The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
I.
[SATURDAY,JULY 5 1930.
VOL. 131.
t'inantial Cirranult
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage-12 Mos. 6 Mos.
$10.00
$6.60
Within Continental United States except Alaska
6.75
In Dominion of Canada
11.50
13.50
7.76
Other foreign countries. U. B. Possessions and territories
The following publications are also issued. For the Bank and Quotation Record the subscription price I. $6.00 per Year: for all the others Is
$5.00 per year each. Add 50 cents to each for postage outside the United
States and Canada
MONTHLY PUBLICATIONS—
CIODAPIONDIUMI—
RANK AND QUOTATION RECORD
PUBLIC Unterr—(seml-annually)
RAILWAY & INDINITHIAL—(fOlIT a year) MONTHLY BANNING' RECORD
STATE; AND Musicirst—(eeml-ann.)
Terms of Advertising
Cents
Transient display matter per agate line
4
requstn5
Contract sad Card rates
Owosso Orrxce—In charge of Fred. II. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Ovvics—Edwards & Smith. 1 Drapers' (,ardens. London. E. O.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
PubiLshed every Saturday morning by WILLIAM B. DANA COMPANY;
President and Editor, Jacob Seibert; Business Manager, William D. Riggs.
Tress.. William 1)ana Seibert:Sec., Herbert 1). Seibert. Addresses of all. Office of Co.
Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
into new and larger quarters, and is now
located at
William Street, Corner Spruce,
New York City.
P. 0. Box 958, City Hall Station.
The Financial Situation.
While the business situation gives as yet little
indication of any turn for the better, unfavorable
features continuing to predominate, there is at least
one favorable development, namely, the adjournment
of Congress. We would not be 'classed with those
who are constantly decrying Congress and finding
fault with its work, especially would we not care to
be included with thor who never cease denouncing
the United States Senate for its lengthy debates and
discussions, and its deliberate methods generally.
We feel that the speed with which measures are on
occasions rushed through the House of Representatives, often under the influence of the party whip,
and by the application of Czar-like methods, is not
conducive to legislation of the best type.
In the Senate, on the other hand, there is greater
independence of judgment and of action, and also
consideration of new laws from a broader standpoint. This is helpful and tends to insure better
legislation. The slower and more deliberate methods of the upper House of Congress, we think, are
to be encouraged, rather than the reverse. Even the
protracted consideration of the tariff bill, we feel,
NO.3393.
has not been without attendant good. It has at
least served to direct attention to some very glaring
features, the nature of which would never have become known except for the extended discussions in
which the Senate indulged.
However, Congress—the old and the new combined—may be said to have been in almost continu
ous session since the first Monday in December 1928,
the old Congress functioning from that date until
Mar. 4 1929, and the new Congress having been convened in special session only a short while thereafter
and having remained in session up to within a few
days of the beginning of the regular session in December 1929, and having since then continued its
work right up to the present dine, making altogether
a period of 19 months. Moreover, during the whole
of this period it has never been under any distinct
leadership or strong guidance, and its action, or
lack of action, had created a feeling of uneasiness,
which now that Congress is definitely out of the
way, will disappear, removing the uncertainties
which had prevailed, a state of things which cannot
fail to be beneficial. At the least, the threat of further legislation, possibly of an adverse character,
will no longer hang over the community. To that
extent, therefore, the outlook is more assuring.
We think, too, the new tariff may possibly, for the
time being, become an instrument of good in the
hands of President Hoover and his Administration.
The tariff barriers have been raised higher, and that
certainly does not tend to promote trade by the
interchange of goods. As a matter of fact, the whole
world is up in arms against the higher duties that
are to be levied upon foreign goods, and reprisals
and retaliatory measures are threatened on every
side. Certainly the news which has come the present
week from the other side saying that Italy has more
than doubled its duties on imports of American automobiles is not of an exhilarating character. But
President Hoover has from the first laid great stress
upon the advantages that may be gained from the
operation of the flexible division of the new tariff
act. To us it seems that the wide latitude allowed
for appeal to the Tariff Commission, it being left to
virtually anybody and everybody to solicit the
services of the Commission may prove harmful. We
fear that as a result the Commission will all the
time be overwhelmed with requests for the modification of this rate or that rate by Congress as well as
by everyone else, and as a consequence there will be
everlasting uncertainty rather than the stability; and
certainty which is so much needed and so much
desired.
But President Hoover has plans of his own for
giving effect to the flexible provision in its new form,
and it is just possible that under his wise guidance
it may prove, at least for the time being, an instru-
FINANCIAL CHRONICLE
ment for alleviating or moderating some of the ill
effects that might attend the operation of the new
schedules of duties, against which, as already stated,
the whole outside world is protesting, and also a
good portion of the domestic world. A cablegram
from Paris, published in the New York "Times" on
Wednesday of this week is very suggestive in that
respect. It appears that Ogden L. Mills, Under Secretary of the United States Treasury, sailed recently
for Europe, managing to escape all publicity, and
is expected to arrive in Paris to-day'. This has
naturally given rise to many conjectures as to the
purpose of .his visit. The "Times" correspondent
stated that in well informed French quarters the
belief prevails that Mr. Mills is on an important economic mission for President Hoover, and that the
purpose of the visit is to inquire into the reaction
in France and elsewhere in Europe to the new schedules of higher duties. It has been denied that Mr.
Mills is engaged in any such mission, and the statement is made that he sailed from home simply for
the purpose of taking a vacation.
Presumably that is correct, but, being abroad, it
would be strange if the President did not avail of
his services in precisely the way indicated. Mr.
Hoover is quick to think and quick to act, and it
may well be that Mr. Mills' sojourn in Europe will
be availed of to pave the way for changes in the
new tariff act so as to make it less unsatisfactory
to foreign countries. In the statement issued by
him, preliminary to the signing of the tariff bill,
he indicated very plainly the broad possibilities he
had in mind. Among other things, he said:
"On the administrative side, I have insisted that
there should be created a new basis for the flexible
tariff, and it has been incorporated in this law.
Thereby the means are established for objective and
judicial review of these rates upon principles laid
down by the Congress, free from pressures inherent
in legislative action.
"Thus the outstanding step of this tariff legislation has been the reorganization of the largely inoperative flexible provision of 1922 into a form
which should render it possible to secure prompt and
scientific adjustment of serious inequalities and inequalities which may prove to have been incorporated in the bill.
"The new flexible provision establishes the responsibility for revisions upon a reorganized Tariff
Commission, composed of members equally of both
parties, as a definite rate-making body acting
through semi-judicial methods of open hearings and
investigation, by which items can be taken up one
by one upon direction or upon application of
aggrieved parties.
"Recommendations are to be made to the President, he being given authority to promulgate or veto
the conclusions of the Commission. Such revision
can be accomplished without disturbance to business, as they concern but one item at a time, and the
principles laid down assure a protective basis.
• "The principle of the protective tariff for 'the
benefit of labor, industry and the farmer is established in the bill by the requirement that the com•
mission shall adjust the rates so as to cover the
differences in cost of production at home and abroad
—and it is authorized to increase or decrease the
duties by 50% to effect this end. The means and
methods of ascertaining such differences by the Commission are provided in such fashion as should expedite prompt and effective action if grievances
develop.
"When the flexible principle was first written into
law in 1922, by tradition and force of habit the old
[VOL. 131.
conception of legislative revision was so firmly fixed
that the innovation was bound to be used with caution and in a restricted field, even had it not been
largely inoperative for other reasons. Now, however, and particularly after the record of the last
15 months there is a growing and widespread realization that in this highly complicated and intricately organized and rapidly shifting economic
world the time has come when a more scientific and
business-like method of tariff revision must be devised. Toward this the new flexible provision takes
a long step.
"The complaints from some foreign countries that
these duties have been placed unduly high can be
remedied -if justified by proper application to the
Tariff Commission.
"I believe that the flexible provisions can within
reasonable time remedy inequalities; that this provision is a progressive advance and gives great hope
of taking the tariff away from politics, lobbying and
log-rolling; that the bill gives protection to agriculture for the market of its products, and to several
industries in need of such protection for the wage
of their labor; that with returning normal conditions our foreign trade will continue to expand."
President J. M. Kurn, of the St. Louis-San Francisco RR., has coined an expression which is highly
descriptive of the situation prevailing in the industrial world to-day. After talking in a very encouraging way of the outlook for the company of which
he is the head, he was questioned on the tariff and
replied by saying that although a few industries
would benefit, he was of the opinion that "legislated
prosperity" was economically unsound. That is precisely what is ailing the world to-day. There are too
many attempts at "legislated prosperity"—and too
many schemes to accomplish by artificial means
what cannot be obtained by natural means. The
tariff is a conspicuous instance of attempts at "legislated prosperity." And the attempts are not confined to government or to the United States alone.
The copper trade has the present week again fallen
into a state of demoralization, the price of copper
2
now being down to 11y c., without attracting any
buying orders of consequence. Here we have an instance where private individuals, namely, the copper
producers, undertook to maintain artificially high
prices and then, having failed in the attempt and
lost their market, are now paying the penalty.
Cuban raw sugar has the present week touched a
new low level in all time, the July option for sugar
having on Wednesday fallen to 1.22c. per pound.
Here it was attempted for a long time, through the
intervention of the Cuban Government, to hold up
the price in the face of excessive supplies, and the
attempt signally failed, as it has in so many other
instances—rubber for example. Then, what is the
Federal Farm Board engageein doing but seeking
to hold wheat and cotton at levels not justified by
prevailing conditions, even though it must be admitted that prevailing prices for both staples were
even before the present month's further collapse at
abnormally low levels. What is the result? Wheat
at Chicago drops over 20c. a bushel during June, to
the lowest level reached in 16 years, and cotton loses
3c. per pound more.
The time has now arrived for getting back to first
principles. Prices must be allowed to take their normal, natural course. There can be no return of
prosperity until this is done. The country is suffering to-day not only from the after results of the stock
crash of last autumn, but from a multiplicity of
JULY 5 19301
FINANCIAL CHRONICLE
attempts to bolster by artificial means what can not
be sustained in the ordinary way. Now that Congress is out of the way as an unsettling influence, the
time has arrived for grappling with the problem in
good earnest. We are glad to see that this truth is
being recognized and expression given to it in a
frank, outspoken way. One of the latest utterances
of the kind is contained in the current bulletin of
the First National Bank of Boston. Among the
causes that may be retarding recovery, in the opinion
of the Bank, are artificial efforts to prevent further
declines in the prices of commodities by price fixing schemes and cartels and the "belated decline" in
retail prices which have not kept step with the reduction in wholesale quotations. "The world has
been suffering from a superabundance of commodities, in relation to effective demand," says the Bank,
which asserts that the world commodity prices have
been receding gradually since 1925, and that these
dropped rapidly in the latter part of last year following the business recession in this country. The
liquidating process now under way is reported by the
Bank to be bringing supply into more normal
relationship with market requirements but the deflationary movement has been stifled somewhat along
the way by price-fixing schemes. "These," continues
the Bank,"may stem the tide for a while, but in
the
long run they will tend to aggravate matters by
prolonging the liquidating process." Failure of retail
prices to follow closely on wholesale reductions,
it is
argued, "means that the great army of producers,
including manufacturers,farmers and practically
all
the principal raw material producing countries,
have
had their purchasing power sharply curtailed; prices
of goods they sell in the world's market have
dropped
considerably more than the prices of goods they purchase. "As a result, world supplies are not being
as
rapidly depleted as they would be if a better price
relationship existed. Right prices, after all," it is
well
"are those that move the goods. Stocks,
especially of foodstuffs in the hands of consumers
and retailers, are in many instances very low, with
the result that any sustained buying movement
would likely witness a rapid depletion of commodities in producing centers."
The Federal Reserve Bank of New York on
Tuesday further reduced its buying rate for bankers'
bills
with maturities of from one to 45 days to
1787
/ 0
.
This is another instance of a departure from
correct
principles. Why should the Federal Reserve
Bank
keep underbidding the market, when bills
get down
to such abnormally low figures? When
money rates
rule low beyond all reason, why should the
Reserve
Banks step in and by their operations accentuate
the
ease. Governor Young of the Federal Reserve
Board
has recently told us that Federal Reserve
credit is
"high powered." Why should this high
powered
credit be put afloat when there is no need for it
and
when the low money rates so plainly demonstrate
that the ordinary banking credit is in superabundant
supply and that, therefore, "high powered" Reserve
credit should be withheld. We notice that the New
York "Times," in its news columns, in referring to
this latest lowering of the Federal Reserve buying
rate, says: "The firming of call money rates incident to the end of the month demands, has compelled
dealers in the past few days to pay more for funds
with which to carry their portfolios than the bills
themselves yield. Consequently it is expected that
3
the new Federal Reserve bill buying rate will attract a number of offerings to the bank of issue."
The new buying rate did attract the bills. From
this week's Federal Reserve statement it appears
that the Reserve Banks increased their own holdings
of acceptances by $55,172,000, and added $17,627,000
to the holdings of their foreign correspondents, making $72,799,000 that they took over. But why should
the Reserve Banks stand ever ready at hand for this
purpose? Why force the rate still lower when it is
already lower than it should be? Anyway, who gets
the benefit of these artificially low money rates?
Is it the ordinary merchant or .business man, or
yet again the much oppressed farmer? Everyone
knows that these questions carry their own answer.
But, as appropos, we may note that Arthur Reynolds, Chairman of the Continental Illinois Bank &
Trust Co., recently made the point that the extremely easy money in the cities does not mean similar ease in the country. "One factor which holds
back farm buying," he said, "is relative tightness of
money outside of the leading centers. Money may be
easy for some purposes in big cities, but when the
farmer goes to a country bank asking for loans for
various purposes, he does not find it so easy."
Two statements of brokers' loans have made their
appearance the present week, and they both testify
in a most emphatic way to the liquidation which has
been in progress on the Stock Exchange for the last
two months or more. One of these statements is the
Stock Exchange's own compilation for the even
month, which closed on Monday (June 30), and the
other is the regular weekly report of the Federal
Reserve Bank of New York for the week ending Wednesday night—this time July 2. The Stock Exchange return always deals with larger totals, being
more comprehensive in scope. It shows a contraction for the month of June of over a full billion
dollars, the exact amount of the shrinkage being
$1,020,120,623. This, moreover, follows $315,299,447
decrease during May, making a contraction for the
two months combined of $1,335,420,070. This is certainly a remarkable record of reduced borrowing
on the part of the Stock Exchange, and it has only
once in the past been surpassed for magnitude of
amount, namely, at the time of the stock market
crash last autumn, when the total of brokers' loans
during October and November shrank in amount of
over 21 2 billion dollars4
/
The weekly Federal Reserve figures of brokers'
loans are the same in character, even though not
quite so large. For the week ending July 2 there
has been a further decrease in amount of $197,000,000. This follows $371,000,000 decrease the previous week, $211,000,000 decrease the week preceding, and $103,000,000 decrease the week before, making a contraction for the four weeks combined of
$882,000,000. The feature noticed in previous weeks
for a long time past is again in evidence, by which
we mean that the bulk of the falling off is in the
loans made by the reporting member banks for outsiders. For the latest week the loans made by the
reporting member banks for their own account show
a decrease of $54,000,000, while the loans made for
account of out-of-town banks fell off $59,000,000,
and the loans "for account of others" $83,000,000.
The changes here indicated find still more striking
reflection when comparison is made with the figures
for the corresponding date a year ago, or on July 3
4
FINANCIAL CHRONICLE
1929. The grand total of these brokers' loans in
the three categories combined now stands at only
$3,219,000,000 as against $5,769,000,000 on July 3
/
1
2
1929, showing a contraction of over 2 billion dollars. In face of this big reduction in the grand total
of brokers' loans, the loans made by the reporting
member banks on their own account actually increased from $1,255,000,000 to $1,710,000,000. On
the other hand, the loans for account of the out-oftown banks are down from $1,580,000,000 to $654,000,000, and the loans for account of others from
$2,934,000,000 to $856,000,000. The two outside
classes of loans together foot up only $1,510,000,000
now, against $4,514,000,000 on July 3 last year. The
explanation for the change is found, as previously
explained in these columns, in the fact that with call
loan rates so low as they now are, the outside lenders
have retired from the brokers' loan business and the
banks have been obliged to take over the loans surrendered.
In the case of the statements of the Federal Reserve Banks, there are three distinct features the
present week. In the first place, there has been a
big increase in the holdings of acceptances purchased
in the open market. We have alluded further above
to the fact that the Reserve Banks further lowered
their buying rate for acceptances the present week,
/
cutting the rate to 178%. Evidently this latest reduction sufficed to give the Reserve institutions a
supply of bills. At all events, the acceptance holdings of the 12 Reserve Banks increased during the
week from $102,313,000 to $157,485,000. The Reserve Banks during the week also further enlarged
their holdings of United States Government securities, the total of these having increased from $576,970,000 to $595,953,000. On May 28 the holdings
of Government securities stood at $529,770,000. In
the five weeks since then, therefore, the addition has
been over $66,000,000. At the same time the member banks increased their borrowing at the Reserve
Banks, the volume of discounted bills having risen
during the week from $231,505,000 to $260,413,000.
Altogether, the result has been to increase in amount
of $105,000,000 the volume of Reserve credit outstanding during the week. With money rates
already so low that the Reserve Banks felt it incumbent to lower their buying rate for acceptances
/
to 178%, the Reserve authorities evidently wanted
to make sure that this extreme state of ease should
not be interfered with, and with that idea in mind
they made the large addition already indicated to
the volume of Reserve credit outstanding. The total
of Federal Reserve notes in circulation was increased during the week from $1,402,869,000 to
$1,432,252,000, while gold reserves fell from $3,059,174,000 to $2,993,409,000. It should be noted that
the Reserve Banks, besides increasing their own
holdings of acceptances in amount of $55,172,000,
also increased the aggregate of the holdings of acceptances purchased for their foreign correspondents in amount of $17,627,000, making altogether
$72,799,000 of acceptances that they took over during the week.
The stock market this week, with the approach of
the Independence Day holidays, and the Stock Exchange closed both Friday, July 4, and Saturday,
July 5, has been a dull affair, with speculative dealings light and trading otherwise limited. With business thus restricted there has been no resumption
[Vox,. 131.
of the downward slump in prices; on the contrary,
values have held relatively steady, and in most of
the active issues there has been somewhat of an
upward reaction, as a result of which a very small
portion of the antecedent heavy losses were recovered. The market, however, is very narrow except
in the issues actively dealt in from day to day. In
the case of stocks only occasionally dealt in the sale
of a few hundred shares has sufficed to bring about
further sharp breaks in prices, with declines of 5
points, 10 points, and even 15 points in some minor
instances. For the general list, the level of values
has been well maintained, and in most cases somewhat improved. The week's developments regarding
trade and business have been mostly of the same unfavorable nature as for a long time past. For instance, the "Iron Age" reports that steel mill operations are now at the lowest rate for the year, with
ingot output for the country averaging only 60% as
against 64% a week ago. The "Age" observes that
as July 4 is one of the two holidays in the year that
is generally observed by industry, many expect
operations to decline further and drop as low as
50%. The United States Steel Corp. is operating at
70% of capacity against 72% a week ago. Raw copper has also again been falling into a demoralized
state, and naturally the copper stocks have not been
benefited thereby. Call money rates, owing to preparations for the large first of July interest and dividend disbursements, at one time touched 3% as
against 12
/
1
@2% last week, but on Thursday was
back to 2%. The following stocks touched the lowest figure of the year the present week.
STOCKS MAKING NEW LOWS.
Railroads
-Industrial h Miscell.(Concluded)—
Atlantic Coast Line
Gimbel Brothers
Manhattan Elevated modified guar. Houdaille-Hershey class B
Peoria & Eastern
Hupp Motor Car
St. Louis-San Francisco
Industrial Rayon
Southern Railway
International Printing Ink
Industrial and Miscellaneous—
International Salt new
American Brake Shoe & Foundry
International Silver
American Commercial Alcohol
Johns-Manville
Amer. La France dr Foamite
Jordan Motor Car
American Locomotive
Marmon Motor Car
American Rolling Mill
McLellan Stores
Amer. Solvents & Chemical
Minneapolis-Honeywell Regulator
British Empire Steel
Moto Meter Gauge & Equipment
Butte Copper & Zinc
National Department Stores
Celotex Corp.
Peerless Motor Car
Chesapeake Corp.
Pittsburgh Coal
City Ice & Fuel
Simmons Co.
Electric Auto-Lite
Spencer, Kellogg & Sons
Elk Horn Coal
Thatcher Manufacturing
E.I.du Pont de Nemours
Timken Roller Bearing
Eureka Vacuum Cleaner
Universal Leaf Tobacco
Gamewell Co.
U.S. Smelt., Refining & Mining
Safety Razor
Gillette
Vadsco Sales
The volume of trading has kept steadily dwindling. At the half-day session on Saturday last the
sales on the New York Stock Exchange were only
586,590 shares; on Monday they were 1,843,050
shares; on Tuesday, 2,278,850 shares; on Wednesday, 1,231,130 shares; on Thursday, 1,384,250 shares.
Friday was Independence Day, and a holiday. On
the New York Curb Exchange the sales last Saturday were 267,100 shares; on Monday,571,500 shares;
on Tuesday, 556,400 shares; on Wednesday, 442,600
shares, and on Thursday, 406,600 shares.
As compared with Friday of last week, net gains
quite generally appear, though interspersed with
some losses as exceptions to the rule. Fox Film A
closed on Thursday at 40% against 40 on Friday of
last week; General Electric at 67 against 66; Warner Bros. Pictures at 411 2 against 401 2; Elec. Power
/
/
/
& Light at 671 2 against 6514; United Corp. at 31%
/
against 30%; Brooklyn Union Gas at 126 bid against
124; American Water Works at 83% against 82%;
%
North American at 943 against 921 2; Pacific Gas &
/
JULY 5 1930J
FINANCIAL CHRONICLE
5
/
Elec. at 5514 against 5534; Standard Gas & Elec. at Phillips Petroleum at 32 against 31; Richfield Oil
/
90 against 89%; Consolidated Gas of N. Y. at 106% at 16% against 1578; Standard Oil of N. Y. at 32
4
against 30%, and Pure Oil at 203 against 20.
/
against 102%; Columbia Gas & Elec. at 6258 against
The copper stocks have often lagged behind. Ana4
61%; International Harvester at 821 against 82/ ;
78
/
/
Sears, Roebuck & Co. at 6278 against 611 8; Mont- conda Copper closed on Thursday at 50 against 50
/
gomery Ward & Co. at 34% against 3278; Woolworth on Friday of last week; Kennecott Copper at 38%
/
%
/
at 571 against 531 2; Safeway Stores at 79% against against 38%; Calumet & Hecla at 15% against 1478;
against 23%; Calumet & Ari78; Western Union Telegraph at 162% against 160; Andes Copper at 22%
/
/
4;
American Tel. & Tel. at 207 against 2061 Int. Tel. zona at 5178 against 5278; Granby Consolidated
/
Copper at 2178 against 20%; American Smelting &
& Tel. at 43% against 42%; American Can at 117%
/,
/
against 115%; United States Industrial Alcohol at Refining at 5918 against 571 8 and U. S. Smelting &
at 22% Refining at 18% ex-div. against 19%.
68% against 63; Commercial Solvents
1
/
against 22; Corn Products at 92% against 9278;
Extremely dull and slightly irregular stock marShattuck & Co. at 37% against 33%, and Columbia
kets prevailed in all the important European finan.
/
4
Graphophone at 171 against 181 8
Allied Chemical & Dye closed on Thursday at 255 cial centers this week. The important half-year setagainst 262% on Friday of last week; Davison Chem- tlements were consummated with ease in every case,
4
ical at 271 against 26%; E. I. du Pont de Nemours with indications of monetary strain entirely absent.
at 10018 against 10318; National Cash Register at The markets remained quiet, however, as the imme/
/
47 against 47%; International Nickel at 24% diate business prospects are poor in all the indus/
against 24; A. M. Byers at 7178 against 71; Sim- trial countries. Unemployment in Britain is steadily
4;
4
mons & Co. at 231 against 241 Timken Roller increasing and the 2,000,000 mark forecast for next
Bearing at 57% against 61; Mack Trucks at 52% autumn is likely to be reached much before that
against 51; Yellow Truck & Coach at 25 against time. Latest figures indicate that 1,885,300 are un4
7
/
24' 8; Johns-Manville at 771 against 76; Gillette employed out of the 12,000,000 registered workSafety Razor at 63% against 69; National Dairy people, an increase of 110,193 in the preceding fortProducts at 49 against 48%; National Bellas Hess night. The total is now 762,587 more than a year
%
at 9% against 9/8; Associated Dry Goods at 361 ago. Revenue returns of the British Government
/
bid against 33%; Lambert Co. at 8278 against 80; for the fiscal quarter ended June 30 are reflecting
Texas Gulf Sulphur at 52% against 51%, and Bol- the developments by a sharp drop, causing perturbation in both official and business circles. In Ger.
/
4
ster Radio at 31 against 318
The steel shares have not failed' to share in the many conditions are similarly gloomy, notwithstandgeneral recovery, notwithstanding the further con- ing a slight decrease in unemployment in June. Retraction in the steel business. United States Steel ductions in wages have been general in the Reich
/
closed on Thursday at 15778 against 155% on Fri- steel industry. Conditions in France remain unday of last week; Bethlehem Steel at 79% against changed with money extremely abundant and busi78%, and Republic Iron & Steel at 41% against 39. ness fairly well maintained. Reports from Italy are
The motor stocks are also generally higher. General brief and fragmentary, but it is apparent that conMotors closed on Thursday at 40% against 38% on ditions are poor with stocks on the Milan and Rome
Friday of last week; Nash Motors at 33% against markets steadily declining. Spanish markets have
01%; Chrysler at 27% against 25%; Auburn Auto been upset by the sharp drop in the peseta. Steady de/
at 97 against 98%; Packard Motors at 1378 against clines in the prices of the important commodities are
/
4;
131 Hudson Motor Car at 301 8 against 28%, and contributing heavily to the depression in all markets.
The London Stock Exchange was fairly confident
/
Hupp Motors at 1378 against 13%. The rubber
stocks are irregularly changed. Goodyear Rubber & at the start, Monday, but some irregularity develTire closed on Thursday at 57 against 57 on Friday oped in the course of the session and changes at the
of last week; B. F. Goodrich at 25 against 25%; close were not important. The gilt-edged list was
/
United States Rubber at 2112 against 20%, and the steady, while slight improvement took place among
the international issues. No public interest was
/
preferred at 4218 against 41%.
The railroad stocks have moved slightly higher. manifested in the British industrial section and
Pennsylvania RR. closed on Thursday at 74% prices changed but little. The tone was better Tuesagainst 71% on Friday of last week; New York day, but trading remained very moderate. The AnCentral at 159 against 155%; Erie RR. at 39% glo-American issues gained slightly while the gilt/
against 381 g; Del. & Hudson at 152 against 149; edged list also improved owing to a sizable reinvest4
Baltimore & Ohio at 1021 against 101; New Haven ment demand occasioned by the half-year dividend
at 101 against 100%; Union Pacific at 207 against disbursements. Home rails were soft and British
2023 ; Southern Pacific at 114% against 111; 3fis- industrials almost motionless. After the close of the
4
souri-Kansas-Texas at 35% against 35%; Missouri market announcement was made in London by the
4
Pacific at 601 against 62%; Southern Railway at directors of Cables & Wireless, Ltd., that they are
%
/
9218 against 92%; St. LouisSan Francisco at 881 unable to recommend payment of any dividend on
%;
against 891 Rock Island at 98 against 97%; Great ordinary stock for the period to December 31, 1929.
Northern at 79% against 74, and Northern Pacific This development caused heavy selling of the stocks
8
of the company Wednesday and they dropped to recat 72% against 71y.
show slight improvement, but ord low levels. The session otherwise was quiet,
The oil shares also
have otherwise been without special feature. Stand- with the gilt-edged section firm while other departard Oil of N. J. closed on Thursday at 65 against 64 ments were quiet and virtually unchanged. Oil
%
on Friday of last week; Simms Petroleum at 211 stocks were firm in Thursday's session at London,
4
against 20; Skelly Oil at 291 against 29%; Atlantic as several favorable company reports were issued.
%
Refining at 351 against 34%; Texas Corp. at 51% Gilt-edged issues also were well maintained, but the
%
against 51; Pan American B at 581 against 5678; market otherwise was quiet and dull.
/
FINANCIAL CHRONICLE
[VoL. 131.
Pronounced ease in the month-end settlements on whistles and booming guns
marked the start of a
the Paris Bourse gave tone to the dealings on that more general celebration, while
all along the hismarket in the initial session of this week and prices toric river bonfires flared. A
significant developwere well maintained, with some issues showing ment followed Tuesday, when
mobs in the town of
further improvement. Business remained small, Kaiserslautern engaged in
summary reprisals
however, and the buying disappeared almost entirely against German leaders of
the Rhineland Separatist
toward the end of the session, causing slight declines. movement fostered by the
French several years ago.
Bank stocks remained firm throughout, with Bank Three Separatists were
injured and their homes or
of France shares the leaders of the group. Few places of business destroye
d.
transactions were registered on the Bourse Tuesday,
Evacuation of the Rhineland was thus completed
but selling orders appeared in somewhat greater in accordance with the
general settlement of probnumbers than buying orders and prices slipped lems growing out of the
World War visualized by
downward. Bank stocks and the international is- leaders of the European
nations who conferred prisues were irregular, but electrical, steel and coal vately to this end at Geneva
in September, 1928. The
stocks sold off steadily and closed at the lows for scheme called for the definiti
ve settlement of the
the day. The dullness continued Wednesday with a reparations problem and the
subsequent withdrawal
little forced liquidation in evidence, bringing fur- of Allied troops from the Rhinela
nd. Foreign Minther declines in quotations. Purchasers were hesi- ister Briand of France referred to
the project from
tant and prices at the close were again at the lows the beginning as the "final liquidat
ion of the World
for the session. Movements were irregular in Thurs- War." Dr. Gustav Stresem
ann, fornier Foreign Minday's dealings at Paris.
ister of Germany, and M. Briand are universally reThe Berlin Boerse was steady and moderately ac- garded as the prime movers in
the broad plan which
tive Monday on the unaccustomed ease in effecting now is consummated.
The Young plan, embodying
month-end settlements. Industrial issues such as I. the desired settlement of reparati
ons, came into full
G. Farbenindustrie were active and higher, and im- legal operation in May and
the way was thus opened
provement was also registered in the prominent elec- for the liberation of
occupied territory. Under the
trical stocks. Increasing interest by the public in Versailles treaty
this occupation might have been
bonds and preferred stocks was reported. The open- extended to 1935, and
even beyond that date if Gering Tuesday was again firm, with improved reports many failed to live
up to her treaty obligations. Profrom New York a factor. As the session progressed visions for hasteni
ng the evacuation was also made
business declined and stock prices also dropped, wip- in the treaty if
Germany complied with her undering out the early gains. A few issues which are ex- takings before the
expiration of the fifteen years
pected to benefit from the liberation of the Rhine- originally set and this
she is considered to have done
land maintained their improvement. Some demand in accepting the
Young plan. In a very real sense.
for artificial silk shares was reported from Switzer- therefore, the project
now completed marks a turnland and these issues advanced a few points. The ing point in Europe
an affairs.
dullness at Berlin was even more pronounced WedA few misgivings were expressed in Paris regardnesday and prices continued to decline in the early ing the end of the military occupat
ion,largely on the
part of this session. The downward movement was basis of France's concern
with her national security.
halted later, however, with Reichsbank shares lead- Some Paris journals professe
d to discern hopes of
ing the recovery. Net changes resulting from these revenge on the other side
of the Rhine. Other former
fluctuations were small. Prices were again soft in Allied countries had withdra
wn their forces months
Thursday's session.
ago, and in these the withdrawal of the last French
troops was regarded with complacency. In Germany
An event of outstanding importance in the post- rejoicing was general
at the approaching end of the
war annals of Europe took place Monday, June 30, occupation, and when the hour
of liberation arrived
when the last French soldiers departed from the orations, resolutions and
exchanges of felicitations
occupied German territory after a progressive evac- were well-nigh universal. In
a speech before the
uation that had extended over the several previous Reichstag late last week, Foreign
Minister Curtius
months. Four companies of French infantry com- declared that with the immine
nt complete evacuaprised the last remnant of the occupation forces tion of the Rhineland, Germany
's foreign relations
which rumbled out of the Mainz railway station in a were entering upon a new phase.
He gave assurance
train of fifteen coaches. The French Tricolor was that the Reich would seek
to achieve its future objeclowered noon from the Grand Ducal Palace in Mainz tive through peaceful
methods only. His own next
which since 1918 had been the French military head- objective, he added, is
the friendly settlement of the
quarters. General Guillaumat, commander-in-chief Saar question between
France and Germany. Nuof the former Allied Rhineland Armies, received the merous tributes
were paid in Germany to the late
flag and after turning over the military head- Gustav Stresemann,
whose unwavering faith in the
quarters to the German authorities, he also departed. policy of European reconcil
iation was a factor of
At Wiesbaden, just across the Rhine, the British, inestimable importa
nce in bringing about the Young
French and Belgian colors were lowered from the plan of settlement and the Rhineland
evacuation.
roof of the headquarters of the Interallied Rhine- Official German figures were given out at
the same
land Commission. Crowds of Germans watched the time, showing that the costs of the occupation
from
disappearance of these last emblems of the occupa- the Armistice to its termination
Monday were aption, but they confined themselves to a few approv- proximately 6,500,000,000 marks. The area occupie
d
ing shouts and the singing of patriotic songs. The embraced 31,000 square kilometers with a population
liberated cities were immediately bedecked in the of more than 6,000,000.
colors of the German Republic, however, and later
Foremost among the official acts of the German
in the day uniformed police arrived to take over Government in recognition of the evacuation was
the work of policing the towns. At night bells and the issuance by President Paul von Hindenburg of
JULY 51930.1
FINANCIAL CHRONICLE
a proclamation to the German people. This proclamation, signed also by all the members of the
Cabinet, called the occasion one for hopefulness,
"notwithstanding the clouds that continue to
threaten the political and economic existence of Germany." Evacuation of the Rhineland fulfilled the
demand of all Germans, after long years of hardship
and waiting, the document stated. Noteworthy in
the proclamation as indicating again the probable
next step of German diplomacy, a Berlin dispatch
to the New York Herald Tribune said, was the inclusion of greetings to "our brothers in the Saar
district who still await their return to the mother
country." No stone will be left unturned to make
this reunion speedily a reality, it was indicated. The
Government in Berlin also celebrated the evacuation
by holding a special Reichstag session at which Paul
Loebe, President of the Parliament, read the salutations of that body to the Rhinelanders. A military
salute—the first heard in Berlin since the war ended
—was fired Tuesday by a Reichswehr artillery company, and this, together with the pealing of bells
throughout the land, marked the end of the celebrations.
With the special session of the United States Senate for consideration of the London naval treaty
now imminent, attacks on the agreement were continued this week by the small but articulate minority opposed to it. Three members of the Senate
Foreign Relations Committee who have voiced opposition to the treaty made public last Sunday an exhaustive minority report in which the pact was
roundly condemned. Declaring that they preferred
to "trust the defense of America to those upon whom
it rests in time of peril," rather than to "hysterical
internationalists whose thoughts are with any but
their own people," the minority report asserts that
the treaty does not conform to American naval policy
and-would place the United States in a position of
weakness where it could not adequately protect its
commerce in time of war. The three Senators alleged further that the pact fails to give the United
States parity in naval strength with Great Britain,
while savings to American taxpayers also were said
to be absent. "It is a billion dollar treaty for the
purchase of naval inferiority," the minority report
stated.
Press correspondents in Washington point out
that efforts to delay action on the treaty will
be made in the special Senate session. In the event
of a long debate an exodus of Senators may take
place, it is indicated, and with`a quorum lacking vote
on the treaty might go over until after the fall
elections.
Determined opposition to the treaty was also registered this week in Great Britain, notwithstanding the failure of similar attacks recently in the
House of Commons. Two leaders of the British
Grand Fleet during the World War, Earl Beatty
and Earl Jellicoe, renewed the attack in the House
of Lords Tuesday. Lord Beatty declared that Britain is "about to commit the great appalling blunder
of signing away the sea power by which the British
Empire came into being and is maintained to-day."
Britain is the only nation to which sea power means
existence, he added, and she is the only power to
make any disarmament or reduction. British sea
power will be lowered to such an extent "as to render her impotent and incapable of protecting the con-
7
necting links of the Empire," he said. Lord Jellicoe,
equally opposed to the treaty, cited technical reasons
for rejection of the document by the British Government. Discussion of the treaty in Japan was confined this week to the Supreme Military Council, the
Cabinet and the Privy Council. It appears likely,
according to a Tokio dispatch to the New York
"Times," that the pact will be submitted to the
Privy Council for ratification early in July.
Agitation regarding the high import duties of the
Hawley-Smoot tariff was again apparent both in
Europe and the United States this week. In Paris
there were discussions as to whether the visit to
France of Ogden L. Mills, Under-Secretary of the
United States Treasury, might have any connection
with the contemplated working of the flexible provisions of the tariff. It was suggested in a dispatch
to the New York "Times" on the basis of "well informed French sources" that Mr4 Mills might be
engaged in an "important economic mission for
President Hoover" incident to the passage of the
tariff bill. Mr. Mills made plain before he left Washington last week that his journey was a purely private one for vacation purposes.
An indirect attack on the new tariff was made in
Paris,'Tuesday, by former Premier Raymond Poincare. In an address at an international gathering,
M. Poincare scored the "unhappy incidents of recent
years, and above all those of the last two or three
months, which come as a result of blind economy and
selfish nationalism." Pierre Flandin, French Minister of Commerce, reiterated in a statement to the
Associated Press on the same day that France relies
upon the American sense of fairness for an equitable
adjustment of tariffs. The Italian Government took
a step early this week which all correspondents suggested was an act of reprisal, occasioned by the
American tariff, though official basis for the suggestion appeared to be lacking. Without previous
notice, the Rome Government published in the
official gazette a decree increasing the import duties
on automobiles by 110 to 120%. "It is understood
in official circles," a dispatch to the Associated
Press said, "that Minister of Corporations Bottai
was mainly responsible for the new and radical
tariff. He was credited with having declared to the
Council of Ministers that unemployment in Italy,
particularly in the field of automobile works, must
be stopped."
Officials of the new Bank for International Settlements have completed the second important step in
the distribution of the capital stock of that institution, according to an announcement made at Basle
last Saturday. Acceptances have been received, it
was disclosed, from all the 10 European central
banks which were recently invited to subscribe to
stock in the bank. These institutions took a total
of $20,000,000 of stock, paying in one-quarter of the
subscription price. The outstanding capital stock
of the bank was thus increased to $82,000,000 from
$62,000,000, a Basle dispatch to the New York
"Times" indicates. The original subscription was
made, it will be recalled, by the central banks of
the six countries interested in reparations, together
with private banking interests in the United States
and the central banks of Holland, Switzerland and
Sweden. The central banks of Portugal and Yugoslavia have also accepted the invitations to cub-
8
FINANCIAL CHRONICLE
scribe which were issued to them late last month,
subject to the condition that their currencies must
be placed on a gold basis before they are allowed
actually to take the stock. Of the authorized stock,
$18,000,000 remains unissued, and this is being reserved for other central banks. Applications for
stock have been received from central banks in South
America and Africa, it is said, but since none of the
applicants fulfills the condition of having its national currency on a gold basis none has yet been
accepted.
The reparations functions of the Bank for International Settlements, which comprise its essential
reason for existence, have been started with the
receipt and distribution of the proceeds of the recent
international annuities bond flotation. "Already,
however," the "Times" dispatch remarks, "there
appears to be a marked tendency among the bank's
officials to regard this reparations work as a secondary function and to concentrate more and more
on the bank's other functions of protecting currencies, handling deposits and transfers for the central
banks, and otherwise acting as a common agent for
them. This tendency is especially true of the American officials, President McGarrah and Vice-President Fraser, who are using every American method
possible to speed• the organization of the bank's
purely business side."
The absolute control exercised over Soviet Russia
by Joseph Stalin, General Secretary of the Communist Party, was again illustrated at the current
convention of the party in Moscow. The meeting
began June 26, but the reports of developments have
been slow in coming through, owing to the rigid news
censorship in the Russian capital. It appears, however, that M. Stalin scored a personal triumph that
placed him more firmly in the saddle than ever before, and that Russia will continue to be ruled in
accordance with Communist doctrines as interpreted
by the party leader. The convention is the sixteenth
held by the party, but it is more than two years
since the last convention. As on former occasions,
it provided something of a test of strength between
the Dictator and the Communists who hold divergent
views. Opposition of late has been very mild and
discreet, however, as few members care to court the
exile that was meted out to Leon Trotsky. The
"Right Wingers," Alexis Rykov, Michael Tomeki
and N. A. Uglanov, all made speeches early this week
repudiating their "right heresy," and the party support of Stalin thus seems to be universal.
Other than these evidences of Communist Party
consolidation, the most important event of the convention was a lengthy speech by M. Stalin on
June 27. This address was divided into three parts,
a Moscow dispatch to the New York "Times" said.
The Soviet Dictator dealt first with world affairs,
minimizing present Russian difficulties in the light
of the growing unemployment and falling production
in capitalistic States. Russian affairs were next
reviewed, and these were presented as glowingly as
possible. The five-year industrialization plan is to
be accomplished in some departments in three or four
years, while in the agricultural field the State farm
program will be accomplished in three years, M.
Stalin promised. In the last part of his speech he
declared the present convention inaugurates an era
of full collectivization and the elimination of the
Kulak, or rich peasant, as a class. He stated, more-
[VoL. 131.
over, that the party was never so solidly organized
around its leaders as to-day.
Swift strokes by the compact revolutionary forces
in Bolivia caused a quick overturn of the Government in that country last week, definitely removing
from the political scene former President Hernando
Siles, who resigned recently so that he might secure
a change in the Constitution and his own re-election
in violation of the original provisions of that document. After a week of suspense, during which all
communications were interrupted, reports of the
occurrences were sent out from La Paz last Saturday. A dispatch to the United Press declared that
a military committee was in control of the capital
and that the movement which started at the Oruro
garrison had been successful, with the revolutionary
leaders in command of all the important cities.
Tranquillity was immediately restored throughout
the Republic as the aims of the movement were proclaimed. Decrees were issued to the effect that the
fundamental aim of the revolution was to insure the
constitutional order of succession to the Presidency.
All censorship was lifted and newspapers and correspondents were given absolute freedom from official
interference. Political parties were given the right
to hold public and private meetings, while political
exiles were informed they could return to their
native land. Casualties were few in the revolution,
but Frederick P. Hibbard, American Charge d'Affaires at La Paz, cabled the State Department in
Washington early this week that one American was
slightly wounded by gunfire. Former President
Siles took refuge in the Brazilian Legation when the
fighting went against him, while General Hans
Kundt, his chief military supporter, took refuge in
the German Legation at La Paz. It was indicated
Tuesday that they will both be permitted to leave
Bolivia in safety. Secretary of State Stimson said
r
in Washington this week that it is too early to de
termine the question of American recognition of the new regime.
There have been no changes this week in the discount rates of any of the European central banks.
Rates remain at 5 % in Austria, Hungary, Italy
2
1
/
/
and Spain; at 41 2% in Norway; at 4% in Germany,
2
1
/
Denmark and Ireland; at 3 % in Sweden; at 3%
in England, Holland, Belgium and Switzerland, and
/
at 21 2% in France. In the London open market
discounts for short bills on Thursday were 2 3 1
/ 6%
/
against 21 4% on Friday of last week, and 21 % for
4
4
3
/
long bills against 2 3/1‘6@2 % the previous Friday. Money on call in London yesterday was 112%.
/
At Paris the open market rate continues at 2 %,
2
1
/
and in Switzerland at 2%.
The Bank of England statement for the week ended
July 2 shows an expansion of £5,051,000 in note
circulation and since this was accompanied by a loss
of £545,282 in gold holdings, the decrease in reserves
amounted to £5,596,000. The Bank now holds £157,228,008 of gold in comparison with £155,705,931 a
year ago. Public deposits fell off £9,834,000 bringing
the total of the item down to £11,670,000, while
other deposits rose £22,477,951. The latter includes
bankers accounts and other accounts which increased
£20,529,024 and £1,948,927 respectively. Proportion of reserves to liabilities dropped from 48.79% a
week ago to 40.02% now. A year ago the ratio was
JULY 5 1930.]
FINANCIAL CHRONICLE
33.01%. Loans on Government securities increased
£220,000 and those on other securities £18,085,347.
Other securities consists of "discounts and advances"
and "securities." The former showed an increase of
£14,017,659 and the latter of £4,067,688. The discount rate is unchanged at 3%. Below we show a
comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1927.
1928.
1929.
1930.
July 7.
July 6.
July 5.
Jul: 3.
July 2.
a363.582,000 369,100,858 137,167,000 138,257,930 142,217,610
Circulation
11,670,000 28,296,091 19,686,000 19,205,447 16,498,498
Public dePositv
122,367,940 112,856,286 126,830,000 104,376,681 105,595,110
Other deposits
Bankers' accounts 84,305,246 75,558,462
Other accounts.-- 38,062,094 37,297,824
Government secure_ 49,075,547 37,281,855 28,769,000 47,546,982 37,520,328
Other securities____ 49,324,739 75,278,746 79,742,000 61,488,071 74,559,756
Dint. & advances 29,916,820 52,321,206
19,407 919 22,957,540
Securities
Reserve notes & coln 53,645,000 46.605,073 56,013,000 32,566,516 28,053,350
Coln and bullion__ _157,228,008 155,705,931 173,428,234 151,074,446 150,520,960
Proportion of reserve
23.26%
28.35%
38.24%
33.01%
40.02%
to liabilities
5%
4ti%
4ti%
54%
Bank rate
3%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
adding at that time £234,199,000 to the amount of Bank of England notes
note issues
outstanding.
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
June 30 1930. June 29 1929. June 30 1928.
for Week.
Reichsmark& Reichsmark:. Reichsmark*.
Reichsmarks.
Assets—
47,000 2,618,874,000 1,911.384,000 2,083,180,000
Dec.
Gold and bullion
85,626.006
59,147,000
Unchanged 149,788,000
Of which delve.abed
Reeve In for'n curr_....-Inc. 1,673,000 358,836,000 360,526,000 250,044,000
3,001,218,000 2,477,172,000
Bills of exch.&checks Inc.435,535,000 1,783,605,000
85,385,000
Silver and other coin—Dec.28,314,000 142.521,000 115,862,000
7,593,000
3,324,000
4,443,000
Notes on oth.Ger.bks Dec. 16,967,000
138,279,000
Inc.130,548,000 185,829,000 194,331,000
Advances
93,996.000
92,889,000
101,022,000
Unchanged
Investments
Dec.31,230,000 589,270,000 562,049,000 684,172,030
Other assets
Liabilities—
Notes in circulation—Inc.647,454,000 4,721,436,000 4,838,647,000 4,674,202,000
Oth.dally matur.oblig—Dec157,008,000 491,624,000 631.313,000 525,207,000
752,000 213,622.000 329,227,000 215,417,000
Inc.
Other liabilities
Money rates in the New York market were easy
in the short business week now ending, notwithstanding the sharply increased end-of-the-month
demand. Disbursements on June 30 were heavy,
while the holiday demand for currency also was
substantial, but these needs occasioned only a slight
and temporary tightening of call money rates. In
other respects, the market was inclined to ease further from the very low levels previously established.
bankers' bills up to 45 clays
The French Bank statement for the week ended - The buying rate for
/
gold maturity was reduced to 178% by the New York FedJune 28 reveals a gain of 47,000,000 francs in
total of the item eral Reserve Bank early in the week. Reductions
holdings. Owing to this increase the
were announced Wednesday by
now stands at 44,051,890,329 francs. Gold at the in rediscount rates
of the Federal Reserve System, the Philasame time last year aggregated 36,624,700,705 francs. two banks
lowering its rate from 4% to
Credit balances abroad increased 84,000,000 francs delphia institution
2
1
/
3 %, while the Boston institution lowered its rate
and bills bought abroad 45,000,000 francs. A gain
2
1
/
of 1,108,000,000 francs is shown in note circulation from 3 % to 3%.
Call loans hardened early in the week, in connecbringing the total of the item up to 72,594,032,765
month-end requirements for
francs, as compared with 64,921,820,345 francs at tion with the large
by the banks amounted to
the corresponding week a year ago. An increase funds. Withdrawals
and to $80,000,000 Tuesday,
appears in French commercial bills discounted of $75,000,000 Monday,
negligible thereafter, and rates again
1,349,000,000 francs, in creditor current accounts but they were
dropped. A level of 2% was established for renewals
of 999,000,000 francs, while advances against securthe demand caused an increase to 3%
ities declined 28,000,000 francs. Below we give a Monday, but
for new loans. Tuesday's session was substantially
detailed comparative statement for the past two
that of the previous day, but renewals
weeks as well as for the corresponding week a year ago: similar to
2
1
/
were fixed at 2 % on this occasion, while new
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
loans again advanced to 3%. The period of greatest
June 28 1930. June 21 1930. June 29 1929.
for Week.
2
1
/
demand being over, a level of 2 % prevailed all of
Francs.
Francs,
Francs.
Frans:.
Gold holdings- _ __Inc. 47,000,000 44,051,890,329 44,004,890,329 36,624,700,705 Wednesday on the Stock Exchange, with money
Credit halo. abed_Inc. 84,000,000 6,904,153,076 6,820,153,076 7,299,794,554
available in the unofficial outside market at 2%.
French commercial
bills dIscounted_Inc1,349,000,000 6,253,843,101 4,904,843,101 8,057,964,892
renewals
abed_Inc. 45,000,000 18,696,634,262 18,651,634,262 18,429,160,015 In Thursday's final session of the week,
Bills bought
Adv.agst.secure—Dec. 28,000,000 2,719,344,327 2,747,344,327 2,322,007,058
2
1
/
were again fixed at 2 %,but funds were available
Note circulation-.Inc1,108,000,000 72,594,032,765 71,486,032,765 64,921,820,345
creel. curr. accts__Inc. 999,000,000 15,358,120,515 14,359,120.515 78,115,303.958 in plenty, and the rate dropped to 2%, while street
%. Time loan rates were
1
/
loans were reported at 12
brokers' loans made availThe Bank of Germany in its statement for the unchanged. Reports of
fourth week of June shows a gain of 647,454,000 able this week included both the tabulations regumarks in note circulations. Other daily maturing larly published. The comprehensive Stock Exchange
obligations fell off 157,008,000 marks while other compilation, covering the full month of June,showed
liabilities rose 752,000 marks. The total of note a reduction of $1,020,120,623. The tabulation of
circulation now is 4,721,436,000 marks, as compared the Federal Reserve Bank of New York, covering the
with 4,838,647,000 marks at the corresponding date week ended Wednesday night, registered a decline
last year and 4,674,202,000 marks in 1928. The of $197,000,000. Gold movements for the same
asset side of the account reveals a decrease in gold weekly period, as reported by the Federal Reserve
and bullion of 47,000 marks and in silver and other Bank, consisted of imports of $1,115,000, with no
coin of 28,314,000 marks while deposits abroad and exports and no net change in the stock of gold held
investments remain the same as last week. An in- ear-marked for foreign account.
crease appears in reserve in foreign currency of 1,Dealing in detail with the call loan rate on the
673,000 marks in bills of exchange and checks of
435,535,000 marks and in advances of 130,548,000 Stock Exchange from day to day, on Monday, after
marks. Notes on other German banks and other renewals had been effected at 2%, the rate on new
assets record decreases of 16,967,000 marks and 31,- loans advanced to 3%. On Tuesday the renewal
2
1
/
230,000 marks respectively. The total of gold held rate was fixed at 2 %,after which there was again
Bank now stands at 2,618,874,000 marks, an advance to 3% in the rate for new loans. On
by the
2
1
/
which compares with 1,911,384,000 marks last year Wednesday all loans were at 2 %, including reand 2,083,180,000 marks two years ago. Below we newals. On Thursday, after renewals had been put
2
1
/
furnish a comparison of the various items for the through at 2 %, there was a drop in the rate for
new loans to 2%. Friday was Independence Day
past three years:
10
FINANCIAL CHRONICLE
and a holiday. Time money has ruled dull. Quotations on Monday remained unchanged. On Tuesday
and since they have been 2 @24% for 30 and 60
/ 3
1
2
days, 2/ for 90 days, 24@3% for four and five
34
3
months, and 3% for six months. Prime commercial
paper in the open market continued in brisk demand
throughout the week and little or no difficulty was
experienced in disposing of all the paper available.
Rates were unchanged at 31 4@3 % for names of
1
2
/ /
choice character of four to six months maturity,
with an occasional extra choice transaction at 3%,
and 3 @3%% for shorter choice names and other
/
1
2
For,. 131. N
week ago. The market was rather exceptionally
active for the short session on Saturday, largely as
a result of the movement which began last week of
.
transfers to meet half-year-end requirements. Fol-
lowing Saturday's active trading there was a recession on Monday in reaction after the half-year-end
business had been cleared up, and purchases of
exchange fell off. On Tuesday the rate worked
slowly higher and cable transfers reached 4.86) at
the close on news of a further cut in the New York
Reserve Bank bill buying rate. The market became extremely active on Wednesday, when sterling
names.
rose to 4.86% for cable transfers. Much of the
present firmness in sterling is due to the transfer of
The market for prime bank acceptances has been funds in connection with tourist traffic.
However,
sluggish and without noteworthy moveinent. The a more important factor arises from
the conviction
New York Federal Reserve Bank on Tuesday, July 1, in banking circles that there will be no
further
reduced its buying rate for bankers' acceptances to reduction in the Bank of England's rate of redis178%, and was evidently successful in securing a count, and that sterling will be firm and in demand
/
large line of bills. The 12 Reserve Banks increased so long as money rates continue as easy
as they are
their holdings of acceptances during the week from in New York and until the seasonal pressure
against
$102,313,000 to $157,485,000. At the same time they London becomes effective toward early
autumn.
increased their holdings of acceptances for their Another important factor lending firmness to sterling
foreign correspondents from $463,642,000 to $481,- at this time is reported to be a pronounced
American
269,000. Altogether, the Reserve Banks took over demand in London for high-grade bills.
It is also
$72,799,000 of bills during the week. The posted stated that there is a strong
demand on American
rates of the American Acceptance Council are now account for the British funding loan.
2% bid and 178% asked for bills running 30 days,
/
Sterling has improved with respect to most of the
and also for 60 and 90 days; 2 % bid and 2% asked Continental exchanges
/
1
2
except the French franc.
for 120 days, and 2 % bid and 2 % asked for 150 Exchange on Paris
/
1
4
/
1
2
has moved strongly against
days and 180 days. The Acceptance Council no London, and in Wednesday'
s market cable advices
longer gives the rates for call loans secured by ac- stated that the sterling
rate against Paris opened
ceptances, the rates varying widely. Open market at the lowest levels
in the present movement at
rates for acceptances also remain unchanged, as 123.59, but recovered
later to 123.65, after the
follows:
shipment of £430,076 gold from the Bank of England
SPOT DELIVERY.
A total of approximately £1,358,000 gold
—180 Days— —150 Days— —120 Days— to Paris.
Bid. Asked.
Bid. Asked.
BM. Asked.
was shipped to Paris from London on Tuesday,
Prime eligible bills
234
234
234
23.(
214
2
Wednesday and Thursday of this week, including
—90Days— —60Days— —30Days—
Bid: Asked.
Bid. Asked.
Bid. Asked. approximately £490,000 which was purchased in
Prime eligible bills
2
11.1
2
134
2
114
the London open market. London dispatches stated----FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
214 bid that the bullion market expects France to purchase
Eligible non-member banks
234 bid
more than £1,000,000 in the open market next Tuesday and to continue to make withdrawals from the
Two of the Federal Reserve Banks have this week
Bank of England during the next few days. This
lowered their rediscount rates. Effective July 3,
week the Bank of England shows a decrease in gold
the Boston Federal Reserve Bank reduced its rate
holdings of £545,282, the total holdings standing at
from 3 % to 3%. On the same date the Federal
/
1
2
Reserve Bank of Philadelphia changed its rediscount rate from 4% to 3 %. There have been no
/
1
2
other changes this week in the rediscount rates of
any of the Federal Reserve Banks. The following
is the schedule of rates now in effect for the various
classes of paper at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Rate in
Effect on
July 3.
•
Date
Established.
Previous
Rate.
3
234
33.
334
4
4
314
4
4
4
4
4
July 3 1930
June 20 1930
July 3 1930
June 7 1930
Apr. 11 1930
Apr. 12 1930
June 21 1930
Apr. 12 1930
Apr. 15 1930
Feb. 15 1930
Apr. 8 1930
Mar.21 1930
334
3
4
4
434
434
4
434
434
414
414
414
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
.San Francisco
Sterling exchange was again more active and firmer
than in many weeks. The range this week has been
from 4.85 11-16 to 4.86% for bankers' sight bills,
compared with 4.855i to 4.85 15-16 last week. The
/
range for cable transfers has been from 4.85 29-32 to
4.86 17-32, compared. with 4.85 27-32 to 4.863/i a
£157,228,008, compared with £163,851,130 a year
ago. On Monday the Bank of England bought £22
in foreign gold coin and sold £8,737 in gold bars. On
Tuesday the Bank sold £227,268 in gold bars. Of
the total of £518,000 South African gold available in
the open market, approximately £495,000 was taken
for shipment to Paris and the balance was absorbed
by;the trade and India at a price of 85s. %d. On
Wednesday the Bank of England sold £430,076 in
gold bars (reported taken for shipment to Paris).
On Thursday the Bank received £75,000 sovereigns
from abroad, released £100,000 sovereigns and sold
£207,986 gold bars from abroad. The gold sold
was for Paris.
At the Port of New York the gold movement for
the week June 26-July 2, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $1,004,000 from Colombia and $111,000
chiefly from other Latin America. There were no
gold exports and no change in gold earmarked for
foreign account. In tabular form the gold movement at the Port of New York for the week ended
July 2, as reported by the Federal Reserve Bank of
New York, was as follows:
JULY 5 1930.]
FINANCIAL CHRONICLE
GOLD MOVEMENT AT NEW YORK,JUNE 26-JULY 2,INCLUSIVE the Reichsbank will again lower its rate of discount
Imports.
$1,004,000 from Colombia
111,000 chiefly from other Latin
American countries
Exports.
None
$1,115,000
Net Change in Gold Earmarked for Foreign Account.
None
Canadian exchange is slightly easier, due it is
thought, to considerable transfers from Canada to
the New York security markets. Bankers look upon
the weakness in Canadian as temporary. On Saturday and Monday, Montreal funds were at a discount
of 1-64 of 1%. They firmed up on Monday to 1-32 of
1%, but in Tuesday's trading dropped to 3-64 of
1%. On Wednesday the rate was 1-16 of 1% discount, and on Thursday were quoted at 3-64 of
1% discount.
Referring to day-to-day rates sterling exchange on
Saturday last was strong in tone. Bankers' sight
was 4.85%@4.85 31-32; cable transfers 4.86 3-32®
4.86 5-32. On Monday sterling displayed an easier
tone. The range was 4.85 11-16@4.85% for bankers
sight and. 4.85 29-32®4.86 1-16 for cable transfers.
On Tuesday sterling was again in demand. The
range was 4.85%@4.85 15-16 for bankers' sight
and 4.86®4.86'/ for cable transfers. On Wednesday
8@4.86 3-16
sterling was firm. The range was 4.85V
/
for bankers' sight and 4.861 8@4.86% for cable
transfers. On Thursday the market continued firm.
A
The range was 4.86%®4.863 for bankers' sight
and 4.86 7-16@4.86 17-32 for cable transfers. On
Friday owing to the Independence Day holiday
there was no market in New York. Closing quotations
on Thursday were 4.86% for demand, and 4.86 7-16
for cable transfers. Commercial sight bills finished at
4.861 3, sixty-day bills at 4.84 1-16, ninety-day bills
/
at 4.83 3-16, documents for payment (60 days)
at 4.84 1-16, seven-day grain bills at 4.85
11-16. Cotton and grain for payment closed at
4.86%.
as the last reduction, to 4%, still leaves the Reichsbank out of touch with the trend of the money market. The private discount rate remains at % of 1%
below the Reichsbank rate and first-class borrowers
have been finding accommodation at 13%, which
is a record low rate. It would seem that foreign
funds are no longer being offered in Germany, as
Berlin interest rates are not tempting. On the
contrary, Germany is rapidly repaying foreign shortterm credits. The change in direction of the flow
of funds is responsible for the comparative weakness
in mark exchange during the past few weeks in comparison with the high of 23.90% quoted in New York
in the early part of the year.
Italian lire are steady and show a firmer undertone
than in several weeks. The firmness in lire is partly
seasonal; due to tourist transfers and immigrant
remittances. Part of the firmness arises from the
improvement in the trade balance, which is no longer
due entirely to decreased wheat importations but is
attributable also to increased exportations. The excess of imports for the first five months of this year
is stated at 2,362,000,000 lire, as against 4,676,000,000 lire during the corresponding period in
1929.
The London check rate on Paris closed at 123.71
on Thursday of this week, against 123.73 on Friday
of last week. In New York sight bills on the French
centre finished at 3.933/s, against 3.92 11-16 on
Friday of last week; cable transfers at 3.93%, against
3.92 13-16; and commercial sight bills at 3.9278,
against 3.923'. Antwerp belgas finished at 13.96
for checks and at 13.97 for cable transfers, against
13.95 and 13.95k. Final quotations for Berlin
marks were 23.833 for bankers' sight bills and
4
23.843 for cable transfers, in comparison with
4
23.813.' and 23.82% a week earlier. Italian lire
closed at 5.237 3 for bankers' sight bills and at
/
5.24 1-16 for cable transfers, against 5.23 11-16 and
5.237 3 on Friday of last week. Austrian schillings
/
closed at 143', against 143, exchange on Czecho4
slovakia at 2.963 against 2.96%; on Bucharest at
0.60, against 0.60; on Poland at 11.25, against
11.25; and on Finland at 2.52, against 2.52. Greek
exchange closed at 1.29 7-16 for bankers' sight bills
and at 1.29 11-16 for cable transfers, against 1.29 5-16
and 1.29 9-16.
Exchange on the Continental countries is firmer,
but except for the demand for tourist accommodation
the firmness is derived chiefly from transactions
taking place outside the New York market. French
francs have been especially firm and have moved up
sharply. As noted above, francs are firm with respect to sterling. Paris has withdrawn from London
gold to the amount of approximately £1,358,000 and
the London market expects that France will take the
major share of the open market gold next week and
Exchanges on the countries neutral during the
will continue to make withdrawals from the Bank war have been steady, with Holland and the Scanof England besides. The exceptional firmness of the dinavians showing firmness in sympathy with
franc which developed in the New York market on sterling exchange and as a result of transactions
Tuesday took traders largely by surprise, as there .originating chiefly outside the New York market.
were few offers of francs to be found in New York. The outstanding feature of importance in the neutrals
There is a growing belief in banking circles that is the sharp rise in pesetas on Wednesday following
France will take gold from the United States very an announcement from Madrid that the Spanish
soon, especially since francs show no sign of weaken- Government has definitely decided to stabilize the
ing and in Wednesday's trading the market expe- currency. There was a large conclave of bankers and
rienced a plentiful supply of offers at new higher economists in Madrid on Wednesday to study the
levels. The offerings were the result of a rush to monetary situation. Peseta exchange fluctuated
make commitments in the expectation that the rate wildly all week. In Monday's trading pesetas
might move still higher. This week the Bank of dropped below 11 cents for the first time in many
France shows an increase in gold holdings of 47,- years, going as low as 10.85 for cable transfers. The
000,000 francs, the total standing at 44,051,890,329 uprush on Wednesday brought the rate to as high
francs, against 36,624,700,705 a year ago.
as 11.77. The dispatch on Wednesday that attempts
German marks have moved up fractionally, fol- would be made to stabilize the currency was the first
lowing the trend of firmer sterling quotations. official announcement of the sort from the Berenguer
Money continues exceptionally easy in Berlin and cabinet. It is not expected that the peseta will be
there is every expectation in banking circles that actually stabilized until November or December when
12
FINANCIAL CHRONICLE
Parliament convenes again, but it is thought that this
delay should prove favorable to the Government's
plans for allowing sufficient time for the exchange
to recover to more satisfactory levels.
Bankers' sight on Amsterdam finished on Thurs%
day at 40.213 , against 40.18% on Friday of last
week; cable transfers at 40.23, against 40.193/2; and
2
.
commercial sight bills at 40.183/, against 40.153/
2
Swiss francs closed at 19.39% for bankers' sight bills
2
and at 19.403/ for cable transfers, in comparison with
19.373/i and 19.383. Copenhagen checks finished
at 26.77 and cable transfers at 26.783I, against
26.753/ and 26.763 . Checks on Sweden closed at
2
%
26.863/ and cable transfers at 26.873 , against
%
2
26.853/ and 26.86%; while checks on Norway finished
at 26.78 and cable transfers at 26.793, against
26.76 and 26.773/2. Spanish pesetas closed at 11.54
for bankers' sight bills and 11.55 for cable transfers,
which compares with 11.21 and 11.22 a week
earlier.
[VOL. 131.
for cable transfers, against 12.10 and 12.15; Peru at
37, against 37 (see comment above).
Exchanges on the Far Eastern countries continue
essentially unchanged from the past several weeks.
Exchange on Japan, while relatively easier than a
week ago, is nevertheless firm but extremely dull.
The fractional weakness in yen is due largely to the
recession in Japanese trade with China. The
Chinese quotations continue demoralized on account
of the low prices of silver and the general distress
of the country arising from this circumstance as
well as from the renewal of factional warfare. Closing
quotations for yen checks on Thursday were 49 7-16
@
,493/2, against 49 7-16@493/ Hongkong closed
.
2
8
at 313/@31 3-16, against 31%(4)31 7-16; Shanghai
at 369'@,36%, against 37@373'; Manila at 49 8,
against 49%; Singapore at 56 3-16@5638 against
,
/
56 3-16@56%; Bombay at 363j, against 363, and
Calcutta at 363., against 363.j.
Exchange on the South American countries is
Pursuant to the requirements of Section 522 of the
extremely dull. Brazilian Inilreis are steady. Ar- Tariff Act of 1922, the Federal Reserve Bank is now
gentine paper pesos are again ruling lower and are certifying daily to the Secretary of the Treasury the
the cause of considerable anxiety to business in buying rate for cable transfers in the different counBuenos Aires. The past few weeks have been the tries of the world. We give below a record for the
most disastrous suffered by Argentine exchange week just passed:
since the gold conversion office was established in FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
1890 with the principal object of preventing wide
JUNE 28 1930 TO JULY 4 1930, INCLUSIVE.
fluctuations in the exchange value of Argentine
Neon Buying Rate for Cable Transfers In New art.
currency. When banking hours closed on Dec. 16 a Coonstry and Monetary
Value In United Stales Mew.
Unit.
few hours before the decree closing the conversion
June 28.June 30. July 1. July 2. July 3. July 4.
office was issued, dollar quotations were 106.35 and EUROPE$
$
$
$
$
$
.140946 .140948 .140950 .140969 .140978
Austria.schill Mg
sterling 463.d. for the gold peso, which made the Belgium. belga
139578 .139566 .139572 .139598 .139681
007211 .007208 .007211
.007208
Bulgaria. lev
paper peso worth 41.3 American cents. Currently Czechoslovakia. krone .029660 .007208 .029658 .029657 .029665
.029661
Denmark, krone
267654 .267630 .267575 .267652 .267787
peso is quoted at 35 15-16 cents in New York. England, pound
the
sterling
4.860937 4.859815 4.860234 4.861741 .864796
At present the low quotations for the peso are largely Finland. markt&
.025167 .025174 .025173 .025172 .023175
France. frane
039278 .039272 .039297 .039320 .039318
the result of the low prices and backward demand for Germany. reichamark .238208 .238307 .238339 .238406 .238474
.012957 .012955 .012957 .012958 .012958
Greece, drachma
Argentine products, especially wheat and other Holland, guilder
.401988 .401921 .402002 .402085 .402277
Hungary, Pengo
.174846 .174813 .174895 .174914 .174881
.052389 .052381 .052380 .052389 .052401
cereals, flaxseed, wool, and hides and leather. Italy. lirakrone
.267772 .267745 .267722 .267793 .267918
Norway.
Poland. zloty
111925 .112005 .112000 .112000 .111995
Meanwhile Argentina's imports of manufactured Portugal. escudo
.044928 .044950 .044983 .044950 .045000
005949 .005949 .005949 .005'50 .005953
Rumania.leu
goods, especially from the United States, Great Spain, peseta
.110453 .108850 .112400 .116858 .114580
268658 .268615 .268552 .268620 .268718 HOLTBritain and Germany, bear a disproportionate rela- Sweden, krona
.193806 .193770 .193806 .193873 .194026
Switzerland. franc
DAY
exports of foodstuffs and raw materials. Yugoslavia. dinar_ .017660 .017664 .017667 .017671 .017670
tion to her
ASIAChlna-Chefoo tall_ .384166 .389000 .380000 .380000 .375208
Peruvian exchange is at all times exceptionally quiet Hankow tadl
.383750 .379687 .379687 .379687 .376093
tadl
.371875 .368839 .367946 .367232 .364484
in the New York market. At present the market is Shanghai tadl
Tientsin
389166 .385000 .385000 .385000 .380625
dollar._ .313035 .310357 .310089 .309196 .309107
extremely thin. Bankers have no difficulty in buying Hongkongdollar
Mexican
.267187 .263750 .264062 .264375 .260625
Tientsin or Pelyang
dollar
Peruvian, but find it almost impossible to sell.
.268750 .265833 .265416 .266250 .262500
Yuan dollar
.265416 .262500 .262083 .262916 .259166
.360435 .360550 .360735 .360750 .360764
New York bankers and foreign exchange traders are indla. rupee
Japan yen
.494265
494228 .494265 .494215 .494128
no longer quoting in terms of the Peruvian pound, Ringapore(S.S). dollar .559141 .559141 .559141 .559000 .559208
NORTH AMER Canada. dollar
.999784 .999747 .999509 .999499 .999393
but in terms of soles. According to the law passed Cuba. peso
.999140 .999218 .999143 .999155 .999158
Mezion. peso
.473562
.473387 .472756
on Feb. 11, the par of the sole is fixed at 40 cents, Newfoundland. dollar .997407 .473512 .996868 .996781 .472762
.997032
.996750
SOUTH AMER.sols equaling one Peruvian pound. This law is argentine. Pee0 (goldi .813307 .811145 .805450 .806248 .818741
10
Brazil. mIltels
.112450 .112562 .112642 .112130 .109850
not to take effect, it is understood, until February iltille. P81110
.120947 .120938 .120941 .120962 .120979
.860250 .857125 .844375 .848750 .857250
1931. The law prescribes penalties for selling Peruvian DruguaY. Peso
)DIOM Cola. peso
.966400 .966400 .986400 .966400 .966400
currency below this stabilized figure. Heretofore,
until within the last few days, Peruvian exchange
Owing to a marked disinclination on the part of
has been quoted nominally at $4.00 for the Peruvian two or three leading institutions among the New
pound. However, trading in the open market in York Clearing House banks to keep up compiling
New York and London is now quoted on the basis the figures for us, we find ourselves obliged to disof the sol. The nominal quotation then would be 40 continue the publicaton of the table we have been
cents. In the open market, however, the Peruvian giving for so many years showing the shipments and
sol is quoted this week, as last, at 37 cents. Argentine receipts of currency to and from the interior.
paper pesos closed at 35 15-16 for checks, as comAs the Sub-Treasury was taken over by the Fedpared with 35 15-16 on Friday of last week, and at eral Reserve Bank on Dec.6 1920, it is also no longer
36 for cable transfers, against 36. Brazilian milreis possible to show the effect of Government operations
finished at 11.10 for bankers' sight bills and at 11.33 in the Clearing House institutions. The Federal
for cable transfers, against 11.35 and 11.38. Chilean Reserve Bank of New York was creditor at the Clearexchange closed at 12 1-16 for checks and at 12.3/i ing House each day as follows:
JULY 5 1930.]
FINANCIAL CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, I Monday,
June 28. June 30.
Tuesday, Wednestry, Thursday, Friday,
July 1.
July 2.
July 3.
July 4.
$
$
155,000,000 115,000.0001 213,000,000
219,000,000 189.000,000
Holiday
Aggregate
for Week.
Cr. 891,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of cheeks on institutions located outside
of New York are not accounted for in arriving at these balances, as such checks
do not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 3 1930.
July 3 1929.
Banks of—
Gold.
Silver.
I
Total.
£
£
1
£
Gold.
Silver.
Total.
£
England _ 157,228.008
157,228,008155,705,931
155,705,931
France a__ 352,415,122
(d)
352,415,122 292,997,605
d
292,997,605
Germany b 123,454,300
c994,600 124,448,900 92,611,850
994,600, 93,606,450
Spain
_ 98,842,000 28,744,000127,586,000 102,450,000 28,893,000131,343,000
Italy
56,301,000
56,301,000 55,434,000
55,434,000
Netherl'
25,994,000 2,236,000 28,230,000: 36,400,000 1,780,000, 38.180,000
Nat. Belg_ 34,333,000
34,333,000, 28,561,000 1,270,000 29,831,000
Switzerl d 23,156,000
'
23,156,000, 19,842,000 1,568,
21,410,000
Sweden
13,491,000
13,491,000 12.971,000
12,971,000
Denmark _ 9,570,000
431,
9,570,000: 9,591,000
10,022,000
Norway
8,143,000
8,143,000 8,155,000
8,155,000
:
Total week 902,927,430 31,974,600934,902,030 814,719,380 34,936.600549,655.986
Frey. week 913,064,062 31,831.600944,895,662 811,773,872 34.822.600846,596.472
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 £7,489,000. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The End of a Period—The Withdrawal of French
Troops from Germany.
The withdrawal of the last detachment of French
troops from the Rhineland on Monday marked the
end of a period of military occupation of Germany
which began with the armistice, in 1918, and which,
under the terms of the Treaty of Versailles, was to
be prolonged until 1935 unless the Allies should be
convinced that Germany had fulfilled certain requirements of the treaty and should consent to leave
at an earlier date. With the troops went also the
memllers of the Interallied High Commission, thus
terminating the civil as well as the military surveillance. -ft is to the credit of both the French and the
Germans that the withdrawal was accomplished
quietly and with dignity, attended only by the formalities which the customs of war prescribe for ending a military occupation, and unmarked by a display of animosity on the part of the communities
which for eleven and a half years had suffered an
alien military rule. Once the French had gone, re*oicing broke loose, and the pealing of bells, cheers
and singing, the display of flags and bunting, and
peeches and demonstrations voiced the feelings of
people who at last were free. In a few days Presient von Hindenburg, the old warrior whose nobility
n peace has been for the country a saving grace, will
isit the Rhineland, and all Germany will again reoice that it has come into its own.
It seems a far cry back to the bitter and vengeful
ays of 1919, when the victorious Allies and the
nited States busied themselves with the framing
•f a "peace" which should leave Germany, for a
eriod indefinitely long, crushed, humiliated, and at
he mercy of its conquerors. In the flush of a victory
hich would never have been won without American
id, the impossible was to be done. Germany was to
e made to pay for the war at a price to be fixed by
he Allies. Its commerce was to be destroyed as far
s effective competition with other nations was conerned, its army and navy reduced to a shadow, and
ts entire political and economic life supervised and
ontrolled for years to insure observance of the treaty
equirements and make impracticable any early re-
13
covery. No German, it was believed, would sit in
the Council or Assembly of the League of Nations,
and while diplomatic and consular relations would
of course have to be resumed, the German people
were to be made to feel that they were outcasts. Not
again in the time of any person then living, it was
loudly asserted, would a defeated Germany be able
to raise its head.
For the changed conditions which have ended the
Allied occupation five years before the time set by
the Versailles treaty, many persons and a variety of
influences and events are to be credited. The dignified course of President von Hindenburg, the policy
of most, at least, of a long list of Chancellors and
Foreign Ministers, and the good sense of the German
people themselves have won for the new government
of the Reich stability and success. The French severity which reached its climax in the occupation of the
Ruhr under Poincare has been offset by the moderation of Great Britain, and particularly by the
friendly policy of Ramsay MacDonald, and even
Poincare had moderated his tone before he went out
of office. The rejection of the Treaty of Versailles
by the United States did much to allay the criticism
engendered by President Wilson's course at Paris,
and the insistence of'the United States upon debt
settlements wholly dissociated from reparations
brought the Allied governments face to face with one
of their own most important financial obligations,
and forced them to action before they knew how
much Germany would pay. The Dawes Committee
effected a five-year adjustment of reparations after
one European congress after another had failed, and
the Young Plan has now established a definitive arrangement which is at least affected with the idea
of permanence. The wise administration of the
Dawes Plan by S.%, Parker Gilbert has been a reconciling influence which merits high praise.
Year by year, as the war has receded, the bitterness of war feeling has moderated until it has now
all but disappeared. The flood of tourist travel has
long since resumed its flow into Germany, and German tourists are welcome visitors in Paris. One
hears no more of the foolish talk about ignoring the
German language, German literature, German music
or German thought. German scholars have lectured
at the Sorbonne and French scholars have been cordially received at Berlin. Germany has been received into the League of Nations and accorded a
permanent seat in the Council. How much of reconciliation is due to the natural dying-down of war
enmities, and how much to the impressive economic
recovery which Germany has made, its punctual fulfilment of its financial obligations under the Dawes
Plan, its ability to maintain internal order in the
face of subversive political agitation, or its marked
achievements in science and aviation, may be difficult to determine, but the fact remains that Germany
is reinstated among the nations, its good faith is assured, and the last of the Allied governments to keep
its troops in the country has withdrawn them, in
advance by five years of the Itipulated time, and
Germany today is free.
What has been done in the way of restoring friendliness between Germany and its former enemies,
however, is only a beginning of what should be done
if Europe is to be assured of peace. The relations
between France and Germany,in particular, hold the
key to political stability on the Continent. A correspondent of the New York "Times," writing from
FINANCIAL CHRONICLE
Mainz on Monday, quotes the proprietor of a German barber shop as saying to one of his assistants
as a French officer left after being served:"The man
is absolutely right; we must make up our minds
to get on together." It is this friendly attitude of
mind that needs now to be cultivated. The world
has seen too much of the mischief of political alliances to desire any more of them, but a comprehensive and generous understanding between two countries can be reached without committing either country to formal pledges—an understanding based upon
recognition of the respective needs and problems of
the parties, of their natural relation one to the other,
and of the conditions which each requires for its
best development.
There is the greater need of such an understanding,
because, notwithstanding the popular rejoicing in
Germany, one hears elsewhere some disquieting
voices rather harshly reminiscent of an irritating
past. Reactionary circles in France have been prompt
in expressing their fear lest France, in withdrawing
the last of its troops from Germany and leaving Germany to the Germans, had weakened its political
position in Europe and given Germany a chance to
plan revenge. The proclamation of President von
Hindenburg, felicitating the German people on the
recovery of freedom for the Fatherland, has been
criticized for its references to "the long, oppressive
period of affliction"and "arbitrary foreign rule,"and
for its inclusion of "heartfelt greetings to our German brothers in the Saar district," where the question of ultimate nationality and allegiance awaits
decision by a plebiscite. The Rumanian Foreign
Minister, M. Mironescu, referring to the rumor th
the Hungarian monarchy might shortly be restor ,d,
and fearing, apparently, that the freeing of Germany
might endanger the integrity of the peace treaties,
declares in an interview that "if the fears that have
been expressed with regard to an attempt of Hungarian revenge should be confirmed, the Little Entente would be constrained to reply to that provocation"; while the Little Entente itself, in. a communique issued at the annual meeting which has just been
held, declared its intention "to adhere in any eventuality to respect for international engagements."
Undoubtedly there are conditions and possibilities
in Germany which the other Powers cannot wholly
ignore. The collisions between Communists and
Fascists in some of the Rhineland cities, immediately
following the French withdrawal, while in the main
of local importance, emphasize a political struggle
of two groups both of which are hostile to the present government of the Reich. The financial disorders which Mr. Gilbert has several times pointed
out, while closely connected with the worldwide
business depression, have been frankly admitted by
Chancellor Bruening in his speech on June 28 before the Premiers of the German States and members of the Reichstag, but the budgetary reforms
which the Chancellor indicated will need time for
their working out. The German people themselves
.
are not likely to forget that their financial burdens
would be very much lighter were it not for the
heavy annual payments that must he made for a
long series of years in settlement of reparations
under the Young Plan, and the more than 6,500,000,00 gold marks which represents the cost of the
Allied occupation, not including various incidental
and indirect charges, is a figure which we may be
sure will be more than once mentioned.
[VoL. 131.
For the moment, however, these problems, serious
as they may be in themselves, are overshadowed by
the realization that a chapter of history has been finished and another begun. What will be written in
the new chapter depends not only upon Germany,
but also upon the other countries of Europe and of
the world. If the freedom from foreign domination
which Germany has at last attained in fact is supported elsewhere in spirit, if mutual confidence and
good faith prevail over suspicion, evasion, or .insistence upon technical legal claims, and if the right
of self-determination is accorded to Germany by
other Powers as freely as each of them claims it for
itself, such differences of opinion or policy as will
inevitably arise need carry no menace to peace. It
is clear enough now that those who imagined, eleven
years ago, that the intellectual and economic resourcefulness of the German people could be permanently crippled, while the victorious Allies appropriated their estate, cherished a pitiful illusion. The
last vestige of that illusion vanished when the
French tricolor was lowered on Monday and the
flag of the Reich took its place. The restored freedom to which that official act testified brings Germany back into the family of nations, not as a
threatening military or naval Power, but as a political equal and a vigorous competitor in industry,
trade and scientific ability. To the new obligations
and re- e onsibilities Germany and its neighbors have
now a ike to adjust themselves.
The Terrifying Tariff.
"Little Jack Horner sat in a corner, eating his Christmas
pie,
He put in his thumb and pulled out a plum, and said what
a big boy am I."
In our issue of June 21 we printed in a special
section the entire tariff law as it was finally signed,
sealed and delivered to the American people. It is
an astonishing document. It is so comprehensive,
so all-inclusive of the articles used in our daily living
that the wonder is the committees could complete
it in the year and a half devoted to its framing and
passage. It bears an interesting and significant
title: "An Act to provide revenue, to regulate corn
merce with foreign countries, to encourage the industries of the United States, to protect American labor
and for other purposes." There are literally thou
sands of items taxed. We say taxed, for if the
come from the outside they pay the duties named a
the Custom House; and if they come from the insid
the manufacturer has but to add the duty to hi
selling price to compete on even terms with foreign
made articles. Not that he does 60, of course! H
is merely "encouraging" his industry and accumu
,
lating Li fund to pay out in higher wages to hi
laborers for their protection from the "pauper labo
of Europe." The revenue from Customs is not s
essential as it was before the Income Tax Law wa
enacted. And in the long debates on the schedule
it was seldom mentioned. In fact, it was almost for
gotten. The mainspring of the measure was "pr
tection." Not, however, to labor as the title ind'
cotes, but to "depressed" industries threatened b
extinction by the same industries in foreign con
tries, not yet recovered from war, and paying i
mense war debts.
If a stranger were to come upon this law for th
first time, and run over the schedules, he could no
fail to wonder how the thousands of items were au
JULY 5 1930.]
FINANCIAL CHRONICLE
15
gested and selected. Did the committee dig them prevention of decay or deterioration pending manuout of sales catalagues, or perchance were the manu- facture, 10 percentum ad valorem." We wonder
facturers on hand to select the items and suggest what class of citizens had this rate established. And
the rates? And how were the rates fixed? Did the what meticulous care to see that nothing of the
American consumers, the people, send representa- kind escaped!
tives to Congress to suggest the items on which a
Then follows Par. 35, which includes "aconite,
tax could be appropriately affixed? Were manu- aloes, asafetida, coculus indicus, ipecac, jalap,
facturers called in from foreign countries to present manna, marshmallow, or althea root, leaves and
cost-bills at which they were willing to dump their flowers, mate, pyrethrum or insect flowers," &c., 10
products on our markets? Or, were our own manu- percent= ad valorem. Now they might have let in
facturers relied upon wholly, or almost so, as to manna free, but they didn't! We have not heard
what duties would adequately "protect" their wage- of manna falling in this country, but, for that matearners, leaving, of course, to their own benevolence ter, we have not ever even heard of some of these
the actual payment of the increased profit price to drugs. But the drug mixers know, and if they can
the hard-pressed labor?
find any of them at home they can shut out foreign
These are questions requiring direct and specific entry and add 10 percentum ad valorem to the price,
answers. For, if no compulsion is put upon the and that is no mean profit. We run down the list,
manufacturer to pay to labor the difference in cost snatching an item here and there: Flavoring exof production at home and abroad, he may forget tracts, "25 percentum ad valorem" (by the way, 25
to do so, or he may put in a machine for mass-pro- percentum seems to be a favorite tax; it occurs freduction, and the poor worker be forced to go without quently); "glycerin, ink and ink powders, iodine,
his porridge. The "tariff" is not a new thing. But menthol (the latter 50c. a pound), soap, castile, 15
in making a new bill the selective process goes back percentum ad valorem, toilet, 30 percentum ad vaalmost exclusively to the former law. Occasionally, lorem, and all other soap and soap powder, not
but rarely, an article or product is put on the free especially provided for, 15 percentum ad valorem."
list. Once taxed, always taxed, seems to be the cusFrom these samples in a list of hundreds it aptom. And this last law, which.we printed in extenso, pears that you cannot gargle your throat; write a
even adds to the lists, and was especially framed to letter, or wash your hands, without paying a tax
help the farmer—though taxing farm products that to protect the laboring man and encourage industry.
are exported does not seem to add to revenue, pro- What care, what research, what profligate earnesttect labor, or encourage industry.
ness does this tariff bill show forth! Well, we supThe farmer is in a fix. He wants to be helped, pose the revenue needs it. There may be something
and the tariff advocates want to help him. But he in the drug line not taxed, but if so it was evidently
makes nothing, and only grows things. His chief an oversight. And the old bottles on the shelves of
products are raw materials, grains, cotton, and the the apothecary shops, what a defense they are to
like, of which he raises a surplus which he sells the country! "Starch, potato,2 c. a pound." Take
/
1
2
abroad. Thus, if he pays more tax, in duty or price, another schedule: "Earths, Earthenware and Glassto the manufacturer than he receives on the agri- ware." Here are some curiosities: "Roman, Portcultural stuffs he sells, he having a surplus-con- land, and other hydraulic cement or cement clinker,
trolled price at home, he is out of pocket. And they 6c. per one hundred pounds, including the weight of
do claim that this is the effect of this ingenious and the container; white non-staining Portland cement,
ingenuous tariff law which we printed in full as 8c. per one hundred pounds, including the weight of
the greatest piece of news of to-day. It affects every the container." What a calamity if they had forman, woman and child in the land. .It would be a gotten the container! And the Government itself
fine education for the masses to hold meetings and spending billions for roads! Here is "China, porjust read over and discuss the items. This would celain, and other vitrified wares" (too numerous to
take many a long winter evening, but it would be mention here),"70 percentum ad valorem." We supfull of surprises, for there are articles included in pose high wages are not high enough to pay nearly
the schedules that never came to the surface in the double for the plates for the working man—almost
Congressional debates.
forgot to protect him in this item. "Marble" . . .
Let us glance down some of the schedules. Take "Granite suitable for use as monumental, paving or
the first one—Chemicals, Oils and Paints. There building store," 60 and 60 percent= ad valorem.
may be some old-fashioned folks who still brew their Thus, taxing the living and
the dead! And the
our medicines out of roots and herbs. If they dig Government projecting great
public works to overor gather them out of their own gardens, they are come the "depression" from
the stock smashes!
not interfered with. But if they wish to buy them "Slate, slates," &c., "25
percentum ad valorem."
they pay in duty or added cost 10 pereentum ad Taxing the child in the school,
when education is the
valorem as follows, according to paragraph 34: safeguard of the Republic!
"Drugs, such as barks,,beans, berries, buds, bulbs,
And under "Metals and Manufactures," Par. 336:
bulbous roots, excrescences, fruits, flowers, dried "Corset clasps, corset steels,
and dress steels,
fibers, dried insects, grains, herbs, leaves, lichens, whether plain or Covered with
cotton, silk, or other
mosses, roots, stems, vegetables, seeds (aromatic, not material, 35 percent= ad valorem." Corsets
are
garden seeds), seeds of morbid growth, weeds, and said to be going out of fashion,
and perhaps the idea
all other drugs of vegetable or animal origin; any is to discourage their use, but
why tax so intimate
of the foregoing which are natural and uncom- an article of apparel? "Umbrella and
parasol ribs
pounded drugs and not edible, and not specially pro- and stretchers," "belt buckles, trouser buckels," and
vided for, but which are advanced in value or con- practically all other kinds of buckles. "Hooks
and
dition, by shredding, grinding, chipping, crushing, or eyes," how deep they delve for things to tax!
"Pins,
any other process or treatment whatever beyond that with solid heads," and numerous others,
not even a
essential to the proper packing of the drugs and the pin is overlooked. 'Tens, not specially provided for,
16 -
FINANCIAL CH.RONICLE
[VoL.-131.
of plain or carbon steel, 15c. per gross." Penknives, is not helped. Mr. Hoover has said farming is a
safety razors, watch movements, all, all are duly hundred occupations. The cotton grower must buy
taxed. But why go on? Select something around wheat and pay more for it; the beet sugar grower
must pay higher for all the rest; the wheat grower
you and see if it is not taxed.
About a year and a half making over a former must pay on the manufacturers'list, a hundred items
tariff law that was itself the revamping of another. to °ale; the wool grower and cotton grower must pay
About 75 years collecting the items to be taxed, loos- more for their clothing, and all must sell the suring one into the free list occasionally, but not many. pluses at world market prices! Yet the big Buddha
A miscellany of striking proportions. All the way of Protection squats and stares at his navel and imup the years every little "infant industry" putting portunes the Infinite, and the representative Conin a thumb to pull out a plum, but once in, always (tress offers the people a goldbrick. Trade runs over
in, though the infant become a giant. This is the many hurdles, The people, having so long hoped in
new tariff law which we printed in full for the in- vain, grow indifferent and gird up their loins for
formation of the people, who little dream of its par- greater efforts to make a living. It is a spectacle
ticularity, its scope, its vagaries, its contradictions that makes the gods laugh at the poor little earthand discordances. And this is the great work of a worms who seek to live by politics alone.
great Congress that will go down in history as the
great Tariff Congress. Made by no one political
party; builded with scarcely a thought of revenue;
Parity and Peace.
moulded upon the theory of "protection" to every
We read in a dispatch from Washington, June 25,
article of everyday commerce from clothespins to the following: "In a radio address urging
defeat
eye glasses; and all to help the workingman already of the treaty delivered to-night over the National
protected by coercion of unions!
Broadcasting Company's chain, Senator McKellar
A vast work, big as a pharmacopoeia, or a dic- of Tennessee declared that 'if it were not for
the
tionary, that could not be compiled in a decade if an fact that Senators Reed of Pennsylvania and
Robinoriginal production. Is this the purpose of national son of Arkansas helped to negotiate this treaty
there
legislation? What has this creation to do with the would not be a corp.oral's guard in the Senate in
broad law which is a "rule of right action"? Yet favor of it.' . . . 'The treaty, if signed,' Senator
we cling to it as the apple of our eye, the one means McKellar said, 'will work "to the great injury" of
by which we can guaranty prosperity that is per- the United States. It is the duty of the President
petual. And out of this irresistible and unfailing and Congress,' he said, 'to follow the advice
of the
store of benevolence we vouchsafe to give its won- officers of the Navy as to the best kind of ships and
drous powers to the farmer, the "poor farmer" who guns for the national defense. That was the posells abroad and sets the price at home. For him we sition,' he said,'taken by President Coolidge at the
deign to tax and with uniformly higher rates, buck- time of the Geneva conference.' . . . 'Mr. Mcwheat, corn, oats, rice, rye, wheat, bran, shorts and Kellar declared that the treaty provided for "enorby-product feeds, breakfast foods, biscuits and cakes, mous naval building which would cost the American
&c., apples, green or ripe, apricots, berries, cherries, people more than a billion dollars.'" We might refigs, dates, grapes, lemons, olives, peaches, pears, mark upon the propriety of Senators discussing the
and dozens of other fruits, nuts and seeds, sugar proposed treaty over the radio in addition to their
beets, mushrooms, tomatoes, cabbages, cocoa and speeches in the Senate for this modern instrument •••••-••
chocolate, hay, hops, and many, many others, and for the spreading of knowledge and opinion cannot
why? Because from time to time a few of these be open equally to all the Senators as are the debates
products, shipped in from the outside, cut the profits in the chamber. But, since this address and a few
of particular growers, but mainly in grains others was sent direct to the people it may be
especially. What is sauce for the goose is sauce for referred to without impropriety by "the people"
the gander, in that high and holy "protection" which themselves, and from any attitude which occurs to
is the angel of the manufacturer who is given the an interested observer.
chance to grow rich by the absence of competition. In the first place, how is the President, Congress,
And the same is offered to the makers of "cloth" or any individual citizen to "follow the advice of
and "clothing" who somehow, like the farmer, are the officers of the Navy" when these officers are of
in hard straits. And now that it is all done, that contradictory opinions among themselves? Second,
the farmer and miner are "equalized" with the manu- how can this "advice" be considered of an impartial
facturer, there is a terrifying cry that we have ruined nature when it is given by those who are profesour "foreign trade," for those who cannot sell can- sionally interested in a "big" Navy, or, at least, in
not buy. Doubts are thrown on the ability of other an "adequate" Navy from the position of experts?
nations to pay their war debts to us. The State It has never seemed to us that this conference was
Department is receiving "protests" from far and called to establish a "parity" with any nation, but
near. Evidently a great work greatly performed! that it was called to establish or further "peace" by
And, good or bad, the people are glad that it is over. a limitation and reduction of the chief navies of the
And all over Europe they are building new tariff world. And much of the trouble now encountered in
walls, and making schedules and lists, after the man- considering the treaty, we think, arises from an early
-favored United States! assumption by our conferees that "parity" with
ner of the great "protection"
Now in view of its long, long history, in view of Great Britain must be first established before any
retaliatory conditions everywhere, we do not say other things in the way of limitation and reduction
this riotous jungle of "The Tariff" can be discarded could be taken up. In the doing of this, or in the
in a year or a decade, but why continue to increase attempt to do it, naval officers and experts were
the duties and broaden their application? Why in- called in to find a way to define parity, and then
crease speed in the wrong direction? Why idolize confusion followed fast. And it would now seem
that which on analysis is a fraud? For the farmer that rx•-•1 reduction fell by the wayside.
JULY 5 1930.]
FINANCIAL CHRONICLE
We talk a great deal among ourselves about the to stand. Both limitation and reduction are to be
United States leading the world by masterful ex- builded on a peace plan. The United States, a peaceample. A certain part of our public men are con- ful nation to all the rest, can set the example. The
tinually preaching of the power for good of a union way to reduce is to reduce. The way to limit is to
of the English-speaking peoples. If we are united limit downward toward the lowest, not upward
in spirit, and if the United States is to lead by ex- toward the highest. We verily believe if this Conample, why this inveterate insistence on a "parity" ference led by the United States had cut down a I
of naval strength between the two nations? If we the navies to a police power the world would ha%
continued with a few ships and a few guns less than approved. As it is, judging by the opinions exGreat Britain, friend and ally because using the pressed, the layman does not and cannot know
same language, what harm could ever come to us, whether there is reduction! And "limitation," even
since it is orgued that war between the two States if it exists, without reduction, is but perpetuation
is forever impossible? Did our representatives in of war-basis navies without end.
We cannot subscribe to the opinion that Congress
the Conference assume too much? Did they make
Hoover thought and the President should rely on the naval officers
"parity" the "yardstick" President
it so easy to attain? Little was said about the yard- for their guidance. Nor should the conferees. This
stick in the sessions. Were they led into a "blind way to peace is a long and weary one. On our milialley" by this attempted "parity"? Were they com- tary establishment are the incrustations of a thoupelled to build up to parity when they were sent sand years of war thought. Militarism is a science
there to build down toward reduction? The people old as the wars of the ancients. There is in it no
at large could not, cannot now, follow these trust, no compassion, no conciliation. Proof lies
mathematical calculations of tons, guns, and in the fact that in the World War, at the close, all
speed, and shape of ships. They will never be able the nations were prepared to use poison gas, and several of them were using submarines. War can never,
to do so.
Yet the people want "reduction" because they in extremities of defense and attack, be really huwant fewer ships for the sake of peace; and they manized. It is waged to kill. It is conducted on the
want limitation, to cut the cost of maintenance. principle that the army must live, by ravaging the
They are surfeited with war taxes already. They country if necessary. Men trained in this school of
see Congress now starting on a pension policy, thought are unwilling to take chances with the good
which, before it finally stops will probably reach faith of their opponents. Might makes right. And
four and a half million men. Who gave these Amer- if to-day peoples are at peace they are relying on the
ican conferees the authority to make "parity" the promises of other peoples. We must stand on the
chief object of the Conference? Not the President; Paris peace pact or abandon it.
Consequently, the people of the United States, if
not the people. We do not say they did not do the
best they could after they got themselves into the conferees are to be at all representative in character,
toils of the experts. But we affirm that if it is true demand and expect concrete reductions. They also
that an imperishable friendship exists between the demand the abandonment of the use of poison gas,
two countries then an inferiority on the part of the submarines and airplanes as weapons of warfare.
United States is not dangerous and makes little dif- Agreeing on size and shape of fighting ships, num--------feence to either country or to the world. "Reduc- ber and size of guns, gross tonnage, is not enough
tion" led by the United States must set a precious of a radical departure from the war-making basis
example to the nations yet living in a conjured-up for fleets and armies. The people want quick and
fear. It must save the people from the burden of .actual reduction all along the line. Scrap enough
taxation. It must establish 'a limitation, though it of the belching monsters, and without too nice a
distinction as to "parity," so that all will have
be without parity.
Red tape, figures, endless comparisons as to size lessened ability to make war! Unquestionably this
and strength of warships, do not conduce to "reduc- treaty is a short step in the right direction, and
tion." The navies have been growing, growing for ought, therefore, to be ratified. We do think, howdecades on a war basis. Now, war is outlawed. Ar- ever, that the United States conferees put too much
bitration is to be the means of settlement all over, stress on parity and thus entangled themselves. But
the world. Hence, there is no need for "parity" whatever they did, peacetime peace is not built on
between any two nations if the Paris peace pact is parity but on goodwill and trust.
Indications of Business Activity
11
THE STATE OF TRADE—COMMERCIAL EPITOME. modity markets, when these have declined. Grain and
Friday Night, July 4 1930.
Retail trade in summer goods has been stimulated to some
extent by the recent warm weather and the arrival of the
vacation period. But wholesale and jobbing business has
not got out of the old rut of slowness. Indeed some of the
industries are slowing down for a longer period than usual
at this time. Curtailment is projected in the output of
automobiles, iron, steel, cotton goods, furniture, wearing
apparel and other industries. Iron and steel production
averages about 60% and may drop further against 95% a
year ago. Judging from appearances steel prices may sag
further before they reach the point of equilibrium. On the
other hand stocks have on the whole shown a more confident tone and have been less under the influence of com-
cotton markets have shown no great net change for the week
and for all that anybody knows to the contrary the point of
stabilization in these branches may not be far off. They
have shown more steadiness. It is too soon to say that the
tide of ebbing merchandise prices has turned but the drift
downward is certainly slower where it continues, except is
a few cases where artificial aid has been at'once conspicuous and futile as in such instances as coffee,rubber and sugar.
How government aid to grain and cotton prices is to turn out
remains to be seen. As regards trade this summer very few
are looking for any material improvement. On the whole
the business community seems to be resigned to a dull summer. In the autumn it may get more light on the existing
and prospective situation and the outcome may be more
18
FINANCIAL CHRONICLE
[VOL. 131.
favorable both for trade and prices. In Wall St. the com- The private estimates of its sizebnlyrgue
sses at this time,
modity markets are being sharply watched for a turn in the range from 14,150,000 to
15,160,000 bales with the critical
long lane. And proverbially the longest lane comes to a months of July and August just
ahead. Everybody is of
turning at last. There is rightly or wrongly a notion in some course in the dark as to
the prospective size of the crop.
quarters that the deflation of prices has either reached its Spot cotton at the South is said to be
stronger with offerings
culmination or thatthat point is not very far off. The wheat small and some of the mills more anxious
to buy. Coffee
crop estimates are about the same as last year's harvests has dropped 4c. on Rio futures
3
and X to Mc. on Santos
while those of corn and oats are somewhat larger.
with Brazilian Exchange falling and rumors rightly or
Pig iron and steel production is some 15% smaller than wrongly asserting that the banks
will not supply Brazil
last year but is not very different from that of 1928. Natur- with the loan of $100,000,000 unless
the Brazilian bonds to
ally with trade so quiet car loadings are nearly 10% smaller meet it sell better. It is said that
they have recently been
than those of last year. Leather is somewhat firmer in New dull at declining prices. An alleged attempt
by the Coffee
England. Some lines of shoe manufacture are more active. Institute to squeeze the shorts in Santos failed. Meanwhile
In these dull times it is not surprising to learn that the jewelry supplies are large and spot coffee
dull and depressed. A
business is smaller than that of a year ago by some 20 to 25%. scheme proposed to destroy 4,500,000
bags, mostly of lowThe wonder is that the decrease is not greater. From the grade in Brazil, has received
little attention as something
North Pacific Coast come reports that the canned salmon too chimerical to be seriously considered.
Sugar has been
trade is slow. Another reflex of dull times is that tourist plentiful, dull and declining. Futures
have dropped to
travel over on that side of the Continent is disappointing. new lows, such as 1.22e. for July. The
decline during the
Finding trade dull, people are spending less money. The week has reached a notable 8 to 9 points.
The sugar
winter wheat crop, to be exact, is estimated on the average carryover available to the United States is
figured at over
at 552,000,000 bushels or only 26,000,000 less than last year, 1,000,000 tons. Russia has bought freely,
but Cuban and
while the spring wheat is put at 260,000,000 or 30,000,000 European interests have been selling on a scale,
which could
more than last year. Spring wheat in the Northwest has had not fail to have a depressing effect. Stocks
in the United
beneficial rains. But the American and Canadian North- States and Cuba and afloat are said to be 4,335,000
tons or
western spring wheat sections could stand some more rain. 882,500 larger than a year ago. The sugar
situation, like
Finished cotton goods, woolens and worsteds, broad silks that in grain, rubber, cotton and coffee, is an
enigma that
and other textiles have been quiet as usual at this time of the will tax the wit of any man or nation that seeks to
get around
year. Fall River and New Bedford cotton mills, it is said, the law of supply and demand. Rubber declined
30 to 60
have made little or no progress during the past three years, points to another new low despite some decrease
in Malayan
with dividends small or absent during much of that time. shipments in June as compared with those in May.
The
Some mill-owners have decided that curtailment of output real point is that world's stocks of rubber are large,
and
has not been drastic enough and will it seems, curtail until the demand not at all brisk.
New restrictive schemes have
Jan. 1 1931. The mills moreover are devising plans to make recently been discussed by English
and Dutch interests,
direct sales, eliminating selling agents. One mill it appears seemingly under some such delusion
as that embodied in
, has already adopted this innovation. At Lawrence and the homely old saying as "It
takes a hair of the dog to cure
Lowell trade conditions in cotton and woolen manufacture the bite." It is a rough remedy
to let prices take their
are to say the least, not satisfactory.
natural course and if they fall below the cost of production
Wheat prices show little change for the week, though to trust to the inevitable cutting down of the
output until
there is a net decline. The point is that little attention the price equilibrium is restored. But in
the long run it
was paid to unfavorable crop reports from France, Germany seems to be the only effective one.
A nation can no more
and Italy as well as times from Russia. Reports of a better abrogate an economic law or any other natural law
than can
flour trade has only a passing effect and not very much even a single individual. Hides have declined. Cocoa
dropped
then. Also a statement from the Federal Farm Board that 10 to 17 points and silk 10 points. Provisions
were lower,
the grain trade need fear no competition during the crop lard falling 10 to 25 points July alone being comparativel
y
movement from wheat held by the Stabilization Corp. steady.
unless the price should advance to the loan level fell pracOn June 30 the stock market advanced 2 to 10 points net
tically flat. So far as Government aid is concerned the with sales of 1,843,050 shares. The tone was the best
regrain trade seems to think it has been practically leaning on cently noted and ignored declines in cotton and wheat,
the
a reed. Wheat stocks are large and prices of futures are latter falling 2 cents. Cotton fell owing to better weather
about 30 cents a bushel lower than a year ago, and this and wheat because of heavy marketing of the new crop.
despite smaller crops during the crop in North America, Bonds were slow. The decline in prices last month was
Australia and Argentina. The American export trade heaviest since October 1929 and more than wiped out the
during the crop year just ended was very disappointing advance registered after December 1st when the recovery
owing to the fact that the harvests were large in Italy, from the panic began. June was the third successive month
France and other countries. Reports that European crops of declining prices. On July 2stocks rallied again in moderate
will be small in the new crop year just opened do not mend trading the transactions being 1,231,130 shares the smallest
the past; that is so much water gone over the dam. Still for five hours since July 23 1928 when they reached only
wheat prices have latterly been steadier. Corn recently 1,395,000 shares. On Thursday stocks in. a small
predeclined sharply as the prospects for the crop were good, holiday market declined with sales of 1,384,250 shares. Debut of late the tone has been in the main steadier except on clines in utilities were 1 to 8 points but the leaders
were
days when wheat has declined. For the country offerings as a rule off 1 to 3. Railroad shares declined in some
cases
of corn have been small and at one time the cash demand 2 to 6 points.
was good. .The visible supply in this country is some 6,000,Fall River, Mass., wired that curtailment would increase
000 bushels smaller than a year ago. Corn, however, is in that center this week. In addition to the curtailment
considered high compared with wheat and feed grains and plan laid out, Thursday will close the week for all
textile
unless the crop outlook changes for the worse farmers are plants. Fall River, wired that the Algonquin Printing
Co.
likely to sell freely this summer. Oats have declined only which has been operating only in part for the most
of the
moderately, but new lows for the season have been reached, month, to be entirely shut down during the present
week
with July leading the drop and the demand disappointing. and that the King Phillip and Parker Mills, the local unit
The introduction of the automobile cut into the annual of Berkshire Fine Spinning Associates are also to be
closed
consumption of oats and the human consumption has not for the entire week. It is stated that the directors
of the
'made good the loss. Rye naturally declined with wheat. Union Cotton Manufacturing Co. one of Fall River oldest,
Moreover the crop prospects are good and Russia is again largest and most successful textile plants, specializing
in
reported to be quoting low prices to Western Europe. It plain goods recommend to the stockholders that at an early
is of little use to recall that American rye is at the lowest date authority be granted to liquidate the corporation's
price in 30 years. Somebody else shuts it out of the Euro- affairs. Greensboro, N. C., wired that the Pomona Mills,
peam market by naming a still lower price.
Inc. will be closed all this week. They will begin operations
Cotton shows little net change. Advancing for a time it next Monday, July 7 and will run on a four days a week
,has latterly declined owing to better weather and pre-holiday schedule. Spartanburg, S. C.,reports stated that the Fourth
liquidation, especially of July on which notices are still of July celebration for the thousands of mill workers of
being issued daily in greater or less amounts. The semi- Spartanburg County will be an extensive one this year. It
tropical temperatures have practically disappeared at the will last practically 10 days, and in the majority of instances
South and the latest crop reports are on the whole reassuring. at least one week. The Arcadia Mills, Mills Mill and Wood-
JuLY 5 1930.]
FINANCIAL CHRONICLE
19
than
mer approaches." Non-residential building was less
ruff Mills will all be closed for one week, beginning Saturday last year by a little more than 110,000,000 or 9%; public
of this week, it is officially stated. Spartan, Inman and
by a
works and public utilities exceeded last year's volume
Pacolet mills will also be closed for one week officials state.
$110,000,000, or approximately 20%, but
little more than
It
Officials of Saxon and Chesnee mills have as yet announced
residential building fell behind by nearly $500,000,000.
no plans of further shutting down. Operations on a 50%
"continued low prices for copper, lead and
Is noted that
curtailment of production will,it is said,continue indefinitely.
provided only moderate stimulation to consumpThe Berkshire Fine Spinning Associates stated that their zinc have
Car loadings for the first twenty-three weeks of 1930
sales for the last week in June were below production. They tion.
a decrease of about 9% below 1929 and 5% below
anticipate light trading for the next two weeks with a gradual showed
Co. re- 1928.
increase toward the latter part. of July. Hunter
In presenting world business conditions it is stated that
ported June sales of cotton goods 20% larger than in May.
be world wide,
trade dull. Bombay "although business depression continues to
Manchester, England, steel reports
The
there there are some signs of recovery in a few countries."
cabled that a two-day hartal (cessation of work)began
for the arrested leaders, and, as a result, the Nationalists summary follows:
which
-The easing of the short-time credit market been
Short-Time Credit
estimated that 80,000 workers were idle and that some 42
Rediscount rates have again
October
and factories were closed and that all native theaters began last several of continues. Reserve banks, that if the New York
mills
the Federal
lowered by
as well as exchanges, markets, bazaars and shops were bank now being the lowest which has ever prevailed in the Reserve
continued to
Customers' rates at commercial banks have
locked.
System.
level as two years ago.
about
sales of Montgomery Ward & Co. totaled $23,989,- decline and are now on at the the sameReserve remain at a very
June
Federal
Member bank borrowings
300, an increase of 9.27%, as compared with June last year. low level. The volume of commercial loans is about the same as last
6.01% month, while demand deposits continue the uuward trend begun last
Sales for the past six months showed an increase of
over last year. The adjusted index of automobile produc- February.
,000,
-New capital issues in May, at $1,100,000
Long-Term Credit
tion shows a further decline for the week ending June 28 to
1929, and fully
of all were within a fraction of 1% of such issues in May,first three weeks
87.6 from 89 for the preceding week, and that output
25% over the amount in any earlier May. During the
companies last week was 32% lower than last year. Chicago of June bond issues have been heavy.
provided for
business and
During the first five months of this year new capital
reports that although the movement is slow,
$800,000,000
domestic corporations reached $2,900,000,000-a figure
ns in the Middle West are showing im- less than in the corresponding months of 192 but $900,000,000 over
industrial conditio
that there was no evidence of the amount in the first five months of any earlier year. State and
provement. Detroit reported
$600,000,000, being
any change in general business conditions there last week. municipal borrowings in January-May, 1930, totaled 1929, but less by
months
first
ers alike are said to be marking time about 20% larger than in the periodfive some of of preceding years.
Retailers and wholesal
the
of
3 as much as 15% than in this
owners and
and hoping for an early improvement. Detroit wired July
Adequate funds to meet legitimate demands of home
survey lately comthat 10% reduction in pay of all salaried employees had just conservative building projects are indicated by aeleven representative
to pleted by the Mortgage Bankers Association in
been made by the Chrysler automobile corporation owing
uniformly
States. The volume of mortgage loans closed in May was
dullness of trade. Labors working hours had already been reported as less than in May, 1929, the decrease ranging from 10%
reduced. St. Louis wired that while a feeling of optimism to 40% in the various States. One reason given is a material defor large building projects. This decline
exists generally in business and financial circles in that sec- crease in new bond issuesfor all bond issues for land and buildings,
the figures
is apparent
of this
tion, present conditions are summer dullness plus. Re- these issues in
having been $81,000,000 in the first five months
duction in forces by several large enterprises has aggravated year, as against at least $200,000,000 in the corresponding part of
the unemployment situation. San Francisco wired that recent years.
prevailing
Rates for first-mortgage money are now very uniform, mortgages,
little change in business was noted in the San Francisco Bay
closures and delinquencies on
554
ts who are buying for imme- rates being and to 6%. In materially reduced in May as compared
district last week and merchan
city, were
both farm
diate needs only, are beginning to look to the fall for any with May, 1929, and May, 1928.
of life
Companies with about four-fifths of the total mortgage loans aggremarked increase in the movements of goods.
end of May their loans
85 degrees but though not insurance companies report that at the ,000 on Dec. 31 last.
Here on June 30 it was 70 to
gated $5,904,000,000, against $5,791,000
in savings
high the effects of the temperatures were aggravated by
Savings-In New York State the usual seasonal decline
the
humidity of 89 in the morning and 71 at 8 p.m. Overnight deposits was negligible in May and much less than a year ago at
savings banks in New York
Boston had 64 to 86, Buffalo 72 to 84, Chicago 66 to 78, same time. Reports from eleven largest 1-12 an increase of nearly
City showed during the period June
Cincinnati 74 to 88, Cleveland 72 to 88, Detroit 72 to 82, $4,000,000 in deposits. Outside of New York there is little change in
Milwaukee 58 to 82, St. Paul 58 to 72, savings totals generally.
_Kansas-City 56 to 88,
leagues in
Montreal 64 to 90, Omaha 62 to 80, Philadelphia 72 to 88,
Building and Loan Associations-Reports from State
in the
Portland, Me., 58 to 80, Portland, Ore., twenty-one representative States indicate that the improvement The
Phoenix 76 to 110,
s continues.
and loan
Seattle 52 to 72, St. Louis financial situation of building to meet theassociationfor desirable loans.
58 to 80, San Francisco 56 to 74,
demand
majority report sufficient funds
70 to 84, and Winnipeg 50 to 68. On the 2d inst. here it Withdrawals generally are decreasing and in many instances are now
ago, but in
was 65 to 82 degrees with less humidity later in the day. normal. Receipts are somewhat below those of a year
to be increasing.
Overnight Boston had 70 to 86 degrees; Chicago 54 to 68, most States are reported recent weeks bank debits in cities outside of
Bank Debits-During
Cincinnati 52 to 78, Cleveland 58 to 68, Detroit 56 to 70, New York continue to run about 10% below the level for the similar
Kansas City 64 to 86, Milwaukee 56 to 70, St. Paul 54 to 76, period in 1929. For the first twenty-five weeks of this year, bank
10% less than
York
Montreal 64 to 72, Oklahoma City 64 to 90, Omaha 64 to 84, debits in cities outside of New but lessare about below those for
than 3%
Phoenix 82 to 110, Portland, Me., 60 during the same period in 1929,
Philadelphia 58 to 84,
similar weeks in 1928.
handled by
to 78, Portland, Ore., 50 to 72, San Francisco 52 to 64,
Instalment Financing--The volume of instalment paper
48 to 60, St. Louis 60 to 78, Winnipeg 56 to 78. On finance companies for May was about the same as the preceding month,
Seattle
Repossessions
Thursday the temperatures here were 66 to 74 degrees with but less than for the corresponding month last year.
increasing, and in some instances an imies
the forecast for moderate temperatures. There were earth- and delinquencthis are not is reported.
respect
provement in
quakes in different parts of India.
-Collections are reported to be on subCollections
Chairman Barnes of National Business Survey Conference
in Summary of Trade and Industry Reports Varying
Conditions-Continued Easing of Credit Market
Business Conditions.
World
In presenting on June 28 the monthly summary of reports obtained by the National Business Survey Conference Chairman Barnes said:
"This summary of factual reports on important lines of business
and industry is submitted, with confidence in their essential accuracy.
"As in previous reports, our conviction is that interested individual
judgment should form its own opinion, without being influenced by any
attempt at interpretation."
The survey reports that "the easing of the short-time
credit market, which began last October continues." Collections, according to the survey, are in some localities
"adversely affected by local unemployment and poor crop
prospects." Food and summer clothing sales it is stated
"are reported to be satisfactory in volume, while other
lines report seasonal declines and lower sales as midsum-
Credits and
than a year
stantially the same level as last month, but somewhat less
by
some localities collections are being adversely afected
ago. In
local unemployment and poor crop prospects.
life inLife Insurance-Month by month during 1930 sales of new
of 1929,
surance have been larger than in the corresponding months this conthat
but the figures which have now come to hand show
approximately
dition changed in May, when new life insurance was
5% below the amount purchased in May, 1929. The cumulative
than the
total for the first five months of this year remains greater
by 1.3%.
cumulative purchases for the same months of last year forty-four
The total new life insurance of all kinds written by the
insurreporting companies, which have 82% of the legal reserve life May,
for
ance outstanding in the United States, was $1,097,000,000
1930.
Fire Insurance-The premium income of fire insurance companies
about
writing the major portion of the business for May, 1930, was losses
9% lower than the corresponding month of 1929, while fire
companies
showed an increase of approximately 20%. These same
months
report that losses by fire in the United States for the first five
compared with $196,000,000
of 1930 reached a total of $210,000,000,
for the corresponding period of 1929.
-For the year to June 20, non-residential
Construction Industries
00, or
building was less than last year by a little more than $110,000,0
year's volume
9%; public works and public utilities exceeded last
ely 20%; but residential
by a little over $110,000,000, or approximat
20
FINANCIAL CHRONICLE
[vol.. 131.
building fell behind by nearly $500,000,000. The comparative figures thirty days'
supply. Zinc stocks showed further increases equivalen
t
for contracts awarded during these periods were: Non-residential build- to 10% of the
month's production.
ing, this year, $1,136,000,000, against $1,246,000,000 last year; public
Iron and Steel Industries—Pig iron production
works and public utilities, this year, $684,000,000, against $572,for the first five
000,000 last year; residential building, this year, $554,000,000, against months of 1930 was 14.5% below production in the corresponding
part of 1929—this part of 1929 having a record productio
$1,045,000,000 last year.
n—and, being
15,387,000 tons, was within 10,000 tons of productio
Total building contracts for all classes this year to June 20 were
n during the
first five months of 1928, a good year. The daily
$2,375,000,000, against $2,864,000,000 for 1929 and $3,275,000,000
average production
for 1928. (The building contract figures are from the F. W. Dodge in May of this year was within 1% of the daily average production
in May, 1928, and within 5% of the daily average in
Corporation.)
May, 1927, but
17% below May, 1929, which was a record for May.
Many permits for additions, alterations and repairs in 295 cities
Output of steel ingots in the first five months of 1930 was
show 2% increase in value for May over April, and April for these
20,352,000
toias s.this amount being exceeded in a like period only in
ye l r
,
same cities was 7% greater than March.
three earlier
Awards of concrete pavement to June 14 totaled 73,925,716 square
Specifications during May fo'r steel to be used in shipbuildi
yards, as compared with 65,473,233 to June 15, 1929, and 71,446,653
ng increased to 40,000 tons. Gas and line pipe mills with
to June 16, 1928.
few exceptions
Contracts awaiting award are 24% above 1929
have orders on their books which will carry them at capacity
and 11% above 1928 on the same dates.
to the
Concrete road yardage continues to exceed by a substantial margin end of the year, the aggregate being in excess of 1,000,000 tons.
road awards in any previous year, being 27% greater than 1929 and Orders received by such mills in May and June to date have exceeded 500,000 tons, a record figure for such a period.
21% greater than 1928. Street and alley yardage still falls short
of
The level of iron and steel prices declined somewhat further
previous records in nearby years.
in May
and the first week of June, but for several weeks has
Shipments of cement in May increased 30% over April
now reand 3% mained stationary at a point approxima
tely 10% below the level in
above May, 1929. Production exceeded shipments only slightly.
May, 1929, and 4% below the level at the middle of
The lime industry is more than 13% below last year.
1928.
Shipments
Indices show employment in the iron and steel industry slightly
of chemical lime are at the same level as last year, but the
demand less in May than in April and at almost
for lime for construction purposes continues low. Agricultur
exactly the same point as in
al lime May, 1928, but 10% under .May, 1929,
and with payrolls about 4%
is dormant at this season.
Shipments of crushed stone, sand and gravel are running 5 to 10% under May, 1928, and 19% under May, 1929.
Automobiles—May motor vehicle production of 442,000
below the same period of last year. The demand for road constructi
was 554%
on under April and 30% under
purposes is about the same as last year, but railroad ballast
May, 1929. The total of 1,979,000 for
orders the first five months
of 1930 is also 30% under 1929, but higher than
have been considerably curtailed.
for any other year except 1929. The output of trucks during
In the early weeks of June inquiries for structural steel
the
were in first five months
good volume, representing the highest tonnage reached in
of 1930 was exceeded only in 1929. Production of
a year low-priced
cars is an unusually large proportion of the total.
and a half. In May new orders placed increased sharply over
new
The motor and equipment industry reports recession for May
orders for April, although approximately 12% under new
below
orders in April,
but present business is reported above the average for the three
May, 1929. Shipments in May, reflecting conditions earlier
in the previous
year, were under April and also under May last year.
years.
Stocks of passenger cars in dealers' hands on May 1 were 438,064,
Orders for concrete bars during the year to date totaled
152,000 as compared
with 534,909 on hiay 1 a year ago, being a decrease of
tons, as contrasted with 160,000 tons in the corresponding
portion 18%. Recent
reports are that the low trend of dealers' inventories
of 1929.
continues.
Shipments of sanitary ware followed the lag in residential
building,
Exports of motor vehicles in May were 26,500 in number, or
being substantially smaller in May this year than in May,
34%
1929.
below exports in May, 1929. In the first five months of 1930 the
Shipments of porcelain plumbing fixtures in the first
numfive months ber exported was
146,000, or 46% less than in the corresponding part
of 1930 were 45% below shipments for the same period of
1929, and of 1929. Payroll indices
shipments of plumbing and heating supplies were 50% below.
of automobile manufacturers in May were
about 1% over April.
May shipments of plate glass were 16% below May,
1929, while
'Rubber Manufacturers—In May production of automobile casings,
production was 2% lower and stocks were larger.
at
4,560,000, was 1.5% higher than in April and 17.1% higher
During the past few weeks the production of lumber
than in
has declined March.
steadily and at present is 20% below the same date last
Employment increased accordingly. Inventories at the end
year. Ship- of May
were 10,665,000. Thus, the inventory situation was approximents and orders continue below production and West
Coast mills mately as in
are operating at less than 60% capacity.
May, 1928, when current production was approximately
10% higher. Inventories this year are 20% less than at
The average price index for building materials shows a
the correspondslight soften- ing time last year,
after a production in May, 1929, of 6,109,000 casings—
ing in June, as compared with May for sand, crush stone,
cement, the largest monthly
common brick and lumber, with gravel, structural steel
production ever recorded by the industry. The inand hollow dustry reports business
tile remaining firm or increasing slightly.
in June as about even with May, and approximately 30% below June, 1929. For other branches of the rubber
Real Estate—A study of the general real estate
indussituaticin in 428 try the report is that in June operations are
on a somewhat higher level
cities has resulted in a report showing that 22% of
the cities had than earlier in the year, but below the level
of this time last year.
more real estate activity in May than in May a year
ago, 33% had
Machinery—The machinery industry as a whole is operating
approximately the same real estate activity as a year
between
ago, and 45% 65 and 70% of capacity,
with inquiries and orders in May less than in
had less real estate activity.
April. Exports of construction, metal-working and oil well
and refining
Telegraph and Cable—Telegraph business continues
approximately machinery for the first five months of 1930 averaged approximately
the same as in the past months, but the latest figures
25%
indicate some over exports in the corresponding part of 1929. Orders in May
improvement for the second quarter of 1930 over the
for
machine tools were 25% under April, reaching their lowest point
first
since
parison with the corresponding periods for 1929. Transatlan in comtic cable November, 1927. Shipments in May were 16% less than
in April...,
business is improving, the volume now being 4 or 5%
over last year, Unfilled orders on the books at the end of May represented something
but the increase being in low priced messages. South
American busi- less than two months' work at the May rate of production.
Employness is still low. Transoceanic radio communication
in June is ment indices showed larger forces than in 1928 but payrolls about 12%
showing an increase over preceding months and over
less, both employment and payrolls being substantially less
1929.
than in
Telephone—May long-distance telephone messages
exceeded May, May, 1929. Heavy machinery builders' activities represent about 70%
1929, by 8% and early June indicates an almost equally
of capacity.
favorable
showing. The number of telephone installations
Farm Implements—In April, after a first quarter in
continues to grow,
domestic busialthough the gain during May was somewhat less than
during April. ness better than last year, the farm implement industry showed some
Preliminary reports indicate that capital expenditures
falling off. In May there was recession for the industry
in May were subas a whole,
stantially more than in May, 1929.
and recently further reductions in operating schedules
May exports, at $9,615,000, were 15% less than in April. are reported.
Postal Receipts—Postal receipts in May at fifty selected
The employlarge post- ment index for May is approxima
offices were 4% below April of this year and 3% below
tely 7% under April, and 25% under
May, 1929. At May, 1929, but
slightly over May, 1928, whereas payrolls in May
fifty industrial cities May postal receipts were 5%
of
below April of this this year were
20% under May, 1928.
year but substantially equal to May, 1929.
Hardware--Sales of hardware at retail, as reported
Electric Power and Gas—Electric power output has been
by 900 dealers
running at through their national association, were on the average
the same level as 1929 for the past nine weeks.
in May, 1929. Manufacturers of items of hardware 4% under sales
manufacturing plants during May was 1% under Consumption by
that are seasonal
April and 13% have now brought their operations to the 1929
under May of last year, and at the same rate as for May,
items for use in construction arc operating level, but those making
1928.
Three industrial groups show increased consumpti
approximately at 65%.
Payrolls of manufacturers of hardware in
on of
all of its forms show about
ing May over April, food products leading with a gain power dur- 7%
more employees than in May, 1928, but
of 15% fol13% less payroll disburselowed by chemical products with 5%, and paper and
pulp with 4%• ments, and 11% fewer employees and 24%
smaller payroll disburseGas sales in May were below April and manufactured
gas sales ments than in May, 1929.
were 3% above May, 1929, and natural gas sales were
Chemicals—By reason of the multiplicity of items
at approxiin the chemical inmately the same level as a year ago.
dustry, activity probably is measured
most conveniently by payrolls.
Gasoline—There has been the usual seasonal
increase in demand Employes on payrolls in May this year were practically as many in
for gasoline, but stocks remain about the same,
largely because im- number as in April, 3% less than in May, 1928, and 7% less than in
proved refining processes offset a reduced run
of crude to stills. As May, 1929. The index of prices for twenty-five typical heavy chemical
the result of the conservation effort, petroleum
production has been products in May remained the same as in April, and approximately 1%
curtailed almost to the level recommended by the
Federal Oil Con- under the figure for May, 1929. Shipments of some heavy chemical
servation Board.
items continue heavy. Consumers of dyestuffs,
tanstuffs and allied
products continued to buy in reduced quantities
Coal—Stocks of bituminous coal in consumers'
, confining themselves
hands are at the generally
to current requirements. Drugs, fine chemicals
lowest point in recent years, amounting to approxima
and medictely twenty-first inal chemicals
are moving in a volume which the trade considers
days' supply at the present rate of consumption. The
fairly
production has remained practically constant since earlyaverage weekly good.
April, and at
Fertilizer sales in the South are reported for
present is slightly over 8,000,000 tons. For recent
May, 1930, as subweeks the pro- stantially higher
than for May, 1929. Exports in May
duction rate has been 12% below 1929 and 4% below
were 26%
1928. Ship- higher in tonnage
than in May, 1929, and for the five months
ments of anthracite during May were 30% greater than in
ended
April, and with May this year
were 23% over exports in the corresponding
only 1% below May, 1929. Prices of both anthracite and
part
bituminous of last year, although by
coal continue at low levels.
reason of price declines the value of
the
fertilizer exports in the first five months of this year
Metals—Continued low prices for copper, lead and
was less by 10%
zinc have pro- than in the first five months of last year.
The average invoice value
vided only moderate stimulation to consumption.
Domestic and ex- for exports this year has been 27% under
the average during the first
port shipments of copper in May were 50% greater than
in April, five months of 1929.
while stocks increased less than 1% and production was
Electrical Manufacturers—Activity in electrical
unchanged.
The daily rate of lead production declined almost 10%
machinery in May of
during May this year continued below the level in the
corresponding part of 1929,
but stocks showed an increased and are now equivalent
to nearly but was approximately 20% over the level in
the corresponding period
JULY 5 1930.]
FINANCIAL CHRONICLE
of 1928. The May level of activity was lower than in any of the
preceding months this year. Electrical refrigeration continues active,
but radio sales and sales of other appliances are seasonably at a low
point.
Leather and Leather Products—Complete data on production of shoes
in May, 1930, are still lacking, but the expectation is that production
will prove to have been somewhat lower than in May, 1929, and below
April, 1930, when the largest monthly production this year was reached,
at 28,878,000 pairs. In production there seems to be considerable
unevenness, some manufacturers reporting continuance of good business, while others are operating upon part time. In tanning operations
there was some slight curtailment from April. Manufacturers of leather
goods report little change in their industry, estimating that to date
production and sales are about 25% below the corresponding period of
last year.
Printing and Publishing—The improvement in commercial printing
which appeared in April continued in May, wtih somewhat increased
employement. Both the number of employes and payroll disbursements
were almost identical with the figures for May last year. Employment
in newspaper printing, which may be used as a convenient index of
production for that business, having been consistently higher in earlier
months of 1930 than in the corresponding months of 1929, continued
this relationship in May.
Paper and Pulp—Way shipments of fine paper and newsprint were
slightly below last May when operations were at an exceptionally high
level. Operation in the coarse paper have been curtailed. The paper
board group is still running below normal. The production of book
paper is not up to last year. Labor and payroll conditions continue
to be staple.
Advertising—Magazine advertising expenditures showed an increase
for the first six months of this year, compared with the corresponding
period of 1929, amounting to 7%. The increase for the month of
June, 1930, compared with June, 1929, was 11%. Radio advertising
expenditures in May continue to show an increase over last year, the
increase in May of this year amounting to 47% over May, 1929.
Newspaper advertising lineage in May declined nearly 10% compared
with May, 1929. The decline for the first five months was 7.7%,
compared with last year.
Textiles—May production in cotton goods was 19% below May,
1929, and 20% below May, 1928. Shipments were 98% of production. Stocks increased accordingly and were 23% greater than in
May, 1929.
Stocks of raw silk in the United States have been sharply reduced
to a point below half of the stocks last December. May imports of
raw silk were 40% under April and 55% under May, 1929. Manufacturing operations in the silk industry generally were about 8%
less in May than in April and around 20% under May last year.
Production of woolen and worsted goods, after tending downward
from March to April, turned upward in May, with May production
being approximately 12 to 14% over April production. The number
of employes on payrolls was increased. The woolen and worsted industries at the end of May were operating on a higher level than
at the corresponding period of 1928, but substantially below the level
in May, 1929.
Clothing manufacturers report that men's clothing cut in May was
less in quantity by 7% than in April and less by 28% than in May,
1929. Boys' clothing cut in May was about the same in quantity
as in April and slightly less than in May, 1929.
The knitted outerwear industry reports 1930 sales to date as between 15`and 20% below sales in the corresponding part of 1929.
Makers of carpets and rugs report their present production as approximately 55% of their normal production. So far, 1930 sales have
been about 35% under sales in the corresponding portion of 1929.
Stocks in all hands are reported to be depleted and production is being
kept closely in line with current demand. Employment declined in
May from April by approximately 10%.
Food Products-- The volume of fruit and vegetable shipments in
(
May fell 5 to 7% below May, 1929. Unseasonably cold weather in
May reduced both supplies and demand in some lines.
Pork consumption in May was slightly above last year, with prices
8% lower.- Beef and veal consumption was 1% lower than last year;
prices 19% below. Payroll indices in meat packing for May were
1% above April and practically unchanged from May, 1929.
Storage stocks of eggs and poultry on June 1 exceeded by almost
50% stocks on the same date last year. Prices of poultry products
in May averaged 20 to 30% below last year.
Per capita milk consumption in May continued at about 2% under
last year. Cold storage holdings of butter on June 1 were 50,000,000
pounds, against 28,000,000 pounds a year ago, and current prices
were 25% under last year. Cheese stocks also are large and prices
lower than last year. Cheese manufacturers generally report a larger
output in May than in May, 1929. Payrolls in ice cream manufacture advanced 12% in May over April and were 4% over May,
1929.
The flour milling industry reports business somewhat below normal.
May payrolls were 2% under April and 3% under May last year.
In the baking industry May payrolls were practically the same as
April, but 4 per cent under May, 1929.
Grocery manufacturers report higher inventories than at this time
last year.
In confectionery manufacture May payrolls dropped 4% under April
and 6% under May, 1929.
May shipment of glass containers showed an increase of 5% over
April, but new orders dropped to 13% below.
Retail and Wholesale Trade—Retail trade of department stores in
May was about equal to May of last year. Employment figures for
May showed practically no change over April.
Food and Summer clothing sales are reported to be satisfactory in
volume, while other lines report seasonal declines and lower sales as
midsummer approaches. Cautious buying on the part of retailers continues with resulting low inventories. Collections are reported fairly
satisfactory.
Several wholesale lines report decreased sales reflecting extreme
hand-to-mouth buying of retailers. Payroll indices of wholesalers show
practically no change in May compared with April.
Hotel Business—Hotel business as a whole in May was approximately
7% below May, 1929.
21
President Hoover in Address to Governors' Conference
Reports Expenditures for Public Works ih Last Six
Months $200,000,000 in Excess of Last Year—Says
Further Effort Will Add Faith in Early Recovery.
Addressing, in a radio message from Washington, D. C.,
the Governors' Conference at Salt Lake City, Utah., on
June 30, President Hoover expressed his appreciation of the
action of the Governors in co-operating with the President's
efforts to alleviate unemployment through the expansion of
public works. "The totals expended or contracted for in
new public works and betterments by National, State and
local governments in these last six months," said the President,"have not been less than $1,700,000,000;" this he said
"exceeds even the boom year of 1929 by over $200,000,000."
"We have," said the President, "need for continued serious
effort. . . . Every dollar of work we provide now," he
said,"adds to the security of the home in this time of stress.
Renewed resolutions for even further effort in every State
and every community, and in the Federal Government will
add faith in early recovery." The address follows:
It gives me great pleasure to greet this22d annual conference of governors.
I especially welcome the opportunity at this time to express my appreciation for the co-operation that the Governors and their associates in county
and municipal affairs have given to me in organizing the expansion of
public works to alleviate the unemployment which has resulted from the
stock market crash of last November.
The request for such co-operation which I issued to the Governors and
Mayors at the end of November last met not only with immediate-hearty
assurances from almost all State officials, but has been followed by action
productive of most important results. I feel that some report of the results
of that co-operative effort is not only of interest but is due to your body.
To definitely organize so as to prevent the activity in public works from
receding like other activities in depression, and to speed them up in anticipation of future needs so as to alleviate unemployment in such a time is a
new experiment in our economic life of the first importance, and the successes which has attended this effort, the enlarged understanding of its
vital importance, the new paths of organization which it has opened,represent an advance in economic thought in government and in service to
our people.
We have hitherto regarded great business depressicns with their inevitable train of unemployment and hardships as an inevitable fever which
must run its course, and in former times if public works were undertaken
in alleviation of unemployment it has been in the sense of semi-charity.
This time the nation has realized t at as a sound economic policy that
prudent expedition of construction could be to an important degree used
as a balance wheel to maintain security of employment, to maintain consumption of goods, to thus contribute to economic stability and above all
to relieve hardship.
We have since the first of January a full six months of organized effort
from which we can begin to appraise results. In all previous depressions.
the volume of public works has diminished because the State and municipal governments, feeling the effects of such depression in taxes, in problems of finance, and in the general psychology of retrenchment, have
themselves followed the general trend. In the great depressions of 1908
and 1921 we witnessed such a decrease in public works. Had matters
followed their previous course, we should during the past six months have
undoubtedly seen a diminution in volume of employment in public works
over normal times. But on this occasion we witness a large increase.
The Dep rtrr.ent of Conurerce inforxrs me that the totals expended or
contracted for in new public works and betterments by National. State
and local governments, in these last six months have not been less than
81,700,000,000, and that this exceeds even the boom year of 1929 by over
$200,000,000, and the organized effort to which you have contributed so
much in creation will, I am confident,go still further in its accomplishments.
It takes time to plan public works, to legislate, to finance them, to
assemble materials, to enter contracts so that the second half of the year
promises even greater results—prrticuli rly is this true for our Federal
appropriations and our plans for roads, buildings, ships and other Federal
improvements are much enlarged in our fiscal year beginning today.
Nor should I omit reference to the effort of our utilities and our ler dbsg
business concerns to co-operate with us in the increase of construction.
They have shown courageous faith in the future and their expansion of
employment which they have provided in construction and bettcrment
works exceeds even the $200,000.000 of increase over 1929 accomplished
by the public authorities.
branches of
I am happy to say that this co-operation of efforts of all
the Government, State, local and Federal are still continuing.
pioneering a
We have every need for continued serious effort. We are
new path for the future which shall add to the orderly progress of the
nation. Every dollar of work we provide now adds to the security of the
home in this time of stress. It adds courage and,hope in time of adversity.
Renewed resolutions for even further effort in every State and every community, and in the Federal Government. will add faith in early recovery.
The splendid endowment of our country of fortitude, courage, boundless
energy and resources, together with unity of effort is the guarantee of
recuperation. To that unity of action your members have made notable
contribution
Guaranty Trust Company of New York Says Recent
Developments Do Not Brighten Outlook for
Marked Upward Movement of Business in Early
Future.
The general course of business in recent weeks has been
toward slightly lower levels of activity, states the Guaranty Trust Company of New York in the current issue of
The Guaranty Survey, published June 30. "This tendency
is partly due to the fact that many branches of trade and
industry habitually curtail their operations during the summer months," says "The Survey," which continues:
"But even with full allowance for seasonal changes, there can be no
doubt as to the reactionary character of recent reports. The moderate
gains noted a month ago have mostly been canceled, and the current
22
FINANCIAL CHRONICLE
rate of activity apears to be about as low as has been shown at any time
since last December.
Recent Reports Not Encouraging.
"Recent developments, moreover, do not brighten the outlook for a
marked upturn in the early future. Commodity prices continue to move
consistently downward. Employment is still on the decline. Construction
contracts awarded in the first three weeks of June were considerably above
the rate in May, but both the total for last month and that for the first
three weeks were smaller than those for the corresponding periods a year
ago. After a considerable increase in output during the latter part of May,
automobile producers have again cut down their schedules; and it is estimated that the number of vehicles produced in the first Mx months of
1930 was 1,000,000 units, or 30% below the record total of a year ago.
"The attitude of sorn2what forced optimism that prevailed earlier in
the year seems to have subeided. This modification of business sentiment
is not necessarily an unfavorable development. Under some conditiOns, no
doubt, a general expectation of business expansion may actually help to
promote recovery. But it has become quite manifest by this time that
the conditions underlying the present depression are more than psychological. Optimism is an excellent foundation for business policy, but a sane
optimism is not inconsistent with a frank recognition of unpleasant facts.
Possible Recovery in Autumn.
[VOL. 131.
of unemployment because it would create too heavy a burden of public
debt for the localities.
" Insurance System Held Inevitable.
"Careful planning, shorter hours, more complete facts, public works and
a dozen other palliatives will in the future reduce unemployment,especially
In times of industrial depression, but all of these will not eliminate unemployment," Governor Roosevelt said.
"Some form of insurance seems to be the only answer. Unemployment
Insurance we shall come to in this country'just as certainly as we have come
to workmen's compensation for industrial injury; just as certainly as we
are to-day in the midst of a national wave of insurance against old age want.
"It is, of course, necessary for us to recognize and guard against two grave
dangers, but there is no reason why-proper study cannot give us the answer.
Insurance against unemployment must not by any chance or loophole
become a mere dole—a handout from local or State governing agencies—
which encourages idleness and defeats its own purpose.
"It should be possible in developing a system of unemployment insurance
to draw a hard and fast line against any man or woman who declines to
accept an offered position, and it should be possible to so alternate employment that one individual will be unable to find a job for more than two
or three months at a time.
"The other social and governmental danger is that there will be a natural
tendency to pay the cost of unemployment out of current revenues of
government.
"It is clear to me, first, that unemployment insurance must be placed
on an actuarial basis, and, secondly, that contribution must be made by
the workers themselves. Ideally, a carefully worked out system of unemployment insurance shOuld be self-supporting and a close and intelligent
study of the facts and of the law of averages can make this wholly possible."
"Business has definitely settled down to the expectation of a dull summer. Between the first of June and the first of September, seasonal influences do not favor trade revival; therefore, it is quite logical to assume
that the autumn stimulus will provide the next opportunity for an upturn.
Although recent reports have had a marked sobering effect on business
predictions, there is still a general disposition to believe that trade will
recover in the fall and that 'normal' activity will have been restored by the
New York Law Only One Step.
end of the year.
Governor Roosevelt then took up old age pensions.
"Such an expectation is by no means unreasonable, supported as it is by
"Up to the present time," be said, "most of us have been thinking of old
certain favorable conditions, such as low money rates, fairly well maintained wage scales, and a generally moderate level of industrial and com- age insurance in terms of the very old, and in terms of the old-fashioned
almshouse, poorhouse or county farm.
mercial inventories. There are, however, certain considerations on the
"To-day, however, old age security logically and inevitably ties it with
other side. One is that the present depression has been in evidence
for only a very short time in comparison with most recessions of similar the whole problem of the unemployed. The reason is, first, that when old
scope in the past. Although business activity reached its peak approximately men and old women are no longer able to support themselves by working
a year ago, the decline in the early months was moderate; and it was not they come into the ranks of the unemployed, just as much as if they were
until the collapse of stock prices had added its depressing influence that the victims of industrial layoffs. The only difference is that their layoff
is permanent rather than temporary.
production and distribution sank to unmistakably sub-normal levels.
."The other reason is the tendency of the speed-up American industrial
"Another condition that weakens the outlook for early recovery is the
continued decline of commodity pricers. It has been pointed out many machine to decline to employ men and women who have merely reached
times in recent years that business has shown greater resistance to the middle age and have not yet reached real old age.
"It is, of course, inevitable that the problem must be worked out in a
influence of price changes than was formerly believed possible. The great
surge of productive activity in 1928 and 1929, for example, was achieved piecemeal manner. For example, the passage of the old age security law
in the State of New York this year takes only one short step toward the
with very little aid in the way of price advances—in commodity markets,
at least. In fact, the entire period from 1923 through 1929, which is gen- larger problem. Our new law applies only to men and women 70 years
erally regarded as the most prosperous in the history of the country, was old and over, but it is based on the correct theory that it is in the long run
marked by a gradual and irregular decline in the price level. Neverthe- cheaper for the community and better for the beneficiaries to live in their
less a, careful examination of intermediate fluctuations shows that, in a own homes during their declining years than for them to become inmates
general way, the old relationship has held true; and opinion regarding of institutions.
"We as a nation have begun to do everything possible to get away from
the prospects for business will remain strongly tinged with conservatism
the institutionalizing of the wards of the States. Nevertheless, the New
until fairly definite signs of price stabilization have appeared."
York law has failed to get to the real roots of old age want. It has set
up no machinery for building up of what in time must become an insurance
fund to which the State and the workers and possibly the employer will
Governor Franklin D. Roosevelt of New York Urges contribute. The cost of the present law is to be borne half by the State
Insurance to Provide Against Unemployment— itself and half by the counties of the State.
a stopgap to
"That may
Takes Exception to Washington Pronouncements who are to-daybe very well as estimated thatmeet the emergency of those
in want. It is
only 51,000 men and women
on Employment Conditions—Views on Taxation. in the State of New York will be affected. It is our hope, nevertheless,
that we can make the application of the law more broad in years to come,
"Unemployment insurance we shall come to in this country
but that
we
definitely
just as certainly as we have come to workmen's compen- State andin so doing and can get awayestablish a from the theory of mere
county aid
that we shall
definite insurance system
sation," said Governor Franklin D. Roosevelt of New York in which the worker will become a definite part as an individual the very
first day that he or she starts to become a wage earner in the community."
in addressing at Salt Lake City, Utah, on June 30 the
In conclusion, the Governor said:
Governors' Conference. Extracts from Governor Roose"That the broad principles of insurance can be made to meet the basic
velt's speech as contained in a Salt Lake City dispatch to the problem of unemployment and old-age want seems to me a business proposal which is sound. It would be far more radical or socialistic to suggest
New York "Times"follow:
that local and State governments should in the days to come grant pensions
Cnides "Our Washington Friends."
or doles to those who are in need. Our economic progress and-tendencies
Governor Roosevelt deprecated the "wholly new economic theory" that call for businesslike plans to meet the difficulties of an industrial age."
high wages, combined with high-pressure selling campaigns, would insure
prosperity for all times, as directly opposed to the immutable law ofsupply
Speaks on Taxes in Evening.
and demand.
Governor Roosevelt said in part:
"Unfortunately for some of our Washington friends," he said, "this
new theory that although a man cannot pull himself up by the bootstraps
"It seems to me that the time has come for every State to co-operate
a nation can, came a terrible cropper when it bumped squarely into the with every other State in laying down certain lines or programs of taxation
which will be sound and at the same time can be understood by the average
old law of supply and demand.
"We can wholly approve of the remsurance against panic which came citizen.
"The first step is, of course, to obtain some recognition on the part of
from the conferences in the nation's capital last autumn, but, on the other
hand, many people, irrespective of politics, are sanely and soberly protest- the Federal Government by which a definite and clear-cut classification
ing against the spectacle of officials of government and leading financiers of taxes will be reserved to the Federal Government so that the Federal
Government will be limited to this classification, except, of course,in times
juggling with figures in order to deliberately distort facts.
"When between twelve and fifteen workers out of every hundred are out of war or of great national emergency. All other methods of taxation would
of a job in very many industries, it is neither truthful nor useful to tell them thereby automatically be reserved to the States themselves.
"The States will then have an opportunity to work out for themselves
that employment is practically back to normal, or that purely psychoa second classification of taxes, dividing these taxes into those which the
logical reasons only stand in the way of 100% output.
"Here is an immediate need for governmental and private organizing State itself will levy on the one hand, and those which will be reserved for
in order that we may have the whole truth about the unemployment situ- local tax purposes, counties, cities, school districts and so forth on the
ation. The very recent announcement from the Census Bureau in Wash- other hand.
"Then and only then can we as a nation take up the equally important
ington, giving figures of unemployment over a definite area, has already
been discredited, for the very simple reason that the figures are wholly task of putting some kind of limit on the total of our taxes and on the
total of the government debts, which we are so eagerly increasing at the
out of line with known facts.
"The truth of the matter is that we are in the midst of another turn of present time."
the wheel in the economic cycle and that production in most industries
has outrun consumption. To this domestic crisis has been added a distinct falling off in our exports.
New York Federal Reserve Bank's Indexes of Business
"To go into the reason for this would cause me to be accused of talking
Activity.
politics; suffice it to say that our present theory of economic relationship
between us and the other nations does not seem to be an outstanding success
In its July 1 "Monthly Review," the Federal Reserve
for our pocketbooks."
Bank of New York presents as follows its indexes of business
In discussing remedies, Governor Roosevelt said that practically every
State Government had taken definite action to meet the unemployment activity:
emergency. New York. he said, had through its Legislature, provided for
No marked change in the level of business activity occurred in May,
the expenditure of 890,000,000 for public works, an increase over last year though the general tendency appears to have been slightly downward.
of $20,000,000. The municipalities had followed the State's example and
In June car loadings of merchandise and miscellaneous freight showed
increased their outlay for public works. But he warned his audience a further nseasonal decline, and continued well under the levels of recent
that such emergency measures could not be relied upon for future periods years.
FINANCIAL CHRONICLE
JULY 5 1930.]
(Adjusted for seasonal variations and usual year-to-year growth)
May
1929.
Primary Distribution
Car loadings, merchandise and miscellaneous _ _
Car loadings, other
Exports
Imports
Panama Canal traffic
Distribution to Consumer
Department store sales, Second District
Chain store sales, other than grocery
Life insurance paid for
Advertising
General Business Activity
Bank debits, outside New York City
Bank debits, New York City
Velocity of bank deposits outside N. Y. City
Velocity of bank deposits, New York City
Shares sold on New York Stock Exchange
Postal receipts r
Electric power
Employment in the United States
Business failures
Building contracts
New corporations formed in New York State_ _ _ _
Real estate transfers
General price level.
Composite index of wages.
Cost of living.
Preliminary. * 1913-100. r Revised.
March
1930.
Apri:
1930.
May
1930.
102
104
94
124
79
91
77
86
92
79
94
87
81
102
78
92
87
82p
990
67
103
103
101
98
104
93
109
87
105
90
103
89
107
93p
93
87
107
178
123
201
329
101r
103
104
106
113
112
81
179
226
171
101
142
116
159
299
94r
91
93
118
88
93
70
173
228
168
98
136
111
150
396
99r
94p
93
121
83
94
67
174
226
168
99
134
112
143
273
96r
92
121
83
95
66
172
225
23
Grouping of Fundamental Factors on Side of Revival
Seen Favorable to Business Recovery by Chatham
Phenix National Bank & Trust Co.
The real improvement in business conditions during the
past month is seen by Chatham Phenix National Bank &
Trust Co. to lie in the gradual grouping of fundamental
factors on the side of revival, and in the resistance displayed
by some important lines to the slackening of activity usually
experienced at the approach of summer. Among the basic
elements of the situation which appear to lend themselves
to sound optimism, discussed in the bank's current "Monthly
Outline of Business," is the generally accepted fact that on a
nation-wide basis production in recent months has fallen
•
below the normal of consumption. The bank says:
The current rate of industrial output is estimated to be about the same
as that of 1925, whereas the population of the country has increased by
many millions since that year, and the national standards of living and buying have risen at an even more rapid rate.
It is true that the current consumption is also below normal but this
decline is held by most observers to be appreciably less on the whole than
that of production, and this view receives support from inventory records
which in many instances reveal substantial reductions over the past 6 or
8 months. A period of marked under-production in a nation which is as
United States cannot be
Decline of 1% in Farm Prices Between May IS and June 15. fundamentally sound as thethe current depression has continued indefialret dy extended
nitely, and the "valley" of
The index of the general level of farm prices declined 1 farther than that of any other since 1921.
Some evidence that commodity prices may be approaching a point of
point from May 15 to June 15, and at 123% of the pre-war
relative stability following their prolonged decline also tends to give
level on June 15, the index was 12 points lower than a encouragement to the outlook.
year ago and was at the lowest level since October, 1922,
In the field of financing the prompt oversubscription of the American
bonds is looked upon with satisfaction as
according to the Bureau of Agricultural Economics, U. S. share of German reparation
Perhaps paving a way to further increase in our foreign loans, with resultant
Department of Agriculture. Under date of July 2 the lat- benefit to domestic business. It is recognized that the prosperity of American industry is dependent in large degree upon its ability to market its
ter further states:
the present state of affairs overseas little chance is
The decline in the index from May 15 to June 15 was the result of surplus abroad. And in
reviving our export trade save through heavier lending to those who
lower farm prices for cotton, cottonseed, oats, rye, barley, bax, hay, seen of
must buy our goods.
potatoes, cattle, sheep, wool and all dairy and poultry products. Farm
prices of corn, wheat, apples, hogs, calves, and lambs made slight advances from May 15 to June 15.
Commodity Prices Again Sharply Decline.
June 15 indices of prices of farm products, by groups, showed
dairy products,
A decline of eight-tenths of one per cent is shown by
poultry and poultry products down 7 points from May 15;
down 5 points; cotton and cottonseed, down 4, and meat animals down the wholesale price index of the National Fertilizer Associa1 point. The Farm price index for grains was up I point from May;
tion for the week ended June 28. Five groups declined and
that for .fruits and vegetables showed no change,for the period.
As compared to a year ago the price index for poultry and poultry three advanced slightly. Of the total items 49 declined and
products was down 37 points; cotton and cottonseed down 31 points; 16 advanced. The larger declines occurred in grains, live
meat animals down 22 points; dairy products down 17 points; and
other than fats, textiles and textile materials,
grains down 5 points. Prices of fruits and vegetables, were 73 points stock, foods
metals and fertilizer materials.
higher than last year.
The farm price of hogs advanced approximately 1% from May 15
Based on 1926-1928 as 100 and on 476 quotations, the
to a level on June 15 which was about 8% lower than a year ago. The
index stood at 87.1 for the week ended June 28; 87.8 for June
price advance from May to June was accompanied by a 5% decline
in storage holdings of pork. The corn-hog ratio for the United States 21, and 88.8 for June 14.
was 11.5 on June 15 as compared to 11.6 a month earlier and 11.3 in
June, 1929.
Increased supplies of beef cattle tended to depress the United States Survey of New York Chamber of Commerce Shows 379
average farm price of cattle. At $8.20 per hundredweight, the June 15
Hotels in New York of More than 25 Rooms.
price .was approximately 2% lower than on May 15 and 16% lower
New York has 379 hotels of more than 25 rooms, Charles
than on June 15, 1929. In the 4-week period ended June 14, receipts
of cattle at 7 primary markets were 5% greater than in a similar T. Gwynne, Executive Vice-President of the Chamber of
period ended May 17 and were about 14% greater than receipts in the
Commerce of the State of New York, announced on June 26
corresponding period of last year.
The United States average farm price of corn advanced approxi- in connection with the survey now being made by the Bureau
mately 1.7% from May 15 to June 15. The advance was general of the Census as part of the new Census of Distribution.
throughout the country but largest in the South Atlantic and Far
Boarding houses, Y.M.C.A.'s, Y. W.C. A.'s, Turkish baths,
Western States. On June 15, corn prices were still about 9% lower
which favored this advance are the relatively clubs, tourist camps, &c., are not included in this census.
than a year ago. Factors
small commercial stocks, indications pointing to only moderate market- Questionnaires were sent to 2,207 hotels in the State •of.
ings for the remainder of the season, and an acceleration of activity
New York, Mr. Gwylane said, and to a total of 25,000 hotels
among industrial users of corn.
The June 15 farm price of wheat was not greatly different from that in the nation.
of a month ago. An advance of approximately 1% in the Northern
States was almost wholly offset by declines of 1% in the South
Atlantic States and 2% in the South Central States where the 1930 The Department of Commerce's Weekly Statement of
crop is now coming to market.
Business Conditions in the United States
Front the 10th to the 15th of June, little wheat moved to markets in
Decline in Business Measured by Volume of Checks.
Northern States and the farm prices reported were largely nominal
figures. Consequently, the sharp break in market prices, which occurred
According to the weekly statement of the Department of '
about the middle of the month, was not fully reflected in the June 15 Commerce, business for the week ended June 29, as measured
farm price.
for payment, showed a
A considerable increase in early crop shipments resulted in a decline by the volume of checks presented
of approximately I% in the United States average farm price of pota- decline from the week before but was slightly greater than
toes front May 15 to June 15. Price movements in various parts of for the week ended June 29 1929. Steel mill activity for the
the country varied widely. A decline of 15% was registered for the
week showed a slight recession from the
South Central States, the farm price in the North Atlantic Division latest reported
dropped 5% and in the South Atlantic Division 3%. Potato prices preceding period and was below the level of a year ago. The •
advanced 6% in the West North Central area, 3% in the Far West volume of building for the latest reported period showed a
and 2% in the East North Central Division. For the country as a
gain when compared with the prior week and was higher than
whole, June 15 farm prices averaged about two and one-third times as
a year ago.
high as a year ago.
Low exports and domestic consumption and a generally slow trade
Wholesale prices declined slightly from the preceding
in cotton textiles were factors contributing to the 3.5% decline in the
were more than 13% lower than the same
15 to June 15, when the average farm week's level and
farm price of cotton from May
price was approximately 22% below a year ago and at the lowest week a year ago. Iron and steel prices measured by the comJune 15 level since 1921.
posite index, while showing no change from the week preThe United States average farm price of eggs declined approximately
vious, were 9% lower than the same period of 1929.
7% from May 15 to June 15. The price decline was accompanied by
Bank loans and discounts remained at the same level of the
a seasonal increase in storage holdings which raised accumulations to
a level about 37% above a year ago as early as June 1. At 18.6 preceding week and showed an increase of 2% over the week
cents per dozen on June 15, the farm price of eggs was 29% below a ended June 29 1929. Average prices for stocks registered
year ago.
Representative
In comparison to the usual 3% seasonal decline, the average farm declines for both comparative periods.
As a bond prices, still at the same level of last week showed a gain
price of butterfat dropped 13% from May 15 to June 15.
consequence, the June 15 price of 31.6 cents per pound is the lowest of 2%
when compared with the corresponding period of 1929.
reported since 1921. The decline from May 15 to June 15 was accompanied by a heavy into-storage movement of butter. Holdings on June Interest rates for both call and time money declined from
the preceding week and the week ended June 29, last year.
I were approximately 77% greater than a year ago.
FINANCIAL CHRONICLE
24
The number of business failures as reported by Dun & Co.
showed no change from the preceding week.
Check payments, bank loans and discounts, and stock
prices during the week ended June 28 1930 showed increases,
when compared with the corresponding week of 1928.
1930.
1929.
PERCENTAGE INCREASE (+) OR DECREASE (-) BY
FEDERAL RESERVE DISTRICTS.
District Number.
Sales May 1930 Compared with May 1929.
Line.
Toll 1
2
3
4
5
6
7
9
10
11
12
-2 -5 --6 -13 --2 -7 - +6 --8 --4
4
18
-13-24 --23
--7 -2-10 --3 -19 --14--8 -1-4 -7-17--17- -6 -9-16 -19
20
-4-12 +1
-10 -7 -3
+41 -8
Groceries
--15
Dry goods
Hardware_ _-- --13
Drugs
WEEKLY BUSINESS INDICATORS. .
(Weeks Ended Saturday. Average 1923-100.)
[VoL. 131.
1928.
Sales Jan. 1-May 31 1930 Compared with Jan. 1-May 31 1929.
June June June June June June June June
28. 21. 14.
7.
29. 22. 30. 23.
Groceries
+11 -1 -1 +3
Dry goods......11-- 17 +
751 2112 ____ -11 -23-18
-il
86.8 89.5 93.4 125.0 126.3 95.0 95.0 Hardware__ -11 ____ -13 -5-12-11 -11-15-13 - -6 -17-13
7
Steel operations
-6 ___- -3 -2- -9 -3 -3 -8-10
-4 -16 -2
__ 82.0 *81.9 83.6 97.2 *944 88.6 86.1 Drugs
Bituminous coal production
Petroleum produc'n (daily avge.) ____ 124.8 123.5 124.2 133.1 132.7 114.5 114.1
1 Boston. 2 New York. 3 Philadelphia. 4 Cleveland. 5 Richmond.
Freight ear loadings
____ ____ 96.8 97.6 114.3 111.5 104.8 102.9
a Lumber production
81.4 82.5 84.1 ___ 103.4 ____ _ _ 6 Atlanta. 7 Chicago. 8 St. Louis, 9 Minneapolis, 10 Kansas City. it Dallas. 12 San Francisco.
Building contracts, 37 States
141.2 97.6 134.4 149.0 127.4 175.9 159.3
(daily average)
Wheat receipts
57.4 46.3 57.2 94.5 78.9 53.5 36.3
Cotton receipts
18.8 27.3 35.4 29.6 36.5 36.2 26.5 23.5 Federal Reserve Board's Survey of Retail Trade in the
Cattle receipts
67.7 75.6 83.2 72.5 74.1 76.6 72.8
United States During May-Sales 2% Below Same
Hog receipts
80.6 72.4 87.8 81.7 76.7 76.7 83.0
Price No.2 wheat
69.8 76.0 78.3 84.5 79.1 112.4 115.5
Month Last Year.
Price cotton middling
50.0 51.8 53.3 58.5 68.0 68.0 83.8 80.1
Price iron & steel composite
80.8 81.0 81.0 81.3 89.0 89.3 84.7 85.0
Department store sales for May were 2% smaller than
____ 85.5 84.8 91.3 129.0 129.0 105.1 105.1
Copper, electrolytic price
Fisher's index (1926=100)
85.7 86.2 87.0 87.6 97.7 97.6 98.4 97.9 in the corresponding month a year ago, according to reports
127.5 134.9 114.9 107.9 125.3 142.6 119.0 141.2
Check payments
Bank loam and discounts
136.5 137.0 135.8 136.3 133.4 132.4 126.0 126.3 to the Federal Reserve system from 658 stores in 269 cities.
Interest rates, call money
54.5 60.6 68.6 72.7 212.1 169.7 166.7 148.5
120.4 119.7 120.1 119.2 104.4 104.4 108.4 108.4 Total sales from Jan. 1 to May 31 were 3% smaller this
Business failures
192.2 197.7 216.1 230.0 268.2 261.2 191.8 188.9 year than last year. The Board's statistics follow:
Stock prices
106.1 106.4 106.4 106.4 104.2 104.3 108.4 108.4
Bond prices
Intermt rates, time money
74.3 81.8 85.7 85.7 217.1 185.7 137.1 134.3 SALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Federal reserve ratio
11e8.0 107.5 107.1 106.1 97.2 97.8 88.6 89.0
from a Year Ago.
Percentage Increase(+) Over or Decrease( )
* Revised. a Relative to weekly average 1927-1929 for week shown.
Jan. 1 No.
Jan. 1 No.
May.
Distrie or City.
to
May.
to
of
Mallet or City.
of
May31 Stores
May31 Stores
Manufacturing Based on Consumption of Electrical
Energy Shows 10% Decline in Six Months' Period
This Year as Compared with Year Ago
-Revival
Due in Spring 1931.
Manufacturing activity in the United States in the first
half of 1930 held at an almost constant rate for the period,
but declined some 10 to 12% from the January-June period
in 1929, according to Robert M. Davis, Statistical Editor
of the McGraw-Hill Publishing Co., who makes public
the results of a semi-annual survey based on the consumption of electrical energy for power purposes. As to the
future, favorable factors outweigh the unfavorable points,
and a real revival of general manufacturing can be confidently expected in the spring of 1931. It is further stated:
The drop in general manufacturing activity during the first half as compared with 1929 has been nation-wide. Every section of the country reported an average rate of productive operations well below last year,
Operations in the New England district were 15% under the level recorded
in the first half of 1929. The decrease in the Middle Atlantic States
amounted to 7%; Nerth Central States, 11%;the South 9%;and the Western States, 11%.
Outstanding losses in productive operations were made by rolling mills
and steel plants; ferrous and non-ferrous metal working plants; leather
products;timber products;rubber products;textiles; automobiles,and stone,
clay and glass products. The average rate of operations in the automobile
industry, including the manufacture of parts and accessories, was approximately 30% under the first half of last year. Textiles recorded the second
largest drop as compared with 1929, with a decrease of about 20%.
Shipbuilding during the first half of 1930 gained approximately 10% over
the same period last year, and activity in the chemical products industry,
Including oil refining, was about 5% over lost year. The food products
Industry also recorded a gain of 4.4% over the first half of 1929.
Seasonal Influences make it almost certain that no sustained recovery in
manufacturing will be apparent during the next two months, and such increases over last year as will be recorded during the closing months of 1930
will be only a reflection of the rapid decline experienced at the close of last
year. Further adjustment between production and consumption is necessary before general manufacturing will witness a major upward swing. It
seems highly probable, however, that this adjustment will be completed
by the end of the year at the latest.
The favorable manufacturing indicators are: the inherent purch-sing
power of the American people; a population increasing at the rate of 1,400,000 a year; a sufficiency of money at low interest rates; a basic belief in the
fundamental soundness and certain future of American trade and industry.
On the unfavorable side the survey lists: A tendency to compare current
operations with the abnormal year of 1929 leading to undue pessimism;
the material reaction from the over-stimulation of general business in 192829 accentuated by the radical drop in stock prices; decreased exports, a
ref ection of world-wide economic conditions; decreasing commodity prices,
score 12% since last August; and the seasonal influences usually prevailing
during the summer months.
Wholesale Trade in May as Reported to the Federal
Reserve Board-Falling Off as Compared with
Year Ago.
The Federal Reserve Board, under date of June 26, states
that reports to the Federal Reserve system by wholesale
firms selling groceries,dry goods, hardware and drugs indicate
that in all these lines sales in the month of May were smaller
than a year ago. For the period Jan. 1 to May 31 sales of
dry goods, hardware and drugs were smaller than a year
ago and those of groceries were about the same. The
Board's statistics follow:
F. R. MariaBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
+0
+5
-2
-3
+4
-6
-7
-8
-1
+0
-8
-5
+1
+2
-4
-6
+0
-8
-8
-6
-5
-4
-7
-2
103
67
65
57
35
43
112
21
23
37
26
69
Selected City-12 -15
Akron
-6
-5
Atlanta
+7
Baltimore
+5
Birmingham
-10 -12
+1
Boston
+2
-11
Bridgeport
-5
Buffalo
-8
-6
-3 -4
Chicago
-2
-2
Cincinnati
-7
-6
Cleveland
Columbus
+6
-1
-2
-4
Dallas
Dayton
+0
-6
-2
Denver
-5
-15 -16
Detroit
Dultit h-Superier....--2
-4
Fnrt Worth
-IS -15
5
5
8
4
12
4
6
32
8
6
6
5
3
5
6
4
ft
Selected Chit
(Concluded)
Houston
-7
-9
Indianapolis
-7
-5
-3 -7
Kansas City
Los Angeles
-7
-4
Louis% tile
-5
-8
Memphis
-7
-8
-4
-2
Milwaukee
-5
-6
Minneapolis
-9
-4
Nashville
Newark
+6
+2
New Haven
-4
-4
New Orleans
-3 -10
New York
+4
+8
Oakland
+15 +19
Omaha
+3
+6
Philadelphia
-3
-4
Pittsburgh
-1
-4
Providence
-5
-3
Rochester
-2
+1
San Francisco.... -3 -3
Salt Lake City-- -13
-8
Seattle
-2
-1
-22 -17
Spokane
St. Louis
-9
-5
St Pao;
+3
-3
Syracuse
-3
-6
-7 -13
Toledo
Washington
+3
+0
Tots!
(VW eltle10
-2
5
6
4
10
6
4
7
4
4
5
4
4
12
4
3
12
7
10
4
6
5
5
5
4
5
4
4
7
-a i MR
DEPARTMENT STORE SALES. BY DEPARTMENTS.
Percentage Increase (4-) or Decrease (-)
May 1930 Compared with May 1929.
Federal Reserve Dialrid.
Department.
(a)
Boaton,
St.
New Cleve- Rid:- ChiDal- San
York. land. montl. two. Louis. las. Fran.
Piece Goods-6 -4 -2 -7
831ca & velvets....
+7 -7 -5 -4 -16
Woolen dress goods -15 -24 -27 -25 +17 -23 -34
+9 -1
Cotton wash goods
+3 -3 -4 -8 -1
+0
+3 +3
+1
-6 -2
+2 -10 -27 -10 -24 -11
Linens
+4
Domestics, muslins
-1 +10 +12 -10
&c
+5 -6 -23 -21
+3
Ready-to-wear A e cessori es-1-6 +14 +36
Neckwear,scarfs...
+1 +15 -7 -11 -20 -14
+4 -1 +19
MIllinery
+6 +17 -2
+0 -14 -9
Gloves(women's &
children's)
+16 +10 +18 +18 +29
+6 +28 +113 +11
+8
+7
Cotsets, bressieres
+8 +12 +10
+9
+2
+2
+3
Hosiery (women's
+7 -6
& children's)... -4 -4
+1
-8 -7 -17 -7
Knit underwear... -2 -5 -2
+0
+5
+3 -14 -8 -6
Silk, muslin underwear
+0
+2 +2
+5
+6 -8 -11 -14 -2
Infants' wear
-9 -11 -1 -9
+1
-9 -24 -22 -15
Small leather g'ds_
-6 -7 -11
-3 -1 -11 -9
+3 -1
Wotren's shoes_
+6
+6 +20
+3
+2
+7 -2 -11
-3
Children's shoes_
-3 ---+9
+0 -3 -7 -14 -10 -14
Women's WearW'm'n'a co'tasults -19 -20 -11 -22 -25 -20 -32 -17 -9
Women's dresses_ _
+2 -2 +14
+6 +30 -8 -16 -15 -11
Mimes' coats. suits
+3
+9 +12 -8 -13
+9 -27 -28
+4
Misses'dresses_
+5
+2
+8
+7 +34 -3 -12 -5 -8
Juniors',giris' wear
+0 -1 +18 -3
+6 -5 -7 +10 -16
Men's, Boys' We 2/*
Men's c!oth leg _ _ 4..4 -6 +13 -6 +13 -14 -11
-5 -3
Men's furnishings,
+2
hots, caps
+1 +11
+7 +16 -9 -9 -8 -9
Boys' wear
-8 -8
+4 -9
+9 -14 -17 -21 -15
_1 -11
Men's, boys' shoes
+7
+1 +10 -6
+3
+1 -3
House Furnish'Cs
Furniture.
-2 -11 +10 -14
+1 -9 -26
+9 +10
-16 ____ +24 -36 -- -34 -56 ---- +66
Oriental rugs
Dorn,floor covergs -7 -9 -5 -10 +16 -15 -6 -2 -2
Draperies. upholstery
-6 --__
+3 -10 +17 -18 -20 -12 -2
_I 0
•
...
Chins,glassware
-'^ ' it
'"
''''
a Data are for about 200 stores with total annual sales In listed departments of
6850,000,000 and In all departments of $1,250,000,000. More than 50% of these
sales are for about 40 stores located In six cities: Boston. New York, Pittsburgh,
Detroit. Cleveland, and Los Angeles. In Individual Federal Reserve districts
more than half of the reported sales are made by stores In following cities: Boston,
New York. Pittsburgh, Cleveland, Washington, Detroit, Milwaukee. St. Louis.
Dallas, Houston, Los Angeles. and San Francisco. The total number of reporting
stores varies from about 65 for certain Items to about 175 for other items; In the
individual Federal Reserve districts corresponding ranges are usually about as
follows: No. 1, 8-30; No. 2, 8-12; No. 4, 18-64; No. 5, 7-11; No. 7, 8-30: No. 8
6-10; No. II. 6-14; No. 12,8-20.
JULY 5 1930.]
25
FINANCIAL CHRONICLE
western districts alone, live stock loading amounted to 16,522 cars, a
decrease of 1,658 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
Index Numbers. Monthly Average 1923-192E=100. compared with the same week in 1929, while all reported reductions compared with the same week in 1928 except the Southwestern which reported
No of
Adjusted for Seasonal
Without Seasonal
a slight increase.
Adjustment.
Stores.
Variations.
Loading of revenue freight in 1930 compared with the two previous years
May. April
May
May
April
May
(a)
follows:
1930.
1930.
1929.
1930. 1930
1929.
1930.
1928.
1929.
3,571,455 3,448,895
Four weeks in January
3,349,424
3,590,742
3,766,136
Four weeks in February
3,505,962
38
104
99
105
108
107
108
59
117
115
110
119
120
113
Five weeks in March
4,414,625 4,815,937 4,752,559
57
89
90
90
91
95
93
3.740,307
3,989.142
Four weeks in April
3,619,293
5.5
99
103
103
104
112
108
4,939.828
5,182,402
Five weeks in May
4,598.555
28
111
7108
107
112
113
109
995,570
1,055,768
41
Week ended June 7
935,647
95
99
100
101
104
107
94
108
111
121
118
113
119
1,002,813
1,069,670
Week ended June 14
926,093
19
95
102
104
96
109
105
987.360
1,069,874
Week ended June 21
920,859
18
88
88
84
90
99
88
90
27___
___
___
94
97
22
98
104
107
108
106
115
Total
22,270,458 24,520,384 23,458,074
34
109
113
114
114
114
120
DEPARTMENT STORES
-SALES AND STOCKS, BY FEDERAL RESERVE
DISTRICTS.
P0(10701 12...1.,
t)ls,'Ccte
Soles
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chirac°
St Louis
Minneapolis
Kansas City b
Dallas
San Francisco
Total
490
-
-
Boston
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
At. Louis
Minneapolis
Kansas City
Dallas
San Francisco
34
42
45
49
28
29
78
19
14
21
21
30
104
106
106
108
112
110
93
91
101
94
109
7108
107
109
80
87
80
81
88
88
94
92
94
94
98
95
91
99
91
91
110
109
111
111
85
90
91
89
72
69
67
70
---------110
i)
79
104
102
105
104
94
r112
85
92
99
95
114
90
72
115
82
r110
102
107
87
98
99
100
112
91
75
120
81
103
Total
99
98
r101
408
96
97
101
•Stores for which figures are available since base period 1923-25. b Monthly
average 1925=100. r Revised
Not Much Change in Business Conditions in Its Section
Seen by Northwest Bancorporation-Decline of
4% in First Quarter Net Earnings of Corporations
in Northwest Territory.
The Northwest Bancorporation Review, issued June 15
by the Northwestern National Bank and the Minnesota
Loan and Trust Co. of Minneapolis states that "not much
net change is noted in the general status of this part of the
country during the month ending mid-June." In part the
Review also says:
Here and there a favorable upturn has developed, or a situation whose
pattern is bright, hitherto pasted by, comes to light; and there have been,
on the other hand, continuations of trends of an unfavorable nature; but
the whole course of affairs is maintaining its balance, and on a level better
than in many p rts of the country. There have been no significant changes
in the banking position; interest rates are low but have held steady. The
demand for funds is normal. Net sales of 56 corporations operating in
this territory (gross revenues in the case of utilities included in the list)
amounted to $83,163,424 in the first quarter of 1930 as compared with $81.885,568 in the first quarter of 1929. This indicates a gain of 1.5% over last
year, which, all things considered, is remarkably favorable. The gain in
gross revenues of public utilities included in the tabulation was 2.0%. A
compilation somewhat comparable to the foregoing, of net earnings of
corporations of a miscellaneous nature situated in this territory, indicates
a composite decline of 4.0% in the first quarter of 1930 as compared with
the same period last year. Although this regional tabulation is relatively
less comprehensive than similar compilations of Nationa ecope made by
various statistical agencies,it(snot without value for comparative purposes.
Przfits of such a National group, including 685 corporations of various
types, compiled by Ernst & Ernst, were 18.3% less in the initial quarter
of this year than in the corresponding period in 1929. If results indicated
by such regional and National groups may be assumed to be representative,
it would appear that this district is operating on a better earning basis than
obtains in the country at large. Quite widely varying individual results
were disclosed in our regional tabulations, ranging from rather marked
declines in sales and earnings, to very substantial increases in both volume
and profits
Loading of Railroad Revenue Freight Continues Light.
Loading of revenue freight for the week ended on June 21
totaled 920,859 cars, the Car Service Division of the American Railway Association announced on July 1. This was a
decrease of 5,234 ears below the preceding week when, according to revised figures, 926,093 cars were loaded. The
total for the week ended on June 21 also was a reduction of
149,015 cars below the same week in 1929 and 66,501 cars
below the same week in 1928. Details follow:
Miscellaneous freight loading for the week of June 21 totaled 364,286 cars,
65,451 cars under the same week in 1929 and 21,710 cars under the corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 240,879
cars, a decrease of 18,497 cars below the corresponding week last year and
15,587 cars below the same week two years ago.
Coal loading amounted to 132,505 cars, a decrease of 21,148 cars below
the same week in 1929 and 12,382 cars below the same week in 1928.
Forest products loading amounted to 49,637 cars, 21,266 cars under the
same week in 1929 and 17,675 cars under the corresponding week in 1928.
Ore loading amounted to 63,193 cars, a decrease of 12,239 cars below the
same week in 1929 and 2,332 cars below the corresponding week two years
ago.
Coke loading amounted to 9,334 cars, a decrease of 2,759 cars below the
corresponding week last year and 63 cars below the same week in 1928.
Grain and grain products loading for the week totaled 39,694 cars, a
decrease of 5,633 cars below the corresponding week in 1929 but 6,297 cars
above the same week in 1928. In the western districts alone, grain and
wain products loading amounted to 27,294 cars, a decrease of 4.789 cars
below the same week in 1929.
Live stock loading totaled 21,331 cars, 2,022 ears under the same week
in 1929 and 3,049 cars under the corresponding week in 1928. In the
Industrial Activity in New England During May Below
Two Preceding Months, According to Boston Federal Reserve Bank.
The general level of industrial activity in New England
during May was somewhat under that of March and April,
but was slightly higher than in January and February. The
Federal Reserve Bank of Boston, in stating this in the July 1
Monthly Review, adds:
During the first five months of the current year, when allowances for
customary seasonal changes I ad been made, there was a fluctuation of
less th n 5% between the lowest month of the first five. January, and
March, which was the highest. Industrial activity in this district during
the first h If of 1930, in comparison with a year ago, presented a more
unfavorable condition than when compared with the average of the past
five years. In the second quarter of this year general business activity
decreased by more than t e usual seasonal amount. The textile industry
has been unusually quiet, and the amount of raw cotton consumed by New
England mills in May was the smallest for that month oa record, while
wool consumption in May was the smallest for the month on record with
the exception of May 1925. Silk machinery activity during the first five
months of 1 30 was slightly higher than in that period a year ago. Boot
and shoe production in this district during May was considerably less
than in April or in May last year, and the total for the first five months of
this year vas approximately 10% less than for the corresponding period a
year ago. An unusually low level of activity prevailed in residential building in this District during the first part of 1930, and although some increase
was shown in commercial and industrial building between January and
May, the total volume during the first five months of this year was substantially below that of a year ago. In May new car registrations in New
En-land were 21.5% less than in May 1929, and during the first five
months of this year were 18.5% less than a year ago. During May increases occurred in tl e number and total liabilities of commercial failures
in this district over a year ago,amounting to 22.7% and 70.1% respectively.
Boston department store sales during the first five months of this year
were about 2.4% greater than in this period of 1929, but if sales of radios
are excluded from the total, a decline of about 3
-10th of 1% took place
during this period. The proportion of instalment Fees to total sales of
New England reporting stores was considerably greater, month by month,
during January through May 1930, than in any previous year. A corresponding decrease has taken place in cash sales, and the proportion of
regular charge accounts to total has increased slightly. Carloadings of
merchandise and miscellaneous freight in New England during each of
the first five months of 1930 have been smaller than at any time since
1923, and in May were the lowest on record since 1921. Money rates in
Boston during rece..t weeks have continued to ease.
Building and Real Estate Conditions in the Philadelphia Federal Reserve District-Moderate Expansion in Construction Activity.
In its July 1 Business Review the Federal Reserve Bank of
Philadelphia surveys building and real estate conditions as
follows:
Construction activity has continued to expand moderately since early
spring, owing largely to increased contracts for public works and utilities,
although the present level remains below that of other recent years. The
enlarged operations in reoent weeks are evidenced not only by the greater
number of workers who have been taken on steadily since March but also
by the increased consumption of such building materials as lumber,cement
and other stone and clay products.
The value of building contracts awarded during May, nevertheless,
declined sharply from the preceding mouth and was substantially below
that of the previous year. Estimates for the early part of June, however,
show a noticeable gain over the May daily average, principally on account
of a further expansion in the construction of other than the residential type
of buildings.
BUILDING CONTRACTS AWARDED.
% Change From.
First Five
Months 1930.
Philadelphia
Reading
Scranton
Camden
Trenton
Wilmington
1929.
1925-28
Average
$81.996,000
1,339,090
2,794,000
2,130,000
1.402,090
3,478,000
+0.0
-75.5
+128.6
-76.8
-63.6
-40.7
-10.8
-44.8
+35.0
--42.3
-56.8
+59.1
Total for Philadelphia Federal
-18.3
-14.9
Reserve Dist., incl. all cities $162,456,000
Source; F. W. Dodge Corp.
The estimated expenditure under building permits issued in 17 cities
of this district declined materially between April and May and was only
about one-half of the amount reported for May 1929.
The real estate market, while continuing below the level of last year,
showed some improvement in May. The number of real estate deeds and
the value of mortgages recorded in Philadelphia were about 23% larger
in May than Apr11, indicating more active purchases. In comparison with
26
a year ago, however, both deeds and mortgages were smaller. The number
of court writs issued for sheriff's sale of properties in June declined about
14% from the previous month. In comparison with a year ago, however,
foreclosures were nearly 29% larger.
Decline in Business Activity in Philadelphia Federal
Federal Reserve District.
The Philadelphia Federal Reserve Bank reports ;that
"that business activity in general declined in May and in
the early part of June, a further drop in commodity prices,
reduced demand, and curtailed operations being among
the chief features of the present situation; the character
of this recession is partly seasonal and is common to trade
and manufacturing industry." The Bank's Monthly Review, dated July 1, also states:
Stocks of finished commodities in the main have changed little since the
previous month and, except for some instances of accumulation, compare
favorably with those at the same time last year.
Evidence of the prevailing ease of credit continues to accumulate in this
district as in the country. Over recent months the banks have reported
an increase in deposits materially in excess of the demands of their customers for loans, with the result that surplus funds have been used in the purchase of investments and commercial paper. Borrowings from the Federal
Reserve Banlc have been in small volume and the reserve ratio of this bank
has been unusually high, signifying ample loaning power. During the past
month large member banks in Philadelphia made a further reduction in the
rates charged on commercial loans to prime customers.
Manufacturing.
Most of the manufacturing industries have entered a period of summer
quiet characteristic of other recent years. The market for finished goods
generally varies from fair to poor and sales have declined since the middle
of last month. Sales are also smaller than at the same time last year,
owing at least in part to a steady decline in wholesale commodity prices for
most manufactured goods. Inventories of finished commodities hold at
manufacturing plants are moderate, although several individual industries
report some accumulation. Stocks of metal products, for instance, have
been reduced somewhat during the month, while those of leather and certain
other products show souse increase. In comparison with a year ago, however, inventories in the aggregate appear to be smaller.
Plant operations have been curtalled rather extensively as is to be expected at this time. *Factory employment in this section declined slightly
more than usual between April and May. Wage payments and employehours also showed an appreciable decrease, indicating a lower rate of operations than in the preceding month. In comparison with May 1929,
when factories wore increasing their activity, the number of wage earners
and the volume of wage disbursements were noticeably smaller. Estimates
based on our indexes show that in the first five months of this year,factories
in'Pennsylvania paid out in wages approximately 8550 millions which was
about 4% less than in the same period last year.
As a result of slackened demand, productive activity of the iron and steel
Industry has declined further. The output of pig iron and steel ingots
decreased by about the usual seasonal amount between April and May.
.This was true also of iron and steel castings. Activity of the electrical
apparatus industry, too, has declined from a relatively high level in April
In the transportation equipment group, the output of commercial trucks,
boats and ships continued on the increase, while that of automobile parts
and bodies, and locomotives and cars showed the customary let-down.
Virtually all leading textile branches are passing through a period of the
usual summer dullness which this year has been accentuated by the continuous decline in textile prices. Some accumulation in stocks of finished
goods, particularly silk, cotton and wool fabrics, and hosiery, reflect another unfavorable feature in the textile situation. The output of MR manufactures and hosiery thus has been sharply cutrailed since March. Productive activity in the cotton, wool, and floor coverings industries,on the other
hand, showed some improvement in May although the rate of operation
continued lower than in many years past.
The firoup comprising various food items on the whole has been holding
Its ground. Meat packing and siaughterings showed a higher rate of activity in May than in April and compared with other recent years. The
oaput of sugar and creamery products also showel a noticeable gain as is
to be expected at this time.
Production of boots and shoes in May declined by about the usual seasonal
amount but remained in excess of the volume for that month in other years
except 1929. The leather tanning industry reported a higher rate of operations in May than in April or in May 1929. Business in kid leather generally
is fairly active with prices showing little change. The hide market lately
exhibited considerable strength with respect to demand but not prices,
whereas the demand and prices for goat skins have eased off slightly.
Imports of goat and kid skins were materially larger in May this year than
last, whereas the value was substantially smaller, reflecting lower prices.
Conditions in industrial chemicals and drugs are more than seasonally
quiet, production in May declining more than is usual for that month
Activity in wood distillation also dedlined to the lowest level since 1928,
reflecting largely curtailed activity in the textile industry. Paints and
varnishes, after a steady rise in earlier months, declined in May, contrary
to the usual seasonal tendency. A let-down is also evidenced in the output
of explosives and by-product coke. Petroleum refining, while declining in
the mouth,continued well above the level of previous years.
Daily production of Portland cement in May showed a much larger increase than is customary for that month and exceeded the volume of a year
ago by almost 5%. Shipments of Pennsylvania cement likewise increased in
the month but were slightly under those of a year earlier. Stocks at the
beginning of May were somewhat larger than at the same time last year.
Productive activity of lumber and planing mills, after declining almost
steadily since the fall of last year, turned upward in May by about the usual
seasonal amount; nevertheless, the output remained in a substantially
reduced volume in comparison with the past se en years. Production and
shipments of face brick showed a further increase during the month.
.•
Decline in Output of Electric Power in Philadelphia
Federal Reserve District in May-Sales Also Lower.
The daily output of electric power by 12 central stations
ot the Philadelphia Federal Reserve District showed a drop
of over 4% between April and May, but an increase of
nearly 5% as compared with May 1929, according to figures
just released by the Department of Statistics and Research
[VOL. 131.
FINANCIAL CHRONICLE
of the Philadelphia Federal Reserve Bank.
advices in the matter also state:
The Bank's
Declines in electricity purchased and generated by hydro-electric plants
were responsible for the recession in the month;the gain over a year ago was
due solely to a very large increase in the daily output of electric power by
steam.
Sales of electricity also declined in May about 4%, but exceeded that
for the like month last year by about the same percentage. The decline in
the month was chiefly due to the smaller use for lighting purposes,inasmuch
as sales to municipalities and industries were larger than in April. In
comparison with a year ago, sales both for lighting and power purposes
showed appreciable gains.
(Daily Average)
Electric Power-Philadeiphia Federal
District, 12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
• Working days average.
Change
May
(Totalfor Month). from
April
1930.
1,840,000 kw.
17,567,000 kwh.
4,357,000 kwh.
9,644,000 kwh.
3,566,000 kwh.
18,141,000 kwh.
3,038,000 kwh.
313,000 kwh.
2,725,000 kwh.
13,208,000 kwh.
293,000 kwh.
1,853,000 kwh.
11,062,000 kwh.
1,895,000 kwh
Change
from
May
1929.
+2.7%
-4.4%
-35.1%
+21.5%
-4.1%
-4.4%
-9.7%
-10.8%
-9.6%
+2.5%
+8.6%
-6.2%
•+3.9%
-30.5%
+7.3%
+4.6%
--33.6%
+51.5%
-7.6%
+4.1%
+9.5%
+9.5%
+9.5%
+4.8%
+62.9%
+3.7%
•+4.0
-7.7%
Hosiery Production in Philadelphia Federal Reserve
District Falls Off 3% in May as Compared with
April.
The quantity of hosiery knit was about 3% smaller in
May than in April, men's and women's full-fashioned and
men's seamless being the principal items in the decline,
according to figures issued by the Department of Statistics
and Research of the Philadelphia Federal Reserve Bank.
on the basis of 139 reports collected by the Bureau of Census
In making available the report, the Bank also says:
Shipments of hosiery also.showed a decrease of nearly 2% between
April and May, women's full-fashioned and infanta' hosiery showing the
largest declines. Stocks held by reporting hosiery mills at the end of May
were almost'2% smaller than on the same date of the preceding,month.
although women's full-fashioned inventories showed a fractional increase
during the month.
Orders on the books of the reporting mills were nearly 5% larger at the
end of May than a month before, the greatest increases occurring in waffled
orders for women's seamless and boys', misses' and children's hosiery.
Orders for men's and women's full-fashioned hosiery declined.
The statistics furnished by the Bank follow:
PERCENTAGE CHANGES FROM APRIL TO MAY 1930.
Women's
Men's
Boys'
Misses
Inand
Full- Seam- Pull- SeamTotal, fashion. less, fashion less. Chtrns. rants.
Hosiery knit during
month
• -3.2 -9.7
Net shipments during
month
'-1.9 -0.8
Stock on hand at end of
month, finished and in
-1.7 -17.8
the tray
Orders booked during
+3.6 -7.6
month
Ratio of cancellations
in May to unfilled
orders on hand at end
of April
2.5
2.5
Unfilled orders at end of
month
4-4.7 -14.2
`Calculated on working day basis.
-8.8
-4.6
+1.7 +11.9
-0.3
+19.6
-5.3
+0.8
+0.2
-8.0
+0.2
-1.2
-4.5 -10.4
-1.0
+18.2
0.9
.4-0.5
-4.7 +30.8 +28.0
3.4
1.1
+3.8
3.2
0.1
-1.6 -I-21.0 +53.2
-I-7.3
Slight Decline in Trade and Industrial Activity in
Cleveland Federal Reserve District.
From the July 1 Monthly Business Review of the Cleveland Federal Reserve Bank we take the following regarding
business conditions:
Trade and industrial activity in the Fourth [Cleveland] District declined
slightly in May and the early part of June. This recession reflects in part a
slackening that is customary in a number of industries during the summer
months, although it has occurred somewhat earlier than in some recent
years. There have been further marked declines in commodity prices.
The iron and steel industry has followed an irregular course. Pipe mills
at Youngstown and Pittsburgh are producing at good rates, several being
booked for the rest of the year. Other mills, particularly those at Cleveland, have been curtailing operations chiefly because of the slightly greater
than seasonal drop in autonu bile orders. Cleveland mills are only producing
at 50% of capacity.
Employment and payrolls declined in May more than the usual seasonal
amount. May bank debits, however, were off only 6% in contrast with
the 10% shown in the first five months of this year. Savings deposits
increased from April, but were still 1.7% smaller than last year. Postal
receipts and life insurance sales were both smaller than one year ago.
Electric power production was lower than the same month last year for the
•
first time in over two years.
Building activity i creased from April to May and also showed a very
favorable improvement in June, but the total so far this year is still the
1 west since 1924. Coal production increased slightly, chiefly because of the
larger loadings at Lake ports which established an alitime record in May.
Iron ore receipts have been 50% smaller than last year, although they
exceeded the same period of 1928.
Smaller payrolls and declining commodity prices continued to affect
retail, and in turn, wholesale buying, but some improvement has been
reported. Department store sales in May were 3% smaller than 1 year ago,
the drop being about half as great as the 6% decline shown for the first 5
months. Crop conditions in the District have suffered somewhat from
unfavorable weather
•
FINANCIAL CHRONICLE
As to wholesale and retail trade the bank says:
Sales of reporting department stores in May increased seasonally and
showed a smaller decline, 3%, as compared with the corresponding period
of one year ago, than was reported for the first 5 months of this year when
sales were 5.6% smaller than in 1929. May sales of 55 identical stores were
the smallest for that month since 1927, however. Stocks continue to fall,
part of which was accounted for by the decline in commodity prices.
Accounts receivable were larger in May than one year ago, but collections
have also improved and the ratio of collections to accounts outstanding
increased slightly.
Retail furniture sales have been very bad, one city showing a decline of
40% in the first 5 months of this year, while sales of all reporting stores
were 24% below 1929.
Wholesale trade in general continues in reduced volume, May sales being
the smallest for that month in the past 7 years.
Chicago Overbuilt, According to Louis K.
Finds lnadec uate Foreclosure Laws,
BoysenExcessive
Loans, Contributory Factors.
The following from Chicago, appeared in the "Wall Street
Journal" of June 30:
27
factories. A sharp curtailment in Illinois shoe factories influenced the
leather products group. Reduction of forces in primary metal works and
foundries, combined with part-time schedules in electrical apparatus and
machinery plants including makers of farm implements, resulted in a
larger decline in payrolls for metal products than for any other manufacturing group. Seasonal expansion in canning and dairy products gave a
more favorable turn to the food products group. Paper and printing showed
the first increase in employment and earnings this year, largely due to
activity of job printing firms. The heavy gain in construction employment was produced mainly by highway, bridge, and railroad work, with
residential and commercial building the lesser factor.
The ratios of registrations to positions available at free employment
offices are:
April 1930. Mat, 1929.
May 1930.
124
190
196
•
Illinois
100
106
119
Indiana
244
285
300
Iowa
106
159
135
Wisconsin..
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Changes From
April 15.
Week Ended May 15.
Wage
ReportIndustrial Group.
Earnings . Earn- Earnlag
Wage
infs.
Mt.
Firms. Earners.
Louis K. Boysen, President of Mortgage Bankers Association and VicePresident of First Union Trust & Savings Bank, has issued a monograph
No.
No.
5,427,000
540 186.481
on the difficulties presented by the Chicago real estate bond situation, Metals and products-a
-0.9
-5.9
1,156,000
39,442
72
which he attributed to overbuilding during the past decade, excessive loans Vehicles
-1.2
-1.7
605,000
30.062
142
Textiles and products
on fallacious appraisals, archaic and inadequate foreclosure laws and heavy Food and products
+3.2
+3.1
1,345,000
50.373
317
+6.2
+3.0
387,000
taxation. The present situation he described as follows::
Stone, clay and glass
13,490
118
--3.6
-4.2
599,000
27.498
233
"Chicago is overbuilt with every kind of building. We have 4,451,000 Lumber and products
+1.4
-1.3
350.000
12,748
69
Chemleid
square feet of vacant office space, or 17.67% of the total office space in the Leather products
-4.6
272,000
13,887
64
products
+3.0
city. In proportion to its area we have more vacant store space than any Rubber products b
+1.1
83,000
3,576
+0.9
+2.1
1,057,000
34,125
253
other city in the United States. It is estimated that certain types of real Paper and printing
estate bond houses in Chicago have over $250,000,000 of real estate bonds
-2.6
-1.7
1,814 411,680 11,282,000
Total mfg., 10
default. A number of these house still Merchandising cgroups
on Chicago property now in actual
+8.2
+1.5
829.000
31,054
136
-1.4
maintain the policy of keeping their investors in ignorance of the defaults Public utilities
3,197,000 +0.7
95,377
75
-23.6
160,000 -21.6
7,379
39
by advancing the payment of principal and interest out of other funds." Coal mining
+20.1
447.000 +42.8
17,063
209
He stated there was nothing wrong with well secured real estate bond Construction
issues, whose normal market, however, has been to a large extent destroyed
-1.9
-0.5
2,273 562,553 15.915.000
Total, 14 groups
by the trouble that has arisen on the excessive loans.
a Other than vehicles. b Wisconsin only. c UllflOia and Wisconsin.
As a remedy for the situation he suggested that all issues in default
"which are bound to continue sick without a major operation" be "smoked
out" and that the bondholders together with the equity owners and other Merchandising Conditions in Chicago Federal Reserve
claimants reorganize through formation of a new building corporation, which
District During May-Wholesale Dry Goods Trade
would either obtain an insurance loan or issue new bondsfor an amount that
-Department Store Sales Drop.
Gains
the property could absorb. Balance of bondholders investment would be
paid in preferred stock and subsequent claimants would be required to take
Merchandising Conditions in the Chicago Federal Recommon stock for their adjusted claims. With management placed in
hands of a competent real estate firm and control centred in preferred stock serve District during May are indicated in the following
until that stock is retired from surplus earnings, he said, "the bondholders
which we take from the June 30 Monthly Business Condiwill eventually get all the value that there is in the property."
Pointing out that plans similar to this are being attempted by bondholders tions Report of the Federal Reserve Bank of Chicago:
committees with indifferent success, he urged more concerted action by
Sales in the wholesale grocery, hardware, and dry goods trades increased
Chicago bankers, particularly loop bankers, to help refinancing of these slightly in May over April, the gains totaling 1, 4 and 3%, respectively.
properties, to prevent the situation from dragging over a 10
-year period in other reporting lines of wholesale trade, business declined; "drug sales
as has been the case with farm lands.
were 2% less, shoes 23%, and electrical supplies 10% smaller. Following the trend of previous Menthe, sales totaled less than in the correspondReview of Meat Packing Industry by Chicago Federal ing month of 1929; grocery sales were smaller in this comparison for
latter line,
since January. With the
Reserve Bank-Increased Production and Employ- the first time firms shared in the recessionexceptioni of this Declines for
from last May.
practically all
ment.
the five months of 1930 from the same period a year ago averaged 15%
for drugs, 29% for shoes,
In its review of the meat packing industry the Federal for hardware, 21% for dry goods, 8% showing a gain of 1%. To and
the
15% in electrical supplies, with groceries
Reserve Bank of Chicago has the following to say in its June lower prices obtained for commodities, unemployment, and unfavorable
weather in May is ascribed the smaller amount of business in most lines;
30 Monthly Business Conditions Report:
Slaughtering establishments in the United States increased production the electrical supply trade has been affected by the lack of new buildapproximately 8% in May and, for the first time in 1930, a slight gain in ing.
/
2
% under
volume was recorded over the corresponding month of last year. The • Department store sales in the district during May fell 51
latter expansion, however, was principally an outgrowth of a reduction in the April volume and were 9% below those of May a year ago. A 10%
feeder purchases of cattle, which resulted in a larger number of animals decline was recorded for the first five months of 1930 from the same
being made available for packing-house purposes. Payrolls at the close of period of 1929. Chicago and Detroit of the larger cities showed the
the period under review recorded an increase over April of 2% in number of greatest falling-off in business from the preceding month, recessions
/
2
employes, but with one less working day represented in the current figures, amounting to 7 and 61%, respectively; Detroit stores reported the
-and Milwaukee the smallest with
-15%
they declined 11% in hours worked and 5% in earnings. Domestic demand heaviest decline from a year ago
for the majority of packing products was relatively quiet until mid-month, 4%. Stocks totaled somewhat smaller at the end of May than a month
but expanded during the latter half of May. Reports from meat packing previous and were slightly less than a year ago. The rate of stock turncompanies in the United States show that May sales billed to domestic Over for the month averaged about the same as last May, but for the
and foreign customers aggregated 3% less than a month earlier and 11% year to date remained smaller than in 1929. Collections on accounts
below the corresponding period of 1929. Supply, weather conditions, and outstanding show somewhat less favorable conditions this year.
unemployment were cited as factors in the reduction. An improvement was
WHOLESALE TRADE IN MAY 1930.
indicated in domestic trade at the beginning of June, with demand mostly
fair to good. Prices at Chicago ruled somewhat lower during May than in
Per Cent Change
April: those of lamb, heavy hams, cured bellies, and the common grades of
Ratio of
From same Month Last Year.
veal firmed slightly. Quotations tended to advance toward the end of the
Accts. OWCorneae/deer.
standing to
Colmonth. Inventories remained below last year and the .7 ne I average, with
Accts. OutNet
standing. lections. Na sates.
Stouts.
Sales.
a recession in volume recorded from May 1. Lard stocks, however, were
heavier than in the preceding period and holdings of beef, lamb, and mis89.9
---3.4
--7.5
--9.8
---2.1
Groceries
cellaneous meats gained in the other two comparisons.
211.8
--15.2
--10.2
--5.0
--16.7
Hardware
322.5
--11.2
--18.2
--14.4
-- 7.2
,
May shipments for export totaled slightly in excess of April. Foreign Dry goods
144.9
i-2.4
.---10.3
---4.1
---7.3
trade remained rather dull, although some reduction in consignment in- Drugs
341.1
---24.0
--14.9
---7.6
Shoes
--33.9
ventories abroad (including stocks in transit) was indicated for June 1. Electrical supplies
157.4
--17.1
--15.2
--26.4
---8.5
Prices in foreign markets continued to rule somewhat under Chicago parity.
Retail shoe dealers and the shoe sections of department stores report
an aggregate decline o 6% in May business from April and a 2% smaller
Industrial Employment Conditions in Chicago Federal volume than a year ago, with sales for the five months of the year 5%
under the corresponding period of 1929. Practically all of the retail
Reserve District-Decline During May.
dealers had smaller sales this May than a year ago, but the majority of
Employment and wage earnings in most reporting in- department stores increased their volume in the comparison. Sales of
dustries of the Seventh (Chicago) District followed a trend in furniture and house furnishings at retail increased about 3% over the
preceding month, though aggregating 15% under May 1929; installment
May similar to that recorded in April says the June 30 sales by dealers were 1% smaller in the former comparison. Stocks in
Monthly Business Conditions Report of the Chicago Federal both these phases of retail trade show a declining trend.
A slight increase took place during May over April in total sales of
Reserve Bank, which further says:
reporting chains and a gain of 6% was recorded over a year ago, but
decline in payrolls, however, exceeded that in number
The average
average sales per store declined 1% and 5% in the respective comparisons
employed, as a result of further reduction in time schedules in plants whose
because of larger gains in the number of stores operated than in aggregate
working forces had been cut as low as was consistent with sound organizaIn the monthly comparison, drug, five-and-ten-cent, cigar, men's
tion. Again, as in April, non-manufacturing employment improved, but sales.
and furniture chains increased their total sales, while sales of
the total number and earnings for all groups fell off, owing to further cur- clothing,
musical instruments, and women's clothing declined.
tailment in six manufacturing groups. Automobile production declined, groceries, shoes,
drug, five-and-ten-cent, cigar, and women's clothing chains had
which, combined with a reduction of forces in Illinois car and locomotive Grocery,
shops, effected a large recession in the vehicles group. The lumber products a heavier volume of business this May than a year ago. None of the
group reflects curtailment in Wisconsin lumber mills and sash and door reporting groups except cigars showed an increase over May 1929 in
28
FINANCIAL CHRONICLE
average sales per store, although this group, together with drugs, furniture, and men's clothing, had a higher average than a month previous.
DEPARTMENT STORE TRADE IN MAY 1930.
Locality.
Per Cent Change
May 1930
from
May 1929.
P.C.Change
5 Months
1930from
5 Months
1929.
Ratio of May
Collections
to Accounts
Outstanding
April 30.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other en'
th District
Storks End
of Month
Net
Sales.
1930.
1929.
--7.8
--14.6
--7.2
-4.3
-5.3
--0.6
--9.6
+5.7
+8.4
--7.0
-8.2
-16.1
---5.2
--1.5
---5.5
33.5
38.8
39.4
34.3
43.7
41.1
35.9
37.9
-8.7
--2.3
--10.4
37.3
40.0
[VOL. 131.
largest this year, and comparing with 101,122 tons in April, and 123,850
tons in May 1929.
Reports relative to collections during the past 30 days developed no
marked changes as compared with conditions existing a month earlier.
Taken as a whole, however, payments averaged lower than earlier months
this year, and substantially below the corresponding period a year ago.
Spottiness is reported, both with reference to different localities and the
several lines. Generally through the agricultural areas retail collections are
backward. Wholes tiers in the large centres report some incre- se in requests
for extensions and longer datings. Unevenness is reflected in collo Alen
reports of city retail establishments. Answers to questionnaires addressed
to leading interests in the several lines scattered through the District showed
the following results:
Excellent.
Fair.
Good.
Poor.
May 1930
1.0%
14.0%
26.5%
58.5%
April 1930
1.5%
22.6%
63.5%
12.4%
May 1929
3.4%
50.4%
14.2%
32.0%
Commercial failures in the Eighth Federal Reserve District in May.
according to Dun's numbered 133, involving liabilities of $4,959,105,
against 128 failures in April with liabilities of $4,114,163, and 107 failures
for a total of $1,215,307 in May, 1929.
The average daily circulation in the United States in May was $4,497,000,000, against $4,518,000,000 in April, and $4,684,000,000 in May 1929.
/ of Trade in St. Louis Federal Reserve District
olume
I"
Below Corresponding Period Last Year.
In its Monthly Review issued June 30 the Federal Reserve
Bank of St. Louis states that "the volume of trade and
industry in this District during the past 30 days continued
considerably below that of the same time a year earlier, on Decline in Shipments of Furniture Manufacturers in
Chicago Federal Reserve Bank in May-Midwest
the level reached compared unfavorably with the average
Distribution of Automobiles Affected by Unemor the corresponding period during the past half decade."
ployment.
The Bank goes on to say:
The tendency to slow down extended to retailing, wholesaling and manuFurniture manufacturers in the Seventh (Chicago) Disfacturing, but was somewhat more pronounced in production than distri- trict experienced
a continued decline during the month of
bution of commodities. Output in virtually all manufacturing lines was
smaller in May than in April, and except in a limited number of industries May in shipments and only a very slight gain over the preaffected by seasonal increase in demand, the pace since June 1 has not been ceding month in orders booked, according to the Monthly
accelerated. Due to the unusually small volume of orders for advance Business
Conditions Report of the Federal Reserve Bank of
delivery, manufacturers are unwilling to complete large stocks of their
products. Uncertainty relative to prices, coupled with extreme conser- Chicago, issued June 30. The Bank also says:
vatism in purchasing by ultimate consumers, has a tendency to hold down
commitments of wholesale and retail establishments as close as possible to
absolute requirements.
The movement of seasonal goods through both wholesale and retail
channels was retarded to some extent by cool weather. Lines particularly
affected were apparel, boots and shoes, millinery, men's hats, groceries,
sporting goods, hardware and electrical supplies. Retail trade was adversely
affected in the country by the continued depression in market prices of
leading agricultural products and live stock. There was a sharp drop in
cereal values, wheat declining to the lowest point recorded since 1914, and
corn to the lowest level on the crop. A new low for the season was also
recorded on cotton, and cattle and sheep continued at levels considerably
below those obtaining at the corresponding period in 1929. Taken as a
whole agricultural prospects in the district improved slightly during May,
but conditions are spotty and uneven, due to drouth over a broad area
during April, May and early June, and to extreme low temperatures during
the past winter, and late frosts and freezes.
In the iron and steel industry a rather marked slump occurred in new
orders booked, both as compared with the preceding 30 days and the corresponding period a year ago. Specifications on goods previously contracted
for were disappointing, and were reflected ins reduced volume ofshipments
from producing plants. Purchasing by the automotive and building industries failed to expand, while ordering by railroads was confined almost
exclusively to necessities. Building continued below a year ago, but showed
an upward trend as compared with April. The general employrrent situation was less satisfactory than a month earlier. Seasonal occupations
absorbed large numbers of workers, but failed to take up all the slack
occasioned by releases of industrial plants and railroads. An increase in
idleness among clerical help in the large cities was noted. A general overplus
of farm labor existed, due partly to ideal weather conditions which permitted farmers to perform much of their work without the aid of hired help.
As reflected by sales of department stores in the principal cities of the
district, the volume of retail trade in May showed a decrease of 8.3% as
compared with the same month last year, and for the first five months this
year the volume was 5.9% smaller than for the corresponding period in
1929. Combined sales of all wholesale lines investigated showed a decrease
of 19.4% under the total for the same month last year. Construction
contracts let in the Eighth Federal Reserve District in May were 16.0%
larger than in April, but 19.9% smaller than in May 1929. Debits to
checking accounts in May were 5.4% larger than in April, and 5.2% less
than in May 1929. For the first five months this year the volume of debits
shows a decrease of 10.5% as compared with the corresponding period in
1929. The amount of savings deposis increased 0.1% between May 7
and June 4, but the total on the latter date was 4.3% smaller than at the
same time in 1929.
Dullness which has obtained in the bituminous coal markets for the past
several months remained unbroken during May and the first half of June.
Both domestic and industrial demand were light.. Purchasing for stockpiles
was spotted and irregular with total tonnage taken for that purpose considerably below the average at the same period during the past five years.
Operators in the Illinois, Indiana and Kentucky fields reported contracting
by retail distributors in unusually small volume. The trend of prices was
lower on coal from all fields. Taken as a whole, the most active purchasers
were municipalities and public utilities, which have booked a large portion
of their Fall and Winter requirements. The total production of bituminous
coal during the present calendar year to June 7, approximately 135 working
days, amounted to 205,073,000 tons, against 226,455,000 tons for the
corresponding period last year, and 208,771,000 tons in 1928.
The movement of freight by railroads operating in this district continued
in smaller volume than during the corresponding period a year and two
years earlier. As has been the case throughout the year. decreases were
spread generally through all classes of commodities. A particularly heavy
decrease as contrasted with a year ago was noted in merchandise and
arliacellaneous freight. Loadings of revenue freight for the country as a
whole during the first 23 weeks this year, or to June 7, totaled 20,423,506
cars, against 22,380,840 cars for the corresponding period last year and
21.467,901 cars in 1928. The St. Louis Terminal Railway Association
which handles interchanges for 28 connecting lines, interchanged 217,226
loads in May, against 211.707 loads in April and 244,051 loads in May
1929. During the first nine days of June the interchange amounted to
62,388 loads, which compares with 61,545 loads during the oorresponding
period in April and 68,471 loads during the first nine days of June 1929.
Passenger traffic of the reporting lines in May was 14.0% smaller than
during the same month last year. Estimated tonnage of the Federal Barge
Line between St. Louis and New Orleans in May was 124,300 tons, the
The spread between the 1927-1928-1929 monthly averages for orders
booked, and the 1930 figures, though narrowed a month ago with the
smaller than usual decline in orders during April 1930, has again widened
and is the largest so far this year, orders booked gaining less than one
per cent in May over April in contrast to the three-year average increase
over the same period, of 20%. Shipments show a spread slightly wider
than that of the preceding month,the decline in May from April being about
9% and the three-year average 6%. Cancellations continued heavy.
dropping only 8% from the very large volume of a month ago, which
together with the low volume of orders affected a decrease in unfilled
orders of5% in contrast to an increase in May over April a year ago of 17%.
As compared with 1929, declines of46,40 and 64% were registered in orders
booked,shipments and unfilled orders,respectively, cancellations increasing
21%. Tie rate of operations dropped 2 points further in May from the
59% of the preceding month, and compared with the rate of 81% maintained a year ago.
Under the head, "Automobile Production and Distribution" the Bank has the following to say:
Production of automobiles in the United States declined seasonally in
May and remained considerably below the volume of a year ago. Output
of 362,270 passenger cars was3% below April and 30% under May last year.
Truck production of 54,370 declined 20 and 39% in the respective comparisons.
In line with other phases of distribution, sales of automobiles in the
Middle West'nye been affected by unemployment and the decline in many
lines of industrial activity. Retail sales by reporting dealers fell off about
20% in May from April, whereas usually an increase or only a slight decline
takes place in this month from the preceding one. The same situation was
evident in wholesale distribution which likewise declined about 20% in
May this year against less than a 10% decline over the same period of 1929
and a gain shown in 1928. Used car sales expanded slightly over April.
Both wholesale and retail distribution were much smaller than in May a
year ago and sales of used cars showed a decline. Stocks of new cars,
though noticeably heavier than at the end of the preceding month, continued to average smaller than on the corresponding date of 1929. A
slight decline was noted in May in the proportion of cars bold on the deferred payment plan to total retail sales, the ratio of 48% comparing with
52% a month previous and 54% in May last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in May 1930 from previous months.
Per Cene Change From
April 1930.
New cars:
Wholesale
Number sold
Value
Retail
N umber sold
Value
On hand May 31
Number
Value
Used ears:
Number sold
Salable on hand
Number
Value
Campania Included.
May 1929. April 1930. May 1929.
-20.7
-17.9
-58.2
-53.4
29
29
29
29
-21.9
-18.3
-35.1
-36.4
57
57
56
56
+21.9
+16.3
-13.9
-23.8
57
57
56
56
+ 2.8
-13.9
57
56
-19.8
-4.5
-9.4
-8.1
57
57
56
56
Improvement Shown by Industries in Kansas City
Federal Reserve District in May-Conditions in
Wholesale and Retail Trade.
The Federal Reserve Bank of Kansas City reports that
"manufacturing and mineral industries made a much
better showing for May than for any preceding month this
year." The Bank states that"the output of flour, petroleum,
soft coal, cement, sales and shipments of lead and zinc ore,
and the slaughter of cattle, calves and hogs showed increases
over April. Compared with a year ago, there were increases
for this May in the production of cement, shipments of zene
JULY 51930.]
FINANCIAL CHRONICLE
29
ore, and the slaughter of cattle, calves and sheep." In its Lessened Softwood Production Encouraging Despite
Unfavorable Demand Ratio.
July 1 Monthly Review the Bank also says:
While lumber orders received at 893 hardwood and softConditions for farm crops in the Tenth Kansas City Federal Reserve
District improved materially during June, due to beneficial rains, about wood mills, for the week ended June 21, were but 81% of
the right proportion of sunshine and cloudiness, and seasonally high temLumber
peratures for maturing winter wheat, rye, oats and barley, and for growth production, according to reports to the National
and cultivation of corn, cotton and other fall crops.
Manufacturers Association, comparable reports from nearly
The harvest of winter wheat made rapid progress during June and at the 500 identical softwood mills, comprising by far the bulk of
end of the month was under full headway over the large producing areas of
this district. Early harvest returns revealed a somewhat spotted crop. the reported cut, showed production nearly one-third less
Sections where wheat was injured by killing cold isat winter, dry weather than during the same week a year ago. Although hardwood
in early spring, or later storms and insect pests, reported yields varying
mills have made a more favorable showing in past weeks, 212
from poor to fair. Other sections, where wheat fared better, reported
yields were higher than early expectations, in some areas up to previous identical mills showed production curtailment for the week
high records.
ended June 21 only 18% below that for the equivalent week
The better conditions and prospects for farm production was reflected
reports from the 893 mills for the latest
in a slight expansion in business activity throughout this regional district, last year. Combined
as compared with that witnessed in the earlier months of the year. Still, week show orders 19% less and shipments 12% less than a
the general volume of business was nearly 7% below that of a year ago, but total cut of 332,972,000 feet. A week earlier 912 mills gave
3% above that of two years ago.
total producDistribution of merchandise by retailers to consumers, evidenced by orders 19% less and shipments 8% less than a
complete statistics of department store sales for May, held close to the sales tion of 352,147,000 feet. Unfilled softwood orders at 503
volume for April, and for the second month of 1930 was slightly above that mills on June 21 were the equivalent of 17 days' production,
for the corresponding month in 1929. Wholesale trade exhibited about the
customary May slackening, with total sales for the month about 8% below the same equivalent reported a week earlier by 521 mills.
the previous May.
Lumber orders reported for the week ended 4'une 21 1930,
Marketings of wheat were smaller in May than a year ago, but larger by 622 softwood mills totaled 243,630,000 feet, or 17% below
for all other classes of grain. The new wheat crop began to move into market
channels early in June and by the end of the month receipts at primary the production of the same mills. Shipments as reported
markets were heavy and increasing day by day. Movements of all classes for the same week were 264,055,000 feet, or 10% below proof livestock to markets were in smaller numbers than in the same month
duction. Production was 292,797,000 feet.
last year.
Reports from 293 hardwood mills give new business as
The value of contracts for building and general construction in this district during May was considerably below that for May last year, although 26,474,000 feet, or 34% below production. Shipments as
total awards of 5106.987,518 for the first five months of 1930 was nearly
reported for the same week were 30,598,000 feet, or 24%
10% greater than for the like period in 1929.
say regarding wholesale below production. Production was 40,175,000 feet.
The Bank has the following to
Unfilled Orders.
and retail trade:
feet
Reports from 503 softwood mills give unfilled orders of 856,515,000
on June 21 1930. or the equivalent of 17 days' production. This is based
-day year—and may be comRetail trade during May was in moderately heavy volume for the month upon production of latest calendar year-300
and season, as indicated by the reports of department stores and single pared with unfilled orders of 521 softwood mills on June 14 1930. of 913,of 17 days' production.
District.
679,000 feet. the equivalent
line stores in cities throughout the Tenth
The 382 identical softwood mills report unfilled orders as 763,110.000
The combined total sales of 37 department stores reporting for May
was a fractional part of 1% less than that for April, and a fractional part of feet on June 211930, as compared with 1,103,651 feet for the same week a
1% greater than that for May last year. May was the second month of the year ago. Last week's production of 482 identical softwood mills was 289,current year in which sales of these department stores were larger than for 509,000 feet, and a year ago it was 344.171,000;shipments were respectively
the corresponding month in the previous year. The May volume of sales 235,137,000 feet and 316,664,000; and orders received 217.276,000 feet and
carried the cumulative total for the first five months of the current year 314,474,000. In the case of hardwoods, 212 identical mills reported production last week and a year ago,32,531,000 feet and 39.684,000;shipments
to a figure which was 3.6% below that for the same period in 1929.
May sales of men's apparel at stores reporting were 1.3% higher than in 24,504,000 feet and 37,441,000; and orders 20,422.000 feet and 39.597,000.
May last year,sales of women's apparel showed a decline of2% as compared
West Coast Movement.
with sales a year ago, while sales of retail furniture stores were about 1%
The West Coast Lumbermen's Association wired from Seattle that new
above those a year ago.
for the 214 mills reporting for the week ended June 21 totaled
Stocks of department stores on May 31 averaged 4.5% lower than on business
feet, of which 44,674,000 feet was for domestic cargo delivery,
Apri130and 8.9% lower than on May 31 1929. Stocksof men'sand women's 133,905,000
and 24,013,000 feet export. New business by rail amounted to 53,644,000
apparel and furniture were larger at the close of May than a year ago.
Shipments totaled 144,327,000 feet, of which 47,040,000 feet moved
Collections generally were reported as running slightly behind a year ago, feet.
ntercoastal, and 30,394.000 feet export. Rail shipments
and ,
although some improvement was noted during May. Department stores' coastwise
55,319,000 feet, and local deliveries 11,574.000 feet. Unshipped
collections during May represented 40.8% of amounts outstanding, com- totaled
496,594,000 feet, of which domestic cargo orders totaled
orders totaled
pared with 40.3% for April and 42.2% for May a year ago.
192,713,000 feet, foreign 173,782,000 feet and rail trade 130.099,000 feet.
Weekly capacity of these mills is 245,044,000 feet. For tin 24 weeks ended
Wholesale Trade.
June 14, 139 identical mills reported orders 7.6% below production. The
17holesale firms at leading distributing centers of the Tenth District, same mills showed an increase in inventories of 11% on June 14,as compared
-which report their monthly trade statistics to the Federal Reserve Bank of with January 1.
Kansas City, indicated the combined value of their sales during May was
Southern Pine Reports.
about 7% smaller than for April and about 8% smaller than the previous
The Southern Pine Association reported from New Orleans that for 139
May.
mills reporting, shipments were 7% below production, and orders 12%
The May summary of wholesale reports by lines reflects seasonal declines
below production and 5% below shipments. New business taken during
from April in sales of drygoods, furniture, groceries, hardware and drugs.
the week amounted to 43,218,000 feet (previous week 43,512,000 at 141
Compared with the volume of sales reported for May 1929, the grocery
45,297,000 feet (previous week 48,027,000); and producline was the only one to show an increase for this May,the other four lines mills); shipments
tion 48,936,000 feet (previous week 54,791,000). The three-year average
reporting decreases ranging from 4.5% to 18.4%.
production of these 139 mills is 68,275.000 feet. Orders on hand at the end
Inventories at the close of May indicated stocks of wholesalers in general
mills were 139,944,000 feet. The 124 identical mills
were further reduced during tho month and were considerably smaller of the week at 120
reported a decrease in production of 18%. and in new business a decrease
or all reporting lines than a year ago.
of 29%, as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland. Ore.,reported
production from 90 mills as 51,778,000 feet, shipments 36,795,000 and new
business 35,729,000. Sixty-six identical mills reported a decrease of 13%
Chrysler Corporation Cuts Pay of Salaried Employees 10%. in production, and a decrease of 23% in new business, when compared with
period of last year.
Associated Press dispatches from Detroit July 3, said: the corresponding White & Sugar Pine Manufacturers Association, of San
The California
A 10% reduction in the pay of all salaried employees was announced Francisco, reported prdduction from 19 mills as 21,719,000 feet. shipments
14,487.000 and orders 12,200,000. The same number of mills reported
today by the Chrysler Corporation,
,
The statement announcing the reduction said that the action "is production 4% less, and orders 47% less, than that reported for 1929.
The Northern Pine Manufacturers Association of Minneapolis. Minn..
consistent with a retrenchment policy which the current depression
mills as 8,201,000 feet, shipments 3,946,000 and
reported production from 7
in business demands."
reported a decrease in
"Labor," the statement continued, "has already contributed sub- new business 3.969.000. The same number of mills
comparison
reduced working hours and it was felt to be only production of 8%, and an increase in new business of 7%, In
stantially through
fair that salaried employees should also bear some of the burden. with a year ago.
Hardwood Manufacturers Association, of
The Northern Hemlock and
The reduction applies to all salaried employees uniformly from Mr.
reported production from 22 mills as 2,125,000 feet, shipChrysler (Walter P. Chrysler) down. It is a tribute to the morale Oshkosh, Wis.,
ments 2,153,000 and orders 1,502.000. The same number of mills reported
and loyalty of the organization that the advisability of this move has
production 35% below, and orders 42% below, that reported for last year.
been generally recognized and cheerfully accepted."
The North Carolina Pine Association of Norfolk. Va., reported production from 110 mills as 7,868,000 feet, shipments 9,086,000 and new business
6,962,000. Forty-nine identical mills reported a decrease in production of
business of
Russia Would Buy Cotton from Egypt—But Premier 26%, and a decrease in new Association 18%, when compared with 1929.
of San Francisco, reported proThe California Redwood
Sidky Not in Sympathy with Request for Inclusion duction from 13 mills as 6,272,000 feet, shipments 6,382.000 and orders
of Commercial Treaty.
4.744,000. The same number of mills reported production 11% less, and
orders 32% less, than that reported for the same week a year ago.
Retail Trade.
The following from Cairo June 29, appeared in the New
York "Times":
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
Premier Ismail Sidky reveals to-day in an interview in Mokamarn that production from 271 mills as 35.454,000 feet, shipments 28,309,000 and new
Russia has made an offer to buy large quantities of next year's cotton crop, business 24,535,000. Reports from 190 identical mills showed a decrease
but the offer is qualified by a request for the conclusion of a commercial in production of 17%, and a decrease in new business of 48%, when comtreaty. He emphasized that as this qualification implied political and pared with 1929.
The Northern Hemlock & Hardwood Manufacturers Association, of
sociological questions inseparable from Bolshevism, the Government's
position was that Russia could, like any one else, take any quantity of Oshkosh, Wis., reported production from 22 mills as 4,721,000 feet, shipments 2,289,000 and orders 1,939,000. The same number of mills reported
cotton, but without a treaty.
FINANCIAL CHRONICLE
[V3L. 131.
a decrease in production of 24%, and a decrease in orders of 49%. in com182 IDENTICAL MILLS.
parison with last year.
(AD mills whose reports of production, orders and shipments are
complete for 1929
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCand 1930 to date.)
Average 25
Average 25
TION FOR WEEK ENDED JUNE 21 1930, AND FOR 25 WEEKS TO DATE.
Week Ended
Weeks Ended
Weeks Ended
June 21 '30.
June 21 '30.
June 22'29.
Production (feet)
134,712,700
Produo149,104,417
ShipP. C.
166,976,332
P. C. Orders
(feet)
Association.
120,157,531
lion
137,711,654
meals
of
Orders
174,907,976
of
130,595,113
(M Ft.) (M Ft.) Prod. (M Ft.) Prod. Shipments (feet)
142,580,624
171,803,434
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JUNE14 1930(115
mllla).
Southern Pine:
Week-139 mill reports
48,936
45,297 93
43,218 88
' 2.5 weeks
-3.538 mill reports
Orders on
1.484,603 1,375,710 93 1,361,694 92
Unfitted
West Coast Lumbermens:
Hand BeOrders
CancelalpOrders
Week-222 mill reports
(dreg Week Received.
145,898
145,929 100
lations.
mettle. Week Ended
135,306 93
-5,358 mill reports
25 weeks
June 1430.
4.018,944 3,789.734 94 3,793,629 94
June 14 '30.
Western Pine Manufacturers:
Washington & Oregon
Week-90 mill reports
51,778
36,795 71
35,729 69
(98 Mille)25 weeks-2,250 mill reports
Feet.
Fed.
1,019,211
893,394 88
Feet.
Feel.
Fed.
867,541 85
California
California White & Sugar Pine:
89,033,776 16,441,823
519,892 22,496,195 82,459,512
Atlantic Coast
Week-19 mill reports
82.897,607 25,645,886
21,719
92.664 25,903,650 82,542.179
14,467 67
12,200 58
Miscellaneous
-633 mill reports
25 weeks
5.103,290
291.000
400,242
70,000 1.022,196 4,302,094
516,839 129
525,600 131
Northern Pine Manufacturers:
Total Wash.& Oregon 177.034.673 42,378,709
Week
-7mill reports
8,201
682.556 49,427,041 169,303,785
3,946 48
3,969 48
25 weeks-200 mill reports
97,528
106,398 109
98,911 101
Brii. Col.(17 M4140
No.Hemlock &flardw'd (Softwoods)
California
Week-22 mill reports
1,769,101
810.000
2,125
None
721,000 1,858,101
2,153 101
1,502 71
Atlantic Coast
-799 mill reports
25 weeks
11,152,514 3,719,667
None 1,511,000 13,361,181
82,703
57,739 70
55,316 67
Miscellaneous
North Carolina Pine:
2,004,995
427,800
None 1,009.000 1.423.795
-1W mill reports
Week
7,868
9,086 115
6.962 88
Total British Col
-2,773 mill reports
25 weeks
14,926,610 4,957,467
243,126
None 3,241,000 16,643,077
225.365 93
189,048 78
California Redwood:
Total domestic carve, 151 OM 253 47 SIR 17R
eta MR R2 MIR 041 1RA 045 Rsist
Week-13 mill reports
6,272
6,382 102
4,744 76
-368 mlll reports
25 weeks
184,938
167,282 90
169.055 91
Softwood total:
Week-622 mill reports
-15,919 mill reports
25 weeks
Hardwood Manufacturers Institute:
Week-271 mill reports
-6,349 mill reports
25 weeks
Northern Hemlock & Hardwood:
Week-22 mill reports
25 weeks-799 mill reports
292,797
264,055
7.531.295 7,132,461
90
95
243,630
7,060.794
83
94
35,454
896,474
28,309
802,771
80
90
24,535
781,689
69
87
4,721
214,397
2,289
126,098
48
59
1,939
108,918
41
51
Hardwood total:
Week-293 mill reports
25 weeks-7.148 mill reports
40,175
1,110,871
30,598
928,869
76
84
26,474
890,607
66
80
Grand total:
Week-893 mill reports
-22,268 mill reports
25 weeks
332.972
294,653
8.642.166 8,061,330
88
93
270,104
7,951,401
81
92
West Coast Lumbermen's Association Weekly Report.
A total of 344 mills reporting to the West Coast Lumbermen's Association produced approximately 168 million feet
of lumber during the week ended June 21, which represents a
decrease of more than 4,000,000 feet when compared with the
production reported by 342 mills for the previous week.
Production reported by the 344 mills for the week ended
June 21 was more than 22,000,000 feet less than the outpnt
reported by 303 mills for the week ended May 24. The 344
reporting mills operated at 56.2% of their capacity last week.
Production of 214 identical mills, for which the Association has weekly records of production, orders and shipments,
totaled 144,286,090 feet for the week ended June 21, orders
were 133,904,547 feet and shipments 144,326,635 feet. Production at these mills declined over 3M million feet from the
previous week; orders decreased over 10 million feet and
shipments decreased over 18 million feet.
Orders reported by 182 identical mills wore 12.75% below
the average of those same mills during the first 25 weeks of
1929. Inventories of 115 mills are 6.7% above their stocks
at the first of the year.
New business from the rail trade was about the same as
the previous week and domestic cargo orders were over
five million feet less during the week ended June 21 than in
the preceding week. Export orders dropped about 725,000
from the previous week. Local orders decreased almost
five million feet. The Association's statement follows:
Output of Automotive Parts-Accessory Lower.
Manufacturing operations in the automotive parts-accessory industry declined in May and the seasonal curtailment continued in June, in line with the recession in the
car plants according to the Motor and Equipment Association. The latter under date of June 26 also said:
In May. suppliers of original equipment and of service parts and service
equipment for the trade lowered their schedules for the first time this
year, though output of the accessory plants was a little higher than in
April. Some further curtailment can be expected in the parts industry since
no immediate upturn in car production is expected. Business of member
wholesalers of automotive products last month held even with April.
The grand index of shipments for all groups of manufacturer
members
reporting their figures to the Association in May stood at 144% of the
Jan. 1925 base index of 100 as compared with 163 in April, 155 in March
and 245 in May a year ago.
Reports by divisions, of member manufacturers business in May
follows:
Parts-accessory makers selling their products to the car and truck
makers
for original equipment made shipments aggregating 153%
of the Jan. 1925
base Index as compared with 175 in April, 167 in March,
and 287 in May
1929.
Shipments to the trade by makers of service parts were 137% of
the Jan.
1925 base index as compared with 150 in April, 139 in
March and 169 in
May 1929.
Accessory shipments to the trade in May were 78% of the 1925
base
figure as compared with 74 in April,67 in March. and 91 in May
last year.
Service equipment shipments, that is, repair shop machinery and tools.
in May were 165% of the 1925 base as compared with 180 in
April, 175 in
March, and 200 in May a year ago.
Cotton Textile Firms Considering Formation of Export
Association Under Webb-Pomerene Act.
Representatives of seventeen firms interested in the export
of cotton textiles met on July 1 in the rooms of The Association of Cotton Textile Merchants of New York to consider
the formation of an export association under the provisions
of the Webb-Pomerene Act. Floyd W. Jefferson of IselinJefferson Co. presided. An announcement July 1 in the
matter says:
This project has been under consideration for several months by
committees representing The Cotton-Textile Institute and The Association of
Cotton Textile Merchants of New York. These committees finally placed
before the meeting today a definite recommendation that an export association be formed under the provision of the Webb-Pomerene Act and
that this association be the medium of furthering co-operation
amongst
exporters of cotton textiles with respect to uniform terms of payment
and
other matters which might properly be the subject of group
action to
increase export business in American cotton goods. A proposed
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
constitution for the association was presented at the meeting for the
222 mills report for week ended June 21 1930.
consideration
of prospective members and those present voted unanimously
(All mills reporting production, orders and shipments.)
to hold
another meeting on July 15 for the purpose of forming the
association.
Production
145,898.163 feet (100%)
The following firms were represented at today's meeting:
135,305,692 feet (7.26% under production)
Orders
145,928,730 feet (0.02% over production) Amory, Browne & Co.
Shipments
Joshua L. Daily & CO.
William L. Darrell Co. of New
Bliss, Fabyan & Co., Inc.
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
York, Inc.
M. C. D. Borden & Sons, Inc.
OPERATING CAPACITY (344 IDENTICAL MILLS).
Brune, Pottberg & Co.
Garner & Co.
(All mills reporting production for 1929 and 1930 to date.)
Hunter Mfg. & Commission Co.
Iselin-Jefferson Co.
Actual production week ended June 21 1930
167,922,613 feet Minot. Hooper & Co.
Neuss, Hesslein & Co.
Average weekly production 25 weeks ended June 21 1930
187,379,262 feet Pacific Mills
Pepperell Mfg. Co.
Average weekly production during 1929
209.461,228 feet Prince, Lauten & Co.
Tilton & Keeler, Inc.
Average weekly production last three years
216,619.135 feet Turner, Halsey Co.
Wellington, Sears & Co.
•Weekly operating capacity
298,818,201 feet
Other exporters of cotton textiles will be invited to join the
proposed
• Weekly operating capacity Is based on average hourly production for the 12 last association and it is
the hope of the committee in charge to make the
months preceding mill check and the normal number of operating hours per week.
membership representative of cotton goods exporters.
The present committee in charge of work consists of Messrs. Floyd W.
WEEKLY COMPARISON (IN FEET) FOR 214 IDENTICAL MILLS
-1930.
Jefferson, Chairman, Jacques Bramhall, S. Hobert Glassford, A. G.
(All mills whose reports of production. orders and shipments are complete for
the last four weeks.)
Kempf and Donald B. Stewart.
June 21.
June 14.
June 7.
May 31.
Week Ended144,286.090 148.319.262 148.759.090 150.269,900
Ppoduction
133 904,547 144,724,857 144.472,038 151,383,776
Orders
53,643.289
53.716,067
54.412,740
51,864.049 Textile Workers Opposed to Multiple System-Urge Check
Rail
44.674,030
49.830,554
42.440,298
Domestic cargo
61,674.360
on Weavers' Output.
24,012,913
24.738.322
25.736.344
25.556,040
Export
11,574,315
16,439,914
21,882,656
The American Federation of Textile Operatives placed
12,288,427
Local
144,326,635 163.649,849 146,034.864 158,489.550
Shipments
55,318,455
52,529.508
52,932,650
60,021,921 itself on record in opposition to the "multiple or stretch
Rail
47,040.081
56,012,938
46,503,978
50,475,712
Domestic cargo
38,667,489
30,393.784
24.715,580
35,703,490 out system" when it adopted a resolution presented at the
Export
16.439,914
11,574.315
21.882,656
12,288,427 three-day convention which closed here at
Local
Lawrence, Mass.
496,594.238 513.709,528 536,671,062 542.165,468
Unfilled orders
130,098,619 133.124.287 134,719,052 135.124,204 June 27. We quote from a dispatch to the New
Rail
York "Jour192,713.516 199.640,034 205.428,643 211,009,193
Domestic cargo
173,782.103 180,945,207 196,523,367 196,032,071 nal of Commerce" which further said:,
Export
JULY 5 1930.3
FINANCIAL CHRONICLE
31
The federation delegates described the system as one which allows
In previous advices from Spartanburg, the same paper
the employment of unskilled help to assist the weaver so that twice as (June 28) said:
much work is done at the same wages.
The Fourth of July celebration for the thousands of mill workers of
Convention delegates adopted another resolution which urged the
extensive one this year. It will last pracfederation to continue agitation in favor of the law to compel manu- Spartanburg County will be an
and in the majority of instances at least one week.
facturers to attach pick clocks on looms in factories where there is tically ten days,
Mills, Mills Mill and Woodruff Mills will all be closed for
The Arcadia
day and night work. The textile workers contend that this arrangement
one week, beginning Saturday of this week, it is officially stated. Sparwill prevent the night worker from taking credit for work that he has
tan, Inman Ad Pacolet mills will also be closed for one week, officials
not done and vice versa. The pick clock is a device which automatically state. Officials of Saxon and Chesnee mills have as yet announced no
counts the number of "picks" completed by the weaver. The law to plans of further shutting down.
make installation compulsory was before the State Legislature at the
Mill executives state that the plan in general adoption in this territory
last session and was referred to the next general court.
for plans to operate on a 50% curtailment of production will continue
Another resolution adopted placed the delegates on record as against indefinitely.
cribbing. The delegates stated that it has become the practice of some
manufacturers to have the looms started three minutes earlier in the Stress Curtailment Necessity at Southern Textile
morning and three minutes earlier at noon than the starting time
Convention.
The workers pointed out
stipulated by the laws of the federation.
that this is a violation of the forty-eight-hour law in Massachusetts
From Myrtle Beach,S. C.,June 27 the New York "Journal
and further contend that the operatives are the losers since they receive
of Commerce" reported the following:
no extra compensation.
With more than 350 members and guests in attendance, the annual
convention of the Southern Textile Association opened here to-day for a
Carolina Cotton & Woolen Mill at Richmond, Va. two-day session. The morning program featured the address of L. L.
Brown, President of the association. Mr. Brown, in reviewing textile
Curtails.
events of the past year, took occasion to point out a number of infavorable
The Carolina Cotton & Woolen Mill Co. of Fielddale, factors in the situation that the association should concern itself with.
He stressed the point that in the necessary curtailment of production
Va., has gone on a four-day-a-week schedule for an indefinite
no fault of
many mills
period, according to Richmond, Va. advices June 26 to the latter. have worked hardship uon the workers throughto providing
He urged that the mills give increased attention
the New York "Journal of Commerce."
more regular employment for the employees and thinks that the general
adoption of the 55-50 week is a step in the right direction. Mr. Brown
also stressed the necessity of more uniform cotton grades and the raising
Mills at Charlotte (N. C.) Agree to Shut Down—Co- of staple of increased lengths. He thinks the mills and planters would
be greatly benefited if uniform grades be adopted by planters in certain
operatives Reported Out of Market.
localities suitable for such grades so that the elimination of so many various
Charlotte,(N. C.,) advices, July 1, published in the New grades of staple and character of different cotton types be brought about.
York "Journal of Commerce" state:
Nearly all, if not quite all, the cotton mills in this section will close down
-day period, including the July 4 holiday. It is reported that the
for a 10
largest mill in Gaston County, will close down for an indefinite period on
July 1. Mill executives interviewed state that they see no improvement in
the goods and yarn situation, and makers of print cloths point out that
they would have to buy cotton at under 10 cents a pound to be able to sell
goods at current prices.
Despite these facts spot cotton brokers reports some sales on actual
samples for prompt shipment and a few sales for Fall shipment have also
been made to mills. In fact, it is reported on good authority that a sale
was made to a strong North Carolina mill organization covering shipments
in equal quantities each month for 36 months by a large firm of spot merchants, this amounts to several thousand bales of cotton. It is also reported
that an upper South Caorlina mill that produces principally sheetings. has
bought 5.000 bales of cotton for Fall shipment from an Eastern belt firm of
merchants. Evidently some mills are beginning to take an interest in forward shipments.
Co-Operatives Out of Market.
The American Cotton Co-operatives' office in Charlotte have withdrawn
that at present they are not trying to sell any cotton,
all offers and state
either prompt or forward shipment. The State Co-operative Association is
reported to have turned all their cotton over to the Stabilization Corp.
recently organized by the Farm Board and will have no more cotton to sell
until the new crop begins to move.
Cotton sold for prompt shipment was based on New York July, but the
basis must soon change to October or December contracts. Quotations are
about as follows: Government standards, f.o.b. and freight to Carolina
mills, prompt shipment, basis New York July. Middling H-inch, even with
,to 25 on; 15-16-inch, 25 to 50 points on; 1-inch, any growth, 75 to 100 on:
1-inch Western cotton, 100 to 125 on; 1 1-32-inch, 150 to 175 on. Cotton for
July shipment is based on new October contracts and figures about the same
as above with carrying charges added.
The crop in this section is making continued progress. Fields are clean
and well worked and the plants are taking on rapid growth. We are now
having real cotton growing weather and the crop is doing well.
Clark Thread Mill of Newark to Close—High Tariff
and Taxes Reported as Cause.
In its issue of July 3 the New York "Times" said:
The Clark Thread Co.of Newark will close its Mill No.3 in East Newark
and discharge 360 of its 3,500 employees, it was announced yesterday
by William H. Loftus, Vice-President. The reasons given were high
tariff, high taxes in New Jersey, high costs of production, and general
business conditions. Mr. Loftus indicated that spinning operations would
be transferred to Providence, R. I.
Petroleum and Its Products—Conservation of Domestic
Crude Production to Be Paralleled by Curtailment
in Refinery Operations—Oklahoma Corporation
Commission Orders Continuance of Production
Curb at Current Levels—Rate of Gain in Gasoline
Consumption Lessened.
Two reports, both lacking official confirmation, were the
principal developments in the oil situation this week as an
aftermath of the recent meeting of leading oil executives
with the American Petroleum Institute. It became known
that agreements have been reached by producers in the midcontinent district to maintain present field prices until the
fall. It had been indicated earlier that a reduction in prices
was to be made shortly but this possibility has been discouraged somewhat by the efforts of producers to hold their
production within reasonable limits.
The second development of the week was the indicated
decision of Standard Oil of New Jersey to sharply curtail
Loray Mills at Gastonia, N. C. Decide on Two-Week its producing activities. This company has for many months
been advocating the policy of reduced refining activities.
Shutdown.
A 5 to 15% drop was reported to be near. It is highly
From Gastonia, N. C., The New York "Journal of Compossible that other refiners would follow the action of
merce" of July 2 reported the following:
The Loray mills here, which manufacture tire fabrics, will shut down Standard of New Jersey.
for a two weeks period, beginning the first of next week, according to J. A.
An order holding Oklahoma crude oil production for the
Baugh, general manager. A rumor has been current that the big plant third quarter of the year to the current allowable of 650,000
was to be closed indefinitely, but General Manager Baugh makes it plain
that the mills will close for only two weeks, as is customary at this season. barrels daily was issued by the Oklahoma Corporation
Commission. The allowable flow for the Oklahoma City
pool is 25%, with operators by agreement holding this for
Katterman-Mitchell Silk Mill Curtails.
the New York "Journal of Commerce" we take the the present to 16 2-3% of capacity, which will be increased
From
if production of other fields declines. The east and south
following from Stanley, N. C.:
are permitted to produce
The Katterman-Mitchell Silk Mill, which closed June 20, will remain extensions of the Earlsboro pool
so until July 7, giving the employes a two weeks' vacation. This plant at 33 1-3% of capacity. Asher-Wanette, Chandler, West
has been operating only five days a week for the past few weeks.
Perry, Orlando and Southeast Garfield County pools are
allowed 25% open flow, while 66 2-3% operations are exSpartanburg Mills Decide to Shut Down for Ten Days. tended to Allen Dome, Bowlegs, Carr City, Earlsboro
Spartanburg (S. C.) advices July 1 to the New York proper, Little River, East Little River, Marshall-Lovell,
"Journal of Commerce" said in part:
Maud, Mission, Sasakwa, Searight, Seminole City, East
Nothing occurred at the recent annual convention of the South Caro- Seminole and St. Louis.
lina Cotton Manufacturers' Association, held at Myrtle Beach, S. C., to
Gasoline stocks in storage during May decreased 389,000
inject rejuvenation into the protracted depression of the mills in this
State. The situation was thoroughly discussed, and George Sloan, head barrels as contrasted with a 804,000 barrel drop in the preof the Cotton Textile Institute, gave counsel and advice. As the cloth ceding month and a reduction of 2,367,000 barrels in May
market shows no signs of betterment, manufacturers are forced to consider
more radical degrees of curtailment. Beginning this week. Fourth of 1929, according to the report of the United States Bureau
July week, when mills customarily are shut down from two to three days of Mines. A highlight of the report was the announcement
annually, there will be a ten-day closing up.
of the reduced rate of consumption as compared with a year
Local executives are frank to say that, despite the alternate week plan
of operating so generally adopted by the mills of this section. the cloth ago. Combined domestic and export demand registered
market has not responded to any perceptible extent. Until there is a an increase of 5.3% dyer May, last year, as compared with
demand for finished products, coarse or fine, the mills cannot continue a
gain of 9.9% in April over the corresponding month of
stacking up and storing products in their warehouses, which are already
11929.
packed.
FINANCIAL CHRONICLE
[VOL. 131.
The total consumption of gasoline for the first five months pared with 2,000,450 barrels for the preceding week, an
of the year, however, scored a gain of 12.6% over a year increase of 13,200 barrels. The following are estimates of
ago. Runs to stills for the months totalled 83,647,000 daily average gross production, by districts:
barrels, of which 5,618,000 barrels was foreign. Included
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks ButtedJune 28 '30. June 21 '30. June 1430. June 29'29.
in the report was 39,293,000 barrels of gasoline. Aggregate
Oklahoma
666,950
675,600
651,700
698,400
crude oil production in May gained 3,000,000 barrels to Kansas
134,200
131,650
133,850
121,900
Panhandle Texas
108,000
107.100
105,700
86,550
80,176,000 barrels, against 77,175,000 barrels hi April.
North Texas
81,800
82,000
82,150
83,850
Walt
61,000
61,850
62,700
51,900
Storage of all oils, crude and refined, gained 1,266,000 West Central Texas
Texas
307,350
295,150
298,500
369,100
barrels as contrasted with a decrease of 1,894,000 barrels East Central Tessa
40,100
39,950
40,300
18,300
78,100
81,600
74,100
79,800
in April and an increase of 3,607,000 barrels in May 1929. Southwest Texas
North Louisiana
40,200
40,150
40,250
35,400
Arkansas
57,300
56,900
56,800
69,550
The total oil storage at the end of May amounted to 693,892,- Coastal Tessa
187,000
184,200
185,200
130.300
Louisiana
25,900
26,750
25,200
18,950
000 barrels against 692,626,000 barrels in April and 655,- Coastal (not incl. Michigan)..
Eastern
126,000
125,500
125,000
98,650
480,000 barrels at the end of May last year.
Michigan
10,100
10,350
18,700
10,300
Wyoming
48.800
47,150
52,900
48,350
There were no price changes on crude oil posted this week: Montana
9,450
9,350
9,350
11,550
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$2.25 Smackover, Ark., 24 and over
Corning. Ohio
1.75 Smackover. Ar., below 2
CabeII, W.Va
1.35 Eldorado, Ark., 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
Midcontinent, Okla.. 37
1.23 Sunburst, Mont
Corsicana. Texas, heavy
.80 Artesia, N. Mex
Hutchinson, Texas, 35
.87 Santa Fe Springs, Calif.. 33
Luling, Texas
1.00 MIdway-Sunset, Calif., 22
Spindletop, Texas, grade A
1.20 Huntington, Calif., 28
Spindletop, Texas, below 25
1.05 Ventura, Calif.. 30
Winkler. Texas
.65 Petrolla, Canada
Colorado
New Mexico
California
3.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS
-HOLIDAY SALES STIMULATE GASOLINE
-STOCKS
MOVEMENT
-REFINERS WILL CURTAIL OUTPUT
AGAIN LOWER-WEAK MARKETS FOR MINOR REFINED
PRODUCTS.
Record movement of gasoline from refineries developed
during the week, favorable weather conditions over the
greater part of the country, coupled with the triple holiday
for the week-end, stimulating consumption materially.
Prices were firmly maintained at posted levels by all of the
principal market factors.
Refiners have inaugurated a program of curtailment at
their plants, carrying out the conservation idea already in
successful operation in the production end of the business.
Standard Oil Co. of New Jersey has ordered a 15% cut in
operations of its refineries and those of subsidiary companies
for the current month, and other leading integrated companies are also taking steps to cut down production and thus
lower refinery holdings.
Further decline in refinery stocks is indicated as a result
of the seasonal increase in consumption. Holdings at domestic refineries for the week ended June 28 fell off 755,000
barrels to a total of 49,700,000 barrels.
In the tankwagon end of the business both U.S. Motor and
premium grades were unchanged. "Bootleg" gasolines are
offered under the price levels maintained by the principal
factors, however. Reports of a pending advance in tankwagon and service station prices in Standard Oil Co. of New
Jersey territory are still heard.
In the tankcar market, the only change for the week was
an advance of Mc. to 13c. per gal. for aviation grade, f. o. b.
Bayonne. The advance was made by Standard Oil Co. of
New Jersey.
Minor refined products, including kerosene, gas oil, lubricating oil, and other products, continued in weak position.
Gasoline, U. S. Motor. Tank Car Lots. F.O.B. Refinery.
California
.0834
-Sinclair Ref_ .09
N.Y.
(Bayo'n)8.0918.10
N. Y.
Los Angeles. export. .074
Beacon Oil
.09
Stand. Oil, N. J__ .09
Carson Pet
.084 Gulf Coast,export_ .084
Stand. 011, N.Y. .098
North Louisiana._ _ .073.(
.09
Tide Water Oil Co. .09
Crew Levick
Richfield 011 Co__ .10
.0654
West Texas
.0634 North Texas
.08
Warner-goilnYnCo .10
Chicago
.0934 Oklahoma
.094
Pan-Am.Pet. Co_ .095 New Orleans
.0734 Pennsylvania
Arkansas
.0654
Shell Eastern Pet_ .10
Gasoline, Service Station, Tax Included.
Minneapolis
8.182
i 19
New York
$.183 Cincinnati
.195
New Orleans
.16
Atlanta
.21
Denver
.21
188 Philadelphia
.22
Baltimore
Detroit
.251
San Francisco
18
Boston
.20
Houston
195
Spokane
.24
Jacksonville
Buffalo
15
16
179 St. Louls
Chicago
.15
Kansas City
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
8.0734
N.Y.(Bayonne)3.0718.074 Chicago
$0554 New Orleans
0854
North Texas
.054 Los Angeles, export_ .054'Tulsa
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or Terminal.
1.851Gulf Coast
New York (Bayonne)81.15 Los Angela;8.75
.55
.95 Chicago
Diesel
2.00 New Orleans
Gas Oil. 32-34 Degrees, F.O.B. Refinery or Terminal.
!ChicagoE.03
N.Y.(Bayonne).-_$.0554
3.03 'Tulsa
Crude Oil Output in United States Again Increases.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States,
for the week ended June 28 1930 was 2,610,950 barrels, as
compared with 2,598,850 barrels for the preceding week, an
increase of 12,100 barrels. Compared with the output for
the week ended June 29 1929, of 2,815,400 barrels daily, the
current figure represents a decrease of 204,450 barrels per
day. The daily average production east of California for
the week ended June 28 1930 was 2,013,650 barrels, as corn-
4,850
26,550
597.300
4,700
20,500
598,400
4,350
20,500
597,200
7,550
1,550
860,500
2,610,950
2,598,850
2,571,500
2,815,400
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west central, west,
east central and southwest Texas. north Louisiana and Arkansas, for the
week ended June 28 was 1,575,000 barrels, as compared with 1,571,950
barrels for the preceding week, an increase of 3,050 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
1,535,550 barrels, as compared with 1,532,750 barrels, an increase of 2,800
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week. in barrels of 42 gallons.
follow:
-Week Ended-Week Ended
OklahomaJune 28 June 21
East Central Texas- June 28 June 21
Bowlegs
20,550
Van Zandt County
24,900 25,150
Bristow-Slick
15,650 15,650
Southwest TexasBurbank
16,350 16,350 Darst Creek
28,500 29,000
Carr City
8,600 8,700 Luling
9,300 9,250
Earlsboro
30,150 30,050 Salt Flat
28,200 31,700
East Earlsboro
36,050 37.400
North LouisianaKonawa
23,650 18,850 Sarepta-CartervIlle
3,300
3,400
Little River
33,350 35,800 Zwolle
3,250
3,250
East Little River
14,400 18.800
Arkansas
Maud
4,650
5,050 Smackover. light
5.300 5,250
Mission
12,700 12,600 Smackover, heavy
39,450 39.200
Oklahoma City
107,400 115,850
Coastal Term:
Bt. Louis
31,500 32,450 Barbers Hill
19,700 10,050
11,400 11,800 Raccoon Bend
Searight
12,000 12,100
Seminole
21,450 21,550 Refugio County
36,450 36,200
East Seminole
2,850
3,850 Sugarlaud
12,000 12,250
South Earlaboro
18,200 14,400
Coastal Louisiana
KansasEast Hack berry
3,500
1,800
19,550 18,800 Old Hackberry
Sedgwiak County
1,100
1,100
Voshell
21,050 19,850
Wyoming
Panhandle Texas
Salt Creek
28,200 27,900
75,650 73,300
Gray County
Montana
Hutchinson County_ ._ _ 23,200 23,900 Kevin-Sunburst
5,850 5,850
North Texas
New Mexico
19,000 19,100 Balance of Lea and Eddy
Archer County
Wilbarger County
24,700 24,750
Counties
22,900 17,000
West Central Texas
California
Young County
23,100 23.800 Elwood-Goleta
42,500 43,800
West Texas
Huntington heath
26,400 28,000
Crane & Upton Counties. 38,900 36,000 Inglewood
17,200 17,200
Ector County
20,550 17,000 Kettlernan 111118
15,000 15,000
Howard County
30,000 29,000 Long Beach
92,000 92,000
Reagan County
17,850 17.250 Midway-Sunset
63,500 63.500
Winkler County
70,300 70,500 Santa Fe Springs
115,000 110,800
Yates
115,450 112,000 Seal Beach
20,300 20,700
Balance Pecos County._ 4,300
3,700 Ventura Avenue
48,000 48,000
Total
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,527,400 barrels, or 95.7% of the
3,686,400 barrel estimated daily potential refining capacity of
the plants operating in the United States during the week
ended June 28 1930 report that the crude runs to stills for
the week show that these companies operated to 74.5% of
their total capacity. Figures published last week show that
companies aggregating 3,524,400 barrels, or 95.7% of the
3,683,400 barrel estimated daily potential refining capacity
of all plants operating in the United States during that
week, but which operated to only 74.4% of their total
capacity, contributed to that report. The report for the
week ended June 28 1930 follows:
CRUDE RUNS TO STILLS
-GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED JUNE 28 1930.
(Figures in Barrels of 42 Gallons)
District.
Per Cent
Potential
Capacity
Reportlag.
East Coast
100.0
Appalachian
91.0
Ind., Illinois, Kentucky 99.6
Okla., Kans., Missouri_ 89.9
Texas
90.4
Loulsiana-Arkansas.- 96.8
Rocky Mountain
93.6
California
99.3
Total week June 28_
Daily average
Total week June 21..
Daily average
95.7
Texas Gulf Coast
Louisiana Gulf Coast__
100.0
100.0
95.7
Crude
Rum
to
SUM.
Per Cent
Om?.
of Total
Capacity
Report.
3.482,000
546,000
2,245.000
2,067,000
4,255,000
- 1,990,000
460,000
4,147,000
81.6
66.9
84.2
71.0
85.3
64.9
47.2
66.5
18,392,000
2,627,400
18,348,000
2,621,100
74.4
3,168,000
804,000
86.0
77.9
74.5
Gasoline
Stocks.
Gas
and
Fuel
Oil
Stocks,
8,163,000
1,638.000
8.067,000
4,609,000
6,802,000
2,467,000
2,704,000
15,250,000
9,218,000
888,000
4,190,000
4,715,000
10,444,000
1.929,000
1,196,000
106,873,000
49.700.000
139,437.000
150.113.000 .
138,7132.000
5,606,000
2,066,000
7,466,000
1,135,000
Revised due to rece Pt of Information from a company In Texas that they had
overstated their gasoline stocks by 352,000 and gas and fuel oil stocks by 553,000
barrels. Week of 14111 also overstated to the amount of 350,000 barrels gasoline
and 561,000 barrels gas and fuel. Texas Gulf Coast not affected.
-All crude runs to stills and stocks figures follow exactly the present Bureau
Note.
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills Include both foreign and dotnestle crude.
JULY 5 1930.]
FINANCIAL CHRONICLE
33
New York State Oil Producers' Association Votes Cut in fell off precipitately from May. Estimated daily output
Oil Production to Meet Decline in Prices.
in June was 97,830 gross tons as compared with 104,283 tons
Associated Press accounts from Olean, N. Y., July 1 said: per day in May, a loss of 6,453 tons, or 6.2%. The June
The New York State Oil Producers Association today announced a total for 30 days was 2,934,900 tons as compared with
further curtailment of production in a neffort to meet a falling off in 3,232,760 tons for 31 days in May. The June daily rate
consumption and a consequent decline in prices of crude oil.
At a meeting of the association in Bolivar yesterday it was agreed is the smallest since January, when it was 91,209 tons. A
to reduce the production of crude oil in the Bradford, Pa., and Alle- year ago the daily rate for June was 123,908 tons. Prelimigeny, N. Y., fields to 50% of the April pipe line run. It was also nary returns indicate that 20 furnaces were blown out and
agreed to curtail the operations of drillers. Already 300 rigs have been
closed by a previous agreement, and it was expected the new decision only one blown in—a net loss of 19. This is the largest
loss since last December, when 20 were blown out and
would stop operations of another hundred.
The Association indorsed a program of intensive advertising and none blown in. In May the net loss was only three furnaces.
marketing after leading oil producers had asserted that if something
were not done immediately to remedy the situation the price of
Pennsylvania grade crude oil would drop to $1.50 within sixty days.
The present price is from $2.25 to $2.50 a barrel.
It was stated at the meeting that oil consumption had fallen off
about 35% since the first curtailment of production by 20% was made
about a month ago.
Steel Output Recedes Further—Pig Iron Production
Also Declines—Prices Unchanged.
Measured in terms of pig iron output, the half-year just
completed makes a good showing compared with 1928, but
falls far short of the performance of 1929, the "Iron Age" of
Proration of Yates Oil Pool Extended 6 Months—Output July 3 states in its summary of iron and steel conditions.
Reduced 10,000 Barrels to 100,000—All Operators Agree Estimates of June production indicate that the total for the
first six months of 1930 was 18,262,000 tons, a decline of
—California Oil Production.
The following advices June 30 from Fort Worth, Tex., nearly 16% from the corresponding period last year, but
only 1.4% behind the first half of 1928. The current trend
appeared in the New York "Journal of Commerce":
Proration of production in the Yates pool is to be extended for influenced by seasonal reaction, is rather sharply downward.
another six months from July 1, with output reduced 10,000 barrels The daily rate in June, 97,830 tons, was 6.2% lower than
daily to an allowable figure of 100,000 barrels, according to an an- in May and was the smallest for any month since January.
nouncement here today by R. D. Parker, chief supervisor of the oil
Curtailment of blast furnace operations was the greatest
and gas division of the Texas Railroad Commission.
The announcement followed the taking of testimony by the operators since December. With 20 furnaces blown out and only one
in the field and revealed the fact that there was no opposition to the lighted, there was a net loss of 19 active stocks compared
new figure or to the extension of the proration period. The testimony
month of 1929. Several additional furof the operators was unanimously to the effect that proration has with 20 in the last
helped the field, has prevented waste and is in the interest of the con- naces may be banked or blown out shortly, but the trade
tinued productive life of the field. The new figure of 100,000 barrels believes that it is now passing through the worst phase of
was derived from calculations of the carrying capacity of the pipe lines
industrial retrenchment and that improvement is not many
serving the pool.
John R. Suman, representing the Humble Co., testified that his com- weeks distant.
pany would be willing to produce on a 90,000-barrel basis, and F. J.
While many iron and steel consuming plants will shut
Adams, representing the Gulf Oil Co., testified that his company
down for two weeks this month, it is reasoned that these
would be willing to see the pool on a 75,000-barrel basis. W. L. Todd
of the Simms testified that his company would like to see the present suspensions will promote the liquidation of manufactured
110,000-barrel basis maintained. However, all the operators expressed goods in stock and clear the way for fresh purchases of
themselves as agreeable to proration on the determined outlet of 100,000
materials.
barrels.
Steel mill,operations are at the lowest rate of the year and
According to the testimony of Warner Clark, Chairman of the
Operators' Advisory Committee, the available outlet is as follows: will decline further, since July 4 is one of the two holidays
Shell Pipe Line, 24,500 barrels; Humble, 25,000 barrels; Gulf, 13,500
of the year that are generally observed by the industry.
barrels; Illinois Pipe Line (Ohio Oil), 36,650 barrels.
Mr. Adams
explained that the Gulf outlet was based on Gulf's own production and Some mills have been shut down for the entire week and
that the company did not care to purchase any outside oil in the pool. others will suspend from Thursday night until Monday
Dut to a tightening of the State.wide curtailment program and regard- morning. Blast furnace and open-hearth operations are
less of a 4,200-barrel increase at Santa Fe Springs, California crude oil
production declined to 599,900 barrels daily average in the week ended not affected in the same degree. Steel ingot output for the
June 28, a reduction of 4,100 barrels daily from the week preceding. country at large now averages 60% compared with 64%
According to estimates of the California Oil World, Los Angeles basin a week ago, and may dip to 50% before the holiday period
fields averaged 311,500 barrels daily last week, against 311,200 daily
has passed. The current Steel Corporation average is 70%
the week preceding.
The average price of crude petroleum in ten producing fields was against 72% seven days ago. The"Age"goes on to say:
unchanged last week from the previous week at $1.497 a barrel. The
average price for the corresponding period last year was $1.767 a
barrel, according to the Oil, Paint and Drug Reporter. Gasoline at
the refineries was fractionally lower last week at 7.I8c a gallon at four
principal refineries, compared with 7.21c a gallon the previous week.
Service station prices at ten leading markets were unchanged from the
previous week at 20.80c a gallon.
Canadian crude oil prices were reduced 15c a barrel this morning,
making the New Petrola price $1.95 and Oil Springs $2.02 a barrel.
Copper Price Sags in Quiet Trading—Tin, Zinc and
Silver Decline—Lead Firm but Dull.
A pronounced lack of buying interest had the effect of
cutting copper prices to 11M cents during the past week.
"Metal and Mineral Markets" reports adding:
Tin, zinc and silver prices followed suit, but little buying activity was
aroused. Lead withstood the general price slump,selling at the
unchanged
figure of 5Jf cents, New York, and 5.15 cents St. Louis.
Large copper producers continue to stand firm at 12 cents, but the
majority of bookings during the week went through at the lower figure.
The future of prices seems to rest entirely on whether the demand at concessions from the 12 cent price will be sufficient to absorb the offerings of
custom smelters. Foreign call has not been sufficient to take much of the
pressure off the domestic market.
Lead shared the quiet demand of the other non-ferrous metals and total
sales did not exceed one-third of the preceding week. Consumptive demand
during May and June indicates that approximately two-thirds of July
requirements have already been booked, leaving only about 16,000 tons to
be ordered during the current month.
Zinc business has been very quiet, despite the efforts of producers to meet
customers' wishes by cutting the price to 4.10 cents, St. Louis. At current
levels, several producers have withdrawn from the market, and
yesterday
no one seemed willing to sell below 4.15 cents, at which price several carloads of prompt metal were booked. Practically no change has occurred
in tin, although the price registered a net decline of 1 cents during the
‘
,
week, closing yesterday at about 30.25 cents, with limited business.
Sharp Drop in June Pig Iron Output.
According to returns gathered by wire on July 1 by the
"Iron Age" from every active blast furnace except two
(combined monthly output about 8,500 tons), the June
production, estimated for the last day or two in most cases,
Neither buyers nor sellers are evincing much interest in third quarter
contracts. Many consumers still have material coming to them on old
commitments and are not disposed to make further purchases until the
price situation clarifies. Some producers, on the other hand, are unwilling
to take contracts at prevailing prices, in view of the possibility of an advance in the market before the end of the quarter.
Resistance to price pressure is becoming more determined and there Is a
growing belief that the market is scraping bottom. Scrap, a barometer that
is always closely watched. is still soft, but has been Inactive of late and free
from widespread price changes. Heavy melting grade is off 25e, a ten as
Pittsburgh and St. Louis, but is unchanged at other centres.
Pig iron is off 50c. a ton at Cleveland, but appears to be holding in most
other markets. Producers of merchant iron are slowing down furnace
output as much as possible, and in some instances plan to blow out additional stacks. Considerable stock iron has accumulated, but it is largely
In hands of makers. In 1921 the Consuming trade had large surplus stocks
which were dumped on the market for what they would bring.
Finished steel prices have undergone few further changes. Fender stock
now ranges from 3.70c. to 3.80c. a lb., Pitstburgh or Cleveland, a decline
of $2 a ton In the minimum quotation. On the Pacific Coast, merchant
bars and shapes have been reduced $2 a ton and in the South blue annealed
sheets have been marked down $1.
The mid-year suspensions by consuming industries make it difficult to
gage the trend of demand. More business was booked in June than in
May by several mills making heavier rolled products, but this gain was
more than offset by the decline in the bookings of producers Catering largely
to the automotive trade. Barrel manufacturers and radio makers are
among miscellaneous users that have increased their steel orders of late.
The large amount of pending structural steel business and the steady
flow of tonnage to shipbuilders remain encouraging factors. Pipe line
tonnage is still being booked, but with mills committed far ahead, deliveries are becoming more of a problem,with the possibility that several projects
will be put off until next year.
Two ships awarded to the Newport News yard by the Eastern Steamship
Co. will require a total of 8,000 tons of plates, shapes and bars. Bids on
two vessels each have been received by the Oriental Steamship Co. and
the Quaker Line. Cuban-American interests are preparing plans for two
large railroad car floats to ply between New Orleans and Havana.
Complete pig iron estimates for June show a production of 2,934,900
tons (97,830 tons a day), which compares with 3,232.760 tons (104,283
tons a day) in May. One hundred sixty-one furnaces were active July 1
as against 180 June 1.
Water shipments of Lake Superior iron ore in June totaled 8.650,441
tons, compared with 10,174,424 tons in the same month last year—a decline of 15%. Shipments for the season to July 1 were 15,737,573 tons,
against 22.239,938 tons in 1929, a recession of 29%.
The "Iron Age" composite prices are unchanged, entering the second
half at the lowest levels of the year. Pig iron at $17.42 a gross ton. is 79c.
FINANCIAL CHRONICLE
lower than at the beginning of 1930: finished steel, at 2.185c. a lb., is
$3.54 a net ton lower, as the following table shows:
July 11930. 2.1850. a Lb.
2.180.
One week ago
2.2140.
One month ago
2.412c.
One year ago
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low
High
1930_2.362c. Jan. 7 2.1850. June 24
1929__2.412c. Apr. 2 2.362c. Oct. 29
1928-_2.391e. Dec. 11 2.314c. Jan. 3
1927__2.453c. Jan. 4 2.293c. Oct. 25
1926_2.453c. Jan. 5 2.403c. May 18
1925--2.560c. Jan. 6 2.396e. Aug. 18
July 1 1930, $17.42 a *Gross Ton.
517.42
One week ago
17.50
One month ago
18.63
One year ago
Based on average of basic iron at Valley
furnace and foundry Irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
Low.
High.
1930...318.21 Jan. 7 117.42 June 24
1929___ 18.71 May 14 18.21 Dec. 17
1928___ 18.59 Nov. 27 17.04 July 24
1927___ 19.71 Jan. 4 17.54 Nov. 1
1926-- 21.54 Jan. 5 19.46 July 13
1925_-- 22.50 Jan. 13 18.96 July 7
Steel producers enter the third quarter with no illusions
concerning the early part of it, says "Steel," formerly "Iron
Trade Review," in its issue of July 3. Automotive demand
for steel is at the vanishing point, with Ford closing from
July 11 to 28, Chevrolet down to a three-day week and most
other makers curtailing. Railroad business on mill books
is nil. While structural awards are moderately good and
pipe output is excellent, these divisions of the industry
merely continue June levels. "Steel" further states:
July, therefore, is a month which producers themselves concede the sooner
past the better. Partially because this month threatens to dip so sharply
there is some opinion that a modest rebound will develop in August. For
one thing, automotive manufacturers who are out of the market this month
should be back in a modest way next. Also, many consumers have permitted their inventories to dwindle to the point where some replenishment
becomes imperative.
But no great hopes are predicated on this rebound. In the frank spirit
with which it now views the situation, the steel industry cannot vision a
really virile market without a decisive comeback in buying by the railroads and the automotive industry. There is nothing now in the general
situation to warrant expectations that a general recrudescence of buying
power will materially quicken these major consumers of steel in the next
few months.
While the trend of steelmaking operations continues downward, the
true situation Is obscured by July 4 shutdowns. Many finishing departments will be off all week, depressing this week's rate abnormally and resulting in a disproportionately higher one next week due to a probable
accumulation of orders. Chicago mills are down to 65 to 70%. Pittsburgh holds at 65. Youngstown's rate is off 10 points, to 50%, while
Cleveland at 30% compares with 41 last week.
Steady deterioration in the steelmaking rate has more than its counterpart in pig iron. An estimate for June shows a net loss of 20 active stacks
during the month, only 160 being active June 30. June's daily rate of
97.972 gross tons was 6.3% below that of May. The June output of
2,686,172 gross tons gave the first half a total of 18,309,278 tons, a marked
shrinkage from the 21,637,537 tons of 1929 but within distance of the 18,-cent reduc510,463 tons of 1928. Pig iron buying continues light. A 50
tion was made at Cleveland this week.
Excepting structural steel, the markets for finished material are drab
and unrelieved by noteworthy purchasing. Only the calendar evidences
the turn of a quarter, and with prices largely unchanged the carryover of
second quarter contracts is not burdensome. In bars, sheets and strip
the products most wanted by the automotive industry-specifications for
August shipments, to be issued in a fortnight, should show improvement.
Plates and shapes to most consumers are 1.70c., Pittsburgh, and bars
1.70c. to 1.75c., but concessions have developed. Eastern mills now
quote plates 1.75c., Coatesville, or 1.65c. Pittsburgh, whichever is lowest
at destination. An important independent will meet 1.65c. but has not
yet encountered it.
Lettings of structural material have been heavy at New York, but fresh
Inquiry closes the ranks. In elevated roadways, bridges and subways over
125,000 tons continues active. At Chicago 12,000 tons is being figured,
chiefly in bridges and utility projects. A high school there required 5,000
tons. Seattle is closing on 7,500 tons for a bridge, the largest coast project
this year. This week's structural awards, at 22,740 tons, bring 1930 lettings to date to 923,838 tons, compared with 1,153,347 tons a year ago.
Line pipe is active again, with the A. 0. Smith Corp., Milwaukee, which
Is taking 200,000 tons of plates from Chicago mills during July and August,
booking 100,000 tons of large diameter pipe for the Southern Natural Gas,
United Gas and other companies. The proposed Standard Oil of New
Jersey line from Texas may reach farther east than St. Louis, while the
Sun 011 Co., recent buyer of 400 miles of gasoline line, contemplates additional work.
When the railroads bought only 900 freight cars in June they did the
smallest business since last July. For six months of 1930, car orders approximate 40,000. against 62.700 in the first half of 1929 and 28,300 in 1928.
Norfolk & Western will build 500 box cars in its Roanoke, Va., shops.
"Steel" continues in identic form the composite market average developed
and carried along for many years by "Iron Trade Review." Weakness in
pig iron at Cleveland and nails and bars at Pittsburgh lowers the average
10 cents this week, to $33.34, compared with $33.53 for June and $36.71
for last July.
"Iron Trade Review" Changes Its Name to "Steel."
The Penton Publishing Co., Cleveland, announces that
beginning with the July 3 issue the "Iron Trade Review,"
which has served the steel industry for 48 years under that
title, becomes "Steel." The new name has been adopted
because it defines the scope and purpose of the publication
more accurately. Concurrent with the change in title, the
formal, arrangement of editorial and advertising pages,
typography and other physical characteristics of the publication have been improved, the announcement added.
Production of Bituminous Coal and Pennsylvania
Anthracite Continues Below the Average Daily
Rate at this Time Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced in the week ended
[VOL. 131.
June 21 1930, a total of 7,994,000 net tons of bituminous
coal, 1,103,000 tons of Pennsylvania anthracite and 67,800
tons of beehive coke, as compared with 9,199,000 tons of
bituminous coal, 1,218,000 tons of Pennsylvania anthracite
and 142,500 tons of beehive coke produced in the week
ended June 22 1929 and 7,986,000 tons of bituminous coal,
1,189,000 tons of Pennsylvania anthracite and 62,300 tons
of beehive coke in the week ended June 14 1930.
For the calendar year to June 21 1930, a total of 221,050,000 net tons of bituminous coal were produced as against
245,085,000 tons in the calendar year to June 22 1929.
BITUMINOUS COAL.
The total production of soft coal during the week ended June 21, includ
ing lignite and coal coked at the mines, Is estimated at 7,994,000 net tons.
This is an increase of 8,000 tons, or 0.1% over the output in the preceding
week. Production during the week in 1929 corresponding with that of
June 21 amounted to 9,199.000 tons.
Estimated United States Production of Bituminous Coal (Net Tans).
1930-1929
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
June 7
8,151,000 205,070.000
9,278.000 226,455,000
Daily average__,. 1,359,000
1,525.000
1,546,000
1,685,000
June 14 b
7,986,000 213.056.000
9,431,000 235,886,000
Daily average
1,331,000
1,516.000
1,572,000
1,680,000
June 21 c
7,994,000 221,050,000
9.199.000 245,085,000
Daily average
1,332,000
1,509.000
1,533.000
1,674,000
a Minus one day's production first week in January to equalize number
of days In the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
June 21 (approximately 147 working days) amounts to 221,050.000 net
tons. Figures for corresponding periods in other recent years are given
below:
1929
262,778,000 not tons
245,085.000 net tons f 1927
1928
225,775,000 net tons11926
256,368,000 net tons
As already indicated by the revised figures above,the total production
of soft coal for the country as a whole during the week ended June 14 is
estimated at 7,986,000 net tons. Compared with the output in the preceding week, this shows a decrease of 165.000 tons, or 2%. 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).
Week Ended
June 1923
June 14'30 June 7 '30 June 15'29 June 16'28 Average.a
Alabama
260,000
270,000
324,000
311,000
387.000
Arkansas
15,000
15,000
16,000
21.000
22,000
Colorado
89.000
91,000
101.000
130,000
175,000
Illinois
722,000
743,000
807,000
740,000 1,243.000
Indiana
228,000
241,000
262,000
227,000
416,000
Iowa
46,000
47,000
56,000
50,000
88,000
Kansas
25,000
25,000
47,000
34,000
73,000
Kentucky
Eastern
729,000
661,000
871.000
879,000
756,000
Western
150,000
183,000
229,000
185,000
136,000
Maryland
47,000
38,000
46,000
39.000
56,000
Michigan
12,000
9.000
10,000
15.000
8,000
Missouri
55,000
43,000
52,000
59,000
54,000
Montana
38.000
34,000
37,000
40.000
40,000
New Mmdco_
51.000
31,000
46,000
46.000
31,000
14,000
North Dakota_-.,
13,000
8,000
10.000
13,000
Ohio
888.000
304,000
270.000
440,000
444,000
Oklahoma
48,000
27,000
42,000
40,000
29,000
Pennsylvania(bit.)2,350.000 2,347,000 2,797.000 2,272.000 3,613,000
Tennessee
113,000
92,000
96,000
103.000
97.000
Texas
9.000
21,000
19.000
18,000
8.000
Utah
89.000
52.000
36.000
56.000
44.000
Virginia
240,000
203,000
205,000
247,000
195,000
Washington
30.
44,000
36,000
34.000
31,000
West Virginia
Southern b
1,720,000 1,734,000 1,986,000 1.835.000 1.380.000
Northern c
701.000
741.000
856.000
721.000
622,000
Wyoming
80.000
94,000
10 1,000
,
84,000
90.000
Other States_ d_ _
1,000
5,000
5.000
2,000
1,000
Total Mum.coal 7.986,000 8,151,000 9,431.000 8.477.000 10,868,000
Penna.anthracite 1,189.000 1,199,000 1.220,000 1,196.000 1,956,000
Total all coal__ 9.175,000 9,350,000 10,651,000 9.673,000 12.822,000
- Average weekly rate for the entire month. 13 Includes operationsa
On
the N. & W.; C. & O.; Virginian; and K. & M. c Rest of State, including
Panhandle. d This group is not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
June 21 is estimated at 1,103,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 86,000 tons, or 7.2%•
Production during the week in 1929 corresponding with that of June 21
amounted to 1,218,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930
1929
Daily
Daily
Week Ended
Week.
Week.
Average.
Average,
June 7
1,199,000
1.060.000
199.800
176,700
June 14
1,189,000
198,200
1.220.000
203,300
June 21
1,103.000
1.218,000
183.800
203,000
BEEHIVE COKE.
The total production of beehive coke for the country during the week
ended June 21 is estimated. 67,800 net tonS.: Compared with the outpUT
at
In the preceding week, this shows an increase of 5.500 tons,_ or 8,877.
Production during theeekln 1929 corresponding with that of June 21
amounted to 142,500 Ions, The total production of beehive
-ceke-linFe
-Jan. 1 is estimated at 1,657,000 net tons. This Is in
comparison vial
3,961.700 tons produced during the corresponding period of 1929.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1930
1929
June 21 June 14 June 22
to
to
Region1930.11
1930.c
1929.
Date.
Date.a
Pa., Ohio and W. Va___ 61.100
55,700 130,100 1,481.100 2,663,300
Ga., Tenn. and Va
4.700
4,600
7,200
138,700
165,700
Colo., Utah and Wash
2,000
2,000
5,200
57,900
132,700
United States total__ 67.800
62,300 142.500 1,657,700 2.961,700
Daily average
11,300
10,383
23.750
11,201
20,011
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.
JULY 5 1930.]
FINANCIAL CHRONICLE
35
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended July 2, as reported by
the 12 Federal Reserve banks, was $1,031,000,000, an increase of $56,000,000 compared with the preceding week and
a decrease of $369,000,000 compared with the corresponding
week of 1929.
On July 2 total Reserve Bank credit outstanding amounted
to $1,070,000,000, an increase of $134,000,000 for the week.
This increase corresponds with increases of $127,000,000 in
the amount of money in circulation, of $20,000,000 in member bank reserve balances and of $9,000,000 in unexpended
capital funds, &c., offset in part by increases of $19,000,000
and $3,000,000, respectively, in Treasury currency and
monetary gold stock. After noting these facts, the Federal
Reserve Board proceeds as follows:
Holdings of discounted bills increased $29,000,000 durin(tht week, the
principal increases being $10,000,000 at New York and $9,000.000 at San
Francisco. The System's holdings of bills bought in open market Increased
$55,000,000, of Treasury notes $17,000.000 and of certificates and bills
$10,000,000, while holdings of U. S. bonds declined $8,000,000.
July 2 1930. June 25 1930. July 3 19291
s
2,065,000,000 2,072,000,000 1,882,000,000
Investments—total
U. S. Government securities
Other securities
1,095,000,000 1,113.000,000
969,000,000 958,000,000
Reserve with Federal Reserve Bank
Cash in vault
796,000.000
56,000,000
789,000,000
48,000,000
939.000.000
742,000,000
753,000,000
82.000,000
Net demand deposits
Time deposits
Government deposits
5,659,000,000 5,661,000,000 5,341,000.000
Due from banks
Due to banks
142.000,000 113,000,000
1,131,000.000 1,047,000,000
1,438,000.000 1,459,000,000 1,071,000,000
64.000,000
48,000,000
71,000,000
Borrowings from Federal Reserve Bank_
134,000.000
989.000.000
341.000,000
Loans on Amur. to brokers & dealers;
For own account
1,710,000,000 1,764,000.000 1.255.000,000
For account of out-of-town banks___
654,000,000 713,000,000 1,580,000,000
For account of others
856,000,000 939,000,000 2,934,000,000
Total
3,219,000,000 3,416,000,000 5,769,000,000
On demand
On time
2,580,000,000 2,787,000,000 5,383.000,000
639,000,000
629,000,000 388,000,000
Chicago.
1,964,000,000 1,940,000,000 1,866,000,000
Loans and investments—total
1,532,000,000 1,527,000,000 1,487,000.000
Loans—total
On securities
All other
905,000,000
903,000,000
828,000,000
626,000,000 624,000,000 659,000,000
Beginning with the statement of May 28, the text accom433,000,000
413,000,000 379,000,000
panying the weekly condition statement of the Federal Investments—total
Reserve banks was changed to show the amount of Reserve
U.S. Government securities
170,000,000 170,000,000 166,000.000
Other securities
263,000,000 242,000,000 213,000,000
bank credit outstanding and certain other items not included
with
175,000,000
176,000,000
174,000,000
in the condition statement such as monetary gold stock and Reservevault Federal Reserve Bank
Cash In
14,000,000
13,000,000
18,000,000
money in circulation. The Federal Reserve Board's explanaNet demand deposits
1,261,000,000 1,244,000,000 1,194,000,000
tion of the changes, together with the definition of the Time deposits
633,000,000 572,000,000
528,000,000
9,000,000
9,000,000
14,000,000
different items, was published in the May 31 1930 issue of Government deposits
Due from banks
188,000,000
132,000,000
129,000,000
the "Chronicle," on page 3797.
Due to banks
378.000,000 347,000,000 327,000,000
The statement in full for the week ended July 2 in com1,000,000
57,000,000
parison with the preceding week and with the corresponding Borrowings from Federal Reserve Bank_ 1,000,000
date last year will be found on subsequent pages—namely,
Complete Returns of the Member Banks of the Federal
pages 77 and 78.
Reserve System for the Preceding Week.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
As explained above, the statements for the New York and
July 2 1930 were as follows:
Increase (+) or Decrease (—) Chicago member banks are now given out on Thursday,
Since
simultaneously with the figures for the Reserve banks themJuly 2 1930. June 25 1930. July 13 1929.
selves, and covering the same week, instead of being held
Bills discounted
260,000,000
+29,000,000 —865,000,000
Bills bought
157,000,000
+83,000,000 until the following Monday, before which time the statistics
+55,000,000
United States securities
596,000,000
+19,000,000 +455,000,000 covering the entire body of reporting member banks, in 101
Other Reserve bank credit
56,000,000
—34,000,000
+31,000,000
cities, cannot be got ready.
TOTAL RESERVE BK.CREDIT-1,070.000,000 +134,000,000 —361,000,000
Monetary gold stock
In the following will be found the comments of the Federal
4,536,000,000
+3,000,000 +205,000,000
Treasury currency adlusted
1,788,000,000
—5,000,000
+19,000,000
Reserve Board respecting the returns of the entire body of
Money In circulation
4,553,000,000 +127.000.000 —212.000.000 reporting member banks of the Federal Reserve System for
Member bank reserve balances
2,406 000 000
+26,000,000
+20,000.000
Unexpended capital funds, non-memthe week ended with the close of business on June 25:
ber deposits, drc
432,000,000
+25,000,000
+9,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday,before which time the statistics covering the entire body of reporting member banks in the different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$197,000,000, the total of these loans on July 2 standing at
$3,219,000,000 as compared with $5,769,000,000 on July 3
1929. This weeks reduction of $197,000,000 follows $371,000,000 reduction last week and $211,000,000 two weeks
ago and $103,000,000 three weeks ago, making a contraction
for the four weeks combined of $882,000,000. The loans
"for own account" have decreased during the week from
$1,764,000,000 to $1,710,000,000, the loans for account of
out-of-town banks have fallen from $713,000,000 to $654,000,000 and loans "for account of others" from $939,000,000
to $856,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 2 1930. June 25 1930, July 3 1929.
Loans and Investments—total
$
$
8,123.000.000 8.229,000,000 7,525,000,000
Loans—total
6.058,000,000 6,158,000.000 5,843,000,000
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on June 25 shows increases for the week of
$22,000,000 in loans and investments. $45,000,000 in time deposits and
$10,000,000 in borrowings from Federal Reserve Banks, and a decrease of
$84,000,000 in net demand deposits.
Loans on securities, which at all reporting banks were $128,000,000
below the preceding week's total, declined $47,000,000 in the New York
district, 143,000.000 in the Chicago district. $17.000,000 in the San Francisco district, $11,000,000 in the Richmond district, 17.000.000 in the
Philadelphia district and $6,000,000 in the Dallas district. "All other"
loans increased $55,000,000 in the New York district, $6,000,000 in the
Philadelphia district and $59,000,000 at all reporting banks, and declined
$19,000,000 in the Chicago district.
Holdings of U. S. Government securities increased $31.000,000 in the
New York district and 128.000,000 at all reporting banks. Holdings of
other securities increased $40,000,000 in the New York district, 19,000.000
in the Chicago district, and $64,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve Banks for the
week were increases of $7,000.000 each at the Federal Reserve Banks of
New York and Cleveland.
A summary of the principal assets and liabilities of weekly reporting
member banks,together with changes during the week and the year ending
June 25 1930 follows:
June 25 1930.
$
Loans and Investments—total____23,140,000.000
17,059.000.000
—69.000.000
+381.000,000
8,487,000.000
8,572,000.000
—128,000.000
+59.000,000
+948.000,000
—587,000.000
6,081,000.000
+92,000,000
+352.000.000
2,877,000,000
3,204,000,000
+28,000.000
+64,000,000
—18.000,000
+370,000,000
Reserve with Federal Res've banks 1,779,000,000
216,000,000
Cash in vault
—9,000,000
+1.000,000
13,580,000,000
7,273,000,000
212,000.000
•-84,000,000
+45,000,000
—1,000,000
+109,000,000
—16.00S,00
a
+542.000.003
+510.000.000
-48.000.000
1,358,000,000
3,098,000,000
—17,000,000
—19,000,000
+273,000,000
+544.000,000
54,000,000
+10,000.000
—681,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banlut
Due to banks
Borrowings from Fed. Res. banks_
On securities
All other
3,652,000.000 3,696,000,000 3,117,000,000
2,406,000,000 2,462,000.000 2,726,000.000
Increase (+) or Decrease (—)
Since
June 26 1929.
June 18 1930.
$
+22,000,000 +733.000,000
•June 18 figures revised.
36
FINANCIAL CHRONICLE
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication July 5 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
The continued favorable weather brought about a more optimistic outlook
the seasonal dullness of all businesses has been greatly accentuated by
but
the decline in exports. The heavy rains are delaying the preparation of
the soil for the planting of corn, wheat and flaxseed, while the unseasonably
warm weather has brought about the premature germination of certain
other crops already sown and exposed them to possible frosts which occur
at this time of the year. No change for the better is looked for until the
crop future is more clearly defined and the Government has taken remedial
financial action.
AUSTRALIA.
The wool market displayed a weaker tendency for average and faulty
merinos and crossbreds during the past week but was firm for best description. Competition was keen at sales and good clearances were reported.
The National Association of Woolselling Brokers estimates the 1930-31
clip will reach 2,728,000 bales and plans to offer 1,200,000 bales before
Christmas. A preliminary estimate of the Commonwealth Statistician
places the next wheat crop at 17.000,000 acres, compared with 14,500,000
acres last year. The .C10,000,000 Commonwealth loan which is being
offered in Australia will close officially on July 28. Approximately V,000,000 had been subscribed up to June 27. The Federal Ministry has announced that increased taxation in some form will be necessary to balance
the next budget.
CANADA.
With cash wheat selling below $1.00 per bushel and a decline in security
quotations resulting from heavy liquidation during the past week, trade
apathy continues. The general level of demand shows little change but a
slight improvement in the retail branch is credited to tourist business.
Wholesale orders are reported fair in Maritime centers and in Vancouver
but are slow elsewhere. Ontario manufacturing continues quiet, most
firms reporting that they do not expect a revival until August. Western
activity, as represented by Winnipeg, is also without prospects of any
Immediate manufacturing stimulus. May bank debits at clearink house
centers, while down 17% from the total reported for that month of last year,
show a satisfactory gain over April, amounting to 11% for Ontario, 3%
for Quebec, and 2% for the Prairie Provinces. Present indications point
to a Prairie wheat crop somewhat below average in quality. The Dominion
Government's crop report issued June 27 confirms earlier favorable reports
from Manitoba, where warm weather and showers have promoted a rapid
growth; in the southern section of the Province many fields are heading.
There is some hail damage but cutworms are decreasing. Northern and
Eastern Saskatchewan have been visited by heavy rains in the past week
which have improved growth but rain is badly needed in the central and
southern districts where wheat production is largest. In general, crops are
rather backward and some reseeding has been done but plantsareremarkably
free from disease. Heavy rains in Central. Northern and Western Alberta
have materially improved crop prospects but in the southern part of the
Province there is little change in conditions. Although there have been
light showers at many points, there is no moisture reserve south of Calgary.
No reseeding has been done in the Central and Eastern sections where wind
damage was comparatively great. The Peace River district reports ample
moisture. Lake Head stocks of wheat on June 20 were slightly over 43,000,000 bushels, a decrease of 1,700,000 bushels from the previous week
holdings and a very slight increase over last year. The Canadian wheat
pool has reduced its initial payment on the balance of the 1929 crop not yet
delivered by members as follows: Wheat from 61.00 to $0.85, barley from
$0.40 to $0.30, rye from $0.45 to $0.40. The Ontario crop outlook is reported to be promising with a large yield of grapes predicted in the Niagara
peninsula. British Columbia crops now need sunshine and heat. Seven
large chain store companies operating in the Dominion report a gain of
% over last year in their sales from January to April, inclusive.
CHILE.
The continued credit restriction in Chile together with falling commodity
prices have resulted in slower business during June and commercial houses
are generally pursuing a more cautious policy. Central and Commercial
bank rates remain unchanged. Foreign bills are continuing to be met fairly
promptly but requests for extensions of local drafts continue to increase.
Building materials, hardware, talking machines, office and electric household equipment have been the least affected by recent curtailed sales.
Automobiles and truck sales were considerably off as compared with May,
although the demand for larger trucks and busses is holding up well. The
movement of industrial and agricultural machinery was slightly less in
June than in the previous month but those of May were also considerably
off as compared with the same period of 1929. Textile mills and shoe
factories are continuing to operate at 75% of schedules with large stocks of
textiles accumulating, in anticipation of future business. Both industries
are purchasing only for immediate needs. The 38 nitrate plants in operation
during May.produced 215,400 metric tons of nitrate an increase as compared
with those of April, but considerably below the production in May 1929.
Exports of nitrate during the month amounted to only 74,600 metric tons
as compared with 150,000 metric tons in May 1929. World stocks at the
beginning of June amounted to 2,311,000 metric tons a decrease of 12,000
tons from the amount existing at the beginning of May. Copper production
continues at about the same levels. The circulation of Central Bank
notes was 337.628,630 pesos and the volume of discounts remained about
the same as in May. Rediscounts showed a considerable increase in June
and the movement of bonds and shares was greater than in the previous
month. Congress is now considering the nitrate bill.
[VOL. 131.
COLOMBIA.
Business in general registered a slight improvement during the month of
June. The position of the Banco de la Republica is stronger. Government
ordinary revenues for the month of May amounted to 5,158,000 pesos which
included 1,867,000 pesos as advance payments ofincome taxes and petroleum
royalties. In June the pipe line company paid the Government 491,000
pesos as income tax for last year. Additional public works have been canceled. A new radio station has been opened in Bogota. During May,
381,884 bags of cotton were moved to ports as compared with 273,640 bags
for the same month of last year. In the month of May,912.000 bunches of
bananas were exported. During the month of April, 1,646,000 barrels
of petroleum were produced, which was more than 10,000 barrels less than
in the previous month.
COSTA RICA.
Collections remain difficult and money is no easier. Coffee shipments
have practically ceased. The 1929-30 coffee crop is reported locally to be
the largest on record and over 16% greater than last year's record crop.
but about one-third of the shipments to London remain unsold. Out of a
total 355,358 sacks(150 pounds each) of coffee exported from the beginning
of the season to June 26, 263,710 sacks went to the United Kingdom,
48,607 sacks to Germany, and 33.297 sacks to San Francisco. The average
price for 112 pounds et Costa Rican coffee sold in the London market
during June was about 116 shillings as compared with 134 shillings in the
corresponding month of 1929. Exports of bananas from Jan. 1 to June 16
amounted to 2,586,426 bunches of which 1,572.879 bunches went to the
United States. Shipments of cacao during the same period totaled 2.609
metric tons, of which 1.207 tons went to the United States. Exchange
remains pegged at the rate of four colones to the dollar, where it has been
since 1924.
ECUADOR.
A noticeable improvement in business conditions has taken place in
Ecuador as a result of the increase in cacao production. Sales of merchandise have been better than in previous months and collections of current
accounts are less difficult. Imports increased moderately during June
and foreign manufacturers' agents report increased sales. The present
improvement in business, however, does not yet warrant any change in
handling requests for credit. The rice crop is satisfactory in volume and
prospects for the coffee crop are very favorable with the increased yield
expected to compensate for the low price. Cacao deliveries to Guayaquil
since May 22 amounted to 37.200 quintals (101.4 pounds) and exports
were 72,000 quintals. Deliveries of cacao up to June 15 were 22,000
quintals above those for the same period of 1929. July' deliveries of cacao
are expected to be superior to those of July 1929 and it is now hoped that
the 1930 cacao crop for the entire country will be from 12 to 15% greater
than that of 1929 which was approximately 38,665,544 pounds.
EL SALVADOR.
General conditions in El Salvador are unsatisfactory. Collections are
slow. The volume of import trade is small with no prospects for improvement until December. All grades of coffee have been sold and shipped with
the exception of Superior unwashed which is now selling at $13.75 b. o.
Weather conditions to date have been favorable for a large 1930-31 coffee
crop. United States exports to El Salvador during the first four months
of 1920 amounted to $1,937,249 as compared with $2,599.210 in the corresponding period of 1929, a decrease of 25.5%.
GREAT BRITAIN.
Depression continues to exist generally in British trade and industry,
with the normally quiet summer season tending not only to prevent any
appreciable recovery in business conditions but even accentuating the quietness in most commodity markets. Unemployment shows a further increase,
with the total for June 16 of wholly unemployed and temporarily stopped
In Great Britain at 1,885.300 workpeople, according to employment registers of the Ministry of Labor. The total figure was 110.000 greater than
that of June 2, with the increase however, mostly in the temporary unemployment classification ass result of extended holiday stoppages of industrial
undertakings. Stocks are increasing in the iron and steel trades despite
curtailment of output. There is no noticeable prospect for reenforcement
of demand as in few if any industries do manufacturersspeak with confidence
concerning the immediate future. Electrical engineering trades are active
on equipment for the National grid scheme and electrification of domestic
railroads. The textile machinery trade continues depressed. Conditions
affecting the coal industry remain unsatisfactory and with few exceptions
new contracts are not being obtained to replace those expiring. The
industrial chemical trade is experiencing a continuance of the recent general
depression with resulting lower prices in many items. Demand for crude
drugs is small and for current requirements only and the price trend is still
downward. Business in pharmaceuticals remains disappointing. Production of yarn in the Lancashire section spinning from American cotton is
only about 50% of capacity and the section spinning Egyptian cotton is
also quiet. Wool and worsted manufacturing activity is reported to be
recovering slowly from the effects of the stoppage which resulted from the
wage dispute. The rayon trade is now more encouraging. The linen trade
Is still slack. Shoe and leather trades show little change. Tanners' input
continues restricted, owing to uncertainty in spite of rising prices of hides,
and manufacturers and merchants generally are not making commitments
without orders in hand; there is, however, a steady day-to-day business,
but the volume is less than usual at this time of the year.
HAITI.
Merchandise stocks are very low in Haiti and the general business uncertainty aggravated by some political tension, is best reflected in the weak
sales in all lines of goods, the difficult credit situation, and poor collections.
Stocks of cotton goods on hand are only sufficient for three weeks supply,
and the larger importers are expected to place orders in July. There is no
indication that the business depression, now in its seventh month, will be
relieved in the near future. Now that the 1929-30 coffee harvesting season
is definitely ended, the growers are looking forward to the next crop which
promises to yield an early and abundant harvest. An early harvest would
CHINA.
undoubtedly aid business by shortening the "dead" season between crops.
Little change is evident in the Shanghai general business situation, with This promising outlook, however,is offset by the prevailing
prices for coffee
exchange fluctuations and uncertainty regarding its future trend still serv- in the world market. Sisal production is steadily
increasing and the proing to greatly restrict new business. The Tientsin customs situation also ducers have projected plans to triple the output of the fiber,
notwithstandtends to unsettle markets in general, since shippers are uncertain regarding ing the recent decline in sisal prices. An American company,
located in
the transhipment of cargo and the re-export to Tientsin of goods on which the Cape Haitien district, is completing the construction of
a modern
duty was paid in Shanghai. General outlook continues uncertain, with poor canning factory to take care of large quantities of pineapples
from extensive
prospects for any substantial expansion in business activity during the next plantings that are yielding fruit of a high grade.
The demand for cotton
few months. Manchuria conditions likewise remain unchanged in general. has appreciably slackened. Local banks and well informed
New York
Although inquiries for new import goods are more brisk. Receipts of the exporting houses are proceeding very cautiously as
regards credits. ExSouth Manchuria Railway for the fiscal year ending March 15 are reported porters would be well advised to exercise extreme caution
and careful into total 240,000,000 yen of which railway receipts were 122,000,000,000 yen. vestigation before making any credit commitments.
Profits totaled 45,500.000 yen, which included 39,800,000 yen earned by
HONDURAS.
the railway. Total receipts were correspondingly equal to those of the prevGeneral business conditions on the North Coast of Honduras were fair
ious year, but profits were 3,000,000 yen higher. (Yen equals approximately
during June, but collections remained poor, and stocks have been reduced.
S0.495).
JULY 51930.]
37
FINANCIAL CHRONICLE
SWITZERLAND.
The increased banana exports have tended to sustain business. In Southern
Honduras, conditions, although affected by the seasonal dullness, are good
A slight change has become noticeable since the end of May, with the
when compared with the same time last year. Stocks have been reduced setting in of the slack summer season. Production is being curtailed in the
and are moving slowly. Sales of staples are fair while those of luxuries are watch and textile industries, and one large silk factory is shutting down
brisk. Coffee exports are slow with prices low. Exports of bananas during for four weeks until Aug. 1, after which it will be operated only three days
May amounted to 3,188,871 bunches as compared with 2,452,848 bunches a week. Money remains easy with the official discount rate being quoted at
in April, 1930, and 3,143,643 during May 1929. Of the banana shipments 3% and the private rate at 2%; call money is quoted at 2% also.
in May 1930,2,601,589 bunches went to the United States, 114,043 bunches
to England,231,646 bunches to Germany and 241,593 bunches to Holland.
TRINIDAD.
Notwithstanding the depression in the cacao industry caused by prevailINDIA.
ing prices, the general business conditions in Trinidad are normal. Agri
Renewed disturbances at Bombay and elsewhere throughout India is culture in general is suffering from adverse market conditions, but activity
reacting unfavorably on business, and most activities are at a standstill. in the petroleum industry is increasing. Trinidad led the different divisions
The effect of the publication of the second volume of the Simon report is ofthe British Empire in oil production during 1929,and recent investigations
momentarily indeterminate though the preponderance of Indian criticism of the island's resources tend to show that the oil deposits are much greater
seems adverse.
than were previously estimated. As a consequence the life of this industry
may be much longer and the peak of production has perhaps not yet been
JAMAICA.
Trinidad are dependent upon the sugar
Subnormal economic conditions, caused by the prevailing prices for reached. Some 130,000 people in
the industry would cause
principal commodities, continue to retard business activity in Jamaica. Industry for a livelihood, and a breakdown of
classes. In order to raise the large
Exports of bananas from Jan. 1 to June 22 have been unusually large, widespread suffering among the poorer
producers, the Trinishowing an increase of nearly 3,000,000 stems as compared with the same amount of money necessary for the loans to the sugar
surtax of 10% on all duties
period last year. The increased exports of bananas during June amounted dad Government, on May 30 1930, imposed a
The grinding of the 1929-30
to nearly a million stems, owing largely to the depleted supply in Colombia of customs now payable, with few exceptions.
production of 79,842 tons, a
caused by recent destructive blow-downs. Construction activity increased sugar crop has already ended with a total
1928-29 production. Other
during June. Bank collections are reported as being slow. A new aviation decrease of about 10,000 as compared with the
which has not reached the
company,Caribbean Airways Limited, has been formed locally for develop- crops are normal with the exception of coffee
yield expected, but planters believe that the prospects for the new coffee
ing airway communication in around Jamaica.
crop to begin about the middle of August are favorable. The new line crop
is expected to be at least one third larger than the previous one, and new
JAPAN.
lime factories are being built to take care of the increased yield.
Curtailment in industrial production, increased unemployment and declining stock and commodity prices feature current conditions in Japan.
The Department's summary also includes the following
Private steel manufacturers have agreed to increase the production limitaStates:
effective July 1. On the same date. with regard to the Island possessions of the United
tion on round bars from 30 to 50%,
rayon manufacturers will start curtailing production 20%. Electric light
PHILIPPINE ISLANDS.
companies are lowering rates. The paper industry has reduced company
Philippine business conditions cortinue poor, with no marked change in
dividends. Both coastwise and foreign shipping is depressed and additional
continues unsatisfactory.
ships are being tied up. Of the 40,000,000 yen to be advanced to the silk collections or credits. The textile situation
the United States showed
industry by the Government, 22,000,000 yen has been allocated at low Exports, including sugar from the port of Iloilo in
the past week. Freight handled on Manila
interest to silk raisers. Osaka city plans floating a 58,000.000 yen debenture a slight improvement during
totaled 14,800 and
issue for the purpose of relieving unemployment, but this action has not railroads during the weeks ended June 7 and June 14,
20,100 metric tons for the
yet been officially sanctioned. Yokohama City is floating through local 13,100 metric tons compared with 23,700 and
quiet, with poor arrivals
banks6% debentures at par to the amount of 5,000,000 yen for the improve- same period last year. The copra market remains
from the first to the
ment of the water system. Gold exports since Jan. 11, when the embargo and slight improvement in prices. Arrivals of Manila
from the first to the
was removed, total 224,500,000 yen. The shipments are larger than at 24th of June totaled 174,254 sacks and arrivals at Cebu
first estimated and may be attributed to the extreme unfavorable balance 20th amounted to 195,469 sacks.
of trade as a result primarily of the dullness in the silk market.
MEXICO.
Business is quite dull in staple lines, such as textiles, groceries and hardware, while collections from the interior are difficult. These conditions are
generally due to short crops and unemployment created by the closing down
of mines as a result of the metal prices. Conditions are relatively worse in
the Chihuahua,Parral, Durango,Torreon, San Luis Potosi and Guadalajara
regions. The reduced henequen exports have brought about a difficult
situation in the Yucatan Peninsula, while the State of Vera Cruz has also
been adversely affected by the general business depression. The lower
west coast region is fairly prosperous owing to the good crops of winter vegetables realized during the season just closed. General conditions in the
Monterey district continues bright, while Saltillo is also experiencing
fairly satisfactory conditions. In the Tampico district,agricultural developments, prospects of renewed activities in the petroleum fields, the establishment of new industries, and highway development have done much to
bring about improved conditions and a more optimistic atmosphere among
the business men of that area.
NICARAGUA.
It is stated that the business situation in Nicaragua is, if anything, more
critical. Merchants in all lines are pessimistic. Circulation of the cordoba
has decreased from 3,207,000 in May to 3,000,000 in June. Imports through
Corinto from May 22 to June 26 amounted to 2,400 tons. Exports during
the same period totaled 3,700 tons. Total coffee shipments to date during
this year have amounted to 16,200 tons and it is stated that not more than
1,000 tons remain for export. Customs duties payable at Corinto during
June amounted to $135,000 as compared with $148,000 in May and $195.000
in April.
NORWAY.
General business conditions in Norway reveal a gradual upward trend with
no sign of recession in either domestic or foreign trade. Except for lower
commodity prices, the country is comparatively unaffected by the general
world depression. Both retail and wholesale trade are making definite
progress and the former especially is expected to benefit from the exceptionally large tourist trade this year. The herring fisheries report better catches
than last year, while the cod catch is somewhat lower than in 1929. Prices
show an upward tendency. A slight improvement is noted in shipping,
but conditions are still very unsatisfactory with laid-up tonnage amounting
to 333,000 dead weight tons on June 1. Lumber turnover continues good
with prices remaining fairly firm due to satisfactory demands for the
domestic market and exports. Pulp exports are above the level of 1929,
while paper exports are lower and prices rather weak with the immediate
outlook not very promising. The shipyards, the Machinery industry
and the building trade are very active and are expected to be well employed
for the balance of the year. Minor industries in most instances, are operating at normal capacity. The outlook for crops and fruit is very good due
to an early spring and favorable weather conditions. Unemployment
remains comparatively low and on June 16 numbered 14,939 against 16,376
on May 15.
PERU.
Business conditions in Peru became more depressed in June as collections
were slower and more difficult. Commercial failures have been few as
creditors hesitate to force firms into bankruptcy. Less direct importing
is being done by smaller firms especially those handling foodstuffs which
are being bought only as needed,from wholesalersstocks. The cotton movement is subnormal for this season prices being at the cost of production and
the absence of cotton bills accounting in part for the weak exchange. Local
manufacturing industries are curtailing production with domestic chocolate
and buscuit factories reporting a 13% decline in sales. The cement plant is
only woridng 15 days a month,textile mills are on a four-day week schedule.
The oil companies are also working on a four-day week basis. Mining
companies have not yet begun to curtail production but have stopped new
construction. Unemployment is increasing. Cotton exports during May,
1930 amounted to 16,169 bales as compared with 10,781 bales in May
1929 and sugar exports were 18,673 metric tons as compared with 10,394
tons in the same month of 1929.
Charles G. Dawes, United States Ambassador to Great
Britain Terminates Visit to United States.
Charles G. Dawes, United States Ambassador to Great
Britain, who made a brief visit to this country to assist in
plans for the development of plans for the Chicago exposition, was a passenger on the White Star Liner "Majestic,"
which sailed for Europe on June 27. Mr. Dawes' visit here
was noted in these columns May 31, page 3801. Ambassador
Dawes conferred on June 25 with President Hoover and
Secretary Stimson.
Production of Gold and Silver in the United States
-Gold OutAccording to the Director of the Mint
-Silver Increases.
put Declines
Final estimates of refinery production of gold and silver
in the United States during 1929, made public on June 25
by the Bureau of the Mint and the Bureau of Mines, shows
a reduction of $514,000 in gold and an increase of 2,865,361
ounces of silver compared with 1928. In the case of gold,
the total production in 1929 was 2,208,386 ounces, valued
at $45,651,400. Silver output was 61,327,858 ounces, valued
at $32,687,754. The following is the statement issued by
the Treasury Department:
PRODUCTION OF GOLD AND SILVER IN THE UNITED STATES IN 1929.
(Arrivals at United States Mints and Assay Offices and at Private Refineries.]
Silver.
Gold.
States.
Ounces.
Alaska
Alabama
Arizona
California
Colorado
Georgia
Idaho
Illinois
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina
Oregon
Pennsylvania
South Dakota
Tennessee
Texas
Utah
Vermont
Washington
Wyoming
Philippine Islands
Value.
Ounces.
374,689 87,745,100
478,973
200
10
211,108 4,364,000 7.840,321
409,020 8,455,200 1,194,651
220,285 4,553,700 4,415,838
13
58
1,200
405,100 9,533,327
19,597
4,146
17,899
146,638
55,854 1,154,800 12,613,580
168,941 3,285,800 4,746,750
882,700 1,060,494
33,028
14,414
3,800
174
37,840
365,000
17,657
5,616
15,400
745
84,465
312,328 6,456,400
96,146
13,500
653
26,100 1,042,273
1,263
237,221 4,903,800 17,844,657
3,633
51,639
82,100
3.972
1,000
48
94,547
151.757 3,137,100
Value.x
$255,293
4,178,891
636,749
2,353,642
7
5,081,263
2,210
9,540
78,158
8,723,038
2,530,018
585,243
7,883
20,169
2,993
45,020
51,246
555,531
9,511,202
1,938
27,524
4
50,394
2.208.388 845,851,400 81,327,888 $32,887,754
Totals
Value at 53.3c per ounce, the average New York price ot bar silver.
Comparison with 1928 production indicates reduction in 1929 of $514,000
in gold and increase in 1929 of 2,865,361 ounces of silver. Comparison
with the year of largest production, 1915, when gold amounted to $101,035,700 and silver 74.961,075 ounces. gives reductions respectively of
$55.381 300 gold and 13,633,207 ounces silver.
38
FINANCIAL CHRONICLE
Bank for International Settlements Plans Credit Grant
to Aid Jugoslav Currency.
The following from Basle, June 30, was contained in a
cablegram to the New York "Journal of Commerce":
The Bank of International Settlements is now taking under advisement
the granting of a stabilization credit to the Belgrade State Bank for the
purpose of permanently stabilizing the Jugoslav currency, which has not
yet been placed on a gold basis. Such an operation would mark the entry
of the new International Bank into a field where it is believed it will eventually exercise an important role.
It is supposed that the discharge of the existing obligations of the government will be accomplished at the same time.
Following the completion of the Jugoslav negotiations, it is expected
that the case of Portugal will be taken up. That country also has sought a
stabilization credit on the intermational markets, and the Bank for International Settlements furnishes a convenient mechanism for accomplishing
this.
Danish National Bank Takes Only Half of Allotment
of Shares of Bank for International Settlements—
Subscribe $967,500.
Copenhagen advices June 20 to the New York "Times"
said:
The Danish National Bank has decided to take shares valued at 5,000,000
Swiss francs ($967,500) in the Bank for International Settlements at par.
The amount offered to the Danish bank was 10,000,000 francs ($1,935,000)•
As various interested parties have applied to the Danish National Bank
there Is a possibility that the amount subscribed in Denmark may exceed
the National bank's 5.000.000.
[vol.. 131.
offering price in the London market. The decline in the London price
prompted the conclusion in some quarters that the New York price
could not be maintained. Transactions during the first three days of
the week were moderately large at the offering figure.
Prior to the formal offering of the issue three weeks ago it was
reported that as much as 91% had been paid for the dollar bonds in
the New York over-the-counter market. The issue sold as high as 911 .
/
1
on the New York Stock Exchange.
Signs of Recovery.
Weakness of the securities in London was blamed by some financial
authorities on selling from other countries that participated in the
loan. The scrip sold at a discount of about 2%% from the offering
price there, although there was a slight recovery yesterday and a
further recovery today.
The dip in the market price of the new issue lifts its yield nearer to
the yields on other comparable German securities. At the original price
of 90, the 5%s yielded approximately 6.20%. It was pointed out at the
time of the financing that such a return was somewhat less attractive
than could be obtained on several other issues. At the present price
of 106, the German 7s issued under the Dawes plan, yield almost 8%.
1,000 Bonds Traded.
Active trading marked the decline in the 5%s on their dip today.
Almost 1,000 of the bonds had changed hands on the New York Exchange by midafternoon, or more than 1% of the American share of
the botation.
The development in the German bond section failed to disturb sentiment in the markets for other foreign issues. Prices were somewhat
lower, but trading was light. Austrian Government 7s were somewhat more active and fractionally lower following reports that the
Government will borrow a total of about $65,000,000 in the leading
countries of the world within the next few weeks.
The issuance of the bonds, and their sale on the Exchange at a premium was noted in these columns June 14,
Ten Central Banks Accept Shares of Bank for Interna- page 4155.
tional Settlements—New Subscriptions Raise Outstanding Capital Stock to $82,000,000—Board to Be International Bankers to Confer July 15 on Young
Increased—Two-Thirds of $300,000,000 Young Plan
Plan Loans.
Loan Received at Basle and Distributed.
Associated Press advices as follows from Basle, June 27,
Its Basle, Switzerland, correspondent sends the following
are taken from the New York "Evening World":
advices to the New York "Times" under date of June 28:
Conference of international financiers at which the world's banking situa-
The central banks of the ten European States which were invited by the tion will be discussed has been called to meet here on July 15. The conBank for International Settlements, at the recent board meeting, to sub- ferees will represent the banks of issue of twenty countries participating in
scribe to the bank's capital stock have now all accepted. They have the Young plan loan recently issued by the Bank for International Settletaken a total of $20,000,000 worth of stock and have paid in one-quarter ments. The first purpose of this session will be to discuss the loans to
of the subscription. The world bank's outstanding capital stock has thus their countries.
Two hundred million dollars of the Young plan loan already has been
been increased from $62,000,000 to $82,000,000.
The central banks of Portugal and Yugoslavia have also accepted the distributed. There remains about $80,000,000 more, which will be reinvitations to subscribe which were issued to them at the same time, sub- ceived within the next ten days and which, it was announced today, has been
ject to the condition that their national currencies must be put on a reserved for South America and South Africa.
gold basis before they were allowed actually to take the atoeck. There
etill remains unissued $18,000,000 of the authorized capital stock of the
world bank. This is being reserved for the above two countries and for Double Taxation on U. S. Concerns Ended by Agreement With France.
other European central banks, such as the Bank of Spain, which has not
yet been invited to subscribe.
An agreement has been reached between the French and
Applications for stock are coming in from central banks in South
America and Africa, but since none of these applications fulfill the con- American Governments over the question of the double
dition of having the national currency. on a gold basis none have yet been taxation of dividends of American corporations with subaccepted. It is understood, too, that though the world bank does not in- sidiaries
in France, it was learned at the Treasury Departtend to confine its activities to the European central banks, its policy will
be to get a good start with the banks of the twenty countries among which ment on July 2, says Washington advices that day to the
its stock is already divided before it branches out too far.
New York "Journal of Commerce" from which we quote
The only non-European banks now included among the stockholders are further as follows:
the banking group of the United States and the Bank of Japan, each of
Through this agreement the extra territorial tax of 16%, which brought
which owns $8,000,000 of the capital stock, one quarter of which has been
total taxes against American corporations with subsidiaries or doing other
paid in.
business in France to 51% will not be assessed, according to the underThe board is entitled to choose nine more directors now from the lists standing.
put forward by the governors of the central banks other than the seven
The agreement will become effective on the passage of the Hawley bill.
founders, but it is not expected the board will elect any of them before which provides that the United States will not tax certain income, Including
autumn, and then not more than six.
dividends, profits and royalties, derived from foreign sources, where other
The places not filled will be reserved for non-European central banks countries make reciprocal agreements.
when they are eventually admitted as stockholders. Since each of the
For several months the Treasury and the French authorities have been
thirteen nominating governors is entitled to name four citicens of his negotiating as to the tax. E. C. Alvord, special assistant to Secretary
country, including himself, the board will have a wide field from which to Mellon. went to Paris and conferred with Government officials on the subpick the half dozen directors this autumn. It is evident the competition ject, later having been a delegate to the double-taxation conference at
will be keen.
Geneva.
The Bank has already received about two-thirds of the $300,000,000
Mr. Alvord recently returned and laid a complete report before Secretary
Young Plan loan recently floated, and has distributed the due portions to Mellon.
Ambassador Edge had requested that the Treasury send a special reprethe German and creditor governments. Already, however, there appears to
be a marked tendency among the bank's officials to regard this reparations sentative to Paris to confer on the extra-territorial tax.
At the same time the Treasury Department denied that Undersecretary
work as a secondary function and to concentrate more and more on the
bank's other functions of protecting currencies, handling deposits and trans- Ogden L. Mills had gone abroad on a special mission at the direction of
fers for the central banks and otherwise acting as a common agent for President Hoover to study foreign reaction to the tariff. Mr. Mills, who
them. This tendency is especially true of the American officials, President went on a pleasure trip, planned to meet Mrs. Mills in Paris, remain there
MeGarrah and Vice President Fraser, who are using every American method one day and then go to the Mediterranean for a two months' cruise on a
specially chartered yacht.
possible to speed the organization of the bank's purely business side.
There was the possibility, however, that Mr. Mills might confer with
French officials while in Paris, although officials here insisted that he
had no such intention on leaving the United States. It was pointed out that
New German Government International 516% Bonds Sell American officials abroad, even on pleasure trips, find it convenient and
profitable to talk over international affairs with foreign officials.
at Discount—Decline to 88% as Syndicate Is Dissolved:
The new German Government International 5% bonds
sold under the offering price on July 3 for the first time in Spain Plans Return to Gold Standard—Cabinet Decides to
the New York market. The New York "Evening Post" of Economize First in Campaign to Rehabilitate the Peseta.
The following Associated Press cablegram from Madrid
July 3 in noting this said:
The issue dropped to 88% in active trading on the New York Stock July 1 is from the New York "Times":
Exchange, with subsequent sales at fractionally higher figures, against
a price of 90 at which the bonds were offered to the public three weeks
ago.
The dip in the price of the issue followed the dissolution of the
syndicate, which included a great many of the large financial institutions
of the country.
First Dip its London.
The firmness of the bonds at the offering price Monday, Tuesday
and yesterday excited considerable discussion in bond circles in the
light of the fact that scrip had been selling at a discount from the
Opening an intensive financial campaign to stabilize the slipping
peseta, the Cabinet of Premier Damaso Berenguer decided tonight
that Spain would return to the gold standard.
Stabilization will be achieved in three stages. The first, which was
begun tonight, concerns the unification of the budget and the balancing
of revenues and expenditures on a definite basis.
The second stage will provide for transitional measures, and the
third and last will bring back the gold standard.
The government is considered in some quarters to be marking time
by postponing the adoption of the gold tsandard, with the purpose
JULY 5 1930.1
FINANCIAL CHRONICLE
39
The fifth conference was held July 1, and no report, aside
from one of "normal progress," was made after the meek
lug. From the "Times" of July 2 we also take the folOn July 3 Associated Press advices from Madrid stated: lowing:
of obtaining a rate for the peseta as high as possible. It may wait
until the Cortes, or Parliament, is convened after elections, some time
in November or December.
The peseta slumped again today to 8.90 to the dollar or 43.10 to the
English pound, although leading bankers of Spain yesterday met to
consider means of restoring balance to the financial situation.
Well-informed observers said today that while Santiago Alba, discussed as a possible Liberal Premier, might desire that position, he
did not care to immediately assume the task because of the confused
political and financial situation and possibly would not accept before
October, if then.
There has ben little indication thus far that the Berenguer Cabinet
might change to more Liberal construction. Ring Alfonso held a long
conference with Santiago Alba, exiled Liberal, recently in Paris.
It was learned that the conference of bankers felt it would be wiser
to preserve the 2,448,000,000 pesetas gold reserve in the Bank of Spain
as a partial guarantee of paper money rather than to establish the
gold standard by putting it into circulation.
The bankers also attributed part of the exchange slump to heavy
investments during the last fifteen years by Spaniards in foreign
values, which the bankers are reported desirous of having the Government restrict.
Officials of the Bank of Spain concurred in the belief that the
present depreciation was a psychological problem rather than a material
one, attributing much of the present iituation to confused political
conditions resulting from the overthrow of the Primo de Rivera
dictatorship.
The Government today launched the first of a series of moves to
bring up the peseta by publishing an official decree offering Spaniards
facilities for contracting loans to meet obligations in the payment of
bonds contracted for during the month of November, when a domestic
gold loan was launched.
Under date of June 30 Associated Press cablegrams from
Madrid had the following to say:
The peseta continued low today, fluctuating around Saturday's
closing of 9.11 to the dollar and 44.40 to the pound. It opened
slightly stronger, but sank shortly.
Bankers today expressed their willingness to aid the Government
in stabilizing the monetary unit and will attend a meeting Wednesday
to discuss means of remedying conditions.
Stating on June 30 that a meeting of the country's leading bankers was held here on June 30, in the evening, the
"Times" message from Madrid said it is held doubtful
whether any banking operation can improve the exchange
The message added:
It is conceded an investigation will show heavy local buying of
dollars and pounds, which operation may be regulated. It is held
that the cost of putting the currency on a gold basis would be almost
prohibitive at the present rate.
July 2 a Madrid message to the "Times" stated:
Gallopin, president of the Mexican Preferred Debts International
Protective Association, which is on record as not in sympathy with
the efforts being made by the bankers' committee to arrive at a new
plan by which Mexico can resume payments on her foreign debt after
an interval of more than two years, issued a statement yesterday
saying the Mexican foreign debt, amounting to $442,000,000 principal
and interest, had a present market value of about $34,000,000.
"We believe that on account of the crisis in the silver market
Mexico will not be able to do much," the statement added.
A reference to the conferences appeared in our issue of a
week ago, page 4527.
Turkey to Open State Bank to Stabilize Money—
Capital Put at 25,000,000 Turkish Liras to Support
158,000,000 Circulation—Gold Standard Adopted.
The New York "Herald Tribune" of June 29 published
the following special correspondence from Constantinople
June 12:
Charles Rist, French financial expert and former Governor of the Bank
over
of France, has been in Angora in consultation with the Government
the nation's financial situation. He has been retained by both the Govcaernment and the Council of the Ottoman Public Debt in an advisory
pacity.
The Government has suspended payment of the annual £2,500,000
pledged last year to liquidate bonds of the Ottoman empire held abroad
creates a
under the Accord of Paris on the ground that further payments
serious danger to Turkish finances and has been the cause of the fall of
the national currency.
To Establish State Bank.
Meanwhile, the Government has published the text of the law creating
with a
the State Bank, which will be named the Central Republican Bank
capital of 25,000,000 Turkish liras or about £2,500,000. It is commonly
admitted that this capital is really insufficient for stabilizing the Turkish
currency, the circulation of which amounts to 158,000,000 liras. But the
Government desires to arrive little by little at stabilization by the execution
of a vast economic program.
This program provides the increase of the Turkish export in order to
diminish the great difference between the import and the export of this
country. This difference is now about 50,000,000 lira. The State Dank
will have the exclusive privilege to issue bank notes with a value in gold..
This value will be established after a common accord with the Government
and the bondholders of the Ottoman debt. These bank notes will be of
10.25. 50.100,500 and 1,000 Turkish liras each. The new bank has many
postal, telegraphic and telephonic privileges and will have the support
of the Government.
Advance from Match Monopoly.
For the restoration of the Turkish finance, the Government has also
concluded with a Swedish group,a convention for an advance of $10,000,000
against the monopoly of matches during a period of 25 years. This group
is the Swedish Company Aktiebolat Krouger & Toll, which concluded
last year similar conventions with the German and the Russian Gov-
When the Berenguer Government agreed last night to move toward
stabilization of the peseta it tacitly admitted that the gold standard
ultimately would have to be instituted, but it carefully omitted any
such reference in its official note.
It is generally admitted here that such an operation will have to ernments.
The Government is also negotiating with the British and European
extend over a long period, perhaps a year and a half or two years,
the forests of the
and that, with the present political and financial situation, the way Timber Trust, Ltd., for the sale of the right of farming
district of Kara-Tepe, in the regions of Belu and Zonguldak.
is long and the difficulties and pitfalls many.
Reference to the proposed State Bank appeared in. our
One of Madrid's leading bankers estimated today that such an
operation would cost from 800,000,000 to 1,000,000,000 pesetas ($160,- issue of June 21, page 4335.
000,000 to $200,000,000 at par) without liberal foreign credit and from
500,000,000 to 600,000,000 pesetas with it.
Poland's Internal 3% Construction Loan.
While there are 2,400,000,000 gold pesetas in the Sank of Spain
to cover 4,000,000,000 of bank notes there has been no indication that
Under date of June 21 the "Survey of Poland," published
the Bank of Spain would release any of this gold, and while it is
and Indusalways possible by decree to make this possible, present opinion of by the American Polish Chamber of Commerce
several bankers is that it is more likely the huge sum will be raised try in the United States, said:
independently. If the money is borrowed abroad it would have to be
Internal 3% Construction Loan.
For
a sum of $150,000,000 or $200,000,000, it is calculated here.
The Ministry of Finance on May 26 announced that a syndicate offifteen
practical operation the present adverse trade balance would have to be
an internal 20-year premium loan
cut to a point where imports and exports were nearly balanced Polish banks will offer on Aug. 1 1930
in the amount of 50,000,000 zlotys. The loan bears a 3% coupon and
and this takes time.
The heads of twenty-three Spanish banks meeting in Madrid today, Is to be offered at par.
This loan possesses a distinctive feature, namely, premiums which
it is understood, advised that a loan should be floated to enable local
zlotys yearly and are divided into one premium of
abroad and many bankers hold the aggregate 2,000,000
banks to pay back money borrowed
250,000 zlotys, one premium of 50,000 zlotys, 10 premiums of /0,000 zlotys
entire operation should be arranged without foreign aid.
and 100 premiums of 1,000 zlotys each. The premiums will be drawn by
Thebankers seemed ready to assist the government in flotation of
drawings to be held on Feb. 1, May 1, Aug. 1 and Nov. 1 of each year.
this loan.
The loan is to be entirely paid off on Aug. 1 1950. The Government,
An item regarding the decline in the peseta appeared in however, reserved for itself the right to redeem it after Aug. 1 1040, the
redemption to be made in zlotys according to the standard of 1 zloty equals
our issue of June 28, page 4527.
900-5332 grams of gold as per Art. 16 of the Presidential Ordinance of
Nov. 5 1927. Interests are payable semi-annually on Aug. 1 and Feb. 1
of each year.
The above issue is the first series of the 100,000,000 zlotys issue authorConversations in New York on Mexican Debt Situation.
ized by the Act of March 23 1929.
"Normal progress" was reported as being made at the
Mexican debt conference which began in New York on
Bank of France Dividend Higher.
June 25, according to a short verbal statement given out
Paris advices published in the "Wall Street Journal" of
jointly on June 30 by the Mexican Finance Minister, Luis
Montes de Oca, and Thomas W. Lamont of J. P. Morgan & June 25 said:
Dank of France declared dividend for the first half of 1930 of 335 francs
Co., who is Chairman of the International Committee of
net, payable June 30. This compares with 285 francs in second half of
Bankers on Mexico. The New York "Times" indicating 1929 and 235 francs in first half of 1929.
this added:
At the start of the conference last week the hope was expressed that
Wheat Export Embargo Is Lifted by Mexico.
the discussion would be finished by July 4, but it was indicated yesterday that in all probability it would be continued after the holiday.
From Washington July 1 the New York "Journal of ComThere has been much note taking and general discussion at the conreported the following:
that no definite plan of action merce"
ference thus
far, but it is understood
has been decided upon yet. Meetings will take place between the
Mexican officials and the bankers every afternoon this week until the
holiday. During the first two days of the conference formal statements were issued, but since that time the phrase "normal progress"
has been employed to describe the work done.
Lifting of the embargo on the export of wheat from Mexico was ordered
in a decree issued June 27, according to a cable to the Department of
Commerce today from Commercial Attache George Wythe at Mexico City.
Exported wheat will be subject to a duty of five centavos per gross kilo,
plus a surtax of 2% of the duty, it is said.
40
FINANCIAL CHRONICLE
[VoL. 131.
All export duties on cottonsed meal and cake and oil seed cake, not for a better price—in
effects
oixocilied, for cattle feed, will be lifted July 26, the department was ad- decline. The Stabilization to stabilize the market,the value continues to
Corp., supported by Chairman Alexander
Mexican Agrarian Bank—Government Will Establish
Central Institution for Government Land Grant
Holders.
From the "Wall Street Journal" of June 11 we quote the
following from Mexico City:
The Mexican Government will establish a central agrarian bank to meet
the financial demands of holders of governmental land grants throughout
the republic, said Secretary of Agriculture Manuel Perez Trevino, speaking at the National Agrarian Congress, in session at Leon, State of Guanajuanto. Secretary Perez Trevino's address followed talks in which it was
pointed out that production on land grants was small mainly because
local agrarian banks do not have funds to finance the farmers. The Secretary replied the federal government is cognizant of the problem and that
to meet it the central bank will be created to finance all the local agrarian
hanks.
This central bank, he added, will not be established with foreign capital,
nor with that of Mexican capitalists, but with government funds, since
the capitalists are "too skeptical." At the opening session of the Congress,
Colonel Hernandez Chasaro, private secretary to President Ortiz Rubio,
who is chairman of the Congress, representing the President, stated: "President Rubio is greatly occupied with the agrarian problem and plans to finish
the program completely In a short time."
Agricultural Bank Proposed for Egypt Wins Approval.
The July 1 issue of the United States Daily contained the
following:
Broad lines of the project for the establishment of a semi-governmental
agricultural bank in Egypt are reported to have been approved in principle
by the superior economic council of the government, according to Com-
mercial Attache Charles E. Dickerson, Jr., Cairo, in a report to the
Department of Commerce.
It will be recalled that this project has been under study for some time
by the ministry of finance, which has felt that a number of matters such
as advance to growers, cotton purchases, etc., which have been administered
direct by the government could far more practically be handled by such
a bank. Mention of the decision of the government to establish
the bank
was also made in the speech from the throne upon the reconvening of
parliament in January of this year.
n is now reported that the proposed capital of the new bank will be
:2E4,000,000 instead of RE2,000,000, as previously suggested, of which
.9E1,000,000 will be subscribed by the government and the balance offered
to the public (pound equals approximately $4.86).
The bank will, it is stated, charge 6% interest to the agricultural
cooperatives and 7% to private parties.
The management of the bank will be independent of the ministry
of
finance. The ministry hopes, however, to present the draft constitution
of the bank before the end of the present session of parliament.
An item regarding the Bank appeared in these columns
May 31, page 3801.
Report That Chatham Phenix Corporation Will Discount
$12,000,000 Buenos Aires Notes.
A cablegram from Buenos Aires July 1 to the New York
"Times" said:
The City Council today accepted the offer of the Chatham Phenix
Corporation of New York to discount municipal treasury notes totaling
37,930,513 paper pesos (about $12,000,000) in six months at 5% annual
Interest, the bankers taking the notes at 99.50. The notes can be
renewed.
The municipality recently advertised for a 40,000,000-peso long-term
loan at 6% interest, with 1% to the annual sinking fund, to finance
the cutting of two wide boulevards through the business section. No
bids were received. Bankers' representatives who gathered at the
Mayor's office to hear the bids were then invited to make offers for
any portion of the loan, but no offers were made.
The Council passed an ordinance authorizing the Mayor to contract
• long-term loan of 30,000,000 pesos for the boulevards.
It is reported that public offering of this loan will be
made next week.
Legge of the Farm Board, plunged in to maintain a price level, but thus
far it has failed its purpose.
Complaints, protests and demands for explanations for the constant
downward trend are pouring into the White House, the Department of
Agriculture, the Farm Board and members of Congress, but in the face
of all, Mr. Legge guards as a profound secret the Government purchases
and sales as if they were the transactions of a private business. No one
here, not even a member of Congress, can ascertain the exact amount of
wheat the Board actually holds at the present time, or has sold at a profit
or a loss. The only answer one gets at headquarters is that it would not
do to give out such information, as it would be used by the trader to thwart
the Government in its plans to help the producer.
The Farm Board is behind about 815,000,000 on its wheat transactions to
date. The 60,000,000 bushels now held may not be unloaded until the new
crop, now coming in, is disposed of by the farmer. The Stabilization Corp.
has assured the grain traders that it will not dump its holdings on the market.
It stopped selling when the present crop commenced to come in.
Storage Space in Demand.
Mr. Legge will not predict what will become of the large supply in the
hands of the agents of the Government, nor will he state what the next
step in the stabilization program is to be.
Questioned about the wheat situation, to-day a spoyesman for the Board
said that a statement issued by the General Manager of the Grain Stabilization Corp. at Chicago is the latest information available. In this statement. George S. Milner, the manager, declared that the grain trade need
have no apprehension of competition from the wheat held by the corporation
during the coming months when farmers will be moving the 1930 crop to
market, unless prices rise to the level at which purchases were made. He
added that in no event will this 1929 stabilization grain be thrust upon the
market in a way to depress values.
Storage space will soon become a serious consideration, and if the price
goes lower more elevator room will be needed. The visible supply of
wheat is somewhat in excess of that of a year ago, but the Board has withdrawn from the market three times the amount of the estinr.ted increase,
making the present supply below that of a year ago.
See Farm Board a Failure.
The Stabilization Corp. will hold what .wheat it has until the price
increases so it can get out.
Opponents of the legislation that created the Farm Board assert that it
has failed, and the relief expected will not come; the law of supply and
demand controls.
The decline in grain prices has caused great disappointment here. Farmers
had been told that it would not be difficult for the Government to sustain
prices under the relief legislation.
They were hopeful, but an effort to bluff foreign buyers into a highpriced market early this year failed, and instead of rushing here for their
wheat they bought leisurely and were in a position to dictate values. This
disconcerted the Farm Board. The value declined. This was attributed
to the failure of the foreign buyers to make heavy purchases of the surplus
left over from 1928 and 1929, held in Canada and the United States.
The trend was expected to be determined by the action of the Farm
Board, which entered the market as a buyer of terminal grain. The Board
bewildered the trade by paying above the market price. Traders wondered
how long prices would be kept above market quotations. The Farm Board
paid $1.20 for No. 1 hard and $1.18 for No. 2 hard winter.
Wheat declined from $1.333. Jan. 2 to $1.123.4 Feb. 4. It was then that
the Stabilization Corp. commenced to take a hand. W. G. Kellogg, its
head, let it be known that it would prevent, if possible, any serious decline
in prices. But, thus far, the Board has not met with success.
G. S. Milnor of Grain Stabilization Corporation Says
1929 Wheat Will Not Be Thrown on Market.
The following statement was issued in Chicago on June 26
by George S. Milnor, President and General Manager of The
Grain Stabilization Corporation:
"The Grain Stabilization Corporation discontinued the sale of wheat
when the new crop began moving with the exception of a few small lots
to millers who were unable to take care of their immediate needs from
any other source.
"While the visible supply of wheat in this country is somewhat in excess
of that of a year ago—a fact grain traders are emphasizing—the amount
of 1929 wheat withdrawn from the market by The Grain Stabilization
Corporation is approximately three times the amount of that increase,
leaving the amount of wheat on the market substantially below last year's
figure.
"The grain trade need have no apprehension of competition from the
wheat held by The Grain Stabilization Corporation during the coming
months when farmers will be moving the 1930 crop to market unless in
the meantime prices rise to the level at which purchases were made. In
no event will this 1929 stabilization wheat be thrown on the market in a
way to depress prices."
Cuban Bond Interest
The "Wall Street Journal" of June 27 reports the following from Havana:
The Cuban government has deposited $1,650,000 with the Chase Chairman Legge of Federal Farm Board Would Have
National Bank of New York to pay interest on the Cuba 5 % Public
Farm Organizations Amalgamate Into One Unit.
Works bonds.
In furtherance of the aid extended to farmers under the
provisions of the Agricultural Marketing Act, Alexander
Cut in Ecuador Revenues,
From Guayaquil, (Ecuador), June 26 a cablegram to Legge, Chairman of the Federal Farm Board expresses the
wish that "It were possible to bring about the amalgamathe New York "Times" says:
Because of a reduction of 28% in revenues from import duties, as tion, consolidation or merger of all the great national farm
compared with last year, Controller Arrarte, in a note to President organizations"—"Imagine what a power these organizaAyora, urges strict economy and advises limiting government expenditures to funds on hand. He declares no payments will be authorized tions could generate" he says "If their forces were all
mobilized into one unit and put to work organizing farmers
when he knows funds are lacking.
to improve conditions for agriculture." These views were
Farmers Protest Wheat Price Fall—Federal Farm advanced by MT. Legge In a radio talk broadcasted by him
Board Refuses to Tell How Much it Owns—Stabiliz- over Station WRC, Washington, D. C. on Saturday, June
ing Plan Fails.
28, as a part of the American Farm Bureau Federation
From the New York "World" we take the following from program in the Farm and Home Hour Period of the NaWashington, June 27:
tional Broadcasting Company. Mr. Legge spoke as follows:
As we approach the end of the first year's operation of the Federal
Despite the fact that the Federal Farm Board has bought approximately 100,000,000 bushels of wheat-60,000,000 of which it now holds Farm Board we find one factor becoming more and more apparent, and
JULY 5 1930.]
FINANCIAL CHRONICLE
that is that the fundamental step in the solution of the agricultural
problem is organization.
With farmers organized, the adjustment of production and effective
marketing of agricultural products would be comparatively easy. Unity
of action is needed through every stage from planning and planting to
marketing.
The difficulty comes in getting producers fei cooperate, chiefly because
there is still great difference of opinion as to just how to organize farmers
so that they may properly deal with their problems in handling particular
crops in this and that community. You no doubt realize that there is a
wide variation of conditions that have to be met because of differences
between commodities, the people who grow them, and the localities where
they are grown. These differences are better understood today than they
were a few years ago as shown by the progress made by farmers in their
organization work particularly during the last year.
Back of it all, I think everybody interested in recognizing snore fully
each day that the first step is that of organizing to the end that the
farmer may have at least the same degree of collective action in the
marketing of farm crops that exists in our most highly organized industry.
There is really no reason why farmers should not go further than
organizations of any privately operated industry. That privilege is in the
farmers' own hands. Laws have been written within recent years to
free
farmers from the restrictions of antitrust regulations. In fact,
under
existing laws the organization of farmers is permitted to an extent that
probably never could be accorded to private agencies. There is no
limit
to the quantity of farm products that may be handled by groups of
farmers who grow the crops and hold the full right to sell them.
Great advantage comes to farmers who use their privilege to Mal
together large units of products because they have a better bargaining power
than when they come to market by the thousands, each selling his own
crop and competing with the other individuals. The privilege of selling
in large quantities makes it possible for even an untrained
group of
farmers to market collectively to a better advantage than is possible
under the old system where the private agency, with no control over
the
flow of the commodity, takes the product as it comes. It has been
clearly
demonstrated in this country that producers of farm crops can so regulate
the marketing of their products collectively that they never have a
glut.
If there is any surplus they can keep it at home and save freight.
In connection with the work of aiding farmers under the provisions of
the Agricultural Marketing Act, I wish it were possible to bring
about
the amalgamation, consolidation, or merger of all the great national
farm organizations. As you know, there are several of the so-called general
farm organizations in this country which might some day be brought under
the same roof. Imagine what power these organizations could generate
if their forces were all mobilized into one unit and put to work
organizing
farmers to improve conditions for agriculture.
I am sure that collectively they could accomplish results
more quickly
than it is possible to do under the present system where
seevral groups
of national organizations are striving for pretty much
the same end.
However, because of their different ways of
approaching the problem
and the fact that some of these organizations have
been in existence for
a long period of years, there exists a perfectly
natural difference of
opinion as to the ground which should be covered.
The hope of bringing them all into one general
organization may be a
long time in materializing. Meanwhile the Federal
Farm Board ia trying to help work out the marketing problem by aiding
in the building
up of large commodity selling organizations in which
the members of any
and all of the present national general farm organizations
can pfshicipate.
Substantial progress is being made along that line. The rapidity
with
which results can be obtained largely depends upon
the support given
the movement by the farm organizations such as the one I
am addressing
today, by the land grant colleges of the several states,
the federal and
state extension service forces, the Federal Board for
Vocational Education, farm boys' and girls' clubs, and other agencies
now in existence.
We have had a lot of excellent support from all of these
organizations,
and the Federal Farm Board earnestly requests the continuation
of that
support to the end that the best possible solution of
the agricultural
problem may be arrived at as quickly as it is humanly
possible to bring
about the necessary changes.
Chairman Legge of Federal Farm Board and Secretary
of Agriculture Hyde Plan Discussions on Wheat
Acreage Adjustment Through Collective Planning.
Wheat acreage adjustment through collective planning
by farmers is the subject of a series of discussions
by
Chairman Legge of the Federal Farm Board
and Secretary Hyde of the United States Department of
Agriculture
beginning July 3. Meetings of wheat growers,
the press,
and radio play their parts in this effort, which
has for its
object emphasis of the vital need for and advantages
of a
proper adjustment of production by wheat growers
in the
principal winter wheat States.
An outlook report on the world wheat situation,
indicating the long time trends in world production
and prices
and the facts that growers should consider as a
basis for
planning their operations was released July 3
by the
United States Department of Agriculture. Chairman
Legge
and Secretary Hyde joined in a national radio
broadcast
on July 3 to discuss this report and the need
for adjustments in wheat production in the light of the long-time
outlook and with a view to aid farmers. The
Department of
Agriculture noting this said:
41
Chairman Legge and Secretary Hyde will attend these meetings and
with representatives of the State agencies will discuss the situation and
will emphasize that it is important that growers plan their production this
fall and for several years with regard to the facts presented in the world
wheat outlook.
Decline in Wholesale Prices of Beef Noted by C. B.
Denman of Federal Farm Board—Believes Severe
Losses Suffered by Producers Could Have Been
Prevented by Orderly Marketing.
Consumers should find current prices of beef considerably lower, C. B. Denman, Member, Federal Farm Board,
said in a statement issued June 26. Mr. Denman said:
"Wholesale prices of dressed beef have declined sharply' during recent
months and, according to figures issued by the Bureau of Agricultural
Economics of the U. S. Department of Agriculture, wholesale prices of
beef at Chicago, for example, are $4.50 to $7.00 per cwt., or 20% to
87% lower than a year ago. The greatest reductions have been on the
cheaper grades of beef, which run from 25% to 87% lower, while the
top and medium grades have been reduced from 20% to 28% below prices
of a year ago.
"Producers of beef have taken severe losses in prices during the past
months. Beef cattle are $2.00 to $3.50 per cwt. lower at Chicago
than a year ago.
"The housewife can reasonably expect retail prices of beef to reflect
the full reduction possible under present wholesale beef and live cattle
prices."
Mr. Denman expressed the belief that some of the reduction in cattle
prices could have been prevented if the producers were better organized
for orderly marketing. During recent weeks many of the markets have
had greater receipts than were needed on certain days. Mr. Denman said
he thought the present condition reflected a temporary surplus of beef
rather than a national surplus of beef cattle, and with consumers getting
the full benefit of the lower price level, the'rn temporary surplus would
quickly disappear and more stable prices would return.
'
Great Britain Places Embargo on American Apples
Washington Plans Protest if It Is Found Canada
Is Exempt from Ban Due to Fruit Fly.
Great Britain has placed an embargo on certain grades of
American apples and shortly will require that all grades
imported between July 7 and Nov. 15 be accompanied by a
certificate of inspection by the American Department of
Agriculture showing that the apples fall within the three
superior grades. The New York "Times," in indicating this
in a Washington dispatch June 27, went on to say:
The reason assigned for the embargo is the prevalence of the apple
fruit fly, which has been reported in certain shipments from Maine and
Massachusetts. Reports, however, that no similar embargo has been
placed on apples from Canada, where the pest is said to be as prevalent
as in the United States, have caused Department of Agriculture officials
to begin an investigation to determine whether an embargo has been or is
about to be laid against Canada.
If no such embargo exists on Canadian apples, these officials contended
today, there would be an apparent case of trade discrimination against
the United States.
According to Department of Ocanmerce figures, in 1929 the United
States shipped nearly 4,000,000 boxes, and 1,500,000 barrels of apples to
the United Kingdom, while Canada exported 4,250,000 boxes during the
same period. The bulk of the apples exported were of the Gravenstein
variety, which predominates in Canada and in New England and in which
the pest is moat frequently found.
Western Governors Urge Conservation and Farm Relief
—Final Session of Group Conference Favors Action
on Silver Situation and Water Control in West.
Representatives of 10 so-called "public land" States of the
west wound up the meeting of western governors, preliminary
to the conference of State executives from all sections by
adopting resolutions on reclamation, the status of the public
domain, water control, the silver situation and farm relief.
Salt Lake City adviees June 28 to the "United States Daily"
from which we quote, went on to say:
The delegates declared that the continuation of a reclamation program is
essential to the future growth and prosperity of the West and the Nation
and a National policy on reclamation should be followed, and that the States
should co-operate with the President's Committee on the Public Domain.
The Federal Government was requested to discontinue recognition and
promulgation of the theory of Federal ownership and right of control of the
waters of nonnavigable streams in the West, and that all pending suits
predicated on this theory be dismissed. The conference favored the working
out by the recalmation committee of the body of recommendations for
standardization ofthe irrigation district laws and that this matter be brought
to the attention of the American Federation of Farm Bureaus.
The attention and consideration of the President and Congress was asked
in the matter of the silver situation, which is declared by the President of
the Silver Producers' Association, W. Mont Ferry, of Salt Lake City. and
The spreading of the information among wheat
growers in important Donald A. Callahan, of Wallace, Idaho, to have resulted in loss of foreign
winter wheat States, will be conducted by the State
trade to the United States. As a part of' proper farm relief it is suggested
Agricultural Colleges
and Extension Services and by the Federal Farm Board
by the conference that legitimate financing and refinancing of irrigation,
and the United reclamation,
States Department of Agriculture.
levee and drainage district bonds and other similar indebtedness be placed on an economically sound basis by the Government.
The Nebraska Agricultural College will hold a
meeting at Hastings
Among the speakers were Governor George Dern, of Utah; Governor
July 7; the Colorado Agricultural College at Sterling,
July 8; the Kansas Frank C. Emerson,
of Wyoming; A. W. Norblad, of Oregon; Samuel R.
State Agricultural College at Hays, July 9 and at Dodge
City July 10; McKelvie, member of the Federal Farm Board;
the Texas Agricultural and Mechanical College at
F. E. Stevens, of the Utah
Amarillo, July 11; Department of Agriculture and E. T.
Allen, Secretary of the western
and the Oklahoma Agricultural College at Enid, July 12.
Forestry and Conservation Association.
42
FINANCIAL CHRONICLE
Governor Emerson President.
Governor Frank C. Emerson, of Wyoming, was named President of the
conference for next year, succeeding Governor H. C. Baldridge, of Idaho,
who is presiding at the present sessions.
Criticizing the Government policy of terminating prospecting for gas
and oil, Governor Dern dedlared that while the new policy has not had an
appreciable effect on oil production it has helped to make this period of
depression a little more acute and money scarcer in the States having oil
possibilities.
"It is suggested that the time is ripe for a reappraisal of the Federal
conservation policy as a whole," he said. "Many Westerners contend that
the growth of the public land States has been stunted and throttled since
Federal leasing superseded the old system of leaving the public domain
wide open for private development and that we are bedevilled with a huge
bureaucracy which hampers, annoys and discourages men whose initiative
and enterprise would otherwise cause the western States to keep with the
rest of the country. Here is a vast field for careful, dispassionate, unbiased
study."
•
School Combine Suggested.
Governor Dern suggested that the western States could no doubt combine
a number oftheir schoolsfor the deaf, blind and feeble-minded and industrial
schools to great advantage, both financially and educationally. He also
said two or three States could no doubt combine their State prisons to mutual
advantage.
Urging more careful study and consideration of proposed projects and
problems, Governor Dern stated the western States must look out for their
individual development.
"We must figure how to make Utah grow rather than how to make Los
Angeles grow," he stated. Referring to the proposed Boulder Canyon
dam. Governor Dern declared Utah's support of the project was justified
enly on the ground that it impresses the Colorado River compact and thereby
segregates its water so that a fair share shall be reserved for the State's
future development.
He denounced the argument that Utah should give away valuable rights
in the river to get the dam built, believing that a considerable amount of
the construction money would be spent here.
"Los Angeles is going to pay for the dam," he declared, "and will claim
that she is entitled to the business on that account. Her claim will not be
denied, and if Utah gets any of the construction money, it will merely be
crumbs from the rich man's table."
Record Total of Loans Allotted by Federal Farm Board.
The following is from the "United States Daily" of July 1:
The Federal Farm Board sent out more money June 30 for commodity
loans than it had ever distributed on any other day, the Chairman of the
Board, Alexander Legge,stated orally June 30. He did not state the amount
distributed or the total amount of Board funds outstanding.
Loans on agricultural commodities are made by the Board through
National marketing agencies organized with its aid.
Mr. Legge stated that loans on wheat, including the money advanced
by the Intermediate Credit Banks and the supplementary loans from the
Farm Board, probably will total 80 to 85% of the price of the wheat. He
estimated that the Farm Board's share would be about 10 cents a bushel.
Funds to finance wheat marketing can be had easily from banks at reasonable rates. Mr.Legge said.
[VOL. 131.
sell their grain. Mr. Wood, the President of the Alberta pool, is bitterly
opposed to the compulsory idea and he wields such influence with its
members that it will be difficult to get them to support compulsion; the
members of the Manitoba pool also seem to be very lukewarm to the idea,
but it would be virtually impossible for a compulsory pool imposed by the
authority of the Legislature of Saskatchewan to continue to function
through the same selling agency as the voluntary pools of Alberta and
Manitoba. The compulsory Saskatchewan pool would therefore set up its
own selling agency and leave Alberta and Manitoba to take their own road
but the result would be two rival pool systems which would not be a satisfactory situation for the farmers.
Reports from Saskatchewan indicate that it is highly probable that the
first vote on the subject by the signers of contracts will favor the compulsory principle. The extremist eleme, t who want the compulsory system
as a matter of principle will receive the backing of many pool members who
have become dissatisfied with the results of the voluntary system and
think that any change would be for the better instead of for the worse.
They are tied to the pool by contracts, for the handling of three more of
their crops and they would hope that the establishment of a compulsory
pool by legislation would mean new management and control for the pool.
Then if the contract signers give a majority for compulsion the next question would be whether or not the Government of the day would submit the
proposals to the Legislature. Three-fourths of the members of the Saskatchewan Legislature represent farming constituencies and their views will
probably vary according to the volume of support which the compulsory
Idea has received in the various localities. There would certainly develop a
bitter political fight which might have serious consequences both for the
farmers' organizations and the political structure of the Province. Furthermore there would remain the probability that such legislation, if tested in
the courts, might be found beyond the competence of the Provincial Legislature and that no provincial action could deprive a farmer of the right to
ship his grain for sale outside of the Province. So the Provincial Administration might seek a way of escape from a dilemma by taking the ground
that purely provincial legislation was liable to destroy the present pool
organization without supplying any substitute and that it could not act
without some assurance of enabling legislation from the Dominion Parliament. The issue has so far been kept out of the Federal campaign now in
progress which is turning chiefly on the tariff, but it looks as if sooner or
later it might bulk largely both in Federal and Provincial politics.
Wheat Drop Causes Worry on Pool Credit.
The recent sharp drop in wheat prices is causing the three governments of the Prairie Provinces to worry about the possibility of their having
to implement their guarantee to the banks of the credit of the pools. A
good deal of the grain held by the pools has been disposed of during the
last two months, but they are still holding a very substantial quantity
and if the price point at which the Provinces would be called upon to
make good their guarantee has not already been reached it must be very
near.
Movement for Sugar Trust—Cuban Papers Say Americans Are Seeking to Control Supply.
The following Havana cablegram July 1 is from the
New York "Times":
A nation-wide movement to form a sugar trust for the control of all
sales of raw sugar under direction of President Chadbourre of the Matanzas
Sugar Co. and involving practically all of the American-owned sugar comCompulsory Pool in Wheat Sought—Western Canada panies is said by the leading Spanish language newspapers here to have
been exposed by the Government to-day.
Farmers Steadily Influenced Toward Legislation
The plans for the trust, according to "El Pals," an evening newspaper,
call for unification of all American-owned sugar companies under one directby Government.
ing head and a board of directors consisting of one representative of each
The New York "Journal of Commerce" of July 30 re- sugar company. American sugar investments and Interests in Cuba
ported the following special correspondence from Ottawa amounting to more than $1,500,000,000 and producing perhaps threefourths of all sugar manufactured in Cuba would thus be placed in a posiJune 27:
tion to exclude from the markets of the United States all the sugar produced
The question of a compulsory wheat pool continues to be a subject by Cuban and Spanish manufacturers.
agitation in the prairie provinces of Western Canada.
of discussion and
It is also charged by the press that the plan was recommended to Mr.
The centre of the agitation is in Saskatchewan, which is by far the largest Chadbourne by the Sugar Institute of New York, which, according to
grain growing Province and contributes 82,000 members to the total of the statements, is connected with a plan to oust Cubans and Spaniards
150,000 embraced in the three Western co-operative wheat pools. The from the sugar marts of the United States. Mr. Chadbourne is now in
advocates of a compulsory pool have been carrying on a steady propaganda New York, where, it is said, he is conferring with the Sugar Institute
for the past two years and,although the majority of the officials of the wheat for the furtherance of his plans in Cuba.
pool itself have been opposed to their objects, the idea has apparently been
steadily gaining favor with the farmers. Now it is understood that some of
-4,671,352 Tons Manufacthe chief opponents among the wheat pool leaders have recently weakened in Cuba Reports Sugar Crop
their opposition to the compulsory idea owing to the difficult predicament
tured—Grinding Ends.
in which they find themselves. Wheat, is now down to a figure not much
above 90c. per bushel on the hisis of No.I Northern Fort William, and the
Under date of July 1 a cablegram from Havana to the
wheat pool officials have been compelled to intimate that tt ey will only be New York "Times" stated:
to pay 85c. per bushel as a first payment on the balance of the crop of
able
A total of 4,671,352 tons of raw sugar had been manufactured by some
1929. which is still undelivered.
This is interpreted as a forewarning intimation to the pool members that 150 mills throughout Cuba up to noon, June 22, according to the official
of 1930 will probably not be more than 75c. report made to-day by Secretary of Agriculture Molinet.
the first payment on the crop
It is expected that the total will be slightly increased before the official
per bushel, and it is difficult to see how, under present circumstances, the
banks could be induced to loan money for a first payment larger than that conclusion of the season, which probably will be to-morrow.
their wheat got a first
sum. Pool members who had already delivered
Further adviees (July 2)from Havana to the "Times"said:
payment of $1 per bushel, but have received no subsequent payments.
To-day was the official end of the sugar manufacturing season in Cuba.
naturally their returns from their crops have been much smaller than
and
Central Tracajo, one of the largest centrals in Oriente Province, closing.
those accruing to non-pool members, who sold their wheat for something
Total sugar produced by Cuban, American and Spanish owned mills this
between $1.30 and $1.50 per bushel last Fall to the private grain trade.
is 4,671.774 tons, according to the official announcement made by
These non-pool farmers would not be human if they did not plume them- year
Department of Agriculture, Commerce and Labor.
selves upon their superior wisdom and discernment in keeping out of the the
From the July 1 issue of the "Wall Street Journal" we
pool organization and occasionally taunting their neighbors who are in the
pool with their misfortune in being tied up to it. Moreover,the grain trade quote as follows:
seize the opportunity for a skillful campaign of prohas not neglected to
The following Cuban sugar centrals will not participate in grinding the
paganda designed to show how unprofitable membership of the pool has
Cia. Azuc. Clego de Avila; Portubeen during the past year and how much better farmers who stuck to the next crop: Ciego de Avila, owned by
galeto, Palmira Sugar Co.; Borjita, Cia Azuc. Oriental, S. A.; Santa
.
private grain trade as their merchants have fared.
Catalina, Cie. Azuc, Central Santa Catalina; Dos Hermanas, Dos HerPool Members Loyal.
manse Sugar Co., and the central Santa Clara. The 1928-29 production
the pool members have shown remarkable loyalty to their of these mills, excluding Santa Clara, was 627,500 bags.
On the whole
institution. but there has been a great deal of secret grumbling and discontent, and it will gather volume if the first payment on wheat of the 1930
Cuban Sugir to Russia.
crop is only 75c. per bushel.
Undoubtedly many pool members would like to be released from their
The "Wall Street Journal" of July 2 had the following to
and set free to sell their crop for cash, but the regularity of the
contracts
contracts has been upheld in the courts, and the pool, if it chooses, can say in Havana advices:
enforce them to the limit.
Sugar planters appointed by Santa Clara Association to act on the sale
of sugar to Russia met on Tuesday and discussed possibilities of going to
Propose Virtual Elimination of Saskatchewan Pool.
New York to deal with the Russian Commission. The sugar pool organized
Thescheme proposed virtually contemplates the elimination of the present
recently to sell sugar to Russia bas received allotment of sugar from the
voluntary pool in Saskatchewan and it might easily result in the destruction
provincial pools now following mills: Macagua, Ramona. Santa Alutgarda, Mabay. Orozco.
lithe central selling agency through which the three
•
JULY 5 1930.]
FINANCIAL CHRONICLE
43
upon any proposed plan until the two committees' reach an
agreement on a reorganization plan. A reference to the
plans of the stockholders, as well as the proposals of the
bondholders of the Kansas City Joint Stock Land Bank for
The same paper (July 2) also reported the following from the reorganization of the latter appeared in our issue of
March 8, page 1572. The proposal made by Mr. Stewart
Havana:
•
A syndicate has tendered a bid of 1 yi cents c.i.f. to the Cuban Govern- to the Bondholders' Protective Committee, follows:
Nazabal, Agamba, Almeida, Borgita, Por Fuerza, Washington and Horzniguero.
Plans of an official of Compania Azucarera Matanza, owning Central
Espana, to merge all American sugar companies so there would be but a
single seller to the American refiners have been rejected.
ment for 300,000 tons of raw sugar, paying 25% in cash and the remainder
In documents that may be discounted. It is unlikely that this bid will
be accepted.
San Francisco, Calif.,
April 4, 1930.
Bondholders' Protective Committee,
Kansas City Joint Stock Land Bank,
220 Commerce Trust Building, Kansas City, Mo.
Attention: Mr. W.S. McLucas, Chairman,
Gentlemen:
Reorganization of Kansas City Joint Stock Land
I submit herewith a proposal for the reorganization of the Kansas City
Deferred—Proposed Offer for Purchase of Its Joint Stock Land Bank, or the creation of a new solvent bank from the
good assets of that institution, all subject to the approval of the Federal
Bonds by President Stewart of Pacific Coast Joint Farm Loan Board.
You will note that my proposal contemplates the purchase for cash at
Stock Land Bank of San Francisco—H. M. Lang50% of the par value, exclusive of interest, a minimum of $20,000,000 Par
worthy's Views.
value, and a maximum of $30,000.000 par value, of the present outstanding
Under date of June 3 Associated Press advices from bonds. The bonds purchased are to be cancelled and the existing bank
reorganized, or a new solvent bank of lesser capitalization created from the
Chicago, said:
good assets, as stated above.
Efforts of a bondholders' committee to bring about the reorganization of
This proposal is being sent to your Committee with the request that it
the defunct Kansas City Joint Stock Land Bank were temporarily deferred be forwarded to all bondholders of Kansas City Joint Stock Land Bank.
at the the close of to-day's meeting, W. Edwin Stanley, committee member and for the purpose of obtaining their views with reference thereto.
said. The project has been tabled for at least 30 days, he said. RepresentaVery truly yours,
tives from Detroit, Cleveland, New York and Chicago financial houses
(Signed) A. 0. STEWART,President,
attended the meetings.
Pacific Coast Joint Stock Land Bank of San Francisco.
Protective
An item regarding the Russian purchase of Cuban sugar
appeared in our issue of June 14, page 4148.
Committee of the Kansas
The Bondholders'
City Joint Stock Land Bank of Kansas City, Mo., under
date of April 22 voice its opposition to a proposal made by
A. 0. Stewart, President of the Pacific Coast Joint Stock
Land Bank of San Francisco to purchase at 50 flat, not less
than $20,000,000 nor more than $30,000,000 face value
bonds issued or assumed by the Kansas City Joint Stock
Land Bank. Mr. Stewart, in his offer to the bondholders,
stated that "the bonds purchased under this proposal are to
be cancelled, and either the present bank reorganized or a
new solvent bank created from the good assets of the present
bank, subject to the approval of the Federal Farm Board."
The views of the Bondholders' Protective Committee of the
Kansas City Joint Stock Land Bank in opposition to Mr.
Stewart's proposal were embodied in a circular addressed to
the holders of bonds of the Kansas City, in which the committee says:
PROPOSAL:
To All Bondholders,
Kansas City Joint Stock Land Bank, Kansas City, Mo.
I will purchase at 50% of the par value, with all matured and unmatured
coupons attached, not less than $20,000,000 par value, and not more than
$30,000,000 par value, of the present bonds outstanding of the Kansas City
Joint Stock Land Bank, whether represented by certificates of deposit of a
depositary, or by a receivers' receipt, or by the bonds themselves.
The bonds purchased under this proposal are to be cancelled, and either
the present bank reorganized or a new solvent bank created from the
good assets of the present bank, subject to the approval of the Federal
Farm Loan Board. All bondholders will receive the greatest benefit from
my proposal if each will sell only one-half of his bonds for cash on the
above basis, and exchange the other one-half of his holdings for bonds of a
new, or reorganized, bank bearing like rate of interest and of the same
maturity as the original bonds.
Under this arrangement, each holder of a $1,000 bond of the existing
bank would receive the following adjustment:
Cash
$250.00
Bond in new,or reorganized, bank for remaining one-half of original
bond to be exchanged
500.00
Bond in new, or reorganized, bank covering interest on one-half of
original bond to be exchanged, figured on 3 years at 5%
75.00
"The Stewart proposal presents the inequality that acceptors are prom(Ifcoupon rate be 4)4% or 5 % or accrued interest calculated for
ised $825 of value for each $1,000 of old bonds and accrued interest thereon,
more or less than the period of the above 3 years, then this item
would be increased or decreased proportionately.)
while non-acceptors apparently will receive par in new bonds for the present
bonds plus accrued interest thereon.
Total
$825.00
•
*
"The Stewart proposal takes for granted a market of at least par for
the bonds it places in the hands of those who accept. Otherwise, the pictured realization of $825 per $1,000 bond fails. The proposal carries no
assurance of a par market.
This is equivalent to 82)4% of par on bondholder's original investment.
In the event that some bondholders should prefer to sell more than onehalf, or even all, of their holdings at the cash price stipulated, I am willing
to accept such bonds, provided the total of the bonds purchased by me shall
not exceed 530,000.000 par value.
I have heretofore given the Chairman of your Bondholders' Protective
Committee saisfactory assurance of my financial responsibility and ability
to meet the obligations created under this proposal.
Accompanying this proposal are three forms of acceptance. If you favor
the proposal, please indicate your preference, by signing one of the three
forms and mailing it to the Bondholders' Protective Committee. Kansas
City Joint Stock Land Bank, Commerce Trust Building, Kansas City, Mo.
Very truly yours,
[Signed) A. 0. STEWART,President,
Pacific Coast Joint Stock Land Bank of San Francisco.
The committee further said that it is its "considered
opinion that the Bondholders' Committee's proposed plan
.
of reorganization . . offers the best methods by which senior
creditor's can obtain the greatest realization from their
security and without needless sacrifice," and assures to
bondholders "not only as much as is offered by the Stewart
proposal, but in addition the realization on the remainder
of the assets and on the collection of stockholders' double
liability."
The following is the circular issued by the Bondholders'
Along with the Stewart proposal and the views of the
Protective Committee relative to the Committee's opposition
Bondholders' Protective Committee there has been made
public a commendation addressed on April 19 by H. M. to the Stewart proposal:
Bondholders' Protective Committee
Langworthy, Receiver of the Kansas City Joint Stock Land
of
Bank, to Mr. Stewart, W. S. McLucas, Chairman of the
KANSAS CITY JOINT STOCK LAND BANK
Bondholders' Protective Committee and D. W. Sowers,
of Kansas City, Mo.
Kansas City. Mo.,
Chairman of the Stockholders' Protective Committee, in
April 22. 1930.
which Mr. Langworthy says that inasmuch as the Stewart
In Re Stewart Proposal of April 4 1930.
proposition "seems to contemplate the reorganization or To All Holders of Bonds Issued or Assumed by The Kansas
City Joint Stock
reinstatement of this bank, upon some basis, which will
Land Bank:
Mr. A.0. Stewart, President of the Pacific Coast Joint Stock Land Bank
require the approval of the Board [Federal Farm] the questo purchase, at 50 flat, not less than 20
tion arises whether the full scope of the proposition has been of San Francisco, makes a proposal face
nor more than 30 million dollars
value of bonds issued or assumed
sufficiently developed to enable bondholders to form a by the Kansas City Joint Stock Land Bank. A copy of Mr. Stewart's
judgment as to whether it contemplates a reorganization proposal is enclosed.
This committee regards
upon a basis that will not only be sound, but will fairly recommend its acceptance byMr. Stewart's proposal unfavorably and does not
bondholders.
protect the interests of all concerned." Mr. Langworthy
The receiver's reports of December 31 1929 shows assets with a total
further says that "it would seem to me that the possibilities book value of $51,816,049.78. Of these assets, $47,279,952.22 in amount
said report,
pledged as
of developing a plan for the reorganization of this bank... are, according to$44,376.500,specificallybonds havesecurity for your bonds
which aggregate
and your
also a claim against all
have not been fully exhausted, nor does it seem to me at the remaining assets, with the exception of certain trust funds amounting
to less than $500,000.
this time that the situation has been sufficiently clarified to
The receiver's
enable a bondholder to form a final judgment as to what States securities;report referred to shows *11.321.971.59, cash and United
$29,334,882.39. real estate mortgage loans, none of which
course he should follow." Mr. Langworthy indicates his were in default; $631,394.72. purchase money mortgages, and $980,856.14,
equity in bank building—a total of $42,269,104.84, which is more than 90%
willingness to meet with the chairmen of the two committees
of the face of all outstanding bonds. The $9.546,944.94
and Mr. Stewart "in order that the full scope and effect of while of inferior quality, have substantial value. One itemremaining assets,
in the real estate
Mr. Stewart's proposal may be further developed" and he owned classification will soon bring to the receiver approximately $700,000
cash from the purchaser, the Union Electric Light and Power
Company of
urges the withholding of final judgment by the bondholders St. LOULII.
44
FINANCIAL CHRONICLE
Mr.Stewart suggests that he purchase one-half of the outstanding bonds,
with accrued interest thereon, for 50% of par, i.e., $11,094,125. To
provide new bonds with which to redeem the remainder of the present outstanding bonds and interest thereon (approximately $25,084,872.71).
Mr. Stewart apparently intends to use a like amount of the bank's prime
assets. The balance of the assets of the present bank, amounting to over
515.000,000 book value, will become the property of Mr. Stewart and his
associates, who presumably are or will become the owners of the stock
of the present bank.
The capital stock of the Kansas City Joint Stock Land Bank is $3,800,000.
Under the law, stockholders have a double liability and an assessment of
the full amount was levied by the Farm Loan Board March 23 1929. The
bondholders' committee has reason to believe that more than 50% of this
liability can be collected, thereby considerably increasing the realization
on the present bonds. Under the Stewart proposal the benefit to present
bondholders of this Stockholders' liability is relinquished.
It must be apparent to bondholders who have read the receivers' report of
Dec.311929,and analyzed the Stewart proposal,that the Stewart proposal,
in effect, otters to the present bondholders nothing more than a part of the
cash and United States securities in the hands of the receiver (at this date
more than $12,500,000), and the benefit of only part of the good real estate
mortgages, in exchange for their bonds which are already a claim against all
the cash and United States securities and all the mortgages and all the other
assets, including those which, under the Stewart proposal, would become
the property of the proposer. By this process, Mr. Stewart, without any
Investment at all, would become the owner of said balance of $15,000,000,
book value, of these assets. The Bondholders' Committee's Plan of
Reorganization can accomplish as much as is held out by the Stewart proposal and have left for additional recovery on the bonds, all those assets,
which, under the Stewart proposal, go to the proposer.
The Stewart proposal present the inequality that acceptors are promised
$825 of value for each $1,000 of old bonds and accrued interest thereon.
while non-acceptors apparently will receive par in new bonds for the present
bonds plus accrued interest thereon.
The Stewart proposal contemplates the reorganization of the present
bank or the creation Of a new solvent bank approved by the Federal Farm
Loan Board. The proposal carries no assurance that the Federal Farm
Loan Board has committed itself to this alternative proposition.
The Stewart proposal takes for granted a market of at least par for the
bonds it places in the hands of those who accept. Otherwise, the pictured
realization of $825 per $1,000 bond fails. The proposal carries no assurance
of a par market.
This committee's considered opinion is that the bondholders' committee's
proposed plan of reorganization, which is drawn in the interests of the bondholders and which safeguards their position as senior creditors, offers the
best method by which senior creditors can obtain the greatest realization
from their security and without needless sacrifice; and that to accomplish
that equitable result all bondholders should unite in support of the bondholders' plan, which assures to bondholders thereunder not only as much
as is offered by the Stewart proposal, but in addition the realization on the
remainder of the assets and on the collection of stockholders' double liability.
Depositaries: The National Shawraut Bank of Boston, Boston, Mass.;
The Equitable Trust Co. of New York, N. Y. City; The Cleveland Trust
Co., Cleveland, Ohio; The Guardian Trust Co.. Cleveland, Ohio; First
Union Trust & Savings Bank, Chicago, Ill.; St. Louis Union Trust Co.,
St. Louis, Mo.; Commerce Trust Co., Kansas City, Mo.
Bondholders' Protective Committee: W. S. McLucas, Chairman (Chairman Commerce Trust Co., Kansas City, Mo.); W. E. Stanley, MitchellHutchins & Co.,Chicago,111.; Frederick A.Carroll, Vice-President National
Shawmut Bank, Boston, Mass.; P. T. White, Vice-President Cleveland
Trust Co., Cleveland, Ohio; Roger K. Ballard, Bancamerica-Blair Corp.,
N. Y. City; E. K. Hoover, President First National Co. Detroit, Mich.;
Frank C. Ball, President Ball Bros. Co., Muncie, Ind.; Arthur W. Brady.
Union Traction Co. of Indiana, Anderson, Ind.; Ruel W. Poor, VicePresident Chase National Bank, N. Y. City.
JO EACH MILLER. Secretary,
JAMES A. REED.
220 Commerce Bldg., Kansas City, Mo.
MASSEY HOLMES,
Counsel for Bondholders' Protective Committee.
Keith & Perry Bldg., Kansas City, Mo.
The letters addressed by Receiver Langworthy to the
various interests follow:
H. M.Langworthy, Receiver
of the
Joint Stock Land Bank of Kansas City, Kansas City, Mo.
Kansas City
April 19 1930.
A.0. Stewart,
Care of Pacific Coast Joint Stock Land Bank, San Francisco, Calif.
Walter S. McLucas, Chairman,
Bondholders' Protective Committee, Kansas City, Mo.
David W. Sowers, Chairman,
Stockholders' Protective Committee, Buffalo, N. Y.
Gentlemen:
It has come to my attention that the Chairman of the Stockholders'
Protective Committee of the Kansas City Joint Stock Land Bank
of Kansas City, Mo.. under date of April 10 1930, has sent to some of
the bondholders of the Kansas City Joint Stock Land Bank a communication designated as "Proposition of A. 0. Stewart of San Francisco, California,for the purchase of bonds of the Kansas City Joint Stock Land Bank
and the creation of a solvent bank in the place of the present Receivership."
Mr. Stewart's proposition appears also to have been transmitted to the
Bondholders' Protective Committee of this Bank under date of April 4
1930. and I am now advised that the Bondholders' Protective Committee
expects to transmit copies of it to all known bondholders of this Bank,
together with comments relative thereto.
While, as you know, in my published reports dated respectively Feb. 28
1929,and Jan. 311930. I expressed the opinion that this Bank has sufficient
sound assets to justify a reorganization, providing a plan can be devised
which is sound and will fairly protect the interests of all concerned, and I
am still of the same opinion,I feel that I should direct attention to the following facts regarding the development and present status of plans for the
reorganization of this Bank, which would seem to indicate that the situation should be further developed and clarified.
Early in the Receivership, the Bondholders' Protective Committee for
holders of bonds issued or assumed by this Bank was organized, and it is
my understanding that this Committee now represents at least 65% of
the outstanding bonds. Later the present Stockholders' Protective Committee was organized, and it is my understanding that that Committee
represents more than 50% of the outstanding stock of this Bank. These 2
Committees would therefore seem to be the logical ones to take the lead in
developing a plan for the reorganization of this Bank, which will be sound
and will fairly protect the interests of all concerned. After extensive
[VOL. 131.
negotiations between the 2 Committees and several conferences with the
Federal Farm Loan Board, these 2 Committees were unable to agree upon
a plan which they could both recommend. In January 1930, the Bondholders' Protective Committee transmitted to the Board an outline of a
proposed plan for the reorganization of this Bank, dated Jan. 21930, which
plan was recommended by that Committee. The Federal Farm Loan Board
fixed Feb. 26 1930, as the date for a hearing upon that plan, and notice of
the proposed hearing was given to all bondholders, other creditors and
shareholders of this Bank. In the notice it was stated that at the time of
the hearing the Board would hear and consider the views of any and all
persons interested in the affairs of the Kansas City Joint Stock Land
Bank of Kansas City, Mo., with reference to said plan and the submission in writing of constructive opinions, criticisms or suggestions by bondholders, other creditors and shareholders with reference to such plan, or
suggestions in reference to other plans of reorganization or liquiation of
the affairs of the Kansas City Joint Stock Land Bank, in advance of such
hearing, was invited.
At the hearing which was held on Feb. 26 1930, the Bondholders' Protective Committee's plan was fully presented and discussed. Representatives of the Stockholders' Protective Committee who were present stated
that they objected to the plan, but did not state the grounds of their objections. During the hearing representatives of the Stockholders' Committee
requested that there be an adjournment of the hearing In order that they
might negotiate with the bondholders concerning a plan, the general nature
of which plan seemed to be similar to Mr. Stewart's proposition which the
Stockholders' Protective Committee is now circulating to some of the bondholders of this Bank. The representatives of the Stockholders' Protective
Committee, however, did not disclose to the Federal Farm Loan Board
the full scope and detail of the proposed plan, but on the contrary declined
to give the Board full information in reference thereto. At the conclusion
of the hearing it was announced to all present that the Board would take
under advisement all matters which had been presented to it, that no
adjournment of the hearing would be granted, because there was no specific
plan, other than that of the Bondholders' Protective Committee, before
the Board, and that if there should arise at some future date a need for a
further hearing a call would then be sent out.
Following the hearing on Feb. 26 1930, the Federal Farm Loan Board
gave serious consideration to the course of action which it should pursue.
and reached the conclusion that notwithstanding the failure of previous
efforts to bring about an agreement upon some plan of reorganization, it
should be possible for the 2 Committees to arrive at some common understanding on a satisfactory basis, and that a further endeavor should be
made in that direction; and it was the opinion of the Board that it would be
desirable for representative; of the 2 Committees to meet with the Receiver
in Kansas City for the purpose of discussing the situation and endeavoring
to work out a plan that would be satisfactory to both Committees.
During the latter part of February and early in March 1930, hearings
were held before the House Committee on Banking and Currency in connection with certain proposed amendments to the Federal Farm Loan Act,
and at some of these hearings the situation in regard to a possible reorganization of this Bank was discussed at some length. Towards the conclusion
of the hearings, the Honorable L. T. McFadden, Chairman of the House
Committee on Banking and Currency, expressed the view that it should be
possible to develop some plan for the reorganization of this Bank which
could be recommended by both Committees, and he suggested that the
Chairmen of the 2 Committees meet with the Receiver for the purpose of
endeavoring to work out some plan of reorganization which could be
recommended by both Committees.
With the approval of the Federal Farm Loan Board, on March 12 1930.
the Receiver invited the Chairmen of both Committees to meet with him
In Kansas City for the purpose of endeavoring to work out some plan of
reorganization that could be submitted to the Federal Farm Loan Board
promptly with the approval of both Committees.
On March 19 1930,a conference was held at Kansas City, at which there
were present the Chairman and counsel of the Bondholders' Protective
Committee, the Chairman and counsel of the Stockholders' Protective
Committee, and the Receiver and his counsel. The entire situation was
discussed at some length, and while no final conclusions were reached at
this meeting, it was my opinion at the end of this conference that some
progress had been made and that as a result of the meeting the way was
open for further discussions between the 2 Committees and the Receiver
for the purpose of endeavoring to develop a plan for the reorganization of
this Bank which both Committees could recommend.
Since that meeting, I have been having an analysis made of all of the
mortgage loans owned by this Bank in good standing as of March 31 1930
(supplementing the analysis and classification of the mortgage loans made
as of Dec. 31 1928), in the hope that such supplemental analysis might
afford a basis for determining the extent to which such mortgage loans might
be available as collateral security for bonds of a new bank in the event that
a reorganization can be effected. This supplemental analysis has not as
vet been completed.
Mr. Stewart's proposition, as set forth In the letter of the Chairman o
the Stockholders' Protective Committee dated April 10 1930, refers to a
"stock and bond purchase plan," but does not contain any information
regarding the purchase of the stock. However,I have gained the impression
from a circular letter sent out by the Stockholders' Committee under date
of March 31 1930, that a part of the plan is to take over the stock of the
present stockholders in consideration of their being relieved of their shareholders' statutory liability. This view seems to be confirmed by statements
which appear in a subsequent circular letter sent out by the Chairman of
the Stockholders' Committee under date of April 12 1930.
Furthermore, Mr. Stewart's proposition, which is apparently now being
sent to all known bondholders of this Bank, provides that "the bonds
purchased under this proposal are to be cancelled and either the present
bank reorganized or a new solvent bank created from the good assets of the
present bank, subject to the approval of the Federal Farm Loan Board,"
Inasmuch as the proposition seems to contemplate the reorganization or
reinstatement of this Bank, upon some basis which will require the approval
of the Board, the question arises whether the full scope of the proposition
has been sufficiently developed to enable bondholders to form a judgment
as to whether it contemplates a reorganization upon a basis that will not
only be sound but will fairly protect the interests of all concerned, and will
therefore be likely to receive the approval of the Federal Farm Loan Board.
Obviously the Board should be fully advised before it can undertake to pass
upon any plan for the reorganization or reinstatement of this Bank. In
view of all the circumstances and since, as you know, the Board has not
been advised fully as to all aspects of the reorganization or reinstatement
of the Bank which would be involved in Mr. Stewart's proposition, the
Board, of course, has not been in a position to reach any conclusions or to
express any opinion concerning the matter.
In the circumstances,it would seem to me that the possibilities of developing a plan for the reorganization of this Bank which may be agreed to and
recommended by both Committees have not been fully exhausted, nor does
it seem to me at this time that the situation has been sufficiently clarified
to enable a bondholder to form a final judgment as to what course he should
JULY 5 1930.]
FINANCIAL CHRONICLE
45
for automobile dealers, 98.6% of these outlets offering to sell on an instalfollow. I shall be glad to meet with the Chairmen of the 2 Committees and ment basis. Only five of the 33 groups of commodities were not offered
that the full scope and effect of Mr. Stewart's proposi- for sale on this basis.
Mr. Stewart in order
that it
cash
tion may be further developed, and in any event it would seem
"A large majority of the outlets, more than 60%, sold goods for
concernshould still be possible for the 2 Committees to reach an agreement
and on open account only, not offering instalment terms nor requiring
and that it is desirable that strictly cash."
ing a plan for the reorganization of this Bank,
Returns Were $3,000,000,000.
further efforts be made in that direction before bondholders are asked to
pass final judgment upon any proposed plan.
According to the survey, returns and allowances in retail stores probLoan
This letter is being sent with the approval of the Federal Farm
ably aggregate $3,000,000,000 annually. Returns and allowances repreBoard, and I am sending copies thereof to all known bondholders, other sented between 7 and 8% of all retail sales, which are estimated at approxof this Bank.
creditors and shareholders
imately $40,000,000,000.
Yours very truly,
"The National retail credit survey," the department said, "conducted by
H. M. Langworthy, Receiver.
the department at the request of the National Retail Credit Association.
has revealed a large body of facts on retail sales never before made available. Approximately 24,000 merchants, with total sales approaching
of Denver National Bank Describes $5.000,000,000, voluntarily furnished detailed reports of their businesses.
Clark G. Mitchell
major
"The high percentage of returns and allowances is one of the
Chain Store Systems as "Sound, Economic Systems
average
revelations of the survey. Instalment credit sales show the highest
of Distribution."
ratio in this respect, returns and allowances being 12% of the total value
sales
The chain store system, "in many quarters welcomed, in of sales made on this basis. An average of 9.9% of the open credit
returns and allowances.
" is here to stay "and is a sound, economic and 5.2% of cash sales were accounted for by
others maligned,
Fur Stores' Returns Were High.
method of distribution, its competition will be fair, but it
"Fur goods stores had the highest ratio of returns on cash sales, 16%;
will require efficiency to meet its own efficiency, with skillful department stores ranked next with 5.9%; electrical appliance stores had
and volume purchasing to meet its purchase price and eco- 5.8% and drug and optical goods stores had the lowest,.7%.
and allowances was highest
nomic handling in volume to meet its selling price," Clark G. "On open-credit sales the ratio of returns boots and shoes, 21.3% and
for musical instruments, 22.9%; followed by
Vice-President Denver National Bank of this city, Optical goods 14.8%, and the lowest for coal and wood dealers, .8%, and
Mitchell,
told the bank administration conference at the convention grocery stores, 1.3%.
also in returns and allowances on instal"Musical
of the American Institute of Banking Section of the American ment credit instrument stores led by furniture stores, 13.7%; and departsales, 15.4%; followed
n at Denver on June 18. Mr. Mitchell ment stores, 13.1%. Lowest percentages of returns and allowances on
Bankers Associatio
automobile dealinstalment sales were reported by hardware stores, 3.5%;
said:
ers, 4.2% and automobile accessory stores, 5.1%."
One of the criticisms often heard is that all the money received by those
organizations is money gone from the community forever and deliberately
taken from local business. Let us see if this is true. Let us analyze the Pennsylvania Grocers to Announce Shortened Credit
chain store dollar. Estimates of the distribution of the money received
Terms.
from the sales run something like this: 65% to the manufacturer, 12% to
payroll, 9% rent, and the balance up to the 5% of net profit goes into inciwholesale grocery houses in the anthracite section
Three
dental expenses such as light, heat,repairs, &c., and is spent in the communnia will announce the shortening of credit terms
ity. The 65% cost of manufacture sometimes is spent in the community of Pennsylva
on July 1 in line with the movement sponsored by the
in nearby cities.
or
Grocers'
As a result of complaints from bankers that chain store Pennsylvania, Now Jersey & Delaware Wholesale
June 28 to the
accounts were unsatisfactory, he said, a meeting had been Association, said a Philadelphia dispatch
went on to say:
held to improve relationships between the units of the two New York "Journal of Commerce," which
to adopt this
This brings the number of members in the organization
lines of business under the auspices of the American Bankers
policy to twelve.
and the new terms will
Association. Mr. Mitchell added:
"This is the first break in the hard coal section
The bankers endeavored to show that an efficiently run country bank
could hardly break even on the chain store account with a balance less than
8800. The chain store officials stated that they found no uniformity of
requirements on the part of bankers who often do not appear to be acquainted with the conditions under which their accounts would be found to
be profitable. Some banks appear to make a profit on an account upon
which others cannot.
Bankers who make the broad assertion that chain store accounts as a
whole are unprofitable are not well informed. City accounts of the chain
store operators are conducted in such a manner as to prove the fairest
intentions.
checks
One of the large problems of chain stores is cashing or accepting
be
in payment for purchases. It was thought the chain store should not
penalized for this service to the community. Bankers themselves have
encouraged the use of checks the past few years. Large companies are paying employees with checks on account of safety over cash. A chain system
official stated that in his company the average sale was 77c, and the profit
the
2He., so that a proposed 3c. charge on checks cashed would eat up all
profit and be prohibitive.
bulletin states. "This
be effe3tive Sept. 1," the association's monthly
of credits is
is a very radical change for this section where the problem
strongly believe that this
the hardest in our entire territory, but we very
ever made and that
will prove to be one of the best moves these houses
It will mean much to their business."
and
The association reports that the Movement is working out well
terms.
that retailers in most cases are taking very kindly to the new
They are
During May an increase in outstanding sis again reported.
last year. According
3% lower than April and 4%'lower than May ofin which we haveshown
to the bulletin,"this makesthe 23d successive month
outstandings
lower outstandings, which is some record." The month's
figure was 100.
as comVolume for May on a dollar basis shows a considerable decline
than 12% less.
pared with last May's, as the price index is estimated more
a decline of
"While the estimate of over 12% may seem high, with
greater
only 5% in our volume report, we feel that the tonnage handled was
than last May."
& Co., Los Angeles, Suspended from the
It was stated that "banks should carefully analyze their Alvin H. Frank
Los Angeles Stock and Curb Exchanges for a Period
costs in order to talk intelligently and forcibly regarding
of Ninety Days.
the profit or loss on accounts," Mr. Mitchell said, adding:
According to Los Angeles advices on Monday of this
If services are to be charged for we must know what they cost. Costs
can be figured with reasonable accuracy with a very small amount of effort. week, June 30, to the "Wall Street Journal," the Governors
If you know the cost of your services you need not hesitate to discuss your
of the Los Angeles Stock and Curb Exchanges have anproblem with any fair minded customer. A number of the largest organizaand are graciously accepting a per item nounced the suspension for 90 days of Alvin H. Frank &
tions have increased their balances
charge to make their business satisfactory. Since the conference the larger Co. for violation of the constitution and by-laws in Section
chains about which the greatest complaints have been registered notified
with conduct unbecoming a member.
their managers to discuss relationships with local bankers rendering them VII dealing
services.
There exists necessity for more education both among the bankers and
customers. Reasonable demands based on actual figures which demonstrate efficiency will receive close attention and adjustment. Let us resolve
first to know what we are talking about and then present our claims to those
National organizations.
Analysis by Department of Commerce of Credit Policy
Indicates $3,000,000,000 Returns and Allowances
in Sales in Retail Stores—Most Commodities for
Retail Sale Can Be Bought on Account or Installments.
An analysis of American credit policy based upon the
National retail credit survey, made public June 30 by the
Department of Commerce, at Washington, stated that
practically every commodity offered through retail stores
could be purchased on open account, on instalments or both.
This is noted in a Washington dispatch to the New York
"Times" which also said:
Drop of Over One Billion Dollars in Volume of Outstanding Brokers' Loans on New York Stock
Exchange—Total June 30, $3,727,711,289.
The volume of outstanding brokers'loans on the New York
Stock Exchange declined $1,020,120,623 in the past month,
having dropped from $4,747,831,912 on May 29 to $3,727,711,289 on June 30. Of the last named total, $2,980,284,038
represent demand loans, this comparing with $3,966,873,034
on May 29; the time loans shown in the June 30 tabulation
amount to $747,427,251, against $780,958,878 on May 29.
The June 30 figures were made public as follows July 2 by
the Stock Exchange:
collateral.
Total net loans by New York Stock Exchange members on
30
contracted for and carried in New York as of the close of business June
1930, aggregated $3,727,711,289.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New
$2,521,139,920 $680,035,163
York banks or trust companies
Out of a total of more than 35,000 reports from retail outlets covering (2) Net borrowings on collateral from pri, three-fourths of the outlets were ex33 principal groups of commodities
vate bankers, brokers, foreign bank
67,392,08S
tending open credit, 18.7% instalment terms. and 20% sold for cash only.
agencies or others in the city of N. Y.. _ 459,144,118
"Percentages of stores offering goods on an open-credit basis varied
material
from 35% for boot and shoe stores to 98% for lumber and building
$2,980,284.038 $747,427,251
$3,727,711,289
dealers.
Combined total of time and demand loans
"Though many of the 33 lines of trade had a smaller percentage of stores
loan
The scope of the above compilation is exactly the same as in the
offering instalment credit, there were 11 lines of trade which had more than
report issued by the Exchange a month ago.
one-third of the outlets offering these terms. The highest percentage was
46
FINANCIAL CHRONICLE
[VOL. 131.
The compilations of the Stock Exchange since the issuance "Modern
Fairyland, Age of Miracles." Mr. Westerfield
of the monthly figures by it, beginning in January 1926, added:
follow:
Other influences engendering
1926—
Jan. 30
Feb. 27
Mar. 31
Ayr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept.30
Oct. 31
Nov. 30
Dee 31
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dee. 31
1930—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
Demand Loans.
$2.516,960,599
2.404,846,284
2,033,483.760
1.969,869,852
1,987,316,403
2.225.453,833
2,282,976.720
2.363,861.382
2419,206.724
2,289,430,450
2,329.536,550
2,541,682.885
Time Loans.
5966,213,555
1,040,744,057
966.612,407
885,848.657
780,084,111
700,844,512
714,782,807
778,286,688
799,730,288
821,748,475
709.625,125
751.178,370
2.328,340.338
2 475.498,129
2.504.687,674
2,541,305,897
2,673,99:1,079
2.758.968,593
2.764.511.040
2.745,570,788
3,107,874,325
3,023,238,874
3.134.027.003
3,480,779,821
810,446,000
780,961.250
785.093,500
799.903.950
783,875.950
811.998.250
877,184.250
928,320,545
896.953.245
922.898.500
957.809.300
952.127.500
Total Loans.
33,513,174,154
3.536.590,321
3.000.096.167
2.835.718,509
2.767,400,514
2,926.298,345
2.996,759,527
3,142,148.088
3,218.937.010
3,111,176.925
3.129.161,675
3.292.860,253
over-confidence in business men were the
sanguine statements of a number of economists who perhaps would qualify
for the modernistic or "new era" school that the vast amount of reliable
statistical information had practically abolished the old-time evils of large
inventories and overproduction. I think that this doctrine was in many
instances accepted by business men to the extent that their ordinary prudence was lulled to sleep and they felt secure in going ahead with plans for
expanded activity.
Citing as a definite example of the loss of proper financial
perspective, the speaker alluded to articles referring to the
overnight increase of $11,000,000 in the fortune of a single
banker and later to a decrease in the same fortune of some
$20,000,000. The story was based on the public sale and
quotation of some several hundred shares of a bank stock.
He went on to say:
3,138,786,338
3.256.459.379
3,289.781,174
3,341,209,847
3.457.860,029
3.568.986.843
3,641.695.290
The illusion created here is that created in the minds of untold thousands
3.673.891.333
3,914.627,570 of individuals who imagine that paper profits is unrealized property en3,946.137,374 hancement, such as the rise in the prices of quoted values for real
estate,
4,091.836.303 commodities, securities and other forms of
property, increased fortune
4,432,907,321
and thereby spending power. There can be no more serious financial mis„
take than to confuse increased quotations with increased income. Th
4.420.352,541
4,322,578,914 Individual or the nation which makes a practice of treating principal a,
4,640,174.172 income is spendthrift and must some day pay the reckoning of such errors
4,907.782,599
5,274,046.281
4,898.351,487 New York Stock Exchange
Institute Awards Cer4.837.347.579
5.051,437.405
tificates to Students.
5,513,639,685
5,879,721,062
The New York Stock Exchange Institute, conducted by
6,391.644,264
6.439.740,511 the Stock Exchange for its employees, awarded certificates
3,392.873,281
3,294,378.654
3.580.425.172
3.738,937,599
4,070,359,031
3,741.632,505
3,767,694,495
4.093.889,293
4,689,551,974
5,115,727.534
5,614,388,360
5.722,258,724
1,027,479,260
1,029,200.260
1,059,749.000
1,168,845,000
1.203.887.250
1,156.718,982
1,069,653.084
957,548,112
824.087.711
763,993,528
777.255,904
717,481.787
5,982.872.411
5,948.149.410
6.209.998,520
6,203,712.115
8,099.920,475
8,444,450,079
6.870,142.664
7,161,977.972
7.831.991,389
5.238.028,979
3,297.293.032
3,378.420.785
752,491.831
730.396.507
594.458.888
571,218,280
565,217.450
826,782,195
603,851,830
719.641.454
717.392,710
870,795.880
719,305.737
813,089.488
6,735,164,241
6,678.545.917
8,804,457,108
6.774,930,395
6,665.137,925
7.071,221.275
7.173.794,294
7. 81.619.426
8
8.549.383,979
8.108,824,888
4.016.598.769
3,989.510,273
3.528.246.115
3.710.563.352
4.052.161,339
4,362,919,341
3.966.873,034
2,980,284,038
456,521,950
457,025.000
604,141,000
700,212.018
780,958,878
747,427,251
3.9114.768,085
4,167.588.352
4.656.302,339
5.063.131.359
4.747.831,912
3,727,711,289
on June 18 to 30 students who have completed the required
course of study, and more than $1,400 in gold was given as
prizes to outstanding students. The presentations were
made by Richard Whitney, President of the Exchange, in
the Stock Exchange Luncheon Club at the ninth annual
dinner given by the Committee of Arrangements to the
members of the graduating class and to other employees who
attended evening school or college during the year 1929-30.
The Institute was established in 1922 under the direction of
Dr. Binl E. Shultz, of DePauw University and Columbia
University. Courses are offered in all subjects relating to
the activity of the Stock Exchange. The total enrollment
last year was 571.
Jason Westerfield of New York Stock Exchange Says National City Bank of New York on
Business CondiBusiness Is Suffering from "Errors of Optimism."
tions—Revival Dependent on Elimination of
Jason Westerfield, of the New York Stock Exchange,
Obstructive Influences Rather Than Blind Opaddressing on June 23 the Civic Clubs of Yonkers on the
timism.
subject of business conditions declared the effort to attribute
In discussing the prospects for business recovery, the
the present business reces§ion to any single cause to be super- National City Bank of New
York in its July 1 Bulletin
ficial and an obstacle to the ultimate alleviation of wide declares that it will serve the cause
of revival better to face
business fluctuations. He went on to say that the problem the fact that "business pretty
much the world over is sick,"
of modifying the violent business fluctuations from pros- and "with determination to take all
necessary steps to elimperity to depression was not a wholly academic question of inate the obstructive influences
than to cherish a blind
interest to economists alone, declaring it to be a very practi- optimism as to the date and period
of convalescence."
cal matter, because in the background of the cold figures of "At the same time" says the
bank "it is just as necessary
reduced bank clearings, declining carloads and idle bank to preserve an even balance against unwarranted
pessimism
funds can be seen the interruption of thousands upon thous- and to take account of encouraging features
of the situation."
ands of individual incomes which are relied upon to support The bank in its comments continues:
homes and families. Declines in property values and diFor nearly a year the production of new manufactured goods in this
counminished business earnings derive their importance and try has leen either declining or held in check t low levels, Meantime,
the people have gone on wearing out their shoes and clothing, burnir
seriousness from the loss of wages to the families dependent
g up
asoline and automobile
upon them. The speaker stated that serious economists Sooner or later the timetires, and using the old car pretty much as before.
must come when industry will have to speed
up
were in practical agreement in cataloging the numerous again to care for the wants of 120 million people, and the record of industry
does
causes which,taken together, have brought about the present in this countryin our not contain many long drawn out depressions. As
we pointed out
last Bank Letter,such business recessions
condition in business. Differences of opinion, however, experienced during the past 30 years have usually passed the as we have
turnhy: point
some time during the year following the commencement of
develop in the emphasis placed on the relative importance
reaction, and
while the rate of recovery sometimes has been sic w at first It
has, nevertheto be attached to the several factors.
less, been steadily upward until normal levels were once more
attained
'Mr. Westerfield dwelt largely upon the theory that prosIt is a familiar fact that consum,lion in times of depression
never falls
perity breeds within itself the poisons of its own undoing, off as rapidly as production, hence the assumption is not unwarranted
that rogress
stating that business is suffering now from what might be cording to fi is being steadily mate in the reduction of surplus stocks. Acurea collected by the Federal Reserve
by 496
termed the errors of optimism. He called attention to the department stores in different parts • f the country for Banks, sa'es months
the first five
of t e year were only 3% under the corresponding figures of a ye
effect on the thoughts and sentiments of business men, as
r ago,
so that if allowance is made for the
well as the general spending public of• the "Prosperity" it appears that the actr al volume oflower level of department store prices,
goods dittributed by these stores was
headings to be found in the popular periodicals in the two close to or In excess of that a year aro. Similarly, the figures of instalment
years prior to the panic of 1929. "One of these articles financing of automobiles,taken as an index of motor car distribution, make
a good showing if used cars are included in the picture, or
which helped swell the prosperity symphony," he said, financing of new c.r purchases fell considerably under z sear whereas the
ago, that for
appeared in a newspaper of National circulation, under used cars recorded an increase,so that the total fell off only 4% In numher
and
the caption 'Why Is America Prosperous?'" Some other that 12 in value as compared with the record year 1929. It is well known
stocks of new automobiles have
headlines referred to by the speaker included "To Make crux of the automobile situation Resbeen very greatly redt ced aid that the
rather in the used car market, hence
Prosperity Permanent," "The American Book of Wonder," an indication of improvement in the latter is distinctly reassuring. If these
figures of department store and automobile sales may be considered
0,pleat
"Problems of Prosperity." He cited an article by the Presi- of what is going on generally
in the way of consumption, we
dent of the American Telephone ez Telegraph Co. containing to the point where shortages will begin to accumulate thanmay be nearer
Is Comm nly
the prophecy that "Days of drudgery will soon be over," supposed. While it is true that the stocks of various raw moterinls are still
unwieldy, this is not necessarily convincing for the reason that there
is
"To-day in America we are building a new civilization always a tendency for visible supplies to accumulate in
times of reduced
. . on the conquest of nature." Other headings which buying and falling prices. Once, however, prices are believed to have
touched
could not do other than inflame the imagination of the reading turns bottom and buyers step in to fill their requirements, it frequently
out that there has been a dammed
nubile were: "America's Prosperity Reaches New Heights," volume to put anew light on the situation. up buying power of sufficient,
JULY 5 1930.]
FINANCIAL CHRONICLE
Much has been said as to the restorative influence of easy money, and
possibly the potency of this factor has been somewhat exaggerated. Business must be healed of some of its Ills and regain its will to recover before
stimulants can be wholly successful. Nevertheless,a plentiful and abundant
supply of credit, such as now exists, is bound to facilitate the process of
readjustment. Up to this time, a difficulty has been that the ease of money
has been that the ease of money has been unequally distributed as between
the short time and the investment money markets, but with rates in the
short time market where they are to-day, a gradually increasing overflow
of surplus funds into investment channels seems assured, thus providing
more favorable opportunities for the financing of long term capital expenditures.
Further Developments in Woody & Co. Failure—Criminal
Inquiry Begun by Federal Grand Jury and Stock Fraud
Inquiry Started by State Bureau of Securities—Ousted
Gilchrist, Bliss & Co. Clerk Testifies Ryder Paid Him
$900 for Fake Accounts.
The possibility that the creditors of the bankrupt New
York Stock Exchange firm of Woody & Co., 40 Wall Street,
this city, (the failure of which was noted in our issue of
June 21, page 4338) may receive 50 cents or more on the
dollar as the result of an amicable settlement between
counsel for Frank Bailey, (Chairman of the Prudence Co.,
who received $2,000,000 from Harold Russell Ryder, one
of the partners of the failed firm), Woody & Co., and the
receivers, was indicated in the New York "Times" of Sunday, June 29, which said:
While the Attorney General's office and the Federal authorities were
acting in the case yesterday (June 28) the possibility grew stronger
that the creditors of Woody & Co. may receive 50 cents or more on
the dollar as the result of an amicable settlement between counsel for
Mr. Bailey, Woody & Co. and the receivers. The exact amount of
what the creditors may receive will depend on what part of the
$2,000,000 received by Bailey through Ryder is returned to the settlement fund. Mr. Bailey has agreed that he must return part of the
money.
The amount recoverable from Mr. Bailey is estimated at from $425,000
to $1,777,000 by attorneys for the receiver. They contend that the
smaller sum received by Bailey during the last four months must be
returned as preferential payment under the bankruptcy law.
It is further maintained by the receiver that attorneys for other
partners in the bankrupt house can recover $927,000 paid in cash and
about $500,000 in securities and other indirect payments made since
the organization of Woody & Co. last year.
The items which may be included in the fund from which creditors
are recompensed are:
Cash in bank, $98,000; value of Woody & Co.'s Stock Exchange
seat, $450,000; value of Mrs. Ryder's Park Avenue apartment, $350,000,
which together with the sum that may be returned by Bailey and other
contingent assets may bring the fund available for settlement to more
than half of the amount for which the concern failed.
"If we can reach a settlement whereby the creditors will be benefitted it will be fairer to all concerned," Charles L. Kelby, attorney
for Woody & Co. said, "and we are trying to do it. Mr. Bailey has
shown a desire to return any 'stolen money,' although, of course, he
says the money was 'stolen' without his knowledge and that some of
the money was stolen from him. The big problem, so far as Mr.
Bailey is concerned, is to determine how much of the money turned
over to him was stolen money. The whole situation is regrettable, but
it is not too clouded to be cleared away. It is the hope of all concerned that within thirty days some sort of amicable settlement can
be announced."
Eugene L. Garey, counsel for the petitioners in the Federal bankruptcy, said that while there was no doubt that some effort is being
made to clear up the affairs of the company he was not prepared now
to say how far it has gone or what will be accomplished.
Mr. Kluper was more optimistic, saying that it appeared as if the
creditors may receive more than 50 cents on the dollar, but pointed
out that the accountants have not yet gotten to the place where they
can be definite in discussing liabilities and assets.
According to the "Times" of July 1, in addition to the
Federal bankruptcy inquiry into the wrecking of the firm,
a criminal inquiry was officially begun on Monday, June 30,
by the Federal Grand Jury and a stock fraud inquiry was
started by the Bureau of Securities in the office of the
New York State Attorney General. We quote from the
paper mentioned in part as follows:
Both new inquiries were based upon the evidence produced last week
by the bankruptcy inquiry before Federal Referee Henry K. Davis,
which indicated that the failure was primarily caused by an agreement
between Harold Russell Ryder, stock trader and Broadway spender,
and Frank Bailey, 65-year-old banker and director in twenty-one important corporations.
Assistant United States Attorney Samuel C. Coleman, in charge of
criminal prosecutions, said yesterday the Federal grand jury would
have to consider in the light of the conspiracy clauses in the Federal
bankruptcy act the agreement whereby Mr. Bailey admits he took about
$2,000,000 from Mr. Ryder as soon as Mr. Ryder took it from his
two partners and the customers in the firm of Woody & Co. in order
to repay Mr. Bailey for the loss of stock in previous market operations.
Watson Washburn, Assistant State Attorney General in charge of
stock frauds, said he would seek to enjoin Ryder permanently from
any further operations in the stock market and to restrain Mr. Bailey
immediately from disposing of the proceeds of a fraud on the Woody
& Co. customers, which Mr. Washburn characterized as "finally becoming nothing less, according to Mr. Ryder's own statements, than
outright bucketing." Ryder is under indictment on a charge of grand
larceny.
According to testimony given Tuesday, July 1, before
Federal bankruptcy referee Henry S. Davis by Harold
47
Fleming, a former clerk in the brokerage house of Gilchrist, Bliss & Co., through whom Woody & Co. cleared,
it cost Mr. Ryder only $900 to strip his two partners and
the firm of Woody & Co. of more than $2,000,000. The
following account of Mr. Fleming's testimony is taken from
the "Times" of Wednesday, July 2:
Between February and June, while Mr. Ryder was spending an
average of $1,100 nightly on Broadway, he paid $900 in all to Harold
Fleming, a brokerage clerk, who testified yesterday that he came to
Mr. Ryder's suite in the Savoy Plaza whenever summoned, to make a
bookkeeper's statement of the stock balance which Mr. Ryder wanted
his partners in Woody & Co. to believe they still carried with Gilchrist,
Bliss & Co., through whom they cleared.
In this way, it was charged for the first time, Mr. Ryder managed
to keep his partners under the impression that all was well until all
was gone.
Mr. Fleming said he had no idea at the time that Mr. Ryder was
doing anything wrong. * ••
They have six children, Mr. Fleming testified. ••• They lived in
Jersey City at 40 Terrace Avenue. He had worked thirty years in
Wall Street and finally attained a salary of $50 a week as a dividend
clerk with Gilchrist, Bliss & Co.
He was with the concern five
years when he was discharged last January for recurrent lateness.
The questioning revealed how this discharge indirectly paved the
way for the wrecking of Woody & Co. According to testimony Mr.
Ryder met the jobless clerk last February and asked how he was
getting along.
Mr. Ryder sympathized with Mr. Fleming and told him Gilchrist,
Bliss & Co. had treated him badly. He asked how much they had
paid Mr. Fleming, and on hearing it was $50 per week, said he was
surprised that they would offer a good brokerage man so little. He
said he would make room for Mr. Fleming with Woody & Co. at $100
per week Meanwhile, he wanted Mr. Fleming's assistance in getting
up some statements, because he was not good himself at figures.
At the suite in the Savoy Plaza, Mr. Fleming testified, Mr. Ryder
produced blank statement forms of Gilchrist, Bliss & Co. and gave him
a pencil memorandum of the figures to be filled in, as a statement of
Woody & Co.'s account.
"The first time," Mr. Fleming testified, "I asked Mr. Ryder if he
was sure it was right for me to make out this statement because I was
no longer with Gilchrist, Bliss & Co. and knew nothing about the
condition of the Woody & Co. account. He said every figure could be
substantiated and that it was a new arrangement known as a 'safekeeping account'.".
Samuel H. Kaufman, conducting the examination for the Irving
Trust Company as temporary receiver of Woody & Co., asked: "Didn't
you realize, in view of your thirty years' experience in Wall Street,
that you were helping Mr. Ryder deceive some one?"
"No," said Mr. Fleming, earnestly. "It didn't occur to me that
he would do anything like that."
Mr. Fleming apparently was disturbed at the time only because
Mr. Ryder gave him a total of $900 between February and June for
no other work than filling out about nine statements.
"I told him I thought this money was out of all proportion to the
amount of work I did," Mr. Fleming testified, "but he told me it was
all right because it was a retainer while I was waiting to be put in
the $100-a-week job which he was going to have for me."
"But what did you believe he was doing with those statements?" Mr.
Kaufman asked.
'"I had no idea," said Mr. Fleming. He seemed to consider the
whole situation again and then he added: "I believed in his honesty
from the bottom of my heart."
The last statement which Mr. Fleming made out for Ryder showed
that Woody & Co. apparently had a stock balance of $2,043,000 in
the keeping of Gilchrist, Bliss & Co. at the end of May, when records
now indicate the actual balance was down to $80,000.
In addition to the false stock statements, Mr. Fleming said he also
signed where Mr. Ryder directed on some folded document the name
of Charles L. Woody, Jr., becatne Mr. Ryder told him "Charlie Woody
is out of town and it will be all right for you to do it.:'
Mr. Fleming said this might be the forged signature already offered
in evidence on a transfer of Mr. Wooldy's Stock Exchange seat to Frank
Bailey, 65-year-old banker and director in twenty-one important corporations, who has already admitted he took $2,000,000 away from
Mr. Ryder as fast as Mr. Ryder took it away from Woody & Co., on
the ground that Mr. Ryder had previously caused him $2,000,000 stock
losses.
Our last reference to the Woody & Co. failure appeared
in our issue of June 28, page 4533.
Boston Stock Exchange Removed from List of Exchanges
Approved by Indiana Securities Commission—Statement by Boston Exchange.
Commenting on the action of the Indiana Securities
Commission in removing the Boston Stock Exchange from
Its list of approved Stock Exchanges, the governors of the
local Exchange, according to the "Boston Evening Transcript" of July 2, have issued a statement explaining why
they have refused to send records to Indianapolis as requested and reiterate their willingness to co-operate with
the Commission in its investigation of the Exchange and
to co-operate with public officials generally. The statement of the Governors, says the "Transcript" points out
the physical task of sending all of the records requested
and the attendant risk of allowing the exchange's original papers and records to go to a distant point and, in
addition, says that the Boston Stock Exchange is "ready to
bear the proper expenses of inquiries into its operations
by public officials who represent States which have given
the Exchange any privileges whatever." The full state-
•
48
FINANCIAL CHRONICLE
[VOL. 131.
ment of the Governors of the Boston Stock Exchange is any estimate of the amount of
liabilities or assets. It is
given as follows in the "Transcript":
stated by the petitioners, it was said, that they will file
first intimation which the Exchange had of any dissatisfaction schedules within a few days,
"The
also that they are unable to
on the part of the Indiana Securities Commission was received through
a news association, but immediately following this was received a meet their obligations and desire for the equal protection
letter from the commission, dated April 24, 1930, stating that certain of creditors to take advantage of the National Bankruptcy
complaints had been received by the commission regarding some of its Act. The Irving Trust
Co. was appointed receiver. The
listings and ordering the representatives of the Exchange to appear at
a hearing set for May 14, 1930, and furnish the Commission with a paper mentioned continuing said:
Allen Broomhall, President of the corporation, estimated the
complete list of all securities dealt in on the Boston Stock Exchange
value
as of Jan. 1, 1930, true copies of all circulars for securities listed on the of assets at approximately $532,000 and stated that "gross liabilities
amount to $731,000."
Exchange as of said date and original application or copies thereof of
The affidavit further recites that the corporation is unable to
all the companies listed on the Exchange during the year 1929.
pay
"It appearing to the Exchange that the desire of the Commission its debts in full; that a receivership be appointed for the benefit of
must relate to some specific securities and not to its whole list and creditors; that the "corporation has large loans at various banks in
recognizing the impossibility of sending its full files to Indiana or which there are or may be equities" and that the receiver should take
having copies made of them, it wired the Commission asking that it possession with a view to such steps as may be necessary to protect
sesd an examiner to Boston, the Exchange to bear his expenses, to whatever equities there may be and also to conserve other assets.
examine its files and determine just what was desired. To this the
Commission wired that 'this Commission chooses to hold inquiry in
Harvey Fisk & Sons Discontinue Marginal Trading
Indianapolis.'"
"Following this, various conferences were had with the Commission
Accounts.
or its representatives, the result of which was that under date of May
A notice,issued June 28, by Harvey Fisk & Sons, members
27, 1930, it received a more specific list of papers which the Commission
desired ten days prior to the hearing, which was then set for June 24, of the New York Stock Exchange says:
1930. These included all of the minute books and records of the SecreIn order that we may devote our entire time and attention to our
investtary of the Exchange, all of the records of the listing committee, and ment and cash commission business, we have decided
to
all of the original applications of all investment trusts which were listed handling of marginal trading accounts and to withdraw discontinue the
entirely from the
during the year 1919 and the year 1930 up to April 1, and the papers margin commission business.
of nine other corporations, some of which had been out of existence for
In adopting the above described policy, it is our belief that we
will be
some years.
better able to individualize our service to you.
"The Governing Committee immediately took the matter under consideration, and, in view of the risks of sending its original papers and
records to a distant point and in view of the physical difficulty of having Samuel Ungerleider To Take Over Margin Accounts of
certified copies of all such papers and records made, adopted the folHarvey Fisk 8c Sons.
lowing resolution:
The following is from the New York "Times" of July 2:
"Voted, to advise the Securities Commission of Indiana through Mr.
Samuel Ungerieider has arranged with Harvey Fisk Sz Sons, who are
Mendenhall, as attorney for the Exchange in this matter, that the papers of the Exchange are open for examination by an accredited repre- discontinuing the handling of margin trading accounts, to take over
sentative of the Commission and that the Exchange is ready: to bear the business of this type heretofore handled by the Fisk organization. the
In
reasonable expenses of such an accredited exaoiner for such investigation, connection with the transfer of this business
a number of the employees
but that it is not prepared to send its original papers and books of red of the Fisk company will become
associated with the Ungerleider firm.
ord to Indianapolis or its officials to attend the proposed hearing in
that city.
"In confirmation of its position, but showing its readiness to grant Court Held Without Authority
in Approving Surety—
all facilities to the Indiana Commission and to bear the expense of such
Power Lies With Superintendent of Insurance—
examination the following telegram was sent under date of July 1, by
Reversal of Findings Against U. S. Fidelity and
the Secretary of the Exchange:
"I am directed by our committee to say that its position is set forth
Guaranty Company Involving Estates of Incomin the resolution adopted by it and submitted to your commission by
petent War Veterans.
Mr. Mendenhall, attorney for the Exchanie in this matter. That is,
It was noted in the New York "Journal of Commerce"
it is ready to pay proper expenses of your examiner for such inquiry
and then take up matters of differences based on such investigation and of June 28 that a decision of much
interest to surety combe helpful in any way possible in such inquiry
panies was handed down by the Appellate Division of the
"The position of the Exchange is to co-operate in every way possible
with public officials in every State. It is ready to bear the proper ex- New York Supreme Court, Second Department, on June 26,
penses of inquiries into its operations by public officials who represent when that court, unanimously reversing
upon the facts and
, States which have given the Exchange any privileges whatever. But, in upon
the law an order made by Justice Selah B. Strong,-at
this particular instance, the practical and safe way in handling the
original records and papers of the Exchange was to ask the Indiana the Special Term of the Supreme Court, on the 25th day of
Commission to make its examination here, the Exchange to bear the April, 1930, adjudging the United States
Fidelity & Guaranty
expenses of such examination, and then to take up the questions of dif- Co.
and its counsel, William J. McArthur, in contempt of
ference, if there were such, thereafter in such manner as might be
court, held that a court is without power to reject the surety
determined.
"This position of the Exchange apparently was not acceptable to the bond of a company, if the company holds a
certificate of
Indiana Securities Commission."
solvency from the
Superintendent of Insurance. The account
From Indianapolis July 2 the "Transcript" reported the of the latest decision
in the "Journal of Commerce" goes on
following Associated Press dispatch:
to say:
Mark Rhoads, State Security Commissioner, announced to-day that
the Boston Stock Exchange has been removed from the list of accredited stock exchanges approved by the Indiana Securities Commission.
Removal, he said, followed the refusal of the Boston Exchange to
submit records and make appearances at a hearing here last week on
charges that the exchange had violated certain rules of the Commission.
Rhoads dedared that he had received a letter from I. N. Bailey,
North Carolina Securities Commissioner and Chairman of the Committee of Stock Exchanges of the National Securities Commissioners'
Association, saying that if the Boston Erchange persisted in its present
stand he will recommend that it be barred from all States affiliated with
the Association.
The contempt proceedings arose out of an order which Justice
Strong
made in the matter of Landau, an incompetent person, which directed
the
committee of the incompetent to file a bond in the sum of $11,000,
for the
faithful performance of his duties, with a surety company other
than the
United States Fidelity & Guaranty Co. as surety thereon.
Mr. McArthur as General Counsel for the United States
Fidelity &
Guaranty Co. advised his client that Justice Strong had no
power or
authority to prescribe or forbid the United States Fidelity &
Guaranty Co.
to execute the bond in question, and the surety company, acting
upon the
advice of its counsel,filed the bond for the committee of the
incompetent.
Justice Strong thereupon instituted a proceeding to punish
the surety
company and its eounsel for a contempt for a violation of his
order, and after
a hearing the justice convicted the surety company and its
counsel of conA previous item in the matter appeared in our issue of tempt and fined the surety company $250 and sentenced Mr. McArthur,its
counsel, to jail for a period of eight days.
May 10, page 3283.
• The Appellate Division, in reversing the order of Justice
Strong, held out
the justice had no power or authority to proscribe the United
States Fidelity
& Guaranty Co. or any other surety company from executing
bonds and
Lage & Co. Reported as Closing Out Marginal Com- that when a surety company held a certificate of solvency from the Superintendent of Insurance of the State of New York that
mission Business.
was conclusive evidence of the right and authority of such surety company
The following is from the "Wall Street Journal" of July 1: with which no Supreme Court justice could interfere. to execute bonds,
The Appellate Division by its decision dismissed the contempt
Lage & Co. are closing out their marginal commission business and disproceedsolving as of June 30. This is a formality for temporary suspension of ings, remitted the fine imposed upon the surety company, and discharged
activity to reduce expenses until it can be determined whether reorganiza- Mr. McArthur.
The fine imposed by the justice had not been paid and Mr.
tion under the same firm name is justified by improvement in business. All
McArthur had
branch offices are being closed, but the present main office at 165 Broadway not served any part of the jail sentence for the reason that the Appellate
Division, upon the institution of the appeal, stayed all proceedings
is being retained, as is also the Stock Exchange membership.
under
Members are Frederick Lage, John F. Trow, Harry P. Talcott, William Justice Strong's order until the hearing and determination of the appeal.
E. Smith and Donald C. Alford,floor member.
Opinion of the Court.
The opinion of the Appellate Division was in part as follows:
"The court was without power to proscribe this surety company
or any
Broomhall, Killough & Co., Inc., New York Fail—Irving other surety company and exclude it from the writing of
surety bonds in
judicial proceedings. Section 156 of the Civil Practice Act requires
Trust Com Appointed Receiver.
such a
company to justify if its
excepted to.
A voluntary petition in bankruptcy was field on Thurs- Section 109a, subdivision 2,bonds bethat a certificateThe Insurance Law,
provides
of solvency from the
day of this wek, July 3, by Broomhall, Killough & Co., Superintendent of Insurance shall be conclusive evidence of the company's
dealers in bank and insurance stocks at 115 Broadway, this solvency and its sufficiency as a surety or guarantor. The presenting of
such a certificate having such a conclusive effect would require the
approval
city. According to the New York "Evening World" of that of a bond under such circumstances.
"The existence of these statutory provisions negatives the notion
date, the petition was filed through Goldmark, Bennit &
Supreme Court justice may override the effect of the approval that a
of the
Colin, attorneys of 165 Broadway, without schedules, or Superintendent of Insurance of a company's
right to do business and the
FINANCIAL CHRONICLE
JULY 51930.]
effect of his certificate as to the surety company's financial stability and its
sufficiency as a surety. If a Supreme Court justice, or anyone else for that
matter, learns of facts which would warrant the depriving of a particular
surety company of the right to write bonds in judicial proceedings, such
facts should be laid before the Superintendent of Insurance, who is alone
empowered to discipline the company and who can, under the Insurance
Law, nullify a surety company's certificate or license to do business and can
refuse to permit the offending company to do business (Insurance Law,
Section 204),'when in the opinion of the superintendent such a refusal will
not promote the public interest.'
"Until the official vested with authority to terminate the surety company's right to issue bonds in judicial proceedings in this State has acted
upon grounds which he deems sufficient, a court is without power to reject
the surety bond of such a company. If a company misconducts itself, or
those for whom it is responsible do so, the remedy therefor is that provided
in the Insurance Law. The court therefore, was without authority to
assume to exercise the power to bar this particular surety company from
writing bonds in judicial proceedings involving the estates of incompetents."
In this way the banks had been able to increase their loans and deposits
with no increase in reserve requirements. However, July 5 this year comes
on a Saturday when the banks will be open but the money market closed so
that the loans cannot be withdrawn.
Customers' Loans.
One of the effects of easier money market rates has been gradually to
reduce the rates obtained by banks on customers' loans. It was reported
yesterday that loans over the counter have been made at rates below 4%.
Such rates, however, it was pointed out, are available only to first class
customers with credit sufficiently well established to finance current operations through the sale of their own commercial paper. The decline in rates
on commercial paper brought the open market into competition with the
banks with respect to highest grade loans. While rates for loans to customers less well known have declined since the beginning of the year, the
movement has been slower, it was stated.
The earlier decision was referred to in these columns May 3,
page 3097.
New York Bank Stocks Decline to Record Low Prices
During June, According to Hoit, Rose & Troster.
Rivaling in severity the November break, a decline of
major proportions hit bank stocks during June, forcing the
entire list down to new low levels. The Hoit, Rose &
Troster weighted index of 14 leading bank stooks descended
to a record low of 136 on June 25. This compares with the
panic low of 148 touched Nov. 13 1929. However, from
June 25 to the end of the month the averages rose 11 points,
closing at 147. The following table, based on closing bid
prices (supplied by the firm), shows the range for the
month:
June 2.
June 25.
June 30.
129
162
389
168X
138X
75
196X
221X
767
60
134
129%
296
135
93
117
317
120
98
60
128
172X
578
45%
102
89
211
102
June 25.
June 30.
Aetna Casualty
Aetna Fire
Aetna Life
American
Continental Casualty
Globe & Rutgers
Great American
Halifax
Hanover
Harmonia
Hartford Fire
Home Insurance
National Casualty
National Liberty
Providence Washington
Springfield, F. Sr M
rhavelers
U. S. Casualty
U. S. Fire
Westchester
140
71
92
19X
39
1,100
36
26X
53%
33
83
46
20
15X
77%
160
1,505
72
74
64
115
54
75
18(
35
900
27
21
39
24
66
39
17
11X
59
135
1,180
67
60
49
125
56
79
183j
35
900
31
21X
43
25
69
413
17
12X
64
135
1,230
67
59
50
Weighted average
71
58
60
Bill Buying Rate.
Partly with the purpose of relieving the current tightness of the money
market, the Federal Reserve Bank of New York yesterday lowered the rats
at which it buys endorsed bills of 45 days maturity or less from 2% to 1 i%•
The effect of the reduction, it was learned, was primarily to bring to the
Reserve Bank bills held by banks. It was stated that the dealers did not,
on the other hand, receive a large volume of bills this week as would ordinarily be expected during a tightening of the market. The b: nks usually
prefer to sell to the Federal Reserve Bank rather than to the market, since
payment is obtained immediately in Federal funds rather than in clearing
House funds.
The opinion was expressed yesterday that a part of the funds withdrawn
by out-of-town banks would be likely to remain in the interior. Most
bankers, however, thought otherwise. It was pointed out that commercial
demand for loans remains extremely light, and that banks which had taken
funds from the market in order to show large cash positions in the June 30
statement would be forced to offer them again to the New York market.
A small part of the funds taken from the market might, however, be invested in short-term notes, it was said.
The increase in currency requirements occasioned by holiday expenditures was expected to reach the figures of a year ago, when circulation increased between $75,000,000 and $100,000,000. The increase in currency
is debited directly against the reserve account of member banks and forces
an increase in rediscounts.
102
136%
335
136
104
63%
144
166X
622
48X
111X
94X
235
103X
June 2.
49
America
Bankers Trust
Central Hanover
Chase National
Chatham Phenix
Chemical
City
Corn Exchanr:e
Guaranty Trust
Irving Trust
Manhattan Co
Manufacturers
New York Trust
Public National
No Setback Suffered by Employee Stock Subscription
Plans, According to National Industrial Conference Board.
Employee stock subscription plans, under which employees may purchase the stock of the company for which
they work, not only did not suffer any setback as a result
of the stock market crisis of 1929, but emerged from that
severe test strengthened and enjoying increased confidence
147
136
185
Weighted average
on the part of employee stock owners.
This is the conclusion of the National Industrial ConferInsurance Stocks in June Sold Below November 1929 ence Board, 247 Park Ave., New York, following a systePanic Prices—Survey by Hoit, Rose & Troster.
matic check-up of employee stock purchase plans. With
Acting in sympathy with the declines recorded in other regard to its survey the Board on June 28 said:
security markets, insurance stocks were much lower in June,
In 1927 . . . it was found that 315 such plans were maintained by
conmany issues selling below November 1929 panic lows. The American industrial concerns. As tangible evidence that the aboveofferelusion is correct, the Conference Board cites many instances of new
Hoit, Rose & Troster weighted index of 20 leading issues ings of stock to employees since the market crash, which have met with a
descended to a record low of 58 on June 25. This com- ready response, in some cases resulting in a heavy oversubscription of the
shares
one case, in
pares with the 1929 low of 60 touched the week of Nov. 23. issue. In company wasMarch of this year, an offering of 75,000
oversubscribed by more than 50%.
by a large
The range for the month was as follows:
stock subscription plans included in the
Only four of the 150 mploy-ee
Expect Loan Rates to Decline Rapidly When Holiday
Ends—Report Counter Loans Are Made Below 4%
as Market Eases—Reserve Bank Again Cuts Bill
Buying Rate.
The rapid return to the money market following the July 4
holiday of funds withdrawn on July 1 and on Monday
(June 30) to cover seasonal requirements was expected
July 1 in banking circles says the New York "Journal of
Commerce" in its July 2 issue, which likewise said:
Low rates will continue through the summer, it was believed.
The present stringency in the market which sent the call rate up to 3%,
compared with the rate of 1 X% last week, will reach its end to-morrow, it
was predicted. Bankers said that funds withdrawn for payment of dividends and interest will rapidly be redeposited in the banks. To-morrow, it
was said,the banks probably will be in possession ofsurplusfunds which they
will seek to invest over the three-day holiday.
It was recalled that last year the rate dropped sharply on July 3 after
reaching extremely high levels during the first two days of the month. This
had occurred because banks were able to increase their loans on July 3,then
withdrawing them early on the morning of July 3 before they were cleared.
recent survey, which comprehended most of the larger companies having
such plans, have been discontinued since 1927, and in none of these cases
was the cause of discontinuance attributable to the stock market crisis.
Furthermore, only three companies reported that changes in ti eir plans
were being considered, indicatirg that, as originally formulated, these
plans were soundly conceived and I ad withstood the collapse in the stock
market without showing the need for substantial revision.
An important element of strength in these plans, it was found, was the
fact that in many cases stock had been sold to employees substantially
below the market price, or that the price had bcen set before the final rapid
rise in stock prices which preceded the crash. As a result, the Board found
only 19 instances in which the price of the company's stock had dropped
below its net cost to employees, and in only 11 cases did this drop amount
to as much as 10% and continue longer than a week.
So far as the Conference Board could ascertain, there wrs no great
tendency for employee stock owners to dispose of their holdings under the
influence of the stock market upheaval, but, on the contrary, in many
cases employees in need of cash sacrificed their savings bank accounts in
preference to giving up their company stock. A numter of companies
leaned money to employees who had subscribed for their stock, in order to
enable the employees to retain their stock. Only 4% of the companies
covered in the survey noted a greater than normal rate of cancellation of
stock purchase contracts on which payments for stock had not been completed, and only 16% of the companies were aware of greater than normal
activity in the resale of company securities.
In general, employee stockholders who were inter iewed regarded their
investments as sound, and indicated that they intended not only to retain
the stock already purchased but to subscribe for rdditional stock as opportunity offered. The reason most frequently given for the purchase of
company stock was its investment value, although occasionally an employee was encountered who considered the purchrse of at least one share
a politic move. However, few traces were fond of the belief, somewhat
prevalent in it e early days of employee stock purchase plans, that possession of a stock certificate served as a talisman against layoff or discharr e.
The few employees who sold their stock following the crash in the stock
market asserted that they did so generally as a result of the urging of relatives or friends rather than for well-considered reasons. These volunteer
advisers had convinced them that employee stock owners had no chance
in the game of "bucking Wall Street," that they hr d been foolish to venture
Into the investme t field, and the sooner they got out of It the better.
Such cases, how ever, were few in number.
Employers reported to the Conference Board that the two most common
reasons for sale of stock by employees were to obtain cash to protect margin
accounts with brokers, or to purchase good securities at bargain prices
when the market was believed to be near the bottom. These reasons, the
Board suggests, are significant as indicating a broader speculative or
50
FINANCIAL CHRONICLE
Investment interest on the part of industrial workers than is generally supposed. "If such a situation is at all representative," the Board adds,
"there appears to be little basis for the fear, sometimes expressed,
that
employers, through stock purchase offers are tempting the worker into a
field where he will be an uncritical and helpless drifter with the tide, whether
• the tide be favorable or unfavorable."
The survey disclosed further indications of the tendency, noted in
the
Conference Board's earlier study of this subject, for the bulk of employee
owned stock to be held by a comparatively limited group of employees.
Under some employee stock subscription plans stock is offered for sa:e only
to a restricted group consisting for the most part of executives, sales and
office staffs. But even where there is no restriction, other than a nominal
service requirement, most ofthe stock is found to be held bja comparatively
small number of employees. This is due partly to the greater financial
resources of this group and partly to the fact that cancellations and resales
by other employees are often absorbed by this group. No instance was
found in w ich such concentration of stock was the result of a concerted.
effort to gain control of the company; it was merely a reflection of confidence in the investment value of the stock
No fear was expressed by the managements of these companies of any
hostile concentration of stock by their employees. While some employers
look with disfavor upon this tendency toward concentration of ownership
on the ground that it defeats one purpose of their plans, which was to
promote a personal interest ih the company's welfare on the part of the
entire working force through ownership of its stock, other employers favor
it as placinu the stock in the hands of those w o should share in the
company's good fortune. One case of a prominent manufacturing company is
notewerthy in th it more than 50% of its stock is held by present and past
employees. This situation, far from causin ; the mana ement any alarm,
Is viewed by it with pride.
R. E. Reichert, Michigan Bank Commissioner, Before
House Committee Inquiring Into Branch Banking,
Maintains Open Mind on Branch Banking—Gives
Unit Banks Credit for Aiding National Growth—
Praises Groups Organized in Detroit for Co-Operation with Supervisory Authorities.
Through the unit banking system, initiative has been permitted to develop local communities in which the banker
and others had a common interest, according to Rudolph
E. Reichert, Michigan Commissioner of Banking, Who testified May 14 before the House Banking and Currency Committee at hearings on branch, chain and group banking.
Whatever else may be said against the system, he added,
the admission must be made that it developed the United
States. He expressed doubt that this Nation's development could have been accomplished under any other system.
Whether the unit system of banking should now be abandoned and some other system adopted is a question for
careful consideration, Mr. Reichert declared. There are
some difficulties in supervising group banking organizations
not present in out-and-out branch banking, he stated. The
"United States Daily" of May 15, is authority for the foregoing, its account of the hearing going on to state.
Groups Initiate Safeguard
The groups that have been organized in Michigan, however, he pointed
out, have voluntarily thrown around their organizations, through their
articles of association and by-laws, all possible protective provisions from
the standpoint of the depositor that might have been suggested by the
office of the Comptroller of the Currency or the State Commissioner of
Banking, and have provided further that these safeguards are subject to
change only with the consent of the supervising authority. They have
also made available to the examining authorities, he said, the records of
all their affiliated corporations. "If group banking," he continued,
"could be confined to groups such as these, no anxiety should be felt either
by the public or the supervising auhorities."
Mr. Reichert stated that, regardless of the type of banking organization
which might be evolved, there appeared some necessity for the units to
be of sufficient size to take care of the increased requirements of larger
and larger business units.
Charters Not Granted Freely
In a prepared statement, Mr. Reichert reviewed the history of banking
in Michigan, and contrasted the record of bank failures there with that
for the country as a whole, which was introduced into the record by the
Comptroller of the Currency, J. W. Pole, at earlier sessions of the hearings. In the last three years, he stated, there has been but one State
bank failure in Michigan. One reason ascribed for the good record in his
State, was given as a policy of not granting bank charters freely. A real
need for the institution of a bank must be shown before a charter will be
issued in Michigan, he asserted.
Liberalization of loaning restrictions within the Federal Reserve System
was urged by the witness, because of changing methods of finance and a
relative scarcity of rediscountable paper. The Federal Reserve Act was
characterized by him as the greatest piece of progressive financial legislation that Congress had ever passed. One way in which the Federal Reserve Act should be changed, he continued, is along the line recommended
by Roy A. Young, Governor of the Federal Reserve Board, through a distribution of a greater share of the earnings of Federal Reserve Banks to
member banks. He opposed the payment of interest on reserve deposits.
Mr. Reichert stated that in any change which might be made the
safety of depositors should be the first consideration. Provision must be
made also, he asserted, to avoid ruinous competition with existing unit
banks.
Mr. Reichert pointed out that in Michigan branch banking is allowed
within municipalities. This he declared to have worked out satisfactorily.
One of the Michigan group systems, he added, has also confined itself to
the metropolitan district, while the other has not gone beyond the State
line.
In response to questions from Representative Hooper (Rep.), of Battle
Creek, Mich., Mr. Reichert pointed out that most of the 354 branches
[VoL. 131.
operated by 52 State banks in Michigan are in Detroit and Grand Rapids.
Eight State banks in Detroit operate 259 branches, he stated.
The banks in the small towns of Michigan are not increasing their
deposits, Mr. Reichert declared. There are, nevertheless, he continued, a
good many sound and profitable banks in small communities. It is difficult to secure management, he admitted, in small towns for the price that
can be paid there.
Mr. Reichert emphasized that he is open-minded on the subject of
branch banking, and that his opinions are not yet definitey formulated.
He is waiting, he said, for the benefit of the study now being made by
Congress, and expects to make use of conclusions reached here in formulating recommendations for the legislature in his own State. He recognizes,
he stated, that there are, many arguments for branch banking, but so far
as Michigan is concerned, the same necessity does not appear as has been
said to exist in other States. If branch banking for national banks is
legalized, his tentative opinion is that State-wide extension would bring
with it fewer legislative difficulties than trade area permission. Be recognizes, however, according to his statement, that other business does not
limit itself to State boundaries.
Roy A. Hovey, Massachusetts Banking Commissioner, will appear before
the Committee May 15.
The conclusion of Mr. Reichert's formal statement to the Committee follows in full text:
Branch Banking Allowed In Municipalities
Our State allows branch banking in municipalities. This has worked
out very satisfactorily. The bank can absorb the expense of the operation of
these branches until they begin to pay. These branches, as operated by our
banks, are purely a convenience to their customers. (The bank is limited
in the extension of branches to an investment of 50% of its capital and
surplus in banking house.)
In 1929, our Act was amended to give banks the right to establish industrial loan departments for the purpose of taking care of the small
borrower. Our law also provides for the segregation of savings assets to
cover savings deposits, and designates the class of securities that these
deposits must be invested in. Our statute also provides for trust powers
to be given banks when they have the combined capital required for a trust
company and a bank in a given locality. Trust companies may also have
banking powers under similar circumstances.
During the past year, group banking came into prominence in this State.
Upon the affiliation of the first State bank with one of these groups,
an opinion from the attorney general was asked for. He was asked to
rule upon the following questions:
"(1) Is there any difference beween the purchase or ownership of one
share of stock and the purchase or ownership of two-thirds or all
of the
stock of a bank or trust company by a holding company?
"(2) Do these holding companies, by the ownership of two-thirds
or
all of the stock, by the absolute power vested under our statute
to such
owner, constitute operation of such institution?
Holding Company Status Defined by Opinion
"(8) Banks and trust companies receive their charters from the State
to have offices in a city or village /or the purpose of doing a banking or
trust business. Such corporations cannot be organized under the general
corporation statute. Does the organization of a holding company, organized under the general corporation statute, owning two-thirds or all of
the stock of such corporation, do by indirection that which cannot be
done under either statute?
"There are other points at issue such as the voting of stock, the stockholders' liability in each of the institutions so owned by the holding company, directors' qualifying shares, machinery to be set up to collect assessments should one be necessary. In fact, the whole question involved seems
to be, can all the statutory provisions pertaining to the organization and
operation of banks and trust companies, as set forth by the legislature in
these two statutes, be complied with by this method of organizing holding
companies to own and control banks and trust companies?"
To the above he replied that all the provisions of our statute could be
complied with by the organization of a corporation under one statute and
owning all the stock but directors' qualifying shares of a corporation organized under another statute, provided the holding company did not attempt
to operate under the statute governing the corporation whose stock it
holds. I can furnish you with a copy of his opinion if you so desire.
The proposition which we felt confronted us from a supervisory standpoint was that we could see in this program the combination of investment
companies, trust companies, joint stock land banks, national banks, and
State banks all under one head and virtually the same directorate, but
under different supervisory authorities. In other words, we felt that by
the organization of these groups under present law, it would be possible to
defeat the principal restrictive provisions in banking and trust laws, both
national and State, should these holding companies be organized by individuals who were not sufficiently conservative.
In Michigan, we have been very fortunate that the two groups which
have organized holding companies have voluntarily thrown around their
organization, through their by-laws and articles of association, all possible
protective provisions from the standpoint of the depositors that might have
been suggested by the comptroller's office or our office, and have provided
further that these provisions are subject to change only with the consent
of the supervising authorities. They have also made available to our
examiners the records of all of their affiliated corporations. If group
banking could be confined to groups such as these, no anxiety should be
felt either by the public or the supervising authorities.
One of these groups has confined itself in its ownership of bank stock to
banks in the metropolitan area where its main office is located. The other,
in addition to that, has gone out into the industrial centers of the State.
From the standpoint of our securities COMITlislithil, we have now made a
ruling that no more stock of holding companies will be approved for sale
in Michigan, or for exchange for Michigan bank or trust company stocks,
unless it has similar provisions as are incorporated in the articles of association and by-laws of these corporations,
Whatever argument may be advanced against our unit banking system,
one thing must be admitted—that it has developed our progressive United
States. Through it initiative has been permitted to develop local communities in which the banker and other individuals had a community interest. I doubt whether this could have been accomplished under any
other system. Whether we now have arrived at a time when this system
should be abandoned, due to bank failures in certain sections, and some
other system adopted—be it group or branch banking—is a question for
careful consideration. There is also some force to the argument that banking units must be established to be able to take care of credit requirements
of large business units.
JULY 5 1930.]
FINANCIAL CHRONICLE
System Has Had Single Failure in Three Years
Difficulties will be experienced in enacting laws to provide for protective
and restrictive provisions governing groups, the units of which are operated
under national and State laws with different supervisory authorities. This
difficulty would not arise in a branch banking system.
When considering the high mortality of banks which has principally
occurred in territories where the issuing of charters was very freely done,
you should not lose sight of the fact that there is some argument for the
soundness and serviceability of a system that has had but one bank failure
during the last three years and six during the last 15 years, which is the
record of our State for State chartered banks. The record for national
chartered banks in this State is equally satisfactory.
If, however, it is determined to establish a branch banking system, due
consideration should be given to the unit banks already in existence in
the establishment of branches. Any changes should have as their prime
consideration the safety of the depositor. Provision must be made to
avoid ruinous competition with existing unit banks, as such a procedure
tends to impair the position of the depositor.
If State lines arc disregarded as suggested in the comptroller's plan of
establishing branch banking for trade areas, I would feel that the matter of
taxation as it pertains to the States would be quite a problem. If branch
banking is to be extended, limited to States, or established in trade areas,
the question of capital structure should have your consideration. As
branches are extended, capital should be increased—otherwise you would
be liable to approach mutual banking rather than banking supported by
stock capitalization. I am sure that these matters have all had your consideration.
The Federal Reserve system should also be given consideration because
I feel that the enactment of that law was the greatest piece of progressive
financial legislation •that Congress has ever passed. In this connection I
would, however, like to make one observation, and that is that, with
changes that have taken place in financing, less and less paper becomes
eligible for borrowing and rediscount, and in order for this system to be of
real service to banks, changes should be made looking towards the liberalization of loaning restrictions. Especially is this true as it pertains to State
member banks.
Governor Young, in his testimony, referred to the earnings of the
Federal Reserve Banks. In his testimony he pointed out that $147,109,573
had been paid over to the Government in franchise taxes by these institutions, and $276,934,000 had been added to surplus, and that their capital,
at the present time is $170,975,500. These earnings have accrued largely
as a result ,af the free balances of the member banks, and I am entirely in
accord with his plan for the distribution of a portion of these earnings
based upon deposits, but there should be no definite rate set up in the form
of interest on deposits. In other words, I think there should be a distribution of earnings at the end of the period to member banks either on capital
or deposits, but preferably on deposits, in lieu of interest.
There are other phases of this subject that I feel have been adequately
covered by previous testimony, and in order to save time, I will refrain
from making any further statements other than to say that we in our State
are watching with interest the developments in this exhaustive study that
your Committee is making of this subject. Your recommendations to
Congress will be given consideration by every legislature which will convene next year, because your recommendations will be based upon a more
thorough study than individual States could make and upon information
which would not be available to them except through your Committee.
On this information and your recommendations, the varying supervising
authorities will largely base their recommendations to the legislative bodies
in their States. I want to assure you of our interest in the work that your
Committee is doing and offer you the facilities of our office, if we am be
of service to you.
51
A. J. Viegel, banking superintendent of the State of Minnesota. in a recent
statement, mentioned 154 places in that State which previously had supported banks where there are now no banking accommodations whatever,
principally because of failures. About one-half of them, he said, should
have some kind of banking service, but he said he could see no way of safely
serving them except through branches.
Testimony from Group Organizations.
There was much interesting testimony from the representatives of the
new group banking organizations in Minneapolis and St. Paul, in Detroit
and in Buffalo. Mr. Decker and Mr. Wakefield, who head the two leading
group banking organizations in Minneapolis and St. Paul, controlling banks
In a territory where failures have been numerous and disastrous, presented
rather convincing arguments that their group systems have served a very
useful purpose. Both of them denied that they would convert their group
banks into branch banks if authority were given them to do so, but they
both admitted that their groups included only rather sizeable banks located
In rather sizeable towns, and that it would be an advantage if their banks
could have branches in the smaller places not now touched by them.
Mr. Lord, of the Guardian-Detroit group, made similar statements, but
was rather more willing to admit that branch banking would be more
economical and might give better service. With few exceptions the banks
in his group are located in cities not smaller than 10,000. Several of the
group bankers admitted that if branch banking superseded group banking
it would prob. bly result in lower interest rates in the smaller group towns.
'
All of them, however, declared that the banks in their combinations were
independent units, each managed by its own local board of directors and
each retaining its local pride, even though the stock of the local banks is
all owned by holding companies.
Old Stockholders Retained Interest.
All thought the group system had some marked advantages, by comparison with branch banking. In the case of all of these now group banking
systems the stock of the local banks has been exchanged for stock in the
holding companies, so that the old stockholders may be said to retain an
interest in their own banks and to have acquired an interest in all the other
banks of the group. Mr. Wakefield, of the First Bank Stock Corporation,
said that his group had started to buy control of banks for cash, but had
found that did not work well. People were unwilling to sell for cash, but
were willing to exchange their stock for stock in the larger corporation. In
the Guardian-Detroit group, the holding company stock carries double
liability, just as bank stock does.
This system of group banking is new and is certainly different from what
has been known for many years as "chain banking" where one man or a
group of men have purchased for cash the control of a number of banks.
As conducted in the Minneapolis-St. Paul District, in the Detroit District
and by the Marine-Midland group of Buffalo, the groups bear a very strong
resemblance to branch banking. The men representing them all declared
that no single bank in the system could or would be allowed to fail. They
declared also that if any individual or industry in any community had need
for loans larger than the loaning limit of the local group bank of the community such loans would be taken care of within the group. I agree with
Comptroller Pole that this development of group banking should not be
checked by law unless something better can be substituted for it. We pass
too many restrictive laws. What we want now is something constructive.
System Said to Resemble Branch Banking.
This kind of group banking not only resembles branch banking, but probably would have been called branch banking in the days of the old State
banks before the Civil War. One of the model branch banking organizations of that period was the Bank of Indiana, of which Hugh McCulloch
who became the first Comptroller of the Currency was the President. If
you look into the history and structure of the old Bank of Indiana you will
find that its branches were pretty nearly independent. As orginally
organized,the Bank of Indiana was not much more than a board of directors.
appointed by the legislature, with certain supervisory and directory powers.
while the branches were independently organized banks with separate stock.
The Bank of Ohio was also a group of pretty nearly independent banks
Extension of Branch Banking Urged by Edmund Platt
bound together under a modification of the New York safety fund principle.
of Federal Reserve Board Before New England In those days,of course,the emphasis was on giving security to note issue*.
but the principles are the same when applied to security for deposits.
Council.
banking was something which grew up in the cities and was not
In part the remarks of Edmund Platt, Vice-Governor of Deposit
much understood for a long time outside of the cities. The notion that
before the New England Council depositors did not need any special protection persisted for many years
the Federal Reserve Board,
Kane,in his
at Poland Springs, Me., June 14, were given in our issue of after the national banking act was passed, and Mr. Thomas P.in 1922, debaok, "The Romance and Tragedy of Banking," published
June 21, page 4342. Mr. Platt, who discussed the subject of al wed that with all the numerous amendments of the national banking act
branch banking,characterized the present National situation p .ssed since 1864 not one "can be said to have had for its object the increase
Reserve
with relation to bank failures as "disgraceful" and advocated of the security of depositors in national banks" until the Federal
Act was passed.
privileges for National banks as a means of
branch banking
Possible Solution of Present Problem.
remedying the situation. In addition to that part of Mr.
The resemblance of the group banks of to-day to the branch banks of
Platt's speech given in these columns last week, we give the days before the Civil War suggests that with proper legal recognition
banking institutions
herewith his concluding remarks as published in the "United and direction they might be developed into branch considerable amount
somewhat of the old type—the branches retaining a
States Daily":
of independence, but being jointly responsible for the debts of every branch
Here is a distinct recognition of the fact that money wasloaned on call in in the group as was the case in the old Bank of Indiana, and each group
New York either from Greenville or from Charleston which could have been supervised and in a measure controlled by a central board of directors,
loaned in the State if the institutions in both sections of the State could work under governmental supervision.
together. Greenville,as you know,is a manufacturing town and the peak of
Possibly such a system of branch banking, a sort of compromise between
demands in that section would naturally come at a different time from the group and branch banking, would meet the chief objection of many of the
ardent opponents of branch banking. I mention this merely as a possipeak of demands at Charleston on the sea-coast.
bility, and without much confidence that such systems would take care
Expectations Outlined Have Been Realized.
of the very small towns where most of the banking failures occur. It should
I understand that expectations outlined in this circular letter in 1926 have serve to bring to mind that branch banking need not necessarily be of one
since been realized and that the institution is successful. That similar pattern. Branch banking can be organized so as to give the br nches a
conditions obtain in many other States and sections is proven by the testi- certain amount of independence, and can be organized without any "parent
mony of the group bankers recently summoned to the hearing before the bank," simply a group of banks in different places operating under one
Banking and Currency Committee of the House of Representatives. Every corporation. The head office, where the directors meet and WI ere the
one of them stated that they were able through their larger organizatiors corporation books are kept, need not be a bank. I am not quite sure that
to keep business at home that had before been forced to New York or there must be a "head office", at any rate one of the institutions in the
Chicago. As Mr. Decker phrased it, "We are tired of having the cow fed South operating two banking offices, banks recently consolidated, mainin Minnesota and milked in New York."
tained in recent letters to the Federal Reserve Board that there was no
Much interesting information was brought out in these bearings before the "parent bank" involved, and no "head office" Therefore, they thought
and Currency Committee of the House of Representatives on the they should be allowed to remain in the Federal Reserve system. I thought
Banking
general subject of branch, group and chain banking. The hearings were the so myself but our counsel could not be convinced.
result of the recommendations made by the Comptroller of the Currency
Size Described as Fundamental.
in his annual report, and his interesting and very able statement was he rd
"Whether you like it or not," said Mr. Decker of Minneapolis in his
first. When he had presented all his facts and recommendations it seemed
Committee, "size is fundato me that there was evidence of considerable change of opinion on the recent statement to the Banking and Currency
banking business."
part of several of the members of the Committee, and as the hearings mental in many lines of business. It certainly is in the
making our country
progressed it became evident that there was a rather general feeling that Now, keeping always in mind the main purpose of
banks large enough to take care of a larger share of the local business,
some extension of branch banking would be advisable.
enough and with diversiAlmost all the witnesses, including some of those who came to oppose some of which now goes to New York, and large
times, what limits should
branch banking, admitted under questioning that there were some places fication enough to be able to stand up in adverse
. be set, with relation to capital and to extent or number of branches?
where branches would serve better than small separate corporations. Mr
52
FINANCIAL CHRONICLE
Mr. Henry Dawes, former Comptroller, represents the extreme position
of opposition to branches, but admits the necessity of larger banks. He
cites the fact that 88% of the failures of the last nine years have been banks
with a capital less than $100,000, and recommends that no banks be chartered in the future with a capital less than $100,000. If I understood his
recent statement to the Banking and Currency Committee he would not
permit smaller country banks to consolidate so as to obtain the requisite
capital, if consolidation involved the maintenance of more than one office,
in different places. His idea seemed to be that unless a town or community
was large enough to maintain an independent bank with a capital of$100,000
It should depend on the nearest town, I. 0., It should be deprived of convenient banking service. Mr. Dawes took the ground apparently that we
must either have nation-wide branch banking, or none at all outside of
cities. "It seems to me," he said, "there is no room for compromise on
this subject and that a determination should be reached as to whether
the United States wishes to embrace a national system of branch banking
or to preserve its co-ordinated independent Units. It cannot do both."
I disagree wholly with this dogmatic position. There was much more
branch banking in the United States 100 years ago, in proportion to population and banking resources, than there is to-day, and there always has
been some branch banking in the United States. In fact there always has
been some branch banking in the national banking system, and I think it
can be shown that not quite all of it came in through conversion of State
banks. There is no clear evidence that the Congresses of Civil War days,
in enacting the national banking act, had any intention of prohibiting
branch banking, and I am informed that the comptrollers' office did not
finally pass upon the question until 1902.
In 1911 Attorney General Wickersham delivered an opinion adverse to
branches in the case of the Lowry National Bank of Atlanta. an opinion
later much modified by Attorney General Daugherty who, Oct. 3 1923,
found in favor of additional offices within city limits. The matter was
never definitely decided by the Supreme Court, the St. Louis case in 1924
having turned on enforcement of a State law. Now and then national
banks opened outside offices and sometimes they withstood the Comptroller's
criticisms for a considerable period.
The Citizens National Bank of Newport, N. H., was given a certificate
by the Comptroller on March 27 last for the operation of a branch at Warner,
in an adjoining county, on the ground that the branch had been operated
for the past 25 years. There are to-day (Apr.8 figures) 273 banks in the
United States maintaining 570 branches outside socalled city limits without
counting California. Twelve of them are national banks maintaining 28
branches. North Carolina heads the list with 34 banks maintaining 66
outside branches. California has two less banks(32) with outside branches,
but the number of branches is much greater, 547, of which 313 are branches
of national banks.
Of the banks maintaining outside branches, 52 are in New England, 22
of them in Maine, the Maine banks maintaining 57 branches. The Maine
law, permitting branches in the county of the parent bank and any adjoining
county seems to me excellent, and the limit it provides would be sufficient,
I think, in any Eastern States. In Western States where there is much less
diversification of industries, the limit should doubtless be much wider,
perhaps some districts comprising more than one State.
Common Law Rights of Banks.
Branch banking can be limited in any way desired—by territory to be
covered, by number of branches to be allowed each bank, or by the size of
the places in which branches may be organized. As four-fifths of all bank
failures have occurred in places of less than 2,500 Inhabitants the law might
provide that no more unit banks should be incorporated in places of less
size, branches to be authorized instead. There is no reason why we should
deckle now with relation to what kind of banking may seem desirable to the
people 50 or 100 years from now, and no reason why we should not apply a
desirable and well proven remedy within limits now because of fear that
some future generation may decide to enlarge the limits.
Banks have a common law right to establish branches. This was generally recognized in the early days of our Nation's history. In many States
they have lost this right through restrictive legislation, some of it not originally intended to prohibit branches. The obvious thing to do is to repeal
some of the restrictions and allow some freedom of natural development.
I do not believe that there would be any rapid or dangerous development,
if the establishment of branches were permitted within trade areas as the
Comptroller suggests. I do not believe that any Comptroller would permit
a dangerous or a very rapid development, and the history of branch banking
where long authorized by State laws seems to indicate (with the single exception of California) that development would proceed slowly anyway.
Branch banking is really a country bank proposition.
New York and Chicago bankers are generally opposed to it (witness the
testimony of Mr. George W. Davison of the Central
-Hanover) having
learned many years ago that correspondent banking serves them best. As
the banking units out in the States can be kept comparatively small
long as
the biggest and best business must come to the big cities, and the country
banks themselves through their correspondent accounts must furnish a
large part of the funds with which this business is taken care of. The
present system suits Wall Street bankers exactly, and why should they
worry over the continued failures of a lot of little banks off somewhere
in the distant prairies?
I suggest as the first amendments necessary to remedy the present
disgraceful situation with relation to bank failures that national banks be
given the same privileges with relation to branches that State banks have.
and second, that in all States National Banks should be permitted to
establish branches through consolidations in trade areas, which might
well start with the limits of the present Maine law, with discretion to the
Comptroller for extension where necessary in order to secure the diversification essential to safety.
Governor Young of Federal Reserve Board Favors Limited Branch Banking—Says Readjustment of
National Structure Is Necessary in Address Before
Minnesota Bankers Association—Terms Failure of
Banks "Appalling".
Branch banking within limited areas was declared by the
Governor of the Federal Reserve Board, Roy A. Young, on
June 18 as "a reasonable concession" to present conditions.
Beyond this "limited concession" Mr. Young declared he
preferred to maintain an open mind on the general subject
of banking legislation. Addressing a convention of the Minnesota Bankers' Association, at St. Paul on the date indicated, Govern( r Young recounted the "appalling" list of
bank failures and th constantly changing conditions in the
[Vol.. 131.
country's social and economic structure. To these, more than
to any other factors, the Governor attributed the necessity
for a readjustment of the country's banking structure and
practice. He asserted that it was a condition that required
use of the most constructive thought available and it was his
view, therefore, that the problems should be studied dispassionately. The United States Daily which is the authority
for the foregoing adds:
•
Need for Unit Banks.
Governor Young said the fact could not be escaped that the unit system
of banking had broken down in some localities, but he suggested that there
would always be a need for some of the unit banks. Whether the unit
system can be repaired to render the service required by present-day economic conditions, or whether a new type of unit system should be erected
on the old framework was a question presented by the Governor as one to
which the answer was yet to be found. He said that whatever the answer
was, it must needs preclude a recurrence of misfortunes of the past.
Governor Young's speech follows in full text:
I am very happy to be here once more and to have the opportunity of
discussing with you some of the developments in banking that have occurred
in recent years, largely since the time I left for Washington in the autumn
of 1927. The bankers of this State. a fraternity of which I shall always
consider myself a member, have an unusual interest in these developments
because they have been leaders in the movement to keep our banking
system adjusted to the rapid changes occurring in economic and social conditions of the country. My work in Washington has given me the occasion
to survey these matters from a national point of view. and I have watched
the developments with keen interest and often with great admiration for
the courage, skill, and rapidity with which a transformation of our banking
structure has been managed.
Decision Important.
In the financial history of this country, public policy has seldom confronted a more important parting of the ways. The decision made at this
time, the route we choose to follow from here on, will have the utmost importance for the whole commercial fabric. The smooth flow of credit and
of banking service is the delicate nervous system of business, and nothing
can be more important th n that this machinery be kept perfectly attuned
to the commercial and industrial organization which it serves.
I am confident, therefore, that much profit will result if we study the
tendencies of our banking system dispassionately with an open mind and
with no fixed ideas or prejudices. The Federal Reserve System is trying
to do just that, and in pursuit of this policy has set up a committee which
is studying the whole field of group, chain, and branch banking developments. We hope that the Committee's report will throw light en many
perplexing matters.
The Congress of the United States is also investigating these conditions;
the Banking and Currency Committee of the House of Representatives has
been holding hearings for some months on the subject and has already
gathered a large body of useful information to which some of your most
respected bankers of the ninth Federal Reserve district have made important contributions. The Senate Committee also has plans for hearings.
At the outset of a discussion concerning the shifting forms of banking
organization, one is prone to ask what forces are bringing them about.
Two causes stand out as the most important factors: On the one hand, the
large volume of bank failures that has occurred in recent years, and, on
the other hand,changes in economic and social conditions, which have made
a readjustment of banking organization and practice inevitable.
This country of great distances, altered in the course of a few hundred
years from virgin resources to a high state of civilization and complexity of
industrial organization, has flourished under a system of unit banks. Unit
banking has been the natural complement of the individual initiative and
enterprise which has so rapidly brought the United States to the first rank
of economic powers. I cannot say too much concerning my respect for the
contributions of the unit banker to this development. All my sympathies
are with him. As you know, I have been one of them myself. And notwithstanding all of the rapid alteration in the environment about us in general and of the evolution of business forms in particular, the unit banker
still has his place and service to perform; he will have it for a long time to
come; and I, for one, can see no reason why he should not always be an
important part of our banking system.
Five Thousand Banks Close Doors in Nine Years.
However, some unpleasant facts must be faced with respect to the
appalling number of bank failures recorded in various parts of the country
during recent years. This record has been so dolefully recited, and so
often of late, that I hesitate to discuss It again, but it cannot be passed
over altogether, since it constitutes the background of the picture.
During the nine-year period prior to June 30 1929, about 5,000 banks
closed their doors in the United States, tying up deposits in the neighborhood of $1,500,000,000. This is at the rate of more than 500 banks per
year and represents in the aggregate about one-sixth of the banks that were
in existence at the beginning of the period.
Altogether these failures have been rather widely dispersed, yet concentration in rural sections is clearly distinguishable. You, here in the Northwest, have suffered especially because of agricultural conditions that developed with the postwar period, and no necessity exists to reherse before this
audience the disaster involved in the closing of bank after bank in any
area, the immense amount of personal hardship suffered by the individual
depositor because of the loss of savings accumulated over years of toil and
thrift, the lack of confidence and business stagnation which follows in the
wake of wholesale bank closings.
In this history of suspensions, it is a remarkable thing that no important
failures among banks in the larger cities have occurred, while in seven agricultural States 40% of all the banks in existence in 1920 have failed. While
the depositor in the largo city banks has been amply protected,the depositor
In the small country bank has suffered severely. This is not a situation
which can be viewed with equanimity, but cries aloud for our best constructive thought and effort in order that it may never happen again.
Unit Banking Failures In Small Communities.
In approaching the problem. I repeat, we should try to preserve an open
mind. We cannot escape the fact, however, that in certain localities the
unit system of banking has broken down. Whether we can repair the old
or erect a new unit banking system that gives satisfactory assurance of not
repeating the misfortunes of the past, that, gentlemen, is one of the serious
questions to which we must try to find an answer. On the other hand, if
as a result of our investigation and thought we should penclude that practical considerations force us to some compromise with our sympathies, I
hope we shall be able to face the facts with courage and the determination
to make such concessions as promise fruitful results.
JULY 5 1930.]
FINANCIAL CHRONICLE
I turn now to other factors which I believe are forcing us just as certainly.
whether we will or not, to a serious reexamination of our banking traditions.
Rapidity of personal transportation, easy communication by the telephone.
the spirit of the times with respect to large scale organization and the
branch system in business in general have brought many differences in our
habits of living and especially in the position of the small community.
Progress in many lines of activity has had a serious effect on these communities and has endangered some of the institutions and characteristics,
such as independence, in which we have rightly taken pride.
That a small community must be served under a unit banking system by
a small bank is a self-evident fact, for such a community cannot profitably
support a large one. We have to-day in this country about 25,000 incorporated banks, four-fifths of which are located in towns of 10,000 population or less, and the average capital of these 20,000 banks serving the small
communities is about $44,000. I have already recited that banks in this
class contributed largely to the record of failures, 71% of the failed banks
having been capitalized at less than $50,000:88% at less than $100,000.
Small Banks Have Many Depositors.
In many small communities the banking business is drying up so that it
is becoming increasingly difficult for the small bank to make a profit, and
no bank can exist for long when it is in the red. The management of such
a bank is constantly under the temptation to take greater and greater risks
In order to show better earnings, with the result that disaster follows in
most cases.
Nowadays, the automobile takes the bank depositor to a larger town
than he used to frequent, and he goes there because there are bigger movie
Shows, and because there are more shops with a wider variety of goodsfrom
which he may choose in shopping. Once a patron of the larger place,
nothing is more natural than that he should find it convenient to do his
banking business there also, so his account is moved from the small bank
to the larger one and the small banker loses deposits.
That is one aspect of the matter; there are others. In the past the small
community had its local grocers, its local public utility, its local factory,
but to-day the unit grocer is being displaced by a chain store; the utility
belongs to a great holding company; and the factory has been merged with
a giant organization with a head office in a metropolis. The local banker
in other days did business with the grocer, the electric plant and the factory, but to-day the cream of that banking business is elsewhere, handled
by the head office of the larger company and placed with the metropolitan
banks with which its treasurer does business.
So we have an entirely different economic and social pattern from that
under which our unit system developed, making it necessary for the banking business to be revamped to fit the new order of things. No one is more
conscious of this than the bankers themselves, and the record shows that
they are embracing the opportunity to experiment with new forms in an
attempt to find that system of banking best suited to the world we live in
to-day.
Large Banks Operate 3,500 Branch Offices.
Checking up statistically on what has happened so far we are surprised
to find a development of such magnitude. National banks, under the
liberalized branch banking provisions of the McFadden Act, and State
banks, under their State codes, are, according to the latest figures, operating in the aggregate more than 3,500 branch offices, an increase of some
50% in five ye ars. Among the 800 odd banks with branches are some of
our strongest institutions, since the 800 together have more than $25,000,000,000 of loans and investments out of a total of $58,000,000,000 possessed
by the 25,000 banks in the country.
We have known in this country for many years something of chain banking—that is, two or more banks controlled by one or several identical persons—but the spectacular growth of group banking has been confined to a
few brief months. You here in the Northwest, having some of the best
examples of it, are quite familiar with the arrangement of associating several
banks in a group through the medium of concentrating the ownership of
the stock in a holding company.
The lastest figures show nearly 300 different chains or groups in the
country, embracing more than 2,100 banks with total loans and investments of $11,000,000,000. Many banks in chains and groups also have
branches,so there is more than a little overlapping: and furthermore,among
the banks with branches are counted all the banks, including the greatest
metropolitan b inks, which may have only one or a few tellers' windows in
their home city. The proportion of banking resources sometimes quoted
as involved in the new forms of b inking organlz itions, therefore,exaggerates
somewhat the extent of the development. Nevertheless, it has reached
important aggregates, however me,sured, and we realize that we face a
condition and not a theory.
You, bankers of this district, know precisely the whys and wherefores of
this movement, and the country over, the re sons that have brought it
about are much the same. An association of b inking offices spread over
a wide area furnishes a diversity of assets and risk that makes for stability. Herd offices in large cities can contribute experienced trained banking management to the smaller offices and can give them investment and
'fiduciary services of unusual quality. The arrangement, whether it be a
group or branch system, can cut down the overhead of the smaller office
and put it more nearly on a profitable basis.
Other Countries Use Central Banking Systim.
When we take stock of the situation we realize that, after all, in the
matter of the concentration of banking resources, this country has been in
a unique position among other great commercial and industrial nations of
the world. In Great Britain, In France, in Germany, in Canada, and in
other countries many banking offices widely dispersed and controlled from
one central head office have long been the dominant system of commercial
banking. At the he art of this foreign experience has been the matter of
economy. In societies such as our own and those of other gre.t countries
where the generating force of business enterprise is profits, financial organizations inevitably work themselves into those forms that will keep down
the costs of doing business, le iving a 1 iralar margin of profits; and under
competitive conditions this results also in better and more economical
service to customers and borrowers. Economy is working towards group
and branch banking in this country as well, as it has worked in the countries
of the old world.
As I look upon the practical situation as it confronts us, I am impressed
by the indifference of economic developments to our preferences and traditional habits of doing business. Here, we have this group movement,
born almost without our re ilization, to take care of a very difficult situation.
I do not think that many persons would deny that the situation was such
that something had to be done about it and something has been done, in
which I see more of good than of evil.
The group system, however, also has its limitations; it is not a panacea
for all of our ills, and of course we shall not find any one thing that will be.
To one situation we shall have to apply one type of banking solution; to
another situation, a dif:erent solution. Even the foremost exponents of
the group banking plan agree that it cannot solve the problem of the smallest communities that are entitled to some sort of banking service. We
53
know why under changing conditions it has become increasingly difficult
for a separate bank to make a living in the smaller communities. The only
way to provide banking service for such communities seems to be by establishing a branch with small overhead expense operating as part of a large
bank covering a wider area than we have become accustomed to under unit
banking.
I see other limitations in the group banking system. For one thing, personnel problems are bound to develop, as the best men managing member
banks of groups tire of taking orders. They will insist on being promoted
to the head office and will either get there or find enterprising jobs elsewhere, with the result that individual members of groups will have difficulty in finding and keeping experienced and competent managers. I do
not believe that a branch system would be open to quite the same limitation
in this respect, since promotion lines in such systems are more obviously
defined, and local branches require less responsible managers than do
individual members of a group.
It is clear, however, that.our experience with group banking has so far
been too limited to permit us to be dogmatic. This is especially true
since up to the present time the movement has been steered by competent
hands, so competent indeed that they could probably make a success of
banking under any type of organization. I am not sure what results would
be obtained with the instrument of group banking controlled by less capable
bankers, who may fellow the lead of the pioneers in this field. I am inclined to believe, on the whole, that the group system will be a transitional
stage during the interim, while we are working out some type of compromise between unit banking and branch banking. However, I think it
will prove a very useful and instructive transitional stage and will help to
overcome immediate difficulties.
My colleague on the Board, the Comptroller of the Currency, has devoted much time and study to the matter of the effectiveness of our old
banking system in its new surroundings and has on several occasions ably
outlined his conclusions. As the result of these studies and his ripe experience, he has recommended to Congress that a national bank be given the
right to establish branches within the natural trade area of its head office.
Bank Conditions in Aberdeen, South Dakota.
Had we been willing before the war to have countenanced branch banking in a limited trade area, I believe many of the unfortunate failures of the
last decade might have been avoided. I might illustrate what I mean by
a specific example: Aberdeen, S. Dak., which is a trade area, I suspect.
for a territory 50 to 75 miles, north, south and west, and possibly 25 miles
east. In the days before the war, Aberdeen banks did business with, say.
200 small banks in the town's trade area, lending the money for seasonal
requirements in the fall of the year, which was always repaid. However,
in 1919, because of railroad conditions and many other factors, the little
bankers could not repay the Aberdeen bankers, but had to borrow during
the following ye -vs more and more from them as well as from their Minneapolis and St. Paul correspondents who were leaning in turn upon the
Federal Reserve bank. I believe—and our hindsight is always better than
our foresight—that if branch b.asking had been permitted in that little
trade area. of Aberdeen 20 years ago, many of the difficulties of recent years
would have been avoided. But to-day that small trade area has passed and
we face a new set of conditions.
Mr. Pole's recommend tion proposes a trade area of much larger extent.
While none of us ES yet have been able to define our trade area finally, I
personally concur in Mr. Pole's aeneral recomtraendation. I think that the
logic of events far, ea us to conclude that branch banking within limited
are s is a re.som b conaeask n to make to the present day conditions which
must be met. Ilea cnd t is lila ated concession I reserve an open mind and
the hope that tin .e and eaperien.e will help Us develop the right kind of a
basking system for our (1. r. ing eNonon le world.
Federal
Reserve Banks of Boston and Philadelphia Lower
Their Rediscount Rates.
The Federal Reserve Banks of Boston and Philadelphia
this week reduced their rediscount rates, the new rates,
in the case of both Banks being made effective July 3. Announcement of the change in the rate of the two Banks was
blade as follows by the Federal Reserve Board on July 2:
The Federal Reserve Board announces that the Federal Reserve
Bank of Boston has established a rediscount rate of 3% on all
classes of paper of all maturities, effective July 3, 1930.
The Federal Reserve Board announces that the Federal Reserve Bank
of Philadelphia has established a rediscount rate of 3%% on all
classes of paper of all maturities, effective July 3, 1930.
In the case of the Boston Reserve Bank the rate was
/
lowered from 3% to 3%. The 312% rate had been in
effect since May 8, 1930 when it was lowered from 4%.
The Philadelphia Reserve Bank changed its rate from 4 to
3 % in the present week's action. The 4% was estab/
3
4
lished March 20; the rate had previously been 4%%.
_
Operating Ratios of Earnings and Expenses of Member
Banks in New York Federal Reserve District in
1929.
In making available under date of April 29 a comparison
of the operating ratios of earnings and expenses of representative member banks in this District in 1929 the Federal
Reserve Bank of New York states that its study "indicates
that, notwithstanding the high level of interest rates, the
past year was not an unusually profitable one for the banks."
"For all selected banks combined" according to the analysis
"the percentage of gross earnings left for net profit was
19.5% in 1929 as compared with 22.2% in 1928, and 23.1%
in 1927." The Bank's comparison follows:
FEDERAL RESERVE BANK OF NEW YORK
(Circular No. 97t; April 29 19301
A Comparison of the Operating Ratios of Representative Member Banks
in the Second Federal Reserve District for the Year 1929,
Grouped According to Size of Banks and Character of Business.
This bank's annual study of the operating ratios of representative member banks in this district indicates that, notwithstanding the high level of
interest rates, the past year was not an unusually profitable one for the
54
[VOL. 131.
FINANCIAL CHRONICLE
banks. Gross earnings, it is true, increased, and the ratio of such earnings to total available funds was well above the average for the past six
years, especially in the case of the large city banks. Losses, however,
showed a considerable increase, so that the percentage of gross earnings
left for net profits was in many cases noticeably smaller than in previous
years. The only exceptions were the groups of large banks, both in New
York City and elsewhere in this district, having loans and investments in
excess of $10,000,000; these banks showed a slight increase in the percentage of earnings left for net profits after expenses, charge-offs, and recoveries.
These conclusions are based upon material contained in the tables on
the following pages, which set forth the average operating ratios of representative member banks in the Second Federal Reserve District for 1929,
together with comparative data for 1928 and averages for the years 1923
to 1928 inclusive. Inasmuch as more complete data concerning items of
Income and expense have been made available for the past few years through
a revision of the semi-annual earnings reports of member banks to this
bank, these tables will be found to contain several new ratios for 1928
and 1929.
The increase In gross earnings of the selected banks in 1929 was due
partly to an increase in the proportion of loans to investments, since the
rate of return on loans is usually somewhat higher than on Investments,
and partly to higher loan rates during the past year. The smaller banks.
which tend to keep their interest rates relatively stable, showed only a
slight Increase in the rate of Income from loans, but New York City banks,
whose interest charges fluctuate more widely in response to changing
money conditions, showed an increase from a little over 5% in 1928 to
6% in 1929. The percentage of gross earnings obtained from profits on
securities sold declined further in 1929, accompanying the continued decline
in bond prices, but income from trust departments (calculated this year
for the first time) showed a noticeable increase, particularly in the larger
banks.
Current expenses, including salaries, interest payments, and other expenses, took a somewhat smaller proportion of gross earnings in 1929
than in 1928, especially in the case of large New York City banks. In
many cases, however, the declines In expense ratios were more than offset
by increases in losses charged off, chiefly on investments. Losses charged
off on securities were the largest in recent years, and for all banks combined exceeded profits on securities sold; losses charged off on loans and
discounts also were somewhat larger In 1929 than in 1928. The result
was that for all selected banks combined the percentage of gross earnings
left for net profit was 19.5% in 1929 as compared with 22.2% In 1928,
and 23.1% in 1927. In the largest banks, however, the increase in chargeoffs was counter-balanced by a decrease in the proportion of earnings required for current expenses, so that the percentage of gross earnings left
for net profit was slightly larger in 1929 than in 1928.
Time deposits increased at a slower rate in 1929 than in 1928, but as
the average of demand deposits showed no increase for the year, the tendency for time deposits to increase relative to gross deposits continued in
1929. The ratio of interest paid on time deposits to the amount of time
deposits was somewhat higher in 1929, whereas the ratio of interest paid
on demand deposits to the amount of demand deposits was not much
changed.
A general tendency to Increase the proportion of capital funds to deposits
appeared in all groups of banks having loans and investments of $500.000
or more. For all groups combined, the ratio of capital funds to gross
deposits was 16.9% in 1929 as compared with an average of 15.6% for the
preceding six years; in the case of New York City banks the proportion
was increased in 1929 to 20.4% as compared with an average for the previous six years of 14.4%. Due partly to the increase in capital, and partly
to the lower ratio of net profit to gross earnings, the average rate of profit
on capital funds for all selected banks combined was lower in 1929 than in
either of the two previous years.
A space has been provided in the following tables for the insertion of the
figures of any bank which may wish to compare its operations with those
of other banks of a similar size or with a similar proportion of time
deposits.
TABLE 1.
-AVERAGE OPERATING RATIOS OF REPRESENTATIVE MEMBER BANKS IN SEVEN GROUPS.
(40 Selected Banks In Each Group a.)
Read table as follows: In banks of Group I (banks with loans and investments under $500.000) capital funds averaged 18.5% of gross deposits in 1928 and 18.3% in
1929.
Size of groups divided according to amount of loans and investments indicated.
General Average,
All Groups.
Ratios Expressed in Percentages.
I
Under $500,000.
II
$500,000 to $999,999.
19231923Your 1923Your
1928
Fig1928
Fig- 1928
Av. 1923. 1924. 1925. 1926. 1927. 1928. 1929 Av, 1928. 1929. tires. Av. 1928. 1929 ures.
CAPITAL
1. Capital funds (b) to gross deposits
15.6 16.1 15.6 15.3 15.4 15.3 15.7 16.9 20.3 18.5
LOANS AND INVESTMENTS:
2. Loans and investments to total available tunds_c
84.8 85.1 84.4 84.8 84.3 85.0 85.3 86.0 84.3 84.8
3. Loans to loans and Investments
68.2 56.9 56.9 56.9 58.8 59.3 60.2 63.0 48.9 53.7
DEPOSITS:
4. Demand deposits to gross deposits
52.7 57.2 55.2 54.4 52.0 50.2 47.4 45.4 53,2 43.7
5. Interest paid on demand deposits to demand deposits_d
1.0 0.9
0.4
6. Interest paid on time deposits to time deposits.d
3.4 3.6
3.6
EARNINGS:
7. Income from loans to loans_d
5.7 5.9
5.8
8. Income from investments to investments_d
5.3 5.3
5.4
9. Gross earnings to total available funds_c
5.3 5.2 5.2 5.2 5.4 5.4 5.5 5.7 5.4
5.4
10. Net earnings to total available funds_c
1.6 1.6 1.5 1.6
1.6
1.6 1.6 1.7 1.6 1.4
Net earnings to capital funds_b
11.
13.5 13.6 13.4 13.7 13.8 13.3 13.0 13.3 10.9 10.6
SOURCES OF EARNINGS:
Ratio of the following to gross earnings:
12. Income from
loatus_d52.756.1
47.5
13. Income from investments_d
{86.0 34.0 31.2
40.7
14. Profit on securities sold_e (deduct ratio 25 for net)
7.4 6.5 5.7
6.7
15. Income from Trust Department_d
{ 6.6 0.8 1.2
0.0
16. All other earnings_d
6.0 5.8
5.1
DISPOSITION OF GROSS EARNINGS:
Ratio of the following to gross earnings:
17. Salaries and wages
18.7 18.8 19.1 18.5 18.6 18.9 18.5 18.1 22.4 21.5
IS. Interest paid on borrowed money
1.2 1.6 0.8 1.0 1.2 1.0 1.6 2.1 1.2 1.6
19. Interest paid on demand deposits_d
{36.1 34.3 35.9 36.2 36.1 36.7 f 8.2 7.0 130.9 1 3.6
20. Interest paid on time deposits_d
129.0 29.1 1
131.7
21. All other expenses
15.0 15.9 15.5 15.0 15.0 14.5 14.2 13.8 17.2 15.4
22. Total current expenses
71.0 70.6 71.3 70.7 70.9 71.1 71.5 70.1 71.7 73.8
23. Net earnings (before charge-offs and recoveries)
29.0 29.4 28.7 29.3 29.1 28.9 28.5 29.9 28.3 26.2
24. Losses charged off on loans and discounts
3.6 4.0 4.3 3.7 3.4 2.8 3.5 3.9 2.1 3.3
25. Losses charged off on securities
2.6 4.4 2.6 2.0 2.0 2.0 2.7 6.1 2.8 1.8
26. Net profits (e) (after all losses and depreciation charged off
and recoveries, but before dividends)
23.1 22.2 19.5
20.1
III
$1.000 000 to
$1,999.999.
Ratios Expressed in Percentages.
IV
$2,000,000 to
$4,999,999.
V
$5,000 000 to
$9,999,999.
18.3
20.7 18.6 19.4
86.7
55.1
85.8 86.0 87.5
49.2 51.0 54.5
39.7
0.3
3.7
47.9 43.9 42.0
0.4 0.4
3.5 3.7
6.0
5.2
5.6
1.6
11.8
5.8 5.9
5.6 5.5
5.4 5.5 5.6
1.8 1.7 1.7
12.6 12.8 12.2
52.1
37.3
5.6
0.0
5.0
46.4 48.7
42.6 41.9
6.8 5.6
0.0 0.0
4.2 3.8
21.1
2.1
2.2
32.4
14.7
72.5
27.5
24
6.3
19.6 18.7
1.2 1.4
)31.6 1 3.3
131.2
15.9 15.2
68.3 69.8
31.7 30.2
2.3 2.9
3.2 2.6
16.8
VI
$10,000,000 and up
Outside N. Y. City.
19.5
2.1
2.2
31.5
14.8
70.1
29.9
4.1
9.2
25.1 16.6
VII a
$10 000,000 and up
N. Y City.
1923Your 1923Your 1923Your 1923Your 1923Your
Fig- 1928
1928
Fig- 1928
Fig- 1928
Fig- 1928
FigAv. 1928. 1929. ures. Av. 1928. 1929. ures. Av. 1928. 1929. ures. Av. 1928. 1929. ures. Av. 1928. 1929. ores.
CAPITAL:
1. Capital funds (h) to gross deposits
15.2 15.8 16.7
LOANS AND INVESTMENTS:
2. Loand and Investments to total available
funds_c
87.6 88.3 87.9
3. Loans to loans and investments
50.8 54.6 58.5
DEPOSITS:
4. Demand deposits to gross receipts
39.8 36.6 35.3
5. Interest paid on demand deposits to demand deposits d
0.7 0.7
6. Int. paid on time deposits to time dep.d
3.5 3.7
EARNINGS:
7. Income from loans to loans.d
5.8 5.9
8. Income from Invest, to investments_d
5.5 5.4
9. Gross earnings to total available funds_c 5.6 5.8 5.7
10. Net earnings to total available funds_c
1.7
1.7 1.6
11. Net earnings to capital funds_b
14.4 13.8 12.8
SOURCES OF EARNINGS:
Ratio of the following to gross earnings:
12. Income from loans_d
49.6 54.6
13. Income from investments_d
38.4 34.9
14. Profit on securities sold (e) (deduct ratio
25 for net)
8.5 6.7
15. Income from Trust Department.d
0.1 0.1
16. All other earnings d
3.4 3.7
DISPOSITION OF GROSS EARNINGS:
Ratio of the following to gross earnings:
17. Salaries and wages
18.1 18.4 18.2
18. Interest paid on borrowed money
1.0 1.1 1.9
19. Interest paid on demand deposits_d )37.7 f 3.1 3.7
20. Interest paid on time deposits_d
135.1 34.9
21. All other expenses
13.7 13.5 13.2
22. Total current expenses
70.5 71.2 71.8
23. Net earnings (before charge-offs and
29.5 28.8 28.2
recoveries)
24. Losses charged off on loans and discounts
3.0 3.2 2.4
25. Losses charged off on securities...... 3.0 4.3 8.6
26. Net profits (e) (after all losses and
depreciation charged off and recoverim. but before dividends).
21.9 17.21
12.2 13.2 14.3
13.6 13.9 14.6
12.7 13.4 14.9
14.4 16.5 20.4
87.9 88.8 89.1
57.0 59.2 62.6
87.3 87.6 88.7
62.4 63.1 63.9
84.5 85.1 87.8
64.9 65.1 69.5
76.4 76.7 74.0
74.1 74.9 77.1
39.1 35.0 34.2
46.8 42.6 38.4
58.1 49.6 47.6
84.3 80.6 80.6
1.4
3.5
1.6
3.6
1.3
2.7
1.0
3.6
1.0
3.7
1.2
3.7
1.5
3.6
1.3
2.9
5.7 5.9
5.7 5.5
5.5 5.6 5.8
1.4 1.5 1.6
14.6 13.7 13.9
5.7 6.0
5.2 5.4
5.5 5.6 5.9
1.6 1.6 1.8
14.8 14.0 15.5
5.7 5.8
5.1 5.3
5.2 5.5 5.8
1.5 1.5 1.7
13.9 13.4 13.9
5.1 6.0
4.8 4.9
4.8 6.0 5.4
1.5 1.7 2.0
13.2 12.8 12.8
52.7 56.5
36.5 32.3
55.1 56.7
32.1 30.6
58.2 61.4
28.3 24.9
58.9 63.0
19.6 16.1
4.5 3.1
2.7 4.9
14.3 12.9
5.9
0.5
4.4
5.9
0.5
4.8
7.4
0.8
4.6
7.0
1.0
4.7
5.9
1.6
6.0
5.7
2.1
5.9
17.3 17.3
1.0 1.1
)42.5 f 5.5
137.0
13.3 12.6
74.1 73.5
16.9
1.7
5.7
36.0
12.1
72.4
16.6 16.6
.1.1 1.8
)40.6 {10.1
31.1
13.5 13.3
71.8 72.7
16.0
2.1
7.9
32.4
12.3
70.7
16.6 16.3
1.6 2.4
)40.4 113.0
128 2
14.0 13.3
72.6 73.2
16.6
2.8
11.0
27.3
12.8
70.5
25.9 26.5 27.6
3.9
2.4
4.2
2.9
4.6
5.3
18.9 15.5
28.2 27.3 29.3
4.0
3.0
3.3
3.9
4.6
6.4
20.7 19.0
27.4 26.8 29.5
5.1
2.1
4.4
2.2
4.9
3.6
20.0 21.2
20.6 20.5
1.3 2.1
)28.9 118.8
1 8.6
17.5 16.4
68.3 66.4
18.8
1.9
16.1
9.1
16.7
62.6
31.7 33.6 37.4
5.2
1.8
3.2
1.6
4.6
3.3
29.0 30.0
JULY 5 1930.1
55
FINANCIAL CHRONICLE
TABLE 2.
-AVERAGE OPERATING RATIOS OF REPRESENTATIVE MEMBER BANKS GROUPED ACCORDING TO AMOUNT OF TIME DEPOSITS.
Read table as follows: In banks with time deposits equal to less than 25% of their gross deposits, capital funds averaged 18.8% of gross deposits in 1928 and 21.4% In 1929.
Groups of banks divided according to the percentage of time deposits to gross deposits.
Under 25.
25 io 49.9.
5010 74.9.
75 and up.
Ratios Expressed in Percentages.
Your
Your
Your
Your
1928. 1929. Figs. 1928. 1929. Figs, 1928. 1929. Figs. 1928. 1929. Figs.
CAPITAL:
1. Capital funds (1) to gross deposits
18.8
LOANS AND INVESTMENTS:
2. Loans and investments to total available funds_c
78.3
3. Loans to loans and investments
70.7
DEPOSITS:
4. Demand deposits to gross deposits
90.0
5. Interest paid on demand deposits to demand deposits
1.3
6. Interest paid on time deposits to time deposits
2.4
EARNINGS:
7. Income from loans to loans
5.3
8. Income from Investments to investments
4.9
9. Gross earnings to total available funds_c
4.9
10. Net earnings to total available funds_c
1.6
11. Net earnings to capital funds_b
12.1
SOURCES OF EARNINGS:
Ratio of the following to gross earnings:
12. Income from loans
59.4
13. Income from investments
23.7
14. Profit on securities sold (deduct ratio 25 for net)
4.0
15. Income from Trust Department
2.4
16. All other earnings
10.5
DISPOSITION OF GROSS EARNINGS:
Ratio of the following to gross earnings:
17. Salaries and wages
22.6
18. Interest paid on borrowed money
2.5
19. Interest paid on demand deposits
20.6
20. Interest paid on time deposits
5.1
21. AU other expenses
16.3
22. Total current expenses
67.0
23. Net earnings (before charge-offs and recoveries)
33.0
24. Losses charged off on loans and discounts
3.3
2.0
25. Losses charged off on securities
26. Net profits (after all losses and depreciation charged off and recoveries,
27.5
but before dividends)
Number of banks in group
47
21.4
17.1
18.1
14.8
15.9
13.9
15.0
74.8
74.0
85.2
65.1
86.0
68.4
86.3
58.0
88.0
61.1
89.4
49.5
90.9
52.1
90.9
1.3
2.6
58.8
1.2
3.4
60.0
1.2
3.4
36.9
0.8
3.6
35.8
0.8
3.7
20.5
0.7
3.7
20.2
0.7
3.9
6.0
4.8
5.2
2.0
12.7
5.7
5.2
5.4
1.6
12.7
5.9
5.3
5.6
1.8
13.5
5.7
5.4
5.6
1.5
13.1
5.9
5.5
5.7
1.6
12.9
5.7
5.6
5.9
1.6
14.3
5.9
5.5
6.0
1.7
14.9
63.7
18.1
3.4
4.6
10.2
59.5
28.3
5.0
0.9
6.3
62.4
24.9
6.1
1.1
5.5
51.2
36.5
7.1
0.3
4.9
54.7
34.2
5.5
0.5
5.1
43.9
43.6
9.2
0.3
3.0
47.0
40.7
8.5
0.4
3.4
20.3
2.5
18.2
4.4
16.4
61.8
38.2
2.6
3.6
20.4
2.2
11.6
21.6
15.5
71.3
28.7
2.4
1.9
20.8
1.9
10.6
20.1
15.6
69.0
31.0
4.7
6.5
17.6
1.4
4.6
35.1
14.1
72.8
27.2
3.7
3.0
17.9
2.2
4.3
34.5
13.5
72.4
27.6
4.2
6.5
14.8
0.8
2.0
44.4
10.8
72.8
27.2
3.7
3.5
14.1
1.4
1.8
43.7
10.1
71.1
28.9
2.9
6.9
32.3
35
23.6
39
19.3
39
20.6
151
15.9
156
20.0
38
19.1
40
a Group VII, 30 banks in 1929. 35 banks in 1928, due to consolidations and mergers. b Capital, surplus, and undividend profits. c Capital. surp us, undivided
profits, deposits, borrowed money, and notes in circulation. d Not computed prior to 1928. e Not computed prior to 1927.
Bank deposits are included in demand deposits.
Ratios 1 to 11 are computed from the average figures of condition reports, and from yearly aggregate figures of section one of the semi-annual earnings reports: ratios
12 to 23 from figures of section one of the semi-annual earnings reports; ratios 24 and 25 from figures of items 5(a) and 5(b) of section two, and item 1 of section one of
the semi-annual earnings reports; ratio 26 from figures of item 6 of section two, and item 1 of section one of the semi-annual earnings reports.
The same banks were used in each year, except for a few substitutions for banks which changed their classes.
Frederic H. Curtiss of Federal Reserve Bank of Boston
Cautions Banks Against Increasing Volume of
Loans
-Views on Branch Banking
-Address Before New England Bankers Association.
Before the New England Bankers' Association at New
London, Conn. on June 28, Frederic H. Curtiss, Ohairman
of the Board of the Federal Reserve Bank of Boston called
attention to the steadily increasing volume, from 1927 up
to date, of collateral loans carried by banks in New England. He noted that "While this increase in demand has
come to some extent from the increase of deposits of our
banks during that period, an important factor has been
the lack of demand for commercial loans." He went on
to say:
"We have seen a tendency during this period for the banks outside
the larger cities to take on collateral loans for their customers or for
local people beyond an extent to which they were really warranted in so
doing.
This situation has been aggravated by the desire on the part of a
bank's customers to take advantage of rights on securities already held,
and if the loan was against good collateral, properly margined, bankers
felt it their duty to grant this accommodation, irrespective of the balances
that customers carried. "I think that this is a feature of your banking
business which would be worthy of more careful consideration."
Mr. Curtiss in the course of his address told the convention that in his view "all employes of a bank, including its
executive officers should be proh:bited from carrying speculative accounts with customers."
Mr. Curtiss also discussed the subject of group, chain
and branch banking and stated that while he has always
been an exponent of the independent bank, with the changing conditions and spirit of the times "some modification
of the independent bank not only would appear economical
but inevitable, and therefore advisable." "I believe," he
said" that in many cases, if branch banking should become
a feature of the banking laws, National or State, it would
tend to discourage chain banking." He added, "I should
like to see each State decide whether branch banking is desirable, leaving it to the Bank Commissioner or Board of
Bank Incorporation of each State to grant permission as to
each particular branch applied for." .. . should then like
"I
to see the National Bank Act amended so that the same
rights given the State banks, but no more, may be given
to our National banks." Mr. Curtiss at the outset of his
address paid tribute to the late W. P. G. Harding, Governor
of the Boston Federal Reserve Bank, stating that "his period
of service in that Bank was not only a brilliant one, being characterized by the development of important constructive policies, but he brought great prestige to the
Boston Bank and to the Reserve System as a whole." Mr.
Curtiss' address is given herewith:
You have an interesting program of other speakers and, therefore, I rather
hesitate to take much of your time myself, but it seems fitting that, in a
meeting of this character, a meeting so representative of our best banking thought in New England, I should take this opportunity of discussing
with you certain phases of our banking problems, problems in which the
Reserve Bank is equally interested with its member banks and which
have grown in importance since you met in joint session at Swampscott
last June.
Although we did not have the information at hand at the time of that
meeting, we now know that industrial production in this country reached
its peak in June, 1929. There were also other evidences that a turn
had come or was approaching in the wild orgy of speculation which we
all felt must come to an end sooner or later. The old Jaws of supply and
demand, many of us realized, were still working as they had always
worked in the past and will work in the future, no matter what newfangled ideas of economics, new methods of financing and new theories
of investment may be promulgated. It is interesting to look back and
see how the Federal Reserve System and the Boston Reserve Bank and our
New England banks functioned during that feverish period and what
lessons should be learned from the experiences we have gone through during the recent years and especially from the panic of last autumn.
Last October, when the panic broke here in New England, you will remember that the member banks, owing to the loss of deposits, which began to be pronounced in 1928 and continued into the mid-summer of 1929,
had found it convenient to borrow heavily from the Reserve Bank, and
these borrowings, larger in volume than in any period since 1921, had
reduced the reserve percentage of the Boston Reserve Bank to about 51
in June, or the lowest of any of the twelve reserve banks. The member
banks were able, however, to adjust their position during the next few
months so that by October they had paid off most of their loans and the
Reserve Bank of Boston had recovered its reserve position and was prepared with an 80 per cent, reserve to meet any unusual situation. This
panic of last fall, and there is no doubt but what it will go down in
financial history as a panic, was confined to the security markets and
localized to a considerable extent in financial centers and was, so far as
proportion goes, the greatest this country has experienced since probably
the one of 1893.
The greatest credit is due to the way the bankers of the country, and
especially those in New York, handled the situation and I am glad to look
back and recall that the Reserve System functioned as It was expected to
do. Not only, however, is great credit due to the bankers of New York
for their course in that crisis, but I am led to believe that the credit
should extend elsewhere to other bankers for, I can assure you, those
in the New England district not only co-operated in every way with
us in the Reserve Bank but handled their loans, especially those against
collateral, courageouedy and with great intelligence and foresight. This
attitude of the banks toward their customers was of the very greatest
importance in not only not aggravating a serious situation, but in helping
to keep it in bounds so that liquidation could be carried through in an
orderly manner and without undue harm to the general financial and bustnose situation as a whole.
From 1927 up to date, there has been a steadily increasing volume of
collateral loans carried by our banks here in New England. While this
increase in d.mand has come to some extent from the increase in deposits of our banks during that period, an important factor has been
the lack of demand for commercial loans. We have seen a tendency during this period for the banks outside of the larger cities to take on collateral loans for their customers or for local people beyond an extent to
which they were really warranted in doing so. This situation has been
aggravated during this period by desire on the part of a bank's customers
to take advantage of rights on securities already held and if the loan
was against good collateral, properly margined, bankers felt it their
duty to grant this accommodation, irrespective of the balances that customers carried. I think that this is a feature of your banking business
which would be worthy of more careful consideration, for in all cases
where collateral loans are made, they should be made dependent upon
the size of the account carried by the depositor.
FINANCIAL CHRONICLE
There is no hardship in making a depositor who is not carrying adequate
balances seek other sources for his loan. In some localities, collateral
loans which could readily be carried by the local savings bank are sought
and taken by the local commercial bank, the latter feeling that, inasmuch
as the loan is good, it should grant the accommodation, irrespective of the
fact that in so doing it is not only over-extending itself but weakening
its ability to take care of local commercial demands that may arise.Mere in New England we have had many years' experience in handling
collateral loans and therefore our banks understand the desirability of
loaning against only readily marketable securities and the necessity of
having adequate margins but, during such a period as we have passed
through in the last few years, a bank outside of a large financial city
would do well to consult with its city correspondents as to the marketability of collateral and as to what margin should be taken against any
particular security. I am referring now more especially, to depositors'
loans, for it is the custom of out-of-town banks to place so-called street
loans through their corespondents who look after margins and collateral
as a part of the service of the correspondent bank.
I also realize that in the Outside districts probably more attention is
given by banks to the responsibility of the maker of a note against collateral than in the large financial centers.
There is one other point in connection with the margin on a collateral
loan, and that is that banks have realized that as securities go down, the
percentage of marginal balance can safely be reduced.
There are two practices that have developed during this period of
which I think all banks ought to take cognizance and, while the particular
instances that have been called to our attention are very very few, they
are still so important that I think they should be given careful attention
by all Boards of Directors. One is that all employees of a bank, including its executives officers, and I do not consider directors of a bank
executive officers, should be prohibited from carrying speculative accounts
with brokers. The stock exchanges have regulations which prevent their
members from carrying such accounts with employees of banks or insurance companies but I am told that the definition of employees covers only
those who are hired by the executive officers and it would be very desirable to have this rule extended to all those having active charge of a
bank's affairs. This, of course,- would not prohibit an executive of a bank
carrying a loan well margined with some other hank or financial institution. The other matter to which I would like to call attention in this
connection is with regard to the purchase of securities for customers.
While I appreciate that it may be necessary for a bank to execute orders
for securities for its customers, these should be handled only on orders in
writing signed by the customer. A complete record should be kept of each
transaction for inspection by the directors or the bank examiners and
such securities should be paid for at once. There have been instances in
this district where executives officers have executed orders for securities
for customers with brokerage houses in the name of their bank, and
have included in such orders securities for their own account. When the
crash In the Stock Market came last Fall, some of these securities were
not paid for, and in some cases these transactions had incurred a running
account with the broker extending over several months. The selling out
of these accounts has entailed a loss which the brokerage houses are
trying to hold against banks. While there is considerable doubt whether
a bank can be held legally liable on such accounts, there are law suits
pending in this district on cases of this character, and the banks necessarily will sustain some loss, if only for attorneys' fees. I also believe
that it is a service which a bank can render its customers who are borrowing on collateral to make these customers pay such loans or reduce them
after a reasonable time. I am still old-fashioned enough to believe that
when a collateral loan is made, unless for a very unusual purpose, a strong
element of speculation may enter into the transaction.
It seems to me that this is also an opportune time to discus with you
certain features of our banking system which have been growing in importance during the past few years and on which Congress and the Fed.
eral 'Reserve System are now conducting very comprehensive studies,—
namely, branch banking, chain banking and group banking. We have
all three of these types of banking here in New England and, therefore,
have had a fairly good opportunity to study their effects, although as yet
our experience has been too short to enable us to draw any final or definite
conclusions.
While I have always been an exponent of the unit, or independent bank,
and believe it will always have its place and service to perform, I cannot
but appreciate that changing conditions and the spirit of the times, in
respect to large scale organizations w.t.h their system of branches and of
business in general—changes brought about by the automobile and telephone and, I might add, even by the airplane—have altered so much
the character of communities and communication that there are many
localities wbere some modification of the independent bank not only
would appear economical but inevitable, and therefore advisable. I
believe, however, that the form that such development takes should be a
matter of local responsibility. While I cannot say at the present time how
the development of group or chain banking can be controlled, except
so far as the State or National authorities can require high standards in
the units comprising such groups or chains, at least so far as chain
banking goes, I believe that in many cases if branch banking should
become a feature of the banking laws, National or State, it would tend
to discourage chain banking. As I said before, I believe this is a
matter which should be left for localities to decide, and, therefore, I
should like to see each State decide whether branch banking is desirable,
leaving it to the Bank Commissioner or Board of Bank Incorporation of
each State to grant permission as to each particular branch applied for,
and to grant permission only after the applying bank had filed a petition
setting forth the necessities for such branch. I should then like to see
the National Bank Act amended so that the same rights given the State
banks, but no more, may be given to our National banks.
This question is one which I believe is so important, not only to the
banks in this district, but to the Federal Reserve System, that I hope
each of the banking associations represented at this meeting here to-day
will consider having special cernanittees to study the needs of their Owl!
State and to help guide Federal and State legislation along sound, economic
lines.
While group banking is so recent that it is difficult at this time to
draw conclusions as to its ultimate success or desirability, I must confess
that I am much impressed with the soundness of that movement, especially
in what might be called trade areas and where such areas overlap different
States. We have here in this district, in some of the New England
States, groups that are developing along what would appear to be very
satisfactory lines.
There seems to be some miscomprehension as to the difference between
group and chain banking. I think the definition given by the manage.
[Vol,. 131.
ment of one of the great groups of the Northwest describes just what
group banking signifies. This states: "A banking system whereby a
number of corporately independent financial institutions, retaining their
own identity, capital, personnel and management, are consolidated through
majority stock ownership by a supervising holding company operated by
the banking interests of the territory which it serves."
While the need of group banking is not as apparent here in New England
as in the Northwest, there are certain features of that development which
we should investigate and watch with an open mind.
I am going to quote from memoranda that I made from a speech that I
heard a few weeks ago, given by an executive from the Northwest before
the New England Council:
First, he pointed out that every bank that is admitted to a group must be in good
shape, and demonstrate a good earning capacity.
Second, group banking gives protection to local banks from the danger of loss of
control through purchase of stock by interests outside of the locality.
Third, it keeps alive the individuality of the bank to Its own customers and the
locality benefits, the board of directors and officers of each bank being local men
with full control of the bank, who pass absolutely on the loans of the bank.
Fourth, holding companies are owned and controlled by the original stockholders
of the constituent banks and the policies are promulgated by representative directors
Picked from the entire territory. The holding company supervises the component
banks and supplies them with expert advice on various phases of banking service
that their customers are demanding.
Fifth, the holding company, through its own examiners, can keep a close supervision of the operations of each of Its banks,such as the auditing department furnishes
to a large city bank.
Sixth, special service can be torn shed to take care of customers in the smaller
centers which could not be supplied by a small unit bank, together with the ability
ore group to handle larger local loans than the individual bank could handle.
Seventh, group banking furnishes the opportunity of comparing operating profits
and expenses with banks in the same locality.
Management, as you know, is the keynote of successful banking, as it is
In other forms of commercial enterprise, and the test of group banking
may come in the ability of the groups to hold and develop competent
executives. Group banking does not necessarily provide for the need that
may develop in some localities for branch banking, as localities may need
banking accommodation which can be furnished more economically by a
branch.
Chain banking differs from group banking by having units owned and
controlled by some central banking corporation or individual, whereas
branch banking, if permitted, would supercede chain banking in most cases
and place a more definite responsibility on the controlling bank.
While in chain banking local directorates are maintained, this may be
equally the case in branch banking, and I think there is little difference
in the local aspect. As in group banking, I cannot see how the development of chain banking can be controlled either by State or Federal
authorities. At least, no suggestion has yet come to my attention and, with
the many various ways of carrying control through holding companies and
investment trusts, I should doubt if chain and group banking were not a
feature of our banking system that would tend to increase; although, as I
said before, I believe that branch banking, restricted to natural economic
areas, would do much to restrict the spread of chain banking.
We have here in New England chains of banks that are controlled by or
affiliated with large city institutions that are operating along sound and
economic lines and are furnishing the communities in which they are
located with quite as good, if not better, service than the independent
small local bank formerly furnished. Where the management of the
controlling bank is efficient and able, naturally this same management is
found in each of the units of the chain.
In New England we have two States that have enacted laws allowing
their trust companies to operate branches in localities outside the place
where the parent bank is located. In Rhode Island, State-wide branch
banking is permitted, and in Maine branches are allowed in the same or
contiguous counties in which the parent bank is located. In both of these
States, trust companiee are operating successfully, and what is more
Important, soundly from a banking standpoint. Rhode Island, of course,
covers a small and somewhat homogeneous territory, but until within
recent years there were in Rhode Island a few independent small banks
scattered here and there throughout the State.
That the present branch system is furnishing safe banking from the
standpoint of the depositor and better accommodation to the commercial
borrower, no one who has studied the Rhode Island banking situation can
fail to agree. There would appear to be the same conclusion in regard
to Maine, and, I think, therefore, that it would be worth while to discuss
the reasons for the development of branch banking In these States.
In Rhode Island there are certain communities, mill centers, where
there is one large corporation and a community of small local retail
stores and a considerable volume of savings deposits, largely from the
operatives in the mills. The small unit bank was not of sufficient size
to grant adequate loaning facilities to the mill or large corporation, such
as can now be furnished by the head banking institution in Providence;
and, on the-other hand, the interests of the depositors can be better safeguarded by the knowledge and experience of the head office in selecting
and diversifying its investment holdings.
In Rhode Island there are also centers of a residential character where
a similar situation existed, although added to that feature is a seasonal
amount of banking facilities called for by the summer residents. Head
offices of the large banks in Providence maintain adequate auditing departments and the weekly reports made by the branches to the supervisor of
the auditing department add additional protection.
In the State of Maine a somewhat similar situation exists, although an
added problem is furnished by the local fishing and canning industries,
and even a larger element of seasonal summer trade, which comes from the
isolated seashore resorts along the Maine coast.
There are two important elements in the development of all these
three forms of banking in which the Reserve Bank is vitally interested:
First, all three, whether chain, group or branch banking, add additional
burden to the work and responsibility of the examining departments, and
snore especially those of the individual States. In chain and branch
banking, examinations should be made simultaneously of each bank in the
chain, and also of the head office and branches where branch banking is
conducted.
I am glad to say that the banking departments of practically all of
our States have shown a high degree of efficiency and to maintain that
efficiency and to meet the added burden of these new developments, the
influence of you gentlemen is needed in each State to see that adequate
appropriations are made to maintain these banking departments.
The Federal Reserve Bank of Boston has another important interest in
the development of banking here in New England. We have already lost
some State bank members because the Federal Reserve Act did not allow
them to open new branches, which their State laws allowed. This reduced
somewhat the power of the Reserve Bank through loss of deposits. This,
while not significant, must not be lost sight of. Under chain banking,
JULY 5 1930.]
FINANCIAL CHRONICLE
banks in the chain that are already members of the Reserve System may
decide to withdraw from membership, relying on the membership of the
parent bank in the Reserve System, to take care of their needs, whereas
under group or branch banking, the contact between a bank in the group
and the Reserve Bank—through membership and the carrying of reserves
against deposit liability in the Reserve Bank—is similar to that of the
Independent bank.
I have had some studies made of the banking power of the different
Federal Reserve districts. By banking power I mean the total resources
of the National banks, State banks and savings banks in each district.
Although the resources of the Federal Reserve Bank of Boston are smaller
than those of New York, Chicago, Cleveland and San Francisco, our
banking power is second only to New York and Chicago, due to the preponderance of mutual savings banks in this district, savings deposits in
other districts being carried in commercial banks.
The Chicago district, which, of course, is second to New York, has a
banking power, according to the Comptroller's report of last June, of
$8,680,000,000 against that of the Boston district of $7,083,000,000.
The next in size is the California district with but $4,900,000,000,
about 50% smaller than that of Boston. Therefore, every effort should
be made to increase the power of the Boston Reserve Bank, and nothing
should be allowed to sap its strength.
From what I have said above, you may conclude that I am an exponent
of branch banking, and I confess that I am, but as yet to only a limited
extent. I have been much impressed by the service and efficiency of that
system as it has developed in this district thus far. It is a more satisfactory form of development than the chain banking system which will
develop if banking is prevented from growing along natural lines in
localities requiring the necessary service which branches might perform.
I am of the opinion, however, that it is safer to allow the development
of branch banking to come gradually, extending the territory from time to
time as the need grows and as our experience broadens, and I want to
emphasize the fact that I believe the National laws and State laws
should go along together. I would suggest that where branch banking is
proposed in a State not now having such provision that to begin with it
might be well to limit branches to nearby towns and then to counties,
and later, if needed, develop State-wide.
Not only in the question of branches, but in reserve requirements and in
loan and investment limitations, I want every obstacle removed that prevents the inorease of membership in the Federal Reserve System, and I
look forward to the day when the Federal Reserve Bank of Boston may
count among its members every eligible bank in the New England district,
and I believe that we should all co-operate to bring about such a condition.
Kansas Bank Commissioner Claims That Adoption of
Branch Banking Would Not Have Prevented Losses
Sustained by Farmers in Middle West.
Branch banking would not have avoided the losses sustained by farmer in the Middle West during the deflation
period, in the opinion of H. W.Koeneke Bank Commissioner
of Kansas, who recently addressed the second Inter-State
Conference of State Bank Supervisors, held in connection
with the convention of the Iowa Bankers Association, in
Davenport, Iowa. Indicating this in Topeka advices June
30 the "United States Daily" gave the following account of
his remarks:
57
If your bank is not profitable, why? Many things must be taken into
consideration. It is quite apparent that the business of banking is not
abreast with other business in this fast moving age. Many bankers who
are operating, in my opinion, a very complex business, are working through
the years and have never analyzed their profit and loss account. They
still expect their note case, meaning their interest collections, to carry the
entire load.
It is very essential that you departmentalize your bank. Carefully
analyze every department and after such an analysis strengthen the weak
spots and do not depend on one department to carry the overhead ofanother,
for after all the bank that is able to show a profit to its stockholders at the
end ofevery year, can expect and does have the wholehearted co-operation
of everyone interested.
Better Banking Practices Are Being Adopted.
The various bankers' associations are encouraging better management
conferences and much good has come from those meetings. Figures compiled by the American Bankers Association in the State bank Division,
clearly indicates that better banking practices are being adopted generally.
I feel that the various meetings which have been held during the past years
on better bank management, are beginning to have results and that the
tendency of all bankers is towards increasing net profits brought about by
eliminating unprofitable accounts and installing service charges on the
many services rendered by the bank officials during the past, which have
been appreciated by the customer but have been a dead loss to the bank.
A very interesting schedule was shown in the general letter of Dan V.
Stephens, President of the State bank division, under date of June 5,
showing that a bank with a capital of $100,000 and deposits of less than
$1,500,000, during the year of 1929 had collected in service charges a grand
total of $11,041. In this total was not included float on out-of-town checks,
which they estimated would be an additional $7,000 per year. It seems
almost unbelievable that a bank with a volume of $1,500,000 could increase
their net revenue by 518,000 by the application of legitimate service charges.
An analysis of the earnings of the State banks of Kansas over a period of
11 years, namely 1919 to 1929, inclusive, shows that the rate of dividends
paid on capital stock of all State banks in Kansas, was considerably more
in 1919 than it was in 1929. However, the trend of such dividends, the
average rate in 1919 being 12.67%, gradually decreased until in 1927 it
had decreased to 6.09%. In 1928 it showed an increase to 7.17% and in
1929 to 8.46% and while the figures for 1930 are not available I have every
reason to believe they will show a nice increase over 1929.
Bank Stock Dividends Increasing in Kansas.
This increase in dividends paid to stockholders is not brought about by
an increase in volume, as the total deposits in Kansas have materially
decreased during the past several years. The increase is due to more conservative management, profits being realized from service charges and other
means of revenue which heretofore have not been applied by the banks
generally.
To my mind one of the most important helps to the bank managers in
the successful operation of his bank, is his board of directors and secondary
his stockholders. To successfully manage a bank the managing officers
must have the wholehearted co-operation of their board of directors and, as
a matter of fact, if bank managers more generally realized the comfortable
frame of mind which necessarily follows such wholehearted co-operation
they would be more zealous in obtaining the help and advice of their board
of directors.
It is only natural and to be expected that bank managers desire to do
everything they can for the betterment of their institutions. I believe
that you as bank managers should keep your board of directors interested
in your institution, by keeping them advised as to every measure and
important transaction which might came to your institution to be solved.
They should be consulted on every new loan or line of credit which conies to
your institution and on all renewals of loans. Even though it seems to
you as a bank manager the same of these matters are trivial and of no consequence, they should be taken up with your board of directors and discount board before final action is taken.
There is nothing more pleasant than to have your board of directors take
an active interest in the management of your bank and to be in a position
to speak for themselves by having a thorough understanding of the different
details as they come up.
Failure to Consult Directors Leads to Defalcations.
From observation I find that in most every case where defalcations occur
the managing officer of the bank, through errors in judgment, has caused
his bank to suffer a loss, having previously made a loan or entered into some
deal with the best ofintentions but without consulting his board of directors,
such a deal developing into a substantial loss. Then rather than face the
criticism of his board of directors, which necessarily would follow his laying
all the cards face up, at a directors' meeting, he seeks other means and
methods of covering up the loss, thinking that in a short time he would be
able to recoup his losses and make good his defalcations.
It is possible that some officers have been successful in regaining the lossee
so covered, but in most cases they lead to more serious results. The methods
of covering up such manipulations are of various natures and it is very
difficult for a bank examiner to uncover such manipulations. I know that
this is an old story, but nevertheless it is important and can not be repeated
too often. Several minds are better than one,so use your board of directors
for the betterment of your bank and the safety of your depositors.
If we desire to regain and maintain the high standard of banking which
the United States has been accredited with in the past, it behooves every
banker to make his bank profitable for his stockholders, and when he
accomplishes this he will always have a sufficient amount ofreserve earning
to take care of any ordinary losses which might creep into his note case.
Every precaution should be used to eliminate a loss before the loan is made.
-system of banking," Mr.Koeneke
"In order to preserve the present unit
declared,"we must take every opportunity to make our banks more profitable for the stockholders and to accumulate reserve funds to take care of
any unusual losses."
Mr. Koeneke referred to the present day trend toward combination and
concentration in industry. "Only a few years ago," he said, "our National
Government enacted anti-trust laws and proceeded to break up the large
combinations, when now in fact they are encouraging consolidation of railroads and other industries. The farmer is even affected in Kansas, when
in fact co-operative and corporation farming in the wheat sections of the
State is fast making a wage earner out of him."
Mr. Koeneke's address follows in full text:
I certainly appreciate the opportunity of appearing before the bankers
of Iowa and assure you that I feel it an honor to the great State of Kansas
to be permitted to have a representative present at this gathering of the
most influential men of your State.
I shall not try to give you an address such as you might expect to hear
from a bank supervisor but would like to have you consider my remarks as
coming from one of your fellow bankers and as such I shall endeavor to give
you a few of my observations of banking conditions in Kansas and the
Middle West.
Some of the greatest needs in the banking business of to-day, in my
opinion, are not legislative, nor are banking conditions necessarily bettered
by the billion dollar combinations and mergers which have a tendency to
centralize control of our financial structure and in my opinion would retard
development of the various communities now served by local institutions
and managed by local men who have the development of their respective
communities at heart.
Only a few years ago our National Government enacted anti-trust laws
and proceeded to break up the large combinations, when now in fact they
are encouraging consolidations of railroads and other industries. The farmer
is even affected in Kansas, when in fact co-operative and corporation farm- Investigation of Branch Banking by Federal Reserve
ing in the wheat sections of the State is fast making a wage earner out of him.
Bank Group.
It is well to pause and think where the present trend is leading us.
The personnel of the special group on branch banking
Branch Banking Would Not Have Avoided Losses.
known in New
I am sure we have all given some thought and consideration to the three of the Federal Reserve System was made
forms of banking which are purported to be better than the present unit York on July 1, according to the New York "Journal of
system, each form being sincerely supported by some of the most able Commerce," which said:
bankers and economists in the United States, and now legislation is being
It includes three representatives of individual Reserve banks and two
proposed to Congressfavorably,with the suggestion that nation-wide branch
banking is the solution for all of our banking evils. We might ask the ques- of the Federal Reserve Board.
The Federal Reserve Bank of New York is represented on the comtion, would branch banking have avoided the losses sustained by the farmers
local Reserve bank.
in the Middle West during the deflation period. I have as yet been unable mittee by L. R. Rounds, Deputy Governor of the
Reserve Bank of San Franto SW how. An analysis of the bank failures in Kansas clearly shows that Ira Clerk, Deputy Governor of the Federal
M. J. Fleming, Deputy
deflation in agriculture is directly responsible for the majority of such cisco, represents the Pacific Coast district, while
Cleveland, represents that
failures. Have you, as unit bankers, adjusted yourselves to the changing Governor of the Federal Reserve Bank of
Federal Reserve Board
business conditions? In order to preserve the present unit system of bank- institution. The two representatives for the
the division of analysis
ing, we must take every opportunity to make our banks more profitable on the group are E. A. Goldenweiser, director of
Division of Bank Operation.
for the stockholders and to accumulate reserve funds to take care of any and statistics, and E. L. &read, Chief of the
J. H. Riddle is Secretary of the group.
unusual losses.
58
FINANCIAL CHRONICLE
This group is now engaged in making an intensive survey of the problems
of branch and group banking, and banking consolidation In general. It
it understood that, originally, a time limit of six months was set on the
making of the report of the group, but since that time it has appeared
that the problem is so far-reaching and comprehensive that the date for
reporting on the results of the joint investigation has been left indefinite.
The making of this joint report reflects the desire of the Federal Reserve
System for a sound basis upon which it could develop a definite policy on
branch banking and make specific recommendations in connection with
the various legislative inquiries which have been launched in Washington.
This is felt to be all the more desirable in view of the fact that the passage
of a new banking legislation looms up as a distinct possibility at the forthcoming session of Congress.
The inquiry being conducted by the group is on a joint basis with the
expenses prorated among the Reserve banks.
[VOL. 131.
as compared with $4,033,000,000 in 1929. Expenditures
chargeable against the ordinary receipts were $3,994,000,000
as compared with $3,848,000,000 in 1929. The yield from
the income tax in the latest fiscal year aggregated $2,411,000,000 as against 82,331,000,000 in 1929, an increase of 0,000,000. At the close of the fiscal year 1930 the total
gross debt was $16,185,000,000 as compared with $16,931,000,000 on June 30 1929, a reduction of $746,000,000.
The net balance in the public fund at the close of the fiscal
year was $318,000,000 as compared with $326,000,000 on
June 30 1929. Secretary Mellon's statement follows: '
Figures now available in the daily Treasury statement for June 30 reveal
that the finances of the Government for the fiscal year just closed made
a satisfactory showing. Receipts again exceeded expenditures, and a
further reduction was effected in the public debt. The total ordinary
receipts amounted to $4,178,000,000, as compared with $4.033,000,000 in
1929. Expenditures chargeable against the ordinary receipts were $3,994,Bills to Liberalize Federal Reserve Law Are Signed— 000.000, as compared with $3,848,000,000 In 1929.
The surplus, therefore, was $184,000,000, but included in this amount
Board Is Given Discretionary Power in Assessing
Is the abnormal sum
Cost of Examinations Against State Member Banks. in cash instead of in of $76,000,000 paid by foreign Governments in June
obligations of this Government in accordance with
the prevailing
Three banking bills were signed by the President on June receipts due topractice for a number of years, and the abnormal customs
anticipation of tariff legislation.
26, it was announced orally at. White House on June 27.
the
Receipts.—The aggregate of customs and internal revenue receipts
was $3,626,000,000, or $86,000,000 greater than receipts from these sources
We quote from the "United States Daily" of June 28, which
in 1929, and $11,000,000 below the Treasury's aggregate estimate after
likewise said:
allowance for tax reduction.
One of the bills(S.485) gives to the Federal Reserve Board discretionary
Income tax aggregated $2,411,000,000, as against $2,331,000,000 in
authority in the matter of assessment of costs of examination against State or an increase of $80,000,000. Based on preliminary reports from 1929.
collecmember banks examined. The requirement under former law for the cost tors, the receipts from the current corporation income tax were
higher
to be charged against the bank examined had been a burden upon small than during the previous fiscal year, due to the fact that growth
in corState banks, which were under the necessity of paying the costs of State porate income more than offset the 1% reduction effective on
collections
examination as well, according to a statement by Edmund Platt, Vice- made during the second half of the fiscal year 1930. Back
tax collections
Governor of the Federal Reserve Board, made while the bill was under were $6,000,000 greater than anticipated. The current individual
income
consideration in Congress. The bill was favored by the board.
tax receipts were also higher than during the previous fiscal year. In this
A second bill (S. 3627) amends the Federal Reserve Act to enable national connection it will be recalled that there was a substantial aggregate
increase
banks voluntarily to surrender the right to exercise trust powers and to In individual income in the calendar year 1928 due to realization
on sales
relieve themselves of the necessity of complying with the law governing of capital assets in the security market.
banks exercising such powers.
As above indicated, the total income tax receipts during the fiscal year
The third bill (S. 4287) amends Section 202 of Title II of the Federal 1930 were $2,411,000,000. The Treasury's estimate last fall before tax
Farm Loan Act by providing for loans by Federal Intermediate Credit reduction was $2,480,000,000. After taking into consideration the effect
banks to financing institutions on bills payable and by eliminating the of the tax reduction applicable to collections made during only half
of the
requirement that loans, advances, or discounts shall have a minimum fiscal year,the estimate became $2,400.000,000,or $11,000,000
below actual
maturity of6 months.
collections. Obviously, the advance estimate, in view of the amounts inThe bills amending the Reserve Act were referred to in volved, showed a remarkable degree of accuracy.
Receipts from customs duties, including the tonnage tax, were $587,these columns June 28, page 4536.
000,000, as compared with $602,000,000 in 1929, and the Treasury estimate
of the same amount for 1930. For the first quarter of the fiscal year 1930
customs receipts were about $13,000,000 greater than for the same period
in 1929. Subsequently, there was a steady decline until the month of
Change in Method of Voting By Member Banks for May, which was slightly over May 1929. In June 1930, however, the
collections were substantially greater than in the same month a year ago,
Directors of New York Federal Reserve Bank.
due to the large receipts during the period of a few days prior to the effective
The following circular has been issued by the New York date of the new tariff law.
Miscellaneous internal revenue receipts were $628,000,000, as compared
Bank of New York to member banks:
with $607,000,000 In 1929, an increase of $21,000,000 and a decrease below
the estimate of $7.000,000. More than 90% of the miscellaneous Internal
FEDERAL RESERVE BANK OF NEW YORK.
revenue receipts is derived from the tobacco tax, the stamp tax and the
Circular No. 989 July 1 1930.
estate tax. on the basis of collections received during the first 11 months
Designation of Officers Authorized to Cast Vote of Member Bank
of the fiscal year and estimates for the month of June 1930 the receipts
in Elections of Directors of Federal Reserve Bank of New York,
from tobacco were about $450,000,000, an increase of about $16,000,000
over 1929. as compared with an increase for 1929 of $38,000,000 over 1928.
To Each Member Bank in the
Stamp tax receipts were about $77,000,000, as compared with the high
Reserve District:
Second Federal
Section 4 of the Federal Reserve Act provides in effect that the votes figure of $64,000,000 during 1929, and $49,000,000 In 1928. Estate tax
of member banks in elections of Class A and Class B directors of Federal yielded about the same as last year, when the receipts were $62,000,000.
Reserve Banks shall be cast by officers designated by resolutions of the The remainder of the difference between 1930 and 1929 collections is largely
boards of directors or by provisions in the by-laws of the respective member accounted for by decrease in collections under repealed laws.
banks. It has been the practice in this district for member banks to use
Expenditures.—The total expenditures chargeable against ordinary
a form of resolution designating a single officer both by name and title. receipts were $3,994,000,000, as compared with $3.848,000,000 in 1929, or
This has made necessary the adoption of a new resolution in the event of an increase of $146,000,000. There are a number of items of increases
the promotion or resignation of a designated officer or if for some other and decreases comprising this difference, but the principal items of inreason he has been unable to cast the vote. In order to avoid this incon- creases are $37,000,000 on account of the War Department, $10,000,000 for
venience all member banks are now being requested to designate, by title the Navy. $29,000,000 for the Veterans' Bureau, $14,000,000 for the Deonly,several officers who shall be authorized to cast the votes of the respec- partment of Commerce (due principally to cost of the census), $16,000,000
tive member banks in elections of Class A and Class B directors of their for the Shipping Board and $150.000,000 for revolving fund provided for
Federal Reserve Banks. This uniform plan of designation has been in the Agricultural Marketing Act.
The main items of decrease were $19,000,000 reduction in interest payagreed upon by the chairmen of the boards of directors of all Federal Reserve
ments, $57,000,000 decrease In internal revenue refunds and $52,000,000
Banks and has been approved by the Federal Reserve Board.
We are accordingly sending you with this circular two copies of a form of paid in the previous year to railroads on a Supreme Court decision on
resolution which we request your board of directors to adopt as soon as account of back railway mail pay.
convenient. Please return to us one copy of the enclosed form, after it
Estimated expenditures in the Budget were $4,023,000,000,or $29,000,000
has been properly filled in and certified and the seal of your bank affixed. greater than the actual expenditures. This difference is the net amount
We trust that this revised form of resolution will not only be more con- of a number of increases and decreases, the most important of which are
venient for member banks but will result in more member banks partici- increased expenditures under the Agricultural Marketing Act and the
pating in the future elections of Class A and Class B directors of this bank. Veterans' Bureau,and decreases under the Treasury Department on account
The next regular election of Class A and Class B directors of this bank of postponement to the fiscal year 1931 of estimated expenditures under
will be held next autumn, advice of which will be mailed to member banks the settlement of War Claims Act and for public buildings, and payments
made in cash in June by foreign Governments on debt settlements.
in September.
Surplus.—The original estimate of the surplus made in advance of the
J. It. CASE,
fiscal year was $225,000,000. The 1% tax reduction of last fall, estimated
Chairman of the Board.
as amounting to $80,000,000 for this fiscal year, reduced this figure to
$145.000,000.
The actual surplus for the year just closed is 5184,000,000. As above
Government Ends Fiscal Year With Surplus of $184,- indicated, however, there is included in this amount the sum of $76,000,000
on account of payments by foreign Governments in cash rather than in
000,000—Latter Includes $76,000,000 Representing
securities as heretofore under debt settlement agreements
Cash Payments by Foreign Governments—Income with the procedure followed for a number of years past, in accordance
which change
In method of payment was not anticipated at the time the estimate was
Tax Yield $2,411,000,000.
made.
Secretary of the Treasury Mellon, in a statement issued
Public Debt.—At the close of the fiscal year 1930 the total gross debt
July 1 regarding the Government finances for the fiscal year was $16,185,000,000, as compared with $16,931,000,000 on June 30 1929,
or• a reduction of $746,000.000. Of
amount $554,000,000 is to be
ended June 30 1930, reported the actual surplus for the year attributed to the sinking fund and this retirements
other
chargeable against
just closed as $184,000,000. There is included in this ordinary receipts. The net balance in the general fund at the close of
amount, said Secretary Mellon, "the sum of $76,000,000 the fiscal year was $318.000,000 as compared with $326,000,000 on June
30 1929.
on account of payments by foreign countries in cash rather
The annual rate of interest on the interest-bearing debt on June 30
than in securities as heretofore under debt settlement 1930 was 3.80% as compared with 3.94% on June 30 1929. The decrease
agreements." The total ordinary receipts for the latest was due to lowering of the borrowing rates on short-term securities. Total
Interest payments in the fiscal year were $659,000,000 as compared with
fiscal year, Secretary Mellon reported, were $4,178,000,000 $678,000,000 in the fiscal year 1929, or a saving of $19,000,000.
The proposed investigation was noted in our issue of June 7,
page 3984.
JULY 5 1930.]
FINANCIAL CHRONICLE
59
income tax
them and the income received therefrom. In reporting in their
17 1930)
returns the amount of Treasury bills (issued subsequent to June
taxpayers will be
owned by them and the income received therefrom,
appears on
governed by the provisions of Treasury Decision 4292, which
Treasury
pages 3 and 4 of this circular. It will be noted from that
be so
Decision that (1) the "amount of such obligations and securities" to
that (2)
reported is the face or maturity value of the Treasury bills, and
of the
the "income received therefrom" to be reported is the net excess
disposition
amount realized during the taxable year from the sale or other
computation of
of the bills over the cost or other basis thereof, no separate
of the income
discount being necessary. In such cases, and pending revision
such
The reports upon which the denial was based alleged that, while several tax forms, taxpayers making income tax returns and owning any
form of a
resolutions of investigation had been discussed. Senatorial leaders had con- Treasury bills should submit the information required in the
an inquiry would riclr attached to the returns.
ferred with the President and found that he believed such
secure deposits
have a disastrous effect on the present economic situation.
5. Treasury bills will be acceptable at maturity value to
privilege. Treasury
of public moneys, but they will not bear the circulation
under such rules
bills will be acceptable at maturity, but not before, and
by the Secretary of the
Secretary Mellon's Circular Governing Issuance of and regulations as shall be prescribed or approved payable at the maturity
income and profits taxes
Treasury Bills Under Newly Enacted Measure Treasury, in payment of Notes secured by Treasury bills are eligible for
of the Treasury bills.
Exempting From Taxation Gains From Sales of discount or rediscount at Federal Reserve Banks by member banks, as are
the provisions
Bills.
notes secured by bonds and notes of the United States, under
acceptable
13 of the Federal Reserve Act. Treasury bills will be
A circular governing the sale and issue of Treasury bills, of Section
or of principal on
at maturity, but not before, in payment of interest
held by the United States.
amending the regulations with respect thereto in conse- account of obligations of foreign governments
Public Notice.
quence of the newly enacted legislation exempting from
thereof will be given
6. When tenders are to be invited, public notice
taxation gains from the sale of these bills has been issued
Treasury
Secretary of the Treasury prior to the date of issue of the
by the Treasury Department. In making public the circular, by the In such public notice there will be set forth (a) the amount of the
bills.
saying:
(b) the date or dates of
on July 1, Secretary Mellon issued a letter
Treasury bills for which tenders are then invited,
and payable,
the date or dates when such bills will become due
"Sir: There is enclosed for your information and future reference copy issue, (c)
and date for the receipt of tenders at the Federal
Department Circular No. 418, dated June 25 1930, (d) the closing hour
of an amended Treasury
for accepted
Reserve Banks, and (e) the date or dates on which payment
relating to Treasury bills.
must be made.
"The original Treasury Department Circular 418, dated Nov. 22 1929, tenders
Tenders.
has been changed in one very important respect by this amended circular.
notice, will be received only
7. Tenders, in response to any such public
The change occurs in paragraph 4, to which your attention is invited, and
thereof, and unless received before
that by the Act of Congress approved June 17 at the Federal Reserve Ranks, or branches
vs occasioned by the fact
will be accepted
the fixed time of closing will be disregarded. No tender
Treasury bills were given an additional tax exemption feature.
$1,000 (maturity value), and each tender must be
"By that Act any gain from the sale or other disposition of Treasury for an amount less than
multiples of $1,000 (maturity value). The price or prices
bills issued after June 17 1980 will be exempt from all taxation (except for an amount in
subscriber for the amount or amounts (at maturity value)
estate or inheritance taxes) and no loss :from the sale or other disposition offered by the
be stated, and must be expressed on the basis of 100,
thereof shall be allowed as a deduction, or otherwise recognized, for the applied for must
e.g., 99.125. Fractions must
now or hereafter imposed by the United States or any with not more than three decimal places,
purposes of any tax
not be used.
of its possessions.
forms and
8. It is urged that tenders be submitted on the prescribed
"This circular is not a specific offering of Treasury bills, but is a general
envelopes, securely sealed. On application, the forms
circular governing the sale and issue of Treasury bills when offered. Public Inclosed in special
be supplied by the Federal Reserve Bank of the
notice, describing the particular offering, will be given from time to time and special envelopes will
located. If special envelope is not
the Treasury when Treasury bills are offered for sale." district in which the subscriber is
by the Secretary of
placed
available, the inscription "Tender for Treasury Rills" should be
Items regarding the Congressional action providing for on the envelope used. The instructions of the Federal Reserve Banks with
be observed. Tenders will be
the new exemption feature with respect to the Treasury respect to the submission of tenders should
without cash deposit from incorporated banks and trust comin our issues of June 14, page 4172, and accepted from responsible and recognized dealers in investment securities.
bills appeared
panies and
face
June 28, page 4543. The Treasury Department's circular Tenders from others must be accompanied by a 10% payment of the such
that
amount of the Treasury bills applied for; provided, however,
follows:
express
deposit will not be required it the tender 14 accompanied by an
company.
UNITED STATES OF AMERICA.
guaranty of payment in full by an incorporated bank or trust
the Secretary
TREASURY BILLS.
The forfeiture of the 10% cash deposit may be declared by
of accepted
of the Treasury if payment in full is not made, in the case
1930—Department Circular No. 418, as amended—Public Debt.
tenders, on the prescribed date.
Treasury Department,
At the
9. The time of closing will be specified in the public notice.
Office of the Secretary,
Banks, or
time fixed for closing, all tenders received by the Federal Reserve
Washington, June 25 1930.
be opened. The Secretary of the Treasury will determine
1. The Secretary of the Treasury is authorized by Section 5 of the branches, will
offered and will make public announcement thereof
Second Liberty Bond Act, as amended,* to issue Treasury bills on a dis- the acceptable prices
opening of bids, probably on the following
without interest, and to fix the form, as soon as possible after the
count basis and payable at maturity
subanitting tenders will be advised by the Federal Reserve
and conditions thereof, and to offer them for sale on a competitive morning. Those
terms,
or rejection thereof, and payment on accepted
basis, under such regulations and upon such terms and conditions as he Banks of the acceptance the date specified in the public notice.
on
may prescribe. Pursuant to said authorization, the Secretary of the tenders must be made
offered
10. In considering the acceptance of tenders, the highest prices
Treasury, by public notice, may from time to time offer Treasury bills for
to the amount required, and if the same
through the Federal Reserve Banks. The will be accepted in full down
sale and invite tenders therefor,
in two or more tenders and it is necessary to accept only a
Treasury bills so offered and the tenders made will be subject to the terms price appears
amount offered at such price, the amount accepted at such
and conditions and to the general rules and regulations herein contained part of the
prorated in accordance with the respective amounts applied
and also to the terms and conditions stated in the public notices as issued price will be
Secretary of the Treasury expressly reserves the right
by the Secretary of the Treasury from time to time in connection with for. However, the
and to
on any occasion to reject any or all tenders or parts of tenders;
particular offerings.
take in
award less than the amount applied for; and any action he may
Description of Treasury Bills.
any such respect or respects shall be final.
tenders
2. Treasury bills are bearer obligations of the United States, promising
11. Any payments which may be due on account of accepted
to pay a specified amount without interest on a specified date. They are must be made to the appropriate Federal Reserve Bank in cash or other
to be issued on a discount basis. Each Treasury bill, prior to its issue, funds that will be immediately available on the due date specified. Folmust be validated by a Federal Reserve Bank as fiscal agent of the United lowing any such payment, delivery of definitive Treasury bills (or interim
States, and the date of the original issue thereof will be stated thereon. receipts) will be made without cost to the subscriber.
are
All Treasury bills of the same maturity, irrespective of the issue date, will
12. Federal Reserve Banks as fiscal agents of the United States
constitute a single series which will be designated by the due (or maturity) authorized to perform such acts as may be necessary to carry out the
date. Treasury bills will be payable at maturity upon presentation to the provisions of this circular and of the public notice or notices issued in
Treasurer of the United States in Washington or to any Federal Reserve connection with any offering of Treasury bills.
Bank.
Destroyed, Mutilated, or Defaced Treasury Bills.
3. Treasury bills will be issued in denominations (maturity value) of
Treasury
13. No relief will be granted on account of the loss or theft of
$1,000, $10,000, and $100,000. Exchanges of Treasury bills of the same
destruction,
series from higher to lower denominations will be permitted at Federal bills issued hereunder. Relief will be granted on account of the
accordance
mutilation, or defacement thereof under the conditions and in
Reserve Banks, but not from lower to higher.
Depart4. (a) Treasury bills issued prior to June 17 1930 will be subject to with the procedure prescribed in paragraphs 80 and 81 of Treasury
the tax exemption provisions stated in Department Circular No. 418, dated ment Circular No. 300, dated July 31 1923, so far as applicable.
Nov. 22 1929. Gains from the sale or other disposition of such Treasury
General.
bills are taxable, and losses from the sale or other disposition thereof shall
14. The Secretary of the Treasury reserves the right to withdraw, amend,
be deductible, in the manner prescribed in Treasury Decision 4276, annexed
or supplement this circular at any time, or from time to time.
to that circular.
A. W. MELLON,
(5)Treasury bills issued subsequent to June 17 1930 will be exempt,
Secretary of the Treasury.
as to principal and interest, and any gain from the sale or other disposition
of such Treasury bills shall also be exempt, from all taxation (except estate
(T. D. 4292.)
or inheritance taxes) now or hereafter imposed by the United States, any
Income Tax—Exemption of Treasury Bills.
State, or any of the possessions of the United States, or by any local taxing
the sale or other disposition of such Treasury
Treasury Department,
authority; and no loss from
Office of Commissioner of Internal Revenue,
bills shall be allowed as a deduction, or otherwise recognized, for the
Washington, D. C.
purposes of any tax now or hereafter imposed by the United States or any
of its possessions. However, taxpayers making Income tax returns are To Collectors of Internal Revenue and others concerned:
Act providing certain exempAttention is invited to the Act entitled "An
required to report in their returns, for information purposes, the number
1930 (Pub.
and amount of obligations and securities of the United States owned by tions from taxation for Treasury bills," approved June 17
No. 376, 71st Cong., H. R. 12440), which amends Section 5 of the Second
Liberty Bond Act, as amended (Pub. No. 11, 71st Cong., June 17 1929),
*The statute appears in T. D. 4292 on pages 3 and 4 of this circular.
President Hoover Denies He Prevented Stock Exchange
Investigation.
A denial that President Hoover had in any way intervened to prevent a Senate investigation of the New York
Stook Exchange was authorized at the White House on July 2
after statements were published that he had taken such
action. A dispatch from Washington to the New York
"Times" reporting this, added:
Iwo,
60
FINANCIAL CHRONICLE
by adding at the end thereof a new subdivision known as subdivision (d).
This new subdivision provicks that any gain from the sale or other disposition of Treasury bills issued after the enactment of the Act approved
June 17 1930 shall be exempt from all Federal, State, and local taxation
(except estate or inheritance taxes), and that no loss from the sale or other
disposition of such Treasury bills shall be allowed as a deduction, or otherwise recognized, for the plirposes of any tax imposed by the United States
or any of its possessions. Section 5 of the Second Liberty Bond Act, as so
amended, reads as follows, the tax exemption provisions being contained in
subdivisions (b) and (d) thereof:
SEC. 5. (a) That in addition to the bonds and notes authorized by
Sections 1 and 18 of this Act, as amended, the Secretary of the Treasury is
authorized to borrow from time to time, on the credit of the United States,
for the purposes of this Act, to provide for the purchase or redemption
before maturity of any certificates of indebtedness or Treasury bills issued
hereunder, and to meet public expenditures authorized by law, such sum
or sums as in his judgment may be necessary, and to issue therefor (1)
certificates of IneLbtedness of the United States at not less than par and
at such rate or rates of interest, payable at such time or times as he may
prescribe; or (2) Treasury bills on a discount basis and payable at maturity
without interest. Treasury bills to be issued hereunder shall be offered
for
sale on a competitive basis, under such regulations and upon such terms
and conditions as the Secretary of the Treasury may prescribe,
and the
eisions of the Secretary in respect of any issue shall be final. Certificates
of indebtedness and Treasury bills issued hereunder shall be in such
form
or forms and subject to such terms and conditions, shall be payable
at
such time, not exceeding one year from the date of issue, and
may be
redeemable before maturity upon such terms and conditions as the Secretary
of the Treasury may prescribe. Treasury bills issued hereunder shall not
be acceptable before maturity in payment of interest or of principal
on
account of obligations of foreign governments held by the United States
of
America. The sum of the par value of such certificates and Treasury
bills
outstanding hereunder and under Section 6 of the First Liberty
Bond Act
shall not at any one time exceed in the aggregate $10,000,000,000.
(b) All certificates of indebtedness and Treasury bills issued hereunder
(after the date upon which this subdivision becomes law) shall be
exempt,
both as to principal and interest, from all taxation (except estate
and inheritance tax,$) now or hereafter imposed by the United States,
any State,
or any of the possessions of the United States, or by any local taxing
authority; and the amount of discount at which Treasury bills are
originally
sold by the United States shall be considered to be interest within
the
meaning of this subdivision.
(c) Wherever the words "bonds and notes of the United
States," or
"bonds and notes of the Government of the United States,"
or "bonds or
notes of the United States" are used in the Federal Reserve Act,
as amended,
they shall be held to include certificates of indebtedness and
Treasury bills
issued hereunder.
[VOL. 131.
American Farm Bureau Federation Adopts Report on
Tariff Law—Analysis Shows Increase in Protection
Rates.
Agriculture gets three and a half times as much increase
in protection as does industry in the new tariff law,
according to a report adopted June 26 by the directors of
the
American Farm Bureau Federation says the Chicago "Post"
of June 27, which added:
The report dwelt on the idea of tariff adjustments
that may enable the
farmers to "buy themselves rich" as well as sell themselves
wealthy. The
report was in the form of a mathematical analysis
of the duties in the
Hawley-Smoot tariff act, compiled by Chester H.
Gray, the federation's
Washington representative. Without passing judgment
on the measure
and whether it fulfills farm relief expectations, the
officials pointed out
the report compares the new 'rates on agricultural
products and industrial
products.
Protection Gains Compared.
"The increase of protection on agricultural products
in the act of 1930
compared to the act of 1922 is 11.57 points and
on industrial products
5.48 points," rays the report.
"The percentages of increase above the 1922 bases
are 14.6% and 51.6%
respectively for industrial and agricultural products,
or 3.53 times as fast
for agriculture as for industry."
Tariff Policies Discussed.
The foreword speaks of tariff policies.
"The objective of the American Farm Bureau
Federation," is said, "in
tariff adjustment matters has been not to
destroy protection but to
secure it for farm crops so that farmers might profitably
enjoy supplying
the domestic market.
"The tariff policies of the Federation seem to
accent the idea that
farmers may sell themselves rich in the domestic
market. Much less
thought is given in the farm bureau to the idea of so
adjusting tariff rates
that farmers can buy themselves rich. The average
American farmer
seems to think if he can be protected against his
foreign competitors he
need not be so much concerned about the buying
end of the farm game."
Spread of Protection Reduced.
The analysis, dwelling on the spread of protection
between agricultural
and industrial products, says it is eliminated
40.6%.
"One might conclude, superficially," it says, "with
the per cent of
increase on farm rates going up about three and a
half times faster than
on industrial ones that the elimination of spread
would be automatic. But
the low level of agricultural rates and the comparative
ly high level of
industrial rates at the start make it difficult for farm
rates to catch up.
Elimination of 40.6%.
"The rate on industrial products in the act of 1922
exceeded the rate
on agricultural products by 14.98 points. In the act
of 1930 it is 8.89
points. In other words, the excess of the 1922 spread
over the 1930 spread
was 6.09 points. This is 40.6% elimination of the
spread which existed
between agricultural and industrial products in 1022.
"If sugar and butter should be added to the list of
agelcultural products
the spread of protection between agriculture and
industry is completely
eliminated. Many farmers consider these two products
as being as much
agricultural in character as corn is, for instance, but
in the severe classification of products, these two products are considered
as processed commodities rather than agricultural ones."
(d) 'Any gain from the sale or other disposition of Treasury
bills issued
hereunder (after the date upon which this subdivision becomes
law) shall
be exempt from all taxation (except estate or inheritance taxes)
now or
hereafter imposed by the United States, any State, or any
of the possessions
of the United States, or by any local taxing authority; and
no loss from
the sale or other disposition of such Treasury bills shall be
allowed as a
deduction, or otherwise recognized, for the purposes of any
tax now or
laereafter imposed by the United States or any of its possessions.
The report of the Committee on Ways and Means (Rept. No. 1759,
accompanying H. R. 12440) shows that it is the purpose of the Act
approved
June 17 1930, to obviate the necessity, which existed under the law
prior
to its amendment by such Act, of keeping a complicated system of
bookAdopt Tax Recommendations.
keeping records in order to ascertain gain or loss from the sale
or other
The directorate of the federation adopted the tax
disposition of Treasury bills as differentiated from the
recommendations sugdiscount received gested the day
before by the farm bureau conference, urging the
on such bills.
development of new tax sources to reduce the
tax burden on farms and real property.
Attention is also invited to Section 22 (b) (4) of the
Revenue Act of In its final form, this program embraces six items:
1928, which provides in part as follows:
1. Coordination and reallocation of taxing powers
between the federal
SEC. 22. . . . (b) Enchusions from gross income .
. . The government and the states.
following items shall not be included in gross income and
2. Extension of the principle involved in
shall be exempt
the protection of state infrom taxation under this title: . . . (4) . . . Interest
upon (A) heritance taxes by the federal government to other forms of taxation
the obligations of a State, Territory, or any political subdivision
where
thereof, necessary.
or the District of Columbia ; or (B) securities issued under the
provisions
3. The obligation of liberal appropriations
by state and national govof the Federal Farm Loan Act, or under the provisions of such
Act as ernments to assist local communitie
s in maintaining equal educational
am.nded ; or (C) the obligations of the United States
or its possessions. Opportunities.
Every person owning any of the obligations or securities
enumerated in
4. Increased participation by state and national
clause (A), (B), or (C) shall, in the return required by this title,
governments in the cost
submit a of improving public
statement showing the number and amount of such obligations
highways.
and securities
5. The cooperation of all business groups
owned by him and the income received therefrom, in such
form and with
in securing the most rigid
economy in public expentitures.
such information as the Commissioner may require. In the
case of obligations of the United States issued after Sept. 1 1917 (other
6. The use of taxes derived from new sources
than postal
to reduce general propsavings certificates of deposit), the interest shall be exempt
only if and erty taxes.
to the extent provided in the respective Acts authorizing the issue
During the discussion sentiment
thereof
was expressed for sales taxes.
Conas amended and supplemented, and shall be excluded from gross
income cerning state income tax, the idea was propounded of such a tax to be
only if and to the extent it is wholly exempt to the taxpayer
from Income collected by the federal government and redistributed to the
states from
taxes;
which it is collected, leading to an
argument as to whether this would be
constitutional.
Article 81 of Regulations 74 promulgated under the Revenue Act
of 1928
provides that "Every person owning obligations of a State, Territory,
any
political subdivision thereof, or the District of Columbia; securities
issued Tax Law Loopholes May
Bring Revision During Next
under the provisions of the Federal Farm Loan Act or of such
Act as
amended; or obligations of the United States or its possessions,
Session—Congressional Leaders Aroused by Remust,
however, submit in his income tax return a statement showing
fund to Western Sugar Group—Life
the number
Underwriters
and amount of such obligations and securities owned and the income
Also Said to Benefit.
received
therefrom."
Under the above-quoted provisions of the Revenue Act of 1928
and
Regulations 74, in the case of Treasury bills issued after June 17
1930, (1)
the "amount of such obligations and securities" is their par (maturity)
value, and (2) the "income received therefrom" is the net excess of
the
amount realized during the taxable year from the sale or other disposition
of the bills over the cost or other basis thereof, no separate computation
of
discount being necessary. In such cases, and pending revision of
the
Income tax forms, taxpayers making income tax returns shall submit the
statement required by Section 22 (b) (4) and Article 81 in the form
of a
rider attached to the return.
ROBT. H. LUCAS,
Commissioner of Internal Revenue.
Approved: June 25 1930.
A. W. MELLON,
Secretary of the Treasury,
Revision of the Federal tax laws with a view to tightenin
g
up some of the loopholes availed of by taxpayers to
bring
about lessened assessments and to correcting manifest
discriminations in the case of other taxpayers may
become a
part of the program to be laid out for the session of
Congress
convening in December. The Washington
correspondent
of the New York "Journal of Commerce," in reporting
this
June 27, further stated:
The Joint Congressional Comrnittee on Internal
Revenue Taxation
already has promised to hold a hearing to reconsider
the provisions of the
present law with respect to depletion in mines and
during the summer
months the experts attached to this committee will make
a study of this
and other features. It has before it at the present time
the report of the
staff on the question of earned income, but this will be
left to the next session for consideration.
JULY '5" 19301
FINANCIAL CHRONICLE
The problem of the revision of the administrative features
of the present
laws seems to have come to the forefront rather forcibly through
the consideration in the House of Representatives some days
ago of the refund of
more than $166,324 to the California & Hawaiian Sugar Refining Corp..
being the amount of the total tax paid by the corporation for the year
1927.
It was ma.de under a decision of the Treasury Department that
the corporation is exempt from taxation as a co-operative marketin agency.
g
Not a Co-operative.
The attention of the committee was called to this matter by its staff
with
the suggestion that since in the opinion of the latter this corporat
ion did
not come within the definition of the law which was to permit
farmers,
fruit growers and other: persons engaged in agricultural pursuits
to form cooperative associations which Would exempt them from tax, it
might desire
to recommend revision of the law to clarify it.
Senator David A. Reed (Rep., Pa.) and Representative John
N. Garner
(Texas), Democratic floor leader of the House, members of
the committee,
opposed the granting of the refund. It is said that they expresse
d the belief
that undoubtedly, if this policy were followed generally,
there would be
organized for similar purposes corporations that would enable
their sponsors
to escape the income taxes that others less fortunate have to
pay.
It developed that it is largely discretionary with the Treasury Departmeet as to whether or not a corporation may be deemed entitled
to exemption. It was contended that the department in this particula
r instance
should have sought a court decision before granting the
refund.
There is said to be no thought of with rawing the tax-exem
pt privilege
from the farm organizations, but rather to limit it to them. If
the Treasury
Department of itself fails to bring in recommendations for
the clarification
of the law that will prevent extension of the applicati of
on
the privilege to
those whom it is declared are not entitled thereto, the demand
for action
may come from the Democratic leader.
From the recently issued annual report
of the Federal
Reserve Board we take the following
regarding bank suspensions in 1929:
A total of 642 member and non-member banks, with
aggregate deposits
of $235,000,000, suspended operations during 1929.
The number of bank
suspensions was 151 more than in 1928, while deposits
of the banks that
suspended in 1929 exceeded by $100,000,000 the aggregate
deposits of
banks that suspended the year before, and were larger
than in any other
year except 1926, when both the number and deposits
of suspended banks
were the largest on record. During the year 58
banks with deposits of
$26,000,000, which had previously suspended operation
s, reopened for
business. Member banks, which constitute about
one-third of the total
number of banks in the country, account for 81 of
the suspensions, or
about one-eighth of the total number of banks suspende
d during the year.
Deposits of all member banks are approximately three
-fifths of the aggregate deposits of all banks in the country, while
the deposits of the
member banks that suspended in 1929 were about
one-fourth of the
aggregate deposits of all suspended banks.
During the nine-year period 1921-1929, a total
of 5,642 banks were
reported as having suspended operations either
temporarily or permanently
on account of financial difficulties, and of this number
659 have since been
BANK SUSPENSIONS. 1921-1929.
Number of Suspensions.
Year.
Mem- Nonmember Total.
ber
Banks. Banks.
1921
1922
1923
1924
1925
1928
1927
1928
1929
70
57
124
159
148
160
124
73
81
*431
297
•524
*817
466
798
538
418
561
Total
994
4. Revised figures.
4,648
Deposits.
Member
Banks.
Nonmember
Banks.
Total.
*501
354
*648
•778
812
956
662
491
842
$43,000,000 .$154,000.
*8196,000,000
24,000,000
86,000,
111,000.000
51,000,000
138,000,
189,000,000
74.000,000
139,000,
213,000,000
67.000,000
108,000.000
173.000,000
69,000,000
204,000,000
272,000,000
66,000,000
128,000.000
194,000.000
42,000,000
96,000,000
139,000,000
57,000,000
177,000,000
234,000.000
5,642 $493,000,000 $1,228.000,000 81,722,000,000
The largest number of bank suspensions in 1929, as well
as the largest
increases compared with the previous year, are shown
for the Atlanta and
Kansas City Federal Reserve Districts. For the nine-year
period the largest
number of suspensions were reported by the Minneapol
is and Kansas City
districts, in which 2,500 banks suspended. The
number of suspensions
in each district during 1929 and during the nine-year
period 1921-1929 are
shown in the accompanying table:
NUMBER OF BANK SUSPENSIONS,BY FEDERAL
RESERVE DISTRICTS,
DURING 1929 AND 1921-1929.
Federal Reserve /Astrid.
Member Banks.
1929.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All rl intrIrta
Nonmember Banks.
1921-29.
Total.
1929.
1921-29.
1929.
1921-29.
1
2
8
23
18
4
12
6
3
4
3
5
4
27
52
85
181
35
273
124
110
95
6
2
12
51
96
75
40
72
187
8
12
12
25
15
74
385
528
648
414
1,208
895
301
147
a
a
14
59
119
93
44
84
193
11
16
15
ao
19
101
437
611
827
449
1,451
1,019
411
242
51
005
KA,
d RAO
RAO
551',
The States for which the principal increases
were reported in the number
of bank suspensions for 1929 as compared
with the preceding year are
Nebraska, Florida, Oklahoma, and Illinois,
the aggregate increase for these
four States being 154 banks. Minnesota,
Texas, and Kansas show substantial decreases in the number of
suspended banks. In Nebraska, where
149 banks suspended in 1929, the increase
is due principally to the fact
that the guaranty fund commission ceased
to operate in May, at which
time it turned over to the Saate Banking
Department, for liquidation
through receivership, those banks which
the commission had itself been
operating in accordance with the guaranty
fund law. rx Florida. the sew
pensions were due largely to the inability
of the banks to realize on Blow
assets acquired in prior years, apparently
aggravated by heavy withdrawals
brought about by the disturbance in the
fruit industry resulting from the
destruction wrought by the Mediterra
nean fruit fly. In Oklahoma the
suspension of a chain of 12 banks accounts
for the increase in the number
of suspended banks. The following table
shows the number and deposits
of the banks that suspended operation
s in these and other selected
States,
both for 1929 and the nine-year period
1921-1929:
BANK SUSPENSIONS IN SELECTED
STATES DURING 1929 AND
1921-29.
Slate.
Number of
Suspensions.
1929.
Iowa
North Dakota
Minnesota
South Dakota
Nebraska
Georgia
Texas
Missouri
Oklahoma
South Carolina
Kansas
Montana
Florida
Illinois
North Carolina
Indiana
Arkansas
Colorado
MI other States
Total
.VO.MOMOcOOMM.MOWV. N
4
cqe0o,..d.c.2.NO4.. Op.ct. .
.
.
Bank Suspensions in 1929
-Federal Reserve Board in
Annual Report Gives Total as 642 With Aggregate
Deposits of $235,000,000.
reopened. Deposits of the banks suspended during the nine-year
period
were about $1,720,000,000, and of the reopened banks $240,000
,000. Member banks suspended during the nine years numbered 994
and non-member
banks 4,648, while deposits of suspended member banks
aggregated approximately $490,000,000 and of suspended non-member banks
$1,230,000,000.
The number and deposits of suspended banks are shown
in the following
table for the past nine years, by class of banks:
1921-29.
Deposits.
1929.
1921-29.
89,000.000
4,000,000
9,000,000
2.000,000
30,000,000
2,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2,000.000
8170,000.000
70,000,000
117,000,000
112,000,000
77,000,000
81,000.000
80,000,000
82,000,000
73,000.000
60,000,000
53,000,000
54,000,000
155,000,000
57,000.000
29,000,000
37,000,000
28,000,000
30,000,000
397,000,000
1
.
Life Underwriters.
Another feature has to do with the taxation of life underwri
ters who
benefited to the extent perhaps of as much as $6,000,000
under a decision
of the United States Supreme Court holding that Congress
may not consider tax-exempt income accruing through the holding of
Government
securities in arriving at what may be the tax on such corporati
ons. It is
contended that the Govern , ent thus must deal too leniently
with the underwriters, discriminating against other corporations not so fortunate
ly placed
for a different basis of taxation is set up for the former in
the law.
The law of 1921, the new basis for the taxation of there underwri
ters.
was set up whereby they were taxed only on the investme
nt income such
as came from interest, dividends and rents arising out of a°
placement of
reserves and surplus. Premium income was removed
from the scope of
taxation. In addition it was provided that the underwriters
might take a
deduction of 4% of the excess of their mean reserves
over and above their
tax-exempt interest. But it was held by the court
that this latter clause
-"above their tax-exempt interest"
-was violative of the Constitution,
and so the companies may take a flat 4% deductio
n. Representations
have been made that this should be rectified that
these corporations may
not have either better or worse treatment than other
corporations.
Some question as to the interpretation of the
law with respect to underwriters other than life, also seems to have arisen.
This feature also will
receive the attention of the committee, it is believe
.
Estate Tax Repeal.
There long has been agitation for the repeal of the
Federal estate tax
in toto and for a change in the loss and gain provision
s. Congress heretofore has withstood the pressure upon it for the complete
repeal of the estate
tax, although it has been whittled down considerably
as to decedents
recorded in States that have taken advantage of the provision
of law that
they replace the Federal Government to the extent of as
much as 80%
of the Federal rates.
A great deal of confusion is said to have arisen over the applicati
on of
the law. Some States impose inheritance taxes. Some have
not availed
themselves of the opportunity to increase their rates.
And so it is that
the demand comes again for outright repeal.
Representations have been made that the proper way
to deal with the
question of capital gains and losses is to provide progressive
rates dependent
upon the time the property or security are held by the taxpayer
. For
instance, the stock speculator might find himself without
right to take a
flat assessment on his gains accruing under transactions
within the taxable
year and thus be subject to the ordinary rates and surtaxes applicabl
e to
all income. The property holder would be in a more
favorable position
dependent upon the length of time of his ownership.
The demand for greater exemptions on account of earned income
will be
renewed,and the suggestion will again be made that no
limitation be placed
upon the amount that may be considered as earned
income.
Naturally, there will be a drive for the continuance of the
reduced income
tax rates temporarily provided by legislation last
season. The complete
wiping out of the remaining so-called nuisance taxes
and the reduction of
the war-time taxes on cigars will also be sought. At
this time of year all
that is heard are pessimistic views as to the probable
state of the Treasury
as affected by Congressional legislation, so that it is
not possible to forecast
what may be the move as to tax rates.
61
628
429
411
394
339
319
299
298
268
227
223
203
190
138
125
115
95
89
958
54,000,000
17,000,000
6,000,000
8,000,000
2,000,000
1.000,000
75,000,000
642
5,842
$235,000,000
81.722.000.000
Bank suspensions in 1929, as in
earlier years, were most numerous
among
small banks located in relativel
y small centers. The
following table
gives a classification of banks
suspended during the nine-year
period
1921-1929, according to size of center
in which located:
BANK SUSPENSIONS 1921-1929
, CLASSIFIED ACCORD
ING TO SIZE OF
BANK AND SIZE OF CENTERS
IN WHICH LOCATED.
Per cent
Per cent
Number of All Banks located in
Centers
SW- Suspenwith Population of- Number of All
Sus- Suspenpended. Mons.
vended. sions.
Less than 325,000
2,204
39.1 Less than 500
$25,000
2,278
1,310
40.4
23.2 500 to 1,000
825.001 to 850,000
1,133
485
20.1
8.6 1,000 to 1,500
$50,000 to $100,000_
587
10.1
985
17.4 1,500 to 2,500
$100,000 to $200,000
537
404
9.5
7.2 2,500 to 5,000
$200,000 to $600,000 inci *144
413
7.3
2.6 5,000 to 10.000
Figures not available._
239
4.2
110
1.9 10.000 and over
475
8.4
Total
5,642 100.0
Total
5.842 inn 0
•Includes 1 bank with capita of
8750,000, 7 banks with
1 with capital of $1,225,000, and
1 with capital of $1.309.00 capital of 11.000,000
0.
Banks with Capital of-
62
FINANCIAL CHRONICLE
W. A. Prendergast, of W. C. Langley & Co., Holds
Legislative Lassitude Responsible for Defects in
Public Utility Regulation.
Regulation of the public utilities by the various State
Commissions has protected the public's interest and in the
main these commissions have acted with wisdom and toleration, William A. Prendergast, of W. C. Langley & Co., who
from 1921 to 1930 was Chairman of the Public Service Commission of the State of New York declared at the 53d annual
convention of the National Electric Light Association on
Prendergast's subject was "Has State ReguJune 19. I%
lation Prot. .3d the Public's Interest?" Mr. Prendergast
said:
of
There are nil se..ous indications that the people have any intention
there
abandoning the present system of State regulation. In some places
Wherever
are demandsfor what is called a more stringent form ofregulation.
of the
this is required it should be instituted by extending the powers
commissions. There is a suggestion made by an aspirant for office in one
State that the present public service commission be abolished and a "Fair
Rate Board" established in its place. But this would only alter the name,
any
and not the functions of the commission. A Fair Rate Board under
law would have to be one that was fair to all interests concerned, else Its
decisions would be speedily reversed and its work discredited. The theory
that regulatory commissions should be used to advance the interests of one
class of persons to the disadvantage of others may serve political ends for a
time, but experience will dispose of it as opposed to the principles of this
Democracy. In the main the regulatory commissions have acted with
wisdom and toleration. They have not been prosecutors or persecutors
and the best interests of the public require that they should never be used
for these purposes.
The policy of regulation that seeks and secures as the present system
has, fair rates and good service for customers, and adequate support for
the capital invested in the utility business, is a wise and far-seeing policy
and the prosperity and well-being of the people demand adherence to that
policy.
On the Judgment of unprejudiced observers, and an unbiased appraisal
of the facts of the record, I maintain that State regulation has protected the
public's interest.
[VOL. 131.
"Whereas, We are advised by counsel that we are not !labile at law for any
compensation to be paid to the said agents or deputies or for any such or other
expenses in connection with any such investigation: and,
"Whereas, The dealers already are required to and do pay into the office of the
Securities Commissioner a large sum in fees which, according to estimates from
reliable sources, amount to approximately $100,000 annually, and which is a substantial financial burden upon the business of such dealers and amounts to a considerable excess over and above the amount expended toward the administration
of the Missouri securities law:
Must Suspect Fraud.
"Be It Therefore Resolved, That we acknowledge and recognize the right of the
Securities Commissioner to make or cause to be made investigations as to all the
facts and circumstances concerning the subject matter, whenever it shall appear
to the Commissioner that any person is engaged or is about to engage in any prosties which is fraduient or is in violation of law.
"Be It Further Resolved, That we extend our co-operation to the Securities
Commissioner to the end of giving to the Commissioner, his agents or deputies,
such information and facts as will enable him to determine:
"(a) That no such dealer is selling any securities in violation of law.
"(b) That no fraud exists in or In connection with the sale of any securities
being sold by such dealer.
"(e) That any dealer subjected to any such investigation is of sound financial
responsibility and is solvent: and that we extend every opportunity to the Securities
Commissioner, his agents and deputies, which may be necessary to the obtaining
of these facts.
"Be U Further Resolved, That we respectfully decline to pay or be any party to the
payment of any compansation or other expenses for or in connection with any such
investigation for which there exists no liability, at law or of moral right."
Mr. Prendergast declared that the absence of proper
financial support for the State regulatory commissions had
restricted their operations and that the appropriating
authorities, legislatures and governors are chargeable with
the blame and responsibility. They are also responsible,
he said, for the failure to increase the powers of the commissions from time to time, as public necessity suggests.
Requests of the commissions for many needed extensions of
authority have gone unheeded for years, he asserted, a
notorious example of this legislative lassitude being the
omission to give the commissions reasonable authority over
management contracts. Some action on this question has
been taken in certain States, but the electric and gas industries are now solving this problem on their own account,
as an answer to legislative ineptitude and inertia, he added.
Demand Compensation.
It was learned yesterday that agents of Becker visited the offices of
G. H. Walker & Co. last week, told them their mission and the informs;
tion they desired was prepared for them by employes of the firm.
The agents declined to accept the information until a settlement was
agreed upon as to their compensation, which the brokerage firm refused
to pay.
Charles M. Gillos and J. J. Dim:mitt, representing Becker, first called at
the Walker Co. offices Tuesday and explained they were about to begin
firm
the investigation ordered by the Secretary of State. Officials of the
said they agreed to furnish whatever information was desired and the two
following morning with
agents, ccompnied by Harry Woodruff, returned the
exa letter from Becker, stating the firm would be required to pay the
penses of the investigators.
Stockard Notified.
comThe investigators were advised the firm declined to pay any such
pensation, and the investigators said they must see Becker and Stockard
before they could accept the information prepared for them. An engagement
the
was made for that afternoon, according to members of the firm, but
investigators did not appear.
As a result the firm wrote to Stockard, stating what had transpired
and informing him that it did not feel it was obliged to pay any con.
pensation.
"We took our position, refusing to pay your special agents," the letter
stated, "as we are advised by counsel that we are not liable for any compensation to be paid your representatives in connection with this investigation, and this holds true whether the investigation would last for several
months or could be completed, as in this case, in a short time.
Question Demand for Pay.
'We are writing you this letter in order that you may fully understand
our position. We do not question your right in cases provided for under
the Missouri Securities Act to ask us any relevant questions which bear
upon our financial standings or our method of doing business, but we do
question your right to have a general investigation of our business made
at our expense when there has been no complaint filed with you and where
no offering of securities is involved."
Officials of the company said they have not received a reply to this
letter.
Data Asked in Inquiry
Information desired by the investigators oon.sisted of the following:
Proof as registration as dealer, registration of salesmen and evidence of compliance
with the registration provisions of the Missouri Securities Act. from the
effective
A list and copies of circulars of all securities offered for sale,
date of the amended act to the present date.
Inspection of the last return to the questionnaire of the New York Stock Exchange.
Inspection of the most recent balance sheet.
Officers of the firm said they offered to permit Becker's representatives to take
with them any of the documents except the return to the New York Stock Exchange
and the balance sheet.
Executive Committee of St. Louis Members of Investment Bankers' Association Group Votes to Resist
Order of Secretary of State of Missouri Calling
Upon Them to Pay Expenses of State Audit—
Resolution Declares Dealers Pay $100,000 in Fees,
or More Than Cost of Administering Securities Act.
The following is from the St. Louis "Globe Democrat" of
Michigan Levy on Bank Shares Held Invalid by Circuit
May II:
of St. Louis
In a resolution adopted yesterday, the Executive Committee
Judge—Violates Uniformity Clause of State ConBankers' Associamembers of the Mississippi Valley group of the Investment
stitution and a Federal Statute.
involved in the wholetion went on record as refusing to pay the expenses
State Charles U.
A Michigan statute enacted in 1922, which provides that
sale audit of their books ordered recently by Secretary of
Fenton T. Stockard, to
Becker, who instructed his Securities Commissioner,
shares in banks and trust companies shall be assessed for
examine every brokerage and investment house in Missouri.
President of the taxation on the basis of computed cash value, after deductThe resolution, made public through Louis J. Nicolaus,
investment dealers have ing the assessed value of all real estate and certain securities
Mississippi Vallep Group, states the bankers and
for compensation
been advised by their attorneys they are not liable at law
of a municipal character, has been held unconstitutional
to be paid examiners in any such investigation.
Judge Allan Campbell in the cases of the Equitable
dealers pay into the State Securities Department by Circuit
It also points out the
in tees, which they declare is a sum larger than that ex- & Central Trust Co. and the First National Bank of Wyanabout $100,000
pended in the administration of the Missouri Securities Act.
dotte vs. the Common Council of the City of Detroit, both
as contravening the "uniformity" clause of the State conSubpoenas Served.
broker- stitution and as attempting to exercise a greater taxing
Meanwhile Becker yesterday caused to be served on six St. Louis
Stockard
age firms subpoenas duces tecum, ordering them to appear before
than permitted by Federal statute.
examination. power on National banks
in Jefferson City- Thursday, with their books and reoorls, for
in
Love, Bryan & Co.; This is learned from the "United States Daily," which
The subpoenas were served by Deputy Sheriffs on
Mississippi Valley Co.; Stifel, Nicolaus & Co.; Oliver J. Anderson k Co., a dispatch from Lansing, June 24, also says:
G. H. Walker & Co. and Mark C. Steinberg & Co.
the
The resolution of the investment bankers recognizes the right of
Securities
State to investigate brokerage houses whenever it appears to the
any fraudulent
Commissioner that any firm is engaged or about to engage in
believe
practice, but reiterates the position of the bankers that they do not
made
they could be compelled to pay for such investigations which are not
for those reasons.
Text of Resolution.
The text of the resolution:
"Whereas. It has come to our attention that the Hon. Charles IT. Becker;
Secretary of State, through the on. IlFenton T. Stockard, Securities Commissioner,
the
now proposes to make or cause to be made a general investigation respecting
and.
conduct and affairs of all dealers in securities within the State of Missouri:
"Whereas, It has been made further to appear that each of such investigations
Commissioner, at the
is to be made through agents or deputies of the SecuritiesIs to say, each of such
expense of the dealer sublected to such Investigation, that
said
will be expected to make his or its own terms and agreements with thesuch
dealers
Making
agents or deputies as to the compensation to be received by them for
investigation: and,
The banks urged that the law violated the rule requiring a uniform rate
of taxation for the reason that other companies, not included in the classification of banks and trust companies, but doing a financial business, are
permitted to deduct front their list of taxable assets all mortgages and land
contracts on which the mortgage tax has been paid. The National bank
also objected that the section in question. Section 8 of the General Tax
Laws, violated Federal law in that it permitted the taxation of National
banks at a greater rate than is assessed upon other moneyed capital in
the hands of individual citizens of the State coming into competition with
the business of National banks.
Mandamus Granted,
Judge Campbell granted a writ of mandamus directing the Board of
Assessors of Detroit to make such computation as will secure a uniform
rate by allowing deductions for items represented by assets on which the
specific mortgage tax has already been paid.
In handing down his decision, Judge Campbell stated:
JULY 5 1930.]
FINANCIAL CHRONICLE
63
"These cases involve an action on the part of the Board of Assessors
of the City of Detroit in proceeding to assess the stock of the respective
trust company and bank in accordance with Section 8 of the General Tax
Law as amended by Act 322 of the Public Acts of 1929.
"Section 8 provides that shares in banks and trust companies shall be
assessed on the basis of the computation of their cash value, after deducting the assessed value of all real estate, &c., and also providing for certain
deductions to cover securities of a municipal character. This amendment
is claimed to be a departure from the rule requiring uniform rate taxation,
for the reason that other companies, not included in the category of banks
and trust companies, but who do a financial business, are permitted to
deduct from their list of taxable items all mortgages and land contracts
on which the mortgage tax has been paid.
June 1930 as $44,904,565 against $38,153,755 at the end of
June 1929. The bank figures indicate a substantial increase
in the amount of its acceptances outstanding June 30 1930,
showing $85,516,141 against $60,600,237 in June 1929.
Violates Uniform Taxation Rule.
"On behalf of the Equitable & Central Trust Co. it is claimed that this
law is unconstitutional, as being in contravention of Section 16, Article 2,
of the State constitution, in that it deprives the plaintiff of its property
without due process of law and further as being in contravention of Section 3, Article 10, of the State constitution, which empowers the Legislature to 'provide by law a uniform rule of taxation.'
"In the case of the First National Bank of Wyandotte, the claims set
up in behalf of the Equitable Trust Co. are reiterated, and a further objection is raised to the constitutionality of said Section 8, as amended, in
that the power of the State to tax National banks is expressly limited by
Act of Congress, being Section 348, Title 12, of the United States Code, to
such taxation as shall not be at a greater rate than is assessed upon other
moneyed capital in the hands of individual citizens of the State coming
into competition with the business of National banks.
"It appears to the Court that the contention of both plaintiffs is to be
sustained, and that, therefore. Section 8 is invalid and unconstitutional,
both as contravening State Constitution. and further as being an attempt
to exercise a greater taxing power upon National banks than is permitted
by the Federal law.
"It remains to consider the contention of the defendants, the Common
Council and the Board of Assessors of the City of Detroit, with relation
to the question of the power of the Court to issue a mandamus after the
tax role has been made up.
"Without going into the provisions of the charter in this respect, it
appears that the relative time within which the Court may issue its writ
Is substantially the same as that involved in the case of the Union Trust
Co. vs. Common Council, 170 Michigan, Page 701. In both these cases
mandamus issued.
se'pow•
"It is therefore the conclusion of the Court that a writ of mandamus may
issue as prayed, directing the Board of Assessors to make such a computation as will secure a uniform rate in this respect, by allowing deductions
from items represented by assets on which the specific mortgage tax has
already been paid."
le(Wilbur M. Brucker, Attorney-General, June 20 1930 declared orally
that the State would intervene in case of an appeal to the Michigan Supreme
Court from the decision of Judge Campbell in Wayne County.
Francis 0. Ayres, 1st Vice-President and Dctor of the
Metropolitan Life Insurance Co., was on Jul, 'T.elected a
member of the Advisory Board of the 5th Av ° and 29th
e
Street Office of the Chemical Bank &
Vo2i3pany of
New York.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A three-day holiday, incident to Independence Day, will
be observed on the various security and commodity markets.
The New York Stock Exchange, the New York Curb, the
New York Cotton Exchange and the Chicago Stock Exchange and Chicago Board of Trade are among the Exchanges
which voted to close Saturday, July 5,in addition to observing the July 4 holiday.
The Fidelity Trust Co. of New York changed its name
on July 1 to the Marine Midland Trust Co. of New York.
At the same time the institution increased its capital from
$6,000,000 to $10,000,000 and its surplus from $4,000,000
to $10,000,000. The proposed changes were noted in these
columns June 14, page 4178.
The Guaranty Company of New York announces the
appointment of T. W. Hawes as Manager and L. F. Sperry
as Assistant Manager of the main office sales department.
Norman H. Blake, formerly District Sales Manager will
assist Harold F. Greene, Vice-President and General Manager, in special work.
Frank K. Houston, Senior Vice-President and Director of
the Chemical Bank & Trust'Company, sailed Saturday, June
28th on the S. S. Leviathan for Europe on a several weeks'
business trip.
Cornelius R. Agnew, Vice-President of The National City
Bank of New York and of its trust affiliate, the City Bank
Farmers Trust Company, retired July 1 after thirty-two
years of continuous service with the latter institution. Mr.
Agnew entered the employ of The Farmers' Loan and Trust
Company, now the City Bank Farmers Trust Compapy, in
November, 1898 as a junior clerk, first in the trust department, then in the transfer and reorganization department.
In February 1900 he was made an assistant secretary, and in
June, 1909, was elected a Vice-President. In January of
this year he was elected a Vice-President of The National
City Bank of New York in charge of the City Bank Farmers
branch, continuing also as a Vice-President of the trust
company. Upon his retirement from active business Mr.
Agnew intends to devote his time to travel and philanthropic
work. Born In New York in 1870, Mr. Agnew was graduated
from Princeton with the Class of 1891. He is a director of
the Albany & Susquehanna Railroad, the County Trust Company of White Plains, Fort Wayne & Jackson Railroad Company, Quincy Mining Company and the Detroit, Hillsdale &
Southwestern Railroad.
At a meeting of the executive committee of The National
City Bank of New York, Kenneth W. Banta and Hugh
Brooks were appointed Assistant Vice-Presidents, Mr.
Banta was an assistant cashier and Mr. Brooks, Assistant
Comptroller. At a meeting of the directors of the City Bank
Farmers Trust Company, Walter Reid Wolf, John T.
Creighton and R. Baylor Knox were elected Vice-Presidents.
The National City Bank of New York in its statement of
condition as of the close of business on June 30 shows total
resources including its domestic and foreign branches, of
$2,078,337,252, against $1,995,838,614 on March 27, and
$2,062,400,220 on June 29, last year. Deposits amount to
$1,560,268,690, against $1,471,507,701 on March 27 and $1,470,891,893 on June 29, 1929. Capital, surplus and undivided
profits are $242,973,145, against $235,260,406 a year ago.
The high record for all time, reached December 31, last,
showed deposits of $1,649,554,260 and total resources of $2,206,241,170.
Rushton L. Ardrey, Assistant Treasurer of the Guaranty
Trust Company of New York, has resigned, efective July 1,
The condensed statement of condition of the Guaranty to become Assistant Vice
-President of the Bank of ManTrust Company of New York as of June 30 1930, published hattan Trust Company.
July 3, shows total resources of $2,038,458,286, as compared
with $1,749,321,065 on March 27, the date of the last published statement. Deposits, including outstanding checks.
aggregate $1,379,329,839, as compared with $1,133,385,431
in the statement of March 27. Undivided profits are shown
as $36,385,493, an increase of $3,749,470 since the first of
the year. The total capital, surplus and undivided profits
are $296,385,493.
The statement of condition of the Bank of America, N.
A.
for June 30 made public this week shows total resources
of
$500,175,031, against $437,940,048 at the end of last year.
The Bank reported deposits of $370,487,139, against
$305,904,586 on December 31,and undivided profits of $3,453,817,
against $3,153,009. Capital and surplus total $73,775,300
,
against $71,275,300.
The Statement of the International Acceptance Bank,Inc.
(New York) shows that since June of 1929 ($575,000) has
been added to undivided profits in addition to paying
dividends and providing generously for reserves. The report
hows the amount due to banks and customers at the end of
The statement of condition of The Bank of America National Association for June 30, 1930 made public this week
shows total resources of $500,175,031, against $437,940,048
at the end of last year. The bank reported deposits of
$370,487,139, against $305,904,586 on December 31, 1929 and
undivided profits of $3,453,817, aganst $3,153,009. Capital
and surplus totaled $73,775,300, against $71,275,300.
The stockholders of the Times Square Trust Company of
New York, at a meeting on July 1, ratified the proposal of
the board to reduce the capital stock of the institution from
$2,000,000 to $1,000,000, thereby releasing $1,000,000 for
surplus. The change gives the bank the following capital
structure: capital, $1,000,000; surplus, $1,000,000, and reserve for all contingencies, $467,293. A reduction in the
par value of the trust company's shares from $100 to $20 and
an increase in the number of shares to 50,000, thereby giving present stockholders 2 shares of the new par value
/
1
2
btock for each old share held, also were voted at the meet.ing. Commenting on the change voted, Harry H. Revman,
64
FINANCIAL CHRONICLE
Chairman of the Board, pointed out that the action of • the
stockholders tends to preserve for the institution a conservative ratio of capital funds to deposits. Incidentally, Mr.
Revman announced that deposits during the past four
months have increased $2,000,000. "It is the opinion of the
board that the acquisition of one or more banks by absorption or merger will become more logical and negotiations
leading thereto may be promptly consummated," Mr. Revman said.
An increase of more than $50,000,000 in deposits during
the first six months of this year is revealed in the June
30, 1930 statement of condition of Central Hanover Bank
and Trust Company, deposits as of that date aggregating
$649,129,906, compared with $598,326,397 as of December
31, 1929. Total assets of the institution are reported as
4800,064,915, compared with assets of $769,258,940 at December 31, 1929. Cash on hand, in Federal Reserve Bank
and due from banks and bankers, shows an increase, amounting to $72,799,946, against $65,483,255, while loans and discounts increased from $353,204,113 on December 31, 1929 to
$382,369,427. The bank's holdings of United States bonds
decreased from $78,846,401 to $68,089,482, while its holdings
of municipal bonds were increased from $11,687,639 to 418,173,597. The liability side of the statement it is stated reveals a reduction of almost $20,000,000 in acceptances, that
item being listed as $41,395,701, against $60,656,808 as of
December 31, 1929. Undivided profits show a slight increase, amounting to $24,136,125, compared with $24,117,707
as of December 31, last.
The Central Hanover Bank & Trust Co. of New York
will open a new office at 35-37 East 72nd St., New York.
The Central Hanover Bank & Trust Co. announces the
appointment of John J. Collins as Assistant Vice-President.
He was previously Assistant Secretary, and is at the 43rd
Street and Lexington Avenue office.
The Chase Bank opened a new Paris office on July 1 at
in
31 Avenue George V, marking an important forward step
American banking service in the French capital. This new
Chase office temporarily will occupy the ground floor suite
ent quarters
of the George V Hotel Building until its perman
of
at 29 Avenue George V are completed. The main office
Bank in Paris is at 41 Rue Cambon, the location
The Chase
York.
formerly occupied by the Equitable Trust Co. of New
Chase Bank (Paris) is affiliated with the Chase National
The
Bank of New York.
__•_—
mail
On July 1 The Morris Plan Co. of New York will
cheeks to holders of its 5% in30,000 semi-annual interest
s of
vestment certificates, and credit the instalment account
additional purchasers, according to Executive Vice10,000
d exPresident Wallace D. McLean,. The amount involve
The
ceeds $675,000 and the largest single check is $2,900. ates
average invested in the full paid certific
approximate
per person is $900. This is the thirty-first consecutive semiIn
annual distribution of interest for the local institution.
than $4,000,000 has been distributed
the last five years more
York was orin this way. The Morris Plan Co. of New
in 1914 on a small capital, with office space in Wilganized
reliam Street, and to-day reports a capital of $2,000,000,
of its
sources of $48,000,000 and operates 12 offices. Sales
ons.
certificates now exceed $90,000,000 since it began operati
__•_—
of
John E. Parry, Vice-President of the National Bank
N. Y., and Secretary of the Glens
Glens Falls, Glens Falls,
disease
Falls Portland Cement Co., died suddenly of heart
home on Twin Island, Lake George,on *Tilly 1.
at his Summer
tady,
Mr. Parry was graduated from Union College, Schenec
1880. For many years he was cashier of the Glens Falls
in
ion
National Bank. Upon the amalgamation of the institut
esident.
and the Merchants Bank, Mr.Parry became Vice-Pr
of service
LT April of last year he completed a half century
Falls
with the bank. He had been Secretary of the Glens
Portland Cement Co. since its organization.
,
—4 —
From the Boston "News Bureau" of July 1 it is learned
of the
that J. C. Allen has resigned as a Vice-President
Bank of Boston to accept the Presidency of
First National
Allen succeeds
the Everett Trust Co., Everett, Mass. Mr.
Holmes, who has retired as President to
Ferdinand M.
however,
devote more time to his outside affairs. He will,
Folk 131.
continue as a director of the trust company. The paper
mentioned, continuing, said:
s
Directors of Everett Trust Ho.,in a letter to stockholders and depositor
state that mgotiations are under way with Old Colony Trust Associates.
s of a substantial stock interest
with regard to purchase by the Associate
In the suburban bank. Directors express the opinion that affiliation of
Everett Trust Co. with Old Colony Trust Associates would prove very
valuable to customers and shareholders.
On June 30 officers of the Citizens' National Bank of
Conneautville, Pa., revealed that a shortgage of $28,394.23
had been found in the accounts of the bank's cashier, 0. L.
Dean, by National bank examiners, and that Mr. Dean's
resignation had been requested and submitted, according to
Associated Press advices from Conneautville, appearing in
the New York "Times," which continuing, said:
in the
The shortage, it was said, represented personal losses suffered
y all covered
stock market. The money, it was added, was practicall
by bond.
has served
No charges have been made by the bank officials. Dean
as cashier for six years.
Effective June 26, the National Bank of Elkton, Md.,
capital $100,000, was placed in voluntary liquidation. The
Elkton Banking & Trust Co. of Maryland, Elkton, has
absorbed the institution. Reference to the approaching
cle"
consolidation of these banks appeared in the "Chroni
of April 5, page 2335.
'
Further referring to the proposed union of the Drovers
& Mechanics' National Bank, the Maryland Trust Co. and
the Continental Trust Co., all of Baltimore, under the title
of the Maryland Trust Co., special meetings of the respective stockholders of the two trust companies will be held
July 15 to ratify formally the agreement of consolidation
on.
es,
entered into by the respective directors of the compani
of
according to the Baltimore "Sin"- June 28. Letters have
been addressed simultaneously to their stockholders by each
of the three institutions and leading _stockholders of each
of the banks are understood to hive_agreed,toathe merger.
We quote further from:the paper_mentioned in part as fOTlows:
s' National,inHeyward E. Boyce, President of the Drovers'& Mechanic
change affecting daily
formed stockholders that after the merger the only
as the Drovers'& Metransactions will be that the main office will be known
same will be true of the
chanics' office of the Maryland Trust Co., and the
as before, he added, with
two existing branches. The officers will continue
possibly some changes of title.
and directors of his bank unhesitatingly
Mr. Boyce said also that officers
be signified by stockholders
recommend approval of the proposed merger to
ed with the letter,
signing and depositing a form of approval, transmitt es of stock of the
y certificat
and also submitting to the bank as depositar
ed. On deposit of the stock,
Drovers' & Mechanics' indorsed and transferr
transfer books will be
certificates of deposit will be issued and the stock
closed at the expiration of business June 30.
the Continental Trust Co.,
In his communication to shareholders of
that in order to accomplish
William J. Casey, President, informed them
Continental Trust Co. in
e merger it was deemed advisable to keep the
therefore, be necessary, he
existence with a reduced capital. It would,
the capital from 81,000,000 to
added, to amend the charter by reducing
whole or in part.
$500,000 and by the disposition of assets in
Trust Co., told stockL. S. Zimmerman, President of the Maryland
amendment of the charter of
holders that the plan of merger calls for the
things, for an authorized capital
the company to provide, among other
shares of the par value of
stock of $3,000,000 to be divided into 300.000
0 par value will be presently
$10 each, of which approximately $2,500,00
Issued.
stockholders out of surplus
The Maryland Trust Co. will pay to its
a share, it was said. The
prior to the merger an extra dividend of $10
pay an extra of $5 a share.
Continental Trust Co. in like manner will
tion of the merger.
Both these extras will be subject to the consumma
ns will pay to their reIn addition it was declared that all the institutio
the usual rate on the regular dates until
spective stockholders dividends at
the surplus and undivided
the consolidation is put into effect. A portion of
aside for special reserves.
profits of the combined institutions will be set
Reference was made to the approaching merger of these
banks in the "Chronicle" of June 7 and June 21, pages 3995
and 4362, respectively.
The Sabina Bank at:Sabina; Ohio,'an institution with
combined capital and surplus of $75,000 and total resources
of $350,000, closed its doors on July 1 because of heavy
withdrawals, 0. C. Gray, State Superintendent of Banks
for Ohio, announced, as reported in Associated Press advices
on July 1 from Columbus, Ohio, printed in the New York
"Herald Tribune."
The new Union Bank & Trust Co.of Kokomo,Ind., which
replaces the defunct Farmers' Trust & Savings Bank of that
151e,reference to which was made in our June 14 issue, page
4180, arranged to open for business on June 30, according to
advices from Kokomo on June 28 to the Indianapolis"News."
ifEe new bank, which occupies the former quarters of the
Farmers' Trust & Savings Bank, has taken over the assets
of the latter and all depositors will be paid in the full dispatch stated. The old bank closed its doors on Jan. 29 last,
-page 4180.21k,la nim
as noted in the "Chronicle" of Feb:8,
•
JULY 5 1930.]
FINANCIAL CHRONICLE
65
A charter has been issued by the Comptroller of the Cur- was to open for business in Columbia on July 1. The adrency for the First National Bank of Pana, Ill.- The new vices said in part as follows:
Announcement was made by Y. L. Hutton on Wednesday (June 25) that
titution will be capitalized at $75,000. Warren Penwell
the new Middle Tennessee Bank will open for business Thursday, July 1.
will be President and J. A. Clark, Cashier.
Mr. Hutton, President of Columbia's third bank, was in conference with
••••••
-.••••=•••••••
frif3
D. D. Robertson, State bank superintendent in Nashville Wednesday
On June 27 the Straus National Bank & Trust Co."Of and was given assurance that his plan was ready for operation. The
and stock was subpaid up
bank has
Chicago celebrated the second anniversary of its founding, scribed byadepositorscapital and surplus of $300,000 & Trust Co., which
of the defunct Columbia Bank
according to the Chicago "Journal of Commerce" of June 28. closed a year ago and others.
Mr. Hutton was liquidating agent of the old bank and worked out the
The banking quarters of the institution are in the Straus
new. Other officers are Gordon H. Turner,
Building at Jackson and MichiganAvenues. The bank plan for the organization of the Vice-Pres. and Cashier; C. A. Ross, AssisVice-President; Van Shapard,
began busineis with Combined capital and surplus of $1,250:- tant Cashier.
000. As of May 31 1930 it showed undivided profits of
Announcement was made by the State Banking Depart$384,138. Deposits on the opening day, June 271928,
amounted to $2,085,584. On June 271930, they totaled ment of Florida on June 30 that the Bank of Winter Park,
$15,8817584. The Chicago paper furthermore stated that Winter Park, Fla., had failed to open its doors on that day,
according to a dispatch by the Associated Press from Tallasavings deposits during the past year increased over 40%.
hassee, Fla., June 30, appearing in the New York "Times"
Effective June 21, the First National Bank of Hamtramck, of the following day. The closed bank was capitalized at
Mich., capitalized at $100,000, was placed in voluntary $60,000 and on June 4 had deposits of $465,373, it was said.
liquidation. The institution has been absorbed by the Ham- F. W. Shepherd was President. The advices furthermore
tramck State Bank.
stated that W. H. Tunicliffe, general liquidator of closed
the district, took charge of the institution.
An official announcement by the Northwest Bancorpora- State banks in
tion (head office, Minneapolis)last week stated that earnings
San Antonio, Tex., advices by the Associated Press on
O?
of the Northwest' Bancom9ration group for the first half- June 28, printed in the Houston "Post" of June 29, stated
1930Weeedeiffull-dividend requirement for the entire year, that A. V. Campbell, until recently Cashier of the National
,
regular quarterly
"acco7ding to the financial report made at the- Bank of Commerce of San Antonio, was at liberty under a
-•
the Board of Directors held in Minneapolis bond of $10,000 for the alleged embezzlement of $53,468.91
ineeiing of -. The announcement goes on to say:
.
.
june 25 1930" of the institution's funds. J. K. Beretta, President of the
Net operating earnings of the group since Jan. 1 1930 exceeded $2 a institution, was quoted in the dispatch as saying that "the
share on 1,657,107 shares of stock outstanding. This is in excess of the full
bank will not lose one cent by the disclosure of the shortage."
year dividend requirement of $1.80.
Payment July 1 of the usual quarterly dividend of 45 cents per share to
stockholders of record June 20 was authorized by the Board.
"The importance of having diversified sources of income made possible
through the development of group banking is reflected in the satisfactory
earnings," E. W. Decker, President, said.
The financial report disclosed a strong cash position. Approximately
$10,000,000 or over 10% of the investments of the corporation is in assets
other than bank stocks. This is in keeping with the policy of the corporation adopted a year ago always to maintain a substantial amount of the
assets of the corporation in marketable securities other than bank invest• ,
• las.4
"-\v•artAkd
ments.
Since the beginning of 1930, 21 banks have become affiliated in the
group and in addition the Bancorporation organized the Montana Livestock Loan Co. for the purpose of financing the livestock industry in Montana.
Broader distribution of Northwest Bancorporation stock through the
territory served by its affiliated units was shown. Since Jan. 1 1930 the
number of shareholders increased from 11,469 to 13,100.
Further referring to the affairs of the Texas National
Bank of Fort Worth, Texas, which was closed the early part
of this year, advices from Fort Worth on June 27 to the
Dallas "News" stated that the Comptroller of the Currency
has authorized the payment of a 25% dividend to depositors
on or about Aug. 1, according to an announcement on that
date by R. L. Van Zandt, the receiver of the institution,
after a conversation over the telephone with officials of the
Comptroller's office in Washington. The dispatch, continuing, said:
The total dividend will amount to more than $1,000,000 and about
6,500 depositors will be benefited, Mr. Van Zandt indicated.
The checks will be prepared in Forth Worth, then sent to Washington
to be signed and then will be returned for delivery.
The bank closed its doors on Jan. 31.
The First National Bank of Emmett, Ida. capitalized
Our last reference to the bank's affairs appeared in the
at $307000, was placed in voluntary liquidation on April 21
1930. It was absorbed by the First Security Bank of Emmett. "Chronicle" of June 28, page 4552.
The Brownwood State Bank, Brownwood, Texas, failed
Advices from Higbee, Mo., on June 25 to the St. Louis
"Globe-Democrat" reported that the stockholders of the to open for business on June 26, according to a dispatch
tilizt47 Bank- Of-Higbee on June 24 voted to take over the from that place on the same day to the Dallas "News,"
Yates Savings Bank of Yates, Mo., for,liquidatiotr. The which continuing said:
o. C. Walker, President, said that unusually heavy withdrawals the
dispatch went on to say:
last week caused directors in meeting Wednesday night to post this sign
Lyle Cubbage of the Yates bank will be connected with the Citizens
bank. The last official statement of the Yates bank showed resources of
$95,657.66, and the Citizens bank $98,881.50. Total deposits of the
Yates bank showed $54,804.82, and the Citizens bank $82,786.67. -
Thursday morning: "Bank closed and business suspended, by order board
of directors." Stockholders' meeting will be held within near future and
plans for paying depositors will be worked out. Inability to collect outstanding notes assigned as main cause of bank failure. The bank had a
capital and surplus of about $62,000 and until recently deposits were
more than $200,000. The bank was organized by 0. C. Walker, who
served six years as Secretary before being elected President in 1928. The
bank moved into its new home in 1928.
_Knoxville, Tenn.; advices on July 1 to the New York
"Tinlei" reports-that a:Chancery bill asking.
of a receiver for the Guaranty Trust Co. of Knoxville,
Tenn., was filed On July 1 against the company ana its
The half yearly report of the Bank of Italy National Trust
President, William VVSkinner, by the City National Bank & Savings Association (headquarters San Francisco) as of
of Knoxville. The dispatch went on to say:
June 30 1930, has been issued and shows an increase of
The bank says that the trust company and Skinner owe it $2,030 on a
invested capital after payment
-day note executed on March 4: that the defendant's total liabilities approximately $2,500,000 in
90
"will not fall short of $500,000," and that their assets are valued at from of dividends, indicating that the bank has enjoyed one of the
$300,000 to $400,000.
most prosperous six months' period in its history. The
A dispatch by the Associated Press from Montgomery statement further shows a strong liquid position. Total
j United States and other securities held aggregated $262,'Ala•, on June
-23, Printed in the Beston "Transciipt" of the
-_
_ - next day, stated that announcement was made on June 23 by 030,942 as of June 30 1930„ an increase of more than $1,500,000 compared with June 30 1929. Deposits aggregated
bent F. Green, State Superintendent
banks, of
24,556,605. During the year the bank reported an inthe consolidation of the Carbon Hill State Bank, Carbon
crease in savings deposits of $63,000,000 and in commercial
.
Ala:,and the Citizens' Bank ofCarbOn Hill, under e
-thRile of the Citizens' State Bank.The newinstitution is accounts of $57,000,000. Evidencing the growth of interacceptcapitalized at $50,000.--- . T. Wakefield ii President and national business is the gain in letters of credit and
J-ances. This item amounted to over $40,000,000 this year,
H. H. Morgan, Cashier.
against $28,561,000 last year. Total resources now aggregate
The First National Bank of Itta Bena, Miss., with capital $988,408,939 against 51,705,810 in June 1929. Arnold
__,of$200,000, was placed in voluntary liquidation on June 14. J. Mount, President of the institution, commenting on the
It
taken over by the First Savings Bank & Trust Co. report said:
A very satisfactory statement. It shows not only that the bank has made a
of Itta Bena.
of Alabama
From a Columbia, Tenn., dispatch on June 26 to the
Nashville "Banner," it is learned that a new State banliini
institution under the name of the Middle Tennessee Bank
healthy growth during a very trying economic period, but it is a good
index to the prosperity of the State as well, which should be reassuring
news to everyone. When people are putting their money into savings as is
strikingly illustrated in our statement we need not have any great fear for
the future.
66
FINANCIAL CHRONICLE
[VoL. 131.
THE WEEK ON THE NEW YORKSTOCK EXCHANGE. points to 222 and New Haven which moved ahead about a
Speculative activity on the New York Stock Exchange has point to 103. Copper stocks were weak, motor shares were
been at a low ebb the present week, so much so, in fact, that down and oil issues were practically at a standstill.
The trend of the market again turned upward on Wednesthe tickers were at times at an absolute standstill. On Sat- day and while prices were off to some extent at the close,
urday the market displayed considerable weakness, follow- the losses were not sufficiently large to cancel the early gains.
ing heavy selling in the railroad group, but a brisk rally The total turnover was down to 1,231,130 shares and was the
during the early trading on Monday helped many of the smallest volume of trading of any five-hour session since
speculative favorites to make up the losses of the preceding July 23 1928. What little speculative activity there was
around the high priced specialties and a number of
session. As the week advanced, prices rallied and receded centered
these stocks regained a very considerable part of the losses
without definite trend. The weekly statement of the Fed- of the previous day. The list included such stocks as J. I.
eral Reserve Bank, made public after the close of business on Case, Eastman Kodak, Worthington Pump and Allied
Thursday, showed a reduction of $197,000,000 in brokers' Chemical & Dye. Public utilities were stronger, and moved
loans in this district. Call money renewed at 2% on Mon- up with the leaders in the advance. The best gains were
day, advanced to 3% later in the day, and fluctuated be- recorded by Consolidated Gas which advanced 23% points to
1083%, Electric Power & Light which improved 23% points
tween 2% and 3% during the rest of the week.
to 683% and Standard Gas & Electric which forged ahead 3
On Saturday the stock market registered the smallest two- points to 93. United States Steel advanced 2 points to
hour session since July 21 1928. The total sales recorded up 158, Westinghouse gained nearly 2 points to 137 and
to the close of the Exchange was 586,590 shares. Prices General Electric was fractionally higher. The market again
were irregular with most of the trading favorites moving up drifted downward in a typical pre-holiday session on Thursand down without definite trend and there were frequent day. In the early trading the market moved within a narintervals when the ticker was at a standstill for minutes at row range with occasional spurts in some special issue, but as
the day progressed, trading slowed down and there were
a time. The principal feature of the first hour was the selling
several periods when the tickers were at a standstill. The
of railroad stocks, particularly Southern Railway, which was principal losses were United States Steel 2 points to 156,
under heavy pressure and dipped below 90 for the first time Westinghouse Electric 3 points to 134, and American Can
%
3
in several years. St. Louis-San Francisco hit a new low for 2 points to 1173. Other weak stocks were Eastman
the year and many of the more active speculative issues of Kodak which was off 2M points. Consolidated Gas which
the group were off from 2 to 3 or more points. Public dropped 3 points, Allied Chemical & Dye which dipped
about 10 points. Some of the speculative favorites among
utilities were down for a time, but displayed some improvethe specialties were off from 2 to 5 or more points and not a
ment toward the close of the day. Radio Corp. pref. B few broke through the lowest levels of the present year. The
was noteworthy for its strength and closed at 773 with a final tone was weak. The New York Stock Exchange was
gain of 63 points. In the general list, Allied Chemical & closed on Friday in observance of the Fourth of July, and by
Dye was off 7M points, American Tobacco 2 points and resolution of the Board of Governors will also be closed to-day
there were substantial losses in such stocks as United States as an additional holiday.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Steel, American Can, General Electric, and Air Reduction.
DAILY. WEEKLY AND YEARLY.
The best prices were recorded just before the close but with
Total
Stocks,
United
State,
Railroad,
the exception of one or two special stocks the list was below
Bonds
Week Ended
States
Municipal &
&c.,
Number of
Sales.
Bonds.
Shares.
July 3.
For'n Bonds.
Bonds.
the preceding session.
$114,000 $3,966,000
586,590 $2,480,000 $1,372,000
The stock market worked slowly upward on Monday Saturday
Monday
672,000
7,762,500
1,843,050
2,526.500
4,564,000
722,000
9,226,000
2,483,000
though for the most part the improvement was due to short Tuesday ___ 2,278.850 6,021,000 2,477,000
174,000
8,526,000
Wednesday
1,231,130
5,875,000
282,000
8,268,000
Thursday
1,384,250
3.082,000
4,904.000
covering. Most of the active stocks in the industrial list Friday
HOLIDAY
improvement, American Can for instance closed at
showed
Total
7.323.870 $23844000 311.040.500 31.964.000 $3,748,500
1193' with a net gain 33 points, Allied Chemical & Dye was
Sal * ca
,
New York Stock
Jan. 1 to July 3.
Week Ended July 3.
higher by 5 points and dlosed at 260, Westinghouse improved
Exchange.
1930.
1929.
1929.
1930.
I
4M points to 137, Worthington Pump advanced 2M points
Sales at
33/i Stocks-No. of shares_ 7,323,870 19,114,870 497,582,940 554,986,850
to 1293, J. I. Case 8 points to 177, Johns-Manville
Bonds.
Government bonds__
866,432,600.
points to 783', Vanadium Steel 23'g points to 79, and Air State and foreign bonds $1,964,000 $2,814,700 $61,120,900
355,039,000
317,243,650
9,383,000
11,940,500
971,324,500
Reduction 5M points to 1243%. Railroad shares were repre- Railroad & misc. bonds 23,844,000 48,000,500 1,072,670,500
Total bonds
$37,748,500 $60,198,200 $1,488,830,400 $1,355,000,750
sented in the advances by Atchison with a gain of 3 points to
201, Louisville & Nashville with an advance of 2 points to
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
133, Missouri-Kansas-Texas which moved upward 23/i points
to 363/i and New York Central about 2 points to 1563 .
4
Philadelphia.
Boston.
Baltimore.
Week Ended
Public utilities were stronger and forged ahead under the
July 3 1930.
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
.
leadership of Amer. Tel. & Tel. which closed at 2103 with a Saturday
*10,342
$1,000 a45,704
$8,000
b 449
$25,500
Monday
*20,921
14,000 a79,581
12,500
61,124
21,000
net gain of 33 points. Other strong stocks in the pubic Tuesday
4
*31,144
17,000 a88,855
9,000
61,935
14,300
Wednesday
*17,589
38,000 a72,749
17,400
62,194
8,000
utility group were Amer. Power & Light which gained 2M Thursday
5,824
3,000
18,095
0,000
62,763
10,200
BOLL DAY
HOL1 DAY
HOLT DAY
points to 87M, Amer. Water Works which advanced 27, Friday
Total
85,820
$73,000 304,984
$55,900
8,465
$79,000
points to 853%, Standard Gas & Electric which moved upPM. week revised 22104t Sinn AAA R47 Ana
,
CIA 900
II 9n2
177 non
4
ward 23 points to 90, Electric Power & Light which gained
* In addition, sales of
13% points to 673%, and Western Union Telegraph 1M points 2,884; Wednesday, 2,197.rights were: Saturday, 849; Monday, 1,787; Tuesday,
a In addition, sales of rights were: Saturday, 2,100; Monday, 1,787; Tuesday,
162. On Tuesday the market continued strong during
to
10,500; Wednesday, 12,300. Sales
the early trading, but ran into pronounced selling as the day Tuesday, 500; Wednesday, 700. of warrants were: Saturday, 300; Monday, 800:
S In addition, sales of rights were: Saturday, 1,739; Monday, 2,322; Tuesday,
progressed and much of the early gain was lost. Prices were
2,166; Wednesday, 571.
at their best around the noon-hour and advances were up to
10 or more points. The reaction came late in the day and was
THE ENGLISH GOLD AND SILVER MARKETS.
sufficiently emphatic to establish substantial losses among
We reprint the following from the weekly circular of
such stocks as Columbian Carbon, United States Steel,
American Can, Johns-Manville, Amer. Tel. & Tel., General Samuel Montagu & Co. of London, written under date of
Electric, Eastman Kodak,J. I. Case, Electric Power & Light, June 18 1930:
GOLD.
Allied Chemical & Dye and Worthington Pump. Railroad
The Bank of England gold reserve against notes amounted to £158,shares were considerably stronger, especially Atchison which 261,457 on the list instant (as compared with £155,988,589 on the previous
£10,301,373
last.
moved up to 2093 and scored a gain of 33 points. Other Wednesday) and represents an increase ofwas available since Jan. I market
£668,000 of bar gold from South Africa
in the open
strong stocks in the railroad group were Rock Island which yesterday. In view of the lowering of the gold export point to France
advanced 3M points, Ches. & Ohio which bounded forward occasioned by the events of last week, there was again a keen demand from
French buyers, who secured £605,000 at the fixed price of 85s. per fine
33' points to 1783', New York Central which improved 23' ounce. Home and Continental trade requirements absorbed £38,000 and
points to 159, Norfolk & Western which surged forward 2 India £25,000.
JULY 51930.1
67
FINANCIAL CHRONICLE
As will be seen from the figures below there was only a small withdrawal
of gold from the Bank of England for France. The exchange being slightly
more favorable to this country, further withdrawals were impracticable in
view of the cost of refining standard gold to a fineness acceptable to the
Bank of France.
Movements of gold at the Bank of England during the week resulted in
a net influx of £346.983. Receipts consisted of £500,000 in sovereigns
"released" and withdrawals included £101.000 in bar gold for France and
20,833 sovereigns "set aside."
With reference to our remarks last week concerning the change in the
Bank of England's practice regarding the fineness of gold bars which it
8011S, we would point out that the Bank is not necessarily limited even to
standard fineness, as the Gold Standard Act of 1925 makes no restrictions
on the delivery of bars of lower quality.
The Bank of England from time to time buys gold of lower than standard
quality, particularly foreign gold coin of 900-1,000ths fine, and there Is
no legal reason to prevent its delivering bars melted from such coin should
It desire to do so.
United Kingdom imports and exports of gold for the month of May last
are detailed below:
Imports.
Exports.
Germany
£1.227,099
France
£29.691 10,845,026
Switzerland
77,880
Spain and Canaries
10.342
West Africa
131,752
Various countries in South America
51,522
Union of South Africa (including South-West
Africa Territory)
3,946,009
Rhodesia
103,747
British India
340.732
Australia
5,050,000
Austria
41,550
Other countries
13.906
19,802
June 28 June 30 July 1. July 2. July 3. July 4.
Francs. Francs. Francs. Francs. Francs. Francs.
Indunr(alsTrenierlse& Lamlnoirs du Havre
2,180 2,155 2,120 2,115
Societe Andre Citroen
750
746
775
805
288 Rates
Ste. Francais. Ford
278
279
271
not
955
Coty. El A
950
951
Holt965
Pechiney
3,070 3,015 2,940 2.915 availday
l'Atr Liquide
able
1,845 1,815 1,739 1,739
EtablissementaKuhlmann
980
981
990
1,013
174
Galeries Lafayette174
165
165
Royal Dutch
4,030
4,065
4,080
4,090
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
June June
30.
28.
July July July July
4.
3.
2.
1.
Per Cent of Par
112
113 113
161 180 158
142 141 141
208 210 204
133 133 132
133 133 133
257 258 256
88
88
87
152 152 150
181 180 183
129 128 127
148 148 147
105 103 100
Bates
134 133
not
59
122 iii 121 available
131 a122 123
181 161 158
152 s142 142
108 106 105
94
95
97
106 104 100
87
88
89
234 228 224
170 170 189
100
99
98
219 215 211
92
93
90
149 150 149
89
87
88
Ally. Deutsche Credit(Adca)(8)
113 113
Berlin. Handel. Gee.(12)
180 162
Commerz-und Privet-Bank (11)
142 143
Darmstaedter u. Nationalbank (12)
209 211
Deutsche Bank u. Disoonto (lea.(10)
133 134
Dresdnes Bunk (10)
133 134
Reischsbank (12)
260 261
Algemeene Kunstztide Utile(Aku)(18)_
89
87
Ally. Elektr. Gee.(A.E.G.) (9)
151
154
Ford Motor Co.. Berlin (10)
182 170
Gelsenkirchen Bergwerk (8)
128 129
Gestuerel (10)
144 148
Hamburg-American Line(Hapag)(7)
103 105
Hamburg Electric Co.(10)
133 134
Heyden Chemical (5)
55
59
£9,326,627 £12,562,431 Harpener Bergbau (6)
122 123
The following were the United Kingdom imports and exports of gold Hotelbetrieb (12)
133 133
181 163
registered from mid-day on the 7th instant to mid-day on the 16th instant: 1.0. Farben-Indus.(Dye Trust)(14)
Hall Chende (7)
150 155
ImportsKarstadt (12)
Exports
107 108
British South Africa- --- £975,785 France
97
95
£25,255 Mannesmann Tubes(7)
British West Africa
36,495 Switzerland
104 106
18,840 North German Lloyd (8)
Brazil
52.765 Austria
89
87
18,165 Phoenix Bergbau (6)4)
France
9,506 Germany
233 236
6.800 Polyphonwerke (20)
Venezuela
3,900 British India
170 170
47.543 Rhein. Westf. Elekt.(R. W.E.)(10)
Sachsenwerke Licht u. Kraft (734)
Other countries
99
99
4.887 Siemens
& lialske (14)
215 221
£1,078.451
90
95
E121.490 Stoehr & Co. Kammgarn Spinneret (5)..
Leonhard 'nets (10)
150
150
SILVER.
87
88
The recovery seen in prices last week was short lived and the market ver.Stahlwerke(United Steel Works)(6)
has since shown renewed weakness. The fall was due in large measure
a Ex-dividend 10%. s Ex-dividend.
to an absence of support, although sharp declines in rates in China and
India were reflected by further selling from these quarters. From 16 3-16d.
and 16d. for cash and two months' delivery, quoted on the 12th instant,
quotations moved quickly downwards until yet another low record
was
established when 15 11-16d. and 15 7-16d. were fixed on the 16th instant.
Bear covering attracted by the low prices and a little Indian buying
Bank clearings this week will show a decrease as compared
for
shipment helped in a small recovery yesterday, quotations reacting to
15 13-16d. and 15%d., but to-day, in the absence of further buying, were with a year ago. Preliminary figures compiled by us, based
fixed %d. lower at 15 11-16d. and 153d.
upon telegraphic advices from the chief cities of the country,
America has both bought and sold moderately during the week.
indicated that for the week ended to-day (Saturday, July 5)
The demand for silver has been mostly for near delivery either to
cover
bear sales or for early shipment. This has served to maintain the premium bank exchanges for all the cities of the United States from
on cash, which was %d. on the 14th and 16th instant, and 3-16d. for the which it is possible to obtain weekly returns will be 21.7%
remainder of the week.
below those for the corresponding week last year. Our preThe following were the United Kingdom imports and exports of silver
registered from mid-day on the 7th instant to mid-day on the 16th instant: liminary total stands at $11,247,146,979, against $14,366,Imports470,409 for the same week in 1929. At this centre there is
Exports
United States of America--£14,419 British India
£97,470 a loss for the five days ended Friday of
Other countries
25.0%. Our com11,030 Other countries
4,745
parative summary for the week follows:
£25,449
£102,215
INDIAN CURRENCY RETURNS.
Clearings-Returns by Telegraph.
Per
(In lacs of rupees.)
June 7. May 31. May 22.
Week Ending July 5.
1930.
1929. ‘ Cent.
Notes in circulation
16749
16778
17065
Silver coin and bullion in India
11024
11053
11043 New York
$6,097,000,000 $8,114,000.000 -25.0
Silver coin and bullion out of India
Chicago
528,895,791
555,548,004
-4.8
Gold coin and bullion in India
5228
3228
3228 Philadelphia
428,000,000
Gold coin and bullion out of India
518,000,000 -17.4
Boston
482,000,000 -14.3
413,000,000
Securities (Indian Government)
Rii
2456 2746 Kansas City
113,214.725
*110,000,000
-2.8
Securities (British Government)
61
44 St. Louis
61
94.300.000
109,300.000 -13.7
The stocks in Shanghai on the 14th instant consisted of about 102,000,000 San Francisco
162,121,000
158,754,001)
-32
ounces in sycee, 148,000,000 dollars, 12,700,000 Saigon dollars and 10,840 Pittsburgh..
194,019,705
161,013,971 +20.5
166,000,000 -21.9
129,855,152
silver bars,as compared with about 100,900,000 ounces in sycee,146,000,000 Detroit
Cleveland
122,961,272 -13.9
105,855,683
dollars, 13,700,000 Saigon dollars and 11,320 silver bars on the 7th instant. Baltimore
89,403,630
92,070,136
-2.9
Quotations during the week:
New Orleans
37,398,891
36,840,357
+1.5
-Bar Silver, Per Oz. Std.Bar Gold,
Twelve cities, 5 days
38,384,282,832 310,831,059,465 -21.2
QuotationsCash.
2 Mos,
Per Oz. Fine. Other cities, 5 days
988,339,648
1,203,888,560 -17.8
June 12
163-18d.
16d.
85s. (d.
13
163-16d.
16d.
848. 11%cl.
Total all cities, 5 days
$9,372,622,480 $11,834.948,025 -20.8
14
15%d.
15%d,
84s. 11%d. All cities, 1 day
1,874,524,496
2,531,522,384 -28.0
16
15 11-16d.
15 7-16d.
84s. 115d.
17
15 13-16d.
15%d.
85s.
Total all cities for week
$11,247,146,976 $14,366, ,409 -21.7
470
18
11-16d.
15
15%d.
85s.
Average
15.906d.
*Estimated.
15.698d.
84s. 11.92d
The silver quotations to-day for cash and two months' delivery are each
Complete and exact details for the week covered by the
iid. below those fixed a week ago.
Course of Bank Clearings.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
June 28 June 30
Francs. Francs.
French Reines 3% Perpetual
87.35
French Rentes4% 1917
101.60
French Row es 5% 1915-16
101.80
Banks
_league de France
22,800
Banque de Paris et des Pays BM2,870
Credit Lyonnais
3,180
Union dm Mines
1,480
Canal
Canal Maritime de SIM
18,390
Railroad-Chemin de fer du Nord
2,435
MinesMines ne Courrlereej
Holt1,515
Mines de Lens
1,221
day
Boo. Mintere et Metallurginue...
920
Public Utilities
Cie. Generale d'Eleetrieite
3,350
Soc. I-yonnalse des Eaux
2,990
Cie. Francalse dm Procedes
Thomson-Houston
895
Union d'Electricite
1,230
July 1.
Francs.
87.35
101.60
102.20
July 2.
Francs.
87.05
101.50
102.15
July 3. July 4.
Francs. Francs,
87.20
101.75
102.05
22,640 22,425 22.365
2,845 2,805 2,790
3,120 3,090 3,085
1,475 1,475 1.470
18,205 18,015 18,100
2,430
2.405
2,430
1,480
1,202
970
1,447
1,168
922
Rates
1,432 not
1,167 avail.
925 able
3,295
2,945
3,230
2,920
3,220
2,925
876
1,237
848
1,218
840
1,205
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 28. For
that week there is a decrease of 9.9%, the aggregate of clearings for the whole country being $11,570,068,912, against
$12,846,935,824 in the same week of 1929. Outside of this
city there is a decrease of 12.5%, while the bank clearings at
this centre record a loss of 11.8%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve district, including this city, the totals show a loss
of 10.0%, and in the Philadelphia Reserve district of 16.2%
but in the Boston Reserve district there is a gain of 4.3%.
The Cleveland Reserve district shows a decrease of 12.1%,
the Richmond Reserve district of 7.8% and the Atlanta
[VOL. 131.
FINANCIAL CHRONICLE
Reserve district of 26.8%. In the Chicago Reserve district
Our usual monthly detailed statement of transactions on
that totals are smaller by 11.1%, in the St. Louis Reserve the New York Stock Exchange is appended. The results for
district by 5.3% and in the Minneapolis Reserve district June and the six months of 1930 and 1929 are given below:
by 9.9%. The Kansas City Reserve district shows a shrinkage of 13.7%, the Dallas Reserve district of 22.2% and the
Month of June.
Six Months.
Description.
San Francisco Reserve district of 12.7%.
1930.
1929.
1930.
1929.
In the following we furnish a summary by Federal Reserve Stock, number of shares_ 76,593,250 69,546,040 492,668,710 537,866,310
districts:
Railroad & misc. bonds__
State,for'n, &c., bonds__
U. S. Gov't bonds
SUMMARY OF BANK CLEARINGS.
Week End. June 28 1930.
1930.
1929.
Federal Reserve Diets,
s
680,248,100
1st Boston -___12 cities
7,899,353,638
2nd New York__11 "
638,100,836
3rd Philadelpla 10 "
399,191,648
4th Cleveland... 8 "
156,823,194
5th Richmond _ 6 "
134,103,605
6th Atianta____12 "
849,166,717
7th Chicago ___20 "
186,026,191
8th St. Louis.... 8 "
105,098,924
9th Minneapolis 7 "
176,476,018
tote KansasCitY 10 "
52,112,756
Ilth Dallas
5 "
493,367,376
12th San Fran 17 "
s
556,418,690
8,779,395,533
643,201,049
454,274,208
170,166,327
161,190,484
955,990,159
196,648,145
116,645,968
204,683,133
67,037,010
541,285,128
Inc.of
Dec.
1928.
1927,
%
$
$
653,124,357
+4.3
491,743,494
-10.0 7,134,143,966 7.640,482,594
611,973,374
-16.2
572,102,960
449,904,690
-12.1
412,407,107
177,276,702
-7.8
175,283,955
182,482,624
-268
159,941,655
-11.1
958,824,346 1,046,518,492
217,535,126
204,829,337
-5.3
108,731,821
-9.9
111,660,665
210,430,131
-13.7
194,150,649
67,018,178
-22.2
64,876,075
546,412,563
5E3,381,839
-12.7
Total
126 cities 11,570,068,912 12,846,935,824 -9.9 10,926,376,618 11,828,859,928
3,683,426.603 4,211,833,852 -12.5 4,015,129,576 4,445,922,941
Outside N. Y. City
,-....__....
•
Total
153,092,000 173,605,000 1,055,870,500
60,494,000 49,730,000
348.096,500
12,372,900 10,321,760
59,942,900
927,120,000
308,880,150
64,251,800
225,958,900 233,656,750 1,461,909,900 1,300,252,950
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1930.
1929.
No. Shares. No. Shares.
Month of January
February
March
62,308,290 110,805,940
67,834.100 77.968.730
98,552,040 105,661,570
1928.
1927.
No. Shares. No. Shares.
56,919,395
47.009.070
84,973,869
34,275,410
44,162,496
49,211,663
226,694,430 294,436,240 188,902,334 127,649,569
1st quarter
111,041,000
78,340,030
76,593,250
Month of April
May
Month of June
82,600,470
91,283,550
69,546,040
80.478.835
82,398,724
63,888,110
49,781,211
46,597,8.40
47,778,544
265,974,280 243,430,060 226,763,669 144,157,585
2nd quarter
We also furnish to-day a summary by Federal Reserve
292.668.710 537,866,300 415,666,003 271,807,154
districts of the clearings for the month of June. For that
Six months
month there is a decrease for the entire body of clearing
The following compilation covers the clearings by months
houses of 6.1%, the 1930 aggregate of the clearings being
$50,526,175,667 and the 1929 aggregate $53,798,154,206. since Jan. 1 in 1930 and 1929:
MONTHLY CLEARINGS.
The New York Reserve District has suffered a decrease of
Total AL
and the PhilaClearings Outride New York.
Clearings.
4.3%, the Boston Reserve District of 1.9%
delphia Reserve District of 11.5%. In the Cleveland Re- Month.
1929.
1930.
1929
1930.
%
%
serve District there is a shrinkage of 10.6%, in the Rich6
$
$
$
-11.6
Jan,, __
mond Reserve District of 4.5% and in the Atlanta Reserve Feb.__ 51,499,101,142 85,989,378,189 -22.0 19,467,796,592 22,085,712,319 -11.7
42,418,215,982 54.552,094,040-22.3 16,430,567,075 18,622,335,710
District of 14.6%. In the Chicago Reserve District the Mar __ 51,930,165,673 63,091,118,810 -17.6 18,215,097,546 20,772,279,932 -12.3
loss is 12.0%, in the St. Louis Reserve District 4.2% and 1st qu. 145897472 797 183632690839 -20.5 54,113,461,213 61,480,327,961 -12.0
51,685,808,082 55,044,972,704 -6.3
in the Minneapolis Reserve District 9.6%. In the Kansas Apr__ 49,619,116,344 56,792,099,534 -14.2 18,149,669,550 20,047,419,300 -9.5
May__
18,090,403,161 20,010,159,942 -9.6
City Reserve District the totals show a decrease of 11.0%, June__ 50,526,175,667 53,798,154,206 -8.117,377,455,320 19,237,508,068 -9.7
Reserve District of 15.9% and in the San Fran- 2d qu. 151 731100093 165635228444 -2.5 53,617,323,303 59,295,087,310 -9.6
in the Dallas
cisco Reserve District of 9.1%.
6 mos. 297628 572890 349 267817283 -14.3 107 730 784 516 120775 415271 -10.8
June
1930.
June
1929.
Inc.or
Dec.
$
6
%
Federal Reserve Diets.
let Boston __-.14 Mice 2,231,369,545 2,275,356,574 -1.9
2nd New York__14 " 33,889,576,220 35,418,791,536 -4.3
2,390,355,313 2,698,132,039 -11.5
3rd Plalladelpla 14 "
1,799,179.592 2,012,047650 -10.6
4th Cleveland...15 "
778,405,751 -4.5
743.717,663
5th Richmond _10 "
642,665,299
752,583,823 -14.6
6th Atlanta__.-18 "
3,755,723.960 4,260,226,076 -12.0
.....29 "
7th Chicago
905,324,582 -4.2
867,406,197
8th St. Louis__ AO "
617,733.959
572,981,258 -9.6
9th Minneapolis13 "
980.204,191 1,101,088,373 -11.0
10th KansasCity 16 "
413,322,644
491,364,268 -15.9
11 "
11th Dallas
2.294,921,084 2,523,632,276 -9.1
12th San Fran...28 "
June
1928.
June
1927.
$
$
2.328.922,381 2,561,559,483
35,532,218,640 28,608,491,390
2,039,608,693
2,603,448.483
1,965,190,316 1.927,647,521,
853,438,137
881,341,229
790,087,386
843,889,232
4,794,732,799 4,641,192,398
970,337,759
979,978,692
687,043.633
642,602,781.
1,100,206,948 1,107,841,263
484,814,929
480,214.461
2669,395,767 2,388,300,081
192 cities 50,526,175,667 53,798.154,206
Total
17,377,455,329 19,237,608,068
Outside N. Y. City
-6.1 65,115,997,388 47,566,607,294
-9.7 20,377,205,376 19,690,759,968
nanarla
-8.4
at nIttaa
1 na 878,1.11
1869.740.903
2.067.482.620
1.655.158.0X1
We append another table showing the clearings by Federal
Reserve districts for the six months back to 1927:
6 Months
1930.
6 Months
1929,
6
$
Federal Reserve Diets.
lit Boston ......14 cities 13,568,762,144 14,383,627,663
2nd New York...14 " 194,332,024,657 233,260,470,456
3rd Philadelp'la 14 " 15,081,873,106 16,524,569,643
4th Cleveland...15 " 10,830,993,909 12,058,590,598
4,600,490,243 4,775,717,598
5th Richmond _10 "
4,450,847,899 5,040,591,168
6th Atlanta.-.18 " 23,283,273,028 27.818,954,873
7th Chicago --_29 "
6,293,314,318 5,843,917,477
8th St. Loula__10 "
3.028,811.558 3.313,947,096
9th Minneapolls13 "
6,048659.578 6,722,549,179
10th KansasCitY 16 "
2,746,663,459 3,297,463,884
11 "
11th Dallas
12th San Fran-.28 " 14,362,558,991 16,227,427,646
Inc.or 6 Months
Dec.
1928.
a Months
1627.
$
$
%
-6.7 15,061,886,458 14,644,469,266
-16.7 201,067,217.625 160,478,548,925
-87. 15,8E1,520,511 15,233,975,379
-10.1 11,170,542,694 11,034.498,648
-3.7 4,936,173,250 5.132,003,491
-11.7 5,080,643,629 6,435,657,966
-16.3 27,919,311,371 26,387,060,203
-9.4 2,856,518,158 5,792,610,927
-8.6 3,262,993,985 2,922,476,707
-10.0 6,487,383,404 6,503,753,280
-16.7 2,015,905,234 3,147,478,358
-11.6 16,267,686,167 14,450,129,837
192 cities 297,628,672,890 349,267,817,283 -14.8 316,007,781,486 271,162,662,986
Total
107,730,784,516 120,776,415,271 -10.8 119,202,752,050 114,729,448,928
Outside N. Y. City
.._
.., ...Ma-. VA. •••••• Arse. nne. •••• e,c,. ,,,, CC II
la 0 •1 neC M100 000
0 61.4 .1 CC ed.
The course of bank clearings at leading cities of the country
for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statements:
(000,0008
omitted.)
New York
Chicago
Boston
Philadelphia
St Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Dctrolt
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
BANK CLEARINGS AT LEADING CITIES
Jan. 1 to June 30-June
1929.
1928.
1927.
1930. 1929. 1928. 1927. 1930.
$
$
$
$
$
$
$
$
33,149.34,561 34,739 27,876 189,898 228,492 196,805 156,433
2,481 2,655 3,183 3,194 15,126 18,025 19.081 18,100
1,990 1,998 2,041 2,304 12,053 12,654 13,340 13,132
2,238 2,529 2,651 2,424 14,154 15,446 14,772 14,142
3,704
3,745
3,662
3,232
544
635
629
575
4,649
4,787
4,960
834
4,628
826
823
772
4,836
5,078
5,295
5,866
811
785
834 1,042
2,004
1,911
1,687
1,964
345
328
278
318
2,727
2,808
2,569
426
479
487 2,452
387
3,370
3,609
3,199
3,474
667
612
518
579
3,297
3,165
3,457
3,876
662
593
502
576
1,476
1,438
225
1,219
1,333
174
192
227
2,067
1,984
1,722
324
1,980
334
364
358
997
998
928
160
157
1,006
166
152
4,823
4,301
4,628
6,843
964
912
779
715
788
885
1,074
1,120
151
189
188
128
4,741
5,720 5,358
4,783
773
774
833
952
58
365
427
413
351
68
69
72
1,159
175
1,117
1,132
1,022
189
194
176
239
1,354
1,570
1,382
1,333
226
272
238
104
111
135
127
607
732
774
738
105
101
100
566
830
599
599
91
132
150
145
136
782
960
870
802
187
171
184
202
1,136
1,089
1,111
1,214
90
502
554
525
72
79
77
543
171
219
223
201
1,030
1,314
1,261
1,147
78
66
429
65
75
509
502
390
74
83
79
75
457
475
454
429
47,384 60,142 51,420 43,977 277,677 326,671 294,372 249,487
3,162 3,775 3,856 3,712 19,952 38,803 22,607 22.422
Total
Other cities
50,526 53,917 55,276 47,689 297,629 365,474 316,979 271,910
Total all
Outside N Y City 17,377 19,356 20,537 19,813 107,731 136,982 120,174 116,477
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ended June 28 for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 28.
1930.
1929.
Inc. or
Dec.
6
$
First Federal Rese rye District.- -Boston.3,387,093
2,832,189
Maine-Bangor
17,034,103
15,671,475
Portland
1,990,886,010 1,998,000,000
-Boston
Mass.
4,866,742
5,813,287
River
L Fall
2,546,997
2,403,623
Holyoke
2,454,486
6,079,734
Lowell
4,291,241
5,477,192
New Bedford
24,734,449
21,715,726
Springfield
16,891,204
15,586,614
Worcester
75,121,343
64,822,912
-Hartford- - Conn.
36,193.470
34,234,378
New Haven
1,254,700
10,463,800
Waterbury
69,319,400
67.587,400
-Providence__ _
R. I.
3,771,506
2,999,045
N. E.-manchester-
I
Total(14 cities)
- 2,231,369,545 2,275,356,574
Week Ended June 28.
Six Months.
Matah of June.
Clearings at1930.
1929.
Inc. or
Dec.
Inc. Or
1930.
1928.
1929.
1927.
$
16,568,267 --1.3
16,771,346
+19.6
99,671,538 --1.1
-8.0
98,527,849
-0.4 12,052,644,094 12,664,265,716 --4.7
35,1414,753 --11.7
31.078,760
-16.2
16,162,053 --8.2
14,832,063
32,581,611 --26.2
--51.7
24,053,845
32,268,068 --16.7
--21.7
26,973,937
148,974,539 --16.1
--12.2
126,524,861
97,666,445 --5.6
--7.8
92,161,781
609,109,537 --15.7
--13.7
429,320,855
225,808,603 --6.1
--5.4
212,051,305
68,570,500 --13.5
--16.6
59,288,500
427,0'0,700 --14.4
--16.9
365,344,900
19,084,333 --3.2
--30.5
19,188,048
606,660
3,491,384
531,000,000
953,468
-5.7
580,248,010
-1.9 13,568,762,144 14,383,627,663
595,808 +1.8
3,867.959 -9.7
494,000,000 +7.5
1,341,597 -31.1
504,840
3,487,032
439,000,000
999,402
636,000
4,259,300
591,000,000
1,799,955
543,300
853,749
4,746,048
3,715,438
13,290,511
7,950,182
1,190,104
1,160,360
5,930,061
4,550,464
17,406,519
8,983,104
-54.3
-28.4
-18.2
-18.3
-23.5
-11.5
1,063,532
890,296
5,663,940
3.420,803
14.200,191
8,357,303
1,282,092
1,104,622
6,072,857
4,411,652
15,247,713
8,689,337
12,357.200
700,072
16,623,900 -25.3
769,014 -9.1
13,149,000
627,105
17,595,000
1,025,829
+4.3
491,743,494
653,124,357
•
556,418,690
JULY 5 1930.]
FINANCIAL CHRONICLE
69
CLEARINGS
-(Continued.)
Month of June.
Clearings al
1930.
1929.
Six Months.
Inc. or
Dec.
1930.
1929.
Inc. or
Dec.
3
6,319.508
5,367,918
1,292,116
1,323,502
49,198,743
61,163.336
847,747
1,121.856
1,239,558
1,143,258
7,776,642,309 8,635,111,972
1928.
1927.
%
1929.
S
$
+17.7
5,606,022
7,539,789
-2.2
1,005,423
1,572,317
-21.5
47.448,891
61,250,928
-24.3
1,099,991
1,523.890
1,326,069
+8.4
1,086,747
-11.8 6,011,247,042 7,382,936,987
-.1-to,,,, 0,,
, =
,,, ....,
11i 0 .0.000,...7 iiiiii71777177
10,760,251
4,811,347
3,803,580
606,099
15.662,385
7,012,012
4,641,485
974,401
-31.0
-31.3
-18.0
-28.5
12,163,716
10,000.000
4.165,533
870,198
17,664,008
10.029,757
3,778,691
1,508,897
43,742,374
45,873,408
-4.6
39,110,403
51,341,261
7,899,353,638 8,779,395,533 -10.0 7,034,143,966 7,540,482.194
,
1,352,068
5,545,316
838,736
1,581,701 -14.3
5,729,052 -3.1
1,388,200 -39.6
1,468,851
4,945,067
1.176,604
1,687,545
4,824,282
1.587,838
1,781,045
1,880,597
-5.2
1,974,523
2,275.847
511,000,000
3,648,103
4,996,666
3,250,073
1,841,389
612,000,000
4,244,194
5,025,601
3,605,834
2,132,787
-16.
-14.0
-15.6
-9.0
-13.2
540,000.000
3,974,189
5,096,369
3,992,440
1,711,756
577.000,000
5,091,100
6,539.638
3,597,336
1,738,047
3,317,000
4,602,183 -18.5
7,762,207
7,571,691
-8.7
538,100,836
643,201,049 -16.2
572,102,906
611,973,374
-33.4
-9.6
-13.9
-10.8
-6.9
-18.5
-16.8
-8.1
-15.9
-23.7
-13.0
-29.5
-6.7
-25.9
-19.4
4,400,000
3,360,746
63,515,333
122,719,929
13,558,100
7,087,000 -38.3
4,484.118 -13.8
.77,000,000 -17.3
149,085,029 -18.1
15,409,500
- 12.0
5,785,000
3,627,111
75,699,947
127.909,406
14,535,300
6,517,000
3,695,039
72,279,225
134,244,002
13,838,400
2,131,448
4,358,489
1,812,523 +17.6
6,604,027 -34.0
1,812,857
5,607,11)7
1,863,073
5,080,194
184,593,553
191,892,011
-3.7
177,430,285
206,486,857
1,799,179,592 2,012,047,650 -10.6 10,830,993,909 12,058,590,598 -10.1
399,191,648
434,274,208 --12.1
412,407,107
449,904,690
905,298
3,626,101
45,455,000
951,943
+4.6
4,741,287 -24.4
39,706,000 +14.5
1,064,374)
4,884,471
41,320,000
1,226,059
5,159,956
46,119,000
2,390,355,313 2,698,132,039 -11.5 15,081,873,106 16,524,169,643
Fourth Federal Re serve District -ClevelandOhio-Akron
21,653,000
34,132,000
Canton_
17,454,472
21,396,947
Cincinnati
277,820,217
318,438,330
Cleveland
575,885,359
661,853,028
Columbus
65,883,200
70,502,100
Hamilton
4,117,491
4,842.342
Lorain
1,812,993
1,929,373
Mansfield
8,233,392
8,365,869
Youngstown
21,385,436
28,454,460
-Beaver Co
Pa.
2,108,891
2,493,341
Franklin
867,090
970,952
Greensburg
6,045,481
7,946,145
Pittsburgh
772,389,862
820,385,158
Ky.-Lextngton
6,035,577
5,589,020
W. Va.-Wheeling_
17,487,076
17,747,985
Total(15 cities)----
IIT+
Total(14 cities)_.
-6.8
35,318,888
38,767,292
+11.2
124,467,155
138,706,599
-21.8
26,248,275
31,498,370
-8.9
114,622,101
123,465,507
-7.6
53,656,283
55,851,674
18,156,982
+1.1
16,696,584
-12.1
19,267,900
23,029,480
-11.6 14,154,000,000 15,446,000,000
-17.8
00,030,155
114,177,750
-21.9
125,747,877
167,096,505
-5.7
88,320,634
102,378,061
-4.0
53,196,908
57,112,475
-15.5
59,184,898
65,989,849
-13.8
113,655,000
143,799,497
einnitcAegiF
;ric
,
Third Federal Res erve District- -Philadelphia
Pa.
-Altoona
6,104,085
6,549,974
Bethlehem
20,548,258
22,852,908
Chester
4,327,068
5,534,892
Harrisburg_ _ _
18,531,867
20,136,159
Lancaster_ _ _
.
8,135,005
8,803.775
Lebanon
3,053,121
3.019,810
Norristown
3,222,354
3,622,076
Philadelphia
'2,238,000,000 2,529,000,000
Reading
15,588,434
18.815,810
Scranton
20,536,378
26,290,267
Wlikes-Barre
13,973,200
14,814,361
York
8,756,551
9,124,469
N.J.
-Camden
10,110,342
11,967,188
Trenton
17.164,000
19,905,000
1930.
$
+ITIII
S
S
3
%
S
Second Federal Re serve District .-New York.N. Y.
-Albany
28,335.108
25,144,510 +2.7
171,380,850
161.659.105
Binghamton
5,993,048
6,351,088 -5.5
35,719.309
38,088,705
Buffalo
226,182,649
271,916,350 -16.9 1,354,512,750 1,569,808,996
Elmira
4,416,783
5,410,924 -28.5
25,860,668
31,501,105
Jamestown
5,519,353
5,758,320 -4.2
33,407,386
34,778,040
New York
33,148,720,338 34,560,646,138 -4.0 189,897,788,374 228,492,402,012
Niagara Falls
.5,200,000
6,758,360 -23.1
30,510,650
39,679,384
Rochester
50,491,656
69.223,151 -27.0
317,878,584
413,386,666
Syracuse '
26,610,223
32,228,195 -17.3
149,965,151
188,233,119
Conn.
-Stamford- - _
19,514.426
19,755,380 -1.1
106,859,078
115,131,730
-Montclair_ _ _ _
N.J.
4,163,764
4.959,227 -16.1
21,133,985
26,096,666
Newark
161,184,183
167,334,140 -3.6
924,989,316
868,025,758
Northern N.J
193,167,498
234,827,287 -17.7 1,215,815,790 1,233,083,857
Oranges
10,066,186
8,478,466 +18.1
46,202,757
47,690,313
Total(14 cities).--- 33,889,576,220 35,418,791,536 -4.3 194,332,024,657 233,260,470,456
1Veek Ended June 28.
Inc. or
Dec.
Fifth Federal Rese rve District- Richmond
W, Va.-Huntington_
4,715,231
4,979,730
Va.-Norfolk
17,735,716
19,949,365
Richmond
187,122,300
170,782,000
N.C.-Raleigh
9,082,686
6,699,572
S. C.
-Charleston_ _
9,966,212
8,235,512
Columbia
7,106,157
8,908,676
Md.-Baltimore
387,225,535
426,308,616
Frederick
2,011,692
1,866,306
Hagerstown
2,471,788
3,647,627
D. C.
-Washington..
116,280,346
124,028,347
-36.6
-18.4
-12.8
-12.9
-6.7
-14.9
-6.1
-1.6
-24.9
-15.4
-10.7
-23.9
-6.5
-8.4
-1.5
12(1,230,000
111,846,572
1,687,191,857
3,457,357,958
408,997,400
25,284,731
9,481,553
49,244,446
138,716,794
11,613,144
4,775,153
27,489,875
4,627,766,472
47,197,804
97,800,150
189,770,000
123,635,260
1,963,549,771
3,876,201,107
439,634,300
31,002,546
11,390,919
53,560,136
164,888,343
15,214.584
5,491,276
39,000,794
4,960,204,059
63,669,407
121,372,087
-5.3
-11.1
+9.6
-6.4
+21.0
-20.2
-9.2
+7.8
-32.3
-6.3
29,017,451
108,466,968
1,136,117,899
57,818,667
55,253,490
57,340,543
2,452,223,082
12,007,335
15,934,000
676,250,208
30,368,044
123,105,043
1,088,738,807
03.577,941
56.487,029
62,198,699
2,369,247,685
11,301,794
19,584,710
751,047,846
--5.5
-11.9
+4.3
-9.1
-2.2
-7.8
-4.9.
+6.2
-18.6
-9.0
24,271,931
26,306,520
-7.6
25,791,111
28.652.073
778,405,751
-4.5
4,600,490,243
4,775,717.598
-3.7
156,823,194
170,166,327
-7.8
175,283,955
177,276,702
Sixth Federal Rese rve District- Atlanta
Tenn.
-Knoxville_ __ _
11,338,207
13,325,105
Nashville
89,310,512
100,294,280
Ga.-Atlanta
172,226,722
210,907,950
Augusta
6,505,994
7.678,081
Columbus
3,681,369
4,602,708
Macon....
6,281,596
6,381,418
Fla.
-Jacksonville_ _ _
52,945,286
63,589,176
Miami_
7,417,000
10,920,000
Tampa
6,455,389
12,952,955
Ala.
-Birmingham .._ _
84,158,306
96.781,527
Mobile
7,400,550
7,668,719
Montgomery
3,306,563
6,035,873
Miss.
-Hattiesburg _ _
6,530,000
6,488,000
Jackson_
3,181,000
8,397,146
Meridian
2,642,516
3,276,960
Vicksburg
700,920
1,170,924
La.
-New Orleans_ - _
173,577,369
192,333,001
-15.0
-10.0
-18.4
-15.3
-20.0
-1.6
-16.7
-32.2
-50.2
-13.1
-3.4
-45.2
+0.6
-3.7
-19.4
-40.2
-9.7
76,578,541
573,665,098
1,169,811,380
44,676,488
26,754,143
37,695,996
394.186,122
84,388,000
51,340,099
578.115,544
49,689,240
30,220,366
38,965,000
51,338,385
18,818.482
5,222,816
1,219,382,199
83,071,671
624,743,790
1.421,921,197
23,674,872
30,958,865
43,378,673
434,485,582
83,534,000
88.636,036
620,801,827
47,307,256
42,376,526
43,808,000
56,424,932
22,371,820
9,891,840
1,333,144,281
-16.9
-8.2
-17.7
-16.8
-33.8
-13.1
-9.3
+1.0
-42.1
-6.9
+5.0
-28.7
-11.1
-9.0
-15.8
-47.2
-8.6
2,151,803
20,289,869
37,190,279
1,457,422
3,000,000
22,842,906
46,192,609
1,766,557
-28.3
-11.1
-19.5
-17.4
2,870,633
18.413,634
42,546,628
1,642,398
54.01X3,000
20,979,290
45,673,250
1,860,036
1,196,025
10,634,035
1,104,000
1,443,147 -17.0
13,473,260 -21.0
1,065,000 -48.8
1,762,219
14.398,955
1,990,000
1,957,280
17,651,343
3,403,000
20,791,844
1,418,023
21,838,976 -4.7
1,725,329 -17.9
21,807.705
1,456,202
24,362.559
2,058,655
1,296,000
1,640,167 -21.1
1,560,672
1,463,000
134,075
36,431,230
290,276 -55.0
45,011,857 -19.0
386,571
51,105,538
472,453
58,595,858
134.103,605
161,190,484 -26.8
159,941,655
182,482,624
152,355
626,626
187,263.558
270,628 -44.3
1,101,153 -43.1
243,559,437 -23.0
478,740
999,313
199,664,022
4,968,944
8,494,838 -23.5
8,160,169
235,448
1,333,393
181,431,598
7,877,750
2,894,073
2,819,148
3,860,000 -25.0
3,805,998 -25.8
3.704,177
3,165.835
3,157,190
3,628,538
10,893.000
2,198,716
5,878,393
25,194,000 -21.0
2,902,185 -24.2
6,007,057 -2.1
20.836,000
4,528,900
5427,334
24,891,000
3,363,900
6,399,086
28,333,524
32,632,481 -13.1
38,670,199
42,448,964
Total(10 cities)----
Total(17 cities)- _ _ _
743,717.663
642,665,299
752,803,823 -14.6
4,450,847,899 5,040,591,168 -11.7
Seventh Federal It eserve Distric t.
-Chicago.-511ch.-Adrian
890,936
1,270,316 -20.8
5,875,104
7,500,102 -33.2
Ann Arbor
4,146,438
4,102,701
+0.6
24,234,294
27,184,015 -10.8
Detroit
714,909.312
964,474.804 -25.8 4,628,227,245 5,843,052,403
-20.7
Flint
12,630,121
18,158,300 -30.3
79,234,373
110,148,652
28.0
Grand Rapids
21,958,430
29,408,597 -25.2
144,189,322
207,069,211 -30.3
Jackson
4,253,982
7,986,655 -40.6
35.742,969
54,926,306
34.9
Lansing
13.274,086
17.030,597 -33.1
91,464.596
99,891,104 -8.3
2nd.
-Ft. Wayne_ ... _
13,787,510
18,412,476 -25.1
87,882,832
98,850,644 -11.0
Gary
22,247,568
25,425,885 -12.4
136,620,606
143,937,524 -5.0
Indianapolls
90,762,000
105,156,000 -13.6
566,484,000
629,506,000 -10.0
South Bend
10,008,972
13,127,168 -16.0
69,347,281
83,540,366 -17.0
Terre Haute
21,308,315
21,598,065 -1.3
134,965,382
139,979,226 -4.3
Wis.-Madison
10,493,273
13,177,009 -20.5
71,829,023
85,145,205 -15.5
Milwaukee
128,060,410
151,173,036 -15.3
787,613,603
885,068,315 -11.0
Oshkosh
3,785,232
3,843,599 -1.4
20,943,526
24,880.382 -15.7
Iowa-Cedar Rapids_
12,955,429
13,292,634 +57.6
79,876,137
80,155,185 +9.0
Davenport
60,913,487
50,614,850 +20.4
336.462,627
324,699,893
+2.7
Des Moines
32,958,099
44,291,619 -35.5
247,364,041
255,461,950 -3.1
Iowa City
1,056,111
2,039,730 -4.1
12,360.543
12,122,187 -2.7
Sioux City
24,601,151
28,444,338 -13.4
162,284,175
185.155,621 -12.3
Waterloo
5,629,155
7,012,298 -19.6
38,626,585
42,124.825 -8.2
Illinois-Aurora
4,496.728
5,420,329 -17.0
28,817,081
34,289,243 -15.9
Bloomington
8,361,445
8,596,946 -2.6
48,962,304
63,108,783 -9.4
Chicago
2,480,832,486 2,655,178,841 -6.5 15,126,433,633 18,025,253,148
-16.0
Decatur
5,004,135
5,246,814 -4.5
33,269,392 -34
32,076,126
Peoria
20,156,421
25,539,901 -21.0
130,266,848
155,320,810 -16.1
Rockford
13,430,614
17,078.620 -21.2
86,031,429
103,024,606 -16.4
Springfield
11,012,058
11,123,938 -1.1
69,057,343
73,677,970 -6.2
Total(28 cities)
3,755,723,960 4,268,226,076 -12.0 23,283,273,028 27,818,954,873
-16.3
Eighth Federal Re serve District .-St. Louis.- 20,210,538
-Evansville
Ind.
22.963.427 -12.9
143,007,793 -24.7
118,970.306
New Albany
.650,000
763,984 -14.9
4,124,243
4.655,576
11.4
-St. Louis
510.
543,799,400
575,485,519 -5.5 3,231,697,537 3,651,803,112 -11.4
Ky.-Louisville
165,562,295
152,145,963 +8.8 1.006,031.616
997.125,949 +0.9
Owensboro
1,186,074
1,403.559 -15.5
10,943,059 +6.6
11,666,925
Paducah
8,6314,018
11,442,950 -24.6
56.735,818
68,603,613
17.3
Tenn.-MemphLs_
72,105,228
78,636,502 -8.2
554,084,004 -94
501,798,933
-Little Rock...
Ark.
49,177,000
54,376.881 -9.6
364.588,810 -11.8
321,421.815
111.
-Jacksonville.
796,300
1,523,693 -47.6
10,251,562 -42.2
5,923,490
Quincy
5,280.344
6,582,014 -19.8
38,853,999 -20.1
34,943,635
Total(10 citles)
867,406,197
905,324,582 -4.2 5,293,314,318 5,843,917,4771 -9.4
2,023,518
80,431,346
2,000,000
+1.2
2,002,239
1,718,202
96,460,577 -16.5
100,221,784
94,401,412
3,027,962
2,825,747
+7.2
2,366,424
2,848,838
6.300,418
8,546.959 -26.2
.10,000,000
10,573,481
4,768,617
1,014,109
6,233,867 -23.5
1,559,312 -32.3
6.40,078
1,229,780
5,906.036
1,333,521
+22.9
-4.9
-14.7
-27.7
-22.5
-8.4
1,406,914
640,794,041
1,186,552
4,361,391
3,259,041
2,206,030
1,805,800
736,123.471
1,374,962
5,263,793
3,946,070
2.628,653
1,843,586
167,098,687
1,087,168
4,139,712
2,652.413
2.165,709
.1,900,000
596,729,186
1,275,201
5,730,412
3,419.806
2,341,892
849,166,717
955,990,159 -11.1
958,824,346 1,046,518,492
.
4,764,003
5,712,343
6,070,220
5,291,715 +14.7
117,600,000
35.737,754
235,962
127,600,000 -7.8
33,337,606
+7.5
266,035 -18.4
137,100,000
35,872,217
249,499
143,300,000
37,416,286
277,596
15,003.184
10,141,826
164.873
1.072,372
16,599,867 -9.5
11,834,560 -14.2
317,452 -48.0
1,380,910 -22.2
14,721,043
10,348.823
305,835
1,467.917
17,965,985
11,033.426
486,514
1.342,976
204.829,337
217,535,126
186.026,191
196,648,145
-5.3
[voL. 131.
FINANCIAL CHRONICLE
70
CLEAR!NGS--(Conelteded.)
1929.
1930.
1Vee1 Ended June 28.
Six Months.
Month of June.
Clearings al
Inc. or
Dec.
1929.
1930.
Inc. Or
Dec.
1930.
1929.
Inc. or
Dec.
1927.
1928.
•
Ninth Federal Res erve District. -Minneapoli S.35.2
40,737,330 26,396,273
-Duluth
Minn.
363,711,806 --7.7
333,571,914
Minneapolis
-3.1
2,906,649 2,816,698
Rochester
110,535,566 ---6.1
103,826,337
St. Paul
8,918,052 --6.3
8,358.236
No.Dak.-Fargo _ - - _
5,847,000 +14.2
6,676,000
Grand Forks
-8
1,871,559 - 4
1,714,566
Minot
5,525,091 --19.2
4,467,622
-Aberdeen--- S. D.
8,576,227 +8.9
9,335,830
Sioux Falls
3,156,929 --17.4
-Billings
2,608,948
Mont.
-23.6
5,826,286 4,449,474
Great Falls
14,777,920 --11.4
13,093,783
Helena
590,843 --29.2
418,278
Lewistown
125,576,298
1,979,614,434
15,177,101
606,919,117
51,424,253
38,993,000
9,822,386
25,981,001
53,125.263
15,947,229
26,770,360
76,246,942
3,214,174
185,180,729
2,067,470,000
15,579,177
731,644,139
52,430,972
34,469,000
11,098.897
29,878,776
48,786,316
17,324,899
31,849,845
84,991.457
3,244,889
--32.2
-4.3
--2.6
-28.0
--1.9
+13 1
--11.5
-13.0
+8.9
--8.0
--16.1
--10.3
--0.9
4,728,703
72,611,045
7,449,570 ---36.4
79,109,801 --12.0
6,196,461
73,154.438
7,072,258
86.867.000
21,783,844
1,831,367
23,587,452 ---7.5
1,836,199 --11.1
26,243,736
1,622,027
28,572,852
1,927,026
939,924
20.2
1,178,963 -
1,155,328
1,039,142
572,981,258
-9.6
3,028,811,557
3,313,947,096
Tenth Federal Res erve District. -Kansas Cit
1,850,378
1,342,423
Neb.-Fremont
2,546,450
2,342,682
Hastings
15,794,375
14,410,073
Lincoln
189,496,936
174.709,761
Omaha
9,257,883
9,505,810
Kan.
-Kansas City
15,361,932
15,226,279
Topeka
36,339,276
30,941,678
Wichita
5,191,204
4,391,764
-Joplin
Missouri
579,101,794
517,746,886
Kansas City
29,412,000
22,500,000
St. Joseph _ _ _ _ _
53,730,483
43,480,177
Okla.
-Tulsa
5,967,479
5,577,268
Colo.
-Colo. Springs_
149,601,867
131,701,984
Denver
7,436,316
6.327,408
Pueblo
y.
27.5
8.0
-8.8
-7.8
+2.7
0.9
14.8
-15.4
-10.6
23.5
19.1
-8.5
-14.0
14.9
9,162,391
13,670,548
92,140,602
1,116,826,298
58,163,016
86,649,037
184,452,989
26,737,421
3,199,346,279
152,074,580
256,516,226
31,472,589
781,635,804
40,111,798
10,419,410
16,074,449
112,309,382
1,157,657,040
55,136,253
91,449,668
209,064,279
35,691,840
3,473,781,609
182,669,709
337,279,048
37,820,845
959,863,112
43,432,535
11.0
980,204,191 1,101,088,373 -
6,048,859,578
6,722,549,179 -10.0
-17.6
-8.8
-29.2
---37.4
--7.8
-10.9
-13.5
-18.4
---7.9
39,762,433
51,437,000
1,079,947,124
161,908,640
277,184,629
86,457,290
827,001,862
19,032,439
13,405,505
55,040,384
135,508,153
50.380,052
57,817,379
1,370,278,645
181,287,856
347,274,974
129,953,000
944,343,145
20,002,269
15,139,278
66,682,246
134,295,240
15.9
491,364,268 -
2,746,663,459
3,297,453,884 -16.7
-San Franc 1scoTwelfth Federal R eserve Distric t
4,148,000
A-8.5
.4,500,000
-Bellingham _
Wash.
218,868,7881 --21.9
170,628.365
Seattle
---5.8
49,670,000
,
Spokane
8.589,338 ---45.2
4,264,298
Yakima
6.049,084 +0.4
6,074.399
Idaho-Boise
2,380,379 --13.4
2,060,364
Oregon-Eugene
168,862,531 ---11.3
149,723,079
Portland
6,523.077 ---13.0
5.675,895
Utah-Ogden
83,292,414 --10.8
74,433,083
Salt Lake City
19,374.000 ---20.3
15,449,000
Arizona-Phoenix__ _
5,338,044 A-63.9
8,748.736
Calif.-Bakersfield - _
18,591,596 --5.8
17,519,849
Berkeley
14,673,871 --20.0
11,801,170
Fresno
37,571,304 -19.5
30,261,016
Long Beach
832,935,000 ---8.1
773,958.000
Los Angeles
A-4.8
4,287,455
4,493,469
Modesto
78,096,032 ---I8.8
63,606.912
Oakland
29,239,200 ---15.1
24,828.692
Pasadena
5,221,351 ---24.8
3.928,276
Riverside
30,232,348 ---4.5
28.886,341
Sacramento
24,095,479 --10.8
21,503,657
San Diego
834.953,214 ---5.9
785,497,236
San Francisco
12,322,273 --9.7
11,130.110
San Jose
A-2.0
8,055,138
8,220,108
Santa Barbara
9,414,794 --13.9
8,105,871
Santa Monica
1,999,288 --7.4
1,851.658
Santa Rosa
9,993,300 --16.9
8,301,500
Stockton
26,026,000
1,035,742,294
287,430,000
28,724,629
33,489.808
11,369,239
893,132,716
39,094.004
457,186,724
110,731,000
44,316,486
119,024,260
80,403,320
190.312,727
4,740,674,000
25.895.149
405,194,038
158,537,263
27,873,823
177,729,820
146,033,557
5,077,557,008
76,067,051
51,810,724
50,444,060
12,112,691
55,847,000
22,236,000
1,314,126,911
318,647.000
37.579,988
31,729,683
13,004,313
977,250,905
39,912,233
474,585,424
125,213,000
35,616,691
125,420,516
89,734,173
234,386,661
5,719,558,000
23,527,823
502,353,936
201,700,815
33,788,446
188,463,956
156,934,574
5,295,429,950
79.863,118
51,613,269
57,357.384
12,910,981
64,482,100
Total (13 cities).--
Total(14 cities)--
517,733,959
Eleventh Federal Reserve Distr
5,615,920
-Austin
Texas
8,076,000
Beaumont
161,405,438
Dallas
23,302,125
El Faso
41,557,704
Fort Worth
11,237,000
Galveston
130,390,215
Houston
3,181,275
Port Arthur
1,839,244
Texarkana
8,451,384
Wichita Falls
18,266,339
La.
-Shreveport
Total(11 cities)----
413,322,644
-26.1
7,603,646
8,565,379
195,818,474
25,558,377
58,689,069
17,937,000
141,310,498
3,571,475
2,127,576
10,350,000
19,832,774
2,762,000
2,763,000
9.9
111,660,565
108,731.82!
195,065
340,220
3,063,985
36,958,346
284,15 1 31.3
30.5
490,343 3,206,268 --4.4
-13.3
42,656,256 -
302,230
459,628
6,126,115
40,497,201
339,301
371,912
4,872,744
38,004,871
4,287,951
7,763,388
3,881,832 +10.5
8,699,514 -10.7
3,738,084
9,518,472
2,842,123
8,803,521
116,579,763
4,763,671
-14.4
136,344,875 6,210,999 --23.2
125,135,702
5,991,637
147,059,437
8,241,582
1,176,270
-11.3
1,327,948 -
1,110,216
782,552
1,347.359
1,580,947 --14.6
1,271,364
1,112,088
178,476,018
204,683,133 --13.7
194,150,649
210,430,131
2,857,127
3,007,400
-8.6
105,098,924
116,645,968
--I3.0
--15.0
-18.0
--14.6
A-5.5
-5.3
--11.8
---25.1
--8.9
--18.8
23.9
--18.8
18.6
--7.6
---21.1
11.0
---21.2
---0.4
-20.3
--33.5
12.6
-4.8
-11.5
17.6
+1.0
A-17.0
-21.2
-9.8
--23.8
+5.5
-12.6
-8.6
---2.1
---4.7
---11.6
A-24.4
---5.1
-I0.4
--I8.8
-17.1
+10.1
-19.4
-21.4
-17.5
---6.7
---7.0
--4.1
--4.9
+0.4
-I2.0
-7.2
-24.3
1,036,435
-34.2
1,577,401 -
1,139,041
1,399,328
34,455,930
43,277,147 -20.3
42,523,407
43,582,169
10,311,911
2,488,000
-25.1
13,794,268 4,391,000 ---43.2
12,379,878
4,425,000
9,560,577
7,097,000
-4.3
4,408,749
5,379,104
52,112,756
67,037,010 -22.2
64,876,075
67,018,178
35,748,860
10,157,000
809,596
-25.9
48,256,078 -10.7
11,381,000 1,343,991 ---40.2
44,200,933
11,809,000
1,227,588
45,056,175
12,900,000
1,169,322
33,136,974
20.0
36,791.185 -
38,253,706
34,177,564
16,504,896
17.0
19,884,400 -
17,375,343
19,881,606
2,366,060
7,436,823
176,542,000
3,408,807 --30.5
8,132,545 --8.5
185,047,000 --4.5
3,228,063
7,106,251
187,381,000
3,169,154
6,664,823
188,161,000
13,705,194
5,484,652
20.1
17,177,861 2.7
5,640,165 -
16,430,917
5,651,266
17,960,211
6,589,676
+5.8
13.0
5,937,182
4,897,083
196,640,000
2,640,503
1,313,520
1,895,118
5,617,599
5,788,139
207,283,000
3,161,570
1,566,168
2,087,734
3,820,480
5,747,730
4,446.721
173,761,889
2,405,680
1,716,797
1,730,793
3,997,194
5,431,577
5,111,046
185,494,023
2,771,842
1,540,772
1,867.956
14.7
+11.4
7.3
1,685,800
16.9
2,004,900 -
.2,445,100
2,348,100
493,367,375
541,285,128 -12.7
546,412,563
563,381,839
9.9 10926 376618 11 828859928
-14.8 11 570088 912 12846935824 _0.1 297,628,572,890349,287,817,283 -
Grand total(192 cities) 50,526,175,667 53.798,154,206
Outside New York__
490,543
-4.0
566.583
-9.1 14,382.558,991 16,227,427,648 --11.6
Total (28 calm)
-- 2,294,921,084 2,523,632,278
526,575
546,914
-9.7
'107,730,784,516 120,775,415,271 --10.8 3,683.426,603 4,211,833,852 -12.5
I
17,377,455,32 919,237,508068
1
015,129,578 4,445,922,941
CANADIAN CLEARINGS FOR JUNE, SINCE JA. NUARY 1, AND FOR WEEK ENDING JUNE 26.
1930.
1929.
Inc. 07
Dec.
$
8
Canada605,822,961
607,204,377
Montreal
610,589,173
532,533,134
Toronto
230,671,760
209,097,586
Winnipeg
95.607,740
78,488.285
Vancouver
32,539.619
37,341,011
Ottawa
29,820,231
28,924,710
Quebec
14.566.762
16,974,378
Halifax
28,662.931
25,957,878
Hamilton
40,152,288
47,467,796
Calgary
10,461,832
12,938,717
81. John
11,276.373
12.691,730
Victoria
14,847,335
16,038,093
London
28,015,390
32,144,182
Edmonton
18,805,806
24,572,222
Regina
2.098,885
2,768.588
Brandon
2,400.149
2,610.231
Lethbridge
10.427,971
10,887,257
Saskatoon
5,392,113
5,558,975
Moose Jaw
*4,900,000
6,354.153
Brantford
3,574,480
4.275,245
Fort William
4,106,616
4.031,031
New Westminster,,,1,414,830
2,141,608
Medicine Hat
*3.800,000
4.052,767
Peterborough
4,401,617
3,991,795
Sherbrooke
6,376,467
5,397.445
Kitchener
27,838,888
22,496.308
Windsor
1,952,485
1,953,185
Prince Albert
5,734,791
4,701,990
Moncton
4,140.596
3,817,444
Kingston
2,915,479
3,316,854
Chatham
4.331,894
3,567,134
Sarnia
k _ ..,-. _....1 .7,8080A,, I am 888 on,
* Estimated.
Week Ended June 26.
Six Months.
Month of June.
Clearings at
%
+0.2
-12.8
-9.3
-17.9
-12.9
A-2.4
-14.1
--19.5
-15.4
-5.4
-11.2
-17.5
--16.5
-33.6
-24.2
-8.0
-4.3
-3.0
-22.9
-16.4
+1.9
-33.0
-6.2
-9.3
-15.3
-19.2
+0.1
+22.0
+8.5
-22.1
-17.6
1930.
8
3,519,872,169
3,157,609,662
1,157,374,624
507.303,791
187,322,716
163,109,947
83.447,918
157,881,960
235,057,301
62.035,449
63,150.515
83,883,785
150,295,859
113,419,860
12,365,833
12,825,002
55,432,150
31,086,265
28,798,777
20.673,759
22,171,551
8,088,834
22,388,169
23,766,368
31,668,300
123,962,707
10.987.977
25,655,287
20,636,602
16,258.025
19,293,866
1929.
$
3.903,610,315
3,981,428,901
1,380,797,327
636,452,139
221,915,940
173,548,459
99,818,231
171,46,297
346,377,483
77,322,221
74,338,501
90,127,886
178,927.376
146,117,492
15,807,862
18,622,422
83,655,546
33,806,210
37,598,157
22,885,921
24,782,346
12,058,354
25,596.105
26,721,464
34,947,705
181,900.224
12,086,785
24,880.159
21,813,657
21,286,871
20.986,198
Inc. or
Dec.
%
-9.8
-20.7
-16.2
-20.3
-15.6
--6.0
-16.4
--8.0
-32.1
-19.8
-15.0
-6.9
--15.1
-22.4
-21.8
-22.9
-23.8
-7.6
-23.4
-9.6
-10.5
-32.9
-12.6
-11.0
-9.4
--23.5
-8.2
+3.2
-5.4
-24.7
-19.1
__ad in 197 888 no8 Intik/82858d --IRA
1930.
1929,
Inc. or
Dec.
1928.
1927.
$
8
$
%
143,300,705 114,134.349 +25.6 134,578,588
128,923,578 120,376,679 +7.1 137,992,433
60,074,482
55,160,556
55,834,404 -1.2
20,501,059
19,027,430
22,584,220 -15.7
7,957,887
6,872,060
8,720,417 -21.2
6.682,422
5,729,274 --3.4
5,535,878
3,127,468
3,242,015
3,548,454 -8.2
6,340.700
8,445,092 -5.2
6,103,880
11,084,614
12,340,249 -10.0
9,984,135
2,742,837
2,845,017 -7.9
2,372,347
2,390,788
2,659.601 -5.1
2,522,401
3.282,440
3,369,566 -0.7
3,342,460
5,785,503
6,189,318 -9.4
5,600,749
4,726,463
3,520.948 +25.7
4,426,672
582,981
624,878 -32.5
421,334
728,475
694,552 -11.4
526,326
2,221,856
2,621,065 -20.2
2,090,405
1,152,115
1,288,552 -11.0
1,146,527
1,843,664
1,498,755 -17.1
1,242,894
1,350,107
1,055,791 -28.6
753.840
1,062,702 -17.1
915,353
880,521
360,003
309,887
470,700 -34.1
961,348
912,336
957,591 -4.6
951,240
792,420
934,759 -15.2
1,258,601
1.220,091 +32.7
2,839,944
6,286,073
4,802,288
8,498,947 --28.0
392,127
484,417 -36.0
305,567
+4.4
982,822
1,281,881
1,337,454
892,192 -1.3
901,717
879,878
651,417
790,724 -23.5
855,226
947,122 -4.3
905,950
591,350
$
129,173,330
109,278,724
38,567,714
16,146,940
6,738,727
5,834,078
2,523,591
5,788,682
6,339,271
2,326,378
2,462,859
3,282,449
5,708.152
4,366,330
583,523
450,319
1,786,866
1,236,880
1,162,087
983,601
921,965
281,168
773,889
769,541
587,562
4,120,003
267,181
917,489
845,494
620,463
589,032
417 21a R.54
255.258.068
391.522.207
.1-6.8
420_800.942
JULY 5 1930.]
FINANCIAL CHRONICLE
71
THE CURB EXCHANGE.
Auction Sales.
-Among other securities, the following,
Pre-holiday dullness characterized trading on the Curb not actually dealt in at the Stock Exchange, were sold at auction
Exchange this week, the volume of business was of exceed- in New York, Boston, Philadelphia and Buffalo on Wednesingly small proportions and prices moved within a narrow day of this week:
range. Utilities were irregular but price changes for the
By Adrian H. Muller & Son, New York:
most part were unimportant. Electric Bond & Share, Shares. Stocks.
Per Sh. Shares. Stocks.
Per Sh.
com., sold up from 7434 to 81% and reacted finally to 1,500 Lane Drug Stores, Inc. v.t.c. 134 5,000 Broadway White Plains Corp.
52 Durham Hosiery Mills, 6%
corn, no par; 811 Broadway White
5
77%. American Gas & Electric corn. advanced from
pref. new
38
Plains Corp., pref.; 2,500 Lincoln
45 Durham Hosiery Mills core.
Ave. Mt. Vermon Corp., corn.
11034 to 116%, but fell back to 108, closing to-day at 1083/2.
B new
1
no par; 50 Lincoln Ave. Mt. VerBonds..
Per Cent.
non Corp., pref
American & Foreign Power warrants gained over four points
$500 lot
11.000 Prudence Bonds Corp., let
100 Clarkson Properties, Inc
_ 2
to 443 , then declined to 42. United Light & Power, class
4
mtge. 6% partic. etf. due Oct. 1
1935; reg, bond of President Apt.
Per Cent.
Bonds.
A, improved from 36 to 3834 and closed to-day at 37. Oils
Hotel Co
96
$250 Great Neck Field & Marine
1st
Club, Inc., 2nd In. 55 reg
$49 lot
showed early improvement, but later became reactionary. $1,000 Prudence Bonds Corp.due
mtge. 6% Partic. etf. 6%
70 Converse Rubber Shoe Co..
April I 1936; reg. bond of PresiHumble Oil & Refining on light trading sold up from 8634
non-redeemable pref.; 100 Mal
dent Apt. Hotel Co
min Speed Control Corp.. N. Y..
to 90, but dropped to 8434. Ohio Oil moved up from 64 $1,000 Prudence Bonds Corp. 151 96
corn.; 100 Malmin Speed Control
coll. 6s due Arzi111934
$100
Corp., pref
to 6634 and finished to-day at 65. Fuel Oil of Pa. improved 141 Merchants Fire Assur. Corp. 9731 200 B. & 6. Quick Co., par $1-$90 lot
lot
of N. Y.,
81
100 Arizona Globe Copper Co.,
from 120 to 126, then sold back to 120. There were few 100 Pivnickcorn, new, par $10
Garage Corp_
134
$510t
Par $1
changes of importanceamong the industrial and miscellaneous
By R. L. Day & Co., Boston:
issues. Technicolor advanced from 2934 to 3634 and
Shares. Stocks.
$ per Sh.
A Per Sh. Shares.
dropped to 29. Hazeltine Corp. gained over six points to 25 Atlantic Nat. Bank, par 525.-- 92 3 Second Stocks.
Nat. Bank, par $25
14431
Nat. Bank,
98
and ends the week at 30. Glen Alden Coal on few 2.5 Federal Nat. Bank par 320_....120 100 New York Harbor Dry Dock lot
3034
10 Boston
$12
Co., Inc., preferred
4634 Federal Nat. Bank. par $20... 98
transactions rose from 8034 to 8434, then fell back to 80%. '8
25 Great Northern Paper Co., Par
Atlantic Nat. Bank, par 525
45
9131
525_
Goldman, Sachs & Co., after early improvement from 20 50 Federal Nat. Bank, par 520
4
98
11 B.B.& R.Knight Corp. A
25 Beacon Trust Co.,
46
10 Mass. Bonding & Ins. CO., par
to 24, weakened to 2134. Mead, Johnson & Co. sold up 5 Exchange Trust Co par $20
223
100)i
$25
10 U.S.Trust Co., par $25
93
34 Western Massachusetts Co..
59
from 63 to 6734.
60 Medford Trust Co., Medford,
25 Heywood Wakefield Co. com
€44
Par 520
A complete record of Curb Exchange transactions for the
65
75 Union & United Tobacco Corp $5 lot
50 Medford Trust Co., Medford,
100 United Secur. Tr. Assoc-32344234
week will be found on page 97.
par 520
65
22 Boston Insurance Co_ ____630-650
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 3.
Stocks
(Number of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
267.200
571,500
564,400
442,600
406,600
2,252,300
Bonds (Par Value).
Rights.
Foreign
Domestic. Government.
11,800
5887,000
86,600 1,707,000
27,800 1,359,000
21,900 1,564,000
24,700 1,597,000
HOLI DAY
Total.
$113,000 11,000.000
348,000 2,055,000
290.000 1,649,000
265,000 1,829,000
250,000 1,847,000
172,800 87,114,000 31,266,000 58,380,000
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.,
June 28.
Silver, p oz_d 16
Gold, p fine oz 85s
Consols, 2315_____
British 5e _____ ____
British 4 Ms_ _ ___
French Renter
(in Paris)..fr -_French War Via
(in Paris)-fr -__
Mon.,
Tues.,
Wed.,
Thurs.,
June 30.
July 1.
July 2.
July 3.
15 11-16 16 9-16
1531
1531
85s
85a 540 85s 54c1 85s 340
55
55
5531
55%
103%
10334
10331
10331
9834
98%
9834
9831
87.30
87.25
87.00
101.60
101.50
Not
available
87.20
100.60
Frt.,
July 4
101.75
3331
3
331
33%
gominerciatand Wit;
ceitantonsRCM
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE
REQUESTED.
Capital.
June 28
-First National Bank of Washington Court
House.
Correspondent, W. M. Campbell, Washington Ohio $100,000
Court
House, Ohio.
CHARTER ISSUED.
June 26-Plrst National Bank of Pans. Ill
$75,000
President. Warren Penwell; Cashier,.1. A. Clark.
VOLUNTARY LIQUIDATIONS.
June 23
-The First National Bank of Emmett. Idaho
Effective April 21 1930. Liquidating Agent, First
Security Bank of Emmett, Idaho. Absorbed by
First Security Bank of Emmett, Idaho.
June 30
-The First National Bank of Hatton N. Dak
Effective June 18 1930. Liquidating Agent, H. E.
Tufte, Hatton, N. Dak. Absorbed by the Farmers
& Merchants National Bank of Hatton, N. Dak.,
No. 7905.
June 23
-The First National Bank of Hamtramck, Mich
Effective June 211930. Liquidating Agents, Nels L.
Olson, George J Haas and E. H.
.
Rogers, Care of the
liquidating bank. Absorbed by Hamtramck State
Bank. Hamtramck, Mich.
June 23
-The First National Bank of Clermont. Fla
Effective June 21 1930. Liquidating Agent, Chas. D.
Baker, Clermont, Fla. Succeeded by Citizens
Bank of Clermont. Fla.
June 25
-The First National Bank of Itta Dena, Miss
Effective June 14 1930. Liquidating Agent, R. V.
Pollard, Care of the liquidating bank. Absorbed by
First Savings Bank & Trust Co., Itta Bens, Miss.
June 27
-The National Bank of Elkton, Md
Effective June 26 1930. Liquidating Agent, S. Claude
Sykes, Elkton. Md. Absorbed by the Elkton Banking & Trust Co. of Maryland, Elkton. Md.
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
A per Sh. Shares. Stocks.
Per Sh.
40 Medford Trust Co., Medford,
50 Bangor Hydro-Electric Co.,
par $20
65
common, par 525
7534
10 Boston Nat. Bank
119
61 Springfield Gas Lt. Co., v. t. c.,
20 Beacon Trust Co.. par $20_ _45%-46
par $25
57
7 U. S. Trust Co., par $25
93
$800 Butte Country Club, reg. 5s,
33 Federal Nat. Bank. par $20_-- 98
1936; 21 Butte Country Club, par
100 Medford Trust CO.. par $20.... 65
$25: 15 Butte Curling Club. Par
100 York Mfg. Co
834
$10; Receiver's certificate for
5 Associated Textile Companies...... 35
$10.056.67 First Nat. Bank of
23 Everett /3111Is
Fergus Co., Montana, 49% paid;
131
5 Associated Textile Companies
35
30 Granite BI-Metailic Consol.
18 Berkshire Fine Spinning AssoMining Co., par $10; 55 Jerome
ciates, common
1531
Verde level. Co., par $500.: 182
5 Associated Textile Companies
35
U. L. Cattle Co.; 7 91-100 West
20 Pepperell Mfg. Co
8534
Dome Oil Co., corn, with deple5 Associated Textile Companies
3634
tion div. No. 7 paid; 10 Silver
94 Naumkeag Steam Cotton Co....84-88
Bow Club Bldg. Assoc., par 525;
5 Laconia Car Co., corn.; 10 2nd
$500. Meadow Lark Country
preferred
$1.25 lot
Club 7s, due 1943, with May 15
50 Boston Woven Hose dc Rubber
1931 coupon and subsequent
Co., common
73-7434
coupons attached
$30 lot
47 Graton & Knight Co., corn
631
BondsPer Cent.
2 First National Stores, Inc., 7% p1.104% $1,000 The Jewett Repertory Thea20 Haverhill Gas Light CO.. Par $25 53
tre, ref. mtge. 68. Dec. 15 1939.537 lot
3 Beverly Gas & Elec. Co., par $25_ 73
$5,000 Shawl:nut Bank Investment
15 George E. Keith Co., 1st pref
Trust, 4I4e, March 1942____75 & int.
9234
By Barnes & Lofland, Philadelphia:
The price of silver in New York on the same days has been:
Silver in N Y. per oz (eta);
Foreign
3434
3334
136 Naumkeag Steam Cotton Co_84-88
31 Converse Rubber Co. com.; 31
5 Associated Textile Cos
$10108
3631
preferred
10 Firestone Footwear Co., pref.- 75
1
600 The Sentry Co
50 Beacon Participations, Inc.,
preferred A
Per Cent.
Bonds.
1534
5 Boston insurance Co
65034 $5,000 Santa Cecelia Sugar Corp.
130 New York Harbor Dry Dock
6s, May 1931, coup. Nov. 1928
Co., Inc., common
42 lot
$14 lot
& subsequent on
$30,000
25,000
Shares. Stocks.
Per Sh.
20 Plaza Trust Co., par $10
4
198 Bankers Trust Co,Par $50-70
10 Broadway Merchants 'tr. Co.,
Camden, N.J.. par $20_ _ _ 55
10 Phila. Nat. Bank, par 520
121
100 Bk.of Phila. dc Tr. Co., par $10 1434
150 Adolph% Bk.& Tr. Co., par $10 1031
35 Nat. Bk. of Germantown & Tr.
Co., par $10
82
25 Corn Exch. Nat. Bk. ar Tr. Co.,
par $20
113
25,000
200,000
100,000
Bonds.
PerfCent.
$1,000 Phila. Sub. G.& El. Co., 1st
& ref. 58, Feb. 1 1960
103
$1,000 South Jersey G.,El.& Tract.
Co., 1st 5s, March I 1953,
18254
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per SA. Shares. Stocks.
A per Sh•
5 Labor Temple Ass'n of Buffalo &
500 Creighton Fairbanks Mines,
Vicinity, Inc., par $5
50o. lot
Ltd.. Par $I
$1 lot
300 Kirkland Lake Gold Mines,
1,000 Area Mines, par $1
Sc.
par $1
58e.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
100,000
Shares. Stocks.
per SI).
41 Integrity Trust Co., par 510_ _ _ -108%
26 Tidewater Wireless Teleg. Co__$50 lot
2BellTelep.Co.ofPa.,634% pref _115
45 Aldine Trust Co
1034
55 Aldine Trust Co
1031
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Aneghany Corp.. pr 1. (quer.)
$1.375 Aug. I *Holders of rec. July 15
Atch. Topeka & Santa Fe common (qu.)_ *2% Sept. 2 *Holders of rec. July 25
Carolina Clinchtield & Ohio stud.(qu.)_ _
131 July 10 Holders of rec. June 30a
West Jersey & Seashore
$2.50 July 15 Holders of rec. June 30a
Public Utilities.
Cables & Wireless, Ltd., corn. A &B
-Di vidend a omitte d.
Ches.& Pot.Telep.of Bait., pref.(cm.). 13( July ld Holders of rec. June 30
Commonwealth Edison (guar.)
*2
Aug. 1 *Holders of rec. July 15
Community Water Service common_ _ f3
Aug. 1 Holders of rec. July 10
Eastern Mass. Street Ry. pref. B (qu.)
1% Aug. 1 Holders of rec. July 15
First pref. and sink, fund stocks(cm.). 134 Aug. 15 Holders of rec. Aug. 1
Elec. Bond & Share 55 pref.(qu.)(No.1) $1.25 Aug. 1 Holders
July 10
El. Pr. & Lt. allot. Mts. full pd.(agar.). 1234e Aug. 1 Holders of rec. July 12
of rec.
Allot. etfe. 70% paid (quer.)
834c Aug. 1 Holders of rec. July 12
El Paso Electric Co. pref. A (quar.)---- *I% July 15 *Holders of rec. July 1
Empire Public Service corn. A (guar.)
*45c. Aug. 15 *Holders of rec. July 15
[Vol,. 131.
FINANCIAL CHRONICLE
72
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Boat Closed
Days Inclusive.
Miscellaneous (Concluded).
L'Air Liquide27. 284 fr. July 8 *Holders of rec. June 27
Amer. dep. nets.0 bear. shs
D4 Aug. 1 Holders of rec. July 15
Lane Bryant, Inc.. pref. (quar.)
Liberty Baking, Pref.-Dividend passed
Loew's London Theatre, Ltd , corn, and PreLD ividends Passed
Loew's (Marcus) Theatre, pref.-Divide nd def erred
Major Corporation Shares
$1y4c
*.19 July 1 *Holders of rec. June 20
a
anningBowmn & Co., cl. A (guar.)._ *37
Mclass B
*1234e July 1 *Holders of rec. June 20
(quar.)
*134 Aug. 1 *Holders of rec. July 1
McCrory Stores Corp., pref.(guar.).
*50c. Aug. 15 *Holders of rec. July 15
Mid-Continent Petroleum (quar.)
250. July 15 Holders of rec. June 30
Mitchell (Robert) Co., Ltd. (quar.)--__
*Holders of rec. July 19
Modine mfg.(guar.)
Mohawk Rubber, pref.-No action take 11.115c. Aug. 1
3734c Aug. 1 Holders of rec. July 15
National Acme Co., com (guar.)
National Belles Hess, Inc., pref.(au).. 134 Sept. 2 Holders of rec. Aug. 21
Nat.Short Term Securities. corn. A (qu.) 1234e. July 20 Holders of rec. July 2
D.15 Holders of rec. Nov. 30
13
Common A (payable in stock)
17140. July 20 Holders of rec. July 2
Preferred (quar.)
*3734c June 30 *Holders of rec. June 14
New Britain Machine, common
New River Co. pref.(scat accum.)____* 531.50 Aug. 1 *Holders of rec. July 10
July 1 *Holders of rec. June 20
.51
4
Norwich Pharmaceutical Co
•10c. July 15 *Holders of rec. June 30
011 Royalty Invest.(monthly)
750. July 15 Holders of rec. July 5
Oil Shares, Inc., pref.(quar.)
134 Aug. 1 Holders of rec. July 210
Phillips Jones Corp. pref.(quar.)
•134 Sept. 1 *Holders of rec. Aug. 9
Pittsburgh Steel pref. (quar.)
Pittsburgh Steel Foundry corn.(quar.)-- •25c. July 15 *Holders of rec. July 7
*25c. July 15 *Holders of rec. July 7.
Common (extra)
*19c. July 15 *Holders of rec. June 30
Power & Rail Trusteed Shares
$1.75 July 1 Holders of rec. June 24
Rhode Island Ice Co.class A & B (qu.)
"500. Sep . 1 *Holders of rec. Aug. 1
Richfield Oil of Calif.. corn.(quar.)
*Holders of rec. July 18
Ryerson (Joseph T.) & Son (quar.)
.
Aug 1
2
*
* 5°0. July 15 *Holders of rec. July 5
St. Croix Paper (guar.)
July 15 *Holders of rec. July 5
•1
Extra
July 18 *Holders of rec. July 7
•$1
St. Mary's Mineral Land
.
.1•250:c Aug. 1 *Holders of rec. July 15
Salt Creek Producers (quar.)
July 15 *Holders of rec. July 1
Schnebbe Fire Protection corn.(guar.)._
*60c. July 15 *Holders of rec. July 1
Class A (quar.)
*75c. July 15 *Holders of rec. July 1
Preferred (quar.)
Secur. Corp. Gen'l new com.(qu.)(No.1) *10c. Aug. 1 *Holders of rec. July 18
•$1.50 Aug. 1 *Ifolders of rec. July 18
New $6 pref. (qua,'.) (No. 1)
*31.75 Aug. 1 *Holders of rec. July 18
$7 preferred (guar.)
Trust Companies.
*50c. An,'. 1 *Holders of rec. July 16
Seton Leather, corn (quar.)
"20
Aug. 1 'Holders of rec. July 25
Kings County ((liar.)
*25c. July 25 *Holders of rec. July 5
Sharon Steel Hoop (guar.)
*Holders of rec. July 17
Shprp & ed (q uar ref. A (quar.)
areferrDoh m e p)
Miscellaneous.
.
5
2 ic Au y 1
Silver (Isaac) & Bros. Co., corn. (quar.) "71 c. Julg 21 Holders of rec. July 14
Aug. 1 *Holders of rec. July 16
*60c
Adams (J. D.) Mfg., corn. (quar.)
131 Aug. 1 Holders of roc July 14
75c. Aug. 15 Holders of rec. July 240
Allis-Chalmers Mfg., common ((uar.)_ _
Solvay Amer. Invest. Pref. (quar.)___*$ 1.3734 Aug. 15 *Holders of rec. July 15
50c July 31 Holders of r^c. July 15
Amerada Corp. (quar.)
•250. July 15 *Holders of rec. July 1
Southland Royalty (qua,'.)
75c. July 19 Holders of rec. July 10
American Chain common ((uar.)
rererred Stern
SPI;gel. M ay&Iut,r ) Co., com.-Dividen d On% ed
Aug. 1 *Holders of rec. J ly1 11
"$1
American Coal ((liar.)
*1)i Aug. 1 *Holders of rec. July 15
"10c July 15 "Holders of rem July 5
Amer. Elec.Securities((uar.)
*Holders of rec. June 20
Staley (A. Ed Mfg. pref
550c Aug. 15 "Holders of rec. July 15
Participating pref. (extra)
1c. July 1
Stand. Royalties Weturoka pt. (m(hly.)_ *33.4 j y 15 *Holders of rec. June 30
(0)
Aug. 1 Holders of rec. July 2
Amer. Foundries Corp., corn. ((uar.)
lc. July 15 Holders of rec. June 30
Stand. Royalties Wewoka pf. (mthly)
8714c Aug. I Holders of rec. July 2
(quar.)
7% first pref. A
if. July 15 Holders of rec. June 30
Stand. Royalties Wichita pref. (mthly.)_
8734c Aug. / Holders of rec. July 2
7% first pref. 11 ((Oar.)
Standard Varnish Works, 1st pref.-Div. Passed 75c. Aug. I Holders of rec. July 2
6% first pref. D (guar.)
Steel & Tubes, Inc., class A (guar.). _ __* 31.125 July 1 "Holders of rec. June 26
3734c Aug. 1 Holders of rec. July 2
6% second pref.((uer.)
July 1 4d1olders of rec. June 19
*51
Stern Bros., class A (guar.)
,
*13. ' July 1 "Holders of rec. June 20
Amer. Glanztoff. pref. (guar.)
*32.50 July 15 "Holders of rec. July 1
Stetson (John B.) Co., common
*2
Aug. 1 "Holders of rec. July 19
Amer. Glue, pref. (quar.)
•25c. July 15 *Holders of rec. June 30
Sundstrand Machine Tool ((uar.)
Amer. Machine & Fdy.old corn.(quar.)_ $1.75 Aug. 1 Holders of rec. July 18
515c. July 1 "Holders of rec. June 20
Swann Corp. class A &I)(quar.)
Amer. Rediscount Corp., 1st pref.(Qui - 31.75 July 8 Hollers of rec. June 30
31.25 Aug. 15 Holders of rec. July 15
Swift Internacional
July 8 Holders of rec. June 30
$1
Second preferred ((liar.)
Syracuse Wash. Mach., corn. B (guar.)_ "25c. July 1 *Holders of rec. June 25
Anglo Persian Oil Co., Ltd
Tennessee Products Corp., corn. (quar.) *25c. Oct. 10 *Holders of rec. Sept. 30
tc4 Aug. 6 "Holders of rec June 25
•
Amer. dep. rcts. 1st pref. reg
.25c. Ja 1031 *Holders of rec. Dec. 31
Common (guar.)
"re 434 Aug 6 "Holders of re,' June 25
Amer. dep. rcts 2d pref. reg
.25c. 4-10-31 "Holders of rec. Mar. 31
Common (guar.)
-Midland Co., corn. (qu.) "500. Aug. 1 *Holders of rec. July 21
Archer-Daniels
.75c. Aug. I *Holders of rt c. July 15
Tr -Utilities. 53 rref. (quar.)
*134 Aug 1 *Holders of rec. July 21
Preferred (guar.)
Trustees System Co., Belie., pref. (au.) '13-5 July 1 *Fielders of rec. June 15
.40c. July 1 *Holders of rec. June 20
4
Associated Security Investors (quar.)
*Holders of rec. June 15
July
Pref. (payable in stock)
Associated s( curity Investors, pr.(guar.) "31.50 Aug. 1 "Holders of rec. July 18
1 *Holders of rec. June 15
114 Aug. 1 Holders of rec. July 18a Trustees Sys, Disct. Co., Chic., pfd.(qu.) 43,1 July
Atlas Powder pref. (guar.)
*Holders of rec. June 15
Preferred (payable in stock)
*13I July 1 *Holders of rec. June 20
B.& G.Sandwich Shops, pref.(quar.)
*Holders of rec. June 15
*34
Trustees Syst., Indianapolis, pref. (qu.) *13-4 LI
*75c. Sept.27 *Holders of rec. Sept. 15
Balaban ev Ham corn. ((liar.)
"3-4 July 1 *Holders of roe. June 16
Pref. (payable in stock)
*134 Sept 27 *Holders of rec. Sept. 15
Preferred (quar.)
Trustees System Co., Louisville, Pfd.(r1U) '134 July 1 *Holders of rec. June 15
134 Sept.15 Holders of rec. Aug. 30
Belding-Cortlee111, Ltd., pref.(quar.)
*Holders of rec. June 15
Pref. (payable in stock)
Bond az Share Co.,$5 pref.(qu.)(No.1) *$1.25
y
11
Trustees Loan & Guar.(Birm.), Ind.(qu) :)4 July 1 'Holder, of rec. June 15
.750. Sept. 2 *Holders of rec. Aug. 15
Borden Co. O(liar.) _
July 1 *Holders of rec. June 16
*2
Trustees System Service. pref. (quar.)
134 Aug. 1 Holders of rec. July 21
Brown Shoe, pref.(quar.)
•25e. Aug. 1 *Holders of rec. July 19
Tung-Sol Lamp Works corn.(quar.)
*50c. Aug. 1 "Holders of rec. July 25
Bunte Bros. common (quar.)
$1.25 June 30 Holders of rec. June 20
kUnited Publishers Corp. corn.(quar.)
*13.4 Aug. 1 *Holders of rec. July 25
Preferred (quar.)
134 June 30 Fielders of rec. June 20
U.S. Bobbin az Shuttle, pref.(guar.)._
July 1 *Holders of rec. June 27
Business Buildings, Inc., pref.(quar.) *31
•500. July 1 *Holders of rec. June 25
U. S. Cold Storage, corn.(quar.)
*50c. July I *Holders of rec. June 15
Campe Corp
U.S. Foreign Securities, 1st pref. (qua,'.) $1.50 Aug. 1 Holders of rec. July 11
25e. July 18 Holders of rec. July 3
Canadian Brewing (guar.)
U. S. Rubber Reclaiming, pr. pfd. (qu.) *25c. July 1 "Holders of rec. June 20
6234c. Aug. 1 Holders of rec. July 21
Canadian Bronze, common (guar.)
*3734e July 1 *Holders of rec. June 20
Preferred A (quar.)
134 Aug. 1 Holders of rec. July 21
Preferred (quar.)
*31.50 July 10 *Holders of rec. July 5
Valvoline 011 common (quar.)
July 2 Holders of rec. June 26
Canadian Foreign Investment, pre-- 2
"6214c Aug. 1 *Holders of rec. July 15
Warchel Corp., cony. preferred
(guar.). 1)i Aug. 15 Holders of rec. July 19
Canadian Power & Paper, pref.
30c. Oct. 1 Holders of rec. Sept. 150
Westmoreland, Inc. (quar.)
12350. July 15 Holders of rec. June 30
Canadian Wineries, Ltd
1 *Holders of rec. July 15
Whitman & Barnes. Inc
*75c. July 1 *Holders of rec. June 20
Carnation Co
5e
*d
Web Holding Corp. class A & B-Divlde nd2 ci erred.
Century Ribbon Mills. Inc., pref.(guar.) "1.3.4 Sept. 2 *Holders of rec. Aug. 20
*100. July 5 *Holders of rec. June 15
Western Royalty Corp. (qua,'.)
Aug. 1 Holders of rec. July 1
$1
Century Shares Trust, panic. shares
Woodside Cotton Mills. corn. de pref.-I) ivs. pa ssed.
$1.50 Aug. 1 Holders of rec. July 10
Cerro de Pasco Copper Co.(quar.)
*6234c Aug. 15 *Holders of rec. Aug. 1
Chain Belt Co.common (guar.)
*31 )4c July 15 *Holders of rec. June 25
Chapman Ice Cream, corn.(quar.)
Below we give the dividends announced in previous weeks
July 1 *Holders of rec. June 25
*2
Chapman Valve Mtg. (quar.)
and not yet paid. This list does not include dividends an(7) July 1 *Holders of rec. June 25
Extra
"40c. June 30 *Holders of rec. June 24
Chicago Union Stock Yards (quar.)nounced this week; these being given in the preceding table.
June 30 *Holders of rec. June 24
*$2
Extra
50c. July 1 Holders of rec. June 20
Clorax Chemical, class A (quar.)
July 30 *Holders Of rec. July 15
•e2
Class A (payable in stock)
When
Per
Books Closed
Continental Eastern Corp., pref. (guar.) "75c. July 1 "Holders of rec. June 27
Days Inclusive.
Cent. Payable.
Name of Company.
Preference (adjustment dividend)--- *75c. July I 'Holders of rec. June 27
1.313-4
Holders of rec. June 30
Corporate Trust Shares
*334 Aug. I "Holders of rec. July 15
Railroads (Steam).
Cosden 011 Co. preferred
Aug. 15 Holders of rec. July 11
Alabama Great Southern, pref
$2
Credit Utility Banking Corp. B ((uar.). *373-ie July 10 *Holders of rec. June 20
$1.50 Aug. IS Hunters of roe. July II
33c Aug. 1 Holders of rec. July 15
Preferred (extra)
Curtis Lighting (quar.)
Holders of emuo. IN°. 30
214 Aug. 1 Holders of rec. June 270
$8.30
Atch.. Topeka & Santa Fe.. pref.
Dell (Tobacco) Co.(Amsterdam)
50c July 15 Holders of rec. July 1
MI:lade Coast Line RR., Corn
334 July 10 [folders of roe. June I2a
Devonshire Investing Corp. (quar.)_
13.4 July 10 Holders of res. June I2a
•25c July 20 *Holders of rec. June 30
Common (extra)
Elder Manufacturing. com.(quar.)_
373-5c July 31 Holders of rec. July 15
Augusta & Savannah
Exchange Buffet ((uar.)
'23-4 July 5 *Holders of rec. June 1 4
Extra
*25c July 5 "Holders of reo. June 14
Federal Co-operative Finance, pref.(qu.) 173-4c. July 1 Holders of rec. June 10
July 15 "Holders of rec. July 10
134 Sept. 2 Holders of rec. July lea
Balthnore & Ohio, common (quar.)
Fenton United Clean. & Dye. (extra).- *51
Sept. 2 Holders of rec. July 190
1
*75c. Aug. 1 *Holders of rec. July 15
Preferred (guar.)
First National Investment
4334c July 15 *Holders of rec. June 23
•
134 Aug. 1 Holders of reo. June 27a
Canada Southern
Fokker Aircraft pref. ((oar.)
July 10 Holders of rec. June 30s
1
2
Carolina, Clinchfield & Ohio, corn (qu.)
Foreign Pow. Securities Corp., pref.(qu) 134 Aug. 15 Holders of rec. July 31
244 Aug. 15 Holders of rec. Aug. 5a
Central RR. of N. J. (guar.)
Gen:liner Manufacturing, class A (quar.) *75c July 1 "Holders Of rec. June 25
July 15 Holders of rec. July 70
2
*30c July 1 *Holders of rec. June 25
Extra
Class B (guar.)
July 10 Holders of rec. June 24
Aug. 1 *Holders Of rec. July 16
*31
Chic. Indianapolis & Louisville, Cern.General Cigar, common (quar.)
July 10 Holders of rec. June 24
1
2
•75c Aug. 1 "Holders of rec. July 15a
Common (extra)
General Mills, corn. (quar.)
July 10 Holders of rec. June 290
Preferred
Gilmore(F. E.) Co., pref.-Dividend pa ssed.
.
A dy 1
1x Jrug 3 Holders of ree. July 21a
3
5
25c Ju'y 21 Holders of rec. July 14
Cleve.. CM.Chic.& St. Louis. corn
5-10-25c. Sts., corn.(qu.)
Grand (F. W.)
July 81 Holders of rec. July 2I0
Preferred (quar.)
134 Aug. 1 Holders of rec. July 14
Preferred ((uar.)
Holders of rec. July 150
Cuba RR., preferred
250. July 23 Holders of rec. July 14
-Silver Stores corn.(qu.)
(F.& W.)
Grand
Feb2'31 Hold. of me. Jan.I5'31a
3
Preferred.
Greenfield Tap & Die Corp.6% pf. Wu.) 134 Oct. 1 Holders of rec. Sept. 15
23-4 Sept.20 Holders of roe. Aug. 280
Delaware dv Hudson Co.(quar.)
2
Oct. I Holders of rec. Sept. 15
8% preferred Mar.)
Delaware Lackawanna & Western (qu.)_ $1.50 July 21 Holders of roe. July 5a
*45c. July 1 *Holders of rec. June 28
Harnischfeger Corp., common
Deo. 31 Holders of Fee. Dee, 150
2
Erie ItR., 1st and 2nd preferred
1.3-4 July 15 Holders of rec. June 30
Hillcrest Colleries, core. (quar.)
234 Aug. I flakier, of roe. June 26a
Great Northern
134 July 15 Holders of rec. June 30
Preferred ((liar.)
715
5
17 Holders of ree. July 81a
1,i
134
Internat.Rys. of Cent. Amer. pf. (qu.)._
Aug. 15 "Holders of ref. July 25
•500.
Indiana Pipe lane (guar.)
July
Holders of see. June 27
Joliet & Chicago ((liar.)
*25c. Aug. 15 *Holders of rec. July 25
Extra
134 Aug. 1 Holders of rec. June 30a
Kansas City Southern. corn.(quar.)
20c. July 15 Holders of rec. June 30
Collateral Assn.(quar.)
Industrial
Jul
Holders of rec. June 30a
Preferred (quar.)
.13-4 Sept. 2 *Holders of rec. Aug. 15
Internat. Agricultural Corp., Pref. (qu.) 4
July n
11.13 .uly: i5 June 14 to July 15
J l 51
3
13-4 Oct. 10 Holders of rec. Sept. 220 Little Schuylkill Nay. RR. & Coal
Internat. Business Machines (quar.)334 Aug. 11 Holders of rec. July 15a
Louisville & Nashville
old r om(qui $1.25 Aug. 1 Holders of rec. July 18
Internat. Cigar Machinery
MahonIng Coal RR., common (qu.)- $12.50 Aug. 1 Holders of rec. July 14a
*750. June 28 Holders of rec. June 27
Jamison Coal & Coke (guar.)
Holders of rec. July 21a
Michigan Central
*433Ic July 1 Holders of rec. June 18
Earl Keen Mfg., class A ((Mar.)
134 Sept.30 Holders of rec. Sept. 5
of rec. July 15
Mo.-Kan.-Texas, pref. A (quar.)
"623-4c Aug. 1 Holders
Kayser (Julius) az Co. (quar.)
134 I)ec. 31 Holders of rec. Doe. 6
Preferred A (qua,'.)
June 30 Holders of ref. June 16
2
King Royalty Co., pref. (guar.)
Aug.
2
Holders of rec. June 27a
New York Central RR.(guar.)
250. Aug. 1.*Holders of rec. July II
- •
Kress(s. H.) & Co., common (mar.)
234 Sept. 19 Holders of rem Aug. 30a
Norfolk & Western common (quar.)
Common (pay. In special pref.stock)_ _ *f50e. Aug. 1;*Holders of rec. July 11
Aug. 19 Holders of rec. July 31a
1
Adjustment preferred (quar.)
'150. Aug. 1.*Holders of rec. July 11
Special preferred (quar.)
Public Utilities (Continued)
Havana Elec. & Utilities lot pref.(qu.). $1.50 Aug. 15 Holders of rec. July 19
31.25 Aug. 15 Holders of rec. July 19
Cumulative Preference ((mar.)
Kansas City Pub.Serv. pref.-Dividend passed .
The. Aug. 1 Holders of roe. July 25
Keystone Telephone of Phila.((uar.)--Lyons Water d, Light Co.
981 frs. July 7 Holders of rec. June 23
Amer. dep. rets.0 bearer shares_ _*53.
Aug. 1 Holders of rec. July 10
$1
Manitoba Power common ((liar.)
"15
Marconi Wireless Teleg., Ltd., com
*5
Participating preference (extra)
Mississippi Power Co.,$7 pref.(quar.). $1 75 July 1 Holders of rec June 27
El 50 July 1 Holders of rec. June 27
$6 preferred (guar)
'1l( Aug. 1 *Holders of rec. July 15
Municipal Service Co.pref.(quar.)
•45c. Aug. 1 *Holders of rec. July 15
National Elea. Power, class A ((ard_
Aug. 15 "Holders of rec. July 19
No.American Light & Pow.,corn.(qu.) *f2
*31.50 Oct. 1 *Holders of tee. Sept. 20
36 preferred ((uar.)
750. July 10 'Holders of rec. June 27
Phila.& Camden Ferry new (No. 1)(qu) •
Public Serv. Corp. of Nor.
*62 Aug. 1 *Holders of rec. July 15
Common, no par (quar.)
*62 Aug. 1 *Holders of rec. July 15
Common.$100 par (quar.)
' Aug. 1 "Holders of rec. July 15
13.4
6% preferred ((uar.)
•I34 Aug. 1 *Holders of rec. July 15
7% preferred Mar.)
Quint° & Trente Valley Power Co., pref. -Div Mend d eferred.
Sierra Pacific Elec. Co., pref.(quar.)- 134 Aug. 1 Holders of rec. July 15
Southern Canada Power, cons.(qu.)- - - - 25e. Aug. 15 Holders of rec. July 31
Southern Colorado Power, corn. A (qu.) *50c. Aug. 25 *Holders of rec. July 31
144 Oct. I Holders of rec. Sept. 15
Tennessee Elec. Power 5% 1st pf.(411.)134 Oct. 1 Holders of rec. Sept. 15
6% first preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (guar.)
50c. Aug. 1 Holders of rec. July 15
6% first preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
5% first preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
6% first preferred (monthly)
60c. Aug. 1 Holders of rec. July 15
7.2% first preferred (monthly)
60c. Sept. 1 Holders of rec. Aug. 15
7.2% first preferred (monthly)
60c. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
Thirteen & 15th Sta. Pass. Ry., Phila.- _ $6 July1 1 June 21 to June 30
"Sc. Sept. 10 "Holders of roe. July 15
Union Natural Gas of Canada (extra)
*50c. Oct. 1 *Holders of ree. Aug.$25
United Corporation, corn. (No. 1)
"75c. Oct. 1 *Hoidens of rec. Sept. 20
Preference Mar.)
$1 Aug. 1 Holders of rec. July 10
Winnipeg Electric Co., common
1
JULY 5 1930.1
Name of Company.
Railroads (Steam) (Concluded)
Northern Central
Northern Pacific (guar.)
Northern Securities Co
Pennroad Corp.(No. 1)
Pennsylvania RR.(guar.)
Pere Marquette, prior pref. 4t pref.(qu.)
Pitts. CM. Chic. & St. Louis
Pittsburgh Ft. Wayne & Chic.. pf.(qu.)
Pittsburgh 4: Lake Erie
Pittsburgh & West Va.(guar.)
Reading Company common (guar.)
First preferred (guar.)
Second preferred(qua?)
Second preferred (guar.)
Bt. Louis-San Francisco, pref.(quar.)..
Preferred (guar.)
Southern Sty., common (guar.)
Preferred (guar.)
United N. I. RR.& Canal Co..(qU.)- Quarterly
Wabash Ity.. pref. A (guar.)
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
July 15 Holders of roe. June 30a
82
14 Aug. 1 Holders of rec. July 2a
4% July 10 June 21 to July 10
200 Sept. 15 Holders of rec. Aug. 84
$1
Aug. 30 Holders of reo. Aug. la
14 Aug. I Holders of rec. July 50
24 July 19 Holders of rec. July 104
lfi July 8 Holders of rec. June 10a
$2.50 Aug. 1 Holders of rec. June 27
1% July 31 Holders of rec. July 154
$1
Aug. 14 Holders of rec. July 176
50c. Sept.11 Holders of rec. Aug. 21a
500. July 10 Holders of reo. June 190
500. Oct. 9 Holders of rec. Sept. 1Sa
1% Aug. 1 Holders of r7c. July la
1% Nov. 1 Holders of tee. Oct. la
2
Aug. 1 Holders of roe. July la
1% July 15 Holders of ree. June 230
8254 Oct. 1 *Holders or rec. Sept. 20
'2% Jan I '31 *Holders of rec. Dec.20'30
1% Aug. 25 Holders of rec. July 25a
Public Utilities.
Alabama Power, $5 pref.(guar.)
$1.25 Aug. 1 Holders of rec. July 15
Amalgamated Elec. Corp., pref. (quar.)
75c. July 15 Holders of rec. June 27
Amer. Cities Power & Lt. Cl. A (qu.)._
(m) Aug. 1 Holders ol rec. July 6
Class B (quar.)
(m) Aug. 1 Holders of rec. July 5
American Commonwealth Power Corp.
Com. A de B (1-40th share com. A)___ /2% July 25 Holders of rec. June 30
First preferred series A (guar.)
$1.75 Aug. 1 Holders of rem July 15
58.50 1st preferred (guar.)
$1.62 Aug. 1 Holders of rec. July 15
$6 1st preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 15
Second preferred series A (quar.)-- $1.75 Aug. 1 Holders of roe. July 15
Amer. Dist. Teleg. of N. J.. corn (qu.) *51
July 15 *Holders of rec. June 15
Preferred (quar.)
*14 July 15 *Holders of rec. June 15
Amer.Gas& Elem. pref.(guar.)
$1.60 Aug. 1 Holders of rec. July 8
Amer. Light & Tract., com. (qu.)
62%c.Aug. 1 July 18 to July 31
Preferred (guar.)
3734c Aug. 1 July 18 to July 31
American Telep. & Teleg.(guar.)
2% July 15 fielders of rec. June 20.
Amer. Water Works & Elec.. con/.(Qu.).
25c. Aug. 15 Holders of rec. July 25a
Corn. (In stock 1-40th share com.)___ (f) Aug. 15 Holders of rec. July 256
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 11 a
Associated Gas &Elec., el. A (guar.)
p50c. Aug. 1 Holders of rec. June 30
Associated Teleg. Utilities(guar.)
*e2
July 15 *Holders of rec. June 30
Bangor Ilydre-Elec., corn. (quar.)
*500 Aug. 1 *Holders of rec. July 10
Bell Telep.of Canada common (qUar.)
2
July 15 Holdere of res. June 230
Bell Telep. of Pa.. pref.(qu.)
1% July 15 Holders of rec. June 20a
Bridgeport Hydraulic Co.(guar.)
*40c. July 15 *Holders of rec. July 1
British Columbia Pow.. cl. A (guar.)---50e. July 15 Holders of rec. June
Brooklyn Borough Gas. corn. (guar.)--- *$1.50 July 10 *Holders of rec. June 30
30
Brooklyn-Manhattan Transit. com.(qu.) SI
July 15 Holders of rec. July la
Preferred, series A (guar.)
61.50 July 15 Holders of reo. July la
Preferred, series A (guar.)
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred, series A (guar.)
$1.50 Jy 15'31 Holders of rec. Dec. 31a
Preferred, series A (guar.)
$1.50 A p15'31 Hold.of rec. Apr. 1 1931a
-Oregon Pow.7% pref.(qu.)
Calif.
1M July 15 Holders of roe. June 30
6% preferred (guar.)
134 July 15 Holders of rec. June 30
Canada Northern Power common (gu.)_
lbc. July 25 Holders of rec. June 30
Preferred (qua?.)
I% July 15 Holders of rec. June 30
Central ill. Pub.&rev.. $6 pref.(quar.)
41.50 July 15 *Holders of roe. June 30
Central & South West Utilities
Common (payable in corn. stock)
_ fl% July 16 1101 of rec.
June
Chicago Rap. Tran.. or. pf. A(m'thly). •65e. Aug. 1 *Holders of dereJuly 30
rec.
15
Prior preferred A (monthly)
•65c. Sept. 1 *Holders of reo. Aug. 19
Prior preferred 11 (monthly)
*60e. Aug. 1 *Holders of rec. Jule 15
Prior preferred B (monthly)
*60c. Sept. 1 *Holders of rec. Aug. 19
Cities Serv. Pow.& Lt., Si pfd.(mthly.) 41 2-3e July 15 Holders of
rec. July la
$11 preferred (monthly)
50c. July 15 Holders of rec. July la
$7 preferred (monthly)
58 1-3c July 15 Holders of rec. July 1
Cleveland Elec. Ilium., pref.(guar.) - 1% Sept. 1 Holders of
.
rec. Aug. 15
Columbia Gas & Electric. cow (quar.)-.
600. Aug. 15 Holders of rec. July 190
6% pref. series A (guar.)
134 Aug. 15 Holders of rec. July 19a
5% preferred (guar.)
1% Aug. 15 Holders
rec. July 19a
Columbus Elec.& Pow.. pref. B (qua?.). 1S( July 1 Holders of
14
Censolidated Gas of N. Y.. 85 pret(qu.) $1.25 Aug. 1 Holders of reo. June 28a
of rec. June
Consumers Power, 55 pref.(guar.)
•$1.25 Oct. I *Holders of rec. Sept. 15
6% preferred (emir.)
*1
Oct. 1 *Holders of rec. Sept. 15
6.6% Preferred (guar.)
•1.65 Oct. 1 *Holders of rec. Sept. 15
7% preferred (guar.)
*154 Oct. 1 *Holders of rec. Sept. 15
6% preferred (monthly)
*50e. Aug. 1 'Holders of rec. July 15
6% preferred (monthly)
*50c. Sept. 1 *Holders of rem Aug. 15
6% Preferred (monthly)
*50e. Oct. 1 *Holders of rec. Sept. 15
6.6% preferred (monthly)
•55c. Aug. 1 *Holders of rec. July 15
8.6% preferred (monthly)
•55c. Sept. 1 *Holders of rec. Aug. 15
8.8% preferred (monthly)
*55e. Oct. 1 *Holders of rec. Sept. 15
Detroit Edison Co. guar.)
2
July 15 Holders of rec. June 200
Duquesne Light. tat pref.(guar.)
1% July 15 Holders of rec. June 14
Electric Bond & Share, corn.(qu.)
ft% July 15 Holders of rem June 70
$6 pref.(guar.)
$1.50 Aug 1 Holders of rec. July 10
Electric Power of France
Am.dep. rots. A bearer shares
29.20fr July 7 *Holders of rec. June 20
Elec. Power & Light, corn.(quar,)
25o Aug 1 Holders of rec. July 12a
English Electric Co. of Canada A (qu.)..
754 July 15 Holder, of rem June 30
Federal Public Service, pref. (guar.).
- •lii July 15 *Holders of rec. June 30
Illinois Power Co.8% pref.(guar.)
134 July 1 Holders of rem June 16
7% preferred (guar.)
14 July 1 Holders of rec. June le
Illinois Power & Light, $6 pref.(quar.)
$1.50 Aug. 1 Holders of rem July 10
International Hydro-Electric System
Class A (qu.)(50e, cash or 1-50th sh .A stk) July 15
Holders of
$3.50 cony. pref. (guar.)(No. 1.) -- 87340 July 16 Holders of rec. June 25a
rec. June 25a
International Telep. & Telco.(quar.)__.
50e July 15 Holders of rec. June 20a
Internat. Utilities. class A (guar.)
87%c July 15 Holders of rec. June 30
$7 preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 18
Interstate Pub. Ser. pr. lien stk.(qu.)-- I ee July 15
Holders of rec. June 30
Kentucky Securities, pref.(guar.)
134 July 15 Holders of rec. June 20a
Lune Star Gas,corn.(In COIL.stk.)
(V)
Hold.of reo. Feb.2 1931
Long Island Lighting, corn. (quar.)-__
1543 Aug. 1 Holders of rec. July
Lowell Electric Light (guar.)
•650 Aug. 1 *Holders of rec. July 15
Mass. URI. Associates pref.(guar.)
•62%c July 15 *Holders of rec. June 15
Middle Western Telep., corn. A (gu.)041340 &MI5 *Holders of re41. Sept 30
Common A (qan)
•4354c Dec. 16 *Holders of roe. Dee 5
IS
Middle West Utilities common (quar.)._ f2
Aug. 15 Holders of rec. July 15a
$6 pref.(or 3
-80th share common)_
$1.50 Aug. 15 Holders
Midland Utilities, 7% pr. lien (qua?.).. I% July 7 Holders of rec. July 15
of rec. June 21
6% prior lien (guar.)
134 July 7 Holders of reo. June 21
7% pref. class A (guar.)
134 July 7 Holders of roe. June 21
6% pref. class A (quar.)
134 July 7 Holders of rec. June 21
Milwaukee Elec. Sty. 4: Light, pref.(qu.) 134 July 31 Holders
of rec. July 21u
Montreal Light, Heat & Power Cons.
New no par corn (quar,)(No. 1)---38c July 81 Holders of rec. June 30
Montreal Telegraph (guar.)
2
July 15 Holders of rem June 30
Montreal Tramways (guar.)
234 July 15 Holders of rec. July 5
Slountain States Power. pref. (guar.).- 134 July 21 Holders of
rec.
Municipal Teleph. Utli.. Cl. A (extra)... •25e. Nov. 15 *Holders of rec. June 30
National Power & Light $6 pref.(qu.).. $1.50 Aug. 1 Holders of rec. Oct. 15
July 15
Nevada-Calif. Elec.. pref. (guar.)
13( Aug. 1 Holders of rem June 30
Newark Telephone (guar.)
all Sept.10 *Holders of rec. Aug. 29
Quarterly
1
11 Dec. 10 *Holders of roe. Nov. 30
New England Power Assn., corn.(au.)
50c. July 15 Holders of rec.
New England Pub.Sem.$7 pref.(qu.). $1.75 July 15 Holders of roe. June 30a
June 30
•
Ad). preferred (guar.)
-- $1.75 July 15 Holders of roe. June 30
$6 preferred (guar.)
$1.50 July 15 Holders of rec. June 30
New York Telephone pref.(guar.)
134 July 15 Holders of rec. June 20
North American Edison Co., pref. (qu.) $1.50 Sept. 2 Holders
North Amer. Gas & Elec. class A (guar.) *40e. Aug. 1 *Holders of rec. Aug. 15a
of rec.
North. Indiana Pub.Serv. 7% pf.(qu.). 134 July 14 Holders of rec. July 10
June 30
6% Preferred (guar.)
11.4 July 14 Holders of rec. June 30
54% Preferred (guar.)
154 July 14 Holders of tee. June 30
Northern Ontario Power common (g11.)
50e. July 25 Holders of rec. June 30
Preferred (guar.)
I% July 25 Holders of reo. June 30
Name of Company.
73
Per
When
Cad. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Northern States Power, com. A (guar.). 2
Aug. 1 Holders of rec. June 30
6% preferred (guar.)
114 July 21 Holders of rec. June 30
7% preferred (qua?.)
July 21 Holders of rec. June 30
Northwestern Bell Telep., pref. (qua?.). 154 July 15 Holders of rec. June 200
Ohio Telephone Service, pref.(guar.).
- •14 Sept.80 Holders of rec. Sept 23
•14‘ Dec. 81 Holders of roe. Dec. 24
Preferred (guar.)
Pacific Gee & Elec.. corn.(guar.)
50e. July 15 Holders of rec. June 30e
Pacific Lighting, pref. (guar.)
'134 July 15 Holders of roe. June 30
Pacific Public Service, corn. A (qua?,).. allfie Aug. 1 Holders of rec. July 10
Pacific Telep. & Teleg., pref.(quar.)... 134 July 16 Holders of rec. June 300
Peninsular Telephone.coin. Muer.)
•364.1 Oct
. 1 Holders of rec. Sept. 150
Common (oust)
•354, Jan 1,
31 Hold, of roe. Dee. 16 '31
Pennsylvania-ObloPow.&L..$6 pt.(ii".) $1.50 Aug. 1 Holders of roe. July 21
1% Aug. 1 Holders of rec. July 21
7% Preferred (guar.)
7.2% preferred (monthly)
604. Aug. 1 Holders of rec. July 21
6.8% preferred (monthly)
550. Aug. 1 Holders of rec. July 21
Pennsylvania Power, $6 pref. (qua?.)... $1.50 Sept. 2 Holders of rec. Aug. 20
$6.60 preferred (monthly)
55e. Aug. 1 Holders of roe. July 19
$6.60 preferred (monthly)
55c. Sept. 2 Holders of rec .Aug. 20
Peoples Gas Light & Coke(quar.)
2
July 17 Holders of rec. July 3a
Philadelphia Co Common (guar.)
July 31 Holders of rec. July la
$1
Common (extra)
750. July 31 Holders of rec. July la
Philadelphia Electric Co.,$5 pref.(guar. $1.25 Aug. 1 Holders of rec. July 10a
Philadelphia Elec. Power. pref.(qua?.)..
500. Oct. 1 Holders of rec. Sept. 10a
Philadelphia Rapid Transit, com
July 31 Holders of rec. July 15a
$1
Phila. Suburban. Water Co., pref.(Oil.) 11.4 Sept. 1 Holders of rec. Aug. 12a
Philadelphia & Western Sty., pf. (qu.)
62%0 July 15 Holders of rec. June 30a
Piedmont & Northern Sty.(guar.)
*14 July 10 Holders of rec. June 30
Power Corp. of Canada cons.(interim)_ _ $1
July 25 Holders of rec. July 54
Preferred (guar.)
1% July 15 Holders of roe. June 30
Participating pref.(Ouse.)
750. July 15 Holders of rec. June 30
Public Say.Corp.of N.J., cons.(qu.)
850. Sept.30 Holders of rec. Sept. 26
8% preferred (guar.)
Sept.30 Holders of rec. Sept. 2a
2
7% preferred (guar.)
134 Sept 30 Holders of rec. Sept. 2a
$1.26 Sept.30 Holders of ree. Sept. 2a
$5 preferred (guar.)
6% preferred (monthly)
50c. July 31 Holders of rec. July la
6% preferred (monthly)
60c. Aug. 30 Holders of rec. Aug. la
8% preferred (monthly)
50c. Sept.30 Holders of rec. Sept. 2a
Pub. Serv. Elec. & Gas 7% pref.(guar.) 154 Sept.30 Holders of rec. Sept. 20
6% preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 20
Puget Bound Pow.& Lt.. $5 Pref.(guar.) •$1.25 July 15 *Holders of rec. June 20
$6 pref. (guar.)
*$1.50 July 15 *Holders of rec. June 20
Quebec Power (guar.)
(32 tie July 15 Holders of rec. June 27
Rhode Island Pub. Serv. pref.(qua?.)..
500. Aug. 1 July 16 to July 31
Class A (guar.)
$1
Aug. 1 Holders of rec. July 15
San Diego Consol. Gas & Elec., pf.(qu.) 1% July 15 Holders of rec. June 30
Shawinigan Water & Power (quar.)- - -- 6240 July 10 Holders of roe. June 13
Southern Calif. Edison Co., com.(qu.)_
50c Aug. 15 Holders of rec. July 204
Original preferred (guar.)
1100. July 15 Holders of rec. June 20
% preferred series C(guar.)
34% July 15 Holders of rec. June 20
Southern Canada Power, pref.(guar.)
1)4 July 15 Holders of rec. June 20
Southern N E.. Teter.. (guar.)
*2
July 15 *Holders of roe. June 30
South Pittsburgh Water, corn
*75e. July 21 *Holders of rec. July 10
7% preferred (guar.)
154 July 15 Holders of rec. July 1
6% preferred (guar.)
1)4 July 15 Holders of rec.
4.1yi Aug. 19 *Holders of rec. July 1
5% preferred (quar.)
Aug. 9
Standard Gas & Elec., com.(qua?.)... 871.40 July 25 Holders of rec. June 300
Prior preference (guar.)
$1.75 July 25 Holders of rec. June 300
$6 prior preference (guar.)(No. 1
)-- $1.50 July 25 Holders of rec. June 300
Standard Power & Light, pref. (quar.)-- $1.7. Aug. 1 Holders of roe. July 15
Tri-State Telep. & Teleg., corn.(Qua?.). *31.50 July 1 *Holders of rec. June 15
6% preferred (guar.)
.150 Dec. 1 *Holders of rec. Nov. 15
Twirl City Rap. Tr.. Minneapolis.corn.. g2
July 15 'Holders of roe. July la
United Gas & Electric Co.. pref
234 July 15 Holders of rec. June 30
United Gas Improvement corn.(quar.)__
30e Sept.30 Holders of rec. Aug. 306
Preferred (guar.)
$1.25 Sere.. 30 Holders of rect. Aug. 30a
United Light & PowerCommon A and B new (guar.)
250 Aug. 1 Holders of roe. July 15a
Common A and B old (guar.)
$1,2 Aug. 1 Holders of rec. July 15a
Western Power Corp.. pref.(qua?.)
134 July 15 Holders of rec. June 30
Western Union Telegraph (guar.)
$2
July 15 Holders of rec. June 26a
West Penn Elec. Co., class A (qua?.)... $1.7 Sept.30 Holders of rec. Sept. 170
1% Aug 16 Holders of roe. July 19a
7% preferred (guar.)
8% preferred (guar.)
1% Aug. 16 Holders of rec. July 190
West Penn Power Co., 7% pref.(guar.). 154 Aug. 1 Holders of roe. July 5a
6% preferred (guar.)
134 Aug. 1 Holders of roe. July ea
Banks.
Trade (guar.).
Woodside National (Woodside)
134 July 5 Holders of reo. June 25
4.2
July 15 *Holders of rec. July 1
Trust Companies.
Bank of Sicily Trust Co.(guar.)
BansicilLs Corp. class A & B (guar.)._ _-
*30c July 10 *Holders of rec. June 30 .
.15e July 10 •Holders of rec. June 30
Corn Exchange Bank & Trust Co (quar.)
Fire Insurance.
Amer. Equitable Assurance (qua?.).
Continental
Fldellty-Phenix Fire
Knickerbocker, corn. (guar.)
New York Fire Ins.. com.(guar.)
North River Insurance (guar.)
Miscellaneous.
Abitibi Pow. di Paper,6% pref. ‘quar.).
Abraham & Straus. pref.(guar.)
Addreesograpb Internat. Corp.(qua?.)..
Air Reduction Co. (guar.)
Allegheny Steel, corn.(monthly)
Common (extra)
Common (monthly)
Common (monthly)
Preferred (guar.)
Preferred (guar.)
Alliance Realty, common (guar.)
Preferred (guar.)
Preferred (guar.)
Allied Chemical & Dye, corn.(qua?.)...
Alpha Portland Cement(guar.)
Aluminum Mfrs., Inc.. corn. (quar.)__.
Common (guar.)
Preferred (guar.)
Preferred (guar.)
American Can, common (guar.)
Amer. Colortype Co.. com.(quar.)_
Preferred (quar.)
Cm mn ';u .)
Amer. Elec. Securities (extra)
Amer. Hawaiian S.S. (special)
Amer.Home Products (mthly)
American Ice, common (quar.)
Preferred (guar.)
American International Corp.
Common (payable in oonimon stook)
Ameefer
prr Invest m ear.)rust pref. (guar.)..
(wint T
Preferred
Amer. Laundry Machinery. corn.(dear.)
Amer. NIsehine & Fdy., pref.(qua?.)...
American Manufacturing. corn. (qua?.).
Common (quar.)
Preferred (guar.)
Preferred (guar.)
American News (hi
-monthly)
American Rolling Mill (quar.)
Stock dividend
Amer.& Scottish Invest.. corn.(guar.).Amer.Shipbuilding new no pa? co
ri
ar
(quar.)
Amer. Solvents & Chem. pref. (qua?,)..
$1
Aug. 1 Holders of rec. June 30a
30e. Aug. 1
81.20 July 10
$1.30 July 10
3714c Aug. 1
300. Aug. 1
50e. Sept. 15
Holders of rec. July
Holders of rec. June
Holders of rec. June
Holders of rec. July
Holders of rec. July
Holders of rec. Sept
18
300
300
18
18
5
134 July 21 Holders of roe. July] 100
1% Aug. 1 Holders of rec. July I5a
37 Sic July 10 Holders of reo. June 21a
75e. July 15 Holders of rec. June 30a
150. July 18 Holders of res. June 30a
25e. July 18 Holders of ree. June 300
15e, Aug. 18 Holders of rec. July 310
15e. Sept.18 Holders of rec. Aug. 300
•14 Sept. I *Holders of reo. AUg. 15
*11
4 Dec. 1 *Holders of tee. Nov.15
75e July 18 Holders of roe. Julyi 50
134 Sept. 1 Holders of rec. Aug. 20
134 Dec. 1 Holders of reo. Nov.20
$1.50 Aug. 1 Holders of rec. July Ila
50c July 25 *Holders of rec. July la
*500. Sept.30 *Holders of rec. Sept. 15
•50o. Dee, 31 *Holders of rec. Dec. 15
'154 Sept.80 *Holders of rec. Sept. 16
•14 Dec. 31 *Holders of rec. Dec. 15
$1
Aug. 15 Holders of rec. July 310
800, June 30 Holders of ree. June 12
*60c. Sept. 30 *Holders of rec. Sept.12
14 Sept. 1 Holders of Tee. Aug. 14
*500. Aug. 15 *Holders of rec. July 15
July 15 Holders of rec. Julyt la
68
85c. Aug. 1 Holders of rec. July 144
750. July 25 Holders of rec. July 7a
134 July 25 Holders of rec. July 70
11
I%
Oct. I
Sept. 1 Holders of recs. Aug. 15
134 Des, 1 Holders of rec. Nov.15
*81 Sept. 1 *Holders of ree. Aug. 20
lye Aug. 1 Holders of roe. July 18
1
Oct. 1 Sept. 16 to Sent. 30
1
Deo. 31 Dec. 16 to Dec. 30
11.4 Oct. 1 Sept. 16 to Sept. BO
1% Dec. 31 Dec. 18 to Dee. 30
50c. July 15 Holders of rec. July 50
50c. July 15 Holders of roe. June 304
elS
July 30 Holders of rec. July la
•30e. Sept. 1 *Holders of reo. Aug. 15
$1.25 Aug. 1 Holders of rec. July 154
14 Aug. 1 Holders of ree. July 15
750. Aug. 15 Holders of rec. Aug. 16
[VOL. 131.
FINANCIAL CHRONICLE
74
Name of Company.
When
Per
Cent. Payable
Books Closed,
Days Inclustre.
Miscellaneous (Continued)
Amer. Smelting & Refining, corn. (cm.). is Aug. 1 Holders of reo. July ha
134 Sept. 2 Holders of ree. Aug. 8a
Preferred (Misr.)
.$1.50 Sept. 2'Holders of reo. Aug. 15
Second preferred (quar.)(No. 1)
75c. July 15 Holders of rec. July la
Amer. Steel Foundries, corn. (nuar.)
Subject to stockholders' meeting.
+$4
American Tobacco corn & corn B
July 15 Holders of rec. July 50
2
Amer. Type Founders, corn.(quar.)
134 July 15 Polders of rec. July 5a
Preferred (nuar
American Vitrified Products, corn.(qu.) _ "50c. July 15 *Holders of rec. July 15
Aug. 1 *Holders of rec. July 19
Preferred (guar.)
•25o Oct. 2 *Holders of rec. Sept. 13
Amoskeag Mfg., common (qual.)
8734c Aug. 18 Holders of rec. July I2a
Anaconda Copper Co. (quar.)
374c Aug. 11 Holders of rec. July 12a
Anaconda Wire& Cable
37340 Aug di1 Holders of rec. July 12a
Andes Copper Mining (quar.)
•20e July 16 'Holders of ree. July 6
Ankle Steel Stool (quar.)
50o. July 15 Holders of rec. July 3
Anglo National Corp. corn. A (guar.).Anglo-Persian Oil, Lid
Amer. dep. rights for registered Stus_ •w15 Aug. 6 *Holders of rec. June 25
Associated Apparel Industries
Oct. 1 Holders of rec. Sept. 19a
$1
Common (quar.)
630. Aug. 1 Holden of rec. July I2a
Associated Dry Goods,corn.(quar.)_..
114 Sept. 1 Holders of rec. Aug. 9a
First preferred (quar.)
114 Sept. 1 Holders of rec. Aug. 90
Second preferred (quar.)
Atlantic Gulf & W.I. S.S. Lines. Pf.(qu.) IS' Sept. 30 Holders of reo. Sept. 104
11( Doe. 31 Holders of roe. Dec. 11
Preferred (guar.)
500. July 15 Holders of rec. July 1
Atlas Plywood (quar.)
Austin, Nichols & Co.
75o Aug.1 Holders of roe. July I5a
Prior A stock (quar.)(No. 1)
July 10 *Holders of rec. June 30
"51
Automobile Banking common
"50o. July 10 *Holders of rec. June 30
Common (extra)
"4
July 10 *Holders of rec. June 30
Preferred
40o Aug. 1 Holders of rec. July 10
Auto Strop Safety Razor, class B (qu.)
134 Sept. 2 Holders of rec. Aug. 15a
(quar.)
Bamberger(L)& Co.. pref.
Bancroft (Joseph) & Sons CO., Pf.(qu.)- 131 July 31 Holders of rec. July 15
75e July 15 Holders of rec. June 30a
Bankers Securities Corp.. COW.(quar.)....
75e July 15 Holders of rec. June 30a
Participating pref. (quar.)
500 Aug. 6 Holders of rec. July 7a
Barnsdall Corp. class A & B
75e July 15 Holders of rec. June 350
(quar.)_Byk
Cigars, Inc., corn.(quar.)
14 July 15 Holders of rec. June 30a
First preferred (guar.)
750 July 10 Holders of rec. June 25a
Beech-Nut Packing. corn. (quar.)
134 Aug. 1 Holders of rec. July 15
Belding-Corticelli, Ltd., corn. (quar.).._
31.60 Aug. 15 Holders of reo. July 180
Bethlehem Steel. common (quar.)
•37140 Aug. 15 'Holders of reo. Aug. 9
Bloch Brom., common (quar.)
"3710 Nov. 15 *Holders of reo. Nov. 10
Common (guar.)
5134 Sept. 30 "Holders of roe. Sept. 25
Preferred (quar.)
*114 Dee. 31 *Holders of tee. Dec. 26
Preferred (guar.)
20c Aug.1 Holders of rec. July 5
Blue Ridge Corp.common(No.!)
(If) Sept. 1 Holders of rec. Aug. 5
Preferred (quar.)
July 31 Holders of rec. JULY Ida
81
Am!Co., class A (qual.)
Bon
July 31 Holders of rec. July I5a
Si
Class A (extra)
*134 Aug. 1 "Holders of rec. July 30
Brill(J. G.) Co., Pref.(guar-)
90 Aug. 1 Holders of reo. July 1
Investors. cl. A (hi-monthly).
Brit. Type
500 July 15 Holders of ree. June 30
Brompton Pulp & Paper. corn.(quar.)
Bunker Hill & Sullivan Mining& Concentrating, corn.(monthly)..... •25c July 6"Holders of rec. June 30
•25c July 5 *Holders of rec. June 30
Common (extra)
•51.50 July 5 *Holders of rec. June 30
Preferred (quar.)
July 1 *Holders of tea. June 18
•21
Burger Bros., pref. (guar.)
Oct. 1 *Holders of reo. Rent. 15
.2
Preferred (guar.)
*250 July 15 "Holders of rec. July 1
Grocery, class A (No. 1)
Burke
62340 Aug. 1 Holders of rec. June 27a
Bush Terminal, corn.(qual.)
134 July 15 Holders of rec. June 27a
Debenture stock (guar.)
•11.1 Aug. I *Holders of rec. July 15
Byers(A. M.) Co., pref.(guar.)
•1,4
Nov. I *Holders of rec. Oct. 15
Preferred (guar.)
•e2
Sept. 1 "Holders of roe. Aug. 15
Byron Jackson Pump,stock dividend
250. July 15 Holders of reo. June 30
Canada Bud Breweries. corn. (guar.)...
$1.25 July 16 Holders of rec. July la
Canada Dry Ginger Ale (quar.)
Canada Foundries & Fore.. class A (tiu.) 37140 July 15 Holders of roe. June 30
43c Aug. 30 Holders of rec. Aug. 15
Canadian Car & Foundry.ordinary (qu.)
44e. July 10 Holders of rec. June 26
Preferred (quar.)
$1.25 Aug. 15 Holders of rec. July 31
Canadian Converters (guar.)
1)4 July 15 Holders of rec. June 30
-Morse, pref. (qui_
Canadian Fairbanks
"62140 July 31 "Holders of rec. June 30
Canadian Industries, corn. (quar.)
*75e July 15 "Holders of reo. June 30
Common (extra)
1;4 July 15 Holders of rec. June 30
Preferred (guar.)
150. Aug. 15 Holders of reo. Aug. 5
Centrifugal Pipe Corp.(qual.)
150 Nov. 15 Holders of rec. Nov IS
Quarterly
350 Aug. 1 Holders of rec. July 16a
Checker Cab Mfg. Corp.(monthly)--Chicago Flexible Shaft. corn (quar.).... •30e Oct. 1 "Holders of reo. Sept. 20
25o Aug. 1 Holders of rec. July 2I0
Chicago Yellow Cab (monthly)
250. Sept. 2 Holders of ree. Aug. 20a
Monthly
"560 Sept.30 Holders of reo. Sept. 15
Cincinnati Ball Crank, partic. pfd.(qu.)
234e. Aug. 1 Holders of rec. July 15
Cities Service common (monthly)
Aug. 1 Holders of rec. July 15
136
Common (payable in corn. stock)..
500. Aug. 1 Holders of rec. July 15
Preference and pref. BB (monthly).__
150. Aug. 1 Holders of rec. July 5
PreferenceD (monthly)
City fee & Fuel,com(payable in corn.stk.) f1l4 Aug. 31 Holders of rec. Aug. 15a
24 July 7 Holders of rec. June 30a
City Investing, common
124e. July 15 Holders of reo. June 30a
City Stores Co., corn. (quar.)
87 34c. Aug. 1 Holders of rec. July 15a
Class A (guar.)
'40c. July 15'Holders of rec. June 30
Cleveland Tractor, corn. (guar.)
"e2
July 30'Holders of rec. July 15
Clorax Chemical, Class B
Coats(J.& P.) Ltd., Am.dep rights ord.
July 7 Holders of roe. May 28
9 pence, plus bonus 6 pence
"25e. July 15
Coca Cola Bottling Sec.(guar.)
•25o. Oct. 15
Quarterly
37340. Aug. 1 Holders of rec. July 15
Plow (quar.)
Cockshutt
Colgate-Palmolive-Peet Co.. corn.(nu.). 1324c July 15 Holders of reo. June 200
Columbia Pictures
Common (payable in common stook). /234 Oct. 2 Holders of reo. Sept 3a
500. Sept. 1 Holders of roe. Aug. 18
Columbus Auto Parts, pref. (quar.)
43340. July 15 Holders of rec. July 1
Commercial Bookbinding (guar.)
•1234e Sept.30 Holders of reo. Sept 26
Community State Corp.. class A (anat.)
'1234c Dec. 31 Holders of roe. Dec. 26
Class A (quar.)
•1234e 3131131 Hold. of reo. Mar.26'51
Class B (quar.)
•1214e Sept.80 Holders of rec. Sept.26
Class B (qual.)
•1214c Dec. 3 Holders of rec. Doe. 26
Class B (qua!'.)
"1.34 Sept. I *Holders of rec. Aug. 15
Inc.. prof. (quar.)
Congoleum-Nairn,
Consolidated Cigar Corp., pr. pref.(qu.) 134 Aug. 1 Holders of rec. July 150
Consol. Diamond Mines of S. W.Africa
4)1d. Aug. 15 Holders of coup. No. 2
Bearer shares
Aug. 15 July 1 to July 7
Registered shares
$1.25 July 15 Holders of reo. June 30
Mining & Smelting of Canada
Consol.
$5 July 15 Holders of rec. Juno 30
Bonus
"12)4 July 25'Holders of rec. July 15
Consolidated Royalty Oil (qual.)
$1 July 15 Holders of rec. July 1
Continental Securities, common (quar.)
250 July 15 Holders of rec. June 18
Copper Range Co.(qual.)
7.50. July 21 Holders of rec. July 70
Corn Products Refg., corn.(qual.)
50e. July 21 Holders of rec. July 70
Common (extra)
July 15 Holders of reo. July 7a
Preferred (quar.)
Courtaulds, Ltd., Am. dep. rots., pref._ 'p234 July 8 *Holders of rec. June 19
Creamery Package Mfg., corn. (quar.)„ "50o. July 10 *Holders of rec. July 1
'134 July 10 *Holders of rec. July 1
Preferred (quar.)
"213. July 10 "Holders of reo. JIM 30
Cresson Cons. G. Mln. dr Milling (guar.)
Crown Zellerbach Corp.,flom.(qual.).,. 250. July 15 Holders of rec. June 30a
*81.50 Sept. 1 'Holders of rec. Aug. 13
A &B and Pref.(guar.)
Preferred
134 July 31 Holders of rec. July 150
Crucible Steel, corn. (guar.)
Crum & Forster, corn. A & B (guar.)._ 234 July 15 Holders of rec. July 5
2
Sept.30 Holders of rec. Sept.20
Preferred (guar.)
Crum & Forster Ins. & Shares Corp.
14 Aug. 30 Holders of roe. Aug. 20
Preferred (quar.)
134 Nov.29 Holders of rec. Nov. 19
Preferred (guar.)
.$3.50 Aug. 1 *Holders of reo. July 15
Cuba Company. preferred
'Si
July 15 *Holders of rec. July 3
Packing, corn.(guar.)
Cudahy
"8240 Aug. I 'Holders of roe. July 15
Cuneo Press, common (quar.)
*134 Sept. 15 "Holders of res. Sept. 1
Preferred (guar.)
"50o. Aug. 2 *Holders of rec. July 19
Curtis Publishing, corn.(monthly)
"50e. Sept. 2 *Holders of rec. Aug. 20
Common (monthly)
•50e. Oct. 2 *Holders of rec. Sept. 20
Common (monthly)
*14 Oct. 2 "Holders of rec. Sept. 20
Preferred (qual.)
•500. July 15 "Holders of rec. June 30
Darby Petroleum, new stock (No. I)
500. July 15 Holders of reo. July 1
Davenport Hosiery Mills, Corn.(Uu.)- -
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Decker (Alfred) & Cohn, pref. (guar.)._ 4,14( Sept. 2'Holders of rec. Aug. 20
$1.75 July 25 Holders of rec. June 30
Deep Rock Oil, pref. (quar.)
Deers & Co.
(payable In common stock). /1)4 July 15 Holders of roe. July 14
Common
Denver Union Stook Yards. oom.(cu.).- *SI Oct. 1 'Holders of reo. Sept. 28
Jan 1'31 •Hold, of rec. Dec. 20'30.
•$1
Common (guar.)
•$1
so 1 31 *Hold of reo Mar 20'31
Common (muse ).. _
30e. July 17 Holders of rec. July 7a
Devoe & Reynolds class A & B (quar.)....
154 July 17 Holders of rec. July 70
First and second pref.(guar.)
Sept. 15 Holders of rec. Aug. 30a
$2
Diamond Match (qual.)
•750. Sept. 2 "Holders of rec. Aug. 15
Dictaphone Corp.,corn.(quar.)
•2
Sept. 2'Holders of rec. Aug. 15
Preferred (guar.)
250. July 15 Holders of rec. July 1
Dlctograph Products (guar.)
Di Giorgio Fruit Corp. ',ref (guar.)... 'I', Jttiy IA •Hrudere of rec. June 14
*50c. July 15 *Holders of rec. July I
Diversified Investments el. A (qu.)
*50c. July 15 'Holders of rec. July 1
Class A (extra)
.15i July 15 *Holders of rec. July
1
First preferred (quar.)
26c. Ji iv II Holders of 'es' June 30a
Dome Mines. r fri tons!.)..-.
July 15 Holders of rec. June 30
Dominion Engineering Works (quar.)_ _ _ 31
Dominion Tar & Chemical, pref.(qual.) 134 Aug. 1 Holders of rec. JUIY 17
Dominion Textile, common (quar.)- - - - •81.25 Oct. I 'Holders of rec. Sept. 15
134 July 15 Holders of rec. June 30
Preferred (quar.)
*134 Oct. 15 'Holders of rec. Sept. 30
Preferred (qual.)
$1 July 15 Holders of rec. July 1 a
Dunhill International (quar.)
July 15 Holders of rec. July la
1
Stock dividend
Dupont(E.I.) de Nemours & Co.
14 July 23 Holders of reo. July 10a
Debenture stock (guar.)
-Dividend omit ted.
Eagle-Picher Lead corn.
•134 July 15 *Holders of rec. June 30
Preferred (quar.)
Eastern Utilities Investing Corp.
$1.75 Aug. 1 Holders of rec. June 30
Participating preference (qua!'.)
$1.50 Sept. 2 Holders of rec. July 31
$8 preferred (quar.)
$1.75 Sept. 2 Holders of rec. July 31
preferred (guar.)
$7
$1.25 Oct. 1 Holders of rec. Aug. 30
$5 prior preferred (qual.)
•750. Aug. 1 "Holders of rec. July 15
Eaton Axle & Spring (quar.)
•25e. July 15 'Holders of rec. July 1
(qual.)
Economy Grocery Stores
'250. July 20'Holders of rec. June 30
Edison Bros. Stores, Inc., corn
14 July 20 Holders of rec. July 1
Edwards(Wm.) Co., pref. (guar.)
50c. July 22 Holders of rec. July 7
Electric Household Utilities (quar.).62340 Aug. 1 "Holders of rec. July 16
Elgin National Watch (qual.)
314 July 15 Holders of rec. July 3
Ely & Walker Dry Goods. tat pref
July 15 Holders of rec. July 3
3
Second preferred
Emsco Derrick & Equipment (quar.).._ "40e. July 25'Holders of rec. July 10
$1
Aug. 1 Holders of rec. July 15
Pipe Line (guar.)
Eureka
•600. Aug. 15 *Holders of roe. Aug. 5
Ewa Plantation (quar.)
.350, July 15 *Holders of rec. June 30
1
Fageol Motors, 7% preferred
60e Aug. 1 Hoidens of reo. July 210
Fair (The) common (qual.)
Helder. uf ree July 210
156 km
Preferred (oliar )
Fairbanks, Morse & Co.common (quar.) •750. Sept.30 "Holders of rec. Sept. 12
I 'Holders of rec. Aug. 12
•lti Sept.
Preferred (quar.)
114 Aug. 1 Holders of rec. July 16
Fashion Park Associates, pref. (qua!,),
62140 Aug. 1 Holders of reo. July 15
Federal Knitting, common (guar.)
12340 Aug. 1 Holders of rec. July 15
Common (extra)
200. Aug. 31 Holders of rec. Aug. 15
Federated Capital Corp., corn.(guar.)._
Aug. 31 Holders of rec. Aug. 15
in common stock)._ 11
Common (payable
3710. Aug. 31 Holders of rec. Aug. 15
8% preferred (guar.)
"250. July 11 *Holders of roe. July 2
Federated Metals (quar.)
Finance Co.of Amer., Halt.. oom. A(qu.) *200. July 15 'Holders of rec. July 5
•200. July 15 'Holders of rem July 5
Common B (quar.)
.154 July 15 *Holders of reo. July 5
Preferred (quar.)
pref. A & B (cu.) $1.75 July 15 Holders of rec. July 1
Fishman (M. H.)
•3744e July 15 'Holders of rec. July 10
Co..
Flintkote Co.. el. A.de13.(guar.)
Food Machinery Corp., COM. (quar.)..... •37140 July 15 *Holders of reo. June 30
•50e Ocit. 1 "Holders of rec. Sept. 15
Formica Insulation (quar.)
"500 fan 1 '31 'Holders of rem DM). 15
Quarterly _
July 15 Holders of roe. July 10
Si
Fox Film Corp., tom, A & B (quar.)____
•134 Oct. 1 "Holders of ree Sent. 15
Frank (A B.) Co., pre? (qual.)
Aug. 1 'folders of rec. July 15a
$1
Freeport Texas Co.(quar.)
400. July. 21 Holders of rec. July 30
Firestone Tire & Rubber. corn.(qua".)_.
25e. Aug. 15 Holders of rec. July 31
Foundation Co. of Canada. corn,(qu.)._
Oct. I Holders of rec. Sept. 130
Amer. Tank Car,stock dividend Cl
General
fan 131 Holders of rec. Dee. I3a
el
Stock dividend (guar.)
$1.75 Aug. 1 Holders of rec. July 15a
General Cable Corp. pref. (guar.)
40e. July 25 Holders of rec. June 20a
General Electric. common (guar.)
150. July 25 Holders of rec. June 20s
Special stock (guar.)
July 19 Holders of rec. June 240
General Elec., Ltd.. Amer. dep. reta- 10
July 19 Holders of roe. June 240
4
Extra
750. Aug. 1 Holders of rec. July 15a
Gen. Foods Corp., corn.(guar.)
1,1 3ug. 1 Holders of rec. July 70
General Motors 7% pref. (guar.)
1% Aug. 1 Holders of rec. July 70
8% preferred (guar.)
1 Se inc. 1 Holders of rec. July 7a
6% debenture stork (guar.)
$1.25 Aug. I Holders of rec. July 7
$5 preferred (guar.)
Aug. 15 *Holders of roe. Aug. 6
General Outdoor Advertising, el. A (qu.) *El
•134 Aug. 15 *Holders of rec. Aug. 5
Preferred (quar.)
411.50 Aug. 1 *Holders of rec. July II)
General Pub. Serv., $8 pref.(quar.)...
• $1.375 Aug. 1 *Holders of roe. July 10
$5 50 preferred Mar.)
General Realty & Utilities Corp.
Pref. (qu.) 75-100ths share corn. or-_ $1.50 July 15 Holders of rec. June 20
"50c. Aug. 1 "Holders of rec. July 15
General Stockyards, com.(quar.)
*25c. Aug. 1 *Holders of rec. July 15
Common (extra)
*31.50 Aug. I *Holders of roe. July 15
$8 preferred (quar.)
"650. Sept, 1 "Holders of rec. Aug. 20
Gibson Art, common (quar,)
•650 Dec. 1 *Holders of rem Nov. 20
common (qual.)
'65c. Sor1•31 *Hold. of ree. Mar. 20'81
Common (quar.)
July 31 *Holders of rec. July 15
Gilchrist Co.(guar.)(Payable in stock). "e2
•134 Aug. 1 "Holders of rec. July 15
Gimbel Bros., Prof.(qual.)
150. July 10 Holders of rec. July la
Globe Underwriters Exchange (No. 1)
6235c Aug. 1 Holders of rec. July 150
Gold Dust Corp., common (quar.)
1.25 Aug. 1 Holders of Tee. July la
Goodyear Tire & Rubber. corn. (quar.)134 Aug. 1 Holders of rec. July 11a
Gotham Silk Ilosiery, pref. (quar.)
750. Aug.. I Holders of rec. July 18a
Pow.(qu)
Granby Consol. Min. Smelt. dr
Grand Rapids Stores Equip. pf.(qrs.). *17 413 Aug. 1 "Holders of reo. July 20
*17 tic Nov. 1 "Holders of reo. Oct. 21
7% preferred (quar.)
-75e,Aug. 11 Holders of rec. July 12a
Greene Cananea Copper Co.(guar.).
.$1.75 July 5'Holders of reo June 20
Greyhound Corp., pref. A (qual.)
July 5 *Holders of reo. June 20
"V
pref. (qual.)
Participating
•50c Sept. I *Holders of rec. Aug. 20
Gruen Watch, common (qual.)
•50o. Dec. 1 "Holders of rec. Nov. 20
Common (quar.)
•50c Mar131 "[fold. of reo. Feb. 20'31
Common (qual.)
•14i Aug. I *Holders of rec. July 20
Preferred (quar.)
•104 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
•1% Feb 131 *Hold. of ree. Jan 20 '31
Preferred (guar.)
tel
Aug. 1 "Holders of roe. June 14
Guardian Investing Trust, common_
"117.40 Oct. 1 'Holders of refs. Sept. 20
Gulf 011 Corp.(guar.)
•3734e Janl 31 "Hold. of roe. Dec. 20 '30
Quarterly
134 Oct. 1 Holders of rec. Sept. 150
Gulf States Steel, 1st pref.(quar.)
134 Jan2'31 Hoidens of reo Dec. 1.50
First preferred (guar.)
50c. July 31 Holders of rec. July 19a
Hall(W.F.) Printing (guar.)
Witt., new com.(mthly.)(No. 1) "Se July 31 "Holders of rec. July 10a
IlamTa
030c July 31 *Holders of roe. July 10
.
Old $25 par stock
Flarbison-Walker Refract.. pref Muer.) 134 July 19 Holders of reo. July Pa
- 250. July 15 nomen3 of rec. June 30
Hathaway Bakeries, Inc., el. D (No.1)
134 Aug. 16 Holders of ree. Aug. 4a
Hercules Powder, pref.(quar
35e. July 25 Holders of rec. July 18
Hibbard,Spencer, Barlett & Co.(mthly.)
35e. Aug. 29 Holders of rec. Aug. 22
Monthly
350. Sept.28 Holders of reo. Sept. 19
Monthly
450e. July 31 "Holders of roe. July 1
corn. A (No. 1)
Hickok Oil Corp.
Herbee & Co ,first preferred (quar.)..... •14 Aug. 1 "Holders of reo. July 20
•154
Nov. I *Holders of tee. Oct. 19
Firstpreferred (guar.)
Sept. 1 *Holders of reo. Aug. 20
•2
Second preferred (quar.)
Dee. 1 *Holders of roe. Nov.21
•2
Second preferred (guar.)
50. July 15 Holders of ree. June 30
Hollinger Consol. Gold Mines(mthly.)
*soo. July 20 Holders of rec. July 1
Home Service Co., pref.(quar.)
6240 Aug. 1 Holders of rec. July 14a
Horn & Hardart(N. Y.)), corn.(qu.)
134 Sept. 1 Holders of rec. Aug. 12a
Preferred (guar.)
900. July 5 Holders of ree. June 17a
Household Finance Corp.tom.(qual.).,.
July 15 Holders of tee. July In
$1
Preferred (quar.)
July 15 Holders of reo. June 30a
$1
Howe Sound Co.(guar.)
500. Aug. 1 Holders of rec. July 15a
Flupp Motor Car Corp., Com.(qual.)...
•600. July 15 "Holders of ree. July 8
Illinois Brick (guar.)
•600. Oct. 15 *Holders of rec. 000. 3
Quarterly
JULY 5 1930.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closes
[lava inelusles.
75
Name of Company.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days huluttre.
.--=
Miscellaneous (Continued).
Miscellaneous (Continued).
Independent 011 & Gas (quar.)
50c. July 31 Holders of rec. July 15a New York Dock,
preferred
Industrial Finance Corp234 July 15 Holders of rec. July 5a
Niagara Share Corp. of Md.,corn.(qu.)
Common (payable In common stook).- 1234
100. July 15 Holders of rec. Arm 25
Nlies-Bement-Pond. common (qUar.r
Common (payable In common stock).. 1234 Aug. 1 Holders of rec. Apr. 18
•500 Sept. 30'Holders of reo. Sept 20
Nov. 1 Holders of rec. Arr. 18
Common (guar.)
Common (payable In oommon stook)... 1234 Febl'31
•500 Dec. 3 'Holders of reo. Dee. 20
Hold,of roe. Apr. 18'30
NIpissing Mines Co.(guar.).
Ingersoll-Rand Co.. corn. (mita.)
734o. July 2 Holders of rec. June 30
$1
Sept. 2 Holders of rec. Aug. 5a Noblitt-Sparks Industri
Inspiration Con. Copper Co.(quar.)_....
es (in stook)._ •el ei Oct.
•Holdere of tee. Sept. 20
500.
Insult Utility Invest.. corn. (In stock).. 11 34 July 7 Holders of rec. June 190 Nerthern Disc.. Prof. A (monthly)_-• 88 2-3c Aug.
"Holders of roe. July 15
July 15 Holders of roe. June 30
Preferred A (monthly)
Common (payable In common stook). '11% Oct.
•66 2-3e Sept. 'Holders of roe. Aug. 16
Preferred A (monthly)
Insurenshares Corp. of N. Y., pref.(qu.) .5134 July 15 "Holders of rec. Oct. 1
•662-3 Oct.
'Hoidens of rect. Sept. 15
15 *Holders of rec. June 30
Preferred A (monthly)
Insurance Securities (guar.)
•66 2-3e Nov.
"Holden of rect. Oct. 15
*334 July
Preferred A (monthly)
Interallied Investing Corp., class A.--- (ee) July 15 *Holders of rec. June 30
•86 2-3e Dec.
"Holders of roe Nov. 15
15 Holders of rec. July 10
Northwest Engineering common (guar.). •50c. Aug.
Internat. Business Machines (guar.).- 51.50 July
*Holders of rec. July 15
10 Holders of rec. June 2I0 Cleglestry Paper, preferred
Internat. Harvester common (query_
(guar.)
•$1.50 Aug.
•Holders of ree. July 20
6234c July 15 Holders of roe. June 20a
Preferred (guar.)
Internat. Match, corn. & pref. (guar.).- $1
•$1.50 Nov.
•Holders of roe. Oct. 20
July 15 Holders of rec. June 250 Ohio Brass.
Internat. Nickel, corn. (guar.)
class B (qum.)
$1.25 July 15 Holders of rec. June 30
25o. June 30 Holders of rec. June 24
Preferred (guar.)
Preferred (guar.)
134 July 15 Holders of rec. June 30
134 Aug. 1
Internat. Paper & Pow.. 7% pref.(ar.). 134 July 15 Holders of rec. July 2a Oil Well supply. Pref. (quar.)
lei Aug. 1 Holders of rec. July 12a
Holders of roe. June 250 Otis Elevator. common (guar.)
8% preferred (Oscar.)
62340. July 15 Holders of rec. June 300
'134 July 15 *Holders of rec. June 25
Prefirred (guar.)
International Paper, 7% pref. (guar.)._
lei July 15 Holders of roe. June lilla
lei July 15 Holders of rec. June 25a
Preferred (guar.)
8% preferred (guar.)
lei Oct. lb Holders of roe. Sept. 800
'134 July 15 *Holders of ree. June 25
Preferre
Internat. Printing Ink,corn.(guar.)._
1)4.) snlie'31
75e. Aug. 1 Holders of rec. July 15a Packard d (llua.)
Electric Co., common (guar.)._ 40e. July 15 Hold, of roe. 13e0.31'30a
Preferred (guar.)
Holders of rec. June 30
134 Aug. 1 Holders of rec. July lba Packard Motor
Internat. Products Corp., pref
Car, corn.(guar.)
25e. Sept. 12 Holders of reo. Aug. 150
3
July 15 Holders of rec. July to Par:peke
Corp., corn. (guar.)
Intertype Corp., corn. (guar.)
•$1.50 Aug. 15 'Holders of roe. Aug.
50e. Aug. 15 Holders of ree. Aug. la Park
8
& Tilford. Inc.(guar.)
First preferred (quiz.)
750. July 14 Holders of roe. June 30a
2
Oct. 1 Holders of rec. Sept.25
Stock
Jewel Tea. Inc., corn.(Quer.)
el July
75e. July 16 Holders of rec. July la Parmele dividend
e Transportation corn.(mthly.) 1254c July 14 Holders of reo. June 30a
Johns-Manville Corp.. corn.(guar.)._
750. July 15
10 Holders of rec. June 30a
Common (monthly)
Kalamazoo Veg. Parchment (guar.)._ "15c. Sept.30 Holders of rec. June 240
12e4c Aug. 11 Holders of rec. July 31a
"Holders of rec. Sept.20
Penman.% Ltd., common (guar.)
Quarterly
51
*150 Dec. 31 *Holders of rec. Dec. 22
Aug. 15 Holders of rec. Aug. 5
Preferred (guar.)
Kaufmann Dept. Stores., corn.(guar.)._
38c. July 28 Holders of rec. June 10a Pennsylvania
1.34 Aug. 1
Kawneer Company (guar.)
Salt Mfg. common (quiz.) $1.25 July 15 Holders of rec. July 21
"6234c July
Holders of rec. June 300
Philadelphia Insulated Wire
Keybee Stores. Inc.. corn.(qu.)(NO. 1). •150. July 15 'Holders of rec. June 30
$2.50 Aug. 1 Holders of rec. July lba
15 'Holders of rec. July 1
Pittsburgh ForgIngs (quiz.)
Kelsey-Hayes Wheel, pref. (guar.)
'134 Aug. 1 *Holders of rec. July 21
July
Pittsburgh Screw & Bolt, corn.(qu.)____ •40c. .ruiy 25 *Holders of rec. July 15
Keystone Steel & Wire,common (quar.). •25c. July
35e
15 Holders of rm. June 24,
15 *Holders of rec. June 30
Plymouth Cordage (quar.)
Preferred (quar.)
•lei
Porto Rican Amer. Tobacco., Cl. A (qu.)•51.50 July 19 *Holders of rec. June 30
Keystone Watchcase Corp.,(corp.)._ 31.50 July 15'Holders of rec. June 30
134 July 10 Holders of rec. June 200
Aug. 1 Holders of rec. July 18a Premier
Kidder Participations,
Shares. Inc.(No. 1)
common-•56M0 Aug.
Procter & Gamble Co., pref. (quer.) ___ 18340. July 15 Holders of roe. July 1
Kidder Participations No. 2, pref.(extre) •250 Oct. 1 *Holders of rec. July 17
100..
2
July 15 Holders of rec. June 25a
1
Prosperity Co., Inc., common B
Kirby Lumber (guar.)
*lei Sept. 10 "Holders of roe. Aug. 30
•25e. July 1 *Holders of rec. June 16
Public serene Trust Shares
Quarterly
•$1.40 July 15 "Holden of rec. June 30
'134 Doe, 10 "Holders of rec. Nov.29
Pullman, Inc.(quiz.)
Knott Corp.(guar.)
4
.1600. July 15 *Holders of rec. July 7
$1
Aug.315 Holders of roe. July 244
Quaker Oats Co.. corn. (guar.)
Kroger Grocery dr Baking, 2nd pf.(yu.). *lei Aug.
"$1
July 15 "Holders of roe. July 1
1 *Holders of rec. July 21
Preferre
Stook dividend
Cl
Sept. 1 Holders of reo. Aug. 110 Randall d (oiler.)
'114 Aug. 30'Holders of rec. Aug. 1
Co.. class A (guar.)
Lackawanna Securities Co
•83 Sept. 2 *Holders of rec. Aug. 15
•50o. Aug. 1 *Holders of rec. July 21
Rapid Electrotype, stock dividend
Land & Building Investing, pref
334 July 15 Holders of rec. June 30
*e5
July 15 *Holders of rec. July 1
Republic Steel Corp. common
Landis Machine, common (guar.)
.750. Aug. 15 "Holders of reo. Aug. 5
$1.24 Aug. 1 Holders of rec. July 125
Republic Supply (guar.)
Common (quar.)
*750. Nov. 15 'Holders of roe. Nov. 5
•75e July 15 *Holders of roe July 1
Quarterly
Langendorf United Bak., A & B (guar.). •50c. July 15 *Holden
•750 Oct. 15 *Holders of roe. Oct. 1
of rec. June
Republic Stamping & Enamel (guar.).
Leath & Co., common (mar.)
•25c. Sept.30 "Holden of rec. Sept.30
40e. July 10 Holders of rec. July 1
20
Revere Copper dr Brass, pref.(quar.)- Preferred (guar.)
-- $1.75 Aug. 1 Holders of rec. July 105
'87(40 July 1 *Holders of rec. June 15
Rice-Stix Dry Goods, common (quar.)Lefcourt Realty Corp.,common (guar.).
- 3734e. Aug. 1 Holders of rec. July 15
40c. Aug. 15 Holders of rec. Aug. 5
Richfield Oil. pref. (quar.)
Preference (guar.)
14334c. Aug. 1 Holders of rec. July 5
75c. July 15 Holders of rec. July 7
Rio Grande 011 of Calif. (quiz.)
Lehigh Coal & Navigation (quiz.)
350. Aug. 30 Holders of rec. July 31a Hoover
500. July 25 Holders of rec. July br
Bros. preferred
Lehigh Portland Cement (guar.)
•35c. Aug. 1 *Holders of rec. July 10
6214c Aug. 1 Holders of rec. July 14a Royal Typewrit
Lehn Jr Fink Products Co.(guar.)
er, common
750. Sept. 1 Holders of rec. Aug. 15a
51.50 July 17 Holders of rec. July 10
Prof.(for first two quiz,of 1930)Leonhard Trete, Inc., Amer.dep. recta.. sw10 July
- -- 334 July 17 Holders of rec. July 16
18 *Holders of rec. July 10
Rum]Manufacturing (guar.)
Liberty Share Corp.. stook dividend.... *el
orto Aug. I *Hoiden of rec. July 30
Dee. III
St. Joseph Lead Co.(guar.)
Lincoln Printing, common (gum.)
500. Aug. 1 Holders of rec. July 22
50e Sept. 20 Sept. 10 to Sept.21
Estee
Preferred (guar.)
250 Sept. 20 Sept. 10 to Sept.21
87340 Aug. 1 Holders of rec. July 22
Quarterly
Link-Belt Co.. corn.(guar.)
65e. Sept. 1 Holders of rec. Aug. 15a
50e Dec. 20 Dee. 10 to Dec. 21
Extra
Lion 01111efining, eons.(ouar.)
250 Dee. 20 Dee 10 to
*50o. July 2 "Holders of roe. June 27
Dec. 21
St. Lawrence Corp., clan A (MI.(No.1)
Liquid Carbonic Corp. corn.(guar.).- 51
50e. July 15 Holders of rec. June 30
Aug. 1 Holders of rec. July 19
St. Lawrence Paper Mills, pref.
Loose-Wiles Biscuit, corn.(quar.)
lei July 15 Holders of roe. June 80
65e. Aug
Holders of rec. July 18a Sarnia Bridge Co., el. A (quiz.)(guar.)._
Common (extra)
50c. July 18 Holders of rec. July 2
10o. Aug. 1 Holders of rec. July 18a
Class
First preferred (guar.)
0
25e. July 18 Holden of rec. July 2
lei Oct. 1 Holders of rec. Sept. lea Savage B
Arms,
Lord & Taylor, 2d pref.(guar.)
2
'154 Aug. 15 'Holders of rec. Aug. I
Aug. 1 Holders of reo. July 17a Scott Paper, second Pref.(guar.)
Louisiana Oil Refs. pref.(guar.)
pref. A (quar.)
lei Mfg. 1 Holders of rec. July 171
134 Aug. 15 Holders of rec. Aug. to
Preferred B (quiz.)
Lunkenheimer Co., pref.(guar.)
•134 Oct. 1 Holders of roe. Sept. 20
lei Aug. 1 Holders of rec. July 17i
Scullin Steel, pref. (guar.)
Preferred (quar.)
75e. July 15 Holders of rec. JUDI) 30
•134 Jan 1'31
Seagrave Corp..common (guar.)
Lynch Glass Machine(guar.)
30e. July 16 Holders of rec. June 30,
•50o. Aug. 15 *Holders of rec. Aug. 5
Sears-Roebuck (guar.)
Stock dividend
'el
62340 Aug. 1 Holders of rec. July Ibi
Aug. 15 *Holders of roe Aug 5
ewes Ills IQUett.)
MacAndrews &FOrbes,corn.(guar.).650. July 15 Holders of rec. June 30a
Cl
Aug. 1 Holden of rue July lee
Stook dividend (quar.)Preferred (guar.)
el
Nov. I Holden. of cm Oct. lei
134 July 15 Holders of rec. June 300 Seeman
MacKinnon Steel, 1st pref.(guar.)
Brothers, Inc.. common (guar.).
75c. Aug. I Holders of rec. July 15
134 Aug. 1 Holders of rec. July 16
Shattuck (Frank G.) Co (guar.)
Macy (R. II.) & Co., quarterly
25c July 10 Holders of rec. June 201
50c Aug.
Madison Square Garden Corp.,com.(qu.) 37 MC July 15 Holders of rec. July 25a elheaffer (W.8.) Pens, common (guar.). .$1
Sept. 15 "Holders of rec Aug.
15 Holders of rec. July 5a Shenand
Magma Copper Co.(guar.)
(ff) Aug. 1 Holders of rec. July 25
$1 July 15 Holders of rec. June 30a Signode oah Corp. pref.(guar.)
Steel Strap, corn. (guar.)
Magnin (I.) & Co.. corn.(guar.)
5.12340 July 15 *Holders of rec. June 5
'37340 July 15 'Holders of rec. June 30
30
Preferred (quar.)
Preferred (guar.)
'134 Aug. 15 "Holders or roe, Aug. 5
Sinclair Corkin 011 common (guar.)---. •62340 July 15 'Holders of rec. June 30
Preferred (quiz.)
50o. July lb Holders of me June 14,
'134 Nov.
Skelly 011, pref.(quiz)(No. 1)
Mahon (R. C.) Co., cony. pref.(quiz.). *550 July 15 "Holders of roe. Nov. 5
lei Aug. 1 Holders of rec. July 1,
Spalding (A.(I.) & Bros.. oom.(query
Mansfield Theatre Co,(Toronto). pref.. 3M July 15 *Holders of rec. July 1
5ler July 16 Holders of roe. June 3
31 Holders of rec. June
Span. Chalfant & Co., pref. (quar.).....
1
3
el arbellte Corp. of Amer. (quiz.)
*50c. July 10 *Holders of ree. June 30
$1.50 Oct. 1 Holders of rec. Sept. ,
Spicer Manufacturing. pref.(guar.)...
30
Margay 011 Corp.(guar.)
250 July 10 Holders of rec. June 20
750 July 15 Holders of rec. July 15
Standard Investment Corp. pref.(quiz.) $1.375
2,
Massey-Barris Co.. Ltd.. corn. (quiz.).
75e. July 15 Holders of rec. June 30
Aug. 15 Holders of rec. July 28
State Street investment (truer.)
Matson Navigation (quiz.)
750.
'134 Aug. 15
Stearns(Fred'k) Co.,comemonthly)*16 2-3c. July 15 Holders of rec. June 30
Quarterly
'134 Nov. lb
July 31 *Holders of rec. July 21
May Department Stores, corn.(guar.)._
50c. Sept. 2 Holders of rec. Aug. 15a Steel Co.of Canada, corn. et pf.(qu.)... 4334o Aug. 1 Holders of rec. July 7
etlx. Baer & Fuller. common (guar.).Common (payable in common Mak)_ flet Sept. 2
.37M0 Sept. 1 .
..Holders of rec.
Holders of tee. Aug. lba
5
Common (payable In common stock). flee Dec. 1
Common (Guar.).'37)4eDeo. 1 *Holden of rec. Aug. 1
Holders of roe. Noe. 154 Stone Jr
Nov. 15
McCall Corp.(guar)
81
July 15 Holden of rec. June 17,
62340 Aug. 1 Holders of rec. July 19a Sullivan Webster. Inc.(quar.)
McCrory Stores Corp. pref.(guar.)
Machinery (gum)
$1
'134 Aug. 1 *Holders of rec. July 21
July lb July 1 to July 7
Sun-Glow Industries (guar.)
Mercal Guaranty Corp., Les Aug.. com- •$1.25 July
500 Aug. 1 Holders of rec. July 22
15 *Holders of rec. June 20
Sunray 011 (quiz.)
First preferred
"100 July 15 'Holders of rec. June 25
*3
July
Sunshine Biscuit, corn. (guar.)
Merch. Jr Mfrs. Seour., prior pref. (qu.) •$1.75 July 15 *Holders of rec. June 20
85c Aug. 1 Holders of rec. July 18,
15 "Holders of rec. July 1
Common (extra)
Mexican Petroleum common (guar.)._ 3
10e Aug. 1 Holders of rec. July 18
July 21 Holden of rec. June 300
First preferred (quar.)
Preferred (guar.)
2
$1 7e Oct. 1 Holders of rec. Sept. 18
July 21 Holders of rec. June
Superhea
Meyer-Blanke Co.. corn
31340. July 10 Holders of roe. June 30a Sweets ter Co.(guar.)
6234c July 15 Holders of rec. July 5a
30
Michigan Steel (quiz.)
Co. of Amer.(quar.)
•62340 July 21 "Holden of rec.
25c Aug.
Holders of rec. .bily 15
June 30
Took-Hughes Gold Mines
Stock dividend
150 Aug.
el
Oct. 20 Holders of rec.
July 18 to July 31
Extra in stock
el July 21 Hoiden of rec.Sept. 30a Telautograph Corp. (quiz,)
30c Aug.
Holders of rec. July 15
June 300
Missouri Portland Cement(guar.)
Extra
500. Aug. 1 Holders of roe.
Sc,Aug.
Holders of rec. Julyj 15
July
Telephone Corporation (monthly r_ _.
Mitten Bank Securities, corn
6234c Aug. 15 Holders of rec. June 18
.20c Aug.
•lionlere of roe. July 20
Preferred
Monthly
8734c Aug. 15 Holders of rec. June 30a
•200 eept.
*Holders of rec. Aug. 20
30a
Mohawk Investment (guar.)
Monthly
*50e. July 15 "Holders of ree. June
"20e Oct.
'Holders of rec. Sept.
30
Moloney Electric, Class A (guar.)
Monthly
•2(ie Nov. 'Holders of ree. Oct. 20
Monarch Mtge.& invest.(Toronto),com. $1 So. July 15 Holders of rec. June 30
Monthly
20
July 15 Holders of rec. June
•20e
"Holders of rec. Nov.20
Preferred (quiz.)
30
Tennessee Products, corn.(WI.)(No. 1). "25e Dec.
2
July 15 Holders of rec. June
July le 'Holders of rec. July
Moody's Investors' Service30
Corn.(payable In corn. stock)
1
415
July 10 'Holders of rec. July 1
Participating preference (guar.)
Thatcher Mfg., corn.& pref.(guar.)._
75e. Aug. 15 Holders of rec.
90c. Aug. 15 Holders of reo.
Thomson-Houston Co. (Paris)
Aug. a
Participating preference (guar.)
75c. Nov. 15 Holders of roe. Aug. 1
Morris (Philip) Jr Co, Ltd.. Inc.(qu.)__
Amer. dep. receipts A bearer she..... (65) July
250. July 15 Holders of reo. Nov. 1
21 Holders of rec. July
Mountain Jr Gulf 011 (guar.)
*20. July 15 *Holders of roe. July la Tide Water Associated Oil, semi-annual
lifer Aug. 16 Holders of roe. July 14
June 30
Tobacco Products class A (quiz.)
Municipal Tel. & Utilities, corn. A (qu.) *250. Nov.
200. Aug. 15 Holders of rec. July 31a
15 *Holders of rec. Oct. 15
Nat. Bearing Metals pref. (guar.)
Tooke Bros.. Ltd., pref.(guar.)
25
lei Aug. 1 Holders of rec.
134 July 15 Holders of rec. June 30a
National Biscuit, common (guar.)
Transamerica Corp. (guar.)
700. Oct. 15 Holders of rec. July 15
"40o. July 25 *Holders of rec. July
Stock dividend
5
New common (No. 1)
70e July lb Holders of rec. Sept. 19a
•••3
July 25 'Holders of ree. July 3
Preferred (guar.)
i3( Aug. 30 Holden of roe. June 20. Transue Jr Williams Steel Fore.(qu.)...
250. July 15 Holders of rec. June 30
Aug. 15a Traung Label & Lithograph.
National Carbon, pref. (guar.)
*2
cl. A tgu.). '3734o IMPS. 15 'Holders
Aug. 1 *Holders of rec. July
of roe. Sept. 1
19
Class A (guar.)
National Cash Register, corn. A (quar.).
75e. July 15 Holders Of roe.
June 300 Tri-National Trading Corp., pref. (qu.) '3714e Dee. 15 *Holders of rec. Dec. 1
National Dairy Productslei July 8 Holders of rec. June 21
Corn.(payable In eem. ma)
(quar.). 11
July 1 Holders of reo. June Sc Truax-Traer Coal (quiz.)
•400. Aug. 1 *Holders of rec. July 21
Truecon Steel, eons.(guar.)
Coin.(payable in eons.stew (guar.). 11
Oct.
30c July 15 Holders of rec. June 241 a
National Distillers Prod., corn. (quiz.). 50o. Aug. 1 Holders of roe. Sept. 8a Tuckett Tobacco, Ltd., cam.(qu.). ..
1 Holders of rec. July lba
1
July 15 Holders of rec. June 30
Preferred (guar.)
National Fireproofing, corp.(guar.)._
760. Aug. 1 Holders of rec.
1 M July 15 Holders of rec. June 30
July 1
Tudor City Fifth Unity. Inc., pref
Preferred (quar,)
75e. July
3
July 15 July 1 to July le
National Lead, pref. class B (guar.).- lei Aug. 15 Holders of roe. July 1
Ulen Jr Company common (guar.)
1 Holders Of
40c. July 15 Holders of ree. July
National Rubber Machinery (query....
500. July 15 Holders of rec. July 18a Union Storage Co. (guar.)
•13214e Aug. 15 'Holders of roe. Aug. 1
rm. July 1
Quarterly
National Supply Co. corn. (guar.)
1
$1.25 Aug. 15 Holders of
.62 Sic Nov. 15 *Holders of no. Nov. 1
rec. Aug. 5a United Biscuit, corn.(quiz.)
National Tile (guar.;
37e4c Aug. 1 Holders of rec.
40e. Sept. 1 Holders of reo. Aug. le
Preferred (guar.) ....
Neisner Bros., Inc., Common (guar.)...
40o. Oct. 1 Holders of rec. July 15
1 ei Aug. 1 Holders of rec. July 17a
Sept. 15a United Dyewood Corp.. prof.(guar.)
Common (guar.)
-.
40e.
._
154 Oct. 1 Holders of rec.
Newberry (J. J.) Realty Co. pref.(qu.). '134 Jan1'81 Holders of ree. Dec. 154 United Piece Dye Works, corn.(guar.).
Sept. it a
Aug. 1 *Holders of roe. July
500. Aug. 1 Holders of roe. July It a
6ei% preferred (guar.)
18
Common (quar.)
•
134 Aug. 1 *Holders of roe.
50e. Nov. 1 Holders of res. Oct. It a
New Bradford Oil (guar.)
Preferred (quiz.)
5
.1254c July 15 *Holders of rec. July 16
lei Oct. 1 Holders of rec. Sept. 2( a
June
Preferred (quer.)
New Jersey Zinc (quiz.)
*50e. Aug. 9 *Holders of rec. JUiy 30
United Shoe Machinery common (guar.) lei Jan2'81 Holders of rec. Dee. 2(
N ewmont Mining Corn.(guar.)
$1
July 15 Holders of rec. Juno 19
62340 July 5 Holders of rec. June 11
30
Preferred (quar.)
New York Investors, Inc., hat pref
3
July 15 Holders of rec. July b
United Verde Extension Mining (guar.). 3754c July 5 Holders of rec. June 11
New York Transit
400. July 15 Holders of rec.
500. Aug. 1 Holders of rec. July 1 a
June 20
U.S. Industrial Alcohol. corn. (guar.).
New York AM Brake(quiz.)
900. Aug. 1 Holders of rec. July 8a
- $1.50 Aug. 1 Holders of reo. July 11
U. S. Lines Preference
•50e. July 15 "Holders of rec. June 30
For,. 131.
FINANCIAL CHRONICLE
76
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Intlustre.
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 following are the figures for the week ending June 27:
Miscellaneous (Concluded).
of rec. June 300
U. S. Pipe .1, Foundry. eons. (quar.)---- 24 July 20 Holders of rec. Sept. 20
,
'24 Oct. 20 Holders
Common (quar.)
24 Ja 20'31 Holders of rec. Dec. 310
Common (quar.)
30c. July 20 Holders of rec. June 300
First preferred (guar.)._
300. Oct. 20 Holders of rec. Sept. 300
First preferred (quar.)
300. Ja20'31 Holders of rec. Dec. 310
First preferred (quar.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
50c. July 15 Holders of rec. July 1
common (quar.)
U.S. Radiator
FOR THE WEEK ENDED FRIDAY. JUNE 27 1930.
14 July 15 Holders of rec. July 1
Preferred (quar.)
25c. July 15 Holders of rec. July 3a
U.S.Smelt. Refg.& MM.,corn.(quar.) _
NATIONAL AND STATE BANKS-Average Figures.
874c July 15 Holders of rec. July 3a
Preferred (quar.)
500. July 15 Holders of rec. June 30
Universal Consolidated Oil (guar.)
75c. Aug. 1 Holders of rec. July 180
Universal Leaf Tobacco, corn.(quar.)
OtherCash Res. Dep., Dep. Other
_ _
115 July 10 Holders of rec. July
Loans
Valvoline Oil, corn.(quar.)_ _ _
Gross
•
Including N. 3'. and Banks and
Disc. and
154 Sept. lb *Holders of rec Sept. 1
Vapor Car Heating. pref. (quar.)
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
•1 h Dec 10 *Holders of rec. Dec. 1
Invest.
Preferred (quar.)
Holders of ram. July sa
July 21
Vulcan Detinning, corn. & corn. A (qu.)_
$
$
$
$
$
Oct. 20 Holders of rec. Oct. la
$
1
ManhattanCommon (quar.)
18,000 29,9.57,000 2,00.5,000 210,214,000
154 July '21 Bidders of rec Joh
Bank of U. 5____ 216,285,000 4339000
Preferred and preferred A (guar.)._
2,049.200
rec. Oct. 4a Bryant Park Bk_
302,800
68,700
2,642,600 62,400
13 Oct. 20 Holders of
Preferred (guar.)
' Grace National__ 20,600,000 3,000
*Holders of rec Sent 21
70,400 1,783,200 1,373,300 18,791,300
I_-let.
Waltham Watch 'Ref (quar.)
2,812,800
220,800
71,600
50c. July 15 Holders of rec. June 300 Port Morris
3,195,400 17,400
Warner Co., corn. (quar.)
25c. July 15 Holders of rec. June 30a Public National_ 150,978,000 28,000 1,740,000 9.537,000 35,260,000 169,929,000
Common (extra)
Nat. Corp.(quar.) (No.1) •50e. luly 15 *Holders of rec. July 1
Brooklyn
-Newton
Wells
557,600 7,000,700
601,600
9,723,800 15,800 101,600
132 July 15 Holders of reci.June 20
Brooklyn Nat'l
Western Grocers, Ltd.. pref. (quar.)
60.000 7,000,000
509,000
Peoples National 7,300,000 5,000 115,000
West Maryland Dairy Products
.874c Sept. 1 *Holders of rec. Aug. 20
Prior preferred (ouar.)
July 21
Western Tablet & Stationery, corn.(qu.) •50c. Aug. 1 *Holders of rec. July 31
50c. Aug. 15 Holders of rec.
Westfield Manufacturing (quar.)
50c July 31 Holders of rec. June 300
Westinghouse Air Brake (guar.)
--Average Figures.
TRUST COMPANIES
Westinghouse Electric & Mfg.
$1.25 July 31 Holders of rec. July 300
Common and preferred (quar.)
*Holders of rec. June 25
*51.50 July 5
West Coast Oil(quar.)
rec. Aug. 5
Res. Dep., Dep. Other
Loans,
West Va. Pulp & Paper, pref. (quar.)_.. *14 Aug. 15 *Holders of rec. Nov.
Gross
N. Y. and Banks and
*14 Nov. 15 *Holders of
Disc. and
Preferred (quar.)
Elsewhere. Trust Cos. Deposits.
Cash.
Infest.
White Star Line. Ltd.
*1234 July 8 *Holders of rec. June 19
Am.dep. rights for 64% pref
$
$
•40c. Aug. 1 *Holders of rec. July 15
$
$
$
Wieboldt Stores, Inc., cons.(quar.)
Manhattan22,300 50,759,100
804,000
Aug. 1 *Holders of rec. July 15
50,500,800 11,009,900
Winsted Hosiery (quar.)
American
14,606,300
75,100
*50c. Aug. 1 *Holders of rec. July 15
753,700
15,886,300
Extra
Bk. of Europe dc Tr_
24,369,016
*24 Nov. 1 'Holders of rec. Oct. 15
624,307 1,579,743
24,672,893
Quarterly
Bronx County
19,787,000
•50c. Nov. 1 *Holders of rec. Oct. 15
20,891,000 1,209,000 2,393,000
Extra
Chelsea
8,138,100 3,445,000 76.326,400
25e. Aug. 1 Holders of rec. July 20
76,170,900 *4,470,600
Wrigley (Wm.) Jr. Co.(monthly)
Empire
114,087 18,414,641
1,460,403
500. Sept. 1 holders of rec. Aug. 20
114,354
18,863,434
Monthly
Federation
15,879,400
250. Oct. 1 Holders of rec. Sept. 20
18,200,100 02,094,400 1,022,500
Monthly
Fulton
25c. Nov. 1 Holders of rec. Oct. 20
366,835,000 2,920,000 44,946,000 2,196,000 337,327,000
Monthly
Manufacturers
58,509,854
50c. Dec. 1 Holders of rec. Nov. 20
74,989,229 3,500,000 9,037,273
Monthly
United State;
Brooklyn875,000 129,182,600
that
127,328,500 2,173,000 23,163.000
• From unofficial sources. t The New York Stock Exchange has ruled
27,389,513
notice. Brooklyn
29,360,456 2,352,210 2,456,763
Kings County
stock will not be quoted ex-dividend on this date and not until further
Bayonne, N. J.
320,933 8,92.5,872
t N. Y. Stock Exchange rules American Hawaiian Steamship will not be quoted Mechanics
696,642
258,315
9.044,391
ex-dividend until July 16.
$2,821,503
The New York Curb Exchange Association has ruled that stock will not be quoted
* Includes amount with Federal Reserve Bank as follows: Empire,
ex-dividend on this date and not until further notice.
Fulton, 1,986,200.
a Transfer books not closed for this dividend.
stock.
b American Founders common dividend is 1-70th share of common
-In the
d Correction. e Payable In stock. •
Boston Clearing House Weekly Returns.
f Payable In common stock. g Payable in scrip. S On account of accumulated
following we furnish a summary of all the items in the
dividends. j Payable in preferred stock.
Boston Clearing House weekly statement for a series of weeks:
f Knott Corp. dividend payable either in cash or 1-50th share stock.
k Erroneously reported last week as United Business Publishers.
ra Amer. Cities power & Light dividends are payable as follows: On class A stock
company on or
1-32d share class 11 stock, or 75e. cash. Stockholder must notify class II stock.
B stock 24% in
before July 15 of his election to take cash: on class
stock at rate of
p Assoclated Gas & Elec. Co. dividend will be paid in ClaS9 A before July 15
or
1-40th share of class A stock unless holder notifies company on
of his desire to take cash.
of additional coin.
u Pacific Public Service dividend will be applied to the purchase
notify company to the conA stock or scrip at 513 per share unless stockholders
trary on or before July 15.
tc Leas deduction for expenses of depositary.
deduction for expenses
bb Thomson-Houston Co. dividend is 22.49 francs less
Of depositary.
Is at rate of 70c. per annum from date
ee Inter-Allied Investing Corp. dividend
of Issue.
Corp. dividends will be paid I-32d share
If Blue Ridge Corp. and Shenandoah
or before July 15 of their desire
common stock unless holders notify corporation on
to take cash-75c. per share.
Weekly Return of New York City Clearing House.
with Mar. 311928, the New York City Clearing
Beginning
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
CLEARING HOUSE
STATEMENT OF MEMBERS OF THE NEW YORK
JUNE 28 1930.
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
Clearing House
Members.
Bank of N Y & Trust Co
13ank of Manhattan Tr Co
Bank of Amer Nat Assn
National City Bank__
Chem Bank & Trust Co_
Guaranty Trust Co
Chat Phen N B & Tr Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co_
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank_
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co_
Comml Nat Bk & Tr Co
Harriman N Bk & Tr Co
Clearing Non-Members
City Bk Farmers Tr Co_
Niechan Tr Co, Bayonne
Totals
*Capital.
*Surplus and Net Demand
Deposits
Undivided
Average.
Profits.
Time
Deposits
Average.
8
S
S
$
12,922,000
65,587,000
14,512,400
6,000,000
45,826,000
200,833,000
43,707,300
22,250.000
63,358,000
170,771,000
41,293,100
36,775,300
110,000,000 130,559,400 a1,038,752,000 232,539,000
40,585,000
205,486,000
22,348,600
15,000,000
90,000,000 205,035,100 5887,053,000 126,377,000
42,083,000
175,995,000
19,492,800
16,200,000
61,375,000
353,523,000
84,128,000
21,000,000
33,438,000
173,281,000
23,115,300
12,100,000
14,218,000
256,737,000
10,000,000 105,614,300
54,562,000
387,145,000
84,197,900
50,000,000
205,000
10,736,000
11,345,700
6,000,000
0148,()00,000 0208,723,500 01,283,330,000 214,957,000
1,159,000
23,260,000
3,793,000
500,000
72,608,000
84,295,800 d427,140,000
25,000,000
1,822.000
36,709,000
24,671,900
10,000,000
6.089,000
45,288,000
5,695,100
6,000,000
2.245,000
20,330,000
4,694,300
3,000,000
37,465,000
157,136,000
34,851,100
12,500,000
8,273,000
47,309,000
9,105,300
7,000,000
7,477,000
30,834,000
2,395,700
2,000,000
10,000,000
500.000
13,014,600
893,900
3,913,000
3,111,000
92,000
5,437,000
619,825,300 1,177,484.700 6,010.259,000 1,085,090,000
5166,480 000,(c) $123,Includes deposits in foreign branches:(a) 5314677,000,(5)
512,000, (d) 570,203,000.
1930; trust corn
As per official reports: National. Mar. 27 1930: State. Mar. 27
panics. Mar. 27 1930. e As of June 2 1930.
BOSTON CLEARING HOUSE MEMBERS.
July 2
1930.
95,825,000
Capital
102,431,000
Surplus and profits
Loans, disc'Ls & investls.. 1,083,044,000
6133,021,000
individual deposits
161,648,000
Due to banks
278,120,000
Time deposits
16,793.000
United States deposits
38.851,000
Exchanges for Cig. House
89,045,000
Due from other banks
83,396,000
Itas've in legal depositles
7,233,000
Cash in bank
2,057,000
Res've in excess in F.R.Ilk
Changes from
Precious Week.
June 25
1930.
June 18
1930.
$
$
95,825.000
95,825.000
Unchanged
97,644,000
102,431,000
Unchanged
+5,266,000 1,077,778.000 1,072,498,000
651,336,000 659,028,000
+11,685,000
+10,963,000 150,685,000 151,686,000
+493.000 277,627,000 274.670,000
8,397,000
17,197,000
-404,000
33,364,000
31,558,000
+7,293.000
04,422.000
86.212,000
+2,833,000
82,222,000
81.400.000
+1,996,000
7,312,000
7„000
-62,000,
2.324,000
855,000
+1,202,0001
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending June 28, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended June 21 1930.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System. Companies.
June 21
1930,
June 14
1130,
Total.
67.970,0
67,970,0
67,970,0
7,500,0
60,470,0
Capital
16,714,0 236,199,0 236,999,0 236,999,0
220,285,0
Surplus and profits_
67,404,0 1,191,066,0 1,187,321,0 1,178,546,0
Loans, discts. & invest. 1,123,662,0
38,919,0
41,595,0
38,290,0
236,0
38,054,0
Exch. for Clear. House
13,0 112,448.0 113,320,0 112,403,0
112,435,0
Due from banks
5,309,0 162.434,0 164,048,0 165,423,0
157,125,0
Bank deposits
26,747.0 674,951,0 675,979,0 667,139,0
648,204,0
Individual deposits
17,633,0 277,458.0 276,510,0 277,276,0
259,825.0
Time deposits
49,689,0 1,114,843,0 1,115,537,0 1,109,838,0
1,065,154,0
Total deposits
75,773,0
75,001,0
72,954.0
72,954,0
Res, with legal depos4,445,0
4,456,0
6,238,0
4,456,0
Rte. with F. R. Bank_
11,431,0
11,888,0
11,438,0
1,530,0
9,899,0
Cash in vault*
91,649,0
92,127.0
88,848,0
5,995,0
82,853,0
Total I'M & cash held_
7
Reserve required
Excess reserve and cash
In vault
•Cash in vault not counted as reserve for Federal Reserve members.
JULY 5 1930.1
FINANCIAL CHRONICLE
77
Weekly Return of the Federal
Reserve Board.
The following is the return issued by the Federal Reserve Board
of the twelve Reserve banks at the close of business on Wednesday. Thursday afternoon, July 3,and showing the condition
In
as a whole in comparison with the figures for the seven preceding weeks the first table we present the results for the System
The second table shows the resources and liabilities separately for each and with those of the corresponding week last year.
of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal
Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks.
The Reserve
latest week appears on page 35, being the first item in our department of "Current Board's Comment upon the returns for the
Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 2 1930.
Jul 2 1930 June 25 1930. June 18 1930. Arne 11 1930.
June 4 1930. May 281930. May 21 1930. May 14 1930. 13111 3. 1629.
,
RESOURCES.
Gold with Federal Reserve agents
1,568,000,014 1,600,214,000 1,599,114,000 1.626,214,000 1,603,714,000
1,596,714,000 1,621,714,000 1,840.814,000 1,380.112,000
Gold redemption fund with U.S. Treas.
36,675,000
36,812,000
37,001.000
37,336,000
37.856,000
37.857,000
39,483,000
40.722,000
67.828,000
Gold held exclusively agst. I'. R.notes 1,604,689.000 1,637,026,000 1,636,115,000
1,663,550.000 1,841,570,000 1,634,571,000 1.661,197.000 1.681,536,000 1,447,940,000
Gold settlement fund with F.R.Board_. 610,593,000 601,691,000
609,250,000 598,097,000 823,375,000 635,513,000 614,457.000 597,981.000 669,696.000
Goldand gold certificates held by banks_ 778.127,000 820,457,000
821,837,000 817,849,000 795,634,000 787.226,000 800,802.000 794,565.000 748,704,000
Total gold reserves
2,993,409,000 3,059,174.000 3,067,202,000 3,079,496,000
Reserves other than gold
157.835,000 172.637,000 166,709,000 164,708,000 3,060,579,000 3,057,310,000 3,076,456,000 3.074,082,000 2,866,340,000
164,710,000 163,519,000 171,595,000 174,177,000 174,959,000
Total reserves
3,151,244,000 3,231,811,000 3,233,911,000 3.244,204,000
3.225,289.000 3,220,829,000 3.248.051,000 3.248,259,000 3,041,299,000
Non-reserve cash
55,002,000
67.339.000
64.338,000
66.344,000
66.396,000
Bills discounted:
67,210,000
69,096.000
66,349.000
55,912.000
Secured by U.S. Govt. obligations-- 105.234.000
84,887,000
66,925,000
69,862,000
91,297.000 101,743,000
76,379,000
Other bills discounted
83.543.000 609,898,000
155,179,000 146,618,000 139,869,000 140,622,000
148,431.000 145,303,000 133,620.000 126.943,000 515,185,000
Total bills discounted
260,413,000 231,505,000 206,794,000 210,484,000
Bills bought in open market
157,485,000 102,313,000 132,776,000 148,172.000 239.728,000 247.046,000 209,999,000 210,486,000 1,125,083,000
189,240,000 175,560.000 186.884.000 171,035,000
73,922,000
U. S. Government securities:
Bonds
47,531,000
55,911,000
57,141,000
52,001.000
50,050,000
48,936,000
41,776,000
Treasury notes
52,431.000
43,246,000
236,519,000 219,436.000 251,416,000 259,106,000 232,774,000
237.966,000 194.687.000 193,816.000
85,779,000
Certificates and bills
311,903,000 301,623,000 289,091.000 287,600,000
261,010.000 244,868,000 291.857.000 281.655.000 12,357,000
Total U.S. Government securities---- 595.953,000 576,970,000
597.648,000 578.707,000 543,834,000 529,770,000 528.320.000 527,902.000 141,382,000
Other securities (see note)
7.301,000
5,250,000
5.350.000
5,850.000
5,850,000
6.400.000
Foreign loans on gold
8,400.000
10.800.000
10.465.000
Total bills and securities (see not.)
1,021,152,000 916,038,000 942,568.000 943,213,000
978,652.000 958,778.000 931,603,000 920.023.000 1,350,852,000
Gold held abroad
Due from foreign banks (see note)
706,000
709,000
710,000
710,000
709.000
709,000
712.000
728,000
710,000
Uncollected items
603.567.000 570,390,000 718,184,000 603,883,000
609,194,000 564,916,000 810,080.000 724,148,000 791,985.000
Federal Reserve notes of other banks_
19,950,000
22,773,000
19,666,000
19,694,000
22,064,000
19,054,000
20,958,000
18.907,000
Bank premises
59,561,000
59,552.000
59,552,000
59.499.000
58,671,000
58.671,000
58.648,000
58,614,000
58.580.000
All other resources
12,083,000
11,331,000
10,999,000
13,655,000
12,495,000
12,194,000
12,204,000
8,132,000
12,369.000
Total resources
4,983,265,000 4,879,943,000 5.049,928,000 4.951,202.000
4,973,470,000 4,902,359,000 4.951,348,000 5,030.438 000 5.326,429,00e
LIABILITIES.
F.R.notes in actual circulation
1,432,252,000 1,402,869,000 1,419,266,000 1.446.999.000
1,457,317,000 1.465,867,000 1.452.663.000 1.484,897,000 1,736,259,000
Deposits:
Member banks—reserve account
2,406,376,000 2,386,435,000 2,408.364,000 2,408.796,000
2,411,730.000 2,346,798,000 2,374.166,000 2,379.360.000 2,380,165.000
Government
24,899,000
45,669,000
28.412.000
30.090,000
27,246.000
49,771.000
37,088,000
Foreign banks (see note)
12.837.000
23,373,000
6,457,000
5,858,000
7.172,000
5.788,000
5,489,000
5,387,000
5.497.000
5,528,000
Other deposits
6.128.000
36,063,000
21,422,000
20,682,000
18,523.000
20,054,000
18.893.000
22,160.000
23.107.000
28.282,000
Total deposits
2,473,805,000 2,459,384.000 2,464,630,000 2,463.197,000 2,464,519,000 2,420,849,000
2,438,911,000 2.420,830.000 2,437,948,000
Deferred availability items
615,924,000 551,024,000 700.030.000 573,912.000
Capital paid in
169,826,000 169,736,000 169,692.000 170,555.000 584,850.000 548.376.000 588.896.000 674 399.000 712,989.000
170.572.000
Surplus
276,936,000 276,936.000 276,936,000 276,936.000 276,936,000 170,515.000 174,240.000 174.154.000 158,585,000
276.936,000 276,936.000 276.936.000 254,398,000
All other liabilities
14,722,000
19,994,000
19.374.000
19,603,000 19,276.000
19,816.000
19,702,000
19.222.000
26,250,000
Total liabilities
4,983,265,000 4,879,943,000 5,049,928,000 4,951,202,000
4.973.470,000 4,902,359.000 4.951,348,000 5,030.438.000 5,326,429,000
Ratio of gold reserves to deposits and
F.R.note liabilities combined
76.7%
79.2%
78.9%
78.7%
78.0%
78.6%
79.1%
79.0%
Ratio of total reserves to deposits and
68.6%
F. R.note liabilities combined
80.7%
83.7%
83.3%
83.0%
82.2%
83.5%
82.9%
83.6%
Contingent liability on bills purchased
72.9%
for foreign correspondents
481,269,000 463,642.000 487,643,000 459,520,000 484.439.000
461,8.53,000 481.131,000 471,848.000 428,711,000
Distribution by Maturities
8
5
1-15 day bills bought in open market...
92,947,000
49.607.000
73,105.000
79,187.000
86,374.000
36,848 000
1-15 days bills discounted
159,844,000 135,408,000 118,012,000 116.491.000 116.554.000 103,869.000 103.148.000
143.410,000 152,044,000 120.809,000 124.065.000 898.478,000
1-15 days U.S. certif. of indebtedness_
31,188,000
2,500,000
32,139.000
26,091.000
26.000,000
2.990,000
1-15 days municipal warrants
16 30 days bills bought in open market-31,189,000
24,092,000
31,024.000
37,021.000
30,334.000 29,069,000
36.754.000
88,448.000
17,764,00*
16-30 days bills discounted
19,839,000
19,476,000
19,001.000
23,723.000
23,492.000
20,738.000
19.815,000
19.154.000
16-30 days U. S. certif. of indebtedness
53,445,000
42,488.000
44.488,000
40,000
13,474,000
47.188,000
1,000
16-30 days municipal warrants
31-60 days bills bought in open market.
28,692,000
23,077,000
22,147.000
23.434.000
33,890,000
32.572,000
87,118.000
36.375.000
12,123.000
31-60 days bills discounted
32,429,000
30.110,000
27,680,000
29.228.000
30.583.000
33,329,000
31,074.000
30,082.000
78,270,000
31-60 days U. B. certif. of indebtedness43,145,000
55,221,000
44,500,000
44,500,000
40,000,000 48,350.000
49.642.000
31410 days municipal warrants
51,000
61-90 days bills bought in open market
3.912,000
4.399.000
5,151.000
7,283,000
7.126.000
9,177,000
9.212.000
9.417.000
5,735.000
61 90 days bills discounted
24,102,000
22.050,000
18,780.000
18,122.000
19,982,000
18,431,000
17,202.000
16.254.000
63.552,000
61 90 days U. S. certif. of indebtedness. 119,692,000 109,697,000 153,863,000
60.689.000
60.689,000
63,213,000
52,363.000
48,355.000
7,166,000
61-90 days municipal warrants
Over 90 days bills bought in open market
745,000
1,138,000
1,349.000
1,247,000
1.336,000
872.000
654,000
421.000
1,452.000
Over 90 days bills discounted
24,199,000
24.481,000
23,321,000
22,920,000
22,301,000 22.506,000
21,099.000
20,931.000 31,338,000
Over 90 days certif. of indebtedness
117,878,000
94.217,000
88,240,000 138.232,000 129,730,000 128.181.000 143,956,000 157,657.000
Over90 days municipal warrants
2,201.000
300.000
F.R.notes received from Comptroller
3,054,437,000 3.071.992,000 3,831,793.000
F.R.notes held by F.R.Agent
1.260,620,000 1.271.117.000 1,571,715.000
Issued to Federal Reserve Banks
1,744,679,000 1,749,568,000 1.766,103.000 1,788,611,000
1.779,033,000 1,786,049,000 1.793.817.000 1.800.875.000 2,360,078,000
How Secured—
By gold and gold certificates
402,908,000 403,108,000 403,108,000 402,508.000
402.008.000 402,008,000 402.008.000 402,108,000 376,395,000
Gold redemption fund
Gold fund—Federal Reserve Board
97,579.000
1,165,106,000 1,197,106.000 1.196.006,000 1,223.706.000
1,201,706.000 1,194,706.000 1,219,706.000 1.238.708,000 906,138.000
By eligible Paper
375,000,000 325,759,000 332,682,000 352,662.000
421,180,000 412,148.000 386,821.000 367,861.000 1,164.330.000
Total
1,943.914,000 1.925,973.000 1,931,796,000
1.978.376.0002,024,894,000 2,008.862,000 2.008.535,000 2.008,475,000 2,544.442,0011
NOTE.—Beginning with the statement of Oct. 7 1925, two new terns
were
to foreign correspondents. In addition, the caption, "All other earning assets,"added in order to show separately the amount of balances held abroad and amounts due
previously made up of Foreign Intermediate Credit Bank debentures, was
"Other securities," and the caption, "Total earning assets" to "Total bills and securities.changed
The latter item was adopted as a more accurate description of the total to
the discounts, acceptances and securities acquired under the provision of Sections
of
13 and 14 of the Federal Reserve Act, which, it was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
JULY 2 1930.
Two Ciphers (00) omtUed.
Federal Reserve Bank of—
I Total.
Boston. New York. Phila. Cleveland:Richmond
Atlanta. 1 Chicago. St. Louis. Minneap Kan.City. Dallas. SanFran.
RESOURCES.
I
$
$
I
$
S
$
S
Gold with Federal Reserve Agents 1,568,014,0 154,917,0 258,594.0 140,000,0 190,550.0 65.000,0I
$
Gold redo fund with U.S. Treas.
36.675,0 1,020,0
14,852,0 2,514,0 2,078,0 1.499.0 108.500.0 219,000,0 67.045.0 50.845,0 75,000.0 28.800.0 209,763.0
1,799,0, 1,513,0
1,785,0
894,0 1,571,0
889,0 6,261.0
I
excl.agst.F.R. notes 1,604.689,0 155.937,0 273,446.0 142,514,0
Gold held
Gold settle't fund with F.R.Board 610.593.0 53,989,0 175,568,0 38,991,0 192,628,0 66.499,0 110.299,0 220.513.0 68,830,0 51,739.0 76,571,0 29.689,0 216.024.0
Gold and gold ctfs.held by banks- 778,127,0 32,653,0 482,342,0 28,209,0 68.091,0 15,677.0 11.916.0 133.623,0 24,182,0 11,818,0 21.102,0 12.869.0 42,767.0
54,736.0 8,987,0 6,262,0 103,200,0 10.039,0 5,197,0 9,924,0 9,474.01 27.104,0
1
Total gold reserves
2,993,409.0 242,579.0 931.356.0 209,714,0
315,455.0 91.163,0 128,477.0 457,338,0 103,051,0 68,754,0 107.597.0 52.032,0 285.895,0
Reserve other than gold
157,835,0 10,955,0
48,824,0 8,204,0 10.168.0 7,063.0 14,447,0 16,662,0 12,119,0 3,787,0
7.183.0 7.615,01 10,808,0
Total reserves
3,151.244.0 253,534,0 980.180,0 217,918,0
325,623,0 9,.228,0 142,924,0473,998,0 115,170,0 72,541,0 114,780,0
Non-reserve rash
55,002,0 4,395,0
12,035,0 3,093,0 4,158,0 3,473,0 4,707,0' 8,041,0 4,031,0 1,375,0 1.811.0 59.047.0296.703,0
3,336,0 4,547.0
131115 discounted:
I
Sec. by U. S. Govt. obligations 105.234,0 7,375,0
29,362,01 13,804.01 19,356.01 4,663.01 1,822,0 9,580,0 3.693.0 1,171,0 2.267,01
1,497,0
Other bills discounted
155,179.0 10,215,0
19,259,0, 16,318,0 12.566,0 17.986.0 27.730,0 10,260.0 12,326,0 3,458,0 9,310,0 8.576,0 10,844,0
7,175,0
,
Total bills discounted
260,413,0 17,590,0
48,621,0 30,122,0 31,922,0 22,649.0 29,552,0 19,840,0 16.019,0 4,629.0 11,577.0
Bills bought in open market
157,485,0 13,206,0
55,793,01 2,396.0 11,610,0 6,806,0 10,153,0, 18,447.01 6,845,0, 7,472.0 5,819,0 10.073,0 17,819,0
4,499.0 14,639,0
U.S. Government securities'
I
/
Bonds
47,531.0 1,758,0
4,391,01 1.426,01 1.244,01 1,487.0
803,01 5,034,01
200,01 21,292,01
662.01
749,0
Treasury notes
236.519,0 15,668,0
77.661,0 20,454,0 26,806,0 5,933,0 6,445,0 21,667.0 14,106,0 9,393.0 11,214,0 8,505,0
8.928,0 18.246,0
Certificates and bills
311,903,0 26,834,0 118,017,0 28,322,0 27,292,0
8.194.0 . 4,729,0 34.763,0 7,734,0 10,719.0 16,860.0 10.739,0 17,700,0
Total U. S. Gov't securities
595.953,0 44,260,0 200,069,0 50,202,0 55,342,0
15.594,0 11.374,0 77,722,0 22,643,0 25,146,0 28,736,0 28.170,0 36,696,0
I
[VOL. 131.
FINANCIAL CHRONICLE
78
RESOURCES (Conduded)Two ciphers (00) omitted.
Boston,
Total.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes or other banks
Bank premises
All other resources
New York.
8
5,250.0
8
1,000,0
8
7,301,0
1,021,152,0 76.056.0
52,0
705,0
663,567,0 72,385,0
19,950,0
239,0
59.561,0 3,580,0
92,0
12,083,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Phila.
$
1.000,0
2
8
$
$
2
$
51,0
S
3
$
309.733.0 83,720.0 98,874.0 45,049,0 51,079.0 116,009.0 45,507.0 37,298.0 45,932,0 42,742,0 69,153.0
25,0
21,0
49,0
16.0
21,0
26,0
30,0
95,0
71.0
69.0
232,0
192,858.0 64,071,0 62,719,0 48,151,0 15,244,0 79,362,0 28,903,0 10,881,0 36,172,0 21,877.0 31.144,0
1,932,0
342,0 3,081,0
871,0 1,037,0
887,0 1,051,0 2,579,0
417,0 1,212,0
6,302.0
15.664,0 2,614,0 7,059,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972.0 1,876,0 4,810,0
254,0
447.0
429,0
537,0 3,288,0
172,0
307.0
535,0
228,0 1,057.0
4,737,0
4,983,265,0 410,333,0 1.521.741,0 372,130,0 500.773,0 199,557.0 220,976,0 688,914,0 198,490,0 125,613.0 204,874,0 130,070.0 409,794,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,432,252,0 151,047,0 172,870,0 129,936,0 191,887,0 67.233,0 123,442,0 199,460,0 73,323,0 54,367.0 70,153,0 32,374,0 166,160,0
Deposits:
Member bank-reserve acc't 2,406.376,0 153,665,0 1.010,281,0 138,634,0 197,319,0 61.929,0 61,451,0 339.313.0 75,645,0 48.856,0 87,170,0 59,815,0 172,298,0
922,0 1,518,0 1,349,0
990.0
2,742.0 1,477,0 1,400,0 3,864,0 2,623,0 4,623,0 1,417,0
Government
24,899,0 1,974,0
421,0
183,0
183,0
140,0
220,0
220.0
256,0
817.0
610,0
592,0
2,374,0
451,0
Foreign bank
6,467,0
24,0 8,036,0
67,0
202.0
144,0 5,695.0
489,0
83,0
143,0 2,717,0
18,361,0
102.0
Other deposits
36,063,0
Total deposits
Deterred availability items
Capital paid in
Surplus
All other liabilities
2,473,805.0 156,192,0 1,033,758,0 140.846,0 202,046,0 66,132.0 64,438.0 350,448,0 77,771,0 50,188,0 88,342,0 61,540,0 182.104,0
615,924,0 69,483,0 165,023,0 57,120.0 60,687.0 47,061,0 14,801,0 76.547,0 29.913,0 9,975,0 32.654,0 22,179,0 30,481,0
65,300,0 16,780,0 15,896,0 5,856,0 5,361,0 20,208,0 5,276,0 3,070,0 4,357,0 4,350,0 11,343.0
169,626,0 11,829,0
276,936,0 21,751,0 . 80.001,0 26.965,0 29.141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8.935,0 19.514,0
870,0
206,0
192.0
692.0
2.157,0 1,330,0
483.0 1,116,0
779.0 2,077,0
4,789.0
31.0
14,722,0
4,983.265.0 410,333.0 1,521,741,0 372,130,0 500,773,0 199,557,0 220,976,0 688,914.0 198.490,0 135,613,0 204,874,0 130,070.0 409,794,0
Total liabilities
Memoranda.
69.4
63.5
76.2
72.4
85.2
86.2
73.7
82.7
76.1
80.5
81.2
82.5
80.7
Reserve ratio (per cent)
Contingent liability on bills purrorrcarimurts 451 269 0 35.547.0 158.942.0 46.596.0 48.037.0 20.176.0 17.293.0 64.369.0 17.293.0 11.049.0 14.411.0 14.411.0 32_145.0
chased for frireien
FEDERAL RESERVE NOTE STATEMENT.
New York.
Boston.
Total.
Federal Reserve Agent at-
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City
Phila.
$
$
2
Two Ciphers (00) omitted$
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt- 1,744,679,0 177,402,0
Held by Federal Reserve bank_ 312,427,0 26,355,0
2
S
2
$
2
2
$
Dallas.
$
Ban Fr=
2
243,889,0 152.585,0 218,337,0 85,593,0 147,964,0 227,608,0 85,519,0 59,378,0 80,275.0 39,480.0 226,649,0
71.019,0 22,649,0 26,450,0 18,360,0 24,522,0 28,148,0 12,196,0 5,011.0 10,122,0 7,106,0 60.489,0
172,870,0 129,936,0 191,887.0 67,233,0 123,442,0 199,460.0 73,323,0 54,367,0 70,153,0 32,374,0 166,160,0
1,432.252,0 151,047,0
In actual circulation
Collateral held by Agt.as security
for notes issued to bank:
402,908,0 35,300,0
Gold and gold certificates
1,165.106,0 119,617.0
Gold fund-F.R.Board
375,900,0 30,716,0
Eligible paper
14.300,0 35,000,0
8.945.0 11,845,0
229,968.0 39,900.0 15,550,0 5,000,0 7,100.0
28,626,0 100,100,0 175,000,0 60,000,0 101,400,0 219,000,0 58,100,0 39,000,0 75,000,0 14,500.0 174,763,0
69,465,0 30,535,0 39,415,0 29,331,0 39,590,0 38,071,0 22,774,0 12,035,0 17,089,0 14,513,0 32,366.0
1.943.914.0 185,633.0
328,059,0 170,535,0 229,965,0 94,331,0 148,090.0 257.071.0 89.819 0 82.880,0 92,089,0 43,313,0 242,129,0
Total collateral
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 35, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with en
dorsement. and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by 15.8. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank in the San Francisco district with loans and investments of $135,000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 25 1930 (In millions of dollars).
Total.
Federal Reserve District-
Boston. New York
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. ICan.City. Dallas. San Fran.
Phila.
651
1 602
1,529
473
466
747
782
185
288
144
322
3
9,516
2
1,247
$
2.231
Loans and investmentS-total----
75
23,140
8
1,522
-total
Loans
17.059
1,153
7,078
926
8,487
8,572
513
641
4,149
2,929
480
446
On securities
All other
$
$
660
381
651
445
$
1,958
2,588
504
239
434
331
1,337
1,279
1,308
232
272
87
153
132
302
102
228
436
901
3
3
8
5
3,296
6,081
Borrowings from F. R. Bank
177
136
709
155
122
217
5115
621
328
373
86
92
64
72
320
389
39
117
70
53
92
125
69
46
337
284
94
16
857
60
81
12
142
28
40
11
39
9
261
34
47
5
25
5
56
11
33
7
104
18
874
506
17
6,262
2,035
77
726
310
18
1,104
969
19
340
251
17
308
245
17
1,873
1,242
11
374
227
3
225
128
1
471
193
3
274
151
12
729
1,016
17
47
118
170
1,119
71
172
112
279
81
95
73
93
22.8
482
65
120
85
79
16.5
199
86
84
194
258
.54
Due from banks
Due to banks
701
86
235
1,358
3,098
Net demand deposits
Time deposits
Government deposits
321
1,229
1,210
13,560
7,273
212
Reserve with F. 11.. Bank
Cash in vault
2,438
159
210
1,779
216
U. S. Government securities ___.
•
Other securities
369
2,877
3,204
-total
Investments
4
8
3
14
6
7
4
4
2
2
1
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business July. 2 1930,
in comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
July 2 1930. June 25 1930. July 3 1929.
$
258,594,000 258,594,000 225.729.000
17,200,000
14,852,000
14,852.000
Gold held exclualvely agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
273.446.000
175.568.000
482.342.000
273,446,000
225.820,000
507,173,000
242,929,000
77,772,000
483,230,000
Total gold reserves
Reserves other than gold
931.356.000 1,006,439,000
54,824,000
48,824.000
000
803,931.
66,346,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations_
Other bills discounted
1180.180.000 1,061,263,000
16,510,000
12,035,000
870,277,000
18,250,000
29,362,000
19,259,000
20,353,000
17,800,000
288,122,000
137,132,000
48,621.000
55.793,000
38,153,000
10,157,000
425,254,000
13,055,000
4,391,000
77.661,000
118,017,000
6,135,000
62,006,000
111,804,000
155,000
16.737,000
2,990,000
200,069.000
5,250,000
179,945,000
3,250.000
19,882,000
2,815,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities
Other securities (see note)
Foreign loans on gold
Resources (Concluded)
Geld held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reserve notes of other banks
Bank premises
Al other resources
Total resources
July 2 1930. Juno 25 1930. July 31929.
$
232.000
192,858.000
6.302.000
15.664.000
4,737.000
233.000
160,321.000
8,466,000
15,664,000
4,089,000
220,000
225.338,000
6,313,000
16,087,000
962,000
1,521.741,000 1,498,051,000 1,628,453,000
Ma'VidesFed'I Reserve notes in actual clreulation. 172,870,000 172.481.000
Deposits-Member bank, reserve acct..- 1,010,281.000 1,001,958.000
2,742.000
6.578,000
Government
2,374.000
2,170.000
Foreign bank (See Note)
18,361,000
10,132,000
Other deposits
309.389.000
966.403,000
3,335,000
1,138,000
13,968,000
1,033,758,000 1,020,818,000
165.023.000 152,474,000
65,300,000
65,394,000
80.001,000
80,001,000
4,789.000
6,853,000
984,844,000
198,989,000
57,800,000
71,282,000
6,149,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
1,521.741.000 1,
498,051,000 1.628,453,000
Ratio of total reserves to deposit and
81.2%
88.9%
Fed'I Res've note liabilities comblned_
67.2%
Contingent liability on bills purchased
158,942,000 151.994,000 134,309,000
for foreign correspondence
Total bills and securities (See Note)__. 309,733,000 231,505.000 461.006,000
to show separately the amount of balances held abroad and amounts due to
-Beginning with the statement of Oct. 7 1925, two new items were added in order up of Federal Intermediate Credit Bank
NOTE.
debentures, was changed to
"All other earning assets," previously made
foreign correspondents. In addition, the caption
The latter term was adopted ass more accurate description of
securities," and the caption "Total earning assets" to "Total bills and securities." Federal Reserve Act, which,it was stated, are the only items the total of(hi
"Other
included therein
the Provisions of Sections 13 and 14 of the
discount acceptances and securities acquired under
JULY 5 1930.]
FINANCIAL CHRONICLE
Vaulters'
1J5
New York City Banks and Trust Companies.
azeitt.
(All prim dolor, per share
Wall Street, Thursday Night, July 3 1930.
Railroad and Miigalaneous Stocks.
-The review of the
Stock Market is givenW week on page 66.
made at the Stock Exchange this
The following are
week of shares not r
sented in our detailed list on the
pages which follow:
STOCKS
Week Ended July 3.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares. $ per share.
Railroadsper share. $ per share.$ per share.
340 89%June 3 89%July 2 84
Buff & Susqu pref ctfs_ _
Apr 9114 June
Canadian Pee new___25 7,200 46%June 28 47%July 1 4554 Jun 5214 May
Chesapeake & Ohio rts. 17,600 18%June 28 20%July 1 1731 Jun 2134 June
100
50 66 June 28 66 June 28 5711 M
Cuba RR pref
70
Mar
100
200 1 July 1 1 July 1 1
Duluth SS & At1
July 3
Jan
20 77 July 1 77 July 1 7134 Jan 8034 June
DI Cent leased line_100
Manila Eles Guar_100
10 5214July 1 52)4July I 5154 Jan 6834 Apr
Market St Ry
100
lii 1 June 28 1 June 28
3
11 Jun
Feb
Pitts Ft W & Chic pref_
154%June 30 157 July 1 151
Jan 157
July
111 90 July
South Ry M &0ctfs100
3 90 July 3 87 June 13534 Mar
Rena & Saratoga_ 100
21 1371(Ju1y 3137%July 3 136
M 14234 June
Indus. & Miseell.Addressograph Intern _•
Cl' 30 July 1 31%July 1 29% Jun 3414 June
Amer Beet Sugar pf..100
30 July 3 32 July 2 25
5
May 45
Mar
American Chair
3911June 28 44 July 3 39 Jun 69% Apr
Am Mach & F new w 4.• 2,ill 41 July 1 42%July 1 41
July 42% July
6% preferred
*
I 11 101 July 3 101 July 3 95
Jan 01
May
Am Mach & Metals
* 3,400 911July 1 1411July 3 914 July 1434 July
American News Co_ •
200 4814July 1
4811 July 80% Mar
Am Teleg & Cable__100
30 17 July 3 19 June 30 16 June 27% Feb
Artloom Corp pref _100
50 90%June 30 90%June 3 90
Jan 100
Feb
Art Metal Construct_10
100 25 June 30 25 June 30 24% June 28% Feb
Assoc Dry G 1st pf_100
90 July
4
9011July 1 85
Feb 95% Apr
Second preferred_100
July I 92 July 1 85
100 92
Jan 100% Apr
Atlas Stores
• 4,600 27%June 28 31 June 30 2511 Jun 37
May
Austin Nichols prior A *
400 19 July 1 1911July 2 19
Jul 30
May
Beech-Nut Packing__20
6
49%June 28 51 July 2 49% Jun 70% Jan
Blaw-Knox Co
200 3311July 2 3314July 2 31
*
June 5111 Apr
Brown Shoe pref_100
80 11744June 28 118 July 1 11334 Jan 119
Mar
.$$ 19%July 3 20 July 3 1934 July 20
Celanese Corp
July
Celotex Co pref____100
60 June 30 61%June 30 60
3
May 8411 Apr
Investing
City
50 150 July 2 150 July 2 150
100
July 165
Apr
Colgate-Palm-Peet ---*
800 5114June SO 52 July 1 50 Jun 64% May
Colonial Beacon 011___*
200 14 June 28 14 June 28 1214 Jun 2034 Apr
Comm Cred pref (7) 25
60 23 July 3 24 July 2 2214 J
2514 Apr
1st pref ex-warr100
300 84 June 3 84 June 30 7711 Jan 94
Apr
Comm Inv Tr pf 6 A 100
100 9934June 30 994July 2 89
Jan 100
Mar
Commonw dc South pf_• 2,300 100%June 28 101%July 2 99
Feb 10434 June
Consol Cigar pref(7)100
1 84 July 1 84 July 1 7634 Jan 9311 May
Cuban Dominion Sugar*
200
%June 30 1 %June 30
31 Jun
234 Jan
Cushman's Sons pf 8%•
20 10434July 1 104%July 1 10434 July 120
Apr
Duplan Silk pref _100
200 100 June 30 102 July 1 97
Feb 10234 Mar
Du Pont de Nem rights 195,000
%June 28 15-16June 30
% Jun
154 May
Eastman Kodak p1_100
1 128%June 28 128%June 28 120% May 12834 June
Fashion Pk Asso p1100
14 5311June 3 55 June 30 49 Jun 8ar
M
0
Fourth Nat Investors_. 4,300 29 June 2 343.4July 1 2834 Jun 50
Apr
Fuller Co 2d pref
*
10 8051July 3 803jJuly 3 7834 Jun 88
Feb
Gen Italian Edison....
500 3534July 2 37 June 30 3414 Jun 4434 Feb
Gen Motors p1(5) vl• 8,200 92%June 30 93 July 2 9234 Junk 9834 June
Debenture (6)_ __100
300 11634July 2 116%July 2 104
Feb11634 July
Preferred (6)_....100
1 11134July 3 111%July 3 10434 Feb 11514 May
Gen Realty &
• 12,200 1211July 1 1314July 3 1134 Jun 1934 Apr
Preferred
700 83 July 2 83 July 2 83
July 100
Apr
Gen Steel Castings pfd •
300 99 July 1 10034July 1 98 June 101
Mar
Gold Dust pref
•
200 108 July 2 106 July 2 100
Jan 109% June
Grand Stores(F W) 100
100 8611June 3 8811June 3i 86
Jan 90% Mar
Hackensack Wat rts_- 1,23
111June 28 1 %June 20 114 Jun
1% June
Heime (CI W) pref. 100
10 135 July 3 135 July 3 12334 Jan 135
Apr
Hercules Powder pfd100
50 12034July 1 12034July 1 117
Jan 123% June
Common
*
100 6311July 3 6311July 3 60 Jun 85
Jan
Insuranshares aft- -•
911June 28 1034June 28 934 Jun 13 June
800
Internet Carriers Ltd... 1,100 12 June 30 13 July 1 11
Jun 19% Mar
Inter Comb Eng pfd ars
10 5014July 3 5034July 3 5034 July 62
May
Intern Print Ink ars-100 34 July 2 34 July 2 34
July 47 May
Internat. Salt rights_.. 7,200 1 July 3 134June 30 1
July 134 June
Inter Dept St [mei 100
61 June 28 81 June 28 61
Jun 82% Mar
1$31 Creek Coal pref_100
II 105 July 2 105 July 2 105
Jan
Ja 105
Kansas City Pow & Lt
1st pref series B
1 11311July 3 11334July 30 108
•
Jan 115
Mar
Holster Radio MD
1
2%July 2 274July 2 2% July 234 July
Kresge Dept Stores_*
1
8%June 3
814June 30 754 Ap
9
Mar
100
Preferred
50 4512July 2 4511July 2 45
May 62
Jan
Kresge(88) Co pfd_100
1 11211July 3 11211July 3 10834 Jun 115 June
Kuppenheimer Co____5
11 35 June 28 35 June 28 3214 Feb 35
Apr
Lehman Corp
• 5,100 683jJune 3 7211July 3 86% Jun 9714 Apr
MaIllson & Co pref_100
10 70 July
70 July
6814 June 80
Jan
Maracaibo 011
•
411June 30 5 July 1
6
4%June 1034 Mar
Marshall Field & Co_.• 1,6
3531July 3 3811July 1 3511 July 4834 Apr
Metro Goldwyn Pic pf2
2534July 1 2511July 1 2334 J
1
2814 May
Nat Bell Hess pref-100
200 60 June 30 60 June 31 55
Ma 82
Jan
Mid St Prod 1st pf-100
700 87 July 1 89 July 1 84 Jun 110
Feb
Nat Steel
•
800 54 July 1 55%June 21 53 June 5534 June
Nat Supply pref.__ 1
90115 June 30 115%July
113 Jun 115% July
N Y Investors
• 1,100 18 June 28 1834June 23 1734 Jun 32
Apr
North Amer Aviation-0 4,400 7%June 30 8%July 1
734 Jun 14% Apr
Omnibus Corp pref.100
100 82 July 3 82 July 3 7334 Mar 85 June
Oppenhelm,ColUns&Co*
200 3734June 3 3711June 30 36 Jun 56
Apr
Outlet Co
*
2 60 July 1 61 June 28 53
Jan 72
May
Park & Tllford
• 1,400 20 June
22%July 3 19 Jun 3554 Apr
Peoples Drug Stores pf
100 100 June 3 100 June 30 100 Jun 10734 May
Petroleum Corp of Am • 7,700 19%June 2 2014July 1 1
834 Jun 2734 June
Pierce-Arrow Co p1.100
700 8934July
72%July 2 6834 Jun 82
Apr
Pitts Steel pref„ _100
10 96%July
98%July 1 9334 Jun 103
Jan
Pitts Terminal Coal 100
10017 June 2: 7 June 28 7 Jun 1534 Jan
Porto Rico Amer TobA new
600 30 July 3 3011July 3 30
July 3011 July
Proctor &(lamb 131-100
20010734July 1 10734July 1 1
July
Pub Ser of NJ Pt (5)-* 1,700 9334June 3 9434July 3 073.4 Jun 10734 July
9134
973.4 June
Punta Alegre Sus etfs 50
1
%July 3
%July 3
li July 111 June
Revere Copper &Brass
Preferred
60 100 June 28 100 June 28 100
100
Apr 104
Mar
Reynolds Metal
1,500 24 June 30 28 July 1 23 June 3434 Apr
Skelly 011 pref
900 89%June 3 9234July 1 8934 Junk 9934 June
100
Sloss-Sheff St de Ir _100
100 26 July 1 26 July 1 2434 Jun 5611 Mar
Preferred
60 45 June 28 4634July 2 45 Jun 82
100
Mar
Spear & Co
130 634July 2 6%June 30 6
Jan 1014 Feb
Stand 011 of Kansa8_25 2,200 3034July 2 3234July 3 29 Jun 49
Apr
Stand Gas & El pf(6) *
800 9834July 8 98%June 30 9834 Jun 10034 June
Superheater Co (The)_*
800 40 July 1 42 July 2 38 Jun 4311 June
Thermold Co
3,000 1434July 1 1541July 1 13 Jun 2834 May
Third Nat Inyts
900 25 June 28 27 July 1 25 Jun 27 June
•
Thompson Products_ _•
500 2234July 3 23 July 2 20 June 3934 Apr
Thompson-Starrett _ _ _*
500 10 June 30 1034July 1 9 June 18% Mar
Preferred
400 41%July 3 42 July 3 40
Jan
Tobacco Div A ars_ _10 1,800 6 July 2 6 July 2 234 Ap 4954 Mar
634 Jan
United Dyewood___100
39 514July 1 6 June 28 534 Jan 11
Feb
Preferred
100
40 5334July 3 5514July 2 50
Ma 58
June
United Piece Dye Wks
Preferred
100
250 100 July 2 102 July 3 97
Jan 114
Mar
Unlit Leaf Tob pref.]
20 105 July 2 105 July 2 10354 Jan 115
Mar
Walgreen Co pref.
..100
100 100 July 1 100 July 1 97
Jan 103
Mar
Wrigley Co
* 1,200 6914June 3 70 July 1 67% Ap 7314 June
* No par value
79
Banks.
Nets YorkPar Bid Ask
America
25 101 104
American Union.
100 85
95
Broadway Nat Bk & Tr_100 90 105
Bryant Park*
45
20 38
Chase
20 131 133
Chat Phenix Nat Bk & Tr 2 102 106
Commercial Nat Bk &'Pr 100 385 400
Fifth Avenue*
100 2750 3050
First
100 4825 4900
Grace
100 800
Harriman Nat Bk & Tr_100 1500 1600
Industrial
100 160 180
Lefoourt Nat Bk & Tr
100 93 105
Liberty Nat Bk & Tr__ _100 90 100
National City
20 13812 140
Penn Exchange•
100 89 91
Port Morris*
1
42
Public Nat Bk & Tr
2 102 105
Seward NM Bank & Tr_100 90 100
Sterling Nat Bk & Tr.
-__25 40 45
Strata Nat Bk &
240 260
United States*
35 4212 44
Yorkville
100 130 150
Yorktown*
100
180
Brooklyn
-Brooklyn
so 94 99
Peoples
100 400 500
Trust Companies.
New York (Cond.)- Par Bid
Ask
Bank of N Y & Trust_ _100 620 640
Bankers
10 13112 133
Bronx Co Truss
65
20 60
Cent Hanover Bk & Tr_ _20 336 340
Chelsea Bank & Trust
25 33 37
Chemical Bank & Trust_ _10 8212 84
Continental Bk & Tr.
2712
-10 26
Corn Era Bk & Truitt -20 158 162
County
100 200 212
Empire20 72
75
Fulton
100 550 800
100 609 612
Guaranty
Hibernia
100 170 180
International
20 37 89
42
Internal Mad Bk & Tr-25 as
Irving
10 4714 48
Lawyers
100
Manhattan
20 108 109 Manufacturers
WI
25 94
Mutual (Weetthester) 100 350 425
N Y Trust
25 281 235
Pacific
100 180 200
Plaza
100 100 110
Times Square
100 49 55
Title Guar & Trust
20 141 145
United States
100 3950 4100
Westchester
100 1000 1100
Trust Companies.
New YorkPar
American
100
Amer Expre3s
185
Banta Commerciale I1a1_100 315
Brooklyn
Brooklyn
Globe Bank & Trust
Kings Co
Mid wood
205
322
•State banks. INew Stock. r NW-dividend.
100 890
100 185
101:1 2800
100 180
Es-stork nio.
710
200
3000
190
Er-.1,nota.
New York City Realty and Surety Companies.
(AB prigs. dollars per stuan.)
Far Bid lAsk
Bond & Mtge Guar
20 94
98
Home Title Insurance -25 58
84
Lawyers Mortgage
20 50
52
Pal
Lawyers Title& Guar_ _100
Lawyers Westehest 231&T1
Westchester Title &
Did
252
200
135
IAA
262
250
165
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Matitrity.
lei.
Rae.
MIL
Asked.
Malsaly.
Zst.
sato.
BM. I Laid.
Sept.15 1930-- 334% 100"n 1001n Sept 151930-35 834% 100uts 100on
Dec. 15 1930_ 3ti% 1001%3 10018.3 Mar.
10017s, 100 0
0
Jane 151981.... 234% 1001 ,, 1001512 Dec. 151930-32 334% 100"n 10013*,
151930-32 334%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. June 28 June30 July 1
First Liberty Loan
High
35.4% bonds of 1923-47- Low(First 334)
Close
Total sales in 51,000 uses_ _ Converted 4% bonds of{High
1932-47 (First 4s)
LowClose
Total sales in $1,000 units-Converted 434% bond/High
of 1932-47 (First 4148) LowClose
Total sales in 21,000 units.-Second converted 4),(%{High
bonds01 1932-47 (First LowSecond 434s)
Close
Total sales in 21.000antisFourth Liberty Loan
11191,
Low434% bonds of 1933-38
(Fourth 41(13)
Close
Total sales in $1,000 units...
Treasury
Hi
lAs, 1947-52
fLow
Close
Total sales in 51,000 antis_
illii
4s, 1944-1954
fLow
Close
Total sales in $1,030 units-High
113in, 1948-1958
Low_
(Close
Total sales in $1,000 units.
Hla
314s, 1943-1947
Low(Close
Total sales in $1,000 units....
High
3345, 1940-1943
{Low_
Clog
Total sales in 21,000 units...
July 2 July 3 JuLy 4
100**3 10040n 101
--- 10010n 1008, 100un 10011n
1
1011
,, 100on 10010,3 101
85
--__
3
16
-.----1024- 1024;
;
-1021n 1027s,
102•33 102'n
27
22
--1022•12
102".,
102"n
53
11271n
112111,
112",
5
108 ,
9
108";
102ur,
102"n
10227
:,
382
11277.2
112",,
112un
1
-----
10
101;
101",,
101"31
5
101",,
10111$1
101",,
8
1051°.
1057",,
108
101itu
101"8,
1017
'n
1
101nn
101nn
101"n
71
10 - 4; 101',,
2
102"n 101',,
102'n 1017n
1
6
102 c,
-1
10217n
102",,
163
112"11
112"n
112"n
257
108"n
108"n
108"n
25
1061,1
106
1061n
206
102
101118
101111,
18
10111,1
10117n
101"u
67
10217n
102",,
49
1121's,
112"1,
112",,
46
-------------10173 ,
,
10110,1
101"n
26
102
102
102
5
10217 HOU;
,
102", DAY
53
112111
112":
112",
101
108"ss
1081181
108",
1
106",1
106'n
106'n
100
101111
101"s:
101"
1
Note.
-The above table includes only sales of ooupon
bonds. Transactions in registered bonds were:
2 1st 414s
3 4th 414s
101. to 101un
0st
10221,1 to 102"n
Foreign Exchange.
To-day's (Thursday's) actual rates for sterling exchange were 4.86340
4.8634 for checks and 4.86 7-16(4)4.86 17-32 for cables. Commercial on
banks, sight, 4.853404.86 A, sixty days 4.83 11-16044.84 1-16. ninety
days 4.82% ©4.83 3-16, and documents for payment, 4.833-16044.84 1-16.
Cotton for payment. 4.85 11-16 and grain for payment 4.85 11-16.
To-day's ('l hursday's) actual rates for Paris bankers'francs were 3.9334
03.9334 for short. Amsterdam bankers' guilders were 40.210440.22 for
short.
Exchange for Paris on London. 123.71: week's range, 123.75 francs high
and 123.62 francs low.
The week's range for exchange rates follows*
Sterling, ActualChecks.
Cables.
High for the week
4.8634
4.86 17-32
Low for the week
4.85 11-16
4..865‘
3 92 29-32
Paris Bankers' FrancsHigh for the week
3.93 7-16
3.9334
Low for the week
3.9234
Germany Bankers' Marks
High for the week
23.8334
23.845i
Low for the week
23.80
23.82%
Amsterdam Bankers' Guilders
High for the week
40.22
40.23
Low for the week
40.16%
40.19%
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
._
Apr
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here. gee preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
June 28.
Monday
June 30.
Tuesday
July 1.
Wednesday
July 2.
Thursday
July 3.
$ per share $ per share $ per share $ per share 5 per share
1973 198
8
199 206
8
2053 21412 2093 2144 2074 2114
4
*10513 10612 10512 10512 10453 1053 105 105
10514 10514
4
155 155
15214 153 *15212 157
4
1523 1563 14812 15312
4
1003 100 4 100 102
4
3
4
1013 103 1023 10312 10214 1024
4
*81
814 80 3 80 3 81
82
82
82
82
82
3
3
70
.69
71
69
70
70
71
70
713
4 71
*11212 113 •11213 113
11212 11213 1124 11212 *11213 113
.75
85 .76
87
86
*78
*75
89
90 .77
•13
134 •13
13
134 13
13
13
1318 13
*5712 61
*5713 61
*5712 61
*5712 81
.5712 61
*
6112 64
4
65 4 653 2634 634 6314 6414 6212 6213
3
•
85
91
9012 91
*85
90 .85
92
92
90
1253 124 1212 1312 1313 143 .1412 143
4
4 1412 15
187 188
186 189
18612 1884 18712 190
18512 188
17412 175
177 1773 1773 179
173 175
4
175 180
4
*413 43
4
412 412 •44 412
44 4 8 *43
5
4 5
*412 512
4 5
44 47s
*413 5
47
3 47
3 043
•
____ 19 •____ 19
*16
25 *____ 19
19
.25
35
____
35
.25
•25
35 .25
33
912 107
8
94 103
8
94 10
94 94
912 10
*2912 3014 317 3212 3214 343
3
3473 34
34
8 33
•1318 1329 14
1418 1418 1438 1414 1414 1414 143
3
217 2272 2212 233
2
3 2318 2318 234 234
4 2314 243
67
6712 877 68
3
68
684 684 694 694 694
•125 135 .125 140 •120 140
120 140 0120 140
95
97 •98 10013 9912 10012 994 994 98
9913
10512 10512 *10512 107 *10512 107
10612 107
107 10713
100 10014 .100 101
100 100
100 100
1003 1003
4
4
.
61
82
*61
82
*61
.61.
75
80 .61.
80
.75
78
78
78 .75
7712 *75
7712 .75
7712
63
63 .63
68 .63
68
68 .63
68 .63
55 55
5512 5512 55
54
3
54
55
547 55
14914 14914 150 15018 .15212 158
15012 15012 152 152
116 116
116 116
116 118 .1154 11714 x114 114
4712 4713 *50
58
50
53
51
*52
5514 52
3614 3612 38
387
2 39
40
3912 393
397
4
3 39
*53
57
55
55
.54
57 .53
5612 56
56
•49
53
50
50
.50
54 .50
54
•50
54
7318 757
8 754 78
774 78
7712 7912 6912 81
7018 7018 73
74
73
75
75
75
7812 7812
3014 3014 30 2 3052 323 33
3
4
3112 323 .3012 33
4
.91
94
91
91
91
91
.91
94
.91
94
•13
4 4
.13
4 4
4
.1
4
*1
*13
4 4
•523
4
•52
•335
.335 _-__ *335
•335
____ *335
*43
43 8 437 4372 .43
7
3
44
4312 4312 424 4312
11612 11612 11514 11612 116 1173 1153 11612 11814 1163
4
4
*71
76 .7013 75 •7013 75 .7013 75
.7212 75
26
2512 2873 25
244 24
*25
•24
2534
25,
4
*1512 21
*16
21
*1512 21
.1512 22 .1512 21
2 6618 664 •6618 873*
% 6612 674 .664 673
.
6612 67 .
65 .60
70
.583 63
60 60
4
.
55
.5834 63
.64
713 .6014 7014 .6014 684 •6014 655*
3
*
85
66
583 61
4
.6014 61
617 62 .62
*5812 59
3
63
133 13412 13412 136
13212 133
135 1364
131 131
2413 241g 2512 2612 27
.2512 27
24
02512 27
19
.18
19
18
19
1913 •19
*19
20
2012
14 Pa
14 14
113 113 •113 114
•1
112
•16
25
28
*16
25 .16
.55
5712 *55
56% 5412 55
*5412 5712 .5412 5712
36% 3512 37
3612 3612 3712 36
35
343* 345
993 100
9814 9814 99 100
997 1003
.9814 100
2
63 .5812 80 .613 80
6014 62
63
*58
4
.
61
120 120 1 120 12012 •121 12414 120 122
•
120 123
85 4 .8212 854 .8213 854
3
4
3
4
*
8212 85 4 .833 853 *8212
*104 119 *102 119 *107 119 *105 119 *105 119
1
sat, 1
.2
4
7
2
7
2
*4 1
3
1
*54
2
158 16012
15412 156
2
155 1567 15712 1807 15812 161
103 104 *10212 10412 *10212 10412
10212 10212 103 103
*106 108
106 108 *105 109 .10412 10812 105 10814
•195 202 I 195 202 .195 202 *195 202 I•195 202
i 9812 100 I 10012 102 10112 10414 10212 104 100 103
4
4
11714 11714
1173 118 I 118 118
, 1163 1163 118 118
4
93 10
•9
12
938 9 2 593 10
3
*97 10
3
17
•112 2
•I12 2 1 *112 2
17
•17
3 2
ili1
17
s •1
1% •1
173
17
2 .1
172 .1
15
1212 1212
*11
15 1 .12
15
r'10'2 15 1 .11
221 222 10220 224
*22412 225 1 218 220
22014 224
86
85
85 1 .85
8812 .85
.85
8812
88 2 *85
,
73
7114 734 172
734 73
72
73 4 7212 7333
,
71
71
7013 714 18914 70
69
6912 7014
69
*8
10
9
9 ' .818 10
10
•818 10
.8
73
734 75I 74
71
7113 72
7412 7353 7414
12
12 1 •10
9.014 1212 ____ ____ 1013 1012
010
•133 137 •133 137 .133 137 .133 137 .133 137
974 97 9713
97
953 95 3
3
3
967 964
8
9512 97
98 .97
*97
98 1 .97
•97
98
.97
98
98
•85 100 1 .85
95 .70
95
•85
01
91
•85
4
10312 1063 106 10813 1064 107 *106 107
106 107
50 .48
49
.48
*48
50
.48
50 .48
50
.48
49
4818 4813 .48
48
48
49
*48
49
.40
50
•3814 50
*3814 50
•38
50 .3814 50
864 883
4 8818 8914 8812 8914 87
8612 88
89
9312 9312 .9312 9313 .92
93 1 .92
93
92
93
4
.60
62
62 1 .603 6214 63 63
60 60
•80
85 .82
4
4
91
.82
',..8.43 86 1 .813 88 I 85
91
Vs
61
614
614 653 .618 712
4
63
4 63
6,8
15
*10
15 I .10
._ 15 *--__
15
*10
15
2
112 114
11312 115
114 11512
110 III 1 1103 112
3 91
894 914 9013 9412 z9018 937
9314 9112 9212
9213 .9014 9213 9113 9112
9112 .90
95 4 *90
3
*90
*81 110 .110 110 .102 110 .102 110
•101 130
812
8
8
.713 812 .7
814 833 •8
8
*II
*111 18
17
12
2
104 1073 104 104
4
.6314 65 1 *633 65 .634 65 .633 65
*633 65
4
20312 2087 208 2097 207 20912 203 208
8
8
20212 20312
•8312 843 .8312 847
4
2 843 843
4
4 835 8412 84
841
8
33
3412 33
343
2 333 3452
3114 3214 3212 33
3
713 713
4
4 71
71
72
•70
72
70
•68
70
2553 2314 253
2112 2212 2232 234 23
3 2312 2512
26
.24
30 .23
.2112 25 .224 25 .22
30
*2014 21
.2014 22
*2014 22
.2014 23 .2014 21
*3814 3912 39% 393 *3812 4014 . 4 4014
39
4
383
39
Friday
July 4.
Sales
for
the
Wee/c.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share Shares
Railroads
Par
15,700 Atoll Topeka & Santa Fe__100
500 Preferred
100
4,300 Atlantic Coast Line RR
100
7,100 Baltimore & Ohio
100
1,200 Preferred
100
700 Bangor & Aroostook
50
20 Preferred
100
Boston & Maine
100
400 Brooklyn & Queens 'fr_No par
Preferred
No par
1,800 Bklyn-Manh Tran v t o_No par
700 Preferred v t o
No par
2,200 Brunswick Term & fly Sec_100
5,900 Canadian Pacific
100
3,700 Chesapeake & Ohio
100
600 Chicago & Alton
100
200 Preferred
100
Chic dr East Illinois RR_ _ _ ..100
Preferred
100
6,100 Chicago Great Wester n
100
3,100 Preferred
100
2,200 Chicago Milw St Paul & Pao__
5,500 Preferred new
5,500 Chicago & North Western_100
Preferred
100
2,400 Chicago Rock Isl St Paciflo_100
400 7% Preferred
100
500 6% preferred
100
Colorado & Southern
100
First preferred
50
100
10 Second preferred
100
000 Comm]RR of Cuba pref.._ 100
700 iDelaware & Hudson
100
900IDela ware Lack & Western_100
1,000 Deny. dc Rio Or West pref_100
8,700.Erie
Stock
100
2001 First preferred
100
Exchange
4001 Second preferred
100
9,000 Great Northern preferred 100
Closed1,600 Pre( certificates
100
600,Gulf Mobile & Northern..,._100
Inde300 Preferred
100
Havana Electric Ry___No Par
pendence
Preferred
100
Hocking Valley
100
Day
3,100 Hudson & Manhattan
100
4,400 Illinois Central
100
Holiday
RR Sec Stock certificate,
2,200 Interboro Rapid Tran vs o_100
Tot Rya of Cent America_100
20 Preferred
100
100 Kansas City Southern
100
Preferred
100
600 Lehigh Valley
50
2,600 Louisville & Nashville
100
1,000 Manhat Elev modified guar 100
400 Market St fly prior pref_100
500 Minneapolis dr St. Louis. 100
Minn St Paul & S S Marle_100
200 Leased lines
100
5,900 Mu-Kan-Texas RR ___ _No par
1.000 Preferred
100
2,000 Missouri Pacific
100
900 Preferred
100
Morris St Essex
50
Nash Chatt & St Louls____100
300 Nat Rys of Mexico 2d pref_100
New York Central
15,200
100
600 N Y Chic & St Louts Co100
800 Preferred
100
50 N Y & Harlem
50
10.300 NYNHA Hartford
100
1,400 Preferred
500 NY Ontario & Western--100
100 N Y Railways [ref _ __No par
N Y State Rye
100
200 Norfolk Southern
100
700INorfolk & Western
100
10, Preferred
100
4,500 Northern Pacific
100
2.000, Certificates
100
100 Paelfle Coast
100
21,700 Pennsylvania
50
100 Peoria & Eastern
100
Pere Marquette
100
170 Prior preferred
100
Preferred
100
Fittsburgh & West Va
100
1,600 Reading
50
First preferred
50
200 Second preferred
50
Rutland RR pref
100
3,800,81 Louis-San Francisco
100
4001 1st pref paid
100
300 St. Louis Southwestern
100
1,7001 Preferred
100
3.600 Seaboard Air Line
100
I Preferred
100
5,800 Southern Pacific Co
100
25,800 Southern Railway
100
500 Preferred
100
Texas & Pacific
100
400 Third Avenue
100
500 Twin City Rapid Transit-100
0.100 Union Pacific
8001 Preferred
4,700 Wabash
500 Preferred A
21,000 Western Maryland
Firond preferred
Western Pacific
600 Preferred
I
100
100
100
100
100
100
100
100
Highest.
26
77
2512 28
*78
77
.253 26
4
*76
77
Lowest.
Highest.
per share $ per share $ per share
$ Per share
194 June 25 24212 Mar 29 19512 Mar 2984 Aug
99 May 1044 Dee
1023 Jan 3 108 June 24
2
14612July 3 17512 Mar 18 161 Nov 20912 July
9814June 24 12232 Mar 31 10514 Nov 14513 Sept
75 June 81 Dec
7814 Feb 10 8412May 14
Oct 9032 Sept
55
83 Jan 3 8412 Mar 29
109 Feb 28 11614June 4 tf10314 Oct 115 Sept
85 Apr 145 July
79 June 24 112 Feb 8
7 Nov
1.57
3May 22
15 Dee
10 Jan 11
44 Nov 65 Sept
63 May 3 6613May 29
Oct 817 Feb
2
40
8June 18 783 Max 18
2
583
7613 Nov 924 Feb
8472 Jan 6 94 May 29
412 Oct 4412 Jan
11 June 19 335 Apr 23
184%June 25 22634 Feb 10 185 Dee 3697 Feb
4
171 June 25 24114 Mar 28 160 Nov 2792 Sept
4 Nov
1934 Feb
414 Jan 8 10 Apr 2
3 Nov
13
25 4 Feb
3
10 Apr 11
53
412June 21
15 Dec 43 Feb
1414 Jan 7 28 Mar 26
4
363 Dec 6673 Feb
33 June 27 527 Mar 26
2
7 Nov
23 3 Feb
7
4
812June 24 173 Mar 31
3
1712 Nov 633 Jan
3May 18
27 June 24 523
18 Nov
447 Aug
2
1212June 25 2153 Feb 7
2812 Nov
685* Sent
2012June 18 465* Feb 10
75 Nov 10812 Aug
2
66 June 25 897 Feb 8
4June 3 134 Apr 145 Feb
13014June 25 1403
95 June 25 12512 Feb 14 101 Nov 14312 Sett
Oct
105 June 16 110 3 Mar 20 100 Nov 109
3
947 Nov 10314 Nov
x98 June 6 108 Feb 7
8614 Dec 135 July
65 June 18 95 Feb 13
6512 Oct 80 Jan
6834 Jan 3 80 June 19
64 Apr 7212 Mar
68 June 28 75 Apr 23
s
45 Nov 703 Jan
49 Jan 2 82 Apr 10
146 June 25 181 Feb 8 14112 Oct 228 July
4
11014June 18 153 Feb 8 12014 June 1693 Sept
45 June 27 80 Mar 28
Oct 773 Feb
4
49
3513June 18 634 Feb 14
4112 Nov 9312 Sept
534June 25 873 Feb IS
5513 Nov 6614 July
3
52 Nov 63 2 July
7
50 June 25 6212 Feb 19
713
4June 25 102 Mar 29
8514 Nov 12814 July
8512 Nov 12214 July
67 June 25 9914 Feb 21
2814.1une 25 4612 Feb 17
18 Nov 59 Feb
70 Nov 103 Jan
90 June 21 9814 Mar 10
2May 10
37
612 Dec 1112 Apr
812 Jan 17
55 Feb 73 4 Dee
58 May 9 72 Jan 2
3
450 Jan 25 525 Mar 29 370 Nov 600
Oct
41 June 25 533 Mar 25
34', May 583 Jan
3
2
11314June 25 1385 Apr 22 116 Nov 15312 July
70 Nov 8012 Feb
70 Jan 21 77 May 13
15 Oct 684 Feb
20% Jan 3 3912 Max 18
25 Nov 59 Jan
2312June 23 324 Jan 10
6114 Dec 8014 Jan
814 Jan 2 7334May 7
80 Oct 1087 July
*
4.hine 25 85% Mar 29
583
63 Nov
7012 Jan
85 June 25 70 Ape 16
85 Nov 10214 Feb
2
57 une 25 847 Mar 31
/
1
4J
Oct 1545 Sept
4
127 June 25 13812 Apr 4 110
Oct 5712 Jan
24
24 June 28 4012 Mar 18
1412 Nov 3912 Jan
17 Jan 16 261s Feb 13
114 Nov
334 Jan
212 Apr 5
I June 27
35 May 6112 Sept
2712May 14 ab Feb 7
54 Jan 3 5912 Feb 21
51 Dec 66
Jan
2712 Nov 65 4 July
3
327alune 25 665* Apr 14
7
93 Nov 10712 Ayr
8
9814June 23 1083 afar 27
46 Nov 1014 July
57 June 25 9812 Max 8
Oct
0une 26 14512 Max 6 105 Nov 149
1153
5
75 Oct 863 Jan
3
8134 Jan 29 84 Apr II
115 June 23 132 Mar 25 173 Nov 240 Aug
33 Jan
C. Feb 25
1
Oct
114 Jan 11
4June 25 1923 Feb 14 160 Nov 25612 Aug
4
1503
94 June 25 144 Feb 10 110 Nov 1923* Aug
4May 14 100 May 110 Dee
105 July 3 1103
Oct 379
Jan
1783
4June 18 824 Feb 3 156
2
9714June 24 12812 Mar 290 '107 Jan 13212 Oct
116 June 18 13512 Mar 21 41432 Jan 13432 Aug
8 Nov
812June 18 1714 Mar 31
32 Feb
97 Feb
112 Dec
112June 24
4% Jan 16
1
Oct 14% Mar
212 Feb 8
1 June 4
1412 Dec 4812 Feb
10 June 27 331j Feb 14
Jan 290 Sept
21314June 26 265 Feb 18 191
8714 May
82 Nov
83 Feb 3 8814May 20
663
754 Nov 11872 July
4June 25 97 Feb 21
8312June 25 954 Feb 21
75 Nov 11458 July
2
47 Dec 48 Feb
2
7 Jan 3 197 Apr 9
697
7212 Mar 110 Aug
2June 25 803 Mar 31
3
101 2July 3 2413 Mar 31
17 Dec 35 July
130 June 16 16412 Apr 10 140 Nov 260 Aug
94 Nov 101 Mar
943 Jan 31 101 May 17
4
Jan
97
90 Nov
95 Jan 7 99 Apr 15
90 June 16 12114 Feb 11
90 Nov 14834 Jan
4
100 June 25 14112 Feb 6 10112May 1473 Sept
4113 Apr 50 Sept
4414 Mar 1 1 53 Feb 21
434 May 6034 Sept
4734 Jan 4 57 Feb 6
4972 Oct 7414 Sept
42 JUne 19 673 Mar 5
4
4
8614June 30, 1187 Mar 27 101 Nov 1333 Aug
2
87 Nov 9613 Feb
Jan 21 101 Apr 2
92
Nov
014534 Feb
8 1 1,,ttny 27
520i , e 5
5
84
56
614
91) InY 21
7 3 a y 16
Apr
912 Dec 214 Mar
1212 Feb 15
6 June 17
1614 June 418 Oct
16 June 21 28 Feb 7
108 JI1110 25 127 Feb 10 105 Nov 15712 Sept
4
8913June 28 1363 Jan 13 109 Nov 1624 Sept
93 June 100 Dec
91 12July 3 101 Mar 20
110 June 25 145 Apr 24 115 Nov 181 Mar
812 Nov
39 Feu
61 2June 18 1612 Mar 20
20% Dec 5814 Jan
1012June 20 31 12 Jan 29
75 Dec 100
Jan
6314June 20 79 Feb 3
4
200 June 25 2423 Mar 29 200 Nov 2974 Aug
80 Nov 8512 Sept
,
821 Jan 17 8612 Mar 29
40 Nov 814 Jan
30 June 27 67% Apr 1
82 Nov 1047 Jan
2
70 July 3 8914 Apr 8
10
Oct 54 'eau
1858.1une 18 36 Mar 29
145* Nov 5312 Vet
19 June 25 38 Mar 28
15 Oe
414 Mar
17 June 19 3012 Mar 29
3712 Nov 6734 July
384J une 25 53% Mar 19
Industrial & Miscellaneous
No par 22 Jan 18 4212 Apr 9
25% 253 *253 2614
2,000 Abitibi Pow & Pan
4
4
Preferred
100 e47, Jan 1" so'. ,‘,
•76
77 .76
77
g E2-righte. a Ex-dividend &
z .4a-divideud.
•80% atoek dividend paid3
• Bid and asked orices; no sales on this day,
26
.76
PEE SHAtia
Range for Prestos.
Year 1929.
3414 Dec
AA 'Joy
574 Aug
88s. 5.,
New York Stock Record-Continued-Page Z
_ o, sales during the week of stocks not recorded here. see second page preceding
111011 AND LOW SALE PRICES
-PER SI1ARE, NOT PER CENT
Saturday
June 28.
Monday
June 30.
Tuesday
July 1.
Wednesday
July 2.
Thursday
July 3.
Friday
July 4.
per share $ per sitar $
" •
$ per share $ per share S per share
pa-.4ce
*43
55 .47
r 2
•,
.4218 51
45
45
.108 110 •10812 .0 *1
9 *108 109
108 108
24
243
4 2414:r 2434
.% 247
8 2418 24% 2412 2514
.86
88
87' •
85
88
•87
88
88
88
•27
2712 2718 28
273
,1v 8 273 278 27% 27%
4
9
9
.9
10
9: 10
.953 10
10
.19
1912 .1812 1912 1' - 1912 19
19
19
19
*5.
a
r13
*as
3
4
%
5
1
8
8
%
11912 12114 x120 12614 1233 1273 124 1255 1153 123
8
4
8
8
•1614 1712 17
17
1812 1612 17
17
17
1712
1
118
1
114
118
114
114
1%
Ds
114
518 518
53
518
5
5 18
553
52
5% 514
*8
912
pi3
912 9,2 .83
4 912 *812 912 *812
187 1918 19
*
195
8 1012 21
20
2012 19% 20%
91
91
.92
93
93
95
9518 9518 •95
96
.89
90
89 89
89
8912 8912 90
90
9014
•84% 88
*847 89 .847 88
8
8
86
86
863
4 86
25312 257
256 271
262 270 4 260 268
3
252 26812
12214 123 *1213 125 •121 125 1.122 124 .122 124
4
5012 50% 50% 517
8 5114 53
5114 523
52
52%
.24% 26
.23
*25
26
2512 2512 26 .2512 2712
23
23
•23
233
4 2312 24
23% 2318 23
23%
•51,
4 512
5
5 12 *512 8
.5
.5
6
6
2312 231 *2314 24
*2314 2412 *2312 2812 24% 247
8
68 68
697 71
8
71
71
7112 7014 7014 71
6114 6114 *6114 62
81
61
*6112 62
62
62
8
6
63
8 63
8 NI
7
*6
8
7
6
30 4 307
3
30 4 315
3
8 31
32% .313 32 .30% 31
4
.4112 421
4112 4112 42
42
42
42
42
42
•____ 121 •____ 120 •____ 121
121 121 •121 12112
1158 12
1138 123
123 14
8 12% 13%
1318 138
.8914 70
70
70 .89% 76% *6914 74
•69% 74
11414 1161 1153 12114 118 1227 1183 12112 11612 120%
4
8
4
•144 145 *144 145
14414 14414 *144 145 .144 145
51
51
5112 52
5312 53
52
5314 5314 5314
•100 103
101 101
10118 102 .10118 103
10014 10014
*8812 94
.8812 95 .8812 95
'88'z 95 .8812 95
3912 391
41
42
41% 42
4112 42
42
42
912 91
912 10
912 912 10
11
914 10
•16
20
16
20
185 *16
8
*16
20
•16
20
3418 341 .3412 37
7 368 37
353 36% 36
4
37
61% 631
6312 66% 6312 67
6353 6512 6212 64%
•107 1077 107% 108 •10714 1077 *10714 1074 1073 1073
a
8
4
*9212 9312 9312 931 .9212 9312 9212 921 .9212 931
25
26% 26
27% 2518 26
2512 24
25
25
*312 35
8 .312 3% *313 412
4% 414 .4
5
*1713 20
19
19
20
20 .19
20 .19
20
.56
57
56% 563
8 5612 5812 565* 5684 5618 563
4
35
3512 34% 35
34
35 .3318 34
34 12 3412
30 4 31% 3112 33
3
8
323 33
4
3214 323
4 32
3314
*13
4 212
1% 2 .
.112 178 •112 17
13* 27
25
25
•15
25 •____ 25 .____ 25
4714 4714 48% 4912 4912 5012 49
49
Stock
*47
49
.97
99
*97
98% 987 987 .95
8
99
98
98
•195 20312 203 203
209 211
201 208 .207 211
Exchange
*3312 35
34
34
34
8
3453 343 343
4 3312 343*
*103 108 .103 108 .103 109
10812 10812' 103 108
Closed'
1
75
75
•70
79
*75
79
*75
79 .75
79
Inde78
79
817 84
8
-8212 14 4 8112 8214 -gO- -1Oa
101 101
101 10118 100% 101
101 10118 101 101
pendence
79
79
80 80
.80
82 •8014 82
.80
82
84
84
84
84
*8212 84
84
Day
8412 843 843
4
4
2412 25
243 25% 25
4
25% 243 25% 25% 25%
4
*1812 18
17% 17% 17% 18% 1712 1712 •16
1812 Holiday
5212 53'z x5314 5512 x5212 54
5153 485 4912
48
8
58
58
57% 5914 *5612 58
5512 5712 577 5778
8
.65 10
8
97
.7
•712 10
.63* 97
.712 10
•11 11
/
4
*114
14 *11, 11
/
/
4
1
112 17
8
112 17g
.48
50 .48
50
51,
50
50
50
50
50
6612 56
5714 573
4 5818 50 4 58% 59
3
5918 60
*13618 1373 13618 13618 .13618 137
13618 13618 13818 13618
*39
393
393 40
4
3934 414 417 42
/
1
4118 413
.9912 108 .9912 108 *105 108 *105 108 .105 108 4
63
712
7
7 12
.8% 77
65* 7
*7
712
21
21
22
22
2114 213
4 20
211 *19
21
*363 373
4
4 378 38
3812 38'z 3814 3814
*3714 40
*11034 112 *110 4 112 .111 112 .111 112
3
111 111
43
43
•4212 53 .44
447
46
4212 431 .43
*48
4812 4812 4812 49
8
493* 493 4953 493 492
8
10314 1043 10312 104
4
104 104 .10314 104
104 104
10
10
93 105* 11
4
13 •11
12
1018 11
2043 206% 207 21012 208 21014 206% 209
8
2
053, 2083*
167
7
1714 17% 1714 17
1714 173* 17
1712
227 227
229 230
229 2323* 229 229 .226 232
227 23212 22912 2363 2311* 23853 231 23512 232
4
23512
•12038 1223 .1203 122% .1203 1223 121 122
4
4
4
121 121
.110 115 I 115 115
115 117% .11714 122 1118 118
11214 11214 11212 11318 113 113 I 11212 11212 .11212 113
i 823 8314 83
4
87% 85
8814 84
8712 83
874
*1013 105 4 *104 10514 .104 105 .104 105 *104 105
8
3
•1114 114 •113 115 •111 111 .111 111 1114 111
/
1
8
8
/
4
/
4
/
4
/
4
/
4
*3014 3212 3114 313* 3118 313k .31
31% 3012 3012
*512 6
*512 6
6
6
*518 6
.518 6
.34
40
*34
40 .3512 40
3512 3512 .35
40
*712 8
.853 81
812 812 .818 83* .
8% 812
*57
60 .56
6312 .58
1331i .58
70 .58
70
4912 50
4914 5014 49
5112 49% 51
495 50
8
.29
30 .30
3212' .30
3314 •30
33 .2712 327
8
*38
40
40% 40% 40% 4018 .40
4014 40
40
.80 105 .100 10414 .100 105 .100 105 .100 105
.20
2312 .20
2312 23
25
22
3
22
2212 22'
21
21
.2114 22
21% 2112 21
21
2112 2112
077
83
77
77
78
78 1 77
77
77
78
47
5
518 514
5
518
43
4 5
5
5
24 3
23
4 3
21
272
27
8 2% .
214 27
.59% 61
.59
61
.60
61 I .60
61
60
60
6% 812
814 614
812 612
614 63
63
4 63
.10
16
*10
15
11 I 1012 1012 10
11
10
33
3412 34
35
34
343
4. 3412 343
4 33
343*
.
323* 3412 35
35
387k 3612 3612 *3814 37
36
•4138 60 .43
50 .415* 50 .415 50
8
41% 41%
*5014 53 .51
54
.51
*493 53 .49% 53
54
4
*51
65 .53% 55
.54
56 .5314 55
.54
56
3412 343
348 3512 35% 3612 353 353* 3514 3512
8
.68
70 .68
70
*68
70
•611
70 .66
70
.101 104 .101 104
104 1043
4•101 105 .101 105
.5
8
.5
'
1,1
5
6
.518 6
91114 98
100 1033 101 1043
4
4 98 10314 94 101
.4
6
4
4
4
418 *4
6
.4
6
•23
40 .23
40 .23
40
•23
40
528 523
4 53
53 .52% 53% .523 5334 .523 53%
2
8
.4% 5
.414 43
.4% 41
4 •414 5
*414 5
•10
193 .10
193 .10
1914 •10
1934 •10
193
4
5318 54
54
61
5914 63
5814 5814 583 6114
4
518 51
518 553
5
5 14
5
518
518
5
20
2013 2012 201
2012 211
20% 2112 21% 22
:00 106
108 106
1053 1053 106 106
4
4
105 105
'
10712 108 *10712 108
10712 10712 •10712 1073 107 1071
1484 143 *14% 16
*1418 16
•1418 16
•1418 16
*74
80
*72
76
.72
76
•72
76
.72
76
.2% 5
.25
8 5
.2% 5
.2% 5
•218 5
2112 2112 217 22
8
22% 2312 22% 2318 22% 23
• Bid and asked prices: no saint on thia day. z
p Ex-rights.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
81
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
Highest.
Shares
Railroads (Con.)
Par $ per charm
2 per share
200 Abraham & Strauss__ _No par 42 June 25 68 Apr 21
30 Preferred
100 104 Jan 11 110 Feb 11
17,900 Adams Express
No par 217
8June 18 37% Mar 31
400 Preferred
100 85% Feb 4 92 Mar 27
1,200 Adams Millis
No par
23 Jan 23 82 Star 31
800 Advance Rumely
100
8 Juno 17 23% Jan 24
600 Preferred
100 157
8June 24 4114 Jan 29
900 Ahumede Lead
12 Jan 4
1
1s Star 28
44.000 Air Reduction, Inc
No par 114 June 23 15638June 2
1,000 Air-Way Elec ApplianceNo par 18 June 23 38 Mar 24
2,500 Ajax Rubber,Inc
No par
1 June 18
212 Jan 9
1,700 Alaska Juneau Gold Min___10
412June 18
9114 Jan 7
100 Albany Pert Wrap Pap_No par
8 June 25 1512 Feb 17
31,900 Allegheny Corp
No par
18 June 18 35% Mar 31
1,130 Pref A with $30 warr____100 87 June 23 10712 Feb 11
800 Pref A with 240 warr__100 89 June 30 993 Apr 11
4
800 Pref A without warr_100 86 July 2 9814 Feb 24
9.900 Allied Chemical dr Dye_No par 232 June 25 343 Apr 17
200 Preferred
100 121 Jan 2 12814 Apr 1
9,300 Allis-Chalmers Mfg ___ No par 4818June 25 68 Mar 11
200 Alpha Portland CementNo par 24 June 26 4214 Mar 27
2,000 Amerada Corp
No par
18 Jan 16 3112June 3
1,100 Amer Agricultural Chem__100
45
8June 18
1038 Mar 31
600 Preferred
100 23 June 26 39 Apr 1
1,400 Amer Bank Note
10 68 June 18 973 Mar 27
8
250 Preferred
50 61 Feb 8 66% Jan 31
500 American Beet Sugar _No Par
6 June 10 12 Jan 16
1.200 Amer Bosch Magneto_ No par 27 June 25 54% Feb 14
600 Am Brake Shoe & F___ _No par 4112June 30 54% Mar 20
10 Preferred
100 11814 Jan 14 128 Feb 13
9,800 Amer Brown Boverl El_No par
83 Jan 16 21h Apr 25
8
10 Preferred
100 6013 Jan 3 80%Slay 26
157,700 American Can
25 10814June 25 15612 Apr 18
100 Preferred
100 14014 Jan 27 147 June 2
1,700 American Car & Fdy--NO Pa
42 June 23 8212 Feb 6
700 Preferred
100 95 June 18 118 Jan 4
_
American Chain pref
100 757 Jan 3 101 Mau 28
4
1,500 American Chicle
No pa
365 Jan 2 51% Apr 3
8
3,100 Am Comml Alcohol
No Par
914June 30 33 Jan 18
900 Amer Encaustic Tiling_No Dar
15 June 24 303* Mar 31
600 Amer European Bee's_No par 3318June 19 5912 Mar 31
83,100 Amer & Fern Power.__No par 5814June 18 1018 Apr 16
4
700 Preferred
_No par 10614June 19 11112 Apr 29
500 2d preferred
No par 9212June 23 1003
4June 11
5,800 Am Hawaiian SS Co
10 1974 Jan 2 333 Mar 19
8
400 American Hide & Leather_10
312June 2
7 Apr 10
300 Preferred
100 1718June 2
347 Apr 11
8
900 Amer Home Products__No par 55 June 26 69% Ater 20
1,900 American Ice
No par 31 June 18 41% Mar 27
9,400 Amer Internal Corp
No par 28%June 2
6538 Apr 2
400 Amer La France & Foamite_10
Patine 3
4 Apr 2
Preferred
100 2212June 2
35 Feb 14
2:500 American Locomotive_No par 4714June 2 105 Jan 8
200 Preferred
100 98 June 2 11812 Mar 1
600 Amer Machine & Fdy_No par 180 June 23 2843 Apr 30
4
3,600 Amer Metal Co Ltd___No par 3018June 16 5112 Feb 7
100 Preferred (8%)
100 10812July 2 118 Feb 18
20 Amer Nat Gas pref____No par 85 Jan 23 95 Mar 27
American Plano
No par
le Feb 7
2% Mar 31
7.200 Am Power & Light
No par 723
4June 25 11953 Apr 1
1,100 Preferred
No par 99 June 25 107 Mar 24
300 Preferred A
par 75 Jan 8 85 Mar 20
No
700 Pref A stamped
No par 80 Jan 6 88% Mar 21
26,400 Am Red &Stand San'ry No par 233
2June 25 393 Apr 7
4
1,600 American Republics
No par
1514June 17 37 Mar 25
23,500AI:11er Rolling Mill
25 48 July 2 1007 Feb 17
8
2.400 American Safety Razor_No par 6212June 18 673* Apr 26
____IAmer Seating v t e
No par
10 June 12 2612 Feb 18
900 Amer Ship dr Comm
118 Feb 25
No pa
8May 8
33
150 Amershipbuildingnew.Nopar 467
8May 22 5412June 5
Smelting dr Refining_100 53 June 24 7912 Apr 2
6,700 Am
500 Preferred
100 13312 Feb 6 141 Apr 8
1,300 American Snuff
25 38 June 18 435 Jan 27
Preferred
___
100 10018 Jan 3 107% Apr 22
3,200 Amer Solvents dr ChemNo par
658July I 2212 Mar 7
500 Preferred
No par 20 July 2 3353 Mar 5
400 Amer Steel Foundries_ _No par 3518June 25 5253 Mar 20
70 Preferred
100 11012 Jan 7 116 Feb 25
300 American Stores
No par 4212June 7 5512 Apr 16
1,200 Amer Sugar Refining
100 47 June 25 69% Mar 26
700 Preferred
100 10314June 28 110 Apr 24
2,400 Am Sumatra Tob
No par
9%June 18 283 Feb 10
4
58,200 Amer Telep de Teleg
100 20018June 23 27414 Apr 17
112,900 Rights (expire Aug 1)
16 June 18 225 Apr 17
8
2,100 American Tobacco corn...._50 197 Jan 8 28414Stay 23
14,100 Common class B
50 197 Jan 8 28912May 23
300 Preferred
100 120 Feb 3 12412Slay 22
500 American Type Founders...100 113 June 19 141% Apr 1
270 Preferred
100 106 Feb 5 11488 Apr 4
15,700 Am \Vat Wks & EL.
7818June 23 124% Apr 23
-NO Par
181 preferred
99% Jan 4 10613 Apr 15
300 American Woolen
100
712 Jan 2 2014 Feb 17
900 Preferred
100
193 Jan 2 44.8 Feb 18
4
100 Am writing Paper ctbs_No Par
5 Jan 20
9 Slay 29
100 Preferred certificate_ __ _100
2912 Jan 17 443 Feb 27
4
100 Amer Zinc, Lead & Smelt ___25
6i2June 19 177g Feb 3
Preferred
25
50 June 19 797 Jan 20
8
52,600 Anaconda Copper Min
4412June 18 8112 Apr 2
50
Anaconda Wire & Cable No par
2612June 18 5314 Feb 6
300 Anchor Cap
No par
347
8June 18 515* Apr 21
Preferred
No par 105 Jan 2 11518 Apr 14
1,000 Andee Copper Mining No par
18 June 18 3714 Apr 2
1,300 Archer, Dan'ls, Micrld _No par
1910une 23 2914 Apr 5
1,000 Armour dr Co (Del) pref___100
7414 Star 14 827
8Ju11e 5
4,200 Armour of Illinois claw A___25
43
8June 19
818 Mar 28
1,900 Class B
25
45 Mar 26
2% Jan 20
1,000 Preferred
100
55 May 5 65 June 4
800 Arnold Constable Corp_No par
6 June 26 13% Apr 21
400 Artloom Corp
No par
10 June 25 2018 Apr 28
5,8001Associated Apparel Ind No par
3112June 18 4618 Mar 10
1.300 Assoc Dry Goods
No par
28 Jan 4 5012 Apr 15
10 Associated 011
25 3212 Feb 27 51 June 2
ALI G&W ISS Line---No Par 495
8June 26 80% Jan 30
Preferred
100 50 June 27 8514 Feb 26
14,000 Atlantic Refining
25 3018June 18 513* Apr 7
Atlas Powder
No par 82 June 17 10434 Mar 21
100 Preferred
100 101 Jan 20 106 Star 22
Atlas Tack
No par
5 June 27
812 Mar 5
9,900 Auburn Automobile_ _No par 91 June 23 263% Apr 1
300 Alleit10, Nichols
Vo par
4 June 17
7 Stay 14
Preferred non-voting ____100 24 Jan 2 3512 Apr 23
1,300 Austrian Credit Anstalt
523
8June 14 60 Jan 13
Autosalea Corp
No par
4 June 17 1038 Mar 3
Preferred
50 15 Jan 11 25 Mar 4
12,200 Autostr Saf Razor A__No Par 37 Jan 2 63 July 1
48 Jan 20
20,600 Aviation Corp
No pa
97s Apr 15
4,300 Baldwin Loco wka _No Par
193
8June 17 88 Feb 18
40 Preferred
100 10412.Iune 25 118 Jan 21
120 Bamberger (L) & Co pref 100
Jan
14
140 Barker Brothers
No pa 107 J ne 20 1203 Meb 5
3 10 4 Par 4
12
Preferred
100 72 June 25 91 Mar 31
Barnett Leather
No pa
71 Apr 11
23* Feb 18
10,000 Bernadall Corp class A
25 2012 Feb 15 34 Mar 28
PER SHARE
Range for Prestos,
Year 1929.
Lowest.
• Highest.
$ per share $ per share
43 Dec 159% Jab
10012 Nov 112% Oct
34 Nov
20 Nov
Jan
84 Nov 96
19 Nov 35% Jan
Oct 10472 May
7
15
Oct 119 May
47 Feb
a
3 Dec
8
77 Nov 223% Oct
1818 Dec 487 May
*
1 Dec 11% Jan
4% Nov
10% Jan
5 Oct 25 Jan
17 Nov
56% Sept
90 Nov 1183 July
4
15'1- "r:J)
11812 Nov
351s Nov
23 Nov
1712 Oct
Oct
4
18 Nov
65 Nov
57 July
514 Dec
27 Nov
40% Nov
113 Nov
418 Oct
4914 Jan
86 Nov
13318 Nov
75 Nov
11012 Oct
7014 May
27 Nov
20 Oct
1814 Nov
23 Nov
50 Oct
10112 Nov
8614 Oct
1712 Dec
312 Dec
2314 Nov
40 Nov
29
Oct
29% Nov
2 12 Oct
2712 Nov
90 Nov
111% Nov
142 Nov
31% Nov
106 Nov
58 Nov
1.1 Dec
64% Nov
9214 Oct
70 May
727 Nov
s
Oct
28
1212 Nov
80 Nov
44 Nov
17 Dec
% Oct
4
3543 Aug
125 Apr
75% Se,.$
23 Nos
8
423 Jan
8
235 Jan
73% Jan
Oct
157
85 4 June
3
2012 Jan
7612 Sept
62 Feb
12612 Mar
34 June
14
104 June.
18412 Aug
145 Dec
101312 Jan
120
Jan
9518 Oct
813 Sept
8
55 May
470 Feb
4
9813 Bert
19914 Bet t
10812 Yet
103 Feb
42 Apr
10
Jan
5214 Aug
85% Jac
5312 Aug
90 Sept
8e
872 Jan
75 Feb
136 July
120 Des
2793 Oct
4
8118 Feb
135 Feb
9814 Jan
177 Jan
8
175% Sept
106 Feb
SO Feb
8418 Feb
55 8 Sett
3
6484 Jan
144% Sept
74h Jan
4174 Mar
7 Feb
-7
6
/- Nov 1361- Sept
4
12318 Nov 138
Jan
38
Oct 49 July
98 Nov 112
Jan
35% Oct "797; Feb
-110 June 114 Mar
40
Oct 85
Apt
58 Nov
94% Jan
99 Nov 111 Feb
18 Nov
Jan
60
193% Jan 310% Sept
CEO - Mar 232': Oct
160 Oct 235
Oct
1143 Nov 12114 Jan
8
115 Nov 181 Sept
103 Nov 112 Apr
50 Nov 199 Bent
07 Jan 104
Jan
5% Oct 27% Jan
15% Nov 58% Jan
4 Nov
1618 July
28 Nov 46 Mar
7 Nov 49% Mar
49% Nov 11114 Mar
67% Dec 140 Mar
48 Dec 89 Sept
14
25
Oct
Oct 80
96 No 15412 Oct
Oct 68% Star
30
1812 Nov 4912 Mar
75 Oct 95 Jan
5% Oct 1818 Jan
2% Nov
1014 Jan
57 Nov 88
Jan
614 Dec 407 Jan
8
183 Nov
8
30 Feb
34 Nov 58% June
25 Nov 7031 Jan
3412 Dee 4714 Apr
3218 Feb 8612 Oct
45 Feb 62% Sept
14
Oct 7774 July
30
67 Nov 140 Sept
90 Nov 10613 Jan
17% July
5 Nov
120
Oct 514 Bey:
_
428 ie);
18 Nov - 1- - .
Jan
4912 Nov 65
4 Dec 3512 Aug
13 Dec 4573 Aug
34 Nov 50 Jan
4% Dec 20 Aug
15 Oct 86% Aug
10912 Nov 125 Apr
9312 Nov 110% Feb
3
16 Dec 33 4 Jan
Jan
70 Nov 97
212 Dec 2914 Jan
Oct 49% May
20
82
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday 1 Monday
June 28.
June 30.
Tuesday
July 1.
Wednesday
July 2.
Thursday
July 3.
Friday
July 4.
$ per share $ per share $ per share $ per share $ per share $ per share
*4944 5912 .19
50
50 .50
5918 50
50
5312
•98
9812 .87
9812 9812 9812 *07
9812 *97
9812
-- ___. __-57012 80 •72 80 •72 - -- -- --75
•1043 105 .1043 105 .1043 105 *10434 105 .1643 105
4
4
4
4
8 .334 413 *33
*33
4 4
*312 43
4 438 .33
4 4
8 80
•7953 8012 .7953 805
80
*793 805 .793 804
4
8
4
2818 2953 2918 303
3012 2918 30,
8 29
30 4 30
3
4
42
4218 42
437
8 4214 44
43
4358 414 423
4
3
8018 833
7813 7912 787 81
3 793 8112 7913 813
4
8
125 125
12514 12614 125 12513 12514 12514 12418 1244
2312
.20
2312 .20
2312 .20
2312 .20
2312 .20
•____ 100 •___- 100 •___. 100 .____ 100 .____ 100
.74
83
*74
83 .77
83 .77
83
.77
83
3412 33
8 3214 3512 33
304 3012 3112 317
33
•69
70 .69
70 .69
70
70 .69
70
.69
.212 3
•214 314 *24 334 .14 3
*212 3
2
•15
21
.15
21
.15
21
.15
21
.15
21
717 73
8
73
7614 7518 77
7514 765
3 7518 763
3
244 2.5
243 28
4
2658 2758 2838 28
267 2734
8
3
3
*3
3 z .3
,
312 *3
312 83
3 1.3
157 1613 1612 1714 165 17 8 1612 1818 167 177
8
8
8
8
5
*2113 26
25
2518 .23
.2113 26
2512 .2112 26
138
13
8 .138 15
8 .13
8 158 .138 2
.13
8 2
.31
5
.31
413 *312 4
*312 412 *312 412
•13
135
8 1358 2078 1514 187
4 1512 1512
8 1512 153
.6814 77 .6814 77 .70
.70
72
72
77 .70
123 4 12334 125 128
3
125 12912 12514 128 .126 128
437
3812 *3712 3812 43713 3812 43722 3812 3812 3822
1418 1418 145 15
8
143 153
4
4 1514 1712 18
1914
217 217
3
8 217 23
8
23
2312 23
2318 2238 23
.3518 3612 354 357
8 3512 353
4 353 353
4
4 3512 3512
11313 .11312 114 .11312 114 .11312 114
*11312 114
11312
87
8 87
3
9
912
912 10
814 814
828 818
74 74
74 74
8
84 1014 103
8 1014 1014
27
2738 27
27
2718 2778 274 2714 27
2738
3012 313
4 314 335
8 3218 35
323 34
4
324 334
.90
9812 .90
9612 .90 100 .90 100 .90 100
.1612 19
.1612 19
*1612 19 .1612 19
164 1612
•90
94 .90
94 .90
91 .90
94
94
94
3138 32
3112 323
3012 31
8 3118 323
8
8 3112 323
3112 3112 3114 32
3213 3312 3214 3214 32 32
•
99
99 10034 99 10112 .9912 10112
1014 99
4
115 115
1143 1143 .1143 115
1143 115 .1143 115
4
4
4
4
238 •212 238 •218 25
214 214 .218
8 •218 253
214
214
213 24
2 8 2 8 .218 212
3
3
228 218
•1434 1512 .143 1512 1512 1612 1512 154 .143 164
4
4
713 744 717 763
8
8 704 73
7014 71
8
8 7212 743
.111_ .1104 Ill .111
__ •111
_ __ .111
_
_
8376312 6314 134
6224 63
.63 - 8 6318 634 6312 -- -12
.28
35 .28
.28
35
35 .28
30
35 .28
1
1
1
1
1
1
1
.1
1
118
Stock
5314 5213 53 8 527 524 514 52
7
52
•513 53
4
8
143 154 1518 1514 1512 16
4
1513 154 1512 154
1712 1713 •1713 1812 1813 1812 1712 175 •1712 1913 Exchange
8
81
6018 6114 x603 614 59
60
3
60
61 24 61
.21
2114, 2114 2113 213 214 214 213 Closed.2013 21
8
3
.1213 15 .1312 15 1 1358 1358 1314 1314 .1312 17 3
,
lode371 .30
:
33
12
3713 •30
•30
3713 .30
37 .30
170 179 , 175 186
168 179
175 181
16714 170
pendence
8
127 129 .12714 129
12714 1273 .12714 129 .12714 129
14
5758 5758 59
594 59
604 591 593
:
4 5712 5012
.5 8 8
3
Da Y
.54 73
4 612 .514 613
4 *54 612 .5,
____
____
__ 60
____ 59 ._ __ 60
Holiday
8
8 11
1118 1218 115 137
11
127
8 103 1214
9
4
.2313 234
2313 233
4
24
24
24
24
__ ___--- _-__ ____ ____ ___,_
5
5
478 4,
45
8 5
8
33
4 414
8713 85
8712 80
•57
65 .64
6712
46
4614 5012 51
4413 4412 46
5134
.512 6
614
613 7
5
53 54
6
3812 3813 381 3812 39
:
39
39 12 40
894 •_ _ _ _ 89 ._ _ _ _ 85 •_ _
85
2453 2438 25
244 25
24
2434 2514
55
55
57
5112 53
60
5713 59 4
3
8
2 144 154 1514 1514
137 137
•137 14
3
45 .40
45 .40
•40
44
44
44
27
2514 2514 27
267 264 .2618 264
2
2012 20
.20
20
20
20
204 2018
5112 5112 5112 5214 52 534 513 523
4
4
74 .50
70 .50
850
74 .50
74
8 263 2812 264 28
2518 2512 2512 273
8
714
714 .714 712
74 714
7
74
36
36 I .31
4
.31
.31
35 .31
343
33
33
.3212 34
.3212 35
32
323
4
98
9812 .97 100
.97
98
•935 100
8
3
171 17213 173 1767 1734 1765k 172 174
5018 5018 5018 50
5543
5018 5014 5014
2014 20 8 21
5
214 21
2214 2118 2118
8412 8412
*84
85 i 85
85 .84
87
4612 46
494 47
.46
493
4 4712 4838
118 119 I 119 12514 121 1273 120 1231:
4
3 623 657
60
4
52 6252 6212 643
8 627 844
8
4
4
10512 10512 1043 1043 10512 10512 1043 106
4
1812 1818 184 174 18
3 18
174 183
2578 254 247 28 1 25
8
2538 254 2512
34
.34
35
534
34
341 .34
341
2412 2412 24
•2412 25
2418 24
24
.85
87
8654 864 *85
87 .85
87
5
3053 30 8 32 1 314 321
.30
32
32
81
80 4 80
3
34 81
81
81
.81
82
4 .458 8
73
4 73
.5
8 I
.45
3 8
8
224 223 2314 2318 24
,
22
234 235
8
1414 137 1414
1312 1418 137 1414 14
8
8
*3812 4012 .3812 4013 .3813 40
*3812 40
1218 1214 1214 1212 1214 1213 1218 124
31
31 1 31
31
31
314 3112
31
*3
8
53
•3
2
53
•313
513
"8
'S
*38
40 1 3913 40
3912 .39
40
40
71 1 70
70
70 .70
70
70
70
8
1712 17
4 1813 1818
12 177 18121 1814 183
1914, 1913 197
1858 19
8 194 197
19
3
3
10213 10414 1033 10814 10512 109 4 10(3 109
i
101, 10114 10114 10112 1014 l012 1014 1017
4
13
7
8
4
7
8
7
8
7
8
1
.78
1
1218 124 1212 *1212 127
8 1212 1234
12
412
438 44 .4
8
412 *4
43
8 43
2314 23
2412 2314 2518
217
8 22
21
4
4
4
4
3 4 373
3
34 34
7412 76
75
76
74
743 78
4
.72
544 5579 544 553
543
8 5312 55
54
1714 20'2
163 1712 1712 177
8
18
•17
5618 56
57
4
56
58
5212 523 z53
4
34 4
3
4
4
4
4
4
8
8
1913 193 2018 195 2024 1953 20
19
3
233
8 2318 2424
217 2314 23
2014 22
9434
4
915 944 923 957
8
8 93
8
915 93
.146 147 •146 147 .146 147 0146 147
1814 1812 184 19
3 18
191
183
18
8
2912 2912 295 02913 30
2913 29
.29
4
3
4
4
173 *153 1714 *15 4 1772 0153 177
*15
.12
15 .12
21112 15
.1112 13
14
• Bid and asked prices noi ales on this day.
234 24
____ -_-5
5
6712 6712
51
50
64 74
38
394
85
85
245 244
8
59
.58
15
15
.40
44
2618 2613
20
20
.52
5214
74
.50
267 2712
8
74 74
31
31
32
33
.935 100
8
17018 172
*5018 50 4
,
2178
21
484
87
45
48
115 12312
624 634
:
1041 10412
174 174
25
24
.34
344
2312 2312
.85
87
31
3214
807 81
3
.412 714
2218 23,13
137 1414
8
'3812 40
1114 124
*3112 32
"8
4
40
40
71
*70
184 1913
20 20
1043 10814
4
10214 102 4
,
78
1
"1212 127
8
.418 412
24
247
8
4
4
7612
.76
5412 5538
1878 191 i
554 5512
37
8 4
1912 2018
235 243
8
4
8
9214 943
146 146
194 21
*2912 30
.153 174
4
1112 1112
i Ex-Dividend.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares Indus. & Miscel. (Con.) Par
70 Bayuk Cigars, Ine
No par
10 First Preferred
100
Beacon 011
No par
200 Beatrice Creamery
50
Preferred
100
Belding Hem'way Co__No par
100 Belgian Nat Rye part pref____
16,600 Bend's Aviation
No par
6,000 Best & Co
No par
31,000 Bethlehem Steel Corp
100
1,200 Beth Steel Corp pf(7%) 100
Bloomingdale Brae_ -__No pa
Preferred
100
Blumenthal & Co pref
100
3,300 Bohn Aluminum & Etr_No par
Bon Ami class A
No par
Booth Fisheries
No par
let preferred
100
22,100 Borden Co
25
12,800 Borg-Warner Corn
10
100 Botany Cons Mills class A 50
20,000 Briggs Manufacturing_No par
100 Briggs & Stretton
•
100 British Empire Steel
100
2d preferred
100
5,000 Brockway Mot Tr
No par
1 Preferred 7%
100
2,300 Bklyn Union Gas
No par
200 Brown Shoe Co
No par
3,300 Bruna-Balke-Collender_No par
3,000 Bucyrus-Erie Co
10
700 Preferred
10
Preferred (7)
100
1,900 Budd (E 0) Mfg
No par
3,800 Budd Wheel
_No par
2,500 Bulova Watch
No par
13,600 Bullard Co
No par
Burns Bros new el AcomNo par
200 New class B corn ____No par
10 Preferred
100
8,800 Burroughs Add MachNo par
3,200 Bush Terminal
No par
1601 Debenture
100
50 Buah Term Bldg* pre
100
200,Butte & Superior Mlning___10
1,300 Butte Copper & Zinc
5
5001Butterick Co
100
24,700 Byers & Co(AM)
No par
Preferred
100
1,100 California Packing____No par
California Petroleum
25
1,400 Callahan Zino-Lead
10
1.600 Calumet & Arizona Mining_20
2,200 Calumet & Heels
25
900;Campbell W & C Fdry_No par
2,300 Canada Dry Ginger Ale No par
900,Cannon Mills
No par
500 Capital Adminis Cl A_No par
1 Preferred A
50
40,300 Case Thresh Machine ctfa_100
50
Preferred certificates__100
4.100 Caterpillar Tractor,___No par
Cavannagh-Dobbs Ino_No par
Preferred
100
21,200 Celotex Corp
No par
1,600 Central Aguirre Asso No par
Central Alloy Steel____No par
Preferred
100
1,100 Century Ribbon Mills_No par
190 Preferred
100
6.200 42erro de Pasco Copper_No par
1,500 Certain-Teed Products_No par
2,400 City Ice & Fuel
No par
90 Preferred
100
6.000 Checker Cab
No par
2,600 Chesapeake Corp
No par
1,400 Chicago Pneumat Tool_Ne par
100 Preferred
No par
90 Chicago Yellow Cab
No par
900 Chickaaba Cotton 011
10
2,000 Childs Co
No par
Chile Copper
25
64,400 Chrysler Corp
No par
800 City Storm New
No par
100 Clark F.puipment
No par
900 Cluett Peabody & Co No Par
30 Preferred
100
4,700 Coca Cola Co
No par
1,900 Class A
No par
5,700 C01116d de Aikman
No par
400 Preferred non-voting____100
100
9,700 Colorado Fuel & Iron
9.700 Columbian Carbon vs eNo par
35.100 Colum Gas & Eleo
No par
500 Preferred
100
16.900 Columbia Graphophone
5,800 Commercial Credit____No par
100 Class A
50
120 Preferred B
25
20 let preferred (83,4%)__190
3,600 Corn Invest Trust
N par
' 800 Cony pier
No par
Warrants
100
100
38,800 Comm Solvents
No par
69,900 Commonwealth&Sou'rnNo par
Conde Nast Publlca.. _NO par
7,000 Congoleum-Nairn Ine__No par
400 Congress Cigar
No par
Comley Tln Foil stPd_No par
400 Consolidated Cigar_ ___No par
260 Prior preferred
100
1.600 Consol Film Indus ____No par
1,900 Consol Film Ind pref__No par
99,100 ConsolIdated Gas(N Y)No Par
No par
3.1001 Preferred
2.SoolConeolldated Textile
No par
800 ContaIner Corp A vot No par
No par
200 Class B voting
11.700 Continental Baking Cl ANo par
No par
3,200 Class B
4,200 Preferred
100
12,000 Continental Can Ino___No par
5,900 Cont'l Diamond Fibre_No par
10
1,300 Continental Ins
3,800 Dontinental Motors___No par
No par
19,500 Continental 011
No par
20,500 Continental Shares
10,000 Corn Producta Refining__ _25
100
10 Preferred
No par
16,800 Coty Ino
No par
1,700 Cream of Wheat
Crex Carpet
100
100 Croeley Radio Corp-N2 Dar
y Ex-dividend and Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-814arefors.
Lowest.
Highest.
$ per share $ per share
4912June 19 68 Feb 4
97 Mar 3 99 4 Feb 21
3
13 Feb 18 20 8 Apr 9
5
57 Jan 18 92 Apr 14
13
10114 Mar 20 107 June 10
314June 18
6 8 Jan 17
3
793
4June 26 8512 Mar 19
275
8Juno 25 674 Apr 7
3118 Jan 8 584 Apr 25
753
4June 25 11014 Apr 1
12214 Jan 13 134 Mar 22
1712June 23 297 Apr 24
8
99 May 12 103 Mar 8
74 Feb 7 90 Apr 7
2814June 25 89 Apr 7
70 Mar 7 78 Apr 5
2 June 21
6 Mar 26
18 June 23 3314 Jan 3
8013 Jan 8 903
85Iay 29
2358June 27 5012 Mar 27
3 Jan 14
5 Mar 27
1312 Mar 8 2413May 24
21 June 19 3.513 Apr 4
13
8June 28
4 Apr 8
44 Mar 10
814 Apr 10
1212June 28 2214May 19
68 Jan 11 85 Apr 24
115 June 25 1784 Mar 3
3712June 30 42 Feb 18
8
134 Jan 15 305 Mar 31
1918June 18 314 Mar 24
334 Jan 7 43 Mar 25
1073 Jan 3 115 Apr 15
4
738June 18 163 Apr 15
3
8
812 Jan 2 145 Feb 6
2612 Jan 17 43 Mar 31
2712June 18 74 Apr 2
90 June 18 11018 Apr 2
1514June 18 35 Apr 2
8914Ju0e 17 100 Feb 19
8
2914June 25 517 Mar 1
2918June 18 4813 Mar 5
99 June 30 110 Mar 15
1094 Feb 10 118 Apr 7
214June 23
514 Jan 6
218Jun 430
414 Feb 20
134June 18 293 Feb 24
8
6818June 25 1124 Apr 26
109 Jan 27 114 Jan 25
62 June 24 7712 Mar 5
28 Jan 22 295
8May 8
1 Jan 2
218 Feb 3
4858June 18 894 Jan 9
13 June 19 334 Jan 7
17 June 18 30 Mar 25
56 June 18 75 8 Mar 10
3
20 June 18 3414 Mar 18
13 Juno 19 2834 Apr 4
31 Jan 2 42 Mar 19
15012June 25 3624 Apr 23
115 Jan 16 132 Mar 25
154 Jan 2 794 Apr 28
5 June 183 137 Jan 11
3
69 June 181 75 Jan 18
9 July 31 80 Mar 19
2312 Feb 19 3011 Mor 31
30 4 Jan 2 35 Apr 16
3
5
10514 Feb 7 110 8 Apr 10
334 Feb 41
814 Mar 27
51 Feb 27 6712June 30
4318June 18 664 Jan 6
518June 24 154 Feb 6
38 July 3 49 Feb 4
.
85 July 3 983 Feb 11
204June 23 874 Mar 27
5112June 28 8212 Mar 29
1114June 19 37 Mal 31
44 June 27 6578 Mar 14
163 Feb 1 32 Mar 20
4
20 June 4 3212 Apr 10
50 June 25 8753June 8
51 Apr 30 86 Feb 6
24 June 23 43 Apr 11
65
8June 18 1314 Apr 25
3014June 16 4412 Apr 21
30 Feb 1 60 Apr 5
9114 Jan 2 105 Apr 8
13314 Jan 8 19133June 4
4812 Jan 8 53 Mar 21
3
145 Jan 2 56 4 Feb 13
8
73 Jan 3 92 May 24
3612 Jan 2 77 Apr 8
108 June 23 199 Mar 11
5818June 23 87 Apr 10
1044 Jan 31 110 Apr 11
46.58June 18 374 Apr 28
34
233 Jan 2 40 Apr 1
8
314 Jan 2 4422 Apr 1
22 Jan 6 28 Apr 29
7814 Jan 18 95 Mar 29
2812June 25 65 Mar 6
80 June 18 87 him 28
4 Juno 18 2314 Mar 5
2014June 16 38 Apr 11
8June 18 2014 Apr 7
125
33812June 20 57 Mar 27
3
1013June 18 19 4 Mar 24
31 June 27 564 Mar 11
1 Mar 24
3 Jan 18
8
36 June 27 594 Mar 17
67 Jan 22 80 Mar 25
8
1533June 18 273 Mar 11
18 Jan 3 2814 Jan 10
8
9652 Jan 2 1367 Apr 26
3May 37
9912 Jan 28 1037
2 Jan 27
7
8June 18
1158June 19 2212 Feb 24
4June 18
812 Feb 20
33
1812June 18 5212 Feb 17
7 Feb 17
3 8June 19
3
6614June 25 944 Feb 17
5018 Jan 2 714 Mar 31
1618June 23 373 Apr 21
3
50 June 25 7753 Mar 31
334June 17
814 Feb 19
183
8June 18 3013 Apr 24
20 Juno 27 404 Apr 1
3
871s Jan 3 1113 Apr 23
140 Feb 10 14712May 20
154June 18 33 Feb 3
2512 Jan 6 355* Mar 20
9 Jan 22 2918 Mar 5
1014 Jan 17 22 Jan 2
PER SA ARE
Range for Previous
Year 1929.
Lowest.
Higkett.
$ per share $ per sliari
55 Nov 11384 Jar
95
Oct 1063 Jar
4
1213 Dec 327 July
8
Oct
139 Dec 131
100 Dec 10812'Aug
4
412 Dec 173 Apt
3
75 Nov 847 Jar
a
25 Nov 1043 Jul/
25 Nov 12313 Sept
7814 Nov 14634 Au8
1l65 May 128 Seat
223 Dec 6178 Apr
4
Jar
100 Oct 111
Jar
7018 Dec 118
4
37 Nov 1363 Mar
70 Oct 8911 Jar
4
3 Dec 113 Jar
18 Dec 833 Jay
4
53 Oct 10012 July
8
26 Nov 1433 May
212 I)ec 1513 Tel
813 Nov 834 Jar
173 Dec 431s Jul,
2
112 Dec
67 Jar
8
1312 Jar
3 8 Nov
7
14 Nov 7373 Jar
7114 Dec 145 Jar
99 Nov 24812 Aue
38 Oct 5112 Sept
1614 Nov 5514 Jar
14
Oct 423 Jar
4
2613 Oct 60 Pet
1073 Dec 117 Api
4
818 Dec 224 0.3,
7 4 Dec 1213 Del
3
2114 Nov 34 Del
26 Nov 544 Jul)
88 Nov 127 Jar
2253June 39 Jar
88 Nov 10514 Jar
4
29 Oct 3203 Ma
3114 Nov 8918 Fill
9118 Nov 11012 Mmi
1053 Nov 11812 Tel
4
1238 Jar
432 Dec
912 Jar
2 Oct
Jar
1713 Dec 41
8
50 Nov 1927 Jar
105 Apr 12114 Jar
6313 Oct 8478 Aug
26 June 3412 Aug
1
Oct
4 Jar
4
7312 Nov 1363 Aug
25 Oct 814 Mat
19 Dec 4913 Aul
4
45 Oct 983 Job
27 Dec 483 Sept
4
17 Nov 6513 0431
29 Nov 3973 Occ
130 Nov 487 Sept
113 Nov 12313 Del
6014 Dec 61 DOI
614 Dec 4213 Tel
58 Dec 10513 Mai
31
Oct 793 Tel
8
21
Oct 4834 Jaz
2618 Nov 593 0121
4
1053 Apr 11213 Jar
4
3 Oct 2018 Jar
Jar
6014 Dec 82
524 Nov 120 Mat
107 Dec 32 Jul)
s
4
3912 Dec 623 Jar
96 Sept 10514 Jar
18
Oct 8984 Sept
4218 Nov 112 Jul)
217 Oct 4714 Sept
8
47 Nov 61 Sept
217 Oct 36
3
Jar
25 Dec 50
Jar
441 Nov 754 Sept
:
53 Nov 12712 Mai
26 Nov 135 Jar
714 Oct 27 Fat
25 Nov 017 0o1
2
3412 Dee 7234 Jar
9012 Dec 119
Jar
101 Nov 16412 Aug
443 Oct 50 Feb
4
10 Nov
7214 Mao
65 Dec 10.313 Fet
274 Nov
7813 Mal
105 Nov 344
Oct
991- Nov 109 July
2
1618 Nov 884 Jar
18 Nov 6253 Jar
28 Nov 513 Sept
2
203 Nov 28 Jung
8
70
Oct 105% Jell
28, Nov 79
8
Oct
9 Dec
2013 Oct
10 34ct
35 Nov
11
Oct
43 Nov
14 Nov
40 Oct
63 Nov
10 Oct
154 Oct
8013 Nov
9212 Nov
5 Dee
8
12 May
313 Nov
2514 Oct
45 Oct
8
7912 Nov
4012 Oct
20 4 Nov
3
4818 Nov
613 I)ec
18 Nov
2612 Dec
70 Nov
137 Nov
18 Dec
24 Nov
15 Dec
15 Dec
8012 Eilepl
63 Oct
243 Ocl
4
93 Jar
353 Jar
4
924 Pet
112 Pet
0514 Jaz
98 Jar
253 Sept
8
303 All
4
18314 Seri
10012 Dec
633 Jar
2312 Jar
1112 Jar
90 July
1514 July
100 June
92 Sept
3312 Dee
11014 Sept
2838 Jar
373 Aug
4
4572 Des
12638 Om
1443
2
824 Jaz
31 Not
6753 Apt
125 Fet
New York Stock Record-Continued-Page 4
For males during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
June 28.
Monday
June 30.
Tuesday !Wednesday
July 1.
July 2.
Thursday
July 3.
Friday
July 4.
Sales
for
U&6
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lateral.
S per share 3 per share ' $ per share 3 per share I 3 per share $ per share
*373 42
4
42
42
*3734 417
8
8
8 417 417 .40
4112
*13
1458 2137 137
8
s 14
*13
133 *13
14
4
4
133
75
75
76
79
7712 7712 *7314 78
*7612 81
105 105
105 105 1 105 10514 1087 108 *10712 109
8
14
14
1312 1334 13
13
1312 13
13
13
.2
3
*2
*2
*214 3
3
3
212 212
Shares Indus. & Mince!. (Con.) Par
200 Crown Cork & Seal__ __No par
200 Crown Zellerbach
No par
700 Crucible Steel of America_100
200 Preferred
100
1,200 Cuba Co
No par
200 Cuba Cane Products
No par
Cuba Cane Sugar
No par
Preferred
100
5
5
5
-73
5 -18
1 - 51
5
15
-1800 Cuban-American Sugar ____10
47
' 4712 *4214 46 *4214 46 *4214 46
474 46
90 Preferred
100
40
40
4078 407
8 3912 3912 40
40
x403 403
8
1,400 Cudahy Packing
s
50
*10814 115 2110 115 I 110 110 .110 120 •110 11912
100 Curtis Publishing Co___No par
*116 11814 *116 118
11712 1173 118 118
117 117
4
500 Preferred
No par
63
4 7
67
8 714
718 738
29,500 Curtiss-Wright
7
73
s
7
74
No par
9
83
914
918 933
4 87
918 912
s
9
912
11,600 Class A
100
•
5812 60
603 607
4
8 6118 6112 6014 62
603 613
4
4
1,000 Cutler-Hammer Mfg_ _No par
263 263
4
2714 28
271
4 27
2732 2713 27
29
3,900 Davison Chemical
No par
*21
2412 *
2013 2412 *2012 2312 *2012 2312 *2012 23 2
,
Debenham Securities
58
2112 215 *21
8
2112 215 215 *2114 22 i 217 217
8
8
8
8
400 Deere & Co pref new
20
214 215
215 215 I 2153 2153
4..214 218 *215 21912
4
600 Detroit Edison
100
2218 2214 22
22
22
23
2218 23
*2314 26
2,400 Devoe & Reynolds A__No par
*11212 1143 11212 11212 *____ 11434 *110 11434 *110 1143
4
10 1131 preferred
4
100
2043 2043 205 205
4
4
195 201
20514 210 *202 207
1,100 Diamond Match
100
83
8 83
8 x8
8
73
818 813
4 8
8
8 13
2,500 Dome Mines. Ltd
No par
18
18
*1813 19
*19
2212
1912 1914 1914 *19
200 Dominion Stores
No par
6912 70
70
72
7138 7212 7218 73
71
73
8,800'Drug Inc
No par
1934 20 4 20 4 21
3
3
x20
19
2012 19
20
*19
700 Dunhill Intertuttlonal_No par
*14
1472 •14
8
147 *14
8
*14
147 •14
15
147
8
Dupan Silk
No par
•1003 ____ .
4
2101 103 '•101 103
10118 10118 10112 10112
300,Duquesne Light 1s3 pref___100
*1412 16
15
04 18 I 15
16
*15
*1512 18
18
1,400 Eastern Rol.Ing M111. No par
19112 193
193 2013 1933 2023 19518 1997 1903 198 2
8
4
4
3
3
,
21,900;Eastman Kodak Co
No par
21
2114 21
2214 22
2218 2212 2212 221s 223
8
3.500 Eaton Axle & Spring
No par
10118 10312 10318 1053 1023 1053 10212 1033
4 987 103
8
4
8
8
76,600 El du Pont de Nem
20
*118 11914 *118 11812 *118 11914 118 118 •1175 1173
8
4
100 8% non-vol deb
100
*3
4
*3
4 1 *4
5
*4
*4
5
5
Eltingon Schild
No par
*38
4018 *38
40
*40
3812 3812 40 40
50
200 Preferred 6Si%
100
5518 593
4 5613 60
613
3 6018 62
3 60
5812 613
23,800 Electric Autolite
No par
*108 1093 *108 1093 *108 1093 108 108 *108 10912
4
4
4
10 Preferred
100
4
414
138 438
4
43
412 43
4 5
414 412
7,300 Electric Boat
No par
6312 6614 6618 693
4 6612 7113 6712 7014 663 695
3
8
195,500 Electric Power & Lt__ _No par
10714 19713 10738 1073 10712 1071 108 108 *1073 1083
:
8
3
4
600 Preferred
No par
Certificates 80% paid
*
6314 65
4
8
6418 647
3 645 65 I 633 6412 6412 6412
1.500 Elec Storage 13attery_No par
*212 4
*214 313
214 214 *218 312 .218 4
100 Elk Horn Coal Corp _No par
*212 3 4 *212 3 4 *212 3 4' *212 3
3
3
3
14 •212 33
Emerson-Brant class A_No par
4
*4814 50
4814 50 i 483 4838 *483 50
*4814 50 .
8
8
100 Endicott-Johnson Corp_.._ 50
*1107 11114 *11034 11214 1103 1103 *1103 11214 *1103 11214
8
4
4
4
4
100 Preferred
100
*4818 4834 4818 48,
8 4912 4912 4814 4912 4818 4818
700 Engineers Public Serv__No par
*9914 103
95 10314 *95 10314 •95 10314
99 100 .
200 Preferred $5
No par
*9718 99
*9718 99
*9718 99
*9718 99
9718 9718
No par
100 Preferred (5
4618 46
46
4614 46
4613 46
4618 46
46
2,300 Equitable Office Bldg No Par
12
13
1218 13
13
13
13
13
101121 1314
14,900 Eureka Vacuum Clean_No par
8
8
8
8
83
4 93
3
812 812
1,100 Evans Auto Loading
Stock
8 2 87
,
8
5
*233 24
4
23
25
2512 25
*2312 24 2 *2312 2412
,
560 Exchange Buffet Corp_No par
*23
4 314 *23
4 314 '284 314 '284 314 *234 31.4 Exchange
Fairbanks Co
25
*83
8 93
4 *83
3 9
14 *83
8 93
4 *Ps 934 *83
Preferred
8 93
4
100
357 3713 3712 383
8
4 3712 3914 39
3914 3878 39
Closed3.600 Fairbanks Morse
No par
3110812•10812
•1081 3
*10812
Preferred
100
- *10812 -, *10 -1012 11
11
.10
11 I 11
--. .9.014 11
12
Inde1,100 Fashion Park Assoc___No par
*5278 70
•1323 70
3
*627 70 .627 70 ' 6278 70
8
8
1
'
Federal Light & Trao
15
9812 49513 9612 9512 9512 pendence
*9512 97
*9512 9613 *9512
No par
20 Preferred
.
8
'9
9
*8
8
812
8
8
8
200 Federal Motor 'truck-No Par
324 3312 3314 3412 333 3414; 3312 337
4
s 32
Day
]
3.700 Fed. Water Service A_No par
4 28
*253 323
4
28 .26
28
28
28
41:: ir
200 Federated Dept Stores_No par
, *633 64
4
x64
62
63 4 65 65
64
3
Holiday
1,100.Fidel Phen Fire Ina N Y___1
*818 9
*818 9
*818 9 I .813 9 I
814 814
No par
10 Fifth Ave Bus
35
35 •-__. 3312 *- - 3313 *---- 3512
Fllene's Sons
No par
*943 98
8
*943 98
8
*9438 98 .97
98 .97
98
Preferred
100
•
2012 2112 *2012 21
2012
2012 2012 *20
2012 .20
100,111'08ton° Tire & Rubber _10
*7212 74
7212 7212 7212 7212 73
73
7212 7212
5001 Preferred
100
4912 50
50
51
51
5173 5012 513
525
8 51
6,200 First National Eltores_No par
4
212 212
213 258
212 212
213 25
8
238 212
No par
6,900 Fisk Rubber
7
53 73
4
734 73
4
8
818 818
814
75
8 73
4
460 let preferred
100
*918 10
*93 10
8
1012 1012
93
8 03
3
93
8 933
210 lst pre convertible
100
. 40
2
4112 *41
4312 43
4212 421 .4114 43
43
300 Florsheirn Shoe class A_No par
•96
99
496
99
99
499
499
99
_
Preferred 6"
100
2612 2612 *2514 267 •2514 263 *2512 261
8
263 263
8
4
No par
200 Follansbee Bros
4
7412 76
7614 8012 775 817
8 7812 801
7712 7912
8
26,800 Foster-Wheeler
No par
011
12
12
12
•1312 16 .13
16
*1212 153
100 Foundation Co
No par
8
40
4012 40
413 24012 4112 4014 41
4
4018 405
27,600 Fox Film class A
No par
8
3812 3878 39
4058 3934 4138 40
8
4912 397 4014
8,800 Freeport Texas Co
No par
*8812 9012 *8812 9012 *8812 9012 9012 901 *9012 91
No par
30 Fuller Co prior pref
714 714
7
712 *712 8
73
4 813
6,600 Gabriel Snubber A
No pa
712 814
6714 6714 67 67 I *66
6712 *6512 6812
70
*66
300 Oamewell Co
No par
25
8 253
3
3
3
3
23
4 273 *25
8 3
800'Clardner Motor
5
713 714
2,
8
753 77
8
*712 8
600 Gen Amer Investms___No pa
73
4 73
4
*90
99
*90
99 I *90
99 .90
99 •
90
99 4
3
Preferred
100
8118 823
3 8253 8412 827 85
83
2
84
8212 835
8
10,400 Oen Amer Tank Car_No par
4014 4114 4112 43 I 4212 45
4314 4412 43
8,800 General Asphalt
4312
100
114 •____ 114 •____ 114 •____ 114 *__ 114
Gen Baking pref
No par
20
20
2018 2012 2114 22
22
23
2214 2278
3,500 General Bronze
No par
1418 1412 14
14
*10
143
8 1412 1412 14
14
800 General Cable
No par
3218 321
, 32
32
•33
35
*33
40 .34
40
200 Class A
No par
•45
46
46
46
463 473
4
8 4812 49
*46
48
2,100 General Cigar Inc
No par
6534 6814 6814 703
4 673 7034 673 7018 6614 6912
4
4
332.180 General Electric
NO par
115 115
8
8 1112 115
8 113 1134 1112 113
3
.4
1112 1112
8,500 Special
10
531s 5312 6312 55
54
55 1 5312 543
4 533 5434
8
27,000 Gen Foods
No par
93 10
8
1018 1012 1018 1012 10
103
8 10
1018
No par
17.200 Gaol Gas dr Elec A
*80
*80
83 .81
82
8212 82
82
82
82
200 Cony pref ser A
No par
•115 11712+11513 11712 *11512 11712 *11512 11712 11512 11512
20 Preferred A (8)
NO Dar
•101 106 •101 1053 .101 105
4
104 10412 *104 105
20 Preferred A (7%) Na Par
4212 4258 4214 423
8 4212 423
4 423 427s 4213 4212
8
2.200 General Mills
No par
•__ 89
89
89 I 89
90 I *89
90
89
90
700 Preferred
100
3914 4014' 393 41
38
39
4
393 403
4
4 39
403s
110,200 General Motors Corp
10
12614 1263 12614 12612 12612 12653 1261: 12653 12612 12653
8
9,200 7% Preferred
100
• 8 25
235
*2412 25
*25
26 I *25
2512 *2334 25 2
Outdoor Adv A___No par
,
Gan
*912 10
918 10
*914 912 •9
911 *9
912
No par
700 Common
3112 313
4 323 34
4
3318 3412 3312 3312 3212 325
8
3,400 Gen Public Service
No par
*78
80
77
80
*79
81
7812 803 *79
4
81
1,800 Cien Ry Signal
No par
*66
68
6514 69 .66
68
6553 655
8 667 6714
8
1,900 General Refractories
No par
3112 3212 3112 33
3212 3312 3212 33
3212 33
8.400 Gen Theatres Equip
No par
6712 6812 6813 6934 6712 70121 673 6812 633 6738
4
4
17,400 'Stiletto Safety Rasor_No par
*1114 111: 1118 1112 12
123
4 1218 1218 12
1214
2.800 lmbel Bros
No par
*725 74
8
*725 7312 *725 7312 *725 7311
*725 74
8
8
8
8
Preferred
100
16
1614 16
16
155 1612 155 16
8
8
153 16
4
6,500 Glidden Co
No pa
*
85
923
9234 •__ 923 *84
4
4
94
*84
94
Prior preferred
100
85
8 9
9
9
9
9 12'
912 93
4
97 1138
8
9,100 Gobel(Adolf)
No pa
3718 37 s 3734 383
7
8 377 38781 373 3814 38
8
4
39
20,900 Gold Dust Corp v 8 o_..No pa
257 26,
8
2718 26
4 26
27
26
26
2418 26
8,300 Goodrich Co (B F)
No pa
81
78
81
78
8012 8012' .80
90
80
80
600 Preferred
100
5514 57
5614 60
25638 593I 5 8 50
65
5612 573
4
9,500 Goodyear T dc Rub_ ---NO Pa
93
93
93
93
93
93
93
93
9318 9318
let preferred
900
No pa
1014 1034 103 11's 113 123 *11
4
4
12
4
1014 11
5,600 Gotham 511 He,
No pa
75
*72
*72
75
*72
75
*72
75 .72
75
Preferred
100
*04 7
.63
4 7
7
7
*63
4 8
*63
4 8
300 Gould Coupler A
No pa
57
55
8 6
54 68
8 6
3
6
53
3 6
6
5
4,800 Graham-Palge Motors_No pa
*512 7
7
7
*7
758 *7
75
8 •7
75
8
100 Certificates
Vo pa
4 2158 221
2134 213
2218 235
8 215 2312 2118 217
8
8
3,700 Granby Cone M Sin & Pr_100
31
31
31
3112 3112 3112 3112 31
31
3118
1,100 Grand Silver Stores
No Pa
Grand Stores
100
1114 -- -5
8
1- -238 118 14 - 7
-11 7:;
1 1; 117 12
7
2
711 8
5.100 Grand Union Co
No pa
•
3912 3712 *3512 37
*351.1.
67 3718 363 3714
8
4
800 Preferred
No pa
35
*33
35
35
5
*33
35
*35
3518
200 Granite City Steel
No pa
P
I
• Hid and asked prices: no sales on 21214 day
PAT SHARE
Range Sinre Jan. 1.
On basis of 100
-share loll
s142-0.1rIden44 9 Its -divids...o ex-rbeiti.
Highest.
3 per share
38 June 18
13 June 17
7012June 18
104 June 26
9 Jan 2
2 June 21
lid Jan 2
2 Jan 7
5 June 26
47 June 17
3818June 25
10514June 23
11472 Jan 29
812 Jan 31
853.fune 26
55 June 25
8June 18
245
2114.rune 18
20 June 18
1951 Jan 3
8
22 June 27
1063 Jan 14
4
139 Jan 13
88 Jan 3
4
18 June 23
67 June 25
1512 June 18
1412June 17
100 Jan 7
14 June 25
175 4 Jan 9
3
1918June 25
8July 3
987
11412 Feb 4
5 June 23
38 June 25
5518June 28
10614 Jan 6
4 June 17
4914 Jan 2
105 June 18
12614 Jan 9
6112June 23
214July
8June 16
25
44 June 1
10712 Jan
3914 Jan
945 Jan
8
9412 Jan
393 Jan
4
1058July
612June 19
22 Jan
8May 2
33
7 June 1
3414June 2
102 Jan
10 June 25
59513 Feb
91 Jan 1
712June 1
30 June'
2512June 1
56 June 1
7 Feb 11
31 June 10
92 Mar 15
20 June 19
8June 121
697
46 June 23
8June 17
23
612June 19
6123une 18
40 June 25
9512 Apr 12
25 June 23
8012 Jan 3
11 June 19
1618 Jan 3
37 June 17
85 Feb 14
5'8June23
67 June 30
212June 16
714June 23
8812June 25
785
8June 25
3858June 25
105 Mar 4
11518June 24
14 June 25
32 June 27
41une 2'
403
625
8June 25
113 Jan 2
8
4818 Jan 17
8 June 17
78 June 25
115 Mar 19
101 June 24
4018June 25
89 June 30
3712 Jan 18
11712 Jan 24
25 June 20
918June 23
3018June 18
7518,1une 25
6514June 18
30 June 18
633 July 3
1118June 30
667 Jan 30
8
1512June 19
9414June 21
814June 26
3412June 18
2212June 18
78 June 30
547
8June 27
90 Jan 3
812June 18
70 Jan 10
6 June 19
53
8June 19
512June 24
18 June 28
30 June 25
8312 Feb 6
10 June 17
343
4June 18
35 June 24
3 per skare
595 Apr 7
8
1812 Feb 19
9358 Mar 25
117 Mar 13
1912May 29
7 Mar 3
Ils Feb 2
4 Mar 3
9 Feb 4
65 8 Feb 11
5
48 Jan 2
12618May 29
12118 Mar 19
147 Apr 7
8
19 4 Apr 2
3
9012 Mar 31
4.338 Mar 31
30 Apr 14
2412May 24
2553 Apr 23
4
42 4 Mar 4
3
11412May 13
237 Apr 24
9 8 Jan 18
5
30 8 Apr 5
5
8
873 Mar 10
4312 Apr 7
1812 Apr 4
10312May 26
2512 Jan 31
25514 Apr 25
3714 Feb 20
14514 Apr 10
121 May 15
107 Feb 6
2
62 Feb 5
1147 Mar 29
,
11014 Jan 7
93 Mar 31
4
103 Apr 23
112 Apr 25
153 Apr 4
7014 Feb 10
512 Mar 24
7 Jan 24
521
595 Jan 22
8
113 Apr 23
6712 Apr 7
10718Mtly 28
1047 Apr 21
8
508011110 4
4354 Mar 5
300 Feb 18
4
263 Mar 3
8
9 s Jan 6
7
39 4 Jan 20
3
5012May 17
11112May 16
2714 Feb 27
9014 mar 18
983 Apr 22
4
1214 Feb 26
43 Mar 19
38 Apr 16
893 Mar 31
4
1012 Apr 4
4012 Jan 22
98 Slay 3
3318 Jan 7
877 Mar 14
s
613 Jan 30
8
511 Apr 2
21 Apr 2
2184 Apr 11
527 Mar 21
1
100 Feb 3
507 Mar 25
2
10412June 4
283 Apr 14
4
5738 Apr 25
5513 Apr 11
951 2 Mar 6
113 Apr 9
4
80 Mar 28
71 Feb 18
4
1618 Feb 18
105 Apr 25
1117 Apr 4
s
7112 Apr 7
125 Jan 15
3812 Feb 15
3412 Mar 7
742 Feb 5
4
61 Mar 7
9538 Apr 10
117 Apr 5
8
6114May 1
183 Apr 10
8
10612 Apr 16
122 Apr 2
111 Apr 9
5938 Apr 12
95 Star 22
5414 Apr 10
13112May 8
4118 Apr 14
2134 Apr 3
,
527 Apr 7
1067 Mar 28
8
90 Mar 28
5114 Apr 10
1081a Jan 16
207 Apr 14
8
8213 AIM 25
38 Mar 20
10512 Mar 27
19 Feb 7
477 Apr 28
8
5812 Mar 25
1041:Mar 28
987 Mar 31
8
10214 Apr 30
287 Mar 8
s
8212 Apr 4
1538 Apr 23
133 Apr 1
8
103 Apr 1
4
597 Apr 2
8
52 Apr 2
4512 Mar 1
203 Feb 13
8
4312 Apr 10
50 8 Apr 3
3
5 3 additional share. for each atusre meld.
PER SHARa
Range for Previous
Year 1929.
Lowest.
Highest
I per share I per skies
79 Aug
3718 Nov
17
Oct 25 4 Jan
3
,
71 Nov 121 4 Aug
103 Nov 1182 Feb
4
5 Nov 2412 .1/11)
51, -i;1;
Aug
187, JIM
Dec
17
Jan
Dec
Dec 95 Jan
s
Nov
677 Jan
Oct
Nov 132
Nov 121's May
Dec 3418 Aug
Dec 377 Aug
8
-114
13
8
678
56
36
100
11218
63
8
1314
-1114 Oct
20
Dec
- 12 Jan
89
4872 Jan
Aug
Nov 385
2
Nov 847 Feb
Dec 11512 Jan
Nov 18412 Jan
1114 Aug
Nov
Oct 5414 July
Nov 12618 Feb
Jan
Oct 92
Nov 234 Jan
8
Jan 1007 Mar
Oct 3911 Sept
Nov 26484 Oct
Nov 7634 Feb
Oct 231 Sept
Nov 119/4 Aug
Dec 393 Jan
,8
Jan
Dec 113
Oct 174 July
Apr
Nov 115
Oct 183 Mar
8
Nov 8653 Sept
Nov 10914 Feb
Nov 14012 June
64 Nov 10412 Oct
318 June
1012 Oct
314 Oct 2213 Feb
4914 Nov 833 Jan
8
10814 Sept 12414 Feb
31
Oct 7953 Aug
80 Nov 12314 Aug
Oct
842 Oct 109
4
41 May
3114 Jan
3612 Dec 54 Feb
732 Mar
4
15 Nov
2214 Jan 2712 J1113
334 Nov
13 4 Dee
0
Apr 36 Jan
11
293 Oct 547 Sept
8
4
10112 Dec 11078 Jan
22 Dec 722 Mar
8
6012 Nov 109 June
90 Nov 104
Feb
,3
5 Oct 223 Feb
28 Nov 6614 Sept
2512 Dec 33 Dee
4712 Nov 123 sec)
Oct 13 Mar
04
8
30 Dec 9812 Feb
84 Dec 107
Jan
2412 Dec 37 Dee
8
832 Dec 89128 Dee
4412 Nov 90 Sept
218 Dec 2018 Jan
8 Dec 7212 Jan
8 Dec $212 Jan
38 Nov
Jan
54
901 Oct1021 Jan
,
,
3218 Nov82 Aug
14
33 Nov95 Sept
123 Nov695 Apr
4
8
1918 Dec 105 8 Sept
3
23 4 Nov
3
547 Jan
,
8212 Nov 10712MaY
5 Oct 3378 Feb
851 Nov 8312 July
,
25 Jan
3 Dec
151
24
,
19
117
6
12
89
25
10
4912
19
150
18
80
10712
4
39
50
1023
4
314
2918
98
106
Nov71)
4214
121
24
23
6318
42
16818
11
35
122 2 Oct
-1Nov 942 Aril
4
Nov 140 Feb
Nov 6914 June
Feb
Nov 81
Dec 12012 Feb
Oct 74 Feb
Nov 403 Aug
1134 Feb
Jan
Oct 77 2 July
7
ff1 July fig"
-1;
99
50
873
4
3312
112
30
Oct 11812 Jan
Oct 8918 Jan
Jan
Dec 100
Oct 9104 Mar
Nov 12611 Jan
Jan
Oct 52
20
70
54
Nov 98 11 13
Oct 12612 Aug
Oct 8811 Aug
80 Nov
1012 Nov
56 Dec
Oct
26
95 Nov
913 Nov
3112 Oct
3814 Dec
9512 Dec
60
Oct
87 Nov
14 Nov
68 Dec
4
Oct
73 Oct
2
7 Nov
4614 Nov
3212 Dec
33 Dec
918 Nov
Oct
30
32 Nov
143
OS
4818 Jan
Oct
94
8412 July
10618 Arr
66 Feb
82 Jan
1053 Jan
4
11518 Feb
16412 Max
10472 Feb
80 Apr
10114 Jan
14 May
Jan
54
4912 Jan
1024 Mar
4472 Dec
9612 Mar
327 Jan
2
8
542 Jan
83 8 Sept
3
84
New York Stock Record-Continued-Page 5
woe 4,41.4 a "ins the week or 'rock. aot recorded here, see fifth p•ge preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
June 28.
Monday
June 30.
Tuesday
July 1.
Thursday
July 3.
Wednesday
July 2.
Sales
for
the
Week.
Friday
July 4.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share $ per share $ per share
per share $ per share Shares Indus. & Miguel.(Con.) Par
3014 3014 30 8 32
3,300 Grant(W T)
5
3118 313
No par
30 8 31
4 31)14 31%
3
*19
2,500 Ot Nor Iron Ore Prop No par
1914 194 20
20
20%
2012 2014 20% 20
20 8 2118 2013 2012 2014 20% 205 21
3
1,800 Great Western Sugar..No Par
8
20% 21
41114 115
690 Preferred
1123 116
4
115 11612
11314 11512 115 116
100
1514 15 8 15
37,400 Grigaby-Grunow
3
16
15 8 1612 15% 15% 1514 15%
3
No par
7
8
7
8
*8
7
1
200 Guantanamo Sugar......No pa
37
.8 1
•78
1
*8 1
7
38
100 Gulf States Steel
38
37
*38
40
40
40 •
40 .37
*37
100
*95 10114 *100 10114 *
Preferred
95 100
95 10114 *95 100 •
100
3411
'27's 28's 28
1,930 Hackensack Water
32
2812 2824 283
2
4 283 3
4
110 Preferred A
*2712 2812 *2712 2818 27
12
2
12 27
12 2712 2712 2712 27
1514 16
16,100 Hahn Dept Stores
15% 193
8 1618 173
4 1614 16% 164 1612
No Pa
80 803
4 81
900 Preferred
8012 8012 8012 8012
81
100
4
*803 81
22
2,100 Hall Printing
2212
22
2214 2218 2214 211 2212 22
*22
1
/
4
*105
Hamilton Watch Pre!
•105
_
*105
*105
_ *105
100
120 Hanna pref new
*90 If *90
92
- *91
92
*91 12 - 91 12
No pa
*50
51
51
1,100 Harbison-Walk Refrao_No pa
52
50 50
50 4 50 4 5012 51
3
3
11
1114 1118 14
•1212 13
1,400 Hartman Corp class B_No pa
13
13 4 1212 13
3
*203 22
4
8
*2012 22
Claw A
2012 213 .203 21% *213 22
4
4
*
No par
*3911 51
Hawaiian Pineapple
*4913 52
*4912 52 *49% 52
2
*5012 52
/
1
4
134 612
800 Hayes Body Corp
63
8 63
4 *618 6% •638 834
8% 6%
No Pa
84
*794 84
/
1
Helme(0 W)
*797 84
8
*79% 84
*79
2
/ 84
1
4
*80
4 2112 24
,
3
21
24
25
*21
Hercules Motors
*21
24
23
*21
No pa
87
88
8934 9113 90
3,800 Hershey Chocolate
No pa
9134 8914 9014 88% 89%
8912 8912 90
8
8
900 Preferred
9212 923 93 *923 953 *926 9412
4
No pa
4
'107 108 *107
Prior preferred
100
*107 109 •107 109 *107 109
*1212 15
*1212 15
100,Hoe (R) & Co
No pa
15
*1212 16 •13
15
15
'31
33
300'Holland Furnace
*30 8 33
31
3
No pa
32
3214 *3012 3438 31
*5 4 612
3
54 6
3
712 712
800 Hollander & Sons (A)._No pa
7
7
614 67
s
7912
'78
Homestake Mining
7912 •76
100
7912 *76
7912 •76
7912 *76
9% 10
10
13,200 Houdaille-Hershey °IR'NO Da
8 10% 1114 101s 11
1014 1014 117
63
/ 6312
1
4
6214 6214 6312 634 z633 63 4 6218 63
900 Household Finance part p1.5
4
3
Household Prod Inc__ _No pa
_
"His
73
73 -. 18 7428 76'2 7218 7584
55.000 Houston Oil of To:tern offs 100
77
77
*2813 27 z26
1,000 Howe Sound
2914 2914
2712 273 284 273 29
4
No pa
4
28 8 29 4 2912 3012 3012 3238 3014 3114 30
3
3
14.000 Hudson Motor Car___ No pa
30%
13
1312 1312 14
1438 133 14
14
133 13%
4
7,800 Hupp Motor Car Corp
4
1
20
/ 207
1
4
8
8 20
/ 2134 2112 2112 21
1
4
s 203 207
4,500 Independent Oil & Gas_No pa
21
*5
5
514
4% 5
5 14
2,900 Indian motocycle
5
514
4% 514
NO Pa
*22
*22
*22
23
23
49
*22
50 *22
Preferred100
50
8
1013 1012 103 1112 107 12
8
113
8 103 11
4
18,800 Indian Refining
11
1
10% 1012 1014 1114 11
11% 1114 1114 1034 11
3,700 Certificates
1
80
84
73 80% 7811 84
4,400 Industrial Rayon
86
9018
2814 90
No pa
185 185
192 193
195 205 204 205
2,400 Ingersoll Rand
No par
204 21012
*68
69
69 69
400 Inland Steel
*
693 60
4
74
6839 74 *70
No par
1912 1512
*15
1514 1518 184 1539 16
1514 15
2,400 Imniration Cons Copper-- 20
1014 10 4 *10
4
3
1,800 Insuranshares Corp
10 8 103 103 *1018 103
5
_No par
4 1014 103
4
4
4
4
4
4
*334 4
500 interconV1 hubber
4
No par
3
*3 4 4
1714 183
183 183
4 1712 17% *1712 19
1,100 Interlake Iron
18
183
4
No par
4
6
6
4,800 Internal Agricul
6
6
718
61
6
6% 6%
6
No par
*
55
60
62
500 Prior preferred
63 •57
60
61 .57
5612 60
100
4
1873 168
4
17312 1788 1747 175
1713 1713
169 173
4
2,800 Int Business Macbines-No Par
8
59
1,900 International Cement__No par
59
5913 60
617
60
81
60
*61
61
614
Stock
17,100 Inter Comb Eng Corp-NO Par
61
6
6
6
6
61s
8
612
618
55
65
544 55% 56
4
543 581
563 *543 55
4
3,300 Preferred
8
100
81
8218 82
8014 831 Exchange 20,100 Internet Harvester--NO Par
84% 8314 858 8212 84
14218 14218 14214 14214 14212 l4212 *14212 14312 14212 1421
500 Preferred
100
38
35
3612 3614 374 353 3839 35% 381 Closed35
8.100 Int Hydro-El Sys Cl A-No Par
4
73
711 723
/
7414
4
7212 73
73
8 7114 73
73
2.400 International Match pref.--35
Inde*20
*20
20
22
20
800 lilt Mercantile Marine ctfs-100
20% 2012 21
2139 *20
2312 24
106,200 lot Nickel of Canada__No par
23 4 2514 2414 2512 2414 24% 24
3
24%
pendence
International Paper__ No par
75
*73
;i5r2 Ier 78 /If" *73 76 73 73
80 Preferred (7%)
100
Day
20
2012 20
12 *2014 21
20
900 Inter Pap & Towel A.
20% 21% 20% 20%
-No par
1514 1514 1512 1538 1512 18
600 Class B
No par
16%
*1518 1812 *16
11
*1014 11
*10
300 Class C
No par
1012 103 *103 1012 1014 1014 Holiday
8
4
1,900 Preferred
71
71
*71
73
7118 7112 7112
71
717
8 71
100
1,600 In* Printing Ink Corp__No pa
40
8
3914 397
*39
4
8 36
3914 353 3618 *383 38
92
100 Preferred
88
9112 9112 *____ 92
92
*88
92 *88
100
38% 40
13,100 International Salt new
4118 4214 39 4 407
42
41
3
40
8 40
100
55
800 International Shoe_ ....No pa
5418 5412 54
55
55
544 *54
55
55
75
100 International Silver
1,7
7913 *75
*70
78
75
7812 ' 5
*75
75
100
Preferred
*10514 109 *10514 109 *107 110 *107 110 *107 110
100
49,300 Internet Telep & Teleg_No pa
414 4212 4239 4412 434 45
/
1
3
4318 453
8 43 8 44%
900 Interstate Dept Stores_No par
20 4 20 4 20 4 2114 *203 20 4 2023 204 20% 21
3
3
3
8
3
10 Preferred ex-warranta
87
/ 8739 •87
1
4
67
1
4
/ 744 *67
1
4
8
100
/ 7414 *873 7414 . / 744
1
4
300 Interim° Corn
*23
2512 2512 26 1 2512 2512 *25
2912
No pa
2912 *25
900 Investors Equity
15
16
16
16
/
1
No par
16
1812 *154 1812 *154 1612
1,100 Island Creek Coal
32
32
32
32
32
1
32 14 32
3212 •3112 3214
1,800 Jewel Tea Inc
46% 48
48
No par
4712 x4512 4512 *4612 4712 4612 4812
22,500 Johns-Manville
7314 75
No par
75 4 801s1 7614 813
3
8 77
7914 754 7712
110 Preferred
*122 -- 12014 122
12014 12014 .12014 -- -- *12014 ---100
270 Jones & Laugh Steel pref 100
/
1
4
/
1
4
120 12018 120 121
120 120 4 1203 12114 120 121
3
4
2,000 Jordan Motor Car
2
No par
15
8 13
4
2
13
4 13
4
13
4 11
/
4
2
24
1 UN *9% 1014
Karstadt (Rudolph)
*9 8 1012 *1018 10 4 *104 103
7
3
4 *9
Kaufmann Dept Storee-$12.50
*183 17
4
17 1 *163 17 .16
*16
17
17
4
*18
2,900 Kayser (J) Co vi c__-_No par
26
2412 2539 26
*244 25
263 •2413 2614 28
8
Keith-Albee-Orpheum _No par
_ 49 4, __ 493 •____ 49 4 ......._ 493 •____ 493
3
4
4
3
200 Preferred 7%
*101 110 I 103 103 *10312 110 *10212 10912 10212 10212
100
*34 313
33
8 312 *33
8 322
33
8 33
8
1,500 Kelly-Springfield T re_No par
,
312 3%
770 8% preferred
2014 2014 *1912 25
2812 29
3
22
30
•20
100
24
40 8% preferred
35
35
100
3,400 KelseyllayeaWheel_-_ No par
2612 27
263 27 .27
4
2612 27
2714 26% 27%
56.500 Kelvinator Corp
No par
8
1612 171
1514 16
184 174
157 1678 1812 178
10 Kendall Co pref
•763 77
No par
8
/
1
*783 77
8
•7134 77
/
1
764 7639 *764 77
/
1
21,700 Kennecott Copper
3818 3912 3818 3912 3812 4014 38% 3914 38
No par
38%
200 Kimberley-Clark
*494 50
No par
/
1
*49
54
53 53
53
50
50
*50
400 Kinney Co
•26
2414 2412 26
No par
28 •
26
26
28
28
28
40 Preferred
84
84
*
83
85
84
84
84
*83
*84
100
84
1,400 Kolater Radio Corp_No par
34 3
3
/
1
4
3
3 14
3
3 14
318 313
31
200 Kraft Cheese
*47
50
4918 491 *47
No par
4918
4812 4812 4812 *49
200 Preferred
*11112 ____ *1114 __- 10012 10912 .11118
100
•1114 -- 4,500 Kresge(SS) Co
*2714 2812 2712 2814 2712 2
4 27% 28
10
94 2839 283
500 Kress Co
/
1
*5114 547 *5114 55
No par
54%
5139 514 52
524 •
/ 52
1
20,700 Kreuger & Toll
2634 2718 27
2414 2412
2739 2712 2739 2739 28
34,900 Kroger Grocery & Bkg_No par
2214 2311 2239 2373 233 287
8 26
27
25% 27
1,900 Lego Oil & Transport__No par
*2313 2412 2412 2412 2414 25
*2313 24
25
25
k 79
5,500 Lambert Co
No par
8012 81
78
/ 797
1
4
83
828 8439 827 84%
8
300 Lee Rubber & Tire
*5
No Dar
*5
51
513
*7
5
8
5
5
5
Lehigh Portland Cement-50
33
*313 33
4
*31
*313 33
4
*32
33
*3112 33
30 Preferred 7%
*106 10714 *106 10714 10714 10714 10714 10714 106 108
100
600 Lehigh Valley Coal_ ---No per
9
9
*812 912
83 10
4
*812 8
3
8% 8%
Preferred
22
26
*20
24
*21
2212 *21
O20
60
2213
*20
900 Lebo & Fink
24
2418 243 2512 253 253 .25
No par
25
4
2E3,
4
*23
4
800 Libby-Owens Glass_ No par
20
21
20
20
20
20
20
201
*20
20
2,800 Liggett & Myers Tobacco._ _25
93
9012 92
90 4 90 4 93
93
3
3
87
87
/ •90
1
4
7,500 Series B
/
1
4
90
9112 911s 93 *92
25
913
4
8714 89
933
4 89
800 Lima Locomot WorksN par
24
2412 2412 24
24
24
__o
24
24
*2412 25
100 Link Belt Co
No par
*37
38
*363 38
38
4
*3712 38
3712 371 *37
5,100 Liquid Carbonic
No par
8514 8712
6814 6718 6939 607 87
8
68
85% 857
65,000 Loew's Incorporated-No par
/
1
6212 6412 6312 67% 65
673
8 844 6714
821
62
No par
200 Preferred
1091 *100 10912 *102 10912 106 108 •101 108
*100
6412
•
63
400 Preferred ex-warrantallo par
94
94 4 94
3
3
9412 94 4 *93
95
*93
312 312
3,000 Loft Incorporated
No par
33, 312
312 353
3
/ 314
1
4
34 312,
*73
1,,4 Bell Lumber A---No par
8 97
8 *74 9 8
7
/ 4,714 re *714 97
1
4
*7
/ 9
1
4
9,200 Loose-Wiles Biscuit
25
8
80
6012
3
8
581 5814 581 60 8 695 60s 601z 61
/
4
16,500 Lorillard
25
1812 1918
12 1812 1814 1918 1818 19
174 17% 17
2,200 Louisiana 011
No par
812 93,
/
4
9
*818 9
83
/ 81
1
4
8
8
81s
Preferred
100
90
90
*80
90 '
*80
80
90
*80
*80
90
3,900 Louisville0& El A._ _No par
/ 353
1
4
4 35% 351
8 35
/ 367
1
4
341 3411 3512 3512 35
:
7,200 Ludlum Steel
No par
2612 254 2539 25
251
253
8 25
247
8 25
24
Preferred
No par
3
78% 90 I •78% 79 I *787 90 •78% 90
no% 90 •
MacAndrews & Forbes_No par
2914 *26
2914 *25
*25
2914
*284 •___- 30
5,500 Mack Trucks Inc
No par
8
5214 517 5312 53
60
5312 5112 53
5139 51
No par
4,200 Mary Co
7
*11339 113 8 11212 117% 11812 12014 11718 1174 115 115
/
1
1
Bid and asked prices; no sales on this day
r
-fix-eights
PER SHARE
Range Since Jan 1.
-share lots.
On basis of 100
Lowest.Highest.
PER SHARE
Range for Preston.
Year 1929.
Lowest.
Highest.
Per share $ per share $ tier Mare
per share
32 Dec 14438 Fib
/
1
4
29 June 18 43 Jan 9
/
1
4
19 Oct 39 Feb
8
18 June 23 253 Mar 25
28 Nov 44 Jan
20 June 25 3412 Jan 18
/
1
11058May 27 120 Mar 14 105 Nov 1194 Feb
1414 Nov 70 Sept
121 Jan 18 28 June 2
:
5 Jan
12
12 Mar 7
1 Nov
4 Feb 4
42 Nov 79 Mar
z38 June 16 80 Feb 19
993 Dec 109 Feb
4
9812 Jan 17 109 Apr 30
35 Aug
2312 Nov
26 Jan 4 34121uly 3
26 Jan 6 29 Apr 17
26 Jan 30 Aug
/ Jan
1
4
1258 Jan 2 2314 Apr 17
12 Oct 56
711 Dec 115 Jan
/
4
7118 Jan 3 8812 Apr 17
8
21 June 17 313 Mar 25
27 Dec 297 Dee
4
5
4May 21
99 Jan 7 1043
99 Nov 105 8 Jan
85 Jan 16 98 Apr 14
50 June 27 724 Apr 21 1
/
1
a- -i8 ; 87g Oct
1012June 23 20 Feb 5
13 Oct 417 Aug
4
2012 Jan 17 2314May 24
167 Oct 31 Sept
e
55 Dec 7218 Aug
54 Jan 14 61 Feb 13
558June 18 173 Apr 4
8
5 Nov 683 Mal
/
1
4
4
1
,
7712June 19 92 Feb 19
84 Nov 11812 Jan
2012June 23 31 Apr 11
214 Dee 3312 Oot
/
1
/
1
4
45 Nov 143 Oct
70 Jan •2 109 May 28
4June 3
605 Nov 14314 Oct
8
8312 Jan 2 1083
Jan 10638 Oct
10414 Feb 21 10714June 27 104
12 June 21 2514 Feb 27
123, Dec 33 Aug
21 Nov 51 Mar
2614 Jan 14 4114 Mar 28
/
4
5 June 18 12 8 Jan 29
131 May 244 Aug
5
/
1
65 Nov 93 Aug
7412May 5 80 Feb 1
13 Nov 525 May
97
*
8June 28 29 Feb 5
4July 1
45 Aug 5214 Sept
49 Mar 6 633
40 Oct 794 Jan
5212 Jan 25 6111 Mar 10
26 Oct 109 Apr
8
5214 Jan 17 1167 Apr 25
34 Nov 821: Mar
/
1
4
2518June 18 4178 Feb 7
38 Nov 9313 Mar
2538June 25 627 Jan 6
8
18 Nov 82 Jan
8
13 June 28 265 Apr 11
173 Oct 39 May
4
/
1
4
8June 25 32 Apr 7
193
31s Oct 3212 Jan
4 .1une 18 17 Mar 4
/
1
4
25 Nov 95 Feb
/
1
4
22 June 18 8712Mar 3
1318 Oct 53 Aug
83
4June 18 28 8 Mar 22
1
1111 Oct 5114 Aug
818June 18 2734 Mar 22
6812 Nov 135 Jan
73 June 30 124 Jan 10
,
1541 Jan 8 239 Apr 24 120 Jan 22312 0 t
4
71 Dec 113 Ant
68 June 25 98 Mar 11
Oct 6612 Mar
22
1212June 18 30 Feb 7
/
1
4
12 Dee 16 Nov
1014June 25 173 Mar 10
8
1414 Jan
2 Nov
358June 24
74 Apr 1
/
1
7
153
8June 23 28 s Apr 2
819 Apr 7 -1- Oct 1739 Jan
412 Jan 2
40 Nov 8812 Jan
5214June 23 671 Apr 9
/
4
15212 Jan 18 19712May 28 109 Nov 255 Oot
/
1
4
48 Nov 102 Feb
8
55 4 Mu 6 753 Apr 2
3
44 Dec10312 Feb
/
1
5 Jan 2 1412 Mar 26
184 Dec 121 Feb
/
1
80 Jan 2 78 Apr 1
05 Nov 142 Aug
76 June 21 115 4 Apr 16
3
Jan
14012 Feb 10 14412 Mar 14 137 Aug 145
3118June 18 54 Apr 11
2
3 Nov 5912 Sept
10212 Jan
47 No
Ms Jan 3 92 Apr 24
1812 Nov 3912 Oot
19 June 18 33 Apr 17
4
25 Nov 723 Jan
21 June 15 441 Apr 4
/
4
57 Dec 112
Oct
58 Jan ti 85 Mar 21
77 Nov 94 Jan
/
1
4
73 July 3 88 Apr 29
20 Nov 4414 Oct
17 June 23 3118 Mar 22
12 Nov 693 otoel
3 / Oct
854
%
1
/
1
4
4June 18 22 Apr 14
113
9 Nov 2614 Oct
9 June 21 18 Apr 14
77 Nov
71 June 28 88 Mar 16
40 Nov
4
581 Apr 5
354July
917 Nov 108 Mar
s
88 July 3 101 Apr 12
4June 20
385s Jtlly 3 453
a
531:June 25 82 Jan 15 -- Oct WI; Sept
/
1
4
95 Nov 159 Aug
75 July 2 119 Feb 1
105 Feb 26 11214 Feb 17 10314 Oct119 Jan
1,3 Nov 14914 Sept
/
1
4
4018June 23 77 Apr 24
25 Oct93 Jan
/
1
4
11
18 June 17 40 Feb 4
74 Dec 97 May
67 8June 28 7514 Feb 6
5
17 Nov 384 July
/
1
23 Jan 2 32 Apr 9
1213 Nov 721z AU,
14 Juno 19 29 Feb 19
39 Oct69 Mar
32 June 25 43 Mar 19
39 Nov 16214 Feb
/
4
43 Jan 20 861 Apr 30
90 Nov 242 Feb
/
1
4
8
7314June 28 1483 Feb 5
11814 Feb 24 123 Mar 21 118 Nov 123 May
Oct
11812 Jan 6 12312 Apr 11 117 JUne 126
1 12 Oct1612 Jan
118June28
512 Apr 9
4June 27 1312 Jan 16
10 8 Nov13 8 Nov
7
7
93
174 Dec 3718 Feb
/
1
1612June 25 2012 Mar 7
30 Nov5812 July
24 June 21 411s Jan 2
154 Nov46 Jan
21 Jan 8 45 Apr 23
70 Nov138
Jan
85 Jan 7 150 Apr 24
3 Dec23 2 Jan
61 Apr 10
/
4
3 June 18
7
16 Dec9478 Jan
204 Jan 3 42 Jan 24
/
1
28 Dec 100 Feb
29 Jan 2 55 Jan 25
185 Nov59 4 May
8
2218 Jan 3 3912 Apr 11
3
8
/
1
5 Oct 194 Feb
7 Jan 2 285 Apr 25
12
72 June 27 89 Mar 21
75 Nov 96 Feb
4
3712June 25 1523 Feb 7
8
49 Nov 1047 Mar
/
1
4
4814June 21 59 Mar 31
45 May 573 Oct
/
1
4
8
20 Jan 29 4012June 4
2112 Nov 4412 July
83 June 20 97 Apr 17
80 Oct 109 4 Mar
3
8
3 Dec 785 Jan
12
812 Apr 14
184 Jan 18
/
1
27 Nov 764 021
381 jan 6 5518June 2
/
4
8
95 Apr 1057 Oct
98 Feb 6 111 June 5
28 Nov 5712 Mar
/
1
4
2614June 17 36 Jan 2
Jan
50 June 24 70 Jan 24
534 Nov 114
/
1
/
4
23 Jan 2 35 Apr 10
/
1
4
8
221 Nov 463 Mar
/
1
4
21 June 18 4818 Jan 23
3814 Nov 12212 Jan
1611 Nov 383 June
8
2114 Jan 1
2611 Apr 7
8018 Nov 1574 Mar
7612June 18 113 Apr 1
41
/
4
5 Oct 25 Jan
.1une 17 11 Mar 25
ao Nov 65 Pet
32 June 26 42 Apr 1
3
105 Jan 2 10812May 24 100 Nov 110 4May
Oct
10 Oct 32
714June 18 1712 Mar 17
31 Dec 44 4 July
2218June 36 374 Mar 19
3
28 Nov 681t Feb
2214June 25 38 Apr 14
17
Oct 43 Aug
htllzJuneZS 3112 Mar 29
Oct
8014 Nov 106
85 June 18 1133 Apr 1
4
80 Nov 10614 Oct
8
85 June 25 1143 Apr 1
30 Nov 573 Ju 7
/
1
4
20 June 18 494 Feb 15
373 Nov 61 Feb
3
37 June 25 454 Feb 21
40 Oct 113 Jan
8
/
1
4
523 Jan 8 817 Mar 28
4
32
Oct 8412 Feb
3
4218 Jan 2 95 4May 14
8554 Jae 17 11238June 3
80
Oct 110 4 Jan
3
804 Nov 95 Mar
78 3May 5 9612May 24
3
318 Dec
1112 Apr
6 Feb 19
/
1
4
3 June 18
12 Dec 3212 Jan
/
1
8 June 10 154 Mar 22
3918 Nov 87 8 Sept
5011 Jan 4 7014 Apr 2
7
wig jut 2 281 Mar 3
/
4
144 Oct 3112 May
/
1
Jan
7 Oct 18
8 Feb 28 12 Apr 28
/
1
4
80 Nov 100 Feb
:
8018June 18 891 Feb 6
28 Oct 725 Sept
33 June 23 511 Apr 25
8
/
4
22 Nov 10878 July
22 .rune 25 444 Mar 12
/
1
76 Nov 18 June
.
3
85 . ' **9 4 Mar 18
..
Jan
3014 Oct 46
3
241 ..ne ;1 'A r
'
34
/
1
4
481
5518 Nov 114 Feb
7
,, 3
3
..j., 1';' 2
110 Nov 25512 Sept
105 j
Tr, ..
New York Stock Record-Continued-Page 6
85
For sales d iring the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
June 28.
Monday
June 30.
Tuesday
July 1.
1Vednesday
July 2.
Thursday
July 3.
Friday
July 4.
Per share
per share $ per share $ per share $ per share $ per share
II
11
12
12
,
1218 1414 13 8 14
21314 1312
3318 3318 2343 3434 *3312 3434 3412 3412 34
4
3414
*8 4 10
,
9 8 1012 1018 103
,
4
4 103 13
84 93
8
*112 4
•112 4
*112 4
*112 4
*112 4
1514 1514 1514 1514 1514 16
•1514 24
•1514 24
*12
*12
13
13 4 •12
1314 •12
13 4 •12
,
13 4
,
,
84 8 8
3
812 94
*12
*12
13
1 313 ;12- -*31
3312 '31
3312 .30 4 33 .31
3312 •31
3
3312
9
9
8 2 812
,
9
117
8 1014 10 4 .10
1012
,
.3
312
3
312 *3
3
34
*
3
3 1z *3
*3412 36
3412 3678 363 38 .
4
3612 38
37
38 4
,
*127 130 *127 130 *125 130
127 127 *127 130
*4334 44
4334 4618 44
454 44
4012 404
45
14
14
14
14
14
1418 14
14,
14
14
3 25
2112 2112 2112 22
2512 251. •
29
•2512 284
•77
78
77
77
.77
80 •77
80
•77
8018
41)
40
*36
407 *36
8,
40 •36
40
•36
40
•5412 60
*5412 60 1 *5411 60
*5412 60
*5412 60
.57
69
*57
67 .57
67
*57
67
*57
67
•90
94
*90
94
94
94
94
•90
*90
•90
.33
343
4 34
34
3434 *33
*33
347 *33
2
343
4
*17 8 18
,
•175 1818 •1758 1812 .174 1812 •17 2 1812
8
,
•7212 743
4 7312 76
744 763
4 75
7578 7212 76
2014 2014 2012 22
223 23
2
23
23
237
8 23
*3718 397
*3814 42
8 40
40 •384 43 •3818 43
1212 1212 12
1212 *1212 13
•1212 13
•1212 13
*3212 3412 *3214 3412 3412 35
3412 3412
•3214 36
.1014 10 4 103 1034 11
3
11
11
11
4
11
1114
1814 19
19
8
193 204 187 2014
2014 19 8 21
8
5
16
16
1638 1612 1612 174 174 173
4 1712 177
8
*60
63 26014 6014 6112 8314 6032 63
61
62
2318 2318 2312 233
2412
24
2418 244 24
4 24
.14
118
11
1
114
118 118
114
1
1
2478 247
2412 25 8 25
254
8
,
257
8 247 2518 25
_
;i5- 54 *50
52
52
161312 14
1478 1418 1414
14
14
14
16.4 14
.
75
84
84
84 .77
84
*75
*75
84
*77
*17
18
17
1712 1712 1712 17
17
1712 18
3612 3718 37
*35
37
38
3612 397 .3912 39 4
8
3
3218 327
,
,
33
8 3438 3514 34 8 35
347
8 33 8 353
6
8
6
8
8
6
6
6 4 77
,
74 74
*
51
*5212 54 .52
52
52
52
5312 53 53
114
14
14
114
118
112
13
8
14
114
114
34 34
314 33
7
312
3 2 38
,
312
4
7
33
4 38
39
3914 *3712 3814 39 4 40
3934 40
3
3912 3912
*22
2218 22
8 2238 2238 .2112 22
223
•2112 22
*84 9
9
9
9
*9
84 9
914
9
40
40
40
52
50
50
.
41
all
46
45
45
45
•41
•41
47
45
1314 1313 1312 153
4 144 151
15
157
15
153
*37
3958 3814 381z 37
37
*374 40
Stock
38
39
3114 3238 3212 3312 3238 331
3214 331
33
33%
114 1174 12
1212 1212 127
123 123
8
8 113 1178 Exchange
4
1612 •I7
•16
1712 1712 18
•1612 2214 •1712 22 4
,
912 97
8
9 s 938 10
,
9 4 97
,
8
1033
94 94 Closed_
77 - - .1i -7914 - - 811, 14:- 817; 84
73
Inde83 4
8034 83'8
.
4612 47
24618 47
12 47
4814 4712 43
47
4712
474 4814 4734 493
4 49
503
8 4918 50 4 583 5014 pendence
4
,
•1434 15
1434 143
4 15
15
*1412 1434 144 15
*
85
8612 *85
8612 085
8612 .85
Day
8612 .
85
8612
*2412 25 4 253 284 284 284 28
3
4
2912 2814 28 4
,
22
23
*23
234 2318 234 23
Holiday
2318 .
23
24
129 129 •127 134 *13114 133 .129 134
13312 13312
140 140 *140 141
190 140
140 1401 140 140
•118 1197 118 118
8
1183 11912 .118 119
4
118 11814
35 8 374 3714 3914 37
3
8 3718 3914 3714 39
12 403
•114 2
•I3
4 2
2
2 34 •2
214
214
2
412 .314 412 .314 412 *34 412
*3
412 412
101 10112 102 103
103 1053 .102 10312 102 102
4
68
•7014 74 .72
68
70
74
4
.2514 26
25 4 25 4 2512 26 .2512 26
2612
3
3
26
164 1614 1612 1612
1612 173
4 164 164 164 163
4
5418 .50
*
50
70 .
50
70 .50
70 .50
5418
294 2918 *29
3114 31
2914 29
3112 314 36
3884 383 *3812 383 *3812 383 .
4
4
.1 3812 383 •3812 38 4
4
,
*28
40 i *30
33
33
33 .30
•30
•30
33
894 .85
85
894 *85
894 •8513 891
.85
8912 .
•102 10212 •10112 102 ,•10112 102 .10112 102
10112 1011
•111 11138 •111 1113 *I 1 1 1114 1113 1114 •1114 1111
8
8
90
923
8 92
9634. 93
973
8 93
96
954 93
*5412 5518 *5412 55181 547 547 •5412 554 5412 541
8
2
•10212 10312 *10212 10338f 10314 10314 .10212 10314 •10212 1031
*487 5012 503 50121 *50
8
50
51
*49
47
2
47
*45
47
45 I *43
47
45
4314 4314 *4312 47
•114
132 13
81
13
2 .114
8 •114
138 .114 13
14
.214 3
*214 3
*214 3
•214
3
*214 3
14
1412 15
164 1612 1814 1714 174 17
1714
*86
90
87
86
86
86
87
86
•87
88
1518 1614 1614 17
8
1672 173
4 157 1614
8 163 163
2
*2612 29
304 30 30
28
28 .28
297 297
8
24
*73
74
72
70
72
70
*70
71
71
*312 4
4
514 514
5
57
8
538
512 53
8114 *
81
*
81
79
8114 *81
81 .
82
8112
80
89
8 60
593 X592 607
2
6112 62
64
604 6318
*12612
*126 12612 *126 126lI 126 126 •126 12612
*25
2514 2812 2614 2612 263 263 •25
26 •
8
8
2614
*89
90 .89
90
90
90
89
89
89
89
48
48
46
47
46
47
.48
50
•49
50
5518 55 4 35514 56
56
3
5712 557s 5612 5514 564
793
*7512 7714 7612 7812 78
8 784 7912 77
78
*2114 2284 *2114 214
214 2214 .2014 22 .
2014 22
130
'
127
13
*513
5684
94
3
130 131130 112512
1314 13
597 .
8 5712
57
67
4
93
4 293
130 *12512
1338 134
*5714
60
4
574 573
9 3 10
7
132
- - -1i 13013 133
133 133
130
12512 130 •12512 130
137
3 133 133
8
2 1314 13 8
,
69 .57
60
•573 497
4
8
5814 573 584 53
4
5814
11
1032 104 10
10
738 .7
*7
7
738
7
8 63
8
65
6 8 614
3
80 .
*70
70
80
7612
•70
80
•70
80
*70
56
5634 553 57
544 554 55
574 5614 5714
8
17
8 2
2
2
2
2
14 178
17
3 17
8
378 4
334 418
4
37
8 4
4
38 4
7
712 71
*73
4 8
73
4 74
8
8 14
712 8
19
*18
*18
19
19
1814 18 4 19
,
184 1814
5
*478 5
8
5
47
8 47
43
4 484
43
4 47
8
4212
40
8 4214 434 42
4112 4112 437
3814 381
52
40 4 493
3
5018 5112 51
8
5014 5012 507 51
991 .99
9912 9914 9912 9918 9918 100 100
*
99
71. 712
738 83
74 8
74 712
8 814
.73
*42
45
*42
42 .40
45
45
42
45
*42
*25512 262 *257 262
8
259 2617 •256 262 2251 252
18
18
18
18
4
18
174 174 •173 18
18
334
.
32
331
334 334 324 327
8 3218 3218 32
•150 210 *150 210 *15314 19914 •____ 200 •____ 200
521
52
50
5212 52
524
5218 521 *49
52 .
1514 163
143 151
4
8
4 15 8 17)2 '
,
1V11 153 1612
1018 101
104 107
8 H
103 . 4 11
4 103
20
20
.18
*18
16814 691 •6814 6914 68,.
4 •6814 6914
. 5 Si,69,
Sales
for
the
Week.
PER SHARE
Range Mace Jan. 1.
On baste of 100
-share tots
Lowest.
litgh‘ot.
PER SHARE
Rears ro Prer4os2
Year 1929.
Lowest.
Highest.
Shares Indus. & Mace!.(Con.) Par $ per Chars
per chars $ Per lbws $ per share
8June
1034May 8 153
3,700 Madison Sp Garden___No par
1112 Nov
24 Feb
283
1,400 Magma Copper
4June 19 523 Jan 7
No par
35 Nov
4
8212 Ma:
612May 5 13 July 3
15,500 Mallison (11 R) & Co No par
6 Nov
393 Jac
8
4May 12
Ma nail Sugar
33
3 Dec 26
100
8 Jan 29
Jan
90 Preferred
197 Dec 6012 Jan
8
100 154May 7 50 Jan 28
13 June 19 15 Jan 14
14
Mandel Bros
Oct 383 Mar
No par
8
Manh Elm Supply -.N0 par 8 June 25 55181May 1
197 Nov
8
3734 Jaa
1914 Dec 364 Jan
300 Manhattan Shirt
3
25 1118June 25 24 2 Jan 10
30
Marlln-Rockwell
No par 3014June 26 55 Feb 28
Oct 897 May
8
19 Nov 104 May
838June 28 304 Apr 9
2,000 Marmon Motor Car.,
.No par
18
100 Martin-Parry Corp
212 Nov
6 May 19
3 Jan 6
Jan
No Dar
8June 25 613 Mar 28
29
Oct 218 Feb
8
3,100 Mathieson Alkali WorkeNo par 323
20 Preferred
Jan 125
Jam
100 115 Jan 24 127 Apr 24 120
4512 Dec 1084 Jan
25 404 July 3 613 Jan 31
13,800 May Dept Stores
8
133
1,700 Maytag Co
4June 25 23 Mar 26
1532 Oct 2912 Aug
No par
400 Preferred
2814 Dec 4914 July
No par 2112June 28 4012 Apr 7
No par 76 Jan 7 8412 Mar 26
100 Prior preferred
7512 Nov 9018 Jan
No par 38 June 23 50 Apr 1
100 McCall Corp
394 Dec los
Oct
McCrory Stores °lase A No par 60 May 19 74 Jan 2
74 Dec 1133 Feb
4
70 Dec 11512 Fe
Class 13
No Dar 5738June 12 70 Jan 16
864 Nov 120 Feb
Preferred
100 8912May 7 97 Mar 24
400 McGraw-Hill PublIca's No par 3012June 23 44 Apr 7
30
Oct 48 Feb
1212 Nov
McIntyre Porcupine M1nes5 148 Jan 2 1912 Apr 23
2312 Jan
4
6.400 McKeesport Tin Plate_No par 61 Jan 2 8912June 4
54 Nov
82
Jan
183
2,800 McKesson & Robbins_ _No par
8June 25 373 Apr 12
2118 Oct 59 Mar
8
40
Oct 63 July
50 35 June 24 494 Apr 8
100 Preferred
12 June 30 2014 Jan 7
1,000 McLellan Storm
No par
1812 Dec 5918 Aug
300 Melville Shoe
2618 Dec 72
No par 2614 Feb 8 42 Apr 16
Jan
1,700 Mengel Co (The)
9
No par
Oct 344 Jan
34
10 June 18 23 Mar 10
35.500 Mexican Seaboard 011 No par
914 Oct 698 Jan
1618 Jan 18 37 Apr 7
8
1,900 Miami Copper
5 15 June 18 3372 Feb 6
20
Oct 6412 Mar
1,400 Michigan Steel
No par 53 Jan
44 Dec 1224 July
77 May 13
4,200 Mid-Cont Petrol
No par 2212June 18 33 Apr 7
394 Jan
2218 Nov
1,800 Middle States 011 Corp irtfs___
34 Nov
3.4 July
74 Mar 4
212 Mar 17
No par 215
3,500 Midland Steel Prod_
8June 25 53 Feb 28
34 Dec -28is Mar
Miller Rubber
par
No
378 Jan 23
54 Apr 2
120 Minn-Honeywell Regu_No par 50 July 1 76 4 Mar 19
59 Nov 12314 Sept
,
5.300 Minn-Moline Pow Impl No par
1218 Jail 10 2878 Apr 17
10
Oct 4352 July
Preferred '
No par 72 Jan 7 9214May 28
65 Nov 102 July
2,000 Mohawk Carpet Mills_No Dar
17 June 24 40 Jan 27
35 Nov
S014 Mar
3.500 Monsanto Chem Wks_ _No par 35 June 25 633* Apr 21
47 Nov
8012 Oct
44,000 Mont Ward de Co Ill Corp No Dar 31 June 25 494 Jan 2
424 Dec 1567 Jaa
8
1,600 Moon Motor Car new_No Dar
112 Oct
3 Jan 22 164 Apr 2
84
Oct
5
300 Morrell (.7) & Co
4June 23 72 Feb 5
No par 513
Oct 813 Oct
2
42
2,100 Mother Lode Coalition_No par
612 Mar
118June 17
14 Oct
2 Jan 2
312,3uly 2 114 Apr 10
5,400 Moto Meter Gauge &Delo pa
314 Oct 313 Aug
4
1.300 Motor Products corp No Da
3412June 21 81 Apr 7
36 Nov 206 Max
400 Motor Wheel
21 June 17 34 Mar 19
No pa
21 Nov 554 Aug
8 June 18 20114 Feb 14
700 Mullins Mfg Co
No Da
10
Oct 814 Jan
40 July 2 644 Jan 31
790 Preferred
No pa
55 Dec 10214 Jan
100 Munsingwear Inc
4018June 23 5312 Feb 10
No pa
38 Nov 6134 May
121:June 17 2514 April
20,200 Murray Body
No pa
1472 Nov 1007 June
8
600 Myers F & E BroeNo pa
35 8 Jan 2 4012 Mar 25
,
80
Oct 6712 Oct
6,600 Nash Motors Co
No pa
3018June 24 584 Jan 6
40 Oct 11878 Jan
1,000 National Acme stamped___1
1058June 24 2614 Feb 14
14 8 Nov 414 July
,
300 Nat Air Transport
No pa
11 Jan 13 393 Apr 14
10 Dec 4814 May
8
3.200 Nat Belles Hese
No pa
914June 19 20 Apr 7
914 Dec 71 Mar
National Biscuit
2 177 Jan 2 2263 Mar 21 140 Nov 23634 Oct
4
71 Jan 2 03 May 29
29,700 New
1
6514 Dec 73 Des
3,200 Nat Cash Register A w I No per 4512June 26 834 Feb 3
4
59 Nov 1483 Mar
26,400 Nat Dairy Prod
38
No pa
4514 Jan 20 62 June 2
Oct 864 Aug
1458July 3 244 Feb 27
800 Nat Department Storm No pa
20 Dec 374 Mar
let preferred
100 87 June 14 90 Jan 27
89 Dec 96 JUDO
1,900,Nat Distill Prod ctfs___No par 2412June 25 394 Feb 6
Oct 58 June
15
3,300 Nat Enam & Stamping,,,,100 1714June 14 3312 Mar 1
254 Dec 6214 Jan
300 National Lead
100 125 June 23 1894 Feb 7 12914 Nov 210 Oct
120 Preferred A
100 1384 Jan 3 143 May 13 138 Nov 14112 Feb
100 116 Jan 17 11912July 1 115
110 Preferred B
Oct 1234 Apr
83,900 National Pr & 1.1
No par 32 Jan 2 6834 Apr 24
713 Aug
4
23 Nov
No par
17
14 Jan 7
800 National Radiator
Ili Dec
44 Jan 15
Jan
Ill Dec 41
100 Preferred
No Dar
3 June 25 11 Jan 15
Jan
Natlonal SuPPLY
1,000
8June 2 1241 Apr 7
9812 No
50 I007
4
144
Jam
50 8012 Jan
800 National Surety
983 Mar 22
8
704 Dec 155 Feb
1,800 National Tea Co
Na par 24 June 19 414 Feb 4
8
3118 Nov 913 Mar
3238 Jan 7
1512June 1
7.000 Nevada Consol Copper_No Dar
2314 Nov 627 Mar
8
Newport Co clam A
85 Mar 25
43 Mar 103 Sent
60 51 Jan
2,800 Newton Steel
No pa
28 June 17 58 Apr ld
35 Dec 113 July
47 Feb 19
1
100 N Y Alt Brake
354 Oct 49 4 Mar
No Dar 3812June 1
New York Dock
33 Nov 6838 Feb
100 28 June 28 48 Apr 25
Preferred
100 80 Feb 8 8812 Apr 24
Apr
8234 July 90
10 NY Steam pref (6)___ _No pa 100 Jan
Jan
104 May 13
9312 Nov 103
40 lat preferred (7)
No pa 110 Feb
11612 Mar 13 107 Nov 115 Aug
83,900 North American Co
4
4
8914June 2 1327 Apr 11
6612 Nov 1863 Sept
No Da
200 Preferred
52 June 4
48 Nov 844 Jan
50 51 Jan 1
100 No Amer Edison pref__No Da 1003 Jan 23 105 May 22
3
98 Nov 103 4 Jan
4
400 North German Lloyd
4114 Dec 6414 Jan
5584June 11
45 Jan
40 Northwestern Telegraph,,
5018 Mar 141 4012 Dec 50 Mar
.50 42 Jan
100 Norwalk Tire & Rubber____10
64 Feb
14 Oct
4 Mar 26
7 Jan
4
Nunnally Co (Tbe)____No Par
2 Dec
8 Feb
2 Feb 3
314June 16
10,200 Oil Well Supply
Jai
25
74 Dec 32
912 Jan 8 1814July 1
110 Preferred
100 88 Mar 10 93 Apr 4
884 Dec 10612 Jan
2,900 Oliver Farm Equip_ __No par
134 Jan 2 347 AIR 17
8
Oct 6412 Apr
8
900 Conv participating _No par 27 June 18 464 Apr 17
17
Oct 694 Apr
500 Preferred A
No par 70 Jan 2 903
4alay 13
644 Dec 9912May
5,100 Omulbus Corp
No par
832 Mar 31
234 Jan 3
8
212 Oct 107 Feb
40 Orpheum Circuit, Inc pref _100 63 Jan 6 997 Apr 24
8
4
5018 Oct 963 Jan
14.600 Otis Elevator new
No par 65 June 18 8038 Mar 13
10 Preferred
100 11818 Jan 23 128 Juno 12 t187e Oct 125 "jai
700 Otis Steel
No par 25 June 25 384 Mar 31
Oct
55
2214 Nov
400 Prior Preferred
100 39 July 2 99 Apr 29
89 4 Nov 108 Feb
3
500 Owens-Illinois Glass Co-__25 4514June 23 607 Feb 7
8
43 Nov 8912 Sept
4,200 Pacific Gas & Elea
25 5218 Jan 2 744 Mar 31
42 Nov 98114 Sept
2.600 Pacific Ltg Corp
No par 72 Jan 2 ion Mar 24
5518 Nov 14612 Sept
100 Pacific Mills
100 21 Jan
30 Feb 8
37
Apr
17 Nov
12
Pacific 011
No par
14 Jan 22
112 Jan
1 Jan 21
3 Oct
8
440 Pacific Tehm & Teleg
100 130 June 18 178 Feb 19 131 Nov 220 July
Preferred
100 1164 Jan 6 146 Feb 21 1164 Jan 138
Oct
27,700 Packard Motor Car__ _No par
1212June 17 234 Mar 18
13 Nov
3212 Sept
Pan-Amer Petr & Trans___50 5158 Feb 21 6414May 14
4014 Feb 69 Aug
6,100 Clme B
50 5012 Jan 25 6712alay 14
4012 Feb 6914 Aug
3.700 Parmelee Transporta'n_No par
9 June 18 2612 Mar 10
1.612 Dec 21 De
500'Panhandle Prod & ref--No Dar
4May 14
44 Feb 14 123
3 Nov
1514 Jan
Preferred
100 474 Jan 14 80 May 14
76
Jan
4712 Feb
33,500,Paramount Publlx
No par 484 Jan 2 774 Mar 31
Oct 7512 Oct
36
%,
1.600 Park Utah C
1
1378 Feb
158June 17
3 Dec
43 Apr 7
2
4,900 Pathe Exchange
9 Apr 25
147 Jan
24 Jan 3
8
No Dar
212 Dec
1,000 Class A
412 Dec 30 Jan
No Dar
5 Jan 2 194 Apr 25
300 Patin° Mince & Enterpr____20 17 June 18 3272 Feb 6
2478 Oct 4734 Mar
434June 30 14 Feb 3
50
1,600 Peerleite Motor Car
54 Oct 2212 Jan
8
No par 2618 Jan 7 553 Apr 10
22 Nov 6072 Sept
6,000 Penick de Ford
66 Nov 10514 Oct
No par 98 June 18 80 Jan 3
3,100 Penney (J C)
1043 03 Jan 7 100 8 Apr 26
5
33 Oct 97 Dee
1,500 Preferred
312 Nov
27
618 Jan 4 12 Mar 8
900 Penn-Dixie Cement__ __No par
Jan
100 3018 Jan 2 5512 Mar 13
2018 Nov 94
100 Preferred
Jan
Jan 404 Aug
800 People's G L & C (Chic)-- -100 230 Jan 17 325 May 27 308
1738June 20 2114 Apr 30
No pa
1812 Dec 4512 Jan
500 Pet Milk
8
31 Nov
25 2912June 18 443 Apr 7
797 May
2.700 Pheipa-Dodge Corp
8
Philadelphia Co (Pittsb).--5 200 June 18 2414 Apr 15 15712 Apr 295
Oct
20 504 Jan 15 55 Mar 31
4718 Nov
500 6% Preferred
54 Mar
918 Nov
8May 23
114 Jan 17 257
70,700 Phila & Read C & I____No par
34
Jan
Phillip Morris & Co., Ltd _ 10
1511 Mar 1 I.
814 Jan 8
700
5 4 Oct 234 Feb
,
..No pa
19 June 24 274 Feb 18
194 Nov 73 May
200 Phillips Jones Corp..
Phillips Jones prat
100 70 Feb 4 75 Feb 11
65 Nov
96 Mar
• 1316 and asked priceir no sales on this day. 5 Ex-dividend and ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
a Ex-dividend
y Ex-rights
New York Stock Record-Continued-Page 7
86
For sales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
June 28.
Monday1 Tuesday
July 1.
June 30.
1Wednesday
July 2.
Thursday I
July 3.
Friday
July 4.
$ Per share $ per share I $ per share
3112 3214 313 32
4
*14
*14
20
20
*1912 23
.20
24
118 114
114 114
*2612 267
8 27
2712
5
*43
4 5
5
3012 3012 30
3012
41 18 *4012 4112
41
47% *40
*40
- 92
92
*84 - *84
*185 193 *185 19 4
s
8
4
3
*21
2112
2112 *21
*2114 2112 "2114 2112
61 •_ _
_
*53
T3-12
134 1418 s15
3712 3712
•3712 39
45% 46
46
4714
67
8 7
83
4 6%
*50
53
52% 523
4
6712 71
674 72
7014 72
8912 6912 6912 71
7
7
78
7
714 784 *714 8
7 2 78
7
7
7
5s 714
.--- ---- ---- ---- ---- ---- ---- ---- ---- ---9218 96
9312 9712 93
901z 92
957
8 9114 95
*11112 112 *1093g 110 2112 112
112 112 *111 112
8
*123 8 1293 128 128 *12414 12912 *124 128 *1253 128
5
4
*146 154 *14618 154 •151 154 *151 154 *151 154
11018 110% *1093 110 *1093 1
8
8
8
10918 110
*1093 110
83
6512 65
63
63
684 65% 6512
6612 64
114
114
114 138
114
138
114
114 13
128
8
2018 2014 20
2014 2014 207
8 20% 208 203 207
4
112 11284 11112 1115 1111 1115 11112 11112
8
*11112 112
8
8
4 59
58
6114 61
61
583
581 6114 59
8
61
g 345s 36
3 36% 345 367
333 3413 34
4
343 357
*5412 56
551 5512 5584 5512 55
*5412 56
55
75
77
77
12 76
77
773
4 76% 773
77
4 75
3
28 4 2914 2914 30 8 293 307
4
3
8 298 3012 29
3014
2812 2812 2918 30
293 3012 293 301
4
4
2938 304
39
3818 39
*3818 39
403 *393 40
8
*3912 397
4
*-_- 893 --- 893 ---- 894 11- ___ 893 *--- - 894
4
4
4
214 214 •218 23
8 *218 23
2% 23
8 *218 212
*___ 32 •-__ 30 •---- 30
*5
31
2513 26% 251 26
24 4 25% 2458 26
3
8
2514 --26%
98
*92
*92
*92
97
97
97
*92
*92
97
*100 10112 *100 10112 *100 10112 *100 10112
*100 10112
3
88
7
8
7
83
4 84
9
9
9
85
'8o 9
4312 4114 42% 4112 413
4234 42
40
39 4 40
3
4
8812 8812 8812 8812 89 89
*88
89
*8884 89
•___
---- 20 •--_ 20 *____ 20 *____ 20
35, 35,
*314 3 8 *314 384
3
314 3
14
314 314
49
50 18 5114 50% 5114 5012 5118
49
493, 50
*7058 743 *705 743 *705 743 *705 743 *7038 743
4
8
4
8
4
4
4
8
40
*397 4114 *397 4112 *398 4114 *393 407
40
4
8
5
Stock
Ws 15 8 1512 1578 1514 1812 1534 16
1514 1614
8 165 1714 1714 1814 1712 178 1712 17%
1614 165
*37
40
40
397 397 *37
•37
40 Exchange
40
*39
12 2834 2934 29
283 28
8
30
*2912 3012 2918 30
k 52
513 517
8
5212 5214 523
5238 53% Closed4 5212 53
35
37
36
38
35
3812 3712 3914 3812 3912
Inde783 7813 79
78
8
79
8114 797 8138
813
4 80
9712 *9614 97
12 97% 9712 9614 9614 96
*96
97
pendence
0103 107 *103 107 *103 107 .103 107 *103 107
1712 1713 17 8 1813 183 21
5
4
2118
214 22% 21
.67
Day
7
8 7
67
658 7
8 7
8 '67
6% 67
51
51
54
*51
*5018 50 4 *50% 504 503 5084
3
4
291s 918 *9
*912 10
10
Holiday
10
*9
*9
10
61
65
827
8 62
623 642 627 64
621 65
4
8
2
•812 9
812 •84 9
814 814
8
83
8 83
4
80
60
60
60 60
*5712 61) •56
80
60
*112 2
*112 2
*112 2
*118 2
*113 2
712 712
7
(13
4 7
74
3
712 8
7
12 818
331 35% 3518 367
8 3512 3812 3634 385,
3312 34
•1778 19
18
175 171 *17
177 18
18
8
175
8
8
s
•1613 17
165 165
8
17% 17% 1714
8 1612 1612 17
56
*5514 58
115514 60
58
*5514 56
*5513 56
1812 1878 1812 187
8
*183 19
4
4 185 188
8 183 183
8
97
97
97
97
97 97
97
97
97
97
8
4 127 135
1312 1418 1418 1412 138 143
1218 123
8
24 4 2413 25
3
2218 2418 2238 233
2414 253
24
s
21
21
20 4 2012 2012 203 2214 21
3
*20
4
2114
2154 213 221
2114 21
21
4
4 2218 223
4 213 223
4
110 110 *110 111
110 110
110 110 *109 110
4 29
8
30
30
285 283
3018 2914 2914
3012 30
414 44
*414 412 *414 412 *414 412
411 41
.
11414 17
16
*155 20
18
16
8
*1414 18
18
107 107
106 106
107 107 *108 110
*10514 107
16
17
18
17
16
16
16
17
16
16
5434 55% 55
57
5612 56
56% 5712 56
57
712
612 62 *618 712 *618 712 *618 712
*8
36
*3412 38 *34
•3311 36
*34
38
*3413 36
*108 112 *109 112 *108 112 .108 112 *108 112
8
3114 3114 321
31% 3218 31% 3112 311 315
31
95
93 93
94 94
9514
9514 .93
95 *93
3
3
183 1712 1714 18 1 18
15 4 15 4 15 4 167
4
3
207s
1934 18
*18
18
18
20
1814 1814 18
•18
157 40I 16
157 16
16
16
1512 *151 16
4115
*36
•37
40 •36
46
40
*36
40
*38
19
19
*18
19
18
1412 17
18
18
18
4
1912 1918 1912
1812 187
s 183 1914 1878 19'2 19
11912 11912 *115 11912 *117 12() *117 120 *117 120
41
4l .458 5
2
*413 4%1 *412 5
*414 412
8958 221
9214 90
9012 93
931
8812 s89
88
7 *83
63 4 641 641
3
6312 64
8
8412 841
631s 83
*7
7
8
634 7
7
*612 8
*612 8
.10012 101
10012 10012 10012 100s 101 1013 *101 102
4
5812 58 8 59 595
8 59 4 8058 60
7
3
604 59% 6035
8 8412 6512 6514 663
65% 136% 6412 8814
63
52 643
311 32's 3112 32
3038 3058 30 4 317
3
315 32
8
$ per share
30% 3112
16
•13
24
*20
11
118
25
25
414 414
281z 2813
411 4112
471
*47
92
*84
*1812 19
*21
22
8
2112 217
59
*55
1332 1312
3812
*37
45
45
•612 7
*5014 53
$ per share
303 31%
4
18
*14
*20
21
118
1
25% 2512
414 48
285 3018
8
42
42
47
47
92
*84
1812 1812
*21
2118
*2114 22
60
•52
1312 1312
*371 3812
45
45
0
8 7
*5014 53
$ Per share
3112 32 8
7
18
*14
21
21
118 1%
2612 267
8
412 5
31
30
4114 4114
___
_-__
*84 92
*183 20
4
*21
2118
4
8
213 217
61
052
1414 1414
3714 38
45 45
7
778
*50
53
---- 75
-ii" Vi- ;ii"
•55 ---- *
4
8
3112 315 312 •30
*30
IC • 0 - • 0
-4- 71" -432
317
31%
30
/030
5
3
•1018 1012 1012 1012 10 8 10 4 1014 1012 *1012 11
117
8 115 1214 *12
11
4
1212 *12
1212
12
•9
Nis 3618 *3614 39
3818 3818 *37
38 I 3714 39
2014 2058 2012 21
20
203 203
4
20
4 203 20%
4
80
3
767 79
s
77
7614 7614 78 4 77
75
7912
25% 2718 27
281/ 2612 28
25 4 26
5
2712 28
•120% 122 *12018 122 *12018 122 •120% 122 *120% 122
"8
"8
12
5
8
53
5
8
12
"8
.5
8
5
8
*5558 57
*5512 57
55% 55% *5512 57
57
57
8
103 103 1038 10312 103 103
8
s
1027 1027 1027 103
5l
51
5
S's
5%
5
5
558 514
5'8
*1412 1612 *1512 1712 *1412 16
1412 157
*1412 16
4
4 1158 1134 *1114 113 *1114 1184
•1114 1134 111 113
4
*23
3
4 3
12 *2 4 3
12 *21
3
4 3%
3
4 3
12 *23
*712 9
713 712
8
8% *8
9
8
8
*Nis 17
1712 171, •17% 18
16% 17
•171s 18
12
1258 •12
113 12
4
12
1212 12
12
12
5114
613
4 51
504 6118 51
515
2
8 51
505 51
4 5212 5312 5234 53
4 52% 623
2 52 523
523
51
49
,
914
918 935
93
8 93
4
91
914 935
8 93
203
8 1918 20
19
167 1735 1714 1812 18
8
2038
Sales
for
the
Week.
Shares Indu..& Miscell.(Co,,) Par
15,200 Phillips Petroleum__ __No par
Phoenix Hosiery
5
100 Pierce-Arrow Class A__No par
3.400 Pierce 011 Corporation
25
1,200 Preferred
100
6,000 Pierce Petrol'm
No pa
1,500 Pillsbury Flour Mills
No par
500 Pirelll Co of Italy
100 Pittsburgh Coal of Pa____100
Preferred
100
100 Pittsb Screw ds Bolt___No par
Pittston Co
No par
1,000 Poor dc Co class B
No par
Porto Rican-Am Tob el A-I00
1,100 Class B
No par
700 Prairie Oil& Gas
25
1.700 Prairie Pipe & Line
25
3,800 Pressed Steel Car
No par
100 Preferred
100
26,500 Procter & Gamble
No par
600 Producers & Refiners Corp_50
!Pro-phy-lac-tlo Brush__No par
38,800Tub Ser Corp of N 1-No par
600I 6% preferred
100
1001 7% preferred
100
8% Preferred
100
100 Pub Serv Elee de Gas pref_100
3,500 Pullman, Inc
No par
2,900 Punta Alegre Sugar
50
4,100 Pure Oil (The)
25
160 8% preferred
100
4.600 Purity Bakeries
363,400 Radio Corp of Amer___No par
400 Preferred
50
1,600 Preferred B
No par
72,600 Radio Keith-Orp el A_No par
4,100 Raybestos Manhattan_No par
1,600 Real Silk Hosiery
10
Preferred
100
200 Role (Robt)& Co
No par
First preferred
100
9,400 Remington-Rand
No par
First preferred
100
Second preferred
100
1,400 Reo Motor Car
10
11.100 Republic Steel Corp _- No par
300 Preferred cony 6%
100
Revere Copper & Brass No par
900 Reynolds Spring
No par
13,500 Reynolds(R J) Top class B_10
Class A
10
100 Rhine Westphalia Elee Pow__
18,700 Richfield 011 of Callfornia_25
7,200 Rio Grande Oil
No par
100 Ritter Dental Mfg
No par
2,400 Roselle Insurance Co
10
12,300 Royal Dutch Co (N Y shares)
3,900 St. Joseph Lead
10
5,100 Safeway Stores
No par
250 Preferred (6)
100
Preferred (7)
100
4,100 Savage Arms Corp__No par
1,000 Schulte Retail Stores-No par
30 Preferred
100
100 Seagrave Corp
No par
19,000 Sears. Roebuck & Co No par
1,100 Second Nat Investors No par
400 Preferred
No Par
Seneca Copper
No par
12,600 Servel Inc
No par
20,400 Shattuck (F (3)
No par
500 Sharon Steel HooD
No par
800 Sharp dc Dohme
No par
400 Preferred
No par
6,200 Shell Union 011
No par
900 Preferred
100
3,400 Shubert Theatre Corp-No par
19,300 Simmons Co
No par
2,100 Simms Petroleum
10
28,200 Sinclair Cons 011 Corp-No par
300 Preferred
100
4,000 Skelly 011 Co
25
100 Snider Packing
No par
200 Preferred
No par
800 Solvay Am Inv Trust pref_100
3.300 So Porto Rico Sug
No par
4,500 Southern Calif Edison
25
100 Southern Dairies Cl B__No par
1Spalding Bros
No Par
Spalding Bros list pref---100
4,000.Spang Chalfant &Co IneNo par
70 Preferred
100
18,200 Sparks Withington---No par
800 Spencer Kellogg & Sons No par
1,000 Spicer Mfg Co
No par
Preferred A
NO Par
1.300,Splegel-May-Stern Co-No par
23,2001Standard Brands
No par
400: Preferred
No par
300 Stand Comm Tobaceo_No par
Standard Gas & El Co-No par
60.100
900. Preferred
50
700 Stand Investing Corp__No par
1,000 Standard 011 Export pref _100
17.300 Standard Oil of Cal __No par
120.000 Standard 01100 NewJersey-25
-28,300 Standard Oil of New York_25
Stand Plate Glass Co__No par
Preferred
100
Stanley Co of Amerlea_No par
600.8tarrett Co (The L S)
--No par
1,600 Sterling Securities el A_No par
500 Preferred
20
800 Convertible preferred
50
6,400 Stewart-Warn Sp Corp
10
13.000 Stone & Webster
No par
10,700 Studeb'r Corp (The)
-No par
Preferred
100
100 Submarine Boat
No par
300 Sun Oil
No par
290 Preferred
100
3,700 Superior 011
No par
300 Superior Steel
100
300 Sweets Co of America
50
200 Symington
No par
No pa
800 Class A
400 TelautograPh Corp
No par
1,300 Tenn Coln) de Chem-No par
34,700 Texas Corporation
25
8,900 Texas Gulf Sulphur _No pa
-5.100 Texas Pacific Coal &011-10
64,400 Texas Pao Land Trust
1
•Eld and asked Prim: no Sales on this day. s Ex-dividend& g Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
11 per share
2918 Feb 17
10% Mar 4
19 June 25
1 Jan 4
2012 Jan 10
2% Jan 8
27 June 25
393
4June 25
47 June 30
85 June 16
1752 Jan 22
2018 Feb 28
207
8June 16
5934 Jan 14
1112June 25
36 June 18
4418June 11
612June 18
50 June 24
5252 Jan 3
612 Feb 17
46 Jan 2
8112 Jan 2
10812 Jan 3
121 Jan 10
143 Jan 2
1074 Feb 6
62 June 25
114June 26
1913June 25
11012May 6
52 June 21
3812June 23
53 Feb 4
68 J8.624
19 Jan 2
28 June 18
345
8June 19
88 Jan 13
218June 19
2712May 28
23 June 25
92 Jan 3
95 Jan 4
818June 17
3714June 23
8812June 27
22 May 6
3 June 18
4514June 18
70 June 3
39 June 26
143
4June 17
155
8June 25
3812June 23
27%June 18
4912June 18
3314June 18
753
4June 18
94 Mar 28
10518 Jan 14
16 June 18
414 Jan 2
35 Jan 2
9 June 24
5958June 27
7 June 26
5812 Jan 3
138June 26
612June 24
3112June 23
1612June 17
1812June 24
54 Jan 2
18 June 18
95 June 10
R5s Jan 2
2218July 2
18 June 18
20 June 23
108 June 10
28% Feb 18
4 June 18
15 June 25
9512 Jan 8
1514June 25
5218June 25
312 Jan 4
83 Jan 8
108 Jan 13
197 Jan 2
2
92 Jan 20
1318 Jan 18
18 July 1
143 lune 25
4
371/June 19
1412July 3
17 June 18
11712 Feb 3
312June 17
8418June 25
613
8June 19
5 June 23
98 Feb 8
55% Feb 20
58 Feb 20
80 June 23
%June 23
212June 12
25 Jan 9
2712June 23
$ per share
443 Apr 30
4
20% Apr 30
33 Apr 3
212 Mar 17
52 May 1
71s Apr 24
373 Apr 11
4
507 Feb 27
2
7812 Jan 7
110 Jan 7
22% Feb 18
237 Apr 8
8
34 1/Mar 18
3
7614 Mar 18
2714 Mar 10
54 Apr 1
6012 Feb 7
16% Feb 18
7612 Fib 14
787,June 2
117 Mar 17
1
65 Feb 27
12314 Apr 11
11212June 2
131 June 3
158 June 7
112 May 21
89 8 Jan 3
3
812 Jan 17
2714 Apr 7
11414 Apr 8
8S7 Feb 15
2
893 Apr 24
8
57 Apr 21
85 Apr 2
50 Apr 24
587 Apr 17
1
2
647 Mar 26
100 Mar 29
5 2 Feb 3
7
37 Jan 28
4612 Apr 14
2
1007 Mar 28
102 Mar 10
147 Mar 24
2
7912 Apr 18
9512May 5
30 Jan 3
71 Jan 29
585 Mar 11
8
80 Jan 2
45% Jan 21
2814 Mar 14
25 4 Apr 7
3
593 Feb 5
4
483 Mar 3
4
5612 Apr 7
5714 Feb 6
122% Jan 23
997 Feb 7
2
1(197 Mar 26
31% Apr 2
1312 JAI]23
75 Jan 21
1414 Mar 11
1005 Jan 31
5
23 Feb 17
4
823 Mar 18
31 Jan 29
1312 Apr 25
62 Apr 21
324 Feb 13
274 Mar10
5
63 Mar 10
2512 Apr 7
106% Apr 21
35 Apr 25
2
947 Jan 2
37 Mar 24
32 Apr 7
11214 Apr24
42 Apr 9
8 Jan 9
384 Feb 24
1211 Apr 3
80 4 Jan 16
3
72 Apr 14
9 Mar 3
45 Mar 17
113 Mar 15
3734June 14
98 Jan 2
3012 Apr 10
26 Apr 15
3812 Feb 4
4518 Mar 81
52 Feb 3
2914 Feb 8
121 June 2
714 Feb 11
12912 Ape 15
67 May 26
15% Mar 27
10414June 7
75 Apr 25
847 Apr 30
8
40 8 Apr 28
3
8 Feb 19
1012 Mar 10
7312 Apr 23
475 Apr 23
4
10 June 23 20
12Mar 31
11 June 30 1454 Mar 31
36 June 23 48 Mar 1
1914June 25 67 Apr
701zJune 18 113 Apr
5e
2514June 18 4714 Feb
118 Jan 21 135 Marl
13 Mar 3
is Jan 4
8
50 June 18 70 Apr
10212 Jan 13 10558 Feb
935May I
5 Feb 17
1212June 18 2935 Mar 2
812 Jan 24 157 Mar 2
2
7 Apr 2
258 Jan 8
714June 25 173 Apr 2
8
15 Jan 25 2614 Apr
5s
10 8June 25 17 Apr 1
7
5018June 18 60
12MaY
481sJune 25 671 Mar 2
8
814June 18 1411 Marl
Ma Jan 2 32 2Mar 2
5
PER SHARE
Stange for Previous
Year 1929.
Lowest.
Molest
A per share $ per share
24% Nov 47 Jan
1038 Oct 3758 Jan
18 Nov
377 Jan
1
Oct
358 Map
20 Oct 5111 Mai
57 Jan
% Oct
30 Oct 63 2 Jan
7
4314 Oct 68 Aug
54 Nov 83% Jan
8312.1une 110
Oct
17 Dec 27 Aug
12
20 Nov - 7 Aug
43
51 Nov 95 4 Mar
5
8 Nov 5054 Jan
4012 Oct 653 Jan
45 Oct 65 Aug
618 Nov 25 8 Mar
3
EA Dec 81 Mar
43 Nov
98 Aug
4 Oct 257 Jan
35 Oct 823 Jan
4
54 Nov 1373 Sept
4
98 Nov 10818 Feb
105 Nov 12472 Jan
13912 Nov 161 Sept
10412 Nov 10928 Jan
73 Nov
9914 Sept
6 Dec 2112 July
20 Nov 303
4May
108 Nov 116 Feb
55 Oct 14838 Aug
28
Oct 1143 Sept
4
50 Nov 57 Jan
62 Nov 8212 Apr
12 Oct 4672 Jan
28 Nov 58 Sept
12
3614 Nov
843 Mar
8
8614 Dec 10212 Feb
35 Dec
1614 Feb
40 Dec 10812 Feb
20 8 Nov
3
5758 Oct
81 Nov 9812 Oot
93 Mar 101
Apr
7
1018 Oct31 2 Jan
____ -- ---- ----- --- - --8112
15 Dec - - Nov
12% Jan
3 8 Nov
5
39 Nov 66
Jan
70 Apr 8912 Clet
42 8 Dec 64 Jan
7
225 Dec 49% Jan
5
15 Oct 4212 Mar
40 Nov 70 June
28 Nov 96 May
4$18 Oct
64 Sep/
3812 Nov 94 Jan
90% Nov 19514 Jan
85 Oct 101 Sept
100 Oct 1091 Dec
j
2012 Nov 517 Jan
31 Dec 4112 Jan
30 Dec 1181 Jan
10 Dec 2214 Apr
80 Nov 181
Jai
9 Dec 15% Nov
45 Nov 6314 Noa
1012 Mar
2 Nov
7 Nov 211 Aug
14
2
2518 Oct 194 Aug
20 Nov 53 4 July
3
167 Nov 22 Nov
2
k
50 Nov 657 Aug
19
Oct 3158 Apr
- Dec
8
591 Nov
15 Nov
21 Nov
103
Oct
28
Oct
3% Nov
14 Nov
85 Nov
725 Dec
8
4518 Nov
2 Nov
12
30 Nov
107 Nov
15 Oct
89 Mar
13% Nov
20 Nov
2018 Dec
38 Nov
34 Dec
20 Oct
11414 Nov
3 Dec
12
7312 Nov
5813 Nov
4 Dec
- - ---- -12 Oct
51
48 Feb
81% Nov
13 Nov
4
3 Dec
12
20 Nov
3012 Oct
/412 -J60
188 Sept
4018 Aug
45 Jan
111
Jan
4612May
1614 Feb
64 2 July
,
111 Sept
45 May
93 Sept
14
1558 Jan
5312 Mar
117 Fob
52% Jan
98 Oct
73 Atli
45 Aug
6658 Mar
55% Mar
117 8 Feb
7
4454 Sept
11858 Sept
43 8 Jan
5
24358 Sept
67 Feb
48 Sept
- -- -7 May
81;
83 Sept
4818 Bops
65 Jan
8
31
Jan
45 May
477 Oct
2
8% Nov 38 Sept
8% Nov 157 July
j
31
Oct Ws Sept
30 Oct 77 May
84 Nov 20112 Aug
3814 Nov 98 Jan
115 Nov 126 JUDO
% Oct
412 Mar
55 Dec 8832 Oct
100 Jan 10512 Jan
5 Nov 24 Aug
14
15 Nov 7335 Apr
518 Nov 2214 Apr
21 Dec
,
9 May
614 Nov 16% May
1
147s Dec 25% Mar
912 Nov
20 2 Apr
7
5012 Nov 517 Sept
2
42% Nov 8514 Apr
7
9 Nov 23 2 Mai
12
614 Oct 2412 Jan
87
New York Stock Record-Concluded---Page 8
wo. soles during the week of stocks net recorded here, see e19 th page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
June 28.
Monday
June 30.
Tuesday
July I.
Wednesday
July 2.
Thursday
July 3.
Friday
July 4.
Per share 5 per share $ Per share $ per share S per share S per share
1733 18
19
19 '18
18
18
1814 1814 '18
*4018 42
"40% 42 "4018 42 *40% 42
4013 4018
•25% 27
*2518 26% *2518 267
2514 2514 *2513 27
8
*1135 10612 '105 10612'105 10613 *105 10612 "105 10612
3714 373 *3714 38
4
3753
3714 373
4 3712 3712 37
1314 1312 1414 1514 1418 147
1412 1478 1412 143
4
82
82
*80
83
8112 82
82
0612 *81
82
'24
28 '24
28 '24
28
"25
373 "24
4
28
*87
92
"87
85% 8612
92
*8612 92 '8612 91
1234 123
4 13
1314 1312 1312 1314 1312 1312 1312
5712 6012 5818 603
8 571 613
55% 593
4
4 57% 60
37
4
4
4
4
38 37
3 8 "3% 4
7
1114 1114 1112 115
4
12
123
3
8 1113 117
8 113 12
1718 1712 1714 18 I 1712 183
8 173 1813 173 183
4
4
8
1312 "1213 13
*12
13
*12
•1212 13
1212 13
1118 123
4 1218 1212 1214 127
4 12% 1212
8 1212 123
9113 917
9112 913
8 9112 92 I 9113 92
4 91% 9218
*31
3214' *31
31
31
31
3114 '31
3114 31
13
13 1 *12
13 ' *12
•1314 14
13
13
13
2714 2714 2714 29
266 266
8
8
*27
2913 *2714 297
8
85
86
88
87
8512 85
8714 851 894 86
125 125 *125
"125
- "125 _- "125
1012 1212 "10% 1214
1312 4,1014 12
*93 1014 *io
4
6712 6912
6814 70
6812 677
71
67
693
4 68
3914 393
4 398 4012 40
4112 *4013 4112 3912 40
*2813 30
29
29
2912 '29
2914 29
2914 29
5312 5114 543* 517 5312 5118 53
493 5114 51
4
3
*
57
59
60
62
61
60
62
62 I *58
61
44
44
8
4612 466 46%
45
4514 *4512 48 1 46
*116 14212 *116 142 '11514 142 1'116 142 *116 14014
4314 44
4418 4614 451g 467
4
443 4614 443 457
8
73
64 64
714 718
63* 712
7
63
4 7
3537
593
4
55 1 *55
593 •57
4
' k 593 *537 593
4
8
4 55
297 30 4 3012 3214 31
8
8
324' 3114 321z 314 323
3
4934 493
4
4 4914 4934 4914 497
8' 4914 493* 483 4914
8
8
812 912
833 83
4
71z 9
74 7 4
3
86
4
8 877 883
3
4 88
8818 8514 87
89%
863 883
34
8 3514 36
343* 3414 36
3514 364 348 363
*10112 102
10112 10112 10112 102 I 10112 10112 *10112 102
'5
10
512 512 *5% 10
*5
10
512 10
•
26
23
24
2558, '23
*
23
24 '23
23
24
*103 1112 1112 1112 1114 11121 1112 113
4
8
4 1114 113
3914 3912, 40
1
403 *39% 4133
8
*373 39% 39% 40
4
*
2512 2614 25
2512 *2512 2612' *2512 2612 *2512 2612
63 "58
63
*
58
65 1 *58
65
"58
65
*
58
4
453,
418
4
4
4
4
4
38 4
287
8I 273* 287
27% 27
327
2614 27
2814 283
4
187 187 '183 19
3
8!
4
*1818 19
•184 19
*1812 19
*214 21% *2113 213g *2118 2158' ___
*10
11
10
11 1 '10
11
*10
10
10 16
"
21
2% *
23
8 "2
*2
23
8 *213 23* *213 2%
*30
53 4 50
3
52581 50
5014 51
*49
50
53
18141 1818 1818 18% 1818
*173 18
4
1758 1768 18
Stock
91
91
91
*90
91
*90
*90
91
91
"90
197 197 '19
8
19
184 184 19
20
20 Exchange
"19
6312 6312 65
6614 6814 6914 6912 6812 70
66
*97 1034 *10
8
11
*10
1012 10
Closed10
11
*10
*1312 16
16
*15
16
17% *1712 191 *17% 20
9313 "91
*91
91
Inde9313 91
9318 933
93
4 93
4978 50
494 50
5014 52
50
51
5012 507
2212 2113 227, 2114 228 2118 2214 pendence
2113 2112 22
4218 42% 43
4314 43% 4312 43 4312 4218 4218
183 183
4
1812 175* 1814 248
4 1814 1812 18
Day
1814
*42
47
47
*40
*42
47
47
"42
16413 156% 156 160
1567 1613* 1567 16018 156 15912 Holiday
8
8
14512 14512 1451z 14512 1454 1453 1454 14513 14553 14513
8
*6018 6212 *6018 6212
*6018 62
*6018 62
*604 62
323 3314
8
81
313
4 318 3212 3213 33% 3214 33
23
4 23
*23
4 3
24 3
4
3
8 3
3
27
8 79
754 7714 7714 8058 783 8434 795* 833
4
8212
414
23
•
*75
11438
*35
64
*
96
-14
124
7512
1143
8
48
64
98%
WI;
412
23
'75
114
•
35
66
'96
25
233
4 23
2512 •25
712
7%
*
5912 61
6012
397 40% 4014
s
*46
50
"46
13
13
13
43%
423 43
4
20 •____
*
27
28
28
*5
534 *512
24
24
24
55 55
*5518
160 4 1603 16114
3
4
3814 3914 53814
13012 1343* z13312
•131 140 8140
31
31
31
*
3312 36
34
' 104 "102
102
108 108
108
100 100 *100
11718 11714 1174
1091s 10918 10918
*39
42
*39
*1212 133
4 1314
*30
32
"30
*8
12
"8
2258
718
*
25
434
-11;
23
2312
80
76
11514 11514
48 •___.
70
72
9818 •96
47
3 *43
4 5
237 24
8
24
80
76 "76
116 *11612 118
47 •___- 47
7414 6912 73
98
9818 •96
*43
4 518
2312 2312
"76
79
11612 11912
693 72
4
*96
98
2514 253
257
8 251 253
4
233 23% 233 2312
3
24
8
254 "25
2512
2512 *25
814
712 7%
713 8
6114 6114 6114 61
61
41
4214 4114 42
4314
4718 4713
50
4718 "46
13% 13% 1318 1312 1312
463g 4518 46%
4714 45
19 I *153 19 *---- 19
4
19
29
283 281
3
2818 2838
283* 28
*514 53
4 *534
534
58 *512 6
24 I 2413 2518 243* 2453 2414 24%
57
*58
57
56
56
*55
57
16314 1633 164% 1628 16312 162 1627
4
8
4
383
4 384 39 "383 3914 393 3958
3
13912 13414 1408 13412 1393 13214 1374
8
140 I 139 139
140 140 1*14012 145
3312 34
3458 34
35
"34
3412
34 I *34
35 .3312 35
"34
35
104 ,•102 104 "102 104 ,•102 104
108 1'108 10812 10814 10812 *10812 109
lot I 10012 10012 99 100 1 '9912 101
1173 117 1177 117 1171 11512 11614
4
s
10914 1091s 10912 1093 110 I 108 108
8
40 I .39
40 I *39
40
*383 391
4
13%1 1313 1312 •13
133
4 134 1314
32
*30% 31 1 30 4 304 "307 32
3
8
10
8
10
*8
10
"8
10
26
25'2
2313 2312
2513 '25
712
712
6012 6114
4112 4034
50 i *46
1314 1314
45
45
2912 If -564 ii -5114
"
'30
"
32
"
-41f3 112
1•4212 43% *423 43
447
8 44
4
43
448 4414 4414
s9s,
5 8 5%
6
57
8 6
5% 5%
5% 5%
20
22
23
23
20 •18
2312 2318 *5
19
*16
163
8 16%163* 1634 163 *1612 1634 163 17
4
4
293
4
*•.__.293 •---- 293 *.___ 293
4
4
4
293
4
*1418 20 "1412 22
*---- 20 *---- 20
*14% 2212
573 6
5% 6
6 4 64
3
3
58 6
5 4 53
3
4
65
63% 63% "6312 66
65
6312 6312 3
334 66
414 414 *33
3% 4
4 412 *334 414 *4
414
9 4 10
3
8 1012 1012
*913 1012 101g 101g *101g 107
45
45
"4512 46
46
*4512 47
457 45% 46
8
3
8
63 4 5414 5414 56
55% 587
s 563 5712 56% 58
124 127
12612 132
12614 1334 12714 131
12514 13014
4
*933 100
4
*933 IGO
4
*933 100 "993 100
4
*993 100
4
• 8 88
1363
88
88
88
*8414 88 '86
•86
88
5212 '32
*35
5212 *25
52% *
25
5218 •25
5212
42
42
42
42
42% 42 • 42
4214 *4114 43
8
244 2514 25
4
8
2618 243 264 247 2512 243 2514
91
91
91
91
"91
943 *91
4
95
•91
95
33 33
34% 37
3512 36
8
3
5% 3514 •353 3618
*112 118 *113 125 *112 120 '115 125 •115 125
•13
818
818 8%
8% 818
84 9%
8% 8%
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-shar hts
,
Lowest.
Highest.
Shares Indus. & Miceli.(Con.) Par
6 A
Pg sh
Ii3 aprre4
No par 8171'38"Justi.288
900 Thatcher Mfg
200 Preferred
No par 40 June 18 48 Mar 81
No par 25 June 12 32 Jan 18
300 The Fair
100 102 Jan 21 110 Feb 13
__Preferred 7%
25 36 June 18 4713 Mar 12
1,400 Thompson (J R) Co
4
21,400 Tidewater Assoc 011___No par 104 Feb 15 173 Apr 7
100 78 Feb 13 893 Mar 25
600 Preferred
Tide Water 011
100 194 Jan 31 31 Apr 23
100 8518July 3 944 Apr 16
400 Preferred
10 12143une 25 2114 Apr 11
2,000 Timken Detroit Axle
8July 3 8914 April
51,200 Timken Roller Bearing_No par 553
64 Jan 23
24 Jan 3
20
2,400 Tobacco Products Corp_
20
78 Jan 2 128 July3
3
9,000 Class A
31,800 Transcont'l Oil Co._ _ _ No par 164 Mar 10 24 Apr 24
hl7
sJunclS 283 Jan 31
s
200 Trannue & Williams St'l No par
93*iune 18 2014 Apr 10
9,400 Tri-Cont1nental Corp --No Par
100 8914 Apr 10 94 June 11
3,000 67 preferred
413 Mar 1
4
400 Trio° Products Corp-_No par 3012June 2
No par 13 June 231 22 Mar 18
300 Truax Truer Coal
s
25 June 25 375 Mar 25
1
700 Truscon Steel
6,100 Under Elliott Fisher Co No par 83 June 18 138 Mar 21
100 121 Feb 4 12518 Apr 29
10 Preferred
938June 24 1718May 8
Union Bag & Paper CorpI00
8
41.400 Union Carbide & Carb-No Par 60I8June 23 1063 Mar 81
25 37 June 18 50 Apr 7
2,300 Union 011 California
No par 25I4June 18 3811 Apr 10
1,700 Union Tank Car
102,700 United Aircraft & Tran_No par 4318 Jan 31 99 Apr 8
4
50 56 Jan 31 773 Apr 7
1,000 Preferred
4May 28
No par 36 Jan 7 583
1,000 United Biscuit
100 118 Feb 6 142 May 28
Preferred
No par 4018June 18 84 Apr 24
5,200 United Carbon
812June 5
612June 24
5,600 United Cigar Store*. N0 par
100 26 Jan 2 68 June 5
100 Preferred
8June 18 52 Apr 28
No par 283
228,400 United Corp
No par 465s Jan 6 534 Apr 23
13,500 Preferred
Thoune 10 197s Feb 19
No par
3,600 United Electric Coal
No par 83 June 16 105 Jan 13
7,300 United Fruit
8May 1
57,300 United Gas at Improve_No Dar 3114June 18 493
No par 97 Jan 13 10214 Apr 25
900 Preferred
14 Mar 14
5 June 11
100
100 United Paperboard
8
271(s_No par 22 June 18 327 Apr 7
1,700 United Piece Dye 1
8June 7
418 Jan 2 147
No par
4,400 United Stores cl A
7
1,300 Preferred class A__ _-No par 154 Jan 2 43 8June 5
300 Universal Leaf Tobacco No par 25 June 30 39 Mar 15
Universal Pictures lit pfd.100 30 Jan 3 76 May 9
9 Apr 10
218 Jan 9
5,000 Universal Pipe dr Had...No par
17,200 US Cast Iron Pipe & Fdy-20 1818 Jan 2 3814 Apr 10
153 Jan 7 21 May 27
8
No par
100 1st preferred
No par 1818 Jan 3 2114June 6
2d preferred
93
4May 28 203 Jan 17
No par
8
500 U S DIstrib Corp
43 Apr 14
2I8June 25
100
U S Express
No par 4018June 16 103 Apr 7
700 U S Freight
1,400 U S & Foreign Secur_No pas 16 June 23 324 Mar 30
.No par 854 Jan 8 101 Mar 21
100 Preferred
4June 23 305 Mar 12
600 U S Hoff Mach Corp.__NoPar 173
2,600 U S Industrial Alcohol_.._ 100 62 June 25 13958 Jan 2
718 Jan 2 154 Apr 21
No par
200 U S Leather
No par 15 Feb 28 26 Apr 21
300 Class A
100 7713 Mar 17 94 June 23
900 Prior preferred
5,300 US Realty & Impt-__No par 4814June 27 754 Mar 25
10 20 June 18 35 Apr 10
6,000 United States Rubber
8
100 4114June 27 637 Apr 4
1,800 let preferred
3
2.200 05Smelting Ref & Min._.50 17 8July 2 3618 Jan 6
50 47 June 23 5311 Jan 7
Preferred
8June 25 198 4 Apr 7
3
225,300.United States Steel Corp-100 1513
100 141 Jan 4 146 Mar 21
3,000 Preferred
No par 5912June 18 68 Feb 10
U S Tobacco
3
No par 30 June 23 45 4 Apr 10
10,800 Utilities Pow & Lt A
23
4July 2
718 Mar 12
No par
1,700 Vadsco Sales
7
No par 49 8 Jan 2 14314 Apr 28
353,200 Vanadium Corp
No par 37 Jan 18 474May 1
18
Vick Chemical
4 June 25
87 Apr 1
8
No pat
800 VIrginia-Caro Chem
100 23 June 18 3414 Apr 1
900 6% preferred
100 75 June 19 828 Apr 9
100 7% preferred
8
110 Virginia El & Pow pf (7)- _100 1053 Jan 8 11612Ju1y 3
Virg Iron Coal & Coke of-100 38 May 1 40 Apr 21
100 60 June 18 156 Mar 24
1,090 Vulcan DettnnIng
Preferred
100 85 Jan 24 100 Mar 24
j
Claw A
100 68 Jan 22 1497 Mar 24
No par 2414 Jan 6 313 Apr 11
4
3,600 Waldorf System
4
2,800 Walworth Co
No par 2112June 24 423 Apr 2
Ward Bakeries class A__No Par
214 Jan 7 54 Mar 24
,
418 Jan 2 158 Apr 1
No par
1,200 Claw B
100 58 Jan 2 7718 Apr 3
1,000 Preferred
172,500 Warner Bros Pictures_No par 3812June 25 8014 Mar 28
No par 3618 Jan 2 7014 Mar 28
300 Preferred
123
4June 23 27 Apr 12
No par
3,500 Warner Quinlan
No par 4018June 25 634 Apr 11
6.2001 Warren Bros new
4
Preferred new
NO par 183 Apr 29 2012May 22
1,500 Warren Fdy & Pipe
No Par 2314 Jan 2 4312May 19
912 Mar 31
Webster Eisenlohr
25
5 June 20
1:100 Wesson Oil & Snowdrift No par 2218 Jan 23 294 Mar 27
300 Preferred
No par 504 Jan 15 5912 Apr 7
,
4June 25 2193 Feb 19
3,900 Western Union Telegraph. 100 1508
83une 2
52 Feb 27
3.000 WestIngh'se Air Brake_No par 363
108,200 Westinghouse El & Mfg---50 12414June 23 20118 Apr 15
120 1st preferred
50 126 June 18 1974 Apr 15
2,900 Weston Elec Inatrum't_No par 29% Jan 18 48% Mar 31
100 Class A
No par 33 June 23 36 Jan 28
West Penn Eleo class A_No pa
98 Jan 3 110 Apr 16
8May 29
80 Preferred
100 IO5l2June25 1107
200 Preferred (6)
100 974 Jan 2 10178June 10
370 West Penn Power pref
100 11318 Jan 3 11812June 17
450 6% preferred
100 1043 Jan 23 110 Apr 2
s
8June 25 50 Mar 10
383
West Dairy Prod 01 A__No pa
500 Class B
No pa
1118June 19 2418 Apr 11
200 Westvaco Chlorine ProdNo pa
30 June 24 594 Feb 17
Wextark Radio Stores_No pa
9 May 5 21 Jan 7
White Eagle Oil& Refg No pa
28 Jan 17 2912 Mar 17
2718June 25 48 Apr 4
1,400 White Motor
No pa
7
1,900 White Rock Min Spring ctf_50 mg Jan 21 54 8 Mar 20
5 June 18 13 8 Mar 4
1,800 White Sewing Machlne_No par
7
400 Preferred
No par 20 July 2 397 Apr 3
8
700 Wilcox Oil & Gas
No par 1112 Feb 26 21 Apr 25
Wilcox-Rich class A___No pa
27 Jan 3 3414 Jan 29
Class B
194May 5 27 4 Mar 31
3
No pa
3.900 Willys-Overland (The)
5
53
4June 26
117 Feb 6
8
100 62 June 18 85 Apr 3
500 Preferred
No par
318June 25
711 Mar 27
4
1.800 Wilson & Co Inc
No par
1,000 Class A
74 Jan 13 13 Mar 27
100 42 Jan 13 544 Mar 31
800 Preferred
10 51%.June 23 723 Jan 2
s
29,200 Woolworth (F W)Co
100 674 Jan 17 169 Apr 29
28,500 Worthington P & M
100 88 Jan 17 107 Apr 25
Preferred A
100 78 Jan 3 93 Mar 29
200 Preferred B
Wright Aeronautical__No par 353, Jan 23 5918 Mar 5
25 4114June 26 77 Mar 1
800 Yale & Towne
4
4
113,400 Yellow Truck & Coach el B-10 123 Jan 16 323 Apr 23
100 72 Jan 27 105 Apr 2
20 Preferred
2,400 Young Spring & Virlre--No Par 3214June 19 47 Mar 7
Youngstown Sheet & T_No par 108 Jan 11 152 Apr 7
58 Jan 17 163
4June 2
2,500 Zenith Radio Corp... _..No par
•1114 and asked prices; no sales on Ws day, a Itx-dIvIdendea I Es
-rights,
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARI
Range for Previous
Year 1929.
Lowest.
Hiplhost.
per share
3.5 t i
Per rept
a
35 Mar 497 Sept
s
8
2518 Dec 517 Jan
102 Nov 11034 Oct
Jan
30 Oct 62
10 Nov 2311 June
7418 Nov 9078 Atli
14 Nov 40 June
854 Nov 9718 Jan
1118 Oct 343 Sept
8
584 Nov 150 Jan
I
Oct 2218 Mar
514 Nov 2258 Mar
153 Dec
8
538
Apr
115 Dec 83 July
134 Dec 317 Jan
1
6138 Jan
3018 No
4
82 Nov 1813 Oct
Jan
120 Dec 125
7 Nov 43 Jan
59 Nov 140 Sept
4218 Nov 57 • Sept
__-31 Nov ---- ?US;
162
.
444 Nov 10912 May
334 Dec 60
Oct
11418 June 138
Oct
404 Nov 111% Sept
_
197 Dec fa- Jan
8
19 Nov 7512May
4218 Nov 494 July
6 Dec 8118 Feb
99
Oct 15818 Jan
22
Oct 5913 July
9014 Oct 9814 Dee
7 Nov
2658 Jan
1514 Nov 48% Aug
Oct
3 Dec 14
18
144 Dec 4078 Oct
2518 Nov 854 Mal
28 Dec 93 Jan
24 Dec 2214 Jan
12 Oct 557k Mar
Jan
15 Oct 19
20 June
184 Nov
9 Oct 23 Sept
10 Apr
2 Jan
8614 Nov 13418 Sept
174 Nov 72 Aug
82 Nov 924 Aug
174 Dec 494 Jan
95 Nov 24358 Oct
5 Nov 3518 Jan
8
1414 Dec 617 Jan
8114 Dec 107 Feb
5012 Nov 11918 Feb
15 Oct 65 Mar
4018 Nov 9218 Jan
a
8
297 Oct 727 Mar
Jan
58
48 Nov
150 Nov 26133 Sept
137 Nov 1444 Mar
4
5518 Nov 713 Nov
244 Nov 5812 Aug
1318 Jan
3 Nov
374 Nov 11612 Feb
33 Oct109 Mar
34 Oct 2434 Jan
12
15 Oct 65 Jan
69 Nov 9718 Feb
102 Nov 110 Sept
39 Dec 48 Jan
38 Nov 1494 Aug
81 Nov 110 Apr
40 Jan 142 Sept
3612 Oct
20 Nov
8
22 Nov 497 Oct
20 Dec 844 Jan
118 Oct 2114 Jan
50 Nov 8718 Jan
30 Nov 644 Aug
2514 Oct 5914 Jan
7
15
Oct 42 s Jan
---- -1515 Mar
Jan
4 Oct 113 6 Feb
344
3
20 Oct 48 Mar
4918 Nov 724 Mar
160 Nov 27214 Oct
4
3618 Oct 873 Aug
8
100 Oct 2923 Aug
103 Nov 284 Aug
3
1918 Nov 64 8 Sept
3218 Aug 3611 Apr
90 Nov 110 Feb
97 Nov 11114 Jan
Jan
8812 Nov 102
110 Nov 117 Mar
102 Sept 11012 Jan
3618 Nov 60 Sept
40 Sept
7 Nov
30 Oct 944 may
19
Oct 75 Sept
25 Oct SS Feb
53 Mar
12
27 Nov
14
274 Nov 65 4 Sent
3
Oct 68 Jan
1
7
27 Dec 57 8 Jan
3
127 Nov 29 4 Feb
8
Oct6114 May
19
8
123 Oct 62 May
514 Oct 36 Jan
65 Dec 103
Jan
3 Dec 1318 Jan
658 Nov 27 Jan
Jan
3
35 4 Nov 79
524 Nov 112 Sept
43 Mar 1373 Sept
8
75 Nov 10018 Sept
66 Apr 9018 Sept
30 Nov 299 Feb
614 Feb 88 Aug
74 Nov 6114 Apr
80 Mar 9618 May
5
334 Oct 59 4 Aug
91 Nov 175 Sept
ell Dec 828 Jule
4
88
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of voted bonds was changed and prices are now "and interest"—except for income and defaulted bonds
BONDS
. STOCK EXCHANGE.
Week Ended July 4.
Price
Thursday.
July .3
Weer'
Range or
Lan Scas.
ioii.
c Cash sale.
On the basis of $5 to the £ sterling.
11
Pries
BONDS
N. Y. STOCK EXCHANGE. 1 L Thursday,
,,,r.
July 3.
Week Ended July 4.
Week's
lasso or
Last Bale.
i•
1
al
Rases
New
Jas. I.
Hisi No Lou Iltols
dsk Law
Bid
KWh Candinamares(Dept) Colombia05 84
7312 73
7312
3
73
External. f 8528
.1959
110 1104 1091
e 110% 11 1091 111
105 98312: 1013:: Csechosiovakia (Rep of) 88_1951
4
110 ___ 1093
4 1093g
I 109 1114
Sinking fund 8s eer B_ _ _1952
98131:1001::
10812 Sale 10812 109
4 108 111
12
57 100u:110
/1
21a Danish Cons Municip 88 - _ 1946
1085 Sale 1085, 1085
8
3 10846112
e f 88 Series B
1946
98131:9914:
10514 86 10312 105%
Denmark 20
4
-year esti 68...._1942
1051s Sale 10
991 1017
2
700 10031::1021564
3
External g 6328
10114 Sale 10012 10114 22
1955
410 109318111111n
923
4 45
923 Sale 9212
4
904 193 4
3
External g 512e__Apr 15 1962
97 101
36
36 10511811091n Deutsche Bk Am part ett 88_1932
101 Sale 1004 101
12
93 101
414 103 10611n Dominican Rep Cuet Ad 5328'42
97 June'30 ___
95
97
8924 9612
9014
6
51 991:4 102
let ear 6348 of 1920
9014 Sale 9014
1940
9014 96
151 9814n 102
9034 93
91 June'30 - —
2d series sinking fund 5325 1940
96 102
10034
4
Dresden (City) external 78_1945
100 Sale 100
14 1011 103
8
1013 Sale 1015, 102
Dutch East Indies esti 86_1947
4
9 10113 10314
40
-year external Os
102 10212 1014 102
1982
3 10113 102 4
5
30
-year external 5126
1015 Sale 1015
8
, 102
-.1
1953
30
-year external 54e
1015* 1023 1017 June'30 --__ 10113 103
4
1953
El Salvador (Republic) 88_1948
7 103% 10812
94
108
94
108 1085, 108
5
75 88
78
8
8
78 Sale 78
975 975 Estonia (Republic of) 78_1967
9312
4
91% 973
4
Finland (Republic) Intl 66_1945
9212 9311 9312
10214 104
95 8 19114
7
4
14 15
103 105
993 Sale 99% 100
External sinking fund 78_1950
914 9812
6
974 30
Ex ternalelnkhig fund 8)2121956
9712 Sale 983
8412 92
3
88
8512 87 8512
-oa 98
External:linking fund 5461988
1
9812
2
92 2 99
Finnish Mun Loan 61.4s A..1954
9612 Sale 9612
9934
2
923 9812
4
9612 974 97
97
External 01411 series B
95
1964
4
9212 95
9414
93 9311 93 4
3
---- Frankfort(City of)s f 6148_1953
123 Sale 1225, 61231 139 11754 126
8
French Republic ere 7128-1941
-...
5
1177 Sale 1175
8 1171
3 85 112136118 i
External 78 of 1924
1949
German Government Internac9114 Sale
884 69114 428
884 914
971 i0s1
tional
-35 yr 5128 of 1930_1965
106 Sale 1055, 1084 100 10512 109%
108 108 German Republic extl 7s_ I949
100
8
100 Sale 99
94s 1004
Gras (Municipality) 88
1954
, 10412 42 1024 1084
7
10414 Sale 103
Go Brit & Ire(UK of) 630_1937
104 Apr'30 _ _ 104 104
Registered
08613 174 68614 June'30 __ 182% 90
64% fund loan E opt 1960_1990
99 101
99
2 49714 99
.5% War Loan i opt 1929_1947
e9914_ _ 499
109 109
4
85 1064 106 June'30 ___ 1023 10712
Greater Prague (City) 7348_1952
3
97 102%
10012 Sale 10012 100 4 12
Greek Governments:see Ts 1964
3
8834
47
81
88
85 Sale 85
Sinking fund sec Se
834 86
1968
95
1
9214 100 4
1
95 Sale 95
634 801
1982
: Haiti (Republic) 6 1 (le
7
4
9712 84
91
974
Hamburg (State) tle
9712 Sale 943
1946
87
9812
15
4 1013
4
1 10012 10412
10112 1035, 1015
71
873 Heidelberg(Germany)0:U7324'50
4
9014 59814
9012
6
9012 Sale 9012
3 704 8712 Hungarian Munlc Loan 734,1945
94
88
8712 10
Externals f 76
86 Sale 86
Sept 1 1946
70 874
2
91 100
1
95
95
Hungarian Land M Inet 7148 '61
97
94
70 88
3
904 984
Sinking fund 714. ser B_1961
9312 953 92 June'30 ____
4
8912 874
4
3
997 104%
8
Hungary (Kingd of) if 7345 1964
1013
4
8
10014 1015 10184
89
07
9
18
96 599%
Irish Free State extis at 4_1980
9812 Sale 981
: 99
88
67
43
Italy (Kingdom of) ext1 7u_1951
9812 158
944 101
981 Sale 97
9214 98
12
93
7
984
Italian Cred Consortium 71 A1937
9512 9412
954
92
9512 100
9224 9813
4
External see 8 f 75 ler B__1:
4
95
9412 943 943
4
147
76
s
92 981
Italian Public Utility esti 74 1952
96% 35
08 Sale 96
95 100
30
975
8 39
94% 9 24
8
9714 Sale 9714
1
so 9512 997 fapaneee Govt i loan 411_1931
30
-year 8 1 0148
10414 Sale 1033
4 10414 80 16112 105
945443100
1964
26
EU]sinking fund 5121.- 1965
los Sale 8912
8912 9124
903 182
4
23 95 100
9554 1004 Ittgoelavia (State Mtge Bank)—
58
7714 854
8334 46
Secured 6 1 g 78
8334 Sale 8134
95 993
1957
4
18
,
4
8
943 1011
97 Sale 97
9814
95
99% Leipzig (Germany) $ 1 72
1947
0
9918
1
9312 100
94% 1003 Lower Austria (Ploy) 710_1950
6
99, Sale 9918
4
33
Lyons(City of) 15
104 4 23 102126104
3
-year 8s_1934
89 e97
1045, Sale 10414
1041: Sale 10414 1043
4 32 102126108
85
891
: Marseilles(City of) 16-yr 6s 1934
78
80
66
2
70 Sale 70
70
8412 9414 Medellin (Colombia) 630_1954
25
116
8 24
1031 1511
84
9414 Mexican Irrigat Asetng 412s 1943
11 Bale 11
123
28
28
7714 85% Mexico(US)extl Si of 1899£
_ 28 Apr'30 ____
26
304
2
16
Assenting 56 01 1899
18
1945
'45-__- 1 - 10
14
83
4
23 102% 108
Assenting 56 large
17% Apr'30 _
104 17 4
3
91
9812
32
1014 135*
Assenting 4e of 1904
1111 June'30 ____
-11- 14
1074 1114
14
8
10 4 14
3
--------12
13
1s
Assenting 43 01 1910 large
3
87 105 011012
1114
10
1s 14
8
Assenting 45 of 1910 small_ _ _ _
1118 Sale 1118
23 1014 1034
Trees 86 of'13 a:went(large'133
18 95
18
8
2118 18
17
12
58 1094 113
171s 28
14
_ _ ___ Ills June'30 ____
Small
8 107 11014 Milan
(City. Italy) sill 034 '52
:
sio Bale 8812 90% 156 85 98
,
3 110 1121
99 102% Minas Geraes (State) Brazil—
External s 1 8322
73
78
7
5
75%
8
ea 53
1958
so 924 69912 Ertl See 634, series A_...,..1959
8912 8212
18
74%
75
75
74
9434
86
9824 103
3
4
1003 Sale 1004 100 4 12
9211 995, Montevideo (City of) 78-1952
114
WA
3
91
9212
External e 1 66 series A
921 Sale 91
8
1989
SIM 100
43
1061
: 9 103 107
10612 Bale 106
65 85 4 Netherlands 85 (flat pr4cee_1972
3
113
New So Wales(State) esti 56 1967
80
90
813
4 16
8114 Sale 80
824 84
20
80
90
813
4 30
Externals f 58
Apr 1988
8134 Sale 80
49 102142105
10312 Sale 10314 1033
4 39 101 1961
2
-year axe 88—.1943
94 10213 Norway 20
39
33 1024 104
-year external 68
1944
104 Sale 1035, 104
7212 881
, 20
26
1025*
7 101% 104
39
-year external 82
1952
10258 Sale 102
7214 1881,
49
40
1013
4 46 10018 1021,
-year If 514e
1965
1011 Sale 10114
:
80 93
1s
2
9004 994
External s f 8s____Mar 151908
99 Sale 9811
9914 51
98 1054
26
9424 98
Municipal Bank extle114 1967
8
31
987 Sale 985
97
984 10314
25
82 9 4
Nuremburg (City) esti 14_1952
823 89 82 June'30 ____
2
2
82 90
20
-year 8 t (16- —1955
10112 Sale 10014 1011: 14 100 102%
8018 88 4 Dslo (City) 30
8
17
9813 101
2
1946
10114 102 101
101
73 861
: Sinking fund 5548
17
1004 103
7
103 Sale 102
103
964 1004 Panama (Rep) ext1 5He —1953
10
Extle t be ser A __May 15 1963
-9212
3
8912 954
92
93 4 92
5
91
9813
8
714 90
765 Sale 7512
8
76 4
3
90
981s Pernambuco (State of) esti 75'47
45
Peru (Rep of) external 76-1959
91 410112
12
94 Sale 91
94
8018 91
6
Nat Loan ext1 s 1 61 let ser 1960
69
84
71 Sale 7014
c7314 52
7133 85%
4
5
Nat Loan (mil a f (31: 2d set 1961
717
7014 Sale 70
55
59
84
4
82
9014
11
81
74
7612 21
81
9312 Poland (Rep of) gold 13e. —1940
75 5515 75
26
Stabilization loan s 1 71-1947
79
884
85 Sale 8414
85
42
99% 10114
15 1024 106
External sink fund g 82-1950
98
92
944 Sale 93
60
95
52
91 100
92
9312 938
934
6
973 100 4 Porto Alegre (City of) 88-1981
4
8
Exti guar :rink fund 7541.1988
8312 941s
3
86
103 109%
904 8514
8514
Queensland (State)exits lini 1941
105 Sale 1044 105
8 104 110
831s 95
26
-year external Os
1947
0812 5 954 10 4
4
954 9852 984
7
99 Sale 98
9212 98
12 Rio Grande do Sul en'$1 88 1948
100
9
90 103
23
External sinking fund 61-1908
643 80*
4
1
3
68 Sale 67
6812 28
7714 90 8
34
Externals f 78 of 1926—.1966
74
7714 90
4
934
80 Sale 79
80
42
External 8 f7, munic loan 1987
80
763
4
77
8
73
394
- -841s 94
Rio de Janeiro 26
4
-year 818e-1940
984 Sale 9812
984
8 924 1051
21
External e f 63411
76
33
7014 85
1953
75 Sale 7312
991s 10314
35
9012 sale 80
62
87
944
1952
88
94 s Rome (City) exti 034.
5
001
30
4 108 10512
10312
103 10312 10312
88 c9412 Rotterdam (City) axe (4_19134
25
Roumania(Monopolies) 7s 1959
94
82 85
823
4 18
88
823 Sale 82
4
11
3aarbruecken (City) Oa1
8
IOU
8712
05* 90%
88
94
883 8812 8712
4
21
1
95 107
2
993
4
100 102
99
88
9414 3ao Paulo(City) e f 8e-Mar 1962
121
84
External if 034$ of 1927-1967
70
7234 24
884 91%
7224 Sale 71
12
San Paulo (State) ere of 85-1938
8
98 1024
99
9912 100
9914 100
92
35
External sic, 1 88
7 98 101
1950
92%
925, Sale 9212
94 100%
17
External s f 78 Water L'n_1956
7924 93
8612 94
9012
3
4
9034 Sale 863
4
22
External e f 86
8712 01
1988
7012 Sale 69
81
7012
9
05
31
90 96M
Secured 8 f 78
1940
9112 34
9014 Sale 90
9212 c98
1
93%
7
87 95%
Santa Fe (Prov Arg Rep) 7s 1942
30
91 Sale 91
21
4 100 10214 Saxon State Mtge Inet 78_1945
994
7
93 100
994 Sale 994
Sinking fund g 0 He__Deo 1946
9412
9414 Sale 9414
9018 6983
4
86
97
8
25
as% 283 Seine, Dept of(France)extl 76'42
010912
10754 Sale 10712 1071
8 38 1085
38
98
87
95
90
4
2
9312 943 933
68
81% 3erbe, Croats & Slovenes 88 '62
4
7524 884
0514 8214 External sec 75 ger B_1962
4
8412 68
84 Sale 823
11
Mesh: (Prov of) ere 72_
86
82
7112 31
1958
86
71
71 Sale 70
10
31lestan Landowners Asenile 1947
11
72
8424
7818
79
813
4
70
783 80
10
1oissons (City of) ere 8s
10412 27 101526105
1938
1044 Sale 10412
4
953 99
24
26
92
86
4
934
92 Sale 903
884 9312 3tyria (Ploy) external 78„..1946
1
lweden external loan 534._1954
129 10314 1004
106
7614 93
106 Sale 10414
4 26 1071010912
10712 Sale 10714 1073
82 98% ;wise Confed'n 20-yr e I 8o 1940
13
1155
4
Iwitzerland Govt Intl 5128_1946
1
4 81 10212
92 100
10512 10614 103 8 1053
5
2
747 82
Cokyo City Si loan of 1912_1952
79
4
79
91
7612 79
86
12
8714 934
External 8 f 53411 guar-1981
Sale 9012
905* 75
9012
98 101
674 87
Colima (Dept of) rat' 7s
74
1
1947
74 74
68
100 102
931t 98
9814 48
904 95% Crondhjem (City) let 5343_1957 I
98 Sale 97
16
11 92114 9724
9612
9612
99 10114 Ismer Austria (Ploy) 7$_...1945.064 97
External a 1 6 t5e_June 15 1567
AO Sale RI)
00
12 I R14 91
No. Low
"..0 molozoa.go.ocoqmosz.4mzmw000w,
a..o.copzpoeoze'04000' ZZcz<z<z-4oloiezZQP
,
-4.4 1..airoltN4.4-.22....
nd City Securities.
NYC 334% Corp st_Nov 1954 MN
---- 85% Oct'29
334% Corporate Pt-.May 1954 MN ---- ---- 884 Aug'29
42 registered
998 mar'28
4
1936 MN ---.
is registered
94 Feb'30
1956 M N
6% corporate stock
1967 M N
978 June'30
434% corporate stock
104 Mar'30
1957 MN
414% corporate etock
105 Mar'30
1957 M N
11% corporate stock
1958 MN
9414 Nov'29
A% corporate stock
1959 MN
98 June'30
414% corporate stock
1931 A 0
Oct'29
98
% corporate stock___ _1980 M
4
9918 ---- 993 June'30
1964 N 8
434% corporate stock
99 Mar'29
% corporate stock
1968 A 0
01 Mar'29
434% corporate stook
1972 A 0
9912 Oct'29
24% corporate etock
1971 J D
3
00 4 Sept'29
1112% corporate otock
10812 98 June'30
1963 M S
434% corporate nook
1985 J D
110% 08 June'30
414% corpomtestook July 1967 J J
013 Nov'29
4
New York State Canal 4s
1960
0114 Mar'29
4sCanal
Mar 1958 111 S
0114 July'29
Canal impt 4e
1961 J J
01 June'30
412e
1984
J
09 Jan'30
Ierelen Govt. &Municipals.
87
72 684
883
4
Agrio Mtge Bank.f 66
1947 F A 8714 713 74 June'30
4
SinkIng fund 62A _ _Apr 16 1948 A 0 92% Sale 921s
92%
4kerebus (Dept) extl U.__ _1963 MN 785 Sale 76
8
7853
intioqula (Dept) col 78 A _ _1945 J J 78
783 75 June'30
4
External at 78 ser 13
1945 J J 75 Sale 744
75
External, f 70 ser C
1945J .1 7412 75
75
75
External e f 7s sec 13
1945J
71
7314 70
71
External, f Ts let ear__ _1957 A 0 73 Sale
73
72
External see s f 7s 2d ser_1987 A 0 7112 Sale 7112
75
External see ef 78 3d ser_ 1957 A 0 96% Bale
963
4
9
7
Antwerp (City) external 51.1958 J o 983 Sale 984
8
9812
Argentine Govt Pub Wke 64_1960 A 0
Argentine Nation (Govt of)—
985 Sale 984
8
984
Sink fund 6e of June 1925-1969 J D 99 Sale 97%
99
Ertl,f 6,01 Oct 1925_
1959 A 0 98 Sale 98
98%
Sink fund 68 scrim/ A
1957 M $ 9812 Bale 072
4
98%
External 68 series B__Dee 1958 J D 9838 Sale
99
Esti $ I 6e of May 1926._1960 N N 9834 Bale 98
98%
973
4
External e f 6s (State Ry)_1960 M S 98 Bale 077
8
984
Ertl fle Sanitary Works_ _ _ 1961 P A 98 Sale
4
98
983
Ext160 pub w km
(M ay'27).1961 N N 924 Sale op2
923
4
Public Works exti 534.__1962 F A 8552 8712
85 June'30
irgentine Treasury Si E_ _1945 M S 86 Sale
86
4
843
Australia 313-yr ISs_ _July 16 1985 J J 85
884
88
External 511 of 1927._Sept 1957 M S 7713 Sale 85
8
78
External g 434, of 19281956 N N 10414 Sale 773
104 s
5
Austrian (Govt).17.
1943 J D 9334 Sale 04
93
94
Bavaria (Free State) 834p_ _1945 F A
10914 Sale 09
1094
Belgium 20-yr s f 85
1941 F A
46
-year external 6 Ms___1949 M S 109 Sale 0812 1094
10312 Sale
4
3
External e IS,
1955 J J 113 Sale 02 4 1033
4 1134
External 30
-year a f 7e_ 1955 J D 10812 Sale 123
0818 109
1950 M N
Stabilisation loan 71
Bergen (Norway)s f tis
1945 MN 1104 1104 1012 110%
101
15
-year sinking fund 6s
1949 A 0 100 Sale 00
98
Berlin (Germany) s f 6 Ms_ _1950 A 0 98 Sale 9518
873 Sale 863
4
4
873
4
External sink fund 08__19551 J
93 4 Sale 93 4
3
93 4
3
5
9ogota (City):nes f
_ 1945 A 0
894
Bolivia(Republic of)sill 31. 1947 M N 8914 Bale 8213
76 65
73 2
7
Externalsecurities ls
1958 J J 73
74
External s 178
1969 M B 74 Sale 624
4
Bordeaux (City of) 15-yr 05-1934 M N 104% Sale 0414 1043
Brash!(II S of) external 88_1941 .1 D 10112 Sale 00 4 10212
8112
4
External s f 6 he of 19311 1957 A 0 793 Sale 794
8034
9
Extl $f 634s 01 1927
1957 A 0 7914 Sale 7 4
90 4
3
7e(Central Railway)
1952 J D 90 Sale 90
2
2
734s(coffee eecur) (flat) 1952 A 0 101 1011 0112 1011
10312
Bremen (State of) one 71._1935 M S 10318 Bale 03
834
Brisbane (City) 8 f
1957 MI S 82 Sale 82
83
83 81%
Sinking fund gold Si
1988 F A 82
7914
Budapest(City) °it'I f 61..1962 J D 79% Sale 77
9812
Buenos Aires(City)61462 B 1955 3 J 9812 Sale 97%
97
External $ I 68 ler C-2 _1960 A 0 97 Sale 95
95
95 Sale 934
Externals 1 66 ear C-3_ I980 A 0
85
Buenos Aires (Prov) ext1 68_1961 Id 8 85 Sale 81
80
Bulgaria (Kingdom)5 f 7e 19673 J 7(418 Saw 794
83%
4
Stabll'n l'n s 17 Ms Nov 15'68 ---- 8312 83% 833
85
85 Bale 8214
Caldas Dept of
(Colombia)7)4s'483
Canada (Dominion of) 56-1931 A 0 1004 Sale 1004 101
Oe
1952 M N 106 Sale 104% 1054
214e
1936 F A 99% Sale 90% 10012
4
Carlsbad (City) f 8e
1954 .1 J 1063 10812 107 June'30
86
88
8514
Cauca Val (Dept) Colom 734,'46 A 0 84
Central AgrIc Bank (Germany)—
94
94
93
Farm Loan, f 7e Sept 18 1950 M S 93
84
831 Sale 82
:
Farm Loan if Ile July 15 19603
84
83 Sale 82
Farm Loan a f as Oct 16 1980 A 0
89%
Farm Loan (le ser A Apr 15 1938 A 0 8954 Sale 88
Chile (Republic of)
-year externals I 7s......1942 M N 1014 Bale 10012 1014
20
89%
4
External oinking fund 84_1960 A 0 8914 Sale 183
90
1981 F A 89 Sale 8834
Externai.f Os
90
19513 .1 90 Bale 8912
Ry ref esti t 68
8834
89%
1961 M S 8914 90
Ertl sinking fund 14
89%
1982 AI it 89 Sale 89
En]enking fund Os
894
1963 M N 8912 Sale 8814
Extl sinking fund 6e
9414
Chile Mtge Bk 614s June 3019573D 9414 Sale 92
973
4
8f 634a of 1926_ _June 30 19613 D 97 Sale 95
4
893
4
Apr 30 1901 A 0 593 Sale 8712
Guar s f as
4
19O2MN 583 Sale 87% c 894
943
1980 M S 9412 Sale 9212
4
Chilean Cons Mull% 75
22
22
Chinese (Hukuang Ry) 5.1-1951 J D 2214 27
Christiania (0610) 30-yr if 66'54 M S 101 Sale 10012 10112
4
Cologne(City)Germany 634,1950 PA S 893 9312 9212 June'30
.19613 J 7314 Sale 6912 ±7312
Colombia (Republic) Oe
7312
External f (is of 1928._ _ 1961 A 0 73 Sale 6914
74
Colombia Mtg Bank 8148 of 1947 A 0 74 Sale 7114
77
Sinking fund 7s of 1926_1946 MN 75 Sale 75
76
7612
Sinking fund 78 of 1927_1947 F A 7612 83
984
Copenhagen (City) 542
1952 J D 08 Sale 97%
9212
4
1953 MN 9212 Sale 913
25
-year g 414s
79
Cordoba (City) ere s f 78..1957 F A 9512 Sale 79
95 9012 June'30
External at 7e —Nov 15 1937 MN 91
9512
Cordoba(Prov) Argentina 781942 J J 9412 9512 92
8612 8612
87
Costa Rica (Repub) extl 75_1951 MN _
3
99%
Cuba(Republic) 54 of 1904_1944 M $ 997 Sale 99%
External 5e of 1914 ser A.1949 F A 10014 10012 0014 June'30
0212
External loan 412e ger C-1949 F A 0212 Sale 9212
101
Sinking fund 5341. Jan 15 1953 J J 101 Sale 00
gases
8facs
Jas. 1.
1 zoo4.c..commoozftmmz-i-.4 1mo.mozgles clos.c.ozqzz.goon-i-,
.
,
4
zzlzamm".."..cz o.cozza :".
I 2.c.4wwnw.aS.44-0ESEXii...
-1.411.1s4-4X11..ct,,,EX".2.4X-ookX eu...M,:a
U. S. Government.
H105
1314
Ask Low
VIM Liberty Loan—
::
Sale 10035:: 1011
IM% of 1932-1947
J D 101
:42day'30
J D
1001
000v 4% of 1932-47
::
Cony434% of 1932-47
Sale 1011:: 1023
J D
id cony 41,1% of 1932-47
9931::Feb'30
J D
Fourth Liberty Loan—
A 0 10233 Sale 10213
:1102"w
::
itja % of 1933-1938
Treasury 434i
1947-1952 A 0 112"a Sale 11221::11213n
0
Treasury 4s
1944-1954 J D 108",,Sale 108 2:10831n
::
Treasury 83Es
1946-1956 M S 10631: Sale 105":: 1083
::
::
Treasury 331e
1943-1947 J D 101 1 Sale 10123 102
::
Treasury 314e June 15 1940-1943 .1 D 10133 102 10113 102
::
S.
a3
1.1 1,
1
New York Bond Record—Continued—Page 2
ii
BONDS
Y STOCK EXCHANGE
Week Ended July 4.
Price
t Thursday.
.0. July 3.
• Foreign Govt. A Municipals.
Uruguay (Republic) a:0 88_1946 L A
Externall I tle
N
1960
Ertl a I 6a
May 1 1964 MN
Venetian Prov Mtge Bank 7e '52 AO
Vienna (City of) int)a 6a.._1952 MN
Warsaw (City) external 78_1958 FA
Yokohama (City) exti 60_1961• D
Railroad
Ala at Sou let cone A 5s__1943 JO
lat eons 49 eer B
1943 J O
Mb & Elusti lat guar 3345_1946 AO
Allen & West let g Cu 4e... 1998 AO
Alleg Val gen guar g 4s
1942 M
Ann Arbor lot g 4s__ __July 1995 Q
Atoll Top & S Fe—Gen g 4a-1995 AO
Regletered
AO
Adjustment gold 4a__July 1995 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 412 of 1909
1955 J D
Cony 48 of 1905
1955 J D
Cony g 4e issue of 1910
1960 J D
Cony deb OM
1948• D
Rocky Mtn Div let 4a_ _ _1965 J J
Trans
-Con Short L let 4s_1958 J J
Cal-Aria lat & ref 434s A.1982 MS
All Knoxv & Nor let g be __ _1946 J O
MI& Cheri A L let 434a A _1944 J
let 30
-year Is series B
1944 ▪ J
Atlantic City let cons 45
1951 J J
AU Coast Line let eons 4e July'52 MS
Registered
MS
General unified 4 0
1964 J D
L dr N coil gold Is_ Oct 1952
N
All A Dan let g 4a
1948• J
244e
J
1948
All & Yad let guar 4e
1949 AO
Austin & NW let Cu g be_ _1941 J J
Balt &Ohio 1st g 4e...-._July 1948 A 0
Registered
July 1948 (3 3
20
-year cony 434e
1933 M 13
M S
Registered
Refund & gen ba seder; A —1995 J D
.1 D
Registered
latgold be
July 1948 A 0
Ref & gen 6.series C
1996 J D
P 1. E di W Ve Bye ref 44_1941 M N
Bouthw Div let be
1950 J J
Tol & Cin Div let ref 4e A _1959 J J
Ref & gen be series D_ _ _ _2000 M 8
Cony MO
1960 F A
Bangor & Aroostook let be 1943 J J
Con ref 4e
1951 J J
Battle Crk Or Stur let gu 38- _1989 3 0
Beech Creek let gu g 44
1936 J J
Registered
J J
2d guar g be
19363 .1
Beech Crk Ext istg 3348
1961 A 0
Belvidere Del cone gu 330_1943 J J
Big Sandy let es guar
1944 J I)
Bolivia fly let 5e
1927 J J
Beaten & Maine let 5eA C_ 1967M.
S
Boston & NY Air Line let 46195.5 F A
Bruns & West lot Cu g 48-1938 J .1
Buff Koch dr Pitts gong 5e 1937 51 S
Consol 4149
1957 MN
Burl C R & Nor let & colt 56_1934 A 0
Bul
Week's
Range or
Last Sale.
Ask Isis
10612
96
9414
9612
87
75
963
4
Sale 1054
Sale 9534
9414
95
Sale 95
Sale 8812
Sale 72
Sale 96
Mak N'o
1063
4
9812
95
9812
8714
7518
967
s
10234 _
10312 May'30
9412
9413
9412
884 &Ile 8812
8812
8612 June'30
954
9514 June'30
815 - -- 8212
8 837
8
8212
98 Bale 9514
98
9258 June'30
91
917 91
8
9118
91 Bale 91 4
,
91 4
,
8814 Feb'30
114 9312 92 June'30
92 Sale 92
92
92 Bale 92
92
126 Sale 123
126 3
,
90 8 9112 903 June'30
3
8
9312
_ 9212 June'30
10014 1 - 100 June'30
-61
1033.
1035 Apr'30
4
8
9618 100
9514 Apr'30
10314- 10278 June'30
8734 - 312 87 Jan'30
69484
9412 95
9438
9212 May'30
9912 Sale c987
8
991
91 8 Sale 915
,
8
915
8
62 . 64
63
63
52
53 June'3
67
88 4 84 June'30
,
10012 10214 101 May'30
94 8 Bale 9412
,
95
94 June'30
-9
r913 &Zia- 993
8 10018
99 Mar'30
1034 Sale 1025
8 103 4
,
102 May'30
10518 Sale 1045
2 10518
11014 Sale 10914
11014
94 4 Bale 9414
,
94 4
,
10312 Sale 10314
104
8612 Sale 8612
86 4
,
104 Sale 10352 104
997 Sale 9918
8
997
8
10212 1034 103 June'30
8814
8814 Bale 88
6214 __ _- 62 Apr'30
965 _ _
8
96 4 June'30
,
95 Aug'29
100
Jan'30
8114 ---- 78 Feb'30
924 -
023 June'30
4
101; Sale 6678
161-1- 8
8585 8 8478 June'30
3
9438
_ 945 June'30
8
99 10212 10214 June'30
- 93 Sale 93
93
101 Sale 101
101
Canada Sou eons gu be A _ _1962 A 0
Canadian Nat 4 Ms_Bept 151958 MS
30
-year gold 4;46
19673 J
Gold 43412
1998 J D
Guaranteed g 5e_ __July 1969 J J
Guaranteed g 58- —Oct 1969 A 0
Canadian North deb .1 713 134(1 .1 D
25
-year,f deb 6 Ma
19403 J
Registered
10-yr gold 43413 _ _Feb 151935 F A
Canadian Pao Ry 4% deb stock .1 J
Col tr 414e
1946 51 S
Is pulp tr temp °Us
1944 .1 .1
Coll tr g 5s
Dec 1 19543 D
Carbondale & Shaw let g 424_1932 M S
Caro Cent let cons g 0
1949 J J
Caro Clinch &0 lot 30-yr 58_1938 1 1)
let & con g tle ser ADec lb '62 J D
cart & Ad let gu g 4e
1981 J D
Cent Branch 17 P let g 4a _ _ _1948 J D
10458 June'30
9514
96
95 4
,
97
9518
96
1024
10312
10234
10312
11012 111
11612 1177
8
11314 Jan'30
9912 100
9934
997
2
877 Bale 8714
8
8814
9912 100
9958
10018
1023 Sale 102
4
1023
4
1017 Sale 1017
8
8 1023
8
9812
_ 9818 May'29
80
82
8314 June'30
101 1017 101
8
101
10812 Sale 106
1083
4
86
853 June'30
4
8414 8612 85 June'30
Central of Ga let g 56—Nov 1046 F A
Connol gold be
1946 M N
Registered
MN
Ref & gen 514e series 13_..1959 A 0
Ref & gen 5a series C
1959 A 0
Chau Div pur money if 411- 1951
Mack Nor Div 1st g be_ _1946 3 D
J J
Mid Ga & At! Div pur in 6e '47 J J
Mobile Div let g Se
1948 1 J
Cent New Eng let gu 45__1961 J J
Central Ohio reorg 1st 414e_ _1930 M S
Cent RR & Bkg of Ga roll Si 1937 M N
Central of N J gen gold 5a _ _ _1987 .1 J
Registered
1987 Q J
General 4a
1987 J J
Cent Pao let ref gut g M
1949 F A
Registered
F A
Through Short L 1st gu 0_1954 A 0
Guaranteed g Be
1960 F A
104
102
1044
96
97
96
10314
10312
111
1177
8
105
Bale
Bale
Bale
Bale
Sale
Sale
Sale
_
105
105
10i g 102
- 7
102
100 Feb'30
105 Sale 105
10512
10012 Sale 100
10012
867 88 4 8612 June'30
8
,
_ 10158 June'30
10112 Apr'30
1921027.
_ 10212 May'30
83 8 , 85 8418
847
8
998_ 993 June'30
,
4
98 166 10114 June'30
1114 112 11114
11114
110 11112 10918
1091g
9418
_ _ 933 June'30
8
94 4 Sale 94
,
943
4
90 Mar'30
oR, 9458 92 May'30
104 Sale 1035
8 104
Charleston & Sav'h let 78_1936
' 10818 ____ 108 Dee'29
3
Ones & Ohio lot 0011g be _ _1939 MN 1045 Sale 1045
8
8
10458
Reglitered
1039 MN 10012_ 1027 June'30
8
General gold 4345
1992 MS 10038 16 - 10014
1
10012
Registered
M
_
100 99 June'30
Ref dr impt 4)0
1993 AO ail., 9834 98
983
3
Registered
F
4
-- 903 Sept'29
Rai di hunt 4 he see B.— _1995 33 8812 Sale 973
4
9812
Craig Valley let 5sMay 1 '40 J J 101 102 10084 June'30
Potts Creek Branch let 46_1946 J J 8912 92
9112 May'30
H.& A Div let con g 4s _ _1989
' 91
3
905 June'30
8
20 cone°, gold 46
1989• J 87 - - 88 June'30
92
Warm Spring V let g 15e 1941 M
10014
1007 June'30
8
Mega')Corp cony 5e.May 15 47 MN 100 gale 100
10018
Chick Alton RR ref g 3s _ _ _1949 AG 673 Sale 673
4
4
874
Ctf den stpd Apr 1930 Int_ _—
6612 6978 8712
6712
/Iddreay first lien 3tie__ _ _1950
63 s 70
,
64 June'30
Cortificatee of deposit
635 65 65 June'30
8
Chic Burl & Q—III Div 330_1949 J
4
873 89 8714
88
Registered
3'
844 Feb'30
Illinois Division 4.
-544 gife 94 8 95
1949 J
,
General 4e
4
1958 ▪ S 943 95 94 4
,
94 4
,
let A ref 430 ear B
1977 FA 9914 993 99
4
9914
let & ref 58 aeries A
1971 FA 108 Sale 107
108
i111icago A East Ill let 68. _ _1934 A0 10312 104 10312 June'30
C & E ill Ity (flew co) con 58..1951 M
697 Sale 5912
8
6978
Chic & Erie let gold 5e
1982 MN 103 105 103 June'30
Chicago Great West let 4a_ _1959 51 S 70 Sale 683
4
704
c Cash sale.
go4
Baer.
Milos
/as, 1,
89
1r.
t1
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 4.
litre
t Thursday,
July 3.
West'.
Range or
Last Sala.
Bangs
Xmas
Jan. 1.
Bid
Etat
Ask Lou
High No. Law
Fliah
Chic Ind & Loutav—Ref di...1947• J 11212 114 112 June'30
112 113
Refunding gold be
104 4 10
, 8
1947 ii 1034 10512 10312 June'30
1011 1044
4
' 9112
3
93
11 9912
Refunding 4s series C
92 June'30
92
1947
92
9414 98 4
N 10212 1023 10212 10212
2
8
let & gen 5s series A
,
1966
99 10412
7 c10411 1094
10712 Sale 107
88 018
lst & gen fie see B_ __May 1966 J
10712
Chic Ind A Sou 50
82' alb
914 93
91 4 June'30
,
-year 4.5._1956 J
92
89
,
7014 83 4 Chic L 8 & East let 4 Ms__ _1969 P D
0
93 4 99
9858 June'30
96
9814 Ch M & St P gen 46 A _May 1959 ii 844 Sale 8434
8512
841e 87 s
7
Registered
85 Mar'30
Q
813 85
4
1005 10312
4
Gen g 314* aer B__ _ _May 1989 J J 704 74
74 June'30
723 74 s
s
7
3
9412
92
Gen 494s series C___May 1989 J J 935 9478 93 8
8
,
1
934
928 97
19
83 4 8912
3
Gen 4 48mirlee E__ __May 1989 J J 9312 95 9812
4
9812
924 964
85
Gen 4 he series F__ /day 1989 J J 9814 Sale 97 8
34
87
97M 100
,
9814
9212 95 4 Chic Milw SIP & Pac 5a.l976 FA 87 Sale 85 4
,
85
,
964
4
8712 77
10
76
Cony ad) be
891e
,
5314 302
4912 7812
Jan 1 2000 AO 5314 Sale 49 8
75
91 8 964 Chic & Wisest gen g 334o.1987 MN 783 783 7838
,
2712 8014
8
4
78 4 22
,
90 92 4
,
8
Q F 715
Registered
77 June'30
77
75
2
871s 93
General 4e
1
914
874 92 4
1
1987 MN 9114 Sale 9114
21
87 8 93
7
Stpd 4.8 non-p Fed In tax '87 MN 9118 9112 9118 June'30
881 93
8
854 8814
Gen 41,je stpd Fed Inc tax_1987 MN 10414 105 10434 June'30
100 1047
8
87
9212
Gen be stud Fed Inc tax_ _1987 MN 110 111 11014 June'30
107 112
2
94
88
MN 105 10812 105 Mar'30
Registered
105 108
2
894 92
Sinking fund deb 55
1 10058 102
102
1933 MN 102 Sale 102
110 12012 14112
MN
Registered
99 Feb'30
99 99
88
9214
16
-year secured g 634o,._ _ _1936 MS 109 1095 10918 1097
8
4
8 28 1073 110
9012 92 s
let ref g be
,
7 1044 107
8
10814
May 2037 3D 1083 10712 106
97 10114
let & ref MO
1
98
99
May 2037 3D 9712 Sale 974
974
10214 104
Cony Mis aeries A
286
99
9712 1051
4
1949 M N 9812 Sale 9712
95 974
Chic RI& P Railway gen 48_1988 .2
1004 104
91 Bale 9012
9113 30
88
92
87
87
Registered
89 Apr'30
J J
8512 89
7
90
96
Refunding gold 48
951/ 98
14
981a 185
1934 AO 9818 Sale 974
9212 9212
95
AO
Registered
Jan'30
96
95
4
961a 100
,
Secured 414e series A
9412
944 90
924 98
1952 MS 94 4 95
2
8812 934
Cony g 434s
368
98
9512 1015
4
1960 MN 974 Sale 9512
1
58
73 2 Ch &LAND 6s___June 15 1961 3D 104 10512 104 Apr'30
,
10314 10412
5288 6212
102 Mar'30
3D 103
Registered
102 103
824 85
Gold 3348
81 July'29
June lb 1951 J
99 101
Memphis Div 15t g 4a____1951 J O 90% 911/ 9012 Mar'30
Ch St LA P lot eons g be___ _1932 A0 locoz
10012 June'30
997 1004
.
72
914 95
A0
1014 June'29
Registered
90
Chic T & So East let be_ _ _1960 J o 96 Sale
94
0553 16615
- 4
116
Inc gu Se
985 100 4
8
,
8738 8812,1une'30
88
941
4
Dec 1 1960 MS 80
984 99
Chic tin Sta'n let gu 434e A _1963 J J 10014 Sale 100
97 10614
10014 37
40 101 1044
lot be series B
4
103 1024
1963• J 10434 ____ 1053 June'30
102 102
Guaranteed g Se
1944• D 10212 10314 10312 10312
101 4 104
,
38 1014 106
let guar 694s series C_ _ _l963 3, 115 11514 115
2 114 1161
4
115
51 10818c111
Chic & Weet Ind gen 6e_Dec 1932 QM 1017 ____ 102
8
102
100 4 1023
3
4
15
91
Conaol 80
95
,
-year 4.
26
8
897
1952 3, 89 8 894 893
8512 92
let ref 534s series A
19 10012 1045
8
2 103 1064
8
1043
1962 MS 1017 10238 10414
s
41
84
997 102
8
2
8714 Choc Okla dr Gulf cons M___1952 MN 1007
102 June'30
31 10114 10412 Cin 11 & D 2d gold 434e_ __1937 3, 993 100
8
9612 June'30
9512 9612
608
9812 104 4 C I Bt L & C let g 4e_Aug 2 1936 Q F 9614
,
97 June'30
9514 97
10168 105
Registered
95 Feb'30
944
94
Aug 2 1936 Q
Cm Leb A Nor let con gu 0.1942 MN 934 934 9314 June'30
84
90
8
4
884 941
4
62 62
_ 100 July'28
9512 96 4 Clearfield M Slab let gu be_ _ 1943 3, 944
,
Cleve Cln Ch & St L gen 48.,1993 3D 9134 92
91 4
,
5
8812 92
914
20-yeandeb 434s
1
10018
1931 33 10018 1004 10018
10011
General be series B
108 Apr'30
1993 3D 108
105 108
Ref & impt 6a ser C
1054 -- -- 105 June'30
1941 J
103 1064
Ref & impt be ser D
' 10412 10514 104
3
104
1963
100 10
411
Ref & impt 434e aer
98 Sale 98
.1
98 18 40
9312 984
Cairo Div let gold 4s
9534 9612 9514 June'30
76
96 11.(11 7-8
1939
92
97
Clu W & M Div let g 46_ _1991
81
' 84
87
87
3
85 June'30
841/ 8712
Bt. L Div let eon tr g 4a _ _ _1990 MN 875 _ _ _ _ 874 May'30
8
927 941
s
4
8414 8914
Apr & Col Div lot g 45 _ __1940 MS 93 _
994 103
93 Apr'30
93
96
W W Val Div let g 4s_ _ _1940
90
93 Jan'30
8
95
'
3 923 90 93
9912 10112 CCO&I gen eons g
' 1033 ---- 104
11
3
4
1 103 1044
_ _1934
104
Cloy Lor & W con let g 56_1933 A0 1003 ---- 1004 Apr'30
4
994 100 s
7
1024 1054 Cleve & Mahon Val g
994 Apr'30
_ _1938 3, 10018 _
9912
95
9318 974 Cl & Mar let gu g 434e_ _ _1935 MN 100
100 Mar'30
24
100 100
Cleve & P gen gu 434e ear 13_1942 A0 987 - - 100 4 Mar'28
9214 97
2
24
3
Series B 334e
9214 97
24
1942 A0 8718 - _ 87 Mar'29
Series A 4 he
994 1034
8
78
1942 33 987 - — _ 9512 Nov'29
&Hee C 334e
8614 June'30
143 1014 1034
1948 MN 86
e
-1115T8 11Series D 3he
8618 May'30
4
32 1093 112
861s 8618
1950 F A 86
Cleve Shor Line lot gu 4348_1961 *0 100 161 100
-60 113 118
1
100
971g 10
361
1134 11314 Cleve Union Term lot b 34e 1972 AO 10934 Sale 1098
4 1098
3 10618 1094
4
lotof5eeenleeli
9818 1003
9
s
6 10212 l0''4
105
1873 AO 105 10512 10414
8312 8812
lat s I guar 430 aer
,
AO 99 4 Bale 99
33
99 4 87
,
98
9914
964 10012
/
1
36
917 May'30
8
4
26 1003 1033 Coal River Fly let gy 4a _.J945 3D 9118 93
4
88
914
Cob & South ref & ext 4348_1935 MN 997 10014 997
2
8
9 10112 103
10014 44
97 1034
Col & H V 1st ext g 4a
2
907
8
9078 1
8818 94
1948 A0 907
551j Col & Tol let ext 40
74
88 June'30 -88
as
1956 L A 8612
8612 Feb'30 --2 9912 10212 Conn & Paseum Itiv bit 43..1943 A0
8618 884
Consol fly non-eonv es
70
73
73 June'30 - 18 106 11012
76
70
1954 ,1
Non-cony deb 4e
8511 854
70
4
713
70
2
70
1955• J 6712 70
Non-cony deb 40
82 8512
7318 June'30 - -731 7318
1955 AO
Non-cony debenture 4s_ — 1956 .1 _ 68
75
76 June'30
70
76
Cuba Nor Ry let 5Hs
101 8 105
,
57
75
194213 L1 57 sale 57
574 72
.
Cuba RR let 50
100 4 104
7
791
-year be g_..1952 ./ J ____ 75% 76
78
84
let ref 734e series A
100 100
87
89 994
2
1936 J o 8611 8718 87
let lien & ref fie eer B
11 104 1050
784
8
787
76
8
b
4
92
1936 J O 787 82
98 8 1027
,
34
8
Day & Mich let eons 4349_1931 ▪ ,1 9972 - _ _ _ 100 June'30
8412 89
9912 109
100 1015 Del & Hudson let St ref 4e...._1943 MN 934 Sale 9312
9114 94
8
93 e 74
7
30
-year eon, be
98 10112
1935 A0 101 10414 101 June'30
97 107
15
-year 614.
100 103
4
3
1937 MN 10414 104 4 1043 June'30
1004 1084
811s 85 e D RR & "Ridge let gu g 48_ 1936 FA 9512
6
,
- _ 9814 Aug'28
Den&RG lat cons g 4a__ _1936 J
9912 100
'95 Sale 9438
9758 46 "9258 -9i
9512 102
Cons& gold 430
98 Sale 98
8
98
1936 .1
951 99
8
Den & R G Weal gen be_Aug 1955 MN 9054 Sale 887
1 1074 113
8
91
116
881 991s
s
Ref & lmpt be eer B_Apr 1978 MN 924 Sale 9112
12 107 111
5
87M 95
9212
90 4 934 Des M
.•1 254 28
Ft D let gu 4a
3
30 June'30
28
14 80
1935
Certificates of deposit
914 9512
41
25 June'30
30
81
25
Des Plalnee Val lot gen 4 Me_1947 46 -9712 ___ 97 May'30
90 90
98 97
Oct & Mae let lien g 45
904 c93/4
6314 June'30
63
74 2
,
1955 J O
Gold s'a
29 1003 104 2
69
4
61
,
8
1995 3D ____ 647 60 May'30
Detroit River Tunnel 4%a_ _1961 MN 99 100 994
954 100
9914 11
Dul Missabe & Nor gen 58_ _1941 ii 102
104 May'30
101 1044
1 jai- 1-643- Dul Iron Range let 5s.._ _ _1937 AO 10212 103 10012 Apr'30
4
10014 103
10112 1027 Dul Sou Shore & All g (Id__ 1937
' 793 Sale 793
3
2
4
4
1
793
72
4
84 4
,
East RY Mimi Nor Div 1,1 40'48 AO 9412
9
9714 102
9212 Feb'30
9212 92
12
East T Va & Oa Div g 5e
99
96
1004 June'30
.• 11
1930
97 10012
Congo' let gold 58
35
94
98 8
,
*
1956 M N 10513 1057 105 June'30
100 10512
won Joliet &East let le 513_1941 N 103 103 8 103
,
8 102 10314
103
931 99l El Paso & W 1st be
87
10218 1034 1014 June'30
1014 10314
1965 A
963 102
s
8612 9512 Erie let coneol gold 75 ext 1930 MS 100 8 101 100 8 10038
,
3
4 1008, 10134
let cons g 4a prior
8758 18
'
3 8714 Sale 8744
8514 90
1996
5s
84 019
Registered
8312 8914
8314 May'30 -- _
1996 .1 J
8218 84
8912 Sale 80
let consul yen Hen g 421._ _ _1996 J
97 10118
29
81
79
84
Registered
98 10112
79 May'30
71
1996 .1
764 79
Penn coil trust gold 46.__. 1951 FA jai- 104
01 June'30
3 654 72
101 101
8338
927 8615
50
5
-year cony 4a serlee A _1953 * 0 831 86
85
1
63 8 6918
7
27
Series B
8312
3
1953 * 0 8312 8512 8312
69
82 4
7
7018
81 June'30
Gen cony 4s series D
83
_
1953 *0 80
81
6118 7018
84
4
934 75
Ref & Inlet bs
1967 MN 9318 Sale 903
8518 8814
90 4 98
5
9212, 126
Ref A impt te of 1930.__.1975 A0 9212 Sale 91
844 844
90
9554
Erie & Jersey let if 6e_
7
1955 .1 .1 11212 11312 1312 June'30'_ _ 110 4 11414
924 9512
,
1218
11218
Geneesce Elver let of 53_ _1957• J 11218 113
7 109 1134
11
89 c9612
865 Apr'30
8
46
OM 864
Erie & Pitts an g 3ha ser B 1940 J J 9118
96 100
16 10412 108
-- 854 Oct'29 - - _
1940 .1 .1 9118
Series C 314s
2 106
4
25
1954 MN 1053 Sale 1053
Est RR extle f 70
05
10044
_
8
987 -- 987 June'30
8
59
97
is Cent & Pen lot emu g be 1943 ji
29
94
99
D 8613 Bale 8612
8612
1
794 90
florid» East Coast let 4348_1959
102 105
let & ref fe &Tins A
8
1974• S 48 Bale 477
61
50
64
477 61
8
37
73
9
50
45
15
22
14
23
LOW
New York Bond Record—Continued—Page 3
90
I
Week's
Arta
Rang'
"
t Thursday.
July 3,
Las: San.
BONDS
1.14 Y STOCK EXCHANGE
Week Ended July 4.
g2143
Rings
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended July 4,
fruit
irlaursday.
July 3.
Week's
Sassy' or
Lae &go.
;•
el
Reefs
Mate
Jan. 1.
No. Low
11405
eta
Ask Low FIWA
fligh No Low
Ask Low
NW
BM
100 101
5
Mid:Cent Det& Bay City Si.'31 MS 10018 __-- 10058 June'30
2714
2512 35
.1952 MN 2718 Sale 2718
4
/
Fonda Johns & Gloy lit 41
100 Jan'30
100 100
QM ___
Registered
9418 9712
_ 9712 June'30
_ _1941 J J
Fort St II D Co 1st g 4
95 Feb'30
15 95
94
Mich Air Line 48
1940 J J 947
10612 107
ioi"
-- 107 June'30
Ft W & Den C lit g 51 _1961 J
s_
4
/
79 Mar'26
_
1 1021 105
Jack Lane & Sag 334s1951 MS 81
105
4
/
Rem Elk k Mo Val lit (Se_ _1933 AO 105 nig 105
5
"gg"
4
863
4
1
/
let gold 350
9
1962 MN 86 Sale 8634
99 101
GH&SAM deP 1st 5s__ _1931 MN 10014 ---- 10014 101
8
9415 9614
943 9438 June'30
1940 A0 93
9938 100
5s Mkt of N let ext 15s
10014 Jan'30
1
/
1931 J J 1004
2d externs 55 guar
9712 Mar'30
9614 9712
4
2
A0 9818 993 993
9414 993 Mil & Nor let ext 4 Ms(1880)1934 J D 973 100
8
99h
8
Gale Roue & Head lit 54.__1933
4
961 997
8
4
Cons eat 444s (1884)1934 J D 983 9912 998 June'30
4
/
811 85
84 June'30
CM & Ala Ry let cone,ty Oct 1945 J J
917 9314 9238 June'30
90 92 5
1
Mil Spar & NW let gu 4.1_1947 M
Ga Caro & Nor Ist gu g 5e 1929 J J
_ - 90 Apr'28
6
99 10214 5111w & State Line let 354e_ _1941 J J
100
100 100
Extended at6% to July 1_1934 J J _
"His 411*
38 May'30
38
30
Minn ds St Louis let cons 58_1934 MN 856512 73
1946 AO 7012 7414 73 Mar'30
Georgia Midland let 3a
30
4
411
30 June'30
Temp Mts of depoeit
1934 hi N 3012 36
4
_
983 Feb'24
1942 J D
Gouv & Oswego let 55
7
16
9
9
10
S
9 Sale
lit & refunding gold 4e
975 May'30
1949
IA;
8
Or & est 1st gu g 4348_1941 J J 957 100
1112 June'30
111: 151s
8
15
8 10912 11214
Ref & ext 50-yr fa see A 1962 Q F
11014 1104
4
Grand Trunk of Can deb 71_1940 AO 1103
121s 15
_ 15
13 June'30
Certificates of depoett
10514 17 104 1087
8
105
15
1936 MS 10514
-year e f 68
4
4
1
/ 9115
897
8
87
St P & SS Att con g 4a1nt gu 38 JJ 8912 Sale 8914
8
s
955 971
9612 June'30
'
7
Grays Point Term lit 55_ _1947 J o 9'
13
92 5 97 s
7
93
7
let cons bet
938 927g
138 10914 113
1938 J J _
111
.5 .5
11014
1936
Groat Nor gen 71 series A
5 9512 9912
9714
let eons M gu as to Int
May'30
1938 J J 9714 Sale 9512
11012 11012
J D
11012
Registered
8 10118 15
4
1
/
8
10
99 101
-year coll Mutt 6
_..1931 MS 1005 Sale 1005
9418 983
983
8
8 11
let & ref 41 series A ___1961 J J 9714 997 9814
4s
/
1
94
92 100
let & ref Si series A
1946 J J 94 Sale 94
8 32 1074 11112
8
General 540 series B____1952 J .1 1105 Sale 11012 111,
91
87 June'30
86
81
25
-year 550
1949 MS _
4 12 10314 10714
1973 ▪ J 10512 Sale 10512 1053
General 58 series C
92 92
- 92 Feb'30
let Chicago Term.f 46_1941 MN i8gs
4
972
99
8 46
977
95
General 450 series D
1976• J 9713 98
_
9518 June'30
99
95
7
4
1949 J J
95
9712
9814 MissierlDpi Central let 5a
Sale 963
General 41 aeries E__ ._1977 ▪ J 97
4s
/
8
78
75
78
7812 75
973
45
973 Mo-Ill RR 1st 56 ser A
1959 J J 78
97
8
4
1
/
General 4 5 series Etemp 1977 J J 9712 Sale 97
4 10
883
4
1
/ 89
85
Mo Kan & Tex lit gold 46_ _1990 J D 87s 8812 8738
80
80
80 June'30
Feb 8018 85
Green Bay & Wes. deb etfe A--17
10312 104 10354 104
4
1
/
99 104
5
32h Mo-K-T RR pr lien fei ser A_1962 J
2414
2414
23
Feb 2414 25
Debentures We B
5
,
87 4
8515 8912
40
-year 4s series B
1962 J J 8714 8814 87
4
913 9314
Greenbrier Ry let gu 4a _ __ _1940 MN 941z ---- 9314 Mar'30
9518 June'30
921s 9612
Prior lien 434s ser D
1978 J J 95h 96
103 June'30
98 10512
Gulf Mob & Nor let 634i,,__ 1950 AO 104
11 100 108
100
100
_
Cum adjust 5s ser A Jan 1967 A0
4
1
/
8
101
96
9912
-- 99
let M Ss series C
1950 AO
17
4
1
/
99 102
4
1
/
1
/
103 1054 Mo Pee 1st & ref & ser A_ _1905 FA ioi gale 10012 101
8
9912- Gulf & S 1 let ref & ter 58_6_1952 .7 J 1037 10512 105 May'30
103
78
1
/
78 Sale 7612
1
/
744 814
General 4e
9818
9912 11
1975 M
9614 9912
J
98 100
Hocking Val lit cone g 4448_1999
10014 78
97 102
let dt ref 5s series F
9712 Apr'30
1977 MS 10014 Sale 98
4
1
/ 9712
93
Registered
1999 J J
10014 46
954‘ 102
9714 9912
1978 MN 100 Sale 99
let&relg5erQ
-_ 9912 June'30
Housatonic Ry cons g M___ _1937 MN 9912
,
4
1
/
Cony gold 534s
Apr'30
1949 MN 107 Sale 10634 107 4 31 10614 113
4
991 102
-& T C lst g 54 int guar
1937 J J 100 10514 102
94
91
8
5
4
953 100
14 Mo Pao 3d Te ext at A% July 1938 MN 935 ---- 935* June'30
4
Houston Belt & Term let 55_1937 J J 9912 1003 10014 10014
100 100
971s ---- 100 Mar'30
991: 10115 Mob & Blr prior lien g 5:1_1945 J
MN 997 100
9912 June'30
8
Houston E & W Tex M 5..1933
'g
95
96
4
1
/
s
J J 963 ---- 9612 June'30
Small
9
101
9914 101
8
let guar 5s redeemable _ _1933 MN 997 Sale 997g
4
1
/ 91
87
- - 90 June'30
let M gold 4s
1945 J J
9914 36
93 100
RudA Manhat let fe eer A_1957 P A 9918 Sale 9814
87 June'30
87
87
80
86
Small
1945 J J 90787 339
s
s
7614 845
Sale 7718
Adjustmentincome 5sFeb 1957 AO 7812
9414 June'30
92
4
1
/ 941
4
/
Mobile & Ohio gen gold 44._ 1938 MS 9414 96
96
91
8
Illinois Central lit gold 4,_ _ _1951 J J 957 _ 9538 June'30
9618 10014
Montgomery Div 1st g 58_1947 P A 1001s
- 10018 June'30 15
4
1
/
86
81
85 If 8458 June'30
1951
lit gold 334e
9614
9414 98
4
1
90
Ref & Impt 4 3.4,
June'30 -1977 MS 95h - / 96
4
1 8214
82
4
1i
823
Registered
8712 June'30
8614 883
4
Mob & Mal 1st gu gold 46._1991 MS
Jan'30 ---85
83
861z 85
Extended let gold 354s_ _ _1951 * 0 85
105 10513
1061s -- 1051 June'30
Mont C let gu 611
73
1937
88
73 Mar'30
lit gold 3a sterling
1951 MS
95 100 4
1
lit guar gold 5e
J J 10118 - - -- 95 June'30
2
1937
9212
5
89 8 9412
Collateral trust gold 4s__ _1952 AO 9112 92s 9212
6
8012
82
77
1
/
871z 8712 Morris & Essex lst gu 3411_ _2000 J o 8012 Sale 7958 June'30
MN
8712 Mar'30 -Registered
10314 1061
4
Constr M
ser A w I_ _ _1955 MN 106 10614 10614
95
53 30
93
90
lit refunding 4s
1955 MN 935s Sale 9318
11
9914
1
/
964 100
Constr M 414e ger B w 1_1955 MN 9914 Sale 99
87
82
1952 J J 8412 8712 87 June'30 -- -Purehaeed lines 354,
8
4
1
/ 92
87
90s
N 8912 Sale 8912
1953
Collateral trust gold 4s
0112
004 14
90 92
4
1
/ Nash Chatt & St L User A 1978 P A 9114 93
4
/
871 87
8712 Jan'30 MN
Registered
100 101
1937 FA 100 ---- 101 June'30
NFla&Sletgug5,
-1Refunding fe
1955 MN 106- 1117 4 1061z June'30 -- 1041s 107
_
134 8
6- ( - 16 July'28
11014 19 1071 11014 Nat Ry of Max pr lien 4148_1957 J J „
11014 sale 10978
:
J
-year secured 64.g _ _1936
15
,
64
7234 July'28
J J
July 1914 coupon on
97 c102
40
-year 434i
Aug 1 1966 FA 10014 Sale 10018 1004 37
2
Assent caeh war rct No 3 on
9114
8812 9114
4
Cairo Bridge gold 4s
1950 J D 9114 Sale 91,
1
_ 8712 Aug'
7i2
Guar 70
-year e 4e
1977 AO
s
_ 77 June'30 - _
747 77
_
J J 77
LItchfield Div let gold 31_1951
2 --7
14 01,
712
1
Assent cash war rct No 3 on
8
857
1
/
824 86h
Loutsy Div & Term g 344e 1953 J J 858 Sale 857
3512 July'28
_
741 78
8
: % Nat RR Max pr Ilen 4541 Oct '26 ii 13
Omaha Di• let gold 3s_ _ _1951 FA 775 8312 7858 June'30 "IT III
1518 13 Jun3'30
"
,
Assent each war rct No 3 on
June'30
7514 7712
96 1,0111121 DI,& Term g 3s_ 1951 J J 7718 785s 7712
4
22 Apr'28
_let coned 4e
1951 A0
87 June'30
4
1
/ 87
4
82
1951 J J 853 87
Gold 33.4,
10
6
614 Sale
4
1
/ 8
5
Assent cash war rct No 3 on
J J 8312
- 72 Sept'29
Springfield Div let g 319 1951
4
/
86 Mar'30
86
86
-rq
Naugatuck RR lit g 4s_ _.1964
"ii- 92
93
Western LInee let g 44_1951 FA 9014 - -14 9112 Apr'30
8
8
8
9614 995
'991 1017 995 June'30
9212 Apr'30
9212 9212 New England RR Cons Ea_ _1946 J
FA
Registered
92 June'30
4
1
/ 92
86
Consol guar 4e
1945 J J 92
Ill Cent and Chic St L & N 0—
90 June'30
90
85
N J June RR guar let 4s_ _.1986 P A
8
8 1047
1
/
10214 107
1
/
1054 1054 1045
Joint lit ref 54 series A_ _ _1963 J
7
92 2 96
98
9812 973
16
4
981: N O&NE lit ref & imp 4348 A '52 J J
95
lit & ref 444s series C.. _1963• D 98
9
0
8
0
9 J e 3
4
1
/ 9118 9 3unc:3
8714 901s
8914 8914 New Orleans Term let M._ _1953 3' 90
Ind Bloom & West let ext 4, 1940 * 0 89h ___ 8914 June'30
9918 10
95% 997
NO Tema & Men n-e Inc 5e 1935 CO 99 Sale 99
s
95
9358
9338 June'30
te:
1950 J J 9318 Ind III & Iowa let g 45
96
35
7
92 8 99
let Se series B
87 June'30 --__
84
88
1954 * 0 95 Sale 95
Ind & Louisville let gu 4s....1956 J J 8614 87
10
98
4
1
/
96 100
P A 98 Sale 98
let M series C
10 100 10112
101
____ 101
1956
Ind Union By gen 5e ser A_ _1965 J J 101
30
:30
99721344
9012 94
lit 4441 Bedell D
_ 100 101
_ 10014 Feb'30
1956 FA 0712
1965 J J 101
Gen & ref 5.series B
10214 27 101 1115
4
1
/
.
let 544:: serlee A
997 101
17
101
1954 AO jai, Sale 102 June
fat & On Nor let6sser A_ _1952 I J 100 Sale 997
95
1
97 4
N & C Ildge gen guar 450_1945 J
30
73
7212 9212
73 Sale 7212
Adjustment 613 ser A July 1962
____ 100 May'30
4
981 100
NYR.SM 13 let con g 5s 1935 AO 98
5
92
97
91
9214 92
1956 Ji 92
let 5eserleoli
4 17 105 1071
4
4
1
/
N Y Cent RR cony deb 1 _ 193591 N 107 Sale 1061z 1073
9012 15
10 100
4_
1
/
9012 Sale 90
1956
let g S. merles C
20
913
Ms 9212
1998 F A 9114 9114 9112
Coned 4s series A
731 74 June'30 7212 8118
Int Rye Cent Amer lit 5s_ _1972 MN 72
22
97 101
Ref At imp 440 eerles A.2013 A 0 101 Sale 10014 101
8
9012 9412
__ 937 94 June'30 - _ _
1941 MN
6% notes.
lit coil ti
24 105 108
6
Ref & Inapt 5s series C.__ _2013 A 0 10712 Sale 10718 108
90
9815
90
lit lien & ref 614a._ ___ _1947 P A 90 Sale 90
2912 June'30
2914 35
Iowa Central lit gold 5s_1938 J D ____ 26
22
82
784 82
4
1
/
1
/
8112 Sale 8112
2812 June'30 - _ _
28
36
341, NYCentAHUdRIVM334,1997 J
25
Certificates of deposit
_
7712 June'30
81
75
4
7
Registered
10
7
8 7
6h 67
1997
J
1951 MS
Refunding gold 48
9914 50
97
9914
9914 Sale 9834
_
Debenture gold 41:
9214 June'30
4
/
8711 9214
Frank & Clear let 48_1959 ID 92h 93
lames
_
93
4
963 9612 June'30
9611
96
0
3 -year debenture es
10114 Apr'28
4
Kan A & R 1st gu g 5e.._ _1938 J J 973
40
7514 8114
80
80 Sale 7934
Lake Shore coll gold 3Hs_ _E h
8314 881.
tl
1
98 86 June'30
1990 *0 86 Kan & M let gu g 4a
11
80
751s 80
80 Sale 7758
6
9
Reidstered
7634
9412 9714
g 48_ _1936 AO 9614 Sale 9614 ,7812 71
K (' Ft BA M Ry ref
2
79
71112 811
4
/
79 Sale 79
Mid: Cent coil gold 3
7412 SO
Kan City Sou let gold 3a_ _ _ 1950 * 0 c78 Sale
_
4
1
/
80
7812 Apr'30
78
7618 79
1998 F A
4
/
1011 118
Registered
.
99 1021
Apr 1950 ii 10118 Sale 100
Ref & !rapt 5e
4
9714
9712
94
69
g
_1937 A 0 9738 ____ 97
92
8818 9212 N Y Chic & St L
.• 1 9112 Sale 9138
Kansas City Term lit 48_ _1980
93
4
1
/ 9314
---- 9314 Mar'30 _ _
Registered
8912 June'30
8712 9038
___
1937 A 0
Kentucky Central gold 4._ _1987 ▪ J 891
10014 11
97 10014
25
-year debenture 4s
1931 M N 100 Sale 100
1
/
8512 Mar'30
8514 854
88
Kentucky & Ind Term 430_1961 • J
8 46 100 102
8
1015 Sale 10112 1017
4
1
/
2d its series A BC
3
9212
9212
88
1981 J J 9012 9214 9212
Stamped
10212 10 10114 103
4
1
/
10214 Sale 10214
6% gold notes
89
89
____ 89 Apr'30 -1961 J J 91
Plain
2 10512 1071
8
4
2 100 102
1
Refunding 5iis series A 1974 *IS N 10714 1073 10738 10738
9332 A g
J J 10112 Sale 10112 10112
Lake Erie & Weet 1st 155. _ _1937
6 10512 107
8
4
1
/
4
1
/
3
101
Refunding 5540 series B 1975 J J 107 Sale 10738 1073
99 103
1941 J J 100 103 ,101
2d gold fa
9712 94
93
4
4
1
/ 981
972 Sale 9612
Ref 348 series C
June'30 1
/
7914 824
8
Lake fib & Mtch So g 334e 1997 J D 8038 813 8112 June'30 _
3
100
964 10014
1
/
-4
1953 -1% S
4
1
/ NY Connect lit gu 454s A1975 F A 99 100 100
s
783
7714 78
788 81
199
Registered
10314 104 10318 June'30
100 10312
let guar Se eerie. B
9872 100 8
100% 24
5
8
1003 Sale ;10014
25
-year gold 48
941 June'30
119
9412
100'A 100
4
/
991 10014 NY & Erie 1st ext gold 4s
____•10014
947 M A
1953 F N
Registered
100 June'30
100 100
3d ext gold 41
s
4
/
5 103 106
4
105,
4
1
/
1
1933 5 N
Leh Val Harbor Term gu 54_1954 F A 191 10614 105 June'30
5
997 --__ 10018 Apr'30
1
/
1004 10015
4th ext gold fa
4
1
/
95 100
Leh Val N Y 1st gu g 434..1940J J 9918 100 ,100
8914 14
8
8
865 911
Lehigh Val(Pa) cone g 4s_ _2003 MN 89 Sale ' 89
9612 9612 June'30
1
/
964
95
30
9 A N
1946 M 0 91
8712 N Y & Greenw L gu g 5s_
8712 Apr'30
86
MN
Registered
82 June'30
8012 82
NY & Harlem gold 31 _ _2000 MN
4
/
961 100
4e_
/
6
9912
7
2003 MN -59 2 gale- 99
G•naal eons 414,
9718 Oct'29
N Y Lack & W lst & ref gu S,
5 106 110
'73 M N 4
4
1083 Sale 10834 1083
Lehi Valley RR gen Meade, 2003 M N
9838 fOili
lst & ref gu 41 ser B _1973 M N 100, __-_ 9912 Apr'30
4e
/
June'30 -- 1011 1031
:
4
/
Leb V Term Ry 1st gu g 5..l941 A 0 10212 103 10212 June'30 8
1005 Dec'29
1930 MS 1001
90h
NYLE&Wlet7sext
5
863 91
Leb N Y 1st guar gold 451945 51 S
991 1611,
9
8 - 8
8N Y & Jersey let Si
3
91 F s
942 is4 A 1003 1007 10012 10012
109 10718 May'30 --.- 10414 109
9012Lex & East 1st 50-yr 5s gu_ _1965 A 0 10814
8614 _--- 87 June'30
8618 8818
6::
8712 907 N Y & Long Branch es__..1
8
1
90 June'30
Little Miami gen 4s series A_1962 51 N 8738
7512 July'28
N Y &NE Boat Term 4s... _1939 A 0
8 1038 15 1033 107
8
8
A 0 1033 Sale 1033
1935
Long Dock eoneol g tla
6
8
" . 4 883
8714
n-c deb 40_ _1947 fri
NY NH&
7
4
10014 1003
9914 101
4
1
/
Long Isld int con gold M July1931 Q J 100 Sale
,
e90
78
7634 7 1 4
4
1
/
83
79
Non-conv debenture 34
8_1947 M S 8283 863 Jun7'34
1
/
8
8
985 Mar'30
5
98 8 985
let consol gold 4a __July 1931 Q J
32
8
735 80
Non-cony debenture 3 Yes_ 1954 A 0
MI :9512
951g
93
D 99-- -- 93 June'30 —.1938 J
General gold 41
1
85
85
8112 87
Non-cony debenture 4a_ _1955 J J 8518 86
8
965 Dec'29 .8
1932 J D 973 99
Gold 40
8 June'30
79
s
8614
Non-cony debenture 4s.„1956 MN 8518 857 845
9012 13
8
87's 91
1949 M S 883 ____ 9012
Unified gold 4s
1
8
7411 80
COnv debenture 31
9914 low,
4
4
/
1958 J J 7814 787 78
1934 J D 9912 ___ 100 June'30
Debenture gold 151
2
7
25
4
/
1211 Sale 12012 10812 29 19012 135
Cony debenture 6s
9711 10012
J
3
1948 j
100
100
1937 M N 100
-year p m deb 55
20
120 June'30
120 131
Registered
1
894
4
/
4
911
8938 9112 893
87
1949 M
1 10414 1061
Ouar ref gold 4,
4
10512 gale 10512
Collateral trust 6s
__
9914 10012
Nor Sb B 1st con gu 5a Oct'32 Q J 1008 ____ 10012 June'30 81
8 17
80,
4
811
77
8018 Sale 8018
Debenture 4s
84
4
1
/
814 87
& Ark let 5s ser A 1969 J J 84 Sale 813
Louisiana
8
9312 28
90
9614
let & ref 41 ser of 1927_ L54° SI 0 9318 Sale 925
4s
/
8912 921
7A
9967 J N0
:
1
/
944 9212 June'30 - _
92
0
e'3
Louis &Jeff Bdge( ogd g 46_1945 M
3
41
1 Junci614
e
871 91
5
49
1 1017 103 4
Harlem R & Pt Ches let 4s 1954 M N 8 1.
4
,
1023
s
1023
4
Louisville & Nashville 5.__ _1937 MN 1023
6
50
4512 85
4
1
/
N 0& W ref 1st g M_June 1992 M S
9814 14
4
953
9414 97
8
1940 ii 957 97
Unified gold 42
42 June'30
45
54
40
42
General 41:
_
Mar'30
:
9412
4
921 941
Ii
Registered
__ 9012 June'30
9012 9012
5
1942 AO
NY Providence k Boston 4.1 1 9 53 D 9012
1
10038
4
1
/
_ _ 10038
99 101
Collateral trust gold 5s__ 1931 MN
2
s
897s
8512 90
8 9012 897
9 1031 10714 N Y & Putnam lit con gu 48 1933 A 0 897 -106
4
/
10538 106
83
6
lit refund 5341 series A-2003 *0 10058- - 10512 June'30
Sale 8211
80
8612
_
:
9912 1061 N Y Susq & West let ref 5e_1937 J J 83
2003 * 0 10518 10614 10518
75 Mar'30
1st & ref 50 series B
83
75
75
1937 F A 70
2d gold 4541
21
997
95 100
merles C___ _2003 A0 997 Sale 99
72
26
let & ref 4348
7112 79
1940 F A 7112 Sale 7112
General gold 541
14 96
96 Mar'30 94
AO
When issued
4
/
941 99
4
1
/
4
993 ___- 98 June'30
Terminal let gold 5,
95is 935
8
9338 June'30
9338 95
Paducah & Mem Div 4._ _1946 P A
8712 34
86
9212
8
194 M I
0812 N Y W-ches & B 1st ser I 410'43 .1 N 8714 Sale 86
66
6714 6812 May'30 - _ _
5 10212 106
10538
St Louis Div 2d gold 311_ _1980 MS 66
Nord Ry ext'l sink fund 6148 1950 A 0 10512 106 10558
8
971 971e
Mob & Monti let g 44s_ _1945 MS 975s
5811 79
6
9312 Norfolk South let & ref A 5e_1961 F A 5714 6714 61 June'30 11
8
e33
:
913
89
92
--- 978 Ma91 9
91
South Ry joint Monon 49_1952 J
98
8
975
89
99
9714 98
9412 June'30
9114 9412 Norfolk & South let gold 5:1_1941 M N 10112 1015 101h
1015
3 100 4 1017
8
1
All Knoxv & CID Div 4._ _1955 MN 9338 9412 100 June'30
8
•orlolk A West gen gold 05_1931 M N
_
4
1
/
98 10014
__
Loulsv Cin & Lex Div g 4348'31 MN
10314 10438
Improvement & ext 68._ _1934 F A 10418 _ _ _ 10438 June'30
__
:
4
1
/
99 1001
102 10212 10018 Apr'30
100-1934
3
Mahon Coal RR 1st fa
10214 102%
1932 A 0 102 1023 10214 June'30
New River lit gold 6a
7538
8 20
753
7312 7
6
8 Sale
95
8
Manila RR (South Linea) 4..1939 M N 753
001/4 95
NA WRY let eons g 45_1996 A 0 95 Sale 9418
8
697 69 May'30 -69
60
1959 M N 66
91 June'30
8
91
90
let ext 4e
1906 A 0 925 93
Registered
3
997 June'30
Ms 997
94
____ 94
911 95
Manitoba S W Coloniza'n 5a 1934 J D 9938 100
3
94
4
/
Dtv'l let lien & gen g 41_1944 J
89
87
87 May'30' _ _
90
4
923 951s
Man 0 B & N W let 344s_ 1941 J J 87
413
Poeah C & C joint 4e_.-1941 J DI 945 9612 94h June'30
6 June'30
_1977 M S
Max Internet lit es asstd.
1
4
)...1112.:;
.1 N
4,, 1.3
:Cash sale. b Due February.
New York Bond Record-Continued-Page 4
BONDS
N Y: STOCK EXCHANGE
Week Ended July 4.
i•s;
Pride
114 Thursday,
July 3.
Week's
Rams or
Last Said.
DIQ
Rasp
Etna
Jas. 1.
RONDE
N. Y. STOCK EXCHANGE
Week Ended July 4.
91
Prise
Thursday,
July 3,
Week's
Rasps or
Last Said.
.
r
Eases
Mace
Jas. I.
Ettg
Ask Low
Ellol No. Low
HWh
North Cent gen de ref 53 A__1974 M 8 104
Bid
Ask Low
MO No. Low
_ _ -- 10412 June'30
HISS
10112 10412 Seaboard Air Line let g Is..1950 AO
Oen & ref 44s Der A stpd_1974 M S 98 10212 99 June'30
66
1
66
60 s 7914
3
98
99
Gold Is stamped
North Ohio let (rusk g 515._ _1945 A 0 93 4 Sale 9334
1950 AO
643 65 June'30
4
3
85
71
933
4
1
93
98
Adjustment be
North Pacific prior lien Is-1997 G
Oct 1949 FA
_ 4934 52 June'30
913 Sale 9114
4
62
92
OA
13
8812 9212
Refunding 424
1959 A0 ii
Registered
43 40
41
883 9112 89 June'30
4
30
40
6912
865 90
8
lst & cons 63 series A
Gen hen ry & ld g 3a..lan 2047 Q F 657 663 654
1945 M S 4812 Sale 48
51
84
8
4
48
66
79
22
634 7014
All & Birm 30-yr 1st g 45_41933
13
Registered
823 86 May'30
4
Jan 2047 Q F 64
6512 64
8412 89
64
62
Seaboard All Fla Istgu 63 4_1935 FA 4012 Sale 40
Ref & impt 414e series 4_2047 J J 984 Sale 9734 May'30
41
62
40
985s 36
72
95
12 99 2
,
Series B
Ref & lmpt 6a series B_2047 J J 113 Sale 113
1935 FA _
45
50 June'30
484 72
11312 42 11112 11512 Seaboard & Roan 1st
J 3 9814
lief & inapt ta series C---2047 I J 10518 106 10518 10514
Se axed 1931
_ 98 June'30
94
9812
6 10312 10814 S &N Ala conga* Es
Ref & Impt 5s settee D _2047 J J 10518 1057 10518 10518
1936 FA 1013 1C4 10112 June'30
4 8
3
100 4 1014
2 10312 1053
4
Gen cons guar 50-yr Is..
Nor Pao Term Co 1st g 62.-1933 J
..1963 A0 10812
10314
10512 Jan'30
1064 10814
10512 10512 Bo Pao coil Is(Cent Pac coil) 1949 J O 9312 10914 10814 June'30
Nor Ry of Calif guar g be-1938 A 0 10012 -- 101
99
93
93 53
6
Mar'30
8912 985
---8
101 101
let 4)4s(Oregon Lines) 4.1977 ▪ S 9814 Sale 9712
248
983
8
94 8 un
5
20
-year cony be
Oir & L Cham 1st gu g 42-1948 J J 7712 79
1934 3D 102 Sale 102
8 100 102
102
77 June'30
12
77
83
Gold 41:e
Ohio Connecting Ry 1st M-1943 M S
1968 ▪ S 9718 Sale 9614
_ 9218 Mar'30
9712 58
93 4 99
,
9212 924
Gold 4,43 with warr
Ohio River RR 1st g be
1969 MN 983 Sale 97
92124
1936 -1 D 1005 10212 101 June'30
8
983
4 96
964 101
100 102
San Fran Term 1st 421
General gold 53
1960 A0 9214 93
1937 A 0 101 10212
9234 June'30
94
89
99 100
Oregon RR & Nav con g 43_19461 D 9314 945 100 Apr'30
AO
Registered
87 Feb'30
8 9314
9312
87
87
91
93
12 So Pao of Cal 1st con gu g 38_1937 MN ioiiz
Ore Short Line 1st oona g 38_1946 J J 10412 -- 10412 June'30 12
103 June'30
100 103
10418 1054 So Pao Coast let gil g
Guar stpd cons 5s
J
1946
_
J 10512
96
Jan'30
2 1037 106
98
4
96
8
So Pao RR let ref 43
Oregon-Wash let & ref 43_1961 J J 914 Sale 10534 1053
1955 J
93 4 Sale 9312
3
9118
93 8 21
7
913 116
4
91
941
4
8812 9314
Pacific Coast Co let g be
33
Registered
1946 3 D 5512 60
91
Jan'30
55 June'30
91
91
55
6212
Pao RR of Mo 1st eat g da 1938 F A 9512 ____ 9518 June'30
Stamped (Federal tax)_1955 J J
9212 May'30
9212 100
9214 9512
2d extended gold Is
1938 J J 10012-- -- 10012 May'30
974 10012 Southern Ry let cons g
Paducah & Ills let a 11143_1955 J J 9712 99
56_1994
10912 Sale 10918 109h 32 10814 11112
98 June'30
98
9914
J 3
Paris-Lyons-Med RR extl Os 1958 F A 104 Sale 10312 104
Registered
10512 June'30
10512 1084
39 102 1044
Devel & gen 43 series A-1956 A0 89's Sale 8838
Sinking fund external 7s 1958 M S 1055 Sale 105
8
90
8812 93
3
1054 35 1034 107
novel & gen 63
Paris-Orleans RR ext 5152-1968 M S 1037 Sale 1033
1956 A0 1163 117 11634 117
4
8
18 11414 120
8 104
34
99 4 104
3
Develop & gen 614e
Paullata Ry lit & ref s f 75_1942 M
1958 A0 12312 Sale 12318 12523 135 120 1264
101
- 101 June'30
95 10114
Mem Div 1st g bs
Pennsylvania Eli eons g 43_1943 M N 9512 11 9712
J J 107
1996
108
108
12
5 10612 108
9712
5
923 9712
4
St Louis Div let g 43
Consol gold IA
1951 33 92 _ _ _
9214 June'30
1948 M N 9478 953 9512 June'30
4
87% 92 1
7
925 97
8
East Tenn reorg lien g 55 1938 MS 10011-- _ 95 June'30
42 star'stpd dollar_May 1 1948 MN
9478 953 95
4
_
95
95 1004
9214 96
Mob dc Ohio coil It 4s
MS 943 9512 95 June'30
Registered
1938
4
-- 9314 May'30
_
904 9512
9212 9312 Spokane Internet 1st g 5s
Consol sink fund 4
1955 J J 61
64 61 June'30
F A 10212 Bale 10112 10212 16
81
72
983 1023A Staten Island Ry let 448_1943 3D
4
General 64a eeries A_ _ 1965 J 13 10012 Sale 10018 1003
85 Feb'30
4 84
8212 991
8
9711 101
Sunbury & Lewiston let 63_1936 J J 92
General be aeries B
1968 J D 10912 Sale 10918 10912 12 106 110
_- 95 Apr'2
Tenn Cent 1st Os A or 11._ 1947
15
-year secured 64e
9512 1614 9512
1936 F A 10912 Sale 10918 1093
9614
6 -9E12 19
4 89 108 110
.
4
Term Assn 01St L let g 443_1939 AO 99 100
Reglatered
F A
9912 June'30
10838 May'30
97
9912
10814 1083
8
1st cons gold be
40
-year secured gold 68._1984 M N 11541. Sale 104
1944 FA 104 Sale 10312 104
2
10412 47 10214 1043
8 e99 4 104
3
4
Gen refund s f g 4s.
Debg440
1953 J J 893
4
1970 A 0 9612 Sale 953
4
9012 30
9612 278
87 9112
14
9414 2963 Texarkana & Ft 51st 514e A 1950 FA 10418 Sale 8838
4
PA Co gu 346 coil tr A reg 1937 M S
1053 10334 104
4
91 May'30
2 1034 10612
90
91
Tex dr N 0 corn gold be
Guar 341 coll trust ser B_1941 F A
1943
9912 101 10012 June'30
894
__
-- 89 June'30
984 10012
87
8912 Texan & Pac let gold 5a
Guar 35ft Oust otfs 0_1042
.2000 J D 10914 Sale 10918 10914
D 857
- -- 8338 Sept'28
3 mil 111
2d Inc5e(Mar'28cp on)Dec2000 Mar
Guar 3)4a trues ctfs D_ _1944 3 0 8412 881 85 June'30
895 Mar'29
_
116
88
Gen & ref be series B
Guar 15
1977 A 0 IOl7 103 102
-25-year gold 48...1931 A 0 100 1003 100
8
s
10234 47 -65 4 164
100
.2 - 1
4
;
98 8 10014
7
Gen & ref be series C
Guar 43 ear E truin etts_1952 M N 91
1979 A 0 1013 Sale 10134 10214 39
4
913 91 June'30
984 1044
La Div B L lit g 8.
8914 9178
Secured gold 654e
1931 3 3 10012 Sale 10012 10012
1963 M N 10114 Sale
8
993.2 1014
97 c1013 Tex Pac-Mo Pac Ter 548-1964 M S 107 10714 107 June'30
4
Pa Ohio & Del let & ref 4s4 A'77 A 0 9814 981 10018 10114 41
9814
9814
104 107
3
9412 09 4 Tot & Ohio Cent let an 54_1935 J 3 10012
3
Peoria & F
-astern 1st cons 48.1940 A CI 8714 Sale 8714
10014 June'30
883
4 11
98 108
84
Western Div lst g Ni
883
4
Income 411
1935 A 0 9712 -- 10018 June'30
Aprll 1990 Apr
25
317 26 June'30
98 100 9
1
26
Gen gold Is
3772
Peoria & Pekin On lit 545_1974 F A 10314
1935 3 J 914
9714 June'30
- 10312 10312
974 100
5 101 10412 Toledo Peoria & West let 48_1917 J .1
Pere Marquette lei ear A 68.1956 J
104 Sale 10434 1043
12 Sept'28
4
2 1023 10514 Tot St LA W 50-yr g 42
4
1st 421 series B
1950 A 0 9118
1956 J J 91
9112
92
9112
93e4
91
91
9O3s
3
90
921 T01WV&Ogu4)4eA....l9313 J
:
lat g 4 WI series C
1980M
984 Sale
9812 Jan'30
98 3
8 33
9812 9811
957 997
s
let guar 412e eerie. B
Phila Balt & Wash lot g 421_1943 MN 9512 9812 98
4
1933 J 3 98h --- 9914 Mar'30
95 June'30
/
1
4
9818 99
1st guar 43 'pries C
9312 95
General Is series B
1942 MS 93
1974 F A 1083 ---- 10918 June'30
9212 Mar'30
4
9212 9212
1083 1094 Toronto Ham & Buff 1st g 48 1946 3 D 893 15
4
8
90 June'30
88
90
Phillippine Ry let 30-yr a 1 de '37 3 J 26
28
28 June'30
24
Ulster & Del let cons g 5e
32
Pine Creek reg let Is
1928 J D 75
96
1932 J D 10214 ---- 10214 June'30
90
90
1
79
9012
Sted as to Dee '28 &J'ne '29int -102 1024
Pitts & W Valet 44s ser A.1958.1
81
93
70 June'30
93 May'30
70
87 4
1
924 97
let cony ba ctfe of dap
lit M 4)4e series B
70
75
1959 A 0 9314 1414 9314
7014 June'30
94
7014 7014
let refunding g Is
92
98
let M 44e series C
1952 A 0 4014 58
1960 A 0 9212 Sale 92
/ 4014 June'30
1
4
93
40
66
15
92
9314 Union Pac let RR &Id gr 48_1947 3
P 0& St L gu 4 tio A
9658 Sale 9552
1942 A 0 9912
963
4 26
9878 June'30
933 9712
2
9714 100
Series B 44s guar
Registered
J J
1942 A 0 9912 ---. 993 June'30
9412 June'30
4
914 9412
9812 100
let lien & ref 4B----June 200 MS "9212 Sale 9114
Berle* C 440 sruar
,
194281
9912
9212 49
9712 Dee'29
884 93
Gold 44e
Series D 4e guar
1967.1
100 Sale 9914 100
164581 N 97 - -3- 97, June'30
17 4
52
12
98 100
let lien & ref Ss
944 9712
Series E 34e guar gold
June 2001) M S 110 Sale 10918 110
1949 F A 9614 -- 95 June'30
2 10612 110
40
93 2 95
-year gold Is
3
Series F Is guar gold
1962 3 D 9012 Sale 8978
1953 J 1) 963
4
901
14
963 MaY'29
4
8714 91
N J RR & Can gen 42
Series 0 4s guar
1944 m
95
96
165781 N
94 June'30
963
4
963
4
9318 96
9954 963 Utah & Nor let ext 45
Series II cons guar 6:L....IOW F A
4
1933 3 J 97
97
__
_
96 Nov'29
9458
9428 902 Vandalla eons g 40 series 4 1955 F A 94 4 Sale 9434
Series 1 eons guar 484e.,_ 1963 F A 100 gale 100 Feb'30
3
943
100
-ii- 043
4
Cons f 4s series B
97 101
Series J cone guar 4 1Ia. _ _1904 M N 10014 1003 995
1967 MN
8212 May'28
4
8 June'30
Vera Cruz & P assent 4)4s..193 --9912 100
General M Is series A_1970
612 8
8
7 May'30
4
D 10914 1097 10914 10914
7
9
10614 1101 Virginia Mid bs series F
:
Registered
1931 M
100
100 Apr'30
.1 D
10734 Mar'30
9812 101
General be
1073 1073
4
Gen mtge guar 5s ser B..1975 A 0 10913
4
1936 31 N 1004 ---- 10018 June'3
10914
100 10112
7 10618 10914 Va & Bouthw'n let gu 51
Pitts Melt & Y lstguO,....l832J J 10212 Sale 10212 10914
2003 3 3 9712 _- 99 June'3
10212
95 10111
3 10112 10212
let eons 50
2d guar de
-year Is
1958 A 0 85 Sale 85
19343
10412
85
2
8314 923
4
10412 10412 Virginian Ry let be series 4_1962 M N 105 Sale 10412 105
Pitts 13h & L E let g 66-- _1940 A 0 ioliz _- 10114 May'30
27 1024 107
May'30
1004 10114 Wabash RR let gold 54
1st cone I gold 51
1939 M N 103 10314 103
10114 ---- 1003 Aug'29
1943J
103
,
4
3 101 103 4
,
2d gold 5a
Pitt' yak Char tells
1939 F A 101
10234 1023
1243 M N
9234 Mar'30
1
9912 102 4
,
Ref & gen s f 15;is ser A _ _ 1975 M 8 104 10412 10312 104
923
Pitts Y & Ash 1st 4s ser 4_1948 J D 93 4 -- 9312
4
3
8 1014 10512
June'30
9112 9312
Debenture B 6sregistered_1939 J J
lst gen 5e eerie: B
9818 May'2
1963 F A 10353
105 June'30
1st lien 50-yr g term 49
10214 105
lat gen Ea series C
1954 3
1038
85 May 3
19743
.
-SS- WI;
Del & Chic ext let 53
Providence Secur deb 42
1941 J 3 10112 fOi 10112 June'30
1957 M N 785s -- 79 June'30
100 103
Des Moines Div 1st g 4E2_1939 J J 90
75
79
Providence Term let 48
91
92 June'30
1956 M S 8673
-- 863
4
92
92
Omaha Div 1st g 1346-1941 A 0 853 _- 843 June'30
86
804
Reading Co Jersey Con coil 48 'II A 0 9212 1318 9318 June'30
8
8
9318
8114 864
Tol & Chic Div g 4a
90
Gen & ref 4 ISa aeries A
93 4
3
1941 M
903
8- 9014
1997 J J 100 Sale 100
90 4
,
1001
3
8814 90 4
,
30
Wabash Ry ref & gen 5s 13_ _1976 A 0 10014 gale
97 101
14
Rensselaer & Saratoga 68_1941 M N 10614
9912 10012 20
10018 Mar'21
974 10214
Ref & gen 4145 series C._ _1978 F A 9214 Sale 92
Rich & Meek let g
_ - - -7 7818 May'28
79 3
M N
923g 17
884 9512
Warren let ref gu g 3As
!Itchy: Term fly let au 621_1952
2000 F' A 72
8014 7712 Mar'30
101
Apr'30
724 774
Wseb Cent let gold 49
101 101
Rio Grande !use let Cu 5...19393 D 97 101
1948 Q 14 8512 -- 87 Mar'30
9712 Jan'30
834 90
94
Hie Grande Sou lit gold 4. 19403
9712 wash Term let gu 314e
1945 F A 863 ---- 863
4
4
863
4
7 May'28 _
2
Mkt 843
4
1st 40
-year guar 42
Guar de (Jan 1922 coupon) '40 J
1945 F A
8412 June'30
712 A pr'28
8314 00
Rio Grande West let gold 419393
932- 9318
W M 18 W & N W 1st gu 56_1930 lf A 9934 __
993 Apr'30 ____
93
8
934
99 4 99 4
5
6
2
971k W Maryland lit ir 41
91
185 eon & coil trust 41 4_1949 A 0 853 877 843
1952 A 0 83 Sale 82
/
4
8
8314 26
4
8512 37
80
843
4
1s1 dr ref 5Sis series A....1977 J J 9734 9914 9818
8112 884
ft 1 Ark Jr Louis lyt 441_ _1934 PA S 9914 Sale 9918
9914 13
993
8 13
1
943 101
9514 9912 West N Y & Pa 1st g 63
Rut
-Canada lit au g 4e
1937 J
10234 103 10234 1023
7514 78
1949 .1
7514 June'30
4
2
98 10'43
4
Rutland 1s5 con g 414a
Gen gold 43
74
78
1943 A 0 92
4
984 915 June'30
1941 3 J 893 ---- 89 June'30
8
5514 9212
86
914 Weetern Pac 1st ear A 621
1948 M
973 Sale 96
8
974 20
9512 99
lb Jos & Grand lel let 4s
Registered
19473 J 87
8712 87 June'30
_ 97 Feb'30
__
97
97
West Shore let la guar
SI Lava & Adir let g 5s____1996 J J 95 100
86
85
2361
90 Sale 895
8
963 Nov'29
4
90
13
85 4 91
,
2d gold es
Registered
2361
1996 A 0
843 88
4
88 June'30
10112 Feb'30
86 2 89
,
101 10112 Wheel & L E ref 44s ser A 1988 M
St L Cain: guar g M
997 -- 997
19313 J
8
93
95
974 June'30
8
_
9974
3
87 11 944
,
98 4 100
BlLIrMt&SgeeSong5 11JI A 0 1003 1013 10034
Refunding Is series B
3
8
1966 M
8
10011-.-- 1003 June'30
4
101
98 4 101
1
32 100 101
RR let conga! Is
Stamped guar rie
1931 A 0 - - 1949 M
8612 88
10134 Dec'29
877
8
887
8 10
8712 89 4
3
Riv&G Div 1st g M
Wllk&Kastletgug5.
9838 Sale 9814
1931 M N
19433 D 64
66
6518 June'30
_
9812 35
6214 71
OIL M Bridge Ter gu a 53.-1930 A 0 993 1004 9978
9584 tils; Will & SF 1st gold 5e
4
19383 D 1013
8
102 May'30
Mar'30
_ 102 102
994 10014 Winston-Salem SB lit 4s
SI L-Ban Fran pr lien 4s 4_1950 M
9012 Sale 89
1960 J
853 ____ 8614 Apr'30
4
9012 56
8614 861
4
Con M 414 series A
8711 924 Wis Cent 50-yr let gen 4s.....1949 J J 75 Sale 7558
1978 M B 9212 Bale 91
/
1
4
923 194
754
8
1
753 8314
8
Prior Hen 5s series B
Sup & Dui div & term
8812 954
1950 J J 10112 Bale 10114
39 100 c10414 Wor & Conn East let tells'38 M N 75% 7712 8612 June'30 _
4
8
953 915
StLouIa&Sanprftygen6e.1931J J 10114 Sale 10114 102
443_1943 J 3 85
/ 93
1
4
10114
/ 9034 June'30
1
4
4 1004 102
908 90 4
3
General gold la
1931 .1 j 101 10114 10072 toils
10 100 1014
St L Peor & N W 1st gu 14_1948 J J 10318 -INDUSTRIALS
10318 1034
2 10214 104
St Louie Sou let au g 42
Abitibi Pow & Pap 1st 5s.. _ 1953 3D 843 Sale
1931 M S 98s Sale 9834
4
85
8458
984
16
5
8214 885
8
941s 99
St L SW let g Is bond cifs_1989 M N
Abraham & Straus deb 5%9- 1943
8814 873
4
8814
5
2d g Is Inc bond Ws Nov 1989 .1 3 ____ 803
85
With warrants
8912
AO 100 Bale 991/ 100
4 8014 June'30
6
97 103
12
Adriatic Elec Co exti 79
Coneol gold ts
787 82
s
1932 J D 99 Sale 98 8
1952 AO 10012 Sale 100
7
9918 106
10012 11
96 10012
1st terminal & unifying 68.19523 J 100 Sale 100
9714 110
Adams Express coll tr g la_ _ _1948
•S 8712 88
8734
90
1004 14
3 62
90
96 101
Bt Paul & K C Sh L 1st 4%4_11341 F A 973 100
Ajax Rubber let 15-yr e f 8e_1936 JO 65 Sale 65
4
975
8
66
975
8
12
4
4512 80
941s 298
Bs Paul & Duluth lit 5s..„.1931 F A 100
Alaska Gold M deb 6s A
•S
1925
__
514 June'30
10018 Feb'30
514 7
54 9
1001s 1001s
let oonsol gold 48
Cony deb 64 series B
514 512 514 May'30
1926 MS
1968 3 D 894 9212 9112 Mar'30
414. 45
8
9112 9112 Albany Pefor Wrap Pap 8s 1948 A0 93 2 Sale 9312
St Paul E Or Trk 1st 440_1947 J J 9418
,
8718 Jan'29
9312 13
85
9614
Aileghany Corp col It 5e
St Paul Minn .1 Man con 48.19333 J
1944 FA 98 4 Sale 9714
3
99
983
4 40
99
4 " - id
97 10414
Oil
let cone& g de
Coll& cony fs
1933 j
3D 9814 Sale 9714
1949
103 1043 105
4
9814 65
105
7 103 1083
97 10412
Coll & °may 56
6a reduced to gold 4%._ ,,1933.3 .1 100 10012 993
4
1950 AO 93 Sale 92
93
4 June'30
39
92
994
971 10014 Allis-Chalmers Mfg deb 59..1937 MN 102 Sale 102
Registered
1
J .1
98 Feb'30
10214 15
994 1024
Mont ext let gold 4s
98
98
:Leine-Montan Steel let 7s _ _ 1955 M
95 Sale 94
19373 D -958 if 9518 June'30
"
95
4
91 100
Pacific ext guar la (sterling) 40.3'
92
9814 Ins Agile Chem let ref s f 710'41 FA 103 Sale 1034 10414
J
5s
9114 June'30
9 10212 10512
89 4 92
3
St Paul Un Dep let & ref 54_1972 J
tmer Beet Sus con•deb 66_1935 FA 68
106 10612 106
70
70
106
1
70
2 1044 10612 tmerican Chain deb s f Is.._1933 AO 10114 1014 70
874
BA Ar Pass 1st au g 4e
1943 J
937 Sale 9314
10114 1014
8
4
93 8 22
7
97 10212
904 9412
Banta Fe Free & Mee let 54.1942 M S 1003
m Cot Oildebenture 59 _ _ _ _1931
N 10012 _ _ _- 1003
4 1003
4 - -- 101 June'30
4 20
99 101
994 10114
cynami8 dPb 5a
Say Fla & West 1st g 6a
A0 9412 96
1934 A 0 1037 10512 1037 June'30
1942
9712 June'30
8
8
91 10012
108 1034 Am k Foreign Pow deb 58_2030 MS 8712 Sale 8812
let gold ba
1934 A 0 10118
874 108
993
4
8612 89
99 4 Ms tmer lees f deb fe
3
Scioto VANE lit gu g 4s-1989 M N 9014 93 923 Jan'30
1953 3D 87 Sale 87
87
8 June'30
1
864 90
8814 94
tmer I 0 Chem cony 545_.1949
N 103 Sale 10212 10314 94 100 10812
tmer Internat Corp cone 5Ma 49 3.3 943 Sale 94
4
'
95
20
93 10114
tin Mach & Fdy f tis
1939 AO 105 Sale 105
105
12 103 4 106
,
Amer Metal 51
-is
1934 A0 9658 Sale 964
963
4 41
964 994
to, Nat Gas 614.(with war)1942 AO 8012 817 8012
8
82
26. 70
924
C Cash sale. d Due May. k Due August. e Due June.
New York Bond Record-Continued-Page 5
92
BONDS
N T STOCK EXCHANGE
Week Ended July 4.
ta
Zia
Am Sm & R let 30-yr leper A '47
Amer Sugar Ref 15-yr Si._ _. 1937
1936
AmTaiep& Teleg cony 4g
1933
-year cony 444e
30
1946
110-year coil tr 5/3
Registered
1960
85-yr s f deb 5e
1943
20
-year a I 54411
1939
Cony deb 4498
1965
55-yr deb Be
Am Type Found deb 6e
1940
Am Wat Wke & El col tar 58_1934
1975
Deb g descries A
1047
Am WrItPap let g 68
Anglo-Chilean e f deb 7e_ _ _ 1945
Antilla(Comp Ague) 734e....1939
Ark & Mem Bridge &Ter be _1964
1939
Armour & Co lot 4 He
Armour & Co of Del 544e_ _.1943
Aesoclated 0116% gold notes 1935
1947
Atlanta Gas L let be
Atlantic Fruit 7s etfe dep. 1934
Stamped etre of deposit
All Gulf & WI SS L col It bs 1959
'937
Atlantic Refg deb Se
Baldw Loco Works lit 56_ __I940
Baragua(Comp Az) 734g. __1037
Batarlan Pete gen deb 4He _ _ 1942
-Hemingway68
1936
8eldIns
Bell Telep of Pa Et series 8..1948
1960
lit & ref be series C
Berlin City Elea Co deb 61481951
1959
Deb sink fund 6He
Berlin Elee El& Undg 6 He_ _1956
Beth Steel let & ref be guar A '42
30-yr p m & imp f 58._ 1936
BIng & Bing deb 6 He
1950
1934
Botany CODS MI1136448
1934
Bowman-Ent Hotels Ta
B'way & 7th Av lst cons 58_1943
1941
Brooklyn City RR 1st be
Bklyn Edison Inc gen re A _ 1949
1968
Bklyn-Man KY seeds
Bklyn Qu Co & Sub con gtel 56'41
1941
lit 58 stamped
Brooklyn R Tr let cony g 4e.2002
3-yr 7%a ecured note" __ _1921
1950
!Skims Un El let g 9-511
1950
Stamped guar 4-be
Bklyn Un Gas let eons g 5e_ _1945
let lien & ref Si series A..A947
1936
Cony deb it 5141
1950
Cony deb be
Buff& Susq Iron let e f ba_ _ 1932
1952
Bush Terminal let 4a
1956
Coned Se
Bash Term Bides 5e gu tax-ex '60
By-Prod Coke lit 1549e A _ _ _1945
Cal G & E Corp unif &ref Be _ 1937
Cal Petroleum cony debit 581939
1938
Conydebef g 549a
1942
Camaguey Sue let a f g 78
Canada 88 L 1st & gen 65._ _1941
Cent Diet Tel let 30-yr 5e _ _ .1943
Car t Foundry let 8 f as May 1931
Jan 1957
Cent Hud G E 5e
Central Steel let R 9 t 88 _ _ 1941
Certain-teed Prod 5Ha A _.1948
Cespedes Sugar Co let•f 799e '39
OW City & Conn Rye Wan 1927
Ch G L & Coke let gu g 5e__ _1937
Chicago Rya let 58 stamped
Aug 1 1929Int 10% paid _ _1927
1947
Chile Copper Co deb 68
1968
CInG&E latm 4sA
1940
Cietarneld Bit Coal lit 41
1938
Colon 011 cony deb 68
1943
Colo F & I Cogen e f 58
Col Indus let & coil be tit__ _1934
Columbia Cl & E deb 545 May 1952
Debentures Se ___Apr lb 1952
Columbus Gas let gold be. 1932
Columbus 117 PAL let 4 He 1957
1934
Commercial Credit at 6e
1935
Col tr if 530 notea
Comm'lIn vest Tr deb 6a __ _1948
1949
Cony deb 5348
Computing-Tab-Roe at 134_1941
Conn Ry & L let & ref g 43461951
1951
Stamped guar 4 He
Canso! Agricul Loan 6 Hs_ _ 1958
Consolidated Ilydro-Eleo Werke
of Upper Wuertemberg 78_1956
Cons Coal of Md 'stead 58_1950
(NY)deb 549e_ _1945
Consol Gas
CODSUMelliGas of Chic gu bs 1936
Conaumen Power let &L....1952
1946
Container Corp let 6.
_1943
15-yr deb fss with warr
_-Copenhagen Telep 58 Feb 15 1954
Corn Prod Refg let 25-yr at be'34
1947
Crown Cork & Seals f Cle_
Crown-Williamette Pap 6...1951
Cuba Cane Sugar cony 76. _1930
Cony dollen stamped 8% _1930
Cuban Am Sugar let roll 8a_1931
.1950
Cuban Cane Prod deb 6e..
Cuban Dom Sue let 7He _ _ _1944
Stpd with purch war attached.
Curnb T & T lat & gen 5e._1937
Cuyaruel Fruit letif 6$ A...1940
DOUTer Cow Tramw let be _ _ 1933
Den Gas & E L let & ref f g56'61
1961
Stamped as to Pa tax
Dery Corp(D 0) let at 7e 1942
Second stamped
Detroit Edison let con IT 58_1933
let & ref 512 series A_July 1940
1949
Gen & ref Si series A
let & ref 6asertes B _ _July 1940
1955
batteries B
Gen & ref
1962
SerteeC
Det United let cons g 4He _1932
1940
Dodge Bros deb 6e
1942
Dold(Jacob)Pack lat6e
Dominion Iron & Steel 5a._1939
1941
Donner Steel let ref 7e
-Price Pow let Sc etr A -196a
Duke
.
Duquesne Light let 439: A _ 1967
East Cuba Sue 15-yr a f g 7 He' 37
1939
El MB kin let con g 414
Ed
Ed Elec(NY)let cone st Be 1995
Edith Rockefeller McCormick
Trust colt tr 8% notee._ _1943
c Cash sale.
Price
Thursday,
July 3.
Week's
Ranee or
Last Salo.
4•
E3
co4
Banos
Stare
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended July 4.
Price
Thursday.
July 3.
Week's
/Mega or
Last Sale
Ranee
Since
Jos. 1,
Hton
Low
SW
Bin
Ask Low
Blob
Low
lila
Ask Low
12
94
4
923
4
8912 97%
95
9412 1023 Elea Pow Corp(Germany)63413'50 MS 923 94
4
Sale 10112 102
4
9412
8712 9412
4
953 94
1953 A0 93
1st f 649s
8
Sale 10234 10312 16 1017 106%
8
84
98
81
81
94% 10014 Elk Horn Coal let & ref 644s 1931 ▪ 0 8112 84
2
Sale 100
100
6612 75
6512 May'30
(Deb 7% notes(with warr)1931 J O 6012 75
egle 105
10232 10212 June'30
100 4 June'30
99 4 100 4
3
3
1
10014 Sale 1043
4 10512 44 103 10512 Eault Gas Light let con 56..1932 M
103 10312 Ernesto Breda Co let m 78._1954
10312 May'30
6
P A 78
79
81
7712
3
75 4 84
With elk purch warrants
105 Sale 10412 10514 127 101.12 10614
6
973s
96
94
4
963 96
4
4
4 61 11343 10e12 Federal Light & Tr let La....1942 MS 96
1073
1073 Sale 10714
1
9814
92
4
953
9534
98
let Hen at be stamped ____1942 MS 96
82 13714 19312
164
163 Sale 160
10084106
1942 MS 10112 102 102 June'30
let Hen tie stamped
1051s .206 100% 1051s
105 Sale 104%
6
9212 10012
94
94
-year deb()geodes B_..--1954 J D 9414 96
30
7 103 107
Int% Sale 104% 10512
98 102
4
1939 ID 983 10014 100 June'30
Federated Metals a f 76
9912 103
3
100% Sale 100 4 10114 18
96 107
96
9618 14
Fiat deb 7e (with warr)
1946 J J 96 100
9 104 108
106
4
1053 Sale 105
2
87% 947
2
90
8
s
903 9234 897
Without stock purch warrants_ _
5
84
69
8012
78 Sale 78
43
60
89
65
60
ewe 9812 Flak Rubber 1st818e
1941 MS 6014 65
9112 24
9113 Sale 90
4 10313 109
107
1
Framerlean Ind Day 20-yr 7498'42 12 10618 107 107
55
49
49
49 Sale 49
9
97
82
90
Francisco Sugar 1st Elf 7Hs._1942 MN 90 Sale 90
9814 101
10012 10114 10012 June'30
1 1023 10414
4
8
3 1037
s
87% 911z French Nat Mall EIS Linea 781949 J O 1037 Sale 1037
90 Sale 89%
9012 26
43
801z 863
4
81
4
803 Sale 8012
82
7
92 2
8512
15 102 10312 GannettCo debt% _____ ___1943 FA 84 Sale 82
10212 10312 102% 103
2
997 10212
101% 103% Gas& El of Berg Co cone g 6.1949 ID 102% -- -- 10212 June'30
1033 ---- 10312 June'30
4
25
8012 92
81
P A 8212 85
8012
Gen]Amer Investors deb 56.1952
12% May'28
96% 1033
9912 44
s
Gen Cable 1st s f 5He A-- --1947 J J 97 Sale 96%
12% May'29
1
94
96
1942 F A 9518 ____ 9514 June'30
7
721 I6- Gen Electric deb g 344e
7312 Sale 7312
7312
8
10414 Sale 10212 10414
4914 105
2 101% 16 100 103
101 Sale 1007
Gen Elm (Germany)7a Jan 15'45 ii 105 Sale 105
11 109 124
110
f deb 634e with warr__ _ _1940 J D
95 101
96
Without warr'ta attach'd_1940 J O 96 Sale 96
5 105 10712
107
107 10712 107
95% 31
9212 9714
N 95% Sale 9413
1948
20
1
-year f deb 6e
75
91
75
75
4
833 75
74 10011 104as
1937 PA 102 Sale 10114 102
9412 25
92
9512 Gen Mot Acceptdeb 65
9412 Sale 94
3 11
997 10212
1023
2
Gent Petrol lets f 58
81
1940 P A 102 Sale 102
87
7612 15
77
7612
78
12
9814
9312 103
31 102 10614 Gen Pub Sery deb 549s
1939 J J 9814 Sale 97
106
10512 Sale 105%
102% 38 101 10614
Gaol Steel Cast 534e with war '49 J J 102 Sale 102
103% 1081s
4
1073 109 108 June'30
4
1093 162
105-8 June'30
1944 J
88 c97% Genl Theatres Equip 6e
9112 27
9112 Sale 8812
97
94
9312 10014
1940 * 0 -53E3 gile 9313
Cony deb 68
4
848 96
8812 14
8914 90 87
921m103
9818 51
7
Hope Steel & I sec 7e_ _1945 AO 98 Sale 97%
Good
86
96
8818 Sale 873
4
8814
1067
3
8 31 105 10772
2 10112e105
Goodrich(B F)Co let6 He._1947 I, 1067 Sale 106
10318
103% 104 103
92% 123
96
90
Goodyear Tire & Rub lat 513_1957 MN 9214 Sale 92
99% 104
10112 101% 101%
4 14
1013
9712
87
90%
4
3D 90% 943 90%
2
Gotham Silk Hoofers deb 68_1936
,
91
86
86
86 Sale 86
4
847
69
1
71% 713 June'30
Gould Coupler let a f Se
1940 P A 65
47
4 29
35
363
36% Sale 35
10
P A
8 100 105 Gt Cone El Power (Japan)731944 3, 99% Sale 9914 9972 24 9714 10111
101
100% 102 10012
90% 98
92
91 Sale 91
let &gene f(1449
1950
14
4412
1312 15 June'30
7
97 100 2
99% 27
Gulf States Steel deb 530_1942 ID 99% Sale 9812
2
8212 87
827 84 June'30
1
90
85
89%
8014 89%
11 10312 105% Hackensack Water let 0_1952 J , 76
104% Sale 104% 105
Harpin Mining 13e with ink purch
130
94% 101
97
97 Sale 96
94
80
413
90
.▪ 1 90 Sale 86
war for corn etock or Am she'49
77
89
69 69 June'30 _
68
10
92
84
85
Hama SS Linea 6e with warrA 939 AO 84 Sale 84
8312 Dee'29
89
74
9612 Aug'29
Hartford St Ry let 4a
1930 MS 9612 _
9212 June'29
841k
75
_ _ _ 77% 75 May'30
Havana Elec consol g Se.._1952 PA
10614 Nov'29
105
50
1a
66
5012
Deb 549e series of l926._5951 MS 5012 5212 5012
4
882
6
82
86
87 85
85 2
90
75
76
8014 76
3
83 4 80'1 Hoe(R)& Co let 6He aer A _1934 * 0 76
4
833 May'30
921s
80
81
80 June'30 _Holland-Amer Line 66(flat)-1947 MN 78
107
2
1027
11.)&i4 107 106 June'30
5312 73
Hudson Coal let s f 59 ger A.1962 ii) 66 Sale
114 117
_
116
11512 June'30
65
66
2
8 1011s 10414
Hudson Co Gas let g 58
1940 MN 103 105 10313 1034 3
306 306
306 May'30 10212 51 101 1021
4
.• 1 10212 Sale 1013
:
Humble Oil& Refining 5448.1932
43 1023 10314
4
4 103
103 Sale 1023
3
99 4 102
Deb gold 58
1937 AO 102 10214
96
96
96 Jan'30
82
10512 16 103 105%
2
5
18
Illinois Bell Telephone 5e
1956 3D 105 10514 1017
11
14
87 90
90
90
9018 -10012 16
97 102
Illinois Steel deb 439e
1
1940 AO 10012 Sale 993
99
9712
94
9713 98
9712
9
88
92
82
13
99 102% liseder Steel Corp mtge 60_ _ _ 1948 F A 88 Sale 87
102
10112 10212 102
22
68
7912
851s
4 10014 10412 Indiana Limestone lit.f 68_1941 MN 79
102 104 10214 10214
9
.
0
7
10312 Jun8 30
100 101
Ind Nat Gas & 01156
1936 MN
3
91
954
3 100% 10213 Inland Steel lat 434e
1978 *0 94 4 Sale
10214
10218 10212 102
11
99
•S 101% 101% 104114:
1001s 10112
38
94 10012 Inspiration Con Copper 649e 1931
9912 100
4
993 100
912 91,
113 30 2F00041 1 --0
'
1
912 20
23
1956 AO
we: 10212 Interboro Metrop 449a
102
102 Sale 10134
6312 73
61
7412
Interboro Rap Tran 1st 58_1966 J J 62% Sale 6112
3
41
42
60
41
41
40
6212 25
J
.
741
62 Sale 61%
61
Stamped
2
2
947 97
95
95 Sale 95
8
60% 67 4
4
673 Jan'30 -- _
Registered
8
1043 -- 10414 10414 14 10218 104%
2
47
49
47
45
661
- 0 47
.
10
-year fle
1932 A-7914 81%
June'30
8112
85
8014 21
85
84
94%
10
-year cony 7% notes_..1932 MS 85 Sale 84%
10412 June'30
102% 10412
10482
6
93% 9714
97
Int Agile Corp let 20-yr 58. _1932 MN 9613 9812 9612
121 125
-120 125 May'30
_
77
80
77
7214 79
MN 77
Stamped extended to 1942.
182
42
3712 61
2
407 Sale 3912
9
8
9
,
0 %
190
91 103%
6
3
lot
60
7814 Int Cement cony deb Si. _1948 MN 1003 Sale 9
6018 60 June'30
_
41
142
98 104
5312 Mar'30
5312 5312 Internet Hydro El deb 68_1944 * 0 98% Sale
6214 6
414
3
133
100
97 10012
100 104 Internet Match e f deb be_ _ 1947 MN 100 Sale 98
10213 10212 10212 June'30
4
968 101%
10013 25
Inter Merean Marine ef 6e._1941 * 0 10012 Sale 100
9
21
81
00
85
9212
8897
65
8313 Internet Paper 58 ear A & 13_1947 ▪ J 83 Sale 814
83
69
82 Sale 80
85
94
Ref a f 6a series A
9814
28
1955 MS 85 Sale
94
95
95 Sale 9412
50
00
6
493 94
4
J 893 Sale
29
8613 907 Int Telep & Teleg deb g 434. 1952
90
3
90 Sale 8912
8
1117 116 105 1298
4
J J 10914 Sale 108
Cony deb 434e
74
May'30
1939
74
83
70% 74
148
9614 99%
Deb 58
gets Sale 5912
1955 P A 9714 Sale 9633
5912 8914
6012 29
9912 18
95 10018
99
9812 993
4
13 103 10512
4
Hams City Pow & Lt 58._ _1952 MS 1043 105 10484 105
92% 98
961s 30
9612 96
96
9512 9914
1 44
let gold Hsseries B
1957 ▪ ,1 08%-- 170 14 Jun170e8'831048 _ 32
98% 10212
10214 Sale 10112 10214 41
104 106%
•S 10614 Sale
18
4
983 10312 Kansas Gas & Electric 64_1952
4 102
1013
102 Sale
24
7512 Sale
6913 83 2
7
MN
Karetadt(Rudolph)63
1943
98
95
97 June'30
98
97
91
74
82 85 June'30
78
Keith(B le) Corp let6a
1946 M
9412 16
96
90
9412 Sale 9412
7els Sale 8 18 may20 33
.
76% 92%
:
8
97 4
8
6
7
4
932 10012 Kendall Co 539e with warr_ _1948 bl
1
4
4
993
- 993
75
90
90
85
Keystone Telep Co let 52_ _ _1935 J
85 100
97
6
97
9934- -- 97
9712
10014 10414
10213 June'30
86 10014 Kings County El & P g Se...1937 * 0 10213
4 65
993
9912 Sale 9912
125 128%
* 0 12618 ---- 12812 June'30
Purchaee money 6e
1997
2 83
947
83 9712
9413 Sale 9412
4
78
75% 82
80% 78
9 10312 10613 Kings County Kiev let g 48-.1949 FA 78
106
10512 106 106
_
75% 89
4
803 8014 May'30
9512 100
Stamped guar 46
1949 F A 78
3
100
9312 9812 100
1 10012 105
10412
10413 10412
Kings County Lighting 5a _1954 J J
1
9312 99
99
0% 10212 99
11412 117
First& ref 644s
1954 J J 11512 120 11512 June'30
7612 90
8412 31
84 Sale 84
101 10714
Kinney(Gil)& Co 749% notes'36 J D 103 -.-- 10318 June'30
103
10214 105
2
4
89 r953 Kresge Found'n coll It as._1936 ID 103 104 103
9312
93 93
92
4
92 100%
953 321
Kreuger & Toll 5a with war 1959 MS 9513 Bale 94
63
42
10
47
47 Sale 4612
4 100 103%
10312
4 10612 48 105 10612 Lackawanna Steel 1st be A..1950 MS 103% -- -- 103%
10612 Sale 1053
6
102
99 102
2
9812 10212 Lad Gas of St L ref&ext Os _1934 A0 102 Sale 102
_ _ _ 10112 10218
101
33 100 010514
8
Col& ref 549a series C
7 10214 1047
1953 P A 10212 Sale 10212 103
10472
2
2
1047 Sale 10414
37 102 10314
Coll & ref 549e ear D
5
1960 P A 102% Sale 10212 103
8912 953
9212
4
9314 9212
Lautaro Nitrate Co cony 611 1954
87
74
7712 12
77 Sale 74
32
80
87
74
12
77 Sale 76
Without warranta
4
9412 June'30
91% 978
9412 95
9 9418 9884
9712
9712 Sale 9712
97% 10212 LehIgh C & Nay f 414a A_ _1954 J
102 --- - 102 June'30
2
4
973 101
10012 Sale 10012 10012
4
94 1013 Lehigh Valley Coal let g 5a_ _1933 J
99 12 26
Sale 99
9912
951s 1130112
let 40-yr gu In;red to 4%_1933 J J 9712 -- 9712 May'30
10214
5
9912 103
10214 Sale 102
1
8112 100
9812
9812
351g 4112
1934 FA 98% 101
41 Mar'30
8213 May'30
8012 83
let & ref a f be
mg 4312
1944 FA 8112 90
Mar'30
41
25
7212 74
2
__ 697 7212 May'30
let & rate t 53
1954 FA
93 10014
76
95
93 Sale 93
7814
70
69% 70 May'30
let is ref 6 f be
1964 FA
1612 38%
1712 57
17
20
17
75
70
70 June'30
let & ref et Sc
1974 FA ____ 70
47
29
2
277 29 June'30
4 18 11712 122
4
4012 Uggett& Myers Tobacco 78_1944 AO 1213 Sale 12112 1213
27
6
28
27 Sale 27
6
10418
998 10514
4
58
1951 FA 10412 Sale 104
10212
7 ieee4c105
102
10218 103
1 10112 130
112
11 10214 10412 Loew's Inc deb 613 with warr_1941 AO 112 Sale 112
104
a
1037 104 104
9812 21
91% 101
Without stocks porch warrants AO 9812 Sale 9714
5
95
9912
98
Lombard Elec let 7s with war '52 ▪ 13 9412 Sale 94
_ 76 Dec'29
99
94 June'30
98
J D 9412 95
Without warranta
9812
3
9812 Sale 9812
21 1047 11012
4 110
s
1944 AO 110 Sale 1093
1 104
-i
99
8 -9112 16 13 Lorlillard (P) Co 78
2
987
98 100
3
2
787 9014
87%
FA 8612 8714 87%
be
1951
Oct'29
61
84
9212 18
9514
Deb 5448
47
1937 J J 9212 Sale 90
10
7
10
10 Sale 10
2 100 10312
8 10312
3
5 10014 10314 Louisville Gas & El(Ky) 58_1952 MN 1027 104 1027
102 10212 10112 102
2
99
9818
87
981s
4 10212 22 101 104% Louisville Ry let cons be__ 1930 J J
10212 Sale 1013
4 28 101% 1047 Lower Austria Hydro El Pow1043
2
10412 Sale 104%
3
85 4
3
80 91
Istef6448
1944 P A 8512 Sale 84%
4 107% 20 10512 10812
4
1063 Sale 1063
97%
9
964 10012
McCrory Stores Corp deb 539e'41 J O 97 Sale 97
22 102 105
105
2
2
4
1043 1047 1047
20
37
51
86
..l942 *0 4112 Sale 40
2 102% 10518 Manta( Sugar let a f 7346.
10412 Sale 10412 10412
44
4612 43
60
Y)cones 48_1990 AO 46 Sale 45
Manhat By(N
9912
8
2
9918 993 9912
45 June'30
54
45
50
2d 4s
2013 ID
44
92
9112 Sale 9112
97 June'30
94
9914
789
84
95
6113 9853184 Manila Elec By & Lt it 5s--1953 MS 90 103
64
2
68 64
62
Mfre Tr Co ette of panic In
1
10012 101
Apr'30
101
_
4
96% 100
A I Namm & Son let 6(1_1943 II) 9814 993 100 June'30
103
2 10 12 104
10318 104 103
75 June'30
__
88114
75
71
10513
5 103% 106% Marion Steam Shovel s f 66_1947 * 0 68 Sale 93
10513 Sale 105
8912 97%
95% 181
94
Market St By 76 net A _April 1940 O J
964 102
10118 Sale 0013 101% 43
_
,
971 102
Merldlonale Else let 7g... _1957 AO 92 101 100 June'30
87
60
63
11
Sale 60
60
10414
10414 16 101 10414
9614
9614 June'30
94% 904 31etr Ed let & ref Se ear C._1953 33 104113 gide 9882
99
25
4
978 99
99
1968 M
let g 4)9aser D
1 EN 111
0914
109% 111
10914
7914
6
6612 7914
Metr West Side El(Chic)43_1938 A 7914 Sale 78
97
81
_
97 Apr'30
J D
4 1003 10213 Ming Mill Mach 7s with war _1956
4
2
4
10188 1013 0112 1013
90
8614,
5
90
8512
_ 87
ID
Without warrants
904 102
101141 28
4
0118 Sale 1003
Midvale St &0cony el 5e-1936 MS 1- -
840
10172
10312
100
101
10512
I New York Bond Record—Concluded-- Page 6
BONDS
N. Y STOCK EXCHANGE
Week Ended July 4.
A
Prize
Ii
I 3 Thursday,
July 3.
Weat
Range or
Last Sale
0
11";
Ask Low
Bid
11(05
Milw El Ry & Lt ref & ext 4%5'31
' 1001g 1003 100 13 10014 17
3
,
s
General A ref 58 series A _ _1951 Jo 10114 -- -- 102
2
102
18t& ref be aeries II
1961 ▪ D 1004 Bale 1004 101
21
1s8 & ref Meer B temp
1961 ID
9912 Jan'30
Moniana Power let be A. _A943 3, jar 1- 4 1023
:6
8 1023
8 35
Deb be aeries A
4
1962• D 1013 Sale 10112 102
14
Montecatini Mtn &
Deb 7e with warrants_ _ _1937• J 10312 Bale 103
10312
J
without warrants
99 Bale 99
6
10014
Montreal Tram 1st & ref 68_1941 3, 98 4 99 98 4
3
15
3
99
Gen & ref a I 58 aeries A _ _1955 AO 94
9514 94
1
94
Gen & ref a f 5a ger B
1955 AO 9334 9614 917e Jan'30
Gen &ref e f 41
-Meer C_1955 AO 86
8712 867 May'30
8
Gen & ref f 5e ser D
1955 AG 93 4 9512 94
3
94
.▪ 11 804 Bale 8012
Morrie & Co Intel 4 W.__ _ 1939
804 14
Mortgage-Bond Co 4e net 2.1966 AO 7318 90
73
7314 13
10
' 973 99
-26-year be series 3.... _1932
3
8
2
975
8
973
s
Murray Body let 8 he
1934 J O 98
9814 96
7
98
Mutual Fuel Gas let gu g 66_1947 MN 10418
2
10412 1041
Mut Un Tel gtd (18 ext at5% 1941 MN 100
984 Jan'30
Namm(A I)& Son_ _See Mfrs Tr
Nassau Elec guar gold 45_ ..1951
' 493 Sale 492
3
4
4
5
5012
Nat Acme let a f On
1942 JD ____ 1023 10212 June'30 8
Nat Dairy Prod deb 5 He...1948 FA 963 Sale 9514
4
99
41
Nat Radiator deb 6 he
FA 2314 Sale 2314
1947
12
24
Nat Starch 20
-year deb 5e. _1930 3'
9938 Apr'3
-Newark Coneol Gas CAMS 56_1948 ▪ D iol
104 Juno'30 -New Engl Tel & Tel 68 A _1952 3D lows 10684 10612 1064 10
151 fr 434s series B
1961 MN 101 102 101
10114
6
New Orl Pub Serv let 55 A ._1962 AU 87 Sale 87
5
87
Finn & ref be aeries B
_1955 J D 8718 88
8612
8718
9
NY Dock 50
-year let g 45.. _1951 F A 8314 8312 834
834
5
Serial 5% notes
AO 72 Bale 72
1938
73
9
Y Edition let & ref 6 he A_ 1941 A0 11414 Sale 114
11412 12
let lien & ref
series B 1944 AO 10514 Bale 10412 10514 17
N Y Gaa El Lt tl & Pr g be_ _1948 JO 10614 Sale 10614 10614
4
Purchase moo y gold 4s_ _1949 FA 943 951 9438
4
95
20
YL E&W Coal & RR bhe'42
N 10018
101 Mar'30 - -NY LEA W Dotk &Imp 55'43 3, 100 102 984 June'30
N Y& Q El LA P let g 5e 1938 FA 993 100
4
997
997
8
8
2
' 4318 54 4318 Mar'30 ---Y Rya let RE & ref 4n_1942
3
Certificates of deposit
4318 --- 5614 Mar'29
30
-year adj Inc 15e___ _Jan 1942I-12 __-1 Aug'29 -Certificates of deposit
1 July'29
4l
45
4 44
N Y Rye Corp Inc 6a_ __Jan 1966 Apr
412 37
Prior lien 6s series A
64
61
61
1966
61
1
N Y & Richm(Me 1st 6s A 1961
8
N 1053 1091: 1053 June'30
8
NY State Rya 1st cons 4348.1962 M N
9 Sale
6
9
9
UN
Registered
17 Jan'30 ---Certificates of deposit
14 June'30 -- -50-yr let cone 6 he aeries B1962 151-2
4
6
13
13 June'30 -Y Steam let 211-yr 65 ger A 1947 MN 10134 10712 107 June'30 --N Y Teiep let & gen e f 4
_ 1939 MN 10118 Sale 1003
4 1011
60
30
-year deben f ear. _Feb 1949 F A 1107 11112 1113
8
4 11184
1
80
-year ref gold Oa__ .....1941 A 0 10612 Sale 10612 1065
s 23
NY Trap Rock let 65
:
19463 121 991 10014 9912 10014
7
Niagara Falls Power let be. _1932 J J 1021 Sale 10212 1023
5
8
2
Ref & gen 6a
Jan 1932A 0 10212
_ _ 10212 10282
3
May Lock & 0 Pr let 158 A _ _1955 A 0 104 10412 10418 10418
2
Narddeutsehe Lloyd 20-yr sf66'47 MN 92 Sale 9112
924 70
Nor Amer Com deb 6 he A _1940 M
61
63 60 June'30
No Am Edison deb be sec A1957 M 9 10214 Bale 10138 1021
27
Deb he ser B_ _Aug 15 1963 F
10312 Bale 1023
8 103'l lb
Deb fie series C__ _Nov 15 1969 M
9814 Sale 9712
981
89
Nor Ohio Trac & Light 65. _1947 M
103 Sale 10214 103
26
8
Nor States Pow 25-yr 55 A _ _194 I A 0 102 Sale 10112 102 4 10
let & ref b-yr 68 aer B
_1941 A 0 10512 Bale 10518 106
6
North W T let id g 4 He Md.1934 J 3 9618
100
100
1
Norweg Hydro-El Nit 530_1957 MN 9212 Bale 914
921
: 89
Ohio Public Service 734'A __I946 AU 11118 113 112 June'30....
let & ref 78 series B
1947 FA 11214 11212 11214 11214
1
Ohio River Edison let 6.._..1948 3, 1063
8- 1061a June'30 ---Old Ben Coal let 6e
1944 TA 62 dile 62
6212
b
Ontario Power N F let 55_.. _1943 FA 1023 10314 1027e 10314
4
2
Ontario Taanamisalon let 66_1945 MN 1013 10212 10138 June'30 —
8
-Oriental Devel guar (Se
1953 MS 97 Sale 9614
97
36
Eztl deb 534s
4
1958 MN 893 Bale 8938
8934 17
Oslo Gas & El Wks ext.! be_ _1963 MS 923 93 918
4
4
9134
I
Otte Steel let M 65 ear A__ _1941 MS 1023 Sale 1028
4
4 103
17
Pacific(lank El gen & ref 58.1942
' 1023 Bale 102
4
3
1023
4 26
Pao Pow & Lt let& ref 20-yr 66'30 FA 100 Bale 100
10014 10
Pacific Tel & Tel let be
1937 J J 103 1034 10212 10312 40
Ref mtge be aeries A
1952 MN 105 10513 10514 10514 10
Pan-Amer P & T COOT sf 68 1934 MN 10312 Bale 10212 103% 11
let lien cony 10-yr 7e_ _ _ 1930 FA 9912
9912 June'30 -- Pan-Am Pet Colo(Cal)COOV 68'40 3D 85 1812 88
88
1
Paramount-lYway let 554a_ _1951
' 1023 103 10212 103
4
3
14
Paramount-Farn'e-Lanky 68_1947 ▪ D 1003 10114 10034 1013
4
4 31
Park-fez let leasehold 830_1953 J
80 Bale 80
so
1
Parmelee Trans deb 68
75103
1944 AO
70 June'30 ---.
Pate Passaic 0& El cone be 1949 M
- 1013 June'30
4
Pathe Each deb 78 with warr 1937 MN 67 fitile 63 e
7
67
35
Penn-Dixie Cement On 4 _1941 51
8918 -- 8012
go%
Peon Gas & C let cone z 6s....1943 AG 11212 _
1124 June'30
Refunding gold be....._ _1947 M
1023 105 10312 10312 -8
4
Registered
MS
100 8 Mar'30
7
Phlia Co sec be ser A
D
Eirde 10
r
1967
134
018 101
Phi% Elec Co let 4 he.... _1967 MN 993 1001 looln
4
1007
2 19
MIR az Reading C& I ref 6.5.1973
' ____ 84
3
84
84
12
Cony dab Os
98 Sale 9634 100
1949 M
3
99
Phillips Petrol deb 64 ...1939 ID 94 Bale 9212
54
75
Pierce 011deb a I 8a__Dec 15 1931• D 106 Bale 106
106
2
Pillsbury Fl Mille 20-yr 6e_ _1943 AU 1043 Sale 10438 105
4
5
Pirelli Co(Italy) cony 7e._.1952 MN 100 1033 1033
4 104
28
Pocah Con Collieries fetal Ete '67 3' 9412 951 9412 June'30
Port Arthur Can & Dk 65 A 1963 F A 103 105 104 June'30
let M 13e series 11
1953 FA 10238
_
- 105 June'30
Portland Elec Pow let 68 B 1947 MN 983 Bale 983
4
4
987
4
8
Portland Gen Elea let be__ _1935 3' 101 102 101
101
6
Portland Ry let & ref be _ _ _ _1930 MN 10012 Sale 100
1001
4
Portland Ry L & P bare(66_1942 FA 10018 101 10014 10014
1
let lien & ref (ie aeries 11._1947 MN
99 Sale 99
99
3
let lien & ref 7ha tier A _1946 MN 105 1061 108
1061
5
Porto Rican Am Tob cony fle 1942
' 864 90 865
3
8
as
3
Postal Teleg & Cable col! be _1953 J
91 Bale 91
924 38
Pressed Steel Car cony 358.1033
87
' 83
3
8618
4
884
Pub Serv Corp NJ deb 4 34e 1948 FA
190 Jan'30
Pub Berv El az Gas 1st& ref be'65 3D 10438 gide 10414 1043
4 22
let & ref 4 ha
1007 Sale 9912 10078 ,
,
1967 J
32
let & ref 4145
993 Sale 983
5
197o F
4
993 128
8
Punta Alegre Sugar deb 7s 1937
J 2612 Sale 261z
2812
7
Certificate] of deposit......
2712 Bale 2612
30
30
Pure 011 f 614% notes- 8
997
s 13
3937 FA 997 Sale 9914
S f 5h% notes
4
1940 M 13 973 Bale 9714
973
4 53
Purity Bakeries e f deb be_ 1948
93 4 Sale 92
3
9334 16
Remington Arms66
1937 M N 98 Bale 96
9614
9
Rem Rand deb 634s with war '47 MN 9612 Bale 96
963
4 64
Repub I & 10-30-yr fte e f_1941) A 0
- -- 10212 10212
1
Ref & gen 6 ha gelled A .1963 J J 10312 10412 10312 1037
10248 13
Revere Cop & Br 65—Ju1y 1948 NI 13 104 Sale 10312 104
15
Reinelbe Union Is with war_1946 J
1004 Sale 1004 102
7
Without atk porch wart._1946 J J 963 Bale 96 2
4
,
97 2 10
,
Mettle-Main-Danube 7a A
M 6 102 Sale 10112 102
2
Rhine-Weetphalla El Pow 7,1960 M N 1914 Sale 1013
8 10218
Direct mtge 68
4
1952 M N 893 Sale 883
4
893
4 39
COOS M 68 of'28 vrlth war..195 F A 90 Sale 883
4
90
19
Without warrants
F A 87
904 90H June'30
Con m 85 01 1930 with warr1955 A 0 8912 Sale 883
4
894 is
)
c Cash sale.
Range
Since
Jan, 1.
Low
Mob
971s 100 2
,
997e 10214
963 1014
4
9712 9912
100 10412
984 103
N
BONDS
V STOCK EXCHANGE
Week Ended July 4.
93
Pre*
Thursday,
July 3.
West'.
Range or
Lon Sale.
Rid
Ark Low
Mob N.
Rhine-Ruhr Wet Bar (53
1953 J J 82 8212 81 4
6
,
82
Richfield Oil of Calif fle
1944 MN 87 Sale 8612
27
87
Riau Steel let a f 78
1955 FA 96 Sale 96
6
96
Rochester Gas & El 7e ser 15 1946 MS 10718 Sale 1071e
2
107Ia
Gen mtge 54e aeries C_ 1948 MS 105 Bale 10412 105
3
Gen mtge 4 he serlee D1977
9812 100
973 June'30
4
Rch&PittsCA 1 m 5s_ _1946 MN 85
92
85 May'30
10112 10812 Royal Dutch 48 with warr—_1945 AO 883 Sale 87s
4
320
89
95 102
95 1007 St Joe Ry Lt B & Pr let 58_1937 MN 9718 99
e
_
97 June'30
St L Rock Mt & P 58 stmpd _1955
914 96
58
7
5812 5834
59
' 8412 86
9178 917 St Paul City Cable cons 63_1937
3
s
86 June'30
San Antonio Pub Seri let68_1932 J
844 8812
10634 107 10634 1063
4
9312 94 Saxon Pub Wks(Germany)75'4 P A
9614 Sale 9534
8
9614
Gen ref guar 6 he
80
854
195 MN 89 Sale 8812
16
90
7314 Schuico Co guar 6348
73
7312
7312
1946 J
74
75
1
9615 9812
Guar e f 6He series B_ _1948 AC 75
78 8 77 June'30
7
Sharon Steel Hoops f 53401_194 MN 9612 98 964
89 100
7
961e
99 a 10412 Shell Pipe Line e f deb be_ _ _195 MN 95 Sale 95
7
40
96
2
98 a 953 Shell Union 0118 I deb 6e-1947 MN e 94 Bale 9312
3
944 42
Deb be with wart
194 AO 971: Sale 9614
9712 163
493 57
4
Shinyeteu El Pow let 8 ha_ _1982 J O 87
88 88 June'30
1014 102 4 Shubert Theatre 68 _June lb 194 ID 50 Sale 49
1
50
95 510112 Siemens & Haleke e f 78 ___ _193 33 10212 Sale 10218 103
24
2212 40
Deb f 6 he
195 51 S 104 Sale 103
18
104
993 100 Sierra az San Fran Power 55.194 TA 10112 Bale 10112 1013
2
4 14
102 104
Silesia Elec Corps f 6
_ _ _194 P A
1
87
89s 87
87
Eilleelan-Am Rip coil tr 76_ .194 TA 8712 Sale 87
103
11c108
8
88
984 10112 Sinclair Cone 01116
33
104 Bale 10314 104
-year 78_193 M
1st lien coll 6a series D ... _193 M
82 93
10014 10038 10014 10014 16
let lien 654s series D._
83 93 e
ID 102 Sale 10114 102
3
14
3
80
/ 85 4 Sinclair Crude 0116 Sisear- -1938
1
4
' 1003 Sale 1003
3
63
4
A
8 101
86
70
Sinclair Pipe Linac I 5e....._194 A0 9814 98'z 973
4
98 8 10
3
11112 11412 Skelly 011 deb 5he......_1939
96 Sale 953
,M
23
8
96
102 4 10514 Smith(A 0)Corp let 6348_1933 M N 10212 Sale 102
3
10212
Solvay Am Invest be
1043 109
4
1942 M
973 Sale 9714
4
987
8 18
South Porto Rico Sugar 78_1941 J D ____ 10512 10412 105
92 4 97
8
2
99 101
South Bell Tel & Tel 1st if be '41
.▪ 1 104 Sale 1034 104
49
981s 981s 13'weet Bell Tel let & ref 58—.1954 FA 10514 Bale 10514 105 8 10
7
,
9
954 100 4 Southern Colo Power 6e A-1947 3, 1033 Bale 1033
4
4
4 10414
434 434 Spring Val Water 1513 68_1943 MN 994 102
9978 June'30 _
Standard Milling let be
N 10038 ____ 1004 1003
3
e
1930
1st A ref bhe
1027 103 1034 10314 10
8
1946 M
Stand Oil of NJ deb be Dec 15'46 B A 10312 Sale 103
103
1 152
Stand Oil of N Y deb 494e._ 1951 3D 983 Bale 9612
154
4
99
7214 Stevens Hotel let 6s aer A _ _1945 33 80 Sale 79
61
9
81
104 1053 Sugar Estates (Oriente) 78_ _1942 51
4
4112 Sale 40
10
411
Syracuse Lighting let g 68..1951 3D 10614 ___ 10614 1061
6 c25
1
Tenn Coal iron dr RE gen 68.1951 J
17
17
1023 ____ 10234 June'30
8
Tenn Cop & Chem deb 6a 15_1944 MS 10012 1007 100
14
20
20
s
1001
13 52414 Tenn Elec Power let 6e
1947 3D 10612 Bale 106
lb
1063
Texas Corp cony deb be_ _ _ _ 1944 AU 103 Sale 1023
10518 108
s 1033 436
8
' 47 Sale 47
983 10112 Third Ave let ref 4s
3
5
1960
10
48
Adi Inc be tax-ex N Y Jan 1960 AO 2412 25
11018 112
25
38
2338
1057 10812 Third Ave Ry let g be
2
99 June'30
1937• J 964 97
94 1914 Toho Elec Power 1st 78
40
8
1956 MS 9912 Sale 993
993
1004 103
6% gold notes
9912 Bale 99 s, 994 lb
—1932 J
1004 10314 Tokyo Mee Light Co, Ltd—
let 6a dollar series
1014 104 s
1963 3D 8612 Sale 853
81
7
4
861
86 4 9312 Toledo Tr L az P h% notes 1930• J 997 100
3
8
1
997g
993
Transeont011 034 with war_1938 .11
5012 70
108 Sale 1074 10814 212
,
Without warrants
994 1037
a
101 Sale 10014 101
11
997 10314 Trenton G & El let g 5e___ _1949 14 11 103 ____ 103 June'30
8
95 s c9911 Truax-Traer Coal cony 6 he _1943 MN 86
3
8812 89 June'30
Trumbull Steel let a f 6e _ _1940 MN 1023 Bale 1023
98 104
4
7
4 1024
25
99 4 10212 Twenty-third St Ry ref be _1962 J
3
35
9
30
30
1024 11012 Tyrol Hydro-Elec Pow 730_19515 MN 9512 99
9812
5
99
Guar sec e f 7e
96 100
1952 P A 9014 Sale 897
8
93
14 28
4
88% 94 8 Ujigawa Elec Pow s f 7s..1946 MS 1003 Sale 10018 1004 19
3
Union Elec Lt& Pr(Mo)65_1932 MS 101
____ 101
101
Ref & ext 65
110 1124
3
1933 MN 100 4 10114 101
3
101
Un E LA P(Ill)let g 634s A_1954• J 10211 1023 10212 1023
110 113
5
4
4
Union Elev Ry (Chic) fe_ _ _1946 AD 7814 82
105 5109
4
784
80
62 80% Union 011 let liens f
• J 10178
1014 May'30
30-yr 6a Belles A_ .May 1942 TA 108 ____ 10812 109
991 1044
4
25
let lien a f 5.1 eer C__ _Feb 1935 AG 10014 Sale 10014 1003a
98 10214
2
Deb 58 with warn__ Apr 1945 J D 10014 1003 9914
95 100
4
9938 18
N 10238 103 103 June'30
863 93
4
14 United Biscuit of Am deb 68_1942
United Drug 25-yr be
8
90 97
1953 MS 963 Sale 9518
9612 76
United Rya St L let g 4e
10014 104
6838 68
1934 3, 68
1
68
United SS Co 16-yr 13a
100 8 103
5
1
1937 MN 10014 Sale 10014 10014
99 4 1013 Un Steel Works Corp 6145 A.1951 ID 91 Sale 904
3
4
136
91
Sec e f 6 he series C
100 10312
1951 3D 9012 Sale 8912
3.5
91
Si deb 6348 set A
1014 10512
9038 8912
1947 3' 90
907
8 17
10214 1074 United Steel Wks of Burbach
Each-Dudelange 5 f 75
9912 1044
1951 AG 10518 Sale 105
6
10518
981: US Rubber 1st & ref Meet A 1947 .1
8014 Sale 804
88
52
81
99 1034
10-Y7
% secured notee_1930 TA 100 Sale 100
12
10014
98 1034 Universal Pipe & Rad deb tle 1936 J o 61 Sale 61
2
61
66
8615 Unterelbe Pow & Lt 63
83's 83
4
1953 AO 83
83
70
913 Utah Lt az Trac 1st az ref 58_1944 AO 95 seas 9338
4
14
95
101 1004 Utah Power & Lt let be_ _1944 P A 1007 Sale 10012 1007
8
a 29
Utica Mee L & P let a f g 511_1950 33 104 Sale 10318 June'30
86
80
73
12 85 IltIca Gas & ENeret ext be 1957 33 10512 ___ 104
4
10512
11114 112 4 171:11 Power & Light 514e_
3
4
4
89
1947 3D 883 Sale 8812
Deb Se with or without war1959 P A 8114 Sale 8014
101 C1054
8112 25
100 a 100 s
7
7
Vertientee Sugar Mt ref 75._1942 3D 43 Bale 42
96 101
2
43
21
97 10038 Victor Fuel let f 59
45
23 June'30
1953
8314 gg
Va Iron Coal & Coke let g 58 1949 MS 724 90
7218 June'30
Va Ry & Pow 1st & ref be _ _1934 33 10114 Sale 10114 10218 60
91 110
Walworth deb 6 he with war 1986 AU 96 103 96
90 97
2
100
Without warrants
104 107
- 96
9512 June'30
let sink fund fle aeries A..1946 AU .894 Bale 893
1021s 1054
1
4
893
4
100 113 4 Warner Bros Pict deb 66_1939 MS 10114 Sale 994 10112 121
3
9412 943 Warner Co let tle with warr_1964 A 0 97
99
7
96
4
97
Without warrants
10212 10512
AG 96
973 96
e
1
96
102 1043 Warner Sugar Refln let 7e_ _1941
1044 Bale 104
4
8
10414
9612 1003 Warner Sugar Corp let 75-.19393 J 42 2 60
4
,
47 June'30
Stamped
9814 103
4218 50
45 May'30
97 10012 Warner-Quinlan deb tle
82
1939 M S 8112 Sale 8112
6
96 1013 Wash Water Power
4
12
5e
1939 J J 105 Sale 105
105
Weetchest Ltg g be mod gid_1950 J D 105 10718 105
9615 101
5
10718
West Penn Power ear A Se.1940 RI S 104 1043 1044 10438
1044 107
8
4
let be series E
86% 98
10518 ____ 105
4
1963 M
105 4
,
let 534s series
91
FA 0 105 ____ 105
9612
10
105
let sec be aeries G
77 94
:
1
1047 10514 1043
8
8 105
956
19
Western Electric deb 6n.. 1044 j D 10412 Sale 1033
181 194
944 A O
995653
8 10414 10
WesternUnion coil trust 65_ 1938J J 10212 10314 10212 10212
los% 105
5
Fund & real eat g 4 he_ _1950 m N 98 4 Sale 98
9512 101.38
3
3
98 3
4
lb-year 6 he
96
11 99 5
1936 F A 1097 Sale 10912 110
951
s
3
28
25
-year gold be
2812 55
J D 10212 Sale 10214 103
17
30
-year 5.1
2612 MI
10338 Sale 103
1034 86
98 100
3
1953
9
60
11 Westphalia Un El Pow 6e
g 83 4 Sale 8012
J
83 4 20
3
9714 98 4 Wheeling Steel Corp let 6549 1948 3
10212 103 1023
3
8 103
14
let & ref 4 he series B__1963 A 0 913 Bale 91
92 9712
8
9112 22
1s White Eagle 011A Ref deb 53-4e'37
93 4 97
1
With stock purch warrants_ _ _ 111
1034 10412 10334 104
9112 101
14
10114 1034 White Sew Mach tle with wart'36 J J
797 81 May'30
8
Without warrants
747 75
8
10018 1047
75
a
1
Partite a f deb fte
102 10614
69
1940 M N 69 Bale 69
4
9914 19712 Wickwire Span St'l let 7e _ _1935 J J
24
23 June'30
CU dep Chase Nat Bank
__ 204 34 May'30
923 99
4
15
21
100 1034 Wickwire Sp Bt'l Co 7e_Jan 1935 MN
25 June'30
CU dep Chase Nat Bank......... 15
100 104
197 34 May'30 8
994 Sale 99
86
9512 Willye-Overiand sf0 he_ _1933
100
8
83 9412 Wilson & Co let 25-yr f 63_1941 A 0 9918 Sale 9938 100
26
Winchester Repeat Arms 7ha '41 A 0 103 Bale 103
103
13
ash 93 /1 Youngstown Sheet ar Tube 6.'78 J J 10212 Bale 1013
3
4 1827
8 53
Range
Since
Jan. 1.
Low
81
80
High
89
981
4
ash 9714
10511 1084
.
10412 108
97
997
2
85
85
8712 C894
94
98 4
3
5818 64
30
90
102 108
92 s 100 4
5
5
86 499
12
75
46
46
824
1
95 109
9212 474
9312 994
9614 10312
8518 94
41
6912
100 1044
10115 108
963 1031
5
4
80 9018
12
86 597
1004 104
99 5 Ion%
3
993 103
8
947 101
5
94t: 99
97
91
10112 104
93 8 98 a
7
7
103 107
1013 1041
5
4
102 3106
10112 105
9938 100 4
3
99 e 100
7
12
100 1044
1004 10111
5
93 99
74 90
36
43
103 106%
12
10218 104
97 102
12
701% 108
10038108
5415
45
223 36
8
92 100
9814 100 8
7
964 1004
854 9212
99 8 1004
3
96 10814
874 101
102 163
7912 11412
102 104 1
3
23
11071
94 994
35 96
97 100 4
12
3
100 10114
100 102
1
101 103 4
70 80
9912 10111
4
106 109
98 1014
9914 99 4
3
99 103
9212 99
74
67
964 101
864 92
11104 92
8912 9112
102 10612
8018 881
4
100 1014
60 63
91
81
92 8 97
1
571s 1014
99 10318
102 10512
14
86
96
8014 93
41
614
21
30
73
70
99 4 1024
3
93 10912
1s
87 9614
354 93
14
991 113
:
96 1004
89 98
1024 107
451s 6612
46
6112
8112 96
loots 106
103 4 1074
5
1013 1004
4
102 1054
104 106
/
1
4
1017 1054
2
10112 10412
1001
,193's
96 984
108 110
10038104¼
10238 104
91
76
1004 10318
87
93
10214 1034
81
90
73 86
69
304
23 68
2512 $941
2378 41
20
39 4
3
98 1014
7
9918e102 2
100 104
10012 103
94
FINANCIAL CHRONICLE
[VOL. 131.
Outside Stock Exchanges
-Record of transaction at
Boston Stock Exchange.
Boston Stock Exchange, June 28 to July 3, both inclusive
(Friday, the 4th, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
Sales
Thurs
Last 1Veek's Range for
iVeek.
Sate
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Jan 46% Mar
550 35
40
37
Ablxstt Laboratories corn _•
Jan
July 99
750 55
5834
25 5834 55
Acme Steel Co
May
100 224 Jan 38
31
30
Corp com.•
Addressogr lot
Sales
600 19 June 334 Apr
Thorn.
Thurs.
2234
Ainsworth Mfg Corp corn10 224 19
44 Apr
1
Range Since Jan. 1.
Jan
50
Last Week's Range for
14 1%
1%
All-Amer Mohawk Corp AS
June 194 Feb
1Week.
1,050 10
Sale
of Prices.
104
10 10
Allied Motor Ind Inc com..•
High.
Mar
Low.
100 3432 Feb 45
Par Price, Low, High. Shares.
StocksAltorfer Bros cony pref__. 38% 384 3834
Apr
Jan 34
200 21
28
•
29
Amer Colortype corn_
Railroad
Amer Commonw Power
Apr
Feb 18634 Apr
100
460 175
24
550 21% June 82
23
185 184 186
•
Boston dr Albany
Common A
Jan
July 95
Jan 8434 Mar
30 90
25 67
100
90
90
784 78%
•
Boston Elevated
lot pref $7 A
434 Apr
Apr
June 94
1-64 June
2
5 81
85
1-64 1-64
85
Preferred
Warrants
Mar
Feb Amer Equities Co corn__ _•
534 Jan 22
215 103% July 110
1,100
100 10335 1034 1034
16 1334 16
First., referred
Apr
Jan 994 Mar Amer Pub Serv prof _100
41 95% June 100
90 89
100
97
92
97
91
Second preferred_
334 June
I% Jan
134 14 1,200
Boston dr Maine
Amer Radio & Tel 81 Corp.
Slay
12
Jan
100
20 88% Feb 78 June Amer Service Co min....*
5
74
300
9%
74
9
9
Class A 1st pref
Jan 1114 Apr Am Utll & Oen Corp B vte*
200 104
8 June 1534 Apr
50
107 109
8
8
Bost & Maine pr pf stpti100
Mar Amer
5% June
Jan 84
3% June
15 77
450
3% 434
------ 80 •80
Ser A 1st prefstpd-Yvette Co, Inc corn *
Mar
June 130
June 1434 May
9
50 118
100
120 120
9% 9%
Ser B 1st pref stpd .100
com •
Corp
Apr Appalach Gas Inc corn..•
June 2734 Feb
21 108% Mar 114
350 10
112 112 112
1134 1134
Ser C 1st prefstpd
Art Metal Wks
May All500 Investment Co__ __• 57% 5734 5731
Jan 177
June 63% Mar
25 170
150 55
174% 175
Boston dr ProvIdence__100
Jan 6634 July
846 58
6634
-• 66% 63
East Mass St Ry Co
Assoc Tel & Tel CIA
Jan A1800 Tel Util Co com
2534
88 22 June 48
100
25
22 21% 2234 2,800 19% June 29% Feb
•
First preferred
Apr Atlas Stores Corp com
June 47
850 1734 Jan 3634 May
150 17
20
100
18
29 2534 3034
•
Preferred B
June 2834 Mar Auburn Auto Co 00112
June 26434 Apr
6
100
4,100 92
100
9
9
93 95 105
•
Adjustment
486 9734 June 127% Apr Balaban dr Katz
99 1044
NY NH & Hartford_ _100
Mar
Apr
60 66% Jan 84
75
26 1294 June 135
72
130 130
25 72
& Worcester pf100
ctfs
Norwich
Voting trust
Mar
Jan 25
Jan 140% June Banooky Co (The) com_10
204 1,150 19
598 125
100
20 20
140 138% 140
Old Colony
600 30 June 4634 Am
74% 1,015 69% June 87% Apr Brastien-Rleastng corn _ _• 32% 31% 324
50 7434 71
Pennsylvania RR
Jan 914 Apr
Jan 18734 Apr Beatric Cream'y Co corn 50 7534 7434 7534
350 70
19 171
172 17235
Providence & Worcester100
June 5755 Aar
30 284 3034 8,850 28
Beadle AvUttlon corn_ ___•
10 2334 July 30% Mar
'2334 2334
Miscellaneous
Binks Mfg Co cl A cony_ •
June 5014 Ma:
20,150 24
4,209 11% June 32% Jan Borg-Warner Corp com _10
13
28
12 11%
27 24%
American Founders Corp__
AM
100 9534 June 101
155 164 June 3134 Apr
18
9834
17 17
100 98% 98
Amer & Conti Corp
7% Preferred
Jan Bonn Vivitone Corp pref.
9
414 June 17% Jan
4 June
25
200
5
5
435
4
Amer Pneumatic Service25
Jan
18
10 1634 June 2434 Jan Brach & Sons (EJ) corn.*
400 1434 July
1434 15
1634 164
Preferred
Mar
May 52
100 17% Jan 28% Mar
100 43
44% 44%
50
23
23 23
First preferred
Brown Fence & Wire el A,
600 3234 June 5914 Apr
100 20635 204% 21034 2,068 199% June 274 34 Apr Bruce Co, E L corn
3234 34
Tell & Tel
Amer
June 2234 Apr Burnham Trad Corp corn.*
6 June 174 Apr
50
174 2,036 16
17
64 634
Rights
834 June 1744 Jan
60 10% June 18 34 Feb Huller Brothers
•
12
12
8% 834 2,850
20
84
Amoekeag Mfg Co
.4 pr
Jan Castle & Co (A M)
210 55 June 80
,
424 1,050 35 June 71
55
Carpet...
55
10 424 4134
Bigelow Sanford
Mar CeCo Mfg Co Inc com
June 204 Jan
May 103
8
10 99
150
100
100 100
934 10
•
Preferred
Apr
Feb
June 28
June 33
100 21
2134 214
24% 5,250 23
23
Boston Personal Prop Trust
Cent Illinois gee Co cite
Mar
May 97
75 164 June 3734 Apr Central III P 8 pref
216 92
95
93
1734 18%
Columbia Graphophone_
•
Jan
Apr Cent Ind Pow Co pfd--100
3,110
7 June 20
50 88% Apr 95
90
7% 8
90
Credit Alliance Corp cl AJuly 42% Apt
9 June 12% Mar Cent Pub Baty class A .• 294 29
310
1,700 29
9% 94
30
94
Crown Cork Internet Corp
Apr
Feb 404 Slay
Jan 41
26
530
31
100 22
31 31
30
30
•
Common
East Gas dr Fuel Assn con.
Mar
Jan
Jan 83
June 31
132 76
100 8134 81% 8134
8 W Utll com new__• 2134 21% 2234 2,000 20
434% preferred
May Cent
AM
Jan 99
Jan 105
254 92
•
100
350 08
95 944 95%
1004 10134
6% preferred
Prior lien prof
mar
Apr
June 36
50 93% May 100
95% 95%
•
Eastern SS Lines Ino___25 2634 2534 264 1,166 25
Preferred
Mar
Jan 4934 Apr Central States P & L pfd_.
Jan 90
265 44
10 90
•
49
48
94
94
Preferred
Apr
Jan
210 9334 Mar 100
100
97
470 27 June 40
95
29% 30
Burrell Corp corn.•
First preferred
Mar Cherry
Jan 276
203 237
100
259 258 259%
Edison Elea Ilium
Chic City .k Cons Re
2% June
Jan
215 21% Feb 274 Apr
1
244 25
1% 234 8,050
common__ _ _•
Empi Group Assoc T C_
Part share
Jan
Max
9
2 June
15
914 Feb 20
2
15,950
2
20
15 14
•
Galveston Houston Elec100
Part preferred
Jan
1834 June
5 12
July 24
834 Jan
12
100
1,400
12
13
1834
Preferred
Certificates of deposit _.•
65
84 Feb 144 May Chime') Corp corn
9
14,500 10 June 17% Apr
9
• 1034 104 11
Co
General Alloys
Apr
Mar
313 40 June 60
June 45
42
41 40
2.150 37
38
General Capital Corp
Convertible prelerred • 374 37
Feb
Jan 19% May Chic Elec Mfg A
550 11
7 June 15
100
18
18
7
7
•
German Credit Inv 1st Pf.
Jan
16
Feb
125 14
14
14
Georgian Inc (The)
July Chic Flexible Shaft com....5
6
Mar
1
10% AM
Jan
65
6
4
950
6
6
6
6
Common
Chic Investors Corp oom_•
Mar
Apr
9 June 11
30
20
160 32% Jan 41
34
9% 9%
34
•
Class A preferred_
Preferred
Jan Chic No Sh & Mlle
94 June 19
•
70
9% 10%
Gilchrist Co
Feb
187 67% June 10534 Jan
156 10 June 40
67% 7034
11
11 10
100
Gillette Safety Razor
Preferred
Bakeries InoIlatlutways
Jan
June 4034 Jan Chicago RYs- 1
21
Feb 25
200
50 10
214
21
25
25
100
Class B
Part ctfs series
6 June
5% Jan 14% Mar
15
134 Feb
2,450
6% 8%
6
3
334
Part ctfs series 2_ -- -100
International corn mon_ _ _ _ -----Apr
3 June
205 33 June 53
1,050
34 Feb
Sys cl A
3634 37%
3
100
Internet] Hydro El
Part ctfs serial 3
May
934 Apr Chin Rap Tran pr pf A..100
2% Jan
June 100
30
50 95
5
5
-----96%
95 95
Jenkins Telev Corp corn
Feb 89% May
75 84
58 12% June 2614 Apr Chic Towel cony prof
8834
13
13
86
Libby McNeil Libby_ 10
734 Jan 1234 Apr Cabo Service Co com.....• 2634 26% 27
20
38,650 24% June 4434 Apt
25
8
8
Loew's Theatres
Apr
7
34 Jan
100
4
4
•
Jan
40
Mar Club Alum (lien Co corn •
July
1,265
6% Jan 12
60 24
24
8
74 8
24
Colon Lamp & Stove
Mass Utilities Assoc v t
Apr
10 2934 May 32 May CommonwealthEdison.100
32
700 2354 Jan 338
32
285 283 289
Mortgage Bk of Colombia_
2% May
14 Jan
110
1% 1%
10
National Leather
Material
Ave
8 June Construction
34 June
400 36% Jan 49
774
334 4%
4
36% 38
•
Preferred
Nat Service Co corn v 1 c_ _
Feb
8
Feb 160% Apr Consumers Co common 5
4% June
244 143
550
44 5
New Engl Tel & Tel__ _100 144% 143 145
Feb
215 20 June 30
100
21 2034 21
Coot Chicago COW
Pacific Mills
Apr
June 25
275 15% June 27% Apr
1634 15% 16%
15% 11,300 15
• 1531 15
Common
Public Util Holding corn__
20 64 June 9034 Apr
3,150 434 June 4734 Apr
68
65
• 4334 4334 44
Railway Lt & Serv Co corn
Preferred
1% Jan
30 1 7-16 Apr
...l0
1% 1%
Mach.
Reece Folding
Continental Steel
Apr
Feb 23
200 15
985 15 June 21% Mar
17
1534
154 15
16
•
Shawmut Assn T C
Common
July 2534 Apr
150 16
521 70 June 1134 Apr
16
16
7634 794
•
Common v t c
Stone dr Webat Inc cap stk.
June 174 Mar
6
482 28 June 3434 Jan Cord Corp
7,300
29%
• 29% 28
6% 7
6
7
Swift dr Co, new
Jan
Jan 7234 Apr
295 53 June 67
55
•
6234 64% 1,650 54
55 53
Torrington Co new
Star Corp Sec of Chic allot etf.• 6234 204 22
3
Jan
1
14,000 193.4 June 28% Apt
225
14 14
• 21%
Common
Tower Mfg
,
Ave 4411 Mar
25 11% June 20% Apr Crane Co corn
473 42
424 43
1234 1235
25
Tri Continental Corp corn.
4434 Mar
June 1174 May
110 113
113 115
100
United Founders Corp corn 18% 1834 19% 1,258 17% June 6834 May
Preferred
Feb
June 22
50 15
2,174 584 June
15
62 6034 62
15
Mach Corp_25
Inc
United Shoe
Mar
Mar Curtis Lightingcorn corn...•
Jan 32
15 194 June 28
278 30
31
31
25
204 2034
5
Preferred
Jan Curtis Mfg Co
150 11% June 23
1234 12%
US Elec Power Corp
Mar
June 23 May Decker(Alf) & Cohn _100
934 June 18
150
110 14
10
15
15
10
U. S. & Overseas Corp_
Jan 91% Ap
20 4834 Jan 534 July
425 71
Diversined Invest Inc al A• 5334 53% 534
Utility Equities Corp pfd_. ------ 7334 76
June 16% May
64 May Duquesne Gas Corp COW _•
Feb
1
200 10
200
2% 2%
10% 10%
Holding Corp_ _ -----Venezuela
July 7836 Jan El Household Utll Corp_10 4234 404 44
11,450 40 June 5734 Apr
3
1,135
5
3
5
Venezuelan Mex 011CorD10
June
2% Feb Else Research Lab Inc_ •
34 Jan
300
1
234 API
105
1
134
1
1
Whittelsey Mfg Co class A_
Em p & Fuel Co
Mar 86% May
50 76
83% 83%
100
Mining
6% preferred
1% Jan
934 May
2% Jan
1% Jan
200
620
5
4
4
134 14
134
4
•
Arizona Commercial
Apr Fabrics Flnish'g Corp corn
Apr 100
25 56
25
5c
Sc
Fed Compress & WareCliff Mining
100 2234 June 2334 June
325
934 June 16% Jan
224 23
25
9% 10
10
Copper Range Co
house common
Ayr
1% Jan
June 22
May
1
4,450 10
125
134
1
12 1034 12
East Butte Copper Min_10
Foots Bros 0 & 14 Co__ AS
Jan
July 64% Feb
July 43
150 55
200 32
1
5534
32
32 32
55
Island Creek Coal
Gardner-Denver Co corn.'
Mar
7 Slay
4
6 June 1234 Jan Gen Candy Corp ol A...6
10
25
634 634
534 64 4,150
Isle Royal Copper
June 51% Apr
2 June
150 900 Jan
25
1% 1%
1%
3134 334 1,750 30
33
Lake Copper Corp
Jan Grin Theatre Equip•t
Jo... 33% Juno
1
Jan
50 360
550 20
25
28%
28
75c 75c
La Salle Copper
Feb Gen Water Wks Corp 41 A* 2835 884 8834
Jan 92% Apr
50 80
70 24 June 52
25
27
26
• 8834
Mohawk
preferred
37
1% Jan
July
1
25
400 19% Jan 80)5 Apr
1
1
1
274 28%
Nipissing Mines
Her cont •
534 Jan Gleaner Corn Aircraft A.
Feb
4
1% June
83-4 Feb
750
15
14 131
1%
44 5% 1,100
5
North Butte
Great Lakes
June
Jan
Jan 292
4 June 10
1,330 150
40
25
5
5
225 230
5
D__ -100 228
Old Dominion Co
Mar Groat Lakes I)&Co oom_• 1534 15
17
Jan
43,500 12% Jan 27% June
280 10
13 1234 13
16%
Pond Cr Pocahontas Co_ _5
'Irlgsby-Grunow
June 4434 Apr Hall Printing Co corn_ __10 22
776 11
25 1534 14% 1614
21% 2234 1,150 21% July 31% Mar
Quincy
Mar 3554 June
Jan
200 35
1,460 12% June 28
13
35%
35
1334
com _ 10
St Mary's Mineral Land _25
Feb Hammermill Paper corn .•
s
304 Apr
Feb Sc
100 221 July
100 Sc
50
Sc 5c
22% 22%
Superior & Boston Copper
334 Mar Ilaratselffeger Corp pfd.• 18
450 154 June 27% Feb
200
1% July
13( 134
5
18
17
Utah Apex Mining
ElarirCarter Co °env
Jan
June 140
55 125
600 35o June 90o Apr Hart Schaf & 58 corn. _100
400 45c
125 125
Utah Metal & Tunnel..
Apr
May 57
25 50
50
50
'Mb Spenc dr Bart corn_25
Feb
550 18% July 81
1834 1934
BondsA. 19
Feb ffoudelde-llershey Corp
July 84
11% 6,650 10 June 2541 Ave
78
7834 11,000 78
10
• 11
Amoskeag Mfg Co 66_1948
Class
Jan
Jan 1004 Mar
50 1914 May 27
204 20%
9134 9134 10,000 88
25
Chic Jet Ry&U El Yr1s4s '40
May lUlnele Brlot Co
600 2834 June 47% Apr
1,000 98% Jan 102
102 102
1940
2814 284
2834
bs
Mar Ind Ter Illum Oil n-v A.
June 48
4,050 22% June 34% Apr
2234 24
41
414 5,000 39
23
E Mass St RR ser A448'48
Mar Inland Utll Ins class A___• 564 5334 5734 34,200 51% June 70% Feb
1948
4234 4334 11,000 38% June 55
Series B 58
Apr Iseull II811 Invest Ine____• 90
Jan 99)4 Mar
1,250 81
July 108
3,000 97
98
97
884 90
•
Int Hydro Elec Sys 6s_1944
14 preferred
June 56% June
June 102% June
100 39
4034
1,000 98
10234 10234
Miss River Power 5s _ _1951
invest Co ot Amer corn...* 4034 39
June
Jan 29
850 22
9,000 99% Jan 10134 May
101 101
25%
Engl Tel & Tel 5s_'32
Co•t a• 2535 25
New
Feb Iron Fireman Mfg
Jan 110
950 28% June 56% Ave
3,000 100
106 106 106
P C Pocahontaa deb 7s_'35
Jefferson Elea Ca corn...' 30% 30% 314
Mar
July 84% Apr
1,050 56
61
2,500 100% Jan 102
10134 10134
56
1944
Swift Or Co 53
Kalamazoo Stove corn_ _ _•
Apr
June 4234 Feb
July 100
350 29
1,000 97
97
2934
97
1 2934 29
Van Sweringen Co 68_1935
ICata Drug Co rem
8% Aye
450
4% Jan
4% 4%
1003-410034 15,000 99% Feb 10134 Mar EsUogg Elwitabb'd corn-10
434
Western Tel & Tel 5e_ _1932
Tube & Lt
Len Radio
5% Mar 15% Ave
200
• No par value. r Ex-dividend
734 7%
•
Common A
Feb
Jan 51
22 60
50
50
Csentuoky Utii
,
Jut)
Apr 38
25 35
-Record of transactions at Kup'heimer & Jr cum pf_50
35
38
Chicago Stock Exchange.
Co corn_ _5
Feb
June
1
110
g 1%
com__10
Chicago Stock Exchange, June 28 to July 3, both inclusive La Salle Ext Units t
a Jan
250
134 July
135
134
114
-•
Drug oom v
(Friday, the 4th, being Independence Day and a holiday Lane McNeill & Libby.10 13% 13% HIS‘ 700 11% June 27% Ayr
Libby
on the Exchange), compiled from official sales lists:
JULY 5 1930.]
Lincoln Printing corn..' 23% 23
2334 1,150
7% Preferred
200
50 42% 42% 42%
Lindsay Light corn
10
100
9% 10
Lion Oil Ref Co corn_
21% 22%
•
650
Loudon Packing Co
• 48
300
46
43
Lynch Olaaa Mach Corn..' 23% 18
23% 7,100
McGraw Elm Co com_ •
19
20
250
Majestic Ilouseh tall corn• 39
3734 41% 43,200
Marshall Field dc Co corn.' 3554 3514 3614 2,200
30% 2,350
Manhattan-DeArborn corn• 29% 29
Material Sere Corp corn _10
21
200
20
Meadow Mfg Co com-•
1% 2
2
600
Mee& MdsSee Co A corn • 27
1,300
26
28
28% 60,400
Middle West. Utilities new• 27% 27
• 10014 10034 101
350
$8 emu Preferred
2%
234
Warrants A
400
2
414
Warrants B
4
650
Midland Nat Gag part A_• 1654 1414 17
3,950
Midland United Co corn..,' 2534 25% 26
1,100
• 44
Preferred
1,350
44
43
•
Warrants
3
314 1,250
314
Midland UCH
7% prior Ilen
100
211
107% 110
6% prior lien
100 9715 95% 98
11
6% preferred A
100
12
93% 96
Mist Val URI Inv 7% pl A •
5
97
97
Ido-Ran Pipe Line eon). _6 26
22% 26% 12,60
Rights
4,75
14 3-1
34
Mediae Mfg corn
5,25
54
• 54
47
Mohawk Rubber corn...'
150
12
12
Monaghan Mfg Corp A . 18
1,750
18
14
500
Morgan Lithograph rem.'
8% 9%
934
MuMeg Mot Spee eonv A' 15
1454 1514 • 350
Common
250
•
8
834
Nachman Springf'd man _•
50
1134 113/,
National Battery Co pref.'
35
26
26
Nat Flee Power A Dart .• 2614 26
200
26%
82
Nat Pub Sere $334 cony pf•
44% 45
700
4114 44
xari Republic Inv Trters_•
13% 14
Nat Secur Inveet Co corn.' 14
600
•
250
80
80
Certifleates
• 28% 28
Nat'l Standard corn
800
29%
Nat Term Corp part pfd_• 12% 1234 12%
800
500
414 5%
Nat Un Radio Corp corn.'
5
44% 2,350
43
Nobblitt-Sparks Ind eorn-•
' North American Car corn.' 40% 39% 41% 1,850
1814
North Amer0& El el A....• 18% 18
850
3,100
66
No Am Lt & Pr Co eorn-• 65% 65
1,050
N & El Am Corp A corn __• 13% 1334 1514
45
1,800
Northwest Bancorn com-Mi 4314 43
23
23
Northweet Eng Co corn... 23
50
Northw't Util100
7% preferred
94
94
3
Prior lien pref
100 96% 96% 98%
2
Oshkosh Overall corn_ __•
5
5
5
Convertible pref
1914 1914
6
Ontario Mfg Co oom
22
22
5
Peabody Coal corn B. _ _*
7
7
7
10
Perfect Circle (The) Co •
29
30
25
Fine, Wintertront corn--6 22
22
1,45
26
Pelmet Mfg Corp exam...
9%
8% 934 1,600
Potter Co (The) corn_ ___• 13
1014 13
600
Procear Corp common...'
754
7% 714
5
Pub Sera of Nor 111 corn •
268 270
28
160
122% 122%
6% Preferred
6
Q-11-8 Dr Vry corn
• 14% 1414 14%
31
Quaker Oats Co
-• 210
Common
210 210
2
Preferred
100 115
115 115
1
Railroad Shares Corp cam •
6
5% 6
1,45
Rath Packing Co corn_ _10 2014 20% 2014
150
Raytheon Mfg Co cora_ •
16%
16
350
Reliance Internet Corp A.'
8
7
700
Richards(Elmer) Co pref.'
3% 3%
100
Rollins Boa Mills cony pf_• 3514 3514 36
100
2914 30
Ryerson & Son Inc cram_ •
600
Rally Frocks Inc corn_..'
1414 1414
50
32
34
Sangamo Electric Co tom.* 34
400
Elaret Co corn
• 15
1434 15
700
Seaboard UM Shares Con.,'
5% 6
6
4,750
Sivyer Steel Cast Co com_* 32
31% 32
150
9714 98
Southw Gas & El 7% pf 100
70
93
So'west Lt & Pow pref___• 93
227
90
Standard Dredge oonv pt.' 22
21% 22
150
• 17% 1714 1714
Common
600
Steinite Radio Co
•
1% 1%
1%
500
Stone & Co(H 0)corn
6% 8% 1,300
8
Storkline Pur cony pfd_ _25 13
13
10
180
Studebaker Mall Order A.•
6
6
150
Common
1% 134
50
Super Maid Corp oom--- • 15% 13% 16% 1,650
Swift International
3514 7,050
i5 35
33
Swift & Co Ws
29
25 29
2,600
28
12%
Tennessee Prod corn
12
200
3714 38
Thomson Co (J R) corn-25 33
400
Time-O-Stat Controls A..
300
• 23% 22% 2314
Transform Corp of Am corn* 24
21% 2414
1,250
Rights
750
34
Si
14
12th St Store (The) pfd _A•
12% 12%
10
Warrants
50
%
%
Twin States Nat Gas vi As•
12% 1,450
11
Unit Corp of Amer pref..' 1414 14% 14%
450
United Ptg & Lith corn. _ • 14% 12% 1414
300
U S Gypsum
if) 41
3834 42
3,900
S Linea Inc prat
• 1214 12% 1214
250
U Et Radio dr Tele, eom_ _• 21% 17% 23
6,350
Utah Radio Prod corn- •
7%
6% 7% 3,100
ULU OC Ind Corp corn _ _ ..• 13% 12% 13
2,950
22% 2,400
Convertible preferred..' 22% 21
UM Pow & Lt Corp A...
0 33% 3134 3334 1,000
Common non-voting _• 17% 16% 17% 1,400
Vesta Battery Corp corn_10
2
2
100
Viking Pump Co pref__ •
27
27
25
Common
11
11
• 11
110
Vortex Cup Co
• 22% 22
22%
550
Class A
• 26% 25% 27
750
Wahl Co common
5
5%
514
•
95
West Con CBI Inc cl A_ •
22
23
700
Western Pr Lt Is Tel A__-• 25% 25
25%
504
Wextark Radio Stores corn'
13% ie
950
10% 31,050
Wisconsin Bank She corn 10 1054 10
Yates-Am Mach part pfd.'
400
7
8
Yellow Cab Co Ine(Chic).•
2514 2614
450
Zenith Radio Corp corn..'
7% 834 2.050
8%
BondsAlbuquerq Nat Gas 61046
100 100
Chic City & Conn 5s_ _1927 63
63
63
Chic City By 5s
81
80
1927
Ctrs of deposit
8134 83
Chicago Rys5s
81
1927
81
Ctfs of deposit
8114
1927
78
58 series A
1927
60
66
5s series /3
1927
45
4514
Com monw Edislot nage 5s
1943
104% 104%
Insult CBI Inc 6e
1940 10154 100 101%
Met W Side Elev 4s 1938
81
81
Northwest Flee 5s.___1,41
85% 86
Pub Stay Co No Ill
1st dr ref mtge 5s....1956
10214 10214
95
FINANCIAL CHRONICLE
Thurs
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Sincetran.l.
Low.
19
4134
514
18%
40
14
19
2914
3514
29
1614
134
1734
25%
98
131
3
13
21%
42
214
Bonds (Concluded)-
High,
Jan
2914 Apr
May 441i Apr
Jan
14% Apr
Jan 2
034 Apr
Apr
Feb 52
Jan 31% A or
June 27% Feb
Air
June 74
June 6334 Feb
June 4034 Mar
Feb
June 25
June
414 Feb
May
Jan 36
June 3834 Apr
Jan 1085, Mar
Jan
534 Apr
Jan
Feb
II
June 18% May
Jan 2934 Feb
Apr
June 46
June
6
May
97
Low.
i
High.
97
97
$20,000 97
May 100
May
10234 102% 2,000 10034 Fen 10234 June
• No par value. S Ex-dividend
y Ex-rights
-Records of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, June 28 to July 3, both incl.
(Friday, the 4th, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
attes
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
TAUTI.
Srocks-
Range Since Jan. 1.
High.
Low.
054.
7154 Feb
70
Feb
40% Jan
32
Jan
83%
82%
66
50
May
May
July
May
3,000 101% Feb 105
Apr
125,000 98
June 112% mar
1,000 6514 Feb 81
July
3,000 77
Jan 86
July
1,000
Sou Nat Gas Corp 08_1944
Swift & Co lat g 68_1944
Range Since Jan. 1.
3
•
43.4 Feb
2% June
'400
3
3
Almar Stores
40 5814 June 99% Feb
6534 6534
Amer Foreign Securities
;
Apr
1,100 4234 June 57
44
43
American Stores
Apr
Feb 95
50 82
92
92
Bankers Securities com_ _50
688 11314 Jan 11734 May
Bell Tel Co of Pa pref _100 11414 11414 1153.4
Budd(E G) Mfg Co
734 June 1614 Apr
814
•
73.4 834 2,575
Feb
30 5854 July 70
5814 61
Preferred
Mar
94% Jan 113
814 Jan 1414 Feb
2.100
1014
81
83-4 1
Jan 102
Apr Budd Wheel Co
Feb 10134 June
50 90
101
101
Preferred
8414 Jan 100
Mar
700 20% June 2854 Apr
21% 22
91% Apr 9834 MaY Camden Fire Insurance_ _ _
Apr
7
33-4 Feb
5% 5% 2,300
1814 Jan 86% June Central Airport
155 4814 Feb 5254 Apr
an June
4934 50
1% May Consol Traction of N J.100 50
93 6134 June 7834 Feb
633.4 6414
June 7234 Apr Electric Rot' Battery _ _100
47
Feb
734 June 14
800
8
May 16
834 814
May Empire Corporation
19% Feb
1,300 1434 Jun
15% 1534
1534
10
Jan 2114 Mar Exide &cur
10 3514 349.4 36
2,500 3334 June 4334 Mar
June 22
7
AN' Fire Association
14
June 243-4 Apr Insurance Co of N A._ _ _10 66% 6514 6634 3,800 63% June 853.4 Mar
814 June 1534 Feb
9
June 145, June Lake Superior Corp_ _ _100
8
834 934 2,300
10% June 2'S14 Jan Lehigh Coal &Navigettion32
33% 3,500 3034 June 4934 Mar
New when issued
20 Jun
31
Jan
Jan
900 1514 June 20
1536 15%
18
Jan SSA Feb Mitten Bank Sec Corp pf
1534
May
60 8534 July 88
8551 8514
4414 July 50
Mar Northern Central RR
1134 23.700 10% June 1634 Fell
41
Jun
52
Jan Penn Cent L & P cum pt.
1054
13,900 6934 June 8554 Mar
71
75
50
12% Jun
26% Mar Pennsylvania RR.
Jan
300 89% July 100
8914 90
Jan 10134 Mar Pennsylvania Salt Mfg_ _50
75
136 8634 Jan 95 June
93
93
27
Jun
923.4
Apr Phila. Dairy Prod met__
44
400 9834 Feb103% May
Apr
-11
10234 10214
16
Jun Phila Electric of Pa $5 pf__
2,100 313.4 Jan 3314 Slay
3154 32
,
3% Jan
10
Apr Philo, Elee Pow pref. _ _25 32
Mar
Jan 51
46
300 40
47
41
Jun
59
Mar Philadelphia Inquirer
Jan 5374 Mar
2,000 49
5251 53
Preferred w I
Jan 65% Apr
35
18
PldM Rapid Transit
Jun
2834 Apr
Jan
3154 1,008 30 June 44
7% preferred
64
Jun
30
843.4 Apr
50 31
100 14 June 2534 May
1614 1654
13% June 25% Apr Phil & Rd Coal & Iron_ _ _
Jan
1
100
334 Mal
2% 214
Western Ry_ _SO
4114 June 55% Jan Phila &
21
Jan $1
Mar
934 AP
534 June
5% 534 1,400
534
Railroad Shares Corp
Jar
400 1434 June 18
10
15% 1534
Mar 9814 Feb Reliance Insurance
91
934 Api
3,900
6
534 June
95% Feb 101
Mar Seaboard Utilities Corp_ _ _
53.4 6
Api
110 42 June 59
50%
4734 46
5
Jan
6
Jan Scott Paper
834 9% 3,105
9
18
736 June 1534 Mai
Jan 20
Feb Shreve El Dorado Pipe L 25
934 Mai
400
4
43.4
334 June
22
June 35
Feb Sentry Safety Control
Jan 533.4 Mal
35 34
44
44
Tacony-Palmyra Bridge_ •
Apr
6
9% May
14 Fel
200 1-16 July
1-16
34
28
June 4434 Apr Tono-Belmont Devel. _1
14 June
200
1
23-4 Jar
14
14
22
Jan Tonopah Mining
July 45
3,400 2514 Jan 3134 Api
27% 28
50 28
814 June 1814 AV Union Traction
10
June 20% Mar United Gas Impt com new• 3554 34
3634 45,600 3134 Jan 4914 Api
700 9614 Jan 102% Api
• 10134 10114 102
Preferred new
5% Feb 15
APT
Jan 263-4 Api
380 14
17% 1854
213
Jan $36
Apr US Dairy Prod corn c1B_*
Mar 1023.4 May
60 93
102 102
115
Jan 13514 Apr
let preferred
300 1434 June 1714 Api
1414 1534
1534
14
June 22
Feb Victory Ins Co
400 5534 May 61
60
61
Jai
W Jersey & Seashore RR 50
434 Mal
214 July
2% 214 2,100
214
200
Feb Ins Co North America.....
June 293
110
May
Feb 122
554 June
Bonds9% Jan
Jan 9014 Jun,
9014 9034 65,000 82
20
Mar Consol Trac N J lst 58.1932
Feb 26
Ma
Jan 44
4134 3,000 34
15 June 35
Aur Elec dr Peoples tr ctfs 4s.'45 4034 40
1,500 3834 July 4336 Ap
3834 3934
7
July 1634 Apr
Ctrs of deposit
Jub
Feb 85
2,000 75
85
85
1935
3 June 10
Jan Keystone Tel 5s
34
June 4534 Mar Phila. Elee (Pa) 1st 58_1966 10634 106 10634 5,500 10334 Jan 10614 Jun
15,000 10414 Feb 1063.4 Mae
10554 106
2934 June 3615 Jan Phila. Elec Pow Co 5148.'72 106
Fe)
5,000 9514 Jan 98
96
97
13
Mar 1734 May Strawbridge & Cloth 561946
Jan 9714 Al'
9414 4.000 91
93
30
Jan 40
Feb very -mammy. 1st 5• 1937
14
June 1634 June
• No par value.
5
June 10
Apr
31% June 35
Feb
-Record of transactions at
Pittsburgh Stock Exchange.
93
Jan 100 June
82
Jan 93
Apr Pittsburgh Stock Exchange, June 28 to July 3, both inclusive
1914 June 11.314 Mat
1636 June 323-4 Mar (Friday, the 4th, being Independence Day and a holiday
134 Feb
356 Apr on the Exchange), compiled from official sales lists:
6% July SSA Mar
10
July
18
Jan
.0.04
%AWL
6
May 18
Jan
Range Since Jan. 1.
Last Week's Range for
1% July
Mar
8
Week.
of Prices.
Sale
12
Jun
High.
Mar
66
Low.
Par. Price. Low. High Shares.
Stocks29
Jun
3854 May
28
June 3334 Fet Allegheny Steel
Apr
50 57 June 72
57
57
*
12
June Aluminum Goods Mfg....*
July 17
Jan
350 18 June 24
18
19
86
Jan 4736 Mar American Austin Car_ _*
734 Jan
5
June
6
634
634 1,500
2144 June *234 •tor Arkansas Nat Gas Corp....' 10
1614 Mar
9
Jan
340
9% 10%
21
June 26% June
Feb
8
714 June
1,510
8
73.4 8
10
Preferred
A July
14 June Blaw-Knox Co
470 2134 Jan 4134 Apr
• 333.4 3214 3314
1214 June 17
May Carnegie Metals
Mar
8
Jan
5
1,720
5% 7%
10
July
Si Feb Columbia Oil dr Gas
A Feb
9
July
9
20
9
9
9
11
June 18% May Consolidated Ice
534 Max
5
Jan
60
5
5
50
10% Jan 23% Apr Devonian Oil
814 June 1434 Apr
85
9
9
10
83.4
13
June 16
May Duff Norton
Max
32
100 32 June 34
32
*
37% June 68
Apr
Ave Electric Products
23
10 18% Apr 28
23
*
12
June 20% Mar Follansbee Bros
Feb
40 90 June 93
90
90
_100
8
Jan 2914 May Harbison Walker Refrac.•
June 7134 Apr
160 51
51
52
pref_4% Jan 10% May Horne (Joseph) Co
40 3134 Jan 35 June
3434 343,4
*
12
June 2514 Fels Indep Brewing pref
Feb
5
1% Jan
25
3
3
50
21
June 29
Fel, Koppers Gas & Coke p1100
35 9936 Jan 10214 June
101 101
30
June 4634 Apr Liberty Dairy Products...' 20
435 20 June 32% Apr
22
20
14
June 28
Mar
Jan 5634 Apr
383.4 11,201 34
• 3734 34
Lone Star Gas
2
July
6
Jan McKinney Mfg
200
334 4
651 Jan
334 June
•
25
Jan
2934 Apr Nat Fireproofing pf____50
Feb
Jan 45
200 35
38
3874
11
June 14% Jan Peoples Say & Trust_ ..20
Mar
Jan 175
55 155
160 160
20% Jan 793-4 Apr
6,000 k30c Mar 80c Apr
60e 65c
Phoenix Oil common_ .25c 60e
2534 July 14
Apr Pittsburgh Brewing_ _50
Apr
5
35
4% 4%
236 Jan
5
Jan 14
For Pittsburgh Plate Glass_ _25 4834 46
1,000 45 June 5934 Jar
49
12% Jan 28
May Pitts Screw dr Bolt Corp...' 20
Jan
Jan 23
750 18
1814 20
24% Jae 28
Fe t Plymouth Oil Co
275 21% May 2734 Feb
26
2014
5 26
Jail Reymers Brothers Inc_
934 June 24
June 1834 Jan
250 17
1714 1714
•
10
11(4 .1
May
44 Feb
Jan
le
30
3c 11,000
1
San Toy Mining
6% June 17% Feb Shamrock Oil & Gas
1,778 k1334 June 2734 Apr
1314 16
* 14
25% June 81
Mar United Eng dr Fdy
30 3614 June 4934 Apr
38
38
* 38
Jan 1614 June Westinghouse Air 13rake • 397-4 3
5
June 5014 Feb
35 38
934 3974
$3,000 100
May 10034 June
2,000 52
Jan 64
Apr
17,000 70
Feb 8334 May
38,000 69% Feb 83
May
5,000
13,000
27,000
11,000
Thurs.
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. IWeek
9814 Feb 10234 July
Unlisted
40
40
40
Conner Welding Steel
134
134
Internat'l Rustless Iron _
114 2
114
Leonard Oil Development_
10634 107
Lone Star Gas pref
__ __ __ • 434 5
Mayflower Drug Stores_
85
85
85
Penne Industries units
2114 2334
______
Pub Sere v t c
Western
Rights
Lone Star Gas
Western Public Service_ _ _
Bonds
-
13.4
174
134
100
250 40 June 50
3
6,375
134 June
434
1
June
4,425
60 10454 Jan 110
5
354 May
2,029
Mar 8514
50 85
585 2114 June 33
234 51,837
3,240
114
100
33.000
114 June
114 July
9514
Apr
Fet
Apr
Aim
Ara
Juni
Apr
434 Api
1% July
Jan 108
Api
• No par value. R Includes also record of period when in Unlisted Department.
[VOL. 131.
FINANCIAL CHRONICLE
Baltimore Stock Exchange.—Record of transactions at
Cleveland Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, June 28 to July 3, both inclusive Cleveland Stock Exchange, June 28 to July 3, both inclusive
(Friday, the 4th, being Independence Day and a holiday (,Friday, the 4th, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
on the Exchange), compiled from official sales lists:
8334 June
5534 June
350 June
18 June
70 June
22 June
22
Mar
8 May
11
June
13134 June
30 June
130
Jan
234 July
3 May
90 June
110
Feb
65 June
754 Feb
Jan
23
3634 June
75 • June
1054 May
73
July
105
Jan
134 July
3234 Mar
75 June
86
Mar
9754 July
. t.*04COMV0000.0004000000000000 0 .
0010
000000000000.00000000. 0.0..0400N030 VW 00 0 0
V
.
.
..
. .. .
53,000
98
Jan
100
10.000
9534
Jan
i
100
100
.
,
1w240sgw.4. 24.gg-4-422-44.
,
"
XX XXxx X
xx
xx
X X
100
xXXx
85
85
my, 5534
365 385
18
19
70
7034
22
22
2934 32
9
10
1234 12%
13214 13234
30
30
131 131
234 234
654 634
9434
94
114 116
65
6554
1434 15
25
2534
38
38
75
77
13
13
73
7934
10534 105%
134 1%
40
40
75
76
98 " 9834
9734 9814
29
'°2N 4,-,
N,2 igW3tVait5Vatt
14.4....,2.4r=„2 vat:lwagog.;isswawaiggtvagt.2
50
50
30
70
41
10
190
235
120
50
140
149
1,161
40
117
97
64
449
90
30
329
54
333
55
650
40
114
100
129
29
29
1
1
563.4 5634
8834 89
74
74
3834 3934
94
9434
113 113
8434 85
254 234
415 418
15
15
120 125
7134 73
74
74
58
58
30
30
5
34
12
X
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, June 28 to July 3, both inclusive
(Friday, the 4th, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
.
Range Since Jan. I.
Low.
200
79
245
200
80
247
Trust Companies—
Franklin-Amer 'Trust_ _100
Mississippi Valley Trust100
St Louis Union Trust_ _100
239
260
530
240
26234
530
000,0
Miscellaneous Stocks—
AS Aloe Co pref
100
Brown Shoe common 100
Preferred
100
Bruce (E L) pref
100
Burkart Mfg pref
*
Century Electric Co__ -100
Chicago Ry Equip com_25
Preferred
25
Coca-Cola Bottling Sec
._1
Dr Pepper
•
Elder Mfg A
common--i6o
Ely & Walker D G com._25
Fulton Iron Works pref 100
Hamilton-Brown Shoe_ _25
Hydraulic Pr Brk com_100
Preferred
100
Indep Packing pref._-.100
Income Leasehold com...25
Internet Shoe corn
•
Preferred
100
Johnson-S & S Shoe
•
Key Boller Equipment_.*
Laclede Gas Lt pref.. -111111
McQuay-Norris
*
Moloney Electric A
•
Mo Portland Cement__ _25
Nat Candy common
*
Nicholas Beasley
5
Pedigo-Weber Shoe
•
Rice-Stix D Gds corn____*
-V-B D 0 com__25
Scruggs
Scullin Steel pref
•
*
Securities Inv corn
Preferred
100
Skouras Bros A
*
io'western Bell Tel pf....100
3t1x, Baer dr Fuller coin...*
St Louis Amusement A___*
Wagner Electric cam _ _ __15
3t L Bank Bldg Equip -*
•
9734 9734
3734 39
39
11834 11834 11834
8834 8834
12
12
105 105
105
1534 1534
23
24
56
51
58
43
43
43
70
70
27
27
15
15
15
3% 3%
1
1
1
31
31
75
75
20
20
20
5534
5534 54
10634 107
107
4354 46
35
35
35
100 100
38
39
39
54
54
30
30
3034
21% 23
23
3
334
334
11
11
13
13
11% 12
12
19
20
20
3034 3034
105 105
105
19
19
120% 1203£ /2031
20
19
20
11
11
2131 22
22
9% 9%
0. m
.....
wm m
m
..
0,,k,,..0.4t.g......0.00.40,40,-.400.Dtow o.w0mm ...im. 0w..1-4..
m
o,
00000)000000000000000000.00.0000000..0)00
Street By. Bonds—
City & Sub P S 5s_ _1934
1934
United Rys 43
80
68
81
68
•
80
July
6734 June
Miscellaneous Bonds—
Scruggs-V-B 78_ _ _serial__
97
97
95%
. w .
High.
200
July 23934 Jan
78% June 90
Apr
245 June 301
Jan
Boatmen's Nat'l Bank.100 200
First National Bank._ _20 80
Mercantile
-Commerce -100 247
§8
.0m
0..0.0.
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
8
CO V
N
gthVeloirVatigttg2iigtVaggtIggggIatiVaggiallt2gMail
.NN.
4734 June
4834 July
13 June
4834 Feb
Jan
12
Feb
4
11234 June
265 June
July
234
Jan
105
Mar
ar
15
34 Jan
Jan
95
Mar
81
41
June
July
91
June
76
38% July
Mar
10
1134 Jan
12
July
734 July
100
Apr
22
July
Jan
300
400 June
2934 June
19
Jan
36
June
110
July
42
Mar
21% July
5 June
19 June
2234 June
July
32
37 June
11034 Feb
734 Feb
3334 Mar
5234 Jan
168
Jan
10434 Jan
9634 Jane
13% Jan
39% Jan
200
July
70% Jan
47
Feb
5 June
Jan
54
104
Ahr
X
XX
XX
X x
.000NN000 e0m..0.t0000040.00meqm00.00.00.000000.0..00000
,-.0O 00,
14 .t..e0100..01C0000MNV.M00
004000 0000 ,
• No par value.
1,451
264
75
51
235
27
62
1
3
5
25
1.
356
5
538
473
13
20
8
131
200
238
5
28
7
10
330
125
340
77
16
200
10
3
364
2
25
37
26
142
2,346
4
5.
26
77
150
90
55
5
45
11
1
High.
to
5434 59
Am Laund Mach com_20 58
4834 5534
Am Rolling Mill corn_ _ _ _25 49
13
1334
Am Thermos Bottle A..--* 13
50
4834 50
Preferred
• 2034
1714 2034
Amrad Corporation
20
414 434
Baldwin common
11234 11234
Carey (Philip) cora_ _100
100
265 265
Central Trust
234 234
Champ Coat Pap corn_ _100
100
1st preferred
10834 10834
Churngold Corp*15
15
Cincinnati Car B
%
%
Cin Ga8 & Eiee pref____100 9934 98% 99%
85
85
C N & C Lt & Tr pref_ _100 85
50 4134 41
4134
Cin Street Ry
50 94
91
95
Cin & Sub Tel
76
76
Cin Postal Term pref__100
* 38% 38% 3834
City Ice dr Fuel
100
13
13
Cooper Corp pref
• 1234 12
13
Crosby Radio A
12
12
"
Dow Drug common
Eagle-Picher Lead corn. 20
734
734 8
100 100
100 100
Preferred
22
22
Early & Daniel common._*
300 300
Fifth-Third-Union Tr__100
100
400 400
First National
3034 35
Formica Insulation ____•
* 19
19
19
Goldsmith Sons Co
36
37
Gruen Watch common _• 36
100 112
110 112
Preferred
• 42
42
42
Hobart Mfg
40 21% 21% 21%
Kahn participating
*
5
5
Kodel El & Mfg A
20 19
19
19
Preferred
* 26% 22% 2
Kroger common
634
5
32
32
Lunkenheimer
37% 37%
Manischewita coramon__ •
100 114
113 114
Ohio Bell Tel pref
14% 1434
*
Paragon Refining B
* 49
49
49
A preferred
68
72
Frog & Gamble com new_ _* 69
100 165
165 165
8% preferred
100 10634 10634 10834
5% preferred
100 9734 9634 9834
Pure OH 6% pref
17
17
Randall A
40
41
• 40
Rapid Electrotype
200 200
100 200
Second National
10 75
25
7534
LI S Playing Card
47
47
U S Ptg dr L pre( new _TOO
6
5
*
Waco Aircraft
70
70
Whitaker Paper common.*
100
105 105
Preferred
Low.
June
34 Mar
5634 July
8834 June
74 June
3834 July
9134 Mar
110
Jan
8434 June
234 Mar
415
July
15
Mar
100 June
6934 Feb
74
July
5734 June
25 June
0O.000t.0000000.WW04000W
M
0.MV0.= 0.000.0000
. .
0 ..
Stocks—
Range Since Jan. 1.
High.
30
100
18
43
27
140
243
16
120
500
50
12
123
417
135
125
25
295
40
125
X
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, June 28 to July 3, both inclusive
(Friday, the 4th, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
Low.
June
Jan
Feb
5
5
3534 3534
12
13
*No par value.
Bank Stocks—
•No par value.
Sales
Thaws.
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
*
5
Aetna Rubber corn
American Multigraph corn' 3534
Apex Electrical Mfg
* 13
Bessemer Limestone ds Cement class A
• 29
*
1
Bond Stores B
Bulkley Building pref_ _100
Canfield 011 corn
100
Central United National 20
City Ice & Fuel
* 39
Cleve-Cliffs Iron pref_
*
Cleve Elce 1116% pref_100
Cleve Rys etfs of dep__100 85
Cleve Securities P L pref. _*
Cleveland Trust
100 418
Cleve Union Stkyds corn.*
Cliffs Corp v t c
Dow Chemical corn
*
Edwards (Wm) pref_..100 74
Elee Controller & Mfg com* 5734
Fedi Knitting Mills corn.* 30
General Tire & Rubber
6% pref series A_.100
Goodyear Tire & R corn.*
Guardian Trust Co_ _100
*
Harbauer corn
Interlake Steamship com_* 7034
Jaeger Machine corn
•
Miller Wholesale Drug corn* 32
Mohawk Rubber corn_.. *
National Acme com
10
National Carbon pref_ _100
National Refining corn_ _25 30
Preferred
100
Nestle-LeMur corn
•
North American Sec cl A_*
Nor Ohio P dr L 6% pf_100 94
Dhio Bell Telephone pf 100 11554
)1ilo Brass B
* 6554
Paragon Ref cl B coin...* 15
Patterson-Sargent
5 25
Fteliance Mfg corn
• 38
Richman Brothers com_* 7534
klby Shoe corn
*
iherwin-Williams cora. _25 7954
Preferred A
100
handard Textile Pr corn.*
Jnion Metal Mfg corn. •
Jnion Trust
25 76
Wellman Eng prof
100
Toungstown 13 & T pref 100
Bonds—
Illeveland Ry 5s
1931
heel & Tubes Inc—
Sinking fund debs 681943 100
Range Since Jan. 1.
-
Fe.
Feb
Mar
Jan
May
May
Apr
Feb
Jan
June
Apr
Feb
Apr
June
June
Jan
Jan
July
mtlgptmvatiaint
June
9534
9634
81
75
97
99
103%
96
94
75
98%
10034
85
9934
54
34
4914
60
g-Ig. 2"2-4g24gwg<1.04-‹
,
x
xXx
x X
0
-0.o0.,.0
. 00r41.<00..
0= 000000.0000010V00
5
Stocks—
Sales
Thurs.
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
0.0
V.
viratwa.112tillgteag.lawat.1225,tgtit.lalgitg4.1 .1
-
4c.i-wa,
-;.-raaceaad
.N
§U§§§§§§§§§§§§§§§1
9834
9834
8434
77
97
10334
104
9734
9734
75
99
101
85
9934
5434
4034
60
60
ao
634
234
40
145
35
11
32
44
11334
High.
June
June
July
June
Mar
June
July
Jan
2
Feb
93
Jan
Mar
109
9934 Feb
5
June
220
Feb
35
July
1434 June
Jan
30
36 June
166
July
11
Jan
12
July
7
Jan
4634 June
77
Mar
15
Feb
6934 June
3534 June
22034 Mar
2334 Jan
1234 June
73
Feb
40% July
36
June
oosi Feb
72
Jan
28 June
82
Apr
61
Feb
834 Jan
3734 June
7
Jan
90
Mar
48
Jan
0
5
Bonds—
Baltimore City Bonds:
1961
9834
4s Sewer Loan
1951
9834
48 Annex Impt
334s New Sewer__ _1980 8434 83%
77
Seneschal& Sons Inc wi'39
97
Connercial Credit 5348 '35
Consolidated Gas 58_1930 10334 102%
104
Cons GE L&P 1st 56_1965
Georgia Marble as__ _1950
9734
9734
Md Elec Ry 1st 56. _1931
75
1st dr ref 634s ser A_1957
Norfolk & Portsmouth 5s_
99
10034
Prudential Ref 630 w w '43 101
85
Sandura Co Inc 1st 6s _1940
9934
Stand Gas EQUIP 6348 1932
54
United Ry & E 1st 4s_1949 54
1949 40
40
Income 48
1936
60
Funding bs
60
Wash Bait & Ann 56_1941 60
Low.
.
,
2.s.42a,-A"gr.,"g,
-,
ww-sw2.4-4.A2g4o-,2.,-4,-A.
A,g,4
2
XX
xx
XX
.)....00.0.0m0-m..)N0.0mmom.00,-Nt-N00000.m0.000,m0t—
, xX x XX
ov
v,-...
N.0.0VNMVC... MON.VC.NNWMVWOMMt..., Wm
214 3
3
42
4034 4234
145
145 150
37
3734
3734
14
14
33
3234 33
44
44
44
11634 11634 11634
2
2
2
115
109% 115
110 110
10234 10234 10235
5
5
5
232 235
35
35
3634
1534 1534
31
31
38
36
38
166
166 170
12
12
12
12
12
734
734
47
47
4734
80
80
20
20
20
75
75
37% 3534 38
245 245
2434 2434 2534
1334 13%
74
74
40% 40% 40%
3834 37
3814
8534 oos
74% 76
28
28
85
85
62
65
9
9
10
3934 38
3934
7
7
93
9234 93
54
54
00
Rights—
Maryland Casualty
o.moo.c000m00000p0000com0000Nv000clocoov,-.mocev
Pt
-00000 , 01000000 000000
0000000VV.VN.
00.0Nb.O.00.
0 0000t'.
CO
NNN
C00
N
Appalachian Corp
Arundel Corporation
•
Atlantic Coast L(Conn)_50
Baltimore Trust Co
10
Baltimore Tube
100
Black & Decker corn
*
Central Fire Ins etre of dep.
Ches & Po Tel of Balt pf100
Commercial Credit warr__
Consol Gas E L & Power_*
6% preferred ser D...100
100
5% Preferred
Consolidation Coal_ _ _ _100
Continental Trust
Drover & Moth Nat Bk_10
Eastern Rolling Mill
•
Emerson Bromo Belts A w I
Fidel & Guar Fire Corp_10
Fidelity & Deposit
50
Finance Co of Amer ser B _•
Finance Service corn B_
10
Preferred
First Nat Bank WI
Houston Oil pref v t etfs101)
Mfrs Finance com v t_ _25
Maryland Casualty Co_ _25
New when issued
_100
Maryland Trust Co
Monon W Penn PS pf__25
Mort Bond dr Title w I-Mt Vernon
-W Mills pf _NO
National Sash Weight pref_
New Amsterdam Cas Ins- Northern Central
Penne Water & Power_ •
Second So Bankers com_
Southern Bk Sec Corp pf50
Union Trust Co
United Rys dr Electric_ _50
US Fidelity & Guar new 10
Wash Bait & Annapolls-50
West Md Dairy Inc pf...._*
50
Prior preferred
Range Since Jan. 1.
00
O
Stocks—
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Law. High. Shares.
O
.
239
260
516
July 29734 Feb
June 300
Jan
June 565
May
95
3754
114
8834
1134
104
14
1934
3834
27%
66
26
15
334
I
31
75
20
53%
10434
40
30
99
38
52
30
20%
3
10
13
11
18
30
105
19
11634
19
11
1934
9%
June
July
Jan
June
Mar
Jan
Jan
Apr
Jan
Apr
June
June
July
July
July
June
June
July
June
Jan
June
Mar
June
July
Jan
July
June
July
June
July
June
June
June
July
June
Jan
June
July
June
June
Jan
9734
42
119
98
16
115
2734
24
6034
50
75
2934
20
11
234
3834
85
20
63
107%
55
40
101
51
66
3534
2714
734
18
16
1434
3134
3334
109
30
123
2634
30
3634
12
July
May
May
Apr
May
Mar
Feb
July
Mar
June
Jan
Apr
Mar
Mar
Feb
Feb
Jan
July
Jan
June
Jan
Apr
Apr
Apr
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Apr
Apr
May
June
Apr
Apr
Apr
Jan
8754 Jan
74
Jan
99
May
• No par value
Los Angeles Stock Exchange.—Record of transactions at
Los Angeles Stock Exchange, June 28 to July 3, both inclusive (Friday, the 4th, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
JULY 5 1930.]
Stocks-
FINANCIAL CHRONICLE
Thurs.
Sales
Last Week's Range for
of Prices.
Sale
IWeek.
Par. Price. Low. High. Shares.
Barker Bros corn
•
Bolsa Chica 011 A
1
Broadway Dept Store
Preferred ex-warrant 100
Bryon Jackson
•
California Bank
25
Central Investment Co 100
Citizens Nat Bank
20
Claude Neon Elea Prod--*
Douglass Aircraft Inc---*
Farmers & Mer Nat Bk 100
Globe Grain & Mill com _25
Goodyear Tire & Rub 01100
Home Service 8% prcf__25
Internet Re-insur Corp__10
Lincoln Mtge corn
•
Los Angeles Gas & El pf100
Los Angeles Invest Co10
MacMillan Petroleum Co25
Pacific Amer Fire Ins Co 10
Pacific Finance Corp corn10
Pacific Mutual Life Ins_ _10
Pac Mutual Life rights
-Pacific Western Oil Co_ *
Pickwick Corp corn _ _ _10
Republic Petroleum Co_10
Richfield 011 Co com___25
Preferred
25
Rio Grande Oil corn_ _25
San Joaquin Light & Power
7% prior preferred_ _100
6% prior preferred.
.100
Secur First Nat Bk of L A25
Shell Union 011 Co com_25
So Calif Edison com____25
Original preferred_ _25
7% Preferred
25
6% preferred
25
25
594% Preferred
So Calif Gas 6% pref._ _25
So Counties Gas 6% pref25
Standard 011 of Calif--•
Trans
-America Corp..__25
Scrip new
Union 011 Associates_ _25
Union 011 of Calif
25
Union Bank & Trust Co100
Van De Ramp Bakeries •
Western Air Express_ _10
Range Since Jan, 1.
Low.
High.
1494 1454
7
734
7
94
30%
19%
2334
1634
26
5
230
163(
18
1734
103
103
58
2934
2634
2434
2554
6034
29
40
4034
325
Bonds
Great West Power 55_ _1946
Richfield OR
1944
80
1,500
1534 June
6 June
88
68
12 34 1234
106 106
94
94
10234 103
3034 3134
1934 1934
440 440
24% 24%
94
95
22
2334
37
38
30
30
106 10654
1634 1634
15
1534
43
44%
26
26 34
7534 7734
2.45 2.70
1434 1434
4.50
534
220 230
1534 1634
18
18
1734 18
10
300
50
20
400
1,100
100
20
50
63
380
500
1.200
81
400
500
250
1,300
300
1,600
300
2,900
800
5,400
300
2.500
68 June
10% June
105 June
90
Jan
102% June
28% June
12% Jan
410
Mar
24% Ap
93
Jan
2034 Ap
37 Jun
30
Mar
101
Feb
16
Jun
12% Jun
43 Jun
26 Jun
7434 Ap
2.30 Jun
13
Jan
4.50 July
2.10 Jan
14% Jun
1734 Jun
16 .June
80
2334
120
99
112%
45
22%
440
2654
98
24%
49%
32
108%
2034
31
55
43
94
4.45
1934
834
4.00
2534
2234
2534
Jan
Feb
Jan
Mar
Jan
Feb
Apr
June
Jan
Mar
May
Mar
Jan
Apr
Jan
Apr
Feb
Jan
Apr
Apr
Apr
Jan
Feb
Apr
Jan
Apr
116 116
30
103 103
22
10234 10334 1,850
179
183.4 1834
55
57
5,100
62
62 34
136
1,I 1 I
2954 2934
2651 26 34
1,500
900
2434 2434
25%
25
110
99
99
10
5834 6034 15,000
29
31 108,000
30
30
49
39
3934 4,100
3694 41
5,100
325 325
66
35
35
200
200
2934 30
11134 Mar
100
Jan
100 June
1834 June
53 June
57
Jan
27% Jan
24% Jan
22% Jan
24% Feb
9654 Feb
56
Jan
28% Jun
30 Jun
3534 Jun
36% June
325
Jan
35 June
22
June
11834
103%
11894
25%
71%
70
30%
27%
25
2634
101
74%
47%
46
48%
4934
325
4031
46
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Jan
Feb
Jan
18% Mar
14 34 Mar
102% 102% $5,000 10294 June 102% June
86
86
5,000 8534 June 9714 Mar
*No par value.
San Francisco Stock Exchange.
-Record of transactions
at San Francisco Stock Exchange, June 28 to July 3, both
incl. (Friday, the 4th, being Independence Day and a holiday on the Exchange), compiled from official sales lists:
Anglo & London P Nat Bk
19734 19734
Assoc Ins Fund Inc
534 59.4
Atlas Imp Diesel Eng A
22
22
22
Bond et Share Co Ltd
1
11
Byron Jackson Co
1134 1294
California Copper
1
1
Calif Package Corp
64
63
63
Caterpillar Tractor
5834 5754 60
Clorox Chem Co A
2134 2134 22
Coast Cos G dc E 6% 1st pf
9934 9954
Crown Zeller Corp pref A
79
79
Preferred B
77
77
Voting trust certificates_
1394
13
1394
Eldorado 011 Works
20
20
Emporium Capwell Corp17
17
Fageol Motors corn
2
254
Fireman's Fund Ins
95 100
Food Mach Corp corn
2734 2734
(lalland Mere Laundry ___ -- _ _
30
30
Golden State Milk Prod__ _
1934
19
19
Great West Power 6%.
10154 102
7% preferred
10494 10434 105
Haiku Pine Co Ltd corn.........5
5
Hawaiian C & S Ltd
4054 4654
Hawaiian Pineapple
51 34 5154 52
IIonolulu 011 Corp, Ltd.__ 3434 3494 3434
Hunt Bros A corn
20
20
Langendorf United Bak B
17
1734
Leslie Calif Salt Co
16 34 18
16 34
Lyons Magnus, Inc A
994 934
Magnavox Co
3
334
hfarchant Cal Mach corn
15
15
North Amer Inv corn
92
94
6% preferred
9834
98
534% preferred
91
90
North Amer 011 Cons
16 34 1754
1634
Occidental Insur Co
23
23
Oliver United Filters A_ _
24
24
Oliver United Filters B
20
20
Paahau Sugar
634 634
Pacific Finance Corp
2634 2634
Pacific Gas & Elec corn_ _ _ _
5514 5434 57
6% 181 preferred
2734 26 34 2734
Pacific Light Corp corn."... 78
7994
78
lin, LC 102 Ins%
1034
034
MO.NMCC...0.400TOONNt,
,0.0.400WMA.NQQ$
1,0QQC
70WM...,40000,0.4MO.000.WOONWOCIPC0.0000M
Stocks-
ts,00
WIOMMWWN.
QWNVI.Q...t.CANN
Than.
sales
Last Week's Range for
Sale
of Prices.
Week.
Par, Prices. Low. High. Shares.
Range Since Jan, 1.
Low.
197
July
5 June
19 June
10 June
1094 June
1
June
62 June
5334 Jan
1734 June
98
Feb
77 June
77 June
1254 June
20 June
17 June
1 54 June
86
June
2734 June
28
May
18 June
99
Jan
10354 June
5 June
46 June
51
June
33 June
20 June
17
July
1454 June
934 Apr
234 Jan
14
June
92
July
98
Jan
90
Mar
14
Feb
21
June
23 June
1954 June
634 June
26 34 June
5154 Jan
26
Feb
73 Jun
inn
5...
High.
23334
734
34
1594
2394
394
77
79
3894
10034
85
8454
1894
2734
204
494
116
4434
3894
3194
104
106
9
51
63
4034
2334
2534
2334
1394
8
25
113
100
9234
193.4
2634
31
2954
834
43
7394
2854
106%
ustaz
Jan
Apr
Feb
Apr
Feb
Mar
Mar
Apr
Feb
May
Mar
Apr
Feb
May
Feb
Feb
Apr
Feb
Jan
Jan
Apr
Feb
Apr
Jar
Feb
Apr
Apr
Jar
Ma)
Jar
Api
Jar
Jar
Mal
Apr
Mar
Apt
Jar
Jar
Jar
Ap
Mal
Juno
Ap:
xx-.
97
Sales
Thurs.
Last Week's Range for
of Prices.
Sale
Week.
Stocks tConcluded) Par. Price. Low. High. Shares.
Pac Public Service A
26
Pac Teleg & Telep com--. 133
6% preferred
Parafflne Cos corn
6034
Rainier Pulp & Paper Co
2
234
Richfield Oil corn
16
7% preferred
1734
S J L & Pow 7% Pr pref.
6% prior preferred
103%
Schlesinger & Sons B F pf.
_
Shell Union Oil corn
19
Sierra Pac Elec 6% pref -----Spring Valley Water Co_
Standard 011 of Calif
5934
Standard 011 of N Y
Tidewater Assd 011 corn_ _
1434
6% preferred
Transama Corp
29%
Union 011 Associates
39%
Union 011 Co of Calif
4094
Wells Fargo Bank et U T_ 304%
Western Pipe & Steel Co.. 205.4
Range Since Jan. 1.
Low.
June
25% 27% 5,140 23
415 128% June
131% 134
126% 127
75 120
Jan
6034 6294 2,024 54 June
June
244 21
2234 2254
15% 1634 5,598 1434 June
1734 18
980 1734 July
11734 11734
5 110% Mar
10354 10334
50 100
Jan
60 47 June
47
50
1,874 18% June
18% 19
91% 91%
10 89
Jan
11
40 11
11
July
60% 14,098 55% Feb
59
31
100 31
June
31
13% 1554 7,585 10% Jan
55 78
Feb
8354 84
29
3194 41,947 2894 June
3,811 35 June
3934 40
3934 41
3,993 3091 June
304% 304%
15 304% July
20% 2134 2,592 20 June
High.
39
180
144
78
2931
27%
22%
11854
103%
70
2534
94
9034
74%
40
1731
90
4734
48%
50
335
29
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Mar
Apr
Jan
Apr
Mar
Feb
Apr
Apr
May
Mar
Feb
Apr
Apr
Mar
Feb
New York Produce Exchange Securities Market.
Record of transactions at New York Produce Exchange
Securities Market, June 28 to July 3, both inclusive (Friday
the 4th, being Independence Day and a holiday on the
Exchange), compiled from official sales lists:
Stocka-
Sales
Than:.
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Allegheny Corp warn WI)..
53.4
Amalgamated Laundries.•
294
American Austin CU....*
6
534
American Corp
•
634
651
American Eagle
•
34
Andes Petroleum Corp •
30o
Appalachian Gas wart-- --- _ -3%
ASSOC G (k E 1930 rights.7
734
$5 preferred w I
8494
• 86
214
Optstock purch rights w 1
234
Atlas Utilities 53 Pref.- •
37
Automotive Standards...*
34
%
Bagdad Copper Corp____1
1.20
Bancscrip inv pref
• 18
1734
Cardon Phono
•
854
894
Central Illinois Sec A C--- --- _
22
Claremont Investing Corp•
6
6
Claude Neon Lights
1
834
934
Columbia Baking let pref_•
20
• 1034
1034
Cons Chromium
25 3034 3054
A
•
Crossed,Black
934
Detroit & Canada Tunnel_•
6
634
Dixton
•
654
994
Divers Trustee Shares C__ -- __ _
7%
Exide Sec
• 15Y4
1434
Fuel 011 Motors Corp-10
6
General Motive Control...*
13
5
6
Hamilton Gas •
594
10 1934
Horne Fire
1234
10
Horne Insurance
41
Internat Hydro-Rice pref_ *
52'
Int Rustless Iron
1
134
134
Ironrite Ironer Co
2
•
10 47
Irving Trust
46
Jenkins Television
434
•
Kaybee Stores
•
1254
Kelvinator
4
•
Kinner Airplane & Mot-.1
*IS
*II
434
Lautaro Nitrate Corp_
•
Majestic Household Ut11-*
3934
Manufacturers Trust_ _25
94
• 1054
Maxweld Corp
934
hlexican Oil d Coal
2
5
Nat Food Corp warn
34
34
National Harris Wire A- •
14
NY Rio & B A warn
3
834
North Amertrust snares_
Ohio Oil new w 1
3034
•
Petroleum Conversion__ -5
831
Phantom 011w 1
• 2034 20%
Philadelphia Pr w 1
*
9994
Photo Color new w I
•
73
734
Pollak Mfg
*
134
1594
Railways Corp
•
Saranac River Power _ _ _ _• 26
26
Scrugg Vandervoort_ __25
15
25
Seaboard Fire
Shamrock 011
1334
•
1
220
Sheldon Mining Co
1.55
1.55
Sherritt Gordon Mines_ __I
2%
.
Split Beth
•
Sylvestre Utilities
234
Trent Process
•
13.4
34
10
Union Cigar Co
34
251
Union 011 Calif debris W D
5
6
9
UM Hydro W W
434
Venezuelan Hold
•
Wing Aeronautical Corp_10 1294
12
260
Zenda Gold Mining
1 400
1094
BondsMcK 6c Robbins 534s_ 1950
Tinning" N W Pub Ser Os '50
•No par value.
93
300
534
100
234
634 1,300
700
634
% 3,200
4,000
354
600
334
851 4,400
86
300
234 2,900
3734
300
200
54
1.20
200
18
200
100
834
300
2554
6
100
• 934
300
20
100
1.800
1034
700
3034
100
954
694 3.000
300
934
100
734
1534
200
10
200
800
1334
300
634
1934
200
41
100
52
200
134 11,400
2
100
4854 3,300
400
554
1234
100
6
200
1,200
34
434
400
41
900
95
40
1,100
1054
434 2.000
34
600
15
900
300
394
100
834
32
1.800
934 1,800
2094
1,900
100
9994
734 4.400
100
194
16
300
1.900
3194
100
1034
15
100
500
1454
220
500
1.55
100
2%
100
300
234
134
900
34
300
100
234
9%
200
434
200
300
1294
450
6,700
53,000
9134 93
9134 9134
1.000
Range Since Jan. 1.
Low.
334
234
594
6
34
30c
234
534
82
294
33
34
1.07
1734
854
22
6
8
20
1034
3034
934
4
634
734
143.4
6
9
4
19
38
5134
134
2
4354
234
9
4
34
434
3734
90
834
2
34
12
194
834
2934
834
20
9934
734
134
12
20
1034
15
1354
220
1.50
2%
234
34
lio
294
834
234
85.4
26c
May
July
June
June
June
June
June
Jan
Apr
June
Jun
June
June
July
July
June
July
June
July
June
June
June
Jan
July
July
July
July
Mar
Feb
June
June
June
June
July
June
Jan
Apr
June
June
June
June
June
June
July
July
June
June
July
June
July
Apr
July
July
June
May
Apr
June
June
June
July
June
Feb
June
Jan
June
June
June
June
May
July
High.
631 June
5
Apr
634 July
7 June
154 Jan
83c May
734 Apt
Mar
20
Jan
95
634 Apr
May
40
434 Max
3.00 Jan
July
18
1394 Apr
2534 Jun(
894 Apr
193.4 Feb
31
Ma)
1254 Jun(
32 34 Ma)
10
Jar
834 Apr
1334 Jun(
7% Jun(
15 34 Juni
Mal
15
Jun(
16
734 Juni
2054 Jun
4834 Ap
5434 Mal
Fel
3
634 Mal
7234 Ma
934 MY
1434 Ma:
1134 Ma
134 Ma
1094 Ap
7294 Ma:
Ma
154
1034 Jul;
5 Jun
3.4 Jun
Jul
14
354 Jun
1054 Ap
34 34 Jun
1354 Ja
2254 Ma
9934 Jul
734 Jul
234 Ma
Jul
16
Jut
32
1034 Jun
2034 Al
28
Al
Jo
1
3.12 Jo
534 Mi
334 Al
334 Fs
34 Jo
434 Jul
11 34 Mi
434 Jul
1234 Jul
1.75 Fl
9134 July 96
Mi
9134 July 10534 A
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 (June 28 1930) and ending the present Thursday (July 3) (Friday, the 4th, being
Independence Day,and a holiday on the Exchange) It is compiled entirely from the daily reports of the Curb Exchange it.
self and is intended to include every security, whether stock or bonds,in which any dealings occurred during the week covered.
Soles
Titans.
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Week Ended July 4,
Stocks-
Range Since Jan. 1.
LOU,.
High.
Indus. & Miscellaneous..
Aero Supply Mfg clans 13-•
300
734 8
554 June 1314 Apr
11
Aero Underwriters Corp..'
11
100 10 June
2334 Mar
16 34 18%
Affiliated Products w 1_
900 16% July
1834 July
Ainsworth Mfg com____10 2134 1934 2114
300 16
June 33 34 Apr
Air Investors corn v t 0. •
434 434
300
Jan
934 Apr
Ala Gt South ordinary 50
100 10234 June 1323.4 Mar
105 105
•
Alexander Industries
2
2
100
Feb
194
494 Apr
1794 1734
All Amer General Corp 21'.
100 16
Jan 2394 May
55C
2LC
A.
354
OM
St?
51.1..
•
Than:.
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
•
used Mills Inc
slamlaurn Co corn
Aluminum Goods Mfrs. •
Aluminum Ltd
•
Amer Bakeries class A_ •
Amer Beverage Corp
•
staler Brit & Cent Corp_ •
4 mer Capital Corp com B •
•
$3 preferred
•
..... C,Inrtv nal fln
*
834 934
240 240
18
18
160 160
32
32
534 6
334 4
754 731
30
30
28
28
Range Since Jan. 1.
Low.
800
834
200 210
100 18
100 108
100 32
200
5
200
354
600
7
100 30
100 2034
High.
July 1534
June 356
June 2494
Jan 232
June 44
Mar 10 34
June
s%
June 1354
July 40
Jan 3334
Feb
Apr
Apr
Apr
Jan
Apr
Ma
AP
Ma
AD
Sates
Thum
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares
Amer Cyanamid corn B__• 20
18% 20%
3% 3%
Amer Dept. Stores Corp. •
13% 16
American Equities com___. 18
815 8%
Amer Investors ol 13 corn.•
335 331
3%
Warrants
Amer Laundry Mach____• 5534 5535 57
50
Amer Phenix Corp
29% 3014
Amer Salamandra Corp_25
52% 5234
Amer Thread pref
5 315 3;5 335
Amer Tobacco new w 1____ 111
111 113%
Class B w I
114
112 117
Amer Transformer com._. 15
15
15
•
9
Am MU & Gen13 t e____•
7% 934
231 4
Amer Yvette Co corn. _ _•
335
Anchor Post Fence corn_ •
734 935
2611 29
Anglo-Chile Nitrate Corp.' 29
Assoc Elec Industries
Amer dep rets ord shs_.£1
5% 531
53.4
13£
134
Associated Laundries__'
42%
42
Associated Rayon pref_ 100 42
Atlantic &our Corp corn •
1415 1434
•
Atlas Plywood Corp
z1(334 1614
10%
10
Atlas Utilities Corp com_ •
Automat Musk lnstru A•
434 415
Automatic Voting Mach
934
Cony Prior partic stk..•
93.4 10
4635
Aviation Corp of the Amer* 4434 41
15
15
Aviation Securities Corp_• 15
•
Bahia Corp corn
25
Cum preferred
•
Bancomit Corn
Bauman (L) & Co pref_100
•
Blckford's Inc corn
•
Bliss(E W)Co onln
Blue Ridge Corp com--•
Opt 6% cony pref---50
•
Bower Roller Bearing_
Bridgeport Mach com____•
Brill Corp class A
British-American Tobacco
Am dep rcts ord bear_ 11
Bulova Watch $334 pref_ •
•
Buroo Inc corn
6% cony pref with war 50
Warrants
Burma Corp Amer der. rete
20
Butler Bros
Cable Radio Tube•t c.. •
Carnation Co °ammo!). •
Celanese Corp of Am corn •
7% 1st panic pref___100
100
7% prior pref
•
Celluloid Corp
•
1st preferred
Centrifugal Pine CorP--•
Chain Stores Hovel corn..'
Chain Stores. Stocks Ine_ •
• Chatham & Phenix Allied'
Chemical Nat Associates.'
Chicago (The) Corp com_•
Chic Nipple Mfg cl A. _50
Cities Service common...'
•
Preferred
City Saw Mc (Budapest)
American Shares
Cleveland Tractor corn_ •
Cohn & Rosenberger corn _•
Colombia Syndicate
Colt's Pat Fire Arm Mfg 25
Columbia Pictures corn_ •
•
Corn vot trust etfs
•
Consolidated Aircraft_
Consol Automatic
Merchandising cum•to'
Consolidated Cigar warr___
Corso! Instrument cow__'
Cowl Laundries com.___•
Cons Retail St's Inc oom_ •
Continental Chic Corp •
ContIn't Sits cony p1__100
Coop-Bessemer Corp corn •
$3 cum pref with warn.*
Copeland Products al A..'
Without warrants
Cord Corp
Corporation Sec of Chle__•
Corroon & Reynolds corn.*
Courtaulds Ltd
Am dep rots ord reg_ _£1
Crocker Wheeler ssom___•
Crosse & Blackwell
$3 50 pref with warr_ _•
Crown Cork Internet el A*
Crown Cork & Seal pref...'
Crown-Zelierbach cony pf*
Cuban Cane Products warr
•
Cuneo Press corn
Curtiss Reid Aircraft CoPref with warrants___30
Curtias-Wright Corp warr_
Davenport Hosiery Mills.*
Davis Drug allot etre
Dayton Airplane Hag,A)111 •
Deere & Co new corn w L_•
De Forest Radio com__•
De Haviland Aircraft
Amer dep rots ord red-$1
Detroit Aircraft Corp--•
Detroit Gasket & Mfg_
Diesel-Wemmer-Gilbert_ _•
Doehler Die-Casting com_•
•
Douglas Aircraft Inc
Dow Chemical Co corn_ •
Dresser(BR) Mfg Cool'
•
Class B
Driver-Harris Co com___10
100
7% preferred
Dubiller Condenser Corp..
•
Durant Motors Inc
Durham Duplex Razor
34 prior pref with warr_
East HUI Invest corn A •
•
Eisler Electric corn
Els,Power Associates()ism*
•
Class A
Eleo Shareholdings com- •
Cony pref with warr_ •
Empire Fire Insuranoe__10
•
Empire Steel Corp
Employers Reinsur Corp 10
Huron El Corp Ltd Cl A.I0
Warrants
Fabrics Finishing cons-___•
Fairchild Aviation corn_ •
Fairey Aviation Amer shs_
100
Fajardo Sugar
•
Fandango Corp corn
[VOL. 131.
FINANCIAL CHRONICLE
98
k
215
4535
78
8%
3834
4
2634
834
6%
4%
1135
1815
20%
10%
26%
88%
45%
2215
35
34
13(
2%
1131
7915
7%
631
2114
1654
36
80
54
3834
315
335
87%
434
515
18
104
7135
4115
3535
52
2%
11
9
9%
2%
2
4515
78
16
19%
834
35)5
12
4
834
3
2
4534
78
16
193£
011
38%
1215
4
834
Low.
16,100 17%
3
500
3,600 1215
735
1,800
231
400
175 50
200 25
100 5215
3
700
600 111
12,900 11135
25 15
12,300
734
135
10,600
6
800
600 15%
Mar
37
June
6
Feb
Jan
Mar
June 22
June 16% Apr
June
7% Mar
Mar
June 75
Jan
May 48
June 62% Mar
June
335 Feb
June 113% June
June 117 . July
Apr
July 20
June 1534 Apt
June
74 Jan
June 14% Feb
Jan 4334 May
June
Feb
June
July
June
July
June
1,300
300
300
200
100
200
400
5%
el
38%
1415
15
10
455
400
3,700
500
915 Mar
24% Jan
734 Jan
2%
1,400
1%
200
900 4535
100 70
100 14%
200 s18
8,800
634
6,900 3335
400 114
235
400
815
100
High.
Feb
Feb
June
May
Jan
June
June
June
June
Jan
June
8
2
60
26
26
14%
1534
Apr
Jan
Apr
Apr
Mar
May
Feb
1715 Feb
Apr
55
Apr
19
6%
635
5034
80
21
30%
1531
4414
20
5
14%
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Apt
Apr
Mar
Feb
1,900
200
200
300
200
• 300
100
2531
32)5
7
39
2
2
834
June 2834 Jan
Mar
Jan 46
June 1031 Apr
Jan
June 41
June e 3% Apr
3% Jan
June
June 1735 Jan
200
331
100
3035
200
20
100
61
50
8935
300
12
50
96
634 3,700
700
4%
200
1135
1814 3,500
20% 9,800
100
10%
100
5-16
52,200
27
800
8831
2%
2113a
17
60
7955
June
Jan
June
June
May
2635 2635
34
34
7
7
39
39
2
2
215
215
815 834
3
3014
19%
61
87
12
96
635
4)5
10
1731
1835
10%
5-16
526
8815
Range Since Jan. 1.
94
33
35
90
90
Mar
May
Jan
Feb
Apr
913q Apr
4% Jan
235 Mar
94 June
17% June
17% June
1011 June
"ar June
2434 June
88
Jan
Jan
03
811 Mar
Mar
Mar
17
APT
25
2435 Apr
1734 Apr
134 June
44)i Apr
93% Apr
4515
14%
10
A
2234
35
35
17%
4534
15
10
A
24
3635
3831
22
500
200
100
400
1,100
300
1,900
700
45
14%
10
'is
2231
24
3311
15
Apr
June
June
Feb
July
Jan
Apr
Jan
46
35%
144
4
32
5514
54%
27%
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Apr
A
131
234
11%
755
15
76
45
43
A
13(
2%
12
734
15
79%
45
43
2,200
ICC
900
1,900
100
100
325
100
100
,
11
I
2;i
10
7
15
71
28
38
Jam
Jan
July
Jan
June
June
June
Jan
Jan
1
2
655
16
13
1934
7935
57
53
Mar
Jan
Apr
Mar
Feb
May
July
Alas
Apr
7% 835
634 7
21%
20
10
10
200
3,900
600
100
Jan
5
June
6
1915 June
9% June
1234 May
17% Apt
274 May
2034 Apr
1031 1031
15% 1735
100
1.300
10% June
June
15
1331 Feb
AIN
84
35
9%
30%
80
A
3634
39
931
30;5
80
A
3834
600
400
175
100
700
2,900
3134
915
30
80
Iss
34
3)5
131
3%
I%
100
1,300
1515 16
3
3
33-4 4
90
86
315
715
514
17
1734
1015
19%
71
3715
33
52
100
4)1
234
11
9
934
2035
204 193.4
1831
90
1231 1235
4
25
14
4
43.4
4;5
4
231
48
48
34
300
100
3,200
2,900
8,000
100
735
53.4 3,100
17
100
1,000
18
1034
300
100
1911
400
7435
41% 1,500
300
3535
500
5535
10
100
535
600
2% 12,100
11
9
10%
23
21
18%
90
1231
4
25
15)5
414
435
4
50
35
100
400
3,100
1,800
4.175
400
100
1,000
100
100
900
1,900
1,100
100
1.900
150
700
May
June
Feb
July
Mar
Mar
331 July
135 June
3934
1234
3534
80
1
5134
Jan
May
Apr
July
Apr
June
934 Feb
434 Apr
June 22% Feb
11
435 Mar
Jan
2
814 Feb
234 June
83 June 162% Apr
834 Apr
234 Jan
64
4)5
1634
16
935
1235
71
31
3135
41
983.4
4
234
834
Feb
9
June
June 27
June 22%
June 23
Jan 23%
Feb 100
Jan 5834
June 44%
Jan 108%
June 10334
June 1314
June
7
11
July
7%
935
19
1635
15)4
82
1231
4
2234
1214
335
2
3
2%
48
34
Jan 18%
June 23
June 3934
June 37
Jan 3234
Jan 108
June
1535
June 1355
Jan 30
June 23
June
9
9)4
Jan
1131
Jan
3%
June
Feb 68)5
234
Mar
20
May
June
Mar
May
Apr
Apr
Apr
Apr
May
Apr
May
Jan
Jan
Mar
Afir
Mar
Apt
Apr
Mar
Apr
Feb
Jan
May
Mar
Mar
May
May
May
Mar
Apr
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
834
531
1655
11
17
15%
174
1815
5
9
6
2035
1115
1735
1614
1735
20
5
600
200
3,000
200
200
600
800
4,900
100
7
531
1634
11
17
1534
17
135£
5
Jan
June
June
June
June
July
June
Jan
Mar
13
9
42%
113.4
1731
24%
2215
34%
934
Feb
Apr
Apr
June
June
Feb
Apr
Mar
Apr
14)5
2915
10%
815
70
16
31
1115
955
70
7,100
2,700
3,200
6,400
25
10% Jan
Feb
28
614 Jan
215 Jan
70 June
1935
3834
12%
1735
80
Mar
Apr
May
Apr
Feb
2211
Garlock Packing corn- •
231
Gen Baking Corp corn___•
235
• 29% 28
Preferred
Gen Deo Co of Gt Britain
1231 11%
•marican deposit fete_ II
Gen'i Empire Corp
•
21
2715
Gleaner Comb Harvester •
• 80% 8015
_lien Mae))Caw
9
9
Mobs Underwrit Exch.. •
Goldman-Sactus Trading • 21% 20
2%
231
Gold Heal Electrical Co •
1
Gotham Knitbao Mach_ •
•
30
Graymur Corp
GI Atl & Pao Tea
• 198
180
Non Tot corn stock
Cr Lakes Dredge & Dock.* 27
26%
3%
Grier (S Si) Stores corn_ •
11
()roam Stores Prod•t e_•
30
Guardian Fire Assur_ 10
Guardian Investors corn..'
3%
22%
2%
29%
100
6,800
4,500
20
Jan
24 Mar
June
27
3334
435
644
Apr
Jan
Jan
200
28%
331
11
31%
355
815
1
24
52
26%
3735
9%
935
1
3135
52
26%
394
1035
300
1,000
3,600
25
200
900
400
815
31
18%
.52
26%
3531
b%
23;5
1755
64
54
89
65%
16
434
734
37
814
12%
233-4
17%
64%
5631
89
66
16%
435
84
3735
9%
1331
400
400
175
300
100
1,300
1,600
500
1,700
600
800
500
2234
17
60
5331
82A
63
15%
214
731
37
64
1215
1034 1034
22% 22%
100
100
9
Fansteel Products Inc....'
•
Federal Bake Shops
Federal Screw Works......' 1734
Federated Cap Corp com.5
25
6% preferred
Federated Metals Corp_ •
Flat. Amer dep receipts...
Fokker Aker Corp of Am.' --19-Fonts Fischer Inc com_ •
Ford Motor Co Ltd
Amer dip refs ord reg_t1 16
Ford Motor of Can el A- • 3011
Ford of France Am dep rcia
1135
8)5
Fox Theatre/ class A corn _•
Franklin (11 11) Nita p1.100
Hall(C M) Lamp Co- •
Happiness Candy Sts corn*
•
Hazeltine Corp
Hibbard, Spenc & Bart 25
Hormel(Geo A)& Co corn*
•
Hydro-Elee See corn
17grade Food Prod com_ •
1
Imp Tob dr Cl Brit dr Ire
Amer dep rots ord sits Li
Indus Flnanes cote•t e_10
100
7% cum pref
•
Instill Utility Investm
•
$6 pref 2nd series
[Dour Coot North A11201'-10
Iseuranot Securittee--10
Internet Products Corp..'
isterstate Equities corn...*
Convertible Preferred •
Interstate Hosiery Mills_ •
•
(tying Air Chute corn _
30
26%
23%
17%
64%
66
16
435
735
Klein(H L)&Co pref_ _20
•
Knott Corp com
Coister-Brandes. Ltd
Cl
American eharee
Hoppers Gas & Coke p1100 100%
Lackawanna Securities- •
Latta Fdy & Mach corn..'
•
Landay Bros class A
•
Land Co of Florida
• 244
Lane Bryant Inc
Lefoourt itealty Corp corn'
• 2935
Preferred
••
*bleb Coal & Nav
Liberty Baking corn
Lily-Tullp Cup Corp corn •
Laew's Ice stork purchwarr
Lonistans Land & Explor_.
21%
Lynch Corporation
Masaldiarr Mores corn....'
Manning Bowman & Co A•
•
Ciaas
Marta* Midland Corp-10 3034
Marion Steam Shovel...."
134
Mavis Bottling Coot Ant.'
Mayflower Associates Ine.• 63
Meal Johnson A Co corn.* 6734
-Chapman & Scott
Merritt
•
Common
634% pref series A.....100
•
Mesabi Iron Co
Nletrop 5 & 50c Sts pref 100
5
Metal& Min Shares eom_• 13
Mstropol Crain Stores_ _ _•
6
Midland Royalty $2 prat•
Midland Steel Prod 2d pf.•
Midland United Co nom
•
Midvale Company
MonSecatini M & Agr war
Nat •meriess Co 155____•
731
Nal Avlailon Corp
Nat BancservIce Corp. _•
Nat Bond & Share Corp..' 3615
Nat Casket pref
Nat Dairy Prod pref A.100
Nat Family Mores corn-- •
Nat Food Prod class A •
• 1235
Nat Investors corn
Nat Mfrs & Stores Corp....
Nat Rubber Mach'y
173£
• 3134
Nat Screen Beryls'
Nat Short Term Bee A • 14%
•
Nat Union Radio corn
5%
Nauhelm Pharmacies com •
Nebel (Oscar) Inc etc_ •
Noel Inc class A
• 21
Nehi Corp, corn
Neptune Meter class A...'
Nestle-Le Muir Co class A'
Newberry (J J) Co com_ •
Newport Co corn
New MesA Aria Land A
N Y Rio Buenos Aires AL. 1011
Niagara Share of Md... 10 14
Nlist-Bem't-Pond corn __.• 28
Noma Eke Corp corn _-• 10
No Amer Aviation warr A.
235
North & Sou Am Corp A_ •
Northwest Engineer oorn.• 2114
Novadel Agene Corp corn'
100
7% cum pref
•
Orange Crush Co
Outboard Moteorp nom B•
• 13
Cony pref class A
Overseas Securities Inc__ •
Paramount Cab Mfg corn.'
411
• 3234
Pante, Davt2 & Co
Pennroad Corp corn v I e • II%
100 8631
Pepperell Mfg
•
Perfect Circle Co
Perryman Else Co Inc.-.
Phil Morris COO Inc onrn.• ---Philippe (Louis) corn B. •
3.1
10034
4015
431
4
1%
24%
1535
2915
32
231
2634
84
2%
1835
17
1635
12
2934
6
135
63
63
1215 3,800
200
21
200
28
84%
700
934 1,600
21,200
24
215 1,200
1
100
200
30
10%
20
21
75
9
18
1%
35
29
120 118
1,600 2615
331
200
100 10
400 29
3
200
300
34
50
10031
400
40%
200
431
100
4
100
1%
200
24%
500
16)5
100
2934
1,000
33
100
231
100
2615
500
935
234 6,600
1,400
2151
500
17
200
17
100
12
3034 26,500
100
6
131 4,900
100
63
900
6734
Apr
14
May
June 2935 Mar
Jan
Apr
36
June 12134 Jan
July 16% Feb
June 46% Apr
June
Apr
6
315 Feb
June
Mar
June 44
June 260
June 31
6
July
June 1435
June 49
5%
Jan
Mar
June
June
Feb
Apr
Apr
June
Jan
Jan
July
July
June
June
16
e3
35
52
3134
55
15
Jan
Jan
May
July
Feb
APT
May
Feb
Jan
Feb
June
Jan
June
June
June
July
June
June
Jan
2534
29%
7334
71
98%
85%
23
7)5
14%
46
1034
25%
Feb
Apr
Apr
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
9 June
22% July
Si
97
3515
4
234
1%
2134
13%
2731
30%
2%
174
335
2
1834
16
1414
8%
2915
8
1
48
5534
Mar
20
30% Mar
Jan
Mar el02%
Jan 433-4
June 12
Jan
6
431
Jan
Mar 3634
June 2534
June 3716
June 50%
534
Apr
Feb 3015
Jan 20%
June
5
June 21%
June 244
Apr 17
June 12
June 4734
June 1715
Jan
3%
Jan 7134
Feb 73
Apr
June
Jan
Feo
June
Apr
Apr
Mar
Mar
Mar
Jan
May
May
Jan
July
las
Jan
Jan
Aid
Apr
May
May
May
Feb
300 i674 June 20
17
17
July 8835 May
300 80
80%
80
234 Jan
1% Jan
700
154 135
Jan
July 29
5
100
5
5
834 Jan 16% May
2,900
1231 13
Jan
July 30
7)1 1,300
6
100 1334 Jan 2434 May
19
19
Mar
100 154 Juno 22
18
18
Jan 294 Feb
200 22
2515 2531
Apr
300 5054 Feb 58
54
5431
24 Feb
100
54
34 June
Si
711 June 194 Jan
734 5,400
734
834 Jan 214 Apr
800
1034 11%
150 10 June 3334 Jan
15
15
36% 1,000 3334 June 514 Apr
36
Mar
10 105% Mar 110
110 110
May
300 104
May 108
104% 105
Mar
500 12
June 20
1234 13
Jan
200
July 20
9
9
9
Feb
June 30
1234 1331 3,100 11
100 10 June 1534 Feb
10
10
300 14% June 274 Apr
17%
15
3034 3134
900 1534 Jan 32% June
May 143( May
1434 2,000 12
14
May 1031 Apr
3
800
534
5
2% May
200
i3-4 Jan
134
131
8 June 144 Apr
400
835 834
700 13
June 26% Apr
17
13
Apr
500 1615 Jan 26
21
21%
Feb 2234 Apr
200 17
21
21
2% July
831 Jan
300
234 234
Mar
100 3034 June 49
32
32
2,300 20% July 42
May
20% 25
334 June
100
734 Feb
334 334
7
June 18
10% 3,100
7
May
1,100 12
Jan 2134 Art
1334 1431
100 2515 June 45% May
26
28
400
935 June 21% Mar
9% 1034
Mar
Apr
5
2
2% 231 4.000
200 14
June 24
1834 1631
May
100 21)4 Jan 314 Apr
2134 2134
400 22% Jan 34% Apr
30% 3134
100 97
Jan 103 (June
103 103
200 29
Jan 3831 Apr
3.5
3731
631 1,900
3% Jan 13
Mat
13
900 1034 Jan
13
18% Mar
100 1034 June 19% Apr
12
12
4;5 1,600
4
4
June 13% Jan
3231 1,000 31
Apr
31
June 41
1034 11% 16,000 10% June 1634 Feb
180 85
Feb
854 86)i
June 105
100 29
Apr
29
29
June 44
200
Mar
12
334 4
334 June
1,200
Jan
Apr
2
A
A
3.4
2131 May
1,100 1314 Jan
16
18
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High Shares.
Pierce Governor Co
•
Pilot Radio & Tube cl A_ •
Pitney Bowes Postage
•
Meter Co
Pittsburgh Forging!' Co_ .• 18
Plash Plate Glass com__25
Folymet mte
Potrero Sugar Co
•
Prince &Whitely Trad cow* 1054
• 384
83 cony pref A
Prudential Investors com.• 1334
Public Utility Holding Corp
corn with warrants
• .1634
10
Pyrene Mfg corn
Railroad Shares Corp. •
RainbowLuminous ProdA •
•
Common class B
•
Reliable Stores Corp
Reliance Internet corn A.
Relleras Management....
5
Repetti Inc
Reynolds Investing com_.•
Richmond Rad 7% pref. •
Rike-Kumler Co com_
•
Roosevelt Field Inc
•
Flossie International
"
3
11
454
274
754
St Regis Paper Co com_10 2134
7% cum preferred_100 111
Beret Co corn
• 15
Schiff Co, Tom_ . .. • 2474
Schulte Real Estate -Co. •
Schulte-Unite-el :,, to 81 St •
235
Seaboard Util Strang- •
54
Securities Corp Gen'l new*
Seeman Bros common_
•
Segal Lock & Hardware- •
•
634
Selberling Rubber corn._.
634
Selectee! Industries MID--•
Allot ctfs 1s1 A 2nd paler
Selfridge Provincial Stores
Am deo rcts ord atm.__ £1
4
•
Sentry Safety Contmi___.
Service Stations class A_ •
•
Sheaffer(WA)Pen
• 10
Shenandoah Corp cons...
60 3935
6% cony prof
Sinn God Corp oom •t 0. • 164
100
Singer Mfg
Slato Financial Corp
•
Smith (A 0) Corp corn._• 18554
'
South Coast Co com......
135
•
654
Southern Corp eom
•
54
Southwood Dairy Prod...
Spanish & Gen Corp LtdAmer den rets ord reg LI
Standard Bolding A
•
Stand blot Constr____100
14
Standard Screw
100
Starrett Corp coin
• 20
6% cum preferred- ..50
Stein Cosmetics corn
•
634
Sterchl Bros Stores com_ •
Stinnes(Hugo)Corp
•
Straus (Nathan) Inc corn.°
914
Strauss-Roth Storee corn.* 14
Sluts Motor Car
•
254
Sun Investing $3 pref. •
Sunset Stores, Inc
$334 pref with warr_ 50
Swift & Co
21 2835
Swift International
lb 3534
Sync Wash Mach B com..•
Technicolor Inc corn
•
Tennessee Products corn. •
Thatcher Securities
1
Thermold Co prof
100
Tishman Realty & Const.•
Tobacoo & Allied Stocks_ ..•
Transamerica Corp
25
Trauma:rut Air Tranap...._•
Trans
-Lux Pict ScreenGime A 00011110n
•
Tel-Continental Corp warr
•
PrI-Utilities Corp
•
Prune Pork Stores
Tublze-Chatillon CorpCommon B vie
•
Tung Sol Lamp Works_ •
$3 cum cony pref
•
29
Ungerlelder Flnan Corp...•
Union Amer Investing...*
Union Tobacco 00/0
.
United-Carr Faatner corn.'
United Chemicals pre!___•
Untted Corp 9/arrange
United Dry Docks nom__.•
United Founders corn...•
United Stores Corp corn_ •
United Wall Pap Fac com •
US Dairy Prod class A_ •
Class B
•
US Finishing corn
•
•
U S Foil clan B
US Gypsum common_ _20
•
13 S Lines pref
US & Overseas with wart*
11 1 Radiator common •
3
U S Shane Financial Corp
With warrants
Utility Equities Corp....•
Utility & Ind Corp com...•
•
Preferred
2354
23
%
Van Camp Pack 7% prof 25
Vick Financial Corp...AO
Waitt & Bond class A_
•
Walgreen Go conmon____•
Warrants
Walker(Hiram)Gooderham
& Worta common
•
Watson (John W)Co_
•
Western Air Express.. _10
West Auto Sunny cornA_•
Western Md 1s8 pref__.100
Wbeatsworth Inc com___.•
Wil-low Cafeterias
•
Worth Inc cony class A. •
tonne Produota COM 001I1•
RightsAesociated 0& El deb rte..
Fiat
Hudson Bay Min & Smelt_
Insur Co of No America...
Internet Nickel of Canada_
International Salt
Loew's Inc deb rights
99
FINANCIAL CHRONICLE
JULY 5 1930.]
374
293.4
7
Range Since Jan. 1.
Law.
744 June
454 June
High.
8
634
100
500
11
18
48
844
734
10
364
1354
1154
18
49
84
734
103-4
40
134
900
100
200
100
100
5,000
3,400
400
10
13
4534
z854
634
84
35
124
Jail
Jan
June
June
Jan
Jan
June
June
2674
25
6934
1835
10
1554
44
23
Apr
May
Apr
Apr
Feb
Apr
Apr
Mar
15
8
164
854
9,400
300
15 June
754 June
2734
10
Apr
Apr
554
7
3
1344
8
104
%
44
5
2654
24
6
554
7
34
134
8
11
1
434
5
2834
234
734
300
200
1,200
100
100
400
200
100
200
100
600
900
z534
6
3
1234
734
934
4
4
5
264
2
534
934
1434
754
2034
16
2834
234
1374
12
3074
54
114
Apr
Feb
Vet
May
Apr
Apr
Apr
May
Jan
Feb
Mar
Apr
June 34
Jan 111
June 0.5
June 34
June 1434
July
454
June
1034
June
7534
June 4274
June
9
June 1754
June 1254
June 8454
Apr
July
June
Mar
Mar
Apr
Apr
Apr
Jan
May
Feb
Apr
Mar
Jan
Mar
June
Feb
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Feb
Mar
8
6
214
11035
1434
2131
53.4
214
534
3134
38
5
534
6
68
2234 11,400 1834
111
200 106
1,200 1434
15
400 204
2
434
6
800
534
2% 1,400
234
534
6
900
397.4
700 3134
37
200 86
600
5
54
534
634
800
634 1,400
554
6835
300 64
June
June
June
June
June
June
Jan
June
July
Mar
Jan
June
1234 Mar
154 APT
2'%
234
4
434
3934 3935
51
50
934 10
3554 3954
16
18
451 455
19
18534 204
134
254
554 634
6
554
2,000
234
600
354
25 3834
200 60
4,400
854
1,000 33
600 1534
130 451
100 15%
380 13734
3,000
134
3,200
434
700
354
July
23.4
June
954
June 394
June 5954
Jan 20
Jan 4854
June 3434
July 660
Jan 26%
Jae 250
June 1734
June
834
June 13
1
155
1734 1734
44
.3.4
113 113
183-5 20
3734 3374
654 8
10
10
8
8
95-4 934
134 14
2
234
39
39
300
4
100 16
Boo
yi
50 105
700 14
200 30
5,300
44
100 10
100
7
200
9
900
954
500
154
100 39
June
234 Apr
June 224 Apr
Jae
354 Apr
Slay 15934 Mar
June 3714 Mar
June 4834 Mar
Jnue 2314 Ape
Slay
1834 Jan
May 10
Jan
June 1634 Mar
Feb
2234 May
June
434 Jae
Apr
Jan 51
100
1,200
1,300
100
38
28
80
534
July
June
June
June
50
Feb
3434 Jan
884 May
9
Mar
3634 5,300
13
100
354 1,600
6934
100
45
100
33
100
31
21,300
83-1 1,300
2554
13
23.4
65
4334
24
283.4
434
Junc
July
June
June
Apr
Jan
June
June
15654
1874
534
87
4534
43
474
1074
Mar
June
Apr
Apr
Jan
May
Feb
AM
Apt
Apr
Apr
Jan
38
38
2834 2834
3335 3574
64 635
29
13
3
6534
45
33
2874
43.4
32
44
1874
-
1834
124
1334
73.4 8
454 434
414 44
21
21
300
1,700
1,100
100
44 Jai
4
Jan
36
June
21
July
1354
9
5814
26
654 854
13
1554
30
30
8
454
44
1,100
800
200
654 June
13
July
2834 June
2254 Apr
284 Apr
384 Mar
22
23
,i
7
3154
17
434
1854
3%
934
644
184
1054
174
394
z1254
1334
542
24
1,100 2154
2335
300 23
54
54
600
74
200 '7
32
600 30
1731 1,000 124
434
1.7oo...„
454
1934 38,700 173.4
3%
10(
3%
955
100
934
100 52
6454
183-1
100 1354
12
900 1054
1854
600 1735
3934
200 364
134 1,400 11
1554 2,400 13%
42
100 41
Jana
June
June
June
June
June
June
June
Jan
June
Jan
Jan
June
Jan
June
June
July
June
8634
42
1
1614
44
803.4
84
44
6%
18
7254
2654
30
2634
68
2054
23
65
Feb
Apr
Jan
.711n
Feb
Ayr
Jan
Mar
Jan
Apr
Apr
AM
Apr
may
APT
Mar
May
Apr
Apr
Apr
Feb
Feb
834 634
12
1354
1254 1334
2135 22
300
1,600
2,200
500
6
June
1054 Jan
124 June
2034 June
1334
22
2354
2934
94 9%
654 614
19
1934
314 35
1154 15
100
1,600
200
1,400
200
754
634
15
30
114
May
June
Jan
June
June
16
May
934 Jan
21
Mar
111
Jan
Jan
35
854 87-4
17-4 2
31
30
20
20
100 100
30
30
30
8
874
834
154 154
14
1454
14
8.700
500
300
100
100
100
700
100
600
854
134
184
20
90
30
63-4
154
14
Mar
194
ji5
5
Jan 4634
July 3934
Feb 125
July 30
Moe 154
July
334
July 21
Apr
M ar
Apr
Feb
Mar
July
may
Apr
Apr
6
754 5.100
14 14
600
lit
tit, 50,000
254 254 1,100
"It
is 76.500
134
13.4
200
32
32
200
554
1
1-32
24
34
134
1254
June
June
June
July
June
June
Jan
Mar
Feb
May
May
June
May
May
1254
1354
22
67-4
34
15
84
30
20
7
In
254
he
32
11 1
4
84
54
44
7-16
3%
414%
Rights (Concluded)Lone Star 011a W I
Mo Kansas Pipe line
White Sew Mach deb rights
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. Riga Shares.
hi
174
34
134
23.4 29,800
is 4,600
134
200
Range Since Jan. I.
Low.
134 June
1-32 June
14 June
Public UCIIIInee434 5
4
300
Allegherer Gas Corti 001n-•
37
200 3534
37
Ara Citke Pw & Lt el A.-50
7,000 1254
Class B
• 1634 1334 17
Am Com•w'Ith room A..
.• 2334 2254 244 12,000 214
•
Common B
200 9434
40
4034
con
54 6,695
in
Warrants
110 110
50 110
Amer Dist Tel N J pref_100
Amer & Foreign row warr. 42
404 4434 3,100 3834
Amer Oro & Elee core_-• 1084 108 1164 9,300 104
300 1044
1044 105
•
Preferred
Amer L et Tr tom new w 125 5834 574 5974 1,500 5274
734
Amer Nat QM tom• ei..• 144 134 1534 6,000
t
Amer Superpower Corp
• 23
56,100 2034
Corn, new
2234 24
300 9434
• 9834 984 9834
First Preferred
835
Appalachian Gat, Mtn
. * 10
94 1034 4,600
120 102
104 107
Arkansas P & L $7 pref. •
Awes Gas & El ems
• 374 3734 4034 3,300 3634
15,400 3034
314 35
35
Class A
88 lot bear allot cite ---------10034 106
310 97
Bell Telep of Canada__100 147
146 147
Brasililan Tr IS* Pow ord• 394 3934 404
26
26
Buff Nlag & East Pr pf_ _26
Cables & Wireless
-134
Am deP rota A ord sha £1.
54
Am den rota B ord ern _ £1
Am (lop rata pre/ stn.__ ______
Cent Ati States Serv v t oa_•
Cent Pub Serv class A_ _ _. 294
Cent & S W Util $7 Prei-*
Cent States Elec ma___. 23
6% DI without warr...100 75
Cleveland Elec III corn...' 55
Corn'with Edison Co-100 285
Commewealth & Elou Corn34
Warrants
Community Water Sen. • 1234
•
Cone'l0 El & P Bali com.
• 23
Consol Gas Util el A
Class Byte
•
Cont0& E 7% pr pret_100
High.
44 May
24 May
234 Feb
934 Mar
Jan
Mar
June 49
June 2854 Apr
June 2834 Mar
Jan 6054 June
54 Feb
June
July 1124 Apr
June 2634 Feb
Apr
June 157
June 10931 Mar
June 8934 Apr
Jae
1934 Apr
June 304 Apr
Jan 10134 May
June
1 444 May
Mar
Jan 109
June 515.4 Mar
June 464 Jan
June 14754 Apr
June 15734 Feb
75 146
6,900 854 Feb 5554 Apr
1,100 2434 Jan 2834 Mar
134
44
33-4
355
29
102
21
75
5414
285
1
114
1,000
54
44 3,100
3%
4
1,600
934
600
334
2934 4,400 284
102
300 9534
23
10,700 19
75
100 e72
55
200 504
286
10 234
354
Mar
2
June
44
June
614
June
June 4334
Jan 103
Jan 894
Feb 834
June 98
Jan 83534
334
1254
1104
23
734
102
34
4
10,600
1354 3,700 114
113
500 904
2334
200 214
734
74
100
103
250 10134
June
634 Are
June 1934 Ate
Jon 13834 May
Jan 4434 Apt
June 1414 Mat
Feb 108% June
Dixie Gas & Util com__ • 10
i6o
Duke Power Co
94
Duquense Goa Corp corn.•
Eastern Gaa & Friel Assn.•
East States Pow B oom--.• 27
•
East Util Assoc corn
Convertible stock
•
Eleor Bond & EU] Co com--• 7754
• 1054
Preferred
9334
$5 min) prof w I
Elea Pow & Lt 2nd DI-.
•
4434
Option warrants
• 10054
$6 preferred
Empire G & F 8% pret_100
Empire Pow Corp part etk•
Empire Pub Serv corn el A• 174
Florida Pow de Lt $7 Pf. *
Gen 0 & E $43 pest B. •
Gen Pub Serv 36 pret_
•
Ben Water Wks & El A..* 2834
Georgia Power 86 pref.._ ______
10
10
100
160 151
150
834 1034
1,700
30
3114 3,500
26
274 2,900
40
300
4054
1234 1334
700
7454 814 237,400
104 105% 1,500
9234 934 2,500
200
10334 10334
444 4935 1,400
10034 10035 1,300
102 102
100
39
39
200
1734 174
300
100
10134 10134
814 8154
100
94
94
50
900
2834
28
101 101
100
Intercontinents Pow Cl A.•
Warrants
254
• 32
Internal Superpower
Internet Utilities Maas A.• 42
Class B
• 1434
Participating preferred "
Warrant"
New sub warrants
Interstate Pow $7 pref. •
Italian Super Power el A_ •
434
Warrants
Long Island Ltg 7% p1.100 11254
Marconi Internet Marine
Commun Amer clop rts
454
Marconi Wire!T of OEM..1
Marconi Wireless Tel Ltd
Bearer shares
• 1434
Mem phle Nat Gas
Metro Edison 96 pi eer C.•
Middle Wert Utilcorn--• 274
A warrants_
Midland Nat Gas Cl
_
1654
Mid-West States Utill A-.
el A* 2534
Mohawk & Bud Pr let PL
.
Monongahela West Penn
Pub Serv 7% pref.._ _25
Nat Pow & Lt $7 pref. •
• 10154
$e preferred
Nat Pub Serer dam class A..*
Nevada Calif Elmo ....l00 116
New Eng Pr Assn 6% p1100
New Eng Tel & Tel._ _100
NY Telep 634% Pref. _100
Nies & Bud Pr (new corp)
10 1654
Common
Clean A opt warrants....
44
Class It opt warrants_ _._
10%
Nor Amer Lt & Pow.. •
Nor States P Corp com_100 141
6% corn Preferred
- 0 100
10
Ohio Bell Tel 7% pf___100 1134
Paelne Gm* El 1st Prof-25
Pacific Pub Fiery el A cont.*
Peninsular Tel corn
•
7% Preferred
107
Pa Pow & Lt $7 prof
•
Penn Water & Power
•
Peoples 1.1 & Pow own A.
30
Power Scour corn
• 20
Pug Sound P & L 6% pf 100
Ry & Light Secur corn. •
Rockland Light & Power 10 2134
Sierra Pao El 6% pref _ _100 93
So Calif Edison 6% pf B.25
534% prof class C....25 25
Sou Colo Pow cl A
25
Southern Nat Gas Co
So'west Bell Tel 7% p1.100
Sou West Gas Utll nom...* 1234
Standard Power & Lt new_
Class B new
• 6554
Tampa Electric Co
Twin States Nat Gas ci A • 1234
Union Nat Gas of Can_ •
United El Serv Am she
54
Purchase warrants
•
United Gas°dm
1534
New OM
• 9334
Peel non-voting
6
Warrants
2034 2034
23.4
234
32
33
42
42
144 154
93
93
'3I
'II
7
734
00
90
94 934
434 434
11234 11234
954
454
954
414
634
14
101
244
234
16
2534
107
64
1435
101
284
244
164
28%
107
2434
10954
1014
214
115
8934
144
11434
244
110
1014
214
116
9054
144
11554
100
2,500
23%
209
17
42
44
4334
1734
117%
10914
24
107
783.4
10034
104
60
25
105
973-4
9414
8034
10334
Mat
API
Ma7
API
API
Am
Mal
Apt
May
Juno
Mal
AM
Juno
API
Fel
Fel
API
API
Juno
juni
May
June 2534
June
3
June 4634
Jan 6034
Jan
10%
Jan 9935
June
434
June 10
June 91
June 18
94
Jun
Jan 11234
Api
JUJU
MA
Ale
Al)
Ma
Ma
Mal
Ma
Al)
Fel
Mal
July
10
140
June
814 July
2534 Jan
1854 Jan
384 June
12
June
704 June
1035-4 June
924 June
9954 Jan
284 Jan
June
100
99
Feb
39
June
17
June
100
Jan
June
79
Jan
80
Feb
213
984 Feb
300 204
234
800
900 31
600 3434
634
4,300
50 7934
xis
2,700
7
1,500
10 88
500
834
44
1,200
20 1074
June
8
34 Jan
100
64
2,000 1034
25 101
3,700 2454
200
I%
1,000 1334
1,400 24
25 104
Jan
Jan
Jan
Jan
Apr
Apr
AVII
Apr
AP
AR
Fel
13
934 Al)
July
1234 Jai
Jan 2254 AP
June 10534 Ma;
June 38
AV
Jan
54 AO
June 16% Jut
June 2954 Jun
Jan 1085-4 Fe
2234
1084
10034
214
60
887-4
144
11354
Feb
Jan
Jan
June
Jan
Jan
Feb
June
2534
11134
10354
2634
1494
9534
16074
11754
Jun
MR
Jun
Ms
Jun
At
Al
Jun
164 1754 20,100 154
434 434 2,900
4
9
974 1054 3,000
400 63
65
65
140 141
300 130
20 9534
1 0 100
0
1134 11334
50 111
26
2754 1,200 26
500 2334
2634 28
25
25
50 25
107 107
10 107
200 108
108 1094
75
7754
600 73
800 2554
2934 30
20
20
100 1434
50 9834
984 984
664
150 63
63
100 1934
2134 2134
93
93
20 90
2654 2674 1,100 2474
25
25
1,100 22%
100 23
24
24
13
13
100 '13
120 120
50 1 1734
12
1314
600
74
100 5534
65
65
100 54
65
65
6244 6544 1,100 644
12
1235 1,400 114
26
2635
300 25
June
June
June
June
June
Mar
Feb
June
June
Apr
Mar
June
Jan
June
Jan
June
June
Jan
Apr
Jan
Jan
Jan
July
Jan
Jan
June
June
Jan
June
Jan
2454
64
153-4
86
18334
10034
116
28
8954
2834
109
111
954
46
32
10134
907-4
2974
97
2754
2654
2614
21
120%
2054
8031
80
98
153.4
35
Al
Ma
Al
AP
Fe
Jun
Jun
Jut
At
Ma
Ma
Ma
Ms
Ms
Fe
At
Al
Al
ME
Mt
Mt
Mt
Ma
Jut
Al
At
Al
Ms
Ma
Ma
54
54 1,600 5-16
25
24
200 193.4
1254 154 103,500 12
93
94
1,600 914
54 631 7,100
5
June
Jan
June
June
June
1
6554
2854
99
1134
Fe
Me
Mt
Jul
MI
100
600
300
100
150
240
50
175
[Vol.. 131.
FINANCIAL CHRONICLE
100
Thurs.
Sales
Len Week's Range Jo?
PublicUtIlities(Coneluded) Sale
of Prices.
Week.
Par. Prise. Lots. High Shares.
United Lt & Pow corn A __• 37
36
38% 31,300
2,700
6% corn let pre!
• 105
1034 105
U B Elee Pow with warr..• 12
11 34 12% 4,400
Warrants
436 44
100
• 1734
17til Pow & Lt mom_
1634 17% 5,200
West Continental CBI A...•
23
23
100
Former Standard 041
Su baldierles100
Borne Scrymser Co_
50
Buckeye Pipe Line
Continental Oil v t c(Me)10
25
Cbesebrough Mfg
.50
Cumberland Pipe Line.
100
Eureka Pipe Line
Galena Oil Corp w 1
Rumble Oil & RfInflng...25
Imperial 011(Canada) --•
•
Registered
10
Indiana Pipe Line
National Transit___ _12.50
26
Ohio 011
13% cum pref new___100
21
Penn Mex Fuel
25
South Penn 00
25
Standard 011 (Neb)
Standard 011 (Indiana) 25
10
Standard 011(KY)
Standard Oil(0) corn _25
100
Preferred
Vacuum Oil
26
84%
2034
1931
17
65
36%
45%
50
32
82
Range Bina Jan. 1.
Low.
III 5.
May
274 Jan 56
97% Jan 119% Apr
11% June 2234 Feb
6% Jane
431 June
Mar
14% Jan 28
23
July 2831 May
20
20
100 14
100 5531
5531 55%
10
10
300 10
100 14034
148 148
100 35
35
35
41
100 41
41
100
24
4
4
2,800 78
84% 90
19
2034 14,800 18%
700 18.4
1831 1934
400 31%
31% 324
700 154
17
1734
6634 5,700 62%
64
1,100 103
105 105%
100
7
19% 19%
1,900 35
364 38
500 444
454 4634
493g 5034 17,000 47M
,
3134 324 3,200 3014
50 77
80
80
100 11531
118 118%
81% 83% 4,700 76%
June
July
June
June
June
July
Jan
Jan
June
June
June
June
June
Feb
June
June
Jar
June
June
JuniJune
June
25
69
17%
184%
654
54%
7
119
30
28
4.1
22%
76%
108
32
45%
4504
5914
104
1084
122
9734
Feb
Jan
Apr
Apr
Apr
Jan
May
AM
AP?
Apr
Jan
Jan
June
May
Apr
Mar
Apr
AM
Apr
Mar
Mar
Am
Other Oil Stocks
% May
'is 4,000
Amer Contr Oil Fields... -1
34 Jan
74
44 May
6
2%
14 Jar.
2% 2% 2,700
Amer Maracaibo Co
700
Arkans Nat Gas Corn corn•
931 9%
834 Jan .13.4 Apr
•
Clear A
94
8% June 184 Apr
9% 9% 5,300
Mar
1
Atlantic Lobos Oil corn.. •
100
14
% July
36
Apr
July 21
Brit Am Oil coupon stk_ •
100 17
z17 x17
Jai
13(
2% Apr
Carib Syndicate cola
IA
1% 2,100
8% Feb
Colon Oil Corp. corn
•
400
334 Jun(
3% 4
Apr
814
834 June 21
Colum 011 A Gaaol v t c_.•
834 9% 8,800
1
331
534 Jan
100
334 June
Consul Royalty Oil
331 334
1,400 32
June 7434 Jan
Meilen 011common.___ • 36
33% 38
ion
Apr
Preferred
200 60% June 70
6034 61%
•
514
744 June
1,700
534 June
Creole Syndicate
53£ 6
Mar
1
Crown Cent Petroleum_ •
A
34
600
4 Jan
Darby Petroleum new com•
1248 13% 1,200 12 June 21% May
•
Apr
100
44 Mar
11
64
Derby Oil & Ref corn
64 64
400 30
June 3734 Apr
30% 32
Gen Petroleum, new
120 1264 4,000 1174 June 16614 Apr
Gulf(MCorp of Penne_ _25 120
June 27% Apr
Roust 011(Tex) new corn 25 164
1514 17% 24,700 13
28% 28
700 28
July 4734 Apr
Indian Ter III 011 el A__
2834
• 28
1,300 28
July 534 Apr
Clare B
28
2834
Intercontinental Petrol__10
31
1
3,900
1 44 Mar
34
31 Mar
• 18%
8,300 17% June
24
Apr
Internet Petroleum
1714 19
•
Mar
1%
1,500
1% June
Kirby Petroleum
1%
134
3
1%
Feb
4% Apr
Leonard Oil Develop___ _25
131 3,700
13%
1
300 1354 Jan 28% Apr
Lion 011 Refining
2131 2235
,
• 37
34% 3834 4,900 34% June 5514 Apr
Lone Star GenCorp
.1
Magdalena Syndicate
Middle States Pet! A v t cChin B v to
Mo Kansas Pine Line----6
CI B, vet trust etre_ __ _1
Mountain Prod Coro___10
•
Nat Fuel Gas
New Bradford 011 Co__ _6
N Y Petroleum Royalty__
North European 011
•
Pacific Western 011
•
Panden 011 Coro
Pantepec 011 of Venezuela•
Petrol Corp of Amer warr_
5
Plymouth 011 Co
Pure 011 Co 6% pref_ _ _100
Reiter Foster 011 Corp---•
Royalty Corp pre!
•
Ryan Consul Petrol
Salt Creek Consol Oil__ _10
Salt Creek Producers__ 10
Southland Royalty Co-*
5
Sunray 011 corn
•
Taxon Oil & Land
Venezuela Petroleum____5
"Y" Oil& Gas Co
2638
1%
3134
1031
234
15%
34
234
2631
96%
334
4%
1034
10%
24
Mining Stacaa
10
Carnegie Metals
4
Consul Copper Mines__ _5
1
Cresson Consol 0 M
Cual Mexicana Mining_ .1
Evans Wallower Lead corn'
Golden Centre Althea- -5
Goldfield Conan) Mines_ _1
31
25
Heels Mining Co
Ilollinger Consol G M_..5
834
Bud Bay Min & Smelt....'
Iron Cap Copper Co_ _10
Kerr Lake Mines
5
Newmont Mining Corp.10
26 6731
New Jersey Zinc
1
Niplasing Mines
5
• 24%
Noranda Mince Ltd
1
Ohio Copper
34
Pond Creek Pocahontas_ •
Premier Gold Mining
Roan Antel Cop Min Ltd..
St Anthony Gold Mines._1 ---5
Shattuck Dann Mining...'
South Amer Gold & Plat_ _1
6%
Tack Hughes
9%
United Verde Extension 50c
24
United Zinc Smelting_ _ _ _•
5
Utah Apex Mining
1
Walker Mining
Wenden Conner M1111122..1
34
Yukon Gold
34
Bonds
Alabama Power 430-1967
1968
5s.
1956
5a
Aluminum Co s f deb 5s '52
1943
Aluminum Ltd Is
Amer Com'ith Pr es_ - _1940
Amer 0& El deb 5e_ _ _2028
Amer Gas & Power 68 1939
American Power & Light
.2016
8s, without
deb 44s
Amer Radiatorwarr_. '47
Amer Roll Mil deb 56.1943
Amer Seating Corp 68_1936
Amer Solv & Chem 64s'36
With warrants
Appalachian El Pr 58.1956
Appalachian Gas 648. _1945
Cone deb As B _ _1945
Applachlan Power 6s__2024
Arkansas Pr & Lt 5e.-1956
96%
102%
102%
103
9931
98
9836
9134
531
234
2234
14
834
314
234
1031
231
14
34
24
331
2631
96%
334
10
44
1%
9%
10
5
13%
234
134
800
'is
400
6
1,000
3
264 12,700
131 2,200
800
834
324 2.800
24 1,100
100
11
234 3,100
15% 1,700
17,800
1
300
2%
600
334
700
2631
100
9734
434 4,400
10(
10
400
534
100
1%
600
10%
1,500
11
531 5,500
200
13%
700
231
14
200
34
434
234
15
1
8
254
2%
10%
24
1234
94
134
2%
2034
9635
234
10
3%
1,4
8%
9
5
8%
2
34
June
June
June
June
June
Jan
Jan
May
Mar
June
Jan
June
Jan
June
May
June
Mar
July
Jan
June
June
Mar
June
Feb
June
Jan
34
11%
6
36%
6
124
41%
3%
16%
434
1936
24
44
5%
27 34
99
544
10
8%
24
15
17
10
154
44
24
Apr
Apr
APT
Jure
May
Apr
May
Mar
Jan
May
Apr
Mar
Mar
Apr
Feb
June
Apr
July
May
Mar
Apr
Anr
Apr
June
Mar
Apr
534
4
34
31
134
3
51
834
534
8
174
31
86
6635
1
2134
36
13
%
20%
,
v3
5
14
631
934
234
131
2
34
34
734
434
1„,
A
2
34
31
934
544
84
134
34
88
6774
14
2436
74
13
%
21%
36.
5%
1%
6%
10
234
2
234
34
31
1,400
4,500
500
400
2,700
700
1.200
800
100
6,800
100
1,300
2,100
300
2,600
3,500
5,200
100
100
700
3,60(
3,300
200
1,500
800
100
200
700
2,500
300
5
3%
%
%
134
s
Jan
June
May
June
June
Jan
'111
.181
1
83-6
834
36
2
rt
7
34
14
7
14%
3
34
14134
914
1%
454
%
164
%
33
31
Apr
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Apr
Feb
Jan
Apr
APT
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Feb
June
Mar
May
Mar
896
101%
10234
102%
9834
597%
9734
9134
8%
5
7
134
I
79
54
46
20%
4
12%
July
Jan
June
June
Jan
June
June
May
June
June
May
Mar
20% June
lie May
June
5
138 June
4'4 Jun
8% June
2
Jan
I% June
134 June
Nlay
he May
97 $43,000 93
Feb
103
JAI
17,000 Oro
102% 11,000 100
Jan
103% 37,000 1014 Feb
*714 Feb
994 39,000
9834 68,000 97
June
9835 130,000 93% h.
9234 7,000 9t34 June
107% 107
98%
9731 597
68
107% 98,000
984 12,000
97% 67,000
68
3,000
90
10034 100
108% 510431
96% 96
106
1054
98% 974
90%
1004
109
100
106
9834
11%
2%
74
16%
4
334
4%
r*
.14
974 Mar
103% May
Apr
103
103% June
Mar
100
e994 Mar
99% May
9636 Jan
log
96 yi May 99
161_s .161
101
674 Jan 81
1115
5.000 8334
173,000 o534
20,000 99%
28,000 96
3,000 1054
87,000 93%
Jan
Ins
Feb
.Iar.
Apr 10034
Jar
101
Mar 145
June Int
June 107
Jan 99
Mar
Apr
Mar
Feb
Mar
Mar
May
May
June
June
Bonds (Continued)Associated Elect 434s. _1953
Associated Gas & Electric
Deb 43413 wlthout war '48
Without warrants
44s eeries C
1949
1968
5s
1038
534s
54s
1977
Asiroe'd Sim Hard 64e 1933
690C Teen Util 54s-1944
Atlantic Fruit & Sug 8s '49
Beacon 0116s with war 1936
Bell Tel of Canada 5s_ 1957
1st M 5s serlea A _1955
5s series C May 1 1960
Berlin City Elea Om__ _1955
Birmingham Gas 5s _1959
Boston & Maine Ee ser 265
1933
Gs
Bklyn Boro Gas 5.5 A 1967
Canadian Nail Ry 76_1935
434s
1955
Can Nat SA Ss
1955
Carolina Pr & It Cus_ _ _1956
Caterpillar Tractor 6013115
Cent States Elec Ss__ _1948
Deb 534s_ _Sept. 15 1954
Cent States P & I.t 51 '53
,4s
Chic Pneum Tool 534s 1942
Chic Rya 58 etre dep__1927
Childs Co deb 55
1943
Cigar Stores Realty
5348 series A
1049
Cincinnati St Ry 6s B _1955
Cities Service 5a
1966
Cony deb bs
1950
Cities ServIce Gas 5%81942
Cities Serv Gas Pipe L68'43
Cities Serv P & L 6301952
cleve Elm Blum deb 7s '41
Columbia River Longview
Bridge 78
1943
Commander Larabee 68 '41
Commers und Private
Bank 534e
1937
Com'wealth Edison 434a'57
Consul 0 E I. & P (Bait)
55 series F
1965
Consol Publishers 631s '36
Consol Textile 88
1941
Consumers Power 430.'58
Cont'l C)& El 5a
1958
Continental 011 548-- 1937
Crown Zellerbach 6s...1940
With warrants
Crucible Steel be
1940
Cuban Telep 734s. _ _ .1941
Cudahy Pack deb 534s 1937
So
__19441
Deny & Salt I. Ry 65._1960
Oct City Gm 6,ear A.1947
1st bs ser B
1950
Detroit Int Bdge 6346_1952
25-yr s f deb 711
1952
Dixie Gulf Gas 6349....1937
With warrants
Duquesne Gas 6s
1945
East Utilities Inv 58
With warrants
1954
Edison El (Boston) 56_1933
Elec Power & Light 5a..2030
El Paso Natural Gas
63413 Aeries A
1943
Empire 011 it Refg 54e '42
Ercole Marelli El
6348 with warrants.1953
European Elec 636*
1965
Eur Mtge ,k Inv 78 C.1967
Fairbanks Moiler Co 501942
Federal Sugar Ref 66..1933
Federal Water eery 530'54
Finland Residential Mtge
Bank es
19111
Firestone Cot Mills 58.1943
Firestone T AR Cal 58 1042
Flak Rubber 6 tis
1931
Florida Power it Lt 58_1454
Garlock Puck deb 6s_ _1939
Gatineau Power Be.._1958
ee
1941
Gelsenkirchen Min 68_1934
Gen Baking 530 W 1.1940
Oen Bmnz Corp cony 6s '40
Gen Pub Utilities 6s..1931
Gen Rayon Co Ltd
19434
Gs series A
General Vending Corp.% with warr Aug 15 1937
Con Water Wks Gas &
1944
series II
Georgia Power ref 5s_ _1967
1953
Gesfuerel deb As
With warrants
Without warrants
1935
Glidden Co 54s
Gobel (Adolf) Inc 64s '35
With warrants
Grand (F&W) PropertiesCony deb 6sDec 15.1948
Oland Trunk Ry tis 1936
Guantanamo & West 5s '58
Gulf Mobile& Nor RR 5s C
1937
Gulf Oil o fPa As
Sinking fund deb 50.1947
Gulf Stores URI Fe _ _1956
Hamburg Electrtc 7s_1935
Hamburg El & Und 549'38
Hanover Credit hist as '31
Hood Rubber 5349.-1936
1936
7s
Houston Gulf Gas 64s '43
i'143
ils
Houston 011 54s
1940
Hudson Bay Mining &
1935
Smelting 65
Hungarian teal 13k 74s'63
Hygmde Food As A...1949
Ill Pow & Lt 54e ser B '54
1957
Deb 545
laden Oil& Gas deb Os 1939
Ind'polls PAL M ear A '67
Inland Utilities 69____1934
Maul] Utility Investment
Co see B without warr '40
Intercontinents Power Co
Deb 68 with warr__1943
New
Int Pow See 7s ser E_1957
Interstate Nat Gas 6s 1936
Without warrants
Thurs.
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
84%
95
7531
83%
82%
93
9436
103
103
10274
84%
9934
9931
102%
101%
101%
75
77
8634
994
82
8231 85
46,000
16,000
94
96
4,000
80
81
87234 76 135,000
s83% 84 239,000
8134 83% 83,000
9034 94% 31,000
86
4,000
86
40,000
944 95
234 234
1,000
104 104
2,000
10234 10331 55,000
10234 103
8,000
10234 10234 23,000
84
8531 201,000
9731 97% 5,000
9834 993.4 52,000
102 10234 2,000
10331 103% 15,000
108 108
4,000
99
994 51,000
10231 10231 6,000
101% 10234 30,000
10031 10134 73,000
27,000
57431 75
26,000
7435 77
7,000
8634 87
98% 994 7,000
7934 82% 73,000
87% 19,000
85
8431
86
9636
83
8231
100
100
85% 8531
91% 91%
8534 854
106% 108%
89%
88% 8931 56,000
7.000
97:4 93
93%
89%
65
55
1,000
23,000
54
96%
9931 9831
10734 1073.4
96%
100% 10034
67
10631 106%
100% 10036
53
53
43
43
94
79
71%
783.'.
8034
90
poi
92
2
103
061
100
102
84
97%
97%
100%
103
97
99
4414
98%
99%
(I
734
r 64
97
68
824
High.
91)
May
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Apr
Apr
Mar
June
June
Apr
June
Mar
Mar
July
June
June
July
May
May
Mar
Jai
/sr
Mar
Feb
June Ill
Feb
Jan 102
Feb 82% July
Jan 914 Mar
July
June
June
Mar
June
June
Mar
June
Apr
Feb
Feb
Jan
June
June
June
June
Jan
June
Apr
June
Mar
Jan
Apr
124
94%
87
88
87
105
86%
108
6
108
103%
131334
10234
91
98
100%
103
103%
10834
9934
102%
163
10534
84
8934
Mar
Mir
Mar
May
Mal
Apr
Mar
Jun
June
July
June
65
69% Jan
8134 Jan
9314 Feb
Mar
91
984 Apr
65
50
3,000 10131 Feb 105
104
9,000 9634 Feb 101
100
74
2,000 63% July 72
98% 26,000 91% Feb 99%
8934 22,000 8434 Feb 94
96
22,000 94
Feb 98
May
May
Jan
Mar
Mar
Mar
June 99
May 994(
June 109
Jan 99
Jarl 102
June 85
Feb 107%
Feb 102
July 89
July 75
Mar
May
Mar
Mar
June
Feb
June
June
Mar
Mar
96%
99%
10734
9734
10034
67
106%
100%
59
48
28,000 96
52,000 98%
3,000 107
13,000 9534
8,000 ORA
5,000 65
12,000 104%
18,000 97%
9,000 53
2,000 43
9134 9334 21,000
26,000
864 91)
75
73
75.4 68,000
10134 101% 10134 14,000
9034 8934 9034 61,000
83%
Low.
82% June
43,000 623.4 Jur 89
87
1,8000 964 June 9934
97
Jan
20,000
83
13834
10034 378,000 399% June 128
85% 24,000 63% Jan 68%
Jar, 95
92% 8,000 90
Jai, 9414
86:1 59,000 41
Jan 108
106% 13,000 106
65
50
104
9934
63%
984 9834
89
89
95%
Range Since Jan.1
1,000
9834 9831
83% 8446 35,000
(3s
86
Jan 9994 June
July 10935 May
Mar
69
June 87
0034 Jan 10131 Mar
June 9434 Mar
89
98
83%
Jan
Jan
May
Mar
Apr
Feb 87
June 10114 Mar
Apr
Jan 91
89
814 10,000
81
42,000
89
86
3,000
884 89
78
84
83
97
7534
96% 9734 31,000
1,000
754 7534
18,000
93
94
93
Jan
75% June
90% Jan
5,000 7- 94
6,000 88
6,000 904
4,000 35
17,000 s A
4,000 9434
43,000 91
10,000 9444
37,000 90
15,000 zi6
27,000 95
2,000 95
118
89
June
98
9314 Jan
97
Apr
Jan 88
June 96
June 96%
July 72%
92
Jan
Jan 110
Fob 97%
Jan 101
Jan 9834
May 97%
July 99%
June 984
Mar
Apr
Mar
Feb
Mar
Apr
Mar
Mar
Are
Max
May
May
83
88
90%
35
87
98
94%
9831
9534
296
95
96
83%
8835
90%
37
87%
98
94%
99
9635
96%
97
96
68
68%
6,00
57
Jan
80
Mar
20
20
17,000
20
Nlay
34
Feb
88
88
10031 100% 101
2,000
96,000
88
June e96
May
95% Jan 101% June
35
87%
94%
99
9634
95%
20
92
18,000
914 92
9234 92% 1,00
9931 99% 2,00
90 June
91% May
99% June
9414 May
92% June
99% June
9536
9534 96% 15,00
9534 July
994 May
38
9934
101%
10134
99
10034
8634
81
97
88
100%
9334
10131
100
1024
85
10634
38
9934
101
101
9834
100%
8531
99%
80
89
5914
92
97
85
107
38
9934
10131
10134
99
101
8634
99%
81
89
924
921 /
3
97
1,000 85
3,00 105
3,00
38
2,000 994
22,00
9934
12,000 100
12,00
92%
5,00 100
36,00
844
3,00(
9634
6,000 80
4,000 88
24,000 64
20,000 673-4
3,00
97
10236
88
60
10034
9234
101
100
10234
103
88
64
101%
94
10134
10054
1034
4,000 102% July 108
June
1,000 76
Jan 92
Mar
12,000 5134 jar, 7134 Apr
3,000 (3734 Feb 1014 June
5,000 8834 Feb 95
May
13,000 100
Feb 1104 Apr
43,000 (36% Jan 10034 Mar
41,00
Apr
984 Jan 126
102
92
108%
52
99%
103
10344
99
102
90
10034
91
98
100
In3 69814
May 97%
May
Mar
Apr
July
Apr
May
May
Jan
Mar
June
Apr
Mar
June
June
June
243,000
834 June 112% Mat
33,000
89
89
1,000
97
97
9734 9834 52,000
89
June
June 897
97
June 9731 June
934 Jan 10134 June
101% 3994 102
89
97
98
June
Apr
July
July
Jan
Jan
Jan
Jan
Jan
Jan
fa,.
June
Jut
102
102
1.00
10034
Jan
10234 May
JULY 5 1930.]
Bonds (Continued)Interruit Securities be_1947
Interstate Power bs___1957
Deb 813
1952
Inter-State PS 44s_ _1958
Investment Bond & Share
With warrants
_1947
Invest Co of Am 58 A.1947
5s_Without warrants
Investors Equity 58_1947
Without warrants
Iowa-Neb L & P
Isareo Hydro Flee 7s_ _1052
ItaltatiSuPerPower of Del-.
Debstis without warr '83
Jersey Cent P & I,5s 13 1947
914s series A
1945
Kansas Gilt] A El 6s_ _2022
1st!Mee 414s June 1 1980
Heivinator Co Cs
1936
Without warrants
Koppers(I &(7 deb 58_1947
5158
11/5
0
Lehigh Pow Secur 68_2026
Leonard Tietz 734s
1946
Without warrants
Libby, McN & Libby 58'42
Lone Star Gas Corp 581942
Long Island Light 6s .J945
Louisiana Pow & Lt 381957
Manitoba Power 548_1951
Mansfield Slin & Sm 7s '41
With warrants
Maas Gas Cos 534s__,1946
So
1955
McCord Had NM 6s_ _1943
Mead Corp 193 with warr'45
Mid States Petrol 6 4s 1945
Middle West UM 5s_ 1932
Cony 5% notes____1933
Cony 5% notes____1934
Cony 5% notes__ _ _1935
Midland Nat Gas 68 _1935
Milw Gas Light 414s _1967
Minn Pow & 15 4815-1978
Mies River Fuel 8sAug15'44
With warrants
Without warrants
Miss River Pow deb 55 1951
Mo Par RR 5$ ser IL.1980
Montreal Lit & P ool 56 51
Morris & Co. 715e____1930
FINANCIAL CHRONICLE
Thurs.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
79%
86
Range Since Jan. 1,
Low.
High.
78%
86
86
8934
SO
5,000
88
17,000
8614 2,000
89.4
1,000
79% June
83
Feb
310 3-4 Jan
88
Jan
90
90
5,000
88
Jan
934 Apr
4,000
7655
Jan
82
78% 78)4
79
95%
89
70%
106
79
79
1,000
9414 954 45,000
8874 92
6,000
70
Jan
014 Mar
83
Jan
99
92%
97
10444
97% 97
99
9914 9,00
93
9215 9,000 904
9715 17,000 964
10434 3,000 10314
97)4 42,000 92
9934 10,000 964
85
85
85
102% 102% 103
9834 98
98%
5934 75
75
97
97
97
60
60
6054
100 100
094 994
9814 98% 9834
97% 974 97%
984 98%
99 n9914
9214 92%
Mar
80
Mar
9614 June
944 Mar
6914 7045 17,000 69
Jan 310
99
99
2,000 98
Slay 100
10214 1024 11,000 10214 June 10214
106 1064 9,000 100% Jan 1074
9314 94
27,000 934 May 94
$8914 91
7,000 604
99.4 984 9934 40,000 9544
10214 10214 102% 53,000 14914
10415 104 104% 61,000 1024
924
884 Jan
934 Mar
924 Mar
92
Apr
Mar
June
June
June
Slay
Jan
91
AM
Jan 100% May
Jar, 103% June
Jar, 1074 Mar
Fri, 100
Mar
June 95
Are
Mar 9914 Mar
Jan 106
Feb
Jan 984 June
Feb most may
2,000 85
July 96
Jan
64,000 10115 Inn 105
Apr
25,000 97 June 98% May
59)4 June 87% Mar
23,00
52,000 97
Slay 974 May
4,000 60
June 76% May
10,00 100 Jun 10034 June
6,00
984 June 9914 June
6,00
98% June 9834 June
12,000 9734 June 98 June
35,000 98% July 98% July
7,000 95
Jar, n99.14 June
14,000 894 Jan 94
Mar
10915 1094 2,000 102
Jan 122
94
94
10,000 9214 Fet 100
10014 10015
1,000 1004 July 10314
100
9914 100
53,000 99
Julie 102
101
10019 101
8,000 98% Jar 10114
10034 10014z10054 16,000 9914 Jar 8101
Mar
June
June
Mar
Mar
Feb
Bonds (Concluded)-
101
Thurs.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
So'west Pow & Lt 6E1_2022 10819 106
Staley Mfg Co let 68..1992 9834 98% 10815
90
Stand Invest 515s. ...1939
s854 88
.itand Pow & Lt 68_ __ _1957 9814 9715 984
Stinnes(Hugo) Corp
7s 1046 without warrants 814 804 8219
75 Oct 1 '38 without warr
804 804
Stutz Motor Car 7145_1937 34
33
35
Run 011 549
1939
10214 10254
Swift & Co bs Oct 15 1932 10034 loci% 100%
Tern! Hydro-Elec 6148 '53
$85
8514
Texas Cities Gas 5s___1948
794 794
Texas Gas 1411 68_ _ _1945 953.4 94
96
Texas Power 3x Lt 55...1056 994 9934 100
Thermold Co 65 w w__1934
88
89
Fri Utilities Corp deb re '79 8134 794 8134
Olen Co tis
1944
Union Amer Inv
_1948
Union Gulf Corp 58 Jul 150
58..Un EL & P 5s 13 new.1967
United El Service 78...1950
With warrants
Without warrants
United Indus Corp 648'41
United Lt & Rya 548_1952
(lugedes A
1952
United Rya (Hay) 714,1 '211
U S Radiator 5s A ___1938
CI 8 Rubber
Serial 654% notes._1931
Serial 614% notes__1932
Serial 64% votes__1935
Serial 614% notes__1937
Serial 68 w 1
1933
Utah Pow & Lt 4148..1944
Valspar Corp cony 66_1940
Valvoline Oil 7s
1937
Van Camp Packing 6s_1948
Van Swertngen Corp 68.'35
Virginia Elec Pow 5.9_ 1955
Virginian Ry 448 B__1962
Wabash Ry be see D__1980
Waldorf-Astorla Corp'
1st 78 with
. _ _1954
Wananiaker (John) Phila
warr5349
1949
Waal] Wit Pow 5s wi_1960
Webster Mills 64._._1933
West Penn F,lec deb 56.1930
West Texas Util 58 A_1957
Western Newspaper Union
Cony deb Cs
1949
Westvaco Chlorine 554s '37
Wisconsin Pr & L 5s C '56
Range Since Jan. 1.
Low.
19.000 75
1,000 8015
11,000 19
8,000 100
51,000 7914
16,000 85
3,000 7939
35,000 94
48,000 99
8,000 8214
53,000 78
91
01
82
10034 100
103
91
14,000 53
82
1,000 80
10045 270,000 99
103
10,000 102
97
934
88%
8715 87
10115 10114
1024
84
84
9714
9444
8839
88%
10141
1024
84
Feb
July
June
Jab
Jan
Apr
June
June
Jun
Jan
Jan
Jan 9414 Mar
June 98
Apr
June 1004 July
Apr 1034 June
100 100
2,000 9615 Jan
97
97
5,000 954 Jan
97
97
2,000 94
Jan
9114 9214 8,000 9114 July
98 u99y, 271,000 98
June
9514 954 3,000 95 June
9315 934 95
22,000 9315 July
101
101
June
3,000 101
7014 70,
4
1,000 7014 July
97
97
9714 213,00
064 June
101% 1014 2,00
974 Jan
9834 984 98% 2,00
0614 Apr
1005-4 994 100% 39,00
99 June
8835
,
8815 89% 22,00
102
10214
9714
89
9111
8515 June
050901144
ne
Juan
10244 Mar
laz
87
May
86
Apr
10744 Apr
1004 June
98% Max
100
Mar
2,000 97
June 103%
15,000 89% Jan 974
6,000 84
Jan 92%
31,000 8344 Jan 944
11,000 1004 Jan 104
5,000 1004 Jan 107
14,000 8214 Jan 884
97
914
9815
102
103
High.
4,000 103
Jan 10814 July
6,000 974 Jan 9914 Apr
93
r
7,000 814 Jan 933.4 Apr
55,000 974 Jan 10939 Mar
86
102
1,000 102
103
55,00
98)4
854
9714 19,00
90
7,00
88
92
15,00
894
Apr
Apr
Apr
Mar
Mar
June
May
101
Mar
Apr
100
Apr
100
984 May
100
Mar
954 May
100
Apr
10314 Mar
Feb
81
.10014 Apr
10114 Apr
100
Mar
102% Mar
Jan 1033.4
Jan
July 102
Jan 10314
Jan 9744
June 934
Feb 9314
July
May
Apr
Mar
Mar
89
92
Narragansett Fie° be A '57
100% 101% 20,000 97
Jan 1o1% June
Nat Pow & It 68 A__2026 105
84
105 106
84
84
1,00
14,000 104
84
July 924 Mar
Jar 10814 Mar
bs series II
2030 91% 91
102% 10244 1,00 101
9114 70,000 91
Feb 1034 June
May
May 92
Nat Public Service bs_1978 75
74% 7514 28,000 74
99
99
5,00
June
99 June 101
Jar, 864 Mar
Nelsner Bros cony 68..1948
87
87
1,000 87
July 95
Mar
Foreign Government
Newberry 1.1 J)5 4s w L'40
97
974 15,000 07
June 991,4 Apr
end MunicipalitiesN E Gas & El ARM 68_1947 91
90
91
9,000 85
Jar, 98
May
agrleul attire Bit Repot Col
5s
_1948 904 90
91
17,000 85
Fel, 944 May
20-year 7s____A&O 1046
N Y &Foreign Invest
89
95
66,000 82
Mar 95
July
Baden (Germany) 78_ 1951
515s A with
_1948 85
85
95
95
3,000 91
4,000 79
Jun 984 June
Jan 90
Apr Brisbane (City) 68_ __ _19541
NY P&L Corp lot 448'87 94)4 9414 85
warr_9614 9634 18,000 9615 J1198 97
95 102,000 91
June
Eel, 96
May Buenos Alres(Prov) 7158'47 9615 100
Niagara Fails Pow Cs.1950
1054 106
100
10,000 974 Jan 102
5.000 105
Apr
Jan 107 June
78
Niagara Shares Corp (Sid)
1052 95
95. 96
9,000 044 Jan 10014 Apr
654s when Issued__ _1941 87% 86
20 yr deb 53.48 May 1 '50 102% 1014 102%
89
22,000 86
196,000 9934 Apr 105% May
June 96
May
Cauca Valley (Dept) Rep of
Nippon Elec Pow 6145 1953 91
9034 91
23,000 88% Feb
Mar
Columbla, exti Si 78.48
North Ind Pub dery be 1966
10114 102
734 7314
1,000 68
12,000 9714 Jan 102%Slam
Feb 89
Apr
Cent Bk of German, State &
&series D
1869
102 102
2,000 074 Jar. 10924 14 Mar
Prov Banks 6s B
No Sts Pow 6 SS% notes '33
1951
103 103
8214 824 6,000 754
4 11.3,000 100 94 Feb 1034 May Cuba (Rep.) 5148
8f1
Mar
Northern Texas Urn 75 '35 102
w 1_1945 944 94
10114 102
044
9414 July n9934 May
16,000 97
Feb 105
Apr
Northwest Power tis A 1960 984 98
Danish Cons Munle 548'55 10015 100% 1004 106,000 97
14,000
9914 18,000 98
I MI
May
June 100
Mar
5s
Ohio Power 419s ser D.'66 95
1953
9414 9544 28,000 91
96
16,000 9084 Jan 9715 June
Jan
June Danzig P & Waterway Bo 954 95
5s series B
1952 101% s101 101% 10,000 9814
Jan
95941024 Am
Exti
Ohio River Edison 58_1951 1014 10114 101%
1952 81
81
82
11,000 9854 Feb 101% July German f 6 4s
6,000 7814 Jam
8514 Mar
Osgood Co with warr 6s '38
Cone Mimic 78 '47 96
6214 624 2,000 60 June 82
96
07
36,000 91
Jar, 98% Mar
Feb
As
Oswego Riv Pow fie_ _1931 101
1047 8534 834 854 37,000 794 Jan 91
101 1014 22,000 uti
Mar
Jar, 101'A July
Hanover (City) 7s w 1 1939 9714 9614 97%
Pao Gas at El let 448.1941 96
95% 96% 31,000 0334 Feb
28,000 9514 Jan 98% Mar
Hanover (Prov) 610_1049
Pacific Invest del, 58..1948
80
91
91
80
3,000 864 Jan 95
7,000 79
A pr
Eel'
Helsingfora (City) 848 '60 91% 914 924
Pacific Western Oil 8 4e '43 934 92
93% 28,000 51
10,000 90
Mar
AM 96
Jar. 9554 A p
4'
A1 al
Park & Tilton! 6s
Indus Mtge of Finland-1936
90
90
1,000 85
May 91
Jan
1st mtge coll a f 71..1944
Penn C L & P 44s__ _1977 924 92
09
9215 18,000 92
99
fa, 10014 Mar
2,000 97
July 9214 July Medellin (Colombia) 75 Si'
Penn-Ohio Edison Os_ _1950
77
744 77
3,000 744 July 9234 May
Mtge Bank of Chile 68_1931 99% s9954 100
Without warrants
102
101% 10214 9,000 99
40,000 9414 Ja, 1004 June
Jar,
Mtge Ilk crf Denmark 68'72
51511
195(1 9939 99 100
9734 9714 1,000
43,000 110
W.n134 Jan 984 Jan
J
11'54 M Pr
0% A ar Netillands (Kingd) 6s 1972
1
Penn Dock & W as w w '49 96
10414 10434 2.000 103% Mar 106
95
96
Jan
Penn P & I. 1st & ref I) 7,3 1014 101% 10234 44,000 934 JAI, 984 Ma.
Parana(State)Bra all 781958
724 7414 7,000 65
4,000 9915
Jae 524 Mar
1113
May
Prussia (Fee State) 61_11)52 88% 86% 88%
let ref 55 series 11.1602
10339 10315 1,000 99% Eel,
5,50
8194 Jan 924 Mar
1035-4 July
Ertl 6148(of'26)Sep
Phila. Electric 554s._ _1947
107 107
93
9314 5,00
564 Jan 0714 Mar
1,000 10519 Jan 108
June Rio de Janerlo 6148___1959
5.9
1960
104% 104% 2,000 10214
73
74
10,00
Apr
67
Jan 85
Plana Elec Pow 5
Hits/Ilan Govt.
_1972 1064 105% 10634 26,000 1044 Feb 104% July
Feb 1064 mar
Phlia Rapid Transit 6s 1962
64s
1919
4
77
4
8014 3,000 77
2,00
June
4
8
Jan
July 934 Jan
Phila & Suburban Counties
515s Mrs
1921
414 4)4 5,00
334 June e534 Jan
Saar Basin (Counties) 75'35
G & E 1st & ref 44s 1957
984 98.4
98
9814 8,000 93
2,00
Jan 101
Apr
9619 Mar 99
June Saarbruccken 7s
Piedmont Hydro-Electric
1035 101
101 101
1,00
98
Feb 10214 May
64s class A
Sante Fe (City, Argentina
1960
92
92
2,000 9114 May 92
May
Pittsburgh Coal 8s, 1948
External 7s
11.145
8614 864
993-4 100
13,00
1,00
80
Jan 94
9914 Jan 103
Mar
June Santiago (Chile) 7s_ _ _ 1949 94
Pitts Steel 68
194a
10214 1024 6,00 101 4 Jan
9314 95
10,000 904 Jan
Mar
109
May
Poor & Co tle
75
1939
10314 1034 3,000 102
9114 9115 93
20,00
914 July
97
June
June' 1104 Feb Sydney (City of) 1961
Potomac Edison Se..1958 100
New
99 100
20,00
94 4 Jan 10045 May
Pow Corp of CtIll 4 48 '59
Anntli Wales 545 . .1953 8634 85% 874 59,000 85%
88
88
5,000 81
July 904 Star
Fel
Mar
Power Corp (N
90
5148 '47
96
96
2,001
95% Jail 99 Slay
Procter & Gamble 448 '47 99)4 984 99)4
14,000 954 Feb 9944 Jan
PugetSound P & L 548'49 10114 101 1014 23,00
994 Jan 103
• No par value. I Correction. m Listed on the Stock
let & ref As C__ -.195e 96% 96
Apr
Exchange this week, whet
9614 43,000 95% May 979-1 June
Queens Borough G &E-additional transactions will be found. is Sold under
the rule, o Sold for cash
5395 series A
1952
101% 103
I Optton sales, t Ex-rights and bonus. 10 When
7,00 1004 Jar, 1034 Apr
4148
Issued. z Ex-dlv
p Et-rights
1958
99
99%
7,00
94
Jan 9915 July
Reliance Management So
e "Under the rule" sales as follows:
With warrants
1954
70
72
4,00
70 June 95
Mar
Remington Arms 54s 1930
97
97
3,000 97
Apr 99% Feb Amer. Commonwealth 8s, 1949, Jan. 22. 53,000 at 106@107.
Recliner Cent Pow 514 15:
1 7515 7415 76
19,000
Mar Associated Laundries, Feb 17. 100 at ?A.
Ruhr Gas 8148
1953 85% 8434 8554 7,800 744 June 89
411
Jar, 894 Mar Blaw-Knox
Ruhr !lousing Corp 614e'58 8615 864 8639
Co., Jau. 2, 58 allure's at 31.
An
Apt 8914 Apr
St I. Ga.s & Coke 65_1947 59% 5914 6014 4,00
18,00
59
June 83
Mar Burro Co., Jan. 26, GO warrants at 44.
Ban tonna, Pub Serv55158 9614 9615 97%
33,000 91
Jan 9514 June Central States flee,, Feb. 6. 3,300 shares 6% pref. at
Sextet Co let cony 6s A '45 99% 9974 99% 4,00
70
99
June 99% June Donner Steel Feb. 27,
Seriturs (E, NV) 519. _ 543 924 93
51) shares common at 33.
93
2,00
85
Jan 934 June
Ferrel, Inc, 5s
1948
65
General Water Works & Elec. 68, 1044. Jan 29. 51,000
67
6,000 64
Eel
at 9815
72
May
Shawinigan w & e 450'
67 9554 94% 95% 45,000 9094 Feb 954 June Gerrard (S. A.) Co., Jan. 2. 105 shares
corn. at 24.
1,548 series 13
1968 9434 944 9434 5,000 90
Eel, 9534 Slay Gorham Mfg corn v t c April 23, 1 at 434
1st 58 mer C when Issued
10214 10234 30,00
98
Fel 1024 June Happiness Candy Stores
Shawshe,en Mills 7s.._1931 1014 1004 1014 10,00
corn., Feb. 3, 100 at 14.
964 Jan 10114 July
Sheffield Steel 5 4s_ _.1943 10015 10034 101
Houston Gulf Gas, Mar 3. 2 shares at 19
13,00
1173.4 Feb 101
June
Silica Gel Corp 634a.1932
Kopper Gas & Coke pref., Slay 6, 25 at 1024.
With warrants
98
984 6,000 97
Jan 107
Mar Mohawk & Hudson Power, Feb. 6, 75 shares 20 pref. at 112
Snider Pack 6% noter_1932
634 65
5,000 59
Jar
76
Apr Neve Drug Storm, May 16, 20 shares
Southeast 1' & 1. 6e_._2023
at 2
witbout warrants
106
105 10634 95,00 103
Mar Russian Govt. 51i8, 1921 Ws., Feb 7. $6.000 at 7
Sou urn Edison 5s___1951
10234 103 34,000 9944 Feb 10811 Mar Saxet Co., common, June 24, Sat 154.
JAI 10334
Refunding 5s
1952 103% 10234 1034 22,00
99% Feb n1034 Apr Singer Mfg.,
Son Cal Gas 58
Ltd.. Feb. 15. 100 shares at 8.
1937 93
93
93
12,00 :91
Se
1957 99)4 99% 9934 1,000 9834 Jail 9434 Apr
Apr 10031
Sou Gas 8198 with war 1931,
"Optional" sale as follows:
June
101 101
3,000 97
Jan 106
May
Southern Natural Gas f18'44
With privilege
4914 934 24,000 87
Del Elea. Pow. 5145, 1959, Feb 19. 91,000 at 924.
Jar, 105
Apr
Without privilege
77
77
78
15,000 75
Smarm] Lt., Ht. & Pow. Cons . Feb. 10 100 •natrir sr 135
May
So'west Dairy Prod 645'38
6554 654 3.000 6514 June 78% June
91
Jan Morris & Co, 714s, 1930, June 30, 52,000 at 1014
S'west 0& E 5e A _ .1957
95
95
2,000 91
Jar, 97
Mar
So'west IS & Pow 5s A 1957
Patterson-Sargent Corn., corn.. Jan 8, 25 at 2634.
95
95% 11,000 90% Fell
97% Apr
Bo'weat Nat Gas 6s___1945 964 95
97
26,000 95
Jun
99
June Railroad Shares Corp., common, June 26, 800 at 514,
Sou. Calif Gail i5s, 1937, Feb 15. 11.000 at 0094
31
[Von. 131.
FINANCIAL CHRONICLE
102
Quotations of Sundry Securities
marked
All bond prier• are "ant interest" except .v1,4,
Investment Trust Stocks'
and Bonds(Cana.) Par Bid. 40.
General Trustee common___
New units
6% bonds
20
18
Greenway Corp corn
45
Preferred with warm
Warrants
23
20
Guardian Investment
26
22
Preferred
312 4
Guardian Investor!
Standard Oil Stocks
75
65
$6 unite
25 •3518 3512
Ref corn
Atlantic
35
25
21
$3 units
25 .20
Borne Seryntser Co.
90
57
$7 Preferred
Buckeye Pipe Line C,o___50 "55
26
19
Incorporated Equities
Mfg Corns. 25 •140 150
Cheeebrough
5112
49
Continental Olt(Me) v t o 10 •1114 1512 Incorporated Investors
n1112 1312
*1912 20
Industrial Collateral Assn- 2312 26
Continental Oil (Del)
s 6
Industrial & Pow Sec CO...
(I) su
Creole Petroleum
40
Inturrinshares Ctfe Inn
Cumberland Pipe Line..100 30
40
37
32
Inter Germanic Trust
Eureka Pipe Line Co...100 .312 31
50
512 Int Sec Corp of Am corn A__
Galena 011 new common_
21
*3058 32
Common B
General Petroleum wi
80
Allotment certificates_
Humble 011 dc RefinIng___25 .85
7% preferred
100 300 315
Illinola Pipe Line
s
*2015 203
6.1.6% preferred
Imperial Oil
34
6% Preferred
'
Indiana Plpe Line Co____10 .32 I
Aeronautical Securities
.1812 1834 Interstate Share Corp
International Petroleu m _ _ _
3
Transit Co__12.50 •1514 1714 Invest Co of Amer corn....
National
94
90
Aeronautical Ind without war
1212 17
7% preferred
New York Transit Co___100
714 8
Warrants
41
Invest Fund of N J 413
Northern Pipe Line Co__100 35
8
97 101s
Air Investors common
5
25 •645 6512 Investment Trnst of N Y__
2
4
13
Ohio 011
22
18
Alexander Indus corn
100 105 10512 Invest Trust Associate.....
75
Preferred
30
8% Participating pref....
4
193 Joint Investors clam A
25 *19
Penn Met Friel Co
- 2
100 106
American Airports Corp... 8
Convertible preferred....
25 *3712 387
12
/37
Prairie Oil & Gee
AviationCorp of Calif
48
Keystone Inv Corp class A.
25 *46
15
9
Prairie Pipe Line
Bellanca Aircraft Corp
1512
Class B
25 •13
04
6
Solar Refining
Central Airport
17
•15
Leaders of Industry
4
1
Southern Pipe Line Co.. 50
8
401s 425
Cessna Aircraft new corn...
38
Short Term Securities
Massachusetts investor,...
25 .36
21 12 221. South Penn 011
4
4
563 593
Consolidated Aircraft
62
MohawkInvert Corp
238 Southwest Pa Pipe Line_50 •45
214
t
83 1014
4
8
Coal alfg Is May 1937 102 10214 Consolidated Instrument__
.595 6014 Mllt1181 Invest
Allis
514 812 Standard 011 (California)..
818 8s
1023 103
4
Cunha Flying Service
504 Nationwide Sec Co tr ctf B
Alum Co of Amer Is May 52
5
n2
Standard Oil(Indiana)___25 *50
4
1014 113
4
3258 Nat Re-Inv Corp
Am Metal 54s '34___.A&O 9612 963 Curtiss Reid corn corn....
40
30
Standard 011 (Kansas)___25 .32
8
5
Curtiss-Robertson
4
Amer Rad deb 44s May '47 9812 99
North Amer Util See
3
314 3 4 Standard 011 (Kentucky)_10 .313 32
9712 Dayton Airpl Engine
Am Roll Mill deb 5e_ Jan '48 9714
Preferred
5
,
5 4 53 Standard 011 (Nebraska)_25 *4518 47
102
Detroit Aircraft
5
653 North Amer Tr Shares
Amer Wat Wks 58'34 _ _A&O
26 .65
412 Standard 01101 N. J
4
3
1
class A..
4
Bell Tel of Can 58 A _ ar '55 10212 1023 Fairchild Aviation
North & South Am B corn__
25 .3112 32
04
Standard 011 of N Y
47
48
82
Baldwin Loco 548 '33 M&S 101 1014 Federal Aviation
011 Shares units
25 *78
20 23
Standard 011 (Ohio)
1312
10
Invest 'Pr corn_
11712 119
12
Pkg deb 54s_Oct 1937 0612 9712 Fokker Aircraft 1st pf
Cud
Old Colony
100
Preferred
88
85
Kinner Airpl & Motor
101 102
Edison El III Beaton
44% bonds
n212 512 Standard 011 Export pref._
44
40
3
3 Lockheed Aircraft
10
*5
4)4% notes_ __Nov 1930 1001a 100
Old Colony 'Pr Assoclatee25
12
Swan az Finch
31
3612 Maddux Alr Lines corn__
1948
5 lls__Jan 1931
2918 Oversee/35e
2812
Fisk Rubber
1114 113 Union Tank Car Co
4
17
13
National Aviation
8
8
General Motors Accept
25 *815 825 Pacific Invest Core corn
10
Vacuum 011
79
74
4
5 1003 New Standard Aircraft____
5% ser notes___Mar 1931 1003
Preferred
10
54
5s Sky Specialties
52
r 1932 10014 100
8% ser notert___Ma
Power & Light Secs Truitt
10
Investment Trust Stocks
10012 Southern Air Transport.... nb
6% sec notes___Mar 1932 100
Public Utility Holding
2
and Bonds
5
8
1512 157
6% ser notes _ M ar 1934 9914 10014 Swallow Airplane
Common with warrants..
5
8 6
35
Warner Aircraft Engine.... 83
1935 99 100
ser notes___Mar
Warrant.
1
Admstr & Research A
3
23
4
4
aer notes___Mar 1936 983 993 WhittelseY Mfg
Research Inv Corp corn....
& Continental
Amer
60 ____
ulf OH Corp of Pa
Unite
Amer & For Sh Corp unite_ _
Water Bonds.
4
,
7 2 1012
Debenture 5a _ _ _Dee 1937 101 101,
Royalttes Management_ _ _
Common
Debenture 5e___Feb 1947 101 101 1:,
1933
Seaboard Cont Corp units_
debs
54% cony
Ark Wet 1st 5a A '56....A&O 9212 94
Coke
coppers Gas &
Common
Corp corn..125, 1314
99
Birm WW let 550A5.4 A&O 10012 10112 Amer Founders
83
Debenture 56_ _June 1947 98
Second Financial invest
94
Cone preferred
let MS.1954 ser B__J&D
.4112 15 2 Second Internal Sec Corp.. 31
-1Meg Pet 4 lis _Feb 1530-35 95 100
( 110014 1-11- 2
6% preferred
11
City W(Chat)64sA'54 JetD
50
46
Marland Oil
Common B
7% preferred
96
J&D 93
41
3
let M 56 1954
25c 29c
Serial 5% notes J'ne 15'31 100 5
5
1 % Preferred
1-40ths
City of New Castle Water
notee J'ne 15 '32 100
21c Second Nat Investors
17c
Serfs!6%
1-70ths
J&D 92
4
Se Dec 2 1941
13
4
MINI Gas Cos 5348 Jan 1946 1023
Select Trust Shares
93
Warrants
Clinton WW let 54'39..F&A
554e_ _Feb 1931
41
Peelfte
Shawmut Bank Inc Trust.. 82
Amer & General See 6% pref
87
th Wet let 5 SisA'47 99 1(0
Com'w.
& Coke
1942
22
Peoples Gas L
4348
Class A
Is 0ct2'39 A&O 142
3
00
99 4
Con'llsv W
1952 85
Dec 1930
6
58
4345
9212
Class B
Wat be '42 J&J
4
1952 175
12
Corp_
& (amb 454ti Jule '47 9814 993 E St L. & Int
1312
Proc
en
Amer Insurance Stock
J&J 100 101
let 54 fis 1942
100 104
Swift & Co
Southern Bond & Share
102
Amer & Oversaw Pre
101
Huntington 1st 68 '54_51&S
Common A
5% notes__ _Oct 15 1933 10012
Amer fly Tr Shares
1954 93
4
10014 1003
5e
1935._
Union 011 5s Common B
92
Astor Financial
Mcnm Con W Ist58.55 J&D 90
10014 101
Preferred
United Drug 55 1932__A&O
Atlantic Securities corn
9612 98
13 1;
-- -3
Monm Val W 5)4s '50-J&J
Debenture 5e 1933__A&O 10014 101
Standard Collateral Trust..
92
Warrants
94 194
Muncie WW 5sOct2'39 Aar0
4212 452 Standard Corporation
Preferred
1941___A&O 9212 94
St Jos Wat 58
Per
Tobacco Stocks
Standard Investing Corp... 74i 75
88
Bankers Financial Trust__
90
.
Stienango Val W 58 56_A&O
5(4% prof with warr _ _ _ _
93
Bankers fnvestrnt Am
85
So Pitt. Wat let 5. 1960 J&J
3
American Clear pref.. _ 100 70
41812
Standard 011 Trust klhs___ _
9712 - - - Bankers Sec Tr of Am corn..
FAA
2612
1st M 58 1955
British-Amer Tobac card__ El *25
Standard Utilities
s Holding Corp_
100
BankInstock
El .2412 2612 Terre H WW ite '49 A_J&D
Bearer
114 Trustee Stand 011 She A...
92
Bankshares Corp of U S cl A
t
9 -164
24
22
let M 58 1956 ser Et_F&D
Imperial Tob of GB & herd
Class B
Baekstocks Corp of Md cl A
8 812
77
Wichita Wat 1st 65'49.M&S 100
Int Cigar Machinery. -100 107 12(1
Tnedee Trarsportation_
B
Class
93
,
814 8 4
65
let M tte 1956 ser B.F&A
& Met _100 55
Y
Johnson Tin Foll
United F1xed Sius ser
Preferred
14
Union Cigar
4 812 United Founders Cory corn
73
Basic Industry Sharee---(t)
260 310
4
Chain Store Stocks.
91, 11
Union Tobacco Co Class A _
1-70the
British Type Investors
90
1014 113
8
Berland Stores unite new... 4480
35 - 40
United Trust Shares A 2...
Young (J 5) Co oom.___100 99
71
Cent Nat Corp A
76
Boback(H C) Inc com.. __t
100 101
15
20
Preferred
IT S Eta! Pow Corp
Class B
100 100 105
7% let preferred
A
4
233 2434
8 Shama class
n1
Colonial Investor Shares...
3
8
107 12
Butler (James) common__
Indus. & Miscellaneous
Class A 1
Commonwealth Share Corp_
30
100 n10
1014 113
e
Preferred
515 912
C1118E1 A 2
ContInent'l Metropol Corp
37
39
,
22 4
45
35
Diamond Shoe common_
aeollan Co pref
Claw C I
Continental Shares corn
90 100
,
23 4
13
8
Preferred with warr
40
50
Aeolian Weber P & P___100
Class C 2
10
Continental Securities Corp_
15
4
58
8
167 183
Edison Bros Stores corn25 .54
American Hardware
65
70
Clam C 3
090 95
Preferred
,
16 8
Preferred
100 12112 128
Babcock & Wilcox
1714 1914
Class D
Corporate Cap Corp units_
34
15111
•191s 20
Fan Farmer Candy Sh Pf_t .30
Biles (E W) Co
Class F
(t)
16
Deferred etock
20
3
10 a 1 112
Fishman (H M) Stored corn
50 •50
Preferred
Class H
Credit Alliance A
95 103
Preferred
6
100 •108 113
77 US & Brit Internal class B.
718
Childs Corp pref
Corporate Trust Shares....
23
(St Atl & Pac Tea pref__100 116 119
Dixon (Jos) Crucible. _ _100 180 170
A
InsurClass
Crum & Forster
13
41
Howorth-Snyder Co A
Safety Cur Ht & Ltg____100 110 12.5
61
57
Preferred
ance *harm corn
65
Knox Hat
,
35 4 3734
Singer Manufacturing _-_100 410 460
100 103
U S F,lec Lt & Pow tr ctr A
28
7% Preferred
35
Kobacker Stores corn
Li •
Singer Mfg Ltd
ser 13
Trust ctfs
4
103 1112
Depos ll'kshsres err N Y
80
_100
Cum pref 7%
Overseen Corp com____
914 104
Serire 14-1
10
3
10 4
Kress (S H) 8% pref
Railroad Equipments
2114
Dlversided Trustee She A
00
Lerner Stores 634% Pf w w. 95
1812 1914
Sugar Stocks
Shares B
50
100 ,.275
48
4.90 4.60 Lord dr Taylor
100 45
Atlantic Coast Line es
712 3
Fajardo Sugar
Series C
73145
4.65 4.50
25
Finn preferred 6%___100
Equipment 6148
1 .23
1
3
Godchaux Sugars be
Domestic & Overseas
4.90 4.60
Second preferred 8%.100 n100
90
Ohio 6.
Baltimore &
100 75
Preferred
Eastern Bankers Corp corn_
93
.4
4.60 4.45 MacMarr Store. 7% pf w w 93
9
Equipment 434e & Es__
Units
Haytlan Corp Amer
26
.20
5.00 4.60 Melville Shoe Corp
18
Buff Roch & Pitts equip es
20
Holly Sugar Corp corn...-1
Dela Investing Corp unite_
92
4.65 4.50
1st pref 6% with warr_10/3 88
70
100 57
Canadiaa Pacific 4 Ch El aL Os
22
Preferred
Equity Invest Corp corn_
4.90 4.60 Metropolitan Chain Stores
30
33
Central RR of N J 68
60
National Sugar Ref _ _ _100
Units
70
100 n
4.90 4.60
12
16
New preferred
cheesecake & Ohlo 1349
15
10
New Mauer° Sugar.. _ _100
Federated Capital Corp__
30
27
4.65 4.50 Miller (I) & Sons com____ t
•85
95
Eouteinent6SO
Savannah Sugar COM
New unite
80
100
1.60 4.15
95
Preferred 6'4%
100 85
Equipment is
Preferred
Find Holding & Traci
94
90
pf
9
14
Chicago & North West 130._ 4.90 4.60 Mock Judson & Voertnger
8
4
83 Sugar ROAMS Ortente Df_100
Fixed Trust 011 shares
4.70 4.50 Murphy (0 C) Co com___t .4712 60
26
20
Equipment 8 sis
13.3
Vertientes Sugar pret _ _ _100
4
Fixed Trust Shares cl A _ -(t)
100 100 108
8% cum pref
RI & Pao 44s* 55..... 4.65 4.50
1612
Chic
(t)
Class B
4
at
4.90 4.70 Nat Family Stores Inc warr
Equipment Os
Rubber Stocks (Cleveland)
Foundation See corn
16
•11
I .1,412 6
Colorado & Southern 11.- --. 5.00 4.80 Nat Shirt Shops corn
Aetna Rubber corn
Preferred
85
100 n 75
4.90 4.60
Preferred 8%
Hudson flis
Delaware &
Falls Rubber corn
.6
Founders Bee Tr mei
4.65 Natick's Inc corn
10
4.90
25 •
Preferred
Erie 4148 & be
Founders Shares
115
5.00 4.30 Neisner Bros Inc Pref 7%100 100
35
t .33
Equipment es
8
Faultless Rubber
7
General Equities A
4.90 4.60 Newberry 0) Co 7% p1100 97 102
140
()eel TIre & Rub rem- _25
Great Northern tier
94
Gen Pub Sere 6% pref
19
•14
4.65 4.50 N Y Merchandise corn....
90
100 83
Euuipment 543
Preferred
94
First preferred 7%___100 7490
4.65 4.54)
Hocking Valley 5.
Goody'r T & R of Can p1.100 r105
n5
4.90 4.60 Pig.glY-Wiggly Corti
17
t •10
Equipment ee
India Tire & Rubber
7.80
100
4.65 4.45
Preferred 8%
9
11
100
Monawk Rubber
Illinois Central 414s & 5s__
09
4.90 4.60 Reeves (Danlel)Preterred100 96
1001 - -- 40
Equipment 6e
Preferred
Co com___100 n115 130
Equipment 7. & 6)48.... 4.65 4.50 Rogers Peet
Setherling Tire & Rubber_ _t ;611
100i ---- 30
Kanawha & Michigan &I.__ 4.90 4.70
Preferred
Kansas City Southern 514s. 5.00 4.70
Louisville & Nashville 6._ 4.90 4.60
4.60 4.50
lrouipment 64s
4.60 4.40
Michigan Central 5s
4.70 4.50
Equipment de
Railroad EquIp.(Coneld.)
Public Utilities
Par Bid. Ask
80
75
Amer Public lJtil corn_ IOU
7% prior preferred_ ___100 9212 9512
96
100 92
Partic preferred
Appalachian El Pr pref _100 107 10812
EleaAssociated Gas A
97
•95
$5 Preferred
(t)•
Cleve Elec Ill corn
100 112
13% Preferred
Col El & Pow 7% Pf--100 •114 115
41
Eastern Util Aesoo corn-t •40
1312
*13
Convertible stock
87
-1 •84
Gen Public Util $7 prof
Rtv Pow p1._100 107
Misalesippi
103
First mtge 58 1951___J&J 102
98
97
MAN
Deb be 1947
pref._ t 810912 11012
National Pow & Lt V
1011,
$6 preferred
North States Pow 7% pref_ 104 107
107 109
Onto Pub Sore 7% prof.100
98
96
6% preferred
2712
Pacific Gas & El let pref_ -25 *26
Puget Sound Pr az Lt $6 pi_ t *98
*87
$5 Preferred
02
let & ref 5348 1949__J&D 101
0012
Sav El & Pow 6% pf-100
Sierra Pao El Co 8% VI.100 92
Stand Gas & El $7 pr pf_100 11012 112
,
Tenn Elec Pow let pref 7% _ 107 4 10812
100 9912 101
6% preferred
95
93
pref-Toledo Edison
,
105 106 2
8% Preferred
100 109 111
7% Preferred
Utilities Pow & 1.7% pf _100 99 100
,
MInn St P & SS 1if 44s & 513
Equipment 6445 & 7s____
Missouri Pacific 634e
Equipment fie
Mobile & Ohio 5e
New York Central 434. &
Equipment de
Equipment 7.
Norfolk & Western 448-- Northern Pacific, 7.
Pacific Fruit Express 7._
Pennsylvania rut equip 5ePIttab & Lake Erie 6
Reading Co 434s & 50
St Louts & San Francisco Es
Seaboard Air Line 54s & 68
Southern Pacific Co 434,...
Equipment 7s
Southern Sty 430 az Es
Equipment es
Toledo & Ohio Central Rs
Union Pacific 75
Bid
5.20
5.60
5.0
4.95
6.65
4.60
4.90
4.65
4.55
4.85
4.65
4.55
4.80
4.55
4.65
6 00
4.410
4.70
4.65
4.90
4 90
4.60
Art
4.80
5.15
4.70
4.70
4.50
4.50
4.60
4.50
4.45
4.60
4.50
4.45
4.55
4.40
4.50
5.25
4.45
4.50
4.50
4.00
4.80
4.50
Chain Store Stocks Par Bid. Ask.I
5
265
21
Schiff Co eom
86
Cum cony pref 7%-100 n80
50
35
.
& Bros 00n3.1
Silver (Isaac)
87
80
7% cum cony [wet_ _100
45
Southern Stoma 6 units
313
412
17 9 Stores
50
First preferred 7%...100 46
YOUng(EdwIn H) Drug units 100 115
9212
163;
103
9% 10%
97.
III; 7_2
Per share
7 NO per ueleu.
,
4 basis.
Pure°. also pays acrr. d iv.
t Last sale.
0 Numln.
I Ex-rilv
r Ex-rights.
r Canadian quotations. s Sale furies
inuestment and Saiireful Intelligente,
103
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
-Grossfrom Railway- -Net from Railway-- -Net after Tares
1930. •
1929.
1930.
1929.
1930.
1929.
$
$
Central RR of N J
May
Current
4,745,961 4,971,490 1,335,871 1,354,074
Previous Inc.(+) or
778.333
800.078
Period
From Jan 1_21,930,272 23,348,579 5,009,412 5,740,818 3,281,012 3.990,492
Year
Year
Dec.(-).
NameCovered.
$
$
S
Charleston & W Carolina
Canadian National
3d wk of June
4.567,238
5,345,038 -777,800
May
237,216
274,179
32,034
34,061
60,577
14,528
Canadian Pacific
3d wk of June
3,523,000
From Jan 1_ 1,240,588 1,443,435
4,137,000 -614,000
373,996
101.328
192,875
256,471
Georgia & Florida
3d wk of June
23,600
38,450
-14,850 Chicago & Alton
Minneapolis & St Louis...3d wk of June
263,997
May •
314,124
2,153,970 2,342,858
-50,127
212,535
379,921
98,656
264.728
Mobile & Ohio
3d wk of June
From Jan L10,297,384 11,598,159 1,648,572 2,541,903 1,079,708 1,994,469
261,077
324,497
-63,420
Southern
3d wk of June
2,734,409
3,563,957 -829.548 Chicago Burl& Quincy
St Louis Southwestern
May
11.019,177 12,539,902 2,124,535 2,605,101 1.333,518 1,763,106
3d wk of June
473,400
560,058
-92,658
From Jan 1.56,749,571 63,751,206 16,793,894 20,886,103 12,114,719 15,475.351
Western Maryland
3d wk of June
1,027,272
1,107,361
-80,089 Chicago & East Illinois
We also give the following comparisons of the monthly
May
1,697,965 1,989,364
214,352
165,640
296,599
345.350
From Jan 1_ 8.707,185 10,137,984 1,179,522 1,968.065
555,896 1,343,144
totals of railroad earnings, both gross and net (the net before
Western
the deduction of taxes), both being very comprehensive. Chicago Great 1,893,981 2,085,372 424,347
May
287,948
340,747
366.516
They include all the Class 1 roads in the country:
From Jan 1_ 9,221,075 9,961,622 2,111,758 1,734.585 1,682,286 1,327,783
Chic & Ill Midland
May
254,759
224,261
25,341
27,353
35.690
17,406
Gross Earnings.
From Jan 1_ 1,272,391 1,226,216
L-ngth of Road.
261,503
187.161
228,838
221,828
Month
Chicago Ind & Louisville
Inc.(+)o
May
1,309,113 1,616,352
329,384
401,562
490,497
251,258
1929.
1928.
Dec.(-).
1929.
From Jan 1_ 6,456,413 7,434,827 1,469,958 1,968,181 1,073,606 1,549,826
1928.
- Chi Mil St Paul & Pac8
Mites.
February
12.041,953 14,263,998 1,904,802 3,061,543 1,103,756 2,270,229
May
474.780.516 456.387.931
+18.292.585 242 884
From Jan L58,069,475 66,298.969 10,135,899 14,952,710 6.141,583 10,946,112
Marti)
6_6.134.027 505,249.550 +10.884 477 241,185 242.868
240.427
Apt II
Chicago dr North Western
513.076.026 474.784.902 +38.291.124 240,956 240.816
May
536,723.030 510.543,213 +26.120.817 241.280 240.798
May
11,387,817 13,122,767 2,352,078 3,256.656 1,576,009 2,478.930
June
531.033,198 502,455.883 +28.577.315 241.608 241,243
From Jan 1_52,567,885 58,490,073 9,268,378 11,712,709 5,381,769 7,829,880
July
556.706.135 512.821,937 +43,884.198 241,450 241.183
Chicago River & Indiana
August
585.638.740 557.803.468 +27.835,272 241.026 241,253
May
525,291
594,465
230,652
263,772
188,014
223,556
September
565.816,654 556.003.048
+9.812.986 241,704 241,447
From Jan 1_ 2,654,229 2,898,084 1,087,042 1,249,713
880,529 1.046,490
October
607,584.997 617.475,011
-.9890014 241.622 241.451
Chicago R I & Pacific
Nov:m.ber
498.316.925 531.122.999 32,806.074 241,659 241.326
May
9,611,384 10,876,238 2,089,590 2,154.584 1.578,749 1,477.253
December
468,182.822 495,950.821 -27.767,999 241,864 240,773
From Jan 1_48,889,763 64,882,657 10,530,708 11,938,014 7,755.693 8,457,002
1930.
1929.
Chi R I & Gulf
1930.
1929.
January
450.526.039 486,628,286 36,102.247 242.350 242.175
520.055
May
572,464
134,401
116,926
153.608
180,684
February
427,231.361 475,265,483 -.48.034.122 242.348 242,113
From Jan 1_ 2,693,937 2,985,535
760,804 1,168.288
660.926 1,042.072
March
452,024.463 516,620,359 -64.595,796 242,325 241.964
Chl St P Minn & Omaha
April
450,537.217 513,733.181 63.195.964 242.375 242.181
May
1,972,795 2,079,951
237,393
363,595
134,653
261.437
From Jan 1_10,076,126 10.217,028 1,597,607 1,546,076 1,064.531 1,009,233
Net Earnings.
Inc.(+)or DM.(-).
ClinchfieldMay
497,483
561,086
155,375
106,241
181,258
85.375
1929.
1928.
Atriosna.
Per Cent.
From Jan 1_ 2,700,749 2,982,354
927,298 1,128,456
577,218
753,347
Colorado & Southern
May
February
803,904
956,596
126,868.848
143,998
120,811
73,981
52,410
108.987.455
+17.381.398
+ 15.95
From Jan 1_ 4,298,526 4,750,295
March
139.639,086
966,707 1,041,676
618,262
687,191
182.122.686
+7,516,400
+5.68
April
Ft Worth & Deny City
136,821.660
110.884.578
4-25,937.085
+23.39
May
May
146,798.792
686,392
829,752
114,238
138,426
129.017.791
81,164
107,789
+17,754.091
+12.09
June
From Jan I. 3,847,140 4,497,978
160.174.332
845,928 1.337,458
653.133 1.087,062
127.514.775
+22.659.557
+17.77
July
Trinity & Brazos Val
168,428,748
137.625,367
4-30,793,381
+22.37
August
May
116,425
121,863 --121,024 -53,550 ---129.558 --451,309
190.957.504
174,198.544
4-16.758.860
+9.62
September
From Jan 1. 718,984
807,703 --473,388 --27,276 -513.875 --66,330
181,413,185
178.800.939
+2.612.246
+1.46
-October
Wichita Valley
204.385,941
216,519.318
-12,183,372
-5.68
November
72,616
May
91,663
127.163,807
4,865 '21,061
14,221
157.192,289
2.207
-30.028,982
-19.11
December
From Jan 1_
374,055
106,815,167
582,277
69,513
230,760
138.501.238
33,945
192,969
-32.186,071
-28.12
1930.
1929
Columbus & Greens
January
94.759,394
117,764.570
May
124,945
140,951
23.005,176
5,680
25,231
-19.55
3.678
20,654
February
97.448,899
125.577,866
From Jan 1_
712,343
737,102
-28.128.967
118,509
121,069
94,071
-22.40
104,768
March
101,494,027
139.756.091
-38,202,064
--27.48 Delaware & Hudson
April
107.123,770
141.939.648
-34,815,878
May
3,250,613 3,570,022
--24.54
683.759
853,741
764,741
560,705
From Jan 1.15,628,805 16,356,321 2,594,826 3,103,572 1,979,393 2,657,915
Net Earnings Monthly to Latest Dates.
-The table Denver & Rio Grande
2,315,658 2,561,310
May
650,392
599,690
485,301
following shows the gross, net earnings and net after taxes
432,463
From Jan 1_11.451,830 12,730,612 2,936,070 3,395,875 2,055,003 2,528.383
for STEAM railroads reported this week to the Inter-State Denver & Salt Lake
Commerct) Commission:
May
225,272
229.145
31,956
530
14,921
-9,470
From Jan L 1,196,239 1,465,426
360,196
547,081
287,104
497,062
-Grossfrom Railway
--Net from Railway- -Net after Tares
- Detroit & Mackinac
1930.
1929.
1930.
1929.
1930.
1929.
May
110,705
150,292
20,622
36,329
27,043
41.319
$
$
From Jan 1- 435,661
597,477
29,100
97,421
Akron Canton & Youngstown
-2,567
60,567
May
Detroit Terminal
268,692
372,023
91,768
188,700
73,309
158,807
From Jan 1_ 1,276,246 1,649,661
May
140,198
254,333
35,850
100,641
437,618
19,727
79,562
760,737
345.603
651,152
From Jan 1_ 695,991 1,247,782
183,989
Ann Arbor
471,386
102,743
363,898
May
Detroit Toledo & Ironton
442,456
534,188
87,127
157,920
62.276
129,980
From Jan L 2,117,961 2,610,921
May
1,140,805 1,255,131
541,538
444.267
596.595
483,794
535,341
725,541
314.689
587,052
From Jan 1_ 5,649,115 6,371,755 2,790,056 3,194,684 2,464,179 2.815,193
Atch Topeka Os Santa Fe
May
14.586.185 17,404,960 2,311,014 4,841,061 1,284,416
Detroit & Tol Shore Line
3.497.799
From Jan L73,349,449 83,599,866 13,757,759 24,247,733
May
321,685
426,473
135.419
159,849
114,902
124,371
8,300,521 17,243,931
Gulf Colo & Santa Fe
From Jan 1_ 1,883,731 2,377,643
979,555 1,256,783
826,109 1,067.019
May
1,770,750 1,930,746
103,787
54,842
3,8E8 -38,229 Duluth Missabe & Nor
From Jan 1_ 9,536,948 10,610,681
424,739 1,699,581 --58,671 1,246,547
May
3,545,869 4,174,934 2,221,015 2,843,979 1,933,527 2,540,241
Panhandle ds Santa Fe-From Jan!. 4,283,578 6.097,943 -47,379 1,765,616 --764,305
930.480
May
1,120,240 1,367,641 -38,287
265,767 --90,864
280,223 Duluth So Shore dt Atlantic
From Jan 1- 6,007,216 6,588,090
342,494 1,613,826
80.377 1,428,742
May
366,106
439,109
51,093
76,706
16,093
45,706
Atlanta Birm & Coast
From Jan 1_ 1,720,473 2,054,992
282,463
385.757
123,117
226.755
May
316,255
378,239 --58,386 --18,232
From Jan 1_ 1.707,558 1,901,757 --173,592 --24,033 --73,449 --35,175 Elgin Joliet & Eastern
--249,051 ---108,404
May
2,149,923 2,450,628
635,370
972,663
533,706
841,514
Atlanta & West Point
From Jan 1_10,352,807 11,195.340 3,075,058 4,091,573 2,481,280 3,481.650
May
195,363
239,730
14,985
36,915
--1,067
19,966 Die Railroad
From Jan 1_ 1,056,288 1,211,006
179,389
223,425
107,619
151,907
Chicago & Erie
Atlantic City
May
1,266,047 1,279,207
565,518
531,045
507,325
474.650
May
217,271
246,986 -47,283
30,787
From Jan L 5,893,812 6,500,489 2,448,319 2,968,270 2,157,378 2,686,717
From Jan 1_ 1,027,881 1,093,154 -279,143 -242,590 --87,283 --71,097
--479,147 --444,114
NJ&NYRRAtlantic Coast Line
May
123,035
135,765
17,333
14,96g
12,993
10,853
May
5,168,831 6,864,168 1,013,868 2,001,712
From Jan 1_
593,158
634,043
58,132
57,075
36,413
507,943 1,400,051
36,519
From Jan 1_31,503,774 37,138,503 9,265,379 13,578.590
6.475,792 10,318.373 Florida East Coast
Baltimore & Ohio
May
1,110,972 1,080,122
324,702
339,796
202,168 1 193,095
May
19,230,278 21,755,886 5,293,197 6,308,908
From Jan!. 7,159,125 7,795,838 2,925,482 3,572,550 2,281,90012,854,701
From Jan 1_88,541,682 98,012,278 19,822,438 24,019.788 4,387,547 5,282,321
15,132,350 18,871,636 Ft Smith & Western
Bangor & Aroostook
May
93,820
97,274
5,524
3,570
1,423
--1,155
May
807,325
682,753
356,715
From Jan 1_
175,935
558,394
592,995
70,946
79,687
285,668
48,433
56,037
128,945
From Jan 1_ 4,550,105 3,682,754 2,081,708 1,504,707
1,705,908 1,206.348 Galveston Wharf
Belt Ry of Chicago
May
99,263
136,907
" 15,663
32,201
-9,337
15,201
May
599,385
686,989
168,673
From Jan 1_ 613,671
206,447
858,996
150,735
129,144
327,668
25,735
242,668
144,342
From Jan 1_ 2,979,796 3,340,532
832,558
929,338
670,824
654,523 Georgia & Florida
Bessemer & Lake Erie
May
115,052
124,993
--6,641
2.913 ---15,417
-6,814
May
1,686,735 2,106,830
783,735 1,203,258
From Jan 1. 621.580
646,996
21,427
45.983 --25,200
686,170 1,042,337
-2,589
From Jan 1_ 4,562,010 5,427,349
774.059 1,686,403
561,471 1,395,156 Grand Trunk Western
Bingham & Garfield
2,635,591 3,520,799
May
480,616 1,043,832
320,343
913,768
May
From Jan L12,585,657 16,521,568 2,738.497 5,437,739 2,027,732 4,803,332
32,196
50,191
4,263
23,826
2,090
14,443 Great Northern System
From Jan 1_
168,219
238,133
23,873
4
.44.
100,223
7.501
19,074
8,754,775 11,009,885 1,723,125 3,486,395
May
967,863 2,737,567
Boston & Maine
Froui Jan 1_36,602,713 45,159,975 5,442,120 11,503,422 1,965.681 8,011,498
May
6,108,426 6,578,350 1,514,882 1,645,037 1,221,557
1,326,835 Green Bay & Western
From Jan L29,351,819 31,280,202 7,173,207 7,789,599
5,829,492 6,240,917
176,480
194,862
May
54,743
59,424
44,683
50,424
Buff Rochester & Pitta
750,471
From Jan 1_
784,636
203,750
161,230
159.690
121.182
May
1,364,134 1,560,678
228,351
298,979
188,324
248,850 Gulf Mobile & Northern
From Jan 1_ 6.525,949 7,148,859
999,372 1,349,278
611,583
146,024
560,366
May
799,279 1,138,868
167,376
111.477
126,724
Buffalo & Susquehanna
571,299
Frorn Jan 1_ 2,654,158 3,031.101
844,310
415,490
638,899
May
156,276
146,287
27,833
9,411
25,753
7,311 Gulf & Ship Island
From Jan L
747.1195
768,707
82,103
97,350
243,871
-1,901
182,507
May
19,786 -34,005 -11,904
83.588
105,943
Canadian National Rya
225,856
From Jan 1_ 1,268,200 1,390,063
240,003
65.088
80,692
Atlantic & St.Lawrence
Illinois Central System
May
165.478
194,848
2,289 -41,374 --11,991
12,908,304 14,623,413 2,518,437 2,820,170 1,642,425 1.857,408
May
56.034
From Jan 1_ 916,807
932,552
3,566 -112.167 --418,466 --191,510
From Jan L66,295,706 74,749.790 13,680,877 17,329,778 9,034,836 12,069,989
Can Pao Lines In VtIllinois Central Co
May
149,587
166.314 -44.129 --16,887 --48,149
10,949,209 12,524,512 2,201,846 2,518,470 1,493.741 1,726,829
May
20.907
From Jan 1_
787,653
846,301 -31,255
-7,555 r.11,355 ---27,655
From Jan L55,751,830 64,101,384 11,260,652 15,431,502 7,457,558 11,028,612
Central of Georgia
Yazoo & Miss valley
May
1,713,161 2,070,417
310,134
428,253
210,938
1,959,094 2,082.742 1,635,236 1,780,321
May
156,784
311,403
132,216
From Jan!. 9,572,613 10,565,040 2,134,209 2,515,862 1.817.229
From Jan L10,477,532 10,568,033 2,411,001 1,891,340 1,572,564 1,039,021
1.874,069
_1
104
FINANCIAL CHRONICLE
-Grossfrom Railway- -Nei from Railway- -Net after Taxes
1929.
1930.
1930.
1929.
1929.
1930.
3
$
Ill Terminal Co
198,395
608,403
180,932
May
638,094
219,695
204,875
From Jan 1_ 2,880,309 3,021.334
786,410
875,541
755,521
892,882
Kansas City Southern
May
434,607
1,539,285 1,631,415
394,350
552,283
508.414
From Jan 1_ 7,114,140 7,592,418 2,164,029 2,350,703 1,594,727 1,762,172
Texarkana & Ft Smith
100,313
78,370
May
255,826
117,183
214,765
94,036
From Jan 1_ 1,037,301 1,303,118
383,512
305,072 • 575,198
667,959
Kansas, Okla & Gulf
146,982
62,942
May
166,692
230,657
312,328
83,656
From Jan 1_ 1,289,748 1,481,083
607,092
479,277
707,227
583,427
Lake Sup & Ishpeming
230,694
316,538
101,251
May
272,621
186,739
434,956
247,635
From Jan 1_
341,440 -51,018
584,477
86,122
907,502
Terminal
Lake
41,648
28,114
108,984
May
45,966
34,539
131,040
11,324
From Jan 1_
423,394
35,744 --19,661
344,260
12,464
Lehigh es Hudson My
52,104
47,817
May
65,798
208,399
63,633
213,907
235,420
170,566
From Jan 1_ 952,060 1,060,319
304,053
232,676
Lehigh & New Engi119,856
114,184
139,389
468,462
131,203
May
461,099
349,940
390,778
412,253
454,451
From Jan!. 1,996,454 1,938,356
Los Ang & Salt Lake
441.765
267,808
582,193
1,965,127 2,305,840
422,816
May
From Jan!. 9,620,975 11,143,028 2,108,275 2,909,486 1,287,337 2,205,814
Louisiana & Arkansas
120,092
131,528
600,381
163,109
593,943
182,916
May
689,768
697,448
942,407
From Jan 1_ 3,093,848 3,121,022
930,009
La & Ark & Texas
--4,026
83,626
1,044 --25,147
62.460
21,147
May
415,097 --35,653 --19,805 --55,734 --43,985
398.296
From Jan 1_
Louisville & Nashville
9,949,312 11,346,939 1,633,245 2,159,343 1,104,519 1,577,861
May
From Jan E49,556,130 55,410,766 7,422,773 10,318,956 4,868,104 7,382,819
Maine Central
352,664
206,290
1,686,910 1,592,681
398,178
300,662
May
From Jan!. 8,350,527 7,695,698 2,137,003 1,716,434 1,654,064 1,294,055
Midland Valley
266,963
89,136
73,970
224,861
72,044
57,450
May
569,001
488,645
468,815
396,201
From Jan 1_ 1,210,415 1,411,695
Minn St P & 58 M
3,444,499 4,363,410
662,741 1,355,995
427,241 1,099,533
May
735,966 2,671,358
From Jan L15,262,254 18,129,925 1,865,160 3,851,725
Mississippi Central
137.482
13,179
8,008
36,803
26,736
103,761
May
686,247
148,035
90,463
198.015
126,678
From Jan 1_ 603,306
Mo-Kansas-Tex791,953
806,726 1,030,839
601,145
3,485,254 4,303,902
May
From Jan E17,936,951 21,983,331 4,485,297 6,230,636 3,396,081 4,915,529
Missouri Illinois
30,277
211,657
84,752
70,152
166,209
37,083
May
221,193
167,250
881,449
278,970
198,656
From Jan!. 775,026
Missouri & No Ark
14,111
15,614
16.678
132,427
8,040
150,965
May
63,028
123,198
77,250
754,089
135,399
From Jan L. 735,528
Missouri Pacific
9,911,661 10,913,253 2,351,656 2,334,899 1,912,080 1,852,936
May
From Jan L50,606,345 54,506,110 12,226.619 12,854,314 10,010,973 10,460,360
Mobile & Ohio
222,261
118,598
303,314
1,261,301 1,462,203
201,478
May
802,947 1,165,039
From Jan 1_ 8,306,602 7,176,209 1,232,953 1,592,423
& St L
Nash Chatt
371,197
85,362
466,281
134,419
1,644,194 1,950,900
May
983,844 2,064,716
From Jan!. 8,615,725 9,839,978 1,308,942 2.504,194
Nevada Northern
73,613
14,129
132,126
87.995
25,984
66,863
May
306,989
106,801
380,143
352,724
153,342
597,133
From Jan 1_
Newburgh dr So Shore
53,078
14,418
60,699
139,403
30,439
182,450
May
1.8,382
180,125
196,319
260,229
775,427
From Jan 1_ 603,790
New On Gt Northern
55,214
79,817
72,5.50
95,955
275,927
271,903
May
303,064
348,409
391,504
425.997
From Jan 1_ 1,310,256 1,311,122
New or Tex & Mex108,523 -10,824
129,452
9,807
324,369
199,384
May
101,117
344,160
204,813
448,979
From Jan 1_ 1,437,856 1,161,501
Beaumont So Lake& W
80,151
52,637
84,239
56,866
322,711
292,624
May
384,326
406,648
404,685
428,111
From Jan 1_ 1,521,819 1,522,762
St L Browns es Mex235,547
322,309
266,577
344,538
931,483
765,928
May
From Jan 1_ 4,758,199 4,218,381 1,949,082 1,456,776 1,838,608 1,308,630
New York Central
42.537,678 51.411,111 9,800,236 14,105.872 6,663,020 10,519,513
May
From Jan 1 207071,153 240966,460 44,175,255 61,024,269 29,416,716 44,108,951
Indiana Harbor Belt
372,603
299,255
444,543
363,963
960,332 1.131,488
May
From Jan 1_ 4,725,112 5,256,450 1,415,707 1,767,607 1,153,294 1,448,039
Pittsburgh & Lake Erie
482,718
449,251
671,523
619,251
2.572,880 3,032,301
May
From Jan 1_11,894,575 14,010,394 2,283,072 2,255,379 1,467,850 1,416.016
New York Connecting
147,333
108.582
183,333
145,582
255,524
222,544
May
540,882
588,854
728,882
777,854
From Jan 1.. 1,104,069 1,237,454
N Y Susq & Western
92,124
104,548
123,177
may
136,104
413.957
434,808
401,339
347.372
557,148
505,153
From Jan!. 1,930,673 2,117,192
Norfolk Southern
105,763
16,434
156,946
68,773
696,737
547,657
may
611,769
867,425
287,659
550,127
From Jan 1_ 2,887,944 3,481,387
Norfolk & Western-8,510.836 9,874,189 3,481,787 4,454,512 2,681,274 3.654.285
May
From Jan 1_42,846,304 45,817,485 16,489,397 18,120,627 12,087,125 14,115,095
Northwestern Pac73,438
2.243
38,183
534,895
111,757
485,027
May
--290,704 --199,385
From Jan I_ 2,065,839 2,188,737 --109,619
Oklahoma City-Ada-Atoka
39,990
4,206
100
118,943
43,198
59,539
May
98,396
42,108
117,941
63,434
634.478
397,905
From Jan 1_
Pennsylvania System
51,209,581 59,953,652 14,170,069 18,015,036 10,689,742 14,367,836
May
From Jan L242916774 272723,310 57,907,794 73,562,558 44,006,022 58,977,247
Long Island
947,471
802,990
3,346,650 3,569.669 1,089,670 1,211,229
May
From Jan 1_15,124,693 15,506,699 3,762,938 4,206,509 2,944,584 3,443,398
Monongahela
303,556
232,279
656,761
332,070
251,976
552.927
May
From Jan!. 2,689,521 3,106,301 1,155,185 1,474,638 1,069,353 1,352,860
West Jersey ar &ash
118,143
73,504
205,771
1.56,924
785,101
685,861
May
610,909
453,447
833,313
665,452
From Jan L 3,288,798 3,645,307
Pekin Union
Peoria &
18,098
-6,114
35,175
10,136
146,404
139,470
May
174.664
199,741
42.885
127,464
744,672
716,082
From Jan 1_
Pere Marquette
730,642
759,675
574,478
4,042,633
999.951
May
From Jan 1_16,311,125 18,899.539 3,310,937 5,810,378 2,591,593 4,566,531
[VOL. 131.
--Net from Railway-- -Net after Taxes
-Grossfrom Railway
1920.
1929.
1929.
1930.
1930.
1930.
$
$
Pittsburgh & Shawmut26,208
24,862
101,498
26,978
25,611
128,650
May
128,550
From Jan L 538,872
184,018
177.354
135,130
706,408
Pitts Shawmut & North
32,181
20,880
May
35,369
140,440
23,712
150,208
189,469
152,509
FromJan 1_
204,464
707.178
166,897
770,027
Pittsburgh & West Virginia
144,105
108,066
191,652
365,088
143,601
May
441,231
759,756
422,528
From Jan L 1,633,090 2,158,592
565,095 1,020,379
Quincy Omaha & K C
May
--7,244 -11,815 --11,943 -16,671
56,062
.58,877
From Jan 1. 261,724
275,965 --11,552 ---29,829 -35,031 ---54,112
Co
Reading
May
7,747,603 8,444,852 1,603,170 1,756.752 1,286,585 1,422,735
From Jan L37,397,829 40,320,157 6,301,754 8,807,337 4,881.006 7.022,421
Richmond Fred & Potomac
245,980
163,608
301,156
941,101 1,120,078
208,608
May
From Jan 1_ 5,103,498 5,624,150 1,396,204 1,967,374 1,138,811 1,634,871
Rutland
97,534
67,280
128,280
May
466,365
93,298
548,605
295,353
186,119
424,827
293,629
From Jan!. 2,205,598 2,489,109
St Louis-San Fran
May
5,854,027 7,262,671 1,614,984 1,943,420 1,130,729 1,544,309
From Jan L30,186,658 33,090,889 8,068,758 9,015,962 6,399,423 7,006,461
Fr ofTSt L-San
13,539
17,164
16.619
20,112
May
153,226
129,755
133.179
82.716
148,686
98,203
From Jan 1_ 640,774
762,263
Ft Worth & Rio Gran
--9,901
-5,641 --18,325
May
105,116 --13,913
74,676
589 -92,209 --21,397
From Jan 1_ 354,162
486,058 --69,641
St Louis Southwestern
310,306
389,834
400,206
486,007
1,853,881 3,005,152
May
From Jan!. 9,776,482 10,580,378 2,209,075 2,086,877 1,756,381 1,615,470
San Ant Uvalde & Gun
46,199
48,196
50,561
52,894
177,330
179,666
276,852
233,333
NFrelayym Jan I_
297,992
257,282
937,608
812,587
Air LineSeaboard
469,393 1,208,255
4,057,074 5,142,430
796,445 1,534,985
From Jan 1_23,419,136 27,186,839 5,575,860 7,830,848 3,867,077 6,125,507
Southern Pacific System
So Pac SS Lines
686,078 1,032,481 -38,021 -19,079 -39,329 -24,822
May
98,312
112,232 -328,746
From Jan!. 3,385,741 4,667,470 -321,801
Sou Pacific Co
16,176,250 19,002,554 4,348,292 6,027,452 3,123,286 4,485,184
May
From Jan 1_77,547,289 88,919,526 19,019,434 25,877,402 12,782,767 18,616,763
Texas & New Orleans
621,500 1,084,553
922,093 1,431,867
5,079,291 6,090,140
May
From Jan 1_25,834,891 30,293,292 4,711,956 7,178,159 3,184,834 5,448,059
Southern Ry System
10.337,450 11,916,610 2,446,682 3,305,682 1,705,411 2,486,112
May
From Jan L52,038,265 59,171,021 11,904,146 16,280,078 8,071,380 12,415,779
Ala Great Southern
194,391
97.665
264,829
732,169
732,169886,275
149,014
May
907,659
477,660
From Jan 1_ 3,624,871 4,265,750
740,070 1,234,104
CM N 0 & T P598,756
300,440
708,359
1,612,150 2,127,717
381,709
From Jan!. 8,204,204 9,422,202 2,002,758 1,529,494 1,553,376 1,137,277
Georgia So & Fla
66,007
17,556
89.303
302,028
41,633
May
368,593
187,875
211,448
305,519
336,744
From Jan 1_ 1,729,528 1,907,923
N 0 & Northeast
74,960
150,693
5
10,517
397,252
397,252
116,984
468,999
May
567,754
295,903
806,205
513,851
From Jan!. 1,934,442 2,340,085
New Orleans Terminal72,302
40,341
83,308
51,599
May159866
173,763
315,017
180,856
365,965
237,144
From Jan!. 697,678
811,910
North Alabama
36,968
22,309
44,463
28,343
97,208
80,950
May
191.028
145,068
229,079
173,720
From Jan!. 475.828
528,765
Spokane Internat20,246
11,703
25,711
16,787
May
77,940
92,023
91,356
31,074
118,677
56,566
From Jan 1_
487,376
375,555
Spokane Port & Seattle
145,066
110,882
May
41
230.3
661,051
198,263
760,267
780,849
482,258
918.104 1,207,489
From Jan L. 3,163,281 3,523,457
Staten Island Rap Transit
74,881
38,243
91,881
55,243
214,848
May
270,744
224,847
129,885
313,858
217,957
976,943 1,178,115
From Jan i_
Tennessee Central
66,255
58,553
73,800
64,085
257,134
May
271,552
200,054
152,478
230,514
179,615
From Jan 1_ 1,258,589 1,300,819
Term Ry Assn 01St Louis
228,297
120,430
346,980
230,783
917,353 1,067,355
May
593,247 1,079,418
From Jan!. 4,509,386 5.271,422 1,024,979 1,599,295
Texas Mexican
21,831
17,699
27,003
22,712
111,450
124,165
May
92,209
34,918
117,465
59,956
From Jan 1_ 481,515
589,670
Texas & Pacific
930,790
694,378
880,390 1,135,817
3,228,347 3,914,503
May
From Jan 1_16,267,646 19,122,055 4,716,207 5,672,711 3,787,507 4,657,170
Toledo Peoria es West
33,624
17,642
39,456
23,242
164,068
May
168,577
240,166
105,459
276,634
129,547
From Jan 1- 827,169
895,512
Toledo Terminal
24,514
40,754 -23,050
-8,479
May
128,254
99,007
147,259
22,951
228,546
528,329
99,330
From Jan 1_
676,983
Ulster & Delaware
551
16,950
7,051
101,571
22,750
May
96,637
--9,168 --18,310
3,590
13,232
From Jan!. 353,792
375,562
Union Pacific Co
8,055,975 9,353,552 2,060,847 2,652,658 1.403,559 1,927,021
May
From Jan L38,148,717 44,365,538 9,900,446 13,342,929 6,467,986 9,718,406
Oregon Short Line
383,095
139,148
665,093
454,442
2.461.058 2,944,123
May
From Jan L12,910,858 15,006,404 3,379,716 4,581,331 1,861,527 3,163,254
Ore-Wash Ry & Nay Co
40,561
348,728
146,803
231,746
1,908,804 2,304,790
May
444,819
295,650
From Jan 1_ 9,574,887 11,027.929 1,253,901 1,438,763
St Joseph es Grd Isl65,810
49,262
35,032
48,547
290,863
May
257,598
336,104
471.583
372,356
428,252
From Jan 1_ 1,398,434 1,521,831
Utah
1,723
29,134
21,258
-544
75,144
103,939
May
156,097
376,374
309.170
195,060
920,933
From Jan 1. 691,927
Virginian
853,180
408,307
673,180
548,316
1,351,149 1,690,801
May
From Jan 1_ 7,516,597 8,117,056 3,517,047 4,017,609 2,715,038 3,157,603
Wabash
961,648 1,214,947
5,459,292 6,464,191 1,216,614 1,485,167
May
From Jan L27,312,482 30,829.915 5,982,605 8,012,137 4,764,615 6,595,516
Western Maryland
428,203
458,880
518,203
458,86
1,525,813 1,547,052
May
From Jan 1_ 7.580,308 7,491,012 2,584,709 2,278,135 2,144,709 1,877,635
Western Pacific
130,903 -174.706
1,215,054 1.407,040 -80.634
May
30,183
838,868 -749,614
From Jan!. 5,603,737 6,477,268 -249,377
329,413
Western Ry of Alabama
43,721
25,066
26,042
9,204
240.972
209,311
May
126,965
156,488
200,315
234,459
From Jan 1_ 1,176,995 1,261,770
JULY 5 1930.]
FINANCIAL CHRONICLE
-Grossfrom Railway- -Net from Railway- -Na after Tares
1930.
1929.
1930.
1929.
1930.
1929.
$
$
$
$
$
Wheeling & Lake Erie
May
1,814.069 2,144,837
661,318
818,347
502.522
653,700
From Jan 1. 7,339,777 8,871,303 2,080,023 2,906,614 1,425,739 2,203,216
Wichita Falls & Sou
May
79,179
88,229
23,187
31,068
18,003
25,590
From Jan 1_ 406,332
404,181
108,088
122,589
81,844
94.711
-Denotes deficit or loss.
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.
105
Missouri-Kansas-Texas Lines.
-Month of May- 5 Mos. End. May 31.
1930.
1929.
1930.
1929.
3,188
3.188
3,188
3,188
$
$
S
$
Operating revenues
3,485,253 4,303,901 17.936,951 21,983,330
Operating expenses
2,678,528 3,273,063 13,451.654 15,752,695
Available for interest
487,195
684.686 2,747,440 4,293,484
Int. charges incl. adjust. bds_ 406,987
424.871 2.048,554 2,148,366
Mileage operated (average)--
Net income
80.207
259.814
698.886 2,145,118
Seaboard Air Line Railway Co.
-Month of May- 5 Mos. End. May 31.
1930.
1929.
1930.
1929.
Total operating revenues_ _ _ _ 4,057,073 5.142.429 23.419,136 27,186,838
4
Total operating expenses
3.260.628 3.607.445 17,843,276 19,355,991
Net revenue
796,444 1.534.984 5,575,859 7,830,847
Taxes and uncoil. ry. revs_.. 327.052
326,730 1,708,782 1,705.341
Operating income
469.392 1,208,254 3,867,076 6325,506
Equip.& joint facility rents
Canadian National Railways.
Net Dr
58,239
118.642
544,258
940.755
-Month of May- 5 Mos. End. May 31.
*1930.
1929.
1930.
1929.
Net railway oper.income_ - 411,153 1,089,611 3,322,818 5.184.751
:
$
Gross earnings
19,013,606 23,31 1,862 89,906,206 107827,338
Working expenses
Texas & Pacific RR.
16,704,475 20,045,927 80.841.861 88,728,198
-Month of May- 5 Mos. End. May 31.
Net profits
2,309,131 3,265,935 9,064,345 19.099.140
1930.
1929.
1930.
1929.
*Central Vermontfigures included in May 1930 report for first time.
$
$
$
$
Operating revenues
3,228,346 3.914,503 16,267,646 19.122,055
Net railway oper. income
491,087
667,023 2.777.832 3.295.264
Canadian Pacific Ry.
Gross income
526.950
794,593 2,986.800 3,663.969
-Month of May- 5 Mos. End. May 31. Net corporate income
196,001
469.700 1,289,455 2.231,912
1930.
1929.
1930.
1929.
$
$
$
$
Virginia Railway.
Grossearnings
14,695,839 17,932,352 67,604,133 83,324.155
Working expenses
-MonthofMay- 5 Mos. Ertel. May 31
13,469.571 15.402,593 61.018,161 69.960,249
1930.
1929.
1930.
1929.
Net profits
$
1,226,267 2,529,758 6,585,971 13.363.905
$
$
$
Operating revenues
1,351.148 1.690.801 7,556.596 8.117.056
Operating expenses
802.833
837,620 4.039,549 4.099,446
Denver & Rio Grande Western RR.
Railway oper. income
408.306
673,180 2,715.038 3.157.603
609.542
834,233 3,453,011 3.830.522
-Month of May- -Jan. 1 to Mau 31- Gross income
Net income
267.893
504,866 1,801.074 2,182,592
1930.
1929.
1930.
1929.
Average mileage operated.2.561
2.563
2,561
2,551
Electric Railway and Other Public Utility Earnings.
$
$
$
$
Total revenues
2.315,657 2,561,309 11,451,829 12.730,611 -Below we give the returns of ELECTRIC railway and
Totalexpenses
1,665,265 1.961.619 8.515.759 9,334,736 other public utility companies making
monthly returns which
Net revenue
650,392
599,689 2.936.069 3.395,874 have reported this week:
Railway tax accruals
165,000
165,000
880.000
865,000
Uncollectible railway revs__ 91
2,227
-Month of May
- -12Months Ended mar 31
1.066
2,492
Hire of equipment (net)-Cr_
4,226
52,066
Net Over.
5,864
250,439
Net Oper. Surplus
Joint facility rents (net)-Cr_
27,366
Gross.
27,052
Revenue.
130,095
Gross.
125,055
Revenue. After Chas.
5
$
Net railway oper.income-- 516,893
511,580 2,190.962 2.903.878 Baton Rouge Electric Co-Other income (net)
1930
Cr2,056
123,068
30.525
38,839 1,340,055
34,771
471,645
133,438
357,773
1929
93,774
29,976 1.175,499
457,982
378,209
Available for interest
514.837
542,105 2.225,734 3.037.316 East Texas El Co(Del)& Sub Cos
Interest and sinking fund_- 541,879
538.425 2.711,973 2.498,370
1930
860,296
336,052 10,035,293 4,177,365 2,212,886
1929
818,980
357,527 8,777,391 3.673,970 1,963,119
Net income
Cr27,041
3,680 Cr486.239
538,946 El Paso El Co (Del) & Sub Cos
1930
297,842
117,415 3,602,715 1,555,781 1,272.093
1929
Georgia & Florida RR.
287,660
118,493 3,321,142 1,371,480 1.150,149
Puget Sd Pr & Lt Co & Sub Cos
-Month of MaY--- 5 Mos. End. May 31.
1930
1,369,215
598,075 16,861.462 7,144,927 4,471,247
1930.
1929.
1930.
1929.
1929
1,299,108
558,869 15,618,159 6.478,613 4,028,933
$
$
$
$
Railway operating revenue-- 115,051
124,992
621.579
646,995 Savannah El & Pr Co-Railway operating expenses. 121.692
1930
181,341
122,080
79,792 2,214,144 1,030,831
600.152
601,013
594,060
1929
172,255
73.360 2,216,375 1,000,548 .552.392
Net rev, from ry. oper___ -6,641
2,912
21.426
45,982 Va El & Pr Co & Sub Cos
Railway tax accruals
8,775
9.700
46,610
1930
1,442.900
48.500
632,344 17,172,693 7,785,285 6,041,966
Uncollectible ry. revenue_
26
1929
1,412,322
15
619,566 16,636,010 7,358,664 5362,044
71
Cape Breton El Co,Ltd
Railway operating income -15.417
-6,814 -25,199
-2.589
1930
48,461
•
8,867
Equip. rents, net balance__ - Cr4,507
684,524
147,378
78,503
Cr9.237 Cr12,837 Cr28.164
1929
54,434
14,105
Joint facility rents, net bal
679,738
160,155
Dr2,465
91,299
Dr677 Dr13,040
Dr4,480 Eastern Utilities Associates
Net ry. oper. Income
1930
728,028
-13,375
254,743 9,373,722 3,772,918 2,896,354
1,745 -25,402
21,094
Non-operating income
1929
737,005
263,738 8,909,290 3,479,767 2,792,422
1,589
1,067
7.994
7.912
Fall River Gas Works Co
Gross income
-11,786
1930
2,813
25,152 1,035,365
85,805
17,407
29.007
316,141
289,763
Deductions from income_.
1,124
1929
1,431
85,550
18,622 1,014,485
5,671
5,924
231,623
209.398
Gal-Boos El Co & Sub Cos
Surplus applic. to interest- -12,910
-1.381 -23.078
23,082
1930
395,487
105,740 5.086,463 1.599,716
773,576
Note.
-The decrease in net credit balance for equipment rents for
1929
441,717
139,743 5,262,637 1,719,689
May
843,711
1930 was due to decrease in equipment used on Greenwood Extension
Construction work for which we charged rental crediting "Equipment Haverhill Gas Light Co
1930
55,763
10,173
749,585
Rents."
181,186
175,301
1929
55,360
10,585
706,021
The increase in joint facility rents for May 1930 was due to
151,662
144.891
Southern Railway Bridge and tracks at Augusta, Georgia, rental for Jacksonville Traction Co
and Seaboard Air Line Railway Facilities at Greenwood. S. C.
1930
89,732
9,061 1,106,581
89,433
*66,664
1929
98,919
11,350 1.177,796
113,245
447,683
No Texas El Co & Sub Cos
Gulf Coast Lines.
1930
203,948
52,749 2,601,182
798,534
358,762
1929
224,170
61,813 2,794,176
-Month of May- 5 Mos. End. May 31.
834,167
383,400
Sierra Pacific El Co & Sub Cos
1930.
1929.
1930.
1929.
1930
$
113,739
$
54.205 1,419,701
$
598,987
$
540,553
°mating revenues
1,567,624 1 314,090 7,814,540 7,035,103
1929
113,150
57,053 1,428.142
641,621
580,808
Netrailway oper.income_ _ . 363,990
_
226.807 1,933,395 1,307.594 Tampa El Co & Sub Cos
Net corporate income
187,974
55,127 1,057.935
1930
368.648
479.545
113,299 4,576,375 1,502,378 1,454,993
1929
381,155
118,308 4,608,478 1,468,407 1,415,699
Rock Island Lines.
*Deficit.
-Month of May
1930.
1929.
Barcelona Traction, Light & Power Co., Ltd.
$
$
Freight revenue
-Month of May- 5 Mos. End. May 31.
7.794,471 8.734.917
Passenger revenue
1930.
1,256,495 1,564,837
1929.
1930.
1929.
Mall revenue
Pesetas.
Pesetas.
258,669
Pesetas.
254,102 Gross earnings from oper
Pesetas.
Express revenue
___ 8,382,917 7,960,299 45,964,027 42,924,003
306,250
339.558 Operating expenses
Other revenue
2,726,250 2,694,731 14.661.799 13,011,522
515,553
555,288
Total railway operating revenue
Net earnings
5,646,667 5.265.568 31.302.228 29,912.481
10,131,438 11.448,702
Railway operating expenses
7,907.447 9.113,434
Blackstone Valley Gas
& Electric Co.
Net.revenue from railway operations
2,223,991 2,335,268
525,000
700,000
3,317
4.409
1,695.674 1,630,859
Railway tax accruals
Uncollectible railway revenue
Total railway operating income
Equipment rents-debit balance
Joint facility rents-debit balance
466,885
99.728
Net railway operating income
Non-operating income
337,281
106.212
1.129,061 1.187,366
101,428
81,213
Gross income
1,230,489 1.268,579
Rent fcr leased roads
Intere3t
Other deductions
12,941
1,075,643
10,314
12.917
971,580
10,332
Total deductions
1,098.898
994,829
131,591
273.730
Balance of income
•
(And Subsidiary Companies)
--Month of May- 12 Mos. End. May 31.
1930.
1929.
1930.
1929.
$
i
$
i
Gross earnings
500,750
531,128 6,556,540 6,346,868
Operation
270,317
258,217 3,159.276 3.053,086
Alaintenance
19,394
30,874
270,065
270,223
Taxes
38.008
35,843
435,960
391,123
Net operating revenue.. 173,030
206,192 2.691,238 2,632,436
Income from other sources
1,830
Net Income
2.691,238 2.634,266
Deductions _x
105,500
105,500
Balance
2,585,738 2.528.766
Interest and amortization
556,111
572,571
Balance
2,029,627 1,956.195
* Interest on funds advanced to Montaup Electric Co. x
charges on bonds and dividends on outstanding preferred stockInterest
of the
Pawtucket Gas Co. of New Jersey.
106
[VOL. 131.
FINANCIAL CHRONICLE
Eastern Utilities Associates.
Illinois Power & Light Corp.
(And Constituent Companies)
-Month of May- 12 Mos. End. Mau 31.
1929.
1930.
1930.
1929.
Gross earnings
Operation
Maintenance
Taxes
728,028
373,810
27,821
71,654
737,005 9,373./21 8,909.290
360,027 4,402,459 4.273,746
409,058
397,873
45,298
746.719
800,371
67,941
Net operating revenue-- .Income from other sources- --
254,;42
70,599
263,738 3,772,917 3,479,766
3.772
8,270
57,628
Balance
Interest and amortization
184,143
.483.539
207,110 3,781,188 3
691,117
881,834
Balance
-_._ _ 2,896,354 2 792 421
127,152
Dividends on pref.stock of constituent companies- 127,152
-Month of May--- 12 Mos. End. May 31.
1929.
1930.
1929.
1930.
$
$
$
$
Gross earnings from operation 3,094,575 3,096,860 37,608,401 36,315,671
Oper. exp. and maintenance_ 1,467,455 1,550.837 18.151,439 18,691,479
Taxes
195,972
175,810 2,208,472 1,723,089
Total expenses and taxes
Farnings from operation...
Less rentals
Add other income
Total net earnings
1.421,483 1,331,737 16,980,167 15,562,101
Less prior charges of Iowa Power & Light Co. and
the Kansas Power & Light Co
1,495,988 1,392,550
Total earnings available for bond interest
12 months'int. on Ill. Pr.& Lt. Corp. mtge.debt
Balance
2.769,202 2.665,269
to common stock of constituent
Amount
128.620
companies in hands of public
99.044
(And Constituent Companies)
-Month oi May-- 12 Mos. End. May 31.
1929.
1930.
1929.
1930.
$
S
6
6
287,660 3,602,714 3,321,142
297,842
127,111 1,551,214 1,476.377
133.740
198.292
194,155
16,895
18.264
274,992
301,563
24,160
28.122
Gross earnings
Operation_
Maintenance
Taxes
Net operating revenue--- Income from other sources •
117,414
118,492 1,555,780 1,371.479
144,906
Balance
Deductions_x
1.700,687 1,371,479
216,954
421.299
Balance_
Interest and amortization
1,279,388 1,154,525
4,376
7.295
1,272.092 1,150,149
Balance
* Interest on funds for construction purposes. x Interest, amortization
charges and dividends on securities of constituent companies held by the
Public.
Fall River Gas Works Co.
Month of May- 12 Mos. End. May 31
1929.
1930.
1929.
1930.
S
S
85,549 1,035,364 1,014.485
85.804
843,920
515,292
47,955
41,920
65.667
63.037
5442
6.006
173.273
140,893
13.429
12.125
Gross earnings
Operation
Maintenance
Taxes
15.484,178 14,169,550
5,844,105 5,613.404
Jacksonville Traction Co.
Month of May- 12 hies. End. May 31
1929.
1930.
1930.
1929.
S
S
S
98,918 1.116,580 1,177,796
89,731
597,323
572.110
48,469
44,471
163,239
159,608
14,697
11,675
190,985
14,608
172.120
15,140
106.664
9,215
106,919
8,820
Bal.applic. to res. and Eastern Utilities Ar sociates 2.670,157 2.536,649
El Paso Electric Co.(Delaware).
1,663,427 1,726,647 20,359,912 20,414,568
1,431,147 1,370,212 17,248,488 15,901,102
828,329
873,679
75.482
79.457
489,327
605,357
37,007
69.794
Gross earnings
Operation
Maintenance
Retirement accruals*
Taxes
Operating revenue
City of South Jacksonville
Portion of oper. revenue..
9,623
11,927
95,822
562
577
6,389
6,338
Net operating revenue
Interest and amortization
9.061
11.349
89,432
156,096
113,245
160,928
-66,663
-47,682
Balance
119,583
*Pursuant to order of Florida RR. Commission, retirement accruals on
the entire property must be included in monthly operating expenses.
New York Westchester & Boston By.
-Month ofMay- 5 Mos. End. May 31.
1929.
1930.
1929.
1930.
S
S
S
S
990.151
Railway operating revenue-- 230,781
223,109 1,055,005
Railway operating expenses. 123,921
627,037
587,400
121.623
Net operating revenue_ _ _
Taxes
101.485
23,974
467,605
124.898
363,114
105,629
80,878
632
Operating income
Non-operating income
106,859
25,980
77,511
897
342.706
3,463
257,484
3,632
78,4b9
24,417
88,423
102,939
346,170
171.395
444.760
532,911
251,116
104.637
435,294
518,789
316,140
416
Net income
Interest charges
Balance
Gross income
-Rent
Deductions
Bond & equip. tr. ctf. int
Other deductions
81,510
33,649
90,628
105,406
231,623
22,227
Total deductions
Net income
229,684
215.779 1.149,067 1.058,720
148,173 --137.370 --802,897 -797.602
289,763
18,622
231,623
316.557
26,793
25,152
Net operating revenue....
Income from other sources*
209,395
Pacific Telegraph & Telephone System.
* Interest on funds used for construction purposes.
Federal Light & Traction Co.
-- 12 Mos. End. May 31
-Month of May
1929.
1930.
1929.
1930.
66.668 8,453,151 8,230.043
658,095
Gross earnings
414,176 4,845,068 4,856,585
Oper.,aSmin..exps. & taxes. 385,379
272,716
113,182
253,492 3,608.083 3.373,458
96,807 1,305,600 1,138,091
159,534
Totalincome
Interest and discount
156.685 2,302,483 2.235,367
Net income
Preferred stock dividends:
Central Arkansas Public Service Corp
New Mexico Power Co
Springfield Gas & Electric Co
104.853
1,452
69,888
104,830
531
69,268
2.126,290 2.060,738
Balance after charges
Gulf States Utilities Co.
-Month of May- 12 Mos. End. May 31
1929.
1930.
1929.
1930.
595,009 6,955,338 5,173,315
629.673
238,161 3,025,771 2,096,715
278,161
230,911
330,002
27,365
26,334
415,053
468,162
39,105
47,428
Gross earnings
i
fi'peration
aintenance
Taxes
Net operating 'avenue....
Income from other sources
277,749
Balance
Interest and amortization (public)
Balance
Interest (inter-company)
2,175,481 2,025,686
163.700
89.485
2.085,995 1,861,986
Balance
•Interest on funds for construction purposes.
Haverhill Gas Light Co.
-Month of May- 12 Mos. End. Mau 31
1929.
1930.
1929.
1930.
S
S
$
6
706,021
749,585
55,359
55,763
456,409
468,658
36.236
36,371
27,580
22.602
2,267
2,.87
70,368
77,138
6,271
7,032
181,185
151.661
3,550
181.18.5
5,884
155.212
10,321
175.301
Balance
--•Interest on funds used for construction purposes.
144.890
Net operating revenue_ - _
Income from other sources*
Balance
Interest charges
10,172
(The) Pawtucket Gas Co. of New Jersey.
10.584
.
Balance
Interest charges (B. V.0.& E. Co.)
Balance
Balance
6,330
633,456
56,528
565,802
184,193
52,597
576,928
193.079
338,848
(The) Pullman Company.
Sleeping Car OperationsBerth revenue
Seat revenue
Charter of cars
Miscellaneous revenue
Car mileage revenue
-Dr
Contract revenue
-Month of May- -Jan. 1 to May 311929.
1930.
1929.
1930.
6
i
i
5,54,454 5,957,851 29,355,259 30,924,605
748,685 3.707,669 3.9.6.257
68 ,83
855.208
818,331
114,010
128,920
78,099
31,042
16.453
1,231
428,588
799,599
97,734
161,797
493.354 2.503,329 3,310,437
360,885
Total revenue
6,171.355 6.471.380 32.208,573 32,952.321
Maintenance of cars
2.591,805 2,840,464 12,885.984 12,870.899
209,936
258,390
41,624
All other maintenance
41,809
Conducting car operations.-- 2,951,448 2,902,105 15,043.483 14,440,580
268.289 1.412.148 1,241.705
General expenses
282,617
Totalexpenses
5,867,741 6,052,483 29.600,006 28,763,121
Net revenue
Auxiliary Operations
Total revenues
Total expenses
Net revenue
303,614
129,781
123,031
4,749
116.791
109.813
677,328
584.235
626,026
527,118
6.978
93.093
98,907
308,364
156,953
Total net revenue
Taxes accrued
Operating income
418,897 2,608,566 4,189.200
--
425,876 2.701.659 4,288,108
230,120 1,018,049 1,520,601
151.411
195.755 1,883,80) 2,787,507
Southern California Edison Co., Ltd.
May- 12 Mos. End. May 31
-Menthe;
1929.
1930.
1930.
1929.
S
S
S
241,986
227/17
18,313
18,039
107.487
8,233
8,616
98,903
20,961
1,512
22.438
1.533
17,506
1,511
1.580
18,944
7.035
41,726
622,762
56,959
381.609
Net operating revenue....
Interest charges (public)
The Key West Electric Co.
Gross earnings
Operations
Maintenance
Taxes
Net operating revenue____
Interest and amortization
(And Subsidiary Company)
-Month of May- 12 Mos. End. May 31
1929.
1930.
1929.
1930.
S
11
S
S
124,578 1.471,066 1,462,593
117,475
654,393
670,127
54,318
61,260
92,825
90,226
10,084
6,810
81,918
87,950
7,578
7,678
Gross earnings
Operation
Maintenance
Taxes
290,377 3,131,401 2,430,634
93,128
23,919
3.155.320 2,523.763
498,077
979,839
Gross earnings
Operation
Maintenance
Taxes
Month of May- 5 Mos. End. May 31.
1929.
1930.
1929.
1930.
$
$
$
$
Gross earnings
8,879,281 8,522,930 43,372,443 41,217,555
Net income (a)
1,696.537 1,402,404 6,248,249 6,455,093
Balance after dividends
449,904 2,050,000 2,060,000
152,847
a After depreciation taxes, interest. &c.
86,930
28,387
96,039
28,842
58.543
67.188
Month of May- 12 Mos. End. May 31.
1930.
1929.
1929.
1930.
Gross earnings
Expenses
Taxes
3,421,190 3,344.562 40,799,161 36.961.058
769.297 9,286,053 9,246,004
822,959
328,338 4.322,170 3,637.285
389,960
Total expenses anti taxes_ 1,212,919 1,097,635 13.608,223 12,883,290
Total net income
Fixed charges
Balance_
2,208.271 2.246,926 27,190,938 24.077,76
550,609 6,882.401 6,432,487
572.243
1,636,027 1.696,317 20,308,536 17,645,280
FINANCIAL CHRONICLE
JULY 5 1930.]
,
Railway Express Agency, Inc.
i
I
-Month of April-- 4 Mos. End. Apr. 30.
Revenues-Express
-Domestic
Aiiscellaneous
Charges for transportation
-Dr
Express privileges
1929.
1930.
1930.
1929.
$
3 $
$
21,904,039 25,311.040 80,304,287 91,054,142
.,
5,860
1,548
908
21,905,588 25,311,949 50,310,147 91,0537:6MA
11,066.384 13,693,532 37,556,897 45,553,968
1
Revenue from transport'n-10,839,203 11,618,417 42.753,250 45,503,714
203,562
306,122 1,062.194 1,124,946
Oper. other than transport'n
Total operating revenues--11,132,766 11,924,539 43,815,444 46,628,660
Expenses
687.593
712,255 2,703.730 2,870,029
Maintenance
35,355
28,474
126,321
87,688
Traffic
9,591,640 10,352.676 37,666,511 40,229,879
Transportation
609,630
618,780 2,444,040 2,474.183
General
Operating expenses
10,924,220 11,712.187 42,940,603 45,661,780
212.352
874,841
966,850
Net operating revenue_ __ _ ._
208,545
Uncoil, rev, from transP
2,110
5,066
7,768
1,517
132,343
144.519
496,752
610.653
Express taxes
Operating income
74,685
65,721
373,022
348,456
Savannah Electric & Power Co.
-Month of May- 12 Mos. End. May 31
1929.
1930.
1930.
1929.
$
$
$
1!1,340
172,255 2,214,144 2,216,375
71,687
70,128
843.349
883,211
12,092
11,827
137,845
145,054
17.768
16,938
202,118
187,560
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue__....
Interest and amortization
79,791
73,359
1,000,548
448,155
594,059
Balance
1,030,831
436,771
552,392
Virginia Electric and Power Co.
(And Subsidiary Companies.)
-Month of May--- 12 Mos. End. May 31
1930.1929.
1930.
1929.
1,442,899
Gross earnings
1,412,321 17,172,693 16,636,010
Operation
Maintenance
Taxes
568,225
128,949
113,380
539,907
130,302
122,545
6,544,613 6,351.073
1,520,333 1,529,048
1,322,460 1,397.223
Not operating revenue- - - Income from other sources*
632,344
619,566
7,785,285
39,147
7,358,664
17.832
7,824,432
1,782,466
7.376,496
1,914,452
6,041.966
5.462,044
Balance
Interese and amortization
Balance
•Income on funds for construction purposes.
FINANCIAL REPORTS
Annual, &c., Reports.
-The following is an index to an
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including June 7 1930.
This index, which is given monthly, does not include orports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Railroads
Cleveland Cincinnati Chicago & St.
4410, 4443
Louts Ry
Fonda Johnstown & Gloversville RR.4411
4231
Louisiana & Arkansas Ry
Michigan Central RR. Co__ _4410, 4441
4046
Missouri-illinois RR
New York Central RR. Co__ _4409, 4439
4413
Old Colony RR
4413
Peoria & Eastern Ry
Pittsburgh & Lake Erie RR. Co__ 4598
St. Louls-Fan Frandsen Ry __4043. 4081
Public Utilities
4231
Alabama Water Service Co
Amer. Commonwealths Power Corp
4047, 4603
American Community Power Co_ -4603
4414
American & Foreign Power Co
4603
American Power & Light Co
American Telephone & Telegraph Co4604
4415
Arizona Edison Co
Associated Gas & Electric Co_4047, 4604
Associated Telephone Utilities Co_ _4415
4604
Boston Elevated Ry
Brazilian Traction Light & Power
4645
Co., Ltd
4232
California Oregon Power Co
4604
Canadian Marconi Co
Central Arizona Light & Power Co_ _4415
Central Arkansas Public Serv. Corp_4415
4232
Central Power & Light Co
Central West Public Service Co_ __.4233
4233
Chester Water Service Co
4416
Chicago Local Transportation Co
4604
Cities Service Co
4235
Citizens Water Service Co
Commonwealth & Southern Corp
4235, 4605
4048
Connecticut Power Co
4245
Consumers Power Co
4416
Detroit Edison Co
Dominion Power <4 Trall8mISSIOn
4416
Co., Ltd
4417
East Kootenay Power Co., Ltd
Electric Bond & Share Co___4043, 4048
4'36
Electric Power & Light Co
4417
Federal Light & Traction Co
4048
Federal Public Service Corp
4236
Federal Water Service Corp
4237
Florida Public Service Co
4603
Great Lakes Utilities Corp
4049, 4605
Hackensack Water Co
Hamburg Elevated Underground &
4237
St. Rye
4605
Illinois Power Co
4237
Illinois Water Service Co
4605
Indianapolis Water Co
International Tel.& Tel. Corp.4043. 4237
4049
International Utilities Corp
.4237
Jamaica Public Service Co., Ltd...
4237
Kansas Power & Light Co
4417
Keystone Public Service Co
Lake Superior District Power Co__ _4237
4239
Lehigh Valley Transit Co
Louisville Gas & Electric Co.(Del.).4238
4238
Market Street Ry
Public Utilities (continuea)
Middle West Utilities Co
4238
Mountain States Power Co
4238
National Power & Light Co
4606
National Water Works Corp
4417
New England Public Service Co
4238
New Orleans Public Service, Inc_ ..4239
New York Water Service Corp
4239
Niagara Iludson Power Corp_4050, 4607
North American Co
4607
Northern New York Utilities, Inc_ _4239
Northern States Power Co
4239
Ohio Water Service Co
4239
Oklahoma Gas & Electric Co
4239
Oregon-Washington Water Serv. Co_4239
Oswego River Power Corp
4239
Pennsylvania Electric Co
4239
Philadelphia Company
4239, 4607
Pittsburgh Suburban Water Service
Co
4239
Portland (Me.) Gas Light Co
4239
Postal Telegraph & Cable Corp
4051
(The) Power Corp. of New York
4240
Queens Borough Gas & Electric Co.4418
Rochester & Lake Ontario Water
Service Corp
4240
Saginaw Transit Co
4418
San Diego Cense!. Gas & Elec. Co 4240
Scranton-Spring Brook Water Service
Co
4240
Southern Colorado Power Co
4240
Springfield Gas & Electric Co
4418
Standard Gas az Electric Co
4240
Toho Electric Power Co. Ltd
4052
Union Water Service Co
4418
'
United Corp
4608
United Fuel Investments, Ltd
4052
United Light & Power Co
4012
United Power & Light Corp
4240
Virginia Electric & Power Co
4418
Virginia Public Service Co
4241
West Virginia Water Service Co
4241
Wisconsin Public Service Corp
4241
WLsoonsin Valley Electric Co
4241
York Railways Co
4241
Industrials
Abbott Laboratories
4241. 4609
Acadia Sugar Refining Co., Ltd_ ___4053
Addnasozraph International Corp_ _4241
Aetna Rubber Co
4053
Agricultural Bond & Credit Corp_ 4241
Almeria az Tool Corp
4033
Alaska-Juneau Gold Mining Co
4241
Allied Products Corp
4053
American Bemberg Corp
4033
American Car az Foundry Co
4399
American Cirrus Engines, Inc
4053
American Factors, Ltd
4242
American Felt Co
4242
American Furniture Mart Building
4242
American Glanzstoff Corp
4053
American Hardware Corp
4053
American Ice Co
41310
American Laundry Machinery Co_ _4054
American Mtg.,Co.(Mass,)
4242
107
KIndustrials (continued)
Industrial (continued)
I.oundation Co. of Canada, Ltd---4615
American Radio & Television Stores
4250
4242 Fox Film Corn
Corp
4425
.
American Reserve Insurance Co.. -4243 Fraser Companies, Ltd
4615
4419 Freeport Texas Co
American Rolling Mill Co
4425
4219 (A..7.) Freiman, Ltd
4443
American Seating Co
4250
FrInk Corporation
American Service Co
4059
American Solvents & Chemical Corp.4243 Fuller Brush Co
4615
4 4 Galena 011 Corp
423
20
American Steel Car Lines, Inc
4425
Gamewell Co
Anglo-Persian Oil Co., Ltd
4425
4611 Garlock Packing Co
Archer-Daniels-Midland Co
4425
4243 Gemmer Mfg. Co
Arcturus Radio Tube Co
4059
4611 General Box Corp
Arundel Corp
4615
4054 General Electric Co., Ltd
Asbestos Corp., Ltd
4059
Associated Apparel Industries, Inc_4611 General Paint Corp
4059
Atlantic & Pacific International Corp4243 General Printing Ink Corp
4616
4244 General Rayon Co., Ltd
Atlantic Sugar Refineries, Ltd
4425
Atlas Imperial Diesel Eng. Co_4054. 4244 General Steel Wares, Ltd
4426
4612 Georgian, Inc
Aubtirn Automobile Co
4426
4611 Gibson Art Co
Austin Nichols de Co., Inc
4426
Automatic Voting Machine Corp--4245 Gilchrist Co., Boston
4426
Axton-Fisher Tobacco Co., Inc- - -4054 (Forest E.) Gilmore Co
4426
4245 Gladdliag, McBean Co
(Joseph) Bancroft & Sons Co
Gleaner Combine Harvester Corp 4426
Bankers Bond & Mortgage Guaranty
4250
4245 Glidden Co., Cleveland
Co. of America
Bankers National Investing Corp.--4054 Globe Automatic Sprinkler Co. of
442
4245
Bearings Co. of America
the U. S
4060
4245 (Adolf)(label, Inc
(Isaac) I3enesch & Sons Co., Inc
4426
Bessemer Limestone & Cement Co 4054 Gold Seal Electrical Co., Inc
4251
4245 Graham-Paige Motors Corp
Binks Manufacturing Co
4426
4246 Grand Rapids Metalcraft Corp
Dittman Electric Co
Bloedel Donovan Lumber Mills- - - -4246 (F. & W.) Grand-Silver Stores, Inc-4616
4612 Greene Cananea Copper Co_ _4060, 4251
(The) Borden Co
4060
4246 Greenfield Tap & Die Corp
Bernet. Inc
4060
Boston Storage Warehouse Co---4246 Grief Bros. Cooperage Corp
4060
4054 Gruen Watch Co
Bower Roller Bearing Co
4246 Guardian Fire Assurance Corp. of
(E J.) Brach & Sons, Chicago
4060
4246
N. Y
(C.) Brewer & CO., Ltd
Gypsum,Lime &Alabastine, Canada.
Bridgeport Machine Co., Wichita,
4426
4246
Kan
Ltd
4251
4054 Haiku Pineapple Co., Ltd
British Columbia Packers, Ltd
4426
Brompton Pulp & Paper Co., Ltd-4055 Halle Bros. Co
4427
4246 Hamilton Bridge Co.. Ltd
Building Products, Ltd
4060
4246 Hamilton Watch Co
Bullocks, Inc
4061
Bakeries, Inc
Bunker Hill & Sullivan Mining &
Hathway
4216 Hawaiian Commercial & Sugar Co,
Concentrating Co
4251
4246
Burns & Co., Ltd
Ltd
•
4061
4246 Hazeltine Corn
(F. N.) Burt Co., Ltd
4427
4421 Heyden Chemical Corp
Butterick Co
4251
4247 Highstown Rug Co
Calamba Sugar Estate
4427
4246 Hinde & Dauch Paper Co
California Cotton Mills Co
4427
4055 Hobart Mfg. Co
Canada Dry Ginger Ale, Inc
4427
Canada Wire & Cable Co., Ltd- - - -4247 Holland Land Co
4427
4247 (Henry) Holt & Co., Inc
Canadian Brewing Corp., Ltd
4427
4247 Home Dairy Co
Canadian Celanese, Ltd
4427
Canadian Consolidated Felt Co.. Ltd4247 Honey Dew. Ltd
4251
4055 Hone kaa Sugar Co
Canadian Converters Co., Ltd
4251
Canadian Dredge & Dock Co., Ltd-4247 Hoeolulu Plantation Co
4251
4247 Honemu Sugar Co
Canadian Industries, Ltd
4427
4421 Hoover Steel Ball Co
Canadian Vickers. Ltd
4616
4247 Horn & Harden Co
Carling Breweries, Ltd
4427
4421 Hudson's Bay Co
Carman & Co., Inc
4251
Castle-Trethewey Mines, Ltd
4055 Hunt Bros. Packing CO
4427
Catelli Macaroni Products Corp.,
Hunts, Limited
4421 Hussmann-Ligenier Co
4427
Ltd
4247 Hutchinson Sugar Plantation Co..-4252
Celtic Knitting Co., Ltd
4427
4612 Hydraulic Brake Co
Central Airport, Inc
9055 Hygrade Lamp Co
4427
Chanslor az Lyon Stores, Inc
4055 .1. G. Farben-Industrie Aktien-G&
Cherry Burrell Corp
Chicago Nipple Manufacturing Co. 4055
sellschaft
4612 Imperial Oil, Ltd
4061
City Ice & Fuel Co
4421 Indian Refining Co
4428
City Machine & Tool Co
4617
4247 Indiana Limestone Co
City Stores Co
4061
4056 Intercontinental Rubber Co
Cleveland Tractor Co
4617
4248 Interlake Steamship CO
Cohn & Rosenberger, Inc
4248 International Arbitrage Corn
4617
Coleman Lamp & Store Co
Collins & Allman Corp
4613 Internat. Button-Hole Sewing Mach.
4428
Colon 011 Corp
4056
Cc
4056, 4613 International Coal & Coke Co., Ltd.4428
Columbia Pictures Corp
Columbia River Packers Assn., Ine_4248 International Combustion Engineer4062
Consolidated Aircraft Corp
4056
ing Corp
4045
Consolidated Automatic MerchandInternational Match Corn
4617
4056 International Products Corn
ising Corp
...4421 International Re-rrsnrance Corp-4428
Consolidated Coppermines Corp.
4617
Consolidated Instrument Co. of
International Shoe CO
4428
4056 Intsrprovincial Brick Co., Ltd
America, Inc
4056 Interstate Department Store, Inc 4252
Consolidated Laundries Corp
Consolidated Oke Sand & Gravel Co.
Interstate Hosiery Mills, Inc
4422 Investors Equity Co., Inc
4617
Ltd
4056 Iron City Sand & Gravel Co
4252
Construction Materials Corp
4062
Continental-Diamond Fibre Co_ _ _ _4056 Jackson Motor Shaft CO
4428
4057 Jefferson El-ctric Co
Copeland Products, Inc
4037 (Mead) Johnson az Co
4062
Corroon & Reynolds Corp
4057 Johnson Motor Co
4252
Creole Petroleum Corp
4422 (E.) Kahn's Sons Co
4429
Curtis Lighting, Inc
4429
Curtiss Aeroplane & Motor Co., Inc.4613 Kalamazoo Store Co
9057 Katz Drug CO
4429
Curtiss-Reid Aircraft Co., Ltd
4037 Kawnser Company
4618
Darby Petroleum Corn
4057 Kaybee Stores, Inc
Davenport Hosiery Mills, Inc
4618
4613 Ken
4618
David & Frere, Ltd
-Bad Tube & Lamp Corp
.4613 Keystone Watcb Case Corp
Be Forest Crosley Radio Co., Ltd.
4062
4422 Kilailea Sugar Plantation Co
Delsel-Wemmer-Gibert Corp
4253
4057 (I. B.) Kleinert Rubber Co
4418
Dennison Manufacturing CO
4422 Kobacker Stores. Inc
Denver Union stockyards CO
4618
4422 Kelm Sneer Co
Detroit Aircraft Corp
4253
Diamond Electrical Mfg. Co
4422 Kenner Gas & Coke Co
4063
'
,
Dictograph Products Co., Inc
4422 Kruskal & Kruskal, Inc
4618
Dominion Engineering Works, Ltd...4422 (B.) Kunpenheimer & Co., Inc
4618
Dominion Stores, Ltd
4422 Lakey Foundry & Machine Co
4429
Dominion Tar & Chemical Co., Ltd _4422 Lamson & sessions Co
4429
41114 Landers, Frary&Clark, New Britain,
Dominion Textile Co., Ltd
Douglas Aircraft Co., Inc
9057
Conn
Draper Corporation
4618
4422 Lane Drug Stores. Inc
Driver Harris Co
4429
4423 (F. & 11.) Lazarus 8. Co
Dufferin Paving & Crushed Stone.
4618
Leath & Co
Ltd
4423 Lee Rubber & Tire Corp
4253
Early & Daniel Co
4058 (P. T.) Leeare Co., Ltd
4618
Eastern Dairies. Ltd
4614 Leighton Industries, Inc
4429
Eastern Steel Products, Ltd
4614
4063
inc
Easy Washing Machine Co., Ltd_ 4423 Lever Brothers, Ltd
4429
Eddy Paper Corp
4423 Lindsay Nunn Publishing Co
4819
Edwards Dental Supply Co
4423 (Marcus Loew's Theatres, Ltd _ _ __4253
)
Elder Manufacturing Co
4423 Loft, Inc
4,129
Electric Controller & Mfg. Co_ _. _4423 Ludlow Manufacturing Associates_ _4063
Electric Household Utilities Corp _4058 MoColl-Frontenac Co., Ltd
4619
Empire Western Corp
4423
4064
R•diator & Mfg. Co
English Electric Co.of Canada, Ltd.4249 MeCradv-"edgers Co
4619
Fwiltable Office Bldg. Corp
4249 Mclety, P rcur
Mines. Ltd _ _ _ _4064
e
Exchange Buffet Corp
4614 Mc0env Norris Mfg. Co
4430
Fairbanks Co
4614 McWiniams Dredging Co
4430
4421 Mack Tr ,
Fairchild Aviation Corp
cks, Ire
4419
Fanny Farmer Candy Shops, Inc_ 4423 Madison Square Garden Corp _._4253
Fedders Manufacturing Co., Inc_ _ _4423 Gt. C.1 Mabon Co
4430
Federal Compress az Warehouse Co_4058 Manhattan Shirt Co
4619
4424 Manning, Bowman & Co
Federal Electric Co.. Inc
4430
4424 Marmon Motor Car Co
Federal Mining & Smelting Co
4619
4424 Maverick Mills
Federal-Mogul Corn
4430
4149 members Distrilleries Ltd
Federated Capital Corp
4430
Feltman & Curme Shoe stores Co.
..4424 Merchants & Manufacturers Securi4249
Fidelity & Guaranty Fire Corp
ties Co
4619
4424 Merchants & Miners Transportation
First Industrial Bankers, Inc
First National Stores. Inc
4058
Co
4430
First Personal Bankers Corp
4424 Merck .4. Co., Inc
4064
First Security Corp
4249 Merck Corp
4064
Flintkote Company
40.5e Mexican Petroleum Co., Ltd. (Of
Florsheim Shoe Co
4059, 4250
Del.)
4254
108
Industrials (Continued)
Industrials (concluded)
Metropolitan Industries Co
4430 Rogers-Majestic Corp., Ltd
4434
Michigan Steel Corp
4
619 Rolland Paper Co., Ltd
4623
Michigan Steel Tube Products Co_ _4254 Rollins Hosiery Mills, Inc
4623
Mid-Continent Laundries Inc
4430 Roos Bros.. Inc
4434
Miller and Hart. Inc
4430 Roxbury Carpet Co
4623
4I.) Miller dr Sons, Inc
4431 Royal Dutch Co
4227
Mining Corp. of Canada, Ltd
064 Ruud Manufacturing Co
4
4067
•(J. S.) Mitchell er Co., Ltd
4431 (Joseph T.) Ryerson dr Son, Inc_ _4068
-(Robert) Mitchell Co., Ltd
4431 St. Croix Paper Co
4623
Mock, Judson, Voehringer dr Co.,
Inc4619 St. Louis National Stock Yards__ _ _4624
St. Paul Union Stock Yards Co__ - -4258
Modlne Mfg. Co
4431 Sangamo Electric Co
4624
Moira, Limited
4619 Beset Co
4258
Monarch Knitting Co., Ltd
4431 Schiff Company
4624
Monomao Spinning Co
4431 Schletter & Zander, Inc
4624
Monroe Chemical Co
4619 Scott Paper Co
4258, 4624
Monsanto Chemical Works
4620 Seaboard Fire & Marine Insurance
Montreal Cottons, Ltd
4254
4624
Co. of N.Y
Moreland Motor Truck Co
4254 Seaboard Utilities Shares Corp4258, 4434
Morgan Lithograph Co
4254 Selfridge dr Co., Ltd., London, Eng_4434
Morison Electrical Supply Co., Ino_4620 Serve!, Inc
4068
(John) Morrell dr Co., Inc
4254 Seton Leather Co
4258
,(Philip) Morris dr Co., Ltd
4624
4431 Shareholders Corp
Morse Twist Drill dr Machine Co_ A431 Shawmut Bank Investment Trust- _4624
4258
Mortgage Guarantee Co.of America.4620 (W. A.) Sheaffer Pen Co
,(J. K.) Masser Leather Corn
4431 Shell Transport dr Trading Co., Ltd_4598
Moto Meter Gauge dr Equipment
(H.) Simon dr Sons, Ltd
4259
54 Simpsons, Limited
4259
ro
4431 Skinner Organ Co
Motor Bankers Corp
4259
4254 (L. C.) Smith dr Corona Typewriters,
'Mount Royal Hotel Co., Ltd
Munson Steamship Lines
4624
4065
Inc
.
4431 Standard Chemical Co., Ltd
4068
Nashawena Mills
National Breweries, Ltd
4255 Standard Oil Co. of Louisiana
4068
National Brick Co.of Laprairle, Ltd.4431 Standard Oil of New Jersey (Del.)-4068
National Candy Co
4065 Standard Paving dr Materials, Ltd_ _4069
National Carbon Co., Inc
4620 Stanley Co. of America
4625
National-Erie Company
4255 Stanley Works(Conn.)
4069
National Family Stores, Inc
4432 (A.) Stein dr Co
4260
4260
-National Fire Insurance Co. of Hart(B.0.) Stone dr Co
4432 Stover Mfg. dr Engine Co
4260
ford
National Rubber Machinery Co
4620 Stromberg-Carlson Telep. Mfg. Co-4260
4255 Struthers Wells-Titusville Corp
4069
National Standard Co
4260
4620 (B. F.) Sturtevant Co
National Steel Corp
4620 Stutz Motor Car Co. of Amer., Inc_4069
National Trade Journals, Inc
4255 Swedish Ball Bearing Co
4069
Naval Stores Investment Co
4432 Syracuse Washing Machine Corp-4437
Neill Corp
4069
,(Herman) NeIREIn Corp., Moline, 111.4620 Taggart Corporation
4065 (O.) Tamblyn, Ltd
Neptune Meter Co.(N. J.)
4069
4432 Thompson Products, Inc
New England Confectionery Co
4070
4432 Thompson-Starrett Co., Inc
New England Equity Corp
4260
4255 Time-O-Stat Controls Co
New Process Co
4069
New York Merchandise Co., Inc_ _ _4065 TM Top Tailors, Ltd
4070
Line,
Tishman Realty & Construction Co.,
New York Rio dr Buenos Aires
4255
Inc
4070
Inc
4820 Tobacco Products Corp
4625
New York United Hotels, Inc
4432 Tonopah (Nev.) Mining Co
4625
Newmarket Mfg. Co
4432 Transcontinental Air Transport, Inc.4070
Niagara Arbitrage Corp
4620 Traung Label dr Lithograph Co
4070
'
-Noblitt-Sparks Industries, Inc
4621 Triplex Safety Glass Co. of North
Nonquitt Mills Co
4066
4070
America, Inc
North American Car Corn
4432 Truax-Traer Coal Co
4260
North American Cement Corp
4621 Unexcelled Manufacturing Co., Inc_4070
Northam Warren Corp
4621 Union American Investing Corp
4437
Northern Paper Mills
4261
Northwest Engineering Co.(Del.)_ _4621 Union Oh Co. of Calif
4432 Union Storage Co
4070
Norton Co., Worcester, Mass
4066 Union Sugar Co
4070
Novadel-Agene Corp
4066 Union Twist Drill Co
4070
Nyanza Mills
4256 United Business Publishers, Inc--4070
Oahu Sugar Co., Ltd
4432 United Crescent Dry Cleaning Corp.4261
O'Connor, Moffatt de Co., Inc
4256 United Electric Coal Cos
4261
Olaa Sugar Co., Ltd
4068 United Industrial Corp
4071
-Oneida Community. Ltd
4071
Onomea Sugar Co.,Honolulu. Hawa114256 United Paper Box Co
4621 United Piece Dye Works
4071
'Ontario Mfg. Co
4621 United States Cold Storage Co
4071
'Ontario Silknit. Ltd
4621 United States Dairy Products Corp_4071
Pacific Indemnity Co
United States Distributing Corp---4071
Pacific Mutual Life Insurance Co. of
4621 United States Fidelity dr Guaranty
Cal
4433
4071
Co
Pacific Steamship Co
4621 United States Foil Co., Inc
4071
Pacific Tin Corp
4433 United States Playing Card Co
4071
Paepcke Corp
Pantex Pressing Machine Co., Inc .4621 United States Smelting, Refining &
4066
4626
Mining Co
Parker Pen Co.(Wls.)
4433 United States Stores Corp---4072, 4261
-Penmans, Ltd., Montreal
4261
United Steel Works Corp
Photo Engravers dr ElectrOtYPers.
4622 Universal Products Co., Inc
4071
Ltd
4622 Utah-Idaho Sugar Co
4072
Photomaton Incorporated
4622 Utah Metal & Tunnel Co
4072
Pilgrim Mills, Fall River
4622 Utilities Hydro dr Rails Shares Corp_4438
Pilot Radio dr Tube Corp
4257 Vesta Battery Corp
4072
Pines Winterfront Co
4257 \Tian Biscuit Corp., Ltd
4072
Pioneer Mill Co., Ltd
4072
Pitney-Bowes Postage Meter Co_ _ _4822 Virginia Alberene Corp
4622 Vogt Mfa. Corp., Rochester, N.Y._4072
-(Thomas G.) Plant Corp
4262
4622 Wagner Electric Corn
Polymet manufacturing Corn
4262
Tort Hope Sanitary Mfg. Co., Ltd 4067 Walalua Agricultural Co., Ltd
4262
Pressed Metals of America, Inc_ _4622 Wailuku Sugar Co
4433 Waitt dr Bond, Inc
4262
Price Bros. dr Co., Ltd
4262
Prince dr Whitely Trading Corp_ -4622 Walgreen Co
4262
4622 Warchel Corporation
Process Corporation
4262
4257 Warner Company
Provincial Paper, Ltd
4262
4257 Warner-Quinlan Co
Public Industrials Corp
4434, 4622 Washburn Wire Co
4072
Railroad Shares Corp
4262
4822 John Warren) Watson Co
Raybestos-Manhattan, Inc
4073
Reece Button-Hole Machine Co_ .._ _4623 Webster Elsenlohr, Inc
4263
4622 West American Finance Co
Reece Folding-Machine Co
4263
4067, 4257 Western Grocers, Ltd
Reliance Mfg. Co.(111.)
4411 Western Maryland Dairy Corp
4073
Remington Rand, Inc
4434, 4623 Weston Electrical Instrument Corp_4073
Reynolds Spring Co
4623 (George) Weston, Ltd
4073
,(Elmer) Richards Co
4073
-worth, Inc
Richman Brothers Co., Cleveland_ _4623 Wheat
4080
-Richmond Radiator Co., New York_4067 Whitman Sr Barnes. Inc
4067 Wolverine Portland Cement Co_ _ _ _4073
Riverside Cement Co
4073
-Rockland dr Rockport Lime Corp__ _4067 Woods Mfg. Co., Ltd
Mexican Light & Power Co., Ltd.
Annual Report-Year Ended Dec. 311929.)
(18th
EARNINGS FOR YEARS ENDED DEC. 31 (MEXICAN CURRENCY)
1928.
1927.
1926.
Fed. Govt. & Mien.Earns. 1929.
$702,905
$613.672
$569,164
$551,725
Public lighting
920.309
911.150
852,840
894,422
Office lighting
50,587
51,418
42,830
54.118
Light service in Pachuca
545.521
493.044
516,039
477,533
Power
49,112
58.633
30.087
42.309
Heat
Commercial Earns.
9,143.614 8,901,661 8,727,090 8,701,168
Lighting
9,521,723 9,404,171 8,768,239 8.202,652
Power
1.099,058
955,881
827,543
719,194
Heat
$22,032,830 $21,389,632 $20,357,344 $19,619,611
Total
136,712
70,125
94,410
Miscellaneous
68.299
$22,169,543 $21,457,931 $20,427,468 $19,714,021
Gross earnings
Expenses-Operation. _ _ 5,316.645 5,125,948 4,751,568 4,645.005
Maint.,taxes and deprec_ 5.897.656 5,930,978 5,600,335 5,539,274
$10,955,242 $10,401,006 $10,075,566 $9,529,742
Net inc. from oper
-The gross earnings in 1929 amounting to $22,169,543, include
Note.
accounts for services rendered to the Municipal and Federal
.uncollected
Government departments during the year 1929, representing a sum of
.approximately $1,060,000.
[VOL. 131.
FINANCIAL CHRONICLE
BALANCE SHEET DEC.31(INCLUDING SUBSIDIARY COMPANIES).
Assets
-
$
Liabilities-
Properties, plant,
equipment, drc_62,811,402 59,873,950
Rights, franchises,
good-will, do___24,962,130 24,954,796
Cost of invest. in
dr adv. to subs__ 2,959,287 2,422,377
Stores In hand and
in transit
1,632,829 1,305,166
Accounts receiv
933,783
868,951
Deferred charges
741,079
651,889
Securities
218,462
378,408
Cash
1,226,647
996,362
Sinking fund Inv
300,204
146,660
Accts. due by Govt 5,228,806 5,026,583
x 10
-year unsecured non-interest
Ordinary shares_13,585,000 13,585,000
7% cum. pref. she_ 6,000,000 6,000,000
4% cum. pref.shs_ 5,700,000 5,700,000
46,422,533 46,774,533
Funded debt
x2,147,758 2,682,757
10
-year notes
Gen'l unsec. bonds 2,100,000
827,894
.
Accrued bond int_ 819,140
Accts. payable and
accrued charges_ 1.064,153 1,365,328
Reserve for dep're21,189,731 18,233,178
elation, arc
1,986,312 1,456,452
Profit and loss
Total (each side)A01,014,628 96,625,145
bearing, due 1937, $3.532,758, les
redeemed through sinking fund. $1,385,000.-V. 129, P. 468.
Barcelona Traction, Light & Power Co., Ltd.
(15th Annual Report-Year Ended Dec. 311929.)
INCOME ACCOUNT FOR CALENDAR YEARS (CO. AND SUBSIDS.).
1926.
1929.
1928.
1927.
Total receipts
84,832,369 $4,812,137 $4,765,521 $4,030.090
Gen.adm.& reorg. exp.,
incl. fees and taxes...
162,928
196.759
150.212
134.258
Int.on 7% pr.lien A's
48,666
48,666
200.757
48,666
do
% pr.lien bds.
982,014
970,972
970.868
966,185
do 6% 45
-year bds
425.340
501,926
294.393
do 1st mtge. bonds
436.984
396,640
382,264
321.100
Sec-v. of 7% 30-yr. bds..
303,578
500,241
Preferred dividends__(8%)2,015,472(9)2,267,406 (9)2,267,406 (7)1.729.509
Common diva.(2%)_ _
287,250
287,250
143.625
Balance, surplus
$54,373
$745,940
$205,019 def$6.553
RESULTS OF EBRO IRRIGATION &POWER CO.LTD.(Ina. Contr. Cos.).
(In Pesetas)
1926.
1927.
1929.
1928.
Gross receipts
102,175,201 91,088,183 87,464,131 84,186,499
Operating expenses
36,809,283 27,185,018 26,630,358 27,407,355
Net rots. from oper-- 65,365,918 63,903,165 60,833,774 56,779,145
•
BALANCE SHEET DEC.31.
29.
Assets-
1928.
Debt dcdeb. bal. 2,390.605
Cash
1,383,045
Temp.inv.(cost) 1,483,364
1929.
$
Capital acc't_a108,215,975 104,851,337
Constr. exp. on
Lt.,Pr.& R.
4,321,277
Adv. to assoced
undertakings_
487,945
896,262
Proceeds of controll. cos.' bds.
889,479
Depr. & amort.
appropriations
de,b1,930.438
S. F. investml_
468,173
350,452
Exch.adjustmls
de5565,457
Materials
1,053.770
790,812
Liabilities-
1928.
$
Ordinary shares_ 14,362,500 14,362,500
7% non-cum. pf. 25,193,400 25,193,400
Shs. control.cos.
13,416
13,417
in hands pub_
634% pr. In. bds. 13.626,667 13,626,667
6% 45-yr. bonds 8,957.757 8,807,605
8,327,356
534% 1st M.bds. 8,247,151
Bonds drawn but
626,373
451,361
not yet red-- _
Bond issues of
controlled cos. 35,930,820 37,091,438
Bd.coups.out dr
2,943,575 accr. int. on
3,719,423 funded debt__
951,950
693,789
1,614,850 Divs. outstand'g
80,848
74,806
Creditors& cred.
6,560,799 7,196,184
balance
465,919
Sink, fund res...
Rev. acc't con329,295
trolled cos._. 1,159,099
Total(each side) 115,482,877 117,881,573 Rev, acc't (co.).
211,311
808,718
a After deducting depreciation and amortization.
-V. 130. P. 2204.
Investors Equity Co. Inc.
(Annual Report-Year Ended May 311930.)
John W. Hanes, President, says in brief:
As a result of the exchange of common stock for preferred stock, the
merger with Motion Picture Capital Corp. and the exercise of stock purchase warrants during the fiscal period, the outstanding common stock
has been increased to 600,750.3 shares from 385,242.5 shares on May 31
1929. The remaining preferred shares outstanding were called for redemption as of May 26 1930.
Earnings for the year do not include the earnings of Motion Picture
Capital Corp.for that portion of the fiscal year prior to the merger Amounting to approximately $537,000. Giving effect to these earnings, which
were transferred direct to earned surplus, the operations of company last
year resulted in net profits of $3.79 per share. The above earnings do not
take account of unrealized profits and losses. Directors haev transferred
the sum of 53,000,000 from earned,
surplus to "reserve for possible loss on
'
sale of securities and contingencies, in order to provide for the net depreciation in the market value of the company's investments in case losses are
later realized by sale. It will be the policy of the company to make a
full accounting of all losses charged against reserves and of transfers to and
from the reserve account.
The securities in portfolio, for which open market quotations are obtainable, have been inventoried at current prices and the remaining issues
have been appriased at values believed by directors to be conservative.
Based on the market and appraised values, the assets applicable to the
common stock on May 31 1930 amounted to $26.36 per share. It has always
been the policy of the management to discuss the entire portfolio in detail
with any stockholder, and this policy will no continued.
COMPARATIVE INCOME ACCOUNT YEARS ENDED MAY 31.
1929.
1928.
1930.
$508,626
$394,402
Income-Int. received and accrued_ _ $182,125
Dividends received
129,755
498,519
4129,715
Net profit from sale of securities- _ _ 1,456,002 1,859,063
164,154
Other income
14,191
Total
82,582,035 $2,866,209
Operating expenses, interest paid_ _ _ _ 1%247,463
66,069
Int, on debentures, series A and B...
482,500
471,742
Amort. of deb. disc, and expenses_ __ 55.809
11,217
Federal income tax
214,634
26,000
Provision for contingencies
88,000
$688,310
34,611
270,565
50,147
28,566
Net income for year
Dividends paid
5304,421
90,000
51,737,612 52,047,197
350,500
1)1.488,647
Balance, surplus
8214,421
$248,964 51,696,697
b Includes 8389,127 div. paid July 1 1929.
-The profits of Motion Picture Capital Corp. for the period priar
Note.
to merger (June 1 to Oct. 22 1929) are not included in the above statement,
being part of the earned surplus of the merged company.
Earned Surplus May 31 1930.
81.969,053
Balance June 1 1929
1,581,464
Surplus of Motion Picture Capital Corp.,adjusted
5,263
Surplus adjustments-Net
a Includes State taxes.
Total
Dividend declared payable July 1 1929
53.555,779
389,127
Balance
$3,166,652
Net profit for the year ended May 31 1930, as above (not incl.
profits of Motion Picture Capital Corp. for the period from
1,737,612
June 1 to Oct. 22 1929)
$4,90.1,264
Total
1,099,520
Dividends paid and declared
Amount transferred to "reserve for possible loss on sale of secur3,000,000
ities and contingencies"
3,Q04,;44
Balance __
JULY 5 1930.]
FINANCIAL CHRONICLE
COMPARATIVE BALANCE SHEET MAY 31.
1930.
1929.
1930.
AssetsLiabilities
Preferred stock_
yInvest. (at cost):
Dom.corn.stks_19,409,169 12,177,112 Common stock..x14.735.825
Dom. pref. stile_ 3,382,974 4,526,734 5% debs. series A,
1947
Domestic bonds 980,796
628,743
5,000,000
5% debs. series B,
Purch. contracts
1948
and rights__- 1,177,639
4,650,000
Accr'd int,on debs. 163,750
Joint purchases_ 761,007
301,846 Accts payable....1,329,506
Foreign Stocks.. 1,341,985
For.extl.doll.bds. 940,550 2,020,374 Dividends payable 300,823
Cash
679,977 Reeve for taxes
166,956
137,811
Reserve contingenCall loans
2,400,000
10,176
cies,&c
3,326,423
Real estate
Surplus z
1
1,389,914
Furn. & fixtures46,512
Prepaid taxes_ _ _
Special deposits for
interest, &c____ 125,569
575,000
Syndicate deposits
78,350
Secure. purch. W.1.
55,111
102,068
Notes & accts. rec_
99,062
58,332
Int. & div. receiv_
Unamort. d1sc't on
194,833
206,050
debentures
1929.
$113,927
8,959,687
5,000,000
4,650,000
166,785
256,538
238,597
1,969,052
Total
31,063,197 21,354,587
Total
31,063,197 21,354,587
x Authorized, 1,500,000 shares, no par value; issued, 600,750.3 shares,
$14,714,562. Motion Picture Capital Corp. common stock outstanding
for which 895.8 shares of Investors Equity Co. common stock are reserved
unissued, 521,263; total, $14,t3h,825. In addition to the shares reserved
for exchange, the unissued common stock includes 130,934.5 shares reserved
for the exercise of outstanding warrants. y Investments Comprise securities with a market value of 520.254.538, based on prices quoted as at May
31 1930, and other securities stated at $4,718,123, based upon appraisal
made by the board of directors. The aggregate of the foregoing was
$3,021,460 less than cost, and against this shrinkage a reserve has been
provided. z Of which $585,170 capital and $804,743 earned.
LIST OF INVESTMEkTS MAY 31 1930.
Domestic Common Stocks (Cana.).
Domestic Common Stocks.
Shares.
Shares.
4,000 Allegheny Corporation
2,000 United Corporation
500 Allis-Chalmers Mrs. Co.
6,958 United States Foil Co.class B
2,500 United States Realty lr Impt. Co.
1,300 Amer., Brit. & Conti Corp.
1,000 United States Rubber Co.
1,000 American Can Co.
500 United States Steel Corp.
1,000 American Car & Fdy. Co.
300 Am. Constitution Fire Amur. Co. 1,500 Vacuum Oil Co.
3,600 Vick Chemical Co.
300 Amer. Home Fire Assurance Ce.
22,700 Vick Financial Corp.
4,450 American Ice Co.
2,300 Wain & Bond, Inc., class B
1,500 American Metal Co., Ltd.
500 Westinghouse El. & MM.CO.
600 Amer. Rolling Mill Co.
200 Wilmington Trust Co.
2,500 Amer. Smelting & Refining Co.
Corp.
2,000 Amer. Superpower
1,000 F. W. Woolworth Co.
3,276 Amer. Thermos Bottle Co. el. A.
2,015 Anaconda Copper Mining Co.
Purchase Contracts.
1,500 Atlantic Refining Co.
2,655 Petroleum Reclam. Co. 7% pref.
3,000 Baltimore & Ohio RR.
1,327 Petrol. Reclam. Co. common
2,134 Bethlehem Steel Corp.
1,165 Selected Industries, Inc., units,
2,369 Borden Co.
cony. stock & common
2,000 Canada Dry Ginger Ale, Inc.
1,000 U. S. & Int. Securities Corp.
Pomeroy & Co.
49,599 Case,
units, pref. & COM. Stk. (with
3,000 Cerro de Pasco Copper Corp.
warrants).
500 Chesapeake Corp.
600 Chicago & North Western By.
Rights.
500 Consolidated Cigar Corp.
36,000 Am. Tel. & Tel. Co.
538 Consolidated Dairy Products Co.
1,500 Consolidated Gas Co. of N. Y.
Domestic Preferred Stocks.
200 Allegheny Corp. 554% (w.
2,000 Coral Bank & Tr. Co.of N. Y.
500 Continental Can Co.
960 Am. Brit.& Cont. Corp.$8 1st.
1,000 Bulova etch Co. $3.50 cony. pi.
2,200 Delaware & Hudson Co.
2,250 Case, Pomeroy & Co. 7%.
1,000 E.I. du Pont de Nemours & Co.
2,000 Electric Storage Battery Co.
400 Celanese Corp. of Am. 7% let
505 General Amer. Tank Car Corp.
Participating
1,000 Chic. Milw. St. Paul & Pacific
1,800 General Cable Corp., class A.
3,500 General Electric Co.
RR. 5% non-cumulative.
500 Consolidated Cigar Corp. 654%
1,500 B.F. Goodrich Co.
Prior pref.(with warrants)
2,000 Goodyear Tire & Rubber Co.
100 Cuba RR.8% non-cum.
1,000 Great Northern By. pf. ott. dep.
600 George A. Fuller Co. $6 particiP.
1,500 International Harvester Co.
1,500 General Baking Corp. $6
48,940 International Mere. Marine Co.
1,000 International Rye. of Cent. Amer. 3,000 General Realty & Utilities Corp.
500 International Silver Co.
$6 optional dlv.(with warr.)
500 Int. Agricul. Corp. 7% prior
3,100 Kansas City Southern By. Co.
600 Missouri Pacific RR.5% cony.
2,000 Kennecott Copper Corp.
600 New England P. S. Co. $6
900 D. Emil Klein Co.
300 New Crleans Pub. Serv. Inc. 7%
500 Louisville & Nashville RR.
4,900 Marine Midland Corp.
2,000 Penwell Corp. $3
4,910 Petroleum Reclam. Co. $7
500 Marshall Field de Co.
2,036 Reynolds Inv. Co. $6, series A
1,000 Mathieson Alkali orks, Inc.
3,495 Selected Indus., Inc., $1.50 cony.
2,500 McCrory Stores Corp. class A
13,800 Missouri-Kansas-Texas RR. Co. 1,000 Sharp & Dame,Inc., $3.50 cony.
1,613 Moore Drop Forging Co. class A.
series A
200 National City Bank of N. Y.
7,400 Stokely Brothers & Co. 7%
22,995 National Dairy Prod. Corp.*
1,400 U.S. Rubb. Co.8% non-cum.
200 Va.-Cam. Chemical Co. 7% prior
2,100 Newmont Mining Corp.
3,000 New York Central RR.
2,500 Waitt & Bond, Inc., class A
1,333 Niagara Hudson Power Corp.
200 Wesson Oil & Snowdrift Co. $4
770 Niag. Hud.Pow.Corp. cl. A warr.
convertible
1,750 Mag. Bud.Pow.Corp.el.B warr.
1,400 Nor. Pee. Ry. Co. CUS. of dep.
Domestic Bonds.
1,000 Passwall Corp.
$25,000 Central States Electric Corp.
2,062 J. C. Penney Co.
554% debs., 1954
23,300 Pennroad Corp. V. t. c.
25,000 Consolidated Traction Co. of
2,500 Pennsylvania RR.
N. J. let 5s, 1933
1,980 Petroleum Reclamation Co.
50,000 Cuba Northern Rye. let 55(s,'42
500 Pittsburgh & Lake Erie RR.
25,000 Hudson Coal Co. let 55, 1962
1,020 Purity Bakeries Corp.
75,000 Interboro. R. T. Co. let & ref.
1,200 Reading Co.
5s, 1966 (stamped)
98,310 The Reybarn Co.
858,500 National Dairy Products Corp.
11,090 Reynolds Investing Co.
534% debs., 19485
11,677 Reynolds Metals Co.
42,820 Reynolds Investing Co.5% debs
3,800 R.J. Reynolds Tobacco Co. el. B.
1948, series A
6,000 Royal American Corp.
50,000 Susq, Silk Mills 5% debs., 1938
3,000 St. Joseph Lead Co.
50,000 Van Sweringen Corp. 6% notes,
4,500 Selected Industries, Inc.
1935 (with warrants)
300 Southern Pacific Co.
1,000 Southern Railway Co.
Shares.
Canadian Stocks.
100 Bank of Montreal, capital stock
5,000 Southland Royalty Co.
120 Bank of Nova Scotia, cap. stock
1,500 Standard Brands, Inc.
118 Canadian Bk. of Com., cap. stk.
1,544 Standard Investing Corp.
500 Standard Oil Co. of Indiana
800 Can. Car & Fdy. Co., Ltd., ord.
500 Standard Oil Co. of New Jersey
2,400 Can. Pac. By. Co., ord. shares
250 Foreign Lt. & Pr. Co. $6 1st Pt.
23,200 Stokely Brothers & Co.
1,540 Studebaker Corp.
210 Foreign Lt. & Pr. Co. common
3,500 Superheater Co.
300 Page-Hershey Tubes, Ltd., corn.
3,300 Texas Gulf Sulphur Co.
525 Power Corp. of Can., Ltd., corn.
1,000 Union Carbide & Carbon Corp.
100 Royal Bank of Can., cap. stk.
700 Union Pacific RR. Co.
300 Steel Co. of Canada, Ltd., corn.
5 Giving effect to exchange of the company's interest in Kraft-Phenix Cheese
Corp. pursuant to merger which has since been consummated.
Other Foreign Stocks.
Shares.
1,000 Amsterdam Trading Co. capita stock, American shares.
500 Consolidated Railroads of Cuba. 6% Preferred
2,000 English & International Trust Ltd., preferred.
2,000 English & International Trust, Ltd., ordinary shares
114 Rudolph Karstadt, Inc., American shares
3,000 Kreuger dr Toll Co. participating debentures. American shares
500 Mortgage Bank of Colombia, American shares
100 Roan Antelope Copper Mines, Ltd., Ameriaon shares
Par Value
.
in Er Jannearks
48,000 Commerz & Privet Bank, capital stock
42,000 Darmstaoter & National Bank, capital stock
109
136,000 Deutsche Bank und DIsconto Gesellschaft, capital stock
48,000 Dresdner Bank, capital stock.
Foreign Dollar Bonds.
$25,500 City of Cordoba, 7%, due Nov. 15 1937
24,000 City of Santa Fe, 7%,due April 1 1945
15,000 Province of Upper Austria, 655%, due June 15 1957
20,000 Agricultural Mortgage Bank,6%,due Aug. 1 1947
20,000 Dept. of Antioquia, 7%, due Oct. 1 1957, first series
10,000 Dept. of Antioquia, 7%,due July 1 1945, series A
7,000 Dept. of Antioquia, 7%,due July 1 1945, series B
23,000 Dept. of Antioquia, 7%, due July 1 1945, series C
24,000 Dept. of Caldas, 754%, due Jan. 1 1946
20,000 Municipality of Cali, 7%,due May 1 1947
31,000 Dept. of Cauca Valley, 754%, due Jan. 11946
15,000 Dept. of Cauca Valley, 7%,due June 1 1948
30,000 Mortgage Bank of Colombia. 5347., due Oct. 1 1947
20,000 Central Bank.of German State de Provincia Banks, 6%, due Aug. 1 1952.
series A
20,000 Central Bank for Agriculture, 6%,due Oct. 15 1960
25,000 Electric Power Corp., 654%, due March 1 1950
45,000 German Provincial & Commercial Banks,634%,due June 1 1958,series A
36,000 Rudolph Karstadt, Inc., 6%. due Nov. 1 1943
20,000 City of Nuremberg,6%,due Aug. 1 1952
20,000 Free State of Prussia, 634%. due Sept. 15 1951
24,000 Free State of Prussia, 6%,due Oct. 15 1952
25,000 Rhine 1,4 estphalia Electric Power Corp., 6%,due Aug. 1 1953 (vrith warr.)
20,000 Saxon Public Storks. 614%, due May 1 1951
25,000 United Steel Works Corp., 634%, due June 1 1951, series C
45,000 Westphalia United Electric Power Corp.,6%,due Jan. 1 1953, series A
40,000 City of Budapest,6%,due June 1 1962
20,000 European Mortgage & Investment Corp.,7%,due Sept. 15 1967, series C
25,000 Hungarian Central Mutual Credit Institute, 7%,due Jan. 11937. series A
14,000 Hungarian Consolidated Municipal Loan, 714%, due July 1 1945
15,008 Hungarian Consolidated Municipal Loan, 7%,due Sept. 1 1946
25,000 Hungarian Land Mortgage Institute, 754%,due May 1 1961, series B.
45,000 Ercole Mareill Electric Mfg. Co.,634%.due Nov. 1 1953,ser. A (with war.)
45,000 Fiat, 7%, due July 1 1946 (ex-warrants)
12,000 Isere° Hydro-Electric Co., 7%, due May 1 1952
45,000 Italian Superpower Corp. of Del., 6%, due Jan. 1 1963 lea-warrants)
25,000 City of Milan, 614%, due April 1 1952
24,000 Montecatini Societe Generale per l'Indu.stria Mineraria et Agricola, 7%.
due Jan. 1 1937 (with warrants)
20,000 United Electric Service Co.,7%,due Dec. 1 1956,series A (with warrants)
49,000 Republic of Peru, 6%, due Dec. 1 1960.
On May 31 1930 the portfolio included fractional shares or scrip of five
companies appearing in the foregoltudist.
In addition to the above list the company had investments in miscellaneous securities and joint purchases amounting to 51.598,469 at cost,
having a market value of $1,038,321 based on last sales quotations or bid
Prices on the New York Stock Exchange or New York Curb Exchange.
and old quotations on unlisted securities. No one of the items carried
under miscellaneous securities has been held for more than one year.
V. 130, P. 4617, 2039.
Mexico Tramways Company.
-Year Ended Dec. 311929.)
(16th Annual Report
EARNINGS
-YEARS ENDED DEC. 31 (MEXICAN CURRENCY).
1929.
1928.
1926.
Car Earnings1927.
56,848,074 57.812,263 57,628,692 $7,483,549
Passengers
2,697,228
Weekly tickets
2,869,462
1,755,072
460,814
533,424
862,503
1,586,366
Monthly tickets
19,053
23,301
39,379
Chartered cars
35,612
371,576
286.761
323,275
Freight
307,319
Baggage and parcels_ _ _
95.718
112,844
120,226
110,495
19,744
Funeral
54.669
162,112
182.887
Total
510,599.627 $11,557,004 510,871,537 $9,774,254
Miscellaneous earnings_
125,310
157,027
127,871
139.329
Total earnings
510,724,938 $11,684,875 511,010,866 $9,931,281
Expenses
-Operation_ _ _ 7,085,128
7,171,056
6,830,430 6,506,747
Maint., taxes & depr_ 3,414,717
3.582,822
3,294.776 3,346,029
Net earns, from oper.
578,504
In Mexico
$225,093
$930.997
5885.660
BALANCE SHEET DEC. 31.
[Including its subsidiary companies, Mexico Electric Tramways, Ltd..
Compania de los Ferrocarriles del Distrito Federal de Mexico, S. A.)
1928.
1928.
1929.
1929.
Liabilities-.
Assets$
Capital stock
20,177,000 20,177,000
Property, plant ek
equipment
21,763,853 21,831,016
18,452,016 18,460,840 Funded debt
Acer. bond int___x10,217,224 9,802,689
Rights, franchisee,
good-will, &c.
..10,270,194 10,270.194 Accounts payable
& accr. charges_ 1,073,178 1,114,136
Cost of invest. in
Mex.L.&Pr.Co_23,379,403 23,497,403 Sinking fund res.. 747,995
567,293
Inv. in other cos
111,451
107,446 Reserve for depreciation, amortiStores in hand and
zation of fran586,844
in transit
591,727
chises and othery5.917,
Accts. receivable
110,924
81,759
8,322,760
857
assets
Def'd charges and
debit balances
30,283
51,287
Bond int. accrued_ 375,127
Securs. at mkt. val 1,551,234
951,555
Cash
528,525
500,513
Mexican Govt.
Amount due_ _ _ 1,809,625 1,838,802
Paper money on
hand
76,519
76,519
10-year notes and
accrued interest_ 2,147,758 3,061,424
Sink. fund Invest. 462,321
Tot.(each side)_59,897,108 59.814,873
330,287
a Includes $6,614,749 on 6% 50
-year mtge. bonds of Mexico Tramway
Co., accumulated to date but only payable out of future surplus revenue in
accordance with terms of supplemental trust deed. y After deducting loss
of $1,802,725 for five years ended Dec.31 1929.-V. 129, p. 1121,469.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Freight Cars and Locomotives on Order June 1.
-The railroads of this coun;
try on June 1 had 30,680 freight cars on order, the car service division o'
the American Railway Assocation announced. On the same day last year
there were 40,484 cars on order and 20,712 on order on June 1 1928. De'
spite the fact the number of freight cars on order on June 1 this year wag
9.804 below the number one year ago, the number of new freight cars installed in service during the first five months this year totaled 41,860h
compared with 26,041 for the same period in 1929, or an increase of 15,819.
Installations for the first five months this year were also an increase of
19,592 cars above those for the same period in 1928. Of the freight cars
on order on June 1 1930, reports showed 15,756 were box cars, a decrease
of 1,874 compared with the same date last year. Coal cars for which orders
have been placed numbered 11.238, a reduction of 7.873 compared with
the number of such cars on order on June 1 1929. Refrigerator cars on order
totaled 1,992; flat cars 1,322; stock cars 272, and other miscellaneous
freight cars 100.
The railroads also had more locomotives on order on June 1 1930 than
on any similar date since 1926, the number on that day this year having
been 431. On June 1 last year there were 324 locomotives on order. Locomotives placed in service in the first five months this year totaled 339,
compared with 255 in the same period in 1929 and 670 in 1928.
Freight cars or locomotives leased or otherwise acquired are not included
in the above figures.
-Class I railroads on June 23 had 465.898
Freight Cars in Good Repair.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This was
an increase of 3,819 cars compared with June 14, at which time there were
462.079 cars. Surplus coal cars on June 23 totaled 154,094, a decrease of
110
FINANCIAL CHRONICLE
[VOL. 131.
807 cars within approximately a week,while surplus box cars totaled 255,115. miles of railroad, leases 578 miles and has trackage rights over 60 miles of
other railroads.
an increase of 4,634 cars for the same period.
Reports also showed 29,627 surplus stock cars, an increase of 570 above
-As one of the steps towards the unification of its System, New
Lease.
the number reported on June 14, while surplus refrigerator cars totaled York Central, whichs owns over 99% of the $18,736,400 outstanding capital
13,962. a reduction of 272 for the same period.
stock, has leased the company's properties for a term of 99 years from
Freight Cars in Need of Repairs -Class I railroads on June 15 had 136,565 Feb. 1 1930.
freight cars in need of repairs, or 6.1% of the number on line, according to
Under the provisions of the lease the New York Central is obligated to the
the car service division of the American Railway Association. This was a company to pay the principal and interest of the company's obligations
decrease of 821 cars below the number in need of repair on June 1, at which (including bonds of this issue) and rental charges for leased lines including
time there were 137.386, or 6.2%. Freight cars in need of heavy repairs on those payable for the lines of the Canada Southern) maturing within the
June 15 totaled 94,091, or 4.2%. a decrease of 37 compared with the term of the lease, and is also obligated to pay dividends at the rate of 50%
number on June 1, while freight cars in need of light repairs totaled 42,474. on the company's capital stock not owned by the New York Central RR.
or 1.9%,a decrease of 784 compared with June 1.
This lease and the assumption thereunder by New York Central of liability
Matters Covered in "Chronicle" of June 28.-(a) 500 laid off by Long In respect of the company's obligations now outstanding. including bonds
-S. C. Commission.
Island RR.
-100 were temporary workers, page 4546; (b) B. & O. shop of this issue, have been authorized by the I.
The Attorney General of the State of New York has given an opinion
forces intact
-Company, as result, has large surplus of cars available for
dated April 24 1930, that, based on the statement of the New York Central
service, page 4546.
that its financial record satisfies the requirements of the Savings Bank Law,
Atchison, Topeka & Santa Fe Ry.-New Director.
the bonds of the Michigan Central RR., including the bonds of this issue,
Clarence M.'Woolley, Chairman of the board of the American Radiator- are by virtue of the obligation of New York Central RR. under the terms of
Standard Sanitary Corp., has been elected a director in place of the late the above-mentioned lease, legal investments for Savings Banks in the State
of New York.
Arthur T. Hadley.
-V. 130, P. 3345.
of
Security.
-The mortgage covers by direct
Baltimore & Ohio RR.
-I. C. Commission Grants Plea owned railroad and the company's interest inlien the entire 1.175 miles or
-S.
433 miles held under lease
contract. The mortgage is a first lien on 55 miles of the owned railroad
tor Six Months'Extension in Western Maryland Stock Sale.
The L-S. C. Commission has granted the request of the B. & 0. for a and a second lien on 1,120 miles,subject,insofar as they attach,to the liens
6 months' time extension of the period expiring July 13, in which it was of $31,644,000 of bonds outstanding in the hands of the public under prior
ordered to divest its majority stock interest in the Western Maryland RR. lien mortgages, all closed by the refunding and improvement mortgage.
The supplemental order in the proceedings extends the p13riod to Jan. 13 Including these series C bonds, which are the only bonds secured by the
refunding and improvement mortgage now outstanding in the hands of the
1931.-V. 130. p. 4411. 4229.
public, the total debt of the company secured by mortgage upon the owned
mileage and outstanding in the hands of the public is equivalent to less than
Boston & Maine RR.
-New Officer.
H. F. Fritch, formerly passenger traffic manager, had been appointed $33,500 per mile of road.
In each of the five fiscal years prior to the effective date of the aboveDirector of Budget. acting under the Vice-President, a newly created office.
mentioned lease the company's income applicable to fixed charges amounted
-V. 130. p. 4600. 3704.
to more than 3.7 times its fixed charges.
Purpose.
-Bonds have been issued and sold to provide for the retirement
Canadian National Ry.-Definitive Bonds Ready.
-year 4% gold debentures of 1909 which
The City Bank Farmers Trust Co., 52 Wall Street, N.'x. City, are pre- by the company of $7,634,000 20
pared to deliver definitive 40-year 5% guaranteed gold bonds, due Feb. 1 matured April 1 1929.-V. 130. p. 4410, 4413.
1970, in exchange for temporary bonds. This exchange may also be made
Missouri Pacific RR.
-Car Loadings for June Show Inat the office of the Canadian National Rys., 360 McGill Street, Montreal,
crease-Loadingsfor 6 Months Decrease 2%.
Canada.
-V. 130. p. 4412.
Local loadings and receipts from connections on the Missouri Pacific RR.
Chicago, Indianapolis & Louisville Ry.-Listing.registered an Increase of 2.079 cars in June 1930 over May 1930, according
$1.000,000 to the regular monthly statement released by L. W. Baldwin, President.
The New York Stock Exchange has authorized the listing of
additional 1st & gen. mtge. 5% bonds, Series "A," due*May 1 1966, During June traffic totaled 132,247 cars, including 89.307 loaded locally
-V. 130, and 42,940 received from connections. This compares with a total of
making the total amount applied for $5,911,000 Series "A."
p.4601),4229.
130.168 cars in May. of which 84,907 were loaded locally and 45,261 received from connections. Total local loadings and receipts from connec-Bonds Called.Cleveland Union Terminals Co.
tions on the Gulf Coast lines were 17,643 cars June 1930, compared with
• J. P. Morgan & Co., at sinking fund trustee, in a notice to holders of 15,589 June last year, an increase et 2,054 cars. Local loadings on this line
1st mtge. 534%.sinking fund series A gold bonds and 1st mtge. 5% sinking June 1930 were 9.086 cars and receipts from connections 8,557 cars.
fund series B gold bonds, dated April 1 1922, stated that $40.100 amount
International-Great Northern reports show local loadings 9.207 cars and
of the series A bonds and $60,600 of the series D bonds have been drawn receipts from connections 8,509 cars, making a total of 17,716 for June
by lot for redemption on Oct. 1 1930.out of moneys on the respective sinking 1930, compared with a total of 19,271 cars in May.
funds, at 105%. Drawn bonds will be redeemed and paid upon presentaThe San Antonio, Uvalde and Gulf loaded 2,398 cars and received from
tion and surrender at the office of J. P. Morgan & Co., 23 Wall St., N. Y. connections 1,626 cars for a total of 4.024 in June, 1930 compared with total
City,on and after the redemption date,after which interest on the principal of 3,574 in June a year ago, an increase of 450 cars.
amount of these bonds will cease.
-V.130, p. 4412,2202.
The statement shows that traffic on the Missouri Pacific RR.lathe first
six months of the present year totalled 814,170 cars, which includes 537,165
-Abandonment.
Cumberland & Pennsylvania RR.
cars loaded locally and 277,005 cars received from connections. This is a
The I.
-S. 0. Commission June 20 issued a certificate authorizing the decrease of 2% compared with the same period in 1929.-V. 130, p. 4046.
company to abandon a part of its line of railroad (0.83 m.) located near 3874.
Morantown, Allegany County, Md.-V. 123, p. 1629.
New York Pittsburgh & Chicago RR.
-Commission
-New Chairman.
- Will Hear Argument
Denver & Rio Grande Western RR.
on July 15 on Proposed Road.
L. W. Baldwin, President of the Missouri-Pacific RR., has been elected
Chairman of the board and a member of the managing committee to succeed
William H. Williams, resigned.
-V. 130, p. 4600. 4412.
-Drexel & Co. are
-Equipment Trusts Offered.
Erie RR.
offering at prices to yield from 3% to 4.625%, according
to maturity $6,690,000 454% equipment trust gold certificates. Issued under the Philadelphia plan.
,
Dated June 15 1930: payable semi-annually in serial installments of
223.000. Dec. 15 1930, to Juno 15 1945, both inclusive. Denom. $1,000
Certificates and dividend warrants (J. & D.) payable at the office of Erie
RR., New York. The Pennsylvania Co. for Insurance on Lives and
Granting Annuities, Philadelphia. trustee.
-S. C. Commission.
• Issuance and sale approved by the I.
The certificates are to be issued in part payment for the new standard
railway equipment mentioned below. The title to the equipment is to
be vested in the trustee and the equipment is to be leased to company at a
rental sufficient to pay these certificates and the dividend warrants and
other charges as they come due. Payment of the certificates and dividend
warrants will be unconditionally guaranteed by Erie RR. by endorsement.
The equipment subject to this trust will be as follows: 500 steel drop-end
-clearing hopper cars, 500 steel sheathed box
gondola cars, 950 steel self
cars, 300 steel sheathed automobile cars. 100 steel sheathed automobile
furniture cars, 7 all steel through line coaches, 20 all steel suburban pasSenger coaches, 5 all steel combined baggage and mall cars, 10 type 0-8-0
treritching locomotives, 10 rail motor cars and 5 locomotive tenders, 20.-gallon capacity.
000
All of the foregoing equipment will be new and will cost approximately
$8,425,000, of which approximately $1,735,000 is to be paid by the company in cash, such payment being over 20% of the cost of the equipment
-V.130, p.4412,3346.
and over 25% of the face amount of the certificates.
-New Chairman.
International Great Northern RR.
-V. 130.
0. P. Van Sweringen has been elected Chairman of the board.
p.3346,3149.
-Report Half Year Ended Dec. 31.
Mexican Ry. Co., Ltd.
1926.
1927.
1928.
1929.
(Mexican Currency)Pass. rev. (incl. luggage) $1,603,344 $1,719,538 $1,603,630 $1.854,867
400,059
402,997
365,414
321,961
Express
4,199,537
3.929,505
3,822,186
3,825,414
Goods
95,035
83,073
98,299
116,508
Sundry earnings
$5.867,227 $6,005,438 $6,019,205 $6,549.498
Total revenue
513,745
754,149
723,281
755,684
Maint. of way & struc
1,676,689
1,424,435
1,336.536
1,382,387
Maint of equipment_
3,113,346
2,693,160 3,216,045
Conducting transport- 2,714,412
475,145
469,911
481,583
479,679
General expenses
Balance, surplus
-V.129. p. 3469.
$613,320
$692.623
$154.664
$770,573
-Bonds Offered.
-J. P. Morgan
Michigan Central RR.
& Co., First National Bank and The National City Co.
are offering at 98M and int. (from July 1) $7,634,000 ref.
& impt. mtge. 43% gold bonds, series C.
Dated Jan. 11929: due Jan. 11979. Int. payable (J. & J. 1) in N. Y.
City. Red. as a whole but not in part, at the company's option, on any
int. date prior to July 1 1974. at 105% and int., and on July 1 1974, and
any int, date thereafter at 100% and int. Coupon bonds in denom.$1,000,
registerable as to principal. Registered bonds In denom. of $1,000, $5,000,
$10.000 and $50,000. Coupon and registered bonds interchangeable. Bank-S. C.
ers Trust Co., Now York, trustee. Issuance authorized by the I
Commission.
Executive
Data from Letter of Albert H. Harris, Chairman of the
Committee.
-The main line of Michigan Central gives New York Central
Property.
between Buffalo, N. Y. and Chicago, Ill.
System an alternative route
The lines constituting this route comprise those of The Canada Southern
By. (leased by the company for 999 years from 1904) traversing southern
Ontario and connecting Buffalo with Windsor, Ont., the Detroit River
Tunnel (leased by the company for 999 years from 1907) from Windsor to
Detroit. Mich and that portion of the company's owned line from Detroit
to Kensington .n the City of Chicago. Company owns a total of 1.175
The I.
-S. C. Commission has assigned for oral argument on July 15.
proceedings involving the proposal of the New York, Pittsburgh & Chicago
RR. to build a new line of railroad across Pennsylvania from Easton on the
the New Jersey line to the Pittsburgh area. Construction is sponsored
by L. F. Loree and projected as a new Chicago to New York line. A
tentative report urged rejection of the proposal.
-V.129. la• 3959.
Pennsylvania RR.
-Lease Effective.
Gen. W. W. Atterbury, President, on June 27 announced that the lease
of the West Jersey & Seashore RR. to the Pennsylvania RR.for 999 years,
having been approved by the directors and stockholders of both companies, as well as by the I.
-S. C. Commission, will become effective July
1 1930.
The West Jersey & Seashore RR. Co.'s board on June 27 declared a
special dividend of 5% upon the common stock of that company, payable
on and after July 15 1930. to stockholders of record June 30 1930. This
is a special dividend to adjust the situation to July 1, when the lease becomes effective.
Under the terms of the lease, dividends on the common stock will hereafter be paid at the rate of 6%, semi-annually, on the first business day
of January and July.
-V. 130. p. 4602.
Pittsburgh Fort Wayne 8c Chicago Ry.-Guaranteed
Shares Offered.
Joseph Walker & Sons are offering 2,500 shares 7% pref. stock, dividends on which are guaranteed by the Pennsylvania RR. The company
has no bonded debt and owns the unmortgaged double-tracked main line
of the Pennsylvania RR. between Pittsburgh and Chicago, and a substantial interest in extensive terminal properties in both cities. The stock
is priced at the market to yield about 4.40%.-V. 124, p. 789.
Pittsburgh & West Virginia Ry,-Hearings Postponed.
Hearings on the application of the company for authority to acquire
control of the Western Maryland by purchase of it capital stock have been
indefinitely postponed, it was announced June 30 by the I.
-S. C. Commission.
-V. 130, p. 4602, 4413.
Richmond Fredericksburg & Potomac RR.
-Excess
Earnings Tentatively Fixed-Examiners for Commission Determine Amounts Earned in Excess of 6% on Road's Investmentfor Years 1920, 1922 and 1923.
The company had earnings in excess of the 6% allowed under the provisions of the 'Transportation Act during the years 1920, 1922, and 1923.
amounting respectively to $160,000, $903,026 and $1,
ng
120368. according
to the conclusions of Examiners J. V. Walsh and C. . Johnston of the
o
I.
-S. C. Commission.
In a proposed report to the Commission June 26 the examiners recentmended that the Commission accept their findings as to the excess earnings
of the railroad. Under Section 15a of the Transportation Act the Government is authorized to recapture one-half of all earnings of a railroad in
excess of 6% on its investment. In order to determine the amount due
for recapture or for rate-making purposes excess income proceedings are
instituted.
A summary of the examiners' report follows:
This Is a proceeding pursuant to Section 15a of the Inter-State Commerce
Act for the investigation and determination of the amounts, if any, of
excess income subject to the provisions of this section received prior to
Jan. 1 1924 by the Richmond Fredericskburg & Potomac Eli. The
periods under investigation thus include the calendar years 1921 1922 and
1923, and, since the respondent did not accept the guarantee of '
Section 209
of the Transportation 1920, the last ten months of the calendar year 1920.
For this purpose it is necessary to ascertain the amount of net railway
income, as defined by the Act, and the value of the property
operating
held for and used in the service of transportation as of each of the periods
mentioned. With this information the directions of the statute for determining the amount and disposition of the sums to which the jurisdiction
of the section extends are explicit. Methods and procedure for determining
these factors in an appropriate and expeditious manner have been left
with the Commission.
A number of the questions to which the proceedings have given rise have
been considered heretofore by the Commission and decided in its valuation
cases or in findings made and conclusions reached in Excess Income of St.
Louis & O'Fallon Ry., which were not made the subject of adverse ruling
in the decisions of the Court upon review.
In this report, consideration is given to questions not heretofore considered of the propriety of the procedure followed, the sufficiency of the
JULY 5 1930.]
FINANCIAL CHRONICLE
material presented of record to serve as a basis for the findings required
of the Commission and other questions arising at the hearings or on brief
and made the subject of testimony or argument. With the preliminary
questions disposed of, such findings of value and net railway operating
income as appear warranted by the record will be proposed.
Procedure Which Should Be Followed.
The terms of Section 15a concerning recapture of excess income indicate
that prompt action was expected by Congress, and that practical application of paragraphs 5 and 6, dealing with recapture, does not necessarily
depend upon prior compliance with praagraphs 2 and 3, dealing with the
general level of rates intended to yield a fair return upon the aggregate
of carrier property either as a whole or in some prescribed rate or territorial
groups. In Section 19a specific directions are given for the procedure
in valuations thereunder and the view has been advanced by the respondent that the Commission should follows the same methods in valuations of individual carriers in recapture proceedings under Section 15a.
By so doing the Commission would comply simultaneously with all the
requirements of both sections in respect to valuations, completing the
primary valuations under Section 19a and bringing them down to the
recapture dates as an incidental step in the recapture of excess income.
But, that this was not intended as a requirement by Congress sufficiently appears from the permissive rather than mandatory language used
In paragraph 4 of Section 15a in referring to investigations under Section 19a.
It is there provided merely that the Commission may utilize the results of
its investigations under Section 19a in so far as deemed available.
Under date of Jan. 16 1922 the Commission issued a general order requiring carriers by railroads to report among other things for the period
Sept. 1 to Dec. 31 1920 in the case of carriers which had accepted the
guarantee of Section 209 of the Transportation Act 1920, and for the period
March 1 to Dec. 31 1920 in the case of carriers which had not accepted
such guarantee, the value of property used in trarsportation service by such
carriers and their net railway operating income for such period.
The carriers were instructed to include in their returns statements in
detail showing the manner in which the values were determined. Other
orders similar in their general requirements but with some variation as to
detail were later issued for the succeeding calendar years. Returns to these
orders reporting the information called for were filed by the respondent for
the period March 1 to Dec. 31 1920 and for the calendar years 1921, 1922,
and 1923; and, following the returns, hearings were held for the purpose
of affording the respondent an opportunity to submit evidence in support
of its repdtts, and for receiving any other testimony that might furnish
a basis for the findings required of the Commission by the statute.
Due to the insufficiency of the first record, the proceeding was reopened
for further testimony. Notices of the several hearings were duly served
upon the respondent, the Governor of the State of Virginia and other interested parties. Evidence has been presented by witnesses for the respondent and also witnesses for the several bureaus of the Commission's administrative forces, and questions of law, procedure and method, as well as the
disputed questions of fact and opinion arising from the testimony, have
been argued at length on brief.
A motion was presented by the respondent at the opening of the hearing for the vacation, dismissal or postponement of the proceedings on the
general grounds: (1) that they were illegally begun before the investigations
already instituted under Section 19a were brought to a conclusion; (2) that
they are directed to a period prior to the authorized change of rates made
effective Aug. 26 1920; (3) that there is no authority of law for a determination of recapturable income for the period comprising the last 10
months of 1920 or any period less than a year; and (4) that, as to each
of the periods in question, since no action was taken within the first four
months following the close thereof, all proceedings with respect thereto are
now barred.
Disposition of the Four Motions,
Question 1 has been disposed of above. With respect to
counsel urges that the provisions of Section 15a with respect toQuestion 2
rates
not applied to its rate structure until the rate adjustments of the were
mentioned were made, and reasons accordingly that it did not receivedate
any
net "revenue thereunder" until after the same date. It insists that only
income "received under the provision of Section 15a" is subject to recapture.
Since, however, under the rule approved in O'Fallon Railway vs. United
States, supra, the enforcement of paragraphs 5 and 6 does not depend
upon prior compliance with paragraphs 2 and 3. it follows that there is no
warrant for the contention that their application is in any way
by rate adjustments during the period for which application is impeded
made or
Subsequent thereto.
Question 3 is, the Commission has held,determined by the specific proviso
of paragraph 9 that the Commission shall make proper adjustments
provide for the computation of excess income for a portion of a year. to
Question 4 arises from the provision of paragraph 6 that one-half
excess iIICA)1110 "shall, within the first four months following the close of the
the
period for which such computation is made, be recoverable by and
paid
the Commission." This language, in its position following paragraph to
5,
would, under the interpretation urged by the respondent, be in
of property rights of the public and the carriers at large in the derogation
created by paragraph 5: and the construction sought by the trust fund
respondent
manifestly cannot be sustained.
A further motion was presented in objection and protest to the
of tho hearing on the ground alleged that certain of the evidence reopening
which
proposed to be received was irrelevant and immaterial to the questions was
to be
decided. The propriety of the motion depended on numerous
matters of
proof and was necessarily overruled.
Description of Road's Property. '
The property of the Richmond Fredericksburg & Potomac
now constituted after merger of the Washington Southern RR. Co., as
Feb. 24 1920, and prior acquisition by the latter of the By., effective
Potomac RR., comprises in general a double track line property of the
necessary shop. yard and station facilities, extending froma railroad, with
Richmond, Va.,
to a point in the same State near Alexandria at the District
of Columbia
line. The mileage of first main track owned and used in
1920 was 114.35
and the mileage of all tracks 381.15. In 1923 these
mileages had been
changed to 114.28 and 408.97, respectively. . . .
From a consideration of the foregoing and all the facts
of
bearing on the value of the property held for and used in record having
including going-conern value and all other elements of value transportation
of record bearing on net railway operating income, and the further
facts
the Commission
ould find the computation of excess net railway
operating income to be
follows:
Value for
Net fly.
Excess Net
Rate-Making
6%
Operating
Ity, Oper.
Period—
Purposes.
of Value.*
Income.
Income.
920 (10 me.)
$27,404.108 $1,371,334 $1,531,334
$160,000
921
28,160,000
1,689,600
1,503,011
922
27,405.000
1,644,300
2.547.325
903,025
923
27.945,000
1,676,700
2,80E1,068
1.129,368
* Except for 1920, when 5.00412% was used, the latter
een reported by the respondent as in the same ratio to percentage having
6% as net railway
perating income for the months March to Dec. of
the three years ended
uno 30 1917, bore to the total net railway operating income
of that period.
V. 130, p. 4413. 2956.
Seaboard Air Line Ry.—Equipment Trusts.—
The I.
-S. C. Commission, June 23, authorized the
company to assume
bligation and liability in respect of $3,510,000 of first lien
% certificates,$1,081,000 of second lien equipment trust equipment trust
5
pd i88,000 of second lien equipment trust 5% certificates, % certificates,
he Chase National Bank, New York, as trustee, under an to be issued by
agreement to be
ated June 15 1930, the first lien certificates
sold
6.32 and dive, and the second lien certificates to be sold at not less than
or otherwise disosed of at not less than par, in connection withto be
the procurement of certain
quipment.
The report of the Commission says in part:
Invitations for bids for the purchase of first lien
certificates to bear 4 %
vidends were sent to 41 banks and bankers, and two
the regulations prescribed in our order of Oct. 4 bids were received.
1920,
6 I.C.C. 847, were not followed in soliciting the bids, one in ex parte 54,
of the members
the syndicate submitting the highest bid was
revisions of section 10 of the Clayton Anti-Trust disqualified under the
i.plicant was unable to accept the bid. NegotiationsAct, and therefore the
e other bidder. Edward Lowber Stokes St Co. of were then opened with
Philadelphia, Pa., and
th Freeman & Co. of New York City, the latter having
been a member of
e syndicate submitting the highest bid, and as a
ye been made, subject to our approval, to sell the result, arrangements
proposed certificates
them at 96.32 and divs. The applicant considers
that in view of the
nditions existing in the securities market this price is
e, and the best obtainable. On that basis the average reasonable, favorannual cost to the
111
_Pplicant of the
5.6263%.
The second lienproceeds of said certificates will be approximatelythe equipcertificates will be delivered to the builders of
ment at
terms
par in accordance with the
agreement.—V. 130, p. 4414, 4047.
of section 5 of article 1 of the
Southern Pacific Co.—Abandonment.—
The I.
-S. C. Commission June 20 Issued a certificate authorizing the
company to abandon a part (3,170 feet) of a branch line of railroad in
Benton County, Ore.—V. 130. p. 3706, 3534.
Southern Ry.—Listing.—
The New York Stock Exchange has authorized the listing of $3,106,000
additional 1st consol. mtge. 5% bonds, due July 11994, making the total
amount applied for $90,687,000.—V. 130, p. 4414, 4047.
West Jersey & Seashore RR.—Lease Effee,tive-5%
Special Dividend Declared.—
See Pennsylvania RR above.—V. 130. p. 4602
PUBLIC UTILITIES.
Associated
Gas & Electric Co.—Rights Extended.—
The company has extended the time for exercise of debenture rights to
Jan. 2 1934, with a step-up in the subscription price upon exercise of the
rights, giving the holders the option of purchasing during the extended
period either one-half share of class A stock and one-half share of common
stock, or one share of class A stock, or one share of common stock of the
Associated company or five new shares of General Gas & Electric Corp.
class A stock.
The purchase price of the class A stock and(or) common of the Associated
company under the debenture rights during the extended period will be
$45 a share from Jan. 2 1931, to Jan. 2 1932, and $50 a share thereafter
to Jan. 2 1934, and the purchase price of the class A stock of the General
Gas & Electric Corp. will be $18 a share from Jan. 2 1931 to Jan. 2 1932
and $20 a share thereafter to Jan. 2 1934.
The debenture rights as so extended and modified will be substantially
similar dttring the extended period to the optional stock purchase warrants
covered by allotment certificates, except that each debenture right will be
equivalent to five optional stock purchase warrants.
New Director.—
W. E. McGregor of Boston has been elected a director and a member
of the finance committee. Mr. McGregor is one of the senior Vice-Presidents of Harris, Forbes & Co., Inc., in Boston, and a director of the Harris.
Fprbes Trust Co. of Boston and the National Shawmut Bank of Boston.
—V. 130, p. 4604, 4232.
Associated Telephone 8c Telegraph Co.—Debentures
Offered.—Banoamenca-Blair Corp.Harris, Forbes & Co.,
Telephone Bond & Share Co. and 'National Bankitaly Co.,
are offering $10,000,000 25
-year 532% gold debentures,
series A,at 943 and int., to yield over 5.90%.
Dated May 1 1930,• due May 1 1955. Principal and int. (M. & N.)
payable at principal office of Bank of America N. A. trustee, Icew York.
without deduction for Federal income taxes up to 2% per annum. Red.
all or part on any int. date on 60 days notice at 105 and int. on or before
May 1 1945; the premium decreasing thereafter 3i of 1% for each year or
part thereof elapsed after May 1 1945. Red. on and after May 1 1954 at
100 and int. Denom.$1,000 c*. Penn., Conn. or Calif. personal property
tax, not exceeding 4 mills, Maryland securities tax not exceeding 436 mills,
,
or Mass.income tax not exceeding6% per annum on the interest, refundable
Data from Letter of E. C. Blomeyer, Vice-Chairman of the Board;
Company.—Incorp. in Delaware. Rembesents an alliance of American
and British financial, manufacturing and operating interests of long and
successful experience in the telephone business and allied industries. Company controls directly or indirectly telephone operating companies, telephone equipment manufacturing companies and other companies doing a
related business.
The principal telephone operating companies include the following:
British Columbia Telephone Co., The Angio-Portuguese Telephone
Co.,
Ltd.. and Compania Telefonica de Barranquilla.
Company also has other important investments in telephone companies
in Colombia, Jamaica, Santo Domingo and elsewhere. The properties
outside of Continental North America are situated in localities having at
present low telephone development, thus offering opportunities for large
growth, which are already being realized. The franchises and concessions
held by the telephone operating companies are,in the opinion of the management, satisfactory for the operation of their business.
The telephone equipment manufacturing companies controlled directly
or indirectly are Automatic Electric Inc., of Chicago, Automatic Telephone
Manufacturing Co., Ltd., of Liverpool, Eng. (in conjunction with British
associates) and The New Antwerp Telephone & Electric Works.of Antwerp,
Belgium. The Strowger automatic telephone apparatus manufactured by
these companies has for many years been supplied to the principal
telephone equipment throughout the world. These include, amongusers of
others,
the subsidiaries of American Telephone & Telegraph Co., the leading independent telephone companies in the United States, the principal Canadian
telephone companies, the Government telephone administrations of Great
Britain, Australia and other parts of the British Empire and the Japanese
Government. The P—A--X (Private Automatic Exchange) apparatuti
for private communication systems is also manufactured and installed by
the companies. In the opinion of the management, the numerous patents
controlled by the manufacturing companies adequately protect their rights
to manufacture Strowger automatic telephone equipment.
The company also controls The Cable '17elephone & General Trust,
a financial company modelled on the general plan of an investment Ltd.,
trust
which has investments in securities of various companies engaged in or
affiliated with the telephone business. In addition to the dividend income
received from securities owned, substantial profits have been realized by it
in dealing in securities of and financing telephone companies not controlled.
Purpose.—Proceeds will be used for the acquisition of control of additional
manufacturing properties, for the payment of contract obligations and
current indebtedness, for improvements to telephone plants and for other
corporate purposes.
Earnings.—Consolidated earnings of company and subsidiary and controlled companies, irrespective of the dates of acquisition, for the years
ended Dec. 31 1928 and Dec. 311929. after giving effect to this financing
as regards the year ended Dec. 31 1929, were as follows:
1928.
1929.
Gross earnings of telephone properties,gross profits
on sales and other income
$10.701.622 $13.321.582
Operating, maintenance, selling and general expenses and taxes (except Federal income tax)
5.965,081
6.504,761
Depreciation and other reserves
1.663.878
1.887,462
Net earnings after depreciation & before Federal
Income tax
Net income attributable to common and partici- $3.072,663 $4,929.359
pating stock interests not owned at the end of
the period
1,180.313
Consolidated net earnings after deduction of depreciation and minority common and participating
stock interests and before Federal income tax
$3.749,046
Annual interest and dividends on funded and other
debt and preferred stocks of subsidiary and controlled companies in hands of public and annual
interest on entire funded debt of co. (this issue)
1.625.935
Note.—Controlled companies include companies stock of which having
a majority of the voting power for election of directors, is owned by a subsidiary or by a company so controlled by a subsidiary. Of the $2.673.111
of consolidated net earnings mentioned below, $148.163 represents the
proportion of the net income of companies so controlled attributable to the
company.
Consolidated net earnings as above after deduction of depreciation and
minority common and participating stock interests were over 2.3 times the
above annual interest and dividend charges on funded and other debt and
preferred stocks of subsidiary and controlled companies and annual interest
on entire funded debt of the company;such net earnings before depreciation
were over 3.3 times such annual interest and dividend charges.
112
FINANCIAL CHRONICLE
After deduction of annual interest and dividend charges of $1,075,935 on
subsidiary and controlled companies' funded and other debt and preferred
stocks in hands of the public, consolidated net earnings after depreciation
requirements of
for 1929 were $2,673,111 or 4.86 times annual interest depreciation was
$550,000 on these debentures; such net income before
equal to 8 times such annual interest requirements. credited directly to
In addition to the above earnings, there have been
surplus non-recurring net profits which, for the year 1929. after deducting
income taxes applicable thereto were $345.656.
-After giving effect to the present financing, the conCapitalization.
solidated capitalization of company and subsidiary and controlled companies
of
outstanding in the hands of the public at their par or stated values as
Dec. 31 1929 was as follows;
Subsidiary and Controlled Companies
$2,389,550
Funded debt
al1.493,576
Preferred stocks
Minority interest in controlling stocks (including minority and
8,830,590
participating interests in surplus)
Associated Telephone & Telegraph Company
10,000,000
5 % gold debentures,series"A"
-year
25
3,468,200
First preferred stock,cumulative 7% stock ($100 par)
2.565,000
First preferred stock,cumulative $6 stock (no par)
44,329 shs.
par) $4 cumulative
Class D stock (no
b92,084 shs.
Class A stock (no par) $4 cumulative and participating
356,452 she.
Common stock (no par)
15,000
a Voluntary liquidating value $12,116,576. b Not including to $6
held in escrow for exercise of stock purchase warrants attached
shares
preferred stock.
con-Consolidated net assets of company and its subsidiary and indiAssets.
will, as
trolled companies, excluding patents, trade marks and good effect to this
cated in the balance sheet as of Dec. 31 1929 adjusted to give
in the
financing and after deducting securities of subsidiaries outstandingor over
hands of the public at their par or stated values, were $22,532,778,
$1,000 series "A" debenture to be presently outstanding.
$2,200 per
telephone
On the same basis, giving effect to preliminary appraisals of the
consulting engineers and to
operating properties by J. G. Wray & Co.,by American Appraisal Co.,
the manufacturing companies
appraisals of
net assets
Including subsequent additions at cost, such consolidated debenture.
amounted to $26,354.219 equivalent to over $2,600 per $1,000
benefit of debentures of
-As a purchase fund for the
Purchase Fund.
on Nov. 1 in each year.
series "A," corporation will pay to the trustee.to 15 of the debentures of
.Nov. 1 1931 an amount in cash equal "A debentures delivered
beginning
series"A then outstanding, providing that series against such payments.
par
to the trustee for conceliation will be credited attrustee for the purchase of
Cash payment so received will be used by the
then current
debentures of series "A" if obtainable at not exceeding the such moneys
of
redemption price and accrued interest. Any balance be repaid to the
will
remaining unexpended for 12 months after receipt
company.
an;
Officers are: E. A. Mellinger. Chairman; E. C. Blomeyer, Vice-Chairm
H.L. Harris,
J. W.Perry, President; Sir Alexander Roger. Vice-President Howell, ViceVice-President; L. W'.
Executive Vice-President: J. G. Crane,
R. J. Munro,
President; G. L. Grawols, Vice-President and Treasurer;
Secretary.
Blomeyer,
Directors are:Theodore Gary, A. F. Adams, H.L. Gary, E.C.
Durham and J. W. Perry, Kansas City.
C. A..Bennett, J. G. Crane, L. E.Woods,Lincoln, Neb. H.L. Harris and
Mo., F. A Woods and Thomas C. Mellinger, Sir Alexander Roger, G. W.
'
L. W. Howell, Chicago, Ill_ E. A. England, and Dr. Chas. A. Holder.
Moore and Eric Taylor, London,
-V. p. 3535. 3157.
Paris. France.
-Bonds Offered.
(The) Avalon Telephone Co., Ltd.
and int.,
W. C. Pitfield & Co., Montreal, are offering at 98 series A.
$750,000 1st mtge. sinking fund gold bonds 534%,J.) payable
&
[VOL. 131.
as the case may be, for sight exchange on New York City on the day of
-V. 130. P. 2767.
presentation for collection.
-Rates Upheld.
Boston Consolidated Gas Co.
In a decision handed down on June 27, the Massachusetts Department
of Public Utilities refused to reduce the price at which gas in sold by this
company. The Department stated that under the present rate of $1 per
1,000 cubic feet, with a service charge of 50c., the company for the last
reportable year has failed to earn its full dividend.
The movement for a reduction in rates started several years ago when the
company charged a fiat $1.20 per 1.000 Cu. ft. without a service charge.
A petition was filed for a reduction and after lengthy hearings the Department changed the schedule by providing for a rate of $1 per 1,000 cu. ft.
with a service charge of 50c. The decision of the Department met with the
opposition of the City of Boston and the case was reopened, the decision
announced June 27 following.
In its order the Department states that due to the fact that the present
-cent service charge has been in
rate of $1 per 1,000 cu. ft. of gas and a 50
effect only since Oct. 11929. it thinks that the company should be allowed
for a period of time sufficient to determine the
to operate under these rates
result. It also points out that the annual return of the company for 1929
shows that it failed to earn its dividend of $8 by $142.000. Under these
circumstances the Commission feels a reduction was not warranted.
("Boston News Bureau.")
Output in 1930 in Cubic Feet (000 Omitted).
1929.
1930.
1929.
1930.
943,170 886.479
1,070,927 1,045.628 April
January
915,902 878,356
959,022 911,175 May
February
771.784 777,600
March
1,025,965 948.159 June
-V. 128, p. 2458.
--Listing.
Broadway & Seventh Avenue RR.
The New York Stock Exchange has authorized the listing of $5,000,000
certificates of deposit of Bank of America N. A., representing a like face
amount of 1st consol. mtge. 5% gold bonds, due Dec. 1 1943, accompanied by June 1 1930 coupon and with subsequent coupons attached,
deposited or to be deposited under an agreement dated as of May 28 1930
between such holders of the bonds as shall become parties thereto and
Edward C. Delafield, William Carnegie Ewen, Roger H. Williams and
-V. 130, p. 4415, 3876.
Frank Coenen, as a committee.
-Bonds Offered.Central Illinois Public Service Co.
Halsey, Stuart & Co., Inc. are offering at 97% and int. to
yield about 5.15% an additional issue of $3,100,000 1st
mtge. 5% gold bonds series G. Dated Nov. 1 1928; due
Nov. 11968.
Data from Letter of Pres. Marshall E.Sampsell,Pres. of Company.
Business.
-Company supplies directly with one or more classes of public
utility service 454 communities in the State of Illinois without competition
service and wholesales electrical energy to six other public utility
of like
companies, which in turn serve 55 communities.
Company and subsidiary companies serve an estimated combined population of 500,000 in 448 communities in central and southern Illinois with
electrical energy for lighting and power purposes, 14 communities with
gas, 13 with water, three with heating, three with street railway and five
with bus service.
Company's generating station of 50,000 k.w. initial capacity located on
the Mississippi River near Grand Tower, Ill.,combines the desirable features
also
of readily accessible coal and abundant condensing water. Company conoperates two other central generating stations, and in addition has the
of power from 10 central stations, including
tracts for the purchase
great hydro-electric station at Keokuk, Ia. Company's main generating
stations are located practically at the mouth of some of the largest and best
equipped coal mines in central and southern Illinois. From its own stations,
including the capacity of the Grand Tower stations, and through its contracts for the purchase of power, including that with the Super-Power Co.
of Illinois in which company Central Illinois Public Service Co. owns
substantial interest, company has a total available capacity of 133,925 kw.
The total connected load on the company's system is now approximately
295,129 k.w. Company owns 3,097 miles of high tension transmission
lines, all of which are of modern and recent construction, and also owns
and operates 26 ice plants with a combined daily capacity of approximately
1,400 tons.
Capitalization Outstanding With Public.
267,043 shs,
Preferred stock $6 cumulative
260,343 shs.
Common stock
First Mortgage Gold Bonds:
$11,397,000
5% series E,due May 1 1956
29,000,000
43% series F. due Dec. 1 1967
8.400,000
5% series G. due Nov. 1 1968 (lad. this Issue)
1,400,000
Serial 4%% gold notes due Jan. 1 1931
-Proceeds will be used to partially reimburse the company's
Purpose.
the cost of extensions and additions to its property.
treasury for
-Secured by a first mortgage on all of the fixed properties,
Security.
rights and franchises of the company, now owned, and on all such property
under the
hereafter acquired against which any bonds may be issued determined
mortgage. The value of the fixed property of the company as is largely
plus subsequent additions
by independent examining engineers
in excess of the first mortgage bonds to be outstanding upon completion
of the present financing.
Income Account 12 Months Ended May 31.
1930.
1929.
$14,000,949 $14,789,095
Gross earnings
7.948,409 8,148,137
Operating expenses, maintenance de taxes
(J.
Dated July 1 1930; due July 1 1948. Principal and int.
offices of the Canain Canadian gold coin or its equivalent at the principal d, Halifax. N. S.,
of Commerce in St. John's, Newfoundlan
dian Bank
Montreal, Que., Quebec, Que.,
St. John, N. B., Charlottetown. P. E. 1..
Ottawa, Ont., Winnipeg, Man. or Vancouver. B. C. or, at
Toronto,
at the Canadian Bank of Commerce, London,
Ont.'
the option of the holder,
$1,000 and $500 c*.
Eng.,in sterling at the rate of $4.86 2-3 to tl. Denom.
at following prices and int.;
Red. all or part at any time on 30 days' notice to and incl. July 1 1947 at
thereafter up
at 105 up to and incl. July 1 1932;
year or fraction thereof elapsed
105 less 34 of 1% for each subsequent
and after July 1
between July 1 1932 and the date fixed for redemption;
Montreal Trust Co.
1947. at par to maturity. Trustee,
deed will provide for an annual cumulative sinking
-Trust
Sinking Fund.
of a sum equal to 1%
1
fund for bonds of series A,commencing Julyof 1932, A to be outstanding,
series
of bonds
of the aggregate principal amountannual interest on all bonds of series A,
plus an amount equivalent to the
previously retired through the sinking fund.
To Be
Authorivd. Outstanding.
Capitalization4750.000
b
First mortgage bonds
400,000
$400,000
par)._ _
7% non-cumul. partic. pref. stock ($25
236,350
300,000
Common stock ($25 par)
due 1948 (this issue).
a Sinking fund gold bonds, 5%%,series A. passu with those presently
b Further first mortgage bonds, ranking pad conservative restrictions
under the
to be outstanding, may be issued only
contained in the trust deed.
Vice-Pres. & Managing Director.
-Data from Letter of R. J. Murphy,
'
Act in 1919.
Company.-Incorp. under the Newfoundland Companies
entire telephone systems
Owns and operates, under exclusive franchises, the
district, formerly owned by
of St. John's, Newfoundland, and surrounding
$6,052,539 $6,640,957
Ltd. Company's system is modern in
Net earnings before depreciation
the Anglo-American Telegraph Co.,the City of St. John's, now extends
ind. this issue,
every respect and, in addition to with telephone exchanges at all the Annual interest on 1st mtge. bonds,
2,294,850
to be presently outstanding, requires
throughout the Avalon Peninsula
Avondale, Bay
Holyrood, Brigus,
principal points including Manuels. Bell island and Placentia Bay. The
Management -Corporation is a part of the Middle West Utilities System.
Carbonear,
Roberts, Harbour Grace,
-V. 130, p. 1825, 3348.
population served IS in excess of 100,000.
number of installed
-Net Retail Sales.
Central Public Service Corp.
The company's business is growing rapidly, the
over 7,100 in 1930. Eatentelephones having increased from 900 in 1921 to
Important increases in load building activities of this corporation were
with modern and
reand improvements are being made in accordance
figures released on July 1 on net retail sales (gross sales lesslike
storm,
shown in
for the five months of 1930, compared with the
standard telephone practice year by year.
1st mtge. turns and allowances)
$1,439,378
-Proceeds will be used to redeem $280,500 6% due 1958, period of 1929. For both gas and electric devices, sales were of 16.61%.
Purpose.
debentures,
last year and $1,678,463 for the period this year, an increase ended
bonds, due 1946, and $137.300 of 5%% mortgage
May
Electric net merchandise sales were $572,716 for the period
and for other corporate purposes.
after deducting all operating 31, compared with $543,582 last year, an increase of 5.35%.
-Net earnings of the company
Earnings.
depreciaand
The two groups of southern properties, acquired and banded together
maintenance charges and taxes, and available for interest
and
Gas
last year, showed unusually high rates of increase. five appliance net
tion, have been as follows for calendar years:
months period.
retail sales were $1,105,748 for all properties for the
1929.
1928.
1927.
compared with $895,796 last year, or an increase of 23.43%. The eastern
$116,421
$103.730
$94,407
division of the southern group showed an increase of 58.18% and the
for bond interest
60.72%.
Net annual earnings for the past three years available
annual interest requirement western division
Atlanta continued an unusual advance with $1.66 net merchandise sales
have therefore averaged $104,853 as againstsame basis for the year ended
for
of $41,250. Net earnings on the
per meter during May. Seattle, Washington, showed a large increase
of this issue
approximately 2.82 times the interest the five months.
-V. 130, p. 4604.
Dec. 31 1929. were $116,421 or
-V. 124, p. 642, 370.
requirement.
-New
Bell Telephone Co. of Pa. for newConstruction.during
construction
appropriated
-Transit Plan Wins.
Chicago Surface Lines.
Citizens of Chicago by a majority of approximately 5 to 1 July 1 voted
July for the traetion ordinance, planned to relieve the conge.tieu in the down.
The directors have
year to $24,071.989 town districts, provide rapid transit to far outlying points and furnish
$5.686,360, bringing the total appropriation so far this for the first seven
o
transportation to districts heretofore practically isolated. Full details
This compares with a total appropriation of $20,417,791
ordinance in V. 130, p. 4235.
months of 1929.-V. 130, p. 1824, 1272.
Berlin City Electric Co. Inc. (Berliner Staedtische
Elektrizitaetswerke Akt-des.).-Debentures Called. of 30on Aug. 1 next, $89,000
-Hidden Asset Values Revealed.
Cities Service Co.
That there are millions of dollars of hidden values in the assets of corn
pany, just as the true earnings of that company are not reflected in i
There have oeen called for redemption Feb. 1 1959. Payment will be income statement but are hidden in those of its subsidiaries, is the opinio
% sinking fund debentures, due
survey of the operations of the company.
year
28 Nassau St., N. Y.C. expressed by Ellis-Milley, Inc.,in a
made at the principal office of Dillon, Read ,k Co..
"For example," the survey continues, "we understand that on the Cid
for Service books the Public Service Co.of Colo. is carried at $300,000, when
at 100 and int.
debentures so designated
The Ohio Public Service Co. is carri
At the option of the respective holders of
and interest thereon may be It is actually worth $80,000,000.
redemption, the principal amount thereof of Guinness, Mahon & Co., in on the books at $329,000, having been bought at auction at that price
collected in London England, at the office at the offices of Mendelssohn and is worth between $35,000,000 and $40,000,000. The Toledo Ediso
the most efficiently managed electri
pounds sterling, or in Amsterdam, Holland,
Handel-Maatschappij, in Dutch Co., which, by the way, is probably on the books at $40,000,000, has
& Co. Amsterdam and of Nederlandsche
offices of Credit Suisse property in the country, is carried
or in Zurich or Basle, Switzerland, at the in Stockholm, Sweden, replacement value of $60,000,000, and a sales value of $120,000,000
Guilders,
Francs, or
acreage at $8 per acre for which it has a standin
and of Societe de Banque Suisse, in Swiss
Kreditaktiebolaget, in Swedish Kronor, at Cities Service owns oil
-V. 130. p. 4604, 4416.
per acre."
at the office of Skandinaviska
London or Amsterdam or Zurich or Basle or Stockholm, offer of $80
the buying rate in
a
JULY
FINANCIAL CHRONICLE
5 1930.1
-New Officers.
Commonwealth & Southern Corp.
R. A. Stephen has been elected Treasurer and B. W. Eggert and F. A.
-V. 130, p. 4605. 4235.
Bain have been elected Assistant Treasurers.
-Earnings.
Commonwealth Utilities Corp.(& Subs.).
113
Earnings.
-Consolidated earnings of company and subsidiaries (irrespective of dates of acquisition) for the 12 months' period ended May 31 1930.
after giving effect to present financing were as follows:
$928,609
Gross income from all sources
628.383
Operating expenses, maintenance and local taxes
Balance before interest, depreciation reserve, Federal income
$3300,226
taxes, &c
Combined annual interest requirement on subsidiary company
bonds outstanding with the public, first mortgage collateral
gold bonds outstanding with the public, and this issue of 2
51,652,679 $1.399.082
Operating income
148,580
year 6% convertible secured gold notes
140,627
146,487
Non-operating income
•
The above balance of $300,227 was more than twice the combined annual
bonds out51,793.307 $1,545,569 interest requirements on the $304,000 of subsidiary company
Gross income
640,279
580,839 standing with the public, the first mortgage collateral gold bonds of the
Interest on funded and unfunded debt
-year 6% convertible
56,842
49,194 company outstanding with the public, and these 2
Amortization of debt discount and expense
186
8,471 secured gold notes which will be secured by the pledge of 140% principal
'Other deductions
amount of first mortgage collateral gold bonds of the company.
$1,095,999
$907,064
Net income
For the first 5 months of 1930. gross earnings of the system show an
Divs,on preferred stocks and other prior deductions
372.747
492.105 increase of 17.5%, and net earnings an increas eof 18.1% over the same
71,969
38,289 period of 1929.
Minority and former interests
23,172
Divs,on pref. stocks of Commonwealth Util. Corp.
110,529
Sec-It/qty.-Secured by deposit with the trustee of $37,000 of series A
and $1,229,500 of series C first mortgage collateral gold bonds secured by
Balance applicable to common stock of Commonpledge of all stocks and bonds, except $304,000 principal amount, of one
wealth Utilities Corp
$540,755
$353,497 subsidiary company.
Average shares common stock (classes A & B)
-year 6% convertible
amount of 2
An additional
194,259
outstanding
130.564 secured gold notes$350,000 principal
under the note agreement upon deposit
Earnings per share
$2.78
$2.71 with the trustee ofwill be issuable collateral gold bonds equal in principal
first mortgage
Note.
-The above does not include profit from sale of securities and other amount to not less than 140% of the principal amount of the additional
eon-recurring income amounting to $210,210 in 1928 and $16,152, in 1929. notes issued.
-V.130, p. 2578.
The note agreement will provide that upon the retirement of any part
of the notes,first mortgage collateral bonds may be withdrawn from pledge
Commonwealth Water Co.
J.).
-Bonds Offered.
- Provided that the principal amount of pledged bonds shall never be less
W. C. Langley & Co. and Halsey, Stuart & Co., Inc. re- than 140% of the amount of the notes outstanding.
Corp..
-Company is a subsidiary
cently offered an additional issue of $1,000,000 1st mtge. allManagement. stock being owned by the of Empire Public Service
latter company.
of its common
5% gold bonds, series C at 95 and int. to yield 5.35%.
these notes on the Baltimore
-Application will be made to list
Listing.
Stock Exchange.
-V. 129, p. 2680.
Dated Dec. 1 1922; due June 1 1957.
Issuance.
-Authorized by the Board of Public Utility Commissioners
-Acquisitions.
Federal Water Service Corp.
of the State of New Jersey.
President C. T. Chenery announces that the corporation has acquired
Data from Letter of E. A. Geehan, Pres. of the Company.
the South Bay Consolidated Water Co., Sag Harbor Water Co., HempcomBusiness.
-Company organized in New Jersey in 1915, supplies water stead & Oyster Bay Water Co. and Sumpwams Water Co. Theseextenan
for domestic, commercial and municipal purposes in Union and Essex panies supply water and domestic and commercial purposes to important
Counties, N. J., Including the City of Summit, the Borough of New Provi- sive and rapidly-growing section of Long Island. The more Babylon,
dence, the Townships of Livingston, Maplewood, Millburn, New Provi- communities served include Amityville, Bayshore, Belleport,
dence and Passaic, parts of Hillside, Springfield and Union Townships, Islip, Kings Park, Merrick, Patchogue, Port Jefferson, Quogue. Sag
and the Towns of West Orange and Irvington. These are growing resi- Harbor, Southampton and Smithtown.
These properties will in time be co-ordinated with one of the Federal
dential communities, all within approximately 20 miles of the City of
system's largest subsidiaries, the New York Water Service Corp., whose
New York. Total population served is estimated to exceed 122,000.
annual gross revenues exceed $2,600,000, a substantial portion thereof
-Proceeds from the sale of these bonds and from the sale of
Purpose.
properties which serve other communities in Long
an additional $750,000 of common stock will be used to reimburse the being derived from its Flatbush and Woodhaven sections of New York
the
company for expenditures made for additions, extensions and improve- Island, including and Glen Cove.
-V. 130, p. 4236.
City, Huntington
ments to the property of the company.
Earnings 12 Months Ended March 31.
-Listing.
Houston Natural Gas Corp.
1929.
1930.
The Baltimore Stock Exchange has approved the listing of 5408,000
Gross earnings
$818,661
$918,083 additional first mortgage collateral 6% gold bonds with detachable stock
Operating expenses, maintenance & taxes
391,331
431,735 Purchase warrants attached.
-V. 130, p. 2206.
Net (available for interest. Federal taxes, &c.)-- $427,330
$486,348
-Listing.
Annual interest on entire funded debt (incl. this
Indiana Southwestern Gas & Utilities Corp.
issue)
201.000
The Chicago Stock Exchange has approved the listing of 6% convertible
Net earnings as shown above for the 12 months ended March 31 1930. 10
-year secured gold notes, series A, $2,500,000 principal amtrunt.-..
were equal to over 2.4 times the annual interest charges on the total funded V. 130, p. 2578.
debt a the company, including this issue.
Management.
-Company is controlled by American Water Works &
-Initial Div.
International Hydro-Electric System.
Electric Co., Inc.
The directors have declared an initial quarterly dividend of 8734 cents
Capitalization Outstanding (Upon completion of present financing.)
per share on the $3.50 convertible preferred stock, payable July 15 to
let mtge. gold bonds 53-6% series A,due 1947
$2,106,000 holders of record June 25.
5% series B, due 1956
210,000
May Output.
• 5% series C,due 1957 (incl. this issue)
1,500,000
Common stock
This system produced 347.085.000 k.w.h. of electric energy in May,an
1,750,000
-V. 125, P. 245.
Increase of 11% over the output of the present plants in May 1929. and
53% over their output in May 1928.
Community Water Service Co.
-Stock Dividend.
The output of the System in the first five months of this year was 1.704,
The directors have declared a semi-annual dividend of 3% on the corn. 447,000 k.w.h., 10% greater than in the first five months of last year. and
stock, no par value, payable in common stock on Aug. 1 to holders of 52% greater than the output of the present plants in the first five months
record July 10. An initial distribution of like amount was made on Feb. of 1928. In the 12 months ended May 21 the output was 4.001.420,000
1 last.
-V.130, p. 136. 1273.
k.w.h., 19% greater than the output of the same plants in the 12 months
ended May 31 1929. This is the first time that the output of the System
-V. 130.
East Kootenay Power Co., Ltd.
in a 12 months period has exceeded four billion kilowatt hours.
-New Director.
A. B. Sanborn, general manager, has been elected a director.
-V. 130, p. 4417.
p. 4417.
International Tel. & Tel. Corp. Acquisition.
At a special meeting held on June 27. the stockholders of the Shangha
Electric Bond & Share Co.
-Initial Pref. Dividend.
Mutual Telephone Co. voted to accept the offer of the above corporation
The directors have declared an initial quarterly dividend of $1.25 per
passed a
share on the $5 cum, pref. stock, no par value, payable Aug. 1 to holders to purchase the company andproperty. resolution authorizing the directors
The approval of the Councils of
to make the transfer of the
of record July 10. See also V. 130, p. 4048, 4043.
both the International and the French Settlements has been secured.
The Shanghai Mutual Telephone Co. operates in both the International
East Coast Utilities Co.
-Notes Offered.
-J. A. W. and French Settlements, with a foreign population of about 50,000 and
Iglehart & Co., Baltimore Co., Citizens & Southern Co., about 1,100,000 natives. On May 31 of this year it was serving 36,219
telephones. The company connects with the Chinese
Savannah, First National Co. of Atlanta and South Carolina change operating in the native section of Shanghai and Government exit also connects
National Bank of Charleston are offering $900,000 2
-year with lines of the Chinese Government Telephone Administration oralong
distance service to points in the Yangtsze Valley as far as Nanking, dis6% convertible secured gold notes.
of about 165 miles.
Dated July 1 1930: due July 1 1932. Denom. $1,000 c*. Red. all or tance Shanghai Mutual Telephone Co. has already installed the rotary
The
part. at any time on 45 days' notice, to and incl. July 1 1931 at 101 and int., automatic system, which is the same installed by the International Telethereafter to and incl. Jan. 1 1932, at 100M and int. and thereafter to phone and Telegraph Corp. in most of its own operating telephone commaturity at par and int. Interest payable (J. & J.) at Baltimore Trust Co., panies and which has been installed by it in many European capitals and
trustee, without deduction for any Federal income tax not to exceed 2%. other large cities throughout the world.
Refund of State taxes not exceeding in the aggregate 5 mills per annum.
The China Electric Co., Ltd., an associated company of the InterConvertible.
-Each $1,000 note will be exchangeable at the option of national System, whichsupplied the rotary automatics to the Shanghai
the holder, to and including July 1 1931. for 50 shares, and thereafter to Mutual Telephone Co., is doing a general business throughout China in
maturity, for 40 shares, of Empire Public Service Corp., class A common the manufacture and supply of telephonic equipment, cables and miscelstock, with cash adjustment for accrued interest and current preferential laneous electrical supplies.
-V. 130. p. 4237.
dividends. If these notes are redeemed prior to maturity, the exchange
privilege will cease 10 days prior to the date of redemption.
-Defers Pref. Dividend.
Kansas City Public Service Co.
Data from Letter of F. W. Woodcock, President of the Company.
The directors have voted to defer the quarterly dividend of $1 per share
.-A Delaware corporation. Operates through its subsidiaries, which would ordinarily have been payable July 1 on the $7 cum. series A
Company
a group of electric light and power and telephone properties in 225 communi- pref. stock. A distribution at this rate was made in each of the three
ties in the States of Virginia, North Carolina and Delaware, serving a total preceding quarters.
-V. 130, p. 2389.
of 11.517 customers in these territories. wnich have a comoined population
of approximately 75,000. Company through subsidiaries also operates ice
Memphis Natural Gas Co.
-To Increase Capacity.
manufacturing plants with a combined daily capacity of 226 tons and serves
The capacity of the Guthrie, La., compressor station is to be increased
water to one community.
The electric system supplying 157 communities in Virginia and North by approximately 20%, according to an announcement by D. C. Schaffer,
Carolina includes generating plants with a combined capacity of 5.100 kw. general superintendent. The increased capacity is made necessary as the
(one-third of which is hydro-electric), and serves 7,966 customers. Addi- result of new heating contracts effective this coming winter.
Contracts for the necessary work are now being let, so that it will be
tional power requirements are purchased from Virginia Electric & Power
Co. The system also includes an electric generating plant at Dover, Del., completed well in advance of the next heating season. The Guthrie station,
stations maintained by the company, is located at
of 600 kw. capacity, practically the entire output of which is sold to the one of two compressor of the company's
210
-mile high-pressure pipe 11ne,
Maryland Light ez Power Co. Telephone service is furnished to 3.401 sub- the Monroe field and
which terminates in Memphis, Tenn. The other station is located near
scribers in 137 communities in Virginia. The system Includes 21 central
-V. 130, p. 4606.
exchanges and 397 miles of toll lines and is connected with the Bell System Benoit, Miss.
for long distance service. The principal ice manufacturing plants are
-Earnings.
Michigan Gas & Electric Co.
located in Richmond, Va., and Dover, Del. Water service is furnished to
1926.
1929.
1927.
Calendar Years1928.
150 customers in Urbanna. Va.
Gross earns. (incl. other
CapitalizationAuthorized. Outstanding.
$1,325,191 $1,242,407 $1,148,307 $1,027,021
income
1st mtge.coll,gold bonds,ser. A 534%,due 1937
(a)
631,425,000 Oper. exp., taxes, &c__ _
783,651
731,279
832.125
898,967
Series C 5%,due 1937
(a)
b1,229,500 Interest on funded debt_
137.138
118,335
138,527
143,255
2
-year 6% convertible gold notes
$1.250,000
900,000 Gen'i int., amort., dict.,
6% cony, gold debentures, series A, due 1933
1,000,000
996,000
33.865
28,212
34,086
16,607
&c
7% cumul. pref. stock ($100 par)
d2,000,000
679.400
Common stock (no par)
12,500 shs. c12,500 shs
$193,433
$143,541
$243,543
$266,362
Net income
There are outstanding with the public $304,000 of bonds ofone subsidiary. Prior lien dividends
62,449
57,943
65,072
67,137
24,000
(a) Limited by restrictive conditions of the agreement of assignment Preferred dividends_ __ _
24,000
24,000
24,000
93,360
113,230
38,250
144,480
and Pledge but not to any specific amount. (b) $1,229,500 of series C and Common dividends
$37,000 of series A bonds will be pledged to secure this issue of notes.
$13,624
(c) All owned by Empire Public Service Corp. (d) Of this amount 10.956
$41,241
$23,348
Balance, surplus
$30.745
Shares reserved for conversion of the company's debentures.
-V.128, P. 3186.
1928.
1929.
$5,595,459 $5,152,695
3,753,613
3,942.779
Calendar YearsTotal operating revenues
Total operating expenses
(1.
114
FINANCIAL CHRONICLE
Middle West Utilities Co.—Stock Dividend.—
The directors have declared quarterly dividends of 1
-50th of a share
on the common stock and $1.50 in cash (or 3-80ths of a share of common)
on the $6 cony. pref. stock, series A, both payable Aug. 15 to holders of
record July 15. Quarterly dividends of like amount were paid on Feb. 15
and on May 15last.—V. 130, p. 4238.
Midland Natural Gas Co.—Debentures Offered.—E. R.
Diggs & Co., Inc. are offering at 98M and int. to yield over
6.35%, $2,500,000 5
-year convertible 6% gold debentures.
Dated July 1 1930: due July 11935. Interest payable J. & J. at principal
office of Hibernia Trust Co., trustee, in New York, without deduction for
Federal income tax not in excess of 2%, which may be lawfully paid at the
source. Denoms. $1,000 and 500 c*. Red, all or part at any time on 30
days notice at 100 and int. plus a premium of 3 of 1% for each full year
of unexpired term. Company agrees to reimburse debenture holders
residing in Penn., Calif., Iowa, Kansas, Kentucky, Mich., Minn., New
Hampshire, Ore., Wash.. Conn., Maryland, Mass., District of Columbia
or Virginia for taxes levied by said states or district on the debentures or
income derived therefrom, properly paid by such holders, not exceeding
the personal property or income taxes in effect therein on July 1 1930,
subject to provisions of the debenture agreement.
Conversion Privilege.—Debentures are convertible at the option of the
holder at any time after May 1 1931, and up to but not after the 10th day
prior to maturity, or if called for redemption, at any time up to but not
after the 10th day prior to the redemption date, at the rate of 50 shares of
participating class A stock for each $1,000 debenture,subject to the pertinent
provisions of the debenture agreement. Stock is listed on the Chicago
Stock Exchange.
Data from Letter of Edward R. Berry, Pres. of the Company.
Business.—Company, organized in Delaware, will upon completion of
current financing own and operate,either directly or thorugh its subsidiaries,
natural gas properties totaling more than 34,000 acres in Pennsylvania and
West Virginia. There are on this acreage more than 325 producing gas
wells, having a present daily production of more than 12,000,000 cubic
feet per day, an open flow capacity of more than 35.000,000 cubic feet
daily, and an estimated gas reserve of more than 200 billion cubic feet. The
gas horizons drained by these wells are reported to be among the most
consistent and longest-lived producers in the eastern fields. The reserve
acreage admits of intensive development work which will be carried out
as rapidly as feasible and which should result in substantial increase in
production and earnings. The average life of wells in these fields is reported
to be in excess of 35 years.
Over 90% of the gross income from the company's properties and those
to be acquired is derived from the wholesale distribution of gas under
favorable contracts to several of the largest purchasers of natural gas in
West Virginia and Pennsylvania, among which are the following*
Hope Natural Gas Co.
Cumberland & Alleghany Gas Co.
People's Natural Gas Co.
Monongahela W.Penn Pub.fierv. Co.
Subsid., Standard 011 Co. of N..7. Godfrey L. Cabot, Inc.
Manufacturers Light & Heat Co.
West Penn Public Service Co.
Natural Gas Co. of W. Va.
South Penn Oil Co.
Subsid., Columbia Gas& El. Corp. Equitable Gas Co.
Carnegie Gas Co.
S' ubsid. of Philadelphia Co.
The balance of the gross income is derived from the sale of gas by four
subsidiaries of the company to domestic consumers in Pennsylvania and
West Virginia communities.
Under the terms of the existing gas sales contracts, additional gas pro
duced from presently drilled acreage will automatically have an immediate
market.
Capitalization—
Authorized.
Outstanding.
Convertible6% gold debentures (this issue)x
y
$2,500,000
Participating class A stock (no par)
z500,000 she.
115,000 shs.
Common stock (no par)
250,000 shs.
217,500 shs.
• x Subject to divisional liens of $1,033,780. y Further issuance of debentures is limited under the conservative restrictions of the debenture agreement. a 125,000 shares reserved for conversion of debentures.
Purpose.—To provide funds to pay in part for additional properties, to
provide funds for development, and for other corporate purposes.
Earnings.—Based on 1929 historical earnings (as per footnote) Clark &
Krebs, Inc., consulting engineers.,state that the properties of the company
and its subsidiaries including the piroperties to be acquired are at prosen
.
operating on the following annual basis'
Gross revenue
$859,281
Oper. exps., int. on divisiona Mena, maint. depletion & deprec_ — - 313,622
$545,658
Net income before income taxes
150,000
Interest on $2,500.000 debentures
The net income shown above is equivalent to an annual rate of 3.63 times
the interest requirements on these debentures.
Adjusted to give effect to a compressor station installed in March 1930
on one property, a rate increase granted in November 1929 on one property.
a well drilled in January 1930 on one property, and the estimated production to be derived from three wells presently to be drilled on one property.
Management.—Company and its subsidiaries under the direction of Midland Management, Inc., which also directs the operation of Twin States
Natural Gas Co., and the subsidiaries of Inland Utilities, Inc.—V. 130.
p. 4606. 3710.
Midland United Co.—Acquisitions, &c.
See Union Traction Co. of Indiana and Terre Haute Indianapolis &
Eastern Traction Co. below.—
The company announced this week the acquisition of the Liberty Light
& Power Co., the Cambridge Light & Power Co. and the Liberty Camden
Light & Power Co. These companies serve 'number of communities
a
in eastern and central Indiana and western Ohio in the vicinity of Richmond, Incl., and have a combined annual operating revenue of approximately $235.000. Among the communities served are Liberty, Brownsville,
Bath, Boston, Williamsburg, Greensfork, Economy, and Cambridge City
in Indiana and Camden, Somerville, New Paris, and College Corners in
Ohio. The newly acquired properties are in territory adjacent to a region
already served by Midland United subsidiaries.—V. 130. P. 4606. 3710.
Minnesota Northern Power Co.—Recent Developments.—
[VOL. 131.
"Because we wish to mutualize the interests of our customers and shareholders." say the company in the announcement, "we again extend to
our customers the opportunity of purchasing a limited-number of common
shares of the company at $50 per share, payable in monthly installments of
$2 Per share with an allowance for interest which makes the actual cash
outlay $48.50 per share spread over a two-year period."—V. 130, p.4238.
National Electric Power Co.—Output Higher.—
Electric output of this company, from Jan. 1 to June 28, inclusive,
totaled 805,332.264 kwh., against 738,393,152 kwh. in the period from
Jan. 1 to June 30 1929. an increase of 9.1% on a strictly comparable basis
as regards number of operating companies fos each period. Of the 1930
total output,684,494,141 kwh, were generated, an increase of 11.1% over
the amount generated last year: and 120,838,123 kwh. were purcha,ed, a
decrease of 1.4% from tne amount purchased last year. reflecting the
operations of several new generating stations placed in service by member
companies since the beginning of 1930.—V. 130, p. 3538.
National Water Works Corp.—Acquisition.-The New Jersey Board of Public Utility Commissions has authorized the
acquisition by this corporation of control of the Laurel Springs Water Works
Co. of Camden. and the issuance of $21.300 in bonds, $85,000 in preferred
stock at $25 a share and 5,500 shares of no par value common stock.—V.
130, p. 4417.
New York State Electric & Gas Corp.—Earnings.—
Earnings for Year Ended Dec. 31 1929.
Operating revenues
Operating expenses and maintenance
Taxes
$7,363.256
4,582,620
359,483
Operating income
Other income
$2,421,153
50,847
Gross income
Income deductions
$2,472,000
1,706,471
Net income
Preferred stock dividends
$765,529
293.188
$472,341
Balance available for other dividends and surplus
Note.—Company was formerly the N. Y. State Gas & Electric Corp.
New York Telephone Co.—Expenditures Authorized.—
The directors have authorized the expenditure of $11,637,280 for new
construction throughout the State, according to an announcement made by
President J. S. McCulloh. This brings the total appropriations since the
beginning of the year to $61,858,095, of which $51,620,245 has been provided for the extension of facilities in the Metropolitan Area.—V. 130.
p.4239.
Niagara Hudson Power Corp.—Merger Application
Withdrawn.—
The company on July 1 withdrew its application before the New York
P. S. Commission for approval to hold the stock of operating companies
now held by the Mohawk Hudson Power Corp. and which would be trans
fared to it by the consolidation of the Mohawk Hudson Power Corp. and
the Niagara Hudson Power Corp.
The application sought permission to acquire the stocks of the Cortland
County Traction Co. Eastern New York Utilities Corp. New York
Power & Light Corp. Utica Gas & Electric Co. and the Syracuse Lighting
Co.,Inc. These stocks are now held by the Mohawk Hudson Power Corp.
'
In explaining the action of the power corporation in withdrawing its
application, Randall J. Le Boeuf Jr., Chief Counsel of the Niagara Hudson
Power Corp. said that this action does not mark any abandonment of the
policy of the Niagara Hudson ofsimplifying its incorporate structure through
the elimination of intervening holding companies and the combining of
operating companies, but that as a matter of fact with the withdrawal of
this application at the present time it is believed that the ultimate plan of
unification will be expedited.
Mr. LeBoeuf also stated:
"Since the original program of consolidating Mohawk Hudson and
Niagara Hudson was voted certain rulings of the Bureau ofInternal Revenue
of the Treasury Department at Washington have been handed down which
indicate that in a consolidation of this character which has hitherto been
regarded as tax free there might be a substantial claim for taxes. To settle
such a claim would undoubtedly involve several months of protracted
court review. In order to avoid such a delay in the program ofsimplification
of intercorporate structure it has been deemed wiser to attempt to secure
a sufficient portion of the preferred stock of the Mohawk Hudson so that in
addition to the large holdings of common stock Niagara Hudson will own
not less than 95% of all Mohawk Hudson stock."
"With this thought in mind the directors of Niagara Hudson are calling a
special meeting of its stockholders to authorize the creation of preferred
stock of that company and its subsequent issuance and exchange by the
directors for Mohawk Hudson preferred.
"To carry out this plan and also to facilitate the issuance of a special
class of preferred stock to the employees of the system,it is deemed essential
for the stockholders to rescind the previously adopted vote of consolidation
with Mohawk Hudson.
"Under these circumstances the officers and directors of Niagara Hudson
Power Corp. feel that the present application, which is based on this
consolidation, should be withdrawn, with leave to renew the application at
a later date. It is planned, however, to proceed as rapidly as possible with
,
the other steps in the unification program."—V. 130, p. 4607. 4050.
North American Light & Power Co.—Stock Dividend—
The directors have declared a quarterly 2% stock dividend on the common stock, no par value, payable Aug. 15 to holders of record July 19.
A like amount was paid on Aug. 15 and Nov. 15 1929,and on Feb. 15 and
May 15,last—V. 130, p. 3540.
Northern Ohio Power & Light Co.—Consolidation.—
The stockholders have approved the consolidation of the power and
light division of this company with four other subsidiaries of the Commonwealth & Southern Corp. (See later in V. 130, p. 4235).—V. 130,P.4239.
The company in a recent letter to the stockholders says in substance:
Northern Texas Utilities Co.—Control.—
We have just completed arrangements for the establishment of our first
See United Gas Corp. below.—V. 128, p. 557.
property in Wyoming. The new Wyoming property will become part of
the Northwest States Utilities Co. recently organized to serve Great Falls
Northwest States Utilities Co.—Organized—Offering.—
and other towns in Montana.
This company was recently organized by Minnesota Northern Power Co.
We have just completed the purchase of the Sheridan Gas Co. at Sheri- to take over the Wyoming property acquired by the latter company.
dan, Wyo., which -is at present serving Sheridan with manufactured gas
The first offer of stock of the Northwest States Utilities Co. Is being
service. We have also entered into a contract with the Carter Oil Co. to sold in blocks of 2 shares of common stock (no par) and one share of pref.
purchase natural gas from their Billy Creek gas field which is located 51 stock (par $100) at $110 per block through the company, with offices in
miles south of Sheridan. This contract gives the company the exclusive Minneapolis. Payment in full with order or $5 per block to be enclosed
right to take gas from the Billy Creek field. we have also obtained a with order and balance to be paid in 15 monthly installments of $7 each.
natural gas franchise in the town of Buffalo, Wyo., which is located about 6% interest will be paid on the payment applying on the pref. stock.
midway between Sheridan and the gas field. Construction will start imThe pref. stock will be redeemable at the company's option at $105
mediately on the building of a 51 mile, 8 inch pipeline from the Billy Creek per share. Dividends from the pref. stock will be paid quarterly at the
Field to Sheridan. The route of this lino will go through Buffalo. The rate of $6 per share per year.
completed in time to serve Sheridan and Buffalo this Fall.
line will be
Capitalization.—Authorized, 200,000 shares no par common and 50,000
The Billy Creek gas field was discovered several years ago by the Carter
Oil Co. who were drilling for oil. The field has proven to be a very remark- shares preferred (par $100)•
Organization and Property.—Company is organized to own, operate and
able gas field but has not proven to be an oil field. The Carter 011 Co. has
discontinued drilling operations on the field and are turning it over to us control natural gas properties in north central Montana. The properties
for our requirements of natural gas. The gas in this field is found at about that will be presently owned or controlled by the Northwest States Utilities
3,800 feet and the wells are unusually large. At the present time there Co. are as follows: The Montana Cities Gas Co., formerly controlled by
are 7 gas wells on the field, the smallest one testing in excess of 30,000,000 the Hope Engineering Co. owning and operating a natural gas pipe line
'
Cu. ft. and the largest one which was the discovery well testing 68.000.000 from the Kevin Sunburst field north of S:helby. Mont., to Great Falls.
Cu. ft. The pressure is about 1,050 lbs. Geological reports on the field Mont. This company sells gas at wholesale to the Great Falls Gas Co. for
indicate a known gas reserve at the present time sufficient to supply the distribution in the city of Great Falls and also sells direct to the smelter
Buffalo and Sheridan market for approximately 30 years.—V. 130, p. 2579. of the Anaconda Copper Mining Co. at Great Falls.
The Northern Natural Gas Development Co., formerly controlled by the
2207,
Hope Engineering Co., owns outright or controls under contract to purMohawk-Hudson Power Corp.—Consolidation Delayed. chase gas, the majority of the natural gas available from the Kevin Sunburst field and other fields in the Sweet Grass Hills territory. This comSee Niagara Hudson Power Corp. below.—V. 130, p. 2580.
pipe line of
Cities Gas
Montreal Light, Heat & Power Consolidated.—Stock pany supplies gas for theUtilities Co.,the Montana a merger ofCo. interests
The Central Montana
representing
the
of Frank P. Book of Detroit, Mich., and the Minnesota Northern Power
Offered Customers.—
Customers will have until July 15 to subscribe for shares, according to Co. of Minneapolis, organized to serve Lewistown, Mont., with natural
an announcement by the company. The plan of customer ownership is gas service.
The Havre Natural Gas Co., formerly controlled by the Minnesota
on somewhat similar lines to tho offer made in 1926, payments for the stock
Northern Power Co., serving Havre and Chinook, Mont., with natural gas
being extended over a two-year period.
JULY 5 1930.]
FINANCIAL CHRONICLE
service. The Pondera Utilities Co., organized and managed by the Minnesota Northern Power Co.,serving Conrad, Choteau, Valier and the Ponders
oil field with natural gas service.
Management and Plans for Expansion.
-The Northwest State Utilities
Co. will have its operating headquarters at Great Falls, Mont.. which is
centrally located for the operation of the company's properties. This company will be controlled and managed by the Minnesota Northern Power Co.
of Minneapolis, Minn. The Hope Engineering Co. and the
have retained a substantial stock interest in the properties Book interests
formerly controlled by them.
The first step in the expansion program of the Northwest States Utilities
Co. will be the immediate construction of a 40
-mile 10
-inch pipe line north
from the Kevin Sunburst field to the Sweet Grass Hills territory near
the
Canadian border. This line will make available to the pipe lines of the
company one of the largest natural gas reserves in the Northwest.
Officers.
-0. C. Yawkey, Pres.; Aytch P. Woodson, Sec.; Ben Alexander. V.-Pres., Wausau,
R. M. Heskett, V.-Pres.. Treas. & Gen.
Mgr. and F. R. Gamble,Wis.•. Treas. & Asst. Sec., Minneapolis, Minn.
Asst,
Directors are. C. C. Yawkey, Ben Alexander, Jud Alexander. Aytch P.
Woodson, H. L. Geisse, Wausau,Wis., and R. M. Heskett, Minneapolis,
Minn..
115
Additional 1st & ref. mtge. gold bonds and 1st mtge. gold bonds of the
Waukegan Generating Co. may be issued (except for refunding purposes
in the case of the former) only to the extent of 757 of the cost of permanent
0
property acquired, and when issued must be pledged under the 1st lien &
refunding mortgage.
-V.130, p. 4051, 974.
Public- Service Co-ordinated Transport.
-Rate Increase.
The New Jersey P. U. Commission on June 28 ordered suspension for
three months from July 15 of a proposed schedule of increased fares asked
by the company. The Board announces that time is desired to inquire
into the reasonableness of such a rate.
Abandonment of trolley service by the Co-ordinated Transport between
Paterson and Haledon, N. J., and the substitution of buses is sanctioned.
--V. 130, p. 4608.
Public Service Corp. of New Jersey.
-Listing.
-
The New York Stock Exchange has authorized the listing of an additional
116.934 shares of common stock (no par value) on official notice ofissuance,
in exchange for outstanding shares of common stock of Peoples Gas Co.
and of Atlantic City Gas Co., making the total amount applied for 6,255,822
shares of common stock.
The directors on June 10, authorized the issue of 116.934 shares of
Pacific Gas & Electric Co.
-New Officer, &c.
common stock to be exchanged for all the common stock of Peoples Gaa
A. E. Wishon has been elected Vice-President and Assistant General Co.consisting of 25,000 shares (no par) and all
the common stock of Atlantic
Manager of this company, and President of the San Joaquin Light & Power City Gas Co. consisting of 50,000
shares (no par). Those shares are to be
Corp. and the Midland Counties Public Service Corp. Mr. Wishon formerly delivered to the United Gas Improvement
Co. in exchange for all the outwas Vice-President and General Manager of the Great Western
Power Co.. standing common stock of Peoples Gas Co. and of Atlantic City Gas ('.o.
tho San Joaquin and the Midland corporations.
Combined Results of Operationsfor 12 Months Ended April 30.
Guy C. Earl, of San Francisco, has been elected a director.
The New York Stock Exchange has authorized the listing of
[Company and subs,of intercompany transactions eliminated.)
3,572 additional shares common stock ($25 par), on official notice of issuance,
1929.
1930.
in
exchange for 302 shares capital stock of the Modesto Gas Co.,
making a Operating revenues of subsidiary companies_ _ - 4138,876,579 $128,453,938
total of 5,687,355 shares applied for to date.
Operating expenses
-V. 130, p. 4607, 4418.
52,891,803
55,416,364
Maintenance
12,345,709
13,533,359
Philadelphia Co.
-Stock Split-up Proposed, etc.
Taxes
13,957,485
15,332,086
The stockholders will vote shortly on approving the creation of
11,180,502
11,732,202
100,000 Depreciation and retirement expenses
shares $ti cumul, preference stock of no par value and on changing the
value of 5% non-cumul, pref. stock from $50 to $10 and the common par
Operating income
$42,862,568 $38,075,440
stock
from $50 to no par, each share of both classes to be exchanged
152,998
for five new Non-operating income
244,096
shares.
The stockholders will also vote on increasing the authorized
Gross income
843,106.664 $38,228,439
common
stock to an amount still to be determined.
Income deductions of sub. companies (bond int.,
-V.130, p. 4607, 4418.
rentals and miscellaneous interest charges)_ _ _ 11,726.291
11,589.233
a
Philadelphia Rapid Transit Co.
-Lease Authorized.
By a 14-5 vote, the City Council of Philadelphia on July 26
Net
companies
$31,380,365 $26,639,206
authorized Publicincome ofsubsidiaryJ.income
the lease of the Broad Street rubway to the above company for
Service Corp. of N.
3,540.764
3.215.076
215 years,
commencing July 1. at an annual rental of $780,000. The contract stipu- Expenses
756,827
704.999
Maintenance
lates that the company also shall pay the city $475,000 in monthly
111,208
22,754
payments Taxes
of$15,833 during that period in relmoursement for operating privilege,,
317,155
411,156
of the Retirement expenses
,City-owned lino during the last 19 mouths.
109,006
116,338
Mayor Mackey signed the ordin tree on June 27 and also the actual
Public Service Corp.of N.J. net profit
Controller Will B. Hadley anncunced that he will not enter thelease.
2,246,568
1.959,827
lease
ordinance upon his books, pending determination of Wilson's Court action
Gross profit
to set it aside.
-V. 130, p. 4603.
$33.340,193 $28,885,774
Public Service Corp.of N.J.income deductions:
Power Corp. of Canada, Ltd.
Interest charges
2,179,609
-Interim Dividend.
1,521,7/4
Amortization of debt discount and expense
The directors have declared an interim dividend of $1 per share on
100,373
12.683
the Other contractual deductions from income_ ___ _
no par value common stock, payable July 25 to holders of record
32,839
8,682
July 5.
A similar interim dividend was paid on Dec. 20 last.
-V. 129, p. 2857.
Net inc.ofP. S. Corp.of N.J. & sub.cos
$31,797,054 $26,572,963
Public Service Co. of Northern 111.
Approp.accts. ofsub. cos.: Adj.ofsurp.fleets_ _ _
Cr792,016
Cr4.477
-Bonds Offered.
-
Halsey, Stuart & Co., Inc. are offering at 94 and int.,
yielding about 4.82%, $15,000,000 1st lien & ref. mtge.
43/2 gold bonds, series E.
Dated July 1 1930; due July 1 1980. Red. all or part
notice at following prices and int.; at any time on or before upon 30 days'
10214: at any time after July 1 1940, and on or before July July 1 1940. at
1
at any time after July 1 1950, and on or before July 1 1960,1950. at 102;
at
any time after July 1 1960, and on or before July 1 1970. at 101: 10115: at
at any time
after July 1 1970, and on or before July 1 1979, at
after July 1 1979 at par. Interest will be payable (J.10015: and at any time
& J.
New York without deduction for Federal income taxes 1) in Chicago and
now or hereafter
deductible at the source, not in excess of 2%. Denom. $1.000c*. Company
agrees to reimburse the resident owners of series "E" bonds, if requested
within 60 days after payment (a) for Penna. 4 mill tax. (b) for
personal property tax not exceeding 4 mills per dollar per annum, Conn.
for Mass. income tax on the interest of the bonds not exceedingand (c)
6% of
such interest per annum.
Issuance.
-Authorized by the Illinois Commerce Commission.
Data from Letter of Chairman Samuel Instill, Dated July 1.
Company.-Incorp. in Illinois in 1911. Serves 316 communities located
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 estimated to exceed 1,100,000. Electric service is rendered
In 314 communities, gas in 102, water in five,and heat in three.. Company's
field of operation, embracing the wealthy suburban territory
tributary to
Chicago and the surrounding widely diversified manufacturing and
cultural districts, provides an unusually favorable market for light, agriheat
and power, and both domestic and industrial gas. During 1929, company
sold 1,056.558.905 kwh. of electricity and 7,817,117,900 cubic
feet of gas
to 431,964 customers. Through a wholly owned subsidiary the company
also owns interests in coal mines, outside power stations and
panies, which, while not directly connected with its business other comUtility operating.company, were considered vital to the Public as a public
Service Co.
of Northern Illinois' continued growth.
Capitalization Outstanding in the Bands of Public)
[As of June 30 1930, but adjusted to reflect present
financing.)
Preferred stock,6%
100.000 shs.
Preferred stock, 7%
63,576 shs.
Common stock
Additional com,stock subscribed to by stockholders and being 454,632 shs.
paid for on deferred payment plan
48,010 shs.
First lien and refunding mortgage gold bonds:
Series "A" 5)4%, due June 1 1962
$22,250,000
Series "B" 515%, due July 1 1964
5,000,000
Series "C" 5%, due May 1 1966
8,250,000
Series "D" 4)4%,due Nov 1 1978
1,284,000
Series "E" 4)4%, due July 1 1980 (this issue)
Underlying and underlying division 5% bonds, various ma- 15.000.000
turities, 1930 to 1956
23,372.700
5% debontures, due Sept. 1 1931
10.000,000
5% debentures, due Aug. 1 1932
10,000,000
Purpose.
-Proceeds will be used to reimburse the company
expenditures made in connection with the enlargement of the in part for
company's
subsidiary's Waukegan Station, and to provide funds for extensions
and
additions to be made to the company's electric transmission and
tion system, including substation equipment, and the expansion ofdistribugas generating and distributing facilities, in order to keep pace both its
with the
rapid growth of the territory served.
Total
Dividends of subsidiary companies
$32,589,070 $26,577,440
2,069,456
2,013,389
Balance
$30,519,615 $24,564,051
Approp. accts. of P. S. Corp. of N. J. (excl. of
dividends)
Cr463
Cr241,997
Total
$30.761,612 $24,564,515
Divs.on pref.stocks ofP.S. Corp.of N.J.--- -7,027.020
7 554,282
Net increase in surplus before payment of corn.
stock dividend
$23,207,329 $17.537,494
-V. 130, p. 460o. 4051.
Public Service Electric & Gas Co.
-To Furnish Electric
Energy to Pennsylmnia RR.
-
It is announced that .rrangements have been made with the Pennsylvania
RR. whereby the Ph.I u elphia Electric Co. and the Public Service Electric
& Gas Co. will co-ope.•ste in supplying electric power for the operation of
the electrified section of the Pennsylvania RR. between New York and the
Delaware River. The Pennsylvania electrification of which this is a part,
is to be one of the most extensive and important in the United States from
the standpoint of frequency and amount of traffic, and the arrangement
announced will assure dependability and continuity of power supply, by
making available for this purpose the resources of two of the country's
largest electric systems. The two are already interconnected and further
interconnections will soon be completed, so that they will participate in one
of the world's largest power pools.
-V. 130, p. 4051.
Public Utility Holding Corp. of America.
-Extends
Foreign Activities Through Acquisition of Minority Interest in
Luxembourg Company.
President 1 S. Burroughs confirms published reports that this corpora0.
tion has further extended its foreign investment activities through the
acquisition of a 35% interest in the Compagnie Grand d'Electricite du
Luxembourg, a construction and distributing company which is now
undertaking the electrification of the Grand Duchy of Luxembourg.
The entrance of the corporation into Luxembourg follows closely the
acquisition by the corporation of a large minority interest in L'Union
Electrique Rurale and the arrangements for joint purchase with the Deutsche
Bank of Berlin of a half interest in the equity of Westphalia United Electric
Power Corp. of Germany.
This latest acquisition represents a further alignment of Public Utility
Holding Corp. with the Mahleu-Lousteau interests which are also identified
with L'Union Electrique Rurale, and in each instance the holdings of the
American and French interests constitute control of these properties.
Senator Albert Mahieu of France is President of the Luxembourg company.
It is pointed out by Mr. Burroughs that the entrance of the corporation
into Luxembourg is in line with its previously announced policy to secure
a substantial minority stock interest in utility properties where such interests
along with those of associates in the management of the properties, give a
combined control. As in the case of L'Union Electrique Rurale, the
holdings of both the Public Utility Holding Corp. and the associated
French interests will be blocked and voted as a unit.
The Compagnie Grand d'Electricite du Luxembourg will serve practically the entire Duchy with electrical energy with the exception of some
small localities which draw from existing independent plants. The company is a large purchaser of current from the extensive steel and other
industrial works of Luxembourg. The Duchy with a population of approximately 285,000, is the heart of one of the leading coal and iron basins of
Europe. The majority of manufacturing and mining concerns are located
in the southern portion of the State, while the northern part of the country
Is devoted mainly to agriculture. The total iron and steel production
of the Duchy amounts to 70% of the Belgian total and 11% of Germany's
output. The Government of the Duchy is closely connected with the
development of its industry and commerce, including the development of
electrical facilities. Recent reports indicate that there is no unemployment in the Duchy, but that on the contrary the employment of foreign
labor is significant of its economic prosperity.
The management of the Luxembourg company is in the hands of a
board of directors which is limited to not more than 12, two of which are
to be named by the Government. See also V. 130, p. 4608.
Income Account for Calendar Years.
1929.
1928.
1927.
Gross revenue (incl. other income)___$34.843.713 $30,470,298
$27,047.153
Oper. exps., incl. maint., taxes de
rentals (but not incl. deprec.,
amortization of debt discount, &c.) 20.213,219 17,531,030
15,954.597
Net earnings
$14,630.494 $12,939,268 $11,092,556
Interest on mortgage indebtedness
$3,554,275 $3,263.815 $3,228,793
The annual interest on the entire mtge, indebtedness of the
In the hands of the public, including the present issue of first company
lien and
refunding mortgage bonds will require $4.262.665.
Security.
-Secured (a) by a first mtge, collateral lien on the power
Quinite & Trent Valley Power Co.
-Defers Dividend.
of the NVaukegan Generating Co. through pledge of substantially plant
all of
The directors have voted to defer the
the latter's capital stock and all of
813,566.000 of 1st mtge, bonds to be share due July 1 on the preferred stock. quarterly dividend of $1.75 Per
-V. 127. P. 1254.
outstanding upon completion of the present financing: (b) by the pledge
$52,463.000 of company's 1st & ref. mtge. gold bonds, or over 697 of of •
Radio Corp. of America.
0
-Answers Government Suit.
the
company's aggregate net principal amount of underlying and
underlying
David Sarnoff, President of the corporation, made the following statedivisional bonds issued and outstanding,and (c) by a direct
on all of the company's permanent property now owned or mortgage lien ment: Radio Corp.of America
on June 30 filed its answer in the suit which
"The
quired, subject only to prior lien bonds from time to time hereafter acoutstanding. the Government has brought against it and others,in Delaware, for alleged
116
FINANCIAL CHRONICLE
[VOL. 131.
For the 12 months ended May 311930.total operating revenues amounted
violation of the Sherman Act. In that answer the Radio Corp. denies
that it has, during the more than 10 years of its existence, done anything to $104,768,523, an increase of 7.6% over the previous period. Of this,
of which the Government should complain, but that, on the contraty, electricity contributed an increase of 7.9% and gas an increase of 9.6%.
what was done in obtaining rights under the patents of others was neces- Other operating revenues show no substantial change. Sales of electricity
sary for and has resulted in the establishment of modern radio, which could Increased 15.6% and sales of gas 15.7%. Earnings available for the comnot otherwise have lawfully been established nor brought to its present mon stocks of such subsidiaries amounted to $27,019,464, an increase of
efficient condition. The development of radio was freed, not restrained. 29.3%. Combined earnings of U. G. I. and subsidiaries applicable to its
Further, the Radio Corp. has not attempted to monopolize these devel- preferred and common stocks amounted to $35,844.789, an increase of
opments and patent rights, but has granted many licenses to others, with 23.1% over the previous period.
The more than 22,500,000 shares of U. G. I. common stock outstanding
no price restrictions, thus enabling them to enter into direct competition
with Radio Corp. and its subsidiaries in sales of tubes and broadcast re- are owned in every State of the Union. District of Columbia, Alaska,
Canal Zone, Hawaii and 18 foreign countries. There are at present approxiceivers to the public."
mately 66,600 common stockholder accounts. Women compose about
.
New Vice-President21% of this group; men 34%; estates 10% and corporations, partnerships,
G. Harold Porter of San Francisco has been elected Vice-President in brokers, &c., 35%.
•
-V. 130, p. 4608, 4240.
charge of Pacific Coast activities.
In addition, there are approximately 21,400 owners of the more than
506,000 shares of U. G. I. $5 dividend preferred stock now outstanding.
-Sale.
South Bay Consolidated Water Co., Inc.
-V. 130, P. 4609, 4052.
-V. 130, p. 289.
See Federal Water Service Corp. above.
-Listing.
Southern Union Gas Co.
The Chicago Stock Exchange has approved the listing of 500.000 shares
-V. 130, p. 4240, 3712.
common stock, no par value.
-Work Commenced.
Southwestern Natural Gas Co.
With four crews working, one at the Quinton end, one at the Tulsa end
and two at river crossings, the laying of the new high-pressure pipeline
of this company, a subsidiary of the Appalachian Gas Corp., was commenced this week, it was announced by the Vice-President, Harry Mann.
The new pipeline is a "Y" line, one leg passing through Sapulpa and having
Its terminus in Tulsa, Okla., and the other running to Boynton and Muskogee,with a branch line to Sand Springs. Contracts callfor completion of the
Muskogee branch by Sept. 1 and the entire line a month later.
On completion of the line, the Southwestern company will sell natural
gas under long term contracts to companies engaged in its distribution for
domestic and industrial purposes In Muskogee, Sapulpa and Boynton. and
will also furnish natural gas directly to industrial consumers in Tulsa.
p. 4051.
V.
-Annual Report.
Swiss-American Electric Co.
Virginia Electric 8c Power Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 194.860
shares of$6 dividend preferred stock (no par)on official notice ofissuance in
exchange for securities of Virginia Electric & Power Co. and City Gas Co.
of Norfolk.
The purpose of the joint agreement of merger entered into by the boards
of directors of Virginia Electric & Power Co. and City Gas Co. of Norfolk,
under the terms of which the shares of $6 dividend preferred stock, are to
be issued, is to merge City Gas Co. of Norfolk, all of whose common stock
is already owned by the company, into the company. It contemplates the
exchange of stock of the company for the old stocks of the company and the
preferred stock of City Gas Co. of Norfolk.
There are proposed to be issued in connection with the joint agreement
of merger 194,860 4-6ths shares of $6 dividend preferred stock as follows:
(1) 119.999 5-6ths shares shall be apportioned among and Issued to the
holders of 7% cumulative preferred stock of Virginia Electric & Power Co.
on the basis of 1 1-6th shares of $6 dividend preferred stock for each one
share of 7% cumulative preferred stock surrendered.
(2) 40 5-6ths shares shall be apportioned among and issued to holders of
scrip certificates for preferred stock of Virginia Railway & Power Co. on
the basis of 1 1-6th shares of said $6 dividend preferred stock for each $100
In amount of scrip certificates for preferred stock of Virginia Railway &
Power Co., surrendered, representing $100 in amount or multiples thereof.
(3) 64.280 shares shall be apportioned among and issued share for share
to the holders of 6% cumulative preferred stock of Virginia Electric & Power
Co. upon surrender thereof and (or) to and among the subscribers to 6%
cumulative preferred stock of Virginia Electric & Power Co. as and when
such subscribers shall respectively pay their subscriptions for stock in full.
in lieu of shares of 6% cumulative preferred stock so subscribed for.
(4) 10,000 shares shall be apportioned among and issued to the holders of
preferred stock of City Gas Co. of Norfolk on the basis of 1 1-3 shares of
56 dividend preferred stock for each one share of preferred stock of City
Gas Co. of Norfolk surrendered.
Consolidated Income Statement 12 Months Ending April 30 1930.
$17,142,115
Operating revenues
7,847.921
Operating exps. & taxes (incl. Fed. Income tax of $286,516)--1.521,686
Maintenance
2,100.000
Depreciation
Net profits of the company, which through its subsidiaries operates
principally in South America, totaled $1,533,207 for the year ended April
30 1930. Dividend requirements on the $6 preferred stock were earned
over 2M times Isnd dividends of 6% and 5 francs were declared on class A
class B common stocks respectively.
"The less favorable economic situation in South American countries.
primarily resulting from the decline in the price of agricultural products and
raw material as well as the substantially smaller grain crops, has not had
any noticeable influence on the progressive increase in the use of electric
power," says the annual report. "In line with results in Europe and North
America and in spite of the generally unfavorable economic situation, there
has been a steady increase in demand for electric power. This growing
demand has been felt by the companies in which we are interested and has
enabled them to increase further their power production. The continuous
'Acreage in demand has also caused them to expedite as much as possible
Ihe expansion work already begun."
American interests are represented on the board of the company through
John J. Rudolf of A. Iselin & Co., Prentiss N. Gray, Pres. of J. Henry
Schroder Banking Corp. and Ellery S. James of Brown Brothers & Co.
Operating income
-V.129, p. 1593.
- Other income
Terre Haute Indianapolis & Eastern Traction Co.
Total income
Sale of Bonds.
The committee representing the 1st S; ref. mtge. 5% sinking fund gold Interest on funded debt
bonds has announced that it has contracted to sell to Midland United Other interest
Co. not loss than 70% of the total outstanding bonds at $750 cash per Amortization of discount and expense
$1,000 bond. Twenty per cent will be payable when toe period of notice
Netincome
to the depositors has expired and the remainvig 80% will be payable
Surplus, Jan. 11928. 1929 and May 1 1929
without interest at or before the expiration of one year thereafter.
The offer will be extended to additional bonds not heretofore deposited Miscellaneous direct credits
if promptly deposited with the committee and made available for delivery.
Total
The Traction company was one of the companies intended to be merged
with Indiana Electric Corp. and Central Indiana Power Co. under a plan Dividends-Virginia Electric az Power Co.:
Preferred stock
Indiana Public Service Commission
recently abandoned because the
Common stock
withheld its approval. The property was subsequently placed in the
Subsidiary companies
of a receiver.
hands
Midland United Co. Is a holding and operating company organized Miscellaneous direct charges
in Delaware. of which Samuel Ins:nil is Chairman and Samuel Insult Jr. is
Surplus, Dec. 31 1928. 1929 and Apri130 1930
President.
The following are members of the committee: William P. Gest, Chair- Earned per share, preferred
Earned
man: C. S. W. Packard, Henry G. Brengle, and Thomas S. Gates, Phila- -V. per share, common (average outstanding)
130. p. 4609, 4418.
delphia. The depositary is Fidelity'Philadelphia Trust Co., Philadelphia.
-V. 130. p. 4608, 2964.
-Bonds, &c., Authorized.
Toledo Edison Co.
The Ohio P. U. Commission has authorized the company to issue $2,
293.800 in bonds and $1,527,300 in pref. stock, the proceeds to be used
-V. 130. p. 2030.
to reimburse the treasury for validated expenses.
-Sale.
Union Traction Co. of Indiana.
$5.672,508
34,350
$5,706,858
1.650.033
44,224
100,320
$3,912,281
5,565.229
119.432
$9.596,942
988.479
2,230.740
60.000
537,622
85,780,100
$23.13
$5.14
-Notes Offered
Western Power Light 8c Telephone Co.
-Halsey Stuart & Co.,
-Issue of Debentures Withdrawn.
Inc., A. B. Leach & Co., Inc., and Central-Illinois Co. are
offering at 99.67 and int., to yield 6%, $4,000,000 54
gold notes due March 1 1931. The issue of $4,000,000 6%
debentures noted in the "Chronicle" of June 28, p. 4609,
has been withdrawn.
Dispatches from Anderson, Ind., July 2 state that a bid of $3,923.922
bought the properties of the copmany when they were sold at puolic auction.
by Arthur W. Brady, receiver. The Midland United Co., an Instill unit,
Dated as of March 1 1930. Denom. $500 and $1,000 c*. Interest
made the bid. The sale is subject to the approval of Carl F. Morrow,
payable Sept. 1 1930 and at maturity at the office of Continental Illinois
Judge of the Madison Circuit Court.
Federal
The Union Traction Co. has aeon in receivership since Dec. 31 1924. Bank & Trust Co., Chicago, trustee, without deduction for normal part on
The properties sold comprise 150 miles of street and interurban lines in Income tax not exceeding 2% per annum. Red. as a whole or in
northeastern Indiana and a light and power system owned by a subisdiarY 30 days' notice at 100 plus interest.
company.
Data from Letter of Nathan L. Jones, President of the Company.
The properties Consist of the Union Traction Co. of Indiana, the Inutility companies operating in MisBusiness.
-Company owns
dianapolis Northern Traction Co. except its line between Kokomo and souri, Kansas, Oklahoma and public and the company is now expanding
Logansport; the Indiana Union Traction Co., the Indianapolis New Castle these operations by adding to Texas:
its system public utility properties in Iowa,
Fort Wayne By.
& Eastern Traction Co.. and the Muncie Hartford &
Ice properties in the Southwest are also
Nebraska,
W. S. Gorman, Assistant Secretary of the Midland United, bought the owned by Kansas and Colorado.
and 9 well-established Pennsylvania ice properties
Union Traction line between Muncie and Union City and the lines between In the area subsidiariesto Pittsburgh are being acquired in like manner.
contiguous
-V. 130. P.
Marion and Wabash and between Kokomo and Logansport.
The subsidiaries will supply 250 communities with one or more classes
4240.
of service: and the properties are so located as to permit economical operation in groups. Electric light and power will be furnished in 71, water in 5.
-New Directors-Initial Common Div.
United Corp.
Ice in 28, gas in 5, and telephone service in 160 communtiles. Electric
Thomas S. Gates has resigned as a director and Harold Stanley and power is also supplied wholesale to 8 communities. The number of electric,
Edward Hopkinson Jr., of J. P. Morgan & Co., have been elected to the gas and water customers and of telephone subscribers exceeds 75,000. and
board.
the population supplied with one or more of these services Is estimated at
The board has declared for the year 1930 an initial dividend of 50 cents more than 400,000.
a share on the common stock. payable Oct. 1 to holders of record Aug. 25.
include 13 generating stations and
The electric light and power
cents a share 840 miles of transmission lines.properties
The board also declared the regular quarterly dividend of 75
The telephone properties are concentrated
on the $3 cumulative preference stock, payable Oct. 1 to holders of record In central Kansas and northern Oklahoma, in northern and western Misp. 4608, 4418.
Sept. 5.-V. 130,
souri, and in eastern Nebraska and western Iowa. The system includes
the local exchanges occupy build2,708 miles
-Acquires Control of Northern Texas ings owned of toll lines and a majority ofdistance service with all parts of
United Gas Corp.
by the subsidiaries. Long
the United States and Canada is handled through interconnections with
Utilities Co.
The corporation, directly and through the United Gas Co., a subsidiary, lines of the Bell Telephone System and other companies under joint operathas acquired control of the Northern Texas Utilities Co. through purchase ing agreements.
The
The total estimated value of the properties owned and now being acquired
and
of very large percentages of preferred stock Powercommon stock.
& Light Corp.
as appraised, plus the cost of subsequent additions and extensions to
United Gas Co. is a subsidiary of the Electric
The Northern Texas Utilities Co. controls in fee or by lease the gas rights March 311930, less depreciation, is $17,597,598.
on a large acreage in the Amarillo field in Texas. The company owns a
-Upon completion of present financing, the capitalization
Capitalization.
main pipeline and branch lines extending from this field in a generally of the company and the stocks and securities outstanding in the hands of
southeastern direction to Wichita Falls, Texas, and has franchises and dis- the public will be as follows:
Falls and nine other communities in the
tributes natural gas in Wichita
Authorized. Outstanding.
intermediate territory. In Wichita Falls, having a population of about 1st lien coll. 20-yr.6% gold bonds,series A and B $15.000,000 $4,737,000
50.000, the company does only an industrial and commercial heating busi- 6% gold notes. due June 1 1931
10.000,000
2,500,000
ness•
5,000,000
4,000,000
% gold notes. due March 1 1931 (this issue)The company serves directly 7,500 customers. In addition to its direct 6% and 7% preferred stock (par value $100)
10,000,000
4,135,000
Northern Texas Utilities Co. sells gas for resale to a number of Participating class A stock (no par)
sales, the
250,000 she. 65,000 shs.
-V. 130. p• Common
other distributing companies serving about 5,000 customers.
300,000 ohs. 200,000 shs.
stock (no par value)
4418. 4240.
The capitalization shown above as to be outstanding in the hands of the
public does not include notes of first lien collateral bonds, or $4,000,000
-Earnings, &c.
United Gas Improvement Co.
convertible 6% debentures of an authorized issue of $10,000.000. all of
John E. Zimermann in a letter to the stockholders. June 30, says:
subsidiary which will be held in the treasury of the company. It is planned to retire
Despite the current recession in industrial activity, your
gold notes due March 1 1931 and the 6% gold notes due June 1
utility companies continue to show increases in gales and revenues. Results the 534%
the Philadelphia Gas Works 1931 through the sale of bonds, debentures and preferred stock.
for 5 months ended May 31 1930, (excluding 9.3% and in sales of gas of
The company will own all the outstanding common stocks of its subCo.) show increases in sales of electricity of
revenues, sidiaries, except directors' qualifying shares and a small minortly interest
11.4% over the corresponding period of 1929. Total operating
In one subsidiary. These subsidiaries will have no other securities outincluding other services, increased 5.8%•
JULY
5 1931]
FINANCIAL 'CHRONICLE
117
standing in the hands of the public except $225,000 of mortgage bonds and from sources outside the Commonwealth, but has, nevertheless, been
subjected to heavy and excessive taxes and expense involved in contesting'
$196,450 of preferred stock.
Earnings.
-The combined earnings from the properties owned by sub- such taxes. In addition, the expense and inconvenience of maintaining a
required
sidiaries and under contract to be acquired, in part with the proceeds from statutory office in Boston, asis deemed by law, for the purpose of holding'
this financing, for the 12 months ended March 31 1930 (except certain new stockholders' meetings therethe laws of to be undesirable.
Delaware will reduce the amount
(2) Reorganization under
properties for periods ended Jan. 31 to April 30 1930, inclusive), before
enable
deducting depreciation and Federal income tax, are reported by independent of taxes paid by the predecessor company, will N. Y. stockholders' meetings
City, will provide ther
to be held at 14 principal business office in
auditors as follows:
occasion for a more flexible and up-to-date charter and byl-aws, will permit
$3,457,421 an increase in the authorized number of shares of capital stock, and will
Gross revenue
Operating expense, maintenance and local taxes, and $25,839 anstockholders by reason of the fact that the State of Dela2,138,219 further benefit inheritance tax in respect of stock of a Delaware corporanual hit, on bonds & diva. on stocks of subs, held by public
ware imposes no
tion owned by non-resident decedents.
Net income before interest, depreciation & Federal income tax..$1,319,202
It was accordingly voted as follows:
Ann. int. requirement of entire funded debt to be outstanding
(1) To
of the property of the predecessor company subect to its
654,220 liabilities sell allcompany, solely in exchange for a number of shares of the
upon completion of present financing
to the
The above net income before depreciation and Federal income tax is latter's capital stock, equal to the number of shares of the predecessor commore than 2 times the annual interest requirement of the entire funded pany's stock outstanding at the time of sale.
debt to be outstanding upon completion of present financing, including
(2) To adopt an amendment to the predecessor company's charter to
-V. 130, p. 4609, 4419. V. 129,p . 3328, 3802.
provide that its corporate existence shall end at the close of business June
this issue of notes.
30 1930.
(3) To divide the distributable assets of the predecessor company, pro
rata, among its stockholders, so that each stockholder of the predecessor
INDUSTRIAL AND MISCELLANEOUS.
company will receive one share of stock of the company for each share
Miners at Parley Oppose Wage Cuts -Representatives of 150.000 in of the predecessor company.
The company has authorized the issue of the capital stock in resolutions
anthracite field most operators in New York. Both sides conciliatory and
are said to be anxious to avoid even a stoppage of work in making new adopted by its board of directors at a meeting held April 8 1930.
agreement. N. Y."Times" July 1, p. 29.
It was also resolved that the new company upon the consummation of the
Pittston Co. Strike Ended.-The outlaw strike of 2,000 of the Pittston sale, issue to Manhattan Electrical Supply Co. Inc. or upon its order so
Co.'s 16,000 employees over the company closing down its high cost pro- much of 27,500 shares of capital stock as shall equal in number the number
ducing mines ended June 30. The strike has been in effect since June 21. of shares of stock of Manhattan Electric Supply Co. Inc. taken and paid
"Wall Street Journal" July 2, p. 5.
for prior to the consummation of the sale by Richard H. Brown under his
Copper at 113i Cents.
-Sales of copper as low as 1134 cents a pound by contract with that corporation dated Sept. 5 1920, and amended Dec.
custom smelters were reported July 2, although large copper producers 5 1929.
Under the plan of reorganization the company will assume the guarantee
and several custom smelters continued to ask 12 cents a pound for the
metal. New York "Times," July 3, p.37.
of the payment of the principal and interest of the outstanding debentures
-An injunction restraining the of Troy Laundry Machinery Co., Inc. of which issue there are outstanding
Anti-Trust Decree Curbs Wool Group.
Wool institute, 2 Park Ave., N. Y. City from acts in restraint of trade $2,550,000 and will set aside a sufficient amount of its common stock to
and violation of the Sherman Anti-Trust Act was signed June 27 by Federal take care of the conversion provisions, in accordnace with the terms of the
indenture. The debentures may be exchanged for the common stock on
Judge W.1. Grubb. New York "Evening Post." June 27, p. 1.
-Trade Commission's report, the basis of par and accrued and unpaid interest to date of presentation,
No Fixing of Prices in Newsprint Found.
however, urges observation of newsprint institute of Canada. N. Y. as follows:
"Times," July 3, p. 12.
$80 per share for stock, if exchange is made on or before the last day of
Matters Covered in "Chronicle" of June 28.-(a) The indications of cotton any month up to and incl. Dec. 311932. made
after Dec. 31 1932, and on
$90 per share for stock, if exchange is
acreage in June 1930, page 4491-4507: (b) production of cigarettes in May,
-Largest in any month this year, page 4514: (e) Maine the last day of any month up to and incl. Dec. 31 1937.
10,300,767,000
$100 per share for stock, if exchange is made after Dec. 31 1937, and on
mill to close-American Woolen plant reveals first shutdown in 40 years,
page 4517;(d) Failure of C. E. Moritz of Natchez, member of New Orleans the last day of any month up to the maturity of the debentures, Jan. 1 1943.
maximum
Exchange, page 4517; (e) United States makes its first billion tons of steel, • The company has, therefore, set aside 31,875 shares as the provision.
the
page 4519: (f) Voluntary petition in bankruptcy filed in behalf of Rural number of shares that may be issued under the above conversion
directors and officers of the
The new directors and offiers succeeding
Grain Co. of Chicago, page 4530: (g) Solloway, Mills & Co., Toronto
company are:
brokerage concern, to close doors, page 4533; (h) Resale at auction of predecessor-C. K. Woodbridge, Harrison Johnson, S. M. Bachman,
Directors.
3,124 shares of Journal Square National Bank stock, Jersey City, at $179
M. J.
a share, held by receivers of the Bankshares Corp. of the United States remain Whitson, George Von Seebeck, Ralph S. Day. Three directors
to be elected.
-No
and its subsidiaries, confirmed, page 4542: (i) Sheet & Tube wages
Officers.-Pres., C. K. Woodbridge; Vice-Pres., S. E. Moore: Sec.,
general reduction planned at any of Youngstown and Chicago plants,
-RCA-Victor plans for force of George Von Seebeck: Treas., V. C. Stephens.
page 4546; (j) To add 7.000 employes
Transfer agent is Chase National Bank, New York. Registrar, Central
20,000 by Aug. 1, page 4546.
Hanover Bank & Trust Co., New York.
-New Director, &c.
Abitibi Power & Paper Co., Ltd.
- Consolidated (Tentative) Income Statement 5 Months Ended May 31 1930.
W.H. Smith,formerly Secretary and Treasurer, has been elected a direc$890.403
Gross income
tor and Assistant Managing Director. T. Broadhurst has been elected Selling, administrative and general expense
838,138
Secretary, L. T. Popham, Assistant Secretary; H. Young Treasurer, and Depreciation
105,536
McCormach, Assistant Treasurer.
-V. 130. p. 4241, 1830.
A. J.
69,201
Interest on bonds and amortization of bond discount and expense
-Sales.
Adams Millis Corp.
Increased 1930-6 Mes.-1929.
-June-1929.
1930
$463,210
$151,1671$3,683
$614,386
.618 83.308.958
Increase.
$374,660
-V. 130, p. 4053, 3714.
-Completes Two New Wells.
Amerada Corp.
The corporation announces the completion of two new wells In the South
Earlsboro pool, flowing at an aggregate rate of 11,000 barrels daily. The
wells will produce under the proration agreement. The first well is known
as Grounds No. 5, Amerada-Dixie Oil Co. flowing 6,000 barrels daily and
'
the second well is the Edwards No. 5. Amerada-Dixie-Mid-Continent,
-V. 130, p. 4242.
flowing at the rate of 5,000 barrels dally.
-Semi
-Annual Distribution
American Depositor Corp.
on Corporate Trust Shar'es.-
Loss for period
Upkeep of idle plant; inventory write-offs for obsolescence, &c.•,
development expenses written off; special depreciation and
obsolescence of machinery; patent rights abandoned; loss from
sales, dismantling, Sic., of fixed assets; expense of moving and
rearranging plants
$122,471
Total loss
Deficit at Dec. 31 1929
Deficit May 31 1930
-V. 130, p. 4610.
$133,736
403,894
537,630
11,265
-Proposed Consolidation.
American Phenix Corp.
-
The stockholders will vote July 8 on approving a proposed plan for the
merging or consolidating of the properties of the wholly owned or controlled
A dividend of 81.316 per share is payable to holders of Corporate Trust subsidiary companies with the American Reserve Insurance Co. The special
Shares against the semi-annual coupon, due June 30 1930. Coupons are meeting referred to in the enclosed notice is called for the purpose ofsecuring
office of the trustee, The Chase National Bank your approval of that plan.
payable at the,
New
of the City of Now York or at any of the authorized paying agents.
Holders of Corporate Trust Shares of record June 30 1930 are given rights
Vice-President Edward L. Mulvehill, June 27, says:
to purchase additional shares at a discount under current offering price.
In order that the re-insurance companies owned or controlled by the
These rights are exercisable on or before July 31 1930 and are evidenced American Phenix Corp. may be merged or consolidated with the American
by "rights" coupons attached to Corporate Trust Shares certificates.
Insurance Co. under the Insurance Laws of the State of New York,
Holders of Corporate Trust Shares who desire to exercise their "rights" Reserve
preliminary step, but only as a part
merger
should present their June 30 rights coupons to the investment house or it is necessary as a that there first be transferred to of the plan of Corp.
Re-Insurance
or consolidation,
bank from whom their shares were purchased, or to the American Depositor of America the stocks of the other companies owned or controlled by your
Corp., 120 Wall St., N. Y. Rights coupons should not be presented to corporation. including the stock of Underwriters' Re-Insurance Co. and
-V.130, p. 4419.
any of the bank paying agents.
Minnesota Fire Insurance Co. All of the stock of Re-Insurance Corp. of
your corporation.
-Extra Dividend.
American Electric Securities Corp.
- America, is owned byof these stocks to Re-Insurance Corp. of America Is
When the transfer
The directors have declared an extra dividend of 50 cents a share oa its
Re-Insurance Corp. of
to holders of record Jftly 15, and in approved by the stockholders of your corp., the merged
partic. pref. stock. payable Aug. 15
or consolidated
addition have voted in favor of paying regular dividends bi-monthlv or America will then be in a position where it can be
six times a year instead of quarterly, commencing Aug. 1, according to a with American Reserve Insurance Co.under the Insurance Laws of the State
of New York.
statement leaned by G. V. Grace & Co., Inc., fiscal agents. Regular
The approval of the plan of merger or consolidation between the Requarterly dividend of 10 cents a share on the common stock was also deinsurance Corp. of America and American Reserve Insurance Co. by you
payable July 15 to holders of record July 5.
clared
and by the stockholders of the American Reserve Insurance Co. and the
For the 12 months ended May 31 1930 profits were $71,236: after expenses, including Federal tax reserve the balance is equal to $4.98 a share Superintendent of Insurance of the State of New York will result in the new
American Reserve Insurance Co. being one of the largest re-insurance comon the average number of participating preferred shares outstanding.
M.R.Stern and A.A.Jenkins were elected to the board -V.130, p.2584. panies in America.
Under the plan of merger or consolidation, your corporation will receive,
in addition to other valuable consideration, one-third of the capital stock of
-Dividends.
-American Founders Corp.
The directors have declared dividends for the quarter ended July 31 on the new American Reserve Insurance Co.
If the plan of merger or consolidation is consummated, the new American
the following stocks: 7% 1st preferred, series A, 873.c.: 7% lit preferred,
exseries B, 873c.; 6% 1st preferred, series D, 75c.: 2d preferred, 37%c.: Reserve Insurance Co. will be managed by executives of standing and will
common shares, 1-70th common share, all payable Aug. 1 to holders of perience in the insurance business. The directors of the new company
Like amounts were paid on the respective stocks on Feb. 1 be as follows:
record July 2.
James V. Barry, B. W. Jones, Thomas B. Boss, V. Russell Leavitt,
and May 1 last. A special cash dividend of 33 1-3c. was paid on the new
common stock on Feb. 1 1930. In each of the four quarters of 1929 a Clement H. Brigham, Edwin G. Selbels, J. W.Cochran, Samuel M.Stone.
E. P. Earle, B. H. Fancher, F. D. Stranahan, Harmon S. Graves, Albert
cash distribution of 12%c. a share and 1-140th of a share in stock were made
T. Tamblyn, C. Morgan Aldrich, H. S. Tenney, J. S. Harris and Roger H.
-V. 130. p. 3542, 2211.
on the common shares.
Williams.
The directors of your corporation and of Re-Insurance Corp. of America
American Machine & Foundry Co.
-Regular Dividend.
The directors have declared the regular quarterly dividend of $1.75 per have unanimously approved this plan of merger or consolidation.-V. 130.
common stock, payable Aug. 1 to stock of record July 18. 13• 4242.
share on the old
-for-1 and dividend action on the new common
The stock was recently split 5
-Probable Merger.
American Plate Glass Corp.
stock will not be considered until the next quarterly directors' meeting in
Negotiations between this corporation and the Indestructo Glass Corp.
October. The pref. stock is being retired.
are nearing completion whereby the latter will take over the assets of the
General John H. Rice has resigned as Vice-President and director of the former company.
American Machine & Foundry Co. and the International Cigar Macninery
Sponsors of each company will give the new company, to be called the
Co. H. H. Ramsey succeeded General Rice as director in both companies. Indestructo Glass Corp., an additional $1,000,000 of working capital which
-V.130, p. 4419.
will provide for the installation of machinery to make a new processed
thin plate glass.
American Machine & Metals, Inc.
-Listing,
The New York Stock Exchange has authorized the listing of 226,875
-Proposed Merger.
American Reserve Insurance Co.
shares of capital stock (no par value) on official notice of issuance and
The stockholders will vote July 29 1930, on the question of entering into
payment in full as hereinafter more particularly set forth, as follows:
an agreement of merger with the Re-Insurance Corp. of America. The
195,000 shares to be issued in exchange for 195,000 shares of present
outstanding capital stock of the predecessor company (Manhattan Electrical agreement provides that the consolidated corporation will have an authorized capital stock of $1.000.000 consisting of 100,000 shares of $10 par
Supply Co., Inc.).
present stock pro rata, without
31,875 shares representing the maximum number of shares which may value, which shares will be exchanged for the
isSited upon the exercise of the conversion provisions contained in the further cost.
be
-V. 130, p. 4243
Phenix Corp. above.
-year convertible sinking fund 6%% gold debenSee American
Indenture securing the 15
tures of Troy Laundry Machinery Co., Inc.
-Merger.
American Solvents & Chemical Corp.
At a meeting of the stockholders of Manhattan Electric Supply Co., Inc..
A letter dated June 26 says: "We take pleasure in announcing that the
held March 25 1930, it was voted to reorganize under a new name, under
businesses of this corporation, Rossville Commercial Alcohol Corp. and
the laws of Delaware,for the following reasons:
(1) The predecessor company maintains no business office in Mass, does General Industrial Alcohol Corp. have been united and will hereafter be
no business there except such business, in inter-State commerce, as is done conducted as a single entity.
118
FINANCIAL CHRONICLE
The industrial alcohol business of the American company will be conducted by two wholly-owned subsidiaries. Rossville Commercial Alcohol
Corp.. which will operate throughout the entire country east of the Rockies,
and .American Solvents dc Chemical Corp. of California, which will function
in the Pacific Coast territory. The molasses and chemical enterprises will
be conducted through the parent company, American Solvents & Chemical Corp.
-V. 130, p. 4610.
American Trustee Share Corp.
-Rights.
-7
The corporation announces that rights will be given to holders of its
diversified trustee shares, series C, to purchase additional shares, to the
extent of dividend coupons surrendered on or after June 30 1930, at 50
cents per share below current offering prices. The following semi-annual
dividends were declared: Diversified trustee shares, original series, 59.903
cents, payable July 1; diversified trustee shares, series C. 27.578 cents.
payable June 30.-V. 130, p. 4053.
Anglo American Corp. of So. Africa, Ltd.
-Dividends.
A dividend of 3% for the half year ending June 30 1930, being at the
rate of 6% per annum, has been declared payable on the 6% cumu. pref.
stock to stockholders cf •ecord June 30. The stock transfer books will
be closed from July 1 to July 7, both days inclusive. Holders of stock
warrants to bearer will receive payment of the aforesaid dividend at the
London transfer office of the corporation, 5, London Wall Buildings,
London, E. C. 2., England, on presentation of Coupon No. 2.1Iolders
of stock warrants to bearer who are resident in the Union of South Africa,
may obtain payment at the head office of the corporation, Amercosa
House, Johannesburg. Dividend warrants and coupons paid to residents
in the United Kingdom will be subject to a deduction in respect of income
tax at the standard rate of 45. 6d. in the pound. Coupons will be paid
on or after Aug. 6 1930.
Dividends have also been declared payable to all shareholders of record
June 30 by the following companies:
Coupon
Dividend
Rate of Dividend.
Name of Company-.
No.
No.
%
Per Share.
Brakpan Mines, Ltd
36
36
4s. 3d.
21i%
Springs Mines, Ltd
22
22
3s.
17I4%
West Springs, Ltd
_
10
5%
is. ad'
The transfer registers will be closed in each case from July 1 to July 7 1930,
both days inclusive.
Holders of share warrants to bearer will receive payment of dividends
at the London office on presentation of the respective coupons, numbered
as shown below, on or after Aug. 6 1930. Share warrant holders who are
resident in South Africa may obtain payment of coupons at the head office
ofthe company in Johannesburg.
The directors of the Rand Selection Corp., Ltd. consider it is desirable
to husband the resources of the company pending an improvement in
business conditions, especially in the diamond trade, in which the company
Is largely interested, and have therefore decided to defer the declaration
of a dividend. (Compare also V. 129, p. 283 and 4142.1-V. 130. p. 4243.
[VOL. 131.
The corporation has followed the same lines as other bank groups in regard to a securities affiliate. Two of the Columbus banks had investment
security subsidiaries and these were combined into a new company known
as BancOhio Securities Ca. In regard to its affiliates, the BancOhlo Corp.
seeks to acquire all their outstanding stock. Authorized capital stock of
the holding corporation is 850.000 shares.
-V. 129, p. 3968.
Bansicilia Corp., N. Y. City.
-Smaller Dividends.
-
The directors have declared a quarterly dividend of 15 cents per share on
the class A and class B stocks, both payable July 10 to holders of record
June 30. Previously, the company paid quarterly dividends of 25 cents
per share on both issues.
-V. 128. P. 3355.
Borg-Warner Corp.
-New Subsidiary Co. Plant.
-
The Warner Gear Co., Muncie,Ind., a subsidiary, has acquired a 75
-acre
tract adjoining the city of Muncie and has begun construction of a new
plant on the site, which with equipment will cost approximately 52,000,000.
It is expected that the plant will be in operation by Aug. 15.
A new contract, requiring production of 2,000 transmissions per day, has
recently been obtained, according to President C. S. Davis. ''Additional
production capacity is required to fill this contract as the present facilities
of Warner Gear are insufficient to handle the added volume." Mr.Davissaid
The new plant will employ between 500 and 600 men. The first unit
erected will consist of a modern fireproof machine shop and power plant.
The Warner Gear Co. has added a new unit to its plant in every year
since 1926. At present the company employs in excess of 2,000 workers.
-V. 130. p. 4054.
Boston Personal Property Trust.
-Earnings.
Earnings for 12 Mos. End. June 16 1930.
Income received during year
5303,477
Commissions, expense and interest
26,913
Taxes
7,920
Dividends paid
237.817
Surplus income for year
$30.827
Taxes on capital gains paid during year were $20,376.
Balance Sheet June 16 1930.
AssetsLiabilities
U.S.securities
$4,989,915
$298,125 Capital and surplus
Real estate securities
417,628 Accrued div. exp.and taxes__
74,602
Public utility securities
1,163,899
Railroad securities
1,277,372
Industrial securities
1,525,612
Miscellaneous securities
203,924
Sundry securities
1
Cash
$5,064,51
Total(each side)
177,957
-V.130. p. 2397, 1833.
Bridgeport Machine Co.
-Earnings.
-
Armour & Co. (I11.).-Grocers' Motion To Dismiss Plea
of Packers Denied-District of Columbia Court Declines to
Dismiss Request for Modification of Consent Decree-Application Will Be Heard on Its Merits.
Motions of the American Wholesale Grocers Association and the National
Wholesale Grocers Association to dismiss the petitions of Swift & Co. and
Armour & Co. for modification of the so-called packers consent decree of
1920 were overruled June 28 by Justice Bailey. of the Supreme Court of
the District of Columbia.
In ruling on the motion Justice Bailey declared in his opinion that "it is
not necessary at the present time to decide upon the power of the court to
modify the consent decree without the consent of the parties to it. If after
a full hearing the Government should become convinced that the decree
hould in justice to the defendants be modified and should consent to the
modification, the refusal of the intervenors (the grocers associations) to
consent would not in itself prevent the court from modifying the consent
decree, if the court should take the same view as the Government upon the
facts presented to it."
The consent decree, entered by the Supreme Court of the District of
Columbia in 1020, at present enjoins the major packers of the couatry from
engaging in any business of handling any food products except meat and
meat. products, and from establishing retail meat markets. It also prohibits
them from owning stock or other interests in public stockyards, market
companies, or stockyard railroads.
In August 1920. Swift & Co. and Armour te Co., two of the original five
packers involved in the decree, petitioned the court for such modification
of it as would permit them to establish retail meat markets, handle allied
food lines, and own stock in public stockyards and stockyard terminal
railroads.
The grocers associations, who had intervened in the case some two
years after the decree was entered to prevent a proposed modification at that
time,filed motions to dismiss the new petition resting chiefly on the grounds
that the decree having become final, the court was without jurisdiction to
grant such modification and that, even if it did have jurisdiction, such
power could not be exercised with the consent of al,1 the parties to the decree.
Amended petitions were filed by the packers •Ind motions to dismiss
them were subsequently filed by the grocers.
'
The Government filed an answer, not denying the jurisdiction of the court,
but putting the petitioners to the strict proof of their allegations.
Following the filing of this answer the Attorney General, William D.
Mitchell, explained that the attitude of the Department of Justice toward
the proposed modification would be determined only after a full hearing of
the evidence offered in Its support.
The Senate has since requested a report on the case from the Attorney
General. On June 27, the Assistant to the Attorney General, John Lord
O'Brian, head of the anti-trust division of the Department of Justice,
stated in a letter to the secretary of the Senate, that the report would be
deferred until the grocers' motions to'dismiss had been acted on by the
Supreme Court of the District of Columbia.
Frank K. Nebeker counsel for the National Wholesale Grocers Association, explained orally following the entry of 7,,r. Justice Bailey's ruling,
that no further action will be taken on the motion to dismiss at this time.
The decision on the motion, he pointed out, was not appealable. The case
will now proceed to a hearing on the merits.
-V. 130, p. 2585, 1657.
.
The company reports a net profit, before taxes of $43,053 for the month
of May,a new high record for the company. These earnings are equivalent
to an annual rate of approximately $3 a share on the common stock.
V. 130, p. 4246, 1657.
George E. Kidd, H. It. MacMillan, Philip Malkin and A. H. Wliliarnson$
have been elected directors.
-V. 130, p. 4()54.
Asbestos Corp., Ltd.
-Meeting Postponed.-
The meeting of holders of general mortgage bonds called for June 30
to act on the proposal of the directors for postponement of interest and
sinkhag fund payments, due July 1 and Jan. 1, next, was postponed due to
lack of the necessary quorum to pass on the resolution.
The action of 65% of the $4,239.000 bonds outstanding is required for
passing the resolution, and only $1,303,500 bonds were represented in
person or by proxy, of which nearly $1,000,000 was represented by the
bondholders protective committee, formed recently. Adjourned meeting
will be held on August 4. next. See also V. 130, p.4420.
BancOhio Corp.
-Acquisitions.
--
The corporation has just included among its affiliations four banks in
Zanesville, Ohio, bringing the total number of its associated banks to 11.
Is now has the following financial institutions associated: First Citizens
Trust Co., Ohio National Bank, Fifth Avenue Savings Bank and the
Morris Plan Bank, all of Columbus, Ohio; First National Bank & Trust Co.,
Springfield, Ohio; First National Bank and Valley Savings Bank & Trust
Co., Chillicothe, Ohio; Old Citizens National Bank, Peoples Savings Bank.
Zanesville Bank 14 Trust Co. and Guardian Trust & Safe Deposit Co..
Zanesville, Ohio.
Negotiations are reported in progress for acquisition of several other
banks in its territory. The incorporation papers of BancOhio Corp. limit
its investments to bank stocks and to securities eligible for banks in Ohio.
The corporation, according to J. A. Kelley, Executive Vice-President,
expects to operate exclusively within what is known as the Columbus trade
area which comprises central and southern Ohio.
ps Aggregate resources of BancOhio Corp. and affiliated banks at present
are approximately $100.000.000, it is stated. As of March 27 1930, resources aggregated $87,370,525. There are outstanding approximately 510,000 shares of $20 par value, with a book value of approximately $31 a share.
This company reported for the initial six months of operation ended Marti
1,_last, net income after organization expenses and Federal taxes, of $604.608, or $1.21 a capital share on outstanding capitalization at' that time.
A quarterly dividend of 35 cents was paid in January and April this year,
and officials say the stock is definitely on a $1.40 annual basis. Julius F.
Stone, of Columbus. 0., is President, and Robert T. Crew is Secretary.
British Columbia Packers, Ltd.
-New Directors.
British Type Investors, Inc.
-No. of Stockholders.
The total number of stockholders as of May last was 19,200. These stockholders are resident in 1,152 different cities scattered over 39 States in
this country: 4 Provinces in Canada and 6 foreign countries in Europe and
Latin America.-V. 130, P. 3358.
Broad Street Investing Co., Inc.
-Liquidating Value.
The liquidating value of each share of capital stock of the company as of
June 31) was $27.29, based on 91,001 shares outstanding, compared with
a value of $28.14 on Jan. 1 1930, when 89.707 shares were outstanding,
according to the semi-annual report just issued. After deductions for dividends, net assets of the company at the end of June totaled $2,483,728, a
decrease of $76,869, or 3%,cOmpared with net assets on Jan. 1 1930.
A classification of the company's assets at market value, after giving
effect to liabilities, revealed 34.68% in cash and call loans, 11.19% in bonds.
8.51% in preferred stocks and 54.29% in common stocks.
Total income of the company for the Smooths period amounted to $82,592
of which $24,380 represented profits realized on the sale of securities.
V. 130. p. 2397, 2033.
Bulova Watch Co., Inc.
-Earnings.
Earnings for 15 Months Ended March 311930.
Gross profit
Selling expenses
General and administrative expenses
$4,433,002
1,595,251
695.361
Operating profit
Other income
$2,142,391
99,077
Gross income
Income charges
Depreciation
Provision for Federal income tax
$2,241,467
440,100
52,008
191,129
Net earnings
Dividends paid on preferred stock from date of Issue
Dividends paid on common stock
$1,558,231
172,803
412,500
Surplus for 15 months ended March 31 1930
Earned surplus at Dec. 31 1928
$972,928
1,604,579
Earned surplus March 31 1930
82,577.507
Earnings per share on 275,000 shs. common stock (no par)
$5.04
Consolidated Balance Sheet March 311930.
AssetsLiabilities
Cash
$983,374
$669,055 Loans payable
Notes and acc'ts receivable.....a4,582,719 Drafts de acceptances payable_
25,779
Other receivables
349,966
72,034 Accounts payable
Inventories
2,519,692 Officers' accounts payable-- 365,982
Cash surrender valve life ins
667
40,395 Other accounts preferred
Land and buildings, machinery
48,429
Due to salesmen
and equipment, acc
b351,459 Accrued liabilities
59,239
Unamortized Improvements to
176,129
Federal income tax, 1929
leasehold trot ertY
25,9r0 Real estate mortgages payable
45,084
Prepaid advertising, Int., &c
20,802 $3.50 cony, preferred stock _ _ c2,750,000
Common stock
d900.000
Earned surplus
2,577,507
Total
$8,282,157
Total
98,282,157
a After reserves for doubtful accounts of $144,563. b After reserves for
depreciation of $249,902. c Represented by 50,000 no par shares. d Represented by 275,000 no par shares.
-V. 129, p. 2861, 1916.
Buckeye Incubator Co., Springfield, 0.
-Sale.
-
Plans of the Cleveland Co-operative Stove Co. to bring the business of
the Buckeye Incubator Co. to Cleveland, thus giving employment to 300
or 400 additional hands, were revealed on June 24 by K. F. Gill, President
of the former company.
The Cleveland concern was high bidder on the incubator and brooder
business of the Buckeye Incubator Co.. a subsidiary of the United Reproducers Corp., at receiver's sale on June 21. Formal approval of the
sale is to be made by Judge Robert R. Nevin in the Federal Court, Dayton.
"When we heard that the Buckeye Incubator business at Springfield, 0..
was for sale, we went after it in order to bring the business to Cleveland,"
Mr. Gill said. "We believe that it will not only fit into our organization
well, but will be a benefit to the city."
Capital of the Cleveland company was increased from $250,000 to
51,000,000 after the war. In addition to operating a large stove plant
along the Cleveland & Pittsburgh RR. at Central Ave. S. E. and E. 67th
St., the Cleveland company owns one of the largest stove plate foundries
in this section on Harvard Ave. S. E. Last year it sold between 50,000
and 60.000 brooder stoves.
Assets of the incubator and brooder departments of the Buckeye Co.
were appraised by the court at $1,987,654, and of the cultor department
JULY 5 1930.]
FINANCIAL CHRONICLE
119
$14,622. The cultor division will be discontinued by the Cleveland man- respects this company occupies to-day a new and more advantageous comagement.
petitive position in the automobile industry than ever before.
For th'e year ended April 30 1930 sales of the Buckeye company totaled
"1. Productive facilities have been rounded out and improved so that
$3,461,511 and net profit $386,660. Profits for the last 10 years have plants are operating at new high standards of efficiency and quality of
averaged $350,000,it wassaid.(Cleveland "Plain Dealer") -V.
126.13.4085. output;
-2. Distributive facilities have been expanded so that Chrysler-built
Bunte Bros., Chicago.
-50c. Common Dividend-Sales.
- automobiles are more widely marketed;
The directors have declared a dividend of 50 cents per share on the
"3. Chrysler Motors' line of products has been broadened so that the
Common stock and the regular quarterly dividend of $1.75 rer share on the company now competes in every price field from the lowest up;
pref. stock, both payable Aug. 1 to holders of record July 25. A dividend
"4. The corporation's financial strength has been so fortified that it has
of $1 per share was also paid on the common stock on Feb. 1 last and on been able to weather an extremely critical period of general business deFeb. land Aug. 1 1929.
pression without impairment;
Sales in the first half of 1930 were slightly off from the like 1929 period
"5. A new basis of co-operation between management and employees
and about equal to those of the first half of 1928.-V. 130. p. 3883.
has been established which marks a distinct step forward in commonsense
industrial relations."
Butler Bros., Chicago.
-New Subsidiary Store.
Mr. Chrysler also calls attention of the stockholders to the fact that
Scott Stores, Inc., wholly owned subsidiary, on June 28 opened its fourth Chrysler Motors has so perfected the application of its original and fundastore within ten days at 3839 W. Fullerton Ave., Chicago. This brings mental principle of success-standardized quality-to automobiles in all
the number of stores in operation to 68. The other stores opened are price classes that its market is the entire automobile buying public, and
located at Madison, Ind.; Fostoria, 0., and Lexington, Mo.-V. 130. that since the corporation several months ago began to compete for the
p. 4612.
first time in the lowest price automobile field with the Plymouth any one
in the market for an automobile is now a potential customer for a ChryslerCalumet & Arizona Mining Co.
-Probable Merger.
built car.
-V. 130, p. 4612.
President Gordon R. Campbell has sent a letter to the stockholders
advising them that an investigation is under way to determine whether it
City Investing Co.
-23,% Common Dividen
will be advantageous to consolidate with the Phelps Dodge Corp.
The directors have declared a dividend of 2%% on
common stock.
"If, in the opinion of the directors, when the investigation is completed, payable July 7 to holders of record June 30. A dividendthelike amount was
of
such consolidation may be deemed advantageous, a recommendation must paid on this issue on Jan. 3 and Mar. 1 last.
be submitted to the stockholders for approval or rejection after due notice."
Earns Yrs. End. Apr.30-- 1930.
1927.
1929.
1928.
the letter says.
$786,339 $2,876,199 51,363,913 $1,962,412
Mr. Campbell adds that a survey of the company's mines was made a Total income
Exp. & ordinary tax_
171.249
223,697
209,939
320.676
year ago "and the value ur der normal conditions, based on a life of 25
years, was found to be narch greater than indicated by the present deOperating income_ __- $576,400 $2,652,502 $1,043,237 $1.791,163
pressed market value of the shares of stock."
189,938
185,686
160.516
176,260
The company, according to Mr. Campbell, Is equipped to produce Depreciation & interest_
33,600
290,000
100,000
175.000,000 lbs. of copper a year. "When business revives and we can Federal tax
sell our product at a fair price and produce to our normal capacity," he
Net profit
$357,114 $2.186,242
$782,721 41.601.225
continues, "earnings should be satisfactory to stockholders."
-V. 130, Preferred dividends_ _
26,486
22.942
22,463
24,110
p. 4247.
Common dividends
299.963
449.985
599.970
599.970
Canada Power & Paper Corp.
-New President, &c.
5. H.Gundy has been elected President.succeeding George Chahoon, who
will contim e as a director of the corporation.
Ft. A. McInnis, General Manager of the Anglo-Canadian Pulp & Paper
Co., has been appointed General Manager of the Canada Power & Paper
Corp.
-V. 130, F. 4421, 4247.
Canadian General Investment Trust Ltd.
-Earns.
-Earnings for Year Ended Jan. 31 1930.
Interest on bonds
Dividends on investments
-Dr
Interest on loans (net)
Profit on sale of investments
$226,476
375,112
298,249
542,289
Total income
Expenses
$845,629
69,539
year, before providing for income taxes,&c $776.C89
Income & profits for
Balance carried forward from the previous year
551,647
Total surplus
$1,327,737
Dividends paid
221,450
Organization experts es written off
200,102
Income tax for year erded Jan.31 1928
3,834
Nominal surplus, subje t to income taxes and depreciation in
market value of investn ants at Jan. 31 1930
$902.343
Balance Sheet Jan.31 1930.
AssetsLiabilities
Cash on hand and in bank__
$78,009 Bank loans (secured)
31,480,000
:Investments at cost
11,582,609 Other loans (secured)
883,000
Accrued int. and diva,thereon
Brokers'loans(secured
1,849.1'i
to Jan. 31 1930
99,170 Sundry liabilities
26,054
Loans to associated companShare capital
7,441,855
ies (since liquidated)
737,550 Surplus
y902,343
Loan to 4th Canadian Gen'i
Investment Trust Ltd_ ___ ' 85.624
Surplus
def$115,334 $1,563,330
$158,841 $1.274.776
Earns, per share on 60,000 shs. corn. stock
$26.24
(par $100)
$12.64
$5.57
$336.05
x Before Federal tax.
Balance Sheet as of April 30.
A ssets-1929.
1929.
1930.
Liabilities-1930.
Equities in real
Preferred stock _y$1,000,000 51.000.000
est ,trop., itex$2,941.673 $2,942,015 Common stock_ 6,000,000 6,000,000
Furn. & fixtures
x6,686
1,468
7,909 Accts. payable984
Mortgages rec _ _ 4,953,696 4,635.532 Payable on cont.
500.000
500,000
Treas. pfd.stock
695,164
684.524 Tax reserve_ -- 80,000
41,200
560,561
Cash _
602,454 Acc..Sc rts. dep.
104,440
94.998
Mark secur- - -350,000
710,000 1,495,312 Coating. reserve
342,400
City of New
Surplus
3,356,318 3,483,946
York, sec_ ___ 1,310,000 1,070,000
2,953
3,692
Accts. rec
Accrd.fut. rec..
67,193
72,509
7,924
Def. charges- -5,957
Total
$11,335,850 $11,519,814
Total
811,335,850 511,519,854
x After depreciation. y Of which $684,400 is held in treasury.
-V. 129.
p.4143.
Cleveland Co-operative Stove Co., Cleveland, Ohio.
Acquires Buckeye Incubator Co. at Receiver's Sale.
-See latter
company above.
Clorox Chemical Co.
-2% Stock Distribution.
-
The company on June 17 declared its regular quarterly dividend of 50c.
per share on A and B shares outstanding as of June 20 and payable July 1,
at the same time declaring a 2% stock dividend payable in the A shares of
the corporation at the close of business July 15 to be distributed to stockholders on July 30. No stock certificates will be issued for fractional
shares, but the company will pay cash for such fractions at the average net
price of its stock on the San Francisco Stock Exchange on July 15 1930:
or, if no sales are consummated on that day, the average net price on the
$12,582,392 Total
Total
$12,582,392 last preceding day of transactions in its stock on that Exchange shall govern
x The market value of the above securities at Jan. 31 1930, was 310,- the cash value of fractional shares. Sales of the company for the first 10
336,966. y Subject to depreciation of $1,245,073 in market value of se- months of the present fiscal year, beOnning July 1 1929, exceeded sales for
curities. V. 129, p. 4143.
the same months of the preceding fiscal year by 34%. Earnings for the
first 10 months, before advertising and Federal tax, were $800,083 and were
Canadian National (West Indies) Steamships, Ltd.
- $327,979 after all deductions, or at a yearly rate of $3.40 per share on both
the A and 13 issues. Earnings for the same months in the preceding fiscal
Bonds Read y.
The City Bank Farmers Trust Co., 52 Wall St.. N.Y. City, are prepared year were $581,520 before advertising and Federal tax, and $395.378 after
Advertising,expenditures and income tax for the 10 months
te deliver definitive 25
5% guaranteed gold bonds, due March 1 1955, all deductions. fiscal year exceed
-year
expenditures for the same months of the
In exchange for temporary Ironds. This exchange may also be made at of the present
the office of the Canadian National Ry. Co., 360 McGill St., Montreal, preN loos year by $299.272. Much of this accrued in recent months and will
be reflected in future earnings, it is stated -V.130, p.4613.
Canada.
-V. 130. p. 1464.
Carolina Fibre Co.
-Listing.- .
The Baltimore Stock Exchange has authorized the listing of $3300.000
1st mtge., 6 % sinking fund gold bonds. See also V. 130, p. 3547.
Celanese Corp. of America.
-Listing.
The New York Stock Exchange has authorized the listing of 1,000.000
shares common stock (no par value).
-V. 130. p. 1834, 1657.
Centrr I Fire Insurance Co.of Baltimore.
-Merger.
-
Columbia Oil & Gasoline Corp.
-Co-transfer Agent.
The Guaranty Trust Co. of New York has been appointed co-transfer
agent in New York for the original issue and subsequent transfer of voting
trust certificates and voting trust scrip certificates of outstanding common
-V. 130. p. 4613.
stock.
Consolidated Mining & Smelting Co. of Canada, Ltd.
Income Account, Calendar Years.
1929.
1928.
1927.
1926.
330,200.046 529,296.520 $31,438,567 $32.650,727
Sales
Certain-teed Products Corp.
Inventories
5,130,329 4,309,160 4,836,184
5,507.174
-New Director.
870,003
776,442
866.462
479.173
Charles Hayden, of Hayden, Stone & Co., has been elected a director.
- Other revenue
V. 130, p. 1646.
Total
$36,577.223 $35,293.311 $336,524,169 $37,966,083
Chain Stores Development Corp.
Ore, previous year
5,130.329 4,309,160 4,836,184
5,009,939
-Subs.to Expand
President 1). W. Webb, In a letter to stockholders, says the present chain Custom ore
2,890,137
3,698,691
3,421,206 4,349,582
of Standard Dairy Stores. Inc.. the chief subsidiary of the corporation, will Freight & insur. on ores
from company's mines 1,007,777
913,064
764.937
soon be expanded to 150 stores from the present 75. He says the stores
762,454
have operated at a slight profit from the date of acquisition
13,040,872 12.893.720 11,572,064 11,124.962
last October. General, &c.. expenses
1,478,054
597,943
505,609
and that the present rate of operations gives the assurance of earnings of Development expenses
546.877
Depreciation
1,958.470
1,745.948
1,354.233
$1 a share on the capital stock of the corporation.
1,565,835
-V. 129. p. 2391.
Depletion
523,881
716.947
535,250
650.799
Chapman Ice Cream Co.
Directors' fees
-Earnings.- •
6.375
6,340
6,130
6,360
Written off
Fire Months Ended May 311,178
4,321
6.454
1930.
1929.
Gross sales
Fire insurance reserve-128,311
193,670
97,188
62.994
$222,597 $210,436 Employees pension fund
Net profit after charges, but before Federal taxes
100,000
14,578
15,307
31,459 27.967
-V. 130. p. 2778, 979.
Bond interest
Int., bank and general
63,435
68,534
23,537
23.557
Chicago Daily News, Inc.
Income & mineral taxes_ 1.281.310
-Tenders.1,158.333
1.388.989
1,887,864
Halsey. Stuart & Co., Inc., 201 S. La Salle St., Chicago, Ill., and Kissel, Sundry items written off
11.869
Kinnicutt & Co., 14 Wall St., N. Y. City, Sinking Fund Agents, will until
$8.848,030 39,182,829 $11,750,969 $12,027,399
Net income
July 16 receive bids for the sale to them of 10
-Year 6% s.f. gold debentures,
due Jan. 1 1936, to an amount sufficient to exhaust $125,000 at a price not Dividends
6,373.750 6.366,593 6.358.875
5,078,492
exceeding 103 and int.-V. 129, p. 286.
$2,474,279 52,816,236 55,392,094 $6,948,906
Balance
Chris-Craft Corp.
-Listing.
Profit Se loss balance_ - _513.493,459 $13,247,852 $13,199,696 $12,398,109
The Chicago Stock Exchange has approved listing of 225.000 shares Shs. cap. stk. outstand.
509A63
508,221
common stock, no par value.
510.048
508,863
(no par)
-V. 130, p. 4247.
$23.08
$23.67
Earnings per share
$17.35 .
$18.24
Chrysler Corp., Detroit, Mich.
-Now Occupies a New
Balance Sheet December 31.
More Advantageous Competitive Position in the Automoand
1929.
1928.
1928.
1929.
Ltatiltties-$
$
$
$
Assets-bile Industry.
12,751,200 12,736,575
13,767,656 12.581,583 Stock
Properties
The stockholders on July 1 received with their dividend checks for the Plant
14,633,481 12,E86,503 Prem. on stock... 2,294,520 2,204,520
second quarter this year a letter from Chairman W.P. Chrysler, outlining Ores, metals, ecc.- 5,507,174 5,130,329 Accts. payable_ _ _ 5,023,552 2.789,206
what has been accomplished since the purchase of the Dodge properties Stores, arc
3,969,007 3,408,736 Dividends payable 3.291,337 3.187.406
two years ago. Mr. Chrysler says:
18,530,375 16,168,084
Accts. receivable 2,425,326 1,885,912 Reserves
"Two years ago next month the corporation purchased theDodge prop- Bonds,.2c
13,493,458 13,247,852
13,622,925 13,629,130 Surplus
erties and undertook a far-reaching program of manufacturing, distributing Cash
1,346,301 1.167,455
and product development. It may be of interest, therefore, to our increas- Deferr. charges 23,903 Total (each side).55,284,444 50,413,645
12,572
ing number of stockholders to point out at this time that in five important -V. 130, p. 3168, 4613.
See Irsurance Co. of North America below.
-V. 124, p. 3386,
120
FINANCIAL CHRONICLE
-Consolidation.
Consol-Ibm Corp.
[VOL. 131.
Continental Shares, Inc.
-Understood to Have Realized
According to an announcement made on July 1, this corporation has $15,000,000 to $20,000,000 Profit on Sale of Holdings in
been formed to acquire the business of the Consolidated Lithographing Second Quarter.
Corp. and the International Banding Machine Co.
Profits on the sale of holdings in the second quarter are understood to
The Consolidated company is one of the largest lithographing houses in
the country, catering principally to the tobacco industry, while the Inter- have been very large, ranging between $15,000,000 and $20,000,000. They
national company owns patents covering the placing of paper bands on will be reflected in the mid-year statement of the company, which should
cigars, and has its machines in practically every cigar factory in the U. S. make a strong showing in both earnings and balance sheet positions.
The securities disposed of, it is understood, were largely or entirely from
With the control of these two businesses, Jacob A. Voice and his associates also acquired the interests in the Consolidated of the Steiner family. the public utility group, in which investments, on the basis of market value,
In the reorganization of the board of directors. Howard G. Keogh and totaled $61,091,704 as of March 31, the date of the most recent published
Paul Christian. Vice-Presidents of the Chatham Phenix Allied Corp., were statement. The outstanding individual holdings in point of value at that
time were as follows:
elected to fill the vacancies of the Steiner representatives.
Shares.
Value.
The officers of the new company will be as follows: Jacob A. Voice,
66,435 $19,141,584
President; Oscar Heyman, Vice-President and Treasurer, and Sidney Pas- Commonwealth Edison
Lehigh Coal & Navigation
403,053
19,447,307
bach Voice. Secretary.
14,224,200
Peoples Gas
45,300
Cliffs Corp245,142 33.829,596.
-To Open Plant.
Continental Can Co., Inc.
Republic Steel
*11,182,841
The company will establish a factory adjoining the Campbell Soup Co.'s
* Combined values of holdings in Bourne-Fuller, Central Alloy Steel and
main plant at Camden, N. J., to supply the latter's entire container requirements there as well as those of other canners in that vicinity, it was Donner.
Because of its position in the iron ore and steel industries, it is understood
announced.
The new plant will employ between 500 and 600 employees, with an that Continental Shares holdings in Cliffs Corp. and in the Republic Steel
Corp. remain undisturbed.
annual pay roll of more than $1,500,000.-V. 130, p.4248.
Assets of Continental Shares,Inc.on March 31 aggregated $130,664,572,
- while the corresponding figure at this time Is probably about $10,000,000
-Application.
Continental Construction Co. (Del.).
Commission for permission greater. Where cash holdings three months ago were less than $1,750,000
The company has applied to the Kansas P. S.
to build a natural gas pipe line through Kansas as a part of a line from they are understood to be four times that amount now. Combined cash,
notes and accounts receivable are in the neighborhood of $35,000,000 comthe Texas and southwestern Kansas gas fields to Chicago.
The application states that the company desires to construct a 24-inch pared with less than $5,200,000 three months ago. Profit and loss surplus
pipe line across Kansas, from the Panhandle of Texas fields, entering the is approximately $17,000,000. Reflecting the disposition of substantial
State in Meade County, and,after pursuing a northeasterly course, leaving holdings, the cost of investments, shown on March 31 at 1122,009,365, is
from Washington County. Authority is asked to perchase contracts and expected to be approximately $20 000,000 less. the sale of investments in
Assuming a minimum
to condemn or otherwise secure a right of way through the counties Proposed the second quarter, this profit of $15,000,000 on
would represent about $5.50 a share on 2,407,000
to be traversed.
recent exchange of ConIt is stated that the corporation is capitalized for 500,000 shares of common shares now outstanding, following the common. As a result of
tinental Shares common for International Share
-V. 130. p. 4248.
without par value.
common stock
the sale of substantial holdings, the company has been placed in a strong
cash position to take advantage of opportunities presented by the market
-Adjustment Dividend.
Continental Eastern Corp.
-V. 130. p. 3167, 4249.
decline in June to reinvest its funds.
The directors announced on June 28, a regular quarterly dividend of
-Receives Large Order.
Cooper-Bessemer Corp.
cents a share and also an adjustment dividend at the rate of 75 cents
75
plan,
The corporation announces receipt of an order for approximately 24,000
a share on the preference stock converted under the recapitalization
h.p. of gas engine driven compressors for the Texas-Ransas City natural
both payable July 1, to holders of record June 27.-V. 129. p. 1447.
gas pipe line of the Cities Service Gas Co. The total contract amounts to
-Annual Report.
-Semi
$1,300,000 and is the largest single order of its kind ever placed for this
Continental Motors Corp.
type engine, surpassing the previous record order recently received by
William R. Angell, President, says in part:
Upon receiving recommendations of accountants, the board of directors the Cooper-Bessemer Corp. for 21,000 h.p. of engines from the Lone Star
authorized a number of drastic write-offs and reductions, all of which are Gas Co., for the Texas Pandhandle-Nebraska pipeline. The Cities Service
order consists of 24 compressor engines of 1,000 h.p. each and four auxiliary
reflected in the balance sheet.
-V.130, p. 4249.
The aggregate of the adjustments authorized by the board is $4,583,970, electric engines of 250 h.p. each.
most important items are:
of which the
-Bonds Called.
Covington & Cincinnati Bridge Co.
(1). The elimination of all special tools, dies, patterns, &c., except
7
5 1st mtge. gold bonds, dated July 1 1915, totaling
Certain 20
-year
those actually chargeable to customers or in use in connection with present $30,000 have been 5
called for payment July 1 at the Central Trust Co. of
at values which permit full recovcontracts. These are carried now only
Cincinnati, Ohio, as trustee at 104 and int.= V. 12o, p. 523.
ery during the anticipated period of the sales schedules.
(2). The elimination from the inventory of all known obsolete items.
-Employees Get Stock Gift.
Crane Co., Chicago.
general inventory
Provision is also made for slow-moving stock and a
A $4,000,000 stock gift to employees of the company employed 10 years
reserve is set up.
or more was announced on July 1. The stock is a personal gift from the
substantial reduction in the value of used tools on hand.
(3). A
private holdings of Richard T. Crane Jr., President of the company, and
(4). The elimination of development and other expenses previously set Is the third he has made to his employees since 1926. The three distribuup to be charged against future operations, excepting only ordinary pre- tions total more than $10,000,000 (New York "Times").
-V. 130, p. 1641.
arising in connection with the Single-Sieeve
paid items and the expenses
-Earnings.Crow's Nest Pass Coal Co.
valve motor.
(5). An increase in the allowances for doubtful accounts and adjust1926.
1927.
1928.
Years Ended Dec. 311929.
ments of accounts receivable to a conservative basis.
Profit on lands, timber
(6). Provision for loss on machinery determined to be obsolete.
$79,436
$95,406
$114,437
operations, Ste
$79,423
(7). The creation of a general reserve for contingencies.
Profit on coke and coal
In addition to these items, the depreciation charges have been increased
206,081
216,472
316,975
201,385
operations
and a more conservative basis of accounting for repairs and maintenance
has been adopted. Among other changes considered was the elimination
$285,516
$311,879
$431.412
Total
$280.808
of the item of goodwill as carried on the books, but inasmuch as a change Previous surplus
223,404
122,136
40,298
68,345
in the financial structure might be required to bring this about, the board Contingent liab.reserve _
155,234
decided to give the matter further study before taking positive action.
Adjustment of Canadian
5,000
Earnings for Six Months Ended April 30.
2,515
taxes Cr
1927.
1928.
1929.
1930.
$1,445,238 $1,777,300
Total
$506,709
Gross profits
242,371
355,807
Prov. for Dom.inc. tax_
88.515
Other income
372,690
372,693
Not
372,696
372,698
Dividends paid
Stated.
$595,224 $1,801,045 $2.019,671
Total income
Profit & loss surplus
Selling, admin. & other
$122,136
$40,298
$68,345
847,190
924,056
$115,632
Dec.31
796,673
miscall. expenses
-V.129, p. 967.
$972,919
$876,988 $1,172,480
Operating profits- _ _def$201,449
-Regular Dividend, &c.
Curtis Lighting, Inc.
263,031
250.464
215,149
Interest charges
The directors have declared the regular quarterly dividend of 33 cents
539,848
522,616
Depreciation
per share on the capital stock, payable on Aug. 1 to holders of record
loss & dev. exp. of
Net
July 15. A like amount was paid on Feb. 1 and May 1 last.
160,223
Cont. Aircraft Eng.Co
In paying the third quarterly dividend for 1930 the corporation an22,955
114,519
79,421
Fed. taxes for period
nounces that earnings for the first six months of the year have been ample
to cover dividend requirements including the third dividend to be paid
$147,084
$582,418 $ 807.498
def$884,288
Net income
704,338 Aug. 1. The immediate trend indicates business betterment, as June sales
703,198
774.769
Dividends paid
-V. 130.
were comfortably ahead of June 1929, the announcement adds.
$104,300 def$557,253 p. 4422.
def$884,288 def$192,351
Surplus
Shares common stok out-Gross Sales.
Detroit Aircraft Corp.
1,760 845
1,760,845
standing (no par)_ _ _ _ 2,113,000 2,113.000
The corporation reports gross sales amounting to $972,000 during the
$0.45
Nil
$0.27
Earnings per share
month of June. This report covers the sale of 49 airplanes, including
Comparative Balance Sheet April 30.
5 Lockheeds, 5 Eastman flying yachts, 4 Ryans, 3 gliders and 1 Parks and
1929.
1930.
32 bombers to the Navy Department. Commercial sales accounted for
1930.
1929.
$159,972 of this total. Sales in June were $728,000 greater than the total
Mal/UtilesAssets
-V. 130, p. 4614.
sleet_ __a13,756,988 14,963,141 Common stock_ _b23,459,645 23,497,239 of the previous month.
Property
Purchase money
Patents,good-will,
-Sections Joined.
Detroit & Canada Tunnel Co.
9,942
trade name,&e_ 5,908,317 5,908,317 obligations
Announcement has been made by Denies, Rawls & Donaldson, Inc..
695,524 Accounts payable_ 1,121,312 1,458,377
234.352
Investments
bankers, that workers 70 feet below the surface of the Detroit River have
532,379
67,107
25,522 Accr. payrolls, dol.
Accr. int. receiv_
213,328 successfully linked the two halves of the $25,000,000 vehicular tunnel
Government bonds 797,480 1,502,934 Federal tax reserve
between Detroit and Windsor. This completes the heaviest construction
1,635,937 3,607,411 Cooling. reserve__ 185,000
Cash
3,244 work on the tunnel, which will be ready for vehicular traffic late this
3,244
Notes di sects. rec_c1,379,107 2,589,152 Deterred credits__
-V. 130. p. 3885.
4,208,109 10,394,361 Fall. The tunnel is a mile in length.
83,301
90,539 Surplus
debtors
Sundry
4,623,888 5,748,451
Inventories
-Earnings.
Detroit Electric Co.
977,879
Prep.int.,tax,dec. 625,048
Earnings for Year Ended April 30 1930.
$3,357,481
29,044,417 36,108,871 Sales
Total
29,044,417 36,108,871
Total
157.594
a After deducting reserve for depreciation and accruing renewals. Net earnings
31,500
b Represented by 2,113,000 shares of no par value. c Includes accrued Class A dividend requirement
interest roceivable.-V. 130, p. 1658.
$128,094
Balance applicable to class B stock
-Earnings.- $1.94
Earnings per share on 65,000 shaPes class B stock
-New Gasoline Plant.
Continental Oil Co. (Del.).
This company, through a deal announced as effective June 1, acquired a -V. 130. P. 3885. 3548.
gasoline plant and took over operation of producing leases located in the
(E. T.) du Pont de Nemours & Co.
Salt Creek field, Wyoming. The properties were previously owned by the
19The company in an advance statement of earnings for the second q11:r4
Carter Oil Co., and the leases will continue to he the property of that or- ter of 1930,
estimated, indicate earnings of $1.31 per
ganization with Continental carrying on the operation. The gasoline plant share in thewith results for June with $1.44 in the corresponding quarter
quarter, compared
day. The
Is located at Salt Creek and has a capacity of 10,000 gallons a
of 1929 and 51.05 in the corresponding quarter of 1928.
-V.130, p. 4056.
leases are producing 800 barrels a day.
The earnings were made pebilc at this time "for the Information and
;riddance of common stockholders who hold rights to subscribe to 357,071
.-Formed
Continental Roll & Steel Foundry Co.
additional shares of common stock of the company at $80 a share. These
Formation of this company as a consolidation of the Hubbard Steel ricks
prior to she publication of the regular
on July 15,
Foundry Co., East Chicago, Ind.: Duquesne Steel Foundry Co., Pitts- officialwill expire statement. a date
o w:
The detailed figures foll1929.
quarterly
burgh, Pa., and the Wheeling Mold & Foundry Co., Wheeling, W. Va.,
1928.
a 1930.
3
announced on June 17 by Cochran, Scott & Co. The new firm will Net Mos. Ended Jan. 30was
income, exclusive of income from
engage in the production of both steel rolls and steel castings.
16,189,786
Invest. in General Motors Corp_
Officers of the new company will include: Albert Pack, Chairman of Dirs, received from the investment - _ $7,934.000 $8,812.567
in
the board: J. T. Osier, President: Donald C. Bakewell, Herbert E. Field
7,484,000 4,9;)2,798
7.134.000
General Motors Corp
and William E. Trautman, Vice-Presidents. W. H. Seaman, formerly a
Vice-Pres, of the Hubbard Steel Foundry Co., will also become a Vice-Pros.
Total net income
615,418,000 116,296,567 $11,182,584
become Secretary-Treasurer.
of the new concern and D. R. Wahlberg will
1,381,946
1,469,275
1,493,000
on debenture stock
In addition to the foregoing, the directorate will include Harold Beacom, Divs,
D. A. Burt, Andrew M. Scott, J. J. Shinners and Howard Whitehouse.
Amount earned on common stock_ .813.925,000 114,827,292 $9,820,638
Aver. number of shares cons. stock
Listing
outstanding during the period_ __ - 10.260.447 10,298,553 9,315.803
The Chicago Stock Exchange has approved the listing of 5% 1st mtge.
$1.05
$1.44
$1.31
convertible sinking fund gold bonds,series A;$10,000.000 principal amount. Amount earned per share
a Two m•Inths actual one month estimated.
-V. 130, p. 4249, 3720.
-V. 130. P. 3719,
$57R171 uaaR ugt:811 $93:812
FINANCIAL CHRONICLE
JULY 5 1930.]
-Distribution.
Distributors Group, Inc.
-V. 130, P. 4249. 4057.
See North American Trust Shares below.
121
Fenton-United Cleaning & Dyeing Co., Cincinnati.
$1 Extra Common Dividend.
The directors have declared an extra dividend of $1 a share on the common stock, and the regular quarterly dividends of $1 a share on the common
and $1.75 a share on the preferred stocks, all payable July 15 to holders
of record July 10. Like amounts were paid on Jan. 15 and April 15 last.
-Wage Dividend to Employees.
Eastman Kodak Co.
-V. 130. p. 2400.
Checks totaling ?2,378,647 was Bald on July 1 to 17,601 employees of
The payment is the nineteenth con-Earnings.
this company as a 'wage dividend.
Finance Co. of America at Baltimore.
secutive annual wage dividend that the concern has declared. It goes to
1927.
1928.
1929.
Calendar Yearsthe largest number of employees who have yet participated and the amount
$396.254
8451,813
$540.060
Gross income less chargeouts
of the dividend exceeds last year's by $174,010.
154.400
150.412
156,544
With the addition of this year's sum the total wage dividends since 1912 Operating expenses
135.937
156.415
200,607
Interest
rises to $28,495.193.-V. 130, p. 3362.
11.843
16.755
17.585
Federal income taxes
-Option Extended.
Du Pont Pathe Film Mfg. Co.
-V. 130, p. 2779.
See Paths Exchange, Inc. below.
-Estimated Earnings.
Electric Auto-Lite Co.
$94,073
$128.231
Net income available for dividends_ $165.324
Earnings of the company, after preferred dividends but before Federia
15.794
15.137
14,613
dividends
taxes, are estimated at $2.12 per share for the second quarter, compared Preferred dividends
52.500
60.000
75,000
on the same basis in the first quarter, C. 0. Miniger, Common
with $2 per share
President of the company,states. In the third quarter, when battery sales
$25,779
153.093
$75.711
Added to surplus
normally take a sharp swing upward, it is the company's expectation that
902,466
928.044
978,944
-beginning of period
an even better showing will be made. Mr. Miniger issued the following Common equity period
387,250
Additions during
statement to stockholders:
201
2,193
10.961
previous yrs.
"Electric Auto-Lite, like most other companies, has recently been the Debit adjust., applic. to
subject of bear attacks and of numerous rumors. Believing that Auto$928,044
$978,944
$1,430,944
-end of period
equity
Common
Lite stockholders are entitled to a statement from the management under
these conditiors, I take pleasure in saying that at no time in its history has -V. 129. p. 970, 289.
the Auto-Lite organization been functioning so aggressively and so co(I.) Fischman & Sons-Earnings.
operatively. At no time in its history has the relationship with all of our
1929.
1928.
Earnings for Years Ended Dec. 311929.customers been on so sound a basis. Our volume of Ford business has
$2,380,287 $5,435,624
been at the peak recently and the outlook is better than it has ever been. Net delivered sales, leases, &c
1,971.225 4,598.774
The papers have carried numerous stories of Ford's expenditures for ex- Cost of mfg.,selling & administrative expenses__
panding branch operations which indicate that Auto-Lite's Ford business
$836,850
5409.062
Net profit from operations
next year should be even greater than it has been this year.
118,837
37.346
"All in all, Auto-Lite's picture is sound, its dividend assured and its Other income including interest, Sec
-V. 130, p. 3168, 2588.
future bright."
$955,687
$446,408
Total income
71,089
22.624
-Acquisitions Deductions from income
Ely & Walker Dry Goods Co., St. Louis.
234,072
-President C. M. Lawson, Reserve
-To Form Holding Company.
$650.526
1423,784
Net income
June 25, in a letter to the common stockholders, says:
454.167
Balance,Jan. 1 1929
You are perhaps advised of the activities of this company in taking over
$1,104,692
the Walton N. Moore Dry Goods Co., Inc.. of San Francisco. Calif.. the
Total surplus
150,449
Watts-Ritter & Co., of Huntington, W. Va., and the Wyman-Partridge Appropriated to reserve
11,778
& Co., of Minneapolis. Minn.: and it may be that there will be other Income taxes paid
65,333
avenues of expansion for your company.
dividends
program we have been contemplating the Cumulative preferred
As a part of such expansion
$877,135
formation of a holding corporation, under the name of "United Dry Goods
Balance Dec. 31 1929
the direcCorp." in order to expedite the handling of some matters, andUnited Dry -V. 130, p. 2590. 1468.
tors have now, by unanimous vote, decided to incorporate the 65i% cum.
shares of
Goods Corp. with a presently issued capital of 60,000 no
-Earnings.
Fourth National Investors Corp.
par value common
pref. stock par $100 per share and 270,000 shares of
Earnings for 6 Months Ended June 30 1930.
'
stock, and to offer the stock of the United Dry Goods Corp., for exchange
$319,538
with the present holders of the Ely & Walker Dry Goods Co. common Profit realized on sale of securities
61,146
stock on the basis of one share of United prof. stock for each three shares Interest on call loans, &c
6,674
of Ely & Walker common stock up to one-half of such Ely & Walker corn. Interest on bonds
382.922
owned by each stockholder, and 1 2-5 shares of United no par corn. Cash dividends
stock
& Walker common stock so held.
stock for each additional share of Ely
$770,329
Total income
If all of the Ely & Walker common stock is thus exchanged for United
$97,603
stock, the United corporation will then have assets of $18,573.300 and earn- Managementfee
45.336
ings-based on the 1929 earnings of Ely & Walker company and recently Miscellaneous expenses
' 13,597
acquired companies, of $1,733,000. There will be outstanding $3,000,000 Provision for New York State taxes
issues of Ely & Walker pref. stock: $6,000.000 in
In par value of the two
$613.794
Net profit
par value 11;i% United pref. stock, and 270,000 shares of United no par
Excess of cost over market value of securities at Dec. 31 1929_ _42,608.759
common.
The assets of the United corporation applicable to the latter corpora- Excess of cost over market value of securities at June 30 1930_-- 3,926,562
tion's pref. stock will be 2.6 times the amount of the pref. stock. The
$1,317,802
Change for the six months ended June 30 1930
assets applicable to the United common stock will amount to approximately $35 per share. The earnings of the United corporation-based on
Change in Net Assets Six Months Ended June 30 1930.
com1929 earnings of Ely & Walker company and recently acquired earnthe
(Adjusted for Market Value of Securities Owned.)
panies-will equal $4.25 per share of the United common as against
a Per Share.
Total.
ings in 1929 of the Ely & Walker common of $3.82. The earnings of the
$46.80
$23.401.949
corporation will be 3.95 times the requirements necessary to pay Net assets Dec. 31 1929
United
1.41
704,009
Decrease for period
dividends on the United pref. stock.
Every member of the board has decided to exchange all of the common
$22,697.941
Net assets June 30 1930
stock held by him, under the proposed plan. been
formed and the stock
,
5iot
When the United Dry Goods Corp. has
a Without giving effect to possible exercise of purchase warrants 3
converted, as proposed, the common stock of the United corporation will 1,000.000 shares of common stock at $60 per share until Oct. 1 1939.
will be
be listed on the St. Louis and New York Stock Exchange, and houses.
Comparative Balance Sheet.
sponsored by Prince 3c Whitely, one of the leading Now York stock comJune 30'30. Dee.31 '29.
June 30'30. Dec. 31 '29.
All consents must be signed and certificates deposited with the
AMUpany or with the Mercantile-Commerce Bank & Trust Co., St. Louis.
12,200
Accrued expenses_
15,000
Securities owned,
depositary, on or before July 25 1930.
a23,926,795 18,076,560 Provision for N.Y.
at cost
The dividend on the new common stock is expected to be continued at
57194
State taxes
30,000
201,119
2,620,789
the same rate per share as the present common stock. The dividend on Cash
1,735
7,700,000 Accounts payable_
Call loans
the new pref. stock will be payable quarterly.
2,290 Common stock__ b20.000,000 20,000,000
It is understood that the otter of exchange and this deposit is condi- ACCC.R. receivable
8,593 Capital surplus___ 6,925,000 6,925,000
194
tioned upon the acceptance and deposit for exchange by the holders of Interest receivable 112,659
70,614
at least 90% of the outstanding common stock of Ely & Walker Dry Goods Divs. rereivable__
Co. It is further understood that the directors of the latter company Prep'd N. Y.State
22,661
9,065
franchise tax__ _
may reduce such percentage but not below 80%.-V. 130. p. 4614.
,
914,291 Total (each 81(1 )_26,970,000 26,996,129
Net loss from open 300,497
-Omits Dividend.
a Market value June 30 1930. $20,000,233. b Authorized, 2,000,000
Eureka Vacuum Cleaner Co.quarterly div.
ordinarily payable no par shares, outstanding 500.000 shares: 250,000 shares are reserved for
The directors have voted to omit the
-about Aug. 1 1930 on tho no par common stock. From May 11925 to and exercise of purchase warrants (non-detachable except upon exercise prior
Including May 11930, the company paid quarterly cash dividends of el per to Oct. 1 1934 or such earlier date as the corporation may determine)
share, and also extras as follows. 25c. in cash on Feb. 1 1927: VI in stock attached to the outstanding common stock certificates entitling the holders
on March 11927, 5% in stock on Aug. 11027 and 50c. in cash on May 1 to purchase common stock at $60 per share until Oct. 1 1939. and 750,000
shares are reserved for exercise of additional purchase warrants on the
1928.
same terms as the purchase warrants attached to the common stock cerPresident Fred Wardell says in substance:
-V. 130, p. 2400, 2217.
tificates.
We omitted the current dividend because we believe it to be to the best
-New Director.
Interests of the stockholders and the company to pay dividends only when
Franklin Surety Co.
'earned.
-V. 129.
Howard M. Ernst, of Ernst & Co., has been elected a director.
(Although the company did not earn its dividend in first quarter this p. 2545.
year, the directors in April loomed it advisable to pay the dividend due
-Leases Rights.
Freeport Texas (Sulphur) Co.
May 1 from surplus while waiting for the business trend to necome more
clearly donned.'
An official announcement says:
While out unit sales in the first half this year were 15,000 greater than in
The Freeport Sulphur Co., a subsidiary has leased from the Shell Petro•corresponding period of 1929. our earnings were severely affected by an leum Cerp. sulphur rights on a dolt dome cap rock area of approximately
unusually large number of repossessions. This factor, together with 700 acres, located at Black Bayou, Cameron Parish, in southwestern
.charges incident to a drastic readju.3tment of sales and operating policies Louisiana. Sulphur has been encountered at widely scattered locations
to present day requirements more than absorbed the profits of earlier In the course of Shell's drilling for oil in this area.
months this year.
According to the leasing agreement, the Freeport company will drill a
We go into the second half of 1930 with a reduction in fixed overhead of minimum of eight prospect wells. Two light rigs already have been moved
4600.000 and no further extraordinary charges are in sight. Operating to the property and the drilling will commence early in July. The depth
'expenses have been pared to the bone. Also, we have abandoned our retail to the top of the cap rock of this formation ranges from 900 feet at the apex
operations at a number of points, substituting department stores and to 1,300 feet at the perimeter.
lighting companies as sales outlets.
This is the second agreement under which the Freeport company has
Our gain in sales was made in the early months of the year, when we undertaken the development of sulphur properties jointly with an oil'enjoyed a substantial volume of business, but the prolonged depression Producifig company, the first being the operation with the Texas Co. of
not only reduced sales, but also accelerated the rate of reposses3lons.
Mound, from which deposits its greatest sulphur production is
- Hoskins obtained.
We have adjusted our production until now it is paralleling sales.
now being
V. 130. p. 1284.
-New Directors.
Ex-Cell-0 Aircraft & Tool Corp.
The board of directors has been increased to 9 from 5 members with
the addition of J. W. Rothmeyer, Richard F. Hoyt, Thor M. Olson and
-V. 130, p. 4249, 3886.
.John L. Brown.
Farr Alpaca
-Balance Sheet May 31.Co.
1930.
1929.
1929.
1930.
Liabilities$
$
8
$
Assets14,000,000 14,400,000
Real est.& mach__ 7,599,923 8,000,000 Capital stock
392,717
409,4i4
4,807,248 4,675,941 Debts
Inventory
.Cash & debts rec__ 7,158,474 7,606,303 Undivided profits_ 5,172,929 5,472,830
19,565,646 20,282,244
Total
-F.130, p.4614.
Total
19,565,646 20,282,244
-No.of Stockhold's.
Federal Compress 8c Warehouse Co.
This company has over 1,300 stockholders, it is announced, of which over
stockholders own less than 50 shares each, and only 103 hold more than
600
-V. 130, p. 4058.
.500 shares.
New Directors.
Lewis E. Pierson and John liaj, Whitney have been elected to the board,
bringing the directorate to 17.-V. 130, p. 4615, 3886.
Gamewell Co.-Pref. Stock Offered.
-Kissel, Kinnicutt
& Co., The First National Old Colony Corp., Jackson &
B. J. B aker & Co., Inc. are offering the unsold
Curtis and
portion of 27,500 shares $6 cumulative convertible preferred
stock at $96 per share and div., to yield about6%.
Dividends free from present normal Federal income tax. Exempt to
individuals from present Mass, income tax. Cumul. dividends payable
-M. Preferred as to assets and dividends over the common stock and
Q.
entitled in liquidation to $100 per share and divs. plus, in the event such
liquidation be voluntary, a premium of 85 per share. Red. all, or part by
lot, at any time at the option of the company on 30 days' notice by mail at
$105 per share and diva. Transfer agents: First National Bank of Boston
and Commercial National Bank & Trust Co. of New York. Registrars:
Old Colony Trust Co., Boston and Guaranty Trust Co. of New York.
122
FINANCIAL CHRONICLE
[VOL. 131.
Convertible.
-Each share of this preferred stock is convertible at any
time before redemption into 1 1-3 shares of the no par value common on such terms and conditions and with or without security and subject to
stock of the company. This conversion privilege is protected by appro- such provisions as to security or otherwise as the board may from time
time determine.
priate provisions in the event of a stock dividend or a split-up of tne Corn. to President
Barrows Sloan stated that no issue of additional capital stock
stock, and in addition, in the event that any additional Issue of sto - s or is contemplated
A
at the present time, and that the increase in indebtedness
securities convertible into stock is offered to common stockholders for is for the
purpose
subscription, the preferred stockholders are entitled to participate therein. acquisitions, when of placing the company in a position to finance new
such action may be for the company's advantage.
V. 130. p. 4250.
Data from Letter of V. C. Stanley, Pres. of the Company.
Business.
-Company incorp. in Mass. in 1924, succeeded to a business
Golden State Milk Products Co.
established over 60 years ago. It is the largest manufacturer in the
-Earnings.
-of fire alarm and police signal systems. "Gamewell" equipment hasworld
Earnings for Year Ended Feb. 281930.
been
installed in nearly every important city and town in the United States as Net sales
$34,349,414
well as many foreign countries. Over 80% of this business is renewals, Cost of products
22,622,972
Manufacturing expenses
replacements and new orders with old customers.
3,522,417
A subsidiary, the Holtzer-Cabot Electric Co.. manufactures fractional Operating expenses
6,117,419
horse-power motors special gongs, annunciators, hospital call systems and Allowance for depreciation
861.091
other products, which are closely allied to the signal business. Another
Profit from operations
subsidiary is the Eagle Signal Sales Corp. which distributes the products
$1,225,517
manufactured by the Harrington-Seaberg Division of The Gamewell Co. Other income (net)
230.646
at Moline, Ill. These products include street traffic signallin t devices and
Total income
a patented advertising sign flasher. The Gamewell Co.is stillfurther round11,456,163
Bond interest and expense
ing out its line of products by acquiring all the outstanding common capital
154,449
stock of Rockwood Sprinkler Co. of Mass., which with its associated com- Other interest expense, net of interest credits
104,401
panies constitutes one of the largest manufacturers of automatic sprinkler Provision for Federal income tax
135,000
equipment. This acquisition will enable The Gamewell Co. to provide a
Net income
well rounded service in the field of fire prevention a-id fire protective
Earned surplus March 1 1929, as adjusted after writing off $1.062,313
devices.
$306,808. capitalized prior thereto
Capitalization.391.330
Authorized.
Outstanding.
t6cum.cony. preferred stock (no par)
27.500 shs.
27.500 shs.
Total surplus
Common stock (no par)
$1,453,643
200.000 shs.
al18,928 shs. Dividends paid (cash)
542,185
a Not including 36,667 shares reserved for conversion of 27,500 shares $6 Stock dividends
.185,004
cumulative convertible preferred stock.
Earnings.
-The combined net earnings of the company as now conEarned surplus, Feb. 28 1930
$726,454
stituted and its subsidiaries irrespective of dates of acquisition and the Earnings per share on 435,052 shs. capital stock (no
Par)
Rockwood Sprinkler group of companies, after depreciation and Federal
a Equivalent to 40
income tax, for the fiscal years ended in 1427 and 1928 and for the calendar to capital surplus. cents a share. All other stock diva. have been charged
years 1928 and 1929 (the calendar year figures of the Gamewell Co. and
Net income has been charged with
subsidiaries being predicated on book inventories) have been as follows: Income taxes, although the company the normal provision for Federal
does not expect
income tax due to offsetting claims for capital losses to pay any Federal
Combined Pref. Dividend
Earnings per
on abandoned
perties. The capital losses have been charged to capital surplus which proEarnings Requirements
Share Common
has
Periodas Above. Times Earned. Now Outstanding. also been credited with the above provision of $135,000.-V. 130. 1). 3173,
*Fiscal year 1927$839,508
1470.
5.09
*Fiscal year 1928
888.885
5.39
$ ..09
6 67
5
Calendar year 1928
1,044,223
Graham-Paige Motors Corp.
7.39
6.33
-Output.
Calendar year 1929
1,205.765
7.31
8.75
Period End. June 30- 1930
-Month-1929.
1930-6 Pne.-1929.
• Fiscal years: The Gamewell Co. and subsidiaries, May 31: Rockwood Production
3,190
5,989
26,2W
Sprinkler group of companies, Dec. 31; The Ifoltzer-Cabot Electric Co.,
74,498
Production In May this year was 4,797.
July 31; Harrington-Seaberg Corp., Dec. 31. The two last named comGraham-Paige will close its plante during the last two weeks in July for
panies were acquired by Gamewell Co. early in 1929, and their fiscal years
vacations.
-V.130. p. 4251.
were changed to end May 31: comparative combined earnings for fiscal
years ended in 1929 are thus not available.
Great Lakes Dredge & Dock Co.
The companies report combined net earnings for the four months ended
-Stock Split-up.
-The stockholders have increased the authorized capital stock from 80.000
April 30 1930 of $314,514. being 5.7 times the four months' dividend requirement on this preferred stock and equal after preferred dividends to shares of $100 par value (69.015 shares outstanding) to 800.000 shares or
no par value, and approving the Issuance of eight new shares for every
$2.18 per share on the common stock.
The business of the company has paid dividends without interruption $100 par share issued.
-V. 130, p. 4616. 388 .
since 1882. Since incorporation in 1924 dividends on the common stock
Hatfield-Campbell Creek Coal Co.
of the company have been paid each year at the rate of $5 per share per
-Earnings.
annum.
Earnings for Year Ended Dec. 311929.
Purpose.
-Proceeds are to be used to reimburse, in part, the company for Net sales
$4,928,299
Cost of sales
expenditures in connection with the acquisition of the Rockwood Sprinkler
4,297.671
Co.of Massachusetts and its associated companies.
Gross profit from sales
Financial Position -Consolidated balance sheet as at Dec. 31 1929,
$630,628
Other operating income
adjusted to give effect to this financing and to transactions incident thereto,
182,321
shows current assets of $5,627,030 and current liabilities of $1,236,858 or a
Gross profit from operations
ratio of 4.5 to 1, and net tangible assets of 57,303,413 equivalent to $265 x
$812.949
Selling, delivery and administration expenses
per share of this preferred stock.
448.895
As reported by the companies, the consolidated balance sheet as at
Net
Aprll 30 1430, adjusted as above, shows current assets of $5,641,394 and Other profit from operations
1364.054
income credits, interest, dividends, &c
current liabilities of $1.062,567 or a ratio of 5.3 to 1, and net tangible assets
41,459
of $7,464,801 equivalent to $271 per share of this preferred stock.
Gross income
$405,514
Sinking Fund.
-On Feb. 1 1931, and semi-annually thereafter, so long as Other income charges, interest, discount,
&c
14,703
any of the preferred stock shall be outstanding, the company shall set aside Interest on bonds
79,547
the slam of $25.000 in cash as a sinking fund, to be applied to the purchase Provision for Federal income
tax
32,200
and retirement of the preferred stock, if obtainable within 45 days, at not
$100 per share and accrued dividends. Funds nit so applied
Net income
$279.064
a '
e; reltdays will revert to the company.
lK
-V.130.P.4425,4250.
Earnings per share 00 79,500 shares common stock (no par)
$1.52
Z Depreciation and depletion have been charged off on plants
and Personal
property under these headings, aggregating $202,558.11.
General Baking Co.
-Listing.
-The New York Stock Exchange has authorized the listing of $7,000,000 -V.127.p. 1110.
10
-year 5M% sinking fund gold debentures, due April 1 1940.
Hotel Gibson Co., Cincinnati.
-Certificates Offered.
Income Statement Period Dec. 28 1929
-April 26 1930.
Title Guarantee Securities Corp., Cincinnati, are offering
Profit from operations
$2,299,733
Interest on funded debt
12,833 5% land trust certificates representing 30,000 equal unDepreciation
505,475 divided interests in certain premises at southwest corner
Federal income tax
195,957 Fifth &
Net profits for period
Earned surplus beginning of period
$1,585,467
13,092,755
Total surplus
Preferred dividend
Common dividends
$14,678.223
233,421
752.008
• Earned surplus at end of period
Earnings per share on 429,719 shares common stock
-V. 130, D. 2219, 4250.
$13,692 793
$5.15
General Electric Co.
-Orders Received, &C.
Period End. June 30.
1930.
1929.
1928.
3 months
$99,916,027 $119,351,248 $90,431,957 $78,107
5
192 ,247
6 months
190,313.758 220,716,456 170,357,797 155,655,828
As a result of the transfer of radio set and tube business outlined in the
annual report, orders received in 1930 do not include radio sets or
1929
tubes, the company announces.
Effective July 1 the industrial heating and welding section of the industrial
department was divided into two sections. C. L. Ipsen is manager of sales
of the industrial heating section, and L. D. Meeker is manager of sales of
the electric welding section.
-V.130. p. 4615.
General Mills, inc.-Export Sales Increase.
-
Export sales for the month of June 1930 show an increase of 100% as
against the corresponding period last year.
-V. 130, p. 1837.
General Realty & Utilities Corp.
-Earnings.
Earnings before taxes for five months ended May 31 were slightly in
excess of $2,000.000. This figure does not include determined but unrealized profits which will come into income in the second half of 1930.
Based upon business which company has on its books and unrealized
profits to be taken later, Louis W. Abrons, President, states that second
half earnings will exceed those of the first half and net profits for the full
year will be substantially in excess of 1929. when net income for 11 months
of operations ended Dec. 31 last was $3,480,611. General Realty also
has on its books business consummated this year, income from which will
not be received until 1931 or 1932.
"Conditions in the building industry are on a healthy basis," say Mr.
Ahrens,"and it is notable that while security markets have shown a shrinkage of values as compared with last year, good real estate bought at the
same time has been sold at very much higher prices."
General Realty has been conspicuously active in real estate this spring
In the East End Ave. district and in downtown New York. Company also
acquired the Stern Bros. Bldg. on 42d St. between Fifth and Sixth avenues.
This property is valued at more than $6,000,000.-V. 130, p.4250, 2591.
General Refractories Co., Phila.-Stock Increased.
-
Walnut Sts., Cincinnati, 0. leased and occupied
by the Hotel Gibson Co. Price $98.g0 for each 1-30,000th
interest, plus accrued rental.
Certificates issued by the First National Bank of Cincinnati, trustee,
holding title to the property, subject to a 99
-year renewable lease. Certificates dated April 1 1930, and rental distributable Q.
-J. at the annual
rate of $5 per 1-30,000 interest. These certificates represent interests in
real property located in Ohio, the taxes on which are to be paid by the
lessee and therefore are not required to be listed for personal property tax.
Property.
-The property to which the trustee holds title is situated at
the southwest corner of Fifth and Walnut Sta., on Fountain Square the
center of the downtown business district of Cincinnati. The site is of
strategic importance, being in the heart of both the financial and shopping
districts. The property itself is a plot fronting 102 feet 6 in., more or less
on Walnut St., 190 feet, more or less on Fifth St. and 78 feet, 10 in., more
or less on Stone Alley. The trustee holds title to the fee of approximately
% of the tract and to perpetual leasehold on the remaining
subject to
a nominal ground rent of $640 per year, payment of which j4.
is secured by
the deposit of U.S. Govt. bonds,or other satisfactory securities with trustee.
In 1923, a new addition to the Hotel Gibson was erected on this
erty, consisting of 13 floors and spacious roof garden, containing propbasement, ground floor and mezzanine dining rooms, and retail stores on Fifth
St. and Walnut St., including the Dow Drug Store on the southwest corner.
The annual rentals from the ground floor stores total $96,000, which alone
is 64% of the annual rental requirement under the terms of the lease.
Value.
-The property covered by these certificates was appraised by
H. Q. Cleneay, of Cleneay & Nourse Co., on Jan. 25 1930, as follows:
The value of the land $4,500.000; the value of the building $2,000,000:
the total of land and building $6,500.000. This appraisal value is more
than twice the highest purchase price of all the certificates issued hereunder.
Income.
-Net earnings of the company applicable to the payment of
ground rent after depreciation, but before Federal income tax for the past
three years, were as follows: 1927,$461,958: 1928,$522,224; 1929.$594,853.
Average annual net earnings for the three-year period, as shown above,
were $526,345, or More than three and one-half times the annual rental
requirement under the terms of the lease.
Lease and Agreement.
-By the terms of the lease, the lessee agrees to
pay all taxes and assessments upon the premises, trustee's fees and expenses,
and in addition as rental, the net sum of $150,000 per annum, payable to
the trustee in four equal quarterly installments on the 10th day before
the end of each quarter. The lease will also require the carrying of fire
and tornado insurance, and use and occupancy insurance equal to the
aggregate of the rent and guarantee fund payment for one year.
-V. 119.
p. 2294.
Hupp Motor Car Corp.-Shipments.-
Mcmai of -6 Mos. End. June 30The stockholders on June 28 increased the authorized capital stock from
PeriodJune 1930.
1930.
1929.
300,000 shares, without par value, to 600,000 shares, without par value; Shipments (number of cars)
2,606
16.698
25,641
approved a proposed increase of the indebtedness of the company in the -V. 130, p. 2976.
amount of $5,000.000 above the previously authorized indebtedness and
Indestructo Glass Corp.
authorized the directors to issue notes, debentures or bonds of this
-Probable Merger.
company from time to time up to such sum of $5,000,000 in the aggregate
See American Plate Glass Corp. above.
JULY 51930.]
FINANCIAL CHRONICLE
123
Independence Fund of North America, Inc.
-New
Directors.
-
"Whereas, in consideration of the premises the stockholders desire to
cease doing business and to surrender their franchise and wind up their
corporate affairs; and
The corporation announces the election of the following to the board
"Whereas, notice has been published in the call for this annual meeting
of directors: Bryce Biynn (partner of West & Co.), E. B. Moss (of George of the stockholders that the question of winding up.dissolving and terminatH. Burr ez Co.). Hugh Long (Vice-Pres. of Distributers Group, Inc.), ing the existence of the corporation would be considered and voted upon;
Oscar Ewing (of Hughes, Schurman & Dwight, attorneys), and 'William
'Now, therefore be it resolved that said corporation be and the same is
C. McTarnahan (President of the Petroleum Heat & Power Co.).
-V.160, hereby wound up, dissolved and its corporate existence terminated. acp. 4428.
cording to the statutes of the State of Michigan in such case made and
provided."
Indiana Pipe Line Co.
-25c. Extra Dividend.
At a meeting of the directors of the company held June 21. it was voted
The directors have declared a quarterly dividend of 50 cents a share and to make the first distribution in liquidation to the
an extra dividend of 25 cents a share on the capital stock. par $10, both on August 1 1930 to holders of record at close ofamount of $2 per share
business July 15 1930.
payable Aug. 15 to holders of record July 25. Like amounts were paid on -V. 130, p. 4618.
Nov. 15 1929 and on Feb. 15 and May 15 last,
-V. 130, p. 2038.
Insurance Co. of North America.
-Stock Increased
Rights-Acquisition.
The stockholders have approved a proposed increase in the authorized
$10 par stock to 1.500,000 shares from 1,000,000 shares and ratified the
issuance of 125.000 new shares at not lass than $40 a share.
Allotment is to be made to stockholders of record Aug. 15 on the basis
of one new share for each eight shares held. The final date of payment
for the new stock is Oct. 1.
The stockholders also approved the issuance of 75.000 new shares for
the acquisition of the Central Fire insurance Co. of Baltimore, through
the exchange of stock on the basis of 1 16 shares of North America for
two shares of the Central company.
-V. 130, p. 3725.
Lawbeck Corp.
-Listing.
-
The Chicago Stock Exchange has approved the listing of 100.000 shares
6% cumulative preferred stock. ($100 par)series A.
-V.130, p.4618.4429.
Lawyers Mortgage Co.
-Loans Accepted.
-
A 12% increase in mortgage loans on New York City properties accepted
during the first six months of 1930, compared with the same period in 1929,
Is reported by the company. The total of mortgages accepted this year is
$56.176,625, while loans made during the first half of 1929 were 349,284,115.
Loans on properties in Manhattan and the Bronx during 1930 are $10.000,000 ahead of the same period last year, the aggregate of $32,234,500
representing a 32% increase. Queens and Nassau loans also were increased
16% while the Brooklyn and Westchester totals are below those of 1929 by
36.5% and 0.2% respectively. The detailed figures are as follows:
International Bankstocks Corp.
-New Chairman.
Total Mortgage Loans Accepted-1929 and 1030.
Arthur P. Smith, formerly Executive Vice-President of the Harriman
1929.
1930.
Change.
National Bank & Trust Co., has been elected Chairman of the board.
- Manhattan and Bronx
$21,939,950 $32.234,500
+32
V. 130, p. 4252.
Brooklyn
14,501.000
9,213,100 -36.5
Queens and Nassau
9,836,415
11,726,625
+16
International Cigar Machinery Co.
-Regular Dividend. Westchester
3,006,750
3,002.400 -0.2i
The directors have declared the regular quarterly dividend of $1.25
pa., share on the old common stock, payable Aug. 1 to stock of record
Total
349.284.115 356,176.625
July 18. The stock was recently split 2
and dividend action on the
-for-1
Building loans on new construction projects for the first six montns, comnew shares will not be taken until the October meeting.
-V.130. P. 4428.
pared with thesame period in 1929show substantial decreases in all boroughs
except Brooklyn, the aggregate total being only 64% of the 1929 figures.
Interstate Department Stores, Inc.
-Reduce Capital Stk.
The corporation has retired $500.000 of its 7% cum. pref. stock, call- The detailed figures follow:
Building Loans Accepted by the Company-1929 and 1930.
able at 110. This amount is more than $400,000 in excess of the 3%
reduction required to be made by Dec. 31 1930, and leaves the outstand1930.
1929.
ing pref. stock at $2.250,000. By retiring this amount an annual saving Manhattan and Bronx
$8,688,500 $7,177,III
Brooklyn
sr 335.000 in dividends will be effected.
1,381,250
1,718,III
President Leo G. Federman stated that he estimated earnings for the Queens and Nassau
2,502,875
13,500
first six months of the current year to approximate those for the first Westchester
1,797,000
1,343,000
half of 1929 when net income after all charges and taxes was $496,376
Total
-V. 130, p. 4252.
or $1.71 per share of common stock.
314.369,625 $9,251,800
-Smaller Dividend.
Jamison Coal & Coke Co.
-
The directors have declared a quarterly dividend of 75 cents per share.
payable June 28 to holders of record June 27. Previously, the company
-V. 126, p. 4093.
made quarterly distributions of $1 per share.
Three Permanent Loans Amounting to $672,000 Closed.
-
Three permanent loans totaling $672,000 on properties in Manhattan and
the Bronx were closed last week with this company. The Amreb Realty
Corp. obtained a loan of $490,000 on the 14
-story modern loft building at
256-260 West 38th St., occupying a plot of land 75-99 feet. The building
-Sales.
Jewel Tea Co., Inc.
is now 93% occupied under two to five year leases, producing an annual
Period End. June 14- 1930-4 Weeks
-1929. 1930-24 Rieeks.-1929. income of *121,750. Theere are two stores on the street floor and the
$1,136,040 $1,249,699 $7,341,980 $7,618.130 building ts serviced by four elevators. Frank E. Herma is President of
Sales
Average number of sales
the borrowing corporation.
1,242
routes
A permanent loan of $30,000 on a five story brick apartment house at
1,185
1,229
1,164
-V. 130. p. 4618. 4252.
2158 Mapes Avenue also was accepted by the company. The building is
divided into 59 apartments of from two to five rooms each producing a
(Julius) Kayser & Co.
-Dividend Rate Reduced.
-The rental income of $30.500.
Another loan of $52,000 was closed with the S. A. V. Holding Corp. on
directors on July 1 declared a quarterly dividend of 62M
5
-story brick apartment
West 124th St.
cents per share on the no par value common stock, payable the twothe two buildings is divided buildings at 440-442 four rooms each.
Each of
into 15 apartments of
Aug. 1 to holders of record July 15. This compares with -V. 130, p. 4618.
quarterly dividends of $1 per share paid from Aug. 1 1929
to and including May 1 1930.
Sales Increase.
Sales, which in December 1929 were 2016% below those of the previous
December, have risen for the month of June of this year, to a point 14%
is excess of the figures for June 1929. it is announced. The increase
during the seven months has been a gradual one.
-V. 130. p. 2889.
-Bonds Called.
(M. W.) Kellogg Co.
Lefcourt Realty Corp.
-Earnings.
Period Ended May 31- 1930-3 Mos.-1929, 1930-6 Mos.-1929.
Net profit after charges
and Vane
$267,662 4224,220
3509.340 4451,192
x Exclusive of profit on sale of International Telephone and Telegraph
building.
Note.
-In its report for six months ended May 31 1929 company showed
a net profit, including profit on sale of International Telephone building, of
$1,015,432 after charges and taxes.
-V. 130, p. 2403, 2223.
All of the outstanding 1st mtge. sinking fund gold bonds, 6% series A,
Lehman Corporation.
-Earnings.
due March 1 1938, and all the 1st mtge. sinking fund gold bonds.
%
Earnings for Period from Sept. 24 1929 to June 30 1930.
series B, due March 1 1938, have been called for redemption on Sept. 1
at 10216
_and int. at the Guaranty Trust Co.,trustee. 140 Broadway. N. Y. Interest earned on call loans and bank balances
3723,382
Int. earned on bonds, treasury notes,loans and advances
-V. 126, p. 1049.
City.
872,614
Cash dividends
1,408,254
Kentucky Rock Asphalt Co., Inc.
Commissions
-Earnings:
614,858
Earnings for Year Ended Dec. 31 1929.
Total income
Net operating profit
13,819,108
$520.760 Expenses
Other income (net)
403,468
31,187 Loss on sales of securities (net)
1.275.672
Total income
120.000
$489,573 Provision for Federal and State taxes
Interest on 1st mortgage bonds
67,307
Balance of P. &
Depreciation & depletion
106,804 Dividend payable L.acc't .Tune 30 1930, transf. to bal. sheet--$1,819.942
Income taxes accrued
750.000
34,258
Balance, surplus
Net available for dividends
11.069 948
$281.204 Earn, per share on 1.000,000 abs.cap.stock(no
Preferred dividends
par)
81.82
91,322
Comparative Balance Sheet.
Net available for common stock
$189.882
June 30'30. Dec. 31'29.
Julie 3030.Dee.31'29.
Earnings per share on 126,793 shares common stock (no par)
Assets$1.49
$
-V. 128. p. 1567.
Cash in banks-- 2,870.588 1,337,379 Payable for secure.
Funds Iced on eall
perch., current_ 1,040,625
13,300,000
27,735
Keystone Watch Case Corp.
-Common Dividend.
U.S.bds.& Treas.
Payable for secure.
The directors have declared the regular semi-annual dividend of $1.50
notes (at cost)__13,160,209 18,878,625
porch., 1931-32 611,187
854,000
per share on the common stock, payable Aug. 1 to holders of record July Secs. owned (cost):
Res. for Federal &
18. On Feb. 1 last, an extra dividend of $1 per share and the regular
Bonds
1,910,709 4,557,237
State taxes
120.000
semi-annual of $1.50 per share were paid.
-V. 130, p. 4252.
Preferred stocks 4,831,536 4,388,213 Dividend payable_ 750,000
Common stocks:
Res.for accr. exps.
Kress & Co.
-Declares Extra Dividend in Special
(S. H.)
20,000
10,000
Industrials_ -.31,598,779 21,703,012 Capital stock (1,-The directors have declared a stock dividend
Preferred Stock.
Public utils 11,782,730 12,152,594 000,000 abs., no
Railroads- 4,034,621 5,384,318
common stock, payable in 6% special preferred stook
Par value)
on the
50,000,000 50,000,000
Oils
4,174,205 5,432,500 Paid-in surpius 50,000,000 50.000.000
at the rate of 50 cents for each common share and the regular
Mo.& ins.cos. 7,483,241 4,735,082 Profit & loss Real
Mining
dividend of 25 cents per share on the common
quarterly cash
4,988,191 1,913,607 (sur.)
1,069,948def.505,082
Miscellaneous
stock, both payable Aug. 1 to holders of record of July 11. Invest. in corp.'s 1,707.541 1,594,624
A stock distribution of like amount was made on Nov. 1
own stock
3,672,305
1927, Nov. 1 1928 and on Nov. 1 1929.-V. 130, p. 4253, Adv.on short-term 3,564,406 1,463,320
building loans
3365.
Other loans dr adv_ 6,989,474 2,966,454
Divs. rec. & int.
-Affil. Co. Shipments.
Kreuger & Toll Co.
accrued
498,793
579,688
The Grangosberg Co., Swedish iron mining unit which Is rated as the Rec. for sec. sold_ 344,460
Tot.
(each side)103,611.760 100.386.653
Notes.
-(1) The corporation has loan and purchase commitments under
largest producer of ore in Europe and in which Kreuger & Toll,
;Co. holds
a substantial interest, shipped 927,000 tons of ore in May. This com- which during the ensuing three years it may make investments which will
pares with 723,000 tons in April 1930 and with 1,007,000 in May 1929. not exceed 55,900.000, of which short-term building loans amount to apThe May production was the largest for any month this year.
proximately 51.936,000. (2) The value of the corporation's securities and
For the first five months of 1930 shipments totaled 3,678,000 tons as Its interest in accounts with others at June 30 1930 taken at not in excess of
compared with 3,249,000 tons in the corresponding period of 1929.-V. market was less than cost by approximately 312,099,000.-Y. 130, p. 4063,
130, p. 4063.
1839.
Lake Copper Co.
-Dissolution of Company.
The Boston Stock Exchange is advised that at a meeting of stockholders
of the company, held at Houghton, Mich., June 17, the following resolutions were passed:
"Whereas, mining operations on the company's lands have failed to disclose copper mineral in commercial quantities, and in the opinion of the
stockholders there have been no developments to warrant the expenditure
of the company's funds in the further exploration of its property; and
"Whereas, after a thorough and careful investigation and c.onsideratliln
of the present economic and financial condition of the company and of the
copper mining industry in general, it seems advisable to the stockholders
that the assets of the corporation be disposed of, its liabilities paid, the
surplus distributed among the stockholders and the corporate existence of
the company terminated; and
Liberty Baking Corp.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend of $1.75 per
share duo July 1 on the pref. stock. The last quarterly distribution at
this rate was made on April 1 1930.-V. 130, p. 1473.
-Earnings, &c.
Lyons-Magnus, Inc.
Years EndedMar.31 1930
Dec. 31 1928
Dec. 31 1927
Dec. 31 1926
Dec. 31 1925
Dec. 31 1924
Gross
Sales.
Not avail.
$2,025,703
1,958,364
2,017,322
1,961.732
1,841,069
Net
-Earned a Sh.- Divs,
Profit. "A" Stk."B"Stk. Paid. Surntus.
$137,488 $2.29 $0.79 $90,000 $47,488
125,527
2.09
.59
49.850 75,677
103,594
1.72
.22
56,014 47,580
78,933
1.31
---61,650 17.283
1.08
64,709
---67,255 def2.546.
112,367
1.87
.37
70,745 41,622
124
FINANCIAL CHRONICLE
[VoL. 131.
Balance Sheet of March 31 1930 (As Compared with Pro Forma Balance Sheet
Monsanto Chemical Works.
-New Officers.
as of December 31 1928).
J. A. Berninghaus, general manager of sales in St. Louis and V. E.
Mar. 31'30. Dec. 31'28. Liabilities- Mar. 3130. Dec. 31'28. Williams, in charge of eastern district sales office, New York, have been
Assets$111,848 Notes payable_ ___ $56,500 $118,996 elected Assistant Vice-Presidents of the company.
$15,509
Cash
-V. 130, p. 4620. 3891.
Accounts payable_
215.221.
86,985
155,642
Acc'ta receivable
22,500
542,634
571.884 Dividends payable
Inventories
Montgomery Ward & Co.
-June Sales.
11,599
16,055
40,708
40,708 Fed, tax reserve__
Land
1930.
1929.
Increase.
15,000
595,932 Organiza'n exps_
Plant & equipm't_ 659,165
$23.989,300 $21,953,630 $2.035,661
1,353,738 1,392,322 Month of June
33,589 Capital stock
30,605
Other equip. l'ned
First six months
130,185.103 122,807.540
7,379.563
47,487
73,940 Earned surplus
55,886
Def'd dr 0th. assets
-V. 130, p. 3368, 4065.
19,081
20,596
Patent developm't
Total
-V. 128,
$1,578,809 $1,698,015
Total
$1,578,809 $1,698,015
p. 4015.
-Earnings.
Loblaw Groceterias Co., Ltd.
Years EndedSales
Net profit
Preferred dividends_
Prior pref. dividends_
Common dividends
June 1
May 31
May 31
1928.
1927.
1930.
1929.
$18,435,000 $16,552.739 $13,975,186 $1.0,517,093
798,487
629,140
1,190,328
922.203
40,586
3,5591
416,6315
37,331
552,945J
l
217,792
201,959
$543,364
902,368
$386,595
567.185
Total surplus
$2,432,819 $1,869,669 $1.445,732
Prem. paid on pref. stock
1.080
redeemable
123,543
38.025
565
1,371
Inc.tax adjust.(prior yrs.)
64,000
95,000
72,887
Income tax reserve
8,683
Adjustment. Alberta Co.
7.306
Reorganization expenses
7,306
7,306
Prof.on sale of cap.assets
Cr.47,546
$953,780
Surplus
$2,205,599 $1,798,996 $1,364,097
Shs.corn,stock outstand.
850.841
766.600
191.650
(no par)
$1.16
$3.99
Earnings per share
$1.39
Comparative Balance Sheet.
June 1'30.
June 1 '30. June 1'29. LiabilitiesAssetsPrior pref. stock__
Real estate, build42,710,214 $2,711,051 Common stock---y2,929,660
logs. &c
276,687 Rights for class A
706,943
Cash
18,854 stock
10.761
.Accts. receivable
Merch. inventory_ 1,957,482 1,879,302 Accounts payable- 693,825
Mortgage payable_
37,250
Adv.on merchand.
13,232
14,887 Income tax reserve
95,000
purchased
293,724
290,675 Surplus
2,205,599
Investments
360,000 Divid'nds payable 170,128
360,000
Good-will
77.752
79,148
Deferred charges_ _
$902,368
Surplus
Previous surplus
$633,823
1,798,996
$505,572
1,364,097
3,570
Cr.3,477
51,320
174.234
$3.38
June 1 '29.
2,040.810
420,570
830,686
38,750
75,000
1,798.996
$6,131,502 $5,629,212 Total
$6.131,502 $5,629,212
Total
x After depreciation of $731,991. y Represented by 467.541 shares (no
-V.130,p.812.
par)class A stock,and 383.300 shares(no par)class B stock.
-Earnings.
Madison Square Garden Corp.
1928.
1930.
1929.
Years Ended May 31$4,406,191 $4,602,285 $7,593,775
Income
6,074,522
3,725,500
Operating. gen.& administ. expenses_ 3,600.783
125,091
85,028
90,000
Interest on bonds & mortgages
236,939
250,655
224,937
Depreiation,amortization, &c
161,700
58,380
69,500
Provision for Federal income taxes_ _ _
Net profit
Surplus at beginning of period
Total surplus
Adjustments. net
Dividends paid
$411,345
1,047,828
$492,347
1,430,107
$995,523
1,166,826
$1,459,173 $1,922,455 $2,162.348
12.844
306,116
326,168
487.280
568,511
406.073
$959,049 $1,047,828 $1,430,107
Surplus, May 31
Earn, per shr. on 324,860 shs, com.
$3.06
$1,26
$1.51
stock (no Par)
-Above figures for 1930 exclude any return on corporation's inNote.
vestment in Boston Madison Square Garden Corp., which started operations
in Nov. 1928. Operations of the latter showed a net loss of $16,175 for the
fiscal year ended May 311930.
Consolidated Balance Sheet May 31.
LiaSilities1929.
1930.
1930.
Assets$431.666 Acets.payable-$49,031
$258,583
Cash
112.756
6,600
8,000 Accrued exp....
Notes receivable
101,447 Fed.& State tax
79,050
116.813
Accts. receivable
. 219,651
2,604
5,136 Deferred Mc_ _
Inventories_ _
30.631
235,118
Marketable sec_
359.599 Res. for costing.
250,000
200,000 Funded debt., _ 1,660,000
Funds in escrow
5,381 Capitalstock___ x3,380.596
4,982
Special deposits_
Surplus
959,049
Invest. & adv.
142,447
103,886
to Mill. cos- __
98,652
Treas.stock _ - _
Land, buildings
& equip_ _ .-- y5.189,986 5,242,368
184,979
170,606
Deterred charges
1929.
$94,917
70,851
124,619
16,301
32.977
1,860,000
3,380,596
1,047,828
Muncie Gear Co.
-Earnings
Calendar YearsSales
Cost of sales
Selling, gen.& admin.exps.& deprec_
Operating income
Other income
Total income
Interest, discount and other expense..
Federal taxes
1929.
1928.
1927.
$611,017 $1,264,061 $1,095,680
464.768
882.724
804.870
150,633
129.208
186,498
def$4,386
9,464
$252,130
11,281
$104,313
9,187
$5,078
1,202
$263,411
2,905
32,000
$113,499
12,391
8,599
Net income
$3,878
$92,509
$228,506
Earnings per share on 56,250 shares
common stock (no par)
$2.72
$0.31
$0.07
Consolidated Balance Sheet Dec. 31.
Assets
1929. '1928.
1929.
1928.
Land, bldgs. & equip.$349,632 $380,909 Cap.stk.& surplus..a$666,278 $615,713
Patents & good-will__ 82,790 82,082 Prof. stk. (Spurgeon
Deferred charges
5,003
897 Bros Realty
122,000
Officers and employees
Com. stock (Muncie
account
222 Sales Co.)
2,250
Cash
42,807 56.671 Accounts payable__ _ 14,743 13,649
Accounts receivable
20,298 42,979 Accr. pay., ins. Staie
Secure.(market value) 64.181 99,353 State & co. taxes__
9,193
7,543
Int.received & accrued
927
1.114 Federal taxes
32,000
Inventories
125,812 132,370 Customers deposits___
895
2,398
Sundry current
440
1,041
Total
$691,451 $796,598
Total
$691,451 $796,598
a Represented by class A stock, 37.500 she. (no par); common stock,
56,250 shs. (no pad.-V. 130, p. 2981.
(C. C.) Murphy Co.
-The Bank of
-Bonds Offered.
Pittsburgh N. A. is offering at 100 and int. $2,000,000 10
year 6% sinking fund gold debenture bonds.
Dated July 1 1930: due July 1 1940. Denom.$1.000 and $500. Interest
payable J. & J. without deduction for Federal normal income tax up
to 2% per ann. Free of Penn. 4 mills personal property tax. The Bank
of Pittsburgh National Association, trustee. Red. in whole or in part or
for the sinking fund on any interest date upon 4 weeks notice as follows.
to and incl. July 1 1932 at 105%; Jan. 11933. to and incl. July 11934. 104%;
Jan. 11935, to and including July 1 1936, 103%; Jan. 1 1937 to and incl.
July 1 1938, 102%; Jan. 1 1939, to and incl. Jan. 1 1940, 101%.
Data from Letter of Edgar M. Mack, Vice-President.
History and Business.
-Company was incorporated in Pennsylvania in
1906 with an authorized capitalization of $100,000. Company operates a
chain of 5c. to $1 stores. In 1912 the company operated a total of 18
stores with total sales of $370.616, and for the year 1929 the company had
153 stores in operation with total sales of $15,726,651. For the 5 months'
period ended May 31 1930, the company's sales were $5,812,096, and for
the same period in 1929 sales were $5,227,550 or an increase of over 11%•
In each year since 1912 the company's sales have shown a substantial
increase over the preceding year. Company has paid cash dividends on
its common and preferred stocks in each year since 1916.
To-day 159 stores operate in the following states: Pennsylvania, Ohio,
West, Virginia, Kentucky, Connecticut, Indiana, New York, New Jersey,
Illinois, Michigan and Maryland. On or about Sept. 30 1930. the company
will open one of its largest stores, which will be located on Fifth Ave., Diamond and Market Sts., in Pittsburgh. Pa. This store will occupy over,
72,000 square feet of floor space. The company will have 167 stores in
operation during 1930.
Earnings.
-Annual net earnings available for interest after depreciation.
Federal and State taxes, for the three years ended Dec. 31 1929, averaged
$751,453. The maximum annual interest requirement on this issue of
bonds is $120,000. During the past 3 years such earnings averaged annually more than 6 times maximum annual interest charges on this issue
and for the year 1929 such interest charges were earned approximately
eight times.
Assets -The balance sheet as of March 31 1930, giving effect to this
financing shows net tangible assets of $9,300,177, and net quick assets of
$4,012,229.
Sinking Fund.
-Indenture Will provide for retirement of this entire issue
by maturity.
Purpose.
-Proceeds will be used to retire all indebtedness except current
accounts payable not due, and for the further expansion of the company's
business.
-V. 130, p. 4255, 3368.
National Bellas Hess Co., Inc.
-Gross Cash Receipts.
-
1930
-June
-1929.
Decrease. I 1930-6 Mos.-1929.
Decrease.
$3,232,338 $4,250.666 $1,018,328[$18.280,445 $25,367.665 $7.087,220
Gross cash receipts this year include figures for certain stores not operated
Total
$6,490,764 $6,628,089 by the company last year. Therefore, the actual comparative decrease
$6,490,764 $6,628,089
Total
for the six months is 35.5%.-V. 130, P. 4065, 3368.
Represented by 324.860 no par shares. y After depreciation -V.130,
p.4253.
-Semi
-Annual Distribution.
Major Shares Corp.
National Biscuit Co.
-Subsidiary Acquires Mutual Biscuit Co.
-
The American Biscuit Co. of San Francisco, a subsidiary of the Pacific
Coast Biscuit Co. which has been acquired by the National Biscuit Co.,
has purchased the Mutual Biscuit Co. also of San Francisco. The price
involved was not announced.'
The American Biscuit Co. has been operating as a separate company,
although the entire ca.pital stock is owned by the Pacific Coast Biscuit Co.
The American and Mutual companies have been working under an agree-Successor.
Manhattan Electrical Supply Co., Inc.
ment since Sept. 11929, under which the American concern baked tile out-V. 130. p. 4253, 3727. put of the Mutual company. The latter has Seen doing an annual gross
Bee American Machine & Metals, Inc. above.
ousiness of between $400,000 and $500,000.
- output of miscellaneous cakes, crackers, &c. The company has a diversified
-Equipment Trusts Sold.
Merchants Despatch, Inc.
-V. 130, p. 4255.
Semi-annual distribution amounting to $1.19 per share is being made
to holders of Major Corporation Shares,a fixed trust,according to announcement by R. J. Ross, President of Ross. Adams & CO., its sponsors. This
distribution represents a return of 14% on the current price of the shares
$8.50.-V. 130. p. 2980.
J. P. Morgan & Co. First National Bank and The National
National Garage Co., Kansas City, Mo.-Bonds Of'
City Co. announce the sale of $3,392,000 5% equip. trust fered.
-Stern Brothers'& Co. Kansas City, Mo., are ofgold certificates, at prices to yield 4U% for all maturities. fering at 100 and int. $225,000 1st mtge. leasehold 634%
Further details in the advertising pages of this issue.
sinking fund gold bonds.
Dated April 1 1930;
payable A.
1 at
-Dividend Deferred-Stock Inc. ctc. office of Stern Brothersdue April 1 1940. Interest Red, on any& 0.date.
Mohawk Rubber Co.
& Co., Kansas City, Mo.
int.
The directors have voted to defer the quarterly dividend of $1.75 per
share due July 1 on the pref. stock.
The stockholders on June 30 increased the authorized common stock
from 125 000 to 150,000, no par value, and approved a resolution waiving
pre-emptive rights in and to 15,000 common shares, to be sold to employees
from time to time.
Dr. R. H. Bishop, of Cleveland, has been elected a director to succeed
j. F. Jones resigned. George W. Spahr will succeed Mr. Jones as Vice-V. 130, p. 4431.
Pres. In charge of sales.
-Earnings.
Michigan Steel Corp.
Earnings for the first five months of 1930. after depreciation and Federal
tams, were sufficient to cover the regular cash dividends of the company
for the entire year. together with the necessary charge against earnings for
the 1% stock dividend which will be paid July 21, George R. Fink, president,
has announced. Dividend rate is $2.50 per share per annum on the 220,000
shares issued and outstanding.
Average operations of the company's plant at Ecorse. Mich., were main-V. 130,
tained at 98% capacity for the first five months of the year.
p.4619,3555.
on 30 days notice, at 103 and int, to and incl. April 1 1933; thereafter at
102 and int, to and incl. April 1 1936; thereafter at 101 and int. to and
ind. April 1 1939; thereafter to maturity at 100 and hit. Denom. $1,000,
$500 and $100. First National Bank of Kansas City, Mo., trustee.
Data from Letter of Harry A. Rubin, President of Company.
Property,a wholly owned subsidiary of National Garages.
.-Company,
Inc., owns the leasehold estate on the property situated at the southwest
corner of McGee St. and Eleventh St.. Kansas City, Mo. On this property is now being erected a modern, fireproof, steel and concrete garage
and store building, 7 stories in height, and basement. The building will
have a storage capacity for 700 automobiles.
It is estimated that the building, exclusive of any leasehold value, when
completed will cost $388.990. On the basis of this valuation, this is a
57.6% loan.
The ground lease has an unexpired term of 74 years at an annual rental
of $37,800 for 5 years, $41.300 for 5 years, and $42,800 for the balance of
the term.
All of the store rooms have been leased for the full term of the ground
lease, for an annual rental of $22,850 for 5 years and $25,350 for the balance of the term.
JULY 5 1930.]
FINANCIAL CHRONICLE
-The bonds are unconditionally guaranteed by Harry A.
Guaranty.
Rubin, as to both principal and interest. Mr. Rubin is a successful garage
operator in Kansas City. He is the President of National Garages, Inc.,
and the largest stockholder. National Garages, Inc., owns the total
authorized common stock issues, except directors' qualifying shares, of
the National Garage Co., the Capitol Garage, Inc., and the Mutual Garage
Co., and an open parking station on McGee St. north of Tenth St.
Earnings.-Earnings of the National Garage Co. are estimated as follows:
Garage earnings
5150.000
Store rentals (under lease)
22.850
Total
$172.850
Operating expenses including taxes and ground rent
82,430
Estimated net earnings
90,420
According to the above estimate, net earnings will be 6 times maximum
Interest charges on this loan, and 3.45 times total interest and sinking
fund requirements combined.
-Sinking fund will operate to retire bonds, beginning
Sinking Fund.
Aug. 1 1931, and is calculated to retire 60% of the total authorized issue
by maturity. Amounts available for the retirement of bonds increase
annually, from $5,600 in 1931 to $19,000 in 1939. Bonds may be purchased in the open market, if available, at or below the prevailing redemption price; or, if not so obtainable, shall be called by lot.
125
"The shareholder is urged to consider as income no more than the 300.
semi-annual coupon representing an annual return of approximately 6%
on his investment. The semi-annual return in excess of this 30c. coupon
should be reinvested in additional shares in connection with the right&
offered semi-annually. Investors who adhere to this plan during the
forthcoming reinvestment period will be permitted to reinvest in excess
of $I in additional North American Trust Shares, which on average increase the holding of trust shares approximately 13%."-V. 130. p. 3369.
Ohio Oil Co.
-Proposed Acquisition.
-
See Transcontinental 011 Co. below -V. 130, p. 4432.
Old Colony Trust
PeriodDividends received
Interest earned
Miscellaneous income
Associates.
-Earnings.
May 14 to
Year Ended
Dec. 3129. Dec. 31'28.
$159,000
5575.702
415,957
439.174
2.800
Total income
$574.957
$1.017,676
Expenses paid, incl. compensation of Old Colony
Trust Associates for services as provided in Trust
Indenture
107,778
Trustees' fees
64.366
1.980
Provision for Federal and other taxes
70,000
-New Name, &c.
National Pumps Corp.
46.439
The stockholders of National Recording Pump Co. at a special meeting
Net income
$440,591
5861.478
May 9 changed the name of the company to National Pumps Corp. The
45,591
existing stocks were changed to no par common stock as outlined in V. 130. Previous surplus
Adjustment of cost of bank stock
Dr.10,140
capital stock of the company is as follows
p. 3178. The
Authorized.
Outstanding.
Total surplus
$440,591
$896,929
Common stock (no par)
100,000 she.
55,000 shs. Dividends paid
395,000
800,000
The stock is listed on the Board of Trade of the City of Chicago.
Undivided profits, Dec. 31 1929
545,597
Earnings for Years Ended Dec. 31.
$96,929
1929.
1928.
1927.
Balance Sheet December 31.
$290.490
Operating profit
$202,795
$399,539
1929.
1928.
1929.
1928.
Miscellaneous income
25,157
12,027
3,285
Assets$
Liabilities$
$
$
Hankstocks,at costI4,090,664
Prey, for Fed. &
Total
5315,657
5214,823
5402,824 U.S. Govt&muni10,017,995
other taxes
70,000
60,000
Miscellaneous deductions
21.799
8,404
13,743
clralbds.,at cost l,978,125J
Div. payable, Jan.
32.539
Federal income tax
24,860
52,383 0th.invest, at cost
69,897
424.150 2 1930
200,000
200,000
Cash In banks and
Capital stock (400,
5261.318
Net profit
$181.558
$336,698
on call
3,380,999 9,976,980 000 ohs., no par)20,103,534 20,103,533
Accr. Int. recelv40,777
45,592
96,929
Undivided profits_
Pro Forma Balance Sheet Dec. 31 1929.
Liabilities
Assets
Total
20,460,463 20,419,125
Total
20,460,463 20,419,125
$302,479 Accounts payable & accrued local
Cash & U.S. Govt.Secs
taxes
2,788
Notes rec.-customers
$7,949 -v. 127. p. 1400.
78,921 Federal income tax, payable,
Accts.rec.-Customers
Owens-Illinois Glass Co.
-Registrar.
-9,428
Quarterly 1930
Other accts. & accr. Int
32,539
The Guaranty Trust Co. has been appointed registrar for an additional
Common stock
135,270
Merchandise inventory
47,274 shares of common stock.-V.130, p. 4621.
3,810 Appreciation and paid-in capital
Life insurance
15,000 & surplus
x$255.502
Treasury stock street
Packard Electric Co.
-Earnings.
2,183 Earned surplus
Deterred charges
1569,005
The company reports for five months ended May 31 1930 net profit of Land, bides., mach.& equip_ _ _ _ 265,303
$79,471 after charges and Federal taxes, equivalent to 59 cents a share '
49,807
Development expenses
on 134.370 no-par shares of stock.
1
Patents
The balance sheet as of May 31 1930 shows current assets of $1,290,754
$864,995
Total
Total
$864,995 against current liabilities of $106,611.--V. 130, p. 4433.
x Represented by 55,000 shares (no par value).
Paraffine Companies, Inc.,
-Rumors False.
President R. S. Shainwaid, June 23, ma letter to the stockholders, said:
National Recording Pump Co.
-Name Changed, &c.
Due to the general panicky conditions in the stock markets for the last
-V. 130. p. 3178.
See National Pumps Corp. above.
few days, coupled with false rumors in connection with the company's
business, the price of Paraffine shares on the local exchange has suffered
National Supply Co. of Delaware.
-To Increase Stock- a severe and unwarranted decline.
This unfortunate circumstance has doubtless disturbed many of our
Acquisition.
to prevent unnecessary sacrifices and losses on their
The stockholders will vote July 17 (a) on increasing the authorized shareholders, and taken of this
part, advantage is
capital stock from $25,000,000, divided into 80,000 shares of 7% cum. holders certain facts, as follows: opportunity to officially give to the sharepref.stock,par $100 each ,and 340,000 shares ofcommon stock,par $50each,
1. The rumors passed about relative to great
to 545,000,000, divided into 200,000shares of7% cum.pref.stock,par $100 absolutely false. On the contrary, sales and profitslosses in business are
in
each and 500,000 shares of common stock, par $30 each; and (b) on ap- of one of our subsidiaries, have shown actual increases all lines, save that
over prior-year.
proving the acquisition of common stock of Spang, Chalfant & Co., Inc.
2. Although profits for the fiscal year ended June 30 1930 next, will
show a small decline as compared with fiscal year ended June 30 1929, our
President John M. Wilson, June 26, says in part:
The directors have entered into a contract (subject to the necessary earnings will show a satisfactory increase over fiscal.year 1927-1928, and
action by the stockholders) for the acquisition of 482,000 shares of the are substantially in excess of dividend requirements.
3. The business of the company was never in a sounder or healthier
common stock of Spang, Chalfant & Co., Inc., being a controlling interest,
for approximately 91,877 shares of National preferred stock and 56,431 condition. Its sales and manufacturing organizations are as competent
stock. The sellers have the right for a limited as before, and give normal conditions the progress made in the last six
shares of National common
period to increase the amount sold by 56.000 shares. The board also years will undoubtedly continue.
It is the desire of the board of directors that you keep these facts before
proposes, upon the completion of this acquistion, to offer to the remaining
common stockholders of Shang, Chalfant & Co. Inc., the opportunity of you and not be stampeded by false rumors or low quotations into taking
unnecessary losses.
-V. 130, p. 3730.
stock in the ratio of
exchanging their common stock for National '
shares of common stock of Spang, Chalfant & Co., Inc., for ;i share of
Paramount Publix Corp.
-No.of Stockholders Increase.
pref. stock and 34 share of common stock of the National company.
The stockholders at June 6 1930 numbered 16,486, a new high record in
The balance sheet of Spang, Chalfant & Co., Inc.. as of March 31 1930
$28,000,000; and it then had outstanding the history of the company. On March 7 1930 there were 13,731 stockshows a net worth in excess of
-V 130, p. 4433.
$8,536,000 1st mtge. 5% sinking fund bonds (maturing Jan. 1 1948). holders, and in June 1929 9.855 stockholders.
$13,328,800 of 6% cum. pref. stock and 750,000 shares of common stock,
Pathe Exchange, Inc.
-Option Extended.
without par value. Its earnings for 1929 were in excess of $4.60 per share
An option held by this corporation for the purchase of 49% interest in
-V. 130, p. 4620, 3729.
on its common stock.
the du Pont-Pathe Film Mfg. Co., scheduled to have expired June 15, has
been extended until the latter part of August. This option was obtained
-Sales.
Neisner Bros., Inc.
from du Pont de Nemours & Co.,Inc., which together with Pathe Exchange,
Increase. I 1930-6 Mos.-1929.
1930
-June-1929.
Increase.
-V. 130, p. 4256.
56,934,295 55,738,859 $1,195,436 Inc., organized the film manufacturing company.
$1,344.264 51.246.679
597,585
-V. 130, p. 4065, 3369.
Peabody Coal Co.
-Earnings.
Earnings for Year Ended April 30 1930.
New River Co.
-81.50 Back Dividend.
The directors have declared a quarterly preferred dividend of $1.50 on Profit from coal sales, after providing 51,144,066 for depletion
and depreciation
account of accumulations, payable Aug. 1 to holders of record July 10.
$1,191,068
Income from management services, &c
This represents the dividend due Feb. 11923.
197,401
A quarterly distribution of $1.50 per share was also made on May 1 Interest, dividends, rentals, &c
683.460
ast.-V. 130. p. 3892. 2405.
Total income
$2,071,920
Niagara Wire Weaving Co., Ltd.
Interest on 1st mtge. bonds,incl, amortization of bond discount
-Earnings.
and expense
798,492
Earnings for Year Ended March 31 1930.
85,000
Net profit for year after all expenses, depreciation and taxes--- $172,845 Reserved for Federal income tax
Adjustment of securities to market value (net)
9,007
Profit for year
51,190,438
Earned surplus, April 30 1929
921,539
Net Income
5163.838
Preferred dividends
66,000
Total surplus
52,111,977
Common dividends
40.000 Dividends on preferred stock_
941,898
Appropriation of profits for stock purchasing fund
36,000
Earned surplus April 30 1930..
$1,170.079
Balance, surplus
521.838 -V. 130, p. 2406. 147.
Earnings per share on 40,000 shares common stock (no par)..
$2.19
-V. 130. p. 4432.
Penn-York
North American Refractories Co.
-Acquisitions.
-
The company on July 1 announced the purchase of the United States
Refractories Corp. of Mount Union, Pa., and the Savage Mountain Fire
Brick Co. of Frostburg, Md. The consideration was not announced.
J. D. Ramsay, President of the North American Co., said the purchases
made this concern the second largest of its kind in the country. It has
plants in Ashland. Ky., Curwensville, Pa., Strasburg, Ohio, St. Mary's,
Pa., Loch Haven, Pa., and Harber, Mo.
General headquarters of the enlarged concern will remain in Cleveland.
V. 12v. p. 1457.
North American Trust Shares.
-Distribution.
-
Fielders on June 30 received a semi-annual distribution aggregating
$12,000,000 and representing the largest semi-annual return ever made
by a fixed investment trust, Distributors Group, Inc., sponsors and syndicate managers, announce. This return is equivalent to $1.34 per share
and compares with $2,000,000 or 51.4 cents per share made on Dec. 31
1929. Total sales for June amounted to more than $13,000,000, a new
monthly record.
Rights permitting reinvestment of part of the return in additional shares
at a discount from the asked price are offered holders. "Since the majority
of this return will constitute a return of principal, holders who elect to
exercise these valuable rights will not only re-establish the original diversification of the trust but will avoid any confiscation of capital," Distributors group. Inc., points out in the announcement.
Properties, Inc.
-Bonds Offered.-Stex &
Co., St. Louis, and associates recently offered $600,000 1st
mtge. 6% sinking fund gord bonds at 983 and int. to yield
6.20%.
Dated May 1 1930: due Oct. I 1940. Denom. $1,000 and $500 C.
Interest payable M. & N. at the Boatmen's National Bank, St. Louis,
trustee. Red. at any time upon 60 days' notice at 103 and int. if red. on
or before May I 1935, and thereafter at a reduction of 34% for each year
elapsed, but at not less than 101 and interest.
Company.
-It is the practice of the principal chain stores systems operating in the United States to own no real estate. Penn-York Properties,
Inc.. was organized under the laws of Delaware to provide building facilities
for them, since the leases entered into by such systems afford the soundest
sort of security, due to the fact that the rentals under the leases constitute
operating charges ahead of dividends upon the lessees' stock. The corporation owns two modern, fire-proof reinforced concrete warehouses,
one of which is two stores in height and located in the Borough of Queens,
Immediately adjoining Brooklyn, and the other is three-story and basement,located in Altoona, Pa.
-Both of the properties of the company are under lease for the
Leases.
period ended Oct. 31 1940 to the Great Atlantic & Pacific Tea Co. of New
Jersey. This company is the operating unit of the Great Atlantic &
Pacific Tea Co. et America, which handles the business of the system in
21 of the Eastern and Middle Western States. Each of those leases carries
the privilege of two five-year renewals by the Great Atlantic & PacificTeaCo.
FINANCIAL CHRONICLE
126
-Bonds are secured by first mortgages upon the warehouse
Security.
properties described in the first paragraph, subject to the lesaes to Great
Atlantic & Pacific Tea Co. and by an assignment of the rentals under
these leases. One warehouse will serve as the distributing centre for the
company in the Borough of Queens, and the other for the section of Penn7/yams around Altoona.
Capitalization (After Completion of Present Financing).
1600.000
First mortgage 6% bonds (this issue)
85,000
Debenture 6M % bonds
•8,000 shs.
Common stock
• Including 1,370 shares reserved against stock warrants attached to
first mortgage and debenture bonds.
-The properties are leased to the Great Atlantic & Pacific Tea
Income.
Co. for a yearly rental of $68,633. This rental, which will be paid direct
to the trustee and disbursed for interest, sinking fund.and taxes, is in the
opinion of counsel an operating charge ahead of dividends upon the capital
stock of the lessee. The leases provide that the lessee shall maintain all
buildings with the exception of exterior repairs. The lessee will also install,
atits exPense,a large amount of refrigeration and other necessary machinery
and equipment in each of these properties. Allowing liberal deductions of
$8.500 for taxes, insurance, repairs and incidental expenses, the net fixed
income available for interest will be $60.133 per year, which is approximately 1.67 times maximum annual interest charges on these bonds. The
operating expenses are susceptible of close estimate, on account of the
great experience of the company in the operation of similar properties.
-Through the operation of a sinking fund, the entire
Sinking Fund.
net earnings of the company, as defined in the indenture, will be used
in retiring first mortgage and debenture bonds. The
semi-annually
.operation of this sinking fund is calculated to reduce this issue to about
$428,500 by maturity.
-Earnings.
Perfect Circle Co.
(Vol,. 131.
Power & Rail Trusteed Shares.
-Increases Dividend.
The directors have declared a second quarterly dividend of 19 cents a
share on the outstanding stock, payable July 15 to holders of record June
30 1930. The first quarterly dividend which was payable April 15 last
amounted to 16 cents a share.
Reo Motor Car Co.
-Shipments:
Period End. June 30- 1930-Month-1929. 1930-6 Mos.-1929.
3,042
Cars and trucks shipped 1.027
12,760
23,127
May shipments this year were 1,759 cars and trucks.
-V.130,p,3372.
Republic Steel Corp.
-New Sales Office.
The corporation will open a new district sales office in Indianapolis
July 7, it is announced. H. H. Pleasance, formerly general manager of
sales of the steel bar department of the Bourne-Fuller Co., has been appointed district sales manager for the Indianapolis district.
The corporation now has 14 district sales offices, including New York,
Philadelphia, Chicago, Buffalo. Detroit, Cleveland, Youngstown, Birmingham, Cincinnati, Dallas. Pittsburgh, St. Louis, San Francisco and
Indianapolis. The Indianapolis sales offices were serve all of Indiana but
the extreme northern portion, which is included in the Chicago district
and the extreme southern part, which is served from the Cincinnati office.
-V. 130, p. 4623.
-Dividend Dates.
Rio Grande Oil Co. of Del.
In complying with the New York Stock Exchange ruling that the Exchange be notified of dividend declarations 10 days in advance of the
ex-dividend date, the company will pay its regular quarterly common
dividend of 50 cents on July 25 to stock of record July 10, instead of July 5,
-V.130. p.4623.4434. 3559.
as previously announced.
-Notes
Sabine Towing Co., Inc., Port Arthur, Tex.
Offered.
-Central Illinois Co. recently offered $650,000
serial 6% gold notes at prices to yield from 4% to 6% according to maturity. The Pure Oil Co. has unconditionally
agreed to pay to Central Trust Co. of Illinois, trustee,
amounts sufficient to meet maturing principal and interest
of these notes.
1929.
1930.
5 Months Ended May 31$404,564
$345,993
Net income after charges
$2.49
$2.13
Earnings per share on 162,500shares common stock
Total sales for the first five months are slightly less than for the same
sales through automotive jobbers
period in 1929 although replacement
show an improvement of8% over last years first five months.
C. N. Teetor, President, says' "We are exceedingly pleased with the
position
Dated June 1 1930; will mature at rate of $40,000 each three months
first five month's business. The company is in the best financialof which
thereafter. Central Trust Co. of Illinois, trustee. Int. payable (J. & D.),
of any time in our history with total current assets of $1,664,439
marketable securities compared with total current except as to int. on notes maturing on any Sept. 1 or March 1 upon which
3454,145 is in cash and
is some- three months' int. will be payable with the maturing principal. Red. in
liabilities of $171,626. Although our original equipment business
what under last year due to the curtailed production of car manufacturers. whole or in part at any time upon 30 days' notice at 100 and int, plus a
the demand for Perfect Circle piston rings for replacement purposes con- premium of 31 of 1% for each three months or fractional part thereof,
tinues to surpass last year. We see no let up in this division of our business. whereby the regular maturity shall be anticipated. Company will agree to
in fact we look for continued Improvement since the last half of the year is pay int. without deduction for any normal Federal income tax not in excess
of 2%, which the company or the trustee will be required or permitted to
always the best for the company."
The company furnishes rings to approximately 85% of the car manufac- pay at the source. Company will refund Penn. and Conn.four mills taxes,
turers as standard equipment and distributes their product through 500 Md.4% mills tax, Calif., D. of C., Ky. and Ore, personal property taxes
-V.130. up to 5 mills, the Mich. exemption tax not exceeding 5 mills and the Mass.
leading automotive jobbers in every trading center in the country.
income tax not exceeding 6% per annum on income derived from these note..
P. 3730, 1665.
Data from Letter of M. T. Ball, Pres. of Company.
-Earnings.
Perfection Glass Co.
Business -Company founded in 1910. is the largest corporation in its
1926.
1927.
1928.
1929.
line of business in the United States. Company is engaged in general
Calendar Years$183,274 harbor and intercoastal canal towing and transportation, furnishes bunker
316,798
$195,130
$232.070
'Gross profits
135.389 supplies to shipping, and owns and operates an ocean going fleet for the
138,244
148,664
145,601
Expenses
transportation of petroleum products. In 1925 company entered into a
346.885 contract with Pure Oil Co. for the transportation of its refined petroleum
$46,466 def3/21,446
$86.470
Operating profit
5,663 products to the United States Gulf and Atlantic ports, and has recently
25,539
12,476
16,993
Depreciation
9.000
made an additional contract with Pure Oil Co. for the distribution of such
Loss on uncompl'd contr.
5.951
5.993
products from its Pennsylvania refinery throughout the New York Harbor
Interest on mortgages....
3.550
3.825
9,420
District. As a result of these contracts,substantially 80% of the company's
Badand doubtful debts..
16,368
equipment is engaged in Pure 011 service and a similar percentage of its
Bank interest, &c
3,177
revenues is derived from this source. The contracts with Pure 00 Co.
"l'axes prior years
extend beyond the maturity of these notes.
$41.222
$24,214 def$162,712
337.696
Net income
Purpose.
-To refund short term indebtedness Incurred for recent addi19,730
.123,175 def3142.982
Def
Previous surplus
tions to the company's equipment; and to provide for the construction and
4,407
Adjustments (prior years)
purchase of additional equipment essential to enable the company to furnish
$142.982 sur.$41,222 the Increased service required under the new Pure Oil contract.
$123,176
$85.479
Total deficit
Earnings.
-Net earnings available for interest, depreciation and Federal
21,492
Dividend
taxes, for the past three years have been as follows:
1930.(3 Mos.)
1929.
1927.
1928.
$142.982 sur.319,730
$123,176
$85.479
Balance, deficit
$198,301
$162,369
1452,198
$369,219
-V.128, p. 3846.
Net earnings as stated above for 1929 are In excess of 11 times maximum
hit, charges upon these notes. It is estimated that the additional equip-Probable Merger.
Corp.
Phelps Dodge
ment to be acquired through the proceeds of the note issue will result in a
-V. 130. p. 2406.
See Calumet & Arizona Mining Co. above.
minimum annual Increase of 3130,000 in the company's net earnings.
-75c. Dividend.
Philadelphia & Camden Ferry Co.
St. Croix Paper Co.
-Extra Dividend.
An extra dividend of $1 per share and the regular quarterly dividend
The directors have declared a quarterly dividend of 75 cents a share.
payable July 10 to holders of record June 27. The dividend amounts to of 52 per share have been declared on the common stock. payable July 15
quarthe present par value of $15 a share. Three months ago, aon the to holders of record July 5. An extra distribution of $1 per share was paid
5% on
In December last.
-V. 130. p. 4623.
terly dividend of 55' also was declared, amounting to $1.25 a share.,
stockholders
525 par stock. Following approval of thethe payment oflast April. the
$10 a share in
St. Lawrence Corp., Ltd.
-Acquires 200,000 Shares of
par value was reduced to $15 from $25 by
eash. See also V. 130. p. 2786.
St. Lawrence Paper Mills Co., Ltd.
President Ernest Rossiter, June 11, in a letter to the holders of common
-Sales Higher.
Pig'n Whistle Corp.
shares of the St. Lawrence Paper Mills Co., Ltd., says:
Ended May 31.
Sales for Month and 12 Months
The St. Lawrence Corp., Ltd. has acquired 200,000 fully paid common
1930-12 Mos.-1929. Increase. shares in the capital stock of St. Lawrence Paper Mills Co., Ltd., out of
Increase.
-May
-1929.
1930
$317,785 the total presently outstanding 500.000 of the said shares.
334,218133,971,801 $33,654,016
$298.416
3332,634
Pursuant to the unification plan (see V. 130, p. 3731) the St. Lawrence
-V.130. p.2599.
Corp., Ltd., now offers to all common shareholders of St. Lawrence Paper
Mills Co., Ltd., to acquire their shares on the basis of one fully paid com-Earnings.
Pittsburgh Forgings Co.
mon share of St. Lawrence Corp. for each fully paid common share of St.
[Including Riverside Forge & Machine Co.]
Lawrence Paper Mills Co. turned in for exchange. This offer will be
Earnings for Year Ended Oct. 31 1929.
on .119 ad La ene
a r
10
lx: c epos ilta ceg totan for e
e yfof acer ngnce fica es d including Serar 3 0 st.d may bcoal;alled
$675.384
Operating profit
31.734
Interest paid (net)
(
103,588 Mills with any one of the following: oa) The agents of the Bank of
Depreciation reserve
Montreal.
64.242 64 Wall St., N. Y. City; (b) The Royal Trust Co. 105 St. James St.,
Tax reserve
Montreal, Canada: (c) The Royal Trust Co., 59 Yonge St., Toronto.
-V.130, p.4624,4434.
$475,819 Canada.
Net profit
$2.38
Earnings per share on 200.000 shares capital stock (no par)-___
St. Lawrence Paper Mills Co., Ltd.
-Exchange Offer
-V. 130. p. 2399, 637.
Expires on
St. Lawrence Corp., Ltd., above.
g
-Extra Dividend.
Pittsburgh Steel Foundry Corp.
The directors have declared an extra dividend of 25c. a share and the
regular quarterly dividend of 25c. a share on the common stock, both
Payable July 15 to holders of record July 7. Like amounts were paid
on Jan. 15 and April 15. A dividend of $1 a share was paid on Oct. 15
1929.-V. 130, p. 2407.
-Tenders.
Havana Docks Co.
Port of
The City Bank Farmers Trust Co., as trustee, announces that certain
drawn
of the 1st mtge. 30
-year 5% gold bonds, due Feb. 1 1941, have been
for redemption. Drawn bonds, aggregating £4,300 in principal amount.
trustee, 52 Wall St., N. Y. City, at
will no redeemed at the office of the
par and hat. OD Aug. 1 19,30 at which date interest on such bonds will cease.
-V.12a, p. 1336.
-Earnings.
Potter Co.
Earningsfor Fiscal Year Ended
Net sales
Cost of sales
Selling, general and administrative expense
April 30 1930.
Net profit from operations
Other income
Total income
Extraordinary basses and sundry deductions from income
Federal income taxes accrued on current earnings
Net income
Correction of accrued Federal income taxes for prior year clue to
reduction in tax rate for 1929
Net profit transferred to earned surplus
Earnings per share on 52.188 shares capital stock (no par)
-V.130.9. 988.
$867,083
677.133
90.690
$199,259
1.608
$200,867
48,257
17,409
$135.202
823
$136,025
$2.57
-See
Sept. 9.
V. 130, p.
Savage Arms Corp.(& Subs.).
-Earnings.
3731.
Calendar Years1927.
1926.
1928.
1929.
x Total earnings
$701,031
$395,612
3773.237
$840.677
Reserve for Federal and
73,566
State taxes
72,358
70,316
113,602
Experimental inventory
86,942
charges written off
Surplus
$627,465
$323,254
3615.978
3727.075
140
1st preferred dividends_
21
13,332
2.3 preferred dividends
13,332
13,332
10,795
349,914
349,896
349.748
Common dividends_
347.557
$252,732 def$39.995
$261,245
Balance, surplus
5368,723
787 474
174,957
y87,474
Shares coin,stk.(no par)
165,815
$3.44
Earned per share
$3.54
$ .02
$4.32
x After deducting all expenses incident to operations, including those for
ordinary repairs and maintenance of plants,ordinary taxes and depreciation
charges. y Par $100.
Comparative Balance Sheet Dec. 31.
Liabilities1928.
1928.
Assets1929.
1929.
Fixed assets
44,117,364 $4,072,676 Second pref. stock 7853,100 5222,200
Common stock__ 5,954,474} 8,959,383
Invest. J. S. Arms
Surplus
Co
1,181,344
See x
1 Accounts and notes
1
PatentsJed-will,Qm
419,682
401,558
650,827
payable
416,577
Cash
466,010 Reserves
63,787
Accts. et notes rec_ 273,429
2,585,789 2,145,609
Inventories
257,100
Deterred assets-. 241,124
Total (ea. side)_$7,634,264 $7,601,226
x After deducting $3,990,842 for depreciation and including investment
In J. S. Arms Co. y Represented by 165,815 shares common stock (no
par).
-V. 130, p. 2601.
JULY 5 1930.]
127
FINANCIAL CHRONICLE
$6 series, and 10 cents per share on the new common steck, all payable
-31 Dividend.
St. Mary Mineral Land Co.
Aug. 1 to holders of record July 18.
The directors have declared a dividend of $1 a share, payable July 18
The quarterly dividend on the new common stock Is equivalent to the
to holders of record July 7. Total dividends declared thus far in 1930
-for-1.-V. 130.
payments being $4 annual rate on the old stock which was recently split 10
amounts to $3 a share. There is no fixed dividend rate,
made according to the company's income. A total of $5 a share was p.3731.
paid in 1929 as compared with $3 in 1928 and $2 in 1927.-V. 130, p.3372.
-Smaller Dividend.
Sharon Steel Hoop Co.
The directors have declared a quarterly dividend of 25 cents per share on
-Net Sales.
Scott Paper Co., Chester, Pa.
the common stock (no par value), payable July 25 to stock of record July 5.
6 Mos. End. Month of This compares with quarterly dividends of 50 cents per share previously
6 Mos..
End. Month of 1
Jttne.
June 30.
June
$1,949,042 $340,304 paid.
1930
$4,421,5i4 $1,005,i25 1925
A statement issued by the directors says: "The company is in a strong
1,739,264273,767
754.542 1924
1929
3,912,254
278,685 financial position. It is carrying a large amount of cash on deposit and
1.604,071
681,607 1923
/928
3,448.426
investment securities bought in the open market during the last few months
233,678
1,373,187
553,107 1922
1927
2,966,115
sinking
232.482 and has in the treasury its own bonds in anticipation of the show a fund
1,329,942
1926
521,511 1921
2.553.758
very
for a number of years. Business is slow and will probably
-V.130, p. 4624.
gradual increase during the coming months. Therefore it is deemed wise
to conserve the present excellent current position of the company until a
-Earnings.
Second National Investors Corp.
more definite forward movement in business Is in evidence.
Earnings for 6 Months Ended June 30 1930.
"Current assets as of May 31, after deducting reserves for inventory
$214,084 adjustments and for accounts receivable were $7,772,403 and current
Profit realized on sale of securities
19,801 liabilities totaled $1,165,600. Of the current assets $3.235.235 were in
Interest on call loans, &c
5,403 cash and marketable securities."
Interest on bonds
-V. 130. p. 3732.
172,013
Cash dividends
Totalincome
Management fee
Miscellaneous expenses
New York State tax
Federal income tax
$411,302
43,343
24,585
5.291
24.599
Net profit
Preferred dividends
Balance,surplus
Excess of cost over market value of securities at Dec. 31 1929
Excess of cost over market value of securities at June 301930
-Sulphur Rights Leased.
Shell Petroleum Corp.
-V.130, p. 2408.
See Freeport Texas (Sulphur) Co. above.
-New Sub. Co. Plant.
Shell Union Oil Corp.
The Shell Chemical Company,a subsidiary, through the filing of deeds to
613 acres of land near the town of Nichols in Contra Costa County, Calif..
has made known completed plans for a $5,000,000 nitrogen fixation plant
$313,483 to be erected immediately. The plant will obtain nitrogen from the air by
250,000 combining it chemically with hydrogen under pressure in the pressure of a
catalyst to form ammonia. The fertilizers, rseulting as a by-product, will
$63,483 be used to supply California agricultural demands as well as for export to
1.176,718 theOrient and the islands of the Pacific.
-V. 130, p. 3732.
1.714,039
Change for the 6 months ended June 30 1930
$537,322
Change in Net Assets
-6 Months Ended June 30 1930 (Adjusted for Market
Value of Securities Owned).
Per Sh.
Total.
Pref.
$10,279,911 $102.80
Net assets-Dec. 31 1929
Decrease for period-before dividends
Dividends on preferred stock
$223,839
250,000
$2.24
2.50
Decrease for period, after dividends
$473,839
$4.74
$9,806,072
$98.06
Net assets, June 30 1930
-Each of the 100,000 shares of the $5 convertible preferred stock
Note.
is convertible into 2 shares of common stock. If it is assumed that this
preferred stock be converted (such conversion cannot reasonably be expected until the assets of the corporation are substantially larger) and if the
possibility of the exercise of purchase warrants for 200,000 additional shares
of common stock at $25 per share is excluded. the net asset per share of
common stock would be $19.61 on June 30 1930, as compared with $20.56
on Dec. 31 1929.
Comparative Balance Sheet.
June 3030. Dec. 3129.
June 3030. Dec. 3129.
LiaSilfijesAssets5
$
Accounts payable_
Securities owned,
3,642
s10,286,518 8,965,038 Accrued expenses..
at cost
4,500
2.750
38,286 Provisionfor Fed.
1,292,208
Cash
2,600,000
income tax
Call loans
106,000
158,000
1,350 Prov. for N. Y.
Accounts reedy....
422
13,682 State taxes
/nterest receivable
34,590
28.530 $5 cony. pi.stock_b1,000,000 1,000,000
47,931
Divs. receivableCommon stock_c1,500,000 1,500,000
Prepaid N.Y.State
8,825 Capital surplus__ _ 8,100,000 8,100,000
3,534
franchise tax__
.
Earned surplus
920,112
856,628
-Unit Sales Higher.
Silent Automatic Corp.
Unit sales for the six monchs ended June 30 1930 were 31.2% ahead of
the same period in 1929 and plant production increased in the same ratio,
according to President Walter F. Tant.
June of this year VMS 62.8% ahead of June 1929. in unit sales and the
production schedule calls for a 33 1-39 increase in July over June. Production for the month just ended was nearly 100% over production for
June of last year.
Employment figures have shown a substantial increase each month
over the same months of 1929 and further increase in payroll is antici-V. 130, p. 4435 4258.
pated during July, Mr. Tant stated.
-Tenders.
Sinclair Consolidated Oil Corp.
The Chase National Bank, trustee, N. Y. City, will until July 14 receive
bids for the sale to it of $1,000,000 lst lien coll, gold bonds, series A. due
March 15 1937, to an amount sufficient to exhaust $1,023,333 at a price
not exceeding par and int. If the tenders so accepted are not sufficient
to exhaust the moneys available, additional purchases, at a price not exceeding par and int., may be made to and incl. Aug. 14 1930.-V. 130.
p. 4259, 4068.
(Howard) Smith Paper Mills, Ltd.
-Earnings.
Earnings for period
Sundry revenues
Year 1929. 9 Mos.'28.
3995,163
*1.284,482
12,473
4.420
Total revenue
Bond interest
*1.288.902 31,007,636
275,660
385.000
1503100
200,000
Depreciation
Net profit
Preferred dividends
$703,902
270.000
$581.976
157.500
Surplus
$433,902 $ 424.476
200.000
220,000
Shares of com.stock outstanding (no par)
$2.12
Earnings per share
$1.97
Total
11,630.612 11,655.610
Total
11,630,612 11,655,610 -V.128, p.4020.
a Market value, June 30 1930. $8,572.478. b Represented by 100,000
no par shares. Convertible into 2 shares of common stock on or before
-Earnings.
-Solvay American Investment Corp.
Jan. 1 1944; dividends cumulative and payable quarterly.; liquidation and
Earnings for Year Ended March 31 1930.
redemption value $1.00 per share. c Authorizeoi 750,000 no par shares,
$2,634,802
outstanding 300,000 shares; 200,000 shares are reserved for conversion of Dividends received
651.507
convertible preferred stock, and 200,000 additional shares are reserved for Interest received
2.695
exercise of purchase warrants at $25 per share until Jan. 1 1944.-V. 130. Royalty realization of investments
1.357,088
Profit on
p. 2408, 1297.
-Portfolio May 31 1930.
Shareholders Corp.
Air Reduction Corp. common
American Can Co. common
American Founders Corp. common
American Gas & Electric Corp. common
American Power & Light Corp. common
American Smelting & -Refining Corp. common_ _ _ _
American Telephone & Telegraph Corp. capital_
Rights
American Tobacco Corp. class B stock
Associated Gas & Electric Corp. common
Atchison Topeka & Santa Fe RR.common
Beatrice Creamery Corp. common
Bethlehem Steel Corp. common
Borden Milk Corp. common
Brazilian Traction & Power Corp. common
Central Public Service Corp. class A
Central States Electric Corp. common
Consolidated Gas of New York common
Continental Can Corp. common
Continental Insurance Corp. capital
E. I. du Pont de Nemours Corp. common
Eastman Kodak Corp. common
Electric Bond & Share Corp. common
Fidelity Phoenix Fire Insurance common
General Electric Corp. common
General Gas & Electric Corp.$6 cony. pref. A_ _ _ _
General Railway Signal Corp. common
Gold Dust Corp. common
Gulf Oil Corp. of Penna. common
International Harvester Corp. common
International Nickel, Ltd. common
International Telephone Si Telegraph common__
Kreuger & Toll American receipts
Liggett & Myers Tobacco Corp. class B
Loew's Inc. common
Newmont Mining Corp. common
New York Central RR.,common
Pacific Gas & Electric Corp. common
Pacific Lighting Corp. common
Public Service Corp. of N. J. common
Radio Corp. of America common
Standard (Jas & Electric Corp. common
Standard Oil of California common
Standard Oil of New Jerseycommon
Texas Gulf Sulphur Corp. common
Union Carbide & Carbon Corp. common
United Aircraft & Transport Corp. common
Preferred
United Corp. of Delaware common
U. S. Industrial Alcohol Corp. common
U. S. Steel Corp, common
Western Union Telegraph Corp. common
Westinghouse Electric Mfg. common
-V. 130. p. 4624. 4258.
Cost.
$13.075
27,000
13.823
13,725
17.027
14,310
51,570
39,437
22,000
46,260
15,440
38,905
19,752
16,260
34,150
24,800
9,657
10,210
14,335
34.450
20,380
36,780
23.635
25.460
17,240
9.770
8,980
31,350
15,415
18,275
14,685
16,325
21,900
18.040
22,837
16,750
13,610
18,777
8,370
10.410
23.550
12.035
25.532
12,522
26.735
5,617
12,735
18,640
46,900
37,500
38,555
35,600
Market
Value.
$15,250
29.650
9.750
14,900
21,700
14,550
46,400
12.750
53,500
22,000
45.100
17,600
38,200
27.075
19,950
39,000
34,500
13,200
13,450
13,000
39,300
24,087
43,300
23,250
25,312
19.475
9,450
9,000
30,150
19,400
16.625
14,512
16.187
21,450
18,200
23,875
17,600
13.775
21,560
11,587
10,975
23,750
14,200
32.150
12.150
25,800
7.775
14.600
18.300
35,950
34.750
36,975
36.500
Totalincome
Interest on secured gold notes
Discount on notes payable
General expenses
Taxes paid and refunded
$4,646,093
750.000
32,500
237,292
31.947
Net income before providing for Federalincome tax
Balance, March 31 1929
$3.594.354
2.432.947
Total surplus
Preferred dividends
Common dividends
36.027,301
634,032
1,200,000
Estimated reserve for Federal income tax
Approp. as additional reserve for secured gold notes
$4,193,269
100.000
104,016
$3,989,253
Balance, March 31 1930
Earns,per share on 300,000 shares common stock (no par)
Balance Sheet March 31 1930.
Ltatfri/iiiesAssets
$1,411,969 Notes pay.,secured,series A$15,000.000
Cash
Investments
79,457,499 Interest accrued
62,500
12,006,709 Sundry collectors
58,099
Advances
421,051 Est, reserve for Fed. inc. tax_
Interest & dividends accrued100,000
1,210 Special reserve
Sundry debtors
1,604.016
1,604,016 Cumulative preferred stock-- 25,000.000
Reserve fund
387,292 300.000 common stock
Unamort. disc, on notes payx49.475,880
Earned surplus
3,989,258
Total
a Represented
$95,289,748
Total
595 289,748
by 300,000 no-par shares.
-V. 129. p. 3181, 1301.
South Coast Co.
-Receivership.
-
C. F. Dahlberg and W. K. Depass have been appointed receivers. Proceedings were flied by Gilbert Von Phul. The company, at the direction
of the board of directors, consented to the suit and the court appointed
T recei m
o
the he c v
erpas.ny's balance sheet as of Feb. 28 1930 showed notes payable
of $444,370, accounts payable of $408,339 and advances of $1,788,643
from Celotex Co. Cash amounted to $30,482; accounts receivable less
reserve for doubtful accounts were $62,007, and inventories $29,666.
Plant, property and equipment accounted for $7,390,682 of total assets
23
of13 0 , a8
$8 032 D h
.
berg, President, in a letter to stockholders, said: "Outside
of advances from associated companies, the company has about $800,000
of notes and accounts payable, and, in addition thereto, needs approximately $250,000 to maintain the properties and carry the operations
through to the grinding season, commencing about Oct. 10 next.
"Under normal conditions, it should have been practicable to have
handled the situation, and to nave obtained the additional operating
funds needed by the issuance of the usual short-term obligations, in anticipation of crop receipts this fall, but the present demoralized general business and financial conditions existing throughout the country have pre.
ventedorder,
" n thls
i
therefore, to hold the properties intact, to protect all concerned and to nelp make it possible to bring the crop to harvest, it was
considered advisable to consent to the receivership.
Securities Corporation General.
-Initial Dividends.
"Our properties have all been thoroughly rehabilitated and are in good
The directors have declared initial quarterly dividends of $1.75 per share physical condition. In the fields, the stand is excelent and the prospects
on the new pref. stock, $7 series; $1.50 per share on the new pref. stock, are for a record crop and capacity grinding this fall."
-V.130, p. 2986.
128
FINANCIAL CHRONICLE
Southern National Hotel Corp., Galveston, Texas.Organized.
-
[VOL. 131.
Studebaker Mail Order Co.
-Earnings.
Years Ended March 31Net sales Cost of sales
Administrative and general expenses
1930.
1929.
The executive offices of a large chain of hotels to be located in cities in
$1.244,530 $2,050.525
the South. Southwest and Middle West will be maintained at Galveston,
438,792
788,397
Tex., by this corporation, recently chartered. Identified with the cor427,282
628,066
poration are W. L. Moody
hearn Moody, Judge Franklin Canaday,
formerly associated with the
Operating income
Jr.,Haker Hotel interests, Wyatt C. Hedrick of
$378,455
$634,062
Fort Worth and John B. Mills. Judge Canaday will serve as President Other income
14,682
and W. L. Moody Jr. as Chairman.
Affiliated with the new hotel chain will be the Buccaneer and Jean
Total Income
$378.455
$648,744
Lafitte hotels, Galveston, and the Miramar Court. tourist camp, also the Interest paid
11,602
18,018
Hotel Brownwood, now under construction at Brownwood. Tex., and a Miscellaneous deductions
79,086
64,034
hotel at Clovis, N. Mex. The chain plans to build and operate numerous
Net income
other hotels, it is stated.
$566,692
Earns, per sh. on 200,000 shs. class A stock (no par) $287,767
$1.43
$2.83
-V. 130, p. 4437.
Southern Sugar Co.
-Receivers Appointed.
B. G. Dahlberg and P. G. Bishop have been appointed receivers for
Sunstrand Machine Tool Co.
-Dividend Decreased.
the company. The petition was filed by Weir Kilby Corp. in Circuit
The directors have declared a quarterly dividend of 25c.
Court of Hendry County, Fla.
no par common stock, payable July 15 to holders of recordper share on the
June 30. PreThe Southern Sugar Co. in a letter to stockholders states:
viously the company paid quarterly dividends of 50c. per share on this
"Tangible assets as of May 31 were approximately $20,000,000, as
-V. 129, P. 224..
compared with total liabilities, including long term indebtedness, but issue.
excluding stock, of about $4,500,000, leaving stock equity of $15.500,000.
Swift & Co., Chicago.
-New Refinery and Plant.
"To finance current obligations and grinding operations which begin
The company has asked for bids for the construction of a large lard rein November and which will require about $1.500,000. it had been pro- finery and a can
manufacturing ,plant at Nuevo Laredo, Mexico. The
plant
posed to issue and sell a series of bonds but the present demoralized general company's
exportation of lard to
has increased greatly during the
business and financial conditions existing throughout the country have last few
years, and the plants at Nuevo Laredo will be for the purpose of
Interfered with and delayed this program.
"In order to hold the properties intact and to protect all concerned and facilitating the distribution of the product.
In keeping with its expansion program, the compau has recently comto help make it possible to bring the crop to harvest it was considered pleted the
construction of produce packing plants at Taylor and Yoakum.
advisable to consent to the receivership.
both In
"Our properties are in good physical condition. The cane stand is used as Texas. The cans which the plant here will manufacture will be
excellent and the prospects are for a full grinding this fall with 650,000 to In bulk. containers for the refined lard, the crude lard being shipped here
-V. 130, p.2044.
700,000 tons of cane. -V.130, p. 1129, 303.
Third National Investors Corp.
-Earnings.
-
Spang, Chalfant & Co., Inc.
-Consolidation.
See National Supply Co above.
-V. 130. p. 4625.
Spiegel, May, Stern Co., Inc.
-Omits Common Dividend.
The directors have voted to omit the quarterly dix Wend of 75 cents per
share ordinarily payable about Aug. 1 on the no par value common stock,
and declared the regular quarterly dividend of 51.6236 Per share on the
preferred stock. payable Aug. 1 to holders of record July 15. From Aug. 1
1928 to and including May 1 1930, the compaay paid quarterly dividends
-V. 130, p. 1479.
of 75 cents per share on the common stock.
Stahl-Meyer, Inc.(& Subs.).
-Earnings.
-Earnings Year Ended December 28 1929.
Sales
Net income from operations
Other income
$9,418,587
507.370
41.692
Total net income
Provision for depreciation
Provision for Federal income tax
$549,062
118,068
49.373
Net income
Surplus Dec. 31 1928
$381,621
586,689
Total surplus
Dividends on 6% cumul. pref. stock
Dividends on common stock
$968.310
84.000
39,000
Earnings for 6 Months Ended June 30 1930.
Profit realized on sale of securities
Interest on call loans, &c
Interest on bonds
Cash dividends
$264,578
9,941
1,324
167,578
Total income
Management fee
Miscellaneous expenses
New York State tax
Federal income tax
$443,421
38,557
16,793
6.316
19,872
Net profit
Common dividends
$361,883
220,000
Balance, surplus
Excess of cost over market value of securities at Dec.31 1929
Excess of cost over market value of securities at June 30 1930
5141,883
1,612.056
2,161.215
Change for the 6 months ended June 30 1930
$549,159
Change in Net Assets
-6 Months Ended June 30 1930 (Adjusted for Market
Value of Securities Owned).
Total.
aPer Sh.
Net assets, Dec. 31 1929
19.079,408
$41.27
Decrease for period, before dividends
Dividends on common stock
$.85
$187,276
220,000
1.00
Decrease for period, after dividends
Surplus Dec. 28 1929
$407,276
$1.85
$845310
Earns. per sh. oo 130,000 sha. corn.stk. outstanding (no par)--$2.29
Net assets, June 30 1930
$39.42
18,672,132
-V. 130. p:2987.
a Without giving effect to possible exercise of purchase warrants for
130.00ilshares of common stock at $60 per share until March 1 1934; and thereStandard Varnish Works.
-Defers Preferred Dividend.
- after at $2 more per share per annum until March 1 1939.
The directors have voted to defer the quarterly dividend of $1.75 Per
Comparative Balance Sheet.
-V. 123, P. 2007.
share due June 30 on the 1st pref. stock.
June 3030. Dec. 31'29,
June 3030. Dec. 31'29.
Assets3
Liabilities$
8
Studebaker Corp.
$
-New Corporation Organized to Manu- Securities owned,
Accrued expenses_
3,500
3,400
Studebaker and Pierce-Arrow Trucks.
at cost
facture
al0,059,095 9,491,356 Accounts payable_
1,539
784,705
The S. P. A. Truck Corp. has been organized to manufacture and market Cash
48,691 Prov. for Fed. tax
60,000
66,000
Studebaker and Pierce-Arrow trucks, busses, funeral cars, ambulances and Call loans
1,200,000 Prov. for N. Y.
Accounts receivable
other commercial vehicles.
1,088
State taxes
24,583
889
A. R. Erskine, President of the Studebaker Corp.,is President of S.P. A. Interest receivable
856 Common stock_ _ b8,800,000 10.340.000
48,051
Truck Corp.; J. M. Cleary. Vice-President and General Manager: A. G. Divs. receivable35,510 Capital surplus.._ 1,559,318
'
19,318
Rumpf,__Treasurer; J. F. Cotter, Secretary; 11. E. Dalton, Comptroller; Prepaid N.Y.State
Earned surplus_.... 474,029
332,146
franchise tax__ _
4,107
9,486
C. H'. Wondries, Vice-President in charge of sales, with Hal T. Boulden
and Paul H. Castner as Sales Managers.
Total
10,806,846 10,786,986
Total
A complete line of trucks and other commercial cars is being designed
10,806,846 10,786,086
a Market value, June 30 1930. 57,897,881. b Authorized 400,000 no par
by Studebaker and Pierce-Arrow truck engineers under the direction of
shares, outstanding 220,000 shares: 130,000 shares are reserved for exercise
-V.130, p.4260.
Fred L. Sage, chief engineer of S.P. A. Truck Corp.
of purchase warrants entitling the holders to purchase common stock at
$60 Per share until March 1 1934; and thereafter at $2 more per share per
Superheater Co.
-Listing.
-V.130.P.2790. 2411
The New York Stock Exchange has authorized the listing of 985,205 annum until March 1,1939 when the warrants expire.
shares capital stock (no par value).
Tobacco Products Corp.
-Listing.
Consolidated Income Account (Including Canadian Affiliated Company.)
The New York Stock Exchange has authorized the listing of
shares of class "A" stock (no par value) and 3,296,653 shares2,440,463
Calendar Years1929.
1928.
common
$3,815,084 $2,705,921 stock (no par value) on official notice of issuance in exchange for shares of
Profit from operations
933,862 class "A"stock and common stock ($20 par).
Int.& diva,from investments,bank balances,&c-- 1.016,872
At the annual meeting of stockholders June 25 more than two thirds in
Miscell.inc.,incl. gain on sale ofinvestments
120,724
115,974
Interest of the holders of the class "A" stock and common stock voted in
Total income
14,947,930 13.760.507 favor of changing the shares of class "A" and Common stock, of the par
Depreciation
170,022
153,326 value of $20 each previously outstanding, into the some number of shares
Federal income tax
365,984 of the same class without par value and the reduction of the capital of the
539.544
Appropriations to special reserves
200.000 corporation represented thereby to $5 per share.
The capital surplus created by such change in the shares of class "A"
Net profit
$4,238.363 $3,041,197 stock and common stock of $20 par value into an equal number of shares of
Balance, Jan. 1
11,099.406 10,894,901 the same class without par value and the reduction of the capital of the
corporation represented thereby to $5 per share, will be credited to the
327.906
Profit from sale of Treasury stock
Miscellaneous additions
23.522 investment of the corporation in common stock of United Cigar Stores Co.
32.382
of America, carried on the balance sheet as at Dec. 31 1929 at
$65,099,829,
Total surplus
$15,698,058 $13,959.620 in order that this investment may be carried at approximately the present
Dividends: Delaware Co
2.651.323
2,325,300 value based on the net tangible assets represented thereby. Corporation's
99 year lease with American Tobacco Co. will be carried at its commutation
Canadian affiliate: Cash
281.038
225.567
Stock
309.347 value computed in accordance with the terms of the lease.- V. 138. P.
4625, 4437.
Balance, Dec. 31
$12,765.697 $11,099,406
TranscontinentalOil Co.
Allocation ofsurplus:Equity of parent company-412,356.905 $10,830,676
-Consolidation Proposed.
The stockholders will vote Aug. 14 on approving the am) of the comEquity of minority iiderests
408.791
• 268 729
pany's assets to the Ohio Oil Co. In exchange for common stock of the
Earnings per share on 985,205 no par shares
$4.11
latter company, according to an agreement entered into between the
Consolidated Balance Sheets at Dec. 31.
two companies on June 9 of this year. If the sale Is approved, the
holders also will vote on Aug. 15 on ratifying resolutions calling stock1929.
Liabilities1928.
Assets1929.
1928.
dissolution of the Transcontinental company. All liabilities of for the
63,004,266 $1,636,084 Accts. payable &
Cash
Transaccruals
$558,572 continental will be assumed by the Ohio Oil Co.
$860,553
Accra rec.:Trade 1,769,258 1,454,082
As previously announced, the par value of the Ohio 011 common stock
53,145 Diva parable- -- 1.629.403 1,302.952
European affli
6,870
will be changed to no par from $25 and two shares of the new stock ex285 Customer's dep.
810
Notes receivable
on orders
Royalties & int.
30,100 changed for each share now outstanding, with an increase in shares suf195,108 Federal Inc. tax217,938
413,412 ficient to provide stock required for the Transcontinental stockholders.
586.870
accred
The latter will receive 4-7ths of a share of new Ohio Oil common for each
Res,for developdo European
share of Transcontinental stock, and will participate in the next Ohio
17,582
ments,continaffiliates
6,483
common dividend, now Si quarterly on the $25 par, of which there are
1.201,997
995,475 gencies,&c.989,878
Inv.(at coet)
989.878
Invest. (at cost) 14.695,062 14,380,914 Capital stock__ 05,137,380 5.137,380 at present 2,400,000 shares outstanding.
Earned surplus_ 12,356.905 10.830.676
Inv.In European
A statement to stockholders gives particulars as to the
181.045 Surplus arising
228.553
affillatee
operations of the Ohio Oil Co. as follows:
600,992 from difference
Realest.& bkigs a571,135
between cost.8
Machtherr.tools.
The Ohio Oil Co. and Its sub...idiartes have a net production
417.484 capital value of
5395,597
equip., &c..In the United States of more than 50,000 barrels a day, a of crude oil
substantial
stock held in
Patents de license
portion of which is old and settled, with a large additional volume of flush
157,354 Can. affiliate418.275 potential production shut in under proration. They
418,275
b159,874
rights
own or hold
Minority stockDeferred charges
lease more than 1,000,000 acres of land in the United States, of under
which
84,383 holders' Int,in
101,252
& prepayapproximately 300,000 acres are producing, and exteosive undeveloped
cap.&sun).of
Treasury stock
acreage In Mexico.
161.994 Can.affiliate- $794,743
435,000
$654,681
At cost
They also control large as reserves in the United States, some of which
are in production. In the Rocky Mountain and Northwestern areas
$22,774,097 $20,335,926
Total
$22,774,097 $20,335,926 their gas production has been and is being capitalized in
Total
public utility
a After depreciation reserves. b After amortization reserve. c Repre- corporations. At Robinson, Ill., they own and operate a 10,000-barrel
-V 12r), p.4151.
refinery. They market gasoline and other petroleum products in several
sented by 985,205 no Par shares.
JULY 5 1930.]
FINANCIAL CHRONICLE
129
Central Western States. These refining and marketing operations are
The amount of working capital shown is not sufficient for handling the
conducted by Lincoln Oil Refining Co., a wholly owned subsidiary.
volume of business necessary to permit your company to operate at a profit.
Among the proven but undeveloped or only partially developed holdings Nor does it allow operations along sound manufacturing and merchawlising
of Ohio and its subsidiaries are the following: Oklahoma City, where lines. The resulting necessity to move merchandise quickly has not been
tracts aggregating 290 acres are held, on a protion of which large potential conducive to the maintenance of sound price structures, and has forced the
production has been developed; a block east of Oklahoma City approxi- granting of otherwise unnecessary price concessions. It has also limited
mating 10,000 acres: tracts at Cement, Okla., of about 3,700 acres; and a the volume of business which can be done.
block of 800 acres at Venice, Calif. On the three last-mentioned properties
It is highly essential that a substantial amount of new money be brought
there has peen developed in recent months deep production in good volume. into the company immediately. It seems clear that unless a large amount
The pools are not yet defined, but they give great promise, and because of of working capital is added the holders of the present junior securities cannot
its large acreage Ohio hopes to obtain the benefit of orderly and economical hope for any return for many years and they face the definite risk of losing
operations.
all the value of their securities. In order to meet this situation an agreement
For years Ohio Oil Co. has been one of the largest purchasers and has been entered into with the Jewel Tea Co., Inc. and with bankers wheremarketers of crude oil, buying at the well oil run by the Illinois Pipe Line Co. by approximately $2.500,000 in cash will be provided promptly for the
[More than 98% of the Illinois Pipe Line Co. stock has been exchanged company upon the carrying out of the plan by the holders of stocks of the
Pursuant to the exchange offer made early this year, of three shares of new Van Camp company.
Ohio Oil Co. 6,1 $100 par preferred, of which $60,000,000 is authorized,
0
Plan of Re-Organization Dated June 14 1930.
for one share of
-V. 130, p. 4437.
/Illinois Pipe Line stock.(
Upon consummation of this plan, a corporation (here referred to as
Tuckett Tobacco Co., Ltd., Hamilton, Ont.-Earns.- "Van Camp Foods") will own all of the assets of the Van Camp Packing Co..
Inc. and will have received approximately $2,500,000 additional in cash.
Years End. Mar.311930.
1929.
1928.
1927.
The present funded indebtedness and outstanding capital stock of the
Net prof. after tax., &c_ $634,626
$456,791
$408,569
$345.015 Van Camp company and its
subsidiaries is as follows'
Pref. dividends (7%).....140,000
140,000
140,000
140,000
Corn, dividends (6% _ _
)
150,000 %) ,000 %)100,000 %)100,000 1st mtge. 6% bonds, due 1948
(4 100
(4
(4
634% debentures of The Pompeian Corp., assumed by Van31.560,000
p,
650,000
Balance, surplus
$344,626
$216.791
$168.569
$105,015 Mortgagedue 1940
of Posey
15,000
Earned on common_ _ - $19.78
$12.67
$10.74
$8.20 7% cum, preferred County Canning Co
stock of Van Camp Milk Co
1,500,000
-V. 130. P. 3898.
7% cum. 1st preferred stock of Van Camp Products Co
40405:500400
1.0
8% 2nd preferred stock of Van Camp Products Co
Tung-Sol Lamp Works, Inc.
-Smaller Common Div.
1,000,000
The directors have declared a quarterly dividend of 25c. per share on 634% prior preference (convertible stock ($100 par value)
2,159,850
the common stock, payabh Aug. 1 to holders of record July 19. Previously 7% Preferred stock ($25 par value)
the company paid quarterly dividends of 50c. per share on the common Common stock (no par)
x (Exclusive of6,506 shares ofcommon stock held in Van Ca 314 59 shs
xmp treastwl
;6
stork.
-V. 130, p. 3898.
and to be cancelled; but inclusive of 8,000 shares to be issued in connection
with the acquisition of The Contadina Co., Inc.)
United Aircraft & Transport Corp.(Del.).
-New Unit.
Van Camp Foods will be subject to all the liabilities of the Van Camp
The United Aircraft & Transport Corp. of Connecticut has filed a certificate of incorporation at Hartford, Conn., with an authorized capitalization company including the funded indebtedness above mentioned and in addiof $12,000,000, consisting of 115,000 shares of pref. and 5.000 shares of tion there will be outstanding the preferred stocks of subsidiaries as above
common stock, both of $100 par value. The now company, all of the stock listed. The authorized and issued capital stock of Van Camp Foods will
of which will be held by the United Aircraft & Transport Corp. of Delaware, be as follows*
Presently to
has been organized to take care of the internal operations of the holding
Authorized. be Issued.
company.
The new company will begin business with a paid-in capital of $1,000 6% partic. cam. cony. pref. stock ($10 par value)- $3,000.000 $2,500,000
1,000,000
1,000,000
K. R. Gregory of Orange, N. J., F. C. Taylor of Brooklyn, and Kendal 6% cum. cony. 2d pref. stock ($100 par value)___
1,650.000 shs-512,384 shs.
Williams of New York have been named as incorporators.
-V.130, P. 3734 Common stock (no par)
The 6% partic. cum. cony. pref. stock shall (a) be entitled to fixed
United Business Publishers, Inc.
-Div. Correction.
- dividends at the rate of 69' per annum (cum. from Oct. 1 1930 on stock
Contrary to reports to the effect that the common stockholders will issued on or before Jan. 1 1931), and also be entitled as a class to one-half
receive a dividend, we have oeen advised that no distribution has been of the net earnings of Van Camp Foods and its subsidiaries for each year,
in excess of annual fixed dividend requirements upon the preferred stocks
declared on the common shares. See V. 130, p. 4626.
of Van Camp Foods and its subsidiaries, such participation in such earnings
for any year not to exceed an additional 10% of the par value of such
United Dry Goods Corp.
-Acquisition, &c.
partic. pref. stock. (b) be convertible into two shares of common stock
See Ely & Walker Dry Goods Co. above.
-V. 130. p. 4626.
for each $10 par value of partic. pref. stock, and (c) be entitled to control
the corporation through the election of a majority of the directors until
United Electric Coal Cos.
-To Change Capitalization.
certain requirements have
The stockholders will vote July 16 on changing the capital stock so that stock shall be convertible been met; and that the 6% cum. cony. 2nd pref.
there will be authorized 104,000 shares 6% preferred stock, par $20, and par value of such stock. into 15 shares of common stock for each $100
535,000 shares of common stock of no par value.
Issue of Stock of Van Camp Foods.
At present there are authorized 6,500 shares of 7% Pref. stock, par $100.
and 535,000 shares of no par common stock.
The Jewel Tea Co., Inc. shall receive $1,250,000 of the partic. pref.
-V. 130, p. 4626, 4261.
stock, 25,000 shares of common stock and an option to purchase an addiUnited Fruit Co.
-New Director-Obituar4.tional 250,000 shares of common stock at $4 per share exercisable in whole
or in part at any time and from time to time on or before Oct. 1 1938 in
Samuel Zemurray of New Orleans has been elected a director.
consideration of $1,250,000 cash plus accrued fixed dividends.
William Newsome, Senior Vice-President, died on July 1 at Boston,
An additional $1,250.000 panic pref. stock will be issued for approxiMass.
mately $1.250,000 cash. Lehman Brothers and Hitt, Farwell & Co. have
Earnings for 3 and 6 Months Ended June 30.
agreed to form a syndicate to acquire, at a commission of 30 cents per share,
x1930-3 Mos.-1929. x1930-6 Mos.-1929.
such stock at par plus accured fixed dividends. Such syndicate will agree
Net profit after deprec.,
to afford depositors of stock
an opportunity to purchase
P. but oefore Federal tax $6,300,000 $4,300,000 $10,100,000 $7,600,000 stock at par ($10 per share) of Van Campfixed dividends as follows' such
plus accrued
Shares cap.stk. outst'd'g
Depositors of Van Camp prior preference stock ($100 par value), for
(no par)
2,925,000
2,625,000
2,625,000 each share of such stock deposited, shall be entitled to purchase two shares
2,925,000
Earnings per share
$2.16
$1.64
$3.45
$2.89 of patio. pref. stock;
-V. 130. p. 2411, 1669.
Depositors of Van Camp preferred stock ($25 par value), for each two
.. x Includes Cuyamel Fruit Co.
shares of such stock deposited, shall be entitled to purchase one share of
United Reproducers Corp.
-Sale of Sub. Co.
partic. pref. stock;
See Buckeye Incubator Co. atove.-V. 130. p. 4438.
Depositors of Van Camp common stock, for each five shares of such
stock deposited,shall be entitled to purchase one share of partic. pref. stock.
United Securities Trust Associates.
-Earnings.
The bankers have further agreed to surrender "series A" warrants to
Earnings for 3 Months Ended March 31 1930.
purchase 35,066 shares of common stock of Van Camp and "series B"
Interest and dividends received
$82,313 warrants to purchase 4,468 shares of such stock, which warrants are now
Profit on sale of securities
1.450 owned by them. In consideration of their services and undertakings under
the plan and agreement, the bankers shall receive an option to purchase
Total income
383,763 50,000 shares of common stock of Van Camp Foods at $4 per share exCommissions paid
218 ercisable in whole or in part at any time and from time to time on or before
Expenses
19,722 Oct. 1 1938.
For each share of 634 prior preference (convertible) stock of Van Camp
Notincome
363.822 deposited, there shall be issued one share of 6% cum. cony. 2nd pref. stock
On March 31 1930 $3.913,046 was invested in stocks and approximately of Van Camp Foods.
$4.000,000 was in cash and call loans.
For each share of preferred stock of Van Camp ($25 par value) deposited,
From Jan. 16 to March 31 1930 the company acquired 100 Baltimore & there shall be issued two shares of common stock of Van Camp Foods.
For each share of common stock of Van Camp deposited, there shall be
Ohio; 200 Bigelow Sanford; 500 Curtis Publishing, 7% preferred; 1,800
General Electric; 200 National Cash Register; 100 New Haven; 200 North issued one share of common stock of Van Camp Foods.
(e) The remaining $500,000 of partic. pref. stock authorized but unAmerican;311 U.S. Trust of Boston and $25,000 Warner Pictures(is of 1939.
issued will be reserved for future issue to officers and employees as a part
-V. 130. p. 2411, 818.
of a profit sharing plan to be submitted later to the stockholders of Van
United States Rubber Co.
-To Close Plant.
Camp Foods for adoption.
(f) The authorized but presently unissued common stock will be reserved
Announcement was made on July 2 that the Millville, Mass., plant of the
Woonsocket Rubber Co., footwear division of the United States Rubber for issue upon conversion of the preferred stocks, upon exercise of outCo., would close permanently not later than Oct. 1. Consolidation of standing warrants to purchase stock of Van Camp, and upon exercise of
operations was given as the reason. The plant has been operating 40 years options and for other corporate purposes.
and under normal conditions employs 450 persons. It will close July 12 for
Method of Participation in the Plan.
the annual vacation period and reopen Aug. 4 with a curtailed force for the
Holders of prior preference stock, preferred stock and common stock of
purpose of running out stock -V. 130, p. 3134.
Van Camp may become parties to and entitled to the benefits of the plan
United States Steel Corp.
-Number of Stockholders.
- and agreement by depositing the certificates for their stock with the ComN. Y. City, depositary,
There were 129,626 holders of common stock on the date of the closing mercial National Bank & Trust Co., 56 Wall
or the Indiana
St.,
of books for the June dividend. This was an increase of 5,557 over the sub-depositary Trust Co., Indianapolis, Ind., sub-depositary, or any other
or other agent appointed pursuant to the agreement, on
March figure of 124,069 and compares with 105,612 a year ago.
The number of preferred holders at the closing of the books for the or before July 15 1930, or such later date as may be fixed as provided in
agreement. The certificates of deposit will be issued by the depositary
May dividend was 60,645 compared with 61,312 three months previous theprovided
as
in the agreement.
and 64,791 a year ago.
-V. 130, P. 4626.
Means by Which the Plan May be Carried Out.
Van Camp Packing Co., Inc.
-Reorganization Plan.
- John P. Frenzel, Jr., H. J. Angermeier and W.G. Heath,as a committee
constituted under the agreement, are to endeavor, with the Jewel company
President Wm. D. Campbell, Indianapolis, Ind., June 25, and the
bankers, to carry the plan into effect. The committee, subject to
says:
the provision.s of the agreement, is authorized to declare the plan operative
Since Dec. 21 1928. the company has made a number of large outlays or to abandon the plan.
Owners of 7,250 shares of prior preference stock, 25,000 shares of preferred
of cash. In accordance with an agreement consummated at that time over
3850,000 of outstanding bonds were redeemed and since that date lesser stock, and 200,000 shares of common stock, have already agreed to deposit
amounts of other securities have been retired. In addition, expenditures their stock under this plan. (See also V. 130. p. 4626-)
for the improvement of fixed assets, the payment of dividends, and for
Sales Show Increase-Tonnage Higher
-An official statecertain extraordinary expenses have reduced working capital. Furthermore, for the purpose of rounding out its line, a number of important ment says:
The Van Camp Packing Co. Inc., reports sates of $9,424.000 for the first
acquisitions have been made, these including the Pompeian Corp., The
Contadina Co., Inc. and a fresh milk business in Detroit (now known as five months of 1930 as compared witif 30,391.000 for the like period of 1929.
"W. J. Kennedy Dairy Co.") desirable for the more profitable utilization This increase has been effected in spite of a general decline in the price of
food commodities, which affected all products of the company consisting of
of two of the company Ei milk plants.
These acquisitions have been financed by the Van Camp company largely silk, pork and beans, vegetables, purees and other canned goods, salad and
with cash though supplemented by stock in some cases. These cash pur- olive oils and other oils. Though complete figures for the six months period
chases have depleted working capital and the financing of the current of 1030 are not set available, the company estimates an even greater inneeds of the enlarged business has added a further strain upon the financial crease in dollar sales due to the large volume of its canned milk business
position of the parent company. Declining commodity prices have caused in June which brings the sales of that product on a par with those for the like
losses in operations since the first of the year, which have also contributed period of 1929. The company further reports a large percentage increase
in a smaller way to the present shortage of working capital. The r sult is In tonnage of its other products which are running well ahead of last year.
that the Van Camp company to-day,lacks adequate working capital, and any V. 130. p. 4626.
growth of sales would still further strain the financial position of the company.
-To Sell Venezuelan
Venezuelan-Mexican Oil Corp.
As a result, the consolidated statement of the Van Camp company and its
subsidiaries, as of March 31 1930, showed total current liabilities of $5,- 'Holding Corp. Stock.
The corporation, in a letter to the stockholders, states its intention to
994.584 as compared with total current assets of $6,984,971, leaving net
working capital of but $990,386, and giving a current ratio of but 1.16-to-1. dispose of its holdings of Venezuelan Holding Corp. stock, amountin_g to
Of the $5,994.584 of current liabilities. $4,129,934 were in the form of bank 54,100 shares. The stock was offered at auction June 27 in New York
-V. 129. P. 1462.
loans which by May 311930, had been reduced to $3,110,791.
by Adrian H. Muller & Son.
FINANCIAL CHRONICLE
130
Venezuelan Holding Corp.—Sale of Stock.—
See Venezuelan-Mexican 011 Corp. above.—V. 124, p. 3227.
Vortex Cup Co.—Business Increasing.—
President P. T. Potts. states that business has been increasing steadily
during each month of 1930 and that both gross sales of Paper drinking
cups and net profits for May were in excess of any previous May in the
history of the company. For the calendar year ended Dec. 31 1929. the
company showed net profits of $4.95 per share of common stock after
allowing for dividends on the class A stock.
The fiscal year has been changed to Sept. 30. Mr. Potts believes that
for the 12 months ending Sept. 30 1930. net earnings for the common stock
will be well in excess of the figure reported last year.—V. 130, p. 3185.
Warner Bros. Pictures, Inc.—Expansion.—
In connection with listing on the New York Stock Exchange of 163.657
shares of additional common stock and $3,141,500 6% debentures, the
corporation has filed with the Exchange a statement which snows the company to have acquired control of 85 additional theatres with a seating
capacity of 101,416 persons. The new theatres are located in Pennsylvania, Wisconsin, Virginia, West Virginia, Ohio, Delaware, New Jersey,
Connecticut, Massachusetts and New York.
The listing notice shows that as of April 30 there were outstanding 2,775,646 shares of common and 140,571 shares of preferred stock. Through
conversion into common the preferred stock has been reduced from an
authorized issue of 785,604 shares. The funded debt as of the same date,
including debentures, mortgages on various theatres and other properties
owned by this corporation and subsidiaries, amounted to 373,797.410.
(See also V. 130, p.4072.)
New Director.—
Walter E. Sachs of Goldman Sachs & Co., has been elected a director ot
succeed Simon H.Fabian resigned.—V. 130, p. 4072,3565.
Warner Sugar Corp.—Interest.—
The New York Stock Exchange having received notice that interest
-year 7% sinking fund series A bonds,
due July 1 1930 on the 1st & ref. 15
due 1939, plain and stamped is now being paid, the committee on securiJuly 2, that bonds will
be quoted ex-interest 33
ties rules that bonds
continue to be dealt in "flat" and until further notice to be a delivery
must carry the Jan. 1 1931 and subsequent coupons.—V. 130, p. 2991
,%
6
Web Holding Corp.—Defers Dividends.—
The directors have deferred the declaration of dividends on Lie class A
and class B shares. The last dividends were 50 cents per share each paid
on May 5 1930.
Western Steel Products, Ltd.—Forms New Company.—
President R. R. Symington announces the formation of a company, to
be known as Corporate Steel Products, Ltd., with its head office in Montreal, for the purpose of centralizing administration, facilitating and coordinating certain departments of the business, and to enable the organization to effect extensive economies in operation. This was found necessary, owing to the widespread interests of Western Steel, operating as
it does, plants at Winnipeg, Regina, Saskatoon, Calgary Edmonton,
Vancouver and Victoria; Metallic Roofing Co. of Canada. Ltd., operating
two plants in Toronto, and George W. Reed Co., Ltd., of Montreal.
Frank 0. Woodman,Manager of the bond department for James Richardson & Sons, Ltd., will shortly Join Corporate Steel Products, Ltd, as
Secretary-Treasurer, and will be in charge of finance and organization: and
J. L. Riley, formerly Manager of the sheet steel department of the United
States Steel Products Corp. of New York, has Joined Corporate Steel
Products, Ltd., as Manager, and will be in charge of purchasing for the
entire organization.—V. 130. p. 4263.
Wheeling Mold & Foundry Co.—Merger.—
Bee Continental Roll & Steel Foundry Co.above.—V. 130, p.4626,3737.
Yale Electric Corp.—Tenders.—
The Chase National Bank, 11 Broad Street, N. Y. City, will up to and
including July 8 1930. receive sealed bids for the sale to it of 10
-year 635%
sinking fund gold debentures, due April 1 1937 to an amount sufficient to
exhaust $35,259, and at prices not exceeding 103% and accrued interest.
—V. 125, p. 1474, 1066.
York Manufacturing Co., Saco, Me.—Offer Accepted.—
The proposition made by New England Industries, Inc. to stockholderof the 'York Mfg. Co. for acquisition of the latter by exchange of stock has
been formally and legally accepted, and an entirely new board of directors
hasIbeen elected, consisting of men connected with the first named corporas
Hole.—V..iSO. p.4263.
CURRENT
NOTICES.
—The first issue of the "Lisman Digest," a monthly publication devoted
to the money, stock and bond markets, made its appearance on July 1
under the auspices of F. J. Lisman & Co., members of the New York Stock
Exchange. The initial issue is featured by a discussion of "Easy Money,"
which F. J. Lisman, the senior member of the firm, defines as money when
It really is selling at very high rates because at that time the lender is less
discriminating or more "easy" with the borrower. Other features are
analyses of the stock and bond markets as of the end of June, a section
entitled "Diversification," which treats of individual investments in a wide
range of industries, statements of loading market analysts, &c. With
regard to the industrial outlook the firm says: "The year 1930 will probably be known as 'The Panic Year of Wealth.' We have too much copper,
silver, oil, wheat, corn, cotton and labor. How to use all of our surplus
wealth is the problem that faces us. The apparent ever-increasing need
for our raw material and finished products caused an overproduction
during the year 1929, which, in view of the facts, was not discernible
until surplus stocks in the hands of the original producer became unwieldy.
But wise curtailment of production of manufactured materials (such as
we have seen in the oil fields) is bound to bring about a shortage in various
industries before long."
—Announcement is made of the formation of the new Stock Exchange
firm of Lockwood, Peck & Co., with offices at 52 Broadway, New York.
The partners are Frederick R. Lockwood, F. M. Lockwood, Arthur K.
Peck, Marmaduke Tilden, Charles G. Reinhart, Jr., William H. Schofield.
Jr., and George F. Seyler. Charles G. Reinhart, Jr., and Arthur K.Peck
were formerly partners of Peck & Co., which firm has been dissolved. The
other firm members were partners of Lockwood & Co., which has also been
dissolved. Arthur N. Peck, formerly senior partner of Peck & Co., and
William H. Whitcomb, formerly a partner of F. M.Lockwood & Co., will
make their offices with the new firm.
—Nichols, Terry & Dickinson, Inc., successors to Nichols, Terry & Co.,
Inc., and William L. Ross & Co., Inc., in the origination and distribution
of investment securities, have moved their Chicago offices to the new
Board of Trade Building, where they' will occupy the entire 36th floor.
Offices in New York are at 120 Broadway. Officers of the corporation are:
Herbert L. Nichols, President; Jesse L. Terry, Kenneth S. Dickinson,
Phil S. Dickinson, Robert D. Green and Ray L. Evans, Vice-Presidents;
George D. Smith, Secretary; Marcus L. Baxter, Treasurer; Rex Jacobs,
Assistant Secretary; A. E. Swanson, Assistant Treasurer.
—Chauncey P. Colwell, partner of Cassatt & Co., has been elected a
member of the Philadelphia Stock Exchange. Membership of Mr. Colwel
was transferred from W. Plunkett Stewart, also a Cassatt & Co. partner.
The transfer follows the announcement that Mr. Stewart has retired as a
general partner and has become a limited partner in the firm. The membership on the Philadelphia Exchange has been in Mr. Stewart's name since
1907. Mr. Colwell, who will now represent Cassatt & Co. on the Philadelphia Exchange, is in charge of the stock department of the firm. He
has been a partner since Jan. 1 1918.
[VOL. 131.
—Richard Sutro has become a limited partner instead of a general partner
In the New York Stock Exchange firm of Sutro Bros. & Co. to which Roy
E. Bard has been admitted as a general partner in charge of the Chicago
office. Mr. Bard succeeds Ingo A. Each, Chicago resident partner, who
will move his headquarters to New York. Lawrence Williams has Joined
the firm as manager of the Chicago office and Karl Klauser has been
appointed manager of the bond department of the Chicago office. The
Chicago office will move into new and larger quarters at 200 South LaSalle
Street about Aug. 1.
—Announcement is made of the formation of the firm of Smith, Camp
& Co. to succeed to the business formerly conducted under the name 0
Freeman, Smith & Camp Co. The predecessor firm, which has engaged in
the underwriting and distribution of securities on the Pacific Coast since
1919, with offices in the principal cities of California and Oregon, had headquarters in Portland, Ore. The headquarters of Smith, Camp & Co. will
be in San Francisco. F. A. Freeman, former President and one of the
founders of Freeman, Smith & Camp Co., is retiring from the business.
—The firm of McCormick & Co., with offices at 1301 Packard Building,
Philadelphia, has been formed to transact a general business in investment
securities. The new firm will be headed by Russell McCormick, who is
well known in Philadelphia investment circles. After graduation from the
University of Pennsylvania he joined the local sales organization of Lee,
Higginson & Co. Later he became a partner of Smith Brothers and McCormick,from which he resigned to open the Philadelphia office of Blyth &
Co. in January 1928.
—Jackson & Curtis, members of the New York and Boston Stock Exchanges, announce the opening to-day of an uptown New York office in
the Greybar Building, 420 Lexington Ave., under the management of
John L. Handy. This office Is the first branch office they have established
in New York The main office is at 115 Broadway. Other offices of this
firm are in Boston, Chicago, Springfield, Providence, Worcester, Lynn,
Mass., and Akron, Ohio.
—Hemphill, Noyes & Co., announce the opening of new offices in the
Americus Hotel, Allentown where every facility is provided for conducting
a general investment and brokerage business. The offices will be in charge
of William D. Laury, representative of the firm. Hemphill, Noyes & Co.
have also made Reed Vail Bontecau District Manager for the State of Ohio,
with headquarters at their Cleveland office in the Union Trust Building.
—E. A. Pierce & Co., members of the New York Stock Exchange,
announced that effective (July 1) it will acquire the investment and commission organization of Watson, Williams & Co. of New Orleans. La."
the latter firm to retire from active business. Eli T. Watson, George E.
Williams and Leslie L. Watson will become associated with E. A. Pierce
& Co. with headquarters in New Orleans.
—Boettcher
-Newton & Co., members of the New York Stock Exchange
with offices in Denver and New York City, announce that William B.
Knox and Eric Straight have become associated with them,and that Irving
Eaton, Clyde Epperson, Charles L. Stacy and Amos C. Sudler, general
partners, and John T. Barnett and James B. Grant, special partners, have
retired from the firm.
—Two new members have been admitted to the firm of West & Co. as
general partners. They are W. Knowlton Hoag and Edward C. Cassard.
Mr. Hoag has been with the West & Co. organization since September 1924.
Since 1927 he has been in charge of the bond department in the firm's
New York office. Mr. Cassard will be the firm member on the New York
Curb Exchange.
—A circular analyzing Phillips Petroleum Co.'s position as the largest
manufacturer of natural gasoline in the United States and one of the largest
producers of natural gas and crude oil has been issued by Chatham Phenix
Corp., the investment affiliate of the Chatham & Phenix National Bank
& Trust Co. of New York City.
—Earl L. Harmony,formerly ofG.E. Barrett & Co.. has been appointed
Vice-President of Bowen, Gould & Co., Inc., of this City. Forster G.
Bowen and John F. Raleigh of G. L. Ohrstrom & Co. have joined the
retail sales department of Bowen, Gould & Co., Inc.
—Class= & Co., announce the following changes effective (July 1):
W. Plunket Stewart has become a limited instead of a general partner;
Joseph W. Wear and Alexander J. Cassatt have been admitted as general
partners and Charles L. Stacy has become associated with the firm.
—Walter W. Hess and Joseph W. McIntosh have retired from partnership in W. J. Wollman & Co. Winston L. May, Stephen J. Stroock,
Jack Rabin, Walter Hochstadter, John G. Eiser , Wlllls A. Dibble and
Albert S. Harris have been admitted to partnership.
—Clinton S. Dow has been admitted as a general partner in the New
York Stock Exchange firm of Greer, Crane & Webb. Warren S. Crane
has withdrawn as a general partner and has become a special partner.
—Paul F. Hay has been admitted to general partnership in the firm of
W. C. Langley & Co. Mr. Hay for many years has been associated with
this firm as head of the wholesale securities department.
—Edmund Seymour & Co. of this City, announce that Samuel M.
Benson, formerly with Orton Kent & Co., has become associated with
them in charge of their unlisted trading department.
—Warren Brothers Financial Corp. announce the opening of their New
York office at 120 Broadway, under the management of William R. Compton, who has recently been elected a Vice-President.
—Pask & Walbridge of this city annonce that Francis Ham and William
B. Smith 2d have retired as general partners in the firm, but that Mr.Smith
will remain associated with the firm.
—Samuel P. Arnot, formerly President of the Chicago Board of Trade
has become associated with Calvin & Co., and will be indentified with_the
management of their Chicago office.
—George W. English, formerly a partner in Moore, Leonard & Lynch.
has become associated with Smith, Graham & Rockwell, members of the
New York Stock Exchange.
—Chandler & Co. announces the election of F. S. Yantis as resident
Vice-President in New York, and K. W. Lineberry, Assistant Vice-President, resident in Chicago.
—Wm.Campbell Gay, member New York Stock Exchange. and Francis
X.Lauro have been admitted as general partners in the firm of Whitehouse
& Co. of this city.
—T. Edward Prendergast has been appointed manager of the municipal
department of Herbert C. Heller & Co., with headquarters in N. Y. City.
—Gilbert Elliott & Co. of New York City announce the appointment of
Richard Jerome Stewart as manager of their bond department.
—The Bank of Montreal Agency at 64 Wall Street, New York, has
available for distribution road maps of the Provinces in Canada.
—Ellis-Milley, Inc., announce the opening of a Philadelphia office at
1608 Walnut St., under the management of M. K. Salen.
—John K. MacGowan has been admitted to general partnership in the
firm of Palmer & Co. of New York.
—Baylis & Co., have moved their uptown, New York office to 45 East
49 Street.
JULY 5 1930.]
131
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL-ETC.
PETROLEUM-RUBBER-HIDES
-DRY GOODS
-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, July 4 1950.
COFFEE on the spot was dull and inclined towards lower
%
prices. Rio 7s, 8 to 83.c.; Santos 4s, 123 to 133c.; Vic%
to 7343. Fair to good Cucuta, 14 to 1434c.;
toria 7-8s,
prime to choice, 15 to 16c.; washed, 155/2 to 163/2e.; Colombian, Ocana, 14 to 143/2c.; Bucaramanga, natural, 14 to 150.;
washed, 163 to 170.; Honda, Colima and Giradot, 163 to
4
%
%
170.; Medellin,
to 1840.; Manizales, 163 to 170.;
Surinam, 123i to 133/2c.;;
Mexican, washed, 173/2 to
Ankola, 24 to 30c.; Mandheling, 26 to 3543.; Genuine Java,
185/2c.•'
27 to 280.; Robusta, washed, 130.; natural, 93/2 to be.;
Mocha, 213 to 2140.; Harrar, 173/2 to 180.; Abyssinian,
153/2 to 160.; Guatemala, prime, 17 to 173/2c.; good, 153 to
%
16%c.; Bourbon, 14 to 143/2c. Later spot trade was dull
and the tone weak. Rio 7s, 8 to 83.c.; Victoria 7-8s, 73/2
%
%
to 78 c.; Santos 4s, 123 to 133o. G. Duuring Si Zoon
cables their monthly statistics as follows: Arrivals of all
kinds during June, 909,000 bags, of which Brazilian 422,000;
deliveries of all kinds during June 887,000, of which Brazilian
447,000; stocks in Europe on July 1, 2,095,000; world's
visible supply on July 1, 5,593,000 ,bags, showing an increase of 110,000 bags.
Laneuville cabled his statistics of the world's production
and deliveries as follows: Production, 1929-1930, Rio,
3,013,000 bags, against 2,993,000 in 1928-29; Santos, 9,721,000, against 8,874,000; Victoria, 1,666,000, against 1,016,000; Bahia, 279,000, against 345,000; Paranagua 707,000,
against 313,000; Pernambuco 133,000, against 80,000; other
kinds 8,273,000, against 8,660,000; total 23,792,000, against
22,281,000; deliveries 23,554,000, against 22,251,000 bags
in 1928-29. On June 30 the cost and freight market remained
dull. Offers were on a small scale, being unchanged to a little
lower. Prompt shipment offers included Santos Bourbon
2-3s for prompt shipment were quoted at 13.30 to 14.850.;
3-4s at 123/2c.; 3-5s at 1234 to 130.; 4-5s at 11.70 to 11.95e.;
5s at 113/2c.; 6s at 10.30c.; 7-8s at 8.15 to 9.90o.; Peaberry
4s at 11.700.; Rio 7s at 7.100. For July-Aug. shipment
equal. Santos Bourbon 4s were offered at 11.10c. and 2-3s
at 12.05c. On July 2 cost and freight offers from Brazil
showed little increase, but Rios and Victorias were lower.
Prompt shipment offers included Santos Bourbon 2-3s at
13.85 to 14.850.; 3s at 12.00 to 12.100.; 3-4s at 13.350.;
3-5s at 113/2 to 13c.; 4-5s at 11.90 to 128 c.; 5s at 113/2c.;
%
6s at 10.050.; 6-7s at 93% to 10.900.; 7-8s at 7.90 to 83/2c.;
Santos Peaberry 4s at 11.70o.• 4-5s at 11%e.; Rio Peaberry
3s at 9.30c.; part Bourbon 3
14s at 12.150.; Rio 3-5s were
here at 8.30c.; 7s at 7.35 to 7.400.; 7-8s at 7.200.; Victoria
7s at 6.700.; 7-8s at 060.;8s at 65/2c.
On June 30 prices were 8 to 17 points lower with sales of
36,000 bags. Terme prices at Rio were a little higher but
slightly lower to unchanged at Santos. Rio exchange was
1-32d. higher. Santos was unchanged from Friday. Private
advices stated that the movement to destroy some 4,000,000
bags of low-grade coffee in the interior of Sao Paulo is urgently advocated in Santos but there is doubt whether Rio
and other producing sections will agree to take such action.
These low grade coffees would not affect New York except
theoretically by reducing the visible supply figures. Possibly
the prices for the better grades might be strengthened.
They cannot be sold here since they do not conform to the
exchange standard and their importation is consequently
prohibited. Futures on the 1st inst. 5 points higher on
Santos July and 8 to 25 lower on other Santos deliveries.
Rio futures ended 1 to 13 points off. Some thought an
attempt was being made to squeeze the July shorts. Eight
July notices were issued. They were promptly stopped by
Brazilian interests who had stopped the previous notices.
Yet Brazilian selling was a dominant feature. European
houses bought moderately. One comment on the 1st inst.
was "The feature of the market is the attempted squeeze of
July 'D' coffee by interests generally believed to be acting
for the Brazilian Government. As the terms of the late
loan specifically excluded direct or indirect purchases, there
is general comment in the trade on this development."
Futures on the 2nd inst. with Brazil exchange lower
declined 2 to 20 points on Santos and 23 to 30 points on Rio.
New low records were touched for Rio and the distant
Santos months. Twenty-six Santos July notices were issued
.
and were stopped by 9 firms acting it is said for Brazilian
interests. Europe seemed to be selling on balance though
it also bought. Europe sold March Santos and bought
September and March Rio. Local trade houses and Boston
sold Rio contract while Brazil was buying on a scale down.
A Comtelburo cable to the Exchange here said: "Rio receipts
July 1 to 15-6,739 bags daily. Santos coffee stock recounted
-254,000 bags deducted." On Thursday futures 29 to 42
points on Rio with sales of 41,150 bags and 13 to 27 points
on Santos with sales of 61,000 bags. Brazilian exchange was
weaker and there was continued pressure after the call.
Moreover there was a rumor that the bankers will not turn
over the, money on the $100,000,000 loan to Brazil until the
bonds have been sold. They are said to have been latterly
dull and 5 points lower. Final prices on futures here show
a decline since last Friday of 71 to 76 points on Rio and 24
to 71 points on Santos. •
Rio coffee prices closed as follows:
5.990
May
6.22Q
Spot unofficial
8 rec
6.950 --March
July
6.10Q - July
6.41@
Sept
6.45Q ---I
Santos coffee prices closed as follows:
pec
Spot unofficial_
July
12.05Q 12.10 March_
Sept
10.82010.86
9.76Q
9.47
ay
iJulY
9.300 9.33
9.21Q --
COCOA closed 3 to 5 points higher on. Thursday with
July, 8.18 to 8.20; Sept., 8.33 to 8.34; Dec., 8.38; Jan.,
8.45 and March, 8.61; sales 62 lots. Final prices show a
decline since last Friday of 10 to 17 points.
-Prompt raws have been quiet and of late have
SUGAR.
been quoted at 3.330. One Havana cable said June 30 of the
Cuban drop movement for the week ended June 28: Arrivals,
32,405; exports, 35,666; stock, 1,589,916 tons. One mill is
still grinding. The exports were distributed as follows: New
York,5,108 tons;Boston,4,353;New Orleans,962;Savannah,
3,570; Interior United States, 325; United Kingdom, 21,202;
Uruguay, 92; Argentine, 54. Receipts at United States
Atlantic ports for the week were 32,131 against 35,240 tons
in previous week and 37,176 in same week last year; meltings
67,628, against 58,825 in previous week and 62,317 last
year; importers' stocks 188,612, against 194,091 in. previous
week and 389,520 last year; refiners' stocks 240,072, against
270,090 in previous week, and 283,271 last year; total
stocks 428,684, against 464,181 in previous week and
672,791 last year. Cables from Guma Mejer, stated that
Cuban harvesting had ended with a total outturn of 4,671,260
tons compared with 5,156,315 tons produced last year. Guma
Mejer's estimate several months ago was 4,628,364 tons.
On June 30, 37,000 bags of Cuban raw sugar, loading about
July 8 sold at 1/e. o. & f. There were further sellers at this
price and of duty frees and store sugars at 3.350. but the
market was indifferent. Refiners according to usually well
informed quarters have bought within the past two weeks
fully 200,000 tons of raw sugar, while it is estimated that
their sales of refined last Monday did not amount to more
than 135,000 tons at the outside.
Havana cabled the New York Times: "A nation-wide
movement to form a sugar trust for the control of all sales
of raw sugar under direction of President Chadbourne of the
Matanzas Sugar Co. and involving practically all of the
American-owned sugar companies is said by the leading
Spanish language newspapers here to have been exposed by
the Government to-day. The plans for the trust, according
to El Pais, an evening newspaper, call for unification of all
American-owned sugar companies under one directing head
and a board of directors consisting of one representative of
each sugar company. American sugar investments and interests in Cuba amounting to more than $1,500,000 and
producing perhaps three-fourths of all sugar manufactured
in Cuba would thus be placed in a position to exclude from
the markets of the United States all the sugar produced by
Cuban and Spanish manufacturers. It is also charged by the
press that the plan was recommended to Mr. Chadbourne
by the Sugar Institute of New York, which, according to the
statements, is connected with a plan to oust Cubans and
Spaniards from the sugar marts of the United States. Mr.
Chadbourne is now in New York, where, it is said, he is
conferring with the Sugar Institute for the furtherance of
his plans in Cuba." Havana cabled Dow, Jones & Co.:
"A syndicate has tendered a bid of 13c. c.i.f. to Cuban
Government for 300,000 tons of raw sugar, paying 25% in
cash and remainder in documents that may be discounted.
It is unlikely this bid will be accepted." In New York
Cuban duty paid was quoted on the 2nd inst. at 3.32c.
F.0. Licht's estimate at the end of June for the European
beet area outside of Russia is 1,907,000 hectares, which compares with his late May estimate of 1,928,000 hectares.
Russia he now estimates at 1,000,000 hectares or 200,000
more than he gave that country at the end of May. Havana
cabled that a total of 4,671,352 tons of raw sugar had been
manufactured by some 150 mills throughout Cuba up to
noon June 28, according to the official report made by Secretary of Agriculture Molinet. It is expected that the total
will be slightly increased before the official ending of the
season, which would probably be July 2. Futures on June
30 declined 6 to 8 points with 24 July notices and Europe
Cuba and the trade selling as well as disgusted "longs.'
132
FINANCIAL CHRONICLE
The bad break in sugar attracted general attention downtown. Duty free Cuba and Philippine sugar was offered
on a considerable scale at 3.38c. Later,in the day duty
free was offered at 3.35c. or 13 c. c. & f. Refined 4.70e.,
%
but dull. The following Cuban sugar centrals will not participate in grinding the next crop: Ciego de Avila, owned by
Cia. Azuc. Ciego de Avila; Portugalete, Palmira Sugar Co.;
Borjita, Cia. Azuc. Oriental, S. C.; Santa Catalina, Cia.
Azuc. Central Catalina; Dos Hermanas, Dos Hermanas
Sugar Co. and the central Santa Clara. The 1928-29 production of these mills excluding Santa Clara was 527,500
bags. Futures on the 1st inst. were unchanged to 1 point
higher at the close. The sales were only 17,750 tons. It
was in other words an uneventful day. Refined was dull.
Futures on the 2d inst. dropped 3 to 6 points to new lows on
Cuban and trade selling and prompt raws were quiet at
3.32c. Of refined good withdrawals were reported, but little
new business. To-day prices advanced 2 to 3 points on the
sales of raw sugar to Russia and the United Kingdom. It
was confirmed that yesterday Cubas sold to Russia, presumably for July-Aug. shipment,50,000 tons of raw sugar at
1.30e. f.o.b., 40% to be paid in cash and the balance in
three months, notes guaranteed by New York bankers.
Negotiations are said to be pending on a considerable
additional quantity for shipment to Russia. On Wednesday
and Thursday the United Kingdom bought a total of 35,000
tons of Cubas for Oct. shipment at 6s. 63 d. c.i.f. and 6s.
4
734d. c.i.f. On Wednesday 2,500 tons Philippines due
July 23 sold at 3.30c. and 350 tons of Cuba ex-store at the
same price. Final prices show a decline on futures for the
week of 8 to 9 points.
Closing quotations follow:
Spot unofficial_ -1 7-16 Dec
July
1.25@nom Jan
Sept
1.33@
1.42®
1.44 ®
I March
May
1.51
1.69
--
LARD on the spot was quiet with prime Western 10 to
10.10c.; Refined Continent, 103e.; South America, 1034c.;
Brazil, 113/8c. Cash prime was off to 9.95 to 10.05e. Futures
on June 28th ended unchanged to 3 points lower with grain
off. Steady prices for hogs tended to offset the grain decline
so lard's net change was small. Futures on June 30th
advanced 3 to 5 points on near months while they were
unchanged to 5 points off on the distant. Hogs were steady.
Liverpool was unchanged to 3d.lower. Prime Western cash
was 10 to 10.10e.; refined for the Continent, 103c. Futures
on the 1st inst. declined 2 to 7 points though hogs and corn
were 10e. higher. Packers were selling. The hog receipts at
Chicago were 25,000 and at all western points 91,400 against
125,300 a year • ago. Clearances of lard from New York
were 1,571,000 lbs. largely to Europe. Liverpool lard was
unchanged to 3d. higher. The grain markets displayed considerable strength but the future market for lard seemed to
ignore the bullish factors and with scattered selling by
packers easily reacted. Stocks of lard at Chicago on June
30 showed an increase of 8,845,000 lbs. for the month of
June. There was an increase at the end of June last year of
8,896,000 lbs. Futures on the 2d inst. ended 15 points off
to 3points up. Hogs declined somewhat, with total Western
receipts 90,000 against 93,400 a year ago. Exports were
56,000 lbs. of lard from New York for Bordeaux, Havre and
Manchester. Refined Continent, 103/8c.; South America,
1030.;Brazil, 11%c. On Thursdayfutures closed unchanged
4
to 5 points lower with cotton and grain down. Final prices
show a decline of 3 to 27 points for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Sat.
Mon.
Tues. Wed. Thurs.
9.42
9.45
9.42
9.45
9.42
9.57
9.62
9.55
9.55
9.52
-9.30
9.15
9.10
9.37
9.32
July
September
December
PORK steady but quiet; mess, $31.50; family, $33.50;
fat back, $21.50 to $25; ribs, $13.75. Beef quiet; mess, $24;
packet, $23 to $25; family, $25 to $26; extra India mess, $42
to $44; No. 1 canned corned beef, $3.10; No. 2, $5.50; six
pounds South America, $16.75; pickled tongues, $70 to $75.
Cut meats steady; pickled hams 10 to 20 lbs., 193 to 193c.;
%
pickled bellies 6 to 12 lbs., 185% to 205%c.; bellies, clear, dry
salted, boxed, 18 to 20 lbs., 15%c., 16 to 18 lbs., 153/ie.
Butter, lower grades to high scoring, 26 to 34c.;. Cheese,
flats, 18 to 26c.; daisies, 18 to 25e. Eggs, medium, to extra,
20 to 24c.; closely selected heavy, 25 to 26c.; extra fancy
white, 1 to 23/8c. more.
-Linseed showed little change during the week.
OILS.
Crushers were still asking 14c. for raw oil in carlots, cooperage basis. The inquiry was better but actual business
continued rather light. Paint makers are purchasing only
to fill immediate needs. Cocoanut, Manila, coast tanks,
538c.; spot, N. Y. tanks, 63( to 65%e.; China wood, N. Y.
drums, carlots, spot, 93
-June, 83 0.;
/
4c.; tanks, 83/8c.; Oct.
Pacific Coast, tanks, July-Sept., 8c.; Oct.
-Dec., 83c.
Soya bean, tanks, coast, 834 to 9c.; domestic tank cars,
f.o.b. Middle Western mills, 8 to 85%c. Edible, olive, 1.85
to 2c. Lard, prime, 133/8c.; extra strained winter, N. Y.,
11c.; Cod, Newfoundland, 60e. Turpentine, 45 to 51e.
Rosin, $6.50 to $8.50. Cottonseed oil sales on Thursday,
including switches, old, 900 bbls., new 6 contracts. Prices
closed as follows:
OLD.
Spot
July
September
October
December
NEW.
8.05@
8.10(43.30
8.45 ®8.50
8.46@)
8.40©
November
December
January
February
March
April
7,90@8.00
7.95( 8.01
8.02 --8.00t8.20
8.12 8.18
8.15 8.30
[VOL. 131.
PETROLEUM.
-Aviation gasoline has been soniewhat
more active of late. Effective Saturday the Standard Oil
Co. of New Jersey advanced the price of domestic aviation
gasoline %c. to 13c., bringing into line with the price quoted
by the Richfield Oil Co. Its Stanovar grade, however,
remained at 14e. The gasoline market was more or less
unsettled late in the week, but is generally expected to
strengthen over the holidays. Offerings were said to be
made in one instance at least at 834c. in tank cars at refinery.
Generally 9 to 10c. was quoted however. Conditions in
the Mid-Continent field are said to have improved noticeably. Kerosene was weak at 65% to 75%c. for 41-43 water
white in tank cars at refineries. Domestic heating oils were
in fair demand and steady. Grade C bunker fuel oil was
easier at $1.15 refinery. Diesel oil was unchanged at $2.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled"Petroleum
and Its Products."
RUBBER on June 28 advanced 10 to 30 points or 70 to
90 points for the week. The sales were 362 tons but there
was a demand to cover and in London the demand had increased and in Singapore sterling advanced 3-16d. Moreover c.i.f. shipments from the Far East were smaller. The
June consumption total it is feared will make no very satisfactory showing but that is merely so much water gone over
the dam. It is hoped that the advent of better times is not
far off. New contract closed with July, 12.460.; Dec., 13.46
to 13.50c.; March,13.95 to 13.97c.; old contract July, 12.40e.;
Sept., 12.70e.; Dec., 13.40c.; Jan., 13.60c.; March, 13.80
to 13.90c. Outside prices; ribbed spot and July, 125% to
123/8c.; Aug.
%
-Dec., 131 to 133/8c.;
%
-Sept., 125 to 12'40.; Oct.
Jan.
-March, 1334 to 133/8e.; spot, first latex, 125 to 127 0.•
%
4
thin pale latex 12% to 13c.; clean thin brown No. 2, 114
to 113 c.; rolled brown crepe, 8% to 9e.; No. 2 amber,
%
1134 toll%e. London spot,65%c.; July,6 3-16d. Singapore
July, 5 13-16d.
On June 30th prices fell 20 to 40 points on old contract
and 18 to 24 on new. Spot business was poor. Of course
that did not help matters London was off 1-16d. to 6 3-16d.
for spot and July with Singapore July 1-16d. off to 57sd.
/
Outside prices were weak. Manufacturers are not buying.
Standard ribs July were offered at 125%e. Latex and thin
pale latex declined %c. each and ambers, 43. Balata
rubber, Surinam sheet advanced 5c. to 61 to 62c. New
contract July ended at 12.26c.; Dec. at 13.25c.; March,
13.72e. Old contract July 12.10e.; Sept., at 12.50 to 12.60e.;
Dec., 13 to 13.10c.; March, 13.50 to 13.60e.; sales 402 tons.
Outside prices: Ribbed smoked spot and July, 125% to 1288e.;
/
Aug.
-Sept., 125 to 123 e.; Oct.
%
-Dee., 13 to 135%c.; Jan.
%
March, 138 to 135 c.; spot, first latex, 123 to 125%c.;
%
%
%
thin pale latex, 1234 to 1230.; clean thin brown No. 2,
/
11 to 115%c.; rolled brown crepe, 87 to 9c.; No. 2 amber,
%
113 to 115 c.; No. 3 amber, 1134 to 1138e. London stocks
%
%
/
increased 811 tons for the week to a total of 79,699 tons and
Liverpool stocks gained 139 tons for a total of 27,493 tons.
A cable to the Exchange here said that Malayan shipments
from Singapore, Penang, Malacca, &c. for June totalled
36,657 tons against 49,388 in May. They included 26,491
tons to the United States, 4,673 to the United Kingdom 162
to British possessions,4,013 to the Continent, 1,037 to Japan,
105 to other countries; latex Revetex. 176.
On the 1st inst. prices declined 22 to 33 points with London
off % to 6 1-16c. for spot and July and Singapore down
Yid. to 55%cl. for July. But later came a rally here leaving
the final prices unchanged to 17 points lower on new contract and unchanged to 20 points off on the old. Of new the
sales were 420 tons and of old 405. Bullish figures on the
Malayan shipments in June of 36,657 tons or 12,680 tons
less than in May tended to check the decline in the late
trading and to cause a rally from the low of the day. New
contract closed with July, 12.25c.• Sept., 12.52c.• Dec.,
13.09c. Old contract July 12.10 to 12.20c.; Sept.,'
'
12.30 to
12.40c.; Dec., 12.90 to 13e. Outside prices ribbed smoked
spot and July, 1231 to 12 3-90.• July, 12% to 12%e.
On the 2d inst. prices fell 2' 10 points on new contracts
to
and were 10 off to 10 higher on old, with sales of 90 tons
of new and 145 of old contracts. London spot, 63/8d.;
July, 6 1-16d. In Singapore July still 55%d. Here at the
close on the 2d inst. July was 12.20c.; Sept., 12.50c.; Dec.,
13.02 to 13.07e.• March, 13.55 to 13.60e.; old contract
July, 12 to 12.14.; Sept., 12.30 to 12.40c.; Dec., 12.900.;
March, 13.40 to 13.50e. Outside prices: Ribbed smoked
sheets, spot and July, 123/8 to 123lc.; Aug.-Sept., 1234 to
125 c.; Oct.
%
-Dec., 12% to 133/8c.; spot first latex, 12% to
12%e.; thin, pale latex, 125% to 12%43.; clean, thin, brown
No. 2, 107 to 113/8c.; speeky crepe, 10% to 103/8c.; rolled
%
brown crepe, 85% to 87 c.; No. 2 amber, 113.1 to 1134c.;
%
No. 4 amber, 10% to 110.; Paras, upriver fine spot, 14 to
145%c.; coarse, 7 to 73.1c. On Thursday prices declined 10
to 30 points with sales of 148 lots of old and 27 of new.
On Thursday London closed unchanged to 1-16d. lower
with spot and July 6 1-16d. to 6%d.• Aug.,6% to 6 3-16d.;
Sept., 6 3-16 to 63.1d.; Oct.-Dec.,' 5-16 to 63sd.; Jan.
6
/
March, 6 9-16 to 65 d. Singapore closed unchanged to
%
%d.lower with July 534d.; Oct.
-Dee. 6 1-16d.; Jan.
-March,
6%d. No. 3 amber crepe spot unchanged at 434d. Final
prices show a decline on futures for the week of 30 to 60 points.
HIDES.
-On June 28 prices fell 8 to 25 points with sales
of 1,760,000 lbs. Outside markets were rather quiet. July
ended at 12.10c.; Sept. at 12.68 to 12.70c.; Dec. at 13.700.;
Jinx 51930.]
FINANCIAL CHRONICLE
May at 15.08e. Common dry Cucutas, 153/2e.; Orinocos,
14c.; Maracaibo, La Guayra and Ecuador, 13e.; Central
America, Savanilas and Puerto Cabello, 123/ic.; Santa
Marta, 13Mc.• Native Steers, 15c.; butt brands, 1434c.;
Colorados, 141.• Chicago, light native cows, 13e.; New
York City calfsfrins 5-7s, 1.60 to 1.650.; 7-9s, 2.050.; 9-12,
2.80e. On June 30 prices were generally lower, in some oases
55 points. The sales were 1,480,000 lbs. Prices on the
Exchange here gradually declined during June, 205 to 222
points on transactions of 38,640,000 lbs., one of the most
active months on the exchange. Prices in the domestic
markets have steadily declined since the tariff went into
effect. This decline was not at all expected. A lot of 4,000
June frigorifico steers sold at 13 9-16e. Last week 22,000
2
Argentine steers sold at 13% to 133 c.; 9,000 Uruguayan
4
4
steers at 13Y to 133 c. and 9,000 frigorifico cows at 13 1-16
to 13 11-16c.
On the 1st inst. prices advanced 5 to 9 points net with
sales of only 400,000 lbs. Also good June frigorifico steers
sold at 13 5-16c., a decline of Xe. The closing was with
July 12.10c.; Sept., 12.73e.; Dec. 13.80 to 13.90e.; Jan.,
14c.; Feb., 14.20c.; March, 14.55e.; April, 14.85e.; May,
15.20c.; June, 15.30e. On the 2d inst. prices ended 5 points
off to 10 up after sales of 440,000 lbs. Total stocks of
finished cattle hide leather in hands of tanners at the end
of May were higher than at any time during the preceding
12 months, according to a current statistical report of the
New York Hide Exchange. Total stocks have shown a continuous increase each month since Sept. 1929, at which time
the total stocks of sole, belting and upper leather were
equivalent to 3,351,000 hides, compared with 4,336,000
at the end of May and 4,296,000 at the end of April this
year. In subdividing the stocks as of May 31, it is shown
that the sole and belting leather stocks increased about
33(1% over April, while the upper leather stocks, according to
preliminary figures, show a decrease of approximately
33i% against the April stocks of this class of leather. On
the 2d inst. the closing was with July 12c. Aug. 12.35c.,
Sept. 12.75c., Dec. 13.850., May 15.10 io 15.190. On
Thursday prices closed unchanged to 10 points lower with
sales of 1,400,000 lbs.; Sept. ended at 12.80c.; Dec. 13.75e.
to 13.81c., and May 15.00 to 15.12c. Final prices are
9 points lower on Sept. as compared with last Friday.
-After being rather quiet, busiOCEAN FREIGHTS.
ness brightened up a little early in the week.
133
.
prices. In London on the 1st inst. spot standard advanced
17s. 6d. to £50; futures up 10s. to £49 10s.; sales 50 tons spot
and 250 futures. Electrolytic unchanged at £54 10s. bid,
against £56 10s. asked. At the second London session that
day standard fell 2s. 6d. on sales of 50 tons of futures.
Later on custom smelters sold at 1132c. or the lowest price
since 1921 which was also reached a few weeks ago. It
failed to stimulate buying however. Larger producers and a
few custom smelters were holding to I2c. but were doing
little or nothing at that price. Exports sales on the 2d inst.
were about 900 tons. London declined 6s. 3d. on the 2d
inst. at the first session to £49 13s. 9d. for spot; futures fell
12s. 6d. to £48 17s. 6d.; sales 100 tons spot and 400 futures.
Electrolytic was unchanged at £54 10s. bid and £56 10s.
asked. Spot standard at the second session fell 3s. 9d. and
futures 5s. on sales of 25 tons spot and 100 futures.
TIN was weaker at 303/8e. for Straits. On the Exchange
here on the 1st inst. prices were unchanged to 10 points
lower with sales of 85 tons. September was the most active
position. August was switched for September at 15 points
premium. Trading this week was less active. In London
at the first session standard dropped £1 and spot Straits
fell 17s. 6d.; at the second session there was a further decline
of 2s. 6d. on standard and 7s. 6d. on spot Straits. Sales in
London on the 1st inst. were 400 tons. The statistics for
June were unfavorable. The world's visible supply increased 2,840 tons during June to 42,611 tons, the largest
on record. Straits shipments were 8,156 tons. American
tin deliveries were small, i.e., 5,885 tons. This undoubtedly
was largely the cause of the big gain in the visible supply.
For the first half year American tin deliveries have been
about 10,000 tons less than those for the same period last
/
year. On the 2d inst. tin advanced 34c. to 303sc. for
nearby shipment. Sales were only about 100 tons. At
while at
the first session in London standard advanced
the second session standard was unchanged to 2s. 6d. lower;
sales 490 tons. Stocks of tin in Singapore and Penang at
the end of June were 4,229 tons, against 4,532 tons in the
previous month, a decline of 303 tons. Futures on the
Exchange here advanced 10 to 15 points with sales of 85 tons,
.October closing at 30.55 to'30.60c. and December at 30.85e.
LEAD was in fair demand at 5.25c. New York and 5.15e.
East St. Louis. Most of the demand was for carload lots for
prompt shipment. London on the 1st inst. fell 2s. 6d. to
CHARTERS included grain, 30.000 qrs., from Gulf, July 25
-Aug. 10. £18 is. 3d. for spot; futures unchanged at £18 is. 3d.;
to Greece, 2s. 9d.; 42.000 qrs., Gulf. July 5-15, to Antwerp-Rotterdam,
10c.; option United Kingdom. 29. 3d. Grain bookings included 11M loads. sales 150 tons futures and 100 tons spot. London on the 2d
late Baltimore, July, Antwerp, 7c.; 18 loads New York, Liverpool, July, inst. declined 3s. 9d. to £17 17s. 6d. for spot and futures;
Is. 6d.; 5 July, London, Is. 6d.; 4 to Manchester, July, is. 6d.: 18 loads
futures; at the second session
first half July to Rotterdam. 7c.; 16 loads first half July to
7c.; sales 50 tons spot and 550 tons
Antwerp,
15 loads Liverpool, June-July, is. 6d.; 2 loads, London, July, Is. 6d.; prices fell Is. 3d.
9 loads, Boston, July, Rotterdam, 7c.; 2 loads, Hamburg, July, 7c.; 10
loads, July, Rotterdam,7c., and 9 loads, Philadelphia to Antwerp, July,7c.
ZINC declined to 4.10c. East St. Louis. There was only-a
Sugar, Santo Domingo, prompt July, to United Kincdom-Continent,
us. 9d. Time, prompt West Indies round. 90c.: prompt Hampton Roads small demand. Prices are the lowest since 1907 when the
West Indies round, 70c.; a large Norwegian. prompt. Gulf, redelivery.
Louis. In London on the 1st inst.
United Kingdom-Continent, not over 50c.; two to four months West Indies. price was 4c. East St.
trade, $1.50 Coal, Hampton Roads, July, to LaPlata, $3.30. Tankers, spot fell 5s. to £15 18s. 9d.• futures up is. 3d. to £16 11s.
California, clean, August. to United Kingdom-Continent, 31s.: clean, 3d.; sales 50 tons spot and 50 futures. Later on some pro-Sept., July, 205. 6d.; North Atlantic, 16s. 6d., a new low.
Helsingfors, Aug.
-Atlantic. Aug.
-Sept., to Buenos ducers were quoting 4.15c. East St. Louis, but the majority
Lumber, two ports of loading, Gulf
Alms. 1403.
were willing to sell at 4.10e. There was a little better demand,
-Retailers advanced prices of anthracite 50c. on but it was not enough to cause higher prices. In London on
COAL.
the 1st inst. It made no difference in trade. It was as dull the 2d inst. prices fell 2s. 6d. to £15 16s. 3d. for spot and
as ever. It was the same as to trade in Chicago. The £16 8s. 9d.for futures; sales 125 tons spot and 300 futures.
Coal Merchants' Association will shut up their yards from
STEEL was uiet and perhaps none too steady in these
sunset July 3d to sunrise on July 7. On July 1 the wholeseverer than in
sale price of domestic anthracite in Greater New York was dull times when competition is naturally pipe continues
for steel
15c. a long ton higher than in June and the retail price 50e. times of better trade. The demand Oil Co. of New Jersey
a short ton higher than in June. Retailers hesitated about on a certain scale. The Standard
and the Sun Oil Co. are said to be inquiring for pipe supplies.
putting the rise into effect at once.
Steel operations have fallen off 2% within a week to the
TOBACCO was quiet and steady, the cigar trade is good average of 64%. The U. S. Steel Corp. is operating at a
but manufacturers are not buying at all freely. As in so little over 69% as against 71 a week ago. A year ago the
many other branches of trade toba co is a bit slow. Oxford, average for the industry was 9334%, and two years ago
N. C., wired that the crop in that section is reported to be it was 72. Heavy melting grade is 25 cents lower at Pittslooking well, there having been considerable rain there for burgh and St. Louis but unchanged elsewhere. Some think
the past 10 days, not over a continued period, however, with the bear factors have been discounted, with the ingot proonly slight damage resulting. In a section of Granville duction down to an average of about 60%. Others take the
County, there was hail which damaged the crop to some ground that bars, shapes and plates prices have not touched
extent. A good and early crop is expected with favorable bottom, but may not be far from it.
weather during the month of July. Washington, D. C.,
PIG IRON has been quiet, or at best only a moderate
wired that withdrawals of Porto Rico and Manila cigars
during the month of May showed decreases as compared with business has been done in somewhat more favored quarters.
'the same month a year before, according to figures released Washington advices state that the United States Senate
by the Bureau of Internal Revenue. Porto Rico cigars with- will look into the matter of the pig iron duty, and there is, it
drawn last month totalled 13,015,200 against 14,949,275 in seems,. a possibility that it may be raised further under the
May 1929. Withdrawals of Manila cigars last month provisions of the tariff. That has been done before in recent
amounted to 10,190,143 as compared with 10,921,726 in years. If the duty should be raised the rate will be $1.69
May a year ago. Havana cabled the U. S. Tobacco Journal per ton, which should be quite effective in excluding foreign
that damp weather has been delaying operations in Cuba. iron, though, for that matter, for many months imports
Packing is being held up. The cables stated that the pre- have been very small whether of Dutch, Indian or British.
vailing weather conditions, especially the latter part of last The size of the imports is not where the shoe pinches. It is
week and the bulk of this past one, has been so excessively the invasion of Southern iron, notably from Alabama.
damp that even the selecting and packing of toba co in That may prove a knottier question to settle than that of
the vegas in Vuelta Abajo and the escojidas in the Partido the tariff. June production was 6.2% smaller than in
section were suspended. However, it is thought that work May. There was a net loss of 19 active stacks. Producwill be resumed early during the coming week.
tion for the first half of the year is put at 18,262,000 tons.
Birmingham reports that pig iron sales are equal to proCOPPER was steady at 120. domestic and 12.30c. for dudtion.
export regardless of the dullness of trade. Some sales have
-A Government report on July 1 said that in
WOOL.
been made at these levels each day this week. As a result
of the low selling prices for copper some of the small mines Boston a moderate demand for wool is centered largely on
have passed dividends and in some cases small mines are not 64s and finer qualities. The bulk of the demand is for
shipping their ore to the smelters, holding back for higher Western grown wools although sonic interest is being shown
FINANCIAL CHRONICLE
134
in fine fleeces. Prices were steady. London on July 1
cabled that the fourth series of London Colonial wool auctions will open July 8. Offerings total 143,700 bales comprising Australian 60,200; New Zealand, 63,500; South
.African, 2,000; Puntas, 17,600, and sundries, 400 bales.
According to present arrangements the sales will close
July 25.
SILK closed 1 to 3 points lower on Thursday with sales of
83 lots. July, 2.85 to 2.87; August, 2.80 to 2.82; Sept.,
2.80 to 2.83; Oct., 2.80 to 2.83; Nov., 2.80 to 2.83; Dec.,
2.81 to 2.83i Jan., 2.81 to 2.83; Feb., 2.80 to 2.83. With
visible supplies 6,573 bales larger than a month ago, bringing
the total up to 178,750, takings of 29,396 bales in June
represent only 16.4% of the supplies. A month ago takings
were 23.7% of the visible supply and at the end of June
1929, takings were 54.3% of the supplies. However, it is
pointed out that of the total visible 112,000 balesrepresent
stooks held in custody in Japan. This would reduce the
supply immediately available to 66,750 bales. Final prices
show a decline since last Friday of 10 points.
COTTON
Friday Night, July 4 1930.
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
19,256 bales, against 32,659 bales last week and 36,511 bales
the previous week, making total receipts since Aug. 1 1929,
8,160,755 bales, against 8,985,752 bales for the same period
of 1928-29, showing a decrease since Aug. 1 1929 of 824,997
bales.
Receipts at-
Sat.
Galveston
Texas City
Houston
New Orleans__._
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Totals this week_
Mon.
Tues.
Wed. Thurs.
36
752
599
139
324
807
117
151
1,076
39
624
36
150
729
114
8
1,291
1,601
----
999
832
----
256
2,953
34
50
173
730
----
189
2
311
245
2.327
4.940
3.551
4.655
Fri.
Total.
132
___ 1,658
5
5
18
5 1.378
886
---- 5,758
76
---416
--------50
1,656
---- 4,848
500
---- 3.777
---s
---37
499
---- 1,246
75
10
3.773
10 2RA
The following table shows the week's total receipts, the
total since Aug. 1 1929 and the stocks to-night, compared
with last year:
1929-30.
Receipts to
Jury 3.
This Since Aug This Since Aug
Week. 1 1929. Week. 1 1928.
Galveston
Texas City
Houston
Corpus Christi-Port Arthur,&c-New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles- - - Wilmington
Norfolk
N'port News,&c_
New York
Boston
Baltimore
Philadelphia
Totals
1928-29.
1,658 1,749,341
5 137,863
1,378 2,622.389
---- 387,479
---15,111
5.758 1,674,238
Stock.
1930.
1929.
2,654 2,778.169 200,589
347 180.233
3,402
1,368 2,846,766 571,214
---- 258,123
5,311
---17,060
4.221 1,671.544 378.860
598
622 289,026
12,103
12,950
186
867
630 377.720 99,384
108.595
4,046
214,220
146 172,712
60,210
---5.505
113 126.017
6,500
304 232.584
50,679
129
---51,268 236,051
---3,471
6,509
364
61.586
1,323
---105
5,186
14.276
166.573
2,052
1,059
4,351
19.251 8.160.750 10.769 8.985.752 1.638.188
730.745
416 409,511
50 32.708
4,848 519,928
7,094
3.777 245,391
---12,070
8 92.223
37 160,742
1,246
75
58,127
2.193
33,063
753
Exported to
Week Ended
July 3 1930.
Great
GerExports from
- Britain. Prance. many.
Galveston
Houston
Corpus Christi
New Orleans_
Pensacola
Savannah
Norfolk
New York
Los Angeles
Total
19,417
674
22,542
7,377
39.664
2,113
319
226
Total 1929
Total 1928
1,625
1,207
1,100
Japan&
Russia. China. Other. Total.
3,838
9,920
446
5,938
50
329
13,660
4;ioi
1,759 8,039
5,551 29,450
446
65 12,696
ao
1.207
1,450
-350
150
234
444
2,533
4,057 20,542
From
384
444
14,433
4,358
5,920 3,113 7.374 11,093
17.259 19,419 19,780 12,942
8,243 54,166
8,149 7,900 43,549
20,853 11,550 101,803
Exported to
July 3 1930.
Great
Get- ,
Japan&
Exportsfrom- Britain. France. many. 1 Italy. Russia. China. Other.
Galveston.Houston
Texas City...
Corpus Christi
Beaumont
Lake Charles_
New Orleans..
Mobile
Jacksonville
Pensacola
Savannah......
Brunswick....
Charleston....
Wilmington_
.
Norfolk
New York
Boston
Baltimore_
Philadelphia_
Los Angeles__
San Diego__
San Francisco
Seattle
Portland, Ore.
Total
198,274270.148
224,054345,537
26,737 15,338
102,221 71,931
3,332 3,853
363
318
261,18 84,429
91,992 8,287
291
__
5,694
148,033 1,058
7,094
58,3
183
12,987
____
54,215
___
3,796 9,07
888
100
1,1
72
43.806 6,2
5.250
8,563
500
Total.
350,210180,058 8.123 294,840 279,231 1,578,882
470,211 183,77. 12,521 370,173
.486 1,830,757
35,552 2,533___ 3,151 12,008
95,379
54,5611 36,517 41,521 27,731 30,457 364,939
15311
3,7211 1,014
--------3,191
-------827
4,9771 3,645
10,130
231,750183,311 34106 209,027 105,6681.199,478
177,5081 9,090
____ 21,487 6,660 315,024
291
200
26,159
___. 1,i i s
66
Am
210,1151 5,530
____ 12,500 5,938 383.172
7,094
66,3001
4 I
---- 40,405 13,412 179,118
12,271 44,910
--------2,000 72,168
31,335
-----611
349 86,499
24,003! 5,767
____ 2,497 9,604
54,746
50 4,254
---382' ---5,654
1571
47,000
1
3,500
-..
1,360
200
-----....... 157,216
_ __ 2,900
__ 51,286
24,245
4,237
229
--.
2,594 258,240
____
8,150
528 64,577
____
24,245
____
4,237
1.255.225818,16. 1.749.834658,328 96.2711223345701,3 '6,502,488
Total 1928-291,836,776 2,10 1,896.169702,074,, 77,408 1482987 785,212 7,772,729
Total 1927-2: 1,407,854585,251. ,125,428670,447 350,198 1024003862,832 .336.043
,
NOTE.
-Exports to Canada,
-j$ has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It Is Impossible to
give returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view.
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of May the exports to the Dominion the present season
have been 13,336 bales. In the corresponding month of the preceding season the
exports were 18,066 bales. For the ten months ended May 31 1930 there were
179,097 bales exported, as against 240,382 bales for the nine months of 1928-29.
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
July 3 at-
Great
Other CoastGet'Britain. France. many. Foreign wise.
Total.
Leaving
Stock.
Galveston
3,200 2,300 3,700 11,000
500 20,700 179,889
New Orleans... 2,082 1,096
630 17,008 361.852
237 12,963
Savannah
Charleston_ _
z___
____
____
---------60,210
Mobile
--------1,000
9,478
25 2,625
1,600
Norfolk50,679
Other ports*.... 1,000 1,000 2,000 10,500
500 15,000 821,363
Total 1930
Total 1929
Total 1 028 _
125.899
[VoL. 131.
7,882
7,250
1 n A,
19
4,396
4,230
R054
5,937 35,463
5,944 44,540
in 407
34.251
1,655 55,333 1,582,855
2,639 64,603 666,142
2.886 63.220
746.855
* Estimated.
Speculation in cotton for future delivery has been small,
and net results of price fluctuations this week are almost
or quite negligible. But at 12% to 12%c., cotton is down
to near the pre-wwr level. Of late the weather has been,
for the most part, better. Liquidation of July has depressed
this month. Trade is still dull. It is said that the average
reduction in acreage is only small. Crop reports are, in the
main, favorable. On June 28 prices advanced slightly, with
the weather still hot, though not quite so hot as it had
been. It was 108 in Texas in counties which raised in 1929
79,000 to 95,000 bales. Clement Curtis & Co., of Chicago,
estimated the crop at 14,435,000 bales as against 14,828,000
In order that comparison may be made with other years, last year. Fairchild recently estimated it at 14,959,000.
Speculation was not active, but shorts were a bit cautious.
we give below the totals at leading ports for six seasons:
AIN. mg
Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
Galveston -_1,658
2,654
10,465
5,492
5,741
3,721
Houston-*_-1.378
1,368
9,417
4.167
6,521
8,413
New Orleans5,758
4.221
11.039
11,226
14,104
3,185
Mobile
416
622
807
1,246
181
64
Savannah........
4,848
1,629
630
6.118
1,424
4.112
Brunswick_
Charleston-- _
3.777
146
1.669
5,524
2,325
875
Wilmington ...
8
113
223
662
25
747
Norfolk
37
304
734
837
685
827
N'port N.,&c.
All others- _1.376
711
824
3.266
295
2,067
Total this wk_
19,256
10,769
36,994
38,801
18,245
37,067
Since Aug.1- 8,160.755 8.985.752 8.264.650 1.259.455 9.496.599 9.109.260
* Beginning with the season of 1926. Houston figures include movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 54,166 bales, of which 2,533 were to Great Britain, 4,057
to France, 20,542 to Germany, 4,358 to Italy, nil to Russia,
14,433 to Japan and China and 8,243 to other destinations.
In the corresponding week last year total exports were 43,549
bales. For the season to date aggregate exports have been
6,502,488 bales, against 7,772,729 bales in the same period
of the previous season. Below are the exports for the week:
There were reports that Europe was inquiring for actual
cotton of the next crop for fall shipment.
On June 30 prices declined about 20 points on July, which
was under a little pressure, and 7 to 10 points on the next
crop, about half of which was later recovered. The crop
reports were, in the main, favorable. Memphis reports said
that the crop generally with a week had improved. Hot
weather, It was declared, had been good for early planted
cotton, whatever might be said about late plantings. In
the central belt the crop was well advanced above the normal of 1929. It seemed that everywhere the high temperatures had been favorable. Parts of the Central belt, it is
true, needed rain. Young cotton was at a standstill, it was
said. In some sections of that portion of the best there had
been little rain for 40 days. Arkansas needed rain. Oklahoma averaged nearly two weeks late.
On the 1st inst. prices declined 8 to 20 points early, with
a crop estimate of as high as 15,061,000 bales, the indications pointing to rains and inferentially cooler weather, and
more or less liquidation, especially of July. The cables, too,
were lower than due. But later came a rally as offerings
slackened and demand increased. Contracts, in other words,
became scarce. From the early low came a rise of 20 to 25
points. Wall Street and the West bought as well as the
Jurx 5 1930.]
FINANCIAL CHRONICLE
trade. The closing was at a net rise of 10 to 12 points.
The Cotton Exchange Service said: "Present indications
point to a world's consumption of American cotton for this
season of around 13,200,000 to 13,400,000 bales. Mills in
this country are now running at a very low rate, and are
slowly reducing operations. In Great Britain, consumption
has recently been reduced to a very low level, far below this
time last year. On the Continent curtailment is slowly increasing. Japanese spinners recently agreed to curtail
operations 10% further, effective July 15. A world's consumption of American cotton of 13,200,000 to 13,400,000 bales
would be the smallest since the 1924-25 season, when the
world used only 13,311,000 bales. Last season world's consumption of American cotton totaled 15,169,000 bales, two
seasons ago 15,500,000, three seasons ago 15,753,000, and four
pigsons ago 14,010,000 bales."
On the 2nd inst. prices declined 10 to 18 points, the latter
on July, with the weather mostly favorable and the weekly
weather report also, in the main, considered good. The
weather was generally much cooler, and this was so much
to the good. A rally came later as offerings fell off and
shorts covered on the eve of three holidays. Stocks and
wheat advanced later. The weekly report said: "The week
was mostly dry and warm in the cotton belt, though considerable areas in the East had moderate rainfall. In
Texas and Oklahoma warm, dry weather was mostly favorable, especially for early cotton in Southern Texas. Progress in these States was mostly good, though there were
complaints of early fields shedding and late cotton needing
rain in Central and Northern Texas, and of damage by hot
winds and sandstorms in Southwestern Oklahoma. Early
fields are beginning to bloom in the southeastern part of
the latter State. Except on dry uplands, the growth of
cotton was mostly good In Arkansas, with some early in
bloom, but in other central portions of the belt growth was
mostly slow to only fair, because of the dryness, with lack
of moisture becoming serious in some districts. In much of
Alabama, good timely rains occurred at the close of the
week. In the Atlantic Coast States progress was generally
satisfactory, with bolls forming fast in Southern sections."
On Thursday prices were more or less irregular, but
ended 1 to 14 points lower, July standing up the best in
the end. Crop reports were, in the main, favorable. It was
said that recent high temperatures have stimulated growth
and kept down the weevil. Of late the weather has been
cooler over most of the belt. Meanwhile, goods are dull at
home and abroad. The actual sales of spot cotton are small.
It was said, however, that the co-operatives have withdrawn
their offerings from the market, and that some of the mills
at the South are anxious to replenish their supplies and
find it difficult to do so. It is also intimated that the question of the basis is of less importance in many cases than
the question of getting the needed cotton. The country outside of the co-operatives is offering little cotton. Final
prices in some cases are 2 to 5 points higher on futures,
with January unchanged and July 3 points net lower for
the week, with the technical position better after recent
liquidation. On Thursday the decline was really due largely
to pre-holiday liquidation. Spot cotton was 13.60c. for
middling, the same as last Friday.
Staple Premiums
60% of average o
six markets quoting
for deliveries on
July 11 1930.
15-16
Inch.
.28
.28
.28
.28
.27
.24
.23
1-inch
longer.
Differences between grades established
for delivery on contract July. 11 1930.
Figured from the July. 2 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.69
.69
.69
.67
.66
.52
.50
Middling Fair
White
1.01 on Mid
Strict Good Middling
do
.86
do
Good Middling
do
.71
do
Strict Middling
do
.50
do
do
Middling
Basis
do
Strict Low Middling_
.71 off Mid.
do
Low Middling
1.75
do
*Strict Good Ordinary
do
2.93
do
*Good Ordinary
do
3 95
do
Good Middling
Extra White
71 on do
Strict Middling
do do
80
do
Middling
do do
Even
do
Strict Low Middling- do do
.71 off do
Low Middling
do do
1.75
do
.67
.28
Good Middling
Spotted
.23 on do
.27
.65
Strict Middling
do
.05 off do
.24
Middling
.53
do
72 off do
*Strict Low Middling-- do
1 70
do
*Low Middling
do
2.83
do
.24
.50
Strict Good Middling...Yellow Tinged
.08 off do
.24
.50
Good Middling
do do
.55
do
.24
.50
Strict Middling
do do
1.05
do
*Middling
do do
1.68
do
*Strict Low Middling
do do
2.40
do
do do
*Low Middling
3.30
do
.23
Light Yellow Stained_1.30 off do
.50
Good Middling
*Strict Middling
do do do
1.88
do
do do
*Middling
do
2.55
do
.23
.60
Good Middling
Yellow Stained
1.55 off do
*Strict Middling
do do
2.40
do
do do
*Middling
3.23
do
.24
.53
Gray
Good Middling
.85 off do
.24
.50
do
Strict Middling
1.20
do
*Middling
do
1.68
do
Blue Stained
*Good Middling
1.75 off do
*Strict Middling
do do
2.50
do
do do
*Middling
3.28
do
*Not deliverable on future Contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 28 to July 3Middling upland
Sat. Mon. Tues. Wed. Thurs, Fri.
13.70 13.55 13.65 13.60 13.60 Hol.
135
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 3 for each of the past 32 years have been as follows:
1930
1929
1928
1927
1926
1925
1924
1923
13.60c.
18.350.
22.35c.
17.15c.
18.250.
23.80c.
29.750.
23.250.
1922
1921
1920
1919
1918
1917
1916
1915
23.75c.
12.00c.
39.35c.
34.15c.
30.70c.
25.65c.
12.95c.
9.60c.
1914
1913
1912
1911
1910
1909
1908
1907
12.35c.
11.95c.
14.70c.
15.50c.
12.60c.
11.40c.
13.50c.
1906
1905
1904
1903
1902
1901
1900
1899
10.80c.
10.80c.
10.85c.
12.750.
9.314
8.88c.
9.910.
6.12c,
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.
Futures
Market
Closed.
Spot Market
Closed.
SALES.
Spot. Coptect Total.
Saturday__ - Quiet, 10 pts. adv_ _ Steady
Monday --- Quiet, 15 rots. decl-- Steady
Tuesday --- Steady. 10 pts. adv.. Firm
Wednesday- Quiet,5 pte.dad_ - _ Firm
Thursday-- Quiet, unchanged__ Sttlady
Friday
HOLID AY
100,100 100.100
14,800 14,800
7,000 7.000
Total week_
Since Aug. 1
_ 121,900 121,900
157,111 884,400 1,011,511
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Jung 28.
Monday,
June 30,
Tuesday, Wednesday, Thursday,
July 3.
July 1.
July 2.
Friday,
July 4.
June
Range
Closing _
July
Range_ 13.50-13.60 13.41-13.63 13.26-13.53 13.35-13.52 13.40-13.60
Clotting. 13.5913.4613.5313.50-13.52 13.49-13.50
August
-Range__-13.27-13.42
Closing.. 13.0413.4213.4513.4013.35Sept.
Range..
Closing_ 13.1413.1513.2713.3013.20OdoberRange.... 13.19-13.3113.21-13.28 13.15-13.38 13.2843.39 13.26-13.33
Closing.. 13.2813.25-13.27 13.37-13.38 13.3913.26Oga. (new)
Range__ 12.92-13.06 12.93-13.03 12.87-13.10 12.96-13.14 12.98-13.07
Closing.. 13.0212.98 --- 13.09-13.10 13.11-13.13 13.01Nov. (old)
Range.._
Closing.. 13.3813.3313.4413.4613.33HOLINov.
(new).
Range....
DAY.
13.2013.17
Closing. 13.1113.08- 13.07 -Dec. (old)
Range__ 13.36-13.45 13.36-13.46 13.33-13.5113.40-13.54 13.40-13.46
13.42 -13.51- 13.54
Closing.. 13.4713.40Dec.(new)
Ra me_ 13.08-13.22 13.10-13.18 13.05-13.26 13.12-13.29 13.14-13.22
13.24-13.26 13.2913.1513.16Closing. 13.20Jan. (old)
13.35-13.56 13.46-13.56 13.43-13.52
Rang t__ 13.40-13.43 13.4013.5613.5613.4313.46Closing_ 13.51Jan.(new)
Range__ 13.13-13.26 13.17-13.24 13.13-13.34 13.18-13.37 13.22-13.29
Closing. 13.25-13.26 13.21-13.22 13.32-13.34 13.34-13.37 13.22-13.24
Range
13.42
13.32 -13.41- 13.30Closing.. 13.35March
Range__ 13.37-13.45 13.35-13.46 13.32-13.51 13.39-13.54 13.39-13.47
13.5113.50-13.54 13.39-13.40
13.43Closing.. 13.45AprtlRange...
Closing. 13.55 ---- 13.53 ---- 13.61 ---- 13.61 ---- 13.49 ---MayRange__ 13.54-13.65 13.60-13.65 13.53-13.74 13.58-13.72 13.59-13.65
13.7143.73 13.7213.6313.59-13.60
Closing_ 13.65June
Range.._
Closing..
Range of future prices at New York for week ending
July 3 1930 and since trading began on each option:
Option for
June 1930
July 1930._ 13.26
Aug. 1930_. 12.27
Sept. 1930
Oct. 1930_ 13.15
Oct. (new). 12.87
Nov. 1930
Nov.(new)._
Dec. 1930... 13.33
Dec. (new).. 13.05
Jan. 1931__ 13.35
Jan (new).. 13.13
Feb 1931
Mar 1931._ 13.32
Apr. 1931
May 1931._ 13.53
Range for Week.
Range Since Beginning of Option.
13.38 June 23 1930 18.87 Oct. 24 1929
July 1 13.63 June 30 13.00 June 25 1930 20.00 Sept. 3 1929
June 30 13.42 June 30 12.75 June 18 1930 18.34 Nov.22 1929
12.75 June 18 1930 16.20 Apr. 2 1930
Ally 1 13.39 July 2 12.85 June 18 1930 18.56 Nov. 20 1929
July 1 13.14 July 2 12.55 June 25 1930 15.87 Apr. 4 1930
12.97 June 18 1930 17.78 Dec. 16 1929
12.78 June 18 1930 14.90 Apr. 15 1930
July 1 13.54 July 2 12.96 June 18 1930 18.06 Jan. 13 1930
July 1 13.29 July 2 12.70 June 18 1930 16.28 Apr. 4 1930
July 1 13.56 July 2 12.98 June 18 1930 17 18 Feb 1 1930
June 28 13 37 July 2 12 73 June 18 1930 16 03 Apr 4 1930
16 09 Feb 20 1930 16 65 Feb 15 1930
July 1 13.54 July 2 12.92 June 18 1930 16.20 Apr. 1 1930
13.26 June 23 1930 13.34 June 18 1930
July 1 13.74 July 1 13.05 June 18 1930 15.00 June 2 1930
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 4Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
Total European stocks
bales
1930.
713,000
1929.
797.000
1928.
1927.
757,000 1,268.000
124,000
99,000
837.000
896,000
830,000 1,410.000
73,000
142.000
325,000
198,000
13,000
9.4,000
-.6,000
302,000
172.000
9,000
46,000
26,000
422,000
198.000
10.000
113,000
46.000
600.000
237,000
14.000
112,000
26,000
654,000
555,000
789,000
989.000
1 491,000 1,451,000 1,619,000 2,399.000
136
[VOL. 131.
FINANCIAL CHRONICLE
1930.
1929.
1928.
1927.
98,000
93,000
Indian cotton afloat for Europe-- 126,000 130,000
American cotton afloat for Europe 106,000 176,000 271,000 239.000
Egypt,Brazil,&c.,afloat for Europe 95.000 121,000
96,000 145.000
497,000 275,000 266,000 357,000
Stock in Alexandria. Egypt
1,191,000 1,144,000 1,169.000 677,000
Stock in Bombay,India
Stock in U.S. ports
a1,638,188 a730,745 a810,075a1,126,443
a644,225 a276,723 a407.726 a449,131
Stock in U.S. interior towns
U.S. exports to-day
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below .t statement showing the
a
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 visible supply
5.788,413 4,304.468 4,736,801 5,485.574
Of the above, totals of American and other desertptions are as follows:
American
Liverpool stock
269.000 428,000 507,000 929,000
59,000
Manchester stock
51,000
54,000 124,000
Continental stock
545,000 479,000 721,000 936.000
American afloat for Europe
106,000 176,000 271,000 239,000
U. S. ports stocks
a 1,638,188 a730,745 a810,075a1,126,443
U. S. interior stocks
a644,225 0276,723 a407.726 a449,131
U. S. exports to-day
'July 4ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total American
East Indian, Brazil. &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay.India
3,253.413 2,149,468 2,770.801 3.803,574
444,000
250,000
339,000
40,000
19,000
73.000
76.000
68,000
109.000
98,000
126.000 130.000
95,000 121,000
96,000
497,000 275,000 266,000
1,191,000 1,144,000 1.169.000
Total East India, &c
Total American
369,000
18,000
53,000
93,000
145.000
357,000
677,000
2,535,000 2.159.000 1,966,000 1,682,000
3,253,413 2,145,468 2,770,801 3,803.574
-1929-30Since
Week. Aug. 1.
2.106 323.930
223
70.038
3,827
211
33,791
3.000 235,241
3,744 629,061
Total gross overland
DeductShipments
Overland to N.Y..Boston, &c
Between interior towns
Inland, &c.,from South
Total to be deducted
Leaving total net overland *
-----1928-29----Since
Week. Aug. 1.
3,530 462,065
84,244
---46
5,719
340
44,903
3,364 225,192
6,150 626,146
9.284 1,295.888
13,430 1,448,269
1,321
378
5,423
7,122
99.118
19,160
439,996
558,274
364
361
10.949
11.674
118,758
21,681
696,805
837,244
2,162
737.614
1,756
611,025
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been F2,162 bales, against 1,756 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 126,589 bales.
Total visible supply
5,788,413 4,304,468 4,736,801 5,485,574
Middling uplands, Liverpool
9.17d.
7.63d. 10.28d. 12.53d.
Middling uplands, New York---- 13.60c.
17.15c.
18.35c. 22.85c.
Egypt, good Sakel, Liverpool---- 13.35d. 17.306. 22.304. 18.85d.
Peruvian. rough good, Liverpool_
14.508.
14.006.
11.004.
-1929-30-----1928 ------29
Broach, fine, Liverpool
8.404.
5.40d.
8.606. 10.704.
In Sight and Spinners'
Since
Since
Tinnevelly, good, Liverpool
8.454.
9.754. 11.654.
6.75d.
Week.
Takings.
Aug. I.
Week.
Aug. 1.
a Houston stocks are now included in the port stocks: in previous years
Receipts at ports to July 3
19,256 8,160,755
10,769 8,985,752
they formed part of the interior stocks.
Net overland to July 3
737.614
2.162
1.756
611,025
* Estimated.
Southern consumption to July 3 85,000 4,890,000 116,000 5,454,000
Continental imports for past week have been 92,000 bales.
The above figures for 1930 show a decrease from last
week of 162,809 bales, a gain of 1,483,945 over 1929, an
increase of 1,051,612 bales over 1928, and a falling off of
302,839 bales from 1927.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Towns.
II
I
Movement to July 3 1930.
*Receipts.
Week. Season.
I
Ship- Stocks
merits. July
Week.
3.
Movement to July 5 1929.
Receipts.
Week. Season.
!Ship- Stocks
ments July
Week.
5.
Ala., Birm'hamI
112,422
107 55,7411
472'
150 7,436
703
I
Eufaula
20,044
337 15.689
525 1,826
84 4.527
134 58,247
Montgomery.;
37 63,893
336 6,221
479 18,268
Selma
73,946
57,689
15,646
488 2,750
Ark.,Blythevill
2 88.027
127,896
228 11,610
460 4,537
Forest City_..
13 28,720
30,998
75 2,207
50 5,980
Helena
6 61,825
57,055
205 9,122
606 2,849
Hope
56,708
1
808 ---5 57,663
338
Jonesboro_
17 39,865
39 1,615 ---- 33.272
51
799
44 128,959
Little Rock._
28 119,224
820 8.164
6571 4,574
Newport48 51,454
67 1,245
3 47,801,
56;
242
Pine Bluff__ _
149 189,372
4 142,738
637 15,515
129 4,015
Walnut Ridge -- - 55,904
4 39.118
42 3,005
338
6,482
3,712
Ga., Albany.......
7 1.536
---Athens
90 43,415
15 29,530 1,450 3.305
400 13,626
Atlanta
793 184,569 1,601 52,804 1,011 135,377 1,675 12,054
Augusta
418 317.711 1.070 '52,199
377 249,760 1,259 39,438
Columbus180 53.086
25,691
200 8,435
---I 1,012
Macon
4:385 94.675 4,105 13,196
80 53,884
673' 1,726
Rome
23,376 1,800 7,816 --__
35.946 1,500 11.055
La., Shreveport
415 147,011
59 145,733
768 38,343
655' 8,855
Cl'ksdale
58 192,875
11 146,628
728 5,205
525 16,827
Columbus_
5 29.187 ----I 3.407
-- 31,305 -_243
Greenwood-410 233,667
-191 190,841!
748 43,477
684 10,728
Meridian..__ 24 53,471
208 3,785
55 49,894
126'
693
Natchez
_
871 34.866
5541 1.534
25,673
3,490
10 24,945
Vicksburg---- 33.183
182 5,052
6
316
39,343
Yazoo City
41,835
278 4,784
941 1,589
Mo., St. Louis. 2,86 322,685 2,106 7,864 2:'"i76 474,795 3,530 12,386
N.C.,Greensif
22,419
177 26,779 1,2191 9,909
260, 7.875
Oklahoma
1
15 towns._
17 751,492
72 772,837
630 4,751
690 33,193
S.C., Greenville 1,046 190,944 3,140 24.105 3.404 230,925 3,924 29,351
Tenn.,M emphls 6,4551,970,74115,961 180.288 2,8471,800.632 16,789 70,441
Texas, Abilene_
--- 54.788 --_671
Austin
10 11,507
SS 48.659
68
513
51
357
Brenham
21 35,586
25 11,368
78 2.586
44 2,531
Dallas
468 144,749
59 118,400
655 10,910
601 2,817
Paris
139 76,135
186 1,654
7 91,173
95
Robstown-_
-___
32,703 669 ---- 14,921
2
98
San Antonio_
____
24,026 --_43,113
1,932
663
Texarkana___
24 65,858
81
928
61,050
61 2,406
Waco
42 106,857
121 146,584
241 5,936
150 2,345
Total, 56 towns' 16.690 6,195,451207,932 644,225 13,721 5,977,233 40.487276,723
* Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 21,242 bales and are to-night
367,502 bales more than at the same time last year. The
receipts at all towns have been 2,969 bales more than the
same week last year.
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
July 3.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
13.10
New Orleans - 12.94
12.55
Mobile
Savannah
12.69
Norfolk
13.19
13.40
Baltimore
12.81
Augusta
12.35
Memphis
12.90
Houston
Little Rock _ _ _ 12.10
12.50
Dallas
Fort Worth
13.00
12.76
12.50
12.56
13.13
13.40
12.69
12.20
12.80
11.96
12.45
12.45
13.05
12.85
12.50
12.63
13.00
13.40
12.75
12.30
12.85
12.10
12.55
12.55
13.05
12.76
12.50
12.61
13.00
13.15
12.75
12.25
12.85
12.15
12.60
12.50
13.05
12.70
12.50
12.60
13.13
13.25
12.75
12.25
12.85
13.13
12.50
12.50
'HOLIDAY
Total marketed
106,418 13,788.369 128,525 15,050,777
Interior stocks in excess
434,631 *27,082
22,372
*21,242
Excess of Southern mill takings
over consumption to June 1468,194
459,864
Came into sight during week... 85,176
Total in sight July 3
____ 14.682,864
North.spinn's'taldngs to July 3
5,819
1,175,110
101,443
- 15,541,343
27,147 1,396,412
* Decrease.
Movement into sight in-previous years:
Bales. I Since Aug. 1
-
Week
1928
-July 8
1927
-July 9
1926
-July 10
122.50711928
138,586 1927
97,918 1926
Bales.
14,064,459
19,171,776
16.200,773
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,Monday,
June 28. June 30.
Tuesday, Wednesday, Thursday,
July 3.
July 2.
July 1.
Friday.
July 4.
ruly
13.18 Bid. 13.0913.13 Bid. 13.05-13.06 13.93 Bid.
kugust- _ 5eptember
)ctober _ 13.02-13.04 12.98-12.99 13.11-13.12 13.11-13.12 13.03govember
3ecember 13.18-13.19 13.14-13.15 13.2813.28-13.28 13.18ianuary _ 13.23 Bid. 13.18 Bid. 13.34 Bid. 13.31 Bid. 13.23 Bid
HOLT7ebruary _
qarch _ _ 13.45-13.46 13.41 -- 13.51 Bid. 13.53 Bid. 13.43 Bid
DAY
kpril
day
rune__ __ fuly(1931)
Tone
;pot
Quiet.
Quiet.
Steady.'
Quiet.
Quiet.
)ntlorm
Steady.
Rtp.a.,
Aroma.,
Ateutdv
Steady_
TEXAS COTTON REPORT.
-The third cotton crop
report for the State of Texas was issued on June 23, by
Commissioner, Geo. B. Terrell, of the Department of
Agriculture, at Austin, Texas and is as follows:
This report is based on conditions of June 15 and covers practically all
agricultural counties:
Cotton Report.
Counties. Acreage. Condition.
Eastern District
49
93%
82
Northern District
22
94%
81
Western District
44
947
0
79
Central District
44
83
937
0
South Western District
37
85
947
North Western District
58
82 0
964
Average for State
82%
94%
The cotton crop is practically all planted. and 90% of the crop is reported clean, and 10% foul.
A large percentage of the crop is late, and much of it not chopped out.
The acreage is reduced 6%, and the condition is fairly good.
Some boll weevils, fleas, worms and hoppers are showing up, but it is
too early to show much damage. If insects continue to increase with so
much late cotton the production will be greatly decreased.
Cotton Market Situation.
The price of cotton is very low, middling basis being around 13 cents.
In 1926 we produced nearly 18,000,000 bales and the price went very
little lower than it is now and the price went back to 20 cents before the
first day of Sept. 1927. Last year we produced 14,800,000 bales and the
price has dropped to 13 cents. What is the cause of a crop of 14,800,000
bales selling as low as a crop of 18,000,000 bales? Is it over-production?
Let the market manipulators answer.
It is too early to estimate this year's production, but should we produce
a larger crop than last year, with the market now very low, the results
might mean bankruptcy. It is to bo hoped that something will happen
to improve economic conditions.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather during
the week has been mostly warm. Rain has fallen in many
localities during the week but many sections are in needlof
rain at this time. There have been complaints of shedding
and of damage by hot winds and sand storms in southwestern
Oklahoma. Cotton is blooming in many sections.
FINANCIAL CHRONICLE
JULY 5 1930.]
Texas.
-Warm dry weather has been mostly favorable,
especially for early cotton in the southern part of this State.
Late cotton is needing rain in the central and northern portions.
Mobile, Ala.
-A good general rain fell the early part of
the week and cotton has shown much improvement. Good
growing weather is expected. There has been slight shedding
and scattered reports of boll weevil.
137
little progress past week due to high winds and dry weather. General
rain is needed; condition about 65% normal.
Gainesville.
-Crop varies in size from three to ten inches, but making
normal growth and fruiting. Rain is needed.
CENTRAL TEXAS.
Taylor.
-Crops are showing a marked improvement over last week,
but cotton is badly in need of a good rain and must have it soon or it
will beging deteriorating rapidly. Having more reports of boll weevil
and other insects, but not very general.
Hillsboro.
-Weather past week has been fair with high temperatures
causing small cotton to suffer; older cotton is doing nicely. Washing
rains month ago caused poor stands in some sections. As a whole, crop
is making fair progress.
-Soil very dry. Old cotton fruiting well; young cotton
Teague.
growing fine; some weevil damage. Cotton is about two weeks late.
-Weather hot; dry and windy, which is checking growth of
Brenham.
hill cotton. Good general rain is needed to enable plant to continue
growing and making. Plant too small to make full crop and while
looking very good now, cannot continue to maintain present condition
without further moisture. Not much insect damage.
Brownwood.-Cotton still looking good. Hot weather and high winds
past three days. Cotton is not suffering yet, but rain would be beneficial.
Austin.
-Hot weather during past week favorable for cotton. Plant
Is fruiting well and no damage reported from weevils. Prospects continue good.
EAST TEXAS.
-Weather past week has been unfavorable on account of high
Tyler.
temperature. Crop ten days to two weeks late. Cultivation is good,
but young cotton needs rain badly. Stands are only fair; plants range
from five to 20 inches, but large percentage are only eight inches high.
-Another week of near perfect weather for cotton; blooming
Bryan.
and putting on nicely. Too hot for weevils. Young stands need rain
soon. Summary quite favorable.
Willspoint.-Record high temperatures and some hot winds retarding
growth of plant, especially young cotton. About 50% of crop is three
weeks late, with 5% not up. Rain needed on all cotton. No insects
except fleas in few places. Condition 69.
-Past week has been favorable; good rain would be beneficial.
Gilmer.
Crop browing, but very spotted; plant ranging from four to 12 inches.
Some square and few bolls, but as a whole crop is late and looks short.
Longview.
-Rain needed within next few days. Exceedingly high
temperature and hot winds will make condition serious if we do not get
rain. Crop spotted over all this territory and seems to be at least three
weeks late. Cotton all chopped and fields clean.
Navasota.
-Cotton crop this section not holding up; 60% crop is only
fair, the remainder needing rain very badly. Plant small and hot
winds stopping growth of all of it. The entire crop will need rain
shortly. Some poisoning in the river lands.
Jefferson.
-Thermometer averaged 104 past week. Young cotton is
suffering from excessive heat and needs rain.
-Hot, dry winds past week caused heavy deterioration.
Center.
Rain is badly needed.
Palestine.
-Crop is making good progress. Weather has been favorable. Showers this week would be beneficial. Chopping about completed; cultivation good. No weevil or worm damage.
Thermometer
high 97 low 77 mean S7
high 102 low a mean 87
high 100 low .4 mean 8.
high 94 low'4 mean 84
high 92 low 72 mean 82
high 102 low 72 mean 87
high 106 low 66 mean 86
high 104 low 56 mean 80
high 102 low 66 mean 94
high 100 low 72 mean 86
high 102 low 70 mean 84
high 98 low 64 mean 81
Nacogdoches
high 100 low 72 mean 86
Palestine
high 98 low 66 mean 82
Paris
high 98 low 72 mean 85
San Antonio
high 100 low 70 mean 85
Taylor
high 104 low 72 mean 88
Weatherford
high 101 low 68 mean S5
Ardmore, Okla
high 103 low 66 mean 85
Altus
high 95 low 63 mean 79
Muskogee
high 96 low 65 mean 81
Oklahoma City
high 101 low 59 mean 80
Brinkley, Ark
high 99 low 69 mean 84
Eldorado
high 96 low 67 mean 82
Little Rock
high 98 low 67 man 83
Pine Bluff
high 104 low 68 mean 86
Alexandria, La
high 102 low 64 mean 83
Amite
high - low __ mean 86
New Orleans
high 98 low 70 nu-an 84
Shreveport
high 102 low 61 mean 82
Columbus
high 103 low 65 mean 34
Greenwood
high 97 low 68 mean 83
Vicksburg
high 100 low 68 mean 83
Mobile, Ala
high 97 low 60 mean 79
Decatur
Montgomery
high 96 low 68 mean 82
high 98 low 64 mean 81
Selma...
high 92 low 67 mean 80
Gainesville. Fla
Madison
high 96 low 68 mean 82
Savannah. Ga
high 100 low 68 mean 83
Athens
high 94 low 63 mean 79
high 94 low 67 mean 81
Augusta
high 94 low 65 mean 80
Columbus
Charleston. S.
high 91 low 73 mean S2
Greenwood
high 95 low 64 mean SO
Columbia
high 92 low 68 mean 80
SOUTH TEXAS.
Conway
high 93 low 64 mean 79
high 92 low 66 mean 79
Charlotte, N.(7
Sinton.-Cotton is not fruiting as it should due to fleas, we believe.
high 87 low 66 mean 77 Ideal weather has prevailed last week. Some poisoning, some sheeding,
NewBern
high 03 low 57 mean 75 and some weevil. Fifteen days late, condition 45% normal; looks like
Weldon
high 97 low 61 mean 79 light crop to us.
Memphis. Tenn
-Hot and dry weather for the past week has
Seguin.
beneThe following statement we have also received by tele- ficial to the cotton crop in this territory. Some insect been verybut as
damage,
rivers at the points named at a whole condition is quite favorable. Need ten days more hot weather
graph, showing the height of
at this time.
8 a. m. of the dates given:
July 3 1930. July 5 1929.
-Weather past week has been hot and dry. Cotton has
Cameron.
made fair progress. Young cotton will need rain; old cotton bloom)*
Peet.
Feet.
Above zero of gauge_
and fruiting well.
New Orleans
5.6
15.6
-Crop fine, weather ideal, no insects. Rain in about
Memphis
Above zero of gauge10.1 '
San Marcos.
20.7
Above zero of gauge_
Nashville
two or three weeks would be beneficial.
7.1
11.0
Shreveport
Above zero of gauge_
11.1
11.6
OKLAHOMA.
Above zero of gaugeVicksburg
19.5
39.8
Idabel.
-Crop spotted; cotton on uplands needs rain, plant small and
Dallas Cotton Exchange Weekly Crop Report.
not fruiting much; river bottom still in good shape and doing nicely.
The Dallas Cotton Exchange each week publishes a very Lots of blooms, squares, and small bolls. No insect damage, but must
elaborate and comprehensive report covering cotton crop have a good rain now.
Marietta.
-Cotton has made fair progress past week.
conditions in the different sections of Texas and also in late planting. Abandonment larger than first reported.Need rain for
Very slight
We reprint this week's report, report of any insects.
Oklahoma and Arkansas.
Wynnewood.
-Past week favorable with two light showers latter part
which is of date June 30, in full below:
of the week. Cultivation good and about 18 days late. No material
TEXAS.
insect'complaint.
Hugo.
-Believe it or not, continued hot weather is bad on late cotton,
WEST TEXAS.
Paducah.
-Excessive heat and lack of moisture caused heavy de- especially that which has not come up and early plantings are mostly
poor stands, regardless of reports to contrary.
terioration last week. Most destructive sandstorm in the history of
the country yesterday. Most conservative farmers say 25,000 acres
ARKANSAS.
cotton killed. Must have rain soon to make half crop in this country.
Pine Bluff.
-No rain since May 18. Temperature hovering around
Stamford.
-Cotton crop needs soaking rain to make good progress;
about half the territory holding up well, balance is suffering. Few early 100 for ten days. All cotton on not-well-drained lands is still suffields have some squares and blooms; cultivation is good, no insects; fering from May floods. Plant small and looks sick. The prospect for
a normal crop on June 28 is the poorest in our expeirence.
weather has been extremely hot.
Ashdown.
-About six weeks without rain; hot winds. Crops making
Lubbock.
-Cotton growing good. A.good rain would be beneficial.
Roby.
-Crops spotted in this county; fully two weeks late; about 50% poor growth; some to be chopped and some late planting not up. As a
size of plant about like it should be May 15.
whole,
chopped. Needing rain badly; excessive high winds lasted two days.
Mognoh:o.-Continued dry weather with high temperatures past
Plainpiew.-Last week had good rains in nearly all parts of Hale
week checked the growth of all crops. Corn looks almost a failure.
County. Sufficient moisture for all purposes. Crops doing well.
Abilene.
-Cotton made satisfactory progress last week. Maximum Late cotton is still growing slowly, but must have rain soon if a crop
temperatures mostly 95 to 100; weather this morning cloudy and threaten- calamity is to be avoided. Temperature 92 at this time.
Tezarkana.-Past week dry and hot. Young sotton is suffering.
ing. Feed needing rain, but cotton not being hurt; but rain is always
Complaints of boll weevils and other insects increasing. No rain this
acceptable out here.
Vernon.
-Hot winds Sunday damaged cotton considerably;some cotton immediate section since May 1.
Conway.
-Six weeks without rain. Older cotton growing and squaring;
blown out and will have to be replanted. Need rain.
Haskell.
-Hot wind damaging cotton and allfeed crops. Temperaturei some blooms showing. More than half the crop is last, small, and
growing very slowly. Lack of stand will equal 10% reduction in acreage.
past four days from 100 to 105. Need rain badly.
.
.
NORTH TEXAS
RECEIPTS FROM THE PLANTATIONS.
-The folGreenville.
-Weather dry and hot; crop made very little progress;
lowing table indicates the actual movement each week from
need rain badly.
Sherman.
-Weather continues hot and dry with high temperatures the plantations. The figures do not include overland reduring past week. Early cotton has made good progress, but general ceipts nor Southern consumption; they are simply a staterain is needed,especially for late planting. Weather cloudy and pleasant. ment of the weekly movement from the plantations of that
Turkey.
-Continued high winds and sandstorms damaging cotton; part of the crop which finally reaches the market through
number of fields blown out in the sandy districts. Plant has made very the outports.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
...1 day 0.60 in.
dry
dry
dry
dry
1 day 0.44 in.
1 day 0.04 in.
1 day 0.62 in.
dry
dry
dry
2 days 0.15 in.
1 day 000 in.
dry
3 days 0.33 in.
1 day 0.02 in.
dry
1 day 0.04 in.
1 day 0.01 in.
1 day 0.20 in.
2 days 1.16 in.
days 1.20 in.
3 days 0.16 in
'dry
1 day 0.35 in.
1 day 0.48 in.
2 days 1.96 in.
1 day 0.67 in.
2 days 0.79 in.
1 day 0.97 in.
5 days 1.18 In.
-3 days 1.37 in.
"dais 1.96 in.
dry
dry
1 day 1.07 in.
dry
dry
2 days 0.05 in.
2 days 0.43 in.
dry
2 days 0.46 in.
1 day 0.11 in.
dry
FINANCIAL CHRONICLE
138
Receipts at Ports.
Week!
Ended
1930.
1929.
I
1930. 1
Stocks at Interior Towns.
1930.
I
ReceiptsfromPlantations.
1928.
1929.
Mar.
21-- 46,415 97,085 76,6371 781,6671,202,94
28__ 46,906 78,041 88.4731.163.170 752.959
1
Apr.
49,351 59.884 80.2321.113,5921 711.3491
11... 47,498 48,659 73.019 1,066,6441 679,2051
18__ 48.693 57.351 72,8821,024,125 646,881
695,3
25__ 50.239 56.917 92.3781 980.2
May
50,024 51,241 109.891 940,995 564.846
9__ 49,151 40,133 110,919 893.425 512,89
16__ 74.760 27,000 84.323 843,57 481,152
23__ 64,642 31,129 59,759 809,649 446.703
30-- 36,228 30.429 54,183 778,788 418,598
June
42,838 24.368 37,809 740.002 381,208
13._ 31,419 17,318 38.902 714,860 352.6
20._ 36,511 18,466 26,447 687.981 324,575
303,805
27__ 32.659 13,090 30,851 685,46
July
19,256 10,769 36,994 644.2251 276,7231
1930.
1929.
1930.
887.170 20.692 64,230 47.567
863,788 7,133 49.333 65,091
835,361
803,203
773,381
737.026
18,274
16.515
25.027
25,358
Nil
450
4,274
6.393
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns and in cloths is easy. Production is being curtailed.
We give prices to-day below and leave those of previous
weeks of this and last year for comparison:
51.805
40.861
43,060
59.006
691.224 10.740
649,289 1.591
620.320 24.910
587.760 30.716
558,886 5,367
765 64.089
68.977
55.364
27,199
2,319 25.309
523,060 4,368
493,893 6.277
483,240 9,632
437,981 10,145
2.683
9,535
407,726
6.759
[VOL. 131.
1930.
32s Cop
Twist.
Mar.
14
d.
d.
1929.
831 Lbs. Shirt- Cotton
Mos, Common Middrh
to Finist.
Uprds.
32s Cop
Twist.
834 Lbs. Skirt- Cotton
ings, Common Miele
to Finis!.
11%013
12 013
S. d.
s. it.
10 2 @10 6
10 4 011 0
10 4 @II 0
d.
it. s. cl.
d.
s. it.
d.
8.05 15 @1636 13 5 @13 7
10.77
8.54 3534151634 13 4 @l3 7
11.10
8.44 1554941634 13 4 @l3 7
10.96
1230©13%
,
12%01314
11%012H
12 ©113
10
10
10
10
8.85
8.76
8.61
8.74
12
10 1
Apr.-
5,572
May
-
@I3
4 @11 0
4 @11 0
1 010 5
1 ©10 5
010 5
1314@l531 13 3
15% ©16% 13 2
1534151634 13 2
15 @16 13 0
8.65 14%©15% 12 7
@13 8
@l3 4
@l3 4
@13 2
10.73
10.89
10.69
10.23
®13
10.02
1114@121i 10 0 @l0 4
8.63 1434151594 12 7 ©13
10.08
The above statement shows: (1) That the total receipts
16
11'14(412% 10 0 @10 4
8.54 1414 @1594 12 7 @13
10.25
11%@12% 97 010 3
8.67 14% @1534 12 7 @13
from the plantations since Aug. 1 1929 are 8,577,599 bales; 30
10.11
8.58 14N©15fi 2 7 @13
10.20
in 1928 were 8,973,199 bales, anil in 1927 were 8,238,266 June-- 1174©1234 97 @10 3
11 94151294 97 010 3
8.34 14N01554 12 7 (413
bales. (2) That, although the receipts at the outports the
10.27
1134151234 96 010 2
7.98 1434(51534 12 7 @13
10.33
past week were 19,256 bales, the actual movement from
1 012
95 010 1
7.81 1414 ®151,i 12 7 @l3
10.23
1 012
plantations was nil bales, stocks at interior towns
95 010 1
7.74 145i@l5N 12 7 013
10.35
having decreased 21,242 bales during the week. Last year July
134(41234 9 5 010 1
7.63 1434©1534 12 6 @1.3 0
10.28
receipts from the plantations for the week were nil bales
SHIPPING NEWS.
-As shown on a previous page, the
and for 1928 they were 6,759 bales.
'exports of cotton from the United States the past week have
- reached 54,166 bales. The shipments in detail, as made
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates up from mail and telegraphic reports, are as follows:
at a glance the world's supply of cotton for the week and
Bales.
-Cuba, 550---June 30
since Aug. 1 for the last two seasons from all sources from NEW ORLANS-To Havre-June 27
Winston Salem 1,075
1,625
To Liverpool
which statistics are obtainable; also the takings or amounts
-June 28
-West Cheswald, 126
126
To Manchester
-June 28
-West Cheswald,100
100
gone out of sight for the like period:
To Puerto Cabello -June 28
-Mayan, 110
110
Cotton Takings.
Week and Season.
1929-30.
Week.
1928-29.
Season.
Week.
Season.
4.475.721
5.951.222
Visible supply June 27
4,175.480
3,735.957
Visible supply Aug 1
85,176 14,682,864 101,443 15,541,343
American in sight to July4
36,000 3,216,000
Bombay receipts to July 3
27,000 3,439.000
672,000
34,000
9,000
Other India shipls to July 2
776,000
Alexandria receipts to July 3500 1,601,300
800 1.680.600
594,000
6.000
690,000
Other supply to July 2b
5,000
Total supply
Deduct
Visible supply July 4
6.078,198 25,004,421 4,653,664 25,800,123
5,788,413 5,788,413 4.304,468 4,304,468
Total takings to July 4_a
Of which American
Of which other
289.785 19,216,008
183,985 13,193,408
105.800 6.022,600
349,196 21,495,655
257.696 15.537,355
91,500 5.958,300
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4.890,000 bales in 1929-30 and 5.454.000 bales in 1928 -29
-aid the aggregate amounts taken by Northern
takings not being available
and foreign spinners, 14,326,008 bales in 1929-30, and 16,041,655 bales in
1928-29 of which 8,303,408 bales and 10,083,555 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1929
-30.
July 3.
Receipts at
-
1928-29.
Since
Week. I Aug. 1.
Week.
Since
Aug. 1.
1927-28.
Week.
Since
Aug. 1.
27,00013,439,000 36.00013.216,000 34.00013,365,000
Bombay
For the Week.
Since Aug. 1.
Exports
Great Conti- Japan&
Great
Britain. nent. China. Total. Britain.
Bombay-1929-30.- 1,00
23,000 53,000
1928-29._
58,000 75,000
1927-28__
29,000 37,000
Other India
9,000
1929-30._
9,000
1928-29._ 12,000 22,00
34,000
1,000
1927-28._
2,000
Total all
-30._ 1,000 38,000 23,000 62,
1929
1928-29__ 12,000 39,000 58,000 109,111
1927-28__ 1.000 9,000 29,000 39,000
Conti Japan &
neat.
China.
Total.
80,000 812,000 1,475,0002,367,000
65,1)1 781,000 ,695,0002,541,000
86,000 652,000 1,250,0001,988,000
625,000
553.000
520,000
776,000
872,000
629,500
231,111 1,437,000 1,475,000 3,143,000
184,0001,334,000 1,695,000 3,213,000
195,Is 51,172,00 1.250,000 2,617,500
To Ghent
-June 30
-Winston Salem, 112
112
To Barcelona-June 30-0gontz, 200
200
To Lapaz-June 28-Ariona, 100
100
To uayaquille-June 30-Nosa Prince. 120
120
To Genoa
-June 30-Montello. 3,306-July 1
-West Elcasco, 902
4,208
To Bremen-June 30
-Aachen, 1,397-July 1-Oakwood,
6,028
To Hamburg
-June 30
-Aachen,546_ __July 1-Oakwood,364
910
To Rotterdam-July 1
-Oakwood,57
57
NORFOLK
-To Bremen-June 28
-West Harcuvar. 350
350
To Liverpool
-July 2
-Winona County, 900
900
To Manchester-July 2
-Winona County, 200
200
HOUSTON
-To Havre
-June 25
-Lancaster Castle, 319
319
To Ghent
-June 25
-Lancaster Castle, 1,379
1,379
To Norrkoping
-June 27
-Tampa,550
550
To Gothenburg-June 27
-Tampa, 200
200
To Warberg-June 27
-Tampa. 100
100
To Bergen-June 27
-Tampa,100
100
To Abo-June 27
-Tampa. 90
90
To Uddevalla-June 27
-Tampa,50
50
To Stockholm-June 27
-Tampa,50
50
To Oslo
-June 27
-Tampa,44
44
To Japan-June 28-Mayebashi Maru, 7,535-J111Y 2
-Pat
rick Henry.3.250
10,785
To China
-June 28-Mayebashi Maru, 150- _July 2
-Patrick Henry,2,725
2,875
To Bremen-June 28-Hohenfels, 4,308.... June 30-1,10
Bravo, 3,728; West Modus, 1,886
9,920
To Rotterdam-June 30
-West Chatala, 148
148
To Barcelona-June 30
-Mar Blanco, 2,840
2,840
GALVESTON-To Rotterdam-June 26
--West Chatala,802
802
To Ghent
-June 26
-West Chatala, 100.
-July 1
-Lancaster
Castle, 857
957
To Bremen-June 27
-Rio
-West Modus. 2,114 -June 30
Bravo,4
3,838
To Havre
-July 1-Lancaster Castle, 2,113
2,113
To Japan-June 30-Mayebashi Mara,329
329
SAVANNAH
-TO Liverpool
-June 30-Novian, 501
501
To Manchester
-June 30-Novian, 706
706
NEW YORK
-To Oporto
-June 27-Hinnoy,50
50
To Genoa
-June 28-Extavia,50
ao
To Venice
-June 30
-Clara, 100
100
To Barcelona-July 2
-Antonio Lopez, 184
184
PENSACOLA-To Bremen-June 30-Antinous.50
50
CORPUS CHRISTI
-To Bremen-June 28-Antinous, 446
446
LOS ANGELES
-To Kobe
-Hawaii Maru, 344--_June
-June 27
30
-President McKinley, 100
444
Total
54,166
COTTON FREIGHTS.
-
High
Density.
Liverpool .450.
Manchester .45c.
Antwerp
.45e.
Havre
.31c.
Rotterdam .45c.
Genoa
50c.
Oslo
500
Standard.
.60o.
.600.
.650.
.46c.
.60c.
.650
60e.
High
Density.
Stockholm .600.
Trieste
Fiume
.50e.
Lisbon
.45e.
Oporto
.600.
Barcelona .30o.
open
Japan
Standard.
.75e.
.65e.
.65c.
.60c.
.750.
.45e.
open
High
Density.
Shanghai
open
Bombay
.42e.
Bremen
45o
Hamburg .450.
Piraeus
.75c.
Saionica
.750.
Venice
.50e.
Standand.
open
.570.
.60o.
.600.
.900.
.900.
.650.
LIVERPOOL.-By cable from Liverpool we have the folAccording to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of lowing statement of the week's sales, stocks, &c., at that port:
June 13. June 20. June 27. July 4.
9,000 bales. Exports from all India ports record a decrease Sales of the week
7,000
15,000
23.000
18,000
Of
2,000
5,000
11,000
of 47,000 bales during the week, and since Aug. 1 show a Saleswhich American
7,000
for export
2,000
2,000
1,000
decrease of 70,000 baleF.
Forwarded
31,000
16,000
48,000
35.000
Total stocks
737,000 742,000 729,000 713,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Of which American
-We
..298,00o
293,000 281,000 269,000
imports
12.000
54,000
24,000
17,000
now receive weekly a cable of the movements of cotton at Totalwhich American
Of
3.000
11,000
3,000
6,000
Alexandria, Egypt. The following are the receipts and Amount afloat
111,000
81,000
91,000
87,000
Of which American
21.000
13,000
shipments for the past week and for the corresponding week
18,000
14,000
The tone of the Liverpool market for spots and futures
of the previous two years:
each day of the past week and the daily closing prices of
Alexandria. Egypt,
1929-30.
1928-29.
1927-28.
spot cotton have been as follows:
July 2.
Receipts (cantars)This week
Since Aug. 1
Spot.
4.000
8,394,434
4.000
8.070.598
4.000
6,069.181
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
1,000 141.724
To Liverpool
147.985
To Manchester, &c
To Continent and India_ _ 3,006 447,683
101,905
To America
177,554
173.991
4.666 476,662
178,602
154,943
6,506 169,340
7,250 399,388
113,750
Exports (bales)
4,000 839,297 4,000 006809 13.750 837,411
Total experts
-A cantar is 99 lbs. Egyptian bales weight about 750 lbs.
Note.
This statement shows that the receipts for the week ending July 2 were
4,000 cantars and the foreign shipments 4,000 bales.
Market,
12:15
P. M.
Saturday,
Mid.Upi'ds
Bales
Monday.
Quiet.
Quiet.
Tuesday, Wednesday. Thursday.
1
7.72d.
3,000
7.58d.
3,000
Quiet.
7.500
3,000
Quiet.
7.57d.
3,000
Quiet.
7.61d.
3,000
Friday.
A fair
business
doing
7.63
4,000
Futures.1
Quiet.
Quiet.
Quiet.
Quiet.
Quiet,
Quiet but
Market
1 pt.decline 1 to 2 pls. 5 to 7 pts.4 to 6 pts. 3 to 4 pts. sty, 2103
opened to 2pts.adv advance,
decline,
advance, advance, pts. dec.
Market. I Q't,but at'y
Quiet. Ql,butst'y Q't,butst'y
Quiet,
Quiet, st'y
4
5 to 8 pts. 3 to 5 pts. 1 to 4 pts. 1 to 3 pts. 1 to 3 Dta. 2 Pts. dee.
P. M. I advance,
decline,
decline.
advance, advance. to 3 adv.
JULY 5 1930.]
FINANCIAL CHRONICLE
139
Prices of futures at Liverpool for each day are given below: largely Manitoba. Some fair sized lots of hard winter were
said to have been sold at the Gulf.
Sat.
Mon.
Tues.
Wed.
f
, Thurs.
Fri.
12.16 12.30 12.15 4.0012.15 4.0012.154.0012.15, 4.0012.15 4.00
.m.p. m.'p. m.p. m.p. m p. m.p. m.p. m.p. m.lp. m.p. m p. m.
d.
7.24
7.19
7.11
7.07
7.02
7.02
7.03
7.06
7.09
7.14
7.17
7.20
7.22
d.
7.20
7.12
7.08
7.04
7.04
7.05
7.08
7.11
7.16
7.18
7.22
7.24
7.26
d.
7.14
7.
7.0
6.98
6.98
7.
7.02
7.05
7.10
7.13
7.17
7.19
7.21
d.
7.10
7.02
6.97
6.9
6.92
6.94
6.96
6.99
7.04
7.07
7.11
7.1
7.1
1
New Contract d.
July
August
September_
__ __
October
November_
__ __
December
January
February
March
April
__ ....
May
June
July
__
...4-4..4-400000-4..a
;.;..;..biDbOpioODio;Do...
4;;.wtocacog.a..mtp.co
June 28
to
July 5.
d.
7.17
7.
7.0
2
6.97
6.97
6.99
7.01
7.04
7.09
7.12
7.16
7.18
7.20
.5.
7.16 7.211
7.07 7.12
7.01 7.06
6.96 7.00
6.96 6.99
6.97 7.00
6.99 7.02
7.02 7.05
7.07 7.10
7.10 7.13
7.14 7.17i
0
7.16 7.18
7.18 7.2
d.
d.
d.
7.19 ____ 7.22
. 7.11
7.10
7.1 __ 7.04
6.9 __ 6.98
6.98 --__ 6.97
6.99 ____ 6.98
7.01 ___ 7.00
_ 7.03
7.
7.09
7.07
7.111
7.10
7.1 ____ 7.14
7.1 ___ 7.16
7.19 ____ 7.18
BREADSTUFFS
Friday Night, July 4 1930.
Flour met with an export demand at one time that
attracted attention, but domestic trade was still unsatisfactory. Prices were about steady. Bakers and jobbers
bought small lots on a small scale. Mill feed was dull and
lower on Western and city descriptions. Foreign competition was keen. There Was a good export demand reported
later. Clearances were reported on the 1st inst. of 17,000
barrels from New York and 5,000 from New Orleans. On
the 2nd inst. there were further rumors of export business.
Wheat declined slightly. But the crop year just ended
was a year of keen disappointment as regards the export
trade, as unusually large crops were raised in France, Italy
and other countries, and supplies in the United States were
and are large. Canada has had the lion's share of the export trade from this continent. On June 28 prices declined
1 to 1%c. on rains in Canada,fine weather in the Southwest,
and new crop receipts again heavy. Hutchinson, Kansas,
received 510; Enid, Okla., and Salina, Kansas, 75. The
forecast was for scattered showers in the American Northwest. It is true that there were further reports of green
bugs and black rust in parts of South Dakota, but a continuation of cool weather will probably mean that the crop
will mature soon enough to escape the rust. Buenos Aires
closed / to %c. higher. The Santa Fe Railway report said
1
4
that in many areas of the Southwest, and especially in Texas
Panhandle, the yields were above expectations, with some
districts averaging 15 to 20 bushels to the acre, whereas only
7 to 10 bushels were expected. The Manitoba "Free Press,"
on the other hand, said that during the past 20 days considerable cutworms and wind damage had occurred in the
three Northwest Provinces of Canada, and that a part of
this was permanent, while the entire crop was in need of
rain. Harvesting, it was said, had begun in Southern Russia
with satisfactory results.
On June 30, with new crop receipts large and Liverpool
weak, prices in Chicago ended 1
/ lower, with a pressure
1
4c.
of hard wheat, Manitoba, and Indian wheat. Winnipeg was
off 1 to 1%c. At six points receipts were 3,669 cars. All
the larger cash markets were weak. Yet Gulf premiums
were rising. Milling demand was good. In some sections
farmers were showing an unwillingness to sell at current
prices. The United States visible supply decreased last
week 2,118,000 bushels against an increase in the same
week last year of 86,000. The total is now 107,517,000
'bushels against 92,707,000 a year ago. On the 1st inst.
prices in active trading advanced 2% to 3c., closing 1% to
2c. net higher, with Gulf premiums strong and little offering, rumors of export sales of 500,000 bushels or more, and
the belief was that the export sales were larger than reports.
July deliveries were smaller than expected. Mill demand
was good. Exporters compete for the current receipts of
2,000 cars at the larger markets.
On the 2nd inst. prices ended / to %c. net higher after
1
4
considerable irregularity. Foreign crops, it is said, may be
130,000,000 bushels less than last year. The American
winter wheat crop is privately estimated on the average of
552,000,000 bushels against 578,000,000 the official last year,
and of spring wheat 259,000,000 bushels against 228,000,000
last year. It is pointed out that the weather in the Southwest was still very favorable for harvesting, but the
movement was not very large and advices say that much is being
stored. Mills were good buyers in all markets, indicating
liberal flour sales. Some further rains fell in Western
Canada, with indications for unsettled weather. On Thursday prices ended 14 to 1%c. lower, with Winnipeg off the
/
1
same amount and Minneapolis 2 to 234c. General pre/
1
4
holiday liquidation plainly had its effect. Export
demand
was disappointing. The cables were weaker. Hedge selling
had some effect. Foreign crop news was unfavorable,
especially from France. There were also complaints from
Germany of dry weather. But this fell flat. Russia,
it
seems, sold a cargo to Liverpool and offered another
cargo,
according to Liverpool cables. That was certainly a
depressing factor. The Southwestern receipts were
large.
Farmers are dissatisfied with present prices, but apparently
have to accept them for the time being. Final prices show
a decline for the week of 14 to 1%c. Export sales on
/
1
Thursday were estimated at 300,000 to 400,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9634 9634 975i 9754 9734 ...DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
9154 9054 ...91
9054 89
September
9454 93
95
9534 9334 --December
10034 9834 10034 10154 9934 --DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
95
9654 95
97% 9534 -October
10074 9934 9934 10134 9954 ---December
103 102 102 104 10254
No.2 hard
Indian corn was, in the main, steady during the week,
after the recent decline. The statistical position was strong,
the receipts were small, and the cash demand good. But
these factors were offset by a promising outlook for the new
crop. New corn is considered high in comparison with
wheat. On June 28 prices fell / to 1c., with wheat off and
1
4
some of the usual liquidation in such a case. On June 30
prices were % to 14 net lower, with wheat down and
/
1c.
corn, as usual, affected by such a change. July liquidation
was something of a feature, even though the July deliveries
were expected to be large. The cash demand was very
gratifying. Country offerings to arrive were still small,
being mostly in carlots here and there. The United States
visible supply last week decreased 1,718,000 bushels against
an increase in the same week last year of 496,000 bushels.
The total is 6,825,000 bushels against 12,748,000 a year ago.
On the 1st inst. prices closed % to 1%c. net higher, inspired
by the rise in wheat. July deliveries were small, as all
grades were bringing premiums. It is not altogether clear
why there should be any July deliveries at all. Not a few
shorts covered. The Eastern demand was somewhat better.
Country offerings remained small.
On the 2nd Inst. prices rose 1 to 1
/ with wheat higher,
1
4c.,
offerings of actual corn small, and outside points overbidding Chicago. That seems to promise continuation of
small offerings to Chicago. Shipping demand was steady
without being active. The crop was estimated on an average at 2,876.000,000 bushels, and ranging from 2,683,000,000
to 2,896,009,000 against 2,662,000,000 the official last year.
On Thursday prices declined / to %c. under the influence
1
4
of the decline in wheat and reports of beneficial rains.
There were complaints of the Hessian fly from IoWa, but
they got little attention. Cash corn was steady enough,
but did not sell readily. Final prices show a decline for
the week of 1/4 to /
1d.
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
91% 9054 9134 9231 92% ...DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
7454 73% 7434 7554 75% ...September
7354 7254 7334 75% 74% ...December
6754 6734 68
6954 68% ---_
Oats dropped to the lowest prices of the year, with a
good crop in prospect and the demand anything but satisfactory., The loss in animal consumption caused by the invention of the automobile has not yet been made up by
human consumption through an Increase in population. On
June 28 prices declined / to %c., in sympathy with the
1
4
decline in other grain, though oats did not act inherently
weak. On June 30 prices were unchanged to %c. lower
under the influence, to some small extent, of lower prices
for other grain. The United States visible supply last
week decreased 812,000 bushels against 120,000 last year.
The total is now 10,815,000 bushels against 7,430,000 a
year ago. On the 1st inst. prices ended %c. lower to /
1
4c.
higher. On the 2nd inst. prices advanced / In faint
1
4c.
response to the rise in other grain. The crop was estim'ated
at 1,325,000,000 bushels against 1,239,000,000 the official
last year. On Thursday prices ended IA to / lower, under
1c.
4
the influence of the drop in other grain. Final prices show
a decline for the week of / to 1
1
4
/ the latter on July.
1
4c.,
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri
No. 2 white
49
49
4854 4834 48
--DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
35
35
34% 34q 3434
September
3654 36
3634 36
36
...December
39% 3854 3934 39
39% _DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
44
42
42
4
23' 4154 ...October
4334 4354 ig4 u
424 ...m
43
December
4231 4234
Rye shows a very moderate decline for the week after
the recent drop in prices. But the crop reports are favorable and prospective supplies are large. Moreover, Russia
is said to be offering rye to Western Europe at very low
prices. In the United States rye is cheapest in 30 years,
but that does not seem to matter. On June 28 prices declined / In response to a greater drop in wheat. There
1c.
4
was no great pressure to sell. Rye is already regarded as
unduly low in price. On June 30 prices fell 11 to 2 c., as
/
/
1
4
4
wheat took a downward course. The United States visible
supply last week decreased 17,000 bushels against an increase of 30,000 last year. The total is 12,035,000 bushels
against 6,622,000 a year ago. On the 1st inst. prices ad- '
vanced 1% to 23c., with wheat rising. On the 2nd inst. I United StatesNew York
prices advanced % to lc., with wheat higher. The crop was Boston
estimated at 46,000,000 bushels. On Thursday prices ended Philadelphia
% to lc. lower, owing to the decline in wheat. Final prices Baltimore
Newport News
New Orleans
show a net decline for the week of % to 'ie.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
45% 47%
47
July
,
503i 52Si
52
September
56% 58%
58
December
IN CHICAGO.
Wed. Thurs. Fri.
- 48% 48
- 5254 52
_58% 58
Closing quotations were as follows:
Wheat, New York
No.2 rod,f.o.b., new
No.2 hard winter,
Corn, New York
No.2 yellow, all rail
No.3 yellow all rail
Spring pat, high proteln.$5.65
5.25
Spring patents
4.80
Clears first spring
4.50
Soft winter straights
4.70
Hard winter straights
Hard winter patents..- _ 5.10
4.35
Hard winter clears
Fancy Minn. patents-- 6.55
7.00
City mills
GRAIN.
Oats, New York
48
No. 2 white
1.10%
45
No.3 white
97H
Rye, New York
57
No.2 f.o.b,
92%
91% Barley, New York
45046
Chicago, cash
• FLOUR.
$4.200$4.50
$5.95 Ryeflour, patents
5.611 Seminola, No. 2,pound 30 3%c
2.400 2.45
5.20 Oats goods
2.450 2.50
4.85 Corn flour
5.10 Barley goods
3.25
Coarse
5.60
Fancy pearl, Nos. 1,
4.70
6.150 6.50
2,3 and 4
7.95
7.70
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts at
[VOL. 131.
FINANCIAL CHRONICLE
140
Flour.
Wheat.
Corn.
Oats.
Barley. I
Rye.
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
afloat,.
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal
GRAIN STOCKS.
Rye,
Oats,
Wheat,
Corn,
bush,
ush,
bush.
bush,
60,000
32,000
217.000
736,000
5,000
1,000
142,000
26,000
77,000
6,000
344,000
19,000
20,000
38,000
807,000
411,000
67,000
1,000
98,000
1,925,000
820,000
4,000
114.000
3,008,000
108,000
951,000
7,565,000 1,528,000 1,605,000
963,000
101.000
3,000
20.000
1,563,000
34,000
16,000
14,000
96,000
11,484,000 2,028,000 3.247,000 6,268.000
239,000
315,000
919,000 3,466,000
582,000
23,541,000
302.000
50.000
25,162,000
134,000
2,188.000
17,418,000
642,000
912,000
2,066,000
2.000
741,000
3,292,000
973,000
136,000 2,932,000
79,000
95,000
154,000
90,000
13,000
392,000
3,000
23,000
179,000
567.000
31,000
3,000
91.000
711,000
90,000
423,000
567.000
174,000
Barley,
bush.
18.000
3,000
118,000
164,000
7,000
52,000
278.000
1,000
2,000
158,000
102.000
528,000
946,000 3.076,000
11,000
5.000
29,000
4,000
8.000
21,000
15,000
7,000
88,000
Total June 28 1930- _107,517,000 6,825.000 10,875,000 12,035.000 4,656,000
Total June 21 1930.._A09,635,000 8,543,000 11,687.000 12,052,000 4,934.000
TotalJune 29 1929. 92,707.000 12.748.000 7,430.000 6.622,000 5,692.000
Non.
-Bonded grain not included above: Oats-New York. 20.000 bushels:
Baltimore, 4,000; Buffalo, 62,000; Duluth. 5.000; total, 91,000 bushels, against
376,000 bushels in 1929. Barley-New York, 454,000 bushels; Buffalo. 1,847.000:
Duluth, 75,000: total, 2,376,000 bushels, against 3,335.000 bushels in 1929. 'Wheat
-New York, 850,000 bushels: Boston, 1,225,000; Philadelphia, 2,458,000; Baltimore, 2.741,000; Buffalo, 7,744,000; Buffalo afloat, 1,048,000; Duluth, 109,000:
on Lakes, 786,000; Canal, 1,559,000; total, 18,520,000 bushels. against 23,584,000
bushels in 1929.
•
Canadian
936,000
650.000
700,000
Montreal
7.474,000
1,515,000 5,116,000 14,051,000
Ft. William & Port Arthur43,943,000
1,862,000 1.095,000
861,000
Other Canadian
12,552,000
bb13.1961bs.bush. 80 Os bush. 56 lbs. bush. 32 lbs. bus. 48 lbs. s. 56 lbs.
4,313,000 6,861.000 15,612,000
Total June 28 1930-- .63,969,000
9,000
29,
258.000
525,000,
221.000
Chicago
4,541,000 6.623,000 15,553.000
Total June 21 1930.-62.666.000
49,000
103.000 114.000
159,000
956.000
Minneapolis10,159,000 2,492.000 5,304,000
Total June 29 1929-- -65,712,000
34,000
61,000
9,000,
788,000
Duluth
111,000
44,000
71,000
Summary10,000
22,0001
Milwaukee..._
1,000 Amerkan
1,000
22,000
11,000,
107,517,000 6,825,000 10,875,000 12,035,000 4,656,000
70,000
Toledo
6,000
4,313.000 6,861.000 15,612 000
7,000
Canadian
63,969,000
21.000
Detroit
102,000
276.000
11,000
Indianapolis..
213,000
42,000,
Total June 28 1930.-171,486.000 6,825,000 15.188.000 18,808,000 20,268,000
302,000,
705.000
124,000,
St. Louis...92,000
130,000
Total June 21 1930-172,301.000 8.543,000 16,228,000 18,625,000 20.487,000
269,000,
23.000
38,000
Peoria
74,000
407.000
Total June 29 1929_158.419,000 12,748,000 17,589,000 9,114,000 10,990.000
1,142,000
Kansas City..
3.000
186,000
313,000.
106.0001
Omaha
The world's shipments of wheat and corn, as furnished by
16,000
49,000
71,000
St. Joseph29.000
893,000
Broomhall to the New York Produce Exchange,for the week
Wich ILA
33,000,
143.000,
14,000
Sioux City.
and 1928,
Total wk. '30
Same wk. '29
Same wk. '28
405.000
491,000
425,000
4,940,000 2.570,000 1,288,000
7,509.000' 5,985,000 2,387.000
4,247,000 3.822,000. 1,354.000,
426,000
772,000
470,000
$9.000
157.000
107,000
Since Aug.120,125,000348.734,000245,543,000 130.428,00063,008,00023,097,000
1929
22.805,000464,933,000 257,183,000 136.508.00091,0S1.00025,497,000
1928
22,537,000434,164,000 293.856.000 147,242,00069,319,00035,310.000
1927
ending Friday, June 27, and since July 1 1929
are shown in the following:
Corn.
Wheat.
Exports
Week
June 27
1930.
Since
July 1
1929.
Since
July 1
1928.
Week
June 27
1930.
Since
July 1
1929.
Since
July 1
1928.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday June 28, follow:
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
40,000 3,549,000 33,646,000
North Amer_ 6,808,000 319,206,000 540,404,000
Black Sea
- 120,000 25,443,000 2,632,000 2,338,000 34,616,000 1,827,000
214,162.000 2,146,000 170,289,000250,096,000
ArgentIna._ _ 2,123,000 162 484
656,000 64,333.000 110,321,000
*Australia --Barley.
Rye.
Oats.
Corn. I
- Flour. I Wheat.
Receipts at
1,084,000 1,776,000 1,112,000
India
44,284,000 476,000 30.764.000 29,407,000
bls.1961bs. bush.60 lbs. hush.56 lbs. bush. 32 lbs. bus.4815:. bus.56 lbs. 0th. countr's 920,000 45,076,000
2,000
51,000,
60.000
295.000 1,770,000
New York..__
618,318,000 912,915,000 5,000.000239.218,000214,976.000
Total
11,691,000
4,000
17,000
33,000
Philadelphia_
1,000
10.000
20,000,
24,000
17,000
BaltImore____
1,000
Newport News
12.000
39,000
69,000
48,000
New Orleans*
general summary of the weather bulletin
265,000
I
Galveston_ _
9,000,
issued
57.000 2,123.000
Montreal._ _ _
10.000
20,000
Boston
3,000
Temperatures were mostly moderate during the week in rho northern
96,000;
119,000
471.000 4.268,000
Total week_
country, with intemittent showers in practically all parts.
Since Jan.1'30 12,405,000, 53.333.000 2,425.000 2,484,000 372,000 391,000 portion of thethe
In the South
weather was unusually warm and mostly dry, though
9.000 showers occurred in east Gulf sections at the close of the week. Maximum
139,000 658,000
76.000
427,000 2,475,000
Week 1929-temperatures were high throughout the period In Southern States, with
Since Jati.1'29 13,371,000 87,642,000 14,774,000 10,499,00015,853,000 2.686.000 considerable
areas reporting 100 deg.,or higher,every day. There were also
* Receipts do not include grain passing through New Orleans for foreign ports some marked contrasts in temperature between the West-Central and
Northwestern States, the Weather Map of June 29 showing a minimum
on through bills of lading.
and a
above
The exports from the several seaboard ports for the week temperature of only 2 degDodge freezing at Yellowstone Park, Wyo., reCity, Kans. The highest temperature
maximum of 106 deg. at
ending Saturday, June 28 1930, are shown in the annexed ported was 110 deg. at Phoenix and Yuma. Ariz., on June 30.near normal.
Chart I shows that the weekly mean temperatures were
statement:
though slightly above in most places, over the northern portion of the
country, and ranged generally from about 2 deg. to 6 deg, above normal
Barley.
Rye.
Oats.
Flour.
from the central valley States southward,and also in southern Rocky MounCorn.
Wheat.
Exportsfromtain sections. In some northern Rocky Mountain districts, however, the
week was about 4 deg. cooler than normal, while temperatures averaged from
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
2 deg. to 4 deg, below normal in the Pacific Northwest. Maximum tem260,196
1,254,000
New York
peratures were in the lower eighties in most of the Lake region, but from the
20,000
Portland. Me
Central valleys southward they ranged generally from about 94 deg. to 100
1,000
40,000
Philadelphia
deg., or higher.
4,000
156,000
Baltimore
Chart II shows that rainfall was rather unevenly distributed, but most
1,000
Newport News
sections from the Ohio and lower Missouri Valleys northward received
80,000
Mobile
moderate to substantial falls, which was also the case rather generally in
21,000
2,000
30,000
New Orleans
the Atlantic area and some east Gulf sections. In the lower Mississippi
24,000
48.000
Galveston
Valley, however, from western Kentucky and southeastern Missouri
9,000
57,000
2,123,000
Montreal
southward, including most of Tennessee, very little rain occurred, with
most stations reporting an entirely dry week. The west Gulf area was
2,000 388.196
9.000
Total week 1930- 3,731,000
$8,000 276,010 216,000 181,000 1,115,000 practically rainless, and from the central and southern Great Plains westSamo week 1929- 5,658,000
ward large areas received no rain.
half of the country.
While showers were rather
The destination of these exports for the week and since they were mostly moderate numerous in the northern made the week, in
and intermittent, which
as below:
is
general, favorable for seasonal farm operations. The harvest of winter
wheat made unusually good advance, and has now reached well toward
the northern main wheat belt, while practically ideal weather for threshing
Wheat.
Corn.
Flour.
obtained in the Southwest.
Exports for Week
Moderate to rather high temperatures, and many showers, made a
Since
ilreek
Since
1Week
Week
Since
and Since
splendid growing week from the northern half of the Great Pains eastAds 1
June 28
July 1
June 28
June 28 July 1
July 1 toward, except in a few places where it is still too dry; in this area all spring1929.
1930.
1929.
1929.
1930.
1930.
planted crops made generally excellent advance, except in parts of the
upper Ohio 'Valley and middle Appalachian Mountain sections where there
Bushels. Bushels. Bushels.
Barrels. Barrels.
Bushels.
34,000 is still insufficient moisture. Good growing weather obtained also in the
United Kingdom. 90.693 3.765.281 1,189.000 54.938.000
6,000 south Atlantic area, while the run-off from the inundated sections of Florida
67,143 4.243,387 2,540,000 95.236,000
Continent
53,000 was rapid, though large areas there are still under water.
743,000
So.& Cent. Amer. 118,000 1,133.300
The continued dryness in the South, intensified by high temperatures,
279.000
2,000
2,000
46,000
72,300 1,070.400
West Indies
was unfavorable for most growing crops, though showers in some east
45,500
Brit.No.Am.Cols.. 5.000
Gulf sections at the close of the week were timely, especially in Alabama
1,161.000
664.553
35,060
Other countries
and less extensively in Georgia. A good, soaking rain is needed badly in
372,000 the lower Mississippi Valley, most of the west Gulf area, and rather gener2,000
388.196 10,922,421 3,731,000 152.124,000
Total 1930
58.00028.915,322 ally over Rocky Mountain sections: in fact, reserve soil moisture is scanty
276,010 11,207,030 5,658,000 289,403.418
Total 1929
nearly everywhere, but recent showers in the North have enabled most
The visible supply of grain, comprising the stocks in Crops to make favorable advance for the present. favorable for the harvest
-Conditions were generally
and ofSMALL GRAINScrop, especially in the Southwest where this work adgranary at principal points of accumulation at lake
the winter wheat
vanced rapidly. Threshing has begun as far north as southern Illlnoiss
seaboard ports Saturday, June 28, were as follows:
WEATHER REPORT • FOR THE WEEK ENDED
JTJLY 1.;--The
by the Department of Agriculture, indicating the influence of the weather for the week ended July 1,follows:
July 1 1929
JULY 51930.]
FINANCIAL CHRONICLE
wnile good progress was made in the Southwest. Gathering wneat is nearing completion in Oklahoma, while this work is reported from half to
three-fourths done in the eastern half of Kansas north to the Kansas
River; cutting has begun in southern Nebraska and west-central and
southern Iowa. Dryness, attended by high winds, was detrimental to
small grains in parts of the West, but in the Pacific Northwest they are
filling well, with harvest expected to begin in early districts within a few
days. Spring wheat continues to do well, with the crop largely headed,
and considerable improvement in some previously dry areas in South
Dakota; parts of North Dakota need rain. Oat cutting has advanced to the
southern Onio Valley sections, while harvest and threshing progressed
well in the Southwest. Rice made only fair advance in Louisiana, due to
dry weather, with salt water threatening irrigation supplies locally. Other
small grains continued to advance satisfactorily.
CORN.—The crop is still oackward, but growth during the past week,
under the influence of moderate temperatures and rather frequent showers,
was good to excellent in most of the principal producing section. In the
extreme eastern portion of the belt and much of Kentucky the showers
were largely inadequate and a substantial, general rain is still needed, while
the lack of moisture is now being felt in a good many places in the Southwest, especially for late corn on uplands. In most Ohio Valley sections the
crop snows improvement, while the weekly progress was mostly excellent
in upper Mississippi Valley districts. Tassels are beginning to show in
early fields as far north as southeastern Kansas, while considerable has been
laid by in central and southern Iowa.
COTTON.—The week was mostly dry and warm in the Cotton Belt,
though considerable areas in the east had moderate rainfall. In Texas and
Oklahoma warm, dry weather was mostly favorable,especially for early cotton in southern Texas. Progress in these States was mostly good, though
there were complaints of early fields shedding and late cotton needing
rain in central and northern Texas, and of damage by hot winds and sandstorms in southwestern Oklahoma. Early fields are beginning to bloom
in the southeastern part of the latter State.
Except on dry uplands, the growth of cotton was mostly good in Arkansas
with some early in bloom, but in other central portions of the belt growth
was mostly slow to only fair because of the dryness, with lack of moisture
becoming serious in some districts. In much of Alabama good, timely
rains occurred at the close of the week. In the Atlantic Coast States
progress was generally satisfactory, with bolls forming fast in southern
sections.
MESSCELLANEOUS CROPS.—Pastures are poor in many Central and
South-Central States, due to the continued lack of adequate rainfall, while
there are local areas in the West that are also droughty, principally the central and northern Rocky Mountain areas. Outside of these regions grazing
conditions are largely satisfactory and livestock continue to do well generally.
•
Garden and truck crops are in rather poor to only fair condition in
central and southern sections. due to absence of sufficient moisture, but
otherwise condition and progress are satisfactory generally. Sugar beets
are in mostly good condition, but sugar cane is only fair in Louisiana.
Fruit continues good, but there were some reports of rain splitting cherries
in the Pacific Northwest. Early apples are being harvested in Maryland.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
North Carolina.—Raleigh: Warm first part of week, followed by cooler,
with some showers latter part. Conditions generally favorable for growth
and cultivation. Progress of cotton good. Advance of corn, tobacco,
truck, and other crops generally good to excellent.
South Carolina.—Columbia: Favorable week, with abundant rain in
central and northwest, but lighter on Coastal Plain. Progress and condition of cotton very good and crop setting squares, bloom, and bolls
freely. Corn good to excellent and planting late crop continues. Small
grain threshing and sweet potato transplanting continue. Tobacco improved and curing progressing.
Georgia.—Atlanta: Temperatures high; frequent, but irregularly distributed, rain, with many sections needing moisture badly.
rogress of
cotton excellent and growth rapid; squares, bloom, and bolls forming
fast. Corn in silk and tassel, but needs rain badly, especially on uplands.
Tobacco maturing rapidly; curing general. Peanuts, sugar cane and
sweet potatoes doing well.
Florada.—Jacksonville: Progress and condition of cotton good in west,
but rain badly needed, except in north. Hot and dry west of Suwanee
River where some corn, cane, and peanuts ruined on uplands. Some
lowlands too wet in central and large areas ofsouth underwater, but run-off
rapid. Citrus good, except unfavorable on lowlands in south.
Alabama.—Montgomery: Very warm first part; more moderate thereafter, with badly needed rain quite general at close. Hot, dry weather
unfavorable for growth of crops generally..Progress and condition of corn
sweet potatoes, truck, vegetables, pastures, fruits and minor crops mostly
poor to only fair. Progress of cotton poor to good, but mostly only fair;
condition mostly fair; plants generally small and stands irregular: blooming in south and locally in central.
Mississippi.—Vicksburg: Mostly dry, but occasional local showers;
days warm. Progress of cotton rather poor to fair; occasional bloom
south and central, but average seasonal development rather poor, with
cultivation generally good. Advance of corn poor. Rain badly needed.
Louisiana.—New Orleans: Very warm, with no rain, except a few scattered showers near coast. Drought becoming serious in many areas,
with stock and drinking water scarce. Corn and forage deteriorating
and some corn a failure. Cotton holding its own very well, but plants
small and blooming and fruiting prematurely in some sections. Rice and
cane making only fair progress.
Texas.—Houston: Warm and dry, except a few scattered showers in
extreme west and northwest. Favorable for threshing small grains, which
made good progress. Progress of pastures, feed crops, late corn, and
truck rather poor account dryness; Condition fair to good; early corn made
good crop. Progress and condition of rice very good. Warm, dry weather
generally favorable for early cotton, especially in south fourth where
recent frequent rains; a few complaints of early shedding and late needing
rain in central and north; general condition averaged fairly good, with crop
still over a week late; fields mostly clean.
Oklahoma—Oklahoma City: Hot and mostly clear: scattered showers on several days, but mostly very light. Winter wheat harvest advanced rapidly and is nearing completion, except in extreme northwest.
Progress and condition of cotton generally good, though some damage by
hot winds and sandstorms in southwest; early setting squares and beginning to bloom in southeast; chopping late in north and west. Progress
and condition of corn generally very good; well cultivated; early in roasting
ear stage, but late needs rain on uplands. Threshing oats.
Arkansas.—Little Rock: Progress of cotton good to very good, except
portions, where too dry; local showers very beneficial; many
some in hill
squares and some bloom in central and south; crop clean and well cultivated. Progress of corn excellent in northwest; fair to very poor elsewhere,
due to hot, dry weather. Rice damaged in places, due to shortage of water.
Tennessee—Nashville: Continued drought, in conjunction with extreme
heat, unfavorable. Progress of cotton poor in sections; elsewhere very
good; crop needs rain. Progress of corn poor on uplands and suffering
greatly from dryness, while advance and condition very good on lowlands.
Harvesting winter wheat and winter oats about completed.
Kentucky.—Louisville: Temperatures normal to high. Wheat well
cured and dry; threshing commenced. Oats oeing pastured. Light to
moderate showers beneficial locally, but mostly inadequate. Pastures very
poor; stock water -shortage on uplands. Condition of corn mostly fair,
out very good on bottoms; progress very good and much improved, though
decidedly irregular on uplands;earliest tasseling in south. Tobacco variable;
some early excellent, but much late setting poor.
THE DRY GOODS TRADE
New York, Friday Night, July 4 1930.
Textiles were generally quiet, as was to be expected in
view of the holidays, the Saturday following July 4 being
set aside for inclusion in a long week-end. Sentiment
throughout the markets was somewhat more hopeful, encouraging developments in cotton goods being a stimulating
influence. While there is little prospect that July will
bring a sudden or abnormal expansion of general demand,
141
some factors going so far as to maintain that even a slightly
broader market than the one current would be better than
indications warrant, it seems to be the general belief that
prices will begin to harden in the ensuing weeks. This
expectation is chiefly based on the action of the raw markets, the somewhat better behavior of which during the
more recent past is encouraging the contention that a period
of stabilization is setting in, to be followed by a gradual
recovery some time in what is hoped to be the not too distant future. Some sectional improvement in business is
expected to follow the completion of inventory taking, and
It is hoped that buyers will place orders for future delivery
with somewhat more freedom. The comparatively light
stocks in most retail channels should contribute to the fulfilment of this hope. Action for the lifting of cotton goods
values out of the unnatural depression in which they now
lie is expected to follow the first definite signs of stabilization in the market.
DOMESTIC COTTON GOODS.—In line with expectations, markets for cotton goods have been generally quiet
during the past couple of days, with a protracted holiday
looming just ahead, and the near approach of the stocktaking period exercising its temporary influence on all sections of the trade. However, rather more active business
was in evidence early in the week, gray goods displaying
a noticably more stable undertone and demand quickening
to an extent which, though not spectacular, was a source
of real encouragement to producers who have been waiting
so long and patiently for signs of some modification of a
situation which has been growing practically untenable in
some quarters. Buyers were picking up special constructions of print cloths for prompt delivery in anticipation of
July sales, in many of which cotton goods are slated to be
features: It was remarked that the volume during the
,
spurt referred to was considerably less than it might have
been if many mills had not refused to do business at the
low levels still current. The fact that such manufacturers
are holding off with more confidence in the future betterment of prices, and that demand was sufficiently strong to
manifest an expansion even in the face of such resistance,
Indicates that a turn of the scales in favor of the primary
division is in prospect. It is now expected that June will
have made a measurably better showing statistically than
did May, chiefly owing to better performances toward the
end of the month. Curtailment, which is to be carried on
through July, coupled with a natural and sustained upturn
In demand, which it is considered must now be somewhere
In the offing (since public consumption has not declined
in the same proportion as has the volume taken by retailers
over the past few months), constitutes the basis for a
moderate upward revision of prices. While that action was
followed by a slackening of buying interest, it is felt that
the reasoni was tracable more to the customary falling-off
just before a holiday than to any other reason—references
by occasional buyers to the adverse effect of the price
changes notwithstanding. Print cloths, 27-inch 64x60's construction are quoted at 4c., and 28-inch 64x60's at 41
4c.
Gray goods 39-inch 68x72's construction are quoted at 6
/
1
4c.,
39-inch 80x80's at 7%c.
and
WOOLEN GOODS.—Traditional pre-holiday quietness,
overtaking woolens and worsteds markets in a period in
which business was already curtailed in proportion to what
Is considered normal for this time of year, intensified inactivity during the current week. Duplicating business, of
which there has been a continuous if undulating flow during
the past few weeks, fell off noticeably, reflecting buyers'
reluctance/to contract for new deliveries before the week-end
holidays. Retailers are said to be awaiting developments
in general trade conditions and delaying the anticipation of
their needs for the fall season as long as possible. Nevertheless, a good demand for worsteds, tweeds and homespun
suitings continues in evidence, the latter two fabrics being
capable of being produced with greater rapidity than worsteds, enabling mills to keep abreast of demand. Worsted
manufacturers, on the other hand, are experiencing some
disquietude in the face of a procrastinating buying policy,
fearing that they will be unable to meet a suddenly develop
,
ing demand for quick delivery late in the season.
FOREIGN DRY GOODS.—A solnewhat better demand
for household linens has been reported in several quarters,
with retailers said to be placing initial commitments for fall
in certain lines. A continued fair demand for dress fabrics
and men's suitings uncovered considerable scarcity of
stocks, and buyers experienced difficulty, in many instances,
in procuring the goods they stipulated for. A number of
houses carrying crashes and towels moved substantial quantities during the past few days, and with July the traditional
month for activity in such goods, sellers are looking forward
optimistically to a maintenance of brisk business during the
forthcoming several weeks. Small lots of linens to be made
into shoes and bags are also being sold well. Handkerchiefs,
which are at present rather quiet, are expected to become
more active in the near future. Linen stocks generally are
in a "healthy" condition, and prices are stable, largely due
to that fact. Burlaps eased after advancing sharply early
In the week. Light weights are quoted at 5.00c., and
heavies at 6.40c.
SPEW
142
.MUNICIPAL BOND SALES IN JUNE AND FOR THE
-YEAR.
HALF
State and municipal bonds sold during the month of June
aggregated $143,863,737. This figure compares with $143,804,076 for the previous month and with $150,703,034 for
June 1929. The total for the month was considerably
swollen as a result of heavy contributions by the City of
Chicago, Ill., and the State of New Jersey, details of which
are given in the table below.
The total amount of long-term State and municipal bonds
sold during the first six months of 1930 was $754,998,379,
or almost $100,000,000 more than the awards for the first
half of 1929, when the figure was 8670,383,755. It must
be borne in mind, however, that the disposals in the months
of/January, February and April last year failed to reach
$100,000,000 each because of money market conditions,
while only in February of the present year, when the total
was $81,517,016, did the awards fall below the 3100,000,000mark. Not in any one month of the present year did the
emissions exceed the total of 8176,356,781 established in
May 1929, when the City of New York came to market
with $52,000,000 of corporate stock. For the first six
months of 1928 the awards were $778,419,445; for 1927,
$882,820,720;for 1926,$748,986,936;for 1925,$751,838,574;
for 104, $788,744,973, and for 1923, $584,800,923.
la In the following we give an account of each long-term
municipal bond sale of $1,000,000 or over that occurred
during June:
$20,000.000 New Jersey (State of) 4% series B road bonds, due July 1
1950, awarded as in previous instances to various nanking
institutions throughout the State. at prices banging from
100.10 to 102.26. About 120 banks were allotted portions
of the loan.
18,970,000 Chicago. Ill., 4% bonds, comprising three issues maturing
annually from 1932 to 1950, incl., awarded to a syndicate
headed by Halsey, Stuart & Co. of Nev York, at 94.528, a
basis of about 4.61%. Previous sale of long-term bonds was
effected by the City on Dec. 19 1929. On that date seven
-year bonds totaling $7,278,000 were awarded
issues of 4% 20
to a group headed by the First National Bank of New York,
at 97.44, a basis of about 4.44% (V. 129. P. 3995)•
8,285,000 Baltimore, Md., 4% coupon bonds, comprising five issues,
due from 1934 to 1954, inclusive, awarded to a group, headed
by the Guaranty Company of New York at 98.729, a basis
of about 4.12%.
bonds awarded as 4s to a syndicate managed
6,871,000Camden.
by the Bankers Company of New York as foilows: $3,939,000
building bonds due from 1932 to 1960, incl., sold at 100.40,
a basis of about 4.22%; $2,335,000 improvement bonds, due
from 1932 to 1955,incl.,sold at 100.06,a basis of about 4.24%;
8464,000 school bonds, due from 1932 to 1968, incl., at 100.37,
a basis of about 4.22%, and $133,000 water bonds, due from
1931 to 1966, incl., sold at a price of par.
6,000.000 Chicago Sanitary Dist., Ill., 4% bonds, comprising two
issues, maturing $150,000 annually from 1931 to 1950, incl..
awarded to a group headed by the Guaranty Company: of
New York at 98.25, a basis of about 4.73%. The previous
sale of long-term district bonds took place on Sept. 12 1929,
when a total of $10,650,000 43.5% securities were sold at 93.89,
a basis of about 5.41% (V. 129,p. 1774).
Milwaukee, Wis., bonds,comprising $2,000,000 5s and $1.980,3,980,000
000 4s,due annually from 1931 to 1950,incl.. jointly purchased
by Stranahan, Harris & Oatis, Inc., of Toledo and M. M.
Freeman & Co., Inc., of New York, at 102.71, a basis of
about 4.17%.
2.790,000 Hudson River Regulating Dist., New 'York, reservoir construction bonds, awarded as 4.70s to a group managed by the
Guaranty Company of New York at 100.641, a basis of about
4.645'. The bonds mature annually from 1935 to 1965,incl.
2,245,000 Maryland (State of) 4;i% certificates of indebtedness, comprising three issues. maturing from 1933 to 1945,incl.,awarded
to a syndicate headed oy the Mercantile Trust Co. of Baltimore at 102.82, a basis of about 4.13%.
2,035.000 Richmond, Va., 41.5% coupon or registered various impt.
bonds, due from 1940 to 1964, incl., purchased by a group
headed by the First National Old Colony Corp. of New York
at 103.87, a basis of about 4.265'.
1,986,000 Kearny, N. J., water supply bonds awarded as 4 Ms to a group
managed by B. J. Van lngen & Co. of New York at 100.718,
a basis of about 4.45%. The bonds mature annually from
1932 to 1970, inclusive.
,
6
1,820,000 Tulsa, Okla.,43 % and 4N% various impt. bonds,comprising
eight issues, maturing annually from 1935 to 1953, incl.,
awarded to a group headed by the First National Co. of Tulsa
at a price of par.
% highway, jail and hospital
1,700,000 Nassau County, N. Y..
bonds purchased by a group managed by M. F. Schlater &
Co. of New York at 101.909, a basis of about 4.08%. The
bonds mature annually from 1942 to 1950, incl.
1,500,000 King County S. D. No. 1, Wash., bonds purchased as 410
at a price of par by the State of Washington. The bonds
mature in from 2 to 25 years; optional after one year.
1,500,000 Maine (State of) 47 highway and bridge bonds, due $100,000
on July 1 from 1938 to 1950, incl., awarded to a syndicate
headed by E. H. Rollins & Sons of Boston at 99.48, a basis of
about 4.05%.
1,477.000 Birmingham, Ala. bonds, purchased by a group composed of
Batchelder & Co. and Stephens & Co.,
F. Schlater & Co.,M
all of New York, at 100.0027, an interest cost basis of about
4.29%, as follows: $1,000,000 grade crossing abolition bonds,
due from 1934 to 1948, incl., sold as 434s, and $477,000 street,
sewer and public impt. bonds, due from 1931 to 1940, incl.,
were sold as 4s.
1,475,000 Cleveland, Ohio, bonds, comprising six issues, maturing
annually from 1931 to 1955, incl., purchased by Otis & Co.
of Cleveland and Wallace, Sanderson & Co., of New York
jointly, at 100.08. The award consisted of $1,100,000 4s
and $375,000 64.
1,300.000 Orleans Levee District, La., 5% revenue anticipation notes,
due $260,000 annually on June 1 from 1931 to 1935. incl.,
purchased at private sale by a group headed by Eldredge &
Co. of New York. Price paid not disclosed.
1,200,000 Akron Sch. Dist., Ohio, school bonds, awarded as 4%s to
Darby & Co. of New York at 100.74, a basis of about 4.41%.
The bonds mature $60,000 on Oct. 1 from 1931 to 1950. incl.
1,032,000 Plainfield, N. J., bonds, awarded as 4!.6s to a group managed
by the Guaranty Company of New York, as follows: $589,000
lmpt. bonds, due from 1931 to 1958, incl., sold at 101.94.
a basis of about 4.32%. and $443,000 assessment bonds, due
from 1931 to 1940,incl.,sold at 100.95, a basis of about 4.28%.
[VOL. 131.
FINANCIAL CHRONICLE
_
1,000,000 Multnomah County, Ore., St. Johns bridge bonds. comprising
$880,000 43s and $120,000 4s, maturing $40,000 on each
June 20 from 1936 to 1960, incl., purchased by a group composed of Chatham-Phenix Corp. of New York at 100.153,
a basis of about 4.24%.
1,000,000 Racine County, Wis., 43.5% court house and jail bonds purchased at public auction by a group headed by the Harris
Trust & Savings Bank of Chicago at 100.805. a basis of about
4.41%. Due $50,000 on July 1 from 1931 to 1950,inclusive.
1,000,000 St. Paul, Minn., general impt. bonds, due annually from 1931
to 1950, incl., awarded as 4;is to Halsey, Stuart & Co., and
the Bancarnerica-Blair Corp., both of New York, jointly.
at 101.059, a basis of about 4.13%.
Although each month during the latter part of 1928 and
the whole of 1929 a considerable number of municipalities
failed to dispose of their bonds, either because of the failure
to receive an offer or because of the rejection of the tenders
submitted as being inadequate, the situation since the stock
market crash in October and November of last year, which
was immediately followed by a reduction in the rate of interest on all classes of securities, has materially changed. We
find, therefore, that whereas in June 1929 about 35 counties,
cities, towns, &EL, were unsuccessful in disposing of their
securities, the number in June of the present year was only
.
ten. The current list follows:
Page.
Int. Rate. Amount.
Name.
4275_ _Alameda County Ind. S. D.,Cal.a-5%
$11,250
4100 _Jasper and Troupsburg Central
S. D. No. 1. N. Y.b
5%
97,000
4464--Los Angeles Co. Acquis. & Impt.
Dist. No.100,Calif_ __ not exc. 7%
18,308
not exc. 53 %
4282--Moscow, Idaho c
17.000
4468_-Riverhead Fire Dist., N. Y.d
4
50,000
0
80,000
4287_ _Rimouski,Que.e
1,000,000
4285__Seattle, Washnotexc. 6
50,000
4286__Vernon Parish, La
900,000
0000__WashIngton S. D. Pa
75,000
428L _Williamston. N.01
not exc. 65
'
Report.
No bids
Not sold
No bids
Bid rejected
No bids
Bids rejected
Bids rejected
Bid rejected
No bids
Postponed
a Bonds were expected to be disposed of at private sale. Is Amount of
the issue was reduced to $96,000 and sealed olds were solicited until July 1.
For result of offering see page 149 of this issue. c Rejected bid was for
the bonds as 5;is at a price of par, submitted by Taylor, Wilson & Co.
of Cincinnati. d Bonds were reoffered on July 1. e Bonds were expected
to be sold privately. [Date of sale was postponed from June 11 to the
30th. and amount of issue was reduced to $40,000. For result of sale see
page 154 of this issue.
Short-term loans negotiated during the month amounted
to $67,541,790. This figure includes $20,300,000 borrowed
by the City of New York. Canadian municipal bond disposals during June totaled 82,454,305, none of which were
placed in the United States. In this amount we do not
include two issues of 4% Treasury bills aggregating 88,000,000, sold by the Province of British Columbia as follows:
84,000,000 one-year bills to a syndicate headed by Gillespie,
Hart & Co. of Victoria at 99.617, a basis of about 4.40%,
and $4,000,000 nine-months' bills sold to a group headed by
A. E. Ames & Co. of Victoria, at an interest cost basis
to the Province of about 4.25%(V. 130, p.4650). During
June a syndicate headed by the Chase Securities Corp. of
4
New York offered an issue of 850,000,000 43 % 25-year
bonds of the Canadian National Railway. As noted in the
past, these bonds, although stated to be guaranteed unconditionally by the Government of the Dominion of Canada
as to both principal and interest, are payable primarily from
revenues of the railway system and, therefore, are classified
as corporate securities. The Government of Newfoundland
is reported to be receiving subscriptions from citizens for
the purchase at par of an issue of $5,000,000 4% bonds. A
report dealing with the plan appeared in our issue of June
28 (V. 130, p.4650).
Financing by United States Possessions during June was
as follows: The City and County of Honolulu, Territory
of Hawaii, awarded an issue of 81,500,000 5% bonds, due
from 1935 to 1959, incl., to a group headed by the First
Detroit Co., Inc., cf New York, at 107.319, a basis of about
4.385% (V. 130, p. 4099). The Government of Porto Rico
on June 24 awarded an issue of $4,000,000 4% funding
bonds, due from 1931 to 1940, incl., to a syndicate managed
by Hallgarten & Co. of New York at 101.3499, a basis of
about 4.21% (V. 130, p. 4647).
Below we furnish comparison of all the various forms of
obligations sold in June during the last five years:
1930.
1929.
1928.
1927.
1926.
Perm. loans (U.5.).143,863,737 150,703.034 129.806,486 158,862,319 140,731,789
*Temp. loans (U.S.) 67,541,790 50,089,000 45,294,982 33,251,224 60,248,000
Canada Pus (perm.):
Placed In Canada. 2,454,305 11.691.064 12,296,885 3,463,862 6,326,919
None 16,292,000
None
Placed in U. Et_
None 3,862,000
General fund bonds
None
None
None 4.100,000
(N.Y.City)
None
500,000 1,500,000 3,425,000 1,000,000
Bonds U.S. Posses's 5,500,000
Total
219,359,832 216.845.098 192,998,353 199.002,405 224,698,708
* Includes temporary securities (revenue bonds and bills and corporate stock
notes) issued by New York City, $20,300.000 in June 1930, 523,885.000 In June 1929
$26,370,000 In 1928, $35,975,000 in 1926. 566,494,000 In 1925 and 523,350,000 In
1924.
The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1930 were 421 and 599, respectively. This contrasts with 430 and 623 for May 1930 and 439 and 521 for
June 1929.
J ULY
51930.]
For comparative purposes we give the following table,
showing the aggregate for June and the six months for a
series of years. In these figures temporary loans and bonds
issued by Canadian municipalities are excluded:
Month of
For the
Month of
For the
June.
Sir Months.
June.
Sir Months.
1930
$143,863.737 $754,998,379
1929
150.703,034 670,383,755 1910
519,369,775 $162,846,110
1928
129,806,486 778,419,445 1909
*82,124,450 207,125,317
1927
158.862,319 882,820,720 1908
31,606,064 169.082,579
1926
140,731,789 748,986,936 1907
21,390,486 115,347,889
1925
139,653,772 751.838,574 1906
21,638,622 102,338,245
1924
242,451,538 788.744,973 1905
19,016,754 111,723,054
1923
161,711,897 584,800,923 1904
24,425,909 137,869,165
1922
118,969.285 655,086,150 1903
16,926,619 79,576,434
1921
110,412,059 466,415,487 1902
28,417,172 87,628.395
1920
45,113,020 322,661,532 1901
13,488,098 61,223,060
1919
100.378,481 305,650,839 1900
19,670,128 77,943,665
1918
27,821,083 151,766,284 1899
29,348,742 63,345,376
28,510,832 221,579,100 1898
1917
9,704,925 44.078,547
47,555,691 283,464,572 1897
1916
16,385,065 73,275,377
x108,976.230 322,982,610 1896
1915
12,792,308 43,176,964
1914
54,403,737 357,557,177 1895
15,907,441 56,991,613
39,386,230 218,879,270 1894
1913
16,359,377 66,426,992
1912
49,485,807 246,289,293 1893
1.888,935 32,663,115
1911
27,470,820 223,262,370 1892
12,249,000 49.093,291
x Includes $71,000,000 4l48 of N.Y.City. *Includes $40,000,000 4s of N.Y. C
In the following table we give a list of June 1930 loans in
the amount of $143,863,737, issued by 421 municipalities.
In the case of each loan reference is made to the page in the
"Chronicle" where accounts of the sale,are given:
Page.
Name.
Rate. Maturity. Amount.
4640-Aberdeen,S.Dak.(3 iss.)-5h 1931-1939
76.900
4640-_Aberdeen,So. Dak
5
1931-1939
24.000
9,240
4640-Adams Co.,Ind.(2 iss.) 4% 1931-1941
4096-_Adams Co. Sch. District
4
No. 11, Colo
1931-1950
18,000
1931-1950 1,200,000
4275--Akron Sch. Dist., Ohio_ _4
6
1947
7,500
4459-Alamo, Tenn
4459-Allamakee Co., Iowa4% 1936-1945 140,000
1931-1950 4140,000
4640-.Alamosa, Colo
1931-1940
r50,000
4096-A1bany Co., Wyo
4
1931-1954 r48,000
4275--Albany Co., N.Y
434 1931-1940
75,000
4275-Albion, Mich
63,000
434
146-Albion, Neb
4640-A1buquerque, N. Mex.
4% 1933-1950 470,000
(2 issues)
4640-A1bugnerque, N. Max.
434 1933-1950 298,000
(4 issues)
5
1931-1964
40,000
4640- _Alderson, W. Va
1932-1949
55,000
4459--Amity Twp., S. D., Pa--4
25.000
146--Appleton S. D., Idaho_
4640„Arapahoe Co. S. D. No.
434 19314958
35, Colo
23,000
1931-1940
90,000
146- _Arlington, Mass. (2 iss.)_4
4% 1936-1959 125,000
4276--Attica, N.Y
4
4096-_Auburn, Me
1931-1940
50,000
434 1931-1950
4640-Baldwinsville, N. Y
42,000
4459-Baltimore, Md.(6 iss.)..-4
1934-1954 8,285.000
4640-Bath Twp. S. D., Ind_ _.434 1931-1944
30.000
4640-Beacon, N.Y.(2 issues)-43/ 1935-1955 442,000
44 1932-1951 400.000
4459-Beaver Co., Pa
146-Bedford, Ohio
431 1931-1939 132,965
4096-Belmar, N.J.(3 issues)_5
1931-1940 360,000
434 1931-1941
11,460
4459--Benton Co., Ind
434 1931-1936
4640--Benton Co., Ind
6,590
6
146-Benton County,Ind
1931-1940
7,493
4640-Benton Harbor, Mich-- -434 1932-1940 180,000
4640-Benton Halbor Sch. Dist.,
Mich
434 1931-1940 200,000
4459-Bernalillo Co. Sch. Dist1933-1949
tricts, N. Mex.(3 iss.)_5
32,500
4640-Bessemer, Ala
531 1933-1960 r264.000
81,873
4276--Big Springs, Tex
434 1934-1948 1,000,000
4276-Birmingham, Ala
1931-1940 477,000
4276 _Birmingham, Ala.(2 iss.) 4
4276-Blue Earth Co., Minn.
(2 issues)
25,500
434 1931-1944
4% 1936-1939 4300,000
4460--Boone Co.,Iowa
4276-Bordulac Con. Sch. Dist.
No. Dak
23,000
40,000
147- _Brackettville S. D., Tex_
1931-1960 150,000
4
4096-Bridgeport, Conn
4096-Bridgeton, N.J
434 1932-1970 348,000
1933-1944
4276-Bridgman, Mich
6,000
4276-Bristol, Conn
434 1931-1960 150,000
1931-1950
65,000
4276-Burlingame, Calif
4641__Butler, Pa
44 1937-1956 110,000
4641-Caldwell Par. R. D. No.
5% 1931-1950
45,000
1, La
4641--California (State of)
4% 1936-1971 900.000
4276-Cambridge, Mass
4
1931-1940 150,000
1931-1948
4641--Camden, Me
4
35,000
1931-1945
30,000
4641-Camden, Me
4
4277--Camden, N. J
431 1932-1960 3,939,000
4277-_Camden, N. J
4h 1932-1955 2,335,000
4277- _Camden, N. J
434 1932-1968 464,000
434 1931-1966 133,000
4277-_Camden, N. J
4460-_Cameron Co. Vat. Impt.
Dist. No. 15. Tex
130,000
147-Canton, N. Y
15,000
434 1931-1945
4460--Carbon Co.S. D., Utah _ 4%-4% 1931-'33 235,000
4h 1936-1945 4200,000
4641-Carroll Co., Iowa
4277-Cascade Co. S. D. No. 1,
Mont240,000
:4 1936-1945 4200,000
4641-Cass Co., Iowa
4460.-Cedar Creek S. Twp.,Ind.5
1931-1945
52,000
147-Centervil1e, Calif
250,000
4460--Charleston, So. Caro---4% 1932-1941 126,000
4277-Charleston Ind. S. D.,
W. Va
1934-1950 350,000
5
4460-Charleston & London Dis6
tricts, W. Va
1943-1956 750.000
4460-_Chattanooga, Tenn
431 30 yrs.
717,000
1933-1945
4097--Cherokee Co., So. Caro 5
75.000
1931-1957 400.000
4
4460-Chester. Pa
1932-1950 18970.000
147--Chicago, Ill.(3 issues).- _4
4641-Chicago Sanitary Dist,
III. (2 issues)
434 1931-1950 6,000,000
4277--Chicago Ridge Park Dist.
1940-1950 500.000
Ill
5
92,500
4460- _Chickasha S. D., Okla5h 1933-1960 200,000
4641--Clarke Co., Ala
1931-1940 375,000
4277-Cleveland, Ohio (3 iss.) 5
1931-1955 1,100,000
4277--Cleveland, Ohio (3 iss.) 4
1931-1949 413,000
5
4277-Clifton, N.J
1931-1964 304,000
5
4277-Clifton, N. J
1931-1946 106,000
4097--Colorado Springs, Colo-5
434 1935-1959 300,000
4097--Columbia Co.. N.Y
r49,000
4641_ _Columbia Heights, Minn-6
70,000
434 Dec. 1931
4097-Columbus, Ohio
45,000
4641- _Columbus, Wis
1931-1945
4
30,000
4277--Concord, Mass
1932-1951
60.000
5
147-Concord, No. Caro
4642„Conejas Co. S. D.No.
18'
r44,000
Colo
531 10-20 Yrs.
4642-Coneja8 Co. S. D. No. 8.
4h 10-20 yrs
r45.500
Colo
75,000
434 1931-1940
147--Conneaut,Ohio
143
FINANCIAL CHRONICLE
Price. Basis.
5.05
100.42
4.81
101
101.78
4.13
99.02
100.74
100
100.09
100.19
100.20
100
4.62
4.41
6.00
4 73
--4
.§5
4.46
4.50
100.014 4.65
100.014
100
100.09
100
4.65
5.50
4.24
--- _
100.17
101.09
100.82
98.93
100.52
98.72
102.33
100.26
100.96
100.40
100.01
102.05
101.77
100.33
100.54
4.49
3.75
4.43
4.29
4.44
4.12
4.15
4.23
4.14
4.67
4.99
4.09
4.02
5.94
4.40
100.61
4.37
100
5.00
4
.§g
100.002 -100.002 4.29
100.01
100.60
4.24
4.62
100
100.31
101.28
100.63
100.25
101.17
101.57
4
.22
4.41
5.41
4.22
4.38
4.13
100
106.06
100.79
98.80
98.86
100.40
100.06
100.37
100
5.75
4.08
3.84
4.16
4.18
4.22
4.24
4.22
4.25
100
92.25
101
- 786
4
13§
-
100.05
100.92
104.60
103.48
100.15
4.28
--- 4.47
Tag
105.37
4.41
107.33
105.02
101.41
101.01
94.52
4.44
4.45
4.82
3.90
4.61
98.25
4.73
-------
100.08 4ii3
100.08 4.213
100.57
4.93
101.65 4.86
100
5.00
100.34
4.22
6.00
100
100.08 4.20
101.35
100.17
100.08
3:§6
4.98
4.48
Rate. Maturity. Amount.
Page.
Name.
44610onway, Ark
100,000
5
5
1941-1947
35,000
4461--Cottage Grove, Ore
4461-Covington, Ky
434 1931-1960 111,000
4277-Crafton, Pa
35,000
434 1937-1955
4642-.Crawford Co.. Iowa
434 1936-1945 4300,000
4642__Crescent S. D., Okla_
20,000
534 1933-1947
1933-1947
2,500
4642--Crescent S. D., Okla___ _5
4461__Cross Creek S. D., W.Va_5
1932-1948 250,000
4097- _Cumberland Con. S. D.,
Miss
6
12,000
4097-Cumberland Twp. S. D.,
Pa
75,000
434 1931-1950
1931-1950 170,000
4461__Cumberland, R.I.(2 iss.) 5
4278„Curry Co. S. D. No. 47,
1935-1949
22,500
N. Max
6
4461__Custer, So. Dak
5
1933-1950
35,000
4461- _Cut Bank S. D.,Mont
53( 1935-1950 440,000
147__Dalhart, Tex.(3 issues) -5% 40 yrs.
50,000
1936-1945 4500,000
4642- Dallas Co.,Iowa
4
4642-_Dansville, N. Y
1931-1949
37,000
4
4097-_Davenport, Iowa
8,000
5
4642__Dawson Co. S. D. No. 1,
Mont
5
60,000
147--Dayton City S. 1.).,Ohio_4X 1931-1945 385,000
4642 .DecaturCo., Ind
8,800
434 1931-1941
1931-1940
4097-Delaware, Ohio
6
20,000
4278-Delaware County,Ind- 4% 1931-1941
27,800
4278-Delaware County,Iowa-4h 1936-1945 4150,000
148Derry,Pa
40,000
434 1931-1949
85,500
4462--Dobbs Ferry. N.Y
431 1932-1938
4462__Dobbs Ferry, N.Y
4.15 1939-1947 135,000
20 yrs.
6
15,500
4642- _Dodson, Mont
4278__Dover, N. H
97,000
434 1931-1948
4278_-Duluth, Minn
434 1931-1940 100,000
65,000
4642--East Point, Ga
4462__East Providence, R. I___434 1931-1940 200,000
4642_ _East Williston, N. Y----4Y 1931-1940
30,000
200,000
4278--Ector County, Texas---5
1932-1949 255,000
4
4462-_Edgewater, N. J
4462--Ekalaka, Mont
10.000
4642-Elko, Nev.(3 issues).
54,000
434 1931-1950
98,000
4098-.Elmira, N Y
4462__El Reno S. D.,Okla
28,000
4278- _Escanaba S. D., Mich-- _434 1932-1958 410,000
4278__Fairview, Ohio
6,000
534 1931-1940
4278.
434 1934-1950
4462__Findley Twp.,Pa
57.000
4
1931-1935
25,000
4278__Fitchburg. Mess
148__Fletcher, Okla
27,000
4098.-Floyd Co.. lnd.(2 issues) 5
1931-1940
45,000
431 1936-1945 450,000
4278-Floyd County,Iowa
5
1942-1944 200,000
4462_-Fond Du Lac Co., Wis
4% 1931-1940
20,000
4462-Fort Lupton, Col
51932-1948
16,500
4098 Fort Plain, N.Y
4462„Franklin, Pa
434 1945-1955
40,000
434 1934-1960
4642__Franklin, Tenn
75,000
4462__Franklin Co.. Ohio
434 1932-1940 199,738
4.20 1931-1949 425,000
4642_ _ Franklin Co.. N.Y
431 1937-1949 156,000
4642__Freeborn Co., Minn
434 1938-1970 170.000
4642__Garden City, N.Y
4642__Garden City, N.Y
434 1931-1937 125,000
1932-1949
4462_Garden Grove S. D.,Ia 4
50.000
5
1931-1940
4643__Garfield Heights, Ohio
93,521
10.000
4462_ _Gates S. D.No.7,N.Y--5.20 1931-1940
148__Gates Corn. S. D. No. 4,
5.20 1931-1958 104,425
N.Y.(2 issues)
434 1931-1941
9,000
4643-_Gibson County, Ind
4643__Gibsonburg. Ohio
534 1931-1940
6,800
6
1931-1935
3,181
4279-Girard. Ohio
1931-1935
4643__Girard, Ohio (2 issues) 5
20,096
20 yrs.
6
4643__Glasg0w, Mont
7,500
1931-1950 400,000
4643__Gloucester, Mass.(2 iss.) 4
4643_Gooding Highway Dist.,
534
Idaho
100,000
6,500
4462-Grand View S. D., Callf-534 1931-1956
4643__Grant Co. S. D. No. 20,
5
19334942
N.Max
10,000
500,000
4279-_Great Falls, Mont.(2 iss.)4M
148__Green Bay. Wis.(2 iss.)_-4g 1931-1950 196,000
6
148__Green River. Wyo
25,000
5
1931-1934
8,000
148_ _ Greene. N.Y
5
1931-1940
32,000
4643. Greene County, Ind
4463„Greenburgh S. D. No. 6,
5
1932-1941 115,000
N. Y
4463__Greenburgh S. D. No. 6,
431 1942-1952 185,000
N. Y
(Pa
534 1933-1945
12.000
4279_ _Greenville S.D.,
4643__Greensburg, Ind
434 1931-1941
10,000
4463__Groton & Dryden S. D.
5
1931-1960
70,000
No.20, N.Y
4279__GuadaluPe Union S. D.,
5
1930-1950 105,000
Calif
4643-Guthrie County, Iowa_ .434 1936-1945 4300,000
1931-1945
4643__Hamburg, N. Y
4
35,000
1931-1940
4643__Hamilton, Ohio (3 iss.) 4
26,050
4483„Hamilton County, N. Y.
1934-1951 170,000
4
(2 issues)
4099__Hamilton County, Ohio_ A
1931-1940 144,910
1940
4099__Hanunond, Ind
58,000
4)4
4463__Ilansford County, Tex_
60,000
4463__Harpers Ferry Ind. Sch.
5,000
Dist., Iowa
93,339
4.20 1931-1935
4644_ _Harrison, N. Y
1941-1949 117,000
4644__Havrkins County, Tenn-5
4279__Hempstead and North
Hempstead S. D. No.
2, N.Y
434 1933-1955 175,000
4463....Hempstead S. D. No. 10,
4.40 1931-1951 175,000
N. Y
4279-Highland Park S. D., Tex534 1931-1970 150.000
4279__Hillsborough S. D., Callf.5
1931-1950
35.000
149_11111sdale Co., Mich
60.000
434 1932-1935
32,000
4279_ _Hillside County, Calif_ 4% 1932-1935
1931-1940
.Hobart. Ind
5
33,000
4644.
4463__Holdenville 8. D., Okla_.5
1934-1950
35,000
1935-1954
60,000
6
4463_ _Hooker, Okla
1931-1948
42,000
4644__Hopateong. N.J
4099__Hudson River Reg. Dist.,
4.70 1935-1965 2,790,000
N. Y
4100__Hummelstown S. D.. Pa_4% 1936-1952
21,000
90,000
4% 1932-1951
4464 Indianapolis Ind
4464__Jackson County High 8.
20,000
5 10-20 years
D. Colo
100,000
4644__Jacksonville, Tex
'
4h 1931-1940 r50,000
4280-Jamestsws, N. Y
43,862
4280__Jamestown, N. Y.(2 iss.)4 h. 1931-1940
17,000
4464__Jamestown S. D., Calif 5
1935
r80,000
4644__Jefferson County, Ala _5
1931-1941
18,600
4100__Jefferson Conty, Ind___4%
6,800
4100_ _Jefferson County, Ind_ 434 1931-1941
4464__Jefferson Con. S. D. No.
6.000
534
52, Okla
1930-1965 162.000
4280__Jefferson County, Tex___5
1930-1965
36.000
..5
4280__Jefferson County. Tax.
4464_ -Jefferson Parish W. W.
534 1931-1950 350,000
Dist. No. 2, La
4.23 1931-1940 550,000
4280__Jersey City N. J
4280__Johnson City, Term___ -.5 X 1936.1950' 75,000
1940-1949
10.000
5
4644__Kaweah S. D.,Calif
434 1932-1970 1,986,000
4280_ _Kearny, N.J
4280__King County 8. D.No. 1.
434 2-25 years 1.500,000
Wash
8,600
4% 1931-1941
4100-Knox County, Ind
4644-Kosciusko County, Ind.
67,400
434 1931-1941
(2 issues)
Price. Basis.
100.47
100.57
100.96
100.95
100
100
101.08
5.20
4.45
4.17
4.57
5.25
5.00
4.87
100
6.00
102.04
101
4.26
4.87
5.98
100.15
5.00
100
100.11 5.235
5.75
100
4.62
100.80
100.53 4.43
5.00
100
100.50 ---100.19 4.22
4.18
101.40
104.07 5.13
101.01 -100.10 .4.73
4.24
100.09
4.58
100.01
100.01
4.58
100
6.00
101.21
4.34
101.42 4.20
99.26
100.06
100
100.009
100
4.41
4.74
5.50
4.74
----
100.07
4.49
100.51
100.20
4.46
100.71
IN
5.71
------4.72
4.28
4.98
4.82
106.30
100.23
106.79
98.63
101.34
104.48
100
100.54
100.04
100.22
100.018
100.018
100.50
100.09
100.25
:fig
4.38
4.19
4.22
4.32
4.32
4.44
4.99
5.15
100.58
101.96
100.41
100.80
100.12
100
101.63
5.15
4.10
5.41
5.70
4.92
6.00
3.79
100.09
5.49
100
100.01
100.33
105
100
104.08
5.00
4.49
4.21
1456
4.16
100.05
4.39
100.05
4.39
101.97
4:11
100
5.00
100
100.66
100.64
100.01
5.01)
4.63
4.66
4.49
100.62
100.88
103.13
4.67
4.33
4.26
100.02
101.19
4.19
4.88
100.88
4.42
100.31
102.08
105.08
4.37
5.33
4.25
100.40
101.91
100.15
100.03
100.41
4.37
4.57
4.98
5.99
----
100.64
102.22
104.50
4.64
4.28
4.20
100
5.00
100.16
100.16
100.29
4.21
4.21
__--
101.60
101.51
4.17
4.19
100
100.12
100.27
5.50
4.99
4.98
100.014
100.23
101.16
100.71
4.22
5.23
4.80
4.45
100
101.67
lit
101.98
4.11
144
FINANCIAL CHRONICLE
[VOL. 131.
Rate. Maturity. Amount. Price. Basis. Page.
Page.
Name.
Name.
Rate. Maturity. Amount. Price.
4464_ _Kossuth County, Tows....43j 1936-1945 d365,000 100.18
4.72 4467-Phoenix, N.Y
4A 1931-1950
35,000 101.04
4280- _Labette Co. Kan
4
4.40 4284-Pine Ott" Sch Dist. No.
1931-1940
50,000 100.51
-La Crosse, Wis
4280
1931-1950
60,000 101.15 4.36
47
2-15 yrs. d25,000 100
..Lafayette Parish, La--- -6
4280.
1931-1944 100.000
4467-Plaintield, N. J
4A 1931-1958 589,000 101.94
4644_ _Lake Co., Ohio(2 iss.)_ .
_
1930-1950 119,114 100.55 4.34 4467--Plainfield, N. J
431 1931-1940 443,000 100.45
4644_ _Langlade Co., Wis
1931-1939
90,000 100.34
4.42 4467-Plandome, N. Y
4A 1935-1957
23,000 100.01
4280__La Porte Co., Ind
4.21 4284--Plattsmouth, Neb
1931-1941
5
48,800 103.82
431
r24,000
4280_ _La Porte Co., Ind
5
1931-1940
44.000 103.84 4.21 4467-Polk County, Tenn
5
20-30 yrs. d100,000
4464__Lambertville, N..1
4.68 4467-Portland, Mich
431 1930-1959 180,000 100.77
431 1932-1048
51,000 100.22
4644-Lappatubba Drain Dist.,
4284.-Portsmouth City School
Miss
6
Dist., Ohio (2 issues) 434 1931-1950 750,000 100.02
6.00
1931-1960
18,500 100
80,000
4644. Lebanon, Mo
4647-Pottawattamie Co. Iowa414 1936-1945 500,000 100.02
1932-1970
5
62,500 100.67 4.95 4103-_Preble, Truxton,'
4280-Lee Co., N. C
Tully,
1943-1949
4464__Leeds, N. Dak (21380_ _ _6
Lafayett,Fabius,Otisco
6.00
29,000 100
& Skafford Sch Dist.
4644__Lennox, S. Dak
5
5-15 yrs.
d8,000 100.75 4.87
No. 2, N.Y
4464„Lewisville, W. & S. Di.
4.70 1933-1965 275,000 100.83
6.40 4647- _Presidio County, Tex_ _ _53i 30 years
97
1931-1951
81,600
No.1, Ark
6
150.000 101.33
3.87 4647-Pueblo Co. School Dist.
1931-1940
4
30.000 100.63
4644_ _Lexington, Mass
Colo.(2 issues)
1932-1950
14,000
5
4644„Ligonier Twp., Pa
514 1931-1938
18.000
5
1931-1943
61,000 103.19 4.59 4103:-Putnam County, N. Y_ _4 A 1931-1948
4644_ _Lincoln Co., Wis
90,000 101.12
23,992 100.04 ____ 4284_ _Putnam County, Ind_ _ _ _4 A 1931-1941
4464_ _Lincoln Park, Mich
8,400. 103.02
4
1931-1958 610,000 100.20 4.48 4647_ _Putnam County, Ind_ __-4A 1931-1941
4464-Linden, N. J
25,760 101.11
4464__Linden, N. J
1931-1951 326,000 100.20 4.48 4647-_Putnam County,Ind- _434" 1931-1941
43
10.000 102.10
5.76 4647_ _Putnam County, Ind- _ _-4 A 1931-1941
1931-1945
86,600 100
4464Lochmoore, Mich
531
7,500 101.93
4.50 4647--Putnam County, Ind_ _ _-4A 1931-1941
4A 5-30 yrs.
100,000 100
4645--Logan Co., Ky
4,000 104.01
4284-Putnam Valley, N. Y_- -5.20 1931-1941
4280_Logan Co. S. D. No. 62,
27.500 100.08
r20,0004467-_Quay Co. Sch. Dist. No.
Colo
531 1941-1950
4:53
1. N. Meac
1934-1948 250,000 104.17 4464_ _Logan, S. D., W. Va _ __ _5
3,5
3-20 yrs.
120,000 100
152_Quay Co. S. D. No.
.Los Angeles Man Marino
4464.
N.Mex
1931-1950
75,000 104.02 4.53
5
S. D.) Calif
34.6
1932-1943
6,000 100.50
152__Quay Co. S. D. No.
.Los Angeles Co. Acquis.&
4464.
N.Mex
Impt. Dist. No. 17,
Dists.,6
1932-1942
10,800 100
1932-1941
26,128 100.67 6.87 4647- _Quay Co. Sch.
7
Calif
N. Mex. (2 issues)-5.10
26,587 101.90
5A 1931-1939
4645-Lowellville, Ohio
80,000
4284__Quincy, Mass
4
4465_ _Lower Paxton Twp.S.D.,
1931-1940 160,000 100.95
29,000 100.85 4.28 4103_ _ Racine County, Wis
Pa
4)4 1931-1940
434 1931-1950 1,000,000
-Lucas Co., Ohio (3 iss.)- _5A 1931-1937 127,670 103.20 4.29 4647_ _Randolph, Iowa
5
42811931-1940
16,600 188
.80
40,210 100.02 4.49 4284_.Reading, Mass
4
4281--Lucas Co., Ohio (2iss.)..431 1931-1939
1931-1945
95,000 100.66
49,180 100.34 4.43 4103-.Red Willow County S. D.
431 1931-1940
4281- _Lucas Co., Ohio
4.34
No. 17, Neb
431 1931-1940 300,460 100.81
4645-Lucas Co., Ohio
434 10-20 yrs.
75,000 100.62
5.00 4103--Red Willow County S. D.
1-20 yrs.
d5,000 100
4281_ _McIntosh. S. Dak
5
17, Neb
434 1934-1938 r45,000 100.62
149--McMinnville, Ore
531 1934-1936 d100,000 100.38 5.40No.
431 1931-1946 270,000 101.25 4.32 4284- _Redwood City, Calif_ .. _ _4 A 1931-1950
4645--Madison, N..1
55,000 100.40
431 1931-1950 550,000 101.94 4.26 4103_ _ Revere, Mass. (4 iss.)_ _ _4 A 1931-1940 218,500 100.78
4281-Madison, Wis
3.82 4467_ _ Richburg, N.Y.(2 iss.)_ -4 A 1931-1940 108,000 100.67
431 19314941
10,600 103.22
4281_ _Madison Co., Ind
152_ _Rich Hill, Mo
99.48 4.05
4
1936-1950 1,500,000
4465_ _Maine (State of)
35,000
3.81
152- _ Richland Parish S. D.No.
4
1931-1940 240,000 100.92
4465-Malden, Mass
13. La
25.000 101
4101- _Mamcwoneck.N.Y.(3 iss.)4 A 1931-1950 519,500 102.08 4.30
551 1931-1950
152-Richland Parish S. D.No.
4.29
(2
4645_ -Mamaroneck,N.Y. iss.)4.30 1931-1960 210,000 100.07
1931-1950 220,000 100.28
18,000
4101_ -Manzanola, Colo
5
2 La
0,
4465--Maplewood Twp.. N. J_ _4 A 1931-1970 312,000 102.60 4.30 4284-- R1chmond, Va.(6 iss.)_ _ _4 A 1940-1964 2.035,000 103.87
152- _Ridgewood Twp. S. D.,
4281- _Maricopa Co.S. D.No.3.
N. J
4.92
Ariz
1936-1945
1932-1960 488.000 100.48
5
35,000 100.57
4647--Roane County, W. Va_54)434
62,500 100
4465--Maricopa Co. B. D. No.
35,000 101.41
31. Ariz
5
1941-1950
15,000 100.10 4.99 4647-Rochester, Minn
1931-1940
431 1931-1940
20,000 101.72 4.14 4104-Rockville Centre, N. Y.
4101--Marion Co., Ind
4 *
Issues)
4.40 1931-1950 240,000 100.58
4281- _Marion Co.,Ind.(2 iss.)_4 A 1931-1940 100.000 101.90 4.11
(3
150- _Marion County, Iowa_ _ _4 A 1936-1945 300,000 101.002 4.57 4468--Rosebud ounty, Mont_ _4A 1931-1950 160,000 101.18
431 1931-1950
39,000 103.40 4.08 4468-- Roswell, N. Mex.(4 iss.)_5
1933-1950 260,000 100
-5
1931-1941
13,500 104.48 4.08 4468-Rurnson,N.J
4645-Marshall Co., Ind
-4)4 1931-1944 186,000 100.70
4.08 4647- _St. Edwards, Neb
10,400 104.47
r27,000
1931-1941
4645.-Marshall Co., Ind
5
4A
152--St. Mary's, Pa
20,000 100.12
1931-1941
3,500 100.42 4.92
4645--Marshall Co., Ind
5
4A annually
4.62 4468__St. Paul, Minn
24,500 100.61
4101-_Marshalltown, Iowa
431 1931-1939
431 1931-1950 1,000,000 101.05
7,500 101.85 4.11 4285--Saginaw County, Mich- _4
1932-1935 124,000 100.09
4645-Martin Co., Ind
434 1931-1941
4645__Martin Co. Ind
431 1931-1941
5,800 101.82 4.12 4647-Saginaw, Mich. (2 iss.) 4
1931-1935 250,000 100.34
50,000 98.45
(3
1931-1950
4101-_Marylanditate of) iss.)4 A 1931-1945 2,245,000 102.82 4.13 4648-Salem, Ore
3.80 4104--San Benito Ind. S. D.,"
1931-1945 290,000 101.31
150--Medford, ass.(3 issues) 4
Tex
80,000 100
4282-Melvindale, Mich.(6 iss.)531 1931-1946 372,500 100.10
5.73
5
4282-_Menands, N. Y.(2 iss.)_AA 1931-1950 192,000 100.18 4.48 4(348_ _San Jose H.8. D.,ll.. _ _5
50,000 101.77
I..
3-12 yrs.
3.91 4648--Scarsdale, N.Y.(2iss.)_ _4 A 1931-1964 181,000 100.02
1931-1949
91,900 100.45
4101-_Methuen,Mass.(5 iss.)....4
43461,000
431 1931-1941
12,400 102.02 4.10 4648„Schuyler, Neb
4646-Miami Co., Ind
431 1931-1941
10,200 101.97
4.11 4648__Scotts Bluff Co. S. D.
4646-Miami Co., Ind
No.56,Neb
4465-Midd1etown, Ohio
15,000 100.84 4.58
5-20 yrs. 1'21.000
431 1931-1940
434
18,000 100.03 4.49 4285--Sanford, No. Caro
50,000 101.34
431 1931-1939
534 1933-1945
4101- _Middletown, Ohio
1931-1942
4
3.89 4468--Scott County, Va
29,000 100.55
4282-Milton, Mass
1931-1948 1,980,000 102.71
W4
21 5(1
9 3m 219,000 100.68
0
4282__Mllwaukee, Wis
4
4.17 4285-Seattle, Wash.(9 iss.)
1931-1950 2,000,000 102.71
4.17 4285-Seminole County S. D.
4282-Milwaukee, Wis. (2 iss.)_5
No. 17, Olda
4102__Minoa, N. Y
5.66
10,000 100.27
531 1931-1935
150„Monroe County, Iowa__ -431 1936-1945 d227,000 100.82
4.60 4104-_Shaker Heights Village
1933-1935
75,999
S. D., Ohio
75,183 I®
100.42
434 1931-1949
(3
241,100 100.02 4.49
4646_ _Monroe Co.,Mich. iss.)4 A
4468-Sharewood Wis
96.25
110,000
150- _Montesano. Wash
531
152_ _Sharon Hills. D.,Pa _-4
19 0
6
4)1 1931-1944
150_ _Montgomery Co., Ohio
9,600 102.79
81,000 100.48
4.41 4285-Shelby County, Ind
431 1931-1941
(2 issues)
431 1931-1940
4285- _Shelbyville, Tenn. iss.)560,000 100.86
(2
4646-Montgomery Co. S. D.,
18,000 100
5.13 4285 She3renne S. D.,No.Dak.
50,000 101.66
Miss
sg 25 yrs.
4648-Sierra County S. D. No.
4648-Morehouse Par. R. & B.
6, N. Mex
21,500 100.10
19391950
1 -0
35
1931-1950 165,000
6
Dist. No.4,La
4:29
1931-1941
8,700 193.63 - . 4285--Somerset County, N. J.-434 1931-1952 817,000 101.79
4465_ _Morgan Co., Ind
5
1931-1940 200,000 101.20
153-Somerville, Macs
4
_Mount Lebanon Twp. S.
4646_
D.,Pa
431 1935-1960 440,000 103.62 4.21 4648-Southampton S.D.No.9,
N. Y
1931-1955
98,000 100.03
6.00
1932-1950
38.000 100
4102-_Mountainair, N. Mex_ _ -6
9.5
4102- _Multnomah Co.,Ore_-_4 A 1936-1960 880,000 100.153 4.24 4648--Southampton S.D.No.
N. Y
1936-1960 120,000 100.153 4.24
4.30 1956-1970 152,000 100.03
4102__Multnomah Co., Ore_ _.4
.
.
4646-Multonomah Co., Ore_ _4 A 1943-1960 228.000 100.03 4.28 4648-South Bend School City
.
Ind
72,000 100.03 4.28
434 1940-1949 300,000 105.53
4646-Multnomah Co.,Ore_ _ _ _4 A 1936-1942
1933-1960 270.000 101.95
1931-1940
36,000 101.05 4.54 4648-Southborough, Mass..
..4
4283-Muskegon Heights,Mich.4
454 1957-1960 250,000 102.86 4.33 4468--Spokane County S. D.
4465-Nashville, Tenn
No. 87. Wash
4.60 1932-1951 625,000 100
4282._Nassau County, N. Y.._ _4 A 1942-1950 1,700,000 101.90 4.08
57,000 103.52 4.02 4285--Springfield,Ohio
454 1935-1946
434 1932-1956 200,000 101.87
4465_ _NewCastle Co., Del
4468-Springfteld, Mass
1931-1950 960,000 102.09
4
4646- _New Castle Water Dist.
4.30 1935-1950 320,000 100.14 4.28 4648-Stamford, Conn. (Town
No. 1, N.Y
of)
1950 20,000,000 100.10 102.26
Jersey (State of)_ _ _ _4
434 1932-1950 192,000 100.80
4283-New
5.00 4104--Starr County, Tex
1931-1940
3,675 100
5
160,000
554
4283-New Knoxville, Ohio
6.00 4286-Stephens County, Ga_ _ _ _5
1931-1940
3,500 100
1931-1954
30,000 106.264102_ _New Lebanon, Ohio_ _ - _6
4469--Story County,Iowa
.
4A 1936-1945 d250,000 100.76
4466--New Paltz, Lloyd, Esopus,
4286-Sturgis, Mich
Gardiner, Plattekill &
434
100,000 100.41
4286-Summit Co.,0.,(10 iss.)_4 A 1931-1940 300,500 100.19
Rosendale Sch District
4.45 4648-Summit County, Ohio--4)4 1931-1937 225,000 100.34
1931-1960 205,000 100.54
4
No. 1, N.Y
3.85 4648-Sunarnit Township S. D.
1940-1950 353,000 100.17
3
4102_ _Newton, Mass
No.8, Mich
3.85
1931-1939 297,000 100.17
4
1931-1956
68,500 100.36
4102_ _Newton, Mass
5
153__Sunnyside, Wash
151__Niagara Corn. 8. D. No.
58,500
95
4.77 4286-_Sunnyvale S. D.,Calif
45,000 100.27
4.80 1931-1950
25,000 104.40
1, N.Y
._.5
1931-1955
153-Swampscott, Mass.(2 is.)4
4283--Nockamixon Twp. School
88,000 101.47
1931-1954
31,000 102.43 4.27 4105-Switzerland County,
District, Pa
431 1931-1960
(2 issues)
3.75
-4
19,450 101.77
1931-1935
80,000 100.63
Ind.
434 1931-1941
4646-Norfolk County, Mass
4286_ _Tacoma, Wash
151__North Branch Sch. Dist.,
4A 1932-1938 r350,000 100.02
4648-Tama County,Iowa
46,000
- 1936-1945 d300,000
Minn
64,222 100.09 205 4648-Taylor County,Iowa_ _ _4 A 1936-1945 d300.000 100.65
.
4646--No. Canton, Ohio (4 iss.)431 1931-1940
4469-Tayloz County, Wis
4A 1932-1933 100,000 100
151_ _North Little Rock S. D.,
5.29 4648_.Tennessee (State of)
1945
500,000 102.29
95.90
434
1948-1959 100,000
Ark
5
4.50 4469-Thomasville, No. Caro.
1931-1939
6,800 100
151-Norwich, N. Y.(2 iss.)_ _4
4.74
(4 issues)
95,000 100
35.000 100.17
151-0akfield, N. Y
534 1931-1949
431 1935-1969
1931-1947
17,000 100.009 5.99 4286„Tillman Co. Con, S. D.
6
4466-Ocean Beach, N. Y
1933-1948
No. 13, Okla
27,500 100
5
434 1931-1950 331,000 100.62 4.42
4283_ _Ocean County. N. J
4.48 4286-Tlliman Co. Con, S. D.
102,000 102.83
1937
4283__Oconto County, Wis-- 5
No. 13, Okla
534 1933-1948
12,500 100
4466__Okanogan Co. Sch. Dist.
1931-1941
5.50 4649-Tippecanoo County, Ind_5
75,000 104.42
8,000 100
No. 103, Wash
531 1932-1939
7.65 4469--Tippecanoe County, Ind_5
1931-1941
58,000 104.07
6)4 1931-1935 185,000. 96.97
-Orlando, Fla
4466_
4105-Tivoli, N. Y
16.000 100
454 1931-1946
1931-1935 1,300,000
4283__Orleans Levee Dist., La-5
153_ _Tonawanda, N.Y
1941
110,000 100.68
13,000 100.40 4.84
434
1931-1935
5
4283_ _Otsego, Mich
4.74 4469__Tonawanda S. D. No. 1,
100.07
1931-1940
29,084
451
4283-_Ottawa Hills, Ohio
N.Y.(2 Issues)
4.80 19311940 100,000 100.08
---r140,000
4646--Palo Pinto, County, Tex_ 4286_ _Trenton, Mich.(6 issues) 431 1931-1935 124,800 100.13
59,000
1931-1950
5
4646__Park Rapids, Minn
91,000 100.38
4.24 4469__Trumbull County, Ohio_ _4 A 1931-1940
70,000 102.13 4A 1931-1950
151_ _Parks Twp. 8. D., Pa
5.11 4649_ _Tulsa, Okla.(8 iss.)_ _4 A-4 A 1935-1955 1,820,000 100
531 1931-1940 200,000 100.63
4466- _Parma, Ohio
1931-1945
42,500 105.33
61,000 104.39 435 4649--Union Twp. 8. D., Ind_ _ 5
1942-1946
151_ _Pasadena, Calif
431
4.29 4649_ _Upper Lake Union School
434 1941-1948 611.000 101.76
4647-Passaic, N. J
5A 1931-1950
District, Calif
35,000 104.82
1931-1950 250,000 101.39 3.815
4283_ _Peabody, Mass.(2 iss.) 4
153_ _Valencia County S. Dis.,
4.40
100.72
45.000
4467- _Pelham Manor, N.Y.._ _.431 1932-1946
1933-1949
N. Mex. (3 issues)_ _ _5
25,250 10b
151-Pence Ridge Twp. S. D.,
1934
100,000 100.21
4286- _Vernon Co., Wis
434
2,400
4.95 11 yrs.
Iowa
19,000 101.96
15,000 103.87 TN) 153_-Wabash Co., Ind.(2 iss.)_4A 1931-1941
1931-1941
5
4647__Perry County, Ind
4.83 4469-Wallingford, Conn
434 1932-1961 150,000 103.09
1932-1961 150,000 101.79
5
4467-Person County. N. C
22.500 100.40
4.74
153_ _Wamego. Kan
434 1931-1940
63,000 103.38
1935-1970
5
4647-Phelps, N.Y
Basis.
4.61
.31
4
4
4.28
4.49
4.47
4.49
4.49
4.64
5.41
4.35
3.89
4.27
4.07
4.10
3.63
5.18
5.00
5.92
6.00
3.86
t:36
3.90
4.42
4.42
4.45
4.04
4.60
5.63
4.97
4.26
4.46
5.50
4.25
4.33
4.73
5.00
4.40
:4:4
4.13
4.47
4.13
4.69
5.00
-4.24
5.31
4::a
5.00
4.45
12:888 ISM 1:13
4.61
4.91
-5.99
4.30
3.75
4.40
4.40
3.99
3.83
4.60
4.32
3.75
4.16
-4.37
4.61
4.44
4.41
4.96
:Ca
3.82
4.13
4.49
-f.6550.
4.28
5.25
5.00
5.50
4.09
4.18
4.75
4.67
4.79
1742
-:15
4
4.77
5.00
4.44
4.11
4.22
4.41
FINANCIAL CHRONICLE
JULY 5 1933.]
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
153_ _Warren County, Iowa_ _ _4j 1936-1945 4300,000 100.85
4.59
4287_ _Warrensville Hglats, Ohio.5% 1931-1940 135,800 100.60
5.38
153_ _Warwick, R I
4% 1931-1945
4.61
45,000
99.30
153_ _Washington Sub. San.
Dist., Md
4% 30-50 yrs. 4300,000 100.53
4.47
4469-Webster Co., Iowa
4% 1936-1945 500,000 100.35 4.68
4649--Webster Springs,Iowa_
4287--Weed Gram. S. D., Calif-6
1931-1945
15,000 105.86
5.07
4105-_We1d Co. Con. S. D. No.
34, Colo.(2 issues)._ _ _4% 1931-1939 r50,000
4649-Westfie1d, N Y
5
1931-1934 r21,600 101.50 4.39
4287-Wesleyville S. D.,Pa_ _ _ _5
1940-1960
65,000 109.88 4.26
4469_White Co., Ind
6
1931-1935
1,503 100.66
5.76
4469-White Co., Ind
6
1931-1940
14,512 100
6.00
4650_ _Wichita, Kan. (2 issues)_4% 1931-1950 350,000 102.03 4.25
4650_ _Wichita, Kan
4% 1931-1940 192,214 101.21
4.25
4105__Wlldwood Crest, N. J
6
1931-1947
72,000 100.81
5.86
4287-Wilkinson Co., Miss
54 1931-1945
30,000 100.33
5.46
4470-Williston Park, N. Y-434 1932-1950
30,000
100 4.50
4460-Wilton, Conn
4% 1931-1948
90,000 100.43 4.44
4650_ _Winona, Minn
434 1934-1949 415,000 100
4.25
154_ _Woodbridge Twp. S. D.,
N. J
5
1932-1952
21,000 100
5.00
4650_ _Worcester, Mass.(5 iss.)_4
1931-1945 990,000 101.34 3.71
4470-Yakima Co. S. D.No.99,
Wash
5% 1932-1950
10,000 100
5.50
4650--Yorktown, Tex
1936-1965 179,000
4470_Zanesville, Ohio (3 iss.)--4N-1932-1941
4.61
40,700 100.81
Total bond sales for June (421 municipalities
covering 599 separate issues)
$143,863,737
d Subject to call in and during the earlier years and to mature in the later
year. k Not including $67,541,790 temporary loans. r Refunding bonds.
it And other considerations.
of .925, the Illinois Supreme Court has just held in a case entitled People ex
rel Harding v. Chicago and North Western Ry. Co.
"Certain additional taxes levied by three school districts of Cook County
were also invalid, but the company's contention that the levy made by the
sanitary district of Chicago was improper cannot be sustained, the court
ruled.
"At the time the City of Chicago made the levy on Feb.9 1927 the maximum rate of taxation for corporate purposes (exclusive of certain specified
levies) was 1.85% of the assessed value of taxable property in the city.
By an act effective July 7 1927 the State Legislature provided that property
should be assessed at its full value instead of one-half thereof.
"The county clerk extended as the city taxes for general corporate purposes at the rate of 1.031393A of the full or newly fixed assessed value,"
the court said. The company s contention that, by doubling the assessed
value of taxable property after the city taxes had been levied, the maximum
rate governing the extension of those taxes would necessarily be one-half
of the former maximum rate of 1.85% or .925%. and that the levy of those
taxes in excess of the latter rate would be, as to the excess, in violation of
the State Constitution, should be sustained, it was held.
"The additional levies by the Cook County school districts was made
under a statute which could apply only to that county, the court explained,
holding that such a classification based solely upon a difference in the population of counties has no rational basis, and cannot be sustained."
The following item included in our total for the month
of April should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
this elimination may be found.
Page.
Name.
4467-_ Quanah S. D., Tex
Rate. Maturity. Amount.
5
1931-1970 120,000
P-ice. Basis.
100 5,00
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate.
4640-Benton County,Ind
6
4276_ _Big Horn County, Mont-5
4641_ _Boyceville, Wis
51
4276--Butte Co. Reclam. Dist.
No. 833, Calif
6
4277- _Carroll Co., Ind. (2 iss.)_4%
4460- _Cass County, Ind
43.
4642_ _Cranberry Twp.8.D.,Pa_4%
4278-Evansville Mills, N.Y......5
4462--Goshen Twp. S. D., Ohio
(March)
5
4279- _Hardin County, Tenn_- _5
4279-H00edale, Ill
5
4464-Indianapolls, Lid
43
4280--Knott Co., Ky. (April)- _6
4282-Monroe Co., Mich.(2 is.)4%
4465--Nazareth, Pa. (March) -4%
4465--Newborn Spec. H. S. D.,
Tenn
6
4467-- Quanah S. D.,Tex (Apr.)5
4648-St.Joseph, Mich
4%
4648--San Dieguito S. D.,Callf-5
4648-Spring Twp. Rural S. D.,
Ohio (April)
5
4469-Tiffin, Ohio
5
4286-Vanderburgh Co., Ind.
(2 issues)
4%
4286--Vanderburgh Co., Ind_-4%
4105-Warwick S. D. No. 12,
N.Y.(April)
4.80
Maturity: Amount. Price. Basis.
1931-1940 $13,268 100
6.00
1931-1949 r75.0oo
1931-1943
12,500 100.60
5.15
1942
1931-1941
1931-1941
1934-1940
1931-1950
1940
1931-1960
1933-1942
1932-1941
1935-1950
15,000
14,200 101.29
9,600 101.31
27,500 101.01
10,000 100.97
-Adjustment of Bond Default Expected
• Cohoes, N. Y.
-To judge from an opinion just handed down by
Shortly.
Judge Cooper of the United States District Court for the
Northern District of New York, affecting the involuntary
default on $1,439,000 certificates of indebtedness of the
above-named city, it is believed that an adjustment of the
dispute will be arrived at in short order. The issuance of
the certificates in question was said to have carried the total
funded debt of the city over the limit as prescribed in the
State Constitution. Special legislation was passed at
Albany in March which permitted the City to refund the
certificates with long-term bonds and as the latest property
assessment of Cohoes brings the aggregate indebtedness of
the city within the 10% legal limit, this technical point is
now thought to be overcome. In regard to the matter
we give herewith the statement issued by the Bondholders
Protective Committee on June 25:
4.25
4.24
4.33
4.87
103.22
4.12
19 yrs.
40,000
200,000
50,000
12,500
50,000
178,100
50,000
100.54
100
4.25
20 yrs.
1931-1970
1931-1940
1933-1938
35,000
120,000 100
26,700 100.09
6,000 100.08
5.00
4.48
4.98
100.50
100.50
4.96
4.95
1955
1931-1939
25,000
15,750
100
101.11
5.00
4.75
1931-1941
1931-1941
36,560
22,000
101.56
101.35
4.19
4.24
1932-1941
10.000 100
145
4.80
All of the above sales (except as indicated) are for May.
These additional May issues will make the total sales (not
including temporary loans) for that month, $143,804,076.
BONDS OF U. S. POSSESSIONS ISSUED IN JUNE.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
4099-Honolulu (City & County
of), Territory of Hawaii
5
1935-1959 1,500,000 107.319 4.385
4647--Porto Rico(Govt.of)_---434 1931-19404,000,000 101.34
4.21
To the Holders of Certificates of Indebtedness of the City of Cohoes. N. Y.:
The Bondholders' Protective Committee caused a suit to be brought,
In the name of the Standard Oil Company, against the City of Cohoes
upon a certificate ofindebtedness,owned by that company,in the denomination of One Hundred Thousand ($100,000). The city answered the complaint by setting up various defenses, including the affirmative defense
that the certificate represented indebtedness incurred in violation of the
limitation of indebtedness, prescribed by the Constitution of the State of
New York, and that the Constitution declares that indebtedness incurred
In violation of such limit shall be absolutely void. The Attorneys for the
Committee acted as Attorneys for the Standard Oil Company, and made
several motions directed to the answer. These motions were argued before
Judge Cooper in the United States District Court for the Northern District
of New York, on Thursday, June 19th. Our Attorneys were completely
successful and succeeded in striking out every defense which was Interposed
by the city. The court offered to grant the city attorney permission to
file a new answer, but he confessed that he had pleaded every defense which
the city had to the suit, and that if his answer was stricken he had no further
defense. The judge thereupon annouhced that he would write an opinion
in due course disposing of the entire case upon the motion then before him,
and our attorneys accordinglt expect, within a few days, to enter judgment
in favor of the Standard Oil Company for the amount of the certificate and
interest down to the date of judgment.
As you have already been informed, the committee now proposes to
bring suits upon all certificates of indebtedness deposited with it, the
owners of which shall have paid the assessment, which the committee has
levied, on or before July 15.
The committee has no longer any funds to finance this litigation, and
accordingly it will only be in a position to bring suits upon the certificates.
the owners of which shall have paid their assessment. The situation calls
for prompt action. The committee's suit will be brought immediately
after July 15 1930. The holders of the certificates of indebtedness, which
have not paid their assessment on or before July 15 1930 will be obliged
to protect themselves. The city administration has very definitely announced that it will not recognize any of these certificates of indebtedness
which are not reduced to judgment. Accordingly, unless your certificate
of indebtedness is reduced to judgment it will not be paid.
The attorneys for the committee have made arrangements for the issuance
of refunding bonds, for the purpose of refunding any judgments which it
obtains upon certificates of indebtedness, and they have reason to believe,
from negotiations which they have conducted, that the refunding bonds
can be marketed upon such terms as will insure the holders of the certificates. whose claims they reduce to judgment, obtaining one hundred cents
on the dollar with interest down to the date of payment.
July 15 is the dead line. In justice to those depositors who are cooperating with the committee, the committee feels that it cannot-prejudice
their interests by delaying a single day to wait for certificate holders who
have not deposited their certificates and paid their assessment on or before
that date.
BONDHOLDERS'PROTECTIVE COMMITTEE.
By G. E. BROOKS, Secretary..
New York. June 25 1930.
ADDITIONAL CANADIAN BOND SALE FOR APRIL.
Name.
Rate. Maturity. Amount. Price. Basis.
Edmunston Twp.,N.13-_5
1960
300.000
94.60
5.36
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
JUNE.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
N4 e.
0nt
20 inst.
5
20.000
96.04
4650-British Columbia,Prov.of4
9 monthss4,000,000
4:25
4650-BritLah Columbia,Prov.of4
1 year 8
Connecticut.
-Changes in List of Legal Investments.
4,000,000
99.61
4.40
4470-Chilliwack, B.0
5
10-29 yrs.
71.500
97.61
5.18 In a bulletin dated June 27 the State Bank Commissioner
4106--Drummondville, Que_ _ _ _5
1931-1960
74,400
97.30 ---4470- _Dufferin County, Ont--5% 1931-1950
64,000 101.29
5.08 informs us of the following changes in the list of investments
4650_ _Edmonton, Alberta
5
30 years
30,000
97.27
5.25 considered legal for savings banks and trust funds:
4287- _Grand Mere, Quebec_ -- _5
1931-1944
81,300
97.37 ---Additions.
4470- _Greenfield Park, Que_ _ _ _5%
15 years
45.000
97.53
5.75
4650-_New Glasgow, N. 8
5
20 years
Chicago & Northwestern Ry. Co., equipment trust, series X, 4%s.
9.000
98.13
5.14
4650-Nelson, B. 0
5
20 years
75,000 98.25
5.14
4106-Niagara Falls, Ont. iss.)5
1-20 yrs. 199,390
193i95. Burlington & Quincy System, first and refunding, series A, 55,
Chicago,
98.37
4106--Niagara Falls, Out. 2iss.)534 15 years
50,992
98.37 ---- 1071; first & refunding, series B, 434s, 1977.
4470--Peterborough, Ont. 2iss.)5
10-30 yrs. 226,500
New York Central Lines, equipment trust, 434s, serially, 1931-1945.
99.10
5.10
4470-Richmond Twp., B.0_5
1950-1954 151.000
Old Colony RR., first, 434s, 1950.
98.03
5.14
4470-Rockcliffe Park, Ont
534 20-30 yrs.
Southern Pacific Co., equipment trust, series L, 434s, 1930-1944.
65,240 100.77
5.32
4650-St. Catharines, Ont
5
10-15 yrs. 274,683
98.52
Deduction.
5.28
4470-St. John, N. B
5
1940.1970 409,000 100.07
Poughkeepsie. N. Y.
4.99
4470-Saskatoon Sch. Dist. Ne.
13, Sask
5
30 years
115,000
98.03
5.13
Illinois.
-State Legislature Adjourns After Passing Relief
4470-Shawinigan Falls, Que_ _ _5
1930-1960 250.000
98.38
5.16
4650--Thorold, Ont
534
10 inst.
55,000 100.46
-On June 25 the State Legislature adjourned
4.44 Measures.
4650-Victoria, B. C
1931-1970 187,300
5
99.28
5.06
Page.
• Total amount of debentures sold during Jtme_$2,454,305
* Temporary loans, not included in total.
NEWS ITEMS
Chicago, Ill.
-City's 1927 Tax Levy Ruled Partly Invalid.
A Springfield dispatch to the "United States Daily" of June
26Treports that the State Supreme Court in a case recently
tried, ruled that the 1927 tax levy of the city was partially
invalid in that the statutory limit of .925% of the full or
newly fixed assessed value had been exceeded. The newspaper report reads as follows:
"The annual levy of taxes made by the City of Chicago on Feb.9 1927 was
invalid to the extent that the rate of 1.031393 exceeded the statutory limit
sine die after the Chicago financial relief legislation that had
been pending was passed by both the House and the Senate,
according to newspaper dispatches from Chicago.
-On June 28 GoverGovernor Emmerson Signs Relief Bills.
nor Louis L. Emmerson signed all but 11 of the more than
30 measures enacted by the special session of the 56th
General Assembly, as above stated. According to the
Chicago "Post" of June 29 the Governor stated that "because
of his firm conviction that all bond bills should carry a
referendum, he will permit the 11 measures, which are bond
bills, to become laws without his approval." In a statement,
the Governor said he was allowing the bond bills to become
laws without his signature because the Strawn Citizens'
Committee asserted that the bond measures were essential
to Chicago's relief program.
146
FINANCIAL CHRONICLE
Florida.
-Municipal Finance and Taxation Problems.
Mr. J. Mark Wilcox, City Attorney of West Palm Beach
and Chairman of the Committee on Finance and Taxation
of the Florida League of Municipalities, has forwarded to us
a copy of a comprehensive report compiled by him which was
presented to the above named League at its annual convention held on June 26 and 27, at St. Petersburg, dealing in some detail with the various problems of finance
which now confront Florida municipalities, analyzing their
causes and discussing feasible methods of solving these problems. This report was distributed to all municipal officials
in the State and they were urgently requested to study it
and offer their co-operation and assistance. The following
table, taken from the report, will serve to show the present
status of the majority of municipalities in that State:
[Vor.. 131.
Equalization, Tax Commissioner Thomas M. Lynch, Chairman of the State Board, issued the equalization table for
1930 which discloses an increase of over $1,500,000,000 in the
assessed value and of nearly $1,750,000,000 in the full valuation of taxable real property over the total for last year,
according to a statement issued by the State Department of
Taxation and Finance on June 30. The 1930 assessed
valuation is set at $28,216,483,604, which compares with a
total of $26,716,193,116 in 1929. The full valuation of
taxable real property at the rate of equalization has been
placed at $33,876,406,246, while the total for 1929 was
$32,134,891,235. The total equalized value of real property
and assessed value of personal property subject to taxation
is $28,602,349,548, as against the 1929 total of $27,034,695,261, the increase for the year being $1,567,654,287.
Status of Outstanding Bonds on April 15 1930.
Assessed
OutAnnual
Value
standing
Defaulted Defaulted
Interest
CityReal Estate. Bonds. Requirement. Principal. Interest.
Apalachicola_ _ _ $1,585,230 $295.000
$16,900
Arcadia
5,076,342 1,290,000
ALBANY, Albany County, N. Y.
72,000
-BOND SALE.
-The following
Archer
25,000 None.
issues of coupon or registered bonds, aggregating $5,490,000, offered on
Auburndale
5,560,000 1.324,000
$48,000
63.000
$18,000 July 2-V. 130, p. 4640
-were awarded as 43is to a syndicate composed
Bartow
8,903,572 1,440,000
of the Bankers Co. of New York; Guaranty Co. of New Yokr; National
38.343
Bronson
24,945
City Co.; Harris, Forbes & Co.; Ames, Emerich & Co.; L. F. Rothschild
Bradenton
18,853,680 2,783,500
155,752
130,000
$46,202 & Co., all of New York; also the National Commercial Bank & Trust Co.
Boynton
5,328.139
of Albany: at par plus a premium of $114,191.45, equal to 102.079, a basis
744,565
45,841
84.590
Bushnell
406,505
of about 4.05%•
86.000
5,160
Boca Eaton...... 4,844,078
254,000
$3,300,000 water bonds. Due $82.500 on June 1 from 1931 to 1970 incl.
15,240
Bunnell
214,320
96,000
1,180,000 public impt. bonds. Due on June 1 as follows: $57,000 from
5,760
Clearwater --- _ 25.180.790 6,321,000
382,521
50,000
1931 to 1940 Incl.; $58,000 from 1941 to 1950 incl., and $3,000
Clermont
2,990,133
993,300
59,598
from 1951 to 1960 incl.
66,000
19.000
Cocoa
5,923,530
899,500
52.000
545.000 local impt. bonds. Duo on June 1 as follows: $77,000 from
Coral Gables_ _ _ 55,681,817 8,374,000
486.712
1931 to 1935 incl.; $32.000 from 1936 to 1940 incl.
Dania
3,321,993
175.500
11,400
325,000 school bonds. Due on June 1 as follows* $7.000 from 1932
Daytona Beach- 48,751,490 3,269,447
183,961
c83,000
to 1940 incl.; $8,000 from 1941 to 1948 incl., and $9,000 from
DeLand
14,312,340 *1,052,000
*62,160
1949 to 1970 incl.
Delray
7,210.420 1,255.500
75,300
140,000 municipal equipment bonds. Due on June 1 as follows: $26,21.175
Dunedin
7,049,059
135,500
b
000 from 1931 to 1933 incl.; $24,000 in 1934; $9,000 from 1935
Eau Gallie
2,202.975
489.000
29,440
7.470
to 1938 incl., and $1,000 in 1939 and 1940.
Eustis
4,949,435
418,000
25,080
All of the above bonds are dated June 1 1930 and are being re-offered
Fernandina_
1.847,248
77,000
by members of the successful syndicate at prices to yield as follows: 1931
4,400
Florida city.
- 1,282,000
21,000
1.460
maturity, 2.50%; 1932 maturity, 3.50%: 1933 maturity. 3.75%; 1934
Fort Lauderdale 57,044,995 7,753,200
472,945
95,000
167,298 maturity, 3.80%; 1935 maturity, 3.90%. and all of the bonds clue from
Fort Meyers__ - 22,152,900 x3,081,000 y154.000
1936 to 1970 incl. are priced to yield 4%. A statement of the financial
Fort Pierce.- -- 15,616,750 3,487,000
209,149
227,000
80,390 condition of the city as of May 31 193011 was published in our issue of
Frostproof
2.038,130
751.500
June 28. The following is an official list of the bids submitted for the
45.125
Gainesville -7,230,556 1,467,300
Issues, all of which were for the bonds as 4hs:
82,447
Haines City 4.905,044
965.000
56,565
Bidder
11,000
Amount Bid.
High Springs
561,206
70,000
Bankers Co. of New York: Guaranty Co. of New York; Na4,200
ar
Hialeah
7,594,789
885,000
tional City Co.: Harris,Forbes & Co.; Ames,Emerlch & Co.;
58,200
Hollywood
32.891,279 1,573,500
L. F. Rothschild & Co.,and the National Commercial Bank
87,060
Jacksonville - -- 86,981,000 15,408,000
755,830
& Trust Co. (successful group)
.;$5.604,191.45
Jasper
449,630
118,300
Chase Securities Corp.; First National-Old Colony Corn.:
6,818
Kissimmee
4.305.812
981,500
Otis & Co.; A. B. Leach & Co., Inc.; Emanuel & Co.;
58,330
Kelsey City__._ 3,392.000
202,000
H. L. Allen & Co.; Stephens & Co., and
12,120
20.000
Lake City
3,424,000
New York State National Bank, Albany Batchelder & Co-_ 5,602,380.30
339,000
18,000
Lakeland
36.111.770 9.439,988
Kissell, Kinnicut & Co.; George D. Gibbons & Co.,
b
Inc.:
Lantana
3.500.000
980.828
E. H. Rollins & SOW: Roosevelt & Son; Stone & Webster 5.60"33.30
58.800
48,100
31.000
Lake Placid.-- 5,000.000
242,000
and Blodget, Inc.: Dewey, Bacon & Co., and Wallace,
14.820
Lake Worth_.
17,639,663 4,428.788
Sanderson & Co
243,540
743,487
5,585,520.51
Lawtey
78.200
Bancamerica-Blair Corp.; Estabrook & Co.; Eldredge & Co.;
4.000240
Leesburg
5,227,294 *1,700,100
First Detroit Co., Inc.; Kean, Taylor & Co., and Salomon
38,790
Live Oak
1,280.750
450,000
Bros. & Hutzler
23,118
5,585,032.00
Macclenny - -150,000 None.
Manufacturers & Traders Trust Co., Buffalo
5,568,067.80
Manatee
3,338,485
768,700
45,000
8.000
Marianna
ALBION, Boone County, Neb.-BOND SALE.
1,004,722
123,000
7,780
-We are informed that
Melbourne
a $63,000 issue of 43 % semi-annual refunding bonds has recently been
,
7.533,630
6
770,400
46,224
Miami
purchased at par by the State of Nebraska.
32,550,000 1,608,055
Miami Beach- - 47,990,850 4,734,000
292,050
ALBUQUERQUE, Bernalillo County, N. Mex.-LIST OF BIDDERS
Mount Dora.-- 5,321,409 *506,000
15,240
-The following is a complete offical list of the other bids and bidders for
Naples
1,075,915
9,240
154,000
the six issues of coupon bonds, aggregating $768,000, awarded on June 25
New PortRichey 2,172.825
650,000
38,850
to Darby & Co. of New York as 4s and 450 at 100.014, a basis of about
New Smyrna
7.000,000
999,000
60,000
4.65% (V. 130, p. 4640):
Ocala
4,724,420 1,308,000
45,900
Okeechobee
Bidder
1.336,955
650,000
39,000
Rate.
Price Bid.
Orlando
*Taylor, Wilson & Co
88,313,175 *6,676,000
160.375
454%
$10.317.50 Prem.
Palatka
John Nuveen & Co. and associates
7,891,845 1,396,500
80,630
associates.501.. prom.
4, %
!
1
00
Palm Beach.... 39,408,921 2,206.310
U.S. National Co.and associates
237,757
$1,010.11 per bond
50
/
Pensacola
Foreman State Corp. and
18,441,695 3,052,500
127.545
79 er bond
Plant City
6,434,419
C. W McNear Sr Co.and associates
987,000
60,000
454%
1,001.91 per bond
Pompano
2,416,624
Stranahan, Harris Sc Oatis, Inc., and assoc
390.000
24,700
6,528.00 prem.
Punta Gorda
2,991,278
900.200
22,642
26,250
72,500
* This bid was withdrawn.
Quincy
1,009,625
162.000
8,150
Riviera
2.780.591
AMHERST CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0.
174,000
10,440
St. Augustine..- 24.296,980 3,372,000
Eggertsville), Erie County, N. Y.
171,527
88,000
-CORRECTION.
-Due to a clerical
St. Cloud
2,160.000 1,300,000
50,000 error in the composition of Part 1 of our State and Municipal Compendium,
61,360
St. Petersburg-133.329,170 24,676,600 1,480,795
published on June 26, in our statement for this district the tax rate was
Sanford
9,004,291 7,002,000
385,410 reported as being $19.40 per thousand dollars, whereas it should have
516.000
393,055
Sarasota
31.815,850 6,378,000
166,402 appeared as $1.94 per thousand.
166,145
149.700
Sebring
9.940,000 3,125,000
b
67.000
88.000
APPLETON SCHOOL DISTRICT (P. 0. Jerome), Jerome County
So.Jacksonville. 8,250,590 1,312,000
71,736
Idaho.
-BOND SALE.
-A $25,000 issue of school bonds is reported to
Starke
755,060
80,000
4,800
Stuart
4,263,359
857,000
92,000 have been purchased at par by the State of Idaho
50.820
Tampa
121.019,335 14,579,000
633,655
ARLINGTON,Middlesex County, Mass.
-BOND SALE.
-The AtlanTampa Shores388,611 None.
tic Corp.of Boston,during June purchased $90.0004% coupon water bonds,
Tallahassee-- -- 5.829,950 x943.319
y27,175
comprising two issues, at a price of 101.09, a basis of about 3.75%.
Tavares
One
2,100,000
236.000
14,160
issue of $70.000 bonds is due serially in from 1 to 10 years and a $20,000
Tarpon Springs- 12,302,160 2.641.500
47.968 issue matures serially in from
150,927
6.000
one to five years.
Titusville
21,699,320
935.000
30,000
b
24.930
Vero Beach---- 9.455,950 1.723,912
b
21,129
71,000
BEACON, Dutchess County, N. Y.
-BONDS RE
-OFFERED.
-LIST
Waldo
191,170 None.
OF BIDS.
-The two issues of coupon or registered bonds aggregating
WestPahnBeacha48,000.000 16,762,000
452,245 $442,000 awarded on June 25 as 43is to H. M. Byllesby & Co., and E. J.
016,000
976,000
Winter Haven
23.652,504 2,314,646
138,150
Coulon & Co., both of New York, jointly, at 100.269, a basis of about
Winter Park.- - 7.450,519 1,552,239
30,410
4.23%-V. 130, p. 4640
x Includes improvement bonds for which special assessments levied. public investment priced-are being re-offered by the successful bidders for
to yield 4.15% for all maturities. The following is
y Does not include annual interest on improvement bonds. * Includes a list of the bids reported to have
been submitted for the issue:
bonds issued for municipally owned utilities. a Revised assessment estiBidder
mated. b Annual interest figures not given. c Default now being re- IL M.Byllesby & Co.and E.J. Coulon
& Co.(Purfunded.
chasers)
4.25%
$443,188.98
Batchelder & Co.and M.M.Freeman & Co.,Inc,
Louisiana.
-House Passes Bill Calling Constitutional Con4.30
442,592.28
Har ik,Forbes &
jorntIY
-On June 25 the House of Representatives passed, Roosevelt & Son Co
4.40%
vention.
445,133.80
4.40
444,669.68
by a roll call showing 56 "for" and 42 "against," a bill Phelps, Fenn & Co.and Marine Trust Co.,jointly- 4.30%
442,517.14
sponsored by Governor Long, which proposes to submit to a Mattewan National Bank (Beacon)
4.30
44442:827933:4918
442,738.14
Barr Bros. &
4.40
popular referendum the question of calling a constitutional Lehman Bros Co., Inc
4.4081,
443,321.58
convention, primarily to lay before the people a proposed Dewey, Bacon & Co. and Stone & Webster and
Blodget,Inc.,jointly
4.40%
445,447.60
$68,000,000 bond issue to be used for road and bridge conBEDFORD,
-BOND SALE.
struction purposes, reports the New Orleans "Times
- 964.91 special Cuyahoga County, Ohio.
-The $132.impt. bonds offered on June 28-V. 130,
assessment street
Picayune" of June 26.
-were awarded as 43,(s to -Braun, Bosworth & Co. of Toledolat
P. 4096
par plus a premium of $533,
of about 4.67%. The
to 100.40,
New York City.
-Mayor Walker Signs Salary Increase bonds are dated June 1 1930equalmature on a basisas follows: $13,964.91
Oct. 1
and
-On June 30 Mayor Walker signed the city salary in 1931; $15,000from 1932 to 1938 Incl., and $14,000 in 1939.
Bill.
bill giving $519,000 yearly in increases to Supreme Court
BENT COUNTY HIGH SCHOOL DISTRICT (P. 0. Las Animas)
-PRE
-ELECTION SALE.
-An issue of $115,000, 4%% school
Justices, Surrogates, many County Court Judges and more Colo.
building bonds has been purchased by Joseph D. Grigsby & Co. of Pueblo,
than 100 city officials who are exempt from civil service, subject to an election to be held in September.
making a total of more than 200 to be favored. These new
BENTON COUNTY (P.O. Fowler), Ind.
-BOND SALE.
-The $7,493
6% ditch construction bonds offered on June 28-V. 130, p. 4276
pay schedules become effective on Sept. 1.
-were
awarded to A. E. Kyle, a local investor, at par plus a premium of $25.
equal
-Taxable Realty Values Increase $1,750,- and to 100.33.a basis of about 5.94%. The bonds are dated June 3 1930
New York State.
mature $749.30 on
-After a meeting on June 29 of the State Board of tender was the only one Nov. 10 from 1931 to 1940, incl. The accepted
000,000.
received.
BOND PROPOSALS AND NEGOTIATIONS.
JULY
5 1930.)
FINANCIAL CHRONICLE
147
BENTON HARBOR SCHOOL DISTRICT, Berrien County, Mich.
CHICAGO, Cook County, 111.-$18.970.000 Bond Award.
-The folPRICE PAID-LIST OF BIDS.
-In connection with the report of the award lowing issues of 4% coupon (registerable as to principal) bonds aggregating
on June 23 of $200.000
% school building construction bonds to the $18,970.000 offered on June 30-V. 130, p. 4460
-were awarded to a
Harris Trust & Savings Bank of Chicago
-V. 130, P. 4640
-we learn that syndicate composed of Halsey, Stuart & Co., Lehman Bros., Chase Securithe successful bidders paid par plus a premium of $1,132 for the issue (not ties Corp., First National Old Colony Corp., Brown Bros. & Co., Stone
$1,232 as previously inadvertently noted), equal to a price of 100.56, a & Webster and Blodget, Inc., E. H. Rollins & Sons. Kountze Bros., A. B.
basis of about 4.385%. The issue matures $20,000 annually from 1931 to Leach & Co., Inc., R. W. Pressprich & Co.. F. S. Moseley & Co., and the
1940 incl. Bids submitted were as follows:
Commercial National Bank & Trust Co. of New York, all of New York
BidderPremium. City; Mercantile Commerce Co., St. LOWS, Heller, Bruce & Co., San
Harris Trust& Savings Bank (Purchaser)
$1,132.00 Francisco, Wells Fargo Bank and Union Trust Co., of San Francisco
Stranahan, Harris & Oat's, Inc., Toledo
1,110.00 Batchelder & Co. and Darby & Co., both of New York City, Mississippi
First Detroit Co., Inc., Detroit
1,026.00 Valley Co., Inc., St. Louis, and the Milwaukee Co., of Milwaukee, at a
Industrial Co. of Grand Rapids
840.00 price of 94.528, a basis of about 4.61%:
Halsey,Stuart & Co., Chicago
203.45 58.715.000 North and South Ashland Ave. impt. bonds. Due on Jan. 1
Guardian Detroit Co., Detroit
103.00
as follows: $350,000 from 1932 to 1935, incl.• $400,000 from
1936 to 1940, incl.; 5480.000 from 1941 to 1945% incl.; $600,000
County, Ala.
BIRMINGHAM, Jefferson
-CERTIFICATE SALE.
from 1946 to 1949, incl., and $515,000 in 1950.
An issue of $1,000,000 certificates of indebtedness was purchased on
June 27 by the First National-Old Colony Corp. of New York at 2.83%, 6,140,000 North and Southwestern Ave. improvement bonds. Due on
Jan. 1 as follows: $240,000 from 1932 to 1935. incl.; $275,000
plus a premium of $15. Dated July 10 1930. Due on March 10 1931.
from 1936 to 1940, incl.; $350.000 from 1941 to 1945, incl.;
Payable at the Central Hanover Bank & Trust Co. of New York. Legality
$400,000 from 1946 to 1949, incl., and $455,000 in 1950.
approved by Thomson, Wood & Hoffman of New York.
4,115.000 North La Salle St. improvement bonds. Due on Jan. 1 as
BLAINE COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Turner),
follows: $160,000 from 1932 to 1935, incl.; $190,000 from 1936
Mont.
-BOND OFFERING.
-Sealed bids will be received, according to
to 1940, incl.; $230,000 from 1941 to 1945, incl.; $270,000 from
report, by H. Thronson, District Clerk, until 2 p.m. on July 21, for the
1946 to 1949, incl., and 5295.000 in 1950.
purchase of a $23,000 issue of school bonds. A certified check for $1,500
All of the above bonds are dated July 1 1930 and are being reoffered by
must accompany the bid.
members of the successful syndicate for public subscription at prices to
BOWIE COUNTY (P. 0. Boston), Tex.
-BONDS REGISTERED.- Yield 3.75% for the 1932 maturity; 4.00% for the 1933 maturity; 4.157
An $80.000 issue of 54% road, series B bonds has been registered recently for the 1934 maturity; 4.25% for the 1935 and 1936 maturities, and 4.40%
by the State Comptroller. Due serially.
for the bonds due from 1937 to 1950, incl. The securities are stated to be
BRACKETTVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. legal investment for savings banks and trust funds in New York, Massachusetts, Connecticut, Illinois and other States and to be exempt from all
Brackettville), Kinney County, Tex.
-BOND SALE.
-A $40,000 issue Federal income taxation. Legality to be approved by Chapman & Cutler.
of school bonds is reported to have been purchased by the State Department of
Chicago. Previous City Bond Award: The previous sale of long-term
of Education.
bonds by the City was effected on Dec. 19 1929, just about the time that
BRADLEY BEACH, Monmouth County, N. J.
the first reports regarding the poor financial condition of the City and its
-BOND SALE.
The $112,000 5% coupon or registered Ocean Front improvement bonds political sub-divisions were made. On that date seven issues of 4% 20
-year
offered on May 27-V. 130, P. 3578
-were awarded to the First National bonds totaling $7,278,000 were awarded to a syndicate headed by the
Bank, of Bradley Beach, Price paid not disclosed. The bonds are dated First National Bank, of New York,at 97.44, a basis of about 4.44%.-V.
June 1 1930 and mature on June 1 as follows: $4,000 from 1932 to 1943, 129, p. 3995.
incl.; $5,000 from 1944 to 1951, incl.; $6,000 from 1952 to 1955, incl.
Only one other bid was submitted for the bonds. The offer was 94.417
BUTTS ROAD DRAINAGE DISTRICT NO. 3 (P. 0. Portsmouth), tendered by a syndicate composed of the Continental Illinois Co.. Chicago,
Norfolk County, Va.-BOND OFFERING.
-Sealed bids will be received the Guaranty Co. of New York, National City Co., the First Union Trust
until noon on July 10 at 622-30 Law Building, Norfolk, by John G. Wallace, & Savings Bank, the Harris Trust & Savings Bank, the Bankers Co. of
Chairman of the Board of Drainage Commissioners for the purchase of New York, the Foreman State Corp., Ames, Emerich & Co., the Northern
an issue of $180,000 6% coupon drainage bonds. Denom. $1,000. Dated Trust Co., Estabrook & Co.,the First Detroit Co., the Central Illinois Co.,
July 1 1930. Due on July 1 as follows: 92,000. 1933 to 1937; $4.000, Roosevelt & Son, the Chatham-Phenix Corp.. Eldredge & Co., George B.
1938 to 1943; 86.000. 1944 to 1948: 98,000. 1949 to 1953; 810.000, 1954 to Gibbons & Co., Inc., R. L. Day & Co.. the First Wisconsin Co., Kean,
1957, and $12.000, 1958 to 1960, all incl. Prin. and semi-ann. int, payable Taylor & Co., Dewey, Bacon & Co., R. N. Moulton & Co.. the Guardian
at the Central-Hanover Bank & Trust Co. in New York. The approving Detroit Co., Hannahs, Bailin & Lee. Emanuel & Co., Wallace, Sanderson
opinion of Chapman & Cutler of Chicago will be furnished to the purchaser. & Co.. Otis & Co., H. L. Allen & Co. and the Wells-Dickey Co.
These bonds will be a lien on all the lands in said district, second only to
-At noon on July 1,
CURRENT OFFERING OF BONDS MARKETED.
State and county taxes. A $1,000 certified check, payable to the County the day after the award of the current $18,970,000 bonds, it was stated by
Board of Drainage Commissioners, must accompany the bid.
the managers of the offering group that all of the bonds had been marketed.
• (These bonds were unsuccessfully offered on April 18 1929-V. 128.
p. 3055.)
-The
-PRICE PAID.
CLARKE COUNTY (P. 0. Grove Hill), Ala.
200,000 issue of 5I.4;% coupon semi-annually funding bonds that was
CADDO PARISH SCHOOL DISTRICT NO. 3 (P. 0. Shreveport),
tty purchased by Ward, Sterne & Co., and Steiner Bros., both of
La.
-The $150,000 issue of school improvement 'Ponds
-BOND SALE.
-was awarded at par. Due from April 1
irm1ngham-V. 130, P. 4641
offered for sale on June 25-V. 130, p. 3921-was jointly purchased
the City Savings Bank & Trust Co. and the First National Bank, both by 1933 to 1960, incl.
of
Shreveport, as 5Its, for a premium of $50, equal to 100.033. a basis of
CLEVELAND, Cuyahoga County, Ohio.
-$2,000,000 BOND ISSUE
about 5.24%. Dated July 1 1930. Due from June 1 1931 to 1945 incl.
APPROVED.
-A newspaper report from Columbus stated that Governor
Cooper had approved the issuance of 52.000,000 in bonds for the Cleveland
CALCASIEU PARISH GRAVITY DRAINAGE DISTRICT NO. 3
sewage disposal system as recommended by the State Director of Health
(P. 0. Lake Charles), La.
-BOND SALE.
-The two issues of 6%
aggregating $85,000 offered for sale on June 30-V. 130, p. 4097 bonds and various Cleveland officials.
-were
purchased at par by the Calcasieu Investment Co. of Lake Charles. The
CLIFFSIDE PARK (P. 0. Cliffside), Bergen County, N. J.
-BOND
issues are divided as follows: $50,000 ad valorem and $35,000 acreage OFFERING.
-Arthur H. Abrams, Borough Clerk, will receive sealed bids
bonds. Due serially in 25 years.
until 8 p.m.(Eastern Standard time) on July 14 for -he purchase of $211,00
% coupon or registered assessment bonds. Dated
CALUMET COUNTY (P.O. Chilton), Wis.-BONDS AUTHORIZED. 434, 43i, 5. 55i or
-At a special meeting of the County Board held on June 26. a $300.000 July 1 1930. Denom. $1,000. Due on July 1 as follows: $18,000 from 1931
issue of road improvement bonds was approved. We are informed that to 1935. incl.: 521.000 in 1936. and $25,000 from 1937 to 1940, incl. Printhis is the first unit of a $4,500,000 road improvement program approved cipal and semi-annual int. (J. & J.) payable at the =faith'Park National
Bank, Cliffside Park. No more bonds are to be awarded than will produce a
last June in a special referendum.
premium of $1,000 over 5211,000. A certified check for 2% of the amount
CAMBRIDGE, Middlesex County, Mass.
-BOND OFFERING.
- of bonds bid for, payable to the order of the Borough, must accompany each
Henry F. Lehan, City Treasurer, will receive sealed bids until 12 m. on proposal. The approving opinion of Reed, Hoyt & Washburn,of New York.
July 10 for the purchase of the following issues of 4% coupon bonds aggre- will be furnished to the successful bidder.
gating $545,000:
-BONDS CALLED.
CLYDE PARK, Park County, Mont.
-We have
*495,000 school bonds. Due $33,000 on July 1 from 1931 to 1945, incl. been notified that the entire issue of 6% bonds of 1915 has been called at
. 50,000 street bonds. Due $10,000 on July 1 from 1931 to 1935, incl.
100 at once, payable at the National Park Bank in Livingston, Mont.
Each Issue is dated July 1 1930. Denom. $1,000. Prin. and semi-ann.
COLLEGE PLACE SCHOOL DISTRICT NO. 31 (P. 0. College
int, payable at the National Shawmut Bank, Boston, under whose super-BONDS VOTED.
-At a special
vision the bonds will be prepared. Legality approved by Ropes, Gray, Place), Walla Walla County, Wash.
election held on June 24 the voters approved a proposition calling for the
Boyden & Perkins, of Boston, whose opinion will be furnished to the
Issuance of $45.000 in school improvement bonds by a vote reported to
purchaser.
have been 293 "for" and 170 "against."
Finanacial Statement, April 1 1930.
Assessed valuation
COLUMBUS, Columbus County, Wis.-ADDITIONAL DETAILS.
$188,456,300.00
Funded city debt
3.941.950.00 The $45,000 issue of paving bonds that was purchased by the various city
Sinking fund for funded city debt
%, matures from 1931 to
-V. 130. p. 4641-bears interest at
2,862.326.45 funds
1942 and was awarded at par.
Net funded city debt
$1,079,623.55
CONCORD, Cabarrus County, N. C.
-BOND SALE.
-The $60,000
Serial city debt
7,390,850.00 Issue of sewer and street bonds offered for sale on June 26 (V. 130. p. 4461)
WEIS awarded to Braun. Bosworth & Co. of Toledo as 5s for a premium of
Net city debt
$8,470,473.55 $108.50, equal to 100.17, a basis of about 4.98%. Dated June 1 1930
Funded water debt
397,500.00 Due $3,000 from June 1 1932 to 1951, incl. The following is an official
Sinking fund for funded water debt
404,317.61 list of the bids received:
Net funded water debt (excess)
Name of BidderRate.
Price Bid.
$6,817.61
Serial water debt
& Co Toledo
511
$60.071.00
490,500.00 Spitzer, Rorick Moerlein, Cincinnati
Net water debt
Assel, Goetz &
5
60,050.00
Population: 1920, census, 109,456; 1925 census, 120,054. $483.682.39 Hanchett Bond Co., Chicago
5
60,786.00
Ryan, Sutherland Co. Toledo
531%
60.114.00
CAMILLA CONSOLIDATED SCHOOL DISTRICT (P. 0.
Camilla), Braun, Bosworth & CO., Toledo
5
60,108.50
Mitchell County, Ga.-BONDS OFFERED FOR INVESTMENT.
60.009.00
5%
$115,000 issue of 5% school bonds that was purchased by the First -The Cabarrus Bank & Trust Co., Concord, N.0
National
Bank of Atlanta, at a price of 101.57. a basis of about 4.84%-V.
CONCORDIA, Lafayette County, Mo.-BOND SALE NOT GON130.
p 3224-is now being offered for public
.
subscription at prices
.-We are now informed that the sale of the two Issues of
SU MMATED
4.50% on all maturities. Dated July 1 1930. Due on July 1 as to yield bonds aggregating $82,000 to an undisclosed investor
-V. 130. p. 1879
follows:
52,500,1932 to 1936:$3,000, 1937 to 1941; 53.500, 1942 to 1946: 54,000,
1947 was not consummated,as the bond election held on April 8 was not successto 1951; $5,000, 1952 to 1959.and $10,000 in 1960. Prin. and int.(J.& J. 1) ful. The issues are divided as follows: $50,000 sewer system and $32,000
payaole at the Central Hanover Bank & Trust Co.In New Yorg.
bonds.
Legality municipal light
approved by Storey, Tnorndike, Palmer & Dodge of Boston.
CONNEAUT,Ashtabula County, Ohio.
-BOND SALE.
-The $75,000
Financial Statement (as Officially Reported).
water works improvement bonds offered on June 30-V. 130, p. 4461
Actual values
$3,000,000 were awarded as 4315 to Ryan, Sutherland & Co.. of Toledo, at par plus
Assessed values, 1929
1,694,243 a premium of $61, equal to 100.08, a basis of about 4.48%. The bonds
Total bonded debt (this issue only)
115,000 are dated June 1 1930 and mature $7,500 on Sept. 15 from 1931 to 1940,incl.
Population (estimated) 6,000.
DALHART,Dallam County, Tex.
-BOND SALE.
-The three issues
CANTON,St. Lawrence County, N. Y.
-BOND SALE.
-The $15,000 bonds aggregating $50,000 offered for sale on June 30-V. 130, p. 4642of
% paving bonds offered on June 30-V. 130, p. 4641-were awarded
Price of par to the Lawrence County National Bank of Canton. the were purchased by D. E. Dunne & Co. of Wichita as 5I1s at Par. The
at a
only bidder. The bonds are dated July 1 1930 and mature $1,000 on July 1 Issues are as follows: $20,000 street improvement: $20,000 funding, and
$10,000 sewer extension bonds. Due serially in 40 years.
from 1931 to 1945, incl.
DANSVILLE,
-LIST OF BIDS.
-In conCARTERET COUNTY (P.0. Beaufort), N. C.
-BONDS NOT SOLD. nection with the Livingston County, N. Y.
report of the award on June 25 of $37,000 coupon or
-The $108,000 issue of 6% funding bonds originally offered on June 2
registered street improvement bonds as 434s to the Marine Trust Co.,
-V. 130. p. 3754
-was not sold, and at the second offering on Arne
-we are in
no sale was effected. Dated March 1 1929. Due from March 1 1937 Buffalo. at 100.539, a basis of about 4.43%-V. 130, p. 4642
receipt of the following list of the bids submitted:
to 1944.
l00
Int. Rate. Rate
BidderCENTERVILLE,Alameda County,Calif.
-BOND SALE.
-A $250,000
Trust Co. (Purchaser)
.539
ue of water bonds has been purchased by an undisclosed investor for Marine
Batchelder & Co.. N.Y
4g
&premium of $8,700, equal to 103.48.
101.
049
Barr Bros. & Co.. N.Y
°
434%
4 70
.0
CENTRAL SQUARE, Oswego County, N. Y.
;
100.31
-BONDS REOFFERED. Citizens Bank & Trust Co.. Dansville
100.12
.
-The $76,000 not to excedd 5% coupon or registered water works bonds Genesee Valley National Bk. & Tr. Co., Genesee- 4.50%
100.40
for wgich no bids were received on Feb. 11-V. 130, P. 1509
-are being Rutter & Co., New York
reoffered to bear interest at a rate not to exceed 6%,expressed in a multiple
DAYTON CITY SCHOOL DISTRICT,Montgomery County,Ohio.of Si of 1%. Sealed al& addressed to Willis C. House, Village Clerk, will BOND SALE.
-The $385,000 coupon building and equipment fund bonds
be received until 7.:p0 p. m. on July 8. The bonds are dated July 1 1930. offered on June 26-V. 130, p. 4097
-were awarded as 4 Wis to the ConDenom. 51.000. Due $2,000 on July 1 from 1933 to 1970 incl. Prin. and tinental Illinois Co. of Chicago, at par plus a premium of $735, equal to
end-ann. int. (J. &
Payaole in gold at the National City Bank, New 100.19, a basis of about 4.22%. The bonds are dated June 1 1930 and
ork. A certified check for 51,500, payable to the order ofthe Village, must mature on Oct. 1 as follows: $26,000 in 1931 and 1932; $25.000 In 1933:
mpany each proposal. The approving opinion of Clay. Dillon &
$26,000 in 1934 and 1935; $25,000 in 1936; 526,000 in 1937 and 1938:
andewater of New York, will De furnished to the successful bidder.
$25,000 in 1939; $26,000 in 1940 and 1941; $25,000 in 1942; $26,000 in 1943
()kit
148
FINANCIAL CHRONICLE
conand 1944, and $25,000 in 1845. A detailed statement of the financialis an
dition of the District appeared in our issue of June 7. The following
the issue:
official list of the bids submitted for
Net Interest
Rate of Interest
Cost.
Premium.
Cost
Interest.
Bfelder
Continental Illinois Co., Chicago-- 434% $136,141.65 $735.00 $135,406.65
Co., Cleveland:
Hayden Miller &
Harris Forbes & Co. and National
135,834.03
136,141.65 307.62
434%
City Co., New York
Old Charter Financial Corp., New
136,845.20
136,141.65 296.45
434%
York
135,945.30
136,141.65 196.35
Guaranty Co. of New York N.Y.City 434%
136,024.65
136,141.65 117.00
434%
Halsey,Stuart 4: Co., Chicago
138,722.00
144,150.00 5,428.00
434%
First Detroit Co., Detroit
& Savings Bank,
First Union Trust
139,085.00
144,150.00 5,065.00
434%
Chicago
139,410.00
144,150.00 4,740.00
43.4%
E.H.Rollins & Son,Chicago
Title Guarantee & Trust Co., Cincin139.572.35
nati, and Lehman Bros., New York_ 434% 144.150.00 4,577.65
A. C. Allyn & Co. and C. W.McNear
139,876.50
144,150.00 4,273.50
434%
& Co., both of Chicago
BancOhlo Securities Co.. Columbus,
Bowsworth & Co.,
and Braun,
139,992.00
144,130.00 4,158.00
434%
Toledo
Mississippi Valley Trust Co., First
National Co., Boatmen's National
140,061.30
144,150.00 4.088.70
434%
Co., allot St. Louis
140,094.34
144,160.00 4,055.66
434%
A.B.Leach & Co.,Inc., Chicago
Seasongood & Mayer,Cincinnati: H.L.
Allen & Co. and Stephens & Co.,
140,484.00
434%
144,150.00 3,666.00
both of N.Y.City
Mitchell, Herrick Co. and Stranahan,
Harris & Oatis, Inc.. both of Cleve140,874.00
434%
144,150.00 3,278.00
land
Otis & Co., Cleveland and Wallace141,242.00
144,150.00 2,908.00
434%
Co.,N.Y.CitY
Sanderson &
DE BACA COUNTY (P. 0. Fort Sumner), N. Mex.-BOND SALE.
on June
The $50,000 issue of court house and jail bonds offered for sale Co. and
-was jointly purchased by Peck, Brown &
130, p. 4097
25-V.
the U. 8. National Co., both of Denver, as 5345, at a price of 100.05, a
basis of about 5.24%. Dated June 1 1930. Due from June 1 1933 to 1950.
inclusive.
-The $40,000
-BOND SALE.
DERRY, Westmoreland County, Pa.
-were
434% improvement bonds offered on June 30-V. 130, p. 4462
awarded to the First National Bank, of Derry, at par plus a premium of
The bonds are dated July 1
$38, equal to 100.09, a basis of about 4.24%.
1930 and mature annually from 1931 to 1949, incl. Successful bidder
agreed to pay for the printing of the bonds.
-OFFER $225,000 BONDS.
DETROIT, Wayne County, Mich.
George B. Gibbons & Co., Inc., of New York,are offering $225,000 434%
coupon or registered general obligation bonds for public investment to
yield 4.30%. The bonds are dated May 15 1930 and mature on May 15
1960. They are stated to be legal investment for savings banks and trust
hinds in New York. Massachusetts and other States. Legality approved
by Thomson, Wood & Hoffman of New York.
EAST DEER TOWNSHIP (P. 0. Tarentum), Allegheny County,
-Walter L. Oris, Township Secretary, will
-BOND OFFERING.
Pa.
43407 street
receive sealed bids until July 11 for the purchase of $100,000
sewer bonds. Dated July 11930. Due on July 1 as follows: $30,000
and
is payable semi-annually.
in 1935 and $35,000 in 1940 and 1945. Interest
These bonds are reported to have been authorized by a vote of 272 to 99
at an election held on June 3.
-BOND OFFERING.
EAST DETROIT, Macomb County, Mich.
A. H. Arens, City Clerk, will receive sealed bids until 8 p. m.on July 9 for
the purchase of $73,000 special sewer assessment bonds, to bear int. at a
rate not to exceed 6%. Dated Dec. 1 1929. Due as follovrs: $6,000 in
1931: $8,000 in 1932: $9,000 in 1933: $11,000 in 1934; $12,000 in 1935;
$13.000 in 1936; $14,000 in 1937. A certified check for 5% of the amount
of bonds bid for, payable to the order of the City, must accompany each
proposal.
-The
EAST POINT,Fulton County,Ga.-ADDITIONAL DETAILS.
$65,000 issue of coupon city hall bonds that was purchased on June 16 by
the First National Co. of Atlanta (V. 130. p. 4642) bears interest at 5%
and was awarded for a premium of $5,389, equal to 108.29. Denom.
$1,000. Dated Aug. 1 1930. Interest payable on Feb. and Aug. 1.
-G. L. Stemen,
-BOND OFFERING.
EL1DA, Allen County, Ohio.
Village Clerk, will receive sealed bids until 12 m. (Eastern standard time)
on July 14 for the purchase of $6,500 6% paving bonds. Dated April 1
930. One bond for $900. all others for $700. Due on Oct. 1 as follows:
700 from 1931 to 1938 incl., and $900 in 1939. Prin. and semi-ann. int.
A.
/ & 0.) payable at the office of the Village Treasurer. A cetrified check
or 2% of the amount of bonds bid for, must accompany each proposal.
-The $175,000
-BOND .SALE.
ELK COUNTY (P. 0. Ridgway) Pa.
-were
434% series of 1930 bonds offered on June 30-V. 130, p. 4278
awarded to Edward Lowber Stokes & Co. of Philadelphia, at par plus a
to 103.6%. The bonds mature serially on
premium of $6,333.25, equal
July 1 from 1935 to 1950 incl. The following is a list of the tenders submitted.
Premium.
Bidder$6,333.25
Edward Lowber Stokes & Co. (purchaser)
5,742.79
Mellon National Bank
5,598.25
St. Marys National Bank
4,900.00
A. B. Leach & Co
2,340.00
Prescott Lyon & Co
5.528.25
National City Co
5,808.25
M.M.Freeman & Co
5,715.50
W.H. Newbold's Son & Co
1,947.75
E. H. Rollins & Sons
-BOND OFFERING-Louis
ESSEX COUNTY (P. 0. Newark), N. J.
of Finance Committee of the Board of Chosen FreeP. Dodd, Chairman
holders, will receive sealed bids until 1 p. m. (Daylight saving time) on
July 21 for the purchase of $3,929.100 43407 coupon or registered permanent impt. bonds. Dated July 15 1950 Denom. $1,000, one bond for
in 1931; $104,000 in 1932;
$100. Due on July 15 as follows: $100.100
$125,000 in 1933, and $150,000 from 1934 to 1957 incl. Prin. and semiann. int. (J. & J. 15) Payaole in gold at tha United States Trust Co., New
York. No more ponds are to be awarded than will produce a premium of
$1,000 over the amount stated above. The bonds will be prepared under
the supervision of the International Trust Co., New York, which will
certify as to the genuineness of the signatures of the County officials and
the seal impressed thereon. A certified chock for 2% ofthe amount of bonds
bid for, payable to R. W.Booth. County Treasurer, must accompany each
proposal. Legality is to be approved by Thomson, Wood & Hoffman of
New York. whose opinion will be furnished the successful bidder.
-On July 7
-BOND ELECTION.
FAIRFIELD,Jefferson County,Ala.
a special election will be held in order to have the voters pass upon a proposal to issue $100,000 in school funding bonds. It is reported that the
bonds will bear int, at not to exceed 5%.Payable semi-annually. Denom.
$1,000. Due on Sept. I as follows: $3.000, 1933 to 1944, and $4,000,
1945 to 1960, all incl. If these bonds are approved it is stated they will be
offered about the latter part of August.
FAIRVIEW WATER DISTRICT (Greenburgh), P. 0. Tarrytown,
-Norman C. TempleWestchester County, N. Y. -BOND OFFERING.
ton. Clerk of the Town of Greenburgh, will receive sealed bids until 3 13• m•
(Daylight saving time) on July 10 for the purchase of $70,000 coupon or
registered water bonds. Dated July 1 1930. Denom, 31.000. Due on
July 1 as follows: $3,000 from 1931 to 1940 incl. and $4,000 from 1941
to 1950 incl. Rate of int. expressed in multiples of kof 1% to be suggested
in proposal. Prin. and semi-ann. int, payable at the Washington Irving
Trust Co., Tarrytown. A certified check for $2,500, payable to the order
of the Town of Greenburgh, must accompany each proposal. The approving opinion of Caldwell & Raymond of New York, will be furnished to the
successful bidder.
-The
-TEMPORARY LOAN.
FALL RIVER, Bristol County, Mass.
-was awarded
$500,000 temporary loan offered on June 27-V. 130. P.4642
to S. N. Bond & Co. of Boston, at 3.45% discount, plus a premium of $12.
The loan is divided as follows: $250,000 dated June 13 1930 and due on
Feb. 11 1931;$250,000 dated June 30 1930 and due on March 16 1931.
[VOL. 131.
-BONDS REGISTERED
FAYETTE COUNTY (P.O. La Grange),Tex.
-An issue of 3110.000 5% road, series 1930 bonds was registered on June
24 by the State Comptroller. Due serially.
-BOND OFFERING.
FAYETTEVILLE, Washington County, Ark.
Sealed bids will be received until July 16, according to report, by the City
Clerk, for the purchase of a $20,000 issue of 6% semi-annual improvement
bonds.
-A $27,000
-BOND SALE.
FLETCHER, Comanche County, Okla.
issue of sanitary sewer bonds is reported to have recently been purchased
by Mr. R. L. Park, of Tulsa.
FORT GIBSON SCHOOL DISTRICT(P.O.Fort Gibson), Muskogee
-Sealed bids were received until
County, Okla.
-BONDS OFFERED.
1 p. m. on July 1, by Charles Cobb, Clerk of the Board of Education, for
the purchase of 4 $6,000 issue of school bonds. Int. rate to be named
by the bidder. Due $500 from 1935 to 1946, incl. (These bonds were
voted on June 11.)
-BOND
FORT LEE SCHOOL DISTRICT, Bergen County, N. J.
-John C. Abbott, District Clerk, wlll receive sealed bids
OFFERING.
until 8 p.m.(Daylight Saving time) on July 15 for the purchase of $125,000.
, 434 or 434% coupon or registered school bonds. Dated July 1 1930.
Denom. $1,000. Due on July 1 as follows: $5,000 from 1932 to 1935 incl.,
and $7.000 from 1936 to 1950 incl. Principal and semi-annual interest
(Jan. and July) payable in gold at the First National Bank. Fort Lee. No
more bonds are to be awarded than will produce a premium of $1,000 over
the amount stated above. A certified check for 2% of the amount of bonds
bid for, payable to the order of the Board of Education, must accomPanY
each proposal. The approving opinion of Hawkins, Delafield & Longfellow,
of New York, will be furnished to the successful bidder.
-The
-BOND SALE.
FULTON COUNTY (P. 0. Wauseon) Ohio.
on June 23following issues of coupon bonds aggregating $61 500 offeredCo.of Toledo,
V.130, p.4462
-were awarded as 434s to Braun,llosworth &
at par plus a premium of $26,equal to 100.04, a basis of about 4.48%;
$6,000 in
$26,500 road bonds. Due on Sept. 1 as follows: 35.500 in 1930.
1931, and $5,000 from 1932 to 1934, Inclusive.
$4,000
16,400 road bonds. Due on Sept. 1 as follows: $3,400 in 1930.
in 1931, and $3,000 from 1932 to 1934, inclusive.
$2,400 in 1930. $3,000
13,400 road bonds. Due on Sept. 1 as follows:
from 1931 to 1933 inclusive, and $2,000 In 1934.
and
5,200 road bonds. Due on Sept. 1 as follows: $1,200 in 1930.
$1.000 from 1931 to 1934. inclusive.
were as
All of the above bonds are dated July 1 1930. Bids received
follows:
Premium.
Int. Rate.
Bidder
$26.00
4 %
Braun, Bosworth & Co. (purchaser)
.00
5
Spitzer, Rorick & Co., Toledo
4
Ryan. Sutherland & Co., Toledo
3
804
12
Breed, Elliott & Harrison, Cincinnati
4
BancOhlo Securities Co. Columbus
12
174
4
Seasongood & Mayer, Cincinnati
161.00
4
0
Mitchell, Herrick & Co., Cleveland
Edison)
SCHOOL DISTRICT NO. 15 (P. 0. recently
FURNAS COUNTY
has
.-A $25,000 issue of 434% school bonds premium of
Neb.-BOND SALE
been purchased by Wachob, Bender & Co. of Omaha, for a
$25, equal to 100.10.
GATES COMMON SCHOOL DISTRICT NO. 4 (P. 0. Coldwater),
or
-The following issues of coupon
-BOND SALE.
Monroe County, N. Y.
30-V. 130,
registered school bonds aggregating $104,425 offered on June Inc. of New
as 5.20s to George B. Gibbons & Co.,
-were awarded
p. 9643
York at•100.58, a basis of about 5.15%:
$925 in
$79,425 bonds. Dated July 1 1930. Due on July 1 as follows:to 1945,
1931; $1,500 from 1932 to 1937, incl.; $2,500 from 1938
$4,000 from
incl.; $3,500 in 1946; $3,000 from 1947 to 1950, incl.;
1951 to 1956, incl., and $5,000 in 1957 and-1958.
from 1935
25,000 bonds. Dated May I 1930. Due $1,000 on Nov. 1
to 1959, incl.
-News-BONDS VOTED.
GIBSON COUNTY (P. 0. Gibson), Tenn.
Improvement bond
paper reports on June 29 stated that the $500,000 road
130, p.4462
..sue that was voted on at the special election held June 28-V.
follows from the
-was approved by a large majority. We quote in part as
Memphis "Appeal":
for good
This issue makes $1,500,000 that Gibson County has voted $400,000
and
roads in the past four years. First, two issues of $600,000 in Tennessee.
paved roads
were v,tted to provide one of the finest systems of
out
-day will pull the entire countyover
The final $500,000 issue voted to
access to markets
of the mud and few, if any, farmers will not havemayor of Trenton, is
graveled or concrete highways. T. IC. Hempel,
Cliairrnan of the County Road Commission.
DISTRICT (P. 0.
GRAND SALINE INDEPENDENT SCHOOL OFFERING.
--Sealed .
-BOND
Grand Saline), Van Zandt County, Tex.
H. Lee, Secretary
bids will be received until 2.30 p. m. on July 7, by S. issue of 5% semipurchase of a $55,000
of the Board of Education, for the
1931 to 1970.
annual school oonds. Dated June 1 1930. Due from June 1
incl. A $1,000 certified check must accompany the bid.
-V. 130.
and later registered.
(These are the bonds that were approved
P. 4643.)
-The two Issues
GREEN BAY, Brown County, Wis.-BOND SALE.
offered for sale on
of 434% semi-annual bonds, aggregating 11196,000.
Stern & Co., Of
-were purchased by Lawrence of about 4.21%•
June 26-V. 130, p. 4463
Chicago, for a premium of $654, equal to 100.33, a basis
The issues are described as follows:
1936 to 1950, inclusive.
$150,000 school bonds. Due $10,000 from July 1 1935, inclusive.
46,000 school bonds. Due from July 1 1931 to
-The 38.000
-BOND SALE.
GREENE, Chenango County, N. Y.
June 21-V. 130.
registered reservoir reconstruction bonds offered on
of par to the First National Bank,
-were awarded as 5s, at a price
p. 4463
mature $2,000 on July 1
of Greene. The bonds are dated July 1 1930 and
Biad93
from ler 1 to 1934, incl. Bids for the issue were as follows:
te
Rate00
m.Bid.
5t
In . Rate.
First National Bank,Greene (Purchaser)
Binghamton Savings Bank,Binghamton
5
6
Edmund Seymour & Co., New York
0030
!e
I 0 9
SALE. S : ar9
GREEN RIVER, Sweetwater County, Wyo.-BOND
park bonds has recently been Purinformed that a $25,000 issue of 6%
of 105.00.
chased by Edward L. Burton & Co., of Salt Lake City, at a price
-The fol-BOND CALL.
HAMPTON, Rockingham County, N. H.
"Herald":
lowing bond call appeared in the June 26 issue of the Boston
of Hampton
Notice is hereby given that pursuant to the terms of the Town
pursuance of pro5% Street Railway Bonds dated Feb. 11921, issued in
passed at
vWons of Chapter 270 of New Hampshire Laws of 1919 of votes
Legisa special Town meeting Dec. 20 1920. and of Act of New Hampshkepar on
following bonds will be called at
lature approved Feb. 23 1921, the
48, 53, 70. The
Aug. 11930. on which date interest will cease: Nos. 5. 17,
presented for
said bonds with all unmatured coupons attached should be
Court St.,
payment at the office of the First National Bank of Boston. 17
N. w
Boston. Massachusetts, on or after Aug. 1 1930. Town of Hampton.
Selectment, William Brown, TIMM Clerk.
Hampshire. By the Board of
-The
-BOND SALE.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-were awarded as
$32,300 bridge bonds offered on July 2-V. 130, p. 4644
to the First Detroit Co., of Detroit, at par plus a premium of $93.
434s
equal to 100.28,a basis of about 4.44%. The bonds are dated June 1 1930
and mature on Dec. 1 as follows: $3,300 in 1931; *4.000 in 1932 and 1933.
and $3.000 from 1934 to 1940, Incl. The following is an official list of the
bids submitted for the issue:
Int. Rate Premium.
er
4X
BancOhlo Securities Co.,Columbus
$27:06...043000
4X
Braun. Bosworth & Co., Toledo
93.00
4)4
First Detroit Co., Detroit (purchaser)
4)4
Mitchell Herrick Co., Cleveland
15.00
Otis & Co., Cleveland
11.00
The Provident Savings Bank & Trust Co., Cincinnati_ 4.k:%
353.00
4X
Ryan, Sutherland & Co., Toledo
286.00
& Mayer, Cincinnati
Seasongood
26.00
4 X%
W. L. Slayton & Co., Toledo
434%
Ohio Bank & Savings Co., Findlay
HARRISON COUNTY DRAINAGE DISTRICT (P. 0. Logan),
-A $55,000 L981113 of drainage bonds was unIowa.
-BONDS NOT SOLD.
successfully offered on June 24,as the only bid received, an offer of par and
..01
5
9,,
JULY
5 1930.]
FINANCIAL CHRONICLE
149
-was awarded for a premium of $200,
-V. 130, p. 4280
expenses on 5s, tendered by the Carleton D. Bob Co., of Des Moines, tc Co., of Chicago
equal to 100.40, a basis of about 4.96%. Dated April 1 1930. Due
was rejected.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 27 (P. 0. from April 1 1935 to 1950.
West Hempstead), Nassau County N. Y.
KOYLTON TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 4
-BOND OFFERING.-BOND OFFERING -Alex
George A. Pink, District Clerk, will receive sealed bids until 8 p. m.(Day- (F!. 0. Kingston), Tuscola County, Mich.
light saving time) on July 10 for the purchase of $400,000 coupon or reg- Marsden, Secretary of the Board of Edui ation, will offer for sale at public
istered school bonds, to bear int, at a rate not to exceed 6%,expressed in a auction on July 7 (5 p. m.) an issue of $50,000 not to exceed 5)4% interest
multiple of % or 1-10 of 1%. Dated July 1 1930. Denom. $1,000. Due school bonds. Dated July 7 1930. Denom. $1,000. Duo on April 10
on Feb. 1 as follows: $5,000 from 1932 to 1938 incl.; $10,000 from 1939 to as follows: $1.000 from 1932 to 1945 inclusive; $2,000 from 1946 to 1951.
1944 incl.: $15,000 from 1945 to 1951 incll.; $20,000 from 1952 to 1956 incl., Inclusive; $3,000 from 1952 to 1959, Inclusive. Principal and semi-annual
and $25,000 from 1957 to 1960 incl. Prin. and semi-ann. hit. (F. & A.) Interest payable at the depositary designated by the purchaser. A certified
payable in gold at the West Hempstead National Bank, West Hempstead, check for $500. Payable to the order of the District Treasurer, must accom
or at the Bank of America, N.A. N.Y.City. A certified check for $8,000, pany each proposal. Successful bidder to pay for printing of the bonds
payable to Paul G. Ohrtman, Treasurer, must accompany each proposal. and legal opinion. The valuation of the district is said to be $377,425.
The approving opinion of Clay, Dillon & Vandewater of N. Y. City, must No bonded debt.
accompany each proposal.
LAKEVIEW WATER DISTRICT (P. 0. Lakeview), Erie County,
Financial Statement.
N. Y.
-BOND OFFERING.
-William H. Folk, Chairman of Board of Fire
Valuations: Assessed valuation real estate and special franCommissioners, will receive sealed bids until 8 p. m.(daylight saving time)
chise, 1930
$9,095,945.00 on
August 7,for the purchase of $20,000 coupon or registered fire apparatus
Actual valuation, official estimate
11,229.561.70 bonds, to bear interest
at a rate not to exceed 6%. expressed in multiples
Debt:Bonded debt outstanding
360.000.00 of M of 1%.
Dated July 1 1930. Denom. $1,000. Due $2,000 on July
Bonded debt, including this issue
760,000.00 1 from
1931 to 1940, incl. Principal and semi-annual int. (Jan. and July)
• Population: 1920,estimated,850; 1925,estimated. 1.150; 1930.estimated,
payable in gold at the Bank of Rockville Centre & Trust Co., Rockville
4,000.
of the District.
HEMPSTEAD SCHOOL DISTRICT (P. 0. Hempstead) Nassau Centre. A certified check for $500, payable to the order Clay, Dillon &
County, N. Y.
-BOND OFFERING.
-T. 0. Calkins, Superintendent of must accompany each proposal. The approving opinion of
Schools, will receive sealed bids until September 17 for the purchase of Vandevrater, of New York, will be furnished to the successful bidder.
-BOND OFFERING.$250,000 school bonds. Dated Oct. 1 1930. Denom. $1,000. Due $10,000
LA PORTE COUNTY (P. 0. La Porte), Ind.
on Oct. 1 from 1935 to 1959 incl. Interest is payable semi-annually. These
. C. Loomis, County Treasurer, will receive sealed bids until 10 a. m. on
bonds were approved by a vote of 89 to 9 at an election held on June 30.
July 17 for the purchase of the following issues of 5% bonds aggregating
HENRY COUNTY (P. 0. Newcastle), Ind.
-BOND OFFERING.
- $61.000:
Eastwood et al.. Michigan Township road construction
Clayton McKinney,Cdunty Treasurer, willreceivesealed bids until 10 a. m. $38,000 Fred C. Denom. $1,900. Duo $1,900 on July 15 1931; $1.900 on
bonds.
on July 7 for the purchase of $100,200 4 % road construction bonds.
Jan. and July 15from 1932 to 1940 incl., and $1,900 on Jan. 151941.
Dated June 15 1930. One bond for $700, all others for $500. Due as
23,000 E. L. Schirr et al., New Durham Township road construction
follows: $5,200 on May 15 and $5,000 on Nov. 15 1931; $5,000 on May and
bonds. Denom. $1,150. Due $1.150 on July 15 1931; $1,150 on
Nov. 15 from 1932 to 1940 incl. A certified check for 2% of the amount of
Jan.and July 15from 1932 to 1940 incl., and $1,150 on Jan. 151941.
bonds bid for, payable to the order of the County Treasurer, must accomEach issue is dated July 15 1930. Int. is payable semi-annually on Jan.
pany each proposal.
and July 15.
HILLSDALE COUNTY (P. 0. Hillsdale), Mich.
-BOND SALE.
-The
LEBANON, Laclede County, Mo.-BOND DESCRIPTION.
The $60,000 road assessment District No. 25 bonds offered on June 27scheduled
that was sold subject to an
$80,000 issue of sewer
V. 130. p 4644
-were awarded as 4%.1 to the First State Savings Bank, for July 29-V. 130,bonds -was jointly purchased election National
p. 4644
by the
and the Hillsdale Savings Bank, both of Hillsdale, jointly. Price paid not Fidelity Co., and the Prescott, Wright, Snider Co.. both of Omaha, as
are dated July 1 1930 and mature on May 1 as follows: $14,000 in 1932; 58, at a price of 100.49, a basis of about 4.95%. Due from 1935 to 1950.
$15,000 in 1933 and 1934, and $16,000 in 1935.
LEHIGH COUNTY (P. 0. Allentown), Pa.
-BOND OFFERING.
.HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
-The Harry M. Schoenly, County Comptroller, will
until
First National Old Colony Corp., of Boston, on July 1 was awarded a $300.- 9 a. m. (Eastern Standard time) on July 14. for receive sealed bids
the_purchase of $800,000
000 temporary loan at 2.16% discount, plus a premium of $2.55.
The 4,4% or 44% coupon or registered county bonds. Dated August 1 1930.
notes arc dated July 1 1930. Denoms. to suit purchaser. Payable on Jan.
in 1935; $75,000 in
15 1931 atthe First National Bank,of Boston. Validity approved by Storey, Denom. $1,000. Due on August 1, as follows: $50.0001955, and $250,000
$125,000 in
1940; $100,000
Thornclike, Palmer & Dodge, of Boston. Salomon Bros. & Hutzler, of in 1960. Bids in 1945;received for 1950: $200,000 in any of the above
will be
the entire issue at
Boston, the only other bidders, offered to discount the loan at 2.22%. Interest rates but no bids combining different rates will be accepted. A
plus a premium of $3.50.
certified check for 2% of the amount of bonds bid for, payable to the order
HOT SPRINGS, Garland County, Ark.
-BOND SALE.
-A $46,000 of the County Treasurer, must accompany each proposal. Sale of the bonds
Issue of 6% paving bonds has recently been purchased by the American is subject to the favorable opinion of Townsend, Elliott & Munson, of
Exchange Trust Co., of Little Rock, at a price of 100.81.
Philadelphia, as to their validity.
INKSTER, Wayne County, Mich.
-BOND OFFERING.
-BOND OFFERING.
LENAWEE COUNTY (P. 0. Adrian), Mich.
-Freda P.
Kurtsell, Village Clerk, is reported to be receiving sealed bids until 7:30 Sealed bids addressed to the Board of County Road Commissioners will be
p.m. (Eastern Standard time) on July 8 for the purchase of $802.491 6% received until 1.30 p. m.(Eastern standard time) on July 8 for the purchase
special assessment water bonds. Interest is payable semi-annually in of the following issues of not to exceed 6% interest road bonds aggregating
January and July. Proposals must be accompanied by certified checks for 3170,000:
1% of the amount of bonds bid for, payable to the order of the Village.
$92.00 Road Assessment District No. 79 bonds.
35,000 Road Assessment District No. 70 bonds.
IRONDALE, Jefferson County, Ala.
-BOND OFFERING.
-We are
26,000 Road Assessment District No. 61 bonds.
informed that sealed bids will be received until July 8, by 0. B. McDonal,
17,000 Road Assessment District No. 52 bonds.
Mayor,for the purchase of an $11,000 issue of6% semi-annual street bonds.
All of the above bonds are dated July 15 1930 and will mature in from
IRVING INDEPENDENT SCHOOL DISTRICT (P. 0. Irving), 1 to 5 years. Denom. $1.000. Principal and semi-annual interest (May
Dallas County, Tex.
-BONDS REGISTERED.
-The $40,000 issue of 5% and Nov.) payable at the office ofthe Board of County Road Commissioners.
school building bonds that was voted -on May 24-V. 130, p. 3923
-was A certified check for $500, payable to the order of the Board, must accomregistered by the State Comptroller on June 24. Due serially.
pany each proposal.
JACKSON COUNTY (P. 0. Independence), Mo.-BOND SALE.-Sealed
LEXINGTON, Davidson County, N. C.
-BOND OFFERING.
The $2,000,000 issue of semi-ann. road and bridge bonds offered for sale on bids will be received until 7.30 p. m. on July 9 by R. P. Earnhardt, City
July 1-V. 130, p. 4644
-was purchased by a syndicate composed of the Clerk, for the purchase of an issue of $125,000 public impt. bonds. Int.
First Union Trust & Savings Bank, the Continental Illinois Co., and the rate is not to exceed 5)4%, payable
Dated July 1 1930.
First Detroit Co., all of Chicago, the Prescott, Wright Snider Co. of Due as follows: $4,000. 1932 to 1936: $6.000. 1937 to 1941; $7,000. 1942
semi-annually.
Kansas City, and the Boatmen's National Co. of St. Louis. as 4,(s, at a to 1946. and $10,000, 1947 to 1950, all incl. The above Clerk will furnish
price of 100.557, a basis of about 4.20%. Dated July 15 1930. Due from the required bidding forms. A certified check for 2% par of the bid,
1936 to 1950 incl.
payable to the Clerk, is required.
-An Issue of
LINCOLN, Lancaster County Neb.-BOND SALE.
JACKSON, Madison County, Tenn.
-ELECTION DATE SET.
August 7 has been definitely specified as the day upon which the voters $118,580 4% paving bonds is reported to have been purchased recently
will be called on to vote the $75,000 issue of armory construction bonds by a group composed of the Lincoln Trust Co. of Lincoln, the First Trust
mentioned in V. 130, P. 4100. It is reported that they will be described CO. and Omaha National Co., both of Omaha, at a discount of $1,397,
as follows: 5% bonds in denoms. of $1,000 each. Due from 1931 to 1955. equal to 98.835, a basis of about 4.14%. Due in 10 years. It is stated
also purchased a $5,050 issue of water bonds. Due
that the same
JACKSON COUNTY (P.O. Black River Falls), Wis.-BOND OFFER- serially in fromgroup5 years.
1 to
ING.
-Sealed bids will be received until 10 a. m. July 14 by J. H. Harmer,
-ADDILINCOLN PARK (P. 0. Detroit), Wayne County, Mich.
County Clerk, for the purchase of a $40,000 issue of 434% coupon highway
-In connection with the report of the sale
bonds. Denom. $1,000. Dated May 1 1930. Due $4,000 from May 1 TIONAL INFORMATION.
of $23,992 6% coupon special assessment improvement bonds to Stranahan,
1931 to 1940 incl. Prin. and Mt.(M.& N.) payable in Black River Falls.
Harris & Oatis, Inc. of Toledo. for a premium of $10, equal to 100.04No certified check is required.
-we learn that the award was made on June 16 and comV. 130, p. 4464
JACKSON COUNTY UNION ROAD DISTRICT (P. 0. Ripley), prised $12.650 sewer bonds and $11,342 sidewalk bonds. Each issue is
special election to be held on Aug. 5 dated June 1 1930. The sidewalk bonds mature in from 1 to 4 Years and
W. Va.-BOND ELECTION.
-At a
the voters will pass upon a proposed road bond issue for $30,000, described the sewer issue is due in from 1 to 6 years. Int, is payable in June and Dec.
as follows: Int, rate is not to exceed 6%. payable semi-annually. Denom.
-The
-FINANCIAL STATEMENT.
LORAIN,Lorain County, Ohio.
$500. Due on Jan. 1 as follows: $1,000, 1932 to 1936:$1,500, 1937 to 1942,
financial statement below is issued in connection with the scheduled sale
and $2,000, 1940 to 1950,all incl.
on July 7, of $50,000 5% city's portion river widening bonds, notice and
JACKSONVILLE, Cherokee County, Tex.
-BOND DETAILS.
The $100,000 issue of coupon paving bonds that was purchased on June 10 description of which appeared in our issue of June 28.-V. 130, p. 4645.
$125,000.000.00
by Caldwell & Co.. of Nashville
-V. 130. p. 4644-bears interest at 5% Real valuation (estimated)
85,605,510.00
•
and was awarded at a price of 98.04. Denom. $1,000i Dated Dec. 15 Assessed valuation (1929)
3.277.855.19
Total bonded debt (including this issue)
1928. Interest payable on June and Dec. 1.
I.048,360.33
JASPER AND TROUPSBURG CENTRAL SCHOOL DISTRICT Floating debt
NO. 1 (P. 0. Addison), Steuben County, N. Y.
-BOND SALE.4,326,215.52
The $96,000 5% coupon or registered school bonds offered on July 1-V.
$2,224,764.52
-were awarded to George B. Gibbons & Co. of New York, at Less special assessment debt
130, p. 4100
570,000.00
100.5379, a basis of about 4.95%. The bonds are dated July 1 1930 and Less water debt
471.061.54
mature on July 1 as follows: $2,000 from 1932 to 1941 incl.; $3,000 from Less sinking fund
206,000.00
1942 to 1948 incl.; $4,000 from 1949 to 1953 incl., and $5,000 from 1954 to Leas legal deductions
3,471,826.06
1960 inclusive. Sage, Wolcott & Steele, of Rochester, the only other
bidders, offered par for the issue.
$854,389.46
Net debt
JAY COUNTY (P.O.Portland), Ind.
-BOND OFFERING.
Population, 1920, 37,000: present, 44.000.
-H.Hummer, County Treasurer will receive sealed bids until 10 a. m. on July 14 for
-Abel R.
-BOND OFFERING.
LOWELL, Middlesex County, Mass.
the purchase of $5,580 04% John T. May et al., Wabash Township road Campbell, City Treasurer, will receive sealed bids until 11 a.m. (Daylight
construction bonds. Dated July 15 1931. Denom. $279. Due $279 on saving time) on July 8 for the purchase of the following issues of4% coupon
July 15 1931; $279 on Jan. and July 15 from 1932 to 1940 Incl., and $279 bonds aggregating $35,000:
on Jan. 15 1941. A certified check for 3% of the amount of bonds bid for, $25,000 New Wells-Boulevard Plant bonds of 1930. Due $5,000 on
must accompany each proposal.
July 1 from 1931 to 1935. incl.
10,000 water mains bonds of 1930 (Oaklands Section). Due $1,000 on
KNIGHT TOWNSHIP SCHOOL DISTRICT (P. 0, Evansville),
July 1 from 1931 to 1940, incl.
Vanderburg County, Ind.
-BOND OFFERING.
-Henry Hensz, Trustee,
Each issue is dated July 1 1930. Denom. $1,000. Prin. and semi-ann.
will receive sealed bids until 7:30 p m. on July 21, for the purcnase of
'
$31,680 5% school bonds. Dated. July 21 1930. Denom. $660. Due int. (J. & J.) payable at the First National Bank of Boston, under whose
supervision the bonds will be engraved. Legality is to be approved by
$1.320 on July 1 1931; $1,320 on Jan. and July 1 from 1932 to 1942 Ind
Ropes, Gray, Boyden & Perkins of Boston.
and $1,320 on Jan. 1 1943.
Financial Statement, June 25 1930.
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND OFFERING.
$129,913,305.00
- Net valuation for year 1929
Claude Hill, County Treasurer, will receive sealed bids until 2 p. m. on Debt limit 214% of average valuation
3.388.665.70
July 18 for the purchase of the following issues of 04% bonds aggregating Total gross debt,including these issues
4,896,720.00
$13,200:
$209,750.00
Exempted debt: Water bonds
1,874,950.00
1,665,200.00
$5,000 Guy Williams, et al., Palmyra Township road construction bonds.
Other bonds
Denom. $250. Due 525000 July 15 1931; $250 on Jan. and July 15
$3,021,770.00
from 1932 to 1940 incl., and $250 on Jan. 15 1941.
Net debt
4,800 Franklin Morris et al., Vincennes Township road construction bonds.
Borrowing capacity, $366,895.70.
Denom. $240. Due $240 on July 15 1931; 524000 Jan. and July 15
-BOND SALE.
-An issue of
McMINNVILLE, Yamhill County, Ore.
from 1932 to 1940 incl., and $240 on Jan. 15 1941.
by the
3.400 J. T. Overbay et al., Steen Township road construction bonds. $100,000 5%% electrical plant bonds has recently been purchased a basis
States National Bank of McMinnville, at a price of 100.38,
Denom. $340. Due $340 on July 15 1931; $340 on Jan. and July 15 United
of about 5.40%. Denom. $1,000. Dated July 1 1930. Due in 1936
from 1932 to 1935 incl.. and 534000 Jan. 15 1936.
Each issue is dated June 3 1930. Int. Is payable semi-annually on Jan. and optional in 1934. Principal and Interest (J. & J.) payable in gold
coin at the office of the City Treasurer.
and July 15.
-Sealed bids
-BOND OFFERING.
KNOTT COUNTY (P. 0. Hindman), Ky.-FRICE PAID.
MABEL, Filhnore County, Minn.
-The
$50,000 issue of 6% funding bonds that was purchased by Seipp, Princell will be received by P. H. Beide, Village Clerk, until 8 p. m. on July 15
150
FINANCIAL CHRONICLE
for the purchase of a $5,000 issue of 5% pump house bonds. Dated July
15 1930. Principal and semi-annual interest payable at the First State
Bank of Mabel. A $500 certified check is required with the bid.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Mamaroneck) Westchester County; N. Y.
-BOND SALE.
-The
$500,000 series "A" coupon or registered school bonds offered on July 1V. 130, p. 4645
-were awarded as 4.30s to the Bankers Co. of New York,
at 100.359, a basis of about 4.27%. The bonds are dated July 1 1930 and
mature on July 1 as follows: $15.000 from 1935 to 1954 incl., and $20.000
from 1955 to 1964 incl. The following is a complete list of the bids submitted
for the issue:
Int. Rate.
Rate Bid.
BidderBankers Co. of New York (purchaser)
100.359
4.305'
Larchmont National Bank & Trust Co
4.305
100.2797
Roosevelt & Son
101.14
4.507
Kissell, Kinnicutt & Co
4.40
100.938
First Nat. Bk.& Tr. Co.. Mamaroneck,N.Y
100.279
4.355'
Lehman Brothers
100.199
4.309
Dewey, Bacon & Co
100.09
4.405
Mamaroneck Trust Co
100.82
4.40%
Bachelder & Co
100.6$
4.40%
MANVILLE, Somerset County, N. J.
-John
-BOND OFFERING.
Markovitch, Borough Clerk, will receive sealed bids until 8 p.m. (Daylight
Saving time) on July 15 for the purchase of $250,000, 43i. 434, 434, 5 or
% coupon or registered water bonds. Dated July 1 1930. Denom.$1.000.
Due on July 1 as follows: $6,000 from 1932 to 1954 incl., and $7,000 from
1955 to 1970 incl. Principal and send-annual interest (Jan. and July),
payable in gold at the Manville National Bank, Manville, or at the Chase
National Bank, New York. No more bonds are to be awarded than will
produce a premium of $1,000 over $250,000. A certified check for 2% of
the amount of bonds bid for, payable to the order of the Borough Clerk.
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow, of New York, will be furnished to the successful
bidder.
[VOL. 131.
MISSOURI, State of (P. 0. Jefferson City).
-BOND OFFERING.
It is reported that sealed bids will be received until August 1, by the State
Board of Fund Commissioners, for the purchase of a $5,000,000 issue of
highway bonds. This issue is stated to be part of a total issue of $75.000,000 voted in 1928 and will bring the total of bonds sold in the last 12
months to $22,500,000. It is thought the interest rate will be about 434%.
MONAHANS, Ward County., Tex.
-BOND SALE.
-A $25,000 portion
of a $40,000 water bond issue is reported to have recently been taken over
by Koch & Fowler, of Dallas, the contractor.
MONROE COUNTY (P. 0. Albia), Iowa.
-BOND SALE.
-The
$227,000 issue of coupon or registered annual primary road bonds offered
for sale on June 26 (V. 130. P. 3925) was sold to Geo. M. Bechtel & Co. of
Davenport as 434s for a premium of 31,875, equal to 100.825, a basis of
about 4.60%. Due from 1936 to 1945, incl. Optional after 1936. The
other bidders and their bids (all for 431s) were*
Bidder
Premium.
Boatmen's National Co., St. Louis
$11:887721
72
Carleton D. Beh Co. of Des Moines
White-Phillips Co., Davenport
1,655
Iowa-Des Moines Co., Des Moines
1,225
Darby & Co., of New York
1,100
A. B. Leach & Co., Chicago
500
MONTESANO, Grays Harbor County, Wash.
-An
-BOND SALE.
issue of $110,000 water system purchase bonds is reported to have recently
been purchased by the Montesano State Bank as 514s at a price of 96.25.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio -BOND SALE.
The following issues of coupon bonds aggregating $81,000 offered on
June 26-V. 130, p. 4282
-were awarded as 4145 to Assel, Goetz & Meerlein, Inc. of Cincinnati, at par plus a premium of $397, equal to 100.48,
a basis of about 4.41%:
$68,000 road improvement bonds. Due on Dec: 15 as follows: $5,000 in
1931 and $7,000 from 1932 to 1940, incl.
13,000 road improvement bonds. Due on Dec. 15 as follows: $2,000
in 1931;$3,000from 1932 to 1934,incl.; $2,000 in 1935;$1.000 from
1936 to 1939, incl., and $2,000 in 1940.
Each issue is dated June 15 1930. Bids were as follows:
BidderInt. Rate. Premoium.
Assell, Goetz & Moerlein, Inc. (Purchaser)
$397.00
434%
A. C. Allyn & Co., Chicago
380.00
434%
BancOhlo Securities Corp., Columbus
434 o
388.00
MONTGOMERY COUNTY (P. 0. Red Oak), lowa.-BOND SALE.
The $300,000 issue of annual primary road bonds offered for sale on July 1
130, p. 4102
-(postponed from June 25) was purchased by Geo. M.
Bechtel & Co., of Davenport, as 4345, for a premium of $2.707, equal to
a0 er 1936.
lft .90, a basis of about 4.59%. Due from 1936 to 1945, incl. Optional
0
MARION COUNTY (P. 0. Knoxville), Iowa.
-The
-BOND SALE.
$300,000 issue of registered annual primary road bonds offered for sale on
June 26 (V. 130, p. 4465) was purchased by the Carleton D. Beh Co. of
Des Moines as
for a premium of $3,006, equal to 101.002. a basis of
about 4.57%. Due from 1936 to 1945, incl. Optional after 1936. The
other bidders and their bids (all for 4. s) were as follows:
3
4
BidderPremium.
Geo. M.Bechtel & Co
$3,005
White-Phillips Co
2,995
A. B. Leach & Co
1,900
-Des Moines National Bank
Iowa
1,775
MASSILLON, Stark County, Ohio.
OFFERING.
-Lester S.
-BOND
Lash, City Auditor, will receive sealed bids until 12 m.(Eastern Standard
time) on July 24, for the purchase of the following issues of 5% bonds
aggregating $63,750:
MOREHOUSE PARISH ROAD AND BRIDGE DISTRICT NO. 4
$40,000 city's portion sanitary sewer construction bonds. Denom. $1,000. (P. 0. Bastrop), La.
-ADDITIONAL DETAILS.
-The $165,000 issue
Due $8,000 on Oct. 1 from 1931 to 1935,incl.
of coupon semi-annual road and bridge bonds that was purchased by Cald23,750 city's portion paving bonds. One bond for $750, all others for well & Co. of Nashville (V. 130. p. 4646) bears interest at 5% and was
$1,000. Due on Oct. 1,as follows: $3,000 from 1931 to 1937, incl., awarded at par. Due from April 1 1931 to 1950. incl. The other bidders
and $2,750 in 1938.
were. Whitney Trust & Savings Bank, Ryan, Sutherland & Co. and W.L.
Each issue is dated April 1 1930. Principal and semi-annual interest Slayton & Co., bidding jointly, and the Hibernia Securities Co.
(April and Oct.) payable at the State Bank, Massillon. A certified check
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT, Allegheny
for 3% of the amount of bonds bid for, payable to the City Treasurer, must
-LIST OF BIDS.
-The following is a complete list of the
accompany each proposal. A certified copy of the transcript showing the County, Pa.
legality of the issue will be furnished the successful bidder, who will be bids received on June 23 for tne purchase of the $440,000 434% coupon
print at his own expense the necessary bonds and coupons at- school bonds awarded to Prescottlyon & Co., of Pittsburgh, at par plus
obliged to
a premium of $15,967.60, equal to 103.629, a basis of about 4.21%-V.130.
tached. Bonds to be delivered at Massillon.
44:
6 6p.Bied67
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-NOTE SALE.
1Premium.
- Prescott Lyon & Co.(Purchaser)
-The $100,000 issue of notes offered for sale on June 28-V. 130, p.4645
$15,967.60
was purchased by the Morris Plan Industrial Bank, of Greensboro (for Mellon National Bank, Pittsburgh
.00
Curtis & Sanger of New York) at 3.75%. Due in three months.
Chatham Phenix Corp., New York
55,072360.
MEDFORD, Norfolk County, Mass.
-BOND SALE.
-The following Edward Lowber Stokes Co., Philadelphia
'&
14,960.00
issues of 4% coupon bonds aggregating $290,000 offered on June 27- National City Co. New York
,
13.683.56
-were awarded to Eldredge & Co. of Boston at 101.31. M. M. Freema
V. 130, p. 4645
n&
Co., Philadelphia
15.884.00
A. B. Le
a basis of about 3.80%:
Leach & Co., Philadelphia
13,527.20
$115,000 Elementary School bonds. Due on July 1 as follows: $8,000 from
MOUNT PLEASANT, Westmoreland County, Pa.
-BOND OFFER
1931 to 1940,incl.,and $7,000 from 1941 to 1945,incl.
IND.-Frank L. Overly, Borough Secretary, will receive sealed bids until
100,000 school bonds. Due on July 1 as follows: $7,000 from 1931 to 8 p.
m. (Eastern Standard time) on July 7, for the purchase of $20,000
1940, incl., and $6,000 from 1941 to 1945, incl.
75,000 High School addition bonds. Due $5,000 on July 1 from 1931 to 434% funding and improvement bonds. Dated June 1 1930. Due $5,000
on June 1 in 1931, 1936, 1938 and 1941. Interest is payable semi-annually.
1945,incl.
A certified check for $1,000, payable to the order of the Borough, must
Each issue is dated July 1 1930.
accompany each proposal.
MEMPHIS, Shelby County, Tenn.
-BOND SALE.
-The two issues of
MUROC SCHOOL DISTRICT (P. 0. Bakersfield), Kern County,
bonds aggregating $860,000, offered for sale on July 1-V. 130, p. 4101
-BOND OFFERING.
were jointly purchased by the Bankers Co. of New York, and Eldredge & Calif.
-Sealed bids will be received until 11 a.m.
Co., both of New York, for a premium of $851,40, equal to 100.099, a on July 14, by F. E. Smith, County Clerk,, for the purchase of a $10,000
issue of school bonds. Int. rate is not to exceed 6%. Dated June 16 1930.
basis of about 4.33%, on the bonds divided as follows:
$400.000 improvement bonds as 43s. Due from July 1 1933 to 1957,incl. Due $2,000 from 1931 to 1935, incl.
460,000 street improvement bonds as 4345. Due from July 1 1931 to
MUSKEGON TOWNSHIP SCHOOL DISTRICT NO. 1(P.O. Muske1935, incl.
gon, R 1), Muskegon County, Mich.
-BOND OFFERING.
-R. C.
Interest payable on Jan. and July 1.
Todd, member of the Board of Education, will receive sealed bids until
MENARD INDEPENDENT SCHOOL DISTRICT (P. 0. Menard), 5 p. m. (Eastern standard time) on July 5 for the purchase of $35,000 not
Menard County, Tex.
-BONDS REGISTERED.
-The $50,000 issue of to exceed 5% interest school bonds. Denom. $1.000. Due on July 1 as
-was follows: $2,000 in 1931 and 1932; $3.000 from 1933 to 1936, incl.: $4,000
5% serial school bonds that was recently sold.
-V. 130, p. 3584
in 1927, and $5,000 from 1938 to 1940, incl. Principal and semi-annual
registered by the State Comptroller on June 26. Due serially.
MENOMINEE COUNTY (P. 0. Menominee), Mich.
-BONDS OF- interest payable at the office of the District Treasurer. Successful bidder
FERED.
-Harry N. Gilbertson. County Clerk, received sealed bids until to furnish printed bonds. A certified check for $500. Payable to E. D.
Wilson,
10 a.m. on July 3 for the purchase of $20,000 not to exceed 5% int. county proposal.President of the Board of Education, must accompany each
road bonds. Denoms. to suit purchaser. Bonds mature on July 1 1931.
Int. is payable in Jan. and July.
MUSKOGEE SCHOOL DISTRICT (P. 0. Muskogee), Muskogee
County, Okla.
-We are now informed that the two
METUCHEN SCHOOL DISTRICT, Middlesex County, N. J.
-BOND SALE.
BOND SALE.
-The $115,000 coupon or registered school bonds offered on issues of school bonds aggregating $200,000. offered for sale on May 9-were purchased by 0. Edgar Honnold, of Oklahoma
July 1-V. 130, P. 4465
-were awarded as 48 s to the New Brunswick V. 130, P. 3229
%
Trust Co. of New Brunswick, at par plus a premium of $567.87, equal to City, as follows:
4
100.49, a basis of about 4.69%. The bonds are dated Feb. 1 1930 and $115,000 school bonds as 48 s. Due from 1935 to 1955, inclusive.
85,000 school bonds as 4345. Due from 1935 to 1955, inclusive.
mature on Feb. 1 as follows: $6,000 from 1932 to 1949 inclusive, and
$7,000 in 1950.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.
-BOND The First National Old Colony Corp. of Boston, during June purchased a
MIDDLESEX COUNTY (P. 0. New Brunswick), N. J.
OFFERING.
-Arthur J. Hamley, County Treasurer, will receive sealed bids $50,000 temporary loan, dated July 1 1930 and payable on Jan. 26 1931
until 2.30 p.m.(Daylight saving time) on July 10 for the purchase of the at 2.50% discount. S. N. Bond & Co. of Boston, the only other bidders,
following issues of 4, 411 or 434% coupon or registered bonds aggregating offered to discount the loan at 3%•
$564.000:
NASHVILLE, Davidson County, Tenn.
-BONDS APPROVED AND
s492.000 series No. 35 road improvement bonds. Due on July 15 as DEFEATED.
-At the special election held on June 26-V. 130, pp. 1700
follows: $25,000 from 1932 to 1947, incl.: $30,000 in 1948 and and 4102
-the voters defeated the proposed $1,000,000 municipal airport
1949, and $32,000 in 1950.
issue; $150,000 in bonds for a memorial
electric
38,000 series No. 21 bridge bonds. Due $2,000 on July 15 from 1932 to light plant bonds. A $500,000 bond issueplaza and $150,000 for
for an addition to the city hos1950, incl.
pital and an issue of $150,000 for a Junior high school in North Nashville,
22,000 county record bonds. Due on July 15 as follows: $5,000 in 1932 were approved.
and 1933 and $6,000 in 1934 and 1935.
The official counts on
issues were as follows: Hospital, 4,361
12.000 series No. 6 vocational school bonds. Due $1,000 on July 15 to 1,545; school, 3,637 tothe above
2,004. Defeated issues: Airport, 3,011 to 2,620;
from 1932 to 1943, incl.
ight,plant, 2,763 to 2,694. and plaza bonds by 2,865 to 2,623.
All of the above bonds are dated July 15 1930. Denom. $1,000. Prin•
--Wner
NESCOPECK,Luzerne County,Pa.
-BOND SALE.-John
and semi-ann. int (J.& J. 15) payable at the office ofthe County Treasurer.
No more bonds are to be awarded than will produce a premium of $1,000 Borough Secretary, reported that on July 1, an issue of $5000 534_% Imover the amount of each issue. The bonds will be prepared under the provement and funding bonds was sold at par plus a premium of $10.25.
supervision of the International Trust Co.. New York, which will certify equal to 100.20, a basis of about 5.46%. Denom.$500. Interest is payable
as to the genuineness of the signatures of the officials and the seal impressed semi-annually. Due $500 on June 1 from 1931 to 1940, incl.
thereon. A certified check for 2% of the par value of the bonds bid for.
NEW HAMBURGH FIRE
payable to the order of the County Treasurer, must accompany each Hamburg, Dutchess CountyDISTRICT (Poughkee_psie), P. 0. New
N. Y.
-William J.
proposal. Legality is to be approved by Caldwell& Raymond of New York. Workman, Chairman of Board of Fire-BOND OFFERING.
'
Commissioners, will receive sealed
Financial Statement.
bids until's P. m. (daylight saving time) on July 15, for the purchase of
$181,377.993.00 $25,000 not to exceed 6% interest coupon fire house equipment bonds.
Assessed valuation taxable real estate, 1930
27,370,187.00 Dated July 1 1930. Denom. $1,000. Due $1,000 on July 1 from 1931 to
Assessed valuation taxable personal property, 1930
1955, incl. Rate of interest to be expressed in a multiple of 34 of 1%.
Total assessed valuation
$208,748,180.00 Principal and semi-annual interest (Jan. and July), payable in gold at the
094,300.00 Poughkeepsie Trust Co., Poughkeepsie. A certified check for $500, payable
Total bonded debt now outstanding (excl. of these issues)
Sinking fund (as of Jan. 1 1930)
6,460,258.93 to the order of the District, must accompany each proposal. The approving
Population
-1920 Census, 162,334; 1930 Census (over) 211,000.
opinion of Clay, Dillon & Vandewater, of New York, will be furnished to
MILLBUCK, Holmes County, Ohio.
-BOND SALE.
-The $5.000 the successful bidder.
NEW HAVEN, New Haven County, Conn.
coupon water works improvement bonds offered on June 20-V. 130, p.
-TEMPORARY LOAN.
-were awarded as 6s to the Killbuck Savings Bank Co. of Killbuck, The First National Old Colony Corp. of Boston, during June purchased a
4100
at par plus a premium of $31, equal to 100.62, a basis of about 4.83%. The $1,500,000 temporary loan at 2.61% discount, plus a premium of $11. The
bonds are dated July 1 1930 and mature semi-annually on March and loan is dated July 1 1930 and is payable on March 13 1931. The following
is a list of the bids submitted:
Sept. 1 from 1931 to 1940 inclusive.
JULY 5 1930.]
FINANCIAL CHRONICLE
151
OXFORD, PRESTON, McDONOUGH AND SMITHVILLE CENTEAL SCHOOL DISTRICT NO. 1 (P. 0. Oxford), Chenange County,
-Fred B. Baker, District Clerk, will receive
-BOND OFFERING.
N. Y.
(eastern standard time) on July 15,for the purchase
sealed bids until 8 p.
of $310,000 44, 44 or 5% coupon or registered school bonds. Dated
June 1 1930. Denom.$1,000. Due on June 1 as follows: $5,000 from 1933
to 1937, incl.; $6,000 from 1938 to 1941 incl.; $7,000 from 1942 to 1945,
incl.; $8,000 from 1946 to 1949, incl.: $9,000 from 1950 to 1952. incl.;
$10,000 from 1953 to 1955, incl.; $11,000 In 1956 and 1957; $12,000 in 1958
and 1959; $13,000 in 1960 and 1961; $14,000 from 1962 to 1964, incl., and
(June and
$15,000 in 1965 and 1066. Principal and semi-annual interest A certified
December) payable in gold at the First National Bank, Oxford.
check for 2% of the amount of bonds for bid, payable to the order of the
Board of Education, must accompany each proposal. The approving
opinion of Hawkins, Delafield & Longfellow of Now York, will be furnished
to the successful bidder.
-BOND
OYSTER BAY (P. 0. Oyster Bay) Nassau County, N. Y.
SALE.
-The $187,000 town hall bonds offered on July 1-V.130,P.4283
the Bankers Co.of New York,at par plus a premium
were awarded as44s to
of $334.73, equal to 100.17. a basis of about 4.23%. The bonds are dated
June 1 1930 and mature $11,000 on June 1 from 1934 to 1950, incl.
-BONDS REGISPALO PINTO COUNTY (P. 0. Palo Pinto), Tex.
-A $50,000 issue of 54% serial road and bridge refunding bonds
TERED.
was registered by the State Comptroller on J11.10 27. (A larger issue of
-V. 130, P. 4646.)
refunding bonds was recently sold.
PARKS TOWNSHIP SCHOOL DISTRICT (P. 0. North Vander-BOND SALE.
-The $70,000 434%
County, Pa.
grift), Westmoreland
-were awarded
coupon school bonds offered on June 28-V. 130, p. 4466
to Edward Lowber Stokes & Co., of Philadelphia, at_par plus a premium
of $1,491, equal to 102.13. a basis of about 4.24%. The bonds are dated
Aug. 1 1930 and mature on Aug. I, as'follows: $3,000 in 1931: $4,000 in
1932: $3,000 in 1933: $4,000 in 1934; $3,000 in 1935; $4,000 in 1936; $3.000
in 1937: $4,000, 1938; 33,000. 1939: $4.000, 1940; $3,000. 1941; $4,000,
1943; 84,000, 1944; $3,000. 1945: $4,000, 1946; $3,000, 1947:
NORTH BRANCH SCHOOL DISTRICT (P. 0. North Branch), 1942: $3,000, 83.000 in 1949 and 81.000 in 1950.
-A $46,000 issue of school bonds $4,000. 1948;
-BOND SALE.
Chicago County, Minn.
-The
-BOND SALE.
at par by the State of Minnesota. according to
has recently been purchased
PASADENA, Los Angeles County, Calif.
report.
$61,000 issue of 434% semi-annual sewer bonds offered for sale on June
-was purchased by the National Bankitaly Co.. of
p. 4467
- 23-V. 130, for a premium of $2,68.3, equal to 104.39, a basis of about
-NOTE SALE.
NORTH CAROLINA, State of (P. 0. Raleigh).
San Francisco,
We are informed that a $2,000,000 issue of highway bond anticipation 4.35%. Dated Oct. 1 1926. Due from Oct. 1 1942 to 1946, incl. The
notes was purchased on July 1 by the Page Trust Co., of Aberdeen, at following is an official list of the bids:
Due on April 7 1931. Newspaper reports
2.75%. Dated July 10 1930.
Premium.
Name
gave the other bids as follows:
0
2:3 1:0
$ 2900
The First National Bank, New York, was second with a bid of par First Detroit Co Co
Bancamerica-Blair Corp. was third with a Wm.Cavalier &
for the notes as 2.80s. The
- 2 683.00
Bankitaly Co.*
bid of par, plus a premium of $51 for the notes as 2.90s. A group headed National
2,642.64
Heller Bruce & Co
by Lehman Brothers was fourth with a old of par, plus a premium of $26 Anglo London Paris Co
2,513.00
for the notes as 2.90s. There were three other bids.
2.179.00
Dean Witter & Co
2,230.00
NORTH LITTLE ROCK SCHOOL DISTRICT (P. 0. North Little Weeden & Co
2:360 00
2 173:00
-BOND SALE.
-The $100,000 issue of Wm. R. Staats Co
Ark.
Rock), Pulaski County,
5% coupon school bonds offered for sale on June 26 (V. 130, p. 4283) Security First National Co
2,082.06
by W. B. Worthen & Co. of Little Rock at a price of 95.909, C. F. Childs & Co
was purchased
2,111.00
a basis of about 5.29%. Dated June 2 1930. Due from 1948 to 1959, R. H. Moulton & Co
incl. The other bids were as follows:
* Successful bid.
Price Bid.
Name of Bidder-The $50,000
-BOND SALE.
PATCHOGUE, Suffolk County, N. Y.
93.977 village bonds offered on July 1.-V. 130, p. 4283
Bankers Trust Co. of Little Rock (plus expenses)
-were awarded as 4.408.
93.373 at a price of par to the Union Savings Bank of Patchogue. The bonds are
American Southern Trust Co. of Little Rock
-BOND OFFER- dated July 1 1930 and mature $5,000 on Jan. 1 from 1931 to 1940,incl.
NORTH TONAWANDA, Westchester County, N. Y.
-BONDS REGIS-J. M.Zimmerman, City Clerk, will receive sealed bids until 8 la • m•
ING.
PECOS COUNTY (P. 0. Fort Stockton), Tex.
(daylight saving time) on July 7 for the purchase of $99,500 5% coupon TERED.
-The $1,000,000 issue of 535% road, series 1930 bonds that was
-was registered by the State Comptroller
or registered street improvement bonds. Dated Aug. 1 1930. Denoms. voted on June 14-V.130, p.4647
$1,000 and $500. Due on Aug. 1 as follows: *6.000 in 1931: $10,000 from on June 25. Due in from 1 to 15 years.
1932 to 1937, incl.; $11,000 in 1938 and 1939, and $11,500 in 1940. Bidder
PENCE RIDGE TOWNSHIP RURAL INDEPENDENT SCHOOL
should use own form in submitting tenders. Principal and semi-annual int.
County, lowa.-BOND SALE.
-A
(F. & A.) Payable in gold at the Chase National Bank, New York. A DISTRICT (P. 0. Anamosa), Jones is reported to have recently been
bonds
certified check for $1,000, payable to the order of the City Treasurer, must $2,400 issue of school building 4.95s. Due in 11
Years.
each proposal. The approving opinion of Clay, Dillon & purchased by a local investor as
accompany
Vandewater. of New 'York, will be furnished to the successful bidder.
-All
-NOTICE TO BONDHOLDERS.
PERRY, Taylor County, Fla.
of the above town, maturing on July 1 1930 are requested
NORTON TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Muske- holders of bondswith J. E. Powell, the Town Clerk.
to communicate
-BONDS OFFERED.
-Fay A. Yeager.
gon), Muskegon County, Mich.
-BONDS VOTED.
-At the special
Secretary of School Board, received sealed bids until 2 p. m. (Eastern
PHOENIX. Maricopa County, Ariz.
-the voters approved the proposistandard time) on July 3 for the purchase of $35,000 not to exceed 5% election held on June 25-V. 130, p. 4103
interest school bonds. Denom. $1,000. Due on June 1 as follows: MOM tion calling for the issuance of $3,422,000 in various Improvement bonds.
from 1931 to 1933 inclusive; $2,000 from 1934 to 1937 inclusive; $3.000
Newspaper dispatches from Phoenix reported as follows:
from 1938 to 1945 inclusive. Principal and semi-annual interest payable
Four municipal bond issues of the City of Phoenix aggregating $3,422.000
at the First State Savings Bank, Muskegon Heights. Successful bidder were voted June 25 in a special election by overwhelming majorities. The
bonds.
to furnish printed
bonds are serial issues and will be advertised for sale by the city commission
-BOND SALE.- The follow- at an early date.
NORWICH, Chenango County, N. Y.
One issue, totaling $2,364.000, is for the improvement of the waterworks
$6,800 offered on June 26-V. 130. system. A second Issue, 8817,000, is for additional sewer facilities. The
% bonds aggregating
ing issues of
-were awarded at a price of par to the National Bank & Trust Co.. third, $200.000. is for repayment of a loan in 1927 for repairing present
p. 4466
of Norwich, the only bidder:
water system pipe line, while the fourth, $41,000. is for the retirement of
$4,500 sewer bonds. Due $500 on July 1 from 1931 to 1939 incl.
a note given to cover cost of removing an irrigation ditch through the
'
2,300 paving bonds. Due on July 1 as follows: $500 from 1931 to 1934, heart of the city.
incl., and $300 in 1935.
-BONDS NOT SOLD.
-The
POCATELLO, Bannock County, Ida.
Each issue is dated July 11930.
sale of the five issues of not exceeding 6% bonds aggregating $157,000, that
-was not carried
p. 4103
-BOND SALE.
-The $35,000 was scheduled to be held on June 17-V. 130,
OAKFIELD, Genesee County, N. Y.
was unsuccessful. The issues are
- through as the election on these bonds supply; $50,000 condemnation;
coupon or registered water bonds offered on June 27-V. 130, P. 4466
water main
were awarded as 445 to George B.Gibbons & Co.,of New York,at 100.174, divided as follows: $60,000
West storm sewer, and $3,250 East storm
a basis of about 4.74%. The bonds are dated July 1 1930 and mature $35,000 road approach; $8,750
$1,000 on July 1 from 1935 to 1969. incl. Bids for the issue were as follows: sewer bonds.
PONCA CITY SCHOOL DISTRICT (P.O.Ponca City), Kay County,
Int. Rate. Rate Bid.
Bidder-Sealed bids will be received until 8 p. m. on
-BOND OFFERING.
4
George B. Gibbons & Co. (Purchaser)
100.174 Okla.
July 9, by Jessie Bradley Esco, Clerk of the Board of Education, for the
5
100.68
A. C. Allyn & Co
purchase of two issues of bonds, aggregating $193,000, as follows:
5 o
Marine Trust Co.(Buffalo)
100.429
% school bonds. Due as follows: $8,000, 1944: $11,000, 1945
$120,000
to 1951; $6,000. 1952; $11,000. 1953 and $18,000 in 1954.
-BONDS OFFERED.
OAKLAND Alameda County, Calif.
-Sealed
73,0005% school bonds. Due as follows: $9,000, 1936; $11,000, 1937
bids were received until noon on July 3 by Frank C. Merritt, City Clerk,
to 1940; $5,000, 1941: $6,000, 1942 and 1943, and $3,000 in 1944.
for the purchase of a $500,000 issue of 434% harbor improvement bonds.
-ADDITIONAL DEPORT ANGELES, Clallam County, Wash.
Denom. $1,000. Dated July 1 1926. Due on July 1 as follows: $27 0 0.
0
-The $28,056.25 issue of 7_7 Local Improvement District No.
314,000. 1932 to 1949, and $13,000, 1950 to 1956 all incl.
TAILS.
1931;
'
and int. (J. & J.) payable in gold at the office of the City Treasurer.
e 128 bonds that was purchased by the First National Bank of Port Angeles
approving opinion of Orrick, 'Palmer & DahlquIst of San Francisco will be V. 130, p. 3586
-was awarded at par and matures in 12 years.
furnished. Bids to be made for all or any part. (These bonds are part of
-MATURITY DATES
PORT JERVIS, Orange • County, N. Y.
an authorized issue of $9,960,000, voted on Nov. 10 1925, of which $7.500,- CHANGED.
-The $25,000 5% coupon or registered paving bonds scheduled
000 have been sold.) (This report supplements that given in V. 130. D. to be sold on July 7-V. 130, p. 4284
-mature on July 1 as follows: $3,000
4646).
from 1934 to 1937, inclusive; $5,000 in 1938; $6,000 in 1939, and 32.000 in
1940. All the other details in connection with the proposed sale are the
County N. A.
-FINANCIAL STATEMENT....
ORANGE, Essex
they appeared in our issue of June 14.
In connection a ith the scheduled saloon July 8 of two issues of4 % coupon same as
POTTAWATAMIE COUNTY (P. 0. Council Bluffs), Iowa.
or registered bonds aggregating $471,500, notice and description of which
-we are in receipt of the BANKERS RE-OFFER BONDS.
-The $500,000 coupon primary road bonds
was given in our issue of June 28-V. 130, p. 4646
following:
that was purchased by Geo. M. Bechtel & Co.. of Davenport. as 445, at
-is now being offered
Financial Statement.
100.0202, a basis of about 4.49%-V. 130, p. 4647
Assessed valuation, taxable real property (1930)
$45,240,759.00 for public subscription at prices to yield 4.30% to the optional date and
Assessed valuation,taxaole personal property (1930)
4.50% thereafter. Due from 1936 to 1945 and optional after 1936. Prin.
3,089,100.00
and int. (May 1), payable at the office of the County Treasurer. Bonds
Total assessed valuation taxable
$48.329,859.00 may be registered as to principal. These bonds are reported to be eligible
debt (including this issue):
Funded
as security for Postal Savings Deposits.
*2,728,000.00
General bonds
Financial Statement.
380,000.00
Water bonds
(As officially reported.)
1,564,500.00
School bonds
0
:99
2 8 03
$92101:547
*Value of taxable property
Total debt (this issue included)
Total funded debt
$4,672,500.00
Population, estimated, 68,000; 1920 census, 61,550; 1910 census, 55.832.
Temporary debt: Tax anticipation notes (1930) $400,000.00
• The constitutional debt limit is 5% of the value of taxable property.
380,000.00
Tax revenue notes (1928-29)
The Supreme Court of Iowa defined this to be 5% of the actual value of
90,721.40
Tax Title note
taxable property as returned by the assessor and as equalized.
108,353.15
Street Improvement notes
-FINANCIAL STATEPREBLE COUNTY (P. 0. Eaton), Ohio.
35,857.50
Emergency note
-We are in receipt of a statement showing the financial condition
MENT.
was received too late for insertion
Total temporary debt
$1,014.932.05 of the county as of July 1 1930, which Compendium," published June 26
In Part I of the "State and Municipal
Auditor, and
Total debt (including this issue)
$5.687,432.05 1930. The statement is signed by H. T. Aker, County consisting of lists
real
$421,669.79
the total assessed valuation for 1929 at $48,823,380.
Sinking funds: General bonds
estate assessed at $31,395,180 and personal property $17,428,200. Prop230,177.50
;
Water oonds
its actual value. Total bonded debt of the
278,524.17
erty is assessed at 100% of
School bonds
county on July 1 1930 was *430,726.14. County has no sinking fund.
$930.371.46 The items which make up the aforementioned debt total were given as
Total sinking funds
follows:
; Population: Federal census (1930). 34.958.
Discount.
Bidder
2.61%
First National Old Colony Corp., plus $11 (Purchaser)
2.70%
S. N.Bond & Co. plus $5
3.05%
F.S. Moseley & Co., plus $5
-The City
-JUNE SHORT-TERM FINANCING.
NEW YORK, N. Y.
of New York during June disposed of the following note issues aggregating
$20,300,000:
Various Municipal Purpose Notes.
Date Issued.
Int. Rate.
Maturity.
Amount.
June 25
3%
June 25 1931
$2,300,000
Water Supply Notes.
June 25
3%
June 25 1931
3,250,000
Rapid Transit Construction Notes.
June 25
3%
June 25 1931
10,180,000
June 25
3%
June 25 1931
420,000
Schee)! Construction Notes.
June 25
3%
June 25 1931
3,900,000
Dock Improvement Notes.
June 25
3%
June 25 1931
250,000
NIAGARA COMMON SCHOOL DISTRICT NO. 1 (P. 0. Niagara
-The $45,000 coupon or
Falls), Niagara County, N. Y.-BOIVD SALE.
-were awarded
registered school bonds offered on June 30-V. 130, p. 4466
as 4.80s to the Manufacturers & Traders Trust Co. of Buffalo, at a price of
100.27, a basis of about 4.77%. The bonds are dated July 1 1930 and
mature on July 1 as follows: $2,000 from 1931 to 1946 incl.; $3,000 from
1947 to 1949 incl., and $44,000 in 1950.
The following is a list of the bids submitted for the issue:
Int. Rate. Rate Bid.
Bidder4.80%
100.273
Manufacturers & Traders Trust Co. (purchaser)
5.20%
100.679
Power City Trust Co., Niagara Falls
100.14
5.60%
A. C. Allyn & Co
4.90%
100.00
Batchelder & Co
5.20%
100.2174
Niagara County Savings Hank
152
Interest
Rate.
5
2
535
534
5g
4
4,4
6
534
534
534
534
534
534
5
534
5
5
534
534-6
FINANCIAL CHRONICLE
Date of
Outstanding
Due
June 30 1930.
Dates.
Bridge Bonds.
1915
$1.000.00
Apr -Oct. 1
1920
3.000.00
May-Nov.
1923
8,000.00
October
1928
4,500.00
Mar.
-Sept.
1928
12,200.00
Apr.
-Oct.
1929
15,840.00
Apr.
-Oct.
1930
25,550.00
Mar.
-Sept.
1930
19,900.50
Mar.
-Sept.
I. C. H. Road Bonds.
1921
$9,000.00
May-Nov.
1923
18,000.00
November
1923
22,000.00
November
1924
17,500.00
October
1924
8,500.00
October
1926
34,200.00
Apr.
-Oct.
1926
26,170.00
Apr.
-Oct.
1926
18,450.00
Mar.
-Sept.
I. C. H. Bridge Bonds.
1922
$11,500.00
May
-Nov.
1925
23,250.00
Mar.
-Sept.
1925
15,450.00
Mar.
-Sept.
Deficiency Notes.
1926
93.186.92
November
County Ditch Notes and Bonds.
1928-30
8.528.72
Court House Bonds.
1916
$125,000.00
Apr -Oct.
ISM&
Maturity.
1930
1931
1933
1934
1942
1939
1940
1940
1931
1931
1931
1932
1932
1936
1936
1931
1932
1935
1934
1930
1930-34
(VOL. 131.
both of New York, jointly, the only other bidders, offered $490.715.00
for par bonds amounting to 1489.000.
The successful bidders are reoffering the bonds for public investment to
yield from 4.00 to 4.30% according to maturity.
ROANE COUNTY (P. 0. Spencer), W. Va.-ADDITIONAL INFORMATION.
-The $62,500 issue of 534% coupon road improvement bonds
that was purchased at par by the State Sinking Fund Commission
V. 130. p. 4647
-Is dated July 1 1930. Denom.
from
July 1 1931 to 1955, inclusive. Interest payable $500. Due $2,500
on January and July 1.
ROCHESTER, Monroe County, N. Y.
-NOTE OFFERING.
-0. E.
Higgins, City Comptroller, will receive sealed bids until 2.30
daylight saving time) on July 8 for the purchase of $692.500 P.m.(Eastern
notes. divided
as follows:
$500,000 bridge design and construction bonds.
75,000 special local improvement notes.
75,000 school construction notes.
25,000 Municip tl building construction notes.
10,000 sewage disposal construction notes.
7,500 Boicart St. grade crossing notes.
All of the above bonds are dated July 11 1930 and are payable on March
11 1931 at the Central Hanover Bank & Trust Co., New 'York. Bidders
to designate rate of interest, denom. and to whom notes shall be made
Payable. Bearer notes issued upon request. No bids will be accepted at
less than par.
ROCKVILLE CENTRE, Nassau County, N. Y.
-FINANCIAL
STATEMENT.
-in connection with the notice of the schedule sale on
July 7 of $64,000 series "E" coupon or registered not to exceed 5% sewer
bonds which appeared in our issue of June 28-V. 130, p. 4647
-we are in
receipt of the following:
Financial Statement.
Assessed valuation of taxable real prop. & special franchise- -$30,173,970.00
Total bonded indebtedness,incl. this issue
3,196,000.00
Water debt included above
400,000.00
4.45
1941
Total
$430,726.14
PRINCETON SCHOOL DISTRICT (P. 0. Princeton), Bureau
County, III.
-BOND SALE.
-Seipp,Princell & Co.,of Chicago,on May 31
purchased an issue of $111,000 434% coupon school building construction
Net bonded debt
bonds at par and accrued int. The bonds are dated July 1 1930. Denoms.
91,000 and $500. Due serially from 1931 to 1942,incl. Int. is payable in
Population: 1020 Federal census. 6.262: 1925 State census, 10.316;
$2
Jan. and July.
Federal census, 13,672.
PROMISE CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 40 (P. 0. Per.
Promise City), Wayne County, Iowa.
-BOND OFFERING.
-Sealed tales), N. Mex.-BONDS NOT SOLD.
-The $7.500 issue of not exceeding
bids will be received until 8 p.m. on July 10, by C. V. Noble, Clerk of the
school bonds offered on June 25-V. 130, p. 4285
-was not sold.
Board of Education, for the purchase of a $20,000 issue of 5% coupon 6%
Dated July 1 1930. Due 1500 from July 1 1931 to 1945,incl.
school bonds. Denom. $1,000. Dated June 1 1930. Due $1,000 from
ROYERSFORD SCHOOL DISTRICT, Montgomery County, Pa.
1932 to 1951. incl. Prin. and int. (J. & D.) payable in Promise City.
BOND SALE.
-The $150,000 434% coupon school bonds offered on July 1
(These bonds were voted on April 24.)
-V.130. p. 4285
-were awarded toM M.Freiman & Co.,of Philadelphia.
PUTNAM, Windham County, Conn.
-BOND SALE.
-The $65,000 at 101.25. a basis of about 4.16°1 . M. bonds are dated July 1 1930 and
The
% coupon water bonds offered on July 1-V. 130. p. 4467
-were
c
awarded to Eldredge & Co.. of Boston, at 103.13, a basis of about 4.22%. mature on July 1 as follows: $10,000 in 1935: $15,000 in 1940: $20,000 in
The bonds are dated Nov. 1 1927 and mature on Nov. 1 as follows: $10,000 1945; $25.000 in 1950; 335,000 in 1955, and 945,000 in 1960.
from 1942 to 1947 inclusive, and $5,1)00 in 1948. Bids for the issue were
ST. MARYS, Elk County, Pa.
-The $20,000 issue of
p
-BON SALE.
as follows:
434% coupon sewer bonds of 1929 offered on June 23-V. 130, p. 4285
BidderRate Bid. was awarded to the St. Marys Trust Co., of St. Marys, at par plus a
Eldredge & Co. (purchaser)
premium of $25, equal to 100.12, a basis of about 4.74%. The bonds are
103.13
E. H. Rollins & Sons
103.076 dated July 1 1929. Denoms. $500 and $100. Due annually. Interest is
H. L. Allen & Co
payable in January and July.
102.39
QUAY COUNTY SCHOOL DISTRICTS (P. 0. Tucumcari), N. Max.
-Sealed
SAN DIEGO, San Diego County, Calif.
-BOND OFFERING.
-BOND SALE.
-The two issues of coupon bonds aggregating $16,800, bids will be received until 11 a.m. on July 21, by Allen H. Wright, City
offered for sale on June 25-V. 130. p. 4284
-were awarded as follows:
Clerk, for the purchase of a $400,000 issue of 5% coupon El Capitan Dam
$10,800 School District No.34 bonds to the First National Bank of Tucum- bond. Denoms. $1,000 and $500. Dated Jan. 1 1925. Due as follows:
$10,000, 1932 to 1937: $12,000, 1938 to 1951; $15,000, 1952 to 1961, and
cari, as 6s. at par. Due from Juno 1 1932 to 1942.
6,000 School District No. 3 bonds to the American National Bank of $5.500, 1962 to 1965 all incl. Prin. and int. (J. & J.) payable in lawful
Tucumcari. as 6s, for a premium of $30, equal to 100.50, a basis money at the East River National Bank in N. Y. City, any branch of the
134nk of Italy in California, or at the office of the City Treasurer. The
of about 5.92%. Due $500 from June 1 1932 to 1943, incl.
approving opinii•n of Thomson, Wood & Hoffman of New York, will be
There were no other bids received for the bonds.
furnished. These bonds are part of a total issue of $4,500,000 voted at
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-FINANCIAL STATEMENT.
-In connection with the offering scheduled for July 14, of the an election held on Nov. 18 1924. A certified check for 1% of the bid,
payable to the City Clerk, is required. These bonds cannot be sold for
$1,000,000 issue of not exceeding 4;4% road and bridge, series J bonds
V. 130, p. 4647
-we are now in receipt of the following detailed official leas than par and accrued int. Bonds area direct obligation upon the entire
municipality.
statement:
Official Financial Statement.
Actual value of taxable property-1929-estimated
1."1
3579,170.604 Assessed valuation of real and personal property, equalized
Assessed value of taxable property-1929
284,434.916
1929-30
1165.358,972.00
Assessed value of real estate
$156,839,842
Actual or estimated value of property
13
Assessed value of personal property
Rate of taxation, 1929-30, $2.27 on each $100 valuation.
82,598,396
Assessed value of money and credits
Annual tax levy provides only for payment of interest and redemption
94.870,273
Assessed value of electric light and power co.'s
126.405
of maturing bonds. There are no cumulative sinking funds.
Total indebtedness of Ramsey Co.June 23 1930:
Total bonded debt outstanding (inclusive of this offering),$16,079,874.83.
Trunk highway reimbursement assumed by
of which $11,908,383.71 pertains to water systems.
State of Minnesota
173,769
SANDOVAL COUNTY SCHOOL DISTRICT NO.1 (P.0- Bernalillo),
Series A to F, inclusive, road and bridge bonds,
N. Mex.-BOND SALE.- The $45,000 issue of school bonds offered for
chapter 388, S. L. Mimi. for 1923
4,674.000
sale on June 20-V. 130, p. 4468
-was purchased by Peck, Brown & Co.
aeries 0,11 and I road and bridge bonds,chap.
of Denver, as tls at par. Dated June 1 1930. Due $2,500 from June 1
116,8. L. Minn.for 1929
3,010,000
1933 to 1950,1n
Hospital bonds, chap. 398, S. L. Minn. for 1923
223.000
Hospital & almshouse bonds, chap. 70, S. L.
SAN FRANCISCO (City and County), Calif.
-ELECTION DATE
Minn.for 1927
103,000
SET.
-The official notice is now being circulated setting August 26 as the
$8.173,769 date on which the voters will be called upon to pass judgment on the pro.
Average tax rate for 1929 for $1,000 taxable value, $72.17.
posed issuance of 163,545,000 in bonds for the purpose of acquiring all the
Taxable value of real property is 33 1-3% and 40% of actual value.
local plants and systems necessary for the proper operation and maintenance
Taxable value of personal property is 10% to 40% of actual value.
of the Botch Hetchy water system. (See V. 130. p. 1514.) On the same
Tax on money and credits is $3 on $1,000 actual value.
day the qualified electors will have the opportunity of passing upon knew
Population, 1930 census, 285.029.
charter for the city and county.
REDONDO BEACH, Los Angeles County, Calif.
-BOND ELECSANTA ANA HIGH SCHOOL DISTRICT (P. 0. Santa Ana),
TION.
-On July 29 the voters will be asked to pass upon the proposed
Orange County, Calif.
-The $494,000 IMMO Of % semi-BOND SALE.
issuance of$30,000 in bonds for pier construction purposes.
annual school bonds offered for sale on July 1-V. 130, p. 4468
-was purRICH HILL, Bates County, Mo.-BOND SALE.
-The $35,000 issue chased by a syndicate composed of the National Bankitaly Co., the Angloof street paving bonds that was voted on April 29-V. 130. p. 2454
-has London-Paris Co. and Weeden & Co.. all of San Francisco, for a premium
since been purchased by Stern Bros. & Co. of Kansas City.
of $25,715, equal to 105.20, a basis of aoout 4.32%. Dated July 1 1930.
Due from 1931 to 1949 inclusive.
RICHLAND COUNTY (P. 0. Sidney), Mont.
-BOND OFFERING.
We are informed that sealed bids will be received until 2 p.m. on July 10
SCOTT COUNTY (P. 0. Shakopee), Minn.
-BOND OFFERING.
by W.A. Lee, County Clerk, for the purchase of an $85,000 issue of bridge Sealed bids will be received by A. J. Mayer, County Auditor, until 11 a.m.
bonds. A $5,000 certified check must accompany the bid.
on July 14. for the purchase of an issue of $100,000 funding bonds. Int.
rate is not to exceed 434%, payable semi-annually. Denom.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BOND OFFERING. Dated July 1 1930. Due $10,000 from July 1 1932 to 1941, incl.$1,000.
Prin.
-Ralph M. Hardy County Clerk, will receive sealed bids until 10 a. m. and int.
payable at such bank or trust company designated by thespur(Eastern standard time) on July 19 for the purchase of the following issues cha er. The
printed bonds and the approving opinion of Junell Oakley,
s
of 534% bonds aggregating $101,700:
Driscoll & Fletcher, of Minneapolis, will be furnished. A certified check
$63,500 road bonds. Denom. $1,000 and* 4500. Due as follows: $7,500 for 2% must
accompany the bid.
on April 1 and $8,000. Oct. 1 1932 and $6,000 on April and Oct. 1
from 1933 to 1936,inclusive.
SCRANTON SCHOOL DISTRICT, Lackawanna County, Pa.
38.200 road bonds. Denoms. $1.000 and $200. Due as follows: $3.200 BOND OFFERING.
-John D. Hughes, Secretary of the Board of School
April and 43.000. Oct. 1 1932, and 32.000 on April and Oct. 1 from Directors, Will receive sealed bids until 7:30 p. m.(Eastern Standard time)
on July 14, for the purchase of $2,000,000 434% coupon school bonds.
1933 to 1940, incl.
Each issue is dated July 19 1930. Principal and semi annual interest Dated July 11930. Denom. $1,000. Due $80.000 on July 1 from 1936 to
(April and Oct.) payable at the office of the County Treasurer. A certified 1960, incl. The bonds will be registered as to principal only. The offering
check for 3% of the amount of bonds bid for, payable to the order of the notice says that the principal and semi-annual interest will be free from
any tax which may be levied or assessed on said bonds or on the debt secured
County Auditor, must accompany each proposal.
thereby, under any present
laws
RICHLAND PARISH SCHOOL DISTRICTS (P. 0. Rayville), La.
- sylvania. A certified checkor futureof theof the Commonwealth of Pennfor
par value of the bonds bid for
BOND SALE.
-The two issues of coupon school bonds aggregating $245.- must accompany each proposal.1%
Sale of the
the ap000. offered for sale on June 24-V. 130, p. 3927
-was awarded as follows: proval of the Department of Internal Affairs bonds is subject toLegality
of Pennsylvania.
$25,000 School District No. 13 bonds to the Continental Bank & Trust is to be approved by Barnes, Biddle & Myers, of Philadelphia, and Walter
Co., of New Orleans, as 554s, for a. premium of $251, equal to S. Beven. of Scranton.
101, a basis of about 5.63%. Duo from June 1 1931 to 1950, incl.
SHARON
220,000 School District No. 20 bonds to Ryan, Sutherland & Co., of BOND SALE.HILL SCHOOL DISTRICT, Delaware County, Pa.-The $35,000 434% school bonds offered on June 30-V. 130.
Toledo, as Si, for a premium of $625, equal to 100.284, a basis p. 4285
-were awarded to Edward Lowber Stokes & Co. of Philadelphia at
of about 4.97%. Due from June 1 1931 to 1950. inclusive.
par plus a premium of $1,634.50. equal to 104.67. a basis of about 4.22% •
RICHMOND, Henrico County, Va.-BONDS RETIRED.
-Matured The bonds are dated July 1 1930 and mature on July 11960.
bonds amounting to $2.000,000 were retired on July 1. according to report.
The following is a complete list of the bids submitted for the issue:
The bonds were partially divided as follows: $1,350.000 6s issued in 1920.:
Bidder
Premium.
$530.000 431% bonds issued in 1925 and $120,000 434 City of Manchester
dward Lowber Stokes& Co.(purchaser)
$1,634.50
E
bonds, taken over at the time of annexation.
R.M.Snyder & Co.,Philadelphia
0
571.
5 8
1, 25 0
RIDGEWOOD TOWNSHIP SCHOOL DISTRICT (P. 0. Ridge- Prospect Park Bank,Moores
Manufacturers & Traders Trust Co., Buffalo
wood), Bergen County, N. J.
-BOND SALE.
-A syndicate composed of Interboro Bank & Trust Co., Moores
Kean, Taylor & Co., E. J. Coulon & Co., and H. L. Allen & Co., all of Lansdowne
Bank & Trust Co., Lansdowne
New 'York, bidding for $488,000 bonds of the 1490.000 434% coupon or
registered school issue offered on June 30-V. 130. P. 4468
SHEYENNE SCHOOL DISTRICT (P. 0. Sheyenne), Eddy County,
li:55968799:1 .306055
-was awarded
securities at par plus a premium of $2,342.40, equal to 100.48. a basis N. Dak.-BOND SALE NOT CONSUMMATED.
the
-We are now informed
of about 4.46%. The bonds are dated July 1 1930 and mature on July 1 that the sale of the $18,000 5% school building and equipment bonds at
as follows:$1518)0 from 1932 to 1949,incl.; $20,000from 1950 to 1959,incl.. par to the State Land Department
-V. 130, P. 4285
-has not as yet been
and $18,000 in 1960. A. B. Leach & Co., Inc., and H.M.Byllesby & Co., consummated. Due in 1950 and optional annually on 80 days notice.
JULY 5 1960.1
FINANCIAL CHRONICLE
SNYDER, Dodge County, Neb.-BONDS OFFERED.
-Sealed bids
were received until 7 p. in. on July 1, by the City Clerk, for the purchase
of a $10,000 issue of not exceeding 5X% semi-annual water works bonds.
Dated Aug. 1 1950. Due in 20 years and optional in 5 years. (These
bonds were voted on June 23.)
Pa SOMERVILLE, Middlesex County, Mass.
-BOND SALE.-ITarrla,
Forbes & Co., of Boston, on June 27, purchased an issue of $200,000 4%
coupon highway bonds at a price of 101.20, a basis of about 3.75%. The
dated July 1 1930 and mature annually from 1931 to 1940, incl.
bonds are
Interest is payable semi-annually in January and July.
Ft SPRINGFIELD, Clark County, Ohio.
-BOND OFFERING.
-F. E.
Counts, City Auditor, will receive sealed bids until 12 M. on July 17 for
the purchase of the following issues of 44% coupon or regLtered bonds
aggregating $382,099.61:
$252,500.00 city's share street and sewer improvement bonds. (Included
..
..
in this issue are the $240,000 4%% bonds originally scheduled
'I - r
to be sold on July 10-V. 130. p. 4648.) One bond for $1.500.
-o.
all others for $1,000. Due on March 1 as follows: $26,500 in
1932, $26.000 in 1933, and $25,000 from 1934 to 1941, incl.
79,624.72 special assessment street improvement bonds. One bond for
$1,624.72, all others for 41,000. Due on March 1 as follows:
$15,624.72 in 1932, and $16,000 from 1933 to 1966, inclusive.
49,974.92 special assessment street improvement bonds. One bond for
1,974.92. all others for $1,000. Due on March 1 as follows:
4,974.92 in 1932, and $5,000 from 1933 to 1941. inclusive.
Baca issue is dated March 1 1930. Principal and semi-annual interest
(March and Sept.) payable at the National City Bank, New York. Bids
for the bonds to bear interest at a rate other than 4 6c,'1;, will also be considered, provided, however, that whore a fractional rate is bid such fraction
shall be li of 1% or a multiple thereof. The bonds are said to be issued
under authority of, pursuant to and in full compliance *with the general
laws of the State, particularly the ITniform Bond Act of the General Code.
Separate bids must be made for each issue. Each tender must be accompanied by a certified check for 5% of the par value of the bonds hid for.
The approving opinion of Squire. Sanders & Dempsey, of Cleveland, will
be furnished the successful bidder. No formal bidding blank required.
STAMFORD (Town of), Fairfield County, Conn.
-TEMPORARY
LOAN-The $150.000 temporary loan offered on June 27-V. 130. p.
-was awarded to the First National Old Colony Corp., of Boston,
4648
at 2.22% discount. The loan is dated July 1 1930 and is payable on Nov.
3 1930.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND OFFERING.
-J. P.
Riddle, Clerk of the Board of County Commissioners, will receive sealed
bids until 1 p. m.(Eastern standard time) on July 18 for the purchase of the
follovring issues of 5% bonds aggregating $000.000:
4240,000 road impt. bonds. Due $24,000 on Oct. 1 from 1930 to 1939 incl.
118,000 road impt. bonds. Due on Oct. 1 as follows: $12,000 from 1931
to 1937 incl.:$11,000 in 1938;$12.000 in 1939. and $11,000in 1940.
59,000 road impt. bonds. Due on Oct. 1 as follows: $6.000 from 1931 to
1939 incl., and $5,000 in 1940.
20,000 road (rapt. bonds. Due on Oct. 1 as follows: $4,000 in 1931:
43.000 in 1932: $4,000 in 1933; $3,000 in 1934: $4.000 in 1935,
and $3,000 In 1936.
10,900 sanitary sewer system impt. bonds. Due on Oct. 1 as follows:
$2,000 in 1931:$2,900 in 1932: $2,000 from 1933 to 1935 incl.
5,000 bridge construction bonds. Due $1,000 on Oct. 1 from 1930 to
1934 incl.
All of the above bonds are dated July 1 1930. Prin. and semi-ann. int.
(A.& 0.) payable at the office of the County Treasurer. Bids for the bonds
to bear int. at a rate other than 5% will also be considered, provided,
however, that where a fractional rate is bid,such fraction shall be ji of 1%
•or a multiple thereof. A certified check for 5% of the amount of bonds
bid for, payable to the order of the Board of County Commissioners, must
accompany each proposal. Each bid for bonds shall be on the basis of
Akron delivery. Bidders may bid on all or none when more than one issue
but must give premium on each issue.
,SUNNYSIDE, Yakiraa County, Wash.
-BOND SALE.
-The $58,500
issue of coupon water works bonds that was unsuccessfully offered on Dec.
27-V. 130._p. 501-is now reported to have since been purchased by the
-Guarantee rust Co., of Yakima, at a price of 95.00.
SWAMPSCOTT, Essex County, Mass.
-BOND SALE.
-The following
Issues of 4% coupon bonds aggregating $88,000 offered on June 27-were awarded to the Sagamore Trust Co. of Lynn at a
V. 130, p. 4648
price of 101.479, a oasis of about 3.82%:
472,000 sewer and surface drainage bonds of 1930. Due $3,000 on July 1
from 1931 to 1954, incl.
16,000 street bends of 1930. Due $4,000 on July 1 from 1931 to 1934,incl.
Each issue is dated July 1 1930.
Bids submitted were as follows:
BidderRate Bid.
Sagamore Trust Co. (purchaser)
101.479
Manufacturers National Bank
101.31
Harris, Forbes & Co
101.25
Security Trust Co
100.819
TAMA COUNTY(P.O.Toledo), lewa.-PRICE PAID.-The $300,000
Issue of annual primary road bonds that was purcnased jointly by the
Boatmen's National Co.and the Mississippi Valley Co., both of St. Louis
V. 130, p. 4648
-was awarded as 454s, for a premium of $1,125, equal to
100.37, a basis of about 4.68%. Due from 1936 to 1945 and optional
after 1936.
.
-BONDS REGISTERED.
TEXAS, STATE OF (P. 0. Austin).
-The
following minor issues of bonds were registered by the State Comptroller
during the week ending June 28:
$1,500 5% Bowie County Consolidated School District No. 57 bonds.
Due serially.
1,000 5% Wood County Consolidated School District No. 18 bonds.
Due serially.
3,000 5% Lamar County Consolidated School District No. 10 bonds.
Due serially.
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 39 (P. 0. Ne-Sealed bids will be received
halem), Ore.
-WARRANT OFFERING.
by E. C. Allen, District Clerk, until 8 p. in. on July 9 for the purchase of a
$30.000 issue of school warrants. Int, rate is not to exceed 6%, payable
semi-annually. Denom. $500. Dated. May 1 1930. Due $5,000 from
May 1 1932 to 1937 incl. Prin. and int: payable at the office of the County
Treasurer. The approving opinion of Teal, Winfree. McCulloch & Stabler
of Portland, will be furnished. A $1,000 certified check must accompany
the bid.
(This report corrects and supplements that given in V. 130, P. 4649.)
TONAWANDA,- Erie County, N.-Y.-BOND SALE.
-The $110,000
coupon street inapt. bonds offered on June 30-V. 130. p. 4469
-were
awarded as 4els to Stephens & Co. of New York, at 100.689 a basis of
about 4.67%. The bonds are dated July 1 1930 and mature on July 1 1941.
Bids for the 198110 were as follows:
Int. Rate. Rate Bid.
Biddertepheris & Co. (purchaser)
4.75%
100.689
George B. Gibbons & Co
5.008
101.579
First Trust Co., Tonawanda
5.00%
100.127
-BOND OFFERING.
TROY, Montgomery County, N. C.
-Sealed bids
will be received until 7.30 p. in. on July 15 by J. R. McKenzie,Town Clerk,
or the purchase of a $25,000 issue a 6% semi-ann. water system bonds.
Dated July 1 1930. Due $1,000 from July 1 1933 to 1957 incl. The above
lerk will furnish the required bidding forms. A certified check for 2%
par of the bonds bid for, payable to the Clerk, is required.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.avid H. Thomas, Clerk of the Board of County Commissioners, will reeive sealed bids until 2 p. in. on July 18 for the purchase of S123,000
X% road bonds. Dated July 1 1930. Denom. $1,000. Due as follows:
7,000 April and Oct. 1 1931; $7,000 April, and $6,000 Oct. 11032. and
6,000 on April and Oct. 1 from 1933 to 1940 inclusive. Principal and
emi-annual interest (April and Oct.) payable at the office of the County
`reasurer. Bids for the bonds to bear interest at a rate other than 4 %
ill also be considered, provided, however, that where a fractional rate
bid, such fraction shall be si of I% or a multiple thereof. A certified
eck for $1,000. payable to T. D. Harkeirode, County Treasurer, must
ccsampany each proposal. County will pay for the printing of the bonds;
phalon as to their validity to be furnislaed by purchaser. The Comely
ay in its discretion reduce the amount of bonds to be sold.
i
I
153
TUCKAHOE, Weetclitaati-' '
• i•
'•
.
NO.
John C. McDonnell, Village Chre.
• '
u 't" 8 IT•
on July 14 for the purchase of $14,000 not to exceed
or registered general improvement bonds. Dated Aug. 1 1930. Den
$1.000. Due as follows: $1,000 in 1931; $2,000 from 1932 to 1934 incl.,
and $1,000 from 1935 to 1041 inclusive. Principal and semi-annual int.
(Feb. and Aug.) payable in gold at the First National Bank & Trust Co.,
Tuckahoe. A certified check for $1.000, payable to the order of the
Village, must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater, of New York, will be furnished the successful bidder.
TWIN FALLS INDEPENDENT SCHOOL DISTRICT (P. 0. Twin
Falls), Twin Falls County, Ida.
-BOND SALE.
-9 he $20.000 issue of
54% school building bonds offered for sale on June 21-V. 130, Ie. 4105
is reported to have been purchased by the District Sinking Fund. Dated
May 1 1930. Due in 20 years.
TYLER COUNTY ROAD DISTRICT NO. 1(P.O. Woodville),
Tex.BOND OFFERING.
-Sealed bids will be received by .1. E.Sturrock, County
Judge, until 10 am. on July 15, for the purchase of a $64.000 issue of 5%
coupon road bonds. Denom. $1,000. Dated Sept. 1 1928. Due on
March 1 as follows: $1,000, 1931 to 1933; $2,000. 1934 to 1948; $3,000.
1949 to 1957. and $4,000 in 1958. Prin. and int.(M. & £4.) payable at the
Seaboard National Bank in N.Y.City. Chapman & Cutler of Chicago will
furnish the legal approval. A certified check for $1,280. payable to the
Commissioners Court. must accompany the bid.
VALENCIA COUNTY SCHOOL DISTRICTS (P. 0. Los Lunas)e
N. M.
-BOND SALE -The three issues of coupon or registered school
bonds offered for sale on June 26-V. 130. p. 3928
-were purchased be
the State Treasurer, as 5s, at par and accrued interest. The issues are
divided as follows:
$10,000 School District No. 33 bonds. Due $1,000 from June 1 1933 to
1942, inclusive.
8.500 School District No. 28 bonds. Due $500 from June 1 1933 to
1949, inclusive.
6,750 School District No. 3 bonds. Due from June 1 1933 to 1946, incl.
VALLEY STREAM, Nassau County, N. Y.
-LIST OF BIDS.
-The
following is a complete list of the bids received on May 26 for the purchase
of the $261,000 coupon or reg. public inapt, bonds awarded as 4.408 to
Phelps, Fenn & Co., New York, at 100.3399, a basis of about 4.46%.V. 130, p. 3928.
BidderInt. Rate. Rate Bid.
Phelps, Fenn & Co. (Purchaser)
4.40%
100.3399
Stephens & Co
4.50%
100.579
H. L. Allen & Co
4.40%
100.08
Lehman Bros
4.40%
100.279
Batchelder & Co
4.40:
100.08
A. B. Leach & Co
4.50%
100.14
George B. Gibbons dr Co
4.60%
100.1197
Roosevelt & Son
4.40%
100.149
B..7. Van Ingen & Co
4.40%
100.2899
Dewey, Bacon & Co
4.50%
100.55
VETERAN UNION FREE SCHOOL DISTRICT NO. 8 (P. 0. Mill.
port), Chernung County, N. Y. -BOND OFFERING.
-D. H. MaoWhorter, Clerk of the Board of Education, will receive sealed bids until
7.30 p.m. on July 9 for the purchase of $30,000 not to exceed 534% coupon
school bonds. Dated July 1 1930. Denom. $1,000. Due $1,000 on
July 15 from 1931 to 1960, incl. Int. rate is to be expressed in multiples
of q of 1%. and is to be paid semi-annually on Jan. and July 16. A
certified check for 5% of the amount of bonds bid for must accompany each
proposal.
VIRGIL, HARTFORD LAPEER AND CORTLANDVILLE CENTRAL SCHOOL DISTRICT NO. 2 (P. 0. Hartford), Washington
-FINANCIAL STATEMENT.
County, N. Y.
-In connection with the
scheduled sale on July 7 of $85,000 not to exceed 6% interest coupon or
registered school bonds, notice and description of which was given in our
-we are in receipt of the following;
issue of June 28-V. 130, p. 4649
Financial Statement.
Last assessed valuation of taxable real property
$431.403
Bonded debt, exclusive of this issue
None
Population
approximately 850
Note.
-According to the report of the Board of Supervisors of Cortland
County,in which this district Is located, the equalization ratio as to assessed
valuation of real estate throughout the county is 71% of the actual value.
WABASH COUNTY(P.O. Wabash), Ind.
-BOND SALE.
-The following issues of 4J4% coupon bonds aggregating 419,000 offered on June
-were awarded to the Farmers & Wabash National
24-V. 130, p. 4287
Bank, of Wabash, and the La Fontaine Bank, of La Fontaine, jointly, at
par plus a premium of $372.50, equal to 101.96, a basis of about 4.11%:
$14,000 Ralph Lindley et al.. Lagro Twp. road construction bonds. Due
2700 on July 15 1931:$700 on Jan. and July 15 from 1932 to 1940.
Incl.. and $700 on Jan. 15 1941.
5,000 Ed Smith et al., Pleasant Twp. road construction bonds. Due
$250 on July 15 1931; $250 on Jan. and July 15 from 1932 to 1940,
incl., and 4250 on Jan. 15 1941.
Each issue is dated July 1 1930. The following is a list of the bids submitted for the issue:
BidderPremium.
Farmers & Wabash National Bank, and the La Fontaine Bank,
jointly (Purchasers)
$372.50
City Securities Corp., Indianapolis
318.00
Union Trust Co., Indianapolis
347.00
Inland Investment Co., Indianapolis
284.60
Co., Indianapolis
Campbell &
365.50
WAMEGO, Pottawatomie County, Kan.
-BOND • SALE.
-The
$22,500 issue of 431% semi-annual street improvement bonds offered for
sale on Juno 26-V. 130, p. 4287
-was purchased by the Kaw Valley
Bank, of Wamego, for a premium of $101.00, equal to 100.40, a basis of
about 4.41%. Dated Aug. 10 1930. Due from 1931 to 1940, incl.
Ng
WARREN COUNTY (P. 0. Indianola), lowa.-BOND SALE.
-The
$3300,000 issue of registered annual primary road bonds offered for sale on
June 26-V. 130. p. 4469
-was purchased by the Iowa-Des Moines Co. of
Des Moines. as 4%s, for a premium of $2,565. equal to 100.855, a basis
of about 4.59%. Due from 1936 to 1945, incl. Optional after 1936.
The other bids (all for 45is) were as follows:
BidderPremium.
Geo. M. Bechtel & Co., Davenport
$2,560
Carleton D. Beh Co., Des Moines
2,395
White-Phillips Co., Davenport
1,800
WARWICK (P.O. Apponaug), Kent County, R. L-BOND SALE.The $45,000 coupon school bonds offered on June 26-V. 130, D. 4287
were awarded as 4;es to Clasen, Brereton dr Kingsley, of Providence.
at 99.30, a basis of about 4.61%. The bonds are dated July 1 1930 and
mature 53,000 on July 1 from 1931 to 1945, incl.
WASHINGTON COUNTY (P. 0. Washington).
-A $300,000 issue of 8% coupon road and bridge bonds has been called
for payment as of July 1 at the office of the Weiser State Bank, or whtre
they are payable by their terms. Dated July 1 1920, due $30,090 from
July 1 1930 to 1939, optional at the pleasure of the County on or after
July 1 1930.
WASHINGTON SCHOOL DISTRICT, Washington County, Pa.
-E. R. Stewart, Secretary of School Board, reported that no
NO BIDS.
bids were received on June 30 for the purchase of an issue of $900,000 4%
school bonds offered for sale. The bonds are dated Oct. 1 1929 and mature
annually on Oct. 1 from 1935 to 1956, incl.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND
-The$300,00043 % series V water bonds offered on June 4-V.130,
SALE.
p. 3764
-were awarded to a group composed of the Mercantile Trust CO..
Stein Bros. & Boyce and 1Vlackubin, Goodrich & Co., all of Baltimore,
at 100.53, a basis of about 4.47%. The bonds are dated June 1 1930
and mature in 50 years; optional in 30 years. The following is a list of the
bids reported to have been submitted:
BidderRate Bid.
Mercantile Trust Co., Stein Bros. & Boyce and Mackubin. Goodrich
& Co., jointly (Purchasers)
100.53
Dewey,Bacon & Co
99.11
Guaranty Co. of New York and Bankers Co. of New York, jointly-- 98.67
Colston, Heald & Trail and Hannahs, Bailin & Lee, jointly
98.60
154
County,
WATF1tTOWN, Litchfield off-aga-g100 coal on funding bonds
[VOL. 131.
RINANCIAL CHRONICLE
-
-The
-BOND SALE.
Conn.
-v 130. P. 4649
-were
8200
t 't
• . r ggs Co. of Watertown, as 4tis, at 100.156. a
ard
bY about 4.22%. The bonds are dated May 1 1930 and mature $20,000
on May 1 from 1931 to 1940 incl. Bids submitted for the issue were as
follows:
Int. Rate. Rate Bid.
Bidder4h%100.156
R.F. Griggs Co.(purchaser)
100.126
4
Estabrook & Co
100.057
4
H.M.Byllesby & Co
100.799
4
H.L.Day & Co
100.803
434
H.L.Allen & Co
100.061
4%
Eldredge & Co
-The $40,000
-BOND SALE.
WILLIAMSTON, Martin County, N. C.
issue of coupon street improvement bonds offered for sale on June 30-was purchased by R. L. Durfee & Co. of Toledo as 6s
V. 130, p. 4470
for a premium of $430, equal to 101.07, a basis of about 5.87%. Dated
June 1 1930. Due from June 1 1933 to 1950 incl.
-BOND SALE.
-The $66,000
WILLOUGHBY, Lake County, Ohio.
-were
water works improvement bonds offered on June 28-V. 130, p.4470
awarded as 55 to the Guardian Trust Co.of Cleveland,at par plus a premium
of $173, equal to 100.26, a basis of about 4.95%. The bonds are dated
April 1 1930 and mature $6,000 on Oct. 1 from 1931 to 1941 inclusive.
WINTERS ELEMENTARY SCHOOL DISTRICT (P. 0. Woodland),
-Sealed bids will be received
-BOND OFFERING.
Yolo County, Calif.
by the County Clerk until 2 p. m. on July 7 for the purchase of a $16,000
issue of 5% school bonds. Dated June 2 1930. Due $1,000 from 1931
to 1946 inclusive.
WOODBRIDGE TOWNSHIP SCHOOL DISTRICT (P. 0. Wood-The $21,000 coupon
-BOND SALE.
bridge), Middlesex County, N. J.
-were
or registered school bonds offered on June 30-V. 130, p. 4470
awarded as 58, at a price of par to the First National Bank & Trust Co.
of Woodbridge. The bonds are dated July 1 1930 and mature $1,000 on
July 1 from 1932 to 1952, incl.
WOOLMARKET CONSOLIDATED SCHOOL DISTRICT (P. 0.
-Sealed bids
-BOND OFFERING.
Gulfport), Harrison County, Miss.
will be received by E. McManus, Chancery Clerk, until July 7. for the
purchase of a $28,000 issue of 5%% semi-annual school building bonds.
(These bonds were voted at an election held on May 10-V. 130. p. 3233.)
-NOTE PURCHASE.
YONKERS, Westchester County, N. Y.
Salomon Bros. & Hutzler, of Boston, on June 27 purchased an issue of
$1,020,000 tax notes to bear interest at 2.64%. The issue is dated July
1 1930 and is payable on Feb. 24 1931.
CANADA,its Provinces and Municipalities
DOLLARD DES ORMEAUX, Que.-BOND OFFREING.-Sealed bids
addressed to J. A. Dugas, Genevieve de Pierrefonds, will be received until
12 m. on July 11 for the purchase of $21,000 5% bonds. Dated May 1
1930. Due serially in 20 years. Bonds and int. are payable at St. Genevieve de Pierrefonds.
GRANBY, Que.-BONDS OFFERED.
-J. H. Bergeron, Secretary
Treasurer, received sealed bids until 7 p.m. on June 30 for the purchase of
$250,000 5% bonds. Dated May 1 1930. Denoras to suit purchaser.
Due serially in 30 years. Payable at Granby.
HAMILTON, Ont.-BONDS OFFERED.
-A. E. Ford, Secretary of the
Hamilton Separate School Board. received sealed bids until June 30 for the
purchase of $100,000 5% school bonds, due on Dec. 30 1949.
KAMLOOPS,B. C.
-BOND SALE.
-A.E. Ames & Co., of Victoria, are
reported to have recently purchased an issue of $15,339 5% bonds at a price
of 98.263, a basis of about 5.17%. The bonds mature in 10 years. Pemberton & Sons, of Vancouver, the only other bidders, offered 97.83 for the
issue.
SASKATCHEWAN (Province of).
-NO BOND FINANCING IMMINENT.
-Hon. H. McConnell, Provincial Treasurer, has stated that
no immediate flotation of provincial long-term bonds may be expected,
adding that for the present the province is being financed by bank loans,
according to the June 27 issue of the "Monetary Times" of Toronto.
SASKATCHEWAN SCHOOL. DISTRICTS, Sask.-BONDS RE-The Local Government Board
PORTED SOLD AND AUTHORIZED.
during the week from June 7 to the 14th, in addition to having reported the
-year bonds to H. M.Turner &
sale of $2,000 6;i% Village of Aylesbury 15
Co., gave the following list of bond authorizations, according to the June 27
issue of the "Monetary Times" of Toronto:
School Districts: Wheat Belt, $1,500, not exceeding 7%' Gordon,$2,200,
-years; St.
not exceeding 7%,10
-years: Shield, $4,500, not exceeding 7%, 15
-years; Free State, 3,000, not exceedHilaire, $1,400, not exceeding 88,10
ing 7%, 15
-years.
-years: Aberfelly, $3,500, not exceeding 7%, 15
SASKATOON SCHOOL DISTRICT NO. 13, Sask.-LIST OF BIDS.
The following is a list of the bids reported to have been received on June 16
for the purchase of the $115,000 school bonds awarded as 5s to Wood,
Gundy & Co. of Toronto, at 98.03 (Canadian payment), a- basis of about
5.138g.
-V.130, p. 4470.
5%
U.S.&
Can.
Can.
Can.
Can.
Bidder98.03
98.03
104.30
104.30
Wood, Gundy & Co
97.029
-------_Canadian Bank of Commerce
96.823
---Gairdner & Co
------98.08
Dyment,Anderson & Co
96:071
96.071
162:815
102.86
C.H.Burgess & Co
95.877
------95.877
Dominion Securities Corp
94.55-----McLeod,Young,Weir & Co
94:11.94.11
-Fry, Mills, Spence & Co
91.6
.
92.50
---Bell, Gouinlock & Co
-The following is an
-OFFICIAL LIST OF BIDS.
VICTORIA, B. C.
official list of the bids received on June 23 for the purchase of the $187,300
5% impt. bonds awarded to the Bank of Montreal of Montreal, at 99.28, a
basis of about 5.06%.-V. 130, p. 4650.
Rate Bid.
Bidder99.28
Bank of Montreal
98.77
A.E. Ames & Co., Ltd. and Branson Prawn & Co., Ltd
Pemberton & Son, Vancouver, Ltd. and Wood, Gundy & Co., Ltd---98.677
98.53
Canadian Bank of Commerce
98.39
Harris, Mackeen & Co.,Ltd
98.087
Gillespie, Hart & Co., Ltd.and Dominion Securities Corp., Ltd
.-98.081
Dyment, Anderson & Co
97.631
Fry, Mills, Spence & Co
97.625
Royal Financial Corp., Ltd
97.07
Victor W.Odum Brown & Co
97.032
0.H.Burgess & Co., Ltd.and Gairdner & Co
96.80
McLeod,Young, Weir & Co.,Ltd
FINANCIAL
AUCTIONEERS
Adrian H. Muller & Son
Estaisliahed 1958
$15,000,000
City of Philadelphia
4% or 4'A% Loan
Dated July 1, 1930
Interest Payable January 1 and July 1
19 Liberty Street
NEW YORK
Stock & void Auctioneers
Sales Every Wednesday
MINING ENGINEERS
H. 1V1. CHANCE & CO.
Mining Englaaara and Gaotaidsta
/%
$15,000,000 50-Year 4% or 41 4 Registered and
Coupon Loan-Due July 1, 1980
with the option to the City to redeem at par and accrued
interest at the expiration of twenty (20) years from the
date of issue of this loan, or at any interest period thereafter, upon sixty (60) days' notice by public advertisement
Free of All Tax in Pennsylvania
Free from Tax under Income Tax Acts of Congress
Legal Investment for Trust Funds
City of Philadelphia Loans enjoy a high investment standing.
They are owned largely by savings funds, trust estates and conservative institutions.
Negotiable interim certificates will be issued if desired, pending
engraving of permanent certificates.
Loan certificates will be interchangeable as to form from registered to coupon, or from coupon to registered, and re-exchangeable
from one to the other from time to time at option of holder,and coupon
form may be registered as to principal.
Sealed proposals will be received at Mayor's Office until
Monday, July 7, 1930, at 11 o'clock A. M. (Eastern Standard
Time). Bids must be on form which may be had on application to
Mayor's Office, and must be accompanied by certified check for five
per cent of par value of the amount of loan bid for. The right is
reserved by the undersigned to reject any or all bids, or to award any
portion of the loan for which bids shall be received, as they may deem
best for the interests of the City.
Full descriptive circular furnished on application to the Mayor's
Office.
WILLS. HADLEY, City Controller
AUGUSTUS TRASK ASHTON,City Solicitor
COAL AND KUISMAL PROPERTIES
Exasidssid, Managed, Appleabed
Drisaal Dadldina
PHILADELPHIA
NOTICE
The New First National Bank of Howard,
located at Howard, in the State of South Dakota,
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.
C. 1. DANFORTH. Cashier.
Dated May 12th, 1930.
Ciaggifitb 'Department
EXPERIENCED
WHOLESALER
and contact representative with
wide acquaintence among out-oftown and city dealers desires
connection with house of issue
preferably members of Stock Exchange. Has broad knowledge
of financial advertising and can
make up analyses. Address, Box
H. L., Financial Chronicle, 25
Spruce St., New York City.
@FedFRASER