOTTER, Cheyenne
-The
pany each proposal. The approving opinion of Squire, Sanders & Dempsey, $23,000 issue of refundingCounty, Neb.-BOND DESCRIPTION.
bonds that was purchased by Heath, Larson &
of Cleveland, will be furnished at the expense of the purchaser.
Co. of Denver
-V.133, p. 516
-is more fully described as follows: Denom.
-FINANCIAL STATE- 51,000, due on Nov. 15 1950, and optional after May 15 1940. They were
Paterson), N. J.
PASSAIC COUNTY (P. 0.
MENT.
-In connection with the proposed sale on July 29 of 3850.000 awarded te; 434s, for a premium of $360, equal to 101.56, a basis of about
road and bridge bonds, notice and description of which appeared in V. 4.31%.
-we are in receipt of the following:
133. p. 515
PULASKI COUNTY (P. 0. Winamac) Ind.
-BOND OFFERING.
Financial Statement (Jut!, 15 1931.)
J. J. Lowry, County Treasurer, will receive sealed bids until 10 a. m.on
Indebtedness.
Aug. 1 for the purchase of $5,500
% road improvement bonds. Dated
Gross Debt-Aug.1 1931. Denom.$275. Due $275, July 15 1932;$275, Jan.and July 13.
$9,026,000.00
.Total bonded debt
from 1933 to 1941 incl., and $275, Jan. 16 1942.
3,640.000.00
Total floating debt
456,714.45
Total authorized debt
PULASKI
$13.122,714.45 Rock), Ark.COUNTY SPECIAL SCHOOL DISTRICT (P. 0. Little
-BOND SALE.
-The $59,000 issue of refunding bonds
DEDUCTIONS*
offered for sale on June 29-V. 132, p. 4804
-was purchased by W. B.
Chapter
Park notes deducted pursuant to
Worthen & Co. of Little Rock.
$9,000,000.00
327 Laws of 1929
128,172.96
RACINE, Racine County, Wis.-BONDS AUTHORIZED.
Sinking funds
-The eity
26.147.79
Council recently approved by a unanimous vote the issuance of $150,000
Municipalities and State share
11,565.33
in water works improvement bonds. It is also stated that the aldermen
Funds applicable for payment of debt
2,165,886.08 voted an appropriation of 3100,000 for poor relief.
RALEIGH,
-NOTE OFFERING.
-Sealed bids
$10,956.828.37 will be receivedWake County, N. C.
•-•
*Net debt
intil 10 a. m. on July 28
* The issuance of $850,000 road and bridge bonds does not affect the of the Local Government Commission by Chas. M. Johnson, Secretary
net debt. These bonds will increase the bonded debt and decrease the purchase of an issue of $175,000 bondat his office in Raleigh, for the
anticipation notes. Denom. or
floating debt by a corresponding amount.
denoms. to suit purchaser if specified at time bid is made. Dated July 28
Assessed Valuations.
1931. Due in 90 days from date without option of prior payment. Interest
$377,314,725 and principal payable in N. Y. City. Interest payable at maturity. The
Real property including improvements 1931
52,388,615 notes will be awarded at the lowest interest rate for which a bid of par and
Personal property 1931
372.763,916 accrued interest is made. The approving opinion of Reed, Hoyt & WashReal property 1929
379,818,894 burn of New York, will be furnished the purchaser. An $875 certified
Real property 1930
377,314,725 check must accompany the bid.
Real property 1931
376,632,512
Average assessed valuation
RANDOLPH COUNTY (P. 0. Asheboro), N. C.
2.91%
-BONDS AUTHPer cent of net debt
ORIZED.
--It is reported that the Board of Commissioners recently passed
Population.
-U. S. Census 1920. 259.174: 1930, 301.353.
a resolution providing for the issuance of 8175,000 in funding bonds.
-Fiscal year 1931 .627011798 per hundred.
Tax Rate.
JULY 25 1931.]
FINANCIAL CHRONICLE
REAL COUNTY ROAD PRECINCT NO. 3 (P. 0. Leakey), Tex.
BOND SALE.
-An $85,000 issue of road bonds is reported to have been
purchased at par by the Van H. Howard Co. of San Antonio.
RENTON, King County, Wash.
-BOND ELECTION.
-It is stated
that an election will be held on July 28 in order to pass on the proposed
issuance of $70,000 in community center bonds.
REYNOLDS COUNTY (P. 0. Centerville), Mo.-BONDS VOTEDA $60,000 bond issue to be used to fund the county's indebtedness is reported to have been voted on July 20 by a large majority.
RICHLAND COUNTY (P. 0. Mansfield), Ohlo.=-BOND SALE.
The two issues of coupon bonds aggregating $89,000 offered on July 21V. 133, P. 162. 331-were awarded as 4s to the Richland Trust Co. of
follows:
Mansfield, as
$83,000 road impt. bonds sold at par plus a premiudi of $1,669.93. equal
to 102.01, a basis of about 3.95%. Due semi-annually on April
and Oct. 1 from 1933 to 1937 incl.
6,000 bridge bonds sold at par plus a premium of $92, equal to 101.53, a
basis of about 3.95%. Dated July 21 1931. Due $1,000 April
and Oct. 1 from 1933 to 1935 incl.
Bids received at the sale were as follows:
$83,000--$6,000
BidderPremium.
Richland Trust Co.(awarded both issues)
$1,669.93
$92.00
Davies-Bertram Co
15.00
Farmers Bank,Belleville
55.00
Stranahan, Harris & Co
373.50
27.50
Citizens National Bank, Mansfield
453.00
46.00
Seasongood & Mayer
241.85
3.00
SALT LAKE CITY, Salt Lake County, Utah.-)30ND SALE.
-An
issue of $1,300,000 4% water bonds is reported to have been purchased by
a syndicate composed of the Walker Bank & Trust Co.; the First Security
Co.: Snow-Goodart Jr Co.: Edward L. Burton & Co. And the
Copper Bank, all of Salt Lake City. Due $50.000 from 1934 to National
These are part of the $2,000,000 water bonds that were voted on1959 incl.
July 1V. 133. p. 332. (It is stated that these bonds are to be used to retire the
similar issue awarded in April
-V. 132, p. 3388.)
RIPLEY COUNTY (P. Q. Versailles), Ind.
-BOND SALE.
116,800
% coupon Otter Creek Township road improvement -The
offered on July 20-V. 133, p. 331-were awarded to the Batesvillebonds
State
Bank atpar plus a premium of $528.85, equal to 103.26. a
of about
3.83%. Dated July 15 1931. Duo $840 July 15 1932,• $840 basis and July
Jan.
15 from 1933 to 1941, incl., and $840 Jan. 15 1942. The Fletcher
& Trust Co., of Indianapolis, bid par plus a premium of $528.50Savings
for the
Issue.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND OFFERING.
Willard N. Voss, County Treasurer, will receive sealed bids until 10 a.m.on
Aug. 3 for the purchase of $9,400 434% Delaware Twp. road impt. bonds.
Dated July 15 1931. Denom. $235. Due $470 July
end July 15 from 1933 to 1941, incl., and $470 Jan. 15 15 1932; $470 Jan.
1942.
ROCKPORT, Aransas County, Tex.
-BONDS NOT SOLD.
-'the
$30,000 issue of 6% semi-ann. refunding bonds offered on July
20-V. 133.
p. 331-was not sold as there were no satisfactory bids received.
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-LIST OF BIDS.
-The
following is an official list of the bids received for the $1,500,000 coupon
road bonds that was awarded to hotyndicate headed by the Continental
Illinois Co.of Chicago as 45 at 99.53,a basis ofabout 4.04(,(V.133. p.516):
Amount of Bid for $1,500.000 of
Bonds Bettrino Interest at
Name of Bidder.
4 X%
.
Continental Illinois Co., Harris Trust & 3%.
Says. Bank,First Unioq Trust & Says.
Bank, First Nat. Co. of St. Louis,
Mississippi Valley Co.and Boatmen's
National Co
$1,454,250 *$1,492,950.61,525,500
Waldheim,Platt & CO. St. Louis; Whit-,
tsker & Co., St. Lantz; G. H. Walker
& Co., St. Louis; M. M. Freeman &
Co., New York, and Wallace Sadderson & Co., New York_
1,486,326 1.512,277
Guaranty Co. of New York; Mercantile
Commerce Co., St. Louis; Stern Bros.
Jr Co., Kansas City, and First Wisconsin Co., Milwaukee. Wis
1,487,550 1,523,100
National City. Co., Chicago; Bankers
Co.of New York; Northern Trust Co.,
Chicago; First Detroit Co., Detroit,
and Smith, Moore & Co., St. Louis_
1,524.289
* Successful bid.
SAN ANTONIO, Boxer County, Texas.
-BOND SALE.
-An issue of
11,100,000 454% semi-ann. funding bonds is reported to have been
purchased by Geo. L. Simpson i Co. of Dallas.
fr
SAN ANTONIO, Boxer County, Tex.
-BOND FUNDING.
-The following report is given as it appeared in the Dallas "News" of
July
"The City of San Antonio, Monday entered Into a contract with 14:
George
L. Simpson Co., Dallas, whereby it will refinance itself by issuing approximately $1,200,000 serial funding bonds to draw 4 % interest for 30
,
The City, Mayor C. M. Chambers said, thus will be able to go on years.
mediate cash basis and will save over $18,000 annually in interest as an imit
Pays 6% interest to the three local depository banks. The Dallas now
firm
will act as liquidating agent."
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P.
0. San
Antonio) Boxer County, Tex.
--BONDS REGISTER.PD.-The $759,000
Issue of 43i% coupon school bonds that was sold recently
-V.133.
was registered by the State Comptroller on July 16. Due from pt. 163
1932 to
1971, incl.
SANDUSKY, Erie County, Ohio.
-BOND ,SAL.
-The $10.230
coupon (registerable as to principal) property portion improvement
bonds
offered on July 20-V. 133. p. 332
-were awarded as Ois to the Third
National Exchange Bank, of Sandusky, at par plus a premium
equal to /00.34, a basis of about 4.15%. The bonds are dated of $35,
Aug. 1
1931 and mature Feb. 1 as follows: $2,230 in 1933, and $2,000
from 1934
to 1937, incl. The following is an official list of the bids
sale, all of which, with the exception of that of the local received at the
bank, were for
the bonds as 4)s:
BidderPremium,
Third National Exchange Bank, Sandusky (successful bidder)
$35.00
Provident Savings Bank & Trust Co., Cincinnati
'61.38
ilancOhio Securities Co. Columbus
54.00
Seasongood & Mayer, Cincinnati
29.00
Davies-Bertram Co., Cincinnati
26.00
Ryan, Sutherland & Co., Toledo
7.00
Well, Roth & Irving Co., Cincinnati
6.00
SCHROON LAKE WATER DISTRICT (P. 0.
Schroon),
-BOND SALE.
County, N. Y.
-The $80,000 coupon or registered Essex
water
district bonds offered on July 21-V. 133, p. 332
-were awarded
George B. Gibbons & Co., of New York, at par plus a premium as 55 to
of $1,048,
equal to 101.31, a basis of about 4.83%. The bonds are dated July
1
and mature serially on July 1 from 1936 to 1951, incl. A. C. Allyn & 1931
Co.,
of New York, the only other bidders, offered a premium of
$445.20 for
bonds.
5%
SARANAC LAKE,Franklin County,N. Y.
-BONDSRE
-OFFERED.
A. H.Breier, Village Clerk, will receive sealed bids until 5 P. M.
time) on July 28 for the purchase of coupon or registered bonds (standard
aggregating
$154.000, originally offered on July 14. the sale of which was
postponed
V. 133, p. 516. The offering consists of:
$129,000 sewerage disposal plant and sewer impt. bonds. Dated
July 1
1931. Denom. $1,000. I9ue annually as follows
$4,000 from
1934 to 1965. incl., and $1,000 in 1966. Interest is
payable in
Jan. and July.
25,000 street improvement bonds. Dated Sept. 1 1931.
Denom.
$1,000. Due Sept. 1 as folle,ws. $1,000 from 1932 to
1946,
and $2,000 from 1947 to 1951, incl. Interest is payable in incl.,
March
and Sept.
Rate of interest to be named by the bidder. Said rate is not to
exceed
Principal and interest are payable at the Adirondack
%.
National
Bank & Trust Co., Saranac Lake. A certified check for 2% of the amount
of the bid, paryable to the order of the Village, must accompany each pro-
679
posal. No conditions may be reserved by any purchaser except the approval
by the purchaser's attorney of the legality of the issue, but which is to be
made within ten days after the notification by the Village Board of the
acceptance of any bid.
Financial Statement.
Assessed valuation of real property subject to taxation as same
appears on the 1931 assessment roll
$7,866.650.00
Bonded Debt
Water bonds
$102.700.00
Paving bonds abutting owners
63,655.78
All other bonds
286,366.67
Total bonded indebtedness
452,722.45
Annual receipts for water rents for the year 1930_ _ $50,879.04
Property is assessed at from 40 to 50% of estimated actual value. Tax
rate for the year 1931 is 121.10 per $1,000.
Population. village census of the year 1906, 3,904. Present population
census of 1930 over 8,000
SCITUATE, Plymouth County, Mass.
-The $750,000
-BOND SALE.
coupon water system improvement ipands offered on July 22-V. 133.
p. 516
-were awarded as 3qs to the Shawmut Corp., of Boston, at a price
of 101.273, a basis of about3,64%. The bonds are dated July 15 1931 and
mature $25.000 annually frolic 1932 to 1961. incl. Proceeds of the sale
will be used in the purchase of the Scituate Water Co., according to report.
Bids received at the sale were as follows:
BidderInt. Rate.
Rate Bid.
Shawmut Corp. (purchaser)
101.273
o
Chase Harris Forbes Corp
4
100.50
National City Co
100.81
4V
Atlantic Corp
22
4.3
O 8nt
.e
The successful bidders are re-offering the bonds for general investment
priced to yield 2.25% for the 1932 maturity; 1933, 3.00%; 1934.3.15.3';
1935,3.25%; 1936, 3.30%; 1937,3.35%; 1938. 3.40%: 1939 to 1941. 3.45%;
1942 to 1946,3.50%; 1947 to 1951;3.6%; 1952 to 1956, 3.65%,and 3.75%
for the bonds due from 1,957 to 1961 incl.
SCOTT COUNTY (P. 0. Scottsburg), Ind.
-BOND OFFERING.
Stacy F. Coleman, County Treasurer, war receive sealed bids until 10 a.m.
on Aug.3 for the purchase of $13,000 5% road improvement bonds. Dated
July 15 1931. Denom. $650. Due $650 July 15 1932: $650 Jan. and
July 15 from 1933 to 1941, incl., and $650 Jan. 15 1942.
SILVER BOW COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Butte),
Mont.
-BOND OFFERING.
-Sealed bids will be received by Margaret
O'Leary', District clerk, until 8 p. m. on Aug. 14. for the purchase of an
Issue of $199.683.23 school refunding bonds. Int. rate is not to exceed 6%,
payable
& A. Dated Aug. 10 1931. Amortization bonds will be the
first choice and serial bonds will be the second choice of the said School
Board. Amortization bonds will be payable over a 10
-year period. Serial
bonds will be payable in from 1 to 10 years. The said bonds whether they
be amortization or serial bonds will be redeemable in full on any interest
payment date from and after 5 years from the date of issue. A certified
check for 10% of the bid, payable to the District Clerk, is required.
SMITHFIELD, Cache County, Utah.
-BONDS VOTED.
-It is reported that the voters recently approved the issuance of $50,000 in water
bonds by a count said to have been 301 "for" to 84 "against."
SMITHSBGRG, Washington County, Md.-BOND .SALE.
-The
$35,000 water system impt. bonds authorized by vote of the electorate
recently
-are reported to have been sold as 4%s,at a price
-V.133, P. 517
of par to the Nicodemus National Bank of Hagerstown. The bonds are
dated July 1 1931 and mature July 1 as follows: $5,000 in 1941, and 115,000
In 1951 and 1961.
SOMERSET, Perry County, Ohio.
-BOND SALE.
-The $5,000
coupon property owners' portion improvement bonds offered on July 18-were awarded as 5s to the Davies-Bertram Co., of CinV. 132, P. 4805
cinnati, at a price of par. The bonds are dated April 1 1931 and mature
$500 on Oct. 1 from 1932 to 1941 incl.
SOMERSWORTH, Strafford County, N. H.
-BOND SALE.
-The
Chase-Harris, Forbes Corp. of Bostdn, recently purchased an issue of
160.000 5% idghtvay improvement bonds, due $4,000 annually on Aug. 1
from 1932 to 1946 incl. Denom.$1,000.
SOUTH CAROLINA, State of (P. 0. Columbia).
-NOTE SALE.
The $5,000,000 issue of State highway notes offered for sale on July 23
(V. 133. p. 332) was awarded to a syndicate composed of Halsey, Stuart
& Co., the Bancamerica Blair Corp., A. B. Leach Jr Co., Geo. B. Gibbons
& Co., Inc., Darby & Co., Batchelder 4r Co., all of New York; Stir Jr Co.,
of St. Louis; the American Securities Corp. of San Francisco: the First
Securities Corp. of Minnesota, the Wm. R. Compton Co. of New York.
the Wells-Dickey Co. of Minneapolis, the Peoples National Bank of Rock
Hill, the Citizens Jr Southern Co. and J. H. Hilsman & Co., Inc., both of
Atlanta, and G. H. Crawford & Co. of Columbia, as 3Hc, at a price of
100.035. a basis of about 3.46%. Dated July 15 1931. Due on July 15
1932.
CERTIFICATES NOT SOLD.
-The 85,000,009 issue of State highwa!yr
certificates of indebtedness offered at the same time (V. 133. p• 332) was
not sold as all the bids received were rejected. Dated July 1 1931. Due
from March 1 1939 to 1953, inclusive.
NOTES RE
-OFFERED BY BANKERS.
-The above issue of notes is
being re-offered by the successful syndicate for general subscription priced
to yield 3.00%, plus accrued interest. Legality to be approved by counsel
whose opinion will be furnished upon request. These notes are stated to be
I gal investment for savings banks and trust funds in New York State.
They are exempt from all 1ederal income taxation.
SPARTANBURG, Spartanburg County, S. C.
-BONDS VOTED.
It is reported that at the election held on July 14(V. 133. p. 163) the voters
authorized the issuance of $500.000 in funding bonds.
SPARTANBURG,Spartanburg County, S.C.
-BOND OFFERING.
Sealed bids will be received by I. 'P. Williams, City Clerk, until noon on
Aug. 4, for the purchase of a $500,000 issue of coupon funding bonds.
Denom. $1,000. Dated Aug. 1 1931. The rate of interest is to be stated
by the bidder in a multiple of Yi of 1% and it must be the same for all
of the bonds. Due on Aug. 1 as follows: $15,000, 1933 to 1936; $20.000.
1937 to 1939: $25,000, 1940 to 1942; 130,000. 1943 to 1946: $35,000. 1947
to 1949, and $40.000 in 1950 and 1951. Principal and interest (F. Jr A)
payable at the Central Hanover Bank & Trust Co. in New York City.
The approving opinion of Reed, Hoyt Jr Washburn of New York, will
be furnished. A certified check for 2% of the amount of bonds bid for,
payable to the City, is required.
SPENCER COUNTY (P. 0. Rockport) Ind.
-BOND OFFERING.
James H. Kirkland County Treasurer, will receive sealed bids until 10
Kirkland,
a. m.on Aug.4 for
purchase of $23,900 4 % bonds, divided as follows:
$15,000 Luce Trey,, road impt. bonds. Dated Aug. 4 1931. Denom. $750,,
Due $750. July 15 1932: 1750. Jan. and July 15 from 1933 to 1941
Ina. and $750, Jan. 15 1942.
8,900 Harrison Twp. road impt. bonds. Dated July 15 1931. Denom.
$445. Due $445, July 15 1932:1445, Jan. and July 15 from 1933 to
1941 incl.. and $445, Jan. 15 1942.
Principal and semi-annudl interest (Jan. and July 15) are payable at the
office of the County Treasurer.
SPRINGFIELD TOWNSHIP (P,0. Springfield), Delaware County,
-BOND SALE.
Pa.
-The $40,000 4% coupon tovrnship bonds offered on
July 21-V. 133. p. 163
-were awarded H. M. Byllesby Jr Co.. of Philadelphia, at 102.08, a basis of about 3.75%. The bonds are dated Aug. 1
1931 and mature Aug. 1 1941. optional after Aug. 1 1936. Bids received
at the sale were as follows:
BidderRate Biel.
H. M. Byllesby & Co. (Purchasers)
102.08
Snyder
R. M. Snyd Jr Co
1000116236
W. H. Newbold's Son Jr Co
First National Bank of Media
0037
09
10 .3 6
First National Bank of Clifton
Singer, Deane and Scribner
100.31
STAMFORD(Town of), Fairfield County,Conn.
-LOAN OFFERING
-William D. Hart, Acting Town Treasurer, will receive sealed bids until
12 m.(daylight saving time) on July 30 for the purchase at discount basis
of a 6200,000 temporary loan. Dated Aug. 3 1931. Denoms. $25,000.
$10,000 and $5,000. Due Nov. 6 1931. "The notes will be authenticated
as to genuineness and validity by the First National Bank, of Boston,
under advice of Ropes, Gray, Boyden & Perkins, of Boston.
680
FINANCIAL CHRONICLE
-BOND OFFERING.
STEUBEN COUNTY (P. 0. Angola), Ind.
Frank 0. Watkins, County Treasurer, will receive sealed bids until 1 p.m.
on July 27 for the purchase of $9,700 4X% bonds, divided as follows:
$3,900 Millgrove Twp.road impt. bonds. Denom.$195. Due $195 July 15
1932; 5195 Jan. and July 15 from 1933 to 1941. incl., and $195
Jan. 15 1942.
3,000 Steuben Twp,road impt. bonds. Denom.$150. Due $150 July 15
1932; $150 Jan. and July 15 from 1933 to 1941, incl., and $150
Jan. 15 1942.
Steuben Two,road impt. bonds. Denom.$140. Due $140 July 15
2,800
1932; 5140 Jan. and July 15 from 1933 to 1941, incl., and $140
Jan 15 1942.
Each issue is dated May 9 1931.
-The
-BOND SALE.
STEUBENVILLE, Hefferson County, Ohio.
-were
$48,000 Beatty Park bonds offered on July 16-V. 133, p. 164
awarded as 4s to Assel, Goetz & Moerlein, Inc., of Cincinnati, at par
plus a premium of $388, equal to 100.80, a basis of about 4.1207. The
bonds are dated July 31 1931 and mature Sept. 1 as follows: $4,000 from
1932 to 1934 incl.. and $33,000 from 1935 to 1946 incl. The following is an
official list of the bids submitted at the sale:
Int.Rate. Premium.
Bidder$388.00
4X %
Assel, Goetz & Moerlein, Cincinnati
9
0
7
7
4(177.60
Davies Bertram Co., Cincinnati
104.00
Seasongood-Mayer, Cincinnati
96.00
96.00
4(
Provident Savings Bank & Trust Co., Cincinnati
56.00
4
Well, Roth & Irving, Cincinnati
53.00
'
43j9
Ryan, Sutherland & Co.. Toledo
528.00
0
4%7
Breed & Harrison, Cincinnati
345.00
43i%
Co., Columbus
BancOhio Securities
-The
-BOND SALE.
STOCKTON, San Joaquin County, Calif.
$716,000 issue of 44% semi-annual harbor impt. bonds offered for sale
-was jointly purchased by the Anglo-Londonon July 20-V. 133, p. 517
Paris Co., the Bank of America of California, and Weeden & Co., all of
San Francisco. for a premium of $44,810. equal to 106.25, a basis of about
4.10%. Due on July 2 as follows: $68,000 in 1952; $75,000. 1953 to 1960:
and $48.000 in 1961. It is reported that the American Securities Co. and
First Detroit Co., Inc., were second high, with a premium of $442.008.
Other bidders were: R. H. Moulton & Co., premium of $336,936: Dean
Witter & Co., Heller Bruce & Co. and Wells Fargo Bank & Union Trust
Co., premium of 533.142; National City Co., William R. Staats Co., and
Capital National Bank of Sacramento, premium of $30,877.
-Harland
-BONDS OFFERED.
SUDBURY, Middlesex County, Mass.
H. Rogers, Town Treasurer, received sealed bids until 8 p. m. on July 24
for the purchase of $56.000 3n% coupon bonds, divided as follows:
$41,000 town hall bonds. Due Aug. 1 as follows: $3,000 in 1932, and
$2,000 1933 to 1951 incl.
15,000 town hall bonds. Due $1,000. Aug. 1 from 1932 to 1946 incl.
Each issue is dated Aug. 1 1931. Denom. $1,000. Principal and semiannual interest (Feb. and Aug.) are payable at the First National Bank, of
Boston. Legality to be approved by Ropes, Gray, Boyden & Perkins, of
Boston, whose opinion will be furnished the purchaser.
Financial Statement July 111931.
$2,333,600.00
Assessed valuation for year 1930
00
,•
Total bonded debt,including these issues
None
Water bonds
1,182
Population
-BOND SALE.
SUFFOLK COUNTY (P. 0. Riverhead) N. Y.
The $404,000 coupon or registered highway improvement bonds offered on
-were awarded as 3Xs to Estabrook & Co., of
July 21-V. 133, P. 333
New York. at par plus a premium of $3.191.60. equal to 100.79, a basis of
about 3.6607. The bonds are dated Aug. 1 1931 and mature Aug. 1 as
follows. $20,000 from 1932 to 1948 incl.: $25,000 in 1949 and 1950, and
$14,000 in 1951. The successful bidders are re-offering the bonds for general
investment priced to yield from 2.75 to 3.65%. according to maturity.
The following is an official list of the bids submitted at the sale.
Rate Bid.
Int. Rate.
Bidder100.79
3
Estabrook & Co
3
100.366
Suffolk County Trust Co., Riverhead
100.181
3
Dewey, Bacon & Co
100.089
3
Bankers Co. of New York
100.037
3 0
Barr Brothers & Co
101.817
4
Geo. B. Gibbons & Co
101.659
4
Bank, Patchogue
Peoples Nat.
101.653
4
Guaranty Co. of New York
101.519
4
Suffolk County Nat. Bank, Riverhead
101.40
4
Wallace Sanderson & Co
101.39
4
M. M. Freeman & Co., Inc
101.279
4
Trust Co
Marine
101.276
4
Stephens & Co
101.27
4
Phelps, Fenn & Co
SUMMIT TOWNSHIP SCHOOL DISTRICT (P. 0. Butler) Butler
-BOND OFFERING.-Zeno F. Henninger, Attorney for the
County, Pa.
School Board, will receive sealed, bids until 10 a. m.(Eastern standard time)
on July 31 for the purchase of $19,000 4%% school bonds. Dated Aug. 1
1931. Denom. $1,000. Due $1,000, Aug. 1 from 1932 to 1950 incl.
-BOND SALE.
SUSSEX COUNTY (P. 0. Georgetown) Del.
M. M. Freeman & Co.. Inc.. of New York. were awarded on July 21 an
% jail construction bonds at par plus a premium of
issue of $90,000 4%
$2,583, equal to 102.87, a basis of about 4.12%. The bonds are dated
Sept. 1 1931 and mature $10,000 on Sept. 1 from 1936 to 1944 incl.
(Notice of the intention of the County to issue bonds was given in V. 133,
p.4806.)
One other bid was received at the sale, that of par plus a premium of
$2,148 for $90.000 bonds, submitted by the Farmers Bank, of Georgetown.
[VOL. 133.
Legislative bills have also been passed authorizing the following bonds
and notes of the various municipalities: $100,000 not to exceed 5% airport,
game preserve and municipal impt. bonds of Sevier County; $200,000
not to exceed 6% semi-ann. Athens water bonds; $20,000 not to exceed
6% semi-ann. Newport hospital bonds; $20.000 not to exceed 6% Sevierville street bends: $10,000 not to exceed 6% Lewis County deficit notes;
$75,000 Monroe County warrant funding bonds, and $75,000 Rockwood
6% refunding bonds.
The following bonds and notes were also authorized by the passage of
bills in the Legislature: $16,000 in not to exceed 607 Bolivar warrants and
bonds to refund outstanding indebtedness; $67.000 not to exceed 5%
Clarksville floating indebtedness bonds: $100.000 not to exceed 6% Montgomery County right-of-way bonds; $30,000 not to exceed 6% Cookeville
water and light notes,and $115,000 not to exceed 6% Murfreesboro funding
bonds.
-The
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
following minor issues of bonds were registered by the State Comptroller
during the week ending July 18:
54.0005% Knox County Cons. Sch. Dist. No. 1 bonds. Denom. $200.
Due serially.
3.0005% Houston County Cons. Sch. Dist. No. 52 bonds. Denom.
$150. Due serially.
5.400 607 Estelline (Hall County) town hall, series 1929 bonds. Denom.
3300. Serial.
-The
-MATURITY.
THOMASVILLE, Davidson County, N. C.
528.500 issue of notes that was purchased at par by the First National Bank
of Thomasville, at 5%-V.133, p. 333-is due on Dec. 30 1931.
THURSTON COUNTY (P. 0. Pander) Neb.-BOND ELECTION.
It is stated that on Aug. 11 the voters will be called upon to pass approval
on the proposed issuance of $100,000 in county bonds.
TILLAMOOK COUNTY SCHOOL DISTRICT NO.48(P.O. Wheeler)
-The $15,000 issue of school bonds offered for sale on
Ore.
-BOND SALE.
-was purchased by the Commerce Mortgage
June 29-V. 132. p. 4806
Securities Co. of Portland, as 5s,at par. Due in 5 years.
TILLAMOOK COUNTY SCHOOL DIST. NO. 2 (P. 0. Tillamook),
-It is reported that sealed bids will be received
-BOND OFFERING.
Ore.
until 7.30 p. m. on July 27, by T. W. Lyster, District Clerk, for the purchase of a 516.000 issue of school bonds. Int. rate is not to exceed 6%.
payable J. & J. Dated July 15 1931. Due $2,000 from July 15 1933
to 1940, incl. Prin. and int. payable at the fiscal agency of the State in
New York, or at the office of the County Treasurer. A certified check
for 5% must accompany the bid.
-The $50,000
-BOND SALE.
TONAWANDA, Erie County, N. Y.
coupon improvement bonds offered on July 20-V. 133, p. 164-were
awarded as 4'4s to the First Trust Co.. of Tonawanda,at a price of 100.379,
a basis of about 4.96%. The bonds are dated July 1 1931 and mature
July 1 1942.
Bids received at the sale were as follows:
Int. Rate. Rate Bid.
Bidder100.379
4U%
First Trust Co. (purchaser)
101.399
5%
Edmund Seymour & Co
100.811
George B. Gibbons & Co., Inc
5g
-Sealed bids
-BOND OFFERING.
TOPEKA,Shawnee County, Kan.
will be received until 10 a.m. on July 28, by F. W. Knapp, City Clerk, for
the purchase of two issues of 4% sewer bonds, aggregating $120,977.15,
divided as follows:
$67,242.35 Polk St. storm sewer bonds Denom. $1,000, one bond for
$1,242.35. Dated Aug. 15 1931. Due on Aug. 15 as follows:
$6,242.35 in 1932; 56,000, 1933 and 1934. and 57,000, 1935
to 1941. Inclusive.
53,734.80 Sewer bonds districts Nos. 90-91-92. Denom. $1,000, 1one
as
bond for $734.80. Dated Aug. 1 Ion, Due on Aug.
follows: 55.734.80 in 1932, $5.000. 1933 to 1938, and 46,030,
to 1941, all inclusive.
1939
Prin. and int. (F. & A.) payable at the office of the State Treasurer.
Bidders must submit separate proposals for each of the above issues, but
may also make a bid for both issues. A certified check for 2% of the bid is
required. The following notice accompanies the offering circular •
Bonds are printed, registered by the City Clerk and Auditor of State,
have been offered to and purchase refused by the State School Fund Commission,and will be offered on the basis of delivery on Aug. 1st and 15th,the
respective dates of said issues at Topeka, Kansas, subject to the approval
of the Bond Transcripts by successful bidders own attorney.
-July 311931.
Statement of Bonded Indebtedness
$610,000.00
Term bonds
3.602,304.28
Serial bonds
53,734.80
Proposed issue-Sewer series 1931. No.422---255,358.37
Floating indebtedness
Total liabilities
Sinking fund assets-General
Water
$4.521,397.45
$65,071,06
142.156.18
206,227.24
$4,314.170.21
Net debt
Date of first incorporation Feb. 14 1957. Population, Census of 1930.
valuation 1930 real estate and personal property,
64,120. Assessed
594.300,000. Tax rate for 1930, $13.03 per 51.000. Loss in unpaid tax,
ino, 529,314,37. Percentage of unpaid tax, 1929, 2.20%.
-BOND ORDINANCE
TORONTO, Jefferson County, Ohio.
-An ordinance providing for an issue of $15,249.47 6% water
ADOPTED.
works department improvement bonds was adopted at a recent meeting
of the city council. The issue is to be dated Aug. 1 1931. and mature
SWEETWATER COUNTY (P. 0. Green River) Wyo.-BONDS Sept. 1 as follows: $749.47 in 1932: $500 in 1933 and 1934' $1.000, 1936;
-It is announced by John Story, County Treasurer, that the $500 from 1936 to 1938. incl.; $1,000, 1939; $500 from 1940 to 1942, incl.;
REDEEMED.
6% road and bridge bonds, Nos. 1 to 300, totaling $300.000, are called for 31.000, 1943: $500 from 1944 to 1946, inel; $1,000, 1947: $500 from 1948
payment at his office or at the Chase National Bank in New York City, on to 1950. Wel.; 51.000. 1951: $500 from 1952 to 1954, incl., and $1.000 in
Aug. 1, on which date interest shall cease. Denom. $1,000. Dated Aug. 1 1955. Principal and semi-annual interest (March and September) to be
1921. Denom. $1,000. Dated Aug. 11921. Due on Aug. 1 1941, optional Payable at the Union Savings Bank, Toronto.
on Aug. 1 1931.
TOWNVILLE SCHOOL DISTRICT, Crawford County. Pa.
-Barr Bros. BONDS NOT SOLD.
-The issue of $5,000 4% coupon school bonds
-NOTE SALE.
SYRACUSE, Onondaga County, N. Y.
-was not sold,as no loids were received.
& Co., Inc., of New Yorlc, purchased on July 21 an issue of $1,000.000 offered on June 20-V.132. p. 4632
$9.
tax anticipation notes at 1.19% interest rate basis, plus a premium of ap- The bonds are dated July 11931.
The notes are dated July 22 1931 and mature Oct. 1 1931. Legality
-A $15,000
-BOND SALE.
TREMONTON,Box Elder County, Utah.
Proved by Caldwell & Raymond, of New York. Bids submitted at the sale
issue of 4%% refunding bonds is reported to have been purchased recently
were as follows:
Interest Rate. by the Laurin W. Gibbs Co. of Salt Lake City, at a price of 98.00.
Bidder1.19
Barr Bros. & Co., Inc.(plus $9 premium)
-BOND SALE.
-The two issues of
TRENTON, Mercer County, N. J.
1.23
Salomon Bros. & Hutzler (plus $11)
-were
coupon or registered bonds offered on July 22-V. 133, p. 333
1.24
F. S. Moseley & Co.(plus 56.50)
awarded as 4s to a syndicate composed of the Guaranty Company of New
1.42%
R. W.Pressprich & Co.(plus $3 premium)
York. and the First Detroit Co., New York: E. B. Smith & Co. of Phila1.44%
First National Old Colony Corp
delphia, and J. S. Rippel & Co., ofNewark, as follows.
1.604
Guaranty Co. of New York
-Faxon, $2,511,000 general impt. funding bonds ($2,542.000 offered) sold at a Price
-TEMPORARY LOAN.
TAUNTON, Bristol County, Mass.
of $2.542,372.62, equal to 101.24, a basis of about 3.88%.
Gade & Co. of Boston purchased on July 22 a $100.000 temporary loan
Due Aug. 1 as follows. $85,000 from 1933 to 1942 incl.;$125,000.
at 2% discount basis. The loan matures Oct. 21 1931.
1944 to 1955 Incl., and $76,000 In 1956.
97,000 street assessment funding bonds ($98,000 offered) sold at a price
TAYLOR COUNTY (P. 0. Medford), Wis.-BOND OFFERING.
Due
of $98,780.02, equal to 101.83, a basis of about
Sealed bi s will be received until 2 p.m. on July 30 by Fred Herrmann,
3.62%.
Aug. 1 as follows. $10.000 from 1932 to 1939 incl.; $9,000 in
County Clerk, for the purchase of a 338,000 issue of 4%% highway 'amt.
1940, and $8,000 in 1941.
bonds. Denom. $1,000. Dated May 1 1931. Due on May 1. 1933.
Each issue is dated Aug. 1 1931. Members of the successful group are
Prin. and int. (M. & N.) payable at the office of the County Treasurer.
If legal opinim is required, purchaser will have to furnish same at his own re-offering the bonds, aggregating $2,608,000, for general Investment at
Gapers". non's are not to is aid for less than par. A certified check prices to yield from 2.00 to 3.85%, according to maturity. The obligations
for 5% must accompany the hid.
according to the bankers, are legal investment for svaings banks and trust
-BONDS AND NOTES funds in New York, New Jersey and other States.
TENNESSEE, State of (P. 0. Nashville).
Amounts, Maturities and Prices (Accrued interest to be added).
-It is reported that the Legislature has passed bills
AUTHORIZED.
Prices
Prices
authorizing two issues of not to exceed 5% semi-ann. notes aggregating
to Yield.
to Yield. Amounts.
Due.
Due.
Amounts.
$14,000.000, as follows: $5,000,000 State funding notes. Due in not
3.70
2.00% 595.000
1932
1939
than 20 years. and 59.000.000 State funding notes. Not to mature 510.000
more
3.75
2.50% 94,000
1940
1933
95.000
prior to July 1 1935, nor later than July 1 1980. The funds derived from
3.75
2.75% 93,000
1934
1941
95.000
the sale of these notes will be used to retire notes now outstanding. The
3.80
1942-43
3.00% 85,000
1935
95.000
Board will fix the conditions governing their sale.
State Funding
3.80
3.25% 125.000
1944-46
the
1936
95.000
It is also reported that a legislative bill was passed authorizing
3.85
3.50% 125,000
1947-55
1937
95,000
State Funding Board to borrow $500,000 for the Western State hospiral
3.85%
1956
3.60% 76,000
1938
95,000
improvements.
JULY 25 1931.]
FINANCIAL CHRONICLE
TRENTON SCHOOL DISTRICT (P. 0. Trenton) Grundy County,
-A call has been issued for 6% school bonds
Mo.-BONDS CALLED.
dated July 1 1921, numbered 1 to 25 incl., Denom. $1,000. Have been
called for July 11931.
TROUSDALE COUNTY (P. 0. Hartsville), Tenn.
-BOND SALE.
An issue of $100,000 5% semi-ann. funding bonds is reported to have been
purchased at par on March 4 by the Equitable Securites Corp. of Nashville. Dated March 1 1931. Due as follows. $2,000, 1932 to 1941; 53,000,
1942 to 1948: 54,000, 1949 to 1954, and $5,000, 1955 to 1961, all incl.
Legal approval by Chapman & Cutler of Chicago.
681
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND OFFERING.
-Eugene E. Glassley, County Treasurer, will receive sealed bids until
10 a.m. on Aug. 4 for the purchase of $48,720 434% bonds, divided as
follows:
$20,480 road impt. bonds. Denom. $512. Due $1,024 May and Nov. 15
from 1932 to 1941, incl. Interest is payable semi-annually on
May and Nov. 15.
12,960 road impt. bonds. Denom. $648. Due $648 July 15 1932; $648
Jan. and July 15 from 1933 to 1941, incl., and $648 Jan. 15 1942.
Interest is payable Jan. and July 15.
9,120 road impt. bonds. Denom. $456. Due $456 July 15 1932; $456
Jan. and July 15 from 1933 to 1941, incl., and $456 Jan. 15 1942.
UNION COUNTY (P. 0. El Dorado), Ark.
-BOND SALE.
-Two
Interest is payable Jan. and July 15.
issues of 6% bonds aggregating $120,532 were awarded recently at par
6,160 road impt. bonds. Denom. $308. Due $308 July 15 1932; $308
$99,882 general bonds to the National Securities Co. of Little
as follows.
Jan. and July 15 from 1933 to 1941, incl., and $308 Jan. 15 1942.
Rock, and $20,650 to the First National Bank of El Dorado. Due in
Interest is payable Jan. and July 15.
from 1 to 20 years.
Each issue is dated July 15 1931.
UPPER MORELAND TOWNSHIP(P.O. Willow Grove) Montgomery
WICKLIFFE, Lake County, Ohio.
-J. W.
-BOND OFFERING.
-BOND SALE.
-The $235,000 4% coupon bonds offered on Fuller, Village Clerk, will receive sealed bids until 12 m. on July 30 for
County, Pa.
-were awarded to Graham, Parsons & Co., of the purchase of 821,0006% special assessment improvement bonds. Dated
July 20-V. 132, p. 4806
Philadelphia, at a price of 101.57, a basis of about
The bonds are Aug. 1 1931. Denom. $1,000. Due Oct. 1 as follows: $2,000 from 1932
dated July 1 1931 and mature July 1 as follows: $100,000 in 1936; $25,000 to 1936, incl.; $1,000 in 1937, and $2.000 from 1938 to 1941, incl. Interest
3.84%.
In 1941, 1946, 1951 and 1956, and $35,000 in 1961.
is payable semi-annually in April and Oct. Bids for the bonds to bear inThe official tabulation of the proposals received at the sale includes the terest at a rate other than 6%, expressed in a multiple of 34 of 1%. will
following:
also be considered. A certified check for 5% of the amount of bonds bid
BidderRate Bid. for, payable to the order of the Village Treasurer, must accompany each
Graham,Parsons & Co.(purchasers)
101.57 proposal.
Willow Grove Trust Co
101.53
W.H. Newbold's Son & Co
WILLISTON PARK, N. Y.
-BOND SALE.
-The $15,000 coupon or
101.22
Edward Lowber Stokes & Co
101.06 registered fire department equipment bonds offered on July 17 (V. 133,
E.H.Rollins & Sons
100.26 p.334) were awarded as 4.40s to Sherwood & Merrifield, Inc., of New York,
at a price of 100.03, a basis of about 4.39%. The bonds are dated July 1
VALLEY POINT CONSOLIDATED SCHOOL DISTRICT (P. 0. 1931 and mature July 1 as follows: $2,000 from 1933 to 1937, incl., and
Dalton), Whitfield County, Ga.-BOND ELECTION.
-It is reported $1,000 from 1938 to 1942, incl. Bids submitted at the sale were as follows:
that an election will be held on Aug. 21 in order to vote on the proposed
BidderInt. Rate.
Rate Bid.
issuance of $25,000 in school bonds.
Sherwood & Merrifield, Inc. (purchasers)
4.409'100.03
Batchelder & Co
4 50
100.22
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND Dewey,
4 60
100.18
OFFERING.
-Charles 0. Wesselman, County Treasurer, will receive Farson, Bacon & Co
Son & Co
4.60%
100.154
sealed bids until 10 a.m. on Aug. 6, for the purchase of $29,400 434% George 13. Gibbons & Co., Inc
4.507
100.392
bonds, divided as follows:
A. C. Allyn & Co
4.50
100.28
$21,400 Pigeon Township road improvement bonds. Due two bonds each Nassau County Trust Co
4.50%
100.037
six months from July 15 1932 to Jan. 15 1942.
8,000 Perry Township road improvement bonds. Due one bond each
WINTHROP, Suffolk County, Mass.
-F. S.
-TEMPORARY LOAN.
six months from July 15 1932 to Jan. 15 1942.
Moseley & Co., of Boston, purchased on July 20 a $50,000 temporary loan
0
at 1.69% discount basis. The loan matures Dec. 11 1931 and was bid for
VAN WERT, Van Wert County, Ohio.
-BOND ELECTION.
-The
city council recently passed a resolution authorizing a special election, to by the following:
BidderDiscount Basis.
be held on the date of the general election, Nov. 3, to permit the voters to F. S. Moseley & Co. (purchaser)
1.69%
pass upon a proposal prviding for the issuance of $500,000 in bonds for Merchants National Bank
1.72%
sewer Purposes.
First National Old Colony Corp
1.72%
Exchange Trust Co
2.009'
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
2.089
J. F. Shandy, County Treasurer, will receive sealed bids until 10 a.m. on Faxon, Gade & Co
July 28. for the purchase of $29,200 434% Sugar Creek Township highway
WYTHE SCHOOL DISTRICT (P. 0. Hampton), Elizabeth City
Improvement bonds. Dated July 15 1931. Denom. $730. Due $1,460 County, Va.-BOND DETAILS.
-The $39,000 issue of coupon refunding
July 151932; $1,460 Jan. and July 15 from 1933 to 1941, incl., and $1,460 school bonds that was purchased by the Norfolk Investment Co. of NorJan. 15 1942. Interest is payable semi-annually on Jan. and July 15.
folk Investment Co. of Norfolk at 101.09 (V. 133. P. 518) bears interest at
folk at 101.09 (V. 133, p. 518) bears interest at the rate of 4347 giving a
0,
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND SALE.
-The
$5,400 434% coupon Pleasant Townshipm road improvement bonds basis of about 4.67%. Due serially in 30 years.
offered on July 22-V. 133, p. 517
YAKIMA, Yakima County, Wash.
-BOND SALE.
-It is reported
-were awarded to Morrish & Hackett,
Inc.. of Greensburg, at par plus a premium of $200, equal to 103.70, a that a $200,000 issue of 5% water system revenue bonds has been purchasbasis of about 3.75%. Dated Aug. 1 1931. Denom. $270. Due $270 ed at private sale by the Marine National Co. of Seattle at par.
July 15 1932; $270 Jan. and July 15 from 1933 to 1941, incl., and $270
Jan. 15 1942. Bids submitted at the sale were as follows:
BidderPremium. CANADA, its Provinces and
Municipalities.
Morrish & Hockett, Inc. (purchasers)
$200.00
Merchants National Bank, Muncie
162.50
AYR, Ont.-BOND SALE.-The Canadian Bank of Commerce reFletcher Savings & Trust Co
146.00 cently purchased an issue of $22,000 village improvement bonds, bearing
Farmers & Wabash National Bank
192.78 interest at 59' and maturing in 20 equal annual installments, at an inWABASH COUNTY (P. 0. Wabash), Ind.
-BOND OFFERING.- terest cost basis to the Village of about 4.87%, according to report.
Parvin Bond, County Treasurer, will receive sealed blds until 2 p.m. on
COTE ST. LUC, Que.-BOND
-The $20,000 534% road imAug.3,for the purchase of523.600 434% Paw Paw Township road improve- provement bonds offered on July SALE.
6-V. 132. p. 4807
-were awarded to
ment bonds. Dated Aug. 11931. Denom. $590. Due $590 July 15 1932;
the Banque Canadienne Nationale at a price of 99.07, a basis of about
$590 Jan. and July 15 from 1933 to 1951, incl., and $590 Jan. 151952.
5.59%. The bonds mature annually on Dec. 1 from 1931 to 1960, incl.
Bids received at the sale were as follows:
'WAKE COUNTY (P. 0. Raleigh), N. C.
-NOTE SALE.
-It is
BidderRule Bid.
ported that a $600,000 issue of notes has been purchased recently reby Banque Canadienne Nationale (purchaser)
99.07
Thompson, Ross & Co. of Chicago. as 6s.
Dominion Securities Corp
99.00
WARREN, Trumbull County, Ohio.
98.69
-BOND OFFERING.
-Della L. G. Beaubien & Co
B. King, City Auditor, will receive sealed bids until 1 p.m. on Aug. 10.
LISTOWEL, Ont.-BOND
-The Canadian Bank of Commerce
for the purchase of $50,000 434% city hall site land purchase bonds. Dated recently purchased an issue of SALE. 5% improvement
$25,000
bonds at a price
June 1 1931. Denom. $1,000. Due Oct. 1 as follows: $_ 000, 1932 of 101.58. a basis of about 4.76%. The
issue matures serially in from 1 to
$3,000, 1933; 52,000, 1934;$1934; $3,000. 1935; $2,000. 1936;$3,000, 1937
15 years
$2,000, 1938; $3,000, 1939; $2,000, 1940; 53,000, 1941; 82.000, 1942
$3,000, 1943; $2,000, 1944; 83,000, 1945; 82,000, 1946; $3,000. 1947
MANITOBA (Province of).
-BOND SALE.
-A syndicate composed of
$2,000, 1948; $3,000, 1949: $2,000 in 1950, and $3,000 in 1951. Principe
Wood, Gundy & Co., Inc.; A. E. Ames & Co., Ltd.; the Dominion Securities
and semi-annual interest (April and October) are payable at the office of Corp.* the Royal Bank of Canada, and the Canadian Bank of Commerce.
the Sinking Fund Trustees. Bids for the bonds to bear interest at a rate recently purchased at private sale a total of $5,000,000 414% bonds, of
other than 434 %, expressed in a multiple of 3(a of 1%, will also be con- which $2,500,000 mature Aug. 1 1941 and 82.500,000 on Aug. 1 1951. The
sidered. A certified check for $1,000, payable to the order of the city, bonds are dated Aug. 1 1931. Denom. $1,000. Principal and semi-annual
must accompany each proposal.
Interest (Feb. and Aug.) are payable In gold at the Royal Bank of Canada,
In New York, or at the Royal Bank in Toronto, Montreal, Winnipeg,
WARREN, Trumbull County, Ohio.
-BOND ORDINANCE A- Regina, Vancouver or St. John's Legality approved by Long & Daly, of
.00PTED.-The city council recently adopted an ordinance providing for Toronto.
tbe issuance of $17,981.46 434% property share improvement bonds, to
Public offering of the bonds is being made at a price of 97.64 and interest,
be dated July 1 1931 and mature annually on Oct. 1 as follows: $1,981.46 to yield 4.80%, for the 1941 maturity, and at 95.75 and interest, to yield
in 1932; $2,000 from 1933 to 1939, incl.. and $1,000 in 1940 and 1941. 4.83%, for the bonds due in 1951. Proceeds of the sale will be used for
Interest is to be payable semi-annually in April and October.
various purposes and the bonds and Interest are payable from the Consolidated Revenue Funds of the Province.
WARREN, Worcester County, Mass.
-TEMPORARY LOAN.
Financial Statement as of July 11 1931.
F. S. Moseley & Co., of Boston, purchased on July 20 a $20.000 temporary
$563,694.049
loan at 1.87% discount basis. The loan is dated July 24 1931 and matures Assessable property within the Province
Gross funded and temporary debt (incl. present issue)
97,844.385
Dec. 15 1931. Bids submitted at the sale were as follows:
-Sinking fund
*$1.327.594
BidderDiscount Basis. Less
Self-sustaining and secured debt, incl. telephone
F. S. Moseley & Co. (purchasers)
1.87%
46.463,156
First National Old Colony Corp
system,farm loans,drainage,&c
1.92%
47,790,750
Bank of Commerce & Trust Co
1.975%
Faxon, Gade & Co
2.18%
$50.053,635
Netdebt
•
WEBB CITY, Jasper County, Mo.-BOND OFFERING.
-Sealed bids x Contingent liabilities (of which $3.000,000 is in connection
will be received until 5 p.m. on Aug. 3, by L. 0. Walker, City Clerk, for
with railways owned and operated by Dominion Govt.)_ _ 510,854.817
the purchase of a $13,500 issue of 5% semi-ann. funding bonds. Dated
x In addition, the Province has Wheat Pool liability of not exceeding
Aug. 11031. Due from Aug. 1 1933 to 1937. A certified check for $200 53,750.000, secured by country and terminal elevator system.
must accompany the bid.
* There is also a sinking fund of $4.772.123 on hand against self-sus
(These are the bonds that were offered without success on July 6-V. taming and secured debt.
133, p. 334.)
, Area, 251,852 square miles. Population, 660.000 (estimated).
SHAWINIGAN FALLS, Que.-BOND SALE -The several issues of
WESTON COUNTY (P. 0. Newcastle), Wyo.-BOND OFFERING.
- 5% bonds. aggregating 5490,51)0, offered on July 15 (V. 133. p. 165) were
Bids will be received by M. A. Smallwood. County Treasurer, until 2 p.m.
on Aug. 18 for the purchase of a $45,000 issue of refunding bonds. Interest awarded to the Dominion Securities Corp.and the Royal Bank of Canada:
rate is not to exceed 4%%, payable semi-annually. Dated Sept. 1 1931. jointly. at 100.68, a basis of about 4.94%. The bonds mature as follows:
Due $4,500 from Sept. 1 1932 to 1941, incl. Prin. and int. (M. & S.) $200,000 from 1933 to 1970, incl.• $50.000, 1931 to 1961, incl.; $100.000,
payable at the office of the County Treasurer. A certified check for 5% 1931 to 1961, incl.; 5130,000. 1931 to 1971, incl., and $10,500 from 1968
to 1970, incl. The successful bidders are reoffering the bonds for general
of the bid is required.
investment at prices to yield 4.85%. Bids submitted at the sale were as
WESTWOOD, Bergen County, N. J.
-BOND SALE.
-H. L. Allen & follows:
Co., of New York, purchased on July 2 an issue of $270,000 434% coupon
Rate Bid.
Bidderor registered temporary improvement and municipal building bonds at a Dominion Securities Corp.and the Royal Bank of Canada,jointly-100.98
price of par. The bonds are dated Aug. 1 1931 and mature Aug. 1 1032. McLeod, Young, Weir & Co
98.50
Demons. $10,000 and $5,000. Interest is payable semi-annually in Feb. Banque Provinciale du Canada, Geoffrion & Co. and Credit Angloand August.
Francais. Ltd., jointly
99.125
Banque Canadienne Nationale, A. E. Ames & Co. and Ernest
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
99.319
Savard. Ltd., jointly
Faxon, Gade & Co., of Boston, purchased on July 23 a $100,000 temporary loan at 1.49% discount basis. The loan matures Jan. 28 1932
-An issue of $28,500 5%
-BOND SALE.
SUMMERSIDE, P. E. I.
and was bid for by the following.
improvement bonds was recently sold to the Bank of Nova Scotia at a
Bidder
Discount Basis, price of 102.70. a basis of about 4.788%. The bonds mature in 20 years.
Faxon, Gade & Co. (purchasers)
-The Acadia Trust Co. recently pur1.49
TRURO, N. S.
-BOND SALE.
Merchants National Bank of Boston
1.67
chased an issue of 517,000434% improvement bonds, due in 30 years, at
Salomon Bros. & Hutzler
1.69 o
a price of 99.50, a basis of about 4.53%. Bids received were as follows:
Bank of Commerce & Trust Co.
1 705
BidderRate Bid.
F. S. Moseley & Co
1 73
Acadia Trust Co. (purchaser)
99.50
First National Old Colony Corp
1.82
Dominion Securities Corp
99.12
Blake Bros. & Co. (plus $1.35 premium)
W.C. Pitfield & Co.,and the Royal Bank of Canada, jointly
1.94%
98.57
682
[Vol,. 133.
FINANCIAL CHRONICLE
loteign
OTTOMAN
(EruOt
BANK
CAPITAL . . .
. . £10,000,000
PAID
-UP CAPITAL . . £5,000,000
RESERVE. .
. .
£1,250,000
NEAR EAST: Istanbul (formerly Constantinople), Egypt, Palestine, Cyprus, Persia,
Syria, Salonica, Izmir, Tunis, Irak (in all
about 80 Branches).
LONDON: 26 Throgmorton Street, E. C. 2.
PARIS: 7 Rue Meyerbeer.
MANCHESTER: 56-60 Cross Street.
MARSEILLES: 38, Rue St. Ferreol.
Compantes
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
Capital, .
.
Surplus and Undivided Profits,
July1 1931
$2,000,000.00
$27
,805,275.46
Australia and New Zealand
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
BANK OF
NEW SOUTH WALES
EDWARD W. SHELDON, Chairman of the Board
WILLIAM M. KINGSLEY, President
CARL 0, SAYWARD, Asst. Vice-President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON PELL, 1st Vice-President
FREDERIC W. ROBBERT, V.-Pres. & Comp. LLOYD A. WAUGH, Asst. Comptroller
HENRY
WILFRED J. WORCESTER, V.-Pres. & Secy. ELBERT L. SMITHERS, Asst. Secretary
B. KNOWLES, Asst. Secretary
THOMAS H. WILSON, Vice-President
ALBERT G. ATWELL, Asat. Secretary
ALTON S. KEELER, Vice-President
HENRY E. SCHAPER, Asst. Secretary
OSBORNE, Asst. Vice-President HARRY M. MANSELL, Asst. Secretary
ROBERT S.
WILLIAM C. LEE, Asst. Vice-President
GEORGE F. LEE, Asst. Secretary
NRY B. HENZE, Asst. Vice-President
GEOR E MERRITT, Asst. Secretary
(ESTABLISHED 1817)
(55=11)
$37,500,000
30,750,000
37,500,000
$105,750,000
Aggregate Assets 30th Sept., 1930_$446,141,892
A. C. DAVIDSON, General Manager
Paid-up Capital
Reserve Fund
Reserve Liability of Proprietors
594 BRANCHES AND AGENCIES in the
Australian States, New Zealand, Fiji, Papua
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Australasian Banking Business. Wool and other
Produce Credits arranged.
Head Office:
London Office:
George Street,
29, Threadneedle
SYDNEY
Street, E.C. 2
Agents: Standard Bank of South Africa, Ltd.
New York
FRANK LYMAN
JOHN J. PHELPS
LEWIS OASS LEDYARD
EDWA RD W. SHELDON
ARTHUR CURTISS JAMES
TRUSTEES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS
WILLIAN VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK
THATCHER M. BROWN
WILLIAMSON PELL
LEWIS CASS LEDYARD, JR
GEORGE F. BAKER
WILSON M. POWELL
JOHN P. WILSON
fforeign
fforeign
The National City Bank of New Yolk
Head Office: 55 WALL Sr., New YORE. U.S.A.
NATIONAL BANK OF NEW ZEALAND Ltd.
Head Office: 8 Moorgate, London, E.C. 2, Eng.
Authorized and Subscribed
Capital
£6,000,000
Paid-up Capital
£2,000,000
Reserve Funds and
Undividend Profits £2,168,457
The Bank receives Deposits at rates which
may be ascertained on application and conducts every description of Banking business
connected with New Zealand.
Arthur Willis, Manager.
The Mercantile Bank of India, Ltd
Head Office
15 Gracechurch St., London, E. C. 3
Capital Authorized
£3,000,000
Capital Paid Up
£1,050,000
Reserve Fund & Undivided Profits_ £1,666,845
Branches in India, Burmah,Ceylon, Straits Settlements, Federated Malay States, Siam, China and
Mauritius and Dutch East Indies. New York
Correspondents, Bank of Montreal, 64 Wall St.
49 Branches in
Greater New York
FOREIGN BRANCHES
PORTO RICO
LONDON
CUBA
REPUBLIC OF
ARGENTINA DOMINICAN
PANAMA
REPUBLIC
BELGIUM
STRAIN
BRAZIL
INDIA
SETTLEMENTS
CHILE
ITALY
URUGUAY
CHINA
JAPAN
COLOMBIA
MANCHURIA VENEZUELA
PHILIP EINE ISLANDS
MEXICO
PERU
The International Banklmg Corporation
Head Office
-55 Wall St., New York, U. S. A.
BRANCHES
MADRID
LONDON
BARCELONA
SAN FRANCISCO
And Representatives in Ch nese Branches
Chartered 1836
Incorporated by Royal Charter 1727.
$ 16,812,216
Capital (fully paid)
$ 17,904,686
Reserve Fund
$251,935,406
Deposits
($5 to £1)
Over
200 Years of Commercial Banking
Terms for the opening of Accounts furnished on
Application
CHIEF FOREIGN DEPARTMENT
3 Bishopsgate, London, England.
HEAD OFFICE- EDINBURGH
General Manager. Sir A. K. Wright, K.B.D.D L
Total number of offices. 243
Cairo
FULLY PAID CAPITAL . £3,000,000
RESERVE FUND . . . 3,000,000
LONDON AGENCY
6 and 7, King William Street, E. C. 4
Branches in all the
principal Towns in
EGYPT and the SUDAN
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
In manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Authorized Capital (Hongkong Currency)113 6:000 000
£0 00 :000
5
0
Paid Up Capital (Hongkong currency)_.11s2o,000moo
Reserve Fund lu Sterling
Reserve Fund in Sliver (Hongkong Cur)
11510,000,000
Reserve Liability of Proprietors (Beng-n$20.000,000
Irons Currency)
C. DE C. HUGHES, Agent
72 WALL STREET, NEW YORK
Bankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopsgate, London, E. C.
Branches in India, Burma. Ceylon, Kenya
Colony and Aden and Zanzibar
Royal Bank of Scotland
Head Office
ffinantial
NATIONAL BANK OF INDIA, LIMITED
£1,000,000
Subscribed Capital
£2,000,000
Paid-up Capital
£3,000,000
Reserve Fund
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
NATIONALBANK
of EGYPT
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this company, which is now
serving many clients in other
cities.
The continued steady growth
of this Company, without consolidation, since its establishment under perpetual charter
in 1836, is evidence of the
satisfactory service rendered.
GIRARD
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
"Security Dealers of North America"
A directory of Stock
and Bond Houses
Strong—Rugged—Dependable
HERBERT D. SEIBERT er. CO.
Publishers
126 Front St. Near Wall, New York City
tiquibstion
The First National Bank, located at Whitewater, in the State of Wisconsin, is closing its
affairs. All note holders and other creditors
of the association are therefore hereby notified
to present the notes and other claims for payment.
H. G. ANDERSEN, Cashier.
Dated Whitewater, Wisconsin,
June 29, 1931.
@FedFRASER