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VOL. 132.
SATURDAY,JUNE 20 1931.
finattrial Chronicle
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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Busincs, Manager. William D. Riggs,
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all, Office of Co
The Financial Situation.
The week has been productive of an unusual number of addresses dealing with the country's economic
problems, more especially the existing prostration
of trade and the large measure of unemployment to
which it has led, with the causes of it, and the possible remedies therefor. Perusal of these addresses
leaves the mind in a state of bewilderment and also
furnishes some occasion for worriment over the various plans proposed, punctured by some rather unguarded utterances in certain quarters and advocating radical changes in our existing economic system.
The subject was the sole theme of the address delivered by President Hoover on Monday night at the
dinner of the Indiana Republican Editorial Association, in Indianapolis.
Though delivered before a political body of partisan adherents, the President's address was, on the
whole, a broad and statesmanlike discussion of the
subject, and it commands the more attention as it
has been quite generally hailed as opening the Presidential campaign of next year. The President's remarks embody some contradictions. While, on the
one hand, he declares himself strongly in favor of
private initiative in business and against interference by government, he is unable to refrain from
enumerating the accomplishments or supposed accomplishments .growing out of the action of the
Government in the carrying out of administration
policies. He not only lays stress on the protection
afforded business by government, but also dilates
upon the benefits derived by the farming classes
from the activities of the Federal Farm Board,
saying,"We are giving aid and support to the farmers in marketing their crops, by which they have
realized hundreds of millions more in prices than
the farmers of any other country." Nothing is said
as to the cost at which these alleged benefits have
NO. 3443
been purchased—no allusion appears to the fact that
in the process of maintaining prices above market
levels, over 200,000,000 bushels of wheat have been
acquired and about 3,300,000 bales of cotton, which
acquisitions, until they have been disposed of, will
hang over the market and prevent that rise in prices
which would naturally come with any change
in prevailing conditions; nothing is said as to the
loss which will ensue on the ultimate marketing of
these accumulations, which losses the taxpayers of
the country will have to assume. Then the President,
while taking a resolute stand against doles from the
Federal Treasury and against unemployment insurance except through private enterprise or through
co-operation of industry and labor itself, yet in
another part of his address does not hesitate to speak
of the "very extensive activities of our Government"
and to assert that "we have assured the country
from panic and its hurricane of bankruptcy by coordinated action between the Treasury, the Federal
Reserve System,the banks,the Farm Loan and Farm
Board system"—adding also that"We have steadily
urged the maintenance of wages and salaries,preserving American standards of living, not alone for its
contribution to consumption of goods, but with the
far greater purpose of maintaining social good-will
through avoiding industrial conflict with its suffering and social disorder."
All this, however, may be ascribed to political
considerations which perhaps cannot be disregarded
in the conduct of any administration of the government, though one is tempted to ask whether the
country might not to-day be in far better shape than
it is now found to be in if government had refrained
from meddling in all of these particulars. Nevertheless, as already stated, the whole subject of the
existing economic depression is treated from a broad
standpoint, and there are many paragraphs and
many passages in the address that merit unqualified
approval and some of which, indeed, are highly inspiriting and full of promise. Thus we find Mr.
Hoover saying: "We are of course confronted with
scores of theoretical panaceas which, however well
intended, would inevitably delay recovery. Some
timid people, black with despair, have lost faith in
our American system. They demand abrupt and
positive change; others have seized upon the opportunities of discontent to agitate for the adoption of
economic patent medicines from foreign lands.
Others have indomitable confidence that by some
legerdemain we can legislate ourselves out of a
world-wide depression. Such views are as accurate
as the belief that we can exorcise a Caribbean hurricane by statutory law."
The President is also well advised when he concludes his address with the following excellent
paragraph:
4460
FINANCIAL CHRONICLE
"Whatever the immediate difficulties may be, we
know they are transitory in our lives and in the life
of the nation. We should have full faith and confidence in those mighty resources, those intellectual
and spiritual forces, which have impelled this nation
to a success never before known in the history of
the world. Far from being impaired, these forces
were never stronger than at this moment. Under
the guidance of Divine Providence, they will return
to us a greater and more wholesome prosperity than
we have ever known."
At the annual convention of the Advertising Federation of America, in the Hotel Pennsylvania, a
galaxy of other speakers discussed the same subject
from one standpoint or another. Governor Franklin
D. Roosevelt, who is a Presidential candidate and
appears likely to be Mr. Hoover's Democratic opponent in next year's electoral campaign, seems to entertain much the same views with reference to the
province of government as Mr. Hoover himself, that
is, that while retaining private initiative, government should not stand entirely aloof. At all events,
the Governor gave expression to the following
utterances:
"Keep government dictation out, but isn't there
some need in this country for somebody to come
along and tie-in all sorts of scattered interests that
are running to every point of the compass? Hasn't
the time come for the Government to take a little
leadership in the social and economic problems of
this nation?
"If planning is good for a city, for a country, or a
firm, good for an advertising federation, planning
ought to be good for the great problems of the
United States.
"I think we have got to the point where we are
ready for national planning. I think we have got
to the point where people are going to take off their
coats unselfishly and sit around tables in conferences, yes, many of them, with the prime purpose of
seeing whether we cannot do something to better
conditions as they are now."
Governor Albert C. Ritchie, of Maryland, who is
also mentioned as a possible Democratic candidate
for the Presidency next year, likewise was a speaker
at the Advertising Federation of America. Governor Ritchie has been noted for the saneness and
soundness of his views and utterances, little inclined
to espouse radical views, but on this occasion he
showed a decided leaning towards extreme views,
probably because he assumed they would have a
popular appeal at the present juncture. The following is one of the paragraphs which appears in his
address: "With from 5,000,000 to 8,000,000 men
and women needing work and unable to find it, the
thing the American people want to know is how to
get a job and how to keep it. The business which
reaps the profits of its labor when times are good
must not turn that labor over to citizens' relief committees, for food and clothes and the necessities of
life, when times are hard. If business does not
realize that this problem belongs primarily to it,
if business does not have or acquire the statesmanship within itself to find the remedy, then the Government, whose ultimate objective is to care for its
citizenship, will seek the remedy and will find it."
Senator Blaine (Rep.), of Wisconsin, in a commencement address at Valparaiso University at Valparaiso, Indiana, had something to say on the same
subject, but of a quite radical nature. We will not
undertake to give extracts from this address, but
simply note that the "United States Daily," in an
[vol.. 132.
introductory paragraph, summarizes its contents
by saying: "A redistribution of wealth, and thus a
redistribution of the income of wealth on the basis
of service rendered and income earned, is the only
permanent means of escape from the present economic tragedy," Senator Blaine said.
Dr. Glenn Frank, President of the Wisconsin University, was another speaker at the convention of
the Advertising Federation of America, who put
forth very advanced ideas. Business and political
leadership in the United States must see to it, he
asserted (according to the account of his remarks
given in the New York "Herald Tribune" on June
16), that the masses of the American people obtain a
larger share of the nation's income. Dr. Frank said
this would imply national planning, and warned his
listeners that unless a national plan were developed
in which the great majority of the public get a greater
income and more leisure in which to enjoy it, the
industrial system of the country faced inevitable
collapse.
"We shall not,in my judgment, achieve permanent
immunity from the sort of depression through which
we now are passing," Dr. Frank said,"until the leadership of American business and industry devises
workable ways . of shifting a larger share of the
national income into the pockets of the consuming
millions and markedly increasing the margin of
leisure for these millions."
As Dr. Frank speaks of the need of devising some
plan for a new economic system,it seems well to note
some comment made by former President Calvin
Coolidge, in one of his daily talks which appeared
in the New York "Herald Tribune" on Wednesday
morning of this week. Mr. Coolidge has a capacity
for sensible and well digested utterance and analysis
not excelled by any public man in the country, and
on this occasion he measures fully up to his reputation in that respect. "An ambitious proposal is being
made for adopting a 10-year plan for operating this
country." Mr. Coolidge, in this, evidently referred
to the 10-year plan proposed by Mathew Woll of the
American Federation of Labor. Continuing his
remarks, Mr. Coolidge goes on to say:
"Suggestions' for improvement are always welcome. But we should not let words supplant ideas.
We have the most complete plans alread,y that any
nation ever possessed. A system of transportation
by land and water is constantly under construction.
The ablest and most skilled people in the world have
extensive plants for furnishing all kinds of raw
materials and merchandise. Agriculture is prepared
to supply all our food. A multitude of banks are
ready to issue money and give credit.
This vast system has been prepared by generations
of great business leaders. We need not wait five
or 10 years for something we already have. Any
intelligent discussion then will be directed not at
supplying systems of production and distribution,
but at the most efficient operation of those in existence. A free people can plan for the future only in a
limited way. We do not know the future amount of
consumption, wages, prices or production. No hard
and fast plan can be successful without establishing
these elements in advance. Freedom of action prevents that. But thought, discussion and conference
can produce improvement."
It is not necessary to enlarge upon the foregoing.
It speaks eloquently for itself. And it also tells us
along what lines our endeavors should be directed.
Juba]20 1931.]
FINANCIAL CHRONICLE
4461
The railroads of the United States on Wednesday products, but this cannot be considere
d as counting
of the present week filed their petition for a 15% for much when steel business is
so small as at
advance in freight rates, and in their plea state present. The copper trade, too, continue
s depressed,
their case with great force and strength. They well the export price of copper the present
week having
say that they are "confronted with an emergency been reduced another Y to 8.275c.
4c.
a pound c.i.f.
threatening serious impairment of their financial Hamburg, Havre and London. As to what
the
resources and their capacity to assure the public a, farmer is up against, it is only necessary to note
that
continuance of efficient and adequate service." The July wheat in Chicago yesterday dropped
to only
petition is a unanimous one,joined in by all the rail- 5538c., the lowest level at which this option
/
has sold
roads in the country, the Eastern group, the Western since 1895.
and Mountain-Pacific groups, and the Southern
To add to the general gloom and depression a long
group. It is pointed out that even with the increase list of
new dividend reductions and omissions have
of 15% in freight rates now asked for the carriers marked the course
of the week. Among the railwill earn less than 4% the present year on the roads, the Great Northern Railway
has reduced from
value of their property, a return "much below the a basis of 5% per annum
to 4%,and the Kansas City
return prescribed by law." In the calendar year Southern
has cut its dividend to 50c. a share as
1930, notwithstanding they curtailed operating ex- against the previous $1.25 a share.
In the industrial
penses to the utmost and stinted their maintenance list the American Smelting & Refining
Co. has made
outlays, the carriers earned a return of only 3.54%, its quarterly dividend
only 50c. a share as against
and in the fiist four months of 1931, owing to the $1 a share. Granby Consolid
ated Mining, Smelting
further huge decline in revenue, they earned only & Power Co. has reduced from 50c.
a share quarterly
2.24% per annum on their property investment. As to 25c.
a share, and the Magma Copper Co. also from
to the urgent need of relief, there can, of course, be 50c. a share
to 25c. a share. The Pittsburgh Screw &
not the slightest question on that point, and the only Bolt Co.
has reduced from 35c. a share to 17Y
2c.
objection that could be urged against an increase Union Metal Mfg.
Co. declared a quarterly dividend
in rates is as to whether it would not be better to of 37 c.
/ a share on the common and discontinued
1
2
adopt the alternative measure of relief to be ob- the extra quarterl
y dividend of 25c. previously paid;
tained by the lowering of wage schedules. But as to formerly the company
paid regularly quarterly divithis, the petition shows that a change in wages could dend of
50c. a share. The Independent Tube Co.
only be accomplished through roundabout proceed- lowered
its quarterly dividend from $1 to 50c. The
ings, which would involve long delay, and therefore Howe
'Sounds Co. dropped from 75c. a share to 50c.
must be ruled out, since it is not merely relief, but
The Mexican Petroleum Co. omitted the quarterly
immediate relief that is needed. Accordingly, there dividend
of $3 a share due at this time on the comis no alternative but an advance in rates, even though mon
stock. This company is controlled by the Panthis may be objectionable from the standpoint of America
n Petroleum & Transport Co., which is, in
shippers, and it is, consequently,to be hoped that the turn,
controlled by the Standard Oil Co. of Indiana.
Commerce Commission will see the matter in the The
Lehigh Portland Cement Co., the Salt Creek
same light and authorize the increase in rates re- Consolid
ated Oil Co., the Texas-Louisiana Power
quested. Nothing could be more helpful in starting Co., the
General Motor Works & Elec. Corp., the
business on the road to recovery; contrariwise, Whitaker Paper
Co., the Pittston Co., the Newmont
should the relief so urgently required by the carriers Mining Co.,
and the L. C. Smith and Corona Typebe refused, the effect could only be to further in- writers,
Inc., all suspended payments on either comtensify the prevailing trade depression which would mon or
preferred stock. The Transamerica Corp.
be the saddest of all calamities.
cut its quarterly payment from 25c. a share to 10c.
a share. The Philadelphia Insulated Wire Co. reAs it is, business appears to be retrograding in- duced from
$2.50 semi-annually to $1.50, and the
stead of reviving. Certainly the week's developments American
Screw Co. from $1.50 quarterly to $1.
have not offered anything of an assuring nature Sears,
Roebuck & Co. declared the regular cash divialong that line, Steel production has suffered a dend per
quarter of 62Y but omitted the quarterly
2c.,
further reduction, and the steel mills of the country stock
dividend of 1%.
are now engaged to only 38% of capacity, which is
certainly exceedingly low—so low, indeed, as to
A matter of deep concern the present week has
suggest that the steel industry must at length be been
the strain to which the Bank of Germany has
scraping the bottom in its long period of downward been
subjected owing to the flight of the mark from
plunge. Last week the mills were working at 40%
Germany because of the recent unfavorable developof capacity, while the latter part of March, when ments
in Germany. As a result the Bank of Gersteel production was at its peak, the mills were many
has suffered an enormous strain on its gold
engaged to 57% of capacity. Nevertheless, the "Iron
holdings, and on Saturday last jumped its discount
Age" remarks that, barring unforeseen develop- rate up
from 5% to 7%, while on Monday the Ausments, a still further decline in steel operations now trian
National Bank raised its rate from 6% to 7 %,
/
1
2
seems unavoidable, with the possibility that the and on
Tuesday the National Bank of Hungary adlow levels of last December will be reached before vanced
from 51 2% to 7%. The Bank of Germany
/
the end of July.
appears now to have weathered the storm. The
The "Age" also remarks that declines in automo- German political outlook at
the same time has imbile steel specifications continue to have the strong- proved
on the action of the Socialist party in not
est influence on mill operations, and, of course, little pressing
the demand for a special session of the
improvement can be expected in that direction in a German Reichsta
g. The Bank of Germany, in its
period of intense business depression such as pre- return for
the week ending June 15, showed a devails at the present time. Some effort has been made crease in
its holdings of gold coin and bullion in
the present week to advance prices of certain steel the
extraordinary amount of 534,359,000 marks,
4462
FINANCIAL CHRONICLE
equal to $134,000,000. This followed 90,397,000
marks decrease the previous week. These large
losses were reflected in heavy decreases in the holdings of earmarked gold by the Federal Reserve Bank
of New York. On Monday the New York Reserve
Bank reported a decrease in the amount of earmarked gold in the sum of $41,680,000. This followed $7,534,000 decrease Saturday last and decreases also on preceding days of last week. A late
transaction on Monday, however, served to reduce
the decrease for the day in earmarked gold by
$10,000,000. On Tuesday earmarked gold decreased
by another $9,786,200. The statement of the New
York Reserve Bank for the week ending June 17
made the total decrease for the week $75,819,000,
which came after a decrease of $2,489,000 the previous week. It is not believed that the Bank of Germany had any such huge amount of gold on deposit
with the Reserve Bank for release, but that through
arrangements with the Bank of France, which came
to the support of the Bank of Germany, that considerable amounts of the Bank of France gold holdings were also released or unearmarked. On Thursday of this week $6,690,600 more gold was released
from earmark, and yesterday a further decrease of
$3,438,600 was shown in the earmarked gold for
foreign account held by the New York Reserve
institution.
[voL. 132.
the total bill and security holdings are some
$12,000,600 lower than a.week ago, being now $900,454,000 as against $912,683,000 a week ago. Federal
Reserve notes in circulation still keep increasing,
the total this week showing a further rise from
$1,641,949,000 to $1,668,313,000. The stock of gold,
.on the other hand, has further increased from
$3,277,003,000 to $3,355,289,000.
The foreign trade report of the United States for
the month of May makes a more unfavorable showing than for many months past. Both in volume
and value the loss in the trade movement abroad
continues particularly heavy. The reduction, due
to the lower range of commodity prices this year, has
become more and more a depressing factor. Merchandise exports for the month just closed were
$206,000,000 against $214,888,000 in April and $320,034,000 in May of last year. The decline in exports
from a year ago was equivalent to 36%. Merchandise imports for May amounted to only $182,000,000
against $183,744,000 in April and $284,883,000 for
May 1930, 36.1% below last year. The value of exports for May is the lowest of any month since November 1914 and of imports since September 1921.
This decline in value has been almost constant for
many months, and has become conspicuously heavy
during the current year. For the 11 months of the
fiscal year from July last to May, the value of merBrokers' loans, as shown in the weekly report of chandise exports has been cut down to $2,901,226,000
the New York Federal Reserve Bank, are still under- against $4,398,923,000 for the same period in the
going contraction. The contraction, too, continues preceding fiscal year. Likewise, as to imports, they
large. This week a further reduction of $71,000,000 have amounted to $2,260,947,000 for the past 11
is disclosed in the total of these loans. This follows months, in comparison with $3,598,628,000 for the
$359,000,000 decrease in the preceding eight weeks, corresponding time in the preceding year. The demaking $430,000,000 contraction as the result of cline in exports,for these 11 months this year has
nine successive weeks of decreases. The aggregate been $1,497,670,000, or 36.8%,and in imports $1,337,of these loans is now only $1,419,000,000, which com- 681,000, or 37.2%. It is necessary to go back many
pares with $3,787,000,000 12 months ago, on June 18 years for correspondingly low amounts in either
a
1930. Of the further shrinkage of $71,000,000 during exports or imports; as to the former, time prior
to the European War. There has been scarcely any
the past week, $65,000,000 occurred in the loans
made by the reporting member banks on their own let-up in the almost constant decline in values each
account. Loans made for account of out-of-town month,and this has also been reflected in the reports
banks remained unchanged at $177,000,000, while of lower prices for commodities, which has now been
loans "for account of others" dropped from $178,- in progress for about two years.
Exports of cotton illustrate very forcibly this
000,000 to $172,000,000.
The Federal Reserve Banks in their own condition phase of the price question. Cotton exports in May
statements show no changes of any great consequence were 340,764 bales, and exceeded those of May last
for the week. The Reserve Banks find it impossible year by 121,508 bales, or 55.4%. In yalue, however,
a
to add to their holdings of acceptances, notwith- cotton exports in May of this year showed reducfor bankers' accept- tion from a year ago. For the 11 months,the change
standing that their buying rate
considerable sum.
ances is down to the abnormally low figure of 1% in cotton exports amounts to a
week these acceptance hold- Exports for that period back to last July were
per annum. The past
less than for the
ings of the 12 Reserve institutions have been further 5,525,000 bales, 1,155,000 bales
a decrease of 17.3%. The value
reduced from $127,217,000 to $106,814,000. As a preceding 11 months,
year has
partial offset, the holdings of discounted bills, repre- of cotton exports for the 11 months this
$411,041,000, or 37.3% less than for the presenting direct borrowing by the member banks, have been
increased from $184,755,000 to $185,388,000. Hold- ceding year.
Gold imports last month were again quite heavy,
ings of United States Government securities reamounting to $50,258,000, while exports were only
mained virtually unchanged at $599,004,000 as
fiscal
against $599,024,000, but in the separate items mak- $628,000. For the 11 months of the current
imports have
ing up the total some marked changes have occurred, year, which will end with June, gold
exports to $107,holdings of certificates and bills having decreased amounted to $339,909,000 and
$232,855,000.
from $469,679,000 to $429,562,000, while holdings of 054,000, the excess of imports being
preceding year the imbonds increased from $77,118,000 to $117,209,000. For the same period in the
exports $119,From this it would appear that the Reserve Banks ports of gold were $328,404,000 and
$209,235,000 in excess of
had disposed of some of their holdings of certificates 169,000, the former being
were $2,636,000
and bills and replaced them with some of the new exports. Silver imports last month
$2,099,000.
Treasury bonds which have just been issued. In- and exports
cluding the holdings of Government securities
Jim 20 1931.11
FINANCIAL CHRONICLE
4463
The stock market this week, after the shar
p ad- against 170; Int. Tel. & Tel. at 2678 ex-div. again
/
st
vance of the two weeks preceding, has been decid
edly 273 American Can at 9914 against 1033 Unit
4;
/
4;
ed
reactionary. Activity was at a minimum, with trans
- States Industrial Alcohol at 253 against 29
4
/
1
2
;
actions on no full-day running much in exces
s of Commercial Solvents at 1278 against 13%; Shattuck
/
1,000,000 shares, and on Wednesday actually fall& Co. at 18% ex-div. against 1978; Corn Products at
/
ing below 1,000,000 shares for the first
time on any 63 against 64%, and Columbia Graphoph
/
1
4
one at
full five-hour day in nearly five years, or since
Nov.1 7 against 7 .
/
1
2
/
1
2
1926. Buying orders were very scarce, and as
a conAllied Chemical & Dye closed yesterday at 113
/
1
2
sequence what selling there was necessarily
had the against 119 on Friday of last week; E. I.
/
1
2
du Pont
effect of sending prices down. There
appeared to de Nemours at 76 against 8078; Nati
/
1
2
/
onal Cash
be relatively little short selling, such selli
ng as Register at 23 against 25%; International Nick
el at
did occur being mainly to realize profits
which had 114 against 1178; Timken Roller Bear
/
1
/
ing at 33
accrued as a result of the rise last week
and the against 35; Mack Trucks at 302 against 31
/
1
/ Yel1
4
;
week before. Nothing occurred to enco
urage buying low Truck & Coach at 7 against 7%;
/
1
4
Johns-Manof stocks, while, on the other hand, there
were many ville at 48 against 53; Gillette Safety
Razor at 23
/
adverse developments. Indications of any
1
2
revival in against 24; National Dairy Products at
32% against
general were wholly lacking, while the steel
industry 32%; National Bellas Hess at 5
/ against 5%;
1
2
showed a further recession in output, as note
d above. Associated Dry Goods at 181 2 against
/
19½; Texas
The grain markets, as also already noted,
showed a Gulf Sulphur at 312against 32 ; Amer
/
1
/
1
2
ican & Forfurther decline • to a new low level in a
long series eign Power at 24% against 26
/ General American
1
2
;
of years.
Tank Car at 56 against 57; Air Reduction at 76
/
1
2
The railroad shares were distinctly
/
1
2
weak, the against 80; United Gas Improvem
ent at 28 against
petition of the railroads to the Inter-State
Commerce 283 Columbian Carbon at 64 again
4;
st 6878; Uni/
Commission for an advance in rates, instead
of serv- versal Leaf Tobacco at 34 against 32
/
1
4
/ American
1
2
;
ing to stiffen the market for railroad
shares, Tobacco at 105 against 108; Liggett
/
1
2
& Myers at
appeared to have precisely the opposite
effect. This 643 against 65 ; Reynolds
4
/
1
2
Tobacco class B at
was due to the frank disclosure of their
condition 47% against
49½; Lorillard at 14 against 14 ,and
made by the railroads in citing the reaso
/
1
2
ns why an Tobacco Products class A at
10 against 10% bid.
/
1
4
increase in rates should be granted. To
the public
The steel shares have been heavy as the result of
the condition of the roads as thus discl
osed appeared the steady shrinkage in activ
ity of the steel trade.
to be worse than had been generally
supposed. In U. S. Steel closed yeste
rday at 86% against 91%
8
addition the Great Northern Railway
and the Kan- on Friday of last week
; Bethlehem Steel at 41%
sas City Southern reduced their
dividends. Call against 443 Vana
4;
dium at 27 against 313 Reloans on the Stock Exchange did not vary
%;
through- public Iron & Steel at 11 again
/
1
2
st 12%,and Crucible
out the week from 1 %, thereby repea
/
1
2
ting the rec- Steel at 36 again
/
1
2
st 39%. In the motor stocks
ord of all recent weeks in that respe
ct. New low Auburn Auto,
after the usual wide fluctuations,
prices for the year were reached duri
ng the week in closed yesterday
at 152 ex-div. against 1662 on
/
1
4
the case of 71 stocks, while the number
/
1
of new highs Friday of last week
; General Motors closed at 33%
was only 8.
against 34 ; Chrysler at 1778 against 17 ;
/
1
2
/
Trading has been extremely light, trans
/ Nash
1
4
actions on Motors at 24 against 243
/
1
4
4;Packard Motors at 678
Wednesday, as already stated, dropping
/
to below a against 7; Hudson Motor
Car at 13% against 13 ,
million shares, this not having happened
/
1
2
before on and Hupp Motors at 7 again
st 6%. In the rubber
any full five-hour day since Nov. 1 1926.
At the stocks Goodyear
Tire & Rubber closed yesterday at
half-day session on Saturday the sales
on the New 33 against 36 Frid
on
ay of last week; U. S. Rubber at
York Stock Exchange were 543,050
shares; on Mon- 11% again
st 12 , and the preferred at 22
/
1
4
day they were 1,265,513 shares; on Tuesday,
/
1
2
1,115,112 against 22 .
/
1
4
shares; on Wednesday, 916,901 shares;
on ThursThe railroad stocks have been weak, notwithsta
day, 1,148,680 shares, and on Friday,
nd1,146,500 ing the application for higher
rates. Pennsylvania
shares. On the New York Curb Exchange
the sales RR. closed yesterday at
46 against 51 on Friday
last Saturday were 105,880 shares; on
/
1
2
Monday, of last week; Erie RR.at 18 again
st 2078; New York
211,742 shares; on Tuesday, 210,109
/
shares; on Central at 82% again
st 89 ; Baltimore & Ohio at
/
1
2
Wednesday, 196,924 shares; on. Thursday
, 186,431 51% against 56 ; New
/
1
2
Haven at 71 against 76;
shares, and on Friday, 188,091 shares.
/
1
2
Union Pacific at 152 against 1623 Southern
As compared with Friday of last week
4;
Pa, prices are cific at 77
against 81½; Missouri Pacific at 18
generally lower, with some big declines
/
1
4
in special against 22; Misso
uri-Kansas-Texas at 1378 against
issues. General Electric closed yeste
/
rday at 3818 15%; St.
/
Louis-San Francisco at 16 against 193
against 401 8 on Friday of last week;
/
4;
Warner Bros. Southern Rail
way at 32 against 34%; Chesapeake &
Pictures at 7 against 8 ; Elec. Powe
/
1
4
/
1
4
r & Light Ohio at 33
4
/against 367/s; Northern Pacific at 35
1
2
at 343 against 36 ; United Corp. at
/
1
2
/
1
2
21 against against
/
1
4
42, and Great Northern at 48 against 55%.
22%; North American at 62 against 65;
/
1
2
Pacific Gas
The oil stocks are slightly lower. Standard Oil
& Elec. at 43 against 44; Standard
/
1
4
Gas & Elec. of N.J.
closed yesterday at 35 against 35 on Friday
at 60 against 62' 8; Consolidated Gas of N.
/
1
4
/
7
Y. at 88
/ of last week; Standard Oil of N. Y.
1
4
against 92 ; Columbia Gas & Elec. at 25
at 15% against
/
1
2
/
1
2
2678;International Harvester at 39 ex-di against 16; Standard Oil of Calif. at 36 against 36; Atlantic
/
/
1
2
v.
/
4;
42; J. I. Case Threshing Machine at 64% against Refining at 1378 against 143 Texas Corp. at 202
/
1
against against 20; Richfield Oil at 1% again
7318; Sears, Roebuck & Co. at 50%
st 1%;Phillips
/
against 52 ; Petroleu
/
1
2
m at 6 against 6%, and Pure Oil at 6
/
1
2
Montgomery Ward & Co. at17% against 19
/
1
2
/ Wool- against 6
1
4
;
/
1
4
.
worth at 65% against 691 8; Safeway Store
/
s at 482
/
1
The copper stocks have also continued to sag owing
bid against 52%; Western Union Tele
graph at 107 to the utter
absence of any improvement in the copagainst 112; American Tel. & Tel. at 164'
/ ex-div. per trade Anac
78
.
onda Copper closed yesterday at
4464
FINANCIAL CHRONICLE
[VOL. 132.
stocks were soft, and most of the industrial issues
also moved lower. The fortnightly settlement was
marked by an unprecedently low price for money,
/
only 1 16th of 1% being quoted as against 1/4 of 1%
formerly. In Tuesday's dealings prices drifted
slowly lower during the early part of the session,
but toward the end improvement occurred, bringing
important European finan- prices back to the levels at which they started. Rio
Stock exchanges in the
cial centers were only modestly affected this week Tinto and other copper stocks rallied, while the rest
by the developments relating to a possible mora- of the market contained little of interest. Quotatorium by Germany on conditional payments under tions again changed only in the smallest measure
the Young Plan and by other occurrences of out- Wednesday, dealings remaining at a low ebb. Prices
standing financial importance. The London and drifted about erratically, with a majority of stocks
Paris markets were exceedingly dull and slightly showing minor recessions at the close. A firmer
irregular, while at Berlin a sharp recovery in stocks tendency appeared Thursday, despite restricted turnfollowed the drastic declines of last week. The Ger- over. After early irregularity the list improved as a
man difficulties in politics and finance, and espe- whole and numerous issues closed the day with small
cially the flight of capital from the Reich, occasioned gains. An uncertain tone again prevailed yestermuch concern in all markets but the heavy sales of day, with changes unimportant.
Influences on the Berlin Boerse were decidedly
German securities were not resumed. Satisfaction
was general, moreover, over the action of the Bank mixed, Monday, but quotations improved from the
of England, announced Wednesday, in agreeing to beginning and a small reaction toward the close
advance 150,000,000 schillings (about $21,000,000) wiped out only a part of the advances. Money was
to the Austrian Treasury. This tended to stabilize tight, owing to the increase in the Reichsbank disthe Austrian situation and diminished the financial count rate from 5 to 7%, announced the previous
and governmental crisis in that country. European Saturday in the attempt to check exportation of
trade and industrial reports, meanwhile, show little capital. Foreign selling of German securities, which
if any improvement over the stagnant conditions was a leading factor in the extreme declines on the
that have prevailed for so many months. Some per- Boerse last week, came to an end Monday, and the
turbation was occasioned in London by anticipations modest buying that followed served to lift prices
of a request by Prime Minister MacDonald for Par- generally. Further improvement Tuesday occasioned
liamentary authority to borrow a further 05,000,000 surprise, Berlin reports said, as more than a little
for the unemployment insurance fund. This action uncertainty was expressed regarding the political
will be taken by the Prime Minister next Monday, it outlook. Stocks moved steadily upward and the adIs believed. French reports reflect the incidence of vances amounted to two to five points in active issues.
the industrial depression in that country, which is Foreign buying was believed to have been one of the
somewhat aggravated by a 'protracted strike of principal strengthening factors in the session. The
100,000 textile workers in Roubaix and Turcoing. Boerse retained its confident mood Wednesday,
Although the strike began May 18, violence was re- partly as a result of the surmounting of the political
ported for the first time late last week. In Germany difficulties by Chancellor Bruening. The domestic
signs of trade improvement have become visible, it bond section improved markedly, while more extensive gains appeared in equity issues. Announcement
is said, and unemployment also is decreasing.
Firm conditions prevailed on the London Stock of the failure of a Bremen banking firm affected the
Exchange at the start of trading Monday,but trading market only momentarily, and the advancing tenwas unusually dull and small offerings finally un- dency was quickly resumed. Quotations in many
settled the market to a degree. British funds were active stocks were up four to six points. In Thursslightly irregular, while most domestic industrial day's dealings a sharp reversal took place on realizstocks moved to lower levels. International issues inz sales by speculators. Losses were three to six
were firm. After a further firm opening Tuesday, points at the start and were extended on the spread
the hesitant tone was resumed. Turnover was small of rumors of additional bankruptcies. Only the bond
and the price changes were mostly unimportant. market remained firm. An irregular trend at Berlin
British funds closed virtually at previous levels, but yesterday occasioned only small changes.
industrial issues of both British and international
An important and commendable step in the direcdescriptions lost a little ground. Firmness in German and Brazilian bonds was one of the best fea- tion of international disarmament was taken at
tures. Dealings were at a minimum Wednesday, Washington last Sunday, when full publicity was
with many members on holiday or attending the given the report on American military forces furAscot races. British funds were unchanged, while nished by the State Department to the League of
industrial stocks showed mild irregularity. A some- Nations as a preliminary to the general disarmament
what better tone prevailed Thursday, although deal- conference scheduled to take place at Geneva next
ings again were very quiet. Trading was started in February. Statistics on the land, naval and air
the new Woolworth shares, which rose to a premium forces of the United States were supplied in greater
at first but reacted later to a small discount. British detail than was requested by the League of Nations,
Government issues were firm and industrial stocks the addition consisting mainly of figures on the total
also were well maintained. Dealings at London army reserves. Publication of the mass of data supplied in the 36 page "note" to the League also repyesterday were small, but prices were steady.
The Paris Bourse reflected improved international resents an extraordinary step, since this action is
sentiment Monday by a firm opening, but the favor- not compulsory. The tabulation was made in reable tendency was not maintained and the list re- sponse to a League inquiry, sent to all governments
ceded in the second half of the sessions. Copper participating in the general conference, and relating
20% against 211 2 on Friday of last week; Kenne/
cott Copper at 16% against 17; Calumet & Hecla
/
at 6 against 578; Granby Consolidated Copper at
/
101 8 against 11; American Smelting & Refining at
27% against 291 2 and U. S. Smelting & Refining at
/,
14 against 15.
• JUNE 20 1931.]
FINANCIAL CHRONICLE
to "the position of their armaments and all data,
technical or otherwise, which might help to inform
the conference and to justify such concrete proposals as the governments may lay before it." The
request was made in the note to the League Secretariat that "full and immediate distribution and
publicity" be given the American figures, while it
was added that the "Secretary of State entertains
the hope that other nations may thus be encouraged
to lay their figures before the public without delay."
The action by the State Department was construed
as an international example, designed to foster
genuine disarmament at the coming conference.
Especial significance is believed to attach to the publication of the figures on army reserves, as this has
been a subject of protracted debate in the sessions
of the Preparatory Commission for Disarmament.
It is held in Washington that reserves are a very
important element in most European armies, especially in those of the countries that resort to conscription. It was recalled, Washington press correspondents reported, that France, with the support
of some other countries, made a determined fight to
prevent the adoption of any provision for the limitation of reserves. "France is credited with having
been responsible for the failure of the Preparatory
Commission to call on all governments for a statement of their total reserve strength," a dispatch to
the New York "Times" said. "In giving the total
number of American army reserves," this report
added, "the United States appears to be engaged in
an effort to get the reserve problem out into the
open." The report made by the United States is the
second submitted to the League, Soviet Russia having
responded previously but with the admonition that
the sealed envelope containing the information is
not to be opened until the disarmament conference
meets.
In behalf of the Administration at Washington,
William R. Castle, Jr., Under-Secretary of State,
informed press correspondents last Saturday that
the attitude of this Government on the indebtedness
of the former Allied Governments has been wellestablished and remains unchanged. Acting for
Secretary of State Stimson, who was detained on
other matters, Mr. Castle received the correspondents for the usual conference. He was asked,
Washington reports said, if the Administration was
open to reconsideration of the debt question in the
light of the severe economic depression in Europe,
and especially in view of the developments in Germany. .91r. Castle replied," a dispatch to the New
York "Times" said, "that although the debt policy
of the Government was clearly established, in case
of any serious crisis, the Government would have to
consider whether a temporary change in its policy
was necessary. The Under-Secretary of State expressed the opinion that such a situation had not
arisen and made clear that, formally at least, the
attitude this Government has long maintained that
there is no connection between war debts and reparations has not changed." In a report to the New
York "Herald Tribune" it was remarked that the
position of the United States, as now outlined, is
simply that, in case of an emergency which has not
yet arrived, there would be a willingness to scrutinize
all the facts.
In view of the unremitting propaganda for linking
of the debt payments by the former Allies to the
4465
United States Government, and the reparations payments by the German Government to the creditor
nations, keen interest was taken this week in the
visit to London of Secretary of the Treasury Mellon.
Both on his departure from New York and on his
arrival in England Tuesday, Mr. Mellon declared
that his visit was informal in nature, designed chiefly
to get away from official cares. He nevertheless held
a series of conversations Wednesday and Thursday
with Prime Minister MacDonald, Foreign Secretary
Henderson, Chancellor of the Exchequer Snowden
and Montagu Norman, Governor of the Bank of England. No official statement on these discussions
was given out. `There is a feeling here," an Associated Press dispatch from London said, "that the
Secretary in his informal visit is gathering first hand
knowledge of European financial affairs and probably is going into the issue of reparations and war
debts." The visit to a number of European capitals
which Secretary of State Stimson will make in July
also was the subject of much conjecture along similar lines. "An active press campaign in the cause
of debt remission is promised during Mr. Mellon's
and Mr. Stimson's European pilgrimages," a report
to the New York "Sun" remarked.
Wild assertions at London yesterday that Mr.
Mellon had been invited by the British Government
to discuss war debt revision drew a tart denial from
Prime Minister MacDonald. "The Prime Minister's
attention," an official announcement said,"has been
drawn to a statement in a newspaper that the Government has invited Mr. Mellon to come to London
to discuss revision of the war debts. This is in every
respect absolutely untrue. No invitation has been
issued by the Government to Mr. Mellon, nor has
any such communication been made to the Government in Washington inviting them to discuss this or
any other subject." The general interest in the war
debt and reparations questions was also reflected in
Washington dispatches yesterday, which told of
conferences held by President Hoover with House
and Senate leaders. Notwithstanding the earlier
assurances by Mr. Castle, it was widely conjectured
that the conferences related to a possible revision
of world war debts, or to a moratorium on the payments.
In German political and financial spheres alike
severe repercussions were occasioned this week by
the virtual notification to all the world that a reopening of the reparations question is in prospect,
and by the promulgation of the emergency decree
Imposing heavy additional taxes on the German people. These steps, taken in conjunction with the
Chequers conversations of British and German
statesmen two weeks ago, drew pointed attention
to the severity of the economic crisis in the Reich.
They were followed by a flight of capital from Germany that clearly eclipsed the devisen (foreign exchange) holdings of the Reichsbank, forcing that
institution to export gold on a huge scale in order
to meet the sudden demands of German purchasers
of foreign exchanges and of the repatriations of
foreign funds from German financial markets. In
the effort to stem the outward flow of funds, the
Reichsbank increased its discount rate last Saturday
from 5% to 7%. "We mean to show the world we
have the situation well in hand and are prepared
to do our utmost to prevent trouble," Dr. Hans Luther, President of the Reichsbank, told foreign press
4466
FINANCIAL CHRONICLE
correspondents in Berlin following the rate increase.
"Political and psychological events are behind these
heavy withdrawals. There has been no change in the
German economic situation to justify such a run."
The flight of capital is believed to have reached its
height Monday, owing to the release of $41,680,000
in gold on that day from the earmarked stocks of
the Federal Reserve Bank of New York. Declines
in the earmarked stocks of the metal were heavy on
other clays as well. In the absence of official statements it is assumed that these transactions were
arranged by the Reichsbank in support of the mark
through the B. I. S., or one or another of the European central banks known to possess extensive gold
stocks here.
Internally the strain was reflected by political
dissensions which for a time seemed to threaten the
downfall of the Cabinet headed by the Centrist
leader, Dr. Heinrich Bruening. "There are enough
political combustibles regularly stocked up in Germany to supply the makings of any sort of trouble
wanted," a dispatch to the New York "Times" remarked. "Such a series of events as the German
visit to Chequers and hopes it inspired, the Government's new tax levies, and the resultant nation-wide
demand for a new reparations deal have provided
exactly the sort of atmosphere in which German
party politics delights to frolic, regardless of the
nation's domestic and foreign interests." The threat
of a Cabinet crisis arose through efforts of the important Socialist group in the Reichstag to have a
special session of the Budget Committee of the Parliament called with the aim of amending the provisions of the emergency decree. Although not represented in the Cabinet, this group has consistently
supported Chancellor Bruening, preventing the overturn desired by Fascist and Communist extremists.
In order to deal with this situation, Dr. Bruening
hurried back to Berlin from East Prussia, where
he had gone to confer with President Paul von Hindenburg on the results of the Chequers meeting.
After protracted discussions with other party leaders, the Chancellor issued an ultimaum Tuesday that
he would resign if a special session of the
Reichstag
or the Budget Committee were called. The
Socialist
move for Parliamentary reconsideration of
the
decree was promptly withdrawn, and the "crisis"
terminated.
Contemplated moves in connection with reparations revision, meanwhile, remained largely a matter of conjecture, although a few authoritative indications appeared. Foremost among these was a
statement made by Minister of the Interior Joseph
Wirth at a party caucus, which confirmed the conviction held in informed quarters that measures to
be taken will be in due accord with the provisions
of the Young plan. "We have entered upon a path
leading to alleviation, and indeed to thoroughgoing
alleviation, of the tribute burdens for Germany,”
Dr. Wirth said. "This step was a necessity and was
well founded. Assumption of the Young plan was
a difficult matter, but playing politics with the occupied Rhineland is something else than taking a new
path toward revision of the Young plan with a liberated Rhineland territory." The Minister added,
a dispatch to the New York "Herald Tribune" said,
that the Cabinet had not yet formulated its policy
on reparations revision in detail. He assured his
hearers, however, that it would be carried out
"within the framework of the Young plan."
[Vor.. 132.
In this situation, much significance was seen in
the announcement at London, Thursday, that Prime
Minister Ramsay MacDonald and Foreign Secretary
Arthur Henderson had accepted an invitation from
Chancellor Bruening to visit Berlin on July 17. The
invitation was issued while the German Government
heads were in England, and it was intimated at the
time that acceptance was likely. The Foreign Office
in London confirmed that the visit would take place,
and as July 17 falls on a Friday it is assumed the
two British statesmen will remain in Germany over
the week-end, thus returning the week-end visit of
Dr. Bruening and Foreign Minister Julius Curtius
to Chequers. Also important, it is believed, are the
conversations currently being held in London by
Secretary of the Treasury Andrew W. Mellon with
Prime Minister MacDonald, Foreign Secretary Henderson and Montagu Norman, Governor of the Bank
of England. Although Mr. Mellon stated that his
visit would be informal, it was said in London,
Thursday, according to a United Press dispatch,
that the problems of war debts and reparations were
under discussion, with special consideration paid
the situation in Germany and Austria. Silence was
maintained in official quarters on the conversations. A Berlin report of Wednesday to the Associated Press indicated that German Ambassadors to
the creditor nations had been recalled to Berlin for
a series of conferences at which the viewpoints of
the various governments concerned will be thoroughly surveyed.
Decisive action by the Bank of England in making
available to Austria a credit of 150,000,000 schillings
(about $21,000,000) against an equivalent amount
of Treasury bonds, Wednesday, has averted further
confusion and uncertainty in the Austrian situation.
The financial crisis which developed early in May,
when the difficulties of the Kreditanstalt fur Handel
mid Gewerbe were made known, spread definitely to
the political sphere and brought about the resignation of the Cabinet headed by Dr. Otto Ender, Tuesday. It is already indicated; in view of the confidence brought about by the action of the British
bank, that such internal political unsettlement will
yield readily to calmer counsels and that a new
Cabinet with Conservative leanings will be formed
either by Dr. Ender or by Mgr. Seipel, leader of the
Catholic group. Even more absorbing than the
internal machinations is the international drama
played about the Austrian crisis. Almost all
competent European observers have expressed
the belief that withdrawals of French credits
from the Kreditanstalt played an important part
in the troubles of that institution, and it is
broadly hinted, moreover, that the withdrawals were
engineered with the aim of defeating the AustroGerman customs union project through the financial
and political influence that might thus be gained
over Austria by France. No secret was made in
Paris this week over French displeasure at what
was described as the "intrusion" of the Bank of
England in the situation.
The advance of 150,000,000 schillings by the Bank
of England is apparently a temporary loan, for
a period of seven days, to be repaid from the
proceeds of a flotation of three-year Austrian
Treasury bonds. Authority for the bond flotation has already been granted by the League of
Nations controlling bodies, and the remaining
JuNs 20 1931.]
FINANCIAL CHRONICLE
question was that of disposition. The funds are
needed by the Austrian Government to supply the
new capital promised the Kreditanstalt. It appeared late in May and early this month that French
financial interests would make the advance. International concern was occasioned, however, when it
developed that conditions were proposed by French
financiers and the French Government which would
compromise the political independence of Austria.
"French bankers," a dispatch of Tuesday from Paris
to the New York "Herald Tribune" said, "have
agreed to take at least half the proposed loan under
three conditions: that Austria's finances for two
years or so be placed under League control; that
American and British banks participate, and that
the French Government offer some sort of guaranty
to the French banks. It is probable that the French
Government will condition its approval upon political concessions on Austria's part, and these are
likely to refer to the Austro-German customs union
project."
Dissension in the Austrian Cabinet over the financial troubles was reported on the same day, and it
resulted in the resignation of Chancellor Ender.
This development followed the signature of a contract with the London creditors' committee of the
Kreditanstalt, whereunder the Austrian Government assumed full responsibility for $80,000,000 of
old credits granted to the institution. Franz Winkler, Minister of the Interior, resigned in protest
against thp assumption of the financial obligations,
and as this implied the loss of the Agrarian party's
support, the coalition Cabinet decided to resign.
President Miklas requested Dr. Ender to attempt
the formation of another coalition Government, and
Dr. Ender acceded. He stipulated, however, that
he could form a new Government only under "special
conditions," in view of the "extraordinary difficulties which cannot be regulated by Parliament with
its usual methods of working." In a Vienna report
to the New York "Evening Post" it is remarked that
this seems to foreshadow a semi-dictatorship.
Announcement Wednesday that the Bank of England had arranged the necessary credit in favor of
Austria was greeted with intense relief throughout
Central Europe and with profound satisfaction in
London. "Pan-German circles here are hailing the
action of the Bank of England as intervention in
behalf of Austria's independence," a Vienna dispatch to the New York "Times" said. "For the third
time, they say, Foreign Secretary Henderson has
helped to keep Austria German." In a London dispatch of Thursday to the "Evening Post," it is stated
that "great relief was expressed in high quarters at
the passing of the Austrian crisis, the seriousness
and ramifications of which, according to sober
judges, might have been startling." Britain, it was
added, while no partisan of the Austro-German customs union proposal, resented the French political
demand that Austria give up the plans for the union
as the price of financial help. The London correspondent of the New York "Herald Tribune" reported that resentment was created in Paris by the
British action. "In view of the French attitude,"
the dispatch added, "negotiations are believed to
have been started in London with Barings, Rothschilds and other interests, and it is expected that
arrangements will be made to place part of the
Treasury bond issue here. It is probable that Continental centers other than Paris will co-operate." It
4467
was indicated authoritatively in New York yesterday that a group of American banks will participate
to the extent of $7,000,000 in this transaction. The
American portion of the issue will be placed privately, it was said.
Strenuous efforts toward reconciliation of Labor
and Liberal party leaders, as well as a fortuitous
circumstance that appeared at the last moment,
averted on Tuesday another of the long series of
"crises" which have threatened from time to time
the tenure of office of the MacDonald Cabinet in
Great Britain. The most recent threat arose
through differences between Labor and Liberal
groups over the land tax proposal which Chancellor
of the Exchequer Philip Snowden made part of the
budget bill. Both parties support the proposal in
principle, but the Liberals desired a levy on undeveloped land only, since the owners of occupied land
had already paid an income tax and would therefore
be subjected to double taxation under the Labor
Government proposal. A Liberal amendment to the
bill was accordingly presented, and David Lloyd
George, the Liberal leader, declared last week that
his followers would insist on its adoption even if it
meant the defeat of the Labor regime: Over the last
week-end, however, conferences between Laborites
and Liberals resulted in a compromise which was
embodied in a revised amendment designed to permit a land tax of one-eighth of the standard rate on
lands on which buildings worth four times the value
of the land alone had been erected. When the amendment came up for debate, Tuesday, it was ruled out
of order on a Parliamentary technicality and withdrawn amid general amusement. There was a general sense of relief in all parties,for nobody was prepared for a new election, a report to the New York
"Times" said. The amendment, no longer a danger
to the MacDonald Government, will be reintroduced
and taken up later.
Paul Doumer became the thirteenth President of
the Third French Republic in simple inaugural ceremonies at the Presidential Palace in Paris last Saturday. Gaston Doumergue, who held the post during
seven years of troubled political conditions, jlanded
over his powers as the French Chief Executive to
the former President of the Senate and departed
quietly for Toulouse, in the south of France, where
he intends to live in retirement. M. Doumer was
elected just one month previously by the National
Assembly, wliich is composed of the two Houses of
the French Parliament. The election was made
especially notable owing to the defeat of Aristide
Briand, who made known his candidacy for the
presidential post just 48 hours before the secret balloting took place. This political blow occasioned
much discussion of the possible resignation of the
Foreign Minister, the belief persisting that M.
Briand might resign definitely when the technical
resignations of the entire Cabinet were placed before
the incoming President on June 13. Such thoughts
were dispelled last Saturday when President Doumer
refused to accept the proffered resignation of Premier Pierre Laval. The latter submitted for approval and signature decrees reappointing all his
former colleagues in their Ministerial posts. The
place of presiding officer of the Senate, vacated automatically by M.Doumer, was filled last week through
the election of Senator Albert Lebrun.
4468
FINANCIAL CHRONICLE
In his first message to the Parliament, submitted
Tuesday, President Doumer expressed his gratitude
for the confidence reposed in him, and gave the customary assurances that he would respect and guard
the Constitution. In addition, he referred at some
length to the economic troubles of France, which he
declared are due rather to the embarrassment and
sufferings of neighboring countries than to any internal cause. "One cannot deny that the struggle
against the economic depression is singularly complicated by the problems of the war settlement and
the execution of the treaties," he continued. "For
the resolution of these questions which still exist
between different countries we must have frankness, good faith and a real desire for understanding.
Our democracy desires an end to all secret diplomacy
and believes there should be open discussion of these
problems before the League of Nations."
Foreign Minister Briand, who remains the stormy
petrel of French politics, once again defended his
policies in a speech at Gourdon before 5,000 French
war veterans and their wives and children, Sunday.
The French desire for peace was extolled by M. Briand, who placed great emphasis on his own efforts to
prevent war, not only in direct diplomatic endeavors
but also in his activities as a leading spirit of the
League of Nations. When the Chamber sessions
were resumed Tuesday, however, the first development was a further severe attack on the Foreign
Minister and his policies, M. Henri Franklin-Bouillon taking the lead as usual. M. Briand said very
little in his own defense, but Premier Laval upheld
his Foreign Minister and finally demanded a vote
of confidence on the foreign policy of his Cabinet.
This was granted by a vote of 310 to 267, and in a
succeeding ballot the slightly more favorable vote
of 312 to 261 resulted. It was considered likely, as a
consequence, that the Laval Cabinet, which is now
five months old, will be able to continue in office
throughout the summer session of Parliament and
the summer vacation.
[VOL. 132.
deposits increased £2,298,369. The latter consists of
bankers' accounts and other accounts, which rose
£1,884,283 and £414,086 respectively. The reserve
ratio is up to 58.03% from 55.16% a week ago.
Last year the ratio was 52.66%. Loans on government securities fell off £2,275,000 and those on other
securities increased £2,316,006. Other securities
include discounts and advances and securities. The
former increased £2,798,398 and the latter decreased
£482,392. The rate of discount is unchanged at
23/2%. Below we furnish a comparison of the different items for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931.
1928.
1927.
1929.
1930.
June 22.
June 20.
June 17.
June 19.
June 18.
Circulation
352,266,000 359,247,209 360,303,589
Public, deposits
15,018,000 16.577,610 21,263,029
Other deposits
105,126,756 94,018,787 91,791,652
Bankers accounts 71,445,689 58,331,534 56,237,150
Other accounts
33,681,067 35,687,253 35,554,502
Government Recurs_ 30,845,684 46,475,547 35,401,855
Other securities._
37,439,253 23,739,444 32,352,586
7,596,498
Disct. & advances 9,395,435 7,098,791
Securities
28,043,818 16,640.653 24.756,088
Reserve notes & coin 69,720,000 58,242,318 63,197,028
Coin and bullion...161,986,803 157,489,527 163,500,617
Proportion of reserve
55.88%
52.66%
to liabilities
58.03%
3%
634%
Bank rate
2H%
135,026,540 136,297,395
24,433,448 20,167,563
98,122,026 95,289.423
31,663,310 49,410,975
52,377,609 48,476,959
56,414,500 35,461,394
171,691,040 152,008.783
46%
434%
30fie%
43§%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
June 13 shows a gain in gold holdings of 205,199,796
francs. The total of the item now aggregates
56,138,495,179 francs, which compares with 43,899,985,523 francs last year and 36,609,919,273 francs
the year before. Credit balances abroad rose
109,000,000 francs while bills bought abroad declined
111,000,000 francs. Notes in circulation contracted
791,000,000 francs, reducing the total of notes outstanding to 77,012,340,315 francs. Circulation a
year ago stood at 71,936,032,765 francs and two
years ago at 63,140,820,345 francs. French commercial bills discounted and advances against securities
record decreases of 17,000,000 francs and 3,000,000
francs while creditor current accounts increased
Below we furnish a comparison
The Bank of Germany on Saturday last, owing 678,000,000 francs.
the various items for the past three years:
to the heavy drain on its gold holdings, advanced of
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
its discount rate from 5% to 7%. On Monday the
Changes
June 13 1931. June 14 1930. June 15 1929.
for Week.
National Bank of Austria, which on June 6 had
Francs.
Francs.
Francs.
Francs.
raised its rate from 5% to 6%, further advanced to Gold holdings—Inc. 205,199.796 56,138,495,179 43,899,985,523 38,609,919,273
5,572,227,861 6,864,153,076 7,439,794,554
Credit bale. abr'd_Inc. 109,000,000
1
/
7 2%. At the same time the National Bank of Hun- French commercial
bills discounted-Dec. 17,000,000 4,674,046,242 4,862,843,101 6,274.964,892
gary moved up from 512% to 7%. Rates are 7 % in Bills bought abr'd_Dee. 111,000,000 20,558,388,711 18,645,634,262 18,413,160,015
/
/
1
2
Austria; 7% in Germany and Hungary; 6% in Adv. Mt. secure—Dee. 3,000,000 2,866,102,825 2,734,344,327 2,415,007,058
Note circulation__Dee. 791,000,000 77,012,340,315 71,936,032,765 63,140,820,345
Spain; 51 2% in Italy;4% in Norway;3 % in Den- Cred. cure. accts._Inc. 678,000,000 22,719,034,316 14,056,120,515 18,129,303,958
/
/
1
2
mark and Ireland;
in Sweden; 212%in England
/
and Belgium, and 2% in France, Holland, and
The Bank of Germany in its statement for the
Switzerland. In the London open market discounts second-quarter of June shows a decline in gold and
for short bills yesterday were 2 %, the same as on bullion of 534,359,000 marks. Owing to this loss the
/
1
2
Friday of last week, and for three months' bills item now aggregates 1,765,571,000 marks, in com21/16@21 8% against 2I/ @23/16% the previous parison with 2,618,787,000 marks the corresponding
/
8
Friday. Money on call in London on Friday was date last year and 1,764,382,000 marks the year
11
4%. At Paris the open market rate remains at before. Increases appear in bills of exchange and
/
1
2
1y
8%, and in Switzerland at 1 %.
checks of 268,694,000 ma ks, in silver and other coin
of 22,166,000 marks, in advances of 84,972,000
The Bank—of England statement for the week marks, in other assets of 31,312,000 marks and in
ended June 17 shows a gain in gold holdings of investments of 6,000 marks. Notes in circulation
£5,699,2801 This follows gains in the eight preceding fell off 190,640,000 marks, bringing the total of the
weeks aggregating £10,085,129 and brings the item down to 3,887,655,000 marks. Total circulaBank's present holdings up to £161,986,803 as tion last year was 4,278,808,000 marks and the year
against £157,489,527 a year ago. Since note circula- before 4,191,840,000 marks. The item of deposits
tion contracted £1,985,000, reserves rose £7,684,000 abroad remains unchanged at 207,638,000 marks. A
to £69,720,000, the highest they have been this year. decline appears in reserve in foreign currency of
Public deposits decreased £5,390,000, while other 8,647,000 marks while other daily maturing obliga-
JUNE 20 1931.]
tions and other liabilities increased 53,149,000 marks
and 6,522,000 marks respectively. Below we furnish a comparison of the various items for the past
three years:
REICHSBANK'S COMPARATIVE STATEMENT.
June 15 1931. June 15 1930. June 15 1929.
Changes
Retchsmarks. Reichsmarks. Retehsmarks. Retchsmarks.
Assets—
Dec534,359,000 1,765,571,000 2,618,787,000 1.764,382,000
Gold and bullion
Unchanged 207,638,000 149,788,000
Of which depos. abr'd
59,147,000
Res've in for'n curr_ _ _Dec. 8,647,000 104,309,000 321.997,000 318,515,000
Bills of exch.& checks.Inc.268,694,000 2,032,654,000 1,543,825,000 2,632.411.000
Inc. 22,166,000 199,131,000 151,998,000 134,949,000
Silver and other coln
17,826,000
17,014,000
Notes 000th. Ger. bk.e.Inc. 4,887,000
16,277,000
Advances
Inc. 84,972,000 154,848,000
55,064,000 125,808,000
Investments
6,000 102,729,000 101,026,000
92,891,000
Other assets
Inc. 31,312,000 573,973,000 619,951,000 471,503,000
Lialllife,—
Notes in circulation.. _ _Dec190,640,000 3,887,655,000 4,278,808,000 4,191,840,000
0th.daily matur. oblig.lnc. 53,149,000 323,630,000 537,365,000 602,637,000
Other liabilities
Zoo. 6,522,000 249,600,000 219,771,000 319,863,000
With money rates in this market showing no deviation from earlier levels, attention centered thig
week on the enormous gain in gold holdings reported
day after day by the Federal Reserve Bank of New
York. Although the added metal was not wanted
here, its acquisition is important from the money
market point of view as well as that of international
finance. The increases in the gold stocks occurred
mainly through releases of earmarked metal, which
were clearly occasioned by three-cornered operations of the Reichsbank in the endeavors of that
institution to bolster mark exchange. The releases
far exceeded in amount the gold believed earmarked
here for German account, and it is considered assured
that the extensive earmarkings for account of the
Bank of France were utilized. In compensation, gold
presumably was shipped from Berlin to Paris. Confirmation of the need of the Reichsbank for additional dollar exchange is given by the report yesterday that $10,000,000 gold was shipped from Hamburg direct to New York.
Releases from earmark already were heavy late
last week, but they reached their peak Monday, when
the daily statement of the Reserve Bank showed a
$41,680,000 gain on this account. Tuesday's statement indicated that the earmarked stock increased
$10,000,000 after issuance of the previous statement Monday, so that the net release from earmark
Monday was $31,680,000. On Tuesday itself, however, a further release of $13,336,700 occurred. The
movement was continued all week, with releases
amounting to $9,786,200 Wednesday, $6,690,600
Thursday, and $3,438,600 yesterday. The resume
covering the week to Wednesday night showed net
release from earmark for the period covered of
$75,819,000, this being equivalent to an importation
of the metal. It is unofficially estimated that at the
close of business yesterday the aggregate stock of
gold held earmarked at the New York institution was
$35,366,000. In addition to the gold gain through
earmark releases, heavy imports were reported. For
the week to Wednesday night such imports were
$9,772,000, while the daily statements for Thursday and yesterday reflected imports of $2,200,000
and $2,500,000, respectively. There were no exports
throughout the period.
Call loans this week were quoted at the undeviat/
170
ing figure of 12 on the Stock Exchange. There
was an overflow into the outside, or "Street" market, Monday, Tuesday, and again yesterday, outside
trades being reported in all three sessions at 114%,
/
/
or a concession of 14 of 1% from the official figure.
In Wednesday and Thursday's dealings, no concessions were reported. Time loans remained un-
4469
FINANCIAL CHRONICLE
changed, with little business done. Brokers' loans
against stock and bond collateral declined $71,000,000 in the statement of the Reserve Bank of New
York for the week to Wednesday night. Of much
interest to money dealers here were three increases
by Central European banks in their discount rates.
The Reichsbank announced an increase last Satur0
day from 57 to 7%; the Austrian National Bank
0
/
1
2
acted Monday,increasing the level from 67 to 7 %,
while the Hungarian central bank also announced
/ 0
an increase Monday, raising the rate from 5127
to 7%.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no
/
1
2
deviation at any time from the figure of 1 %,this
having been the quotation both for new loans and
for renewals. The market for time money has been
without noteworthy movement, and while some business has been available in the 90-day maturities, practically every transaction has been at a special rate.
Ruling quotations, which are largely nominal, show
some slight changes in the outside figures. Quota/
/ 0
tions now are 1@13 47 for 30 days, 1@11470 for 60
/ /
1 170
4
days, 114@1 7 for 90 days; 1 (4)12 for four
/ /0
1
2
/ /
1
2
months, and 1 @13470 for five and six months.
Prime commercial paper was in good demand during
the fore part of the week, but business gradually
simmered down on account of the dearth of satisfactory offerings. Rates for choice names of four to
14%. Names
six months' maturity remain at 2@2/
less well known and shorter choice names are still
quoted at 2 @)23470.
/ /
1
2
The demand for prime bank acceptances in the
open market was quite brisk up to Wednesday afternoon, but gradually fell off the rest of the week.
Rates show no change. The quotations of the
American Acceptance Council continue at: For
bills up to 90 days, 1% bid, /
7870 asked; for four
months' bills, 1 70 bid, 1% asked; for five and six
/
1
2
months, 13870 bid and 1 7 asked. The Federal
/0
1
4
/
Reserve Banks suffered a further decrease in their
holdings of acceptances during the week from $127,217,000 to $106,814,000. Their holdings of acceptances for foreign correspondents increased from
$370,185,000 to $378,717,000. Open market rates
for acceptances also remain unchanged, as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
BM. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bilis
4
,
1
13
134
134
134
134
—30 Days—
—80 Days—
—BO Days—
Bid. Asked.
Bid. Asked.
BM. Asked.
Prime eligible bills
Si
1
1
Si
1
• FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
134 bid
Eligible non-member banks
1.14 bid
There have been no 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.
-Boston_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on June 19.
Date
Established.
Previous
Rate.
2
134
8
214
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept.12 1930
May 21 1931
May 8 1931
May 22 1931
234
2
334
3
314
334
3
3
a
a
214
214
334
3
3
234
4
334
/334
3
4470
FINANCIAL CHRONICLE
Sterling exchange is dull and irregular. The market is extremely hesitant but rates are on the whole
hardly changed from last week. The foreign exchange
market throughout the world continues under the
domination of the unpropitious German exchange
situation which, however, assumed a more favorable
aspect about the middle of this week. The range for
sterling this week has been from 4.86 1-32 to 4.86%
for bankers' sight bills, compared with 4.86 1-32 to
4.863/ last week. The range for cable transfers has
been from 4.86 9-32 to 4.86 17-32, compared with
4.86 7-32 to 4.86 9-16 a week ago. The erratic
movement of exchange this week has been due almost
entirely to influences originating in the German situation. A better feeling prevails in London due to the
heavy increase in the Bank of England's gold holdings, although the London market would be better
pleased were not so large a proportion of this increase
in gold drawn from Berlin. Sterling exchange is
now ruling easier with respect to France, America,
and Switzerland, while the London rate on Berlin
has moved against the mark. However, sterling is
receiving good support from tourist requirements.
It will be recalled that last week approximately
£3,600,000 of German gold moved to London. Some
gold moved last week from England to Switzerland
and this trend continues.
This week the Bank of England shows an increase
in gold holdings of £5,699,280. The greater part of
this increase represents gold received by the Bank
of England from Germany. The Bank's total gold
holdings on June 17 stood at £161,986,803, which
compares with £157,489,527 on June 18 1930. It
seems probable that London will enter the autumnal
period of strain with gold reserves in excess of L170,000,000, unless a sudden shifting of French balances
should occur to disturb all calculations, as has happened many times in the past. Now that the German situation has shown prospects of immediate improvement it would not surprise the market if a
considerable proportion of of the recent acquisitions
of gold by the Bank of England were to return to
Berlin.
On Saturday the Bank of England bought
£316,000 in gold bars, sold £125,927 in gold bars,
released £200,000 in sovereigns, and exported £10,000.
On Monday the Bank of England bought 0,300,000
in gold bars, received £400,000 in sovereigns from
abroad, sold £122,429 in gold bars, and exported
£16,000 in sovereigns. On Tuesday the Bank
bought £727,800 in gold bars, released £300,000 in
sovereigns, exported £39,000 in sovereigns and set
aside £20,834 sovereigns. Approximately .£800,000
South African gold available was in the open market,
of which £650,000 was taken for Swiss account. On
Wednesday the Bank bought £441,214 in gold bars,
and exported 03,000 in sovereigns. On Thursday
the Bank of England bought £358,027 in gold bars,
released £300,000 in sovereigns, exported 0,000 in
sovereigns, sold £59,469 in gold bars and bought
£29 in foreign gold coin.
At the Port of New York the gold movement for
the week ended June 17, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$9,772,000, of which $7,527,000 came from Canada,
$2,024,000 from Peru, and $221,000 chiefly from
other Latin American countries. There were no gold
exports. There was a decrease of $75,819,000 in
gold earmarked for foreign account. In tabular form
the gold movement at the Port of New York for the
•
[voL. 132.
week ended June 17, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JUNE 11-JUNE 17, INCL.
Exports.
Imports.
87,527,000 from Canada
2,024,000 from Peru
None
221,000 chiefly from other Latin
American countries.
89,772,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease, $75,819,000
The above record decrease in gold earmarked for
foreign account was due to transactions on behalf
of the Reichsbank which are described more in detail
under exchange on the Continental countries. It
is asserted on competent authority that the total
gold now earmarked for foreign account at the
Federal Reserve Bank is $36,797,000. The present
heavy release of gold, $75,819,000, was partly offset
during the week by an increase of $10,000,000 in
gold earmarked for foreign account, which the market
believes was for the account of the Swiss National
Bank. On Thursday there was a further decrease of
$6,690,000 earmarked for foreign account followed on
Friday by another release of $3,438,600. On Saturday last $233,000 of gold was received at San Francisco from China and yesterday there was received
there $400,000 gold from Japan. Canadian exchange
continues at an unsatisfactory discount, with the
result that $7,527,000 was shipped from Canada during the week. Since the issuance of the Federal
Reserve's weekly statement, which is as of the close
of business at 3 o'clock on Thursday, $2,200,000
Canadian gold has been received, followed by another
$1,000,000 on Friday. No estimate can be made of
the amount of gold likely to be received on this movement, but it is felt that the Canadian dollar will
remain weak for some time.
Referring to day-to-day rates, sterling exchange
on Saturday last was inclined to firmness in a dull
half-day session. Bankers' sight was 4.86 1-32®
8
4.863'; cable transfers 4.86 9-32@4.869/. On Monday sterling was dull but with a slightly firmer tendency. The range was 4.863/8@4.86% for bankers'
sight and 4.869/@4.863/ for cable transfers. On
8
Tuesday the market was dull. Bankers' sight was
4.86 7-32@4.86%; cable transfers, 4.86% ®4.86M.
On Wednesday the market was slightly easier. The
range was 4.86@4.86 5-16 for bankers' sight and
4.8638@4.86 7-16 for cable transfers. On Thursday
/
sterling firmed up again. The range was 4.86 3-16©
4.86% for bankers' sight and 4.86 7-16@4.863/ for
cable transfers. On Friday sterling was still firmer,
the range was 4.86 3-16@4.86% for bankers' sight
and 4.86 13-32@4.86 17-32 for cable transfers. Closing quotations on Friday were 4.86% for demand
and 4.863/ for cable transfers. Commercial sight
-day bills at 4.84 3-16;
bills finished at 4.863; 60
-day bills at 4.83 5-16; documents for payment
90
-day grain bills at 4.85%.
(60 days) at 4.84 3-16, and 7
Cotton and grain for payment closed at 4.863,1.
Exchange on the Continental countries, as in the
case of sterling and all the European currencies, is
overshadowed by the adverse turn in German exchange since June 1. The German situation has improved this week, however. On Saturday last the
Reichsbank increased its rediscount rate from 5% to
7%. Although German open market money rates
have firmed up in line with the Reichsbank's official
rate of rediscount, the increase in the Bank's rate
Jura]20 1931.]
FINANCIAL CHRONICLE
4471
was not due to any change in the Berlin money mar- to the failure of the protracted negotiations with
ket but was a precautionary measure designed to the Franch banks with the object of having France
arrest the heavy flow of gold and was due to the assume the major burden in financing the rehanecessity for supporting mark exchange in all centres bilitation of the Austrian Kreditanstalt, was definbecause of the almost frenzied flight of foreign capital itely averted on June 17. The Bank of England
from Germany which began around June 1. As noted agreed to advance 150,000,000 schillings to the
above, approximately £3,600,000 of gold went to Kreditanstalt, the credit to be renewed from week
London last week, while practically the greater part to week. It is understood that the credit will carry
of this week's increase of £5,699,280 in gold holdings the same rate as the discount rate of the Bank of
4
of the Bank of England were derived from Germany. Austria, which is now 71 %. American banks
Last week the Federal Reserve Bank of New York which have advanced credits to the Austrian Kreditreported a decrease of £2,489,000 in gold earmarked anstalt aggregating $35,000,000 it is understood
for foreign account. For the week ended Wednesday have reached an agreement to extend these credits
3 p.m. June 17, the Reserve Bank now reports a for a period of two years as a part of an international
decrease of $75,819,000 in gold earmarked for foreign plan for the rehabilitation of the great Viennese
account. This operation, as well as the sales of gold institution. Similar agreements are being signed
by Germany to London and Paris during the past by banking groups in other financial centres. It is
few weeks, was part of the Reichsbank's measures understood that 31 American institutions in all
to support mark exchange. Though no official in- have advanced acceptances, documentary, deposit
formation is ever divulged by central banks regard- and other credits to the Austrian bank. A form of
ing earmarking operations, on important occasions agreement to cover the extension has been prepared
private banking authorities are fully aware of the and it is stated in banking circles that the Guaranty
facts and sources of central bank activities. The Trust Co. of New York is taking the lead in working
market is fully convinced that the metal released out details and securing co-operation. The Austrian
was mostly French, but was sold for the account of banking crisis is believed safely passed as the result
the Reichsbank. To accomplish this, the Reichs- of the extension and special credit granted by the
bank, according to advices from Paris, has shipped Bank of England. Austrian bonds advanced on
an equivalent amount of gold to Paris, where it was the New York Stock Exchange and Austrian exsold to the Bank of France, which then turned over to change is quoted steady at 14.06, cable transfers.
the Reichsbank metal owned by it in New York, and
French francs are relatively steady, fluctuating
the Reichsbank used the gold to build up dollar credits within narrow limits and, while receiving good
to combat the demand for foreign exchange.
support from American tourist traffic, are under
According to Paris dispatches, the Reichsbank has the influence of current European exchange movesold to date almost 1,000,000,000 marks of gold ments. This week the Bank of France shows an
and of foreign exchange in defending the mark, in increase in gold holdings of 205,199,796 francs.
-point rise in the Bank rate The bank's total gold stands at 56,138,495,179 francs
addition to making a 2
to 7% on Saturday. Evidence accumulates that as of June 13, which compares with 43,899,985,533
American and to a lesser extent British banks have francs a year ago. Most of this week's increase in the
been recalling loans from Germany despite official gold holdings of the Bank of France is the result of
reassurances. The Bank of France appears to have transfers from Berlin.
met with more success in inducing French banks
The London check rate on Paris closed at 124.24
not to reduce their credits to Germany, which are on Friday of this week, against 124.21 on Friday of
mainly in the form of acceptances. The flight of last week. In New York sight bills on the French
capital from Germany is especially heavy into centre finished at 3.9134, against 3.91 7-16; cable
Switzerland, which partly accounts for the strength transfers at 3.91 9-16, against 3.911 and commer4
of the Swiss franc. It is also heavy into Holland. cial sight bills at 3.91%, against 3.91 5-16. Antwerp
The German economic situation is practically un- belgas finished at 13.90% for checks and at 13.913/i
4
changed from the past few months and the uneasiness for cable transfers, against 13.923 and 13.933/2.
which has caused the present predicament is due Final quotations for Berlin marks were 23.72 for
%
rather to the political situation and to fears that bankers' sight bills and 23.721 for cable transfers,
radical elements may overcome the present govern- in comparison with 23.72 and 23.7234. Italian lire
ment. In some circles here it is thought that the closed at 5.23 5-16 for bankers' sight bills and at
German scare will disappear almost as suddenly as 5.233. for cable transfers, against 5.23 5-16 and
it occurred, as it gradually becomes evident that the 5.231A. Austrian schillings closed at 14.05, against
crisis was brought on by no new development. 14.053i; exchange on Czechoslovakia at 2.96, against
Admittedly many grave problems will face the 2.963/; on Bucharest at 0.5932, against 0.59 7-16;
s
German Reich in the coming months, but in the on Poland at 11.20, against 11.20, and on Finland
main these are the same problems with which Chan- at 2.515%, against 2.515s. Greek exchange closed
/
cellor Bruening has been grappling for the past at 1.293, for bankers' sight bills and at 1.29 11-16
year. Mark exchange has improved under the for cable transfers, against 1.293 and 1.29%.
%
strenuous support provided by the Reichsbank and
other central banks.
Exchange on the countries neutral during the war
German crisis was precipitated largely by the shows no new developments. The Scandinavian
The
difficulties of the Kreditanstalt, the largest bank in Currencies are steady largely as the result of seasonal
Austria. Here, too, the situation is clearing up. influences. Holland guilders and Swiss francs are
On Monday the Austrian National Bank increased exceptionally firm, partly because of the withdrawal
its rediscount rate from 6% to 73/2%, and on Tues- of Swiss and Dutch funds from Berlin and partly
day the Hungarian bank rate was raised to 7% because of the transfer of funds from other centres
from 532%. According to dispatches from Vienna, to Holland and Switzerland owing to the confidence
the danger of a moratorium in Austria, owing that these funds will find greater safety when so
4472
FINANCIAL CHRONICLE
transferred. The movement of foreign funds to
Switzerland is exceptionally heavy, although such
balances bring no interest to depositors. Swiss francs
are especially strong with respect to most of the
European countries and to the American dollar.
This week the Swiss unit has been ruling from 19.413/
to 19.423 for cable transfers, which compares with
par of 19.30. As happened last week, Switzerland
was again able to take most of the open market gold
in London and it is believed placed $10,000,000 under
earmark in New York on Monday. Actual transfer
of metal to Switzerland from the United States is a
costly process and by earmarking the same results
are accomplished with a minimum of expense and
waste of time.
Holland guilders have been ruling around 40.25
the greater part of the week, which compares with
par of 40.20. Spanish pesetas fluctuated this week
within narrow limits, but in Thursday's trading the
peseta dropped rather sharply to 9.85-9.87, and yesterday to 9.70, which compares with the close last
week of 10.04-10.08. This is the sharpest drop of
the month. There was no development in Spanish
events to account for the decline, which was attributed to a general conviction that the Spanish
authorities will be unable to hold the exchange at
the 10-cent level if further monetary legislation is
is postponed' until after Parliament is able to vote
on a new constitution. On Tuesday considerable
interest was displayed in the publication of an interview with the Spanish Finance Minister in which he
stated that the present Government is unable to
carry out the stabilization projects of the former
regime, as it must devote all its attention to insuring
the stability of the Government and the adoption of
the constitution before monetary legislation can be
discussed. However, a powerful bear raid on the
peseta would probably be met with determined resistance on the part of the Bank of Spain. Paris
advices state that the Governor of the Bank of Spain
is still seeking a French credit to be secured by gold
held in the vaults of the institution. In the course
of the negotiations, however, the impression has been
gained that neither the Government nor the Bank of
Spain is yet willing to permit gold to be moved out
of the country.
Bankers' sight on Amsterdam finished on Friday
at 40.25, against 40.22% on Friday of last week;
cable transfers at 40.263 against 40.24, and com2
mercial sight bills at 40.23, against 40.203/ Swiss
.
francs closed at 19.413' for bankers' sight bills and
at 19.42 for cable transfers, against 19.413/2 and 19.42.
Copenhagen checks finished at 26.77 and cable transfers at 26.78, against 26.763/i and 26.773/2. Checks
on Sweden closed at 26.80 and cable transfers at
26.81, against 26.783 and 26.793, while checks on
Norway finished at 26.77 and cable transfers at
26.78, against 26.763 and 26.773. Spanish pesetas
closed at 9.69 for bankers' sight bills and at 9.70
for cable transfers, against 10.08 and 10.09.
Exchange on the South American countries presents
no new features of importance. Exchange on Rio
de Janeiro dropped sharply this week to around
7.75 for cable transfers, which compares with last
conversion rate of 11.96. Official information from
the Brazilian Government states that revenues and
expenditures during the first four months of 1931
resulted in a balance of revenue of $16,469,200.
Revenues amounted to $55,092,900 and expenditures
[VOL. 132.
to $38,623,790. During the same period surplus of
exports over imports amounted to $30,670,200, which
compares favorably with the $60,000,000 surplus
in the entire year of 1930. One of Brazil's greatest
difficulties is the necessity of purchasing foreign
exchange for debt payments in amounts greatly
exceeding the constantly favorable trade balance.
Exchange on Argentina continues to display an
undertone of weakness. Were it not for the extreme
depression in world prices of food and raw materials,
the Argentine situation might be expected to make
a better showing at this time. Export statistics
published a week ago show that the tonnage of
shipments for the first five months of this year
exceeded the corresponding months of last year. At
the end of May the total tonnage of exports was
7,229,000 tons, compared with 4,594,000 tons at the
end of May 1930. This increase of 57.4% is offset,
however, by the much lower prices now prevailing.
During the first five months of this year Argentine
exported gold to the value of $89,020,674, compared
with $927,555 last year.
Argentine paper pesos closed at 30 15-16 for
checks, against 30 7-16 on Friday of last week and at
2
. Brazilian
31 for cable transfers. against 303/
milreis are nominally quoted 7.45 for bankers' sight
bills and 7.50 for cable transfers, against 7.70 and
7.75. Chilean exchange closed at 12.10 for bankers'
sight bills and at 12.15 for cable transfers, against
12.10 and 12.15. Peru at 28, against 28.
Exchange on the Far Eastern countries presents
no new features of importance. The Chinese currencies while ruling low are somewhat steadier
owing to the steadier prices of silver, which has been
4
ruling this week around 265 cents. News of an
earthquake in Japan had no effect upon yen exchange, which has been reasonably steady around
49.38. Merchandise exports of Japan in May
totaled 102,000,000 yen, with imports of 25,000,000
yen more than exports. The import surplus thus far
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 13 TO JUNE 19 1931, INCLUSIVE.
Country and Monetary
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
June 13. June 15. June 16. June 17. June 18. June 19.
EUROPE$
.140465
Austria,earning
Belgium, belga
.139202
Bulgaria, lev
.007158
Czechoslovakia, kron .029624
Denmark, krone
.267698
England. pound
4.863139
sterling
.025165
Finland, markka
.039149
France, franc
Germany, reichsmark .237223
.012951
Greece, drachma
.402402
Holland, guilder
.174515
Hungary, pengo
.052350
Italy. Bra
.267704
Norway, krone
.111995
Poland, zloty
.044095
Portugal, escudo
.005946
Rumania.leu
100783
Spain. peseta
.267867
Sweden. krona
.194175
Switzerland, franc
Yugoslavia, d1nar- .017682
ASIAChina.299166
Cbefoo tael
.293593
Hankow tadl
.288035
Shanghai tadl
.303541
Tientsin tadl
Hong Kong dollar- .233089
Mexican dollar-- .208906
Tientsin or PeLY
.211875
dollar
.208541
Yuan dollar
.359683
India, rupee
Japan, yen
493600
Singapore (5.5.) dollar .560416
NORTH AMER.
Canada. dollar
.997139
999143
Cuba, peso
.490566
Mexico, peso
.994406
4ewfoundland, do
SOUTH AMER.Mgentina, peso (gold) .693613
.07787.5
Srazil, milrebi
.120839
7.bile. peso
.584990
3ruguay, peso
.965700
"Jolombia. neso
$
.140466
.139209
.007158
.029620
.267708
$
.140446
.139226
.007200
.029620
.267779
$
.140421
.139200
.007109
.029621
.267730
$
.140435
.139183
.007213
.029622
.267770
$
.140369
.139165
.007169
.029619
.267748
4.864431 4.864474 4.863622 4.864517 4.864360
.025167 .025169 .025171 .025168 .025166
.039172 .039173 .039161 .039155 .039160
.237260 .237301 .237363 .237360 .237220
.012947 .012946 .012952 .012950 .012948
.402468 .402617 .402463 .402479 .402558
.174525 .174419 .174413 .174440 .174446
.052351 .052349 .052349 .052350 .052349
.267720 .267776 .267750 .267790 .267763
.112017 .112045 .112013 .112027 .112015
.044095 .044114 .044147 .044212 .044147
.0059413 .005940 .005951 .005951 .005951
.100757 .100671 .100497 .099095 .094550
.267866 .267931 .267987 .268041 .268040
.194150 .194159 .194145 .194191 .194149
.017685 .017692 .017692 .017688 .017689
.298333
.292343
.286875
.302291
.231875
.209531
.299166
.292968
.288125
.303125
.252589
.208750
.299160
.292968
.287589
.303125
.232500
.208437
.298958
.292812
.287857
.303333
.232232
.208437
.299166
.292968
.288125
.303333
.232589
.208437
.213125
.209791
.359820
.493643
.560416
.211666
.208333
.359866
.493696
.560416
.211666 .211666
.208333 .208333
.359868 .359606
.493665 .493703
.560416 .460316
.211666
.203333
.359700
.493690
.560416
.996863
.999131
.490066
.994328
.996544
.999131
.490066
.994258
.693942 .693697 .693406 .691848
.078937 .079187 .078222 .076887
.121008 .120908 .120843 .120850
.583265 .581666 .578946 .568093
.965700 .965700 .965700 '065700
.694860
.073017
.120849
.569637
.965700
.997058 .996011 .997040
.999143 .999143 .999143
.490400 .490000 .490733
.994583 .993671 .994531
JuNig 20 1931.]
FINANCIAL CHRONICLE
this year aggregates 108,000,000 yen, which is
88,000,000 yen less than the same period last year.
Closing quotations for yen checks yesterday were
49.34@49.50, against 49.33@49M on Friday of last
week. Hong Kong closed at 23%(4)23M, against
233,@23 11-16; Shanghai at 29@29 3-16, against
1
28%@29 1-16; Manila at 49 5, against 49; Singapore at 5631,@56%, against 563(4)56%; Bombay at
361/g, against 36/, and Calcutta at 36/, against
363
%.
4473
Possibly, in the present delicate condition of European politics and the lack of evidence that the economic depression is close to its end, a policy of inaction is the best thing for the country, but it has not
escaped notice that the inaction of British Labor is
due very much less to a deliberate purpose to move
cautiously and avoid hasty steps than to an obvious
decline in effective leadership and dependence upon
a minority support which at best is fickle.
The case of the Bruening Government is entirely
different. The publication on June 6, while the
The following table indicates the amount of bul- Chequer conversa
s
tions were in progress, of the
lion in the principal European banks:
emergency decree imposing extraordinary financial
sacrifices upon the Reich (see the "Chronicle" for
funs 18 1931.
Juno 19 1930.
Banks of
June 13, page 4300), was followed by an outburst
Gold.
Silver.
Total.
Gold.
Sflrer.
Total.
of resentment in Germany, by riotous demonstraEngland_ - 161,986,80
161,986,80 157,489,52
157,489.527
France a__ 449,107,981
d
449,107,961351,199,88
(d)
351,199,884 tions in a number of places, and by demands for an
Germany b 77,896,6.1
c994,60 78,891,250123,449,95
994,600 124,444,550
Spain _
„111 28,033,
124,995,000 98,832,000 28,609,000127,441,000 ending of the quasi-dictatorship under which Ger57,461,11
Italy
56,301,
56,301,000
Netherrds 37,498,11
3,184,000 40,682,0'' 35,995,
2,169,000 38,164,000 many has been governed for some months and the
Nat. Beig_ 41,350,111
41,350,
34,281,
34,281,000
27,207,1
27,207,
23,155,
23,155,000 summoning of the R,eichstag to discuss the new tax
Sweden_ __ 13,296,1
13,296,000 13,500, Olt
13,500,000
Denmark
9,551,11i
9,551,
9,570,
9,570,000 measures. The meeting of the commission of
Norway __ 8,132,111
the
8,132,
8,144,00
8,144,000
Total week 980,448,414 32,211,6001 012660014911,917,361 31,772,600,943,689.961 Reichstag familiarly known as the Council of Elders,
Prey. wee - 998,751.4: 32.211,600 1 030963086910,917,53 31,895.600 942,813,134
on Tuesday, at which the calling of an extra session
a Those are the gold holdings of the Bank of FralleA3 as reported In the new term
Or statement. b Gold holdings of the Bank of Germany are exclusive
of gold held of the Reichstag would be discussed, was looked forabroad, the amount of which the present year is E10,380.900. c As of Oct. 7 1924.
d Sliver Is now reported at only a trifling sum.
ward to as a test, probably a fatal one, of Chancellor
Bruening's ability to continue in office.
Political Stress in England and Germany—The
Chancellor Bruening faced the situation with unReparations Issue.
shaken firmness. Backed by the unqualified supPrime Minister MacDonald and Chancellor port of
President von Hindenburg, he let it be known
Bruening have both had to meet critical attacks that
a decision to summon the Reichstag would be
upon their Governments since their conference at
followed at once by his resignation, and that in no
Chequers, and both have emerged, for the moment case
would he take any part in forming a new Govat least, victorious from what threatened to develop
ernment. The President of the Reichsbank, Dr. Hans
into a serious situation. The attack on the Mac- Luther,
told the Council plainly that the outbursts
Donald Government came in the form of a Liberal of
opposition had already weakened Germany
amendment to the pending land tax bill, exempting
Politically and financially, and that the overthrow
from the proposed new tax all land on which an of
the Bruening Government would spell financial
income tax had hitherto been paid. The amendment disaster.
The Chancellor, in turn, rejected a prowas supported on the ground that without it there posal
of the Social Democrats to refer the emerwould be double taxation, but the practical effect gency
decree to the Budget Committee of the Reichof the amendment would have been to exempt large stag,
declaring that while he was prepared to conquantities of land from the operation of the bill. sider comprom
ises for submission to the Reichstag
On this amendment, vigorously championed by Mr. at its
regular session next October, the decree must
Lloyd George, the Government was defeated on Mon- go into
effect as planned. The outcome was a vicday by an adverse majority of 24. Mr. MacDonald, tory on
Tuesday which was hailed in Germany as a
as often before, refused to treat the vote as suffi- reminde
r of the days of the "Iron Chancellor" Biscient reason for resigning, and the matter was marck.
The People's party, representative of "big
patched up by the submission of a compromise business
," reversed its decision to oppose the Govamendment, drawn up .by representatives of the
ernment, the Socialists did the same, and a Socialist
Labor and Liberal parties, which was promptly ruled motion
to call the Reichstag as a Committee of the
out of order by the Chairman of Committees when it Whole
was withdrawn and a Communist motion to
was presented in the House of Commons on Tuesday. the
same effect was defeated.
For the time-being, then, the MacDonald GovernThe dramatic success of the Bruening Government has once more escaped repudiation, but the
ment, on the other hand, is only a preliminary step
somewhat theatrical character of the proceeding in
events whose immediate course cannot with much
leaves a bad impression in both Labor and Liberal
assurance be forecast. The emergency decree of
circles. Mr. Lloyd George, in a speech at EdinJune 6 is declared by its own terms to be the last
burgh on June 11, defied the Government in his most
desperate effort which Germany can be asked by the
approved manner, and declared that the Liberals
Government to make to balance its budget and carry
meant to "back to the bitter end" their amendment the
load of reparation payments. Chancellor Bruento the land tax bill, but no one seriously believes that ing
and his Cabinet have made clear their conviceither Mr. Lloyd George or any other important tion
that the reparations burden must be lightened,
Liberal desires a Labor overturn just now, with its and
the Chancellor has indicated his intention to
inevitable consequence of a Conservative victory in
avail himself of the moratorium provisions of the
a general election. On the other hand, the episode Young
Plan as a temporary relief, and to ask for a
merely shows again the dependence of the Labor
European conference to reconsider the whole repaGovernment upon the Liberals and the willingness
rations question as far as Germany is concerned.
of Mr. MacDonald himself to make compromises The
support which he obtained on Tuesday was manithat will keep him in office. In other words, party festly
given with the understanding that while the
government in Great Britain is only marking time.
decree would be applied, the fundamental issue of
4474
FINANCIAL CHRONICLE
continuing the reparations payments would in due
time be raised, and the Government must go ahead
with that program or jeopardize the party support
which keeps it in office.
The threat of a moratorium, and still more of a
reparations conference, has created a profound disturbance in political and financial circles in Europe
and produced strong repercussions in this country.
In the maze of shock, objection and prophecy in
which the subject has become entangled, one or two
considerations of importance are to be discerned.
It is evident that a moratorium, although a possibility for which the Young Plan provided, would be
only a temporary palliative and in no sense a permanent relief to Germany. Certain annuities would
be postponed, but the deferred payments would
merely accumulate with interest and would eventually have to be paid. What Germany demands, however, is not a mere temporary easing of its burden,
but a substantial reduction in the amounts which it
shall henceforth be required to pay. In the present
economic condition of the Reich, and in any future
condition that can now be foreseen, the payment of
some $500,000,000 annually in reparations is regarded as wholly impossible, and unless this amount
can be cut down, a moratorium would only put off
the day when the primary issue would have to be
met.
On the other hand, a refusal by Germany to continue the reparations payments, and a request for
a conference to reconsider the Young Plan, would
have far-reaching political and financial effects.
The heavy losses of gold by the Reichsbank have
already been seized upon as a warning that German
credit is in danger, and predictions are heard that
another "flight of the mark" and something approaching financial collapse may not be far off.
Over against this grave possibility is to be placed
the contention that a reduction of reparations is
not to be thought of unless the United States will
cancel a corresponding portion of its war debt claims,
since it is from the receipts from reparations that
the war debt annuities of the claimant countries are
being paid. Few of those who are so insistently demanding that the United States shall in this way
pay far more than it has already paid of the costs of
the war, or make indirectly a heavy contribution
toward the upkeep of armaments in Europe, have
been willing to admit that the obligation of the war
debts is in no way connected with the obligation of
Germany to pay reparations, that the Young Plan
agreement which fixed the reparations annuities at
a figure which in the aggregate will about equal the
debts does not affect the relation of the United States
to the debt settlements, and that, with the exception
of Great Britain, no European war debtor that shares
in reparations is paying its debt from the taxation
of its own people.
It seems peculiarly unfortunate that the Administration at Washington should continue to add to the
confusion with which this whole situation is surrounded by holding out hope that the United States
may help to resolve Germany's dilemma by relieving
other European countries of their war debt obligations. The nature of Secretary Mellon's conferences
with British and French officials in London has not
been disclosed, and the report that Mr. Hoover's
conferences on Thursday and Friday with Secretary
Stimson and others were concerned with the European situation has not been confirmed. The remarks
[VOL. 132.
of William R. Castle, Jr., Under-Secretary of State,
on June 13, however, convey a definite intimation
that the Administration is preparing to yield to
European pressure. When asked by the press
correspondents at Washington (we quote from
an account of the interview in the New York
"Times") "if the Administration was open to consideration of the debt question in the light of the
new situation in Europe and particularly new facts
growing out of conditions in Germany, Mr. Castle
replied that, although the debt policy of the government was clearly established, obviously, in case
of any serious crisis, the government would have to
consider whether a temporary change in its policy
was necessary."It would be superfluous to point out,
but for such a statement as this, that the American
policy regarding the debts was determined by Congress and not by any Administration, and that it is
not within the constitutional power of the Administration to change it without Congressional approval. The only "serious crisis," moreover, that
could arise in Europe affecting the debts would be
a suspension of payments by the debtor countries
consequent upon a suspension of reparations payments by Germany. In such case the debt payments,
in the ordinary course of things, would accumulate,
but without any release from the obligation to provide for them later. The financial transaction by
which the debtor Powers undertook to draw their
debt payments from Germany, thereby leaving their
own people free of any burden on that account, is
naturally one with which the United States may not
properly have anything to do.
For the moment the controversy continues without clear indication of how it may end. The Bruening Government, it is reported, will take no action
regarding reparations until after the return visit to
Germany of Mr. MacDonald and Mr. Henderson,
which is scheduled for the middle of July, and it may
be suspected that the Chancellor may await a call
from Secretary Mellon and the later arrival in
Europe of Secretary Stimson. Until the results of
the extraordinary taxes begin to appear, reparations
payments, apparently, will go on. The rumored
action of European central banks looking toward
joint support for the gold reserve of the Reichsbank
points to the possibility that the danger of a credit
collapse has been staved off, or, if it has not, that
special effort will be made to avert it. The practicability of converting the German short-term debt
under the direction of the Bank for International
Settlements, as a check on the withdrawal of foreign
credits from Germany, is also being discussed. An
article by Shepard Morgan, Vice-President of the
Chase National Bank,in the July issue of the "Foreign Affairs" quarterly, is a thoughtful examination
of this aspect of the subject. It is not yet time to
picture Germany as headed for chaos. It is time,
rather,for pooling the financial resources of Europe,
and its resources of political wisdom as well, in an
attempt to extricate Germany from the predicament
in which Europe has placed it, and from which it
cannot be expected to escape without help.
The Philosophy of Wages.
In a recent address, Truman G. Morgan,President
of the F. W. Dodge Corp., is reported as saying:
"Wages should not be appraised in terms of dollars,
but by what the dollars will purchase. We are all
for maintaining our advanced standards of living,
JUNE 20 1931.]
FINANCIAL CHRONICLE
4475
but we do not subscribe to the fallacious theory that owns this right, in a free government—and it is a
the high dollar wages spell prosperity. As a matter right he may sell to the highest bidder. The buyer
of fact, there is not necessarily any direct relation- of this right is equally free. As a consequence, the
ship between the two. Have we not had now nearly wage scale, the pay agreed upon, is the subject of a
two years of stress and unemployment in which every contract between employer and employee. No man
effort has been made to maintain high wage stand- can compel another to hire him. But an artificial
ards? And what has been the result? The unwiil- coercive force has come into existence in "organized"
ingness of some of the factors in the situation labor. Herein, by the exercise of the "strike," and
promptly to face the issues and write off some of its attendant union card, picketing, rules governing
the perquisites enjoyed during the war and the fol- apprenticeship, and the amount of labor to be perlowing wave of inflation has thus far successfully formed in a given time, a pressure is brought to bear
blocked and will continue to impede the return to on the employer compelling him to hire certain worknormal times just as long as this attitude persists." men, members, and refusing to permit him to dis. . . "There are inequalities in wage standards charge them. Part of present unemployment is due
that came about during the war because certain to this interference with the natural relation of emtrades took advantage of the unusual conditions to ployer and employee. There is conflict between what
force their demands upon the public, and the public are known as the "closed" and "open" shop. No man
still continues to pay the bill. I maintain that only can compel another to work for him. The "lockout,"
a small percentage of the working people were bene- in the last analysis, is more powerful than the
ficiaries of that'increase, and that as a result even "strike." Capital, being impersonal, can "starve"
a greater burden was imposed on the rest in boost- longer than labor. In "hard times" men in need are
ing the cost of the three essentials to civilized living better advised when they accept lower wages than
—food, clothing and shelter. It is the last of these to refuse and starve. Harsh words, these, but true,
three which has yielded least of all to the pressure of because in an individualistic government this natueconomic distress of the past two years."
ral relation of employee and employer cannot be
We agree with these remarks. The statements, denied, set aside, or abrogated.
we think, are absolutely true. But is there not
Wage—the pay for work done for another—forms
another and an equally compelling reason? Can an inseparable part of all industry and trade. It
the wage earner expect to escape the effects of gen- enters into the cost of every product and article in
eral business depression? When the normal demand daily use. Business cannot go on without it. Food,
for goods is lessened because of industrial paralysis clothing and shelter are made up in large part of
the inevitable result is to force down the price of the this pay for work done for another. The day will
goods. This latter, in turn, obliges the manufac- never come when there is neither employer nor
turer to reduce the cost of making the goods or go employee. Even in Socialism the State will be emout of business. Labor, in most cases, is the prin- ployer—a hard taskmaster because unfeeling. The
cipal item in production cost. Can labor stand back lover of the "humane" should pray for the continuand say it will not do its part towards restoring the ance of a personal employer. But men may also work
equilibrium? Should not wages fall in keeping with for themselves and pay themselves out of the worth
the whole condition of the "depression," and in keep- of the labor-produced product or article. These,
ing with the cost and momentum of the whole of when they work with their own tools in the converbusiness? Is it not like stating a truism to say that sion of resources into uses, become capitalists as
wages must fall because more men are seeking the well as working men. Not all men are or ever will
opportunity to work, the old adage having become be in this relation, condition. Some are provident
true that "when two workmen run after one em- and store up labor—i.e., create capital. Others are
ployer wages fall; when two employers run after improvident and do not save—are compelled to "hire
one workman wages rise."
out" to another. A vast, complex system of industry,
Despite all the efforts to introduce what is called trade and transportation ensues. One man, owner
the "humane" element into the consideration, wages of a factory,employs a thousand men. One workman
kept up in defiance of unemployment eager and may sell his services te a number of owners of capital
anxious to work is not a hsmane proposition. In in succession. Neither is compelled to buy or sell
.fact, the present tendency to establish part-time labor. But the natural and necessary interests of
work to enable a greater number to "live" is proof each coalesce in a contract which establishes a wage
of the inevitability of the old adage just quoted. Em- scale. Countless conditions of industry and trade
ployers are not now running after the one workman; modify this contract. Neither employer nor emthey are trying to employ as many as they can of ployee is wholly independent of the other.
those who are running after them. They cannot sell
We long for equality of opportunity. Some would
their products at the former high price; they cannot have equality without opportunity by means some
of
afford to pay the old scale. They have hard work, magic instrumentality such as
an idea, a law, a govunder the deadened condition of trade, to keep the ernment. But wages translated
into services follow
plant open and running; yet they are not allowed the road of services when not interfered with by outto reduce wages. By refusing to consider the lower- side powers. For this reason to attempt to hold the
ing of wages, union labor digs its own grave by fore- scale of wages up to the standard created by war
ing employers to introduce more machines. More necessity is a violation of a natural low which grows
men would be employed to-day but for this stubborn out of mutual benefits to employer and employee,
policy. All sorts of claims are made in this behalf, and any attempt to hold them up for the purpose of
but the "float" in labor must always be large while increasing "purchasing power" is mere subterfuge.
new machines are constantly being set up.
We are compelled to look upon wages in the large.
Wages constitute an inescapable part of all pro- But wages are not paid out of capital; they would
duction. The right to work is a natural right. Ac- too soon exhaust it were there no increment. Wages
cording to his strength, skill and ability every man are paid out of profits, the pay for the uses and
4476
FINANCIAL CHRONICLE
[VOL. 132.
services of capital. Profits are, therefore, antece- a wide berth, and talk to the common people in the
dent to wages. The proper apportionment of profits various countries he visits, the men and women
between capital and labor can only be determined by who have suffered and still suffer from the war that
actual contact in world of industry and trade. We was to "end war." Unless our reading leaves us
consider that phase not here and now. Profits are in the dark, these citizens and subjects in "war-torn"
that which is over and above costs and maintenance, Europe will inform him that peace through "reducand are governed by the momentum and volume of tion of armaments" on sea and land is their proactual trade. As long as we do not pay wages out foundest hope; and that real and lasting peace is
of previously accumulated capital and do pay them now the only thing that will save civilization from
out of current profits, wages must forever submit to destruction. They will have little thought of
the fluctuating of the forces of trade. Men fear the "parity." They do not think in terms of military
accumulation of large blocks of capital as contrary strength. They feel the inescapable burdens of warto the freedom of trade and the normal sufficiency cost. They know they cannot pay their debts while
of wages to sustain life, but when capital becomes "preparedness" still eats the heart out of their indusredundant for the particular use to which it applies tries and labor. Their souls are filled with dread.
it can earn proportionately less and workers may go They want "reduction," and would rejoice if by some
where capital earns more and can and will pay more. miracle of agreement the States of the world could
It is this mutual action and reaction, when unim- in unison at once adopt "total disarmament."
British Foreign Minister Arthur Henderson, in a
peded, which ultimately controls the wage scale.
It follows that governmental interferences with the recent address, the "annual Burge memorial leceven flow of trade (tariffs), artificial pressures from ture," talked in a forthright way on "Consolidating
the outside by self-constituted organizations (labor World Peace." It thrills us to follow his words:
unions), in constant conflict with the natural rela- He said, in the course of his remarks: "Peoples
tions of employers and employees, together with the must be impressed with the conception that peace
dislocation of war, tend to bring on a cataclysm, or is a great constructive ideal which must be diligently
at least a "depression" in industry, which alike pursued if we would enable the nations of the world
affects capital and labor. And the only sure cure is to live together under conditions of freedom, equality
the removal of these influences and the re-establish- and security. The world must be organized for
peace, as it has been organized for war. Peacement of normal contacts.
We are passing through such a debacle now. After makers must direct the forces of public opinion
the "stock smash" of '29 an idea took hold, an idea toward deliberately planned, carefully concerted
largely fostered by the temerity or -fear of politics effort if the awful calamity of another world tragedy
and the selfishness of labor unions, that what was fought under still more terrible conditions than the
then war wages must be upheld at any cost in order last is to be averted." It seems to us that, though
to preserve the "purchasing power" of labor that the people in their "fear" seem almost to give their
prosperity might return. Only "union labor" assent to increasing armies and navies, they already
profited by this idea, if any. The idea was, and is, know the terrors that lurk in this readiness for war;
fallacious, inadequate, incompetent. It has held and only need true and bold leadership to approve
business back. It has benefited, if at all, only a the banishment of this menace that lurks under the
small portion of our working men. It has swelled cloak of "defense"—for they know what woe follows
the number of the unemployed and fostered part- on its use. The graves of millions of their sacred
time labor as a result. Dislocated industry and dis- dead cry out against further preparation for
ordered business has not made profit enough to pay slaughter.
Further on in his admirable and majestic address
these war-time wages. They must come down sooner
or later, and the sooner the better, for then "busi- he said: "Of this I am certain—peoples everywhere
ness," or industry, resuming its former full-time, are longing for disarmament. If they could learn
resuming its sway,through increased momentum and to-morrow morning that by some magic the disarmavolume, may and will through self-interest again in- ment conference had met, that it had succeeded, that
crease the wage scale in accordance with the permis- an agreement had been reached, that by mutual concessions we were all agreed upon a plan to make a
sion of renewed profits.
philosophy of wages. All other progressive reduction in the armaments we now
This is the true
plans are mere artifices. Nor will a recognition of maintain, who does not believe that in every country
this philosophy remove, save through slow toil, sav- there would go up a sigh of relief and thanksgiving?
ing, thrift and frugal living, the frightful costs to Who does not believe that, by that sole result, every
humanity of an inhuman war. We are pouring our nation would feel its safety increased, that interincrease into the chasm created by that colossal national confidence would have been created, that
conflict. The debts of another like war will bankrupt the risks of war would have been diminished? Who
every people on earth. We will came nearest to sav- does not believe that the increase of confidence of
ing ourselves now by working overtime for such safety would, as President Hoover said so rightly a
wages as can be paid out of the returns of industry month ago, do more than any other single factor to
and trade enervated by the world-wide "depression." end the present economic crisis by which the stability
of the present system is being undermined ?" . . •
"No; it is not on that side that doubts assail my
The Greatest Thing in the World.
mind. I don't fear what peoples will say and think
• Secretary of State Stimson goes abroad for "rest about us if we can but reach a disarmament agreeand recreation." Washington is agog as to his real ment. I am not afraid that in this country or in
mission. It is thought he will feel out the sentiment that they will complain that their national sacrifices
on disarmament, preparatory to the conference to have been too great. My doubts, fears, are these:
be held next year. In our opinion he need not go That peoples will not understand the chance that
far. But we suggest that he give the "diplomats" lies before them; that they will not grasp the oppor-
JUNE 20 1931.]
FINANCIAL CHRONICLE
tunity they have been given to fulfill, the purpose
which they all desire; that they will not make their
governments understand that their delegations to the
conference cannot be too bold, and that they cannot
go too far to suit their nations." . . . "My only
fear is that nations will not show their governments
in time that they can count upon their support for
all reductions, however drastic, to which the conference may agree."
We deem it a great privilege to echo, in a humble
way, these glorious sentiments for peace. Millions
of men in our own country, and in other countries
of the world are feeling the hard pinch and pressure
of industrial and business adversity. We might hope
this conference could come to-morrow. For then,
with the sudden assurance of freedom from military
tax costs the life of trade would grow buoyant, capital would come out of its hiding to inaugurate huge
enterprises, labor would rejoice in increased employment, and prosperity would return on golden wings.
Why should not this "reduction" come about? Can
it be said too often that the nations of earth have
pledged their sacred honor not to resort again to
war to settle their controversies but to submit their
difficulties to arbitration?
Why not, then, follow this sacred pledge with the
sacred act of disarmament? Without the shadow
of a doubt, to our mind, the destruction and abandonment of all military armaments would be the
supreme consecration of mankind to the good and
glory of national good-will and love! The gloom of
the present "depression" would lift like the sunrise
on every nation, every home, every troubled heart,
in every land. A new epoch would dawn on the
world. For with the return of free toil and trade,
hope would burgeon and confidence be restored.
Then, the hum of machinery would sing a paean of
praise to renewed effort and enterprise. Then, the
toil of the hands, the throb of the heart, and the
• thrill of the thoughtful mind would unite in the production of human plenty, comfort and joy. No man
can measure the impetus this would give to "business," suddenly thus relieved of enormous taxes and
set free from enforced idleness.
But this is only one phase of the magnificent benefits that would ensue. A greater would come. Hate
would be banished from the heart. Fear would no
longer haunt the mind. Materialism would give way
to the spiritual, and art, letters and science, possessing themselves of individual purposes, would fill
the world with truth and beauty. We can scarcely
imagine the sunburst of achievement that would
inevitably follow. For we dwell now in the deep
shadow of wars that are passed and under the cloud
of wars that are to come, though we do not know it.
Remove this dread darkness and the spirit of man
would ascend to heights of imperishable grandeur,
and the little loves of little families would glow with
the very ardor of goodness and grace. No one can
say that society would become perfect, or Utopia
appear, but every day would bring added delights
to those willing to work and saved from the waste
of their labors now sunk in the deep abyss of unholy
war!
We are creatures of body and soul. We sustain
life that it may flourish into obeisence to that Infinite which guards and guides us—and then throw
away the harvest of generations and centuries in
horrible destruction and slaughter. It is the mark
of the beast that we do not forever exorcise war.
4477
We have but to destroy armaments and they will
come no more. We have but to dare and do what the
heart prompts us to do and the divine consummation will appear.
Not economics, not business prosperity, never
politics, is the urge that will preserve us, but the
peace that flows out of the heart that feels the love
of neighbor for neighbor, the aspiration that would
build on material freedom,the spiritual freedom that
finds in faith the key to an advance that goes onward
and upward forever. All our marvellous inventions,
all our pinnacled cities, all our fruitful farms, all
our mechanistic civilization, are but dross while we
"prepare" to destroy them with the devilish ingenuities of predicted wars.
No other achievement in all the history of mankind
can approach the establishment of perpetual peace.
The first step, the long step, is in disarmament. It
cannot be too complete. Once the engineries are destroyed, no people will ever dare to build them again.
We know now their infernal power. We know they
grow more deadly with every new war. We know
that the next war will set us.back a thousand years.
No people can escape. No nation can survive. No
country can support the children of poor or rich.
Let every man speak his mind. Let every delegate to
the conference hear the words of command. Let us
one and all shout now the sacred injunction "disarm!
disarm! disarm!"
Pressing Railroad Issues.
The Inter-State Commerce Commission is about
to be put to a test of promptness of decision. Jointly
railroads of the country have asked for an increase
of 15% in freight rates. The issues may be made very
complex or they may be simplified, depending very
largely upon the attitude of the'Commission.
As the proceeding is instituted by the carriers,
and their proposition is made upon broad, general
grounds, involving none of the ordinary details of
rate making,it ought to be easy to pass upon it with
reasonable promptness, and, of course, so far as the
railroads are concerned, no time will be lost in
pressing the case to a conclusion.
The question of rates in some form is always before the Commission, and constant study as to competition between carriers and various communities
is required to maintain a just balance. But the general question now raised takes the form of a blanket
advance which will not affect the delicate relations
of what is known as the rate structure.
After the case is once presented with unanimity
on the part of the railroads the Commission will not
need to become involved with a great mass of details,
necessitating reference to examiners for investigation and the taking of testimony on which to base
a recommendation.
In 1920 freight rates were advanced, on an average, 33%. Two years later a cut of 10% was made,
and since then they have been so whittled down by
one rate reduction and another that there is little
left of the original increase. The present petition,
if granted, would restore 15% of the increase.
It should be kept in mind that the rates fixed by
the Commission are gross. The revenue rate, which
varies with each operating road, is arrived at after
deducting the costs of operation.
When the Commission was asked to begin an
investigation of the rate situation on its own initia-
FINANCIAL CHRONICLE
4478
tive the request was refused. The burden naturally
rests upon the carriers to show that the rates need
revision upward. The issue has been given very
great preliminary attention by able railroad executives and skilled counsel. The prospect of a favorable decision has already been reflected in the stock
market, but other events will naturally affect market
values before the Commission makes public its conclusions.
A second important subject which must be cleared
up before the railroads are "out of the woods" is the
question of mergers. In some form or other this
has been before the Commission for nearly a decade.
Because each carrier is fearful that some competitive
road may obtain an advantage, a situation of intense
rivalry has been created. For self-protection this
has induced extensive buying of shares of railroads
For.. 132.
which some important companies would like to make
a part of their respective systems.
'Much of this buying for control has occurred at
times when market values were high, thus involving
,
large expenditures and the creating of big loans.
The situation has been ably handled even in the face
of dividend reductions. These railroad share purchases were almost forced as a matter of protection,
owing to the situation growing out of the pending
efforts before the Commission to effect consolidations. Consideration for the carriers which have
been acting in self-defense may have an important
bearing upon expediting the rate issue and arriving
at a conclusion favorable to the railroads.
It remains to be seen what opposition will appear
on the part of either private or public interests to
the plea of the carriers for an increase in rates.
The Petition of the Railroads for Higher Freight Rates and
Increased Revenues.
Confronted with an emergency threatening serious impairment of their financial resources and "their capacity
to assure the public a continuance of efficient and adequate
service," the railroads of the United States unanimously
petitioned the Inter-State Commerce Commission on June 17
for a 15% increase in all freight rates and charges. Even
with such increased revenues, it is estimated, the carriers
will earn less than 4% this year on the value of their property, a return "much below the return prescribed by law."
The petition was signed by J. J. Pelley, Chairman of the
Special Committee of Presidents representing the Eastern
Group; H. A. Scandrett, Chairman, Special Committee of
Presidents, representing the Western and Mountain-Pacific
Groups, and W. R. Cole, Chairman of the Southern Group.
Despite efficient and economical management, the brief
emphasizes, earnings of the Class I carriers since 1921 are
about $2,575,000,000 below the fair return of 5V4% prescribed
by law. The railroads are now being forced to operate under
drastic economies, resulting in deferred maintenance in
their properties "which must some time be made up," says
the petition, adding: "Steam railway transportation has
not become a moribund enterprise. It is essential to the
economic welfare of the country and indispensable to the
national defense. All that is necessary to the maintenance
of an adequate national system of transportation is that the
country should be willing to pay a reasonable price for it
and that railway investors and railway managements ehould
be able to act on that assurance."
The petition asserts that the railroads adhered to their
policy—announced publicly during the latter part of 1929—
of continuing a normal program of expenditures "as long as
It could be justified from the standpoint of the trust reposed
by the railroad security holders in the managements of the
carriers who were administering property which, though
devoted to public use, is nevertheless private property. That
this policy was adhered to is shown by the fact that during
the year 1930, in a period of declining traffic, these carriers
made capital expenditures amounting to approximately
*598,000,000. They also continued in employment wageearners whose services were not indispensably necessary to
the transaction of the volume of business which was offered
for transportation, thereby incurring operating expenses
which might have been substantially diminished by a program of severe economy."
The application of the railways reviews in detail the other
reasons which dictated the filing of the petition, including
the determination of the executives not to consider the matter of wages at this time. "They have concluded that if
that question must be met and dealt with, it must be at a
later stage," says the brief.
"In view of these considerations," it explains, "the carriers propose that they be permitted to increase all freight
rates and charges, including joint rail and water rates and
(barges, 15%, with such adjustments in the case of coal,
coke and certain other commodities as will preserve existing differentials; that as to freight traffic, generally, this
increase be permitted to become effective by the use of percentage supplements; that as to coal, coke and certain other
commodities, specific tariffs complying with the ordinary
requirements of tariff publication be filed.
"The increased revenues will, as nearly as can be estimated on the basis of the traffic of recent months and
assuming the continuance of the present program of severe
economy in transportation and maintenance expenses, yield
the carriers a net railway operating income, on an annual
basis, less than 4% on the value of their property, ascertained in the manner heretofore described.
"Since this rate of return will be much below the return
prescribed by law, the case presented does not appear to be
one for the determination of maximum reasonable rates by
the Commission. It is obvious that as a revenue proposal
the Commission could not find any of the proposed rates to
be in excess of maximum reasonable rates. If the existing
emergency has been made clear to the Commission, time
does not permit the exercise of the power to determine, otherwise than from a revenue standpoint, the reasonableness
of the proposed schedules of rates and Charges as a condition precedent to permitting them to become effective.
"Accordingly, the carriers recommend that the investigation to be made by the Commission upon this statement and
application should be of a limited character and should be
for the purpose of reaching a determination as to whether or
not the general schedules of rates and charges proposed
should be permitted to become effective without suspension.
Sudh a determination obviously calls for no decision concerning the ultimate reasonableness of the rates proposed."
Stressing the necessity of increasing the revenues of the
railroads, the brief points out clearly the danger of an
impaired credit position. Emphasis was placed upon the
importance of maintaining the relationship of income to
fixed charges so as to insure railway securities as legal
Investments for insurance companies, savings banks and
trusts. This relationship, the brief says, "has become an
investment standard by which the value of railway bonds
in all markets Is affected." The full text of the petition
follows:
Statement and Application of the Steam Railroad Carriers of the
United States.
The steam railroad carriers of the United States, being confronted with
an emergency threatening serious impairment of their financial resources
and their capacity to assure the public a continuance of efficient and
adequate service, respectfully submit to this Commission the following
statement concerning their traffic, their financial condition, their need of
additional net railway operating income and the manner in which it
should be secured.
I.
Upon the curtailment of business which set in during the latter part of
1929, it was apparent that there were two financial policies which might
be adopted by these carriers. The first was a drastic retrenchment in
operating and capital expenditures in anticipation of a substantial decline
in traffic. The second was a continuance of a normal program of operating
and capital expenditures through a period of depression in anticipation
of a return to normal traffic conditions. The first policy was open to
the criticism that it would tend to intensify the business depression. It
meant the immediate furlough of wage earners, depriving them of their
purchasing power, and the immediate curtailment of purchases of materials
and supplies, depriving the industries producing such materials and sup-
JUNE 20 1931.]
FINANCIAL CHRONICLE
plies of a substantial part of their business, leading to the furlough of
wage earners employed in those industries and the destruction of their
purchasing power. Such steps would obviously have further reactions in
other industries and would further intensify the downward trend of
industry and further impair the economic welfare of the people.
The second policy was open to the criticism from the standpoint of
economical management of the carriers that it would continue in employment wage earners who were not actually needed to conduct the diminishing
volume of transportation and would provide additions to the capacity of
the railroads when traffic had fallen below the measure of existing capacity,
thus adding an investment on which no present return was possible.
After due consideration of these perplexing alternatives, the second policy
was adopted. The carriers decided to continue, as far as possible, a
normal program of expenditures. And in order to reassure the business
of the country and the governmental authorities they publicly announced
this policy. They adhered to it as long as it could be justified from the
standpoint of the trust reposed by the railroad security holders in the
managements of the carriers who were administering property which, though
devoted to public use, is nevertheless private property. That this policy
was so adhered to is shown by the fact that during the year 1930 in a
period of declining traffic these carriers made capital expenditures amounting to approximately $598,000,000. They also continued in employment
wage earners whose services were not indispensably necessary to the
transaction of the volume of business which was offered for transportation, thereby incurring operating expenses which might have been substantially diminished by a program of severe economy.
4479
defense. All that is necessary to the maintenance of an adequate national
system of transportation is that the country should be willing to pay a
reasonable price for it and that railway investors and railway managements should be able to act on that assurence.
Railway credit has been maintained during recent years upon a basis of
return on the value of the railway property ascertained in the manner
heretofore stated, which has been less than that which would have beensecured by the rate of return, 5%%, prescribed by the Commission. But
the conditions which have made this possible, while well understood by
the Commission, are perhaps not well understood by the public, or evenby investors in railway securities. The facts are that a large amount of'
funded debt has been outstanding at rates of interest less than 5%% and
that a large amount of the property of the carriers has been in the form,
of uncapitalized assets. To the extent of the income produced by the
difference between the low interest rates on a part of the existing debt
and the higher return on the capital represented by that debt, and to the
extent of the income derived from the uncapitalized assets, marginal earnings have been produced which have essentially contributed to the support
of outstanding securities.
Some debt, incurred many years ago, is now outstanding at interest
rates as low as 3% and 4%, and some debt which has been outstanding
at such rates has recently been refunded at higher rates. The uncapitalized
assets, created by the conservative policies of former years, cannot be
increased without adequate return and must gradually become a smaller
percentage of the total railway capital if that capital is to be increased.
A substantial, amount of capital is absorbed each year by improvements
required by law or public opinion. Some of these improvements produce
little or no return on investment and others produce less than the average
return.
Under such conditions, the ability of the carriers, especially those having
very conservative capital structures, in recent years, not only to earn fixed
charges but also substantial returns on capital stock does not give a true
impression of the earnings of railway property or of the stability, under
present conditions, of railway credit.
In the latter part of 1930 it became evident that the policy above stated
had failed to accomplish the results desired. It became evident that the
economic depression was world-wide in extent and was not to be of short
duration; that the export traffic of the carriers was greatly diminishing;
and that the production of domestic commodities was being drastically
curtailed with consequently large diminution of the volume of domestic
traffic.
V.
The return on the value of the railway property of the Class I carriers
of the United States, as that value was tentatively found by the ComThe law prescribes that the fair return of net railway operating income
mission in 1820, with the addition of the cost of subsequent improvements, to which the carriers are entitled is that which is earned under efficient
was diminished until it reached for the year 1930, 3.54%. The market and economical management.
prices of railway stocks began to undergo further decline and railway bonds
Reference is therefore made to the following indices of operation:
began to be affected by the approach of railway earnings toward the point
For the Class I carriers of the United States the net ton miles revenue
available income of the corporations would fail to meet the and non-revenue per train hour increased from 7,506 in 1921 to 10,580 in
where the
relationship to fixed charges necessary to render them marketable to 1929; for the year 1930 they were 10,839. The net ton miles per freight
Insurance companies, savings banks and trusts; a relationship which has car day increased from 389 in 1921 to 547 in 1929; for 1980 they were 469.
become an investment standard by which the value of railway bonds in all
Freight locomotive miles per locomotive day increased from 49.5 in
markets is affected.
1921 to 65.1 in 1929; and in 1930 were 58.0. Passenger l000motive miles
ILL
Per locomotive day increased from 103.4 in 1921 to 120.3 in 1929; and in
The powers left to railway managements to meet these adverse conditions 1930 were 116.1.
very limited. They could not increase rates without the approval
were
The pounds of coal consumed per 1,000 gross ton miles decreased from
of this Commission. They could not reduce scales of wages without passing 162 in 1921 to 125 in 1929; they were 121 in 1930. The pounds of coal
through the long procedure of conference and arbitration. They could consumed per passenger car mile decreased from 17.7 in 1921 to 14.9 in
furlough men and they could refuse it. purchase supplies. They could, 1929; they were 14.7 in 1930. In these figures the consumption of all
and it was economically necessary that they should, complete their main• other forms of fuel used on steam locomotives is equated into coal. Based
ished programs of capital expenditures and refuse to embark in any new on these statistics it may be computed that fuel consumption for the year
programs. These things have been done during recent months to an 1930 was 28,774,000 tons less than it would have been on the basis of the
extent which has greatly reduced capital expenditures and has brought performance of 1921.
maintenance expenditures much below the normal level. Many thousands
The achievement of the American railways in improving their service
of railway wage earners ordinarily employed in the maintenance of railway was summarized by the Secretary of Commerce in his 1926 annual report.
properties have been furloughed.
The results there stated have been progressively improved in subsequent
The average annual expenditures of the Class I carriers of the United years, as shown by the indices of operation which have been cited. The
States for maintenance for the five years 1925 to 1929, inclusive, were following is quoted from the report:
$2,076,400,000, divided as follows: maintenance of way and structures,
"Probably the most outstanding single industrial accomplishment since
$849,700,000; maintenance of equipment, $1,226,700,000.
the war has been the reorganization of our American railways. Our transExpenditures for maintenance for the year 1930 were $1,724,800,000, portation service was not only demoralized by Government operation during
divided as follows: maintenance of way and structures, $70.5,500,000; the war but had suffered chronic car shortages and insufficient service, not
maintenance of equipment, $1,019,300,000.
only after the war but for many years before. The annual loss from this
Expenditures for maintenance during the first four months of 1931 were Periodic strangulation in transportation was estimated in the department's
$478,800,000, divided as follows: maintenance of way, $181,300,000; annual report of 1925 to amount to hundreds of millions a year. The insufmaintenance of equipment, $297,500,000. These expenditures compare with ficiency of transportation interfered with steady industrial operations„
similar expenditures for the first four months of 1930 of $603,100,000, created intermittent employment, increased the cost of production, and,.
divided as follows: maintenance of way, $235,600,000; maintenance of through periodic strangulation, caused high prices to the consumer. Manuequipment, $367,500,000.
facturers and distributors were compelled to carry excessive inventories as a
It is evident that these drastic economies are creating deferred mainte- Protective measure, thus not only increasing the amount of capital required
nance in the properties of the carriers which must sometime be made up. In the business but multiplying the danger of loss by price fluctuation.
It is further evident that low as the return on the value of the properties
"The railways, during the past five years, not only have built up adequate
has been during the past months of 1931, it is, in fact, overstated and is service and given complete correction to those ills, but they have, by great
substantial diminution if the deferred maintenance should ability of their managers, greatly reduced transportation costs and thus
subject to very
be deducted. It is, of course, true that some maintenance expenditures made rate reductions possible which would not have been otherwise the
normally decline with decline in the volume of traffic, but other mainte- case.
.
The result of this great reorganization upon the whole
nance expenditures are constant. The deficiency in such constant expendi- economic fabric of the country has been far-reaching."
tures should be deducted from the current returns of net railway operating
VI.
income in order to obtain a true estimate of the performance of the
In connection with efficiency and economy of operation the question
carriers. Without making this deduction, the return for the first four
months of 1931 of the Class I carriers of the United States is at the rate may be raised whether railway wages are reasonable under existing conof 2.24% per annum on the value of the railway property ascertained in ditions. For the determination of wages of railway lar there is a prolabor
r
the manner heretofore stated. This rate of return is seasonally adjusted cedure prescribed by Federal law. This procedure involves, in the case
upon the assumption that the first four months produce 26.1% of the of a dispute, three possible steps, the last of which is alternative: first,
annual net railway operating income.
conferences between the railway managements and the representatives of
railway labor; second, the intervention of Boards of Mediation in the
IV.
event the conferences result in disagreement; third, arbitration in the
Allusion has been made to the present state of railway credit and to the
event the two preceding steps tail; or, if either party refusal to arbitrate,
contingency that railway bonds now meeting requirements of State laws a
finding of facts by a Commission appointed by the President. The issues
for investment purposes, and investment standards based on those laws,
Presented in each of these steps are of great importance and the economic
may cease to have that status. It is recognized that the Inter-State Com- facte
necessary for their determination are not easy to assemble and
merce Act does not assure any particular income bearing status either of
consider. It would be a reasonable prediction to say that if the railway
capital stock or bonds. What the law does purport to assure is a fair
managements were now to initiate reductions in rates of pay affecting all
return for the group as a whole on the value of the property held for and
classes of railway employees covered by existing agreements, the proceedused in the service of transportation. If, having secured that fair return ings would
have to pass through the first two and one or the other of the
for the group as a whole, some carriers are so affected by an unfavorable third stages. There are at least eight important classes of railway emcapital structure or subject to such other disadvantages that they are ployees. A conclusion of proceedings affecting all classes of railway
unable to earn the amount of income required to meet investment tests, employees
could not be expected within a period which would enable the
that is their misfortune and the Commission cannot be expected to remedy result to be taken into consideration in the present emergency.
increases in rates. But the facts are that if the carriers were
It by
Concerning the wisdom of initiating such a controversy at this time,.
securing a fair return, railway securities which are now appropriate for it is
assumed that there will be no substantial difference of opinion. The
Insurance, savings banks and trust investments, would continue to main- Policy of the Federal Government, concursed in by the managements of
tain that status.
most leading industries, is that the revival of industry and commerce
Upon such a basis the market for railway bonds and stock can be main- should be predicated, for the time being at least, upon the maintenance.
vitally important that it should be maintained in order that of
tained. It is
existing wage scales.
additional capital may be secured for further improvements. Steam railBecause of this policy and because of the fact that even in the absence of
transportation has not become a moribund enterprise. It is essential such a
way
policy the question of railway wages would require a long period
to the economic welfare of the country and indispensable to the national for its disposal, and because the condition of these carriers does not adntid
•
4480
FINANCIAL CHRONICLE
[Vol,. 132.
of such prolonged delay in the provision of a remedy, the managements of of the situation can be worked out now. It is very probable that no comthese carriers have not seriously considered at this time initiating contro- prehensive program affecting all traffic competitive with other farms of
versies looking to the determination of the reasonableness of railway wages. transportation can be worked out at any one time in the future; and that,
They have concluded that if that question must be met and dealt with, it on the contrary, particular descriptions of traffic will have to be taken up
from time to time.
must be at a later stage.
X.
VII.
In emergencies of this character previous experience has shown that
If the carriers were permitted to participate in periods of prosperity
equally with other business, they should equally sacrifice in periods of there is but one method which has ever been adopted either by the carriers
adversity. But they are denied such participation by law. Even in periods or the Commission to afford the necessary relief. That is a percentage
of prosperity the return on railway capital has been meagre and inadequate method. That was the method employed by the carriers with the approval
as shown by the statistics of net railway operating income and its percentage of the Commission in the Five Per Cent Case of 1914 and the Fifteen Per
of the value of railway property. During the recent period of great pros- Cent Case of 1917. It was employed by the Director General during the
perity, when industry was reaping unprecedented rewards, the carriers con- period of Federal control. It was employed by the carriers, with the
tributed a service indispensable to the creation of this prosperity. The approval of the Commission, in 1920, upon the return of the railroads from
compensation for this service offered by law has been a return on capital Federal control. It was employed by the Commission upon its own motion
only slightly exceeding the rate of interest which the ordinary investor In 1922 when, after investigation, the Commission prescribed a reduction
receives when he invests in well secured obligations. This has been the of 10% in all freight rates. No other method is available now if relief
upper limit of the reward of risk of railway capital and of efficiency of is to be secured in time to meet the situation. ,Since passenger traffic is
railway management. The actual return has been during the year 1921 not available for further increase, the entire increase should be placed on
to 1930, inclusive, for the Class I carriers of the United States, an amount freight traffic. Relief cannot be secured in time to meet the emergency
of net railway operating income about two billion five hundred and by proposals for adjustments of freight rates which seek to determine the
seventy-five million dollars less than the amount which would have been effect of competition of other forms of freight transportation. All freight
obtained had the rate of return on the capital employed prescribed by the traffic should be subjected uniformly to such increase with certain adjustments which do not affect the principle involved. As to certain comlaw been realized.
The theory of the law is that railway property is private property affected modities such as coal and coke, it has been the practice in all former
with a public use; that in being devoted to such use it foregoes exceptional proceedings in increasing or decreasing rates to select a basing rate group;
a certain peropportunity for the assurance of fair return. If the sacrifice already made to increase or decrease the rates applying from that group
pounds
under conditions of prosperity is to be greatly enlarged because of con- centage and apply the amount thus ascertained in cents per hundred
the competitive
ditions of adversity, the result is that railway property has become public or per ton to the existing rate for each group within
property affected with a private obligation to maintain it. It cannot be zone. It is proposed to continue that practice in the present emergency.
expected that investors in railway securities will assume and perform
XI.
such an obligation.
The publication of tariffs covering an entire schedule of freight rates
VIII.
complying fully with the administrative regulations of the Commission
In 1920, at the end of Federal control, when the need of the carriers for requires a period of about four months. In 1920 this delay was obviated
additional revenue was urgent, their passenger traffic was susceptible of by the Commission which exercised its power to modify its requirements
Increase in fares. An increase of 20% in the standard fare was authorized as to the publication of tariffs. Percentage supplements were authorized
ty the Commission. It needs no extended comment to show that increases as to all traffic other than coal, coke and some other commodities where
In revenue cannot be derived from increases in the present level of standard the tariffs were comparatively simple and where it was feasible to comply
passnger fare which is, generally speaking, 3.6c. a mile. The disuse of with the ordinary requirements of tariff publication. These percentage
railway facilities by owners of automobiles and the increase In the extent supplements were permitted to remain in effect about a year, at the end
of motor bus service make it evident that passenger traffic will not sustain of which time they were superseded by detailed tariffs complying with the
further increases. It has even been suggested that increased revenue might administrative regulations of the Commission. It is proposed that a
be derived from reductions in passenger fares. Some experiments have been similar method be adopted to deal with the present emergency.
made in that direction. They do not encourage belief in their success.
XIL
What is sometimes overlooked is the large amount of net railway operating
In view of these considerations the carriers propose that they be perbe lost by a reduction in standard fares
income which would immediately
mitted to increase all freight rates and charges, including joint rail and
on the business now being transported by the steam carriers- Obviously,
water rates and charges, 15%, with such adjustments in the case of coal,
any reduction in gross revenue on that traffic is equally a reduction in net
coke and certain other commodities as will preserve existing differentials;
railway operating income. If the standard fares of Class I carriers throughthat as to freight traffic, generally, this increase be permitted to become
out the United States were to be reduced from 3.6c. a mile to 3c. a mile,
percentage supplements; that as to coal, coke and
a reduction in net railway operating effective by the use of
16 2/3%, it would immediately effect
certain other commodities, specific tariffs complying with the ordinary
that part of existing gross passenger revenue which
income of 16 2/3% of
requirements of tariff publication be filed. The increases will, as nearly
is derived from standard fares. Such a reduction in standard fares, including
as can be estimated an the basis of the traffic of recent months and
a similar reduction in all other fares except commutation on the basis of
assuming the continuance of the present program of severe economy in transthe revenues of 1930, would amount to $109,300,000. It is impossible to
portation and maintenance expenses, yield the carriers a net railway
see where the passenger traffic exists tributary to the steam carriers which operating. income, on an annual basis, less than 4% on the value of their
In that connection, it is to be remembered
would make up that deficiency.
property, ascertained in the manner heretofore described. Since this rate
that any new traffic would, as well as the existing traffic, be transported
of return will be much below the return prescribed by law, the case
on a much higher operating ratio due to the reduction in the face.
presented does not appear to be one for the determination of maximum
IX.
reasonable rates by the Commission. It is obvious that as a revenue protraffic has been posal the Commission could not find any of the proposed rates to be in
It is well known that a substantial volume of freight
is recent. It excess of maximum reasonable rates. If the existing emergency has been
to motor truck transportation. This development
diverted
accentuated by the made clear to the Commission, time does not permit the exercise of the
has expanded in unforeseen ways and may have been
have reached a stabilized power to determine, otherwise than from a revenue standpoint, the reason'present depression in business. It appears not to
It is not possible ableness of the proposed schedules of rates and charges as ft condition
condition of operating cost and investment return.
become effective. Accordingly, the
the amount of railway traffic which is precedent to permitting them to
to make a reliable estimate of
the investigation to be made by the Commission
truck competition under existing railway freight carriers recommend that
now subject to motor
estimate of the extent upon this statement and application should be of a limited character and
rates, and still less is it possible to make a reliable
would further divert should be for the purpose of reaching a determination as to whether or
to which any given increase in railway freight rates
not the general schedules of rates and charges proposed should be permitted
traffic from the railroads to this form of transportation.
effective without suspension. Such a determination obviously
Although there are instances of long distance hauls by motor trucks, to become
the ultimate reasonableness of the rates
competition appears, generally speaking, at present calls for no decision concerning
the area of effective
measured by a distance of 150 to 200 miles. The rate structure of proposed.
to be
Wherefore, these carriers pray that the Commission grant them special
flexibility which would
the steam carriers is particularly wanting in that
steam carriers permission to file percentage supplements to existing tariffs increasing all
enable them to meet this competition. The practice of the
for short distances freight rates and charges 15%, excepting in those cases, heretofore indihas always been to make the rates relatively higher
basis, complying with
and the longer* hauls tend to dated, where specific tariffs on the same percentage
because the terminal expenses are constant
may be filed, and that the Comwhich have been established by the Com- the ordinary rules of tariff publication,
absorb them. The rate scales
Inter-State Com- mission, as speedily as practicable, conduct such investigation as may
mission proceed upon the same theory. Section 4 of the
may relieve the enable the Commission to determine whether such tariffs should be permerce Act provides that excepting as the Commission
any greater mitted to become effective without suspension. If this investigation is
carriers from the operation of the rule, they shall not "charge
conducted by the Commission, it is suggested that the co-operation of the
compensation as a through rate than the aggregate ,01 intermediate rates
by law.
It is becoming probable that State Commissions be invited, as provided
subject to the provisions of this Act."
Respectfully submitted,
the rule of rate making hereafter should be precisely the opposite of this
J. J. PELLET, Chairman,
requirement if the steam carriers are to continue in a competitive position
that short-haul
Special Committee of Presidents Representing
with respect to short-haul transportation. It is probable
and that for the
the Eastern Group.
traffic should be treated somewhat as a by-product
lower and for the longer
H. M. SCANDRETT, Chairman,
shorter distances the rates should be relatively
effective they should
Special Committee of Presidents Representing
•
distances where the motor truck competition is not
the Western and Mountain-Pacific Groups.
be relatively higher. This would frequently result in through rates exceeda rate structure
W. N. COLE, Chairman,
ing the sums of the local rates. In order to establish such
Special Committee of Presidents Representing
a radical reconstruction would have to be made and a measure of relief
the Southern Group.
from the provisions of the law never heretofore contemplated would have
to be granted by the Commission.
June 16 1931.
the classification of commodities
It may also be that extensive changes in
will be necessary. The present classification, as revised from time to time
to Rally
by the carriers and the Commission, with the applicable rates, constitutes Cleveland Chamber of Commerce Starts Drive
the most elaborately refined adjustment of charges to services which can
Nation in Support of Higher Freight Rates on the
be found in the economic structure of American business. It has been,
Railroads—Buying Power Stressed—With this Reand is, a vital factor in that economic structure. Consequently an extensive
stored, Railroads Would Effect Business Upswing,
consequences.
revision may be attended with far-reaching
The classification is based upon various factors such as the value of the
it is Argued.
article, its weight as compared with its bulk, the risk of its transportation
An effort to rally the country's sentiment in approval of
and the competitive relationship of the articles in the various classes.
rates was
These factors are much disregarded in the charges made by motor trucks the proposed horizontal increase in railroad freight
which are very largely made upon the basis of space.
put in motion on June 13 under sponsorship of the Cleveland
This is merely a partial statement of the problem of truck competition.
Chamber of Commerce, which held that such an increase
It indicates that the problem is one of great complexity and detail. It
normal prosperity.
further indicates that no program dealing comprehensively with this feature would be the key to unlock the country's
JUNE 201931.]
FINANCIAL CHRONICLE
Announcing that it will support vigorously the proposed
increase, the chamber described the rate boost as "the one
obvious point at which the present economic tendency may
be halted and turned upward." By increasing the railroads'
income, the chamber said it would be possible to restore their
normal buying capacity, an estimated one-sixth of the
nation's total. In addition it would avert the chamber said,
a serious blow to the nation's financial structure now threatened by the downward trend by railroad securities. Illustrating the buying power of railroads under normal conditions,
Frank H. Baer, the chamber's transportation expert, said
they ordinarily buy 23% of the soft coal production, 20%
of the timber cut, 19% of the fuel oil, and 17% of the iron
and steel output. Mr. Baer said the railroads had the
construction of only 7,516 new freight cars and only 86
locomotives on order April 1 this year, as compared with
37,117 freight cars and 442 locomotives at the same time a
year ago. Forty-five of the country's 175 class 1 roads
operated at a loss the first quarter of 1931.
The chamber's investigation found that further economies
in railroad operation are impossible, and that payroll reductions already have decreased sharply the purchasing power
of their 1,500,000 employees. These employees would be
among the first to benefit, the report said, by a resumption
of railroad buying; would further profit by the anticipated
resulting improvement in general business, and would in
turn aid that improvement by their personal increased buying
power.
Insurance Group For Rail Rate Rise—Life Company
Heads Plan With Savings Bankers to Argue Before
I. C. C.
Representatives of major life insurance companies and
savings banks are considering the advisability of going before the I.-S. C. Commission on behalf of the railroads which
filed petitions yesterday with the Commission for a general
increase in freight rates. Insurance companies and savings
banks are among the largest investors in railroad securities.
A special committee has been formed for immediate consideration of the plan, known as the Emergency Committee.
on Railroad Investments of Life Insurance Companies and
Mutual Savings Banks. A special meeting has been called
for next Monday at the board room of the Metropolitan
Life Insurance'Company. Every life insurance company and
savings bank in the country which has investments in railroad securities has been urged to lend its support to the
work of the Committee. Efforts will be made, it is understood, to bring in the support of casualty, surety and fire
insurance companies having an interest in railroad companies
before the meeting on Monday. The following statement
has been sent to insurance companies and mutual savings
banks throughout the country by the Committee:
4481
It is proposed to take such steps as may be deemed necessary to preserve
and insure the credit of the carriers of the country in the present emergency.
Such steps may include participation by the committee to the extent deemed
necessary, in proceedings before the Inter-State Commerce Commission,
for the purpose of presenting to the Commission the viewpoint of the
investing institutions of the country as to the need for increased railroad
revenues.
Those best informed on the requirements of the present situation believe
that such a presentation would be helpful and effective toward securing
the necessary emergency relief.
It is believed essential for the complete effectiveness of this movement
that every life Insurance company and savings bank owning railroad
securities join the committee. This may be done by sending an acceptance
to Henry Bruere, temporary Secretary. President of the Bowery Savings
Bank. 110 East 42nd Street.
On the same day that the insurance and savings bank
group meets, the Security Owners' Association will hold ,a
meeting in the Bankers Club to which representatives of
fire, marine and casualty insurance companies and officials
having authority to make investments for trust funds have
been invited.
Milton W. Harrison, President of the Securities Owners'
Association, will seek to enlist the active support of labor
to-morrow, when he will address the triennial convention of
the Brotherhood of Locomotive Firemen and Enginemen at
Columbus, Ohio. The labor forces have already indicated
to the managements their support of the move for an increase
in freight rates, and Mr. Harrison will suggest that the
unions take more positive action by going before the InterState Commerce Commission in favor of the petition. The
members of the insurance and savings bank committee are:.
t
Edward D. Duffield, President of the Prudential Insurance Co.
Frederick H. Ecker, President of the Metropolitan Life Insurance Co.
David F. Houston, President of Mutual Life Insurance Co.
James Lee Loomis,President ofthe Connecticut Mutual Life Insurance Co:•
Philip A. Benson, Treasurer of the Dime Savings Bank of Brooklyn. ,
Henry Bruere, President of the Bowery Savings Bank.
Myron F. Converse, President of the Worcester Five Cent Savings Bank.
Frederick B. Shepherd, President of the Oswego County Savings Bank.
Wynant D. Vanderpool. President of the Howard Institution for Savings.
Mr. Bruere is temporary secretary of the committee.
In financial circles the significance of this new support
for the carriers was regarded from, two different angles.
Some were inclined to feel that it was not the best thing for
the roads themselves, for it might leave their claims open to
the charge that they were seeking solely to benefit themselves and the "vested" New York City interests.
Most of those who expressed an opinion, however, contended that such institutions as mutual savings banks and
life insurance companies could in no way be classed with
"the interests" inlismuch as their ownership is too widely
diversified.
The holdings of insurance companies and mutual savings
banks in bonds and other qualified senior railroad issues
make a total, it is stated, of about $4,300,000,000, of which
about $3,000,000,000 is held by life insurance companies.,
If fire insurance companies should join the group, it is
estimated that approximately $6,000,000,000, or about
one-half of all outstanding railroad bonds, would be represented in support of the carriers.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 19 1931.
Some falling off in retail tracde was again noticed this week
although temperatures have been seasonable with as high as
90 to 94 degrees in the West and Northwest. In Canada,
curious as it sounds, it has been as high as 108. In the
cotton belt it has been 100 to 104. In New York to-day was
our warmest day of the week, the thermometer reaching 86
by 4 o'clock. Trade in general is slower. Wearing apparel
for the beaches sells the most readily, but purchases are
mostly of cheap or only medium priced goods. Special sales
meet with no very great success. It is a significant sign of
the times, moreover, that tourist travel is not what it was in
former years. People are economizing if they have the
money; in many cases they lack the money. A slight increase in wholesale and jobbing trade is reported here and
there, especially in the wholesale line, but it is only slight.
Yet in some directions the feeling is that the worst has been
seen in the great trade depression of the last year or two.
At times heavy rains have interfered with business, but
latterly the country as a whole has been fair and warmer.
The stock market has been dull. Some think this is a good
sign. They think the great wave of liquidation in stocks
and merchandise has gone under the bridge. Collections
are somewhat better. Some grades of wool have sold more
readily, but when it comes to the iron and steel trade there
is no improvement. On the contrary they are stillidull, and
in fact, the production of steel has declined further.
One thing is noticed, however, and that is to all appearances retailers' stocks of goods have become considerably'
depleted and they are beginning to buy from wholesalers a'
trifle more freely. This may become more pronounced later
OB. It depends largely upon the state of the business morale
of the country. Sporting goods and women's wear and
millinery are among the best selling merchandise at this
tune, though they are not so active as they were a little
earlier in the year. Low prices have helped the sale of
men's clothing. The demand for hardware and electrical
appliances has been fair. Unfinished cotton goods have had
a fair sale at steady prices, but sheetings were quiet and
somewhat easier. Some constructions of carded broad
cloths seem to be in small supply for prompt delivery and
command premiums. Some drapery fabrics have been
firmer, but fine and fancy cotton cloths have been dull and
irregular. Of finished cotton goods the sales have been
small, even for immediate delivery, to say nothing of forward
engagements. Woolens- and worsteds for the fall season
have met with quite a good demand. Summer broad silks
sold quite readily, but sales had to be stimulated by continued price cutting. Raw silk was dull and weaker. The
4482
FINANCIAL CHRONICLE
wheat crop needs rain, and that is also beginning to be said
of the cotton crop in some parts of the belt. Kerosene sells
the best of any of the burning oils. Low prices account for
the smallness of mining operations at the West. There are
coal strikes in the Pittsburgh district, although one or two
companies have reached agreements in regard to wages.
Some of the cotton mills at the South will curtail for a week
or two, as usual, early in July. Shoe factories have been
doing a fair business throughout the country. Road construction is beginning to be more active and it is helping to
reduce unemployment. Automobile production is still
falling off. The June total will be smaller, it is believed,
than that for May. Sales of automobiles and accessories are
disappointing. The petroleum industry is dull, awaiting
the outcome of the Eastern Texas quarrel over proration.
Furniture dealers at the recent special market in Chicago
made larger sales than they expected. St. Paul's dry goods
business is up to the 1930 level. The jewelry business, as
might have been expected, is quiet. The retail trade in
shoes in New York is larger than a year ago. Retail failures
were fewer in number than last week. The lumber trade is
still slow, but there are more inquiries. Wool sales in Boston
and Philadelphia have increased. Some grades of leather are
in better demand. Taking the country as a whole the East
Is not doing so much business as the West. In Dallas,
Texas there is a good jobbing business in home canning
supplies. Here meat wholesalers are making larger sales
than a year ago. Cotton has advanced somewhat as liquidation has fallen off. The technical position has improved,.
and the trade was a steady buyer for home and foreign account. There is some talk of the weevil and also of the
dry hot conditions in many parts of the belt. Some think
the cotton market has a soldout if not an oversold appearance.
Wheat has declined with some rain in Canada and the
Northwest even if more is needed, export trade dull and some
fear that the Farm Board holdings will be liquidated at some
time or other when least expected. Of course, too, supplies
are still very large. This fact and the slowness of the foreign
demand are among the principal obstacles to any improvement in prices. They are the lowest in a generation. Corn
has advanced slightly as the July position had become oversold and cash trade improved. Other grain has declined a
fraction in dull markets. Provisions have been quiet and
lard declined 7 to 12 points. Coffee has dropped 20 to 37
points with Brazilian exchange lower, and more or less
liquidation under way. Sugar has declined 1 to 2 points,
but has latterly been more active and firmer with a better
spot business. Rubber has declined 5 to 8 points, though
the exports from producing countries are said to be smaller.
It is a fact however that world's stocks of rubber are still
very large and the demand is nothing very urgent. Hides
have advanced 15 points, but as a rule have been quiet.
Cocoa is up 6 to 14 points. Silk futures fell 3 to 4 points.
The stock market has been drifting downward in a much
smaller market, the transactions of late ranging from 900,000
to 1,100,000 shares a day, as against several times that
amount a year ago. There have been some bank failures
in Illinois. General trade has remained dull and the market
has been largely a professional affair. A political crisis in
England has been passed and it is said that things are beginning to look up in Germany although the reparation
question is of course still a thorny one. Here the stock
market is largely a waiting affair. Liquidation has fallen
off. That is plain. Perhaps it has shot its bolt. That from
surface indications would seem to be the case. To-day was
a dull one with an irregular decline. Rallies were not at all
aggressive. Railroad stocks declined one to five points on
such issues as New York Central, Union Pacific, Santa Fe,
San Francisco, Pennsylvania, and Baltimore & Ohio, as
well as Cotton Belt, pfd., after an advance yesterday on
merger reports. Local tractions advanced one or two points.
Utilities gave way only a fraction. Westinghouse was
firmer. Sinclair and Shell Union on light trading advanced
three points. McKesson & Robbins went to a new low.
Key stocks it was remarked were comparatively steady.
United States Steel gave way only %% net. The move on
the part of the railroads to have an increase in rates authorized of 15% attracts general attention. Theoretically,
of course, it would add very noticeably to the earnings of
such stocks as Missouri Pacific, Rock Island, Nickel Plate,
Cotton Belt, Boston & Maine, Milwaukee & St. Paul, and
San Francisco. The sharp decrease in brokers' loans is
regarded as a favorable symptom. Cotton was up about
$1.50 a bale to-day. Bonds were irregular. Foreign issues
were unsettled. It is stated.that further progress in the
[VoL. 132:
matter of plans for the consolidation of Eastern Trunk
lines into four systems has been made.
Fall River, Mass. reported increased interest in Marquisettes in the local cloth market in the present week with a
fair volume of business. Trading in print cloth constructions
was limited mostly to wide odds and mostly in small lots.
Charlotte, N. C.advices said that Southern mills were unable
to report any real improvement in the situation this week
with uncertainty over the cotton situation remaining the disturbing factor. Spartanburg, S. C. wired that notices are
being placed in the cotton mills of that section to the effect
that a shut-down of from one week to ten days will be effected
beginning July 4th. It is said to be customary for the mills
to shut down at that time, but the duration of the inactivity
.
.
will be longer this year than usual Greenville, S. C. announced that the plans there indicated that virtually all textile plants of that section will be closed for about a week the
latter part of June or the first week of July. In most instances July 4th, is included in the holiday period. Woodside and Easly groups will be closed for a week with date indefinite. Victor mills will be shut down for a week and other
mills of this system from June 26 to July 6. One report was
that several Carolina cotton mills will operate at only 50%
capacity during July and August. At Lexington, N. C. the
Dacotah Cotton Mill has closed for a while; it is hoped only
for a few weeks.
Duck mills in this country are producing on the average
at about 50% of capacity. Fabric finishers are operating
on an average of 45%. Cotton cloth production, it is said,
was up to 94.7 for the week ended June 6, compared with
94.5 for the week ended May 30 and 71.4 for the week ended
June 7 last year. There was some curtailment of output
last week, but the decrease was less than the average seasonal
decline. The Hunter Company say that their sales increased
considerably last week, with prices showing still further
declines. For the first time in a month, they say, their
sales for the week were in excess of production. The volume
exceeds that of any week since the first week in March,
actually 50% in excess of production. The greater part of
the business done was on print cloths and sheetings and on
fine and fancy goods. Only a moderate percentage of the
goods sold during the week were headed for the retail counters. The largest sales were of constructions going in other
directions.
London cabled that rather more inauiry is reported in the
Manchester cloth market, although little increase in turnover has resulted. Most buyers and sellers price ideas are
said to be considerably apart. Premier MacDonald was
defeated but did not resign and the crisis was later averted
by government concessions.
Chicago wired that trade and industry throughout the
West and Middle West displays a decidedly better feeling.
Fears of drouth which has gripped the Missouri River
territory has been dispelled by copious rainfall in Iowa,
Nebraska, South Dakota and Minnesota. Rains were
general and heavy over the entire territory during the week
and crops of all kinds are making rapid growth. Trade
developments in the Chicago territory were overshadowed
by a series of bank closings. Many of these small outlying
institutions are expected to reorganize and reopen, but the
closing has an adverse effect upon all sorts of business and
further shook public confidence which was being well restored. There was no loss to depositors in any of the 27
closed banks, except those rranicky persons who withdrew
their money, only to lose it shortly thereafter to robbers.
One Detroit report said slow progress and spotty conditions
mark the upward trend of• business in Detroit and other
industrial points in Michigan. From a retail standpoint
seasonal merchandise has moved with unexpected slowness,
due largely to unseasonable weather. Other advices from
Detroit said that contrary to recent rumors of extensive
Ford layoffs, current factory employment of the Ford
Motor Co. is slightly in excess of 79,000 which is several
hundred more than were employed at the close of last week
and compares with 84,000 during the peak operation in
April this year. In addition there are between 7,000 and
8,000 employed within the Lincoln Plant and in the offices.
Approximately 50% of the Ford employees are on a threeday week, 18% on four days and 32% on full five-day
week schedules.
St. Louis reports said the consensus of opinion prevails
that there are definite indications of improved conditions in
the commercial and industrial fields of the Eighth Federal
Reserve district. Unemployment is slightly relieved by a
decided gain in building construction, particularly residen-
JUNE 20 1931.]
FINANCIAL CHRONICLE
tial. Retail sales are fair to good and wholesale houses
report improvement. St. Louis wired later that a telegraphic survey of business conditions in the United States
was announced there by the National Retail Credit Assn.
at its convention as showing that business is only 15% below
normal. The survey was made of 1,200 credit bureaus in
the country and shows that in some sections business exceeds
the volume of last year, while in others it has dropped as low
as 75% of the 1930 total.
Michigan employment during May increased 2.7% over
April, as shown in reports from 490 Michigan firms revealing
a total of 273,473 employees as against 266,187 in April,
according to the State Commissioner of Labor and Industry.
Average weekly earnings during the month were placed at
$31.50 as against $30.89 in April.
Montreal wired that during May newsprint mills in Canada
operated at 63% of rated capacity which compares with 64%
of capacity in the preceding month and with 75.2% in May
of last year, according to the report just made public by the
newsprint service bureau. Shipments for the month under
review from mills in this country very nearly kept pace with
production, standing at 202,280 tons. Production in the
United States in May amounted to 101,202 tons and shipments to 102,555 tons, making a total of Canada and United
States output of 303,809 tons and shipments of 304,835 tons.
Toronto, Canada, wired that there is a growing conviction
that despite the uncertainties of the wheat situation the
Dominion is emerging from depression somewhat earlier than
many other nations and this has been strengthened by the
statement by the chartered banks for April to the Federal
Department of Finance.
A compilation shows that 49 chain store companies,
including three mail-order concerns, had total sales for the
first five months of 1931, amounting to $1,559,525,213,
against $1,629,552,072 in the corresponding period of 1930,
a decrease of 4.29%. Results for May 1931 showed a decrease of 4.59% compared with May of last year.
London cabled June 18:"German news was the most satisfactory that has been received in London for some days and
the flight of the mark has virtually ceased. With improvement in exchange, gold shipment from Germany should
terminate. The news from Austria is also more favorable
as the Bank of England has agreed to make an interim advance
to the Austrian National Bank of £4,286,000 pending conclusion of the arrangement for an issue from Paris, London,
New York and Berlin of a loan to the Austrian Government
to fortify the Kreditanstalt, the advance to be renewed
as required." Berlin wirelessed that despite the financial
uncertainties, there are some signs of trade improvement in
Germany and between January and April the official index
of industrial production rose from 67.4 to 71.5, whereas the
index declined in the same period last year.
Rain during the last week relieved the drouth at least
temporarily in Washington, Oregon, Wisconsin, Minnesota,
South Dakota and Nebraska, but severe damage to crops
continued in North Dakota, Montana and Idaho, the
Weather Bureau stated on June 17. The relief over nearly
all the area in which rain fell is only temporary, however,
and more rain it is said will be needed soon to avoid further
damage. In some of the region affected, crops were already
too far gone to benefit, but there will be material improvement particularly in the late-sown spring wheat. Wheat
yields in the Southwest are "mostly satisfactory." Today the temperature here reached 86 degrees by 4 o'clock
and the prediction is for fair and warmer weather to-morrow.
The heat to-day was mitigated by a drop in the humidity
in the afternoon to 31. At 8 a. m. it was 68. Yesterday
New York had 64 to 82; Boston, 66 to 78; Philadelphia, 66
to 84; Chicago, 74 to 90; Cincinnati, 62 to 86; Cleveland,
70 to 84; Detroit, 68 to 86; Milwaukee, 74 to 90; Kansas
City,74 to 92; St. Paul, 72 to 94; St. Louis, 76 to 94; Denver,
60 to 88; San Francisco, 56 to 68; Seattle, 52 to 64; Montreal,
62 to 80; Winnipeg, 58 to 90; Hamilton, Bermuda, 68 to 82.
Col. Ayres of Cleveland Trust Company After Triple
Bottom of Depression Sees Brighter Prospects
Ahead.
Business sentiment, declares Col. Ayres, of the Cleveland Trust Co., has made a triple bottom in this depression.
Three times, so far, the spirit of pessimism has been allowed
briefly to dominate the judgment of the business community,
and on each occasion it has been promptly displaced by saner
counsels, and more wholesome thinking. The first wave of
unreasoning gloom came in November of 1929, when the
4483
illusions of the new era were swept down in wreckage by
the collapse of stock prices. A return of the defeatist spirit
came last December, when the difficulties of banks and
brokerage houses culminated. May marked the third plunge
into melancholy. Three times ought to be enough, be thinks,
even in a major depression. There was no very good reason
for this latest attack of the business blues. It is true that
the slow advance in business activity, that had been under
way since last January, came to a halt, but that is not a
sufficient excuse for discouragement, since •the bottoms of
all depressions are marked by periods of brief advances
and recessions. No important failures occurred, and no
new unsound spots in banking or industry were disclosed.
Nevertheless security prices melted steadily away. He
continues:
It was not until the opening days of June that the long-awaited rally
arrived, and restored more nearly normal attitudes. Present prospects are
clearly more hopeful than business sentiment was willing to admit a short
time ago. The agricultural outlook is exceptionally good in nearly all
parts of the country. The danger of a continuation of the drouth has
definitely disappeared. A good many corporations are so fully convinced
that the security markets had overdiscounted hard-times that they are
using some of their funds to purchase their own bonds. Some industries
are increasing their outputs, because demand has over-run supply, and
shortages are developing.
The business activity index of this company reached in January its
low point of 28.3% below normal. It advanced to 25.0% in February,
to 23.4 in March, and to 22.7 in April. Similar continuous advances
throughout the summer are not to be expected, but it is well to note that
considerable recovery has already been attained.
Replacement Demand.
Replacement demand is at last becoming an effective force in bringing
about increases in the production of some important classes of manufactured goods. For a long time now commentators on business conditions
and prospects have been pointing out that shortages in many kinds of
consumer goods must be in the making, because production had been going
forward at rates well below normal national consumption. Nevertheless
not much real evidence of the appearance of such stepping up of production has been revealed by the figures until this spring. Now it is beginning to show itself.
The four lines in the diagram [We omit the diagram.—Ed.] show the
production records of four classes of almost universally used consumption
goods, monthly during the past two full years, and the opening months
of this one. In each case the average monthly output for the five years
from 1925 through 1929 has been taken as being equal to 100. The lines
have been corrected for merely seasonal variations, and slightly smoothed.
In all four cases the output during 1929 was well above the 100 level,
and in all of them the downturn of the depression was under way before
the end of that year.
In the case of cotton print cloth a rapid and sustained recovery got
under way in the summer of 1930. In the other three cases the upturn
came at or near the beginning of 1931. In all of the cases, except perhaps
that of underwear, the recovery has no progressed so far as to make it
fairly sure that it is not a mere temporary fluctuation. Production in
these lines is clearly responding to replacement demand. The output is
moving up because the good consumers had when the depression came are
wearing out, and now new ones are being purchased.
In the past the recoveries from business depressions have often been
ushered in by sustained increases in the volume of building construction,
and by greater outputs of industrial and agricultural equipment. It now
seems likely that in the present period sustained increases in the production
of consumption goods, such as those noted in the diagram, will precede
definite recoveries in the output of the heavy industries, and in the volume
of new building. However this may prove, it is cheering to note that
inventories of some kinds of goods, both in the hands of dealers, and in the
Possession of the ultimate consumers, have at last fallen so low that mills
and factories making them are once more increasing their activities.
Coat of Living.
The cost of living has dropped sharply since the depression got under
way, and the decline still continues. The somewhat confused looking
diagram represents the course of the principal components of the cost of
living index of the National Industrial Conference Board over the past
11 years. In each case, the costs of 1914, at the outbreak of the war, are
taken as equal to 100, and that is the level represented by the base of the
diagram. The first year in the diagram is 1921, which was the serious
depression year following the war. The latest month shown is March
of this year.
The solid line represents the course of the cost of living as a whole,
and in reality it shows the changes in the costs of necessities of life. In
computing it the cost of food constitutes about 43% of the total, that of
shelter, or rent, about 18%, that of clothing about 13%, and the remaining
Items, grouped as miscellaneous, about 26%. On this basis the index stood
at 163 in the autumn of 1929, which means that it then took about $163
to purchase the necessary articles and services that would have cost $100
when the War began.
By March of this year the cost of living had dropped from 163, when
the depression began, to 142, or a decline of 13%. The greatest fall during
that time has been in the cost of food, which has cane down from 161 to
126, or 22%. The next greatest is in the cost of clothing, which has deMined from 170 to 142, or 17%. Rent has been reduced from 160 to 147,
which is a decline of 8%. Decidedly the least decrease has been in the
Important items grouped as miscellaneous, where the recession has been
from 168 to 162, or only 4%.
The miscellaneous group includes the estimates for many things that do
not easily and quickly change in price. Among them are such items as
fuel, lighting, insurance, medicines, car fares, newspapers, and the like.
The cost of living is still declining, and is now appreciably lower than it
was in March when the latest figures used here were compiled. In the
depression of 1921 it continued to decline for more than a year after
business activity had turned up, and recovery was well under way.
Depression Abroad
The accompanying diagram shows monthly changes in industrial activity
In eight countries during the past seven years. The indexes have all been
4484
FINANCIAL CHRONICLE
[VoL. 132.
constructed in the same way by combining the figures showing the changes fell to a new low level for the post-war period, and a substantial setback in
In pig iron output, steel production, coal production, and ton-miles of the adjusted index of cotton consumption.
Table I gives the combined index and its components, each of which is
freight moved on the railroads. The series have been given equal weights,
they have been seasonally corrected, and in each case the average for 1924 adjusted for seasonal variation and where necessary for long-time trend,
has been taken as being equal to 100. All the horizontal percentage lines for the last three months. Table II gives the combined index by months
back to the beginning of 1926. The adjusted index of electric power proIn the diagram are 20 points apart.
In the case of the United States a dotted line has been added. This duction for May is based on an estimated output of 7,766,000,000 kiloby the watt-hours, as compared with 7,657,000.000 kilowatt-hours in April and
dotted line represents the index of industrial production compiled
Federal Reserve Board, and its close conformity to the index just described, 8,015,000,000 kilowatt-hours in May, 1930. The National Automobile
which is represented by the solid line, furnishes some evidence that the Chamber of Commerce has lowered its estimate of May automobile proIndexes for the other countries may represent with reasonable reliability duction to 325,000 from 338.307.
TABLE 1.
-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
the changes in general industrial activity during this past seven year
COMPONENT GROUPS.
period. The dashed line spanning 1926 in the index for the United Kingcoal strike. The small diagram
dom represents the period of the general
March. ,
May.
at the bottom shows the index of industrial activity for the eight nations
AprIt.
combined. It was made by giving the data for each nation a weighting Pig iron production
59.7
69.0
58.3
proportionate to the population. It gives a graphic representation of the Steel ingot production
56.9
.60.5
54.2
Freight car loadings
79.1
77.0
76.2
course of this international depression.
84.2
*85.1
86.1
Symptoms of a slowing down in the rate of decline have appeared in Electric power production
Bituminous coal production
67.9
75.0
79.6
Canada and Italy, and slight upward movements are in evidence in the Automobile production
67.4
*73.4
76.5
80.3
United Kingdom, and in the United States. On the other hand the opening Cotton consumption
84.0
77.0
Wool
87.2
109.1
---month of this year have brought even more rapid declines in business Boot consumption
and shoe production
97.2
-104.1
activity in Germany, France, and Belgium. Except in the case of Japan Zinc production
59.3
56.2
9.5
of this year. Combined index
77A
t77 C
an a
the latest records carry only through the first two months
declines began at different
The depression is truly international, but the
TABLE 2.
-THE COMBINED INDEX SINCE JANUARY 1926.
times in the several countries, and have continued with widely varying
degrees of severity.
1926.
1927.
1928.
1929.
1930.
1931.
'the diagram does not afford material for easy inferences, or simple
744
102.3
102.2
98.0
105.5
95.0
interpretation. Clearly it would not be safe to infer from the evidence January
103.2
104.7
99.7
106.1
94.2
76.2
presented here either that recovery in the United States is likely to pre- February
March
104.7
106.9
99.4
104.3
91.3
77.9
cede improvements abroad, or on the other hand that it must await them. April
99.9
103.7
104.4
108.8
95.1
80.8
101.3
104.8
101.6
110.1
Probably an improvement of conditions in Germany would be the most May
90.1
.77.5
4
103.4
98.7
103.2
108.9
89.1
helpful next development, for in that event the state of trade would June
101.5
July
102.8
100.5
109.9
86.4
probably grow better in Germany, England, and the United States simul- August
102.1
101.8
105.0
108.1
83.2
107.1
100.9
102.4
107.3
September
taneously, and definite recovery might then get under way..
82.4
98.2
105.7
105.0
105.7
October
79.5
95.5
105.7
103.7
96.9
November
76.0
__
105.0
93.7
102.0
92.1
75.2
December
Wholesale Price Index Shows First Advance in Three •Subject to revision.
Months, According to National Fertilizer Association.
Employment in May 1931 Shows Decrease According to
For the first time since March the wholesale price index
United States Department of Labor.
of the National Fertilizer Association advanced during the
The Bureau of Labor Statistics of the U. S. Department
latest week. This index, computed every Monday morning, of Labor reports changes in employment and pay-roll totals
advanced from 68.6 to 68.8 during the week ended June 13. in May 1931, as compared with April 1931, based on returns
The advance of the latest week follows exceptionally sharp from 46,031 establishments, in 15 major industrial groups
declines during the two preceding weeks. A month ago having in May, 4,721,032 employees whose combined earnthe index stood at 71.4, while a year ago it was 88.9. (The ings in one week were $115,617,936. The combined totals of
index number 100 represents the average for the three years the 15 industrial groups show a decrease of 0.9% both in
1926-1928.) The report particularizes as follows:
employment and pay-roll totals.
Of the 14 groups comprising the index, four advanced, four declined.
Increased employment in May was shown in 2 of the 15 Industrial groups:
and six showed no change. The largest gain during the latest week was Power, light and water, 0.5%; and dyeing and cleaning, 1.0%.
shown in the group of grains feeds and livestock, due to better prices for
Decreased employment was shown in May in the remaining 13 groups:
wheat, cattle and hogs. The group of other foods advanced more than Manufacturing, 0.5%; anthracite mining, 5.7%; bituminous coal mining,
one full point. The groups of miscellaneous commodities and metals 4.1%; metalliferous mlnii3g, 2.4%; quarrying and non-metallic mining,
advanced very slightly. Among the declining groups the largest drop was 1.5%; crude petroleum producing, 2.9%; telephone and telegraph, 0.8%;
shown in the group of fuel on account of another sharp cut in the prices electric railroads, 1.0%; wholesale trade. 0.4%; retail trade. 0.2%; hotels.
for petroleum, fuel oil and gasoline. The group of textiles declined slightly 3.5%; canning and preserving, 6.1%; and laundries, 0.2%.
due to reductions in the prices for cotton and cotton yarns. The groups
Manufacturing Industries.
which showed no change during the last week were agricultural implements,
Employment in manufacturing industries in May 1931 decreased 0.5%
automobiles, mixed fertilizer, chemicals and drugs, building materials
and house furnishings.
as compared with April, and pay-roll totals decreased 1.2%.
For the first week in many months the number of commodities showing
These changes are based on returns from 13,876 identical establishments
price advances outnumbered the commodities that declined. During In 54 of the principal manufacturing industries in the United States,having
the latest week prices for 23 commodities advanced, while commodities In May 2,858,058 employees whose combined earnings in one week were
that declined numbered 16. Among the commodities advancing were $68,237,022.
Wool, lard, cottonseed oil, raw sugar, flour, apples, cornmeal, wheat,
This seasonal decrease in employment in manufacturing industries in
corn, foodstuffs, cattle, hogs, lead, zinc, silver, and coffee. Listed among May is slightly less than the average decline shown by the bureau's indexes
the commodities that declined were cotton, butter, coconut oil, lambs, of employment for previous years. A falling off in employment in May
sheep, melting steel, petroleum, gasoline, and rubber.
has been shown in 6 of the 8 years prior to 1931, and the decreases, with
The index number for each of the 14 groups is shown in the table below.
one exception, have been greater than the decline shown in May 1931.
Increases in both employment and earnings were shown in five of the
WEEKLY WHOLESALE PRICE INDEX-BASED ON 478 COMMODITY
twelve groups of manufacturing industries included in the bureau's indexes,
PRICES (1926-1928=100).
i.e., food, lumber, stone-clay-glass, tobacco and vehicles. The paper
Month
Year
group showed no change in employment from April to May, and the misLatest Week Preceding
Ago,
Ago.
Week.
June 13'31
cellaneous group of industries reported a small increase in earnings coupled
with a decrease in employment. The remaining groups reported decreased
88.9
71.4
68.6
68.8
All Groups (14)
employment and pay-roll totals.
80.5
61.8
58.9
58.7
Textiles
75.5
57.3
Gains in employment in May, as compared with April, were shown in
65.2
Fats and oils
54.9
94.8
74.7
70.7
Other foods
71.9
29 of the 64 separate manufacturing industries surveyed, and increased
87.8
65.5
59.2
Grains, feeds and livestock
62.3
earnings were reported by 31 industries.
90.0
81.1
81.4
81.3
Fertilizer materials
The greatest increase in employment over the month interval was a
97.1
85.7
85.7
85.7
Mixed fertilizer
88.7
78.1
seasonal gain of 8.0% in the woolen and worsted goods Industry. Gains
76.4
Metals
76.7
95.7
95.4
95.4
95.4
Agricultural implements
Of over 5% in employment were reported by the ice cream, automobile tire,
95.7
88.4
88.4
88.4
Automobiles
and chewing tobacco industries, while the automobile, aircraft, beverage,
91.7
80.8
81.0
81.0
Building materials
85.6
cement, and brick industries reported increased employment ranging from
60.4
58.9
54.2
Fuel
95.6
89.0
88.8
3 to 5%• The cotton goods industry reported an increase of 2.3% in
88.8
Chemicals and drugs
97.6
92.2
92.2
92.2
-packing industry
House furnishings
number of employees and the slaughtering and meat
82.1
69.5
68.7
68.8
Miscellaneous commodities
showed a gain of 1.3%.
The greatest decrease in employment in May was shown in the fertilizer
Industry, which reported a seasonal loss of 37.4%. The agricultural
-May Figures implement industry showed 17% fewer employees in May,as compared with
Annalist's Index of Business Activity
April, millinery and lace goods reported a drop of 9.4%, and the radio
3.3% Below April.
industry decreased 7.8% in employment over the month interval. EmThe"Annalist"Index of Business Activity shows a decrease. ployment in the piano industry declined 5.8%, cane sugar refining and
clothing reported 5.2% fewer employees, and silk goods and men's
for May and, on the basis of preliminary figures, now stands women's
clothing reported losses of over 4.0% in employment. The iron and steel
The preliminary industry reported 2.5% fewer employees and foundry and machine-shop
3.3 points below the April point of 80.8.
index for May is 77.5, as against 77.9 (revised) for March, Products decreased 2.0% in employment.
Increased employment and pay-roll totals were shown in the South
76.2 for February, and 74.4 for January. The "Annalist"
Atlantic, West South Central, Mountain and Pacific geographic divisions.
adds:
The East and West North Central divisions reported practically unchanged
As foreshadowed by the weekly business index, the "Annalist" index of employment coupled with slightly increased earnings. The remaining
business activity shows a downturn for May following its January-to-April divisions reported decreases in both employment and pay-rolls, the greatest
rise. The preliminary index for May is 77.5, as against 80.8 for April, decrease in both items occurring in the Middle Atlantic division.
Per capita earnings in manufacturing industries in May 1931, were 0.7%
77.9 for March. 76.2 for February and 74.4 for January, when the cyclical
less in April 1931.
low point to date was established.
In May 1931. 12.012 operating establishments in manufacturing industries
All of the components for which May data have been received are lower
for May than for April. The predominating factors in the decline were, reported an average of90% offull-time operation, this percentage showing a
however,a sharp decrease in the adjusted index offreight car loadings, which decrease of 1% over the month interval.
JUNE 20 1931.]
FINANCIAL CHRONICLE
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1926=100.)
74.5
6 biab;ok. ;;.4 b1;-, io4i-4tw;obip;-.bob5Cabobo'coi4imbk.iaL4b,6;06iaboilo44..b,W
,
87.0
89.4
78.1
78.5
87.9
90.1
83.5
80.1
77.3
80.6
80.7
71.7
77.2
93.5
76.1
75.1
98.3
84.4
71.9
76.2
60.6
74.1
70.9
68.8
70.8
57.7
65.4
54.3
51.1
55.2
62.2
81.5
77.6
82.5
92.0
82.0
82.0
91.9
107.6
86.8
86.6
116.4
77.9
63.6
63.9
51.1
80.6
72.9
W00.4
00WOM
ODWOOM
WMOW.4.2WOWOQWOQWWW.2M.4-4.40,00000-4000WWW.4000..40 3WWW 0,000000
00
w*C.424,1sol.Ww...44.W0000WWWW.1,
,4.
0.
04
, 1WIP.ON00000.000u=0
87.7
74.1
Payroll Totals.
May
Aprtl
May
1930. 1931. 1931.
87.6
67.4
85.9
90.0
73.2
79.4
84.4
87.5
83.5
71.4
71.4
72.9
71.9
65.4
64.6
90.6
58.2
62.8
83.7
77.7
60.7
67.3
58.2
60.7
58.2
53.6
56.1
44.7
50.0
44.1
40.1
47.7
49.7
68.2
73.3
66.8
93.4
75.5
82.1
92.6
110.2
83.7
84.1
105.4
79.7
54.7
57.6
38.5
70.6
68.1
87.3
91.6
73.3
82.6
84.1
89.7
79.5
68.9
72.6
74.7
66.9
72.4
65.4
84.7
50.7
62.7
72.4
60.9
57.8
62.1
55.8
60.8
56.4
53,2
54.5
41.9
50.3
45.0
41.8
49.1
48.7
66.5
73.8
64.4
92.7
75.2
81.7
90.9
110.3
79.8
82.9
66.5
79.2
55.7
61.1
39.4
69.0
69.0
71.0
73.8
69.7
82.1
70.4
72.3
69.5
82.7
78.5
76.2
79.4
86.9
63.1
67.3
61.5
69.5
61.6
63.9
60.7
72.3
79.8
82.4
68.2
76.8
40.8
84.6
82.4
68.3
79.1
41.5
86.0
87.0
90.7
98.9
70.1
73.9
69.0
64.7
68.8
40.9
78.7
71.5
65.6
73.5
42.6
77.7
91.3
77.9
76.2
53.2
78.0
49.7
82.3
102.8
102.8
59.6
71.9
43.6
56.9
72.0
36.3
86.2
41.5
61.7
69.0
100.3
84.3
39.1
63.5
72.5
98.2
110.9
42.1
75.9
89.8
125.4
78.9
31.6
43.9
65.1
94.9
78.1
27.4
45.6
69.4
96.6
1
78.9
59.9
79.3
59.9
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices advanced to 100.8 on Tuesday, June 16, a gain of
0.3 from the post-war low of 100.5 last week and the week
previous, and the first upward movement in over three
months. Advances in the farm, food, and textile products
groups much more than offset losses in fuels, metals, and
building materials.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
June 16 1931. June 9 1931. June 17 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
88.2
108.3
95.4
118.8
101.1
118.8
99.7
85.6
100.8
86.5
108.0
95.2
121.8
101.3
120.2
99.7
85.6
100.5
118.5
131.8
120.4
155.1
112.1
142.7
108.0
107.1
127 4
Chain Store Sales in May Declind 4.59% as Comparede
with Same Month Last Year.
According to a compilation issued by Merrill, Lynch &
Co. of this city, 49 chain store companies, including three
mail order concerns, show total sales for the first five months
of 1931 of $1,559,525,213 against $1,629,552,072 in the
corresponding period of 1930, a decrease of 4.29%. The
,
three mail order companies alone show sales for the first
five months of 1931 of $231,961,377 against $262,044,780
in the first five months of 1930, a decrease of 11.48%.
Excluding the mail order concerns, 46 companies show sales
for the five months of 1931 of $1,327,563,836 against sales
of $1,367,507,292 in the same period of 1930, a decrease
of 2.92%.
Results for May 1931, as reported by the same 49 chain
store companies, including three mail order concerns, show
total sales of $342,343,003 against $358,827,139 in May
1930, a decrease of 4.59%. The three mail order concerns
alone show sales for May of $51,576,823 against $58,708,367
in May 1930, a decrease of 12.14%. Excluding the mail
order concerns, 46 chain store companies show sales for
May 1931 of $290,766,180 against $300,118,772 in May
1930, a decrease of 3.11%. A cowthurative table shows:
66.6
88.0
98.0
90.6
99.9
78.6
80.8
83.7
99.3
86.3
98.2
91.7 100.4
89.1 102.8
79.8
78.2
79.1
77.7
81.4
84.6
76.9
73.7
77.4
76.6
78.2
67.1
91.2
90.4
72.8
61.4
74.9
67.9
93.2
86.7
76.5
84.0
70.3
89.5
74.2
92.0
61.0
75.2
72.5
96.3
69.5
92.1
68.0
73.2
68.7 102.8
55.8
61.7
64.8
68.4
54.6
72.2
51.6
75.2
56.0
69.2
61.5
68.2
79.9
73.1
77.3
85.5
80.6
69.6
92.0 104.9
82.6
96.1
81.4
90.9
91.5 105.6
107.7 114.3
80.6
97.0
85.0
96.0
72.9
88.6
78.1
99.3
65.1
75.5
66.1
81.9
52.7
63.9
82.1
76.6
74.0
87.8
•-•
Ockl,V
.4
Genarallndez
RIOd and kindred products
Slaughtering and meat PackingConfectienerY
Ice cream
Flour
Baking
Sugar refining. cans
Textiles and their products
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods
Carpets and rugs
Dyeing and finishing textiles
Clothing. metes
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and tbear products_
Iron and demi
Cast-iron pipe
Structural ironwork
Foundry & machine-shop prods
Hardware
Machine Mols
Steam flUksins
Stoves
Lumber and he products
Lumber.sawmills
Lumber. millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and Pulp
Paper boxes
Printing, book and job
Printing, newspapers
Chemicals and allied products-.
Chemicals
Fertilizers
Petroleum refining
Stone, clay, and glass products..
Cement
Brick, tile, and terra cotta.--.
Pottery
Giza,
Metal products, other than iron
and steel
Stamped and enameled ware.._
Brass, bronze, and oopeer prods
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles for land transportation
Automobiles
Carriages and wagons
Car building and repairing,
electric railroad
Car building and repairing,
steam railroad
Miscellaneous Industries
Agricultural Implements
Electrical machinery,apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automoblle tires & inner tubes_
Shipbuilding
Km/Semen:.
'
Map
April
May
1930. 1931. 1931.
1= 00.q.1.0
W00.704
01
MaussfactuAng Industries.
4485
Month of May.
1931.
1930.
First Five Months.
Dec.
1931.
I
Dec.
1930.
$
$
%
1.6 450,768,532! 465.178,810
0.98 129,154.4948 140,800,870
4.7 108,300,2581 110.597.891
0.1 h100,371,774 6103,639,863
25.9 88.572,0301 106,195.803
. .
9.9 62,527,068 70,630,918
5.11 55,343.004 56.057.488
4.9 158,551,595 160,588,288
1.8 143.406.312 144,993,319
36,379,031
10.4 32,342,121
11.8 32,400,824 36,471,066
x7.3 26,799,109 24,543.585
x1.3 25,376,398 25,093.897
x3.6
22,419,787 21.634,960
4.9 16,344,855
16,198.525
3.1
Gr1. All. & Pacific_ 8102946053 a104673214
8.3
Sears, Roebuck.... 630,408,560630,685,991
2.1
F. W. Woolworth__ 24,117,367 25,308,640
3.1
Kroger Gro.& Bak_ c20,470,422 c20,493,922
16.6
Montgomery Ward_ 18,547,245 25,050,304
6.0
Safeway Stores____ 18.252,435 19,647,815
11.4
J. C. Penney
15,450,125 17,159.885
1.2
S. S. Kresge
12.122.843 12.777.855
3.3
American Stores Co.d10,389,683 d10,927,956
3.5
First Nat. Stores- c8,426,914 c8,585,136
11.0
MacIvfarrStores,Inc 6,838,733 7.635.392
11.1
National Tea Co_-. 6,631.375 7,525.836
x9.1
6,605,996 6,152,588
W. T. Grant
11.1
5,468,867 5,398.883
S. H. Kress
13,6
4,657,500 4,493.610
Walgreen Co
x0.9
McCrory St. Corp. 3,411,679 3,588,020
F. & W. Grand
Silver Stores_ - - 3,091.246 3,194,005 3.21 13,592,3911 13,564,634 x0.2
11,251,111 2.0
Melville Shoe Corp_ 2,797,748 2,915,133 4.0 11,026,030
H. C. Bohack
e2,686,696 e2,434.631 x10.3 k14,326,718 k12,493,205714.6
15,048,107
14,234,853
Nat'l Bellas Hess.. 2,621,018 2.972,072 11.8
14,442,025 15,639,029 7.8
DanielReeves, Inc. 2,407,653 2,702,568 10.9
13,925.667, 14,524,704" 4.1
e2,653,487 e2,832,001 6.3
GrandUnion
10,810,689 10,469,767 x3.2
Dominion St., Ltd. 2,582.702 2,396,623 x7.7
9.985,613 13.0
10,267,0111
J. J. Newberry.--- 2,414,336 2,502,635 3.5
9.100,686x11.8
2,410,232 2,188,583110.1
10,174.007,
Lerner Stores
8,161,126 13.4
8,442,946
Interstate Dep. St_ 1,991,618 2,025,250 1.6
10,052,800 11,476,357 12.4
1,957,168 2.279.535 14.1
Childs
7,712,120 0.5
7.668,005
McLellan Stores... 1,860,597 1,968,308 5.4
6,892,439
5,812,096138.5
C.C. Murphy
1,549,487 1,410,166 x9.8
7,139,667' 18.2
5,833.717
G. R. Kinney
1,528,831 1,765,786 13.
7,196,543
6,887,462 x4.4
Peoples Drug Stores 1,463,047 1,445,174 x1.2
7,367,602
7,167,796 12.8
Lane Bryant, Inc
1,452,891 1,872,302 22.
5,590,029 15.6
5,905,060
1,370,752 1,483,559 7.6
Neisner Bros
6,553,961
6.748.832 2.9
Waldorf System... 1,338,682 1,379,345 2.9
3,231,808168.9
5,459.003
617,099193.5
Loft's
1,194,635
Western Auto Su
4,506,000
!
5,096,000 11.5
ply Co.(K. City) 1,191,000 1,361,000 12.5
3,894,988
3.818,872 x1.9
1,105.015 1,077,011 x2.6
Schiff Co
15,448.937; 16,205,940 12.2
[1,094,448 f1,254,320 12.7
Jewel Tea
2,718,767,
1,887,485:44.0
482,285 152.2
734,052
Edison Bros
3,507,464
3,688,219 4.8
849,202 13.6
733,338
American Dept. St_
2,411,280137.9
3,326,560'
438,096153.1
670,872
Bickford's
1,894,191
428,796 x17.0
1,646.117 x15.1
501,616
Kline Bros
2,520,540 10.6
2,251,837
481,759 4.3
460,704
Winn & Lovett__ _ 2,405,231
2,866,287 16.0
555.640 18.7
451,590
Exchange Buffet...
1,987,377
498,324 16.3
2,067,501 3.8
416.748
Sally Frocks
1,442,718
1,653.701 12.7
363,593 23.0
279.917
Nat'l Shirt Shops..
785,700
209,594 x8.4
635,259:23.6
M.H. Fishman--227.335
713,185:12.4
801,287
182,981 x8.7
198.985
Raybee Stores
794,386
859,977 7.8
154,716 x2.6
158,760
Morison Elec.SuPP.
Total 49 chain store
& mall order co's_ 342,343.003 358,827,139 4.59 1,559,525,213 1,629,552,072 4.29
3 mail order co's__ - 51,576,823 58,708,367 12.14 231,981.377 262,044,780 11.48
46 chain store co's_ 290,766.180 300,118.772 3.11 1,327.563,836 1,367,507.292 2.92
a Five weeks ended May 30. 13 Four weeks to May 11. c Four weeks to May 23.
d Four weeks to May 31. e Four weeks to May 30. f Four weeks to May 18.
Jan. 210 May 21. h 20 weeks ended May 23. 1 First 21 weeks. I Dec. 27 to
May 23. k 21 weeks to May 30. 1 20 weeks to May 16. x Increase.
Trend of Business in Hotels.
According to Horwath & F1orwath hotel sales in May
dipped to the lowest point since the depression began. Total
sales decreased 19% from May 1930, room sales 17% and
restaurant sales 20%. The room rate was again sharply
lower, 7%, and the occupancy was only 61% of capacity,
7 points below that of last May. Only 9% of all contributors had higher sales and most of the increases were due
entirely to special business. The survey continues:
While in April there was earns evidence of improvement, in May there
was none. and Chicago was the only city in which the sales decrease vras
smaller than in April. The following comparison of the months of 1931
With those of 1928 shows that the total decrease in May was the largest of
the year, 22.4%. This is due chiefly to the fact that California and the
group, "other cities," show so much larger decreases than In any of the
other months. The downward trend of all the other groups is not so sharp.
Decreases from Same Months in 1928.
February.
January,
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Other cities
Total
March.
May.
-24.8%
--I9.1
-24.6
-22.3
--27.1
-23.6
--I5.2
--14.7
-25.2%
-22.0
-30.0
-17.5
-17.1
-14.7
-19.6
-15.9
-28.0%
-19.7
-27.9
-31.0
-20.7
-26.4
-18.9
-15.3
-24.1%
18.8
-27:2
-19.5
-20.1
24.3
-21.1
-17.1
-25.1%
-16.9.
-28.3
-22.7
20.1
-26.0
-22.3
21.4
-20.5%
-22 %
.0
-20.6%
19.7%
-22.4%
No part of the country and no type of hotel are escaping the depression.
The comments of contributors very definitely bring out the fact that hotel
spending has been cut down to the minimum: the industry is coping with a
"buyers' market," which may still last for some time.
Sales.
Occupanzy.
Room Rate
Analysis by Cities in
Which Hortoath AC Percent of Int.(÷) or Dec.(-)-------- Percent of
This Same Mo. Inc.(4.)
Hortvath Offices
Total. Rooms. Re,staur't. Month. Last Year or Dec.Are Immved.
New York City
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other cities report..
Total
21
15
16
-21
20
-21
-23
-17
-16
-20
-11
-13
-19
-16
-18
-21
-17
-15
-23
-22
-18
-23
-22
-26
-24
-16
-16
55
68
50
53
71
55
58
63
69
63
69
55
59
79
61
70
71
75
-8
-10
4
-10
6
-7
4
-6
7
-19
-17
-20
61
68
-7
[VoL. 132.
FINANCIAL CHRONICLE
4486
to 13,805 cars,
along livestock loading for the week ended June 6 amounted
Canadian Building Permits for May 1931, as Reported a decrease of 4,360 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities,
of Statistics, Also Shows
by Dominion Bureau
compared not only with the same week in 1930 but also with the same week
Falling Off.
In 1929.
Loading of revenue freight in 1931 compared with the two Previous
The value of the building permits issued by 61 cities during May 1931 was lower by 13.9% than in April 1931, and years follows:
1929.
1930.
1931.
4,518,609
lower by 41.6% than in May 1930. According to statements Five weeks in January
4,246,552
3.490,542
3,797,183
the auth- Four weeks in February
3,506,899
2,835,680
tabulated by the Dominion Bureau of Statistics,
3,837.736
3,515,733
in March
Four
2,939,817
orizations amounted to $11,868,171 as compared with $13,- Four weeks in April
3,989,142
3,618,960
2,985,719
weeks
$20,321,160 in May 1930. Five weeks in May
5,182,402.
786,466 in the preceding month and
4,593,449
3,736,477
1,055,768
935,582
760,890
The total for the first five months of 1931, namely, $49,- Week of June 6
001,536, was lower than that for the corresponding period
22,380,840
20,417.175
Total
16,749,125
of any of the years since 1921. Wholesale prices of building
materials were lower in 1931 than in any other year of the Building Permits in May Show a Big Decrease, According to S. W. Straus & Co.
record. The details follow:
Some 50 cities furnished detailed statistics, showing that they had issued
Building permits issued in 555 cities and towns of the
over 1,200 permits for dwellings valued at approximately 25,800,000 and
1931 amounted to
for some 3,100 other buildings estimated to cost over $5,300,000. In United States during the month of May
April, authority VMS given for the erection of some 1,000 dwellings and $139,467,981, according to official reports made to S. W.
2,700 other buildings, valued at approximately $5,000,000 and $7,- Straus & Co. This figure represents an 18% decline from
000,000 respectively.
$170,115,330.
New Brunswick, Quebec and Ontario reported increases of 69.7%, April of this year, when the volume was
12.8% and 21.6%, respectively, in the value of the permits issued as com- Normally there is a seasonal decline of about 11.8% between
pared with April 1931. Of the declines in the remaining provinces, that the
two months. The permits issued during May fell 30%
of $1,332,810 or 85.5% in Nova Scotia was most pronounced.
was
As compared with May 1930, New Brunswick and Quebec alone registered below the same month of 1930, when the amount
increases. All the other provinces recorded declines, of which that of $198,709,117.
$5,518.988 or 53.8% in Ontario was most noteworthy.
As a group the 25 cities reporting the largest volume
Of the larger cities, Montreal reported a higher total of building permits
Issued both in April 1931, and in May 1930, while in Toronto. Winnipeg of permits for the month showed a decline of 19% from
and Vancouver there was a decrease in both comparisons. Of the other April, of 16% from May of last year, and of 43% from
centres, Fredericton, Saint John, Belleville, Hamilton, York and East
second in volume, while
York Townships, St. 13oniface and North Vancouver recorded increases in May 1929. Cincinnati ranked
the value of the building authorized as compared with both the preceding Chicago dropped to 13th place. Eleven of the cities made
month and the same month of last year.
-namely, Cincinnati,
individual gains over May 1930
Cumulative Record for First Five Months 1931.
Washington, Boston, St. Paul, White Plains, Reading,
The following table gives the value of the buildings authorized by61 cities Waco, Dayton, Syracuse, New Rochelle, and Fort Worth,
In May and in the first five months of each year since 1920, as well as index
Baltimore, St. Paul,
numbers for the latter, based upon the total for 1920 as 100. The average while nine-Cincinnati, Washington,
index numbers of wholesale prices of building materials in the first five White Plains, Reading, Waco, Dayton, and New Rochelle
months of the same years are also given (1926-100.)•
registered advances over May 1929.
Value of
PermUs
Issued
in May.
$11,868,171
20,321,160
24,185,738
27,515,522
20,138,657
18,504,296
15,520,435
14,807,589
18,937,638
19,527,061
14,460,878
13.082.015
349,001,536
66,792,498
96,792,675
79,285,027
62,479,480
60,042,369
50,983.833
46,544.689
57,946.608
54,040.922
41,530,750
47.640.916
Indexes of Value Atege Indexes of
Wholesale Prices
of Permits
of Building
Issued in
Materials in
First Five
lot Fire Months
Months.
(192100.) (1926.4n.=100.)
102.9
140.2
200.6
166.4
131.1
126.0
107.0
97.7
121.6
113.4
87.2
100.0
83.7
92.8
99.1
96.9
96.7
101.3
103.1
111.3
111.1
102.0
132.2
144.7
The aggregate for the first five months of this year was 50.6% lower than
in 1929, the previous high level of the record, while the average index
numbers of wholesale prices of building materials continued lower than in
any of the years sillek 1920.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR MAY 1931, WITH COMPARISONS.
May 1931.
New York (P. F.)
Cincinnati
Washington
Baltimore
Los Angeles
Boston (P. F.)
San Francisco
St. Paul
Detroit
White Plains
Philadelphia
Reading,Pa
Chicago
Oklahoma City
St. Louis
Milwaukee
Waco, Texas
Dayton, Ohio
Syracuse
Minneapolis
Seattle
Pittsburgh
New Rochelle
Buffalo
Fort Worth, Texas
t
.>
........•-.....NNb3WWWW0..45
ccepPIT7-4.,11.4P.00,QQ10;,11
4.030000 0000100.00.-...4aa.otw.WW0
WWW0..NONCACOCWCnCn.qW..4
,
-40 WCno4
1
141, 4.1o1-.Woca,14"012.17..
1,
,
N.... (2.0WOON4 4.010Cm..P.WWJOOM.4..b.,
wW.C.00V.CON000000.-.0W.P-4..00000N
000WOODO200000
.3NIONON.WWWWW
,
0.
WW10.00.40000..
.881.1e.00ls
Year.
Value of
Permits
Issued
in First
Five Months.
May 1930. May 1929. AprIl 1931.
$39,088,327 $42,209,198 $58,070,131
1,711,485
2,962,800
4,262,320
2,206,680
2,021,245
3,032,412
5,869,440
2,637,360
3,631.200
3,413,850
8,535,229
7,141,950
2,669,297
8,097,602
2,463,277
1,837,433
4,307,352
2,881,110
1,229,658
699,810
1,784,072
2,709,488
5,024,392 11,209,318
186,800
1,606,695
770,225
7,662,135
8,893,170
4,526,985
187,883
958,389
145,439
3,723,600
11,697,300 34,073,900
1,038,848
2,647,335
2,347,841
4,568,665
2,436,097
2,201,856
3,399,249
4,832,254
3,228,529
63,007
569,701
37,034
163,982
278,974
412,343
595,660
1,893,609
495,825
1,707,855
1,885,335
1,395,125
913,530
2,447,995
2,777,520
1,891,946
4,884,327
2,386,462
548.078
073,165
344,577
1,107,294
1,244,735
1,179,416
419,809
1,865,896
640,091
Loading of Railroad Revenue Freight Still Much Below.
Loading of revenue freight for the week ended on June 6
$87.166,056 $103,875,628 $154,171,491 $107,805.603
totaled 760,890 cars, the car service division of the American
(P. F.) indicates plans flied.
Railway Association announced on June 16. This was an
increase of 49,956 cars over the preceding week, when there Labor's Wages Show $2,500,000,000 Drop-Federal
Government and New York City Take on More
was a reduction due to the observance of Decoration Day.
-William Green Scores Wage-Cutting.
Employees
Compared with the same week last year, the total for the
6 was a reduction of 174,692 cars, while it also
week of June
Unemployment, wage-cutting and part-time work have
was a reduction of 294,878 under the same week two years lost the American workers between $2,500,000,000 and
ago. Details follow:
$3,000,000,000 during the first quarter of 1931, according
Miscellaneous freight loading for the week of June 6 totaled 306,824 cars, to a comparison with the figures for the corresponding
an increase of 25,191 cars above the preceding week this year, but 62,492
Federation of Labor
cars below the corresponding week in 1930 and 113,458 cars below the period of 1929, made by the American
same week in 1929.
In its monthly survey of business, issued June 5. CoinciGrain and grain products loading for the week totaled 34,397 cars, a
this report comes an announcement from Washdecrease of 425 cars below the preceding week this year and 4.160 cars dent with
under the same week last year. It also was 4,577 cars below the corre- ington stating that the Federal Government has in its emsponding week two years ago. In the western districts alone grain and ploy 1,556,000 persons and plans to increase that number.
grain products loading for the week ended June 6 amounted to 23.309 cars,
In New York the Board of Estimate has voted a $2,000,000
a decrease of 2,171 cars compared with the same week last year.
Forest products loading totaled 33.231 cars, an increase of 1,899 cars wage fund to supply further jobs for the unemployed. The
above the preceding week this year, but 17,744 cars under the same week
as printed in the New York "Herald Tribune" of
in 1930. It also was a reduction of 36,762 cars below the corresponding survey,
June 5, continues, in part:
week two years ago.
Ore loading amounted to 30,746 cars, an increase of 4,862 cars above
the week before, but 32,704 cars below the corresponding week last year
and 48.708 cars under the same week in 1929.
Loading of merchandise less than carload lot freight totaled 223,967 cars,
an increase of 26,725 cars above the preceding week this year, but 19.786
cars below the same week last year and 36,393 cars under the same week
two years ago.
Coal loading amounted to 107.698 cars, 8,173 cars below the preceding
week and 28,189 cars below the corresponding week last year. It also was
42,160 cars under the same week in 1929.
Coke loading amounted to 5,959 cars, a decrease of 268 cars below the
preceding week this year and 3,786 cars under the same week last year.
Compared with the same week two years ago, it also was a reduction of
6.431 cars.
Livestock loading amounted to 18,068 cars, an increase of 135 cars above
the preceding week this year, but 5.831 cars below the same week last yeasand 6,389 cars below the same week two years ago. In the Western districts
By April wages paid in factories were less than two-thirds the 1929 payments-$650,000,000, as compared with $990,000,000 in April 1929, says
the survey. Although we have no monthly figures for other workers'
incomes, except on railroads, we know that they followed in general the
same trend.
Now this less is a most significant fact. Nearly all of the lost income
would have been spent for the products of industry and agriculture sold
through retail stores. In 1929 all the retail stores in the country, including
grocers, bakers, meat markets, hardware stores, automobile supply stations,
clothing, department stores and all others did, roughly, $13,000,000,000
worth of business in three months. The decline of nearly $3,000,000,000
in workers' incomes means that in the first quarter this year the stoves lost
more than one-fifth (20%) of their entire business.
Will business start an era of wage-cutting, price-cutting, business failures, curtailed production, to plunge us still further into depression? Wage
cuts have less effect on costs than is generally believed. They bring many
JUNE 20 1931.]
FINANCIAL CHRONICLE
evils in their train-discontent, fear and retrenchment on the part of the
workers, reduced purchasing power and, therefore reduced production, and
the net result is loss, not gain.
Canadian Production at 1927 Level
-Output Sold
Much Below Average for That Year-Newsprint
Industry at 64% of Capacity.
In its "Commercial Letter" for June, the Canadian Bank
of Commerce summarizes general business conditions as
follows:
The seasonal peak in industrial operations has now passed; in some cases
the upward swing ended in April, while in others it continued through to
May. Certain factors kept business on a fairly even keel during the first
part of the year and give some indication of what may be expected to
develop during the next few months. In April the production of steel
declined, but not so sharply as was expected; in fact, the drop was
relatively smaller than from March to April 1930, although sufficient to
bring it down to the level of 1927. A further recession, however, is indicated by preliminary reports for May. Automobile production more than
doubled between January and April to a point about 25% below the normal
rate, but a decrease will probably be shown for May. The operations of
the newsprint industry have expanded eaah month since February until in
April the mills were working at 64% of capacity; in accordance with
seasonal influences they should have reached the peak of production in May,
from which month an appreciable decline may be expected throughout the
summer, although this might be lessened somewhat if a strike now in progress
in the pulp and paper industry of Norway is long drawn-out. The lumber
mills of British Columbia, which constitute the greater part of the national
industry, have steadily increased their cut during the last five months;
this production, however, was only about two-thirds of the five-year average.
The record of the mining industry is a mixed one. From January to
April the output of coal was about 25% below normal, and the asbestos
mines, while working at a slightly better rate than in the early part of the
winter, were also comparatively slack. There has been no well-defined
trend in copper production, a decline in one month being followed by an
increase in the next, but when complete official reports are received it will
probably be found that the output has fallen slightly from the record level
of 1930, owing to the participation of major producers in the restriction
agreement between the world's leading copper-mining companies. Curtailment of lead is also apparent from various reports, but zinc production has
continued on a comparatively stable basis. The gold-mining companies
have continued to operate at a record rate, and there is the promise of
further expansion. Owing to the association of cobalt with silver, a fairly
good market for the former has enabled the silver mines to continue on a
scale not much smaller than a year ago. Construction, while not so active
as in the winter and spring of the three preceding years, has been above
that of the like period of 1927. As was noted in the preceding issue of the
"Letter," the volume of construction contracted for in April of this year
was disappointing, but that reported by MacLean's Building Reports, Ltd.,
for May increased by 62%, although the value was about 20% less than
in May 1930. According to our calculations, in which allowance has been
made for a reduction in the cost of such work during the past year, the
volume of construction now in progress is about 20% smaller than at this
time in 1930. Exports of wheat were not so large in March and April that
they could be regarded as satisfactory in view of the record stocks on hand,
but they were much greater in May, bringing the total for the elapsed part
of the "wheat year" to about 230 million bushels.
General employment conditions may be fairly well judged by the Dominion
Government's monthly statement combining reports submitted by over 7,000
employers, the latest of which, as at May 1, shows a seasonal upturn in
April to a point about equal to the same period in 1928 ; there is, however,
a qualifying note to add, namely, that there is more part-time work this
year, which is not reflected in the official report, and taking this factor
into account the volume of employment is probably not greater than in 1927.
To summarize, Canadian industrial production has recently been on the
1927 level, but some qualification is again necessary, in that the output
has been sold at an abnormally low rate of profit. To fall back four years
in volume, and still further as regards earning power, may seem discouraging, but from additional analysis, omitted here in consideration of space,
we find that such a degree of retrogression is less than in most other
countries.
Philadelphia Reserve Bank Reports Drop in Employment and Wages in Pennsylvania Factories in
May.
Pennsylvania factory employment dropped over 2%
and total wage payments and hours worked declined over
6% from April to May, according to reports received by
the Federal Reserve Bank of Philadelphia from over 800
plants, employing about 271,000 workers, with a weekly
payroll of nearly $6,000,000. While a small decline in
employment in May is typical, the drop from April to May
last year also was 2% in employment and over 4% in wage
payments.
The metal products and transportation equipment groups experienced the
largest decline in wages, although all groups showed decreases with the
exception of food products. Increases in employment were shown in the
food and chemical products groups, the gain in the latter being due to
greater employment in the paint and varnish industry and petroleum refining. While textile products in total show a decrease from the previous
month, woolens and worsteds, carpets and rugs, and men's clothing showed
Increases in both employment and wage payments, hosiery and knit goods
reported larger wage disbursements, and cotton goods more employees on
rolls.
Compared with a year ago, employment was 18% lower and wage payments were 32% less. All industries contributed to these decreases with
the exception of woolens and worsteds, women's clothing, and shirts and
furnishings, which reported gains in employment and wages, and men's
clothing, petroleum refining and confectionery, which showed slight in
creases in employment but lower payrolls.
Delaware factories reported a slight drop in employment with small
gains in wage payments and hours worked. Metal products, transportation equipment. and textile products increased in both employment and
wage payments.
4487
EMPLOYMENT AND WAGES IN CITY AREAS.
Compiled by the Department of Research and Statistics of the Federal Reserve
Bank of Philadelphia.
Employment
Payrolls
No. Percentage Change Percentage Change
of
May 1931 Since
May 1931 Since
Plants
Report- April
May
April
May
1930.
1931.
lag.
1931.
1930.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
-6.0 -23.8
76
-8.4 -37.5
+0.5
14
-3.9
-4.2 -20.2
-2.0 -22.0
23
-8.4 -38.3
32
-4.7 -18.9 -11.9 -33.0
-9.9 -30.8 -10.6 -40.6
19
-22.0 -41.1 -25.1 -49.8
15
+1.6
29
-5.9
+1.7 -14.5
-1.3 -21.7 -12.9 -40.5
11
-0.5 -17.7
251
-0.7 -25.4
-1.4 -17.5
92
-9.2 -37.6
Reading-Lebanon
+0.4 -14.5
67
-1.3 -23.7
Scranton
35
--SAS -21.4
-5.2 -13.7
--3.5 --22.2
24
Sunbury
--8.1 --38.4
24
Wilkes-Barre
-9.5
-6.8
-8.6 -20.8
25
Williamsport
+1.5 -20.4
-7.1 -29.7
28
+0.5 -17.6
+3.5 -21.6
W ImlisItton
York
_
49
-5.0 -13.1
-5.0 -23.6
EMPLOYMENT AND WAGES IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphis.
Increase(+) or Decrease(-)
No.
of
May 1931 from April 1931.
Plants
Report- EmployTotal
Average
ment.
ing.
Wages.
Wages.
Industry.
All manufacturing industries
-0.6
+1.8
60
+2.3
+4.3
+11.5
13
Metal products
+6.8
+1.4
6
Transportation equipment
+3.2
+1.8
+1.9
4
Textile products
+0.9
-1.0
-2.3
8
Foods and tobacco
+0.9
+3.3
-9.4
4
-10.1
Stone, clay and glass products
-0.7
-4.7
5
Lumber products
+11.2
+5.9
+0.4
5
-5.2
Chemical products
-5.6
-1.3
8
-1.8
Leather and rubber products
+4.8
0.0
7
Paper and printing
-3.4
-3.4
EMPLOYEE HOURS IN DELAWARE
Compiled by Federal Reserve Bank of Philadelphia.
No. Increase(+1 or Decrease(-)
May 1931 from April 1931.
of
Plants
Industry.
Report- EmployTotal
Total
meat.
lag.
Wages.
Holes.
-1.3
All manufacturing industries
54
+0.9
+0.1
-0.1
11
+1.1
Metal products
+5.1
+4.3
5
+10.4
Transportation equipment
+8.2
4
+1.9
Textile products
+0.9
-1.3
-2.4
7
Foods and tobacco
+0.9
-1.7
-9.4
4
-10.1
Stone, clay and glass products
-3.1
-4.7
5
Lumber products
+5.9
+5.9
5
+0.4
-5.2
-1.9
Chemical products
-6.6
7
-1.9
Leather and rubber products- ------3.9
-4.0
0.0
Paper and printing
-3.8
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
-1923-1925 average=
--100.
Index Numbers
Employment
May 1931.
Group and Industry.
No. of
Plants
ReportMay
lug
Index
Payrolls
May 1931.
Per Cent
Change Since
April
1931.
Per Cent
Change Since
May
May Index. April
May
1930.
1931. 1930.
All manuf. Indust. (51)____ 841
774 -2.5 -17.8 64.9 -6.5 -31.6
Metal products
72.3 -3.5 -21.9 58.3 -9.5 -39.1
254
Blast furnaces
12 • 47.5 +1.9 -17.8 37.1 -2.1 -37.3
Steel works ds rolling rallis 51
67.5 -4.5 -20.4 54.7 -13.6 -38.1
Iron and steel forgings
62.5 -3.5 -33.9 52.6 -4.9 -41.4
10
88.0 +7.7 -31.2 73.4 +25.0 -42.5
10
Structural iron work
Steam and hot water heat90.5 +7.5 -12.9 70.6 +4.1 -30.4
15
ing apparatus
Stoves and furnaces
66.3 -3.8 -3.8 40.5 -0.5 -32.3
8
70.5 -5.4 -28.7 48.7 -8.3 -48.6
Foundries
36
82.6 -2.0 -17.8 61.3 -7.5 -35.0
Machinery and parts-. 45
92.8 -3.4 -19.2 82.2 -6.3 -37.0
Electrical apparatus
23
50.5 -5.8 -47.2 36.3 -8.1 -64.0
Engines and pumps
10
71.8 -4.8 -23.0 59.4 -3.3 -29.8
21
Hardware and tools
Brass and bronze products 13
66.8 -1.8 -36.6 53.9 -0.7 -47.5
37 *50.3 -3.5 -34.5 *39.3 -10.5 -49.0
Transportation equipment
4
66.3 +2.2 -22.5 46.9 -2.9 -33.6
Automobiles
58.4 +2.3 -35.5 44.2 -19.0 -45.0
Automobile bodies & parts 11
23.4 -5.6 -55.9 16.7 -13.0 -70.0
Locomotives and cars.... 12
66.9 -12.3 -11.3 58.0 -10.6 -24.8
6
Railroad repair shops
4
58.7 -1.8 -34.6 93.5 +0.4 -40.2
Shipbuilding
Textile products
89.6 -2.0 -9.8 79.9 -1.4 - 10.4
163
65.3 +6.2 -10.3 59.8 -3.5 -5.4
12
Cotton goods
57.6 +4.5 +8.3 55.2 +11.7 +16.7
Woolens and worsteds- 14
Silk goods
96.7 -7.2 -13.7 89.0 -12.0 -19.5
44
86.9 -3.3 -8.8 83.4 -7.5 -6.9
Textile dyeing .fr finishing 12
64.5 +4.4 -11.9 53.1 +9.5 -16.4
Carpets and rugs
10
Hats
0.0 -8.4 47.6 -0.2 -25.5
81.6
3
Hosiery
30 104.0 -0.3 -13.3 104.8 +5.0 -4.9
Knit goods. other
81.5 -0.2 -10.8 69.4 +4.5 -23.0
13
o
87.5 +2.7 +2.7 84.0 +7.3 -4.4
Men's clothing
8 128.4 -9.8 +14.4 127.0 -5.2 +11.9
Women's clothing
Shirts and furnishings
8 148.5 -0.7 +10.8 139.5 -1.1 +17.9
Foods and tobacco
93 104.3 +1.2 -7.0 94.4 +1.2 -13.8
Bread & bakery products. 27 108.3 +2.6 -4.4 102.1 +1.9 -9.9
97.6 +3.6 +1.1 94.4 +2.8 -7.8
13
Confectionery
11 108.5 +10.7 -13.8 102.5 +5.1 -20.0
Ice cream
94.5 -1.8 -2.0 80.7 +1.4 -15.0
14
Meat packing
28 102.0 -1.1 -10.1 83.2 -1.5 -16.9
Cigars and tobacco
58.7 -3.1 -22.7 46.2 -0.9 -36.6
Stone. clay & glass products. 71
71.8 -3.6 -18.8 49.0 -9.4 -40.2
Brick, tile and pottery... 34
56.5 +2.5 -12.1 48.6 +6.3 -28.3
15
Cement
Glass
49.5 .-9.7 -37.6 41.2 -3.5 -47.6
22
Lumber Products
55.3 -3.7 -25.4 48.0 -5.1 -31.4
52
33.6 +3.4 -49.2 30.2 +11.0 -53.8
16
Lumber and planing mills
62.7 -5.6 -16.0 53.6 -9.9 -23.0
Furniture
30
63.3 -3.4 -10.1 55.4 -5.5 -15.0
Wooden boxes
6
68
61.7 +1.3 -9.2 89.1 -2.5 -18.4
Chemical products
70.1 -6.9 -12.8 66.4 -18.9 -18.0
34
Chemicals and drugs
Coke
0.0 -33.9 58.9 -2.6 -39.4
72.6
3
73.6 -1.2 -12.9 70.6 -4.2 -21.6
3
Explosives
12
Paints and varnishes
95.2 +5.9 -4.9 98.9 +13.0 -9.8
6 128.8 +2.7 +1.7 127.4 -1.8 -11.6
Petroleum refining
92.5 -2.0 -5.0 88.8 -5.1 -11.9
Leather and rubber products 46
17
Leather tanning
99.9 -1.0 -4.2 95.0 -1.6 -9.4
18
Shoes
89.2 -5.1 -4.7 73.5 -20.1 -25.5
81.3 +2.4 -18.3 89.6 +7.8 -2.1
Leather products, other.7
88.1 -0.3 -0.5 104.4 +1.8 -4.0
4
Rubber tires and goodsPaper and printing
93.3 -1.0 -5.0 94.9 -2.2 -12.2
67
81.1 -0.9 -4.1 73.7 -4.2 -17.8
Paper and wood pulp- 13
Paper boxes and bags-.-.
78.8 -0.5 -12.4 81.7 .+4.9 -8.7
10
Printing and publishing- 44
99.8 -1.1 -3.5 104.0 -2.0 -9.2
•
Preliminary figures
4488
[VOL. 132.
FINANCIAL CHRONICLE
-than-seasonal increase in
but when viewed in connection with the more
March from February and with the seasonal stability in April indicates no
this group of industries in May.
substantial decline in employment In
The total volume of employment in the metal products industries in May,
however, was 19% less than in May of last year, and the total volume for
the first five months of 1931 was 21% less than during the corresponding
Average
reporting concerns in this group
*Weekly Wages. period of 1930. Eighty-one of the 174
reported employment declines in May from April, 10 reported no change
from April, and 83 reported increases.
Apra
May
The 1% decline in employment in 121 reporting machinery industries
1931. 1931.
was in contrast with the usual seasonal stability in this group. The total
volume of employment in the machinery industries in May was 18% less
$22.11 $23.02
22.72 24.29
than in May of last year, while employment during the first five months of
23.70 24.71
1931 fell 17% blind the first five months of 1930.
23.28 25.86
The 3% increase in employment in May from April in the rubber products
21.61 21.92
Industries, of which tire and tube manufacturing is the principal industry,
23.91 20.62
22.35 23.08
was greater than the usual seasonal increase of 1%. The total volume of
18.63 18.05
employment in rubber products in the State in May was 25% less than in
19.82 20.50
May 1930, and 26% less for the first five months of this year than for the
22.00 23.44
corresponding period of last year. The 2% increase in the stone, clay and
23.16 23.84
19.30 19.74
glass products industries was slightly greater than the usual seasonal
19.20 18.94
increase of 1%, but the total volume of employment in May was 9% less
22.72 22.54
than in May 1930, and 11% less during the first five months of 1931 than
23.55 25.22
26.45 27.78
during the first five months of last year. In the lumber products industries.
22.71 28.65
the 5% increase in employment in May from April was in contrast with the
20.84 22.05
usual seasonal decline of 2%, but the total volume of employment in May
23.28 22.82
was 16% less than in May 1930, and for the first five months of 1931 was
27.99 27.33
18.46 18.29
28% less than for the corresponding period of last year.
20.51 22.62
All of the chief cities of the State, except Akron. reported either no change
22.57 20.93
or a decline In total employment in May from April. Columbus, Dayton
15.97 16.98
and Toledo reported no change from the previous month, and Cincinnati.
23.39 24.47
21.13 20.09
Cleveland and Youngstown, a decline. Akron reported a 2% increase
21.47 20.59
and in Stark County, of which Canton is the principal city, there was a 1%
14.98 14.29
Increase. The May increase from April in Akron was slightly greater than
15.64 15.00
the usual seasonal increase, as was also the increase in Stark County. The
13.65 12.90
14.08 14.16
May decreases in Cleveland. Cincinnati and Youngstown, however, were
19.06 19.03
In contrast with a usual seasonal increase in these cities. The unchanged
26.17 26.34
condition in Columbus was in line with the usual seasonal trend but in
18.86 18.97
30.18 31.80
Dayton was in contrast with a usual seasonal increase of 2%,and in Toledo,
26.05 25.30
with a decline of 1%.
13.33 13.38
As compared with May 1930, all the chief cities of the State showed
22.28 21.72
employment declines in May ranging from 12% in Dayton and Toledo to
17.66 18.47
27.11 26.07
25% in Akron, and amounting to 13% in Cincinnati, 15% in Cleveland,
21.12 19.80
18% In Columbus, and 19% in Youngstown and in Stark County. For the
19.68 20.05
first five months of 1931, as compared with the first five months of 1930.
19.72 18.22
20.76 21.73
employment declined 12% in Dayton, 13% in Cincinnati, 14% in Toledo.
16.94 17.31
16% in Youngstown and Cleveland, 19% in Stark County and Columbus.
27.07 27.78
and 25% In Akron.
26.62 30.56
25.99 24.33
INDUSTRIAL EMPLOYMENT IN OHIO.
28.37 28.99
(In Each Series Average Month 1926 Equals 100.1
21.73 22.29
24.50 24.67
(Based on the number of persons on the payroll on the 15th of the month or nearest
14.10 16.56
representative day as reported by co-operating firma.)
25.74 24.42
29.20 28.53
'
Average
30.39 30.79
Average
Jan.
25.05 25.25
Change Change Change
No. of
16.38 15.55
May
from
May
from
Report- Index
Industry.
Change
May
34.55 34.89
porn
April
May
tng
April
1930.
from
1931.
Firms. 1931.
1930.
1926-30
EMPLOYEE
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA.
Complied by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
Group and Industry.
Erni*:
Average
No. Hours
of P.C.Chge Hourly Wages.
Plants May '31
Report- from
AprU
tsp. Apr11'31 May
1931. 1931.
All manufacturing industries (48) 583
-6.2 $.566 $.573
.621
.619
-10.1
Metal products
204
.577
.579
-2.6
Blast furnaces
10
.636
.637
-13.5
Steel works and rolling mills_
37
.554
.558
-3.0
Iron and steel forgings
8
.602
.611
+5.5
Structural iron work
7
.583
.577
-10.2
Steam .fr hot water heating app. 13
.692
.650
Stoves and furnaces
-2.4
3
.598
.604
Foundries
-10.7
30
.589
.594
-10.1
Machinery and parts
38
.630
.629
Electrical apparatus
-5.9
22
.603
.588
Engines and pumps
-5.6
10
.526
.513
Hardware and tools
-0.7
15
.546
.546
Brass and bronze products.- 11
-1.4
.658
.631
-10.0
Transportation equipment
28
.745
.606
-5.5
Automobiles
4
.614
.607
-19.4
Automobile bodies and parts
8
.588
.600
-20.1
Locomotives and cars
8
.703
.703
-1.9
Railroad repair shone
4
.743
.689
+8.4
Shipbuilding
4
.428
.421
Textile products
-0.1
99
.464
.448
+1.7
Cotton goods
9
.466
.462
+16.4
Woolens and worsteds
10
.387
.380
Silk goods
-6.6
31
.464
.506
Textile dyeing and finishing-13.9
7
.513
.486
+9.9
Carpets and rugs
6
.533
.508
Hosiery
+6.6
13
.351
.366
Knit goods, other
+12.7
10
.302
+5.5
.295
Men's clothing
3
.304
.302
-4.9
Women's clothing
7
.351
.337
Shirts and furnishings
-3.3
3
.463
.452
Foods and tobacco
+3.0
55
.480
.474
Bread and bakery products.-- 21
+3.2
.441
.433
+0.3
Confectionery
7
.563
.533
8
+12.2
Ice cream
.555
.537
+3.5
Meat packing
9
.377
.363
+1.0
Cigars and tobacco
10
.534
.535
+2.6
Stone, clay and glass products- 47
.479
.484
-5.7
Brick, tile and pottery
23
.545
.547
+6.0
Cement
10
.581
.572
+6.5
Glass
14
.541
.517
-2.9
Lumber products
44
.583
.549
+18.0
Lumber and planing mills
12
.548
.519
-6.2
Furniture
28
.476
.472
-7.4
Wooden boxes
4
.574
.568
-1.5
Chemical products
28
.592
.476
-7.3
Chemicals and drugs
14
.521
.532
Paints and varnishes
+12.3
9
.581
.589
Petroleum refining
-3.4
5
.479
.487
Leather and rubber products...-. 29
-4.1
.546
.552
Leather tanning
--1.7
9
.342
.318
-14.3
Shoes
10
.545
.544
+8.6
Leather products, other
6
.570
.570
+1.4
Rubber tires and goods
4
.632
.634
Paper and printing
-2.1
49
.531
.550
Paper and wood pulp
-3.4
9
.380
.370
7
+1.5
Paper boxes and bags
.729
.731
-1.6
Printing and publishing
33
*These figures are for the 811 firms reporting employment.
Industrial Employment Conditions in Ohio and Ohio
Cities-Seasonal Gain Lacking.
The Bureau of Business Research of the Ohio State
University states that there was no gain in total industrial
employment in Ohio in May, from April, although there is
usually a seasonal increase of 1%. The survey of employment conditions continues:
Thus,for the first time in the past four months, the trend of employment
in Ohio in May was not in line with the usual seasonal trend. The failure
of total employment to show the usual April-to-May gain was caused by the
less-than-seasonal increase in construction employment, and by the 2%
decline in non-manufacturing employment. The lack of increase in employment in the manufacturing industries in the State in May from April
was in line with the usual seasonal stability as indicated by the average
April-to-May change during the past five-year period.
Although there was no increase in the total volume of employment in
725 manufacturing concerns in the State in May from April, 427 of the
concerns represented in the total, as well as six of the 11 major manufacturing groups of industries in the State, reported employment increases.
In one of these six groups
-the food products group-the increase was
-the paper and
less than the usual seasonal increase, but in three groups
printing, the rubber products, and the stone, clay and glass products
-the increase was greater than the usual seasonal increase, and in
groups
two groups-the textiles and the lumber products groups-the increase
was in contrast with a usual seasonal decline. The May increase from April
amounted to 1% in the food products and the paper and printing groups,
2% in the stone, clay and glass products and the textile products groups,
in the rubber products group, and 5% in the lumbar products group.
In one of the five major manufacturing groups of industries in which there
were employment declines in May from April, the decline was no greater
than the usual seasonal decline, while in one group the decline was slightly
less than seasonal, and in three groups the slight decline was in contrast
with a usual condition of stability. The decline in employment in May from
April amounted to 1% in the chemicals, the machinery, the metal products,
and the vehicles groups, and to 4% in the miscellaneous manufacturing
group.
As compared with the corresponding month of last year, total employment in Ohio in May showed a decline of 17%; manufacturing employment, of 17%; non-manufacturing employment of 16%, and construction
employment of 35%. The volume of employment in Ohio for the first five
months of 1931 fell 18% behind the volume for the corresponding period
of last year. Manufacturing employment during the first five months of
this year declined 18% from the corresponding period of last year; nonmanufacturing employment, 16%; and construction employment 36%.
The 1% decline in employment in May from April in the vehicles group
Of industries, of which automobiles and automobile parts is the principal
Industry, was less than the usual April-to-May decline of 2%. The total
Volume of employment in the vehicles industries in May was 18% less than
in the corresponding period of last year, while the total volume for the first
fl e months of 1931 was 18% less than for the first five months of 1930.
The 1% decline in employment in May from April in the metal products
in ustrles was out of line with the usual seasonal stability in this group,
3%
-1
+1
+3
+2
+2
-1
-4
-1%
+2
-2
0
0
0
+1
+1
-1
-2
0
-6%
-8
-16
-18
-19
-6
-25
-9
-10
-18
-9
-9%
-7
-28
-17
-21
-6
-26
-11
-13
-18
-7
83
113
84
92
0
0
-4
0
0
-4-').
-1
+1
-17
-7
-10
-14
-18
-6
-13
-13
56
175
84
60
-2
+1
+1
+16
GUI
84
0
-I-1
-16
-35
-17
-16
-36
-18
Chemicals
Food products
Lumber products
Machinery
Metal products
Paper and printing
Rubber products
Stone, clay de glass prod•
Textiles.
Vehicles
Miscell. manufacturing
28
59
31
121
174
52
24
79
50
63
44
94
112
66
92
76
102
70
79
91
89
98
-1%
+1
+5
Total manufacturing__ _
Service
Trade
Transp'n and public utility
725
10
31
15
Total non-manufacturing
Construction
--1
New Construction Tapering As Shown by Indiana
Limestone Co.
Cost of new construction for the first five months of the
year is placed at $1,500,000,000 in a nation-wide survey
issued June 15 by the Indiana Limestone Co.
"Reports from various sections of the country," says President A.
Dickinson, "indicate same tapering off of gains made in the early part of
the year, but the outlook in some districts is encouraging.
"Residential building Is active. That type of construction, together with
the Government's buildings program, will account for a large part of the
1931 volume.
"Federal buildings costing around $500,000,000 are in various stages
of construction throughout the country. Others should be launched before
the end of the year. The Los Angeles building program is expected to
sharply improve conditions in that district.
"Substantial improvement in residential construction in New York's
boroughs is shown since the first of the year. A definite need of additional
living quarters is reported. In the Chicago area likewise, this type of
.
construction is stimulating interest.
"Certain parts of the South, particularly Texas and Georgia, are marking
building. In New England activity is being maintained
up steady gains in
at about the same volume as early in the year. State building construction
In the Northwest is receiving impetus with the warmer weather. Several
Pacific Coast cities report plans for increased building projects.
"Leaders in the industry believe the long-pull outlook is for a noticeable
activity
improvement, as the year advances, with a promise of normal
by 1932."
Industrial Situation in Illinois by Industries During
May 1931.
Employment declined 1.6% and wage payments 2.8% in
all reporting Illinois industries during the period April 15
JUNE 20 1931.)
riNANCIAL CHRONICLE
to May 15. Factories reduced employment 1.4% and payrolls 3.0%, and the non-manufacturing industries lowered
employment 2.0% and payrolls 2.6%. Nominal man-hours
of work, computed from figures furnished by 68.9% of the
total number of reporting concerns, showed a decline of
1.8% from the preceding month; 1.4% in factories and 2.6%
In non-manufacturing industries. Analyzing the figures,
Howard B. •Myers, Chief of the Bureau of Statistics and
Research, says:
The reported decreases in employment and payrolls reflect a more than
seasonal decline in industrial activity from April to May. Records extending back over the seven years previous to 1930 show an average loss of
0.2% in employment and an average gain of 0.3% in payrolls for the
April to May period. The decreases this year, 1.6 and 2.8%, respectively,
exceeded those reported a year ago, which totaled 1.4% in employment
and 1.6% in payrolls.
The manufacturing industries contributed 1.4% of their employment and
3.0% of their payrolls to the general decline. Metals, wood products, and
the clothing industries were the heaviest losers, reducing payrolls even
more extensively than volume of employment. In the non-manufacturing
group of industries, coal mining and public utility concerns registered losses
which were sufficient to offset gains in the distributive industries, in
services, and in building and contracting, and to cause a decline totaling
2.0% in number of workers employed and 2.6% in wage payments for
the group as a whole.
Metal industries decreased employment 4.0% and payrolls 5.6% during
the period covered by this report. The cooking and heating apparatus
and automobile and accessory industries were the only ones in this group
which moved against the general downward trend in employment. The
former increased employment 1.4% and payrolls 1.9%, and the latter
added 2.8% more workers and 10.7% to payrolls. The manufacture of
sheet metal work and hardware and of tools and cutlery gave indications
of increasing activity, payrolls showing gains although employment declined. All other metal industries showed marked reductions in both
employment and payroll figures. Iron and steel establishments reduced
employment 5.4%; the non-ferrous metals 5.0%; cars and locomotive
shops 18.4%; agricultural implements 12.8%; instruments and appliances
8.7%, and watches and jewelry 5.4%. Machine shops laid off 2.2% of
their workers, electrical apparatus 2.3%, and miscellaneous metals 4.5%.
The employment index for the metals industries indicates a loss of 28.6%
since May 1930. The weekly earnings of the workers employed in these
industries average $24.80 as compared with an average of $29.49 a year
ago, reflecting a decrease of 15.9% during the past year.
In the wood products industries, employment decreased 2.3% and payrolls 8.4% during the April-May period. Furniture and cabinet work
showed a 2.2% employment loss and a 9.9% decrease in payrolls. Pianos
and musical instrument factorials laid off 4.8% of their workers and
decreased payrolls 16.6%. The employment index of the group reflects
a 15.2% drop from a year ago. Weekly earnings average $21.56 as compared with $24.66 for May last year.
In the clothing and millinery industries, most of the losses were of a
seasonal nature. Man's clothing shops decreased employment 6.5% and
payrolls 20.2%. A large number of millinery workers and makers of
men's hats and caps were laid off for the season. Factories making men's
shirts and furnishings and overalls and work clothes were the only ones
showing gains in both employment and payrolls. The volume of employment in the group as a whole was 5.4% lower than in May last year.
Average meekly earnings in May were $15.01, which is 22.0% lower than
the $19.25 received a year ago. This is the largest percentage drop in
earnings registered by any of the industrial groups.
More increases than decreases in employment were reported for the
chemicals, oils and paints group, but a marked curtailment in the miscellaneous chemicals industries caused a net loss of 0.2% in employment and
1.0% in payrolls for the group as a whole. Manufacturers of paints, dyes
and colors expanded operations, adding 4.2% more workers and increasing
total wage payments 7.4%. The group employed 12.7% less workers than
in May 1930, and weekly earnings averaged 4.3% lower, being $26.11 this
year as compared with $27.29 a year ago.
Four of the main manufacturing groups registered increases in both
employment and payrolls from April to May, and one, the textile industry,
showed an expansion of 2.1% in payrolls while reducing employment 0.4%.
The largest percentage gain was shown by the stone, clay and glass products
group, In which employment rose 7.2% and payrolls 8.1%. Every industry
In the group shared in the expansion. Employment in this group, however,
was 20.5% lower than a year ago, and weekly earnings averaged $25.10
as against $28.44, a drop of 11.7% during the 12 months. In the textile
industries employment was almost at a level of last year, the decrease
amounting to less than 1%, but average weekly earnings have dropped
8.9%, from $20.20 to $18.41.
In the furs and leather goods group, increases totaled 5.8% in employment and 6.9% in payrolls. Seven tanning concerns reported a 34.7%
larger number of employees and 14.6% higher payrolls than last month.
Boot and shoe factories continued to expand their operations, adding 1.5%
more workers and paying out 5.4% more in wages. A decrease in
the
miscellaneous leather goods group partly offset these gains. The furs
and
leather goods group is the only one of the main manufacturing divisions
in which employment is on a higher level than a year ago, the
increase
amounting to 10.6%. The weekly earnings this May averaged $16.63
slightly more than the $16.50 reported a year ago.
Printing and paper goods industries expanded employment 3.2%
and
payrolls 0.9%. The number employed in these industries is 11.0% less
than a year ago, and weekly earnings are 7.7% lower, $31.34 this May as
against $33.94 in May 1930.
The food products group showed an 0.5% increase in employment, the
first that has been reported since last September. Payrolls increased 0.6%,
continuing the slight upward trend of the preceding month. Meat packing
concerns increased employment 0.7% and payrolls 0.6%. Other industries
showing gains in both employment and payrolls were the manufacture of
flour, feed and cereals, dairy products, bread and bakery products, cigars
and tobaccos, and the manufacture of ice. Miscellaneous groceries registered
losses in both items, 6.2% in employment and 1.2% in payrolls. The
group as a whole showed 12.6% smaller volume of employment than in
May 1930, and weekly earnings were 6.0% smaller, $26.08 as compared
with $27.75.
Public utilities, the largest of the non-manufacturing industrial divisions
in number of workers employed, laid off 1.7% of their employees during
the April to May period, and lowered payrolls 3.7%. Railway repair
4489
shops registered the largest percentage loss in this group, laying off 8.3%
of their workers and reducing payrolls 8.4%. Street railways decreased
employment 4.3% and payrolls 7.7% and telephone companies showed
declines of 0.9 and 2.6%, respectively. Water, gas and power companies
showed a 4.6% gain in employment and a 2.3% rise in payrolls. Employment in the public utilities has dropped 9.0% since a year ago, and weekly
earnings have declined 2.3%, from $32.42 to $31.69.
Wholesale and retail trade, the second largest of the non-manufacturing
divisions, increased employment 1.7% and payrolls 2.1%. Mail order
houses increased employment 3.2% and department stores 2.0%. These
were the most substantial gains in this group. Metal jobbing registered
a slight loss in both number of workers and payroll totals. The employment
index for the group is 10.5% lower than a year ago, and weekly earnings
are 3.9% less.
The service group employed 0.3% more workers and paid out 10.6%
more in wages than last month, due entirely to gains registered by hotels.
Laundering, cleaning and dyeing establishments reported decreases.
Goel mines registered a seasonal decline, employing 22.9% fewer men
and paying 25.2% less in weekly payrolls. Building and contracting
showed a seasonal upward trend, due to increased activity in road construction work and miscellaneous contracting. Building construction showed
no gain in employment, while payrolls declined 13.3%. Emeployment
in this group of industries has decreased 37.4% since a year ago and
weekly earnings are 19.3% lower; $32.89 this May as compered with
$40.75 in May 1930.
Agricultural and Business Conditions in May in
Minneapolis Federal Reserve District.
The volume of business in the district during May was
smaller than in May last year, but showed little change from
the level of the preceding months this year. Bank debits
were 11% lower than a year ago in May, but the daily
average for the entire district was appreciably higher in
dollar amount than in any other month this year. On the
other hand, the country check clearings index for May was
20% below May a year ago, which is the largest decline
recorded so far this year. Further declines in pactically
all agricultural commodities which were recorded during
May were doubtless responsible for the low point of the
country clearings index. Freight car loadings in the first
three weeks of May were only two-thirds as large as during
the same three weeks last year, with shipments of iron ore,
lumber and coke leading the decline. When compared with
a year ago, decreases also occurred in department store
sales, electric power consumption, postal receipts, building
permits and total building contracts awarded. Flour shipments from Minneapolis dropped to a new low level for the
year. Increases occurred in linseed product shipments,
bread and durum wheat and flax marketings, and in the
receipts of all classes of livestock at South St. Paul. Additional details furnish further corroboration as follows:
Farmers' cash income, estimated from marketings of seven important
farm products, was 25% smaller than in May 1930, the increased volume
of marketings being more than offset by the greatly reduced prices for
all commodities included in the estimate.
Unfavorable weather during May resulted in serious deterioration of
winter rye in the Ninth Federal Reserve District. The forecasted crop
for the four complete States (Minnesota, Montana, North Dakota and
South Dakota) was reduced 25%, or nearly 6i4 million bushels. Winter
Wheat suffered a reduction of 1 million bushels during May,or about 8%.
The condition of pastures on June 1 throughout the Ninth Federal
Reserve District was exceptionally low, especially in Montana, where the
June 1 condition figure was only 47, compared with a 10
-year average
figure of 88. Pastures in North Dakota were nearly as poor, being rated
at 49, compared with a 10
-year average of 79. The condition figures for
wild hay in these two States were practically the same as for pastures.
and those for tame hay were only slightly better.
Governmental weather observation stations are maintained at 10 towns
in Montana. None of these stations has reported as much as four inches
of rainfall since April 1. only three have reported a total of two inches or
more between April 1 and June 10; two have reported between one and
two inches, and five have reported less than one inch, one of which was
only .26 of an inch. Fourteen stations are located in central and western
North Dakota, one of which has reported a total of 4.04 inches; eight between one and three inches, and five less than one inch, three of whicIr
were less than one-half of an inch.
With such unfavorable prospects for forage and roughage crops as these
condition figures and drouth conditions indicate, it is evident that there
Will necessarily be considerable reduction in the livestock holdings in these
States during the next few months. Reports have already been received
from Montana of sales of entire bands of ewes and lambs. Ewes are reported to have been in poor condition at lambing time on account of lack
Offeed, with the result that the number oflambssaved is far below normal.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
% May 1931
of May 1930.
May 1931.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy Products
Hogs
Total of seven items-.
May 1930.
$4,324,000
2,315,000
65.000
640,000
503,000
12,332,000
8,138,000
$3,674,000
2,425,000
551,000
662,000
1,383,000
17,291,000
8,911,000
118
95
826,317,000
$34.897,000
75
97'
36.
71.
69
Factory Operations in Illinois During May 1931 Showed,
More Than the Usual Seasonal Decline.
More than the usual seasonal decline in Illinois factory
operations occurred between April and May, when decreases
of 1.4% in employment and 3.0% in payrolls were reported
4490
FINANCIAL CHRONICLE
[vor.. 132.
factories laid off workers while increasing payrolls. Millwork and furniture factories and food products concerns registered increases in both
employment and payrolls. Average weekly earnings were $24.02 for
men and $14.56 for women, as compared with $29.40 for men and $13.77
for women last year. The unemployment ratio was 147.6 in May as compared with 151.9 for April and 120.0 a year ago.
-Losses of 14.8% in employment and 19.4% in payrolls
Rock Island.
were reported by nine factories of this city. Weekly earnings for men
averaged $23.03 as against $28.32 a year ago, indicating a drop of 18.7%.
The wages of the 81 women employed in the reporting factories during
May averaged $16. The unemployment ratio was high, 278.8, which
compares with 242.2 for last month and 245.8 a year ago.
Springfield.
-Factory operations continued to show a moderate expansion, ten concerns reporting increases of 1.6% in employment and 3.1%
in wage payments. Weekly earnings for men averaged $28.36, as compared with $29.68 a year ago. The unemployment ratio was 125.5, lower
than the figure of 139.4 recorded for April, but higher than the ratio of
109.4 for a year ago.
Sterling-Rock Falls.
-The twelve reporting factories in this territory continued to curtail operations, the declines this month amounting to 6.4%
in employment and 8.7% in payrolls. Average weekly earnings of male
workers were $21.20, or 10.0% less than the average of $23.55 reported a
year ago.
All Other Cities.
-In the group of smaller cities classified as "all others,"
249 factories reported losses of 0.1% in employment and 0.9% in wage
payments. Curtailments in both number of employed workers and payrolls were shown by metal industry concerns, the wood products group.
and the food industries, while both employment and payroll increases
occurred in the stone, clay, and glass products group, in furs and leather
goods, and in textiles. Weekly earnings in all reporting factories averaged
$24.99 for men and $10.46 for women. The corresponding earnings in
May 1930 were $28.18 and $11.98.
in employAurora-Twenty-one factories reported decreases of 1.3%
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
the preceding month. All metal industry
MAY 1931.
ment and 3.0% in payrolls from
forces. Weekly
-plants are reported to be working part time with reduced
$25.30 a year
Earnings (Payroll).
-earnings of the men employed averaged $20.41 as against
Employment.
free employment
ago, and for women $10.53 as against $10.63. At the
Average
Total
Index of
for every 100 places available, as
office, there were 179.8 registrations
Weekly:
Earnings
year ago.
Per Cent Employment
-compared with 168.6 registrations in April and 151.2 a
Per Cent Earning.
(Average
Change
Industries.
-Decreases of 5.5% in employment and 5.0% in payrolls
Bloomington.
00). of Cage. May 1931
from a 1925-27=
month. The average
from
Month
more than offset the gains reported for the previous
Fethe average of
Ago. May Apr. May April Males. males.
weekly earnings for men were $26.09, slightly higher than
as com1931. 1931. 1930. 1931.
but women's earnings were lower, $12.22
$25.68 for May 1930,
127.2 as compared
pared with $13.24. The ratio of applicants to jobs was
1.6 77.7 79.0 92.5 -2.8 128.66 $17.23
AU industrial
3.0 27.16 15.22
with 124.0 in April and 113.2 in May 1930.
All manufacturing Industries_ -1.4 74.5 75.6 93.4 26.21 12.57
of workers employed and 4.1% Stone. clay, glass
+7.2 70.4 65.7 88.6 +8.1 26.83 14.75
Chicago.-Deellnes of 2.0% in number
82.6 +8.2
for the period
Miscellaneous stone-mineral.. +12.4 75.0 66.7
In wage payments were reported by 514 factories of this city
Lime, cement, plaster
+9.5 58.7 53.6 74.8 +0.7 25.64 5.80
reflects a drop of
April 15 to May 15. The employment index of 72.8
+7.8 53.4 49.5 60.7 +9.1 23.25 9.13
Brick, tile, pottery
and is 28.7%
+4.4 97.2 93.1 134.5 +9.0 28.43 12.70
(Maas
19.0% from the employment volume reported a year ago,
5.6 26.02 16.62
1929, the high point of the last Metals. machinery, conveyances -4.0 72.5 75.5 101.5 below the level recorded for September
5.4 71.8 75.9 116.2 -10.7 26.52 12.57
Iron and steel
factories have laid off
14.28
business upswing. This indicates that Chicago
-1.3 77.9 78.9 88.1 +4.3 24.09 14.08
Sheet metal work. hardware
beginning of the depression.
-2.5 56.6 58.1 80.7 +2.8 28.20 12.08
more than one-fourth of their workers since the
Tools, cutlery
also declined appre+1.9 23.21
+1.4 75.7 74.7 92.2
Cooking & heating apparatus_
The weekly earnings of employed factory workers
14.61
workers and 11.3% for
Brass, copper, zinc and other_ -5.0 70.2 73.9 96.9 -8.9 23.73 18.65
ciably since September 1929, 14.4% for male
25.3 21.66
-18.4 16.6 20.4 68.5 Cars,locomotives
manufacturing payrolls have been reduced
29.81
female workers. Chicago
+2.8 78.5 76.4 115.4 +10.7 24.55 14.50
Autos, accessories
11.09
than two-fifth in the
3.7
-2.2 67.3 68.8 107.7 43.6% during the period, indicating a drop of more
Machinery
the period of this
-2.3 72.8 74.5 100.7 --2.5 29.85 20.50
Electrical apparatus
income of Chicago factory workers. The decline during
10.8 20.41 13.41
-12.8 69.9 80.2 118.1 Agricultural implements
industry concerns, by chemicals, oils
16.15
report was caused mainly by metal
Instruments and appliances.. -8.7 69.4 76.0 76.0 -7.1 27.97 9.45
of clothing,
12.5 19.61
and paints, wood products concerns, and the manufacturers
-5.4 69.7 73.7 90.3 Watches, Jewelry
-13.2 23.73 11.70
-4.5
All other
Several industrial groups registered substantial gains in employment during
and leather goods, Wood products
-2.3 63.1 11:5 62.6 -8.4 21.71 12.03
the month, notably stone, clay and glass industries, furs
9.13
+2.3
-0.6 49.4 49.7 62.9 -9.9 24.72 12.53
by the texSaw, planing mills
21.56
and paper and printing. Small increases were also reported
-2.2 57.6 58.9 69.0
Furniture, cabinet work
16.6 20.29 8.78
The ratio of registrations to jobs avail41.3 43.5 4.8 39.3
tiles and food products groups.
Pianos, musical instruments_ _ 11.39
standing at 279.4
1.9 54.5 55.P 65.1 -3.2 20.61 14.11
Miscellaneous wood products_ able at the free employment offices showed an increase,
+6.9
+5.8 94.8 89.f 85.7 +14.6 23.31 16.36
Furs and leather goods
23.88
for May as against 276.3 in April and 247.1 in May 1930.
+34.7 106.3 78S 85.8
Leather
3.6 36.93 25.61
-An employment loss of 1.8% was accompanied by an 11.9%
Cicero.
+2.2 84.7 82S 97.8 Furs,fur goods
14.90 9.89
the preceding month.
+1.5 95.4 94.1 88.6 +5.4 23.61 14.86.
increase in payrolls, thus reversing the trend of
Boots and shoes
13.9
-9.7 36.7 401 43.0
Miscellaneous leather goods
Weekly earnings for men averaged $30.50. The unemployment ratio
-0.2 86.0 864 93.5 -1.0 28.36 13.65
year ago was Chemicals, oils, paints
a
declined from 247.6 in April to 237.9 in May. The ratio
+1.6 74.1 72.1 76.9 -0.1 24.63 14.18
Drugs. chemicals
29.29
+4.2 95.6 91.7 98.1 +7.4 31.88 16.07
256.0.
Paints, dyes, colors
16.42
+0.4
76.1
reported increases of 0.8% in employment
Dana:ie.-Twelve factories
Mineral and vegetable oil.... +1.5 77.7 98.: 96.0 8.8 25.84 11.23
06.1
$24.99 for men and
-5.3 93.0
Miscellaneouschemicals
and 16.9% in payrolls. The weekly earnings were
+3.2 91.1 88.: 02.4 +0.9 35.83 16.56
free employment Printing and paper goods
$10.80 for women. For every 100 jobs available at the
+1.2 79.0 78.1 85.2 +0.0 26.94 14.43
Paper boxes, bags, tubes
in April and
29.85 14.67
office there were 229.4 applicants, as compared with 207.2
- -0.5 87.9 88.: 92.5 -3.3 33.50 16.66
Miscellaneous paper goods
+3.5 75.7 73.1 91.6 -5.2
Job printing
203.7 a year ago.
96.3 98.3 +2.2 47.19 22.26
96.2
Newspapers, periodicals
-Nineteen factories showed a gain of 2.3% in employment and
19.56380
Decatur.
+25.2
+16.2
Edition book binding
1.9 41.79 16.87
7.3% in payrolls. Average weekly earnings increased to $28.43 for men
Lithographing and engraving, -0.2 90.5 libTo 91.2 +2.1 26.00 11.38
the average of a year
-0.4
and $13.95 for women, the latter figure exceeding
in April at 193.7 in Textiles woolen goods
-2.5 105.6 108.3 95.0 -2.1 25.90 11.97
Cotton,
ago. The unemployment ratio declined from 200.2
-0.7 97.5 98.2 78.9 +10.9 24.69 9.67
Knit goods
May 1930 was 208.1.
May. The ratio for
+0.3 83.9 83.6 88.0 -5.1 24.07 15.56
Thread and twine
+3.2 91.0 88.2 119.8 +1.8 23.99 12.96
East St. Louis -Twenty-one reporting factories maintained employment,
Miscellaneous textiles
2.7%. These factories
-3.0 72.1 74.3 76.2 -13.6 19.80 11.68
with a slight increase of 0.1%, but lowered payrolls
Clothing and millinery
20.2 18.73 10.70
-6.5 58.3 62.4 61.4 months. Average
Men's clothing
showed substantial increases during the two preceding
53.0 +4.3 20.38 9.27
Men's shirts, furnishings- - +0.1 57.9 57.8 20.4 +8.4 23.60 10.66
weekly earnings were $21.55 and $12.73 for men and women, respectively,
+3.1 22.8 22.1
Overalls, work clothes
period last year.
-20.6 63.4 79.9 51.9 -56.6 19.80 12.57
as compared with $24.16 and $13.33 for the corresponding
Men's hats, caps
0.2 31.65 13.18
+8.2 106.1 98.1 141.8 Women's clothing
The ratio of applicants to jobs was 119.5 as against 118.2 the preceding
-5.1 158.3 166.8 160.4 +2.3 30.75 12.11
underwear
Women's
54.2 29.28 11.52
month and 149.9 in May 1930.
-24.6 32.6 43.2 41.8 Women's hats
-Thirty factories in this city increased employment 1.9%, while Food, beverages, tobacco
Joliet.
+0.5 75.4 75.0 86.3 +0.6 29.03 17.87
current decline,
+2.0 75.1 73.6 92.1 +2.3 28.58 13.73
lowering payrolls 7.1%. The latter item, despite the
Flour, feed, cereals
3.5 17:68 11.69
9.5 8.5 12.7 employment since
+11.6
Fruit, vegetable canning
has increased considerably more than the volume of
1.2 28.09 12.67
-6.2 79.7 85.0 90.5 men and $12.30 for
Miscellaneous groceries
last January. Weekly earnings averaged $25.33 for
+0.7 85.0 84.4 89.8 +0.8 27.45 19.90
Slaughtering, meat packing
jobs offered at the
+7.6 100.8 93.7 12.0 +5.8 39.04 11.13
women. There were 270.1 applicants to every 100
Dairy products
a year ago 198.8
+3.0 74.6 72.4 81.6 +4.1 32.38 15.14
Bread,other bakery products_
free employment office. In April there were 260.6 and
4.2 33.40 17.48
+0.8 77.5 76.9 87.9 Confectionery
such applicants.
-3.6 68.6 71.2 70.2 +3.1 29.18 15.44
decline reported for the
Beverages
-This city registered the heaviest
Moline.
+5.8 78.9 74.6 89.5 +8.4 26.89 21.77
Cigars, other tobaccos
workers and reduced
+361 82.2 60.1 81.3 +29.8 36.62 13.25
month. Nineteen factories laid off 21.4% of their
Manufactured leo
3.2 49.65 15.95
industry is over
+0.6
Ice cream
payrolls 19.6%. Activity in the agricultural implements
+3.4 25.21
+3.6
for men and $12.24 Miscellaneous manufacturing_
- 7
for the season. Average weekly earnings were $21.26
2.6 32.47 19791.1
-2.0
in May 1930. Non-manufacturing Industries
respectively.
+1.7 65.1 11:5 72.7 +2.1 97.11 19.09
for women as compared with $28.50 and 313.72,
olesale, retail
30.16 18.96
from 167.8 the preceding Trade-Wh
+2.0 98.4 96.5 98.2 +3.7
The unemployment ratio rose to 222.2 in May
Department stores
+0.8 83.6 82.9 94.3 -2.0 32.26 11.76
Wholesale dry goods
month.
75.4 75.5 85.2 +0.6 29.37 14.99
Wholesale groceries
19.49
industry in this city registered some increase
-Every reporting
Peoria.
+3.2 54.9 53.2 63.8 +3.1 25.96 35.80
Mall order houses
gain in payroll as
+0.8 49.55
in employment and all but the food products showed a
+0.3
Milk distributing
35.28 19.55
amounted to 5.5% in
-0.1
1.3
well. The total increase for thirty-three factories
Metal jobbing
+10.6 23.26 14.92
Weekly earnings Services
+0.3
number of workers and 4.2% in payroll amounts.
+12.2 22.20 14.82
+0.4
Hotels and restaurants
15.12
$13.16 for women. The unemployment
averaged $27.86 for men and
0.4 92,6 116 106.8 -0.8 32.17 20.48
Laundries
-.17 94.6 96.2 103.9 -3.7 34.76 18.67
ratio was 140.0. as compared with 138.3 a month earlier and 135.4 a Year ago. Public utilities
+2.3 29.01
city registered a sub+4.6 14.6 109.6 122.6
Water, gas, light and Dower
Qtaney.-For the second consecutive month, this
20.48
period covered
-0.9 02.1 103.0 114.4 --2.8 42.73 18.98
Telephone
35.75
stantial increase in manufacturing activity. During'the
-4.3 94.1 98.3 97.7 --7.7 27.30 22.73
Street railways
7.0% and payrolls 10.1 % Average
by this report, employment increased
-8.3 59.5 64.9 75.7 -8.4 18.65
Railway car repair
women, compared
weekly earnings are now $22.91 for men and $10.77 for
-22.9 66.0 85.6 56.9 -25.2 32.89
Coal mining
_
The unemploy- Building, contracting
+23.8 42.2 34.1 67.4 +10.0 32.34
with $27.34 and $12.51, respectively, for May a year ago.
22.8 52.7 --13.3
last May.
0.0
Building construction
27.77
ment ratio was 151.1, as against 155.5 in April and 142.6
13.0 130.4 +218.1 88.76
+239.2 44.1
Road construction_
-Employment declined 0.6% and payrolls increased 1.7% in
Rockford.
+25.5 115.3 91.1) 99.15 +211.2
Miscellaneous contracting_
41 factories reporting for this city. Metal industry concerns and textile
by 1,027 establishments. This curtailment was approximately the same as that experienced a year ago, when employment declined 1.7% and payrolls 2.9%. The decrease
this year, however, it is stated, was not as widely distributed
throughout the State as was the case a year ago. Chicago
factories contributed almost nine-tenths of the employment
loss reported this year. In seven of the fifteen cities for
which figures are tabulated separately, factories increased
their volume of employment, and in the same number, but
not in all cases the same cities, increases were shown in
factory payrolls. The group of smaller cities, classified as
"all others," showed losses of 0.1% in employment and 0.9%
in payrolls. A year ago, this group laid off 2.8% of its
factory workers while reducing payrolls 1.5%.
The ratio of applicants to places available at the free
employment offices of the State declined in five of sixteen
reporting cities. The ratio for the State rose from 214.7
in April to 218.2 in May. In May 1930 the ratio was
196.0. The building industry continues inactive and there
has as yet been little demand for farm labor. Road construction, however, is getting under way in a large volume
and is furnishing employment to an increasing number of
workers.
JUNE 201931.]
FINANCIAL CHRONICLE
Review of Illinois Building Situation During May and
the First Five Months of the Year 1931.
A total of 1,754 building projects, involving an estimated
expenditure of $4,572,515, was authorized during May in
45 reporting Illinois cities. This is a loss of 11.6% in number
of buildings and 38.9% in estimated expenditure from the
level of the preceding month. The number of buildings
authorized during May 1931, was 47.1% less than the total
for May a year ago, while the estimated expenditure was
75.1% less. It is added:
The decline of nearly 83,000,000 in valuation from the April total is
somewhat disappointing, continuing as it does the abrupt drop of more
than $13,000,000 suffered in April. Building permit valuations are normally lower in May than in April, but the percentage decline this year
was larger than usual. The total estimated expenditure this May is far below
that for the same month in any previous year for which reports have been
secured by the Illinois Department of Labor.
The decline this May from the April level was mainly due to Chicago,
which reported a 51.6% reduction from the valuation of the previous
month. The suburban cities reported a net decline of 35.2%, and the cities
outside the metropolitan area, a decline of 9.3% compared with May a
year ago. Chicago declined 84.0%, the suburban cities 50.6% and the
cities outside the metropolitan area 57.0%.
The Chicago decline was due almost entirely to non-residential building,
residential building experiencing little change from the low level of the
previous month. For the suburban cities, residential building showed a
slight increase while non-residential building was sharply reduced. The
cities outside the metropolitan area reported a decrease in both types of
building, non-residential structures suffering somewhat more than residential. For the 45 cities as a whole, the loss was caused mainly by nonresidential building, although residential also decreased slightly.
Eight of the 21 reporting suburban cities showed a total valuation higher
than that of April, and 5-Highland Park, Kenilworth, Lake Forest, Oak
Park, and Wilmette-were above a year ago. The large increase over
last month for Lake Forest was due to a permit for a $274,000 residence.
Ten of the 23 reporting cities outside the metropolitan area experienced
an increase over last month, but only 3-Aurora, Bloomington, and Ottawa
were higher than last year. The increase over last month for Peoria was due
mainly to a $140,000 permit for a bank addition. A permit for a $235,000
hospital constituted most of the total for Aurora.
Of the total valuation for all reporting cities, 45.5% was for residential
building, 28.5% for non-residential building, and 26.0% for additions,
alterations, repairs and installations. The corresponding percentages for
Chicago were 37.5, 33.4, and 29.1; for suburban cities 73.0, 8.5 and 18.6;
and for the cities outside the metropolitan area 37.3, 35.8 and 26.9.
A total of 247 new residential buildings were authorized during the month
in the 45 cities. These buildings were to cost $2,080,858 and were to provide
for 287 families. Eighty-seven of these buildings were to be erected in
Chicago, providing for 119 families at a cost of $772,250; 43 in reporting
suburban cities, providing for 47 families at a cost of $757,551; and 117
in the remaining reporting cities providing for 121 families at a cost of
$551,057.
During the month, permits were issued for 531 new non-residential
buildings, estimated to cost $1,302,890. Of this expenditure, $686,870,
or 52.7%, was for Chicago buildings; $88.140, or 6.8%, was for suburban
buildings; and $527,880, or 40.5% was for buildings in cities outside the
metropolitan area. A total of 976 additions, alterations, repairs and installations were authorized during the month, involving an expenditure of
$1,188,767. Of this total valuation 50.4% was to be expended in Chicago,
16.2% in suburban cities, and 33.4% in the other reporting cities.
The small volume of building expenditure authorized in May caused the
cumulative total for the first five months of the current year to fall more
than $9,000,000 below the total for the equivalent period of 1930. This
Is disappointing, in view of the fact that during April and March the
cumulative total rose distinctly above the 1930 level. The total for the five
months of this year was 15.9% less than last year in expenditure, and 34.5%
less in number of building projects authorized.
In comparison with last year, the cities outside the metropolitan area
have lost the most ground, falling 45.9% below the 1930 total. The
suburban cities have declined 28.1% and Chicago 4.1%. Six suburban
cities-Forest Park, Highland Park, Lake Forest, Maywood, River Forest,
and Wilmette-have authorized a larger expenditure than last year, as
have five cities outside the metropolitan area-Aurora, Batavia, Bloomington, Murphysboro, and Ottawa.
The decline from last year in the total expenditure for all cities was
due to residential building, non-residential building showing an increase.
The same statement holds true for Chicago. The increase of non-residential
building activity, both in the figures for Chicago and for all cities combined, was due mainly to a $14,000,000 permit for a Chicago office building, issued in March.
For the suburban cities and the cities outside the metropolitan area,
both residential and non-residential building declined sharply, non-residential
building by somewhat larger percentages.
4491
the first four months of 1930, while total shipments to the open market
during the first four months were 25% below the total for the same petted
of 1930.
Pulp inventories showed a further decrease and at the end of April,
total stocks of all grades of pulp were 23% below the level of the preceding
year. Bleached and easy bleaching sulphites, mitscherlich, kraft and soda
pulps, all showed a decrease in tonnage.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF APRIL 1931.
Production,
Tons.
Shipments,
Tons.
Stocks on Hand
End of Month.
Tons.
102,450
77,277
163,417
45,985
11,715
25,961
6,265
3.164
5,960
16,384
Grade.
101,819
78,518
162.409
46,333
12,632
26,487
5,865
2,963
6,246
16,005
34,289
46,029
63,323
43,951
6,099
49,967
3,948
4,182
2,785
15,204
458.578
452,581
419,021
445,193
459,277
451,225
419,604
443,749
269,777
268,903
268,074
268.810
Newsprint
Book, uncoated
Paperboard
Wrapping
Bag
Writing, etc
Tissue
Hanging
Building
Other grades
Total all grades-April 1931Mar. 1931_
Feb. 1931_
Jan. 1931_
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF MARCH 1931.
Shipped Dur- Stock on Hand
Used During ing Month, End of Month,
Month, Tons.
Tons.
Tons.
Grade.
Production,
Tons.
Groundwood
Sulphite news grade-- _
Sulphite bleached
Sulphite easy bleaching
Sulphite mitscherlich
Kraft pulp
Soda pulp
Pulp, other grades
88,685
29,403
18,046
2,491
3,597
28,520
18,232
449
74,108
27,192
16,289
2,430
2,597
22,027
14.798
364
1,886
1,563
2,347
158
1,093
6,936
3,805
58
60,535
5.301
2,098
572
1,396
7,611
2,801
382
Total, all grades
A pill 1931
Mar. 1931
Feb. 1931
189,423
174,120
160,736
159,805
155,865
146,882
157.324
17.845
15,008
16,774
15.105
80,696
68,924
65,677
68.597
Ton
1021
170_937
Ltimber Orders Again Below Production.
Lumber orders received at the mills during the week ended
June 13 were approximately 7% under production, it is
indicated in telegraphic reports from 756 leading hardwood
and softwood mills to the National Lumber Manufacturers
Association. Shipments from these mills were given as 3%
under the cut, which amounted to 227,727,000 feet. A
week earlier 777 mills reported orders 6% below and shipments 10% above a total production of 237,028,000 feet.
Comparison by identical mill figures for the latest week
-for softwoods,
with the equivalent period a year ago shows
449 mills, production 28% less, shipments 26% less and
orders 23% less than for the week in 1930; for hardwoods,
206 mills, production 38% less, shipments 20% less and
orders 16% below the volume for the week a year ago.
Lumber orders reported for the week ended June 13 1931,
by 560 softwood mills totaled 194,034,000 feet, or 7% below
the production of the same mills. Shipments as reported
for the same week were 201,089,000 feet, or 4% below
production. Production was 208,974,000 feet.
Reports from 214 hardwood mills give new business as
16,887,000 feet, or 10% below production. Shipments as
reported for the same week were 18,871,000 feet, or 1%
above production. Production was 18,753,000 feet. The
Association's statement adds:
Unfilled Orders.
Reports from 470 softwood mills give unfilled orders of 649,960.000
feet, on June 13 1931, or the equivalent of 14 days' production. This is
-day year-and may be
based upon production of latest calendar year-300
compared with unfilled orders of 521 softwood mills on June 14 1930, of
913.679,000 feet, the equivalent of 17 days' production.
The 410 identical softwood mills report unfilled orders as 628.850,000
feet on June 13 1931. the equivalent of 14 days' production as compared
with 847.986,000 feet, or the equivalent of 19 days' production for the
same week a year ago. Last week's production of 449 identical softwood
The Paper and Pulp Industry in April-Increase in mills was 196,904,000 feet, and a year ago it was 274.888,000 feet: shipments were respectively 190,642,000 feet and 257,507.000; and orders
Total Paper Production.
received 182,722.000 feet and 236.926,000. In the case of hardwoods.
According to identical mill reports to the Statistical De- 206 identical mills reported production last week and a year ago 18,571.000
shipments 18,422,000 feet and 23,071.000; and orders
partment of the American Paper and Pulp Association from feet and 30,007,000;19,431,000 feet.
feet and
members and co-operating organizations, the daily average 16,375,000
West Coast Movement.
of total paper production in April increased 1% over March,
The West Coast Lumbermen's Association wired from Seattle the fl i)vebut was 10% under April 1930. The daily average wood lag new business, shipments and unfilled orders for 220 mills reporting for
pulp production in April was 9% above March 1931 and the week ended June 13:
UNSHIPPED ORDERS.
SHIPMENTS.
NEW BUSINESS.
16% under April 1930. The Association's survey, June 18,
Fed.
Feet.
Feet.
Domestic cargo
Coastwise and
Domestic cargo
continued:
delivery__ 40,482,000 delivery__ _.182,177.000 intercoastal _ 43,151.000
Compared with April a year ago, the daily average production registered Export
108,139,000 Export
19,012,000 Foreign
27.167.000
88,743,000 Rail
36,114,000 Rail
35,689,000
a decrease in the following grades: Newsprint, uncoated book, paperboard, Rail
Local
10,141,000
Local
10,141,000
bag, wrapping, writing, hanging and building papers. Compared
with
March 4931, uncoated book, writing and hanging papers were the only
379,059,000 Total
116,148.000
105,748,000 Total
Total
grades whose daily average production showed a decrease. Total shipments
Production for the week was 112,702,000 feet.
of all major grades decreased 12% during the first four months of 1931 as
For the year to June 6, 165 identical mills reported orders 3.9% above
compared with the first four months of 1930.
and shipments were 4.9% above production. The same number
Identical pulp mill reports for the first four months of 1931 indicated Production,
of mills showed a decrease in inventories of 5.6% on June 6, as compared
that the total pulp consumed by reporting mills was 18% less than for with
Jan. 1.
[voi_ 132.
FINANCIAL CHRONICLE
4492
-1931.
WEEKLY COMPARISON (IN FEET) FOR 220 IDENTICAL MILLS
Southern Pine Reports.
(All mills whose reports of production, orders and shipments are complete
The Southern Pine Association reported from New Orleans that for 125
for the last four weeks.)
mills reporting. shipments were 4% above production, and orders 5% above
May 16.
May 23.
May 30.
June 6.
Week Endedproduction and 1% above shipments. New business taken during the Production
116,845,371 112,829,790 118,492,959 116,900,018
112,695,703 108,447,252 102,366,619 108,879,917
128 mills): Orders (100%)
week amounted to 30,681,000 feet (previous week 34.944,000 at
40,566,498
32,726,603 41,833,717
33,069,382
Rail (29%)
shipments 30,345,000 feet, (previous week 31,122,000): and production
38,426,240
50.433.586
47,899,811
Domestic cargo (37%)____ 42,169,390
9.413,326
29,250,000 feet (previous week 33.561.000). Orders on hand at the end of
13,341,953
17,431,349
Export (24%)
26,603,670
8,466,507
8,764,709
10,389,489
Local (10%)
10,853,261
the week at 104 mills were 78,540,000 feet. The 108 identical mills reported
Shipments (100%)
105,293,891 127,579,403 121,615,690 128,765,601
a decrease in production of 34%, and in new business a decrease of 13%.
42,666,287
Rail (36%)
41,378,803 44,707,349
37.670,044
as compared with the same week a year ago.
46,881,843
42,150,127
Domestic cargo (40%)____ 41,743,560 53,573,837
The Western Pine Manufacturers Association, of Portland, Ore., reported
30.750,964
25,993,505
22,237.274
Export (14%)
15,027,026
8,466,507
8,764.709
10,389,489
Local (10%)
10,853,261
production ftom 88 mills as 38,014,000 feet, shipments 29,577,000 and new
391,670,723 380,986,633 400,757,913 421,858,390
production 27% Unfilled orders (100%)
business 29,837.000 feet. The 61 identical mills reported
93,983,561 102,243,031 106,092,487
Rail (23%)
88,573,596
and new business 17% less than for the same week last year.
less
Domestic cargo (47%)_ _ _ _185,700,903 181,900,192 188,357,942 192,480,588
The California White & Sugar Pine Manufacturers Association, of San
117,296,224 105,102,880 110,156,940 123,285,315
Export (30)
Francisco. reported production from 24 mills as 17,571,000 feet, shipments DOMESTIC CARGO DISTRIBUTION WEEK ENDED JUNE 6 '31 (111 mills).
mills reported
14,629,000 and orders 18,258,000 feet. The same number of
a decrease of 40% in production and a decrease of 13% in orders, compared
Unfilled
CancelOrders on
with the same week of 1930.
Orders
Shiplotion
Orders
Hand Bemends. Week Ended
trin'y Week Received. AdjustThe Northern Pine Manufacturers, of Minneapolis. Minn., reported
June 6 '31.
mends
and new
June 6 '31.
production from 7 mills as 4,248,000 feet, shipments 2,781,000
business 2,892,000 feet. The same number of mills reported a 44%
Washington & Oregon
Fed.
Feet.
Feet.
decrease in production and a 19% decrease in orders, compared with the
Feet.
Feet.
(94 Mills)California
63,276,217 10,712,072 +982,369 15,418,720 59,551.938
corresponding week last year.
100,003,964 27,145,346 +3470512 20.961,257 109,658.565
Association, of Atlantic Coast
The Northern Hemlock and Hardwood Manufacturers
50,000 3,335.145 3,054,331
888,600
5,550,876
Miscellaneous
Oshkosh. Wis., reported production from 18 mills as 1,702,000 feet, shipTotal Wash.& Oregon 168,831.057 38,746,018 +4402881 39,715.122 172,264,834
ments 1,322,000 and orders 1,252,000. The 16 identical mills reported
production 33% less and new business 10% less than for the same week Reporting domesticcargo
897,056
425,967
None
116,000
only (5 mills)
1,207,023
In 1930.
The North Carolina Pine Association, of Norfolk. Va., reported produc170,038,080 38,862,018 +4402881 40,141,089 173,161,890
Totals
tion from 78 mills as 5.487,000 feet, shipments 6,287.000 and new busiBrit. Col.(12 Mills)
ness 5,366,000. The 39 identical mills reported a decrease of 18% in
721,975
None
276,000
None
997,975
California
production and an increase of 23% in orders, compared with the same week Atlantic Coast
25,000 1,027,592 6,030,314
5,454,814 1.628,092
None 1,301,879 5,816,724
last year.
5,435,323 1.683.280
Miscellaneous
Hardwood Reports.
25,000 2,605,471 12,569.013
Total Brit. Columbia_ 11,888,112 3,311,372
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported Reporting domestic cargo
None
None
None
None
production from 196 mills as 16,426,000 feet, shipments 17,319,000 and
None
only
new business 15.766,000. The 190 identical mills reported a 38% decrease
25,000 2,605,471 12,569,013
11,888,112 3,311,372
Totals
compared with the same
In production and a 17% decrease In orders,
week last year.
Total domestic cargo.. 181,926,192 42,173.390 +4377881 42,746,560 185,730,903
The Northern Hemlock and Hardwood Manufacturers Association, of
shipOshkosh, Wis., reported production from 18 mills as 2,327,000 feet,
ments 1,552.000 and orders 1,121,000. The 16 identical mills reported Small Decline in Newsprint Output in Canada
production 40% less and new business 2% less than for the same week
Dominion Mills Operated at 63% of Capacity DurIn 1930.
CURRENT RELATIONSHIP 1/1 SHIPMENTS AND ORDERS TO PRO0
DUCTION FOR THE WEEK ENDED JUNE 13 1931, AND FOR 23 WEEKS
TO DATE.
Association.
ProducHon
Af Ft.
Shipmeets
M Ft.
P. C.
of
Prod.
Southern Pine:
30,345 104
Week-125 mill reports
29,250
911,127 108
23 weeks-3,116 mill reports
842,335
West Coast Lumbermen's:
116,148 103
112,702
Week-220 mill reports
23 weeks-5,113 mill reports
2,465.895 2,572,144 104
Western Pine Manufacturers:
29,577 78
38,014
Week-88 mill reports
659,502 105
23 weeks
-2,087 mill reports
627,935
California White & Sugar Pine:
14,629 83
17,571
Week-24 mill reports
345,056 163
23 weeks-528 mill reports
211,256
Northern Pine Manufacturers:
2,781 65
Week-7 mill reports
4,248
64,748 103
23 weeks-161 mill reports
62,630
No.Hemlock&Hardwood(softwoods):
1.322 78
1,702
Week-18 mill reports
33,132 65
50,947
23 weeks-625 mill reports
North Carolina Pine:
6,287 115
5.487
Week-78 mill reports
160,357 120
133.941
23 weeks
-1,989 mill reports
Softwood total:
Week-560 mill reports
23 weeks
-13,619 mill reports
Hardwood Manufacturers Inst.:
Week-196 mill reports
-4,792 mill reports
23 weeks
No. Hemlock & Hardwood: (hardwoods) Week-18 mill reports_ _ _
23 weeks-625 mill reports
Hardwoods total:
Week-214 mill reports
23 weeks
-5,417 mill reports
Irand total:
Week-756 mill reports
23 weeks-18,411 mill reports
Orders
Af Ft.
30,681
913,248
101
101
105.748
2,623,776
94
101
29.837
635,135
7E
101
18,258
362.722
104
172
2,802
63,543
68
101
1,252
33,180
5,366
124.165
201.089 96
208,974
4,394,953 4,746,064 108
194,034
4,755,678
17,319 105
476,536 118
15,766
480,471
67
65
1,121
61,618
18.871 101
540,592 107
16,887
542,089
219,960 97
227,727
4,898,452 5,286,656 108
210,921
5,297,767
16,426
404,457
2,327
99,042
18,753
503,499
1,552
64,056
P. C
of
Prod
ing May, as Against 64% in April-Production in
Canada in Five Month Period Shows Decline of
12%.
During the month of May newsprint mills in Canada operated at 63% of rated capacity, which compares with 64%
of capacity in the preceding month and with 75.2% in May of
last year, according to the report just made public by the
News Print Service Bureau. Production also showed a slight
decline from the preceding month with output of the mills
in the Dominion amounting to 202,607 tons in May, as contrasted with 205,838 tons in April. In May of last year the
output of Canadian mills amounted to 237,681 tons. Further particulars follow:
Shipments for the month under review from mills in this country very
nearly kept pace with production, standing at 202,280 tons. Production
in the United States in May amounted to 101,202 tons and shipments to
102,555 tons, making a total of Canada and United States output of
98 303,809 tons and shipments of 304,835 tons. During May, 24,396 tons
03 of
newsprint were made in Newfoundland and 1,236 tons in Mexico, so
that the total of North American production for the month amounted to
93 329,441 tons.
108
During the first five months of 1931, Canadian mills produced 942,725
tons of newsprint and operated at 59.5% of capacity, which compares
96 with an output of 1,070,848 tons in the corresponding five-month period
119 of last year, when the operating ratio was approximately 72% of capacity.
48 The decrease in the output for the five-month period was 12%, while in
62 the same period the decrease in output in the United States mills was 14%.
During May the U. S. Mills operated at 68.8% of capacity.
The following table shows the operating ratio of Canadian mills for
90
108 each month back to the beginning of 1930:
Per Ceti
Per Cent
Per Cent
Capacity.
Capacity. 1930Capacity. 193093 193174
65
108
May
April
March
February
JanuarY
63.0
64.0
68.1
55.4
57.3
December
November
October
September
August
July
69.5
67.6
67,0
66.8
66.4
7L3
June
May
April
March
February
January
73.0
75.2
75.0
68.4
69.0
71.4
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 220 mills show that for the week ended June 6 Consumption of Crude Rubber by Manufacturers
-Imports Lowest Since
Highest Since May 1930
1931 a total of 116,845,371 feet of lumber were shipped,
August 1928.
112,695,703 feet ordered and 105,293,891 feet shipped, as
Consumption of crude rubber by manufacturers in the
compared with 112,829,790 feet produced, 108,447,252 feet
ordered and 127,579,403 feet shipped during the preceding United States for the month of May 1931 was the highest
week. The Association's statement follows:
for any month since May a year ago and is estimated to be
PRODUCTION AND WEEKLY 37,817 long tons, an increase of 13.5% over the April conCOMPARISON OF CURRENT AND PAST
OPERATING CAPACITY (343 IDENTICAL MILLS).
sumption of 33,321 long tons, according to statistics released
(All mills reporting production for 1930 and 1931 to date.)
by The Rubber Manufacturers Association. Imports of
136,576,575 feet
Actual production week ended June 6 1931
124,249.922 feet
Average weekly production 22 weeks ended June 6 1931
crude rubber for May 1931 amounted to 31,720 long tons,
158,860,610 feet
Average weekly production during 1930
195,660,399 feet the lowest figure since August 1928, and compares with
Average weekly production last three Years
298,599.012 feet
x Weekly operating capacity
x Weekly operating capacity is based on average hourly production for the twelve 46,648 long tons for April 1931 and 40,745 long tons for May
last months preceding mlll check and the normal number of operating hours per week. 1930.
194 IDENTICAL MILLS.
For the first time since September 19 , stocks on hand
9
(All mills whose reports of production, orders and shipments are complete for 1931
in the United States showed a decrease from the previous
and 1931 to date.)
Average 22
Average 22
Weeks Ended month's figure. Total domestic stocks of crude rubber on
Weeks Ended
Week Ended
June6 1931. June 6 1931. June 7 1930. hand and in transit
overland on May 31 1931 are estimated
157,820.225
103,025.374
113,075,709
Production (feet)
145.772.339
107,724,205
106,958,582
Orders (feet)
148,099.179 at 220,799 long tons, a decrease of 3.3% under April, although
108,121,294
102.922.429
Shipments
(feet)
JUNE 20 1931.]
FINANCIAL CHRONICLE
56.2% over May 1930. Crude rubber afloat for United
States ports on May 31 1931 is estimated at 73,564 long tons
as against 56,700 long tons on April 30 and 68,168 long tons
on May 31 1930, added the Association.
During May in Rubber Exports from Malaya
and Ceylon.
Gross shipments of rubber from Malaya, the foremost
producing country, totaled 44,281 tons during May, as
compared with 43,453 tons exported in April, a cable to the
Rubber Exchange of New York, Inc., announced on June 1.
Shipments from Ceylon at the same time amounted to
4,535 tons, compared with 3,487 tons in April, of which
total 3,132 tons were exported to the United States against
2,263 tons during April. The Exchange states that partly
compensating for the increased exports was a decline of
581 tons in the United Kingdom stocks last week, London
reporting a stock of 85,332 tons, down 407, and Liverp000l
a total of 53,668 tons, a decrease of 174 tons.
Rumors, circulated in the rubber markets abroad that
the report of the Dutch Rubber Committee, appointed some
time ago to make a survey of the rubber industry for the
purpose of recommending a plan of rehabilitation, has been
laid before the Minister of the Colonies, were denied in a
cable sent June 8 from The Hague to the Rubber Exchange
of New York, Inc. The committee has as yet made no
decision and is confining its efforts to preparatory work,
such as collecting figures and other data for a thorough study
of the present unfavorable situation and its causes. Several
weeks will probably be required before the committee will
be ready to present a report, the cable added.
4493
matter over 1%. Delivery may be made at seller's option
at either Memphis or other designated points as may be
later determined. All delivery points shall be at par as to
price, except that where delivery is made at Memphis the
settlement price shall be $1 a ton higher than if delivered
from any other points designated.
Increase
and Output of Pneumatic Casings Continued to Gain During April.
Shipments of pneumatic casings continued to show the
substantial gains registered early this year according to
statistics released by the Rubber Manufacturers Association, Inc. Shipments of pneumatic casings for the month
of April amounted to 4,931,906 units, an increase of 19.7%
over March, although 3.1% under April a year ago. This
Association reports production of pneumatic casings for
April to be 4,944,363, an increase of0% over March, although
12.4% under April a year ago. Pneumatic casings on hand
April 30th amounted to 10,031,419 casings and showed
practically no change over the March 31st figure, but were
23.3% under April 30th a year ago.
Shipments
60.9% This
Year.
Russian cotton sowings this year are placed at 6,178,000
acres, an increase of 60.9% over the 3,840,000 acres actually
planted last year and 8.7% in excess of the 1931 "plan"
for that country, as published in an official Soviet publication for December 1930, according to reports received by
the Department of Agriculture from the International Institute of Agriculture at Rome.
Soviet Russia
Officials at the Department of Agriculture hold that this report is substantiated by the announcement of the completion of a Soviet railroad from
Turkestan to Siberia. The railroad, which is 900 miles in length, was built
for the purpose of releasing land in Turkestan formerly planted with
wheat to cotton acreage. Before the completion of the new road, the
Soviet Government was unable to plant land in Siberia suitable for wheat
because of transportation difficulties.
Further reports to the Department from the International Institute place
Russian wheat sowings to June 1 at 54,364,000 acres, which is 79% of
the Soviet's 1931 "plan." This shows an enormous pick-up in wheat
sowings since the first of last month, at which time that country had sown
only about 13% of the "plan," which calls for 69,188.000 acres this year.
Cables to the Department from the Agricultural Attache at Berlin report
that total spring sowings to May 25 in that country amounted to 163,978,000
acres, adding that sowing is continuing faster than last year, but is late
in many important regions.
A sale of 25,000 bales of Egyptian cotton to Russia during the week of
June 5 is reported to the Department in a cable from Cotton Specialist P. K.
by
Norris at Cairo. He declared that the sale, however. Is not regarded
Egyptian authorities as a departure from the policy to hold Egyptian Government cotton off the market until Sept. 1 neat. It was stated further
that cotton sold from the present stock will be replaced by cotton secured
as the result of foreclosures upon growers to whom advances have been
made by the Government.
New Automobile Models.
The Ford Motor Co. of Detroit is offering two new models,
viz.: a convertible sedan listing at $640, and a cabriolet at
$595. This is in addition to the three new five-passenger
models introduced during the past few months.
The De Soto Motor Corp. is introducing a deluxe six
sedan listing at $825 and also complete deluxe body styles
in the eight-cylinder line ranging in price from $965 to
$1,065. The deluxe eight line consists of sedan, standard
coupe, coupe with rumble seat, convertible coupe, and
roadster.
The stockholders of the Packard Motor Car Co. were
notified last week by Alvan Macaulay, President, that
new Packards will be introduced before the end of this month.
The Nash Motors Co. has announced that the intensive
activities at their plants in Kenosha, Racine and Milwaukee
indicate an early announcement of four new series of Nash
cars, with shipment to dealers already under way.
Press advices from Detroit state that on June 15 a vibrationless four-cylinder motor car was demonstrated by
officials of the Chrysler Corp. The new car, it was stated,
uses a principle of engineering never before applied to
automobiles.
Cotton Production Statistics for May 1931 as Reported
by the Association of Cotton Textile Merchants
of New York.
Statistical reports of production, shipments and sales
of standard cotton cloths during the month of May 1931
were made public June 15 by the Association of Cotton
Textile Merchants of New York. The figures cover a
period of four weeks.
Production during May amounted to 225,392,000 yards,
or at the rate of 56,348,000 yards per week. This was
slightly lower than the April rate of production.
Shipments during May were 205,603,000 yards, equivalent to 91.2% of production. New business booked during
the month amounted to 160,029,000 yards, or 71% of
production.
Stocks on hand at the end of the month amounted to
301,943,000 yards, representing an increase of 7% during
the month. Unfilled orders on May 31 1931 were 248,544,000 yards, representing a decrease of 15.5% during the
month.
It is normal for unfilled orders to decrease and stocks
to increase at this time of the year. If the mills will pursue
throughout the summer the constructive policy of regulating production to demand, as they did last year, they will
be in a good position when the buying for fall begins.
These statistics on the manufacture and sale of standard
cotton cloths are compiled from data supplied by 23 groups
of manufacturers and selling agents reporting through the
Association of Cotton Textile Merchants of New York and
the Cotton-Textile Institute, Inc. The groups cover upwards of 300 classifications or constructions of standard
cotton cloths and represent a large part of the production
of these fabrics in the United States.
The following statistics cover upwards of 300 classifications
or constructions of standard cotton cloths, and represent
a very large part of the total production of these fabrics
in the United States. This report represents yardage reported to our Association and the Cotton-Textile Institute,
Inc. It is a consolidation of the same 23 groups covered
by the reports since October 1927. The figures for the
month of May cover a period of four weeks.
Cottonseed Trading to Open in Memphis—Contract
Unit Will Be 50 Tons—Delivery Rules ki-e to Bo
Determined.
Trading in cottonseed contracts was inaugurated on the
Memphis Merchants' Exchange on June 15. The contract
unit will be 50 tons with delivery from the warehouse only.
The basis of cottonseed deliverable on contract will be
18.50% total oil, 3.5% total ammonia and not to exceed
1.8% free fatty acids, with due allowance for excess foreign I
Increasing Cotton Acreage
May 1931 (Four Weeks).
Production was
Sales were
Ratio of sales to production
Shipments were
Ratio of Shipments to Production
Stocks on hand May 1 were
Stocks on hand May 31 were
Change in stocks
Unfilled orders May 1 wore
Unfilled orders May 31 were
Change In unfilled orders
225,392,000 yards
160,029,600 yards
71.0%
205.603.000 Yards
91.2%
282,154,000 yards
301943,000 yards
Increase 7.6%
294,118,000 Yards
248,544,000 yards
Decreae 15.5%
4494
FINANCIAL CHRONICLE
British Cotton Industry To Ascertain Surplus Capacity.
At the recent meeting of the Joint Committee of the
British Cotton Trade Organizations in Manchester it was
agreed unanimously that steps should be taken immediately
to ascertain accurate information regarding redundant plant
capacity in Lancashire and that a questionnaire should be
sent to all firms asking for all pertinent data on this subject,
according to a report from Trade Commissioner William L.
lcoin, London, to the Department of Commerce.
Controversy has centred largely around the spinning
branch, particularly the section spinning American cotton,
in which it generally is admitted that there is a large margin
of permanently surplus capacity. The financial results of
the Fine Cotton Spinners' and Doublers' Association, Ltd.,
showed a loss of £226,944 for the year ended March 311931,
compared with profits of £517,518 for the previous 12
months and £1,104,223 for 1928-29 (E X34.86) This
.
combine has been regarded as a model of good finance and
management. The returns for 1930-31 indicate that the
Egyptian section is experiencing difficulties, but it is claimed
that the question is one only of temporary surplus capacity,
and is not a chronic state as in the section spinning American
cotton.
Census Report on Cotton Consumed in May.
Under the date of May 13 1931 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of May 1931 and 1930
Cotton consumed amounted to 465,770 bales of lint and
66,949 bales of linters, compared with 508,744 bales of lint
and 66,807 bales of linters in April 1931 and 473,284 bales
of lint and 67,201 bales of linters in May 1930. It will be
seen that there is a decrease under May 1930 in the total
lint and linters combined of 7,766 bales, or 1.44%. The
following is the official statement:
MAY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton In running bales, counting round as half bales, except foreign, which Is
'
In 500 pound bales.]
Cotton on Hand
May 31
-
Cotton Consumed
DuringYear
United States
Cotton
In Con- In Public Spin&es
turning Storage
Active
Establish- & at Coin- During
meats. presses.
May.
(bales). (bales). (Number).
Ten
Months
Ended
May. May 31.
(bales). (bales).
[ 1931 465,770 4.365.042 1,258,222 5,494,025 26,397,906
1 1930 473,284 5,321,582 1,527,853 3,379,414 28,357,908
Cotton-growing States-- _ 1931 362,136 3,443,665 909,485 5,093,568 17,016,498
1930 370,087 4,126,339 1,091,816 3,019,929 17,765,528
1931 88,968 773,033 296,140 160,368 8,399,620
1930 88,389 1,006.261 370,494 120,744 9,456,018
All other States
52,597 240,089
1931 14,666 148,344
981,788
1930 14,808 188,982
65,543 238,741 1,136,362
Included Above
Egyptian cotton
1931 8,665
50,372
24,830
87,942
1930 15,947 180,726
55,857
89,754
Other foreign cotton
64,167
1931 6,218
15,640
26,808
1930 8,106
24,724
82,269
38,395
Amer.-EgYritlan cotton
10,324
1931 1,402
8,641
12,183
914
11,105
1930
5,583 . 4.469
Not Included Above
Linters
f 1931 66,949 583,710 272.908
70,114
1 1930 67.201 686_672 237.690
94.150
New England States
Imports of Foreign Cotton (500-ib. Bales).
Country of Production.
Egypt
Peru
China
Mexico
British India
All other
Total
10 Mos. End. May 31.
May.
1931.
1930.
1931.
1930.
4,670
242
2,908
3,661
3,547
161
37,701
3,855
4,010
2,414
5,301
47
18,421
1,884
26,688
10,848
24,813
1,436
214,091
19,170
41,852
37,405
50,253
1,624
15,189
53,328
84,090
364,395
Exports of Domestic Cotton, Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
May.
1931.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
10 Mos. End. May 31.
1930.
1931.
1930.
58,321
17,669
28,923
75,954
35,818
65,943
55,168
40,367 1,027,159 1,219,575
21,649
900,613
790,193
22,189
437,686
624,571
41,125 1,531,718 1,587,376
36.098 643,121
739,159
26,038 1,089,802
967,390
21,229
611,351
400,957
335,796
208,695 6,241,450 6,329,221
Nole.-Linters exported, not Included above, were 4,968 bales during May In
1931 and 10,460 bales in 1930; 96,618 bales for the 10 months ended May 31 in
1931 and 104,223 balm in 1930. The distribution for May 1931 follows: United
Kingdom, 711; France, 2,667; Italy, 72; Germany, 672; Sweden, 37; Canada, 807;
Panama. 2.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1929, as compiled from various sources is 26,673,000 bales, counting
American in running bales and foreign in balm of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ended
July 31 1930 was approximately 24,946,000 bales. The total number of spinning
cotton spindles, both active and idle is about 164.000,000.
[vol.. 132.
Consumption of Cotton in United States Small.
Consumption of cotton by mills of this country in the
season ending July 31 will probably be about 5,300,000 bales,
according to the New York Cotton Exchange Service.
This will be the smallest in any season since 1920-21, when
the world was in the midst of the last severe depression,
in which season this country used only 4,893,000 bales.
"The largest consumption in any season was 7,190,000 bales,
which amount was used in 1926-27," says the Exchange
Service. "In 12 months from December 1926 to November
1927 inclusive the United States spun a total of 7,470,000
bales. Last season domestic mills used 6,106,000 bales.
Average annual consumption by this country in the last
ten years has been 6,302,000 bales, and in the last five
years 6,735,000.
"Accordingly, domestic consumption this season is less
than that last season by about 13%; it is below the average
of the past five years by about 21%; and it is belowithe
average of the past ten years by about 16%."
Cottonseed Oil Production During May.
On June 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of May 1931 and 1930.
COTTONSEED RECEIVED; CRUSHED AND ON HAND (TONS).
Crushed
Received at Mills*
Aug. 1 to May 31. Aug. 110 May 31.
On Hand at Mills
May 31.
States.
1931.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Misslasippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1930.
1931.
1930.
1
399,453 345,9511 399,190 341,8021
62,453
64,103
62,386
63,906
249,580 425,552 250,764 413,480
127,084 119,7651 124,712 101,025
664,067 480,1171 662,194 472,286
202,163 226,895 202,190 229,589
565,743 797,1161 569,778 756,662
289,522 265,3011 289,111 263,561
248,035 353,318 249,137 356,460
277.176 214,758 275,862 214,109
260,996 334,054 263.356 321,177
1,238,579 1,251,636 1,236,083 1,264,678
63,528
70,1731
63,393
70,303
1930.
1931.
529
49
1,866
10,512
2,602
643
5,940
775
1,180
1,708
235
19,199
137
5,340
96
13,154
18,853
8,428
1,732
46,326
2,191
713
1,242
13,953
6,900
United States
4.649.832 4.047.1122 4_1140.872 4.357.535, 45.375 118.928
•Includes seed destroyed at mills but not 45,434 tons and 41,606 tons on hand
Aug. I, nor 67,614 tons and 94,566 tons reshipped for 1931 and 1930, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND
ON HAND.
Dem.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
May 31.
Shipped Out
Aug. 1 to
May 31.
On Hand
May 31.
Crude oil,
Pounds
Refined oil,
Donn&
Cake and meal.
tons
Hulls, tons
1930-31
*7,893.957 1,420,137,363 1,405,152,958 .32,819,333
1929-30
39,508,280
19,181888 1,523,643,516 1,512,905,772
1930-31 a301,609,092 D1275 569,192
a406,236,948
463,982,870
1929-30 338.619.933 1,333.656,313
223,084
1,962,775
1930-31
2,130,507
55.352
100,371
2,141,025
1929-30
2.164.729
76,667
1.231,819
82,993
1,286,317
1930-31
28,495
1,355,508
52,328
1,343,919
63,917
1929-30
L4aters.
700.183
248,340
813,303
1930-31
135,220
running bales 1929-30
185,299
1,004,821
890,376
70.854
Hull fiber,
3,551.
48,481
49,373
2,659
1930-31
500-1b. balm 1929-30
72.791
2.909
71,730
1,848
Gratets. motes. 1930-31
16,947
30,902
35,073
12,776
37,153
45,663
&c.500-1b.balee 1929-30
16,963
8,453
•Includes 1,932,090 and 2,826,991 pounds held by refining and manufacturing
establishments and 3,558,420 and 12,604,490 pounds in transit to refiners and
consumers Aug. 1 1930 and May 311931, respectively.
a Includes 6,088,528 and 6,409,576 pounds held by refiners, brokers, agents.
and warehousemen at places other than refineries and manufacturing establishments
and 5,919,817 and 4,451,013 pounds In transit to manufacturers of lard substitutes,
Oleomargarine, soap, dm., Aug. 1 1930 and May 31 1931, respectIvelY.
b Produced from 1.394,098,031 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR NINE MONTHS ENDED
APRIL 30.
Item1930.
1931,
011
-Crude, pounds
24.620,342
8,697.762
Refined, pounds
4,307,644
13,512,379
Cake and meal, tons of 2,000 Pounds
157,041
42,303
Linters, running bales
93,763
91,650
New York Cocoa Exchange on the Cocoa Market.
With increasing attention being focused on the commodity
markets at this time, the financial district is showing particular interest in the price movements on the New York
Cocoa Exchange. There are several important reasons why
the cocoa market may be used as an authentic barometer
of changing economic conditions, according to the New
York Cocoa Exchange, which under date of June 12, said:
Cocoa is one commodity that has never been subject to governmental
interference or restriction of any kind. There is no over-supply of cocoa
and the recent decline to a record low level of4 cents a pound is attributed
to the unwillingness on the part of cocoa dealers throughout the world to
shoulder a normal carryover.
Inasmuch as cocoa and chocolate products may be classed as semi
luxury food products, the demand for these products may well indicate the
buying attitude of consumers. The major cocoa crops have been harvested
and turned into the regular marketing channels. Thus, the price movement
Is now being influenced largely by the manner in which thousands of persons
In the chocolate industry interpret consumer demand and changing business
conditions.
Although there are small cocoa markets in London, Liverpool and
Hamburg. the New York Cocoa Exchange is unquestionably the world
Market for cocoa. Volume of trading annually exceeds the total world
production. Buying and selling orders pour into the market from every
corner of the globe. Thus, contending price factors meet in the cocoa
FINANCIAL CHRONICLE
JUNE 20 1931.]
futures market, and a consensus of world opinion in regard to values is
created.
Transactions in Grain Futures During May on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of May, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department
of Agriculture, were made public June 9 by the Grain
Exchange Supervisor at Chicago. For the month of May
1931 the total transactions at all markets reached 1,050,360,000 bushels, compared with 1,372,484,000 bushels in
the same month in 1930. On the Chicago Board of Trade
the transactions in May 1931 totaled 907,993,000 bushels,
as against 1,203,760,000 bushels in the same month in 1930.
Below we give details for May, the figures representing sales
oply, there being an equal volume of purchases:
VOLUME OF TRADING
Expressed in Thousands of Bushels, i.e. (000) Omitted.
May 1931.
Corn.
Wheat.
Oats.
Rye.
Barley. Flax.
Total.
24,800 15,068
25,095 8,197
--------46,944
--------38,846
8,998
7,480
14,862
17,321
11,386
15,828
923
1,360
1,863
1.488
1,155
745
2,044
1,169
992
1,326
1,809
1,193
--------32,986
--------31,197
--------32,356
--------43,692
--------28,207
--------31,626
11,357
14,458
12.312
15.576
10,391
9,511
995
906
1,118
1,178
677
622
637
1,317
767
1,241
951
1,027
--------27,207
--------27004
--------29789
---_ ____
41,036
-------28,038
--_ .---34.018
27,289
17,300
26,512
25,990
20,583
31,798
12,574
10,411
12,111
16,660
13,152
12,862
1,237
653
532
936
657
579
992
352
339
804
449
353
--------42,092
---- ____
28,714
--------39494
--------44,39
--------38841
--------45592
18,084
30,737
26,427
27,411
22,276
Chicago Bd. of Trade
Chicago Open Board_
Minneapolis C. of C
Kansas City Bd. of Tr_
Duluth Board of Trade_
St. Louis Merch. Exch_
Milwaukee C. of C.-Omaha Grain Exchange
Seattle Grain Exchange
Portland Grain Exch
Los Angeles Grain Exch
San Francisco C. of C_
N. Y. Produce Each- _
4,516
3,924
14,218
10,413
15,592
23,041
16,019
22,858
9
10 Sunday
11
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28
29
30 Hollday
31. Sunday
2,560
1,630
21,023
21,188
14,639
23,557
13,857
13,860
1
2
3 Sunday
4
5
6
7
8
14,444
16,377
11,064
13,042
11,725
1,401
628
1,064
1.063
1,086
910
631
727
372
361
----__
34,841
--------43373
--------39282,
___- _--41,888
____ ___
35,448
534.567 317,167 27,056 29,203 --------907,993
113
29,035 9,599
__ _-__
38,753
457 2,670 5,581 2,554
18.028
16746
30,036
---------------24,019 17.079
41,098
*8,660
--------801
110
644
1015
--310
i) ---------------310
296
787 1.379
133 --------2,595
55
8,654
2,240
---------- ---- ---2,240
2,285
--------------------2,285
------10,115
--------------------6,115
Totall markets May'31 634,700345,936 30,136 35,534 2,684 1,390 1,050,360
Tot.all markets May'30 1,003.694289.814 43,052 29,607 3.793 2524 1,372,484
Tot. Chic. Bd. May '30 875.505 265,421 36,763 26,071 --------1.203.760
* Durum and wheat combined. z Bonded wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR MAY, 1931 (BUSHELS).
("Short-side of contracts only,there being an equal amount open on the"long"side.)
Corn.
Oats.
Rye.
Total.
43,034,000 *15,907,000 10,585.000 174,309,000
42,993,000 15,779,000 *10,853.000 •175,235,000
43,092,000
42,177,000
42,536,000
42,651,000
42,596,000
43,014,000
15,577,000
15,609.000
15,152,000
15,238,000
15.233,000
15,074,000
10,497,000
10,443,000
10,474,000
10,586,000
10,739,000
10.662,000
175,187.000
173,438,000
172,232.000
169,664,000
169,342,000
169,648,000
93,994,000 43.007,000
94,572,000 42,722,000
93,007.000 43,032,000
92,047,000 42,857,000
93,013,000 42,965,000
94,316,000 *43,199,000
14,925,000
14,717,000
14,477,000
14,525,000
14,469,000
14,376,000
10,740,000
10,494,000
10,410,000
10,452.000
10,445,000
10,253,000
182,666,000
162,505,000
160,926,000
159.881.000
160,892,000
182,144,000
98,059,000
95,252,000
95,773.000
94,621,000
94,067,000
86,377.000
14,270,000
14,115,000
14,195,000
14,042,000
13,733,000
13,759,000
10,213,000
10,188,000
10,176,000
10,100,000
9,890,000
9.875,000
163,505.000
162,353,000
162,561,000
160,239.000
158,875,000
150,401.000
000
14,456,000
18.460,000
22,951,000
30.030,000
34.911.000
37,392,000
42,122.000
48,368,000
51,004,000
47,969,000
36,624,000
16,150,000
15 R90 nnn
1§§88§§888§§§
94,052,000
130,654,000
125,406,000
129,411,000
133,278,000
136,429,000
154,269,000
175,688,000
175,217,000
160,498,000
141,543,000
115,037,000
122 522 non
9.886,000 148,547,000
9.744,000 148,328.000
9.591,000 147,249,000
9,565,000 138,323,000
a9,529.001) 0132,504,090
00
85,250,000 30,922,000 13,489,000
86,634,000 40,552,000 13,398,000
83.897,000 40,346,000 13,415,000
75,461,000 40,204,000 13,093,000
a70,437,000 a39,707,000 a12,831,000
.PPM
4?P.PP!''Pr.
42,983,000
42,798,000
42,417,000
41,476,000
41,185,000
40.390,000
b1,4011.3WIT81P01412
41
ACO W.4...W
0
*106,001,000
105,209.000
104,070,000
101,189,000
100,774,000
100,898,000
§§§§§§§§§§§ §
8
M.Vt..PC.ONVOWWWC
1,00WW.OWM...NNM.4
0,10,./..r1
,,
0040000N
0000t•1.=0.-.000O.t
VV00044000
Average
May 1931
May 1930
Apr. 1931
Mar.1931
Feb. 1931
Jan. 1931
Dec. 1930
Nov.1930
Oct. 1930
Sept.1930
Aug.1930
July 1930
Wheat.
104,783,000
105,610,000
0040400
May 1931.
1
2
3 Sunday
4
5
6
7
8
9
10 Sunday
11
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28
29
30 Holiday
31 Sunday
160,837,000
216,967,000
214,273,090
231,521.000
241,693,000
246,507,000
268,719,000
301,983,000
298,374,000
278,180,000
242,938,000
186.682,000
4495
Value of World Coffee Stocks Raised by Over .$75,000,000 in 200 Point Rise from April Record Low
Level in Coffee Futures.
With advances of approximately 200 points, or 2c. a pound.
from the record low levels of April, the coffee futures market on the New York Coffee & Sugar Exchange has been
practically the first commodity traded on an organized exchange to turn the corner. It is estimated that the advance
recorded on the Exchange since the low levels of April 16
has increased the value of the existing world stocks of
coffee by more than $75,000,000.
Reports from the Exchange indicate:
At the close of the market on Wednesday, June 10, September Santos
coffee was quoted at 9.43c. a pound compared with 7.39c. on April 16.
December Santos closed on Wednesday at 9.50c. a pound, compared with
7.42c. on April 16. In the early summer of 1929, when business conditions first started to slow up and foreshadow the crash of the autumn,
coffee was the first commodity to show sharp declines. At that time
Santos coffee was selling in the neighborhood of 23c. a pound. The coffee
market then followed a steady downward course until April 16 of this
year, when it hit bottom in the neighborhood of 7*c. a pound. Since
then the market has been following a gradual upward movement and is
/
2c.
now at the 91 level.
The coffee futures market of the New York Coffee & Sugar Exchange
is one of the world's oldest commodity markets, having just entered its
fiftieth year of operation. The market has passed through numerous
depressions and periods of prosperity, and has naturally developed into a
sensitive barometer of economic changes.
Many older students of security and commodity markets are attempting
to connect the upturn in the coffee market with a definite improvement
in the economic structure. The coffee market is believed to have fully
discounted the enormous over-supply of coffee in Brazilian warehouses
and the recovery of the past few weeks is attributed by many to the
evidences of increasing coffee consumption. It is estimated by the Exchange that the year ending June 30 will show an increase of about 1,500,000
bags in world consumption when compared with last year, or approximately
6% compared with a normal 3% increase for each of the past 10 years.
Trade Survey Bureau Predicts Lessened Demand for
Argentine Beef.
demand for Argentine beef and a resultant deLessened
cline in the production of hides in that country is forecast
for the year 1931 in a report to the New York Hide Exchange
by the Trade Survey Bureau of the Tanners' Council, which
continues:
A restricted foreign as well as domestic demand for Argentine beef,
coupled with some signs of herd liquidation, is expected to reduce the
slaughter of cattle in 1931. The Argentine production of hides, based on
the estimated number of cattle slaughtered, was 4,979,000 in 1930, while
the estimate for 1931 is approximately 4,800,000. Imports of hides from
the Argentine during the first three months of this year comprised 1171A%
of the total imports into the United States whereas for the entire year of
1930 these imports amounted to 45 3/10% of the total. The radical increase
in the ratio of imports of Argentine hides since the enactment of the tariff
in 1930 is attributed to the superiority of Argentine Frigorifico hides and
their relatively greater necessity to the American tanner compared with
other foreign hides.
Curtailment of Tanning Operations Reported by New
•
York Hide Exchange.
curtailment in tanning operations durSigns of a definite
ing the first four months of this year is reflected in a review
of the hide and leather situation, released on Wednesday by
the New York Hide Exchange, cattle hides put into process
of tanning during that period being 21.5% below the same
time last year. Deliveries of finished cattle hide leather
for that period, however, were only 8.4% below 1930. The
review also says:
Judging from the figures the curtailed operations on the part of tanners
coupled with the fact that deliveries of leather have held up well in comparison with last year, has tended to reduce their holdings of finished
leather.
During the first four months of this year the deliveries of finished cattle
hide leather aggregated 5,826,000 whereas hides put into process of tanning
amounted to 5,063,000 hides. In the same period stocks of finished leather
in the hands of tanners shoWed a continuous decline, being equivalent to
5,207,000 hides at the end of April as compared with 6,649,000 hides on
Dec. 31 1930.
The stocks of finished leather in the hands of tanners at the end of
April, however, were still 12%, or about 555,000 hides, greater than a
year ago, while the stocks in process of tanning at the end of April stood
at the lowest on record for the past nine years and reflected a decline
of almost 800,000, or 15.8%, under April 1930.
New York Appellate Division Reinstates 25 Union
-Also Upholds Right to Sue for $100,000
Members
-Lower Court Reversed-Operating EnDamages
gineers, Suspended as Subordinate, Win on Appeal
of Suit.
From the New York "Times" of June 2 we take the following:
The Appellate Division has reversed a decision denying the application
of 25 suspended members cf the International Union of Operating Engineers
for an injunction restraining Arthur M. Huddell, international President„
from barring them from employment and death benefits, it was learned
4496
FINANCIAL CHRONICLE
yesterday. They also asked reinstatement on the ground of illegality in
the action of the international union in suspending them for alleged insubordination and revoking the charters of their unions, Lccals 403 and 184.
A new Local, 125, was created.
Justice Townley, who wrote the opinion, said that "assuming that insubordination as charged is punishable," the defendants "did not go through
even the form of a hearing," and thus the plaintiffs were deprived unconstitutionally of valuable prcperty rights attaching to their membership.
The Court pointed out that under the union rules their only appeal would
have been to the general Executive Board of the international, of which
the defendant Huddell was in control, for which reason they would scarcely
have received an impartial hearing. In addition to ordering their reinstatement, the Appellate Division reinstates their complaint in a suit for
$100,000 damages, which will be tried later. The plaintiffs had been out
of work 19 months, their attorney said.
The injunction was denied and the complaint dismissed in the lower
court on the ground that the plaintiffs had not Pxhausted their remedies
within the union before going to court.
Speedometer Plant Rehires One Thousand-Shopmen
Resume Jobs on Several Railways.
Several industries located in Chicago or having headquarters here are re-employing some of their former workmen who have been idle, it was learned today, says a Chicago
dispatch to the New York "Times" under date of June 18.
The Stewart-Warner Speedometer Corp., for example, reported that between 1,000 and 1,200 of its old employees
had just been put back to work and that officials hoped within
the next three or four weeks to put 500 or 600 more back
to work again.
The American Car & Foundry Co. has restored 100 of its
former employees to service in the whole foundry and
expect to re-employ 250 more of its former employees in
the steel shops within a few months.
The Chicago & Alton RR. shops, which for six months
have been intermittently idle, have reopened on a five-day
week basis.
F. R. Mays, Superintendent of motive power of the
Illinois Central RR., reports that 700 employees had been
restored to service in the shops of the railroad. Of this
number about 150 were taken back in Chicago.
Among other railroads, the Rock Island lines reported
that employment was stabilized for present traffic needs,
which have registered a seasonal increase.
Officers of the Santa Fe said that the road had maintained
operation without closing a shop at any of its fifty shop
points for a single day, and is operating with its normal
force of 16,000 to 17,000 shopmen. The railroad also has
retained its force of 10,000 to 12,000 clerks, the officers said.
[Vol. 132.
the Attorney-General and State district courts to refrain
from penalizing the company on charges of overproducing
four wells in the Oklahoma City field. The State agencies
were restrained from enforcing penalties until further order
of the Federal court or until the validity of the Oklahoma oil
conservation laws is determined by the United States Supreme
Court on an appeal taken by the Champlin company. A
hearing on an application to make the injunction permanent
will probably be held early in July.
There has been no change in the East Texas situation.
Practically all of the major purchasing companies are now
entirely out of that field, and prices have just about collapsed. The last posted prices in the field, 25e. per barrel,
are reported to have been abandoned and oil is moving out
on contracts as low as 150. per barrel. The Railroad Commission has tentatively decided to call into a conference
representatives of the East Texas Lease, Royalty and Producers Association, independent producers of other Texas
fields, and the major companies, to consider a proposal
that the East Texas field be operated on a basis of 300 barrels
daily to each 20-acre unit. Many objections have already
been voiced to this plan.
Price changes for the week have been:
June 19.
-Standard Oil Co.of California, effective immediately, advances
Posted prices for California crude 20c. to 40c. per barrel, according to
degrees.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. 1. degrees are not shown.)
Bradford, Pa
20.87
$1.75 Smackover, Ark., 24 and over
Corning, Ohio
.67
.65 Eldorado, Ark., 40
Cabell, W. Va
.67
1.05 Rusk, Texas, 40 and over
Illinois
.75
.55 Crania, La
Western Kentucky
.61
.so Salt Creek, Wyo., 37
1.55
Midcontinent, Okla. 37
.37 Sunburst Mont
Hutchinson. Texas, 40 and over__ .27 Santa Pe Springs, Calif., 40 and over .75
Spindietop. Texas, grade A
.72
.80 Huntington, Calif., 26
Spindietop, Texas, below 25.
1.50
.60 Petrolia, Canada
Winkler, Texas '
.25
REFINED PRODUCTS-SHARP ADVANCE IN CALIFORNIA TANK
WAGON PRICES INDICATES END OF PRICE WAR-GASOLINE AND KEROSENE REDUCED IN OHIO-METROPOLITAN AREA UNCHANGED.
The long-awaited upward revision of California's refined
products came suddenly yesterday, June 19, with the announcement of an advance of 53c. per gallon in tank wagon
prices of gasoline, effective immediately. The advance was
made by the Standard Oil Co. of California and brings the
new price to 13e. per gallon in Los Angeles and 133'c. per
gallon in San Francisco, including the 3c. State tax.
The day before, June 18, Standard Oil of Ohio announced a
1c. per gallon reduction in gasoline throughout Ohio, tank
wagon now being 15c. and service station 16c. per gallon,
including State tax. Kerosene was also reduced lc. per
gallon throughout the State, new price being 12e. per gallon.
The change in the California situation will, if maintained,
mean the end of the most disastrous period in the history of
that State's oil industry. Since last February prices have
been slashed and all factors in the industry have been facing
the spectacle of gasoline being practically given away.
Many were facing bankruptcy as a result of the State-wide
price war.
Another price change of the week occurred on Monday,
June 15, when Atlantic Refining Co. reduced tank wagon
gasoline price lc. a gallon in Pennsylvania and Delaware.
New service station price is 13c. per gallon, and tank wagon
price lle, per gallon, exclusive of tax.
The invasion of "competitive" gasoline in the Eastern
territory has not aided any in firming up the bulk distributing market. Whether the cheaper grades of gasoline will
continue to move in large volume after consumers have had
a sample is hard to say, but distributors of standard grade
products are depending upon the public swinging back to the
higher-powered fuel. The Standard Oil Co. of Indiana has
reduced its "Stanolind Blue," its competitive grade, 13,c.
per gallon to 8.4c. per gallon service station, in the St. Louis
district.
Kerosene is sluggish, with orders reported accepted here at
5c. per gallon for 41-43 water white. Another downward
revision of prices is anticipated throughout this territory.
Fuel oils show little activity, business being generally confined to movement against contracts.
Price changes follow:
Petroleum and Its Products-California Crude Price
Advances Seen as End of Disastrous Conditions in
Industry-Oklahoma Independent Wins Injunction-East Texas Situation Unchanged.
The first break in the disastrous condition of the California
crude oil market came yesterday, June 19, when advances
of from 20c. to 40c. per barrel were announced by the
Standard Oil Co. of California. In taking the lead thus to
end the price war which has been raging since February,
the Standard Company announced: "Standard Oil Co. of
California announces an advance in prices which it will pay
for purchases of crude oil ranging from 20e. to 40e. a barrel
on the average grades of refinable crude. The company
also announces an advance of 5Mc. in tank-wagon price of
gasoline to 133-e. a gallon in San Francisco and 13e. in Los
Angles, including 3c. tax. Prices at all points supplied from
California will be on an equivalent basis. Both increases
are effective at 7 a. m.June 19. These crude ell prices apply
only to crude oil produced in accordance with the allowable
quantities set by the California Statewide Curtailment
Committee. The company's action is intended to point the
way to end the most disastrous economic breakdown ever
experienced by the California oil industry and to remove a
serious menace to the economic welfare of the community."
Leaders in the California situation have been successfully
reducing production in that State until proration has achieved
so near a success that the large companies, led by Standard,
are ready to recognize the recovery by immediate upward
revision of posted prices. It is reported that several groups
of producers and distributors in California who were facing
-Effective Saturday, June 13, Standard Oil Co. of Indiana
June 15.
bankruptcy as a result of the stashing tactics of the past few reduces Stanolind Blue, competitive gasoline, 1 jic. per gallon to 8.4e.
chance to pull through if service station in St. Louis district.
months now feel that they have a
-Atlantic Refining
June 15.
there is not a new burst of production in unexpected sections. Ohio, making new prices 15c.Co.reduces gasoline lc. per gallon throughout
per gallon tank wagon and 16c. per gallon
Enforcement of proration production in Oklahoma struck service station, exclusive of tax. Also reduces kerosene lc. per gallon
injunction by throughout Ohio, new price, 12c. per gallon.
a serious snag in the granting of a temporary
-Standard Oil Co. of California advances
primp
June 19.
three Federal judges in Federal District Court at Guthrie, 5Iie. per gallon, making new Prices 13c. per gallon in Los tank wagon 13 C.
Angeles and
Okla., to the Champlin Refinery Co. The injunction orders Per gallon in San Francisco, including 3c. tax.
JUNE 20 1931.]
FINANCIAL CHRONICLE
Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery.
Arkansas
3.04-.0444
N. Y.N.Y.(Bayonne)
California
.05-.07
Colonial-Beacon...SO.6
Stand. Oil, N. J..-$0.544
Sinclair Ref
.0644 Los Angeles,ex .0441-.07
*Stand. Oil, N.Y. .06
.06
Gulf Coast, ex .0444-.05
Crew Levick
Tide Water Oil Co .08
Texas
.0544 North Louisiana .04-.0411
Richfield 011(Cal.) .07
Gulf
.06)4 North Texas.. .0341-.0314
Warner-QuinYnCo .06
Continental
.0634 Oklahoma._ __ .0344-.04
Pan-Am.Pet. Co_ .054i
.0341-.0341 Pennsylvania_
.0554
Chicago
Shell Eastern Pet_ .06
New Orleans, ex____ .04.14
•Plus freight.
Gasoline. Service Station, Tax Included.
3.16 Kansas City
3.153 Cincinnati
3.149
New York
.16 Minneapolis
.20 Cleveland
.162
Atlanta
18 New Orleans
.159 Denver
.114
Baltimore
13 Philadelphia
.155 Detroit
14
Boston
.144 Houston
.18 San Francisco
.17
Buffalo
.19
14 Jacksonville
Chicago
Kerosene, 41 43 Water White, Tad k Car Lots, F.O.B. Refinery.
3.0244-.0341 I New Orleans, ex__30.5
N.Y.(Bayonne)3.054-.0534 I Chicago
North Texas__ .0244-.03 I LosAngeles,ex. .0441-.06 I Tulsa
.0441-.0344
Fuel 011, F.O.B. Refinery or Terminal.
California 27 plus D
Gulf Coast "(y"_ _ $.65-.70
New York (Bayonne)3.75-1.00 Chicago 18-22 D_ .4244-.50
Bunker "C"
3.85
1.55 New Orleans"C"_- .90
Diesel 28-30D
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended June 13, from companies aggregating
3,646,100 barrels, or 94.7% of the 3,848,500 barrel estimated daily potential refining capacity of the United States
indicate that 2,461,700 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week,43,410,000 barrels of gasoline
and 130,398,000 barrels of gas and fuel oil. Reports received on the production of gasoline by the cracking process
indicate that companies owning 94.4% of the potential
charging capacity of all cracking units manufactured 3,125,000 barrels of cracked gasoline during the week. The complete report for the week ended June 13 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED JUNE 13 1931.
(Figures In Barrels of 42 Gallons each)
Gas 011, F.O.B. Refinery or Terminal.
Tulsa
ChicagoN.Y.(Bayonne)32-361)Ind.3.0141-.02 I 32-36D Ind..3.0141-.02
38D plus._ $.0434-.O554
Crude
Runs to
Stills.
Per Cent
Oper.
of Total
Capacity
Report.
aGasolin4
Stocks.
100.0
East Coast__ ---....
91.8
Appalachian
Ind., Illinois, Kentucky 96.6
Okla., Kans., Missouri_ 89.6
91.3
Texas
98.9
Louisiana-Arkansas
89.3
Rocky Mountain
96.5
California
3,489,000
655,000
2,383,000
1,883,000
3,962.000
1,262,000
423,000
3,475,000
78.6
68.1
80.8
61.8
73.9
78.2
42.4
51.5
7,832,000
1,538,000
6,343,000
3,570,000
7,693,000
1,943,000
1,873,000
*12,613,000
Total week June 13
Daily average
Total week June 6_
Daily average
94.7
17,232,000
2,461,700
16,929,000
2,418,400
67.5
c43,410,000 c130.398,000
66.3
c44,225,000 c130,508.000
Total June 14 1930._
Daily average
95.8
18,690,000
2,670.000
75.7
d51,854,000 b138,660,000
99.8
nn n
3,004,090
844.000
80.7
81.8
Per Cent
Potential
Capacity
Reportlag.
Ms:11cl.
Crude Oil Output in United States Falls Off.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended June 13 1931 was 2,463,100 barrels, as compared with 2,474,950 barrels for the preceding week, a
decrease of 11,850 barrels. Compared with the output for
the week ended June 14 1930 of 2,571,500 barrels per day,
the current figure represents a decrease of 108,400 barrels
daily. The daily average production East of California for
the week ended June 13 1931 was 1,934,500 barrels, as compared with 1,945,850 barrels for the preceding week, a
decrease of 11,350 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
June 13'31. June 6 '31. May 30 '31. June 14'30.
Week EndedOklahoma
557,450
552,400
527,700
651,700
Kansas
103,100
107,000
106,800
133,850
Panhandle Texas
58,000
59,900
61.800
105,700
North Texas
55,450
82,150
West Central Texas
26,900
25,850
26,400
62,700
West Texas
214,900
209,000
210,603
298,500
60,700
East Central Texas
56,750
55,600
40,300
329.000
East Tema
351,500
350,900
Southwest Texas
60.950
58,800
74,100
60,550
Louisiana
North
37,400
37,750
38,600
40,250
45,350
Arkansas
45,700
46,250
56,800
Coastal Texas
148,300
149,750
150,500
185,200
28,050
Coastal Louisiana
28,950
29,900
25,200
101,800
Eastern (not including Michigan)
101,500
102,800
125,000
Michigan
8,350
8,150
8,200
10,300
42,900
Wyoming
42,050
42,250
48,350
8,050
8,100
Montana
8,650
9.350
4,400
4,050
Colorado
4,050
4,350
43,450
42,900
New Mexico
45,700
20,500
528,600
529,100
597,200
California
528,400
Total
2,463,100
2,474,950
2,462,150
2.571,500
4497
94.7
eTexas Gulf Coast
rn.ir Onnat
.1'...1.1ano
1
6,515,000
1.795.000
Gas and
Fuel Oil
Stocks.
9,189.000
1,223,000
3,701,000
4,502,000
10,409,000
2,374,000
357,000
98,143,000
7,350,000
1.468.000
* In California they represent the total inventory off nished gasoline and engine
distillate held by report ng companies wherever located within continental United
States (stocks at refineries, water terminals and all sales distributing stations,
including products in transit thereto).
a In all the refining districts indicated except California, figures in this column
represent gasoline stocks at refineries. It Revised due to change in Texas. CU. S.
total figures of gasoline and gas and fuel oil stocks as of week ended June 6, comparable with this week's figures, are 43,997,000 and 130,184,000 respectively, the
revisions being due to a transfer in the East Coast district, of gasoline and gas and
fuel oil stocks from refinery to bulk terminal storage. These figures are not comparable with a year ago. d Revised due to change in Indiana, Illinois, Kentucky
and Texas. e Included above In table for week ended June 13 1931.
No e.-All figures follow exactly the present Bureau of Mines definitions. Crude
,
Oil rune to stills include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading 'Gas and
Fuel 011 Stocks."
Federal Trade Commission Re-Approves Trade Practice
Rules for Marketing Refined Petroleum Products.
'The Federal Trade Commission has informed the American Petroleum Institute that on June 12 1931 it took final
action representing substantial reapproval of the trade practice rules embodied in the petroleum industry's National
Code of Practices for Marketing Refined Petroleum Products. W. R. Boyd, Jr., Executive Vice-President of the
Institute, which sponsored the code, has expressed the
Opinion that the action of the Commission undoubtedly will
be eminently satisfactory and agreeable to the marketing
branch of the industry. Commenting, Mr. Boyd said:
The estimated daily average gross production for the Mid-Continent
Field, Including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central, East and Southwest Texas, North Louisiana and
Arkansas, for the week ended June 13, was 1,549,200 barrels, as compared
with 1,560,400 barrels for the preceding week, a decrease of 11,200 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,518.850 barrels, as compared with 1,529,650 barrels, a decrease of
10,800 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:
"It will be remembered that the Federal Trade Commission, on July 25
-Week Ended
-Week Ended
trade practice conference rules which were accepted
Southwest Texas 7
OklahomaJune 13. June 6.
June 13. June 6. 1929 prcmulgated 21
Chapman-Abbot
by 16,000 marketers and which the petroleum industry adopted and put
13,900 13,200
Bowlegs
3,200 3,400
12,850 12,850 Darst Creek
Bristow-Slick
22,200 18,950 into effect as its National Code of Practices for Marketing Refined Petroleum
13,000 13,050 Luling
Burbank
8,200 8,600
February 3 1931 we were notified that the Commission had
11,700 11,600 Salt Flat
Carr City
12,150 11,950 Products. On
withdrawn its approval of 18 of these rules, had rewritten two, and left
18,350 15,700
Eariaboro
North Louisiana16,850 15,100 Sarepta-Carteryllle
East Earlsboro
1,200 1,200 intact only one of the original rules.
5,450 5,700 Ewell°
South Earisboro
7,100 7,050
"The marketing branch of the industry met in Chicago early in March
9,150 8,600
Konawa
Arkansas
to consider the situation and determine what the petroleum industry should
24,300 22,700
Little River
4,150 4,150 do about it. It was the consensus of opinion then that if an adequate explana5,550 5,400 Smackover, light
East Little River
30,350 30,750
2.400 2,050 Smackover, heavy
Maud
tion of each of the 21 rules -and a thorough analysis of the practices and
8,500 6,350
Mission
Coastal Texas
170,800 174,950 Barbers Hill
Oklahoma City
25,250 25,700 methods which each trade practice rule sought to condemn and prevent could
St. Louis
21,900 22.700 Raccoon Bend
7,650 7,700 be made clear to the members of the Commission, that body would not
4,100 3,950 Refugio County
Searight
29,000 29,100 hesitate to reverse itself and reaffirm its approval of the rules. Events
14,000 13,500 Sugarland
Seminole
10,900 11,100
now prove that this opinion Was correct, for the final action is a substantial
East Seminole
1,900 1,500
Coastal Louisiana
Kansaswhat has happened is this:
.
East Hackberry
1,4(10 reapproval of the original rules. Actually
1,400
Rita
5,350 6,900 Old Ilackberry
700
"Rules 1, 3, 5 and 6 of Group I have been reapproved without change.
750
Sedgwick County
15,450 16,700
Wyoming
Rule 2, Group 5, has been reapproved with the insertion of one word, but
Voshell
17.050 17,950
Salt Creek
Panhandle Texas
26,000 24,850 transferred to Group II. Rules 4 and 7 have been rewritten to oonform
Gray County
42,200 44,600
Montana
to the Commission's standard form rules relating to breaking contracts and
Hutchinson County- _ 9,900 9,200 Kevin-Sunburst
4,450 4,450
to selling below cost to injure a competitor.
North Testis
New Mexico
12,200 12,000 Hobbs High
Archer County
36,750 36,000
"Preceding Group II, Rules 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20
Young County--- 8,400 8,400 Balance Lea County-- 4,250 4,500
North
and 21, all of which have been reapproved without change except for the
mow 10,000 California
wubareer county
Elwood-Goleta
West Central Texas
33,300 36,200 insertion of one word in Rule 17, the Commission inserted a preamble
South Young County- 3,300 3,300 Huntington Beach
20,300 20,500 reading as follows:
West Texas
Inglewood
14,200 15,500
"
'The following rules of Group II are adopted by the Conference and accepted
Crane & Upton Counties 22,400 23,650 Kettle:flint Hills
55,300 44,500
Commission as expressions of the trade. The industry and
5,900 6,300 Long Beach
Ector County
80,000 84,200 by the Federal Trade
each person signing these rules agree that said rules shall not be carried out In such
30,000 30,200 Midway-Sunset
Howard CountY
51,500 52,300 a
manner or used in any way so as to substantially lessen competition or unduly
29,550 18,700 Playa Del Rey
Reagan County
29,000 29,500
create a monopoly.'
43,150 44,300 Santa Fe Springs
Winkler County
64.600 70,500 restrain trade, or tend to
68,850 70,600 Seal Beach
11,500 12,000
Yates
"I regard the Commission's final action as constructive and eminently
Balance Pecos County... 3,100 2,800 Ventura Avenue
43,400 42,300
satisfactory, and believe that it undoubtedly will be agreeable and acceptable
Pennsylvania Grade
East Central Texas
50,200 46,100 Allegany
7,300 6,850 to the marketing branch of the petroleum industry. I am recommending
Van Zandt County
Bradford
East Texas
22,300 22,000 to the Board of Directors of the American Petroleum Institute and to the
Kane to Butler
Rusk County:
6,750 7,050 industry generally the prompt approval and acceptance of the revised rules
114,300 119,200 Southeastern Ohio
Jolnertield
6,850
6,800
168,000 165,600 Southwestern Penna..
Kilgore
3,200
3,200 because to all intents, purposes and effects they are no different from the
13,400 13,600 original ones.
Gregg County. Longview 46,700 66,700 West Virginia
•
4498
[VoL. 132.
FINANCIAL CHRONICLE
"I believe the trade practice conference system a constructive one for
the Commission to foster and maintain and that it is helpful to an industry
In ridding itself of many admittedly unfair, unethical and uneconomic competitive practices. In our discussions with members of the Commission we
found them keenly alive to the value of the trade practice conference system
to the industry of the country, and desirous of doing everything helpful they
could, consistent, of course, with their individual conceptions of the particular rules and of the law under which they function and must operate.
Each rule of the petroleum industry's code is designed by co-operative
action, to eliminate, in the interest of both the consumer and the Industry,
some admittedly unfair, unethical or uneconomic practice. It appears to
me that when the Commission understood clearly the purpose of each rule
and became convinced that no contemplated violation of existing law was
Involved or authorized by approval of our rules, the objection of the
majority was removed and that action then followed reinstating the rules
with practically no substantial modification.
"I believe the reconsideration, review, and now the final substantial
reapproval of the petroleum rules by the Commission will be a tremendously
helpful factor in securing better understanding and closer observance of
these rules by the more than 16,000 marketers of refined petroleum products
who agreed originally with the Commission to accept them."
hearing on whether or not to make the injunction permanent
probably would be held in Federal District Court here early
in July. The dispatch also adds:
The Guthrie case was heard by Federal Circuit Judges 0. L. Phillips, of
New Mexico, and J. H. Cotteral. of Oklahoma, and Federal District Judge
F. E. Kennamer, of Tulsa. The Federal judges stayed a proration receiver
ship suit pending against the company and held that the company may
produce 10,000 barrels ofcrude oil daily from the wells. Champlin attorneys
were given 10 days to furnish bond of $200,000 to protect owners of adjacent
properties whose land might be drained of oil.
Judge Cotteral did not concur in the decision to allow the company to
produce more than its allowable under State proration. Judge Phillips
said the Court did not intend to destroy proration but to give the Champlin
company relief while the test case is in progress. The three judges said
constitutionality of the State's proration laws was not before the Court
but only the question of staying the State's penalties while the company's
appeal was pending. State officials, surprised at the decision, were uncertain what will be the effect of the order allowing Champlin to produce
10,000 barrels daily when the daily allowable is nearer 2,000 barrels under
present proration schedules.
The suit on the four Oklahoma City wells of Champlin was brought by
the Attorney-General after charges were made that the wells were over
produced nearly 300,000 barrels. Champlin attorneys declared the Corporation Commission did not push charges against 80 violators, as Ells
covered by watchers for Champlin, but the Commission Attorney said the
cases were not docketed as nobody would file complaints. All previous
Federal and State court cases filed by Champlin and other independents
attacking proation have gone against the company.
Texas Oil Men Adopt a Unitization Plan-Operators'
Group Agrees to Proposal for Limit of Daily Output
-Held Useless by Others.
A voluntary attempt by operators to stem the flow of oil
from the East Texas field, which in the last few months
has undermined the foundations of the petroleum price May Portland Cement Output and Shipments Higher
Than in Preceding Month, But Continues Below
structure in the United States, will go into effect on Satur-Inventories Lower.
Rate a Year Ago
day, says an Associated Press dispatch from Tyler, Tex.,
June 17. These advices further say:
According to the United States Bureau of Mines, the
Under a unitization plan subscribed to at a mass meeting of operators Portland cement industry in May 1931 produced 14,006,000
here, each well producing before June 10. irrespective of acreage involved,
barrels from the mills, and had
would be permitted to yield 300 barrels daily and all wells brought in sub- barrels, shipped 14,222,000
sequent to that date would be limited to 300 barrels daily for each unit of in stock at the end of the month 29,447,000 barrels. Pro20 acres.
duction of Portland cement in May 1931 showed a decrease
Under the plan, production in the field is expected to be cut by 200,000 to
17.4% as compared
. 220,000 barrels daily at the start. Latest figures available show average of 18.8% and shipments a decrease of
daily production about 330.000 barrels, more than twice the 160,000 barrels with May 1930. Portland cement stocks at the mills were
limit fixed by order of the Railroad Commission.
4.7% lower than a year ago.
Should all operators join in the movement, J. F. Lucey of Dallas. ChairIn the following statement of relation of production to
man of the arbitration committee set up to administer the unit plan, said
he was confident the State. through the Railroad Commission, would take capacity the total output of finished cement is compared
hold of the project and add its influence through a formal order placing the
with the estimated capacity of 165 plants at the close of
Plan in effect in lieu of the violated proration instructions now prevailing.
The
A group of operators headed by W. L. Todd of Dallas contended the May 1931, and of 166 plants at the close of May 1930.
unitization plan was not practicable and legal and asserted it would not estimates include increased capacity due to extensions and
work. The Todd faction continued an effort to influence Governor Sterling
improvements during the period.
to call a special session of the Legislature to deal with the situation.
RELATION OF PRODUCTION TO CAPACITY.
Gulf Oil Regains Rights in Colombia-Bill Is Passed
in Caracas Giving 50
-Year Concession for Abrogated Contract
-Five-Year Fight Said to Have
Ended.
The Bill passed, June 17 by the Colombian House of
-year contract of the Gulf
Representatives approving the 50
Oil Corp. for the development of the National oil lands in the
Catatumbo region, disposed satisfactorily to both parties of a
serious question under discussion for nearly five years.
This legislation was the result of the cancellation by the
Colombian Government of the famous Barco Concession in
1926 on the ground that the terms had not been fulfilled.
The New York "Times" of June 18, from which the foregoing is taken, adds:
The Bill creates a new concession whereby the Colombian Government
avoids acknowledging that cancellation of the old contract was unjustified.
Under the terms of the Bill all proceedings in the Colombian Supreme
Court, which were started after cancellation of the contract, must be dismissed within nine months or the new concession will become void.
The Gulf 011 Corp. must send two crews into the concession immediately
to prospect for oil. This concession, which adjoins Venezuela, is said to
have heavy seepages of oil from the surface, indicating large quantities
of oil in the area. In view of its inaccessibility and the distance from the
coast, the development of the concession will be slow. A pipe line will be
built after some idea Is gained of the amount of oil in the concession.
General Barco, a native of Colombia, who received the concession from
the Colombian Government in 1905. never did much with it he lacked funds
for development. In 1918, with the consent.of the Colombian Government,
he sold his right to the Colombian Petroleum Corp., in which the Cities
Service interests held a three-quarter interest and the Carib Syndicate the
remainder.
Champlin Refining Co. Wins Oil Injunction-Oklahoma Agencies Restrained by Court from Enforcing Proration Penalties.
The first victory for independent oil companies attacking
oil proration in Oklahoma was won in the Federal District
Court at Guthrie on Saturday says a dispatch from Oklahoma City to the "Wall Street Journal" of June 16, when
three Federal Judges granted a temporary injunction to
Champlin Refining Co., ordering the Attorney-General and
State District Courts to refrain from penalizing the company on charges of overproducing four wells in Oklahoma
City field. State agencies were restrained from enforcing the
penalties until further order of the Federal Court or until
validity of the Oklahoma oil conservation laws is determined
by the United States Supreme Court on an appeal taken
recently by the Champlin company. It was indicated that
The month
The 12 months ended
Mac 1930. Mhy 1931. Apr. 1931. Mar, 1931. Feb. 1931.
29.4%
36.9%
52.1%
62.8%
78.9%
59.7%
58.6%
57.7%
56.5%
66.2%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS. IN MAY 1930 AND 1931.
iln Thousands of Barrels].
Produdton.
District.
1930.
Eastern Pa.. N. J. and Md
New York and Maine
Ohio, Western Pa. and W. Vs_
Michigan
Wis.. Ill., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. Cs Ls.
East. Mo., Is., Minn.a S. Dak.
W.Mo.,Neb.,Kans., Okla.& Ark
Texas
Colo., Mont., Utah, Wyo.& Ida
California
Oregon & Washington
3,707
1,176
2,112
1,419
2,143
1,306
1,763
1,360
630
314
928
393
1931.
3.053
1,106
1,289
722
1,913
1,418
1,335
1,248
600
296
699
327
Stocks at End
of Month.
ghipments.
1930.
1931.
3,746
1,191
1,974
1,229
2,026
1,192
2,184
1,390
620
290
980
402
2,952
1,137
1,252
825
1,743
1,428
1,538
1,307
644
300
730
366
1931.
1930.
6,998
1,847
4,102
2,785
4,808
1,865
3,628
1,807
836
563
1,077
575
6,826
2,044
3,513
2,482
4,378
1,630
3,861
1,827
734
596
1,027
529
17.249 14.006 17.224 14.222 30.891 29,447
TrNell
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS IN 1930 AND 1931 (IN THOUS. OF BARRELS).
Production.
Rhipments.
Month.
Sticks at End of
Month.
1930.
January
February
MarchApril
May
Juno
July
August
September
October_
November
December
1931.
1930.
1931.
1930.
1931.
8,498
8.162
11,225
13,521
17,249
17.239
17.078
17,821
16,124
14.410
11,098
8.480
6,595
5,920
8,245
11,245
14,006
4,955
7,012
8,826
13.340
17,224
18,781
20,153
20.299
18,083
15,599
8,784
5,688
4,692
5.074
7,192
11,184
14,222
27.081
28,249
30,648
30,867
30,891
29.364
26,289
23,824
21,889
20,697
23,056
25.883
27,759
28,612
29,676
a29,663
29,447
158.744
160 905
a Revised.
-The stalls let above presented are comp led from reports for May, reNote.
ceived by the Bureau of Mines, from all manufacturing plants except four, for
.
which estimates have been included in lieu of actual returns.
TOM/
World Copper Output Higher in May.
World production of copper in May came to 130,486 short
tons, compared with 128,877 tons in April, 136,958 tons in
March and 153,488 tons in May 1930, according to figures
released by the American Bureau of Metal Statistics and
published in the "Wall Street Journal." The daily tonnage,
however, showed a decline for May, as daily average output last month was 4,209 tons, compared with 4,296 tons
in April, 4,418 tons in March and 4,951 tons in May 1930.
FINANCIAL CHRONICLE
JUNE 20 1931.]
World output for the first five months of 1931 was 654,396
tons, compared with 758,758 tons for the first five months
of 1930.
The following table gives in short tons the output of the
several countries for the last five months. This is based
on fine copper content of blister as reported by smelters
without segregation as to countries of origin:
United States
Mexico
Canada
Chile and Peru
Japan
z Australia
Germany
x Other Europe
y Elsewhere
Jan.
53,429
4,489
8,852
24,064
7,003
300
5.353
12,500
13,400
Feb.
55,229
4,149
9,408
24,124
7,190
1,218
5,067
11,300
11,000
Mar.
57,922
4,094
9,228
24,551
7,041
1,946
6,276
12,600
13,300
Apr.
52,085
3,799
9,625
24,613
7,334
435
5,886
12,300
12,800
May. Jan-May.
53.734 272,399
4,078 20,609
9,000 46,113
24,812 122,164
7,230 35,798
1,873
5,772
4,459 27,041
12,300 61,000
13,000 63,500
World's total
129,390 128,685 136,958 128,877 130,486 654,396
Partly estimated. Includes production of blister copper in countries other
than Germany, whereof Spain, Russia. Jugoslavia and Great Britain are the more
important. y Chiefly Africa. z Irregularity of monthly totals for Australia are
ascribable to Intermittent operation of two of the smelters there.
American Smelting & Refining Co. to Curtail Operations for Three Months
-Production and Stocks
of Lead.
The American Smelting & Refining Co. announced this
week that it would close its lead smelters at Murray, Utah,
and East Helena, Mont., in July, August and September.
The statement said:
The low price of lead has greatly curtailed mine production and correspondingly affected the tonnage coming in to the smelters of the American
Smelting & Refining Co.
Operations necessarily must be curtailed at some time. The company
therefore has decided to close down during the summer months of July,
August and September its lead smelters at Murray, Utah, and East Helena,
Mont. It will carry on the business of purchasing and receiving such ores
as mines may ship during the shutdown.
This shutdown will enable its labor to seek employment elsewhere during
the summer months, and to return at the beginning of October, at which
time smelters will resume operations on a larger scale, and afford steadier
employment than would otherwise be possible.
4499
Scrap markets still show weakness, with heavy melting steel off 500.
a ton at Cleveland and 25c. at Detroit. However, prices of the leading
grades are unchanged at Pittsburgh, Chicago and St. Louis.
Interest in steel prices centers in the efforts of sheet mills to establish
the new classification base prices for third quarter business. In the case
of black sheets the new base involves an advance of $5 a ton and the increase
on galvanized is $3. The third quarter quotation on automobile body
sheets is 3.10c. a lb., or $2 a ton over recent levels. While resistance to
these changes may be encountered, the attitude of producers is being
strengthened by the realization that price concessions are unlikely to bring
in any additional tonnage in the next two months. Except for sheets and
hot-rolled strip steel, which has been advanced $1 a ton for third quarter,
no price changes on finished steel appear to be in prospect.
Fabricated structural steel awards, at 24,000 tons, compare with 48,000
tons a week ago. New business up for bids totals 35,000 tons, as against
only 11,000 tons reported last week. Outstanding among prospective
structural inquiries is 22,000 tons for the Union Island Freight Terminal,
New York.
Railroad equipment buying is featured by the placing of 500 box care
by the Chicago Great Western. Inquiries include one for 400 tunnel cars
from the Chicago Tunnel Transport Co. and another for 800 underframee
from the Fruit Growers Express.
Zinc has advanced from a recent low of 3.20c., East St. Louis, to 3.40c.
Heavy buying of lead is reported for a second week, and a gain in consumption this month is indicated.
The "Iron Age" composite prices are unchanged, with finished steel at
2.102c. a lb., pig iron at $15.63 a gross ton and steel scrap at $9.50 a gross
ton. A comparative table follows:
Finished Steel.
Based on steel bars, beams, tank plates.
June 16 1931, 2.1020. a Lb.
2.1020. wire, rails, black pipe and sheets.
One week ago
2.114e. These products make 87% of the
One month ago
United States output.
2.2140
One year ago
Low.
High.
2.102c. June 2
2.142o. Jan. 13
1931
2.1210. Dee. 5
2.362e. Jan. 7
1930
2.3820. Oct. 25
2.4120. Apr. 2
1929
2.3I4o. Jan. 3
2.391e. Dec. 11
1928
2.2930. Oct. 25
2.4530. Jan. 4
1927
2.403o. May 18
2.4530. Jan. 5
1926
2.396e. Aug. 18
2.5600. Jan. 6
1925
Pill Iron.
Based on average of baste Iron at Valley
Ton.
June 16 1931, $15.63 a Gross
$15.63 furnace and foundry irons at Chicago.
One week ago
15.79 Philadelphia, Buffalo. Valley and BlrOne month ago
17.50 mingham.
One year ago
High.
515.63 May 26
$15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dee. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.46 Jul) 13
21.54 Jan. 5
,
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on No. 1 heavy melting steel quoJune 16 1931, 59.50 a Grass Ton.
$9.50 Ultima at Pittsburgh, Philadelphia
One week ago
9.83 and Chicago.
One month ago
13.17
One year ago
Low.
High.
$9.50 June 9
$11.33 Jan. 6
1931
11.25 Deo. 9
15.00 Feb. 18
1930
14.08 Dee. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May 5
20.83 Jan. 13
1925
The production of refined lead in the United States in
May made a total of 43,117 short tons, against 38,439 tons
in April, and 44,800 in March, according to the American
Bureau of Metal Statistics. Stocks of lead at the end of
May amounted to 142,370 tons, against 133,457 in April
and 130,426 in March. Shipments were 38,081 tons in,
May, against 35,324 in April and 36,761 in March.
Production of refined lead in the United States in May
from domestic ore amounted to 39,519 tons, or a daily rate
of 1,275 tons, compared with 35,498 tons, or a daily rate of
1,183 tons, in April, and 52,818 tons, or a daily rate of 1,704
tons in May 1930. Production from secondary and foreign
Steelmaking operations have receded two more points to
ore in May brought the total refined lead output for the
38% this week, bookings from all major classes of consumers
month to 43,117 tons.
except the building industry have further diminished, sea-
Steel Production AgainFalls Off-Prices Unchanged. sonally there is no warrant for expecting improvement in
-yet sentiment
production over the next 60 days
The recession of activity in the iron and steel industry demand or
buoyant, states
is unchecked, with ingot production down to 38% as compared with 40% a week ago, reports the "Iron Age" of
June 18.
Among the leading steel centers, Pittsburgh,
Chicago, Cleveland and the Wheeling district all report
reductions of output. Barring unforeseen developments,
further declines in operations now seem unavoidable, with
the possibility that the low levels of last December will be
reached before the end of July. The "Age" furthdr states:
The steel trade has become reconciled to the prospect of a very dull
summer and is now pinning its hopes on a seasonal recovery in the fall.
Some producers continue to carry out the policy of closing their higher
cost plants and one fully integrated steel company is reported to be planning
to suspend operations entirely during July. While this program of drastic
retrenchment is dictated by costa, it is counted on to cause further liquidation of already low stocks and thereby add momentum to demand when
business revives.
Other factors that may contribute to an autumn rebound are the harvesting of crops, which will give the agricultural population cash for
purchases, however subnormal they may be, and the plea of the railroads
for an advance in rates. Assurance of relief to the carriers is believed
to be essential to restore them to their position as leading consumers of
Iron and steel.
Declines in automobile steel specifications continue to have the strongest
Influence on mill operations. June automobile output is now expected to
total about 270,000 cars, and July production will be considerably lower,
with the extent of curtailment depending on whether contemplated shutdowns of certain motor car builders occur in that month or in August.
Seasonal subsidence of iron and steel demand is still noticeable in other
lines. Rail output at Chicago has declined to 30% of capacity, but has
.
picked up slightly at Pittsburgh following the release of some of the
sections recently ordered by the Pennsylvania. Tin plate output
162-lb.
has eased off slightly to a 65% rate. Wire mill operations now range from
30 to 35%. Production of line pipe, structural steel and reinforcing bars
Is being fairly well maintained at recent levels. Among individual consuming outlets, the radio industry is conspicuous for increasing its specifications, a few manufacturers of receiving sets having released tonnage
prior to swinging into seasonal production.
The coal strike has thus far failed to materialize as a major market
influence. In some cases prices of coal and coke are stronger at old levels,
but no advances are reported.
In the steel industry is distinctly more
"Steel" of June 18, which further reports as follows:
While orders for structural steel are providing the only substantial comfort to mill order books at present, there are outcroppings of inquiry in
other lines which may indicate better business in the fall. Nevertheless,
for the lifting of much of the pessimism which has submerged the industry
recently, intangibles are largely responsible.
Improved crop conditions, a conviction that prices and production are
"bouncing off the bottom," the possibility that a speedy, successful conclusion to the railroads' campaign for higher freight rates might stiffen
commodity prices, the emphasis being placed upon low inventories, and
Potentialities of a rapid reversal of the price situation-these are factors
influencing sentiment.
Determination of sheet manufacturers to attempt more vigorously to
put into effect the new classifications, in themselves constituting an advance in price, is a reflex of this better feeling, In fact, one large producer has superimposed these new classifications upon an advance in the
base price, lifting some quotations as high as $5 a ton for third quarter.
These new levels, of course, face a test, but the decision to breast the
tide in sheet prices is noteworthy. On other classes of steel including tin
plate, wire products, plates, shapes and bars, bookings are being made for
third quarter at unchanged prices, although formal announcements are not
yet general.
Typical of activity in structural steel, bookings of the largest fabricator
have been increasing month by month this year. Bids are now in on 103;
000 tons for the Golden Gate bridge at San Francisco, and on 25,000 tons for
the Louisville & Nashville bridge at Henderson, Ky. A 14,000-ton tower
as part of Chicago's fair looms as a possibility. A 6100-ton bridge at
Jersey City, N. T., will be up for bids June 29; a 3600-ton New York
subway section, June 26. Fresh structural inquiry this week totals 32,000 tons, actual awards 20,000 tons. It is not volume, but low prices,
that afflict the structural industry.
A clarification of the production situation in the East Texas oil fields
encourages Chicago plate mills to expect to book upward of 50,000 tons
of tank plates late this summer. The Hetch Hetohy water pipe line,
San Francisco, for which 40,000 tons were placed recently, is requiring
15,000 tons additional. Steel bars are constricted through unexpectedly
severe retrenchment in automobile production, a situation reflected also in
bookings for alloy steel, sheets and strip steel.
Increasingly, sentiment in the steel industry is inclined not to be obstructive to any effort of the railroads to rehabilitate themselves financially. The proposed 15% advance in freight rates would raise assembly
costs in producing a ton of steel as much as $2, which the steel industry
4500
FINANCIAL CHRONICLE
does not expect to absorb. Granting of the advance might not immediately
stimulate purchases of rolling stock, but should broaden requirements
for repairs and maintenance.
Chicago Great Western has ordered 500 box cars. The Fruit Growers
Express is inquiring for 800 underframes, while the Pacific Fruit Express
may inquire for 800 to 1000 refrigerator cars.
Neither production nor prices of coal or coke have been affected by the
sporadic coal strikes, and no danger is discerned. A substantial tonnage
of steelmaking iron has been placed at Pittsburgh at a low price made
possible by water shipment. Pig iron demand has fallen off. Scrap prices
display more stability.
Rumors of mergers entailing acquisition of financially distressed corapanies by some of the stronger units of the industry are current.
"Steel's" price composite is unchanged for the second consecutive week
at $31.03.
Steel ingot production for the week ended Monday (June
15) was down about 1%%, at a good fraction tinder 38%,
compared with a shade over 39% in the preceding week
and a little under 41% two weeks ago, according to the
"Wall Street Journal" of June 17 which further announces:
The United States Steel Corp. is estimated at below 39% of theoretical
capacity, against better than 40% a week earlier and 42% two weeks ago.
Leading independents are at about 37%, contrasted with 381
/
2
% in the
previous week and under 40% two weeks ago.
At this time last year the average was slightly under 68%, with the
Steel Corporation at 72% and independents at better than 64%. In the
corresponding week of 1929 the industry was running at about 961%, with
/
2
the Steel Corporation around capacity and independents at 94%. About
the middle of June of 1928, the average was at 73%, with the U. S. Steel
running at 76% and independents about 70%%.
Rise in Steel Prices Started by Subsidiary of United
States Steel Corporation.
Leading steel producers made an effort this week to increase their prices. It was announced on Monday that the
American Sheet & Tin Plate Co., a subsidiary of the
United States Steel Corp., and the Inland Steel Co., a large
independent, would post an increase of $2 a ton on galvanized
sheets and of $3 a ton on black sheets for third-quarter
business. While the rises probably will not be effective on
much business before August, the move was regarded in
certain quarters as a revival of the attempt to establish a
more profitable level of steel prices. In recent weeks the
trend in the steel industry has been toward price shading.
The abandonment of efforts to establish higher prices on
second-quarter business was followed by a weaker tone in
certain steel products, which adversely affected the earnings
of the industry.
Prices of blue annealed sheets and automobile sheets were
not advanced, but the upturn in galvanized and black sheets
was regarded as a forerunner of further efforts to establish higher prices. The rise in galvanized and black sheets
was made in accordance with the new classification accepted
by leading steel makers. On the new basis, No. 24 black
sheets will be 23/i cents a pound, against 2.35 cents formerly,
and No. 24 galvanized sheets will be 3 cents a pound, against
2.9 cents formerly. There is also a small charge for delivery
in the Chicago district.
While certain producers were announcing higher prices on
sheets, iron and steel warehouses in the Chicago district, says
the New York "Times" of June 16, reduced prices $3 a ton
on steel bars, blue annealed sheets, bands and hoops, and
$5 a ton on cold finished bars and galvanized sheets. Reductions of $10 a ton were made also on cold rolled strips,
hot rolled strips and finished sheets. The last named items,
it was said, account for only a small part of the business of
jobbers.
Bethlehem Steel Corp. Joins in Steel Price Rise.
The move of leading steel manufacturers to establish
higher prices on steel sheets for the third quarter was joined
on June 17 by the Bethlehem Steel Corp., which announced
that it had made advances of 81 to $5 a ton on various types
of steel sheet. It was explained that there had been a
change in the system of making extras, which would result
in the higher prices for the products.
The advance announced by the Bethlehem company is
believed to apply to blue annealed sheets, as well as to
black and galvanized sheets.
Steel Makers Still Paring Down Costs—Valley Labor
Costs Cut Though Wage Scales Maintained—
Vacation Savings Effected.
Mahoning Valley steel companies, according to the "Wall
Street Journal" of June 16, are continuing their efforts
to reduce mill operating expenses to a minimum in the
face of a business outlook which indicates that little improvement in steel buying is likely until late fall. While
basic wage scales apparently have been maintained, labor
[VOL. 132.
costs have been reduced in other ways. One large steel
fabricator, after reducing its personnel, abolished the usual
two-week vacation for salaried employees. A large number
of the clerical forces of Carnegie Steel Co., United States
Steel Corp. subsidiary, have been ordered to take vacations
on a three-day a week basis instead of a continuous vacation
period.
In some cases, retirement of employees has occurred in
the higher-salaried classes, which also have been cut in
income.
Partly because of these and other economies, the results
of operations in the second-quarter may be no more unfavorable than earnings from first-quarter operations, although mill schedules for the most part have been lower
in the quarter ended June 30 than in the first three-month
period.
Mahoning Valley Will Follow Steel Rises—Producers
Hope Stabilizing Effort Will Hold.
Iron and steel companies in the Youngstown district will
follow the lead of the Inland Steel Co. of Chicago, in advancing prices of steel sheets for third-quarter shipment,
said a dispatch to the New York "Times" dated June 15.
This announcement is expected to stimulate releases against contracts.
Mahoning Valley sheet makers are hopeful that the mark-up wM hold.
at least to the extent of strengthening the market structure in sheets,
usually among the first rolled steel items to become disorganized in depressed periods.
Steelmakers say that in efforts to strengthen the market, they have the
co-operation of large consumers, who believe stabilized prices will help
business.
United States Steel Corporation Reduces Pay of Clerical
Forces—Slight Reduction Affects Office Forces
That Can Be Spared—No Wage or Salary Paring.
Clerical forces in subsidiaries of the United States Steel
Corp. are being reduced slightly where such action is possible without impairing efficiency, but there has been no
reduction in wage or salary schedules reports the New York
"Times" of June 16. Thus far the parent company's offices
in New York have not been affected to any extent. It is
added:
The instructions under which the clerical staffs in the offices of subsidiaries are being pared down call for no uniform percentage of layoffs,
but leave to the discretion of the managements the elimination of less
efficient workers. No figures could be obtained here yesterday as to the
number of employees dropped, but it is said to be small in proportion to
the total number of clerical workers. Official comment on the curtailment could not be obtained.
The attitude of the Steel Corporation Is understood to be that most of
Its departments have been overmanned since the sharp decline began in
the steel business. A great many clerical employees have been carried
for months when they were not needed. It is now planned to eliminate
only a part of the surplus.
The new pension plan, under which employees of the Steel Corporation
may retire at their own request at the age of 65 years and are obliged to
retire at the age of 70, has reduced the clerical staffs in many of the subsidiaries' offices. Where these employees could be spared they have
not been replaced.
As the Steel Corporation's policy is understood here, it is to maintain
Its wage and salary scales. In cases of workers in the mills and those
engaged in other operations, the "stagger plan" has been adopted, and
part-time employment has been furnished to many thousands who might
otherwise have been thrown out of work during the depression. The
"stagger plan" is not regarded as feasible, so far OA the clerical forces are
concerned. The corporation is, therefore, weeding out certain of its
employees who have least responsibilities and who can best be spared.
Production of Bituminous Coal Increased During
May—Anthracite Output Lower.
According to the United States Bureau of Mines, Department of Commerce, the total production of soft coal during
the month of May 1931 is estimated at 28,314,000 net tons;
the average daily rate, 1,115,000 tons. This indicates a
slight increase—approximately 1%—over the daily rate for
April, but is less by 18.1% than the rate at which soft coal
was produced during the month of May 1930.
Anthracite production during the month of May is estimated at 5,005,000 net tons with an average daily rate of
200,200 tons. This shows a decrease of 13.8% from the
preceding month, and 11.9% when compared with the average for May a year ago. The Bureau's statement shows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN MAY (NET TONS).
Bituminous.
Itforita.
Anthracite.
No. of Average
No. of Arerage
Working per WorkTotal
Total
Working per WorkDay
Day. Production. Days.
Productin. Days.
1931—March
April
Maya
33,870,000
28,478,000
28,314,000
26.0
25.8
25.4
1,303,000 4,745,000
1,104,000 5,700,000
1,115,000 5,005,000
26.0
25.0
25.0
182,500
232,300
200,200
1930—May
a Revlsedi
35,954,000
26.4
1,362.000 5.911,000
26.0
227,300
JUNE 20 1931.]
FINANCIAL CHRONICLE
Anthracite Shipments Declined During May.
Shipments of anthracite for the month of May 1931, as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 4,033,236 gross tons. This is a decrease as compared with the shipments during the preceding
month of April of 588,628 tons, and when compared with
May 1930, shows a decrease of 717,132 tons. Shipments
by originating carriers are as follows:
Month of-
May 1931. April 1931. Map 1930. Apr.1930
Reading Co
Lehigh Valley RR
Central RR.of New Jersey
Delaware Lacka..3t Western RRDelaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
New York Ontario & Western Ry
Lehigh & New England RR
Total
841,841
702,149
385,951
520,619
531,817
381,942
381,181
88,453
199,283
894,599
776,017
410,915
587,341
705.052
440,567
490,068
78,970
238,335
948,406
824,997
452.568
718,898
656,786
446,334
400,809
80,942
220,628
800,244
534.960
339,543
586,827
532,444
355,014
293,197
73,425
146,993
4.033.236
4.621.864
4.750.368
3 662 647
Production of Bituminous Coal and Pennsylvania
Anthracite Below Rate a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended June 6 1931 a total of 6,595,000 net tons of bituminous
coal, 957,000 tons of Pennsylvania anthracite and 19,800
tons of beehive coke, as compared with 8,151,000 tons of
bituminous coal, 1,192,000 tons of Pennsylvania anthracite
and 62,400 tons of beehive coke in the corresponding period
last year, and 6,481,000 tons of bituminous coal, 1,384,000
tons of Pennsylvania anthracite and 18,700 tons of beehive
coke in the week ended May 30 1931.
During the calendar year to June 6 1931 a total of 167,207,000 net tons of bituminous coal were produced as against
203,170,000 tons in the calendar year to June 7 1930. The
Bureau's statement follows:
4501
1930
1929
203,170,000 net tons 1928
206,779,000 net tons
225,625,000 net tons 1927
243,757,000 net tons
1922
173,603,000 net tons
As already indicated by ti .
evrsed figures "above, the'total productia
'7i
of soft coal for the country as a whole during the week ended May 30
1931 amounted to 6,481,000 net tons. This is a decrease of 147,000
tons, or 2.2%,from the output in the preceding week, the loss being due
to the Memorial Day holiday. 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
May 1923
Mau 30 31 May 23 31 May 31 30 June 1 29 Awe.a
StateAlabama
245,000
229,000
270,000
332.000
398,000
Arkansas
11,000
10.000
9,000
16,000
20.000
Colorado
90,000
78,000
116,000
110.000
168,000
Illinois
677,000
749,000
670,000
820.000 1,292,000
Indiana
226,000
231.000
226,000
283,000
394,000
Iowa
43,000
44,000
49,000
52,000
89,000
Kansas
34,000
37,000
28,000
35.000
75,000
Kentucky
586,000
628,000
729.000
Eastern
814,000
679,000
115,000
129,000
119,000
Western
183.000
183.000
25,000
26,000
30,000
35,000
Maryland
47.000
2,000
Michigan
2,000
12,000
9,000
12,000
40,000
42.000
52,000
48,000
Missouri
56,000
33,000
31.000
42.000
37,000
Montana
42,000
36,000
New Mexico-27,000
26,000
44.000
57.000
17,000
15,000
10.000
North Dakota
11,000
14,000
361.000
382.000
353,000
Ohio
357,000
860,000
30,000
Oklahoma
18,000
21,000
30,000
46,000
Penna. (bitum.)- 1,746,000 1,868,000 2,050,000 2,393,000 3,578,000
67,000
90,000
68,000
100,000
Tennessee
121,000
6,000
11.000
Texas
4.000
19,000
22.000
45.000
36,000
43,000
54,000
Utah
74,000
196,000
214,000
217,000
Virginia
231.000
250,000
21,000
33,000
23,000
39,000
Washington
44,000
West VirginiaHouthern_b_
1,352,000 1,341,000 1,680,000 1,843.000 1.380,000
530,000
414,000
Northern _c _ _ - 399,000
598,000
862.000
84,000
81,000
72.000
Wyoming
84.000
110,000
3.000
1,000
1,000
Other States.d_
4,000
5,000
Total bitum- 6,481,000 6,628,000 7,590,000 8,589,000 10.878,000
Penna.antimacitell.384,000 1,264,000 1,241,000 1,219,000 1,932,000
Total all coal.... 7,865.000 7,892,000 8,831,000 9,808,000 12,810,000
a Average weekly rate for the entire month. b Includes operations
on the N. & W.. C. & 0., Virginian, and K. & M. c Rest of State, incl.
Panhandle. d Figures are not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended June 6 is estimated at 957.000 net tons. Following a
week ofstimulated activity, this shows a decrease of 427,000 tons,or 30.9%.
Production during the week in 1930 corresponding with that of June 6
amounted to 1,192,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1931
1930a
Daily
Daily
A vge
Week.
Week.
Week EndedAvge.
210,700
1,264,000
1,295,000
May 23
215,800
May 30
276,800
1,384,000
1,241,000
248,200
159,500
June 6
957,000
1,192,000
198,700
a Final figures.
BEEHIVE COKE.
The total production of beehive coke during the week ended June 6 1
estimated at 19,800 net tons. This compares with 18,700 tons in the
Preceding week, and 62.400 during the week in 1930 corresponding with
that of June 6.
Estimated Weekly Production of Beehive Coke (Net Tons).
Week Ended
1931
1930
to
June 6 May 30 June 7
to
1930.
Region1931.c
Dale.
1931.13
Date.a
Pa., Ohio and West Va--- 16,800
16,400 55,010 614,300 1,332.400
5,500 61,600
1,300
Tennessee and Virginia..... 2,300
128,300
Colo., Utah and Wash....700
1,800
1,000
20,800
53.300
BITUMINOUS COAL.
There is little recent change in the trend of soft coal production. The
total for the week ended June 6 1931. including lignite and coal coked
at the mines, is estimated at 6,595,000 net tons. This indicates a recovery
from the holiday loss in the preceding week, and is within 0.5% of the
figure for the week ended May 23. Production during the week in 1930
corresponding with that of June 6 amounted to 8.151,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1931
1930
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
May 23
6,628,000 154,131.000
8,272,000 187,429,000
Daily average
1,105,000
1,263,000
1,379,000
1,535,000
May 30-b
6,481.000 160,612,000
7,590,000 195,019,000
Daily average
1.200,000
1.261,000
1,406.000
1,530,000
June 6_c
6,595,000 167,207,000
8,151,000 203,170,000
Daily average
1,099,000
1,2 ,000
1,359,000
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
18,700 62,400 696.700 1,514,000
United States total__-- 19,800
3.300
3,117
5,161
10.400
11,215
June 6 (approximately 133 working days) amounts to 167,207,000 net Daily average
a Minus one day's production first week in January to equalize number
tons. Figures for corresponding periods in other recent calendar years
of days in the two years. b Subject to revision. c Revised since last
are given below:
report.
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 June 17, as reported by
the 12 Federal Reserve Banks, was $941,000,000, an increase of 87,000,000 compared with the preceding week and
a decrease of $65,000,000 compared with the corresponding
week in 1930. After noting these facts, the Federal Reserve
Board proceeds as follows:
date last year, will be found on subsequent pages-namely,
pages 4548 and 4549.
Changes in the amount of Reserve Bank credit_ outstanding
inelated items during the week and the yearended
June 17 1931 were as follows:
On June 17 total Reserve Bank credit amounted to $907.000,000, a
decrease of 322.000,000 for the week. This decrease corresponds with an
Increase of $90,000,000 in monetary gold stock offset in part by a decrease
of $35,000,000 in Treasury currency, adjusted, and increases of $33,000.000
in money in circulation, and $3.000,000 in member bank reserve balances.
Holdings of discounted bills declined $7,000,000 at the Federal Reserve
Bank of San Francisco and increased $4,000.000 at New York, $3,000.000
at Cleveland and $2,000,000 at Boston, all Federal Reserve Banks combined
showing a small increase for the week. The System's holdings of bills
bought in open market declined $20,000,000 and of Treasury certificates
and bills $40,000,000 while holdings of United States bonds increased
Hills discounted
Bills bought
United States securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
June 17 1931. June 10 1931. June 18 1930,
8
8
185,000,000
-22,000,000
107,000,000 -20,000,000
-26,000,000
599,000,000
+1,000,000
16,000,000 -2,000,000
-8,000.000
TOTAL REFYVE BANK CREDIT
907,000,000
Monetary gold stock
4,893,000,000
Treasury currency adjusted
1 764,000,000
Money in circulation
4,756,000,000
Member bank reserve balance
2,401,000,000
Unexpended capital funds, non-member deposits, dec
407,000,000
-22.000,000
+90.000,000
-35,000,000
-54,000,000
+364,000,000
-27.000,000
+33,000,000
+3,000,000
+306,000,000
-7,000,000
-2,000,000
-16,000,000
$40,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not previously included in the condition statement, such as monetary gold stock and money in circulation. The Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended June 17, in comparison with the preceding week and with the corresponding
Returns of Member Banks for New York and Chicago
-_- Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for june 29 1927,lc
.--."- eFederal
_
iteserve
-Board also commenced _to give_out the figures of
..... _
- _....
the member bankiin the NewYork 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 for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
Since Dec. 11 1930 the totals are exclusive of figures for the
Bank of United States in this city, which closed its doors
on that date. The last report of this bank showed loans
and investments of about $190,000,000. The grand agregate of brokers' loans the present week records a decrease
of $71,000,000, the total on June 17 1931 standing at $1,419,000,000. The present week's decrease of $71,000,000
follows a decrease of $49,000,000 last week and a decrease
of $310,000,000 in the seven preceding weeks. Loans "for
own account" fell during the week from $1,135,000 to
$1,070,000,000 and "loans for account of others" fell from
$178,000,000 to $172,000,000, while loans "for account of
out-of-town banks"remain unchanged at $177,000,000. The
total of these loans on June 17 1931 at $1,419,000,000 is
the lowest since June 4 1924, when the amount was
31,378,983,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 17 1931. June 101931. June 18 1930.
Loans and Investments—total
7,594,000,000 7,756,000,000 8,131,000,000
Loans—total
5.006,000.000 5,060,000,000 6,130.000,000
2,797,000,000 2,876,000,000 3,726,000,000
2,209.000,000 2,184,000,000 2,404,000,000
On securities
AU other
2,588,000,000 2,696,000,000 2,001,000,000
ig
Investments—ut
1,491,000,000 1,553,000.000 1,074,000,000
1,097,000,000 1,143,000,000 927,000,090
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank_ 847,000,000
42,000,000
Cash in vault
805,000,000
45,000,000
784,000,0011
47.000,000
Net demand deposits
Time deposits
Government deposits
5,495,000,000 5,729,000,000 5,602,000,000
1,175,000,000 1,217.000,000 1,457,000.000
2,000.000
71,000,000
108,000,000
Due from banks
Due to banks
107,000,000 122.000,000 118,000,000
1,079,000,000 1,203,000,000 1,010,000,000
Borrowings from Federal Reserve Bank_
Loans on aecur, to brokers & dealers
1,070,000,000 1,135,000,000 1,850,000,000
For own account
177,000,000 906,000,000
177,000,000
For account of out-of-town banks
172,000,000 178,000,000 1,031,000,000
For account of others
1,419,000,000 1,490,000,000 3,787,000,000
Total
On demand
On time
Loans and investments—total
1,060,000,000 1,128,000,000 3,175,000,000
359,000.000 362,000,000 612,000,000
Chicago.
1,909,000,000 1,911,000,000 1.959,000,000
Loans—total
On securities
All other
Investments—total
U. B. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
•Revised.
[Vol.. 132.
FINANCIAL CHRONICLE
4502
1,303,000,000 1,301,000,000 1.558,000,000
743,000.000
560,000,000
736,000,000
565,000,000
918,000,000
640,000.000
606,000,000
610,000,000
401,000,000
351,000,000
255,000,000
353,000,000
257,000,000
167,000,000
234.000,000
172,000,000
28,000,000
189,000,000
33,000,000
179,000,000
13,000,000
1,156,000,000 1,175,000,000 1,281,000,000
577,000,000 635,000.000 547,000,000
1,000,000
26,000,000
9,000,000
117,000,000
337,000,000
150,000,000
332,000,000
5,000,000
5,000.000
118,000,000
347,000,000
000 at all reporting banks. Holdings of other securities declined $29,000.000 in the New York district and $26,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
Banks aggregated $59,000,000 on June 10, the principal change for the
week being an increase of $6.000,000 at the Federal Reserve Bank of San
Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
June 10 1931 follows:
June 101931.
Loans and Investments—total_ _ _ _22,452,000,000
Loans—total
Increase (÷) or Decrease (—)
Since
June 11 1930.
June 3 1931.
—85,000,000
—430,000,000
14,641,000,000
—89,000,000 —2,325,000,000
6,791,000,000
7,850,000,000
—76,000,000 —1,766,000,000
—13,000,000 —559,000,000
On securities
All other
7,811,000,000
U.S. Government securities
Other securities
+4,000,000 +1,894,000,000
4,019,000,000
3,792,000,000
Investments—total
+30,000,000 +1,243,000,000
—26,000,000 +652,000,000
Reserve with Federal Res've banks 1,821,000,000
238,000,000
Cash in vault
+31,000,000
+23,000,000
+38,000,000
+15,000,000
Net demand deposits
Time deposits
Government deposits
13,552,000,000
7,325,000,000
9,000,000
—53,000,000
—22,000,000
—134,000,000
+143,000.000
—11,000,000
1.793,000,000
3,698,000,000
+75.000.000
—7.000,000
+550,000,000
+723,000.000
59,000,000
+14,000,000
+11,000,000
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
President Hoover Moves to Relieve Germany As a
Measure of Economic Recovery.
President Hoover yesterday gave out the following statement:
"Since my return from the Central West yesterday. I have conferred with
with
those leaders of both political parties who are present in Washington
respect to certain steps which we might take to assist in economic recovery
both here and abroad.
"These conversations have been particularly directed to strengthening
been
the situation in Germany. No definite plans or conclusions have yet
arrived at, but the response which I have met from the leaders of both
parties is most gratifying.
"Any statement of any plan or method is wholly speculative, and Is not
warranted by the facts."
Earlier in the week in response to questions by newspapermen, Under Secretary of State Castle said that while the administration policy in regard to war debts was clearly established, it is open minded on the whole question.
He said that in case of a serious crisis, obviously the Government would have to consider whether a temporary change
in policy was necessary. However, he said, he did not think
the situation at this time could be described as a serious
crisis.
Bank of England Comes to the Relief of Austria—
Extends a Temporary Credit of $21,000,000.
Vienna advices June 18 stated that the financial situation
had been eased considerably by the temporary 150,000,000
schilling ($21,090,000) loan which the National Bank of
Austria received that day from London as an advance on
the treasury bond issue for that amount to be floated shortly.
It was ascertained yesterday that a group of American
banks is planning to participate in the extension of a shortterm credit of 150,000,000 schillings (about $21,000,000) to
the Austrian Treasury. The proceeds of this credit will be
used to retire the temporary advance of the same amount
that the Bank of England announced late on Wednesday it
would make to Austria.
The Bank of England is making the advance for an initial
period of seven days, but extensions will be permitted until
the obligation can be disposed of to commercial and private
banks of several nations. The advance is being made at
734%, equal to the discount rate of the Austrian National
Bank.
Plans are now being worked out for funding the advance
into a short-term issue to mature in two or three years. The
amount that the American market will absorb has not yet
been decided on, but reports from London are that the figure
probably will be about $7,000,000. Banks will absorb the
notes, and there will be no public offering.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
Silver Futures Inaugurated on National
this previous week, namely the week ended with the close of Dealings in
Metal Exchange—World's First Organized Trading
business on June 10.
of Its Kind.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on June 10 shows decreases for the week
The first organized silver futures market in the world was
of $85,000,000 in loans and Investments, $53,000,000 in net demand deformally opened for trading on Monday, June 15, by the
posits, and $22,000,000 in time deposits and an increase of $14,000,000 in
National Metal Exchange in its quarters at 27 William Street.
borrowings from Federal Reserve Banks.
Loans on securities declined $44,000,000 at reporting member banks In More than 100 bankers and representatives of brokerage
the New York district, $23.000,000 in the Chicago district and $76.000.000
the opening ceremonies and witnessed spirited
at all reporting banks. "All other" loans increased $10,000,000 in the firms attended
of
Boston district and declined $15.000,000 in the Chicago district and $13,- bidding on the first call. Sales for the day made a total
000.000 at all reporting banks.
or 1,525,000 pounds, of which 16 contracts
61 contracts,
Holdings of United States Government securities increased $30,000.000
In the New York district, $5,000.000 in the St. LOWS district and $30,000,- changed hands at the start.
JUNE 20 1031.]
FINANCIAL CHRONICLE
The first sales recorded were the transfer of two August
contracts, each calling for 25,000 pounds of silver, at 26.85
cents an ounce. The seller was Jerome N. Lewine of Henry
Rentz & Co. J. Chester Cuppia of E. A. Pierce & Co.
bought one contract and I. J. Louis of the E. J. Schwabach
Co. the other. Following the opening, trading was active
in other deliveries, particularly the December option.
Prices moved in a narrow range and at the close were virtually
unchanged from the opening figures.
Before trading began, Ivan Reitler, President of the
Exchange, Dr. S. Parker Willis, Professor of Banking at
Columbia University, and Representative Loring Black
declared the new market would tend to have a stabilizing
effect on the price of silver.
Dr. Willis attacked the fixing of commodity prices by
governmental and private agencies and declared that the
new market would promote free trade in silver.
"Silver is in dire need of adjustment," Dr. Willis said,
and this new Exchange should go a long way toward providing that adjustment. It should be of the greatest service
to our foreign trade and to bankers, and it should also be
useful to all branches of business.
Mr. Black said he believed the new Exchange would assist
in solving the problem caused by the low price of silver. •
We are a great silver-producing country and it is to our interest, as
sellers of silver, to see that it retains the confidence of the silver-using
countries as a monetary medium. The merchants of countries such as
India and China, operating on a silver basis, cannot estimate their business
outlays because of the uncertainty attending the value of their money.
Your effort is the first definite step to cure the situation. It represents also
the assumption by business men, without governmental interference or
help, of a plan to break the depression.
The Western world has realized the value of our Stock Exchange and
other marts to the development of the West through the sale of securities
and commodities in Eastern markets for a fair price. The Western Country, which is clamoring to the Government for rellef in the silver situation,
will receive a great measure of help through your operations.
1503
would not participate in the round-table conference call by Great Britain
to consider the Indian situation until and unless Great Britain should give
assurance that it would take up the silver question at the same time and a
part of the proceedings of the conference.
"The President of the United States has indicated that he will not call
the conference and has stated in a telegram to a Republican Senator that
opposition to the conference existed upon the part of some countries.
"I admit that Great Britain is opposed to the conference. France is
indifferent. No country, an far as I can learn, has stated that it would
refuse to send delegates to a conference if one were called.
"Great Britain, I have no doubt, would promptly appoint delegates to
attend an international conference called by the United States or any other
Important country. Indeed, Sir Arthur Balfour, a delegate to the International Chamber of Commerce, stated that while Great Britain would not
call a conference, she would participate, if one were called.
"In my opinion, it is the duty of the United States to issue the call.
This country, with its wealth and its influence in the world, should take
the lead in a movement, the importance of which cannot be overestimated
and the effects of which would be world-wide.
"I can understand that other nations might hesitate to call a conference.
The conditions of other nations are different from those of the United
States. We are a creditor nation; we have more than two-fifths of all the'
monetary gold in the world; we are in a position to lead in formulating and
executing a policy that will restore silver to its proper station and thus
relieve the world from many of the economic woes which press upon it.
"It is abvious that with but 10 billions of monetary gold in the world,
more than six-tenths of which is controlled by the United States and
France, there must be some change in the monetary and fiscal systems of
the world."
Critical of Gold Basis.
Senator King quoted authorities as saying that the deposits of gold in
South Africa will be practically exhausted by 1946.
"If the metallic base, the primary money of the world, is to consist
solely of gold, then it is apparent the credits of the world will rest upon an
Insecure and inadequate foundation," he continued.
"If China and India are forced to the gold standard they will be compelled to acquire gold, and other nations which now have but little or
none will be frantically struggling to secure gold to meet their imperative
needs.
'Many of the bankers and creditors of the world, who have in their
Portfolios billions of dollars worth of obligations payable in gold, desire
the appreciation of gold so that their securities will be more valuable, and
when matured will command more of commodities and more of property
and human toil in order to liquidate them than could be purchased for the
same securities at the time of their issue.
"The demand for the gold standard is a selfish demand. It takes cognizance only of the creditor class. It ignores the cries of the debtors and
shuts its eyes to the heavy burden of debt which is crushing the masses
throughout the world."
Mr. Reitler said the National Metal Exchange felt that
it was rendering an economic service in providing a market
for importers and exporters dealing with counties that are on
a silver standard, producers of silver, bankers and dealers
in silver, "wherein they can hedge their silver commitments
Note Issues—New Customs
and obtain price insurance against untoward price move- China Studying Silver
Notes Give Rise to Talk of Putting Country on a
ments in silver as a commodity or as a currency.
Gold Basis.
Long Study of Silver Situation.
From the New York "Times" of June 7 we take the fol"During the last six months the board of governors of the National Metal
Exchange, Inc., and special committees appointed by the board, have made lowing special correspondence to it, under date of May 8:
a careful and exhaustive study of the possibilities of a silver futures contract.
It was finally concluded by the board that an organized market for trading
in silver by future delivery was not only feasible, but that such a market
would serve an important commercial and economic purpose. A special
committee of which Harold Bache was chairman prepared by-laws and rules
in co-operation with Julius B. Baer, counsel for the Exchange. They
were carefully considered by the board and after approval by that body
were adopted on May 25 by a unanimous vote of the membership.
"Trading in silver heretofore has been restricted to a few individuals and
banks, and prices have been artificially arrived at through private negotiations. Through the establishment of this silver market it will be possible
for any one interested in the purchase or sale ofsilver to obtain an immediate
quotation reflecting its world price at any time during trading hours on the
Exchange."
With the opening of the silver market the National Metal
Exchange provides facilities for trading in copper, tin and
silver futures.
Senator King of Utah Renews Pleas for Silver Parley—
Great Britain Would Attend, Despite Its Opposition, If Hoover Called It, He Says--Assails Gold
Standard.
Asserting that the rehabilitation of the price of silver is
necessary to prosperity, Senator King of Utah on June 13
demanded that the United States call an international conference to deal with the situation. He predicted that, even
though Great Britain now opposes such a conference, that
country would participate if it were called. The New York
"Times" account of what Mr. King said is as follows:
Senator King said that the low price of silver contributed to the world
economic depression and hampered American trade. He also charged bankers
and creditors with desiring the appreciation of gold in order to increase
the value of their securities.
Senator Ring is the author of a resolution recently adopted by the
International Chamber of Commerce favoring a silver conference.
"In my opinion Great Britain is the greatest offender in the sinister
work of debasing silver and riveting monometalism upon the people,"
Senator King said. "Some of the dominions of Great Britain do not share
the views of some of the British bankers. The people of Canada, in my
opinion, do not support the views of the British Government.
"It seems inconceivable to me that the United States should hesitate to
call a conference because perhaps Great Britain is opposed to it. It is
certain that if a conference were called, Canada and Great Britain would
attend.
Sees Demand By India.
"Mr. Bomenji, a representative of Ghandi, who attended the International
Chamber of Commerce meeting as Ghandi's spokesman, emphatically stated
to Sir Arthur Balfour and other British representatives that Mr. °handl
Now that China has printed and issued customs gold unit bank notes to
be used for the payment of import duties, it is understood that the Nanking
Government is making a serious study of the entire issue of silver bank
notes with a view to gradually putting the country on a gold basis.
The total issue of bank notes in China is an unknown quantity. The
Bank of China has $190,000,000 in currency outstanding, while the issue
of the Bank of Communications totals $60,000,000, and many other Chinese
banks also have large issues. Among the foreign banks in China which
Issue their own currency are the National City Bank of New York, the
Hongkong and Shanghai Banking Corp., the Slob-Belgian Bank, the
Chartered Bank of India and Australia, and several other institutions less
well known abroad.
The situation is further complicated by the fact that many of the
Provinces have put out their own issues of paper money, and that these
vary in value from 100 cents to less than one cent to the silver dollar.
The provincial notes of Yunnan and Kweichow, for instance, are down to
less than 50 cents on the dollar. In the north the $90,000,000 issue of
Shansi bank notes, put out by Yen Hsai-shan during the civil war last
Year, are down to almost nothing. In Manchuria there circulates an issue
of untold tens of millions of fengpiao, originally worth a silver dollar each,
Which now may be bought at the rate of 50 to the dollar.
The new customs gold units are equal to be. in American money. The
Ministry of Finance has worked out a stabilized table for gold unit equivalents in all the gold currencies of the world.
The bank notes are the same size as the American greenbacks, and were
Printed by the American Bank Note Co. They are issued in the following
denominations and colors: A 10c. note in purple; a 20c. note in green;
a one-gold unit note in brown; a five-gold unit note in black, and a ten.
gold unit note in sepia. On one side is a portrait of Dr. Sun Yat-sen and
In Chinese characters the "promise to pay" of the Central Bank of China.
The reverse side carries an English translation of the Chinese characters,
and a picture of the Shanghai Customs Administration Building,
German Government's Deficit Placed at $350,000,000
Associated Press advices from Berlin, June 12, are taken
as follows from the New York "Evening Post":
The serious state of German finances was disclosed to-day with publication of the Government's balance sheet for the fiscal year ended March 81.
It showed an ordinary budget deficit of $273,700,000 and a deficit in the
extraordinary budget of $77,027,000.
Revenue under the ordinary budget, which had been estimated at $2,675,360,000, yielded only $2,388,964,000. The greatest deficiency was revealed
under the head of revenue from taxation, which was estimated at $2,361,yielded
88,O00a
antn,
which yield only $2,075,888,000. Ordinary budget expendino
tures were reduced by rigid ecomy from an estimated $2,689,479,000 to
an actual $2,625,979,000.
various German States were cut by, roughly,
Taxation allotments to
$77,510,000 ; internal war loan debts by $17,710,000; army by $2,530,000;
navy by $4,600,000; civil service salaries by $6,620,000, but social
burdens cost the country hundreds of millions more than had been expected.
Unemployment relief alone, for example, instead of an estimated $42,320,000, swallowed $95,404,000. Extraordinary budget receipts were only
4504
[voL. 132.
FINANCIAL CHRONICLE
$223,146,000 instead of $307,970,000 as had been estimated. The latter
included $193,798,000 from loans.
Extraordinary budget expenditures were $105,777,000, roughly $24,610,000
less than was anticipated, so there was a surplus of $117,369,000.
This, however, was turned into a deficit of $77,027,000 chiefly by
accumulated adverse balances carried forward from the years 1926-1927 to
1929-30, aggregating $177,491,000.
The yield from the hotly contested emergency decrees promulgated last
week is expected to cover a part of the huge deficits faced by the finance
minister.
with Canada. The Canadian trade with the United States, of course,
will continue to be in greater volume than is possible with any of other empire
units because of the proximity of the United States and Canada, but it is
held to be within the scope of possibilities that an expanded trade with some
of the others might result.
As to the foreign markets for which the United States and the Empire
units have been competing, the lack of solidarity on their part presents an
admittedly new advantage. How far the United States will be able to embrace the opportunity obviously remains problematical.
Due to the depressed economic conditions, foreign trade efforts of the
United States have yielded little in the 1930 year. If there is a revival of
buying among these importing countries, the United States will have to
compete for the trade, but if the British dominions are acting individually
rather than collectively, the situation with which they are confronted is
seen as different from what it was prior to the beginning of the depression.
Economic Conference of British Empire at Ottawa Is
Postponed—Disturbed Political and Business Conditions Delay Meeting at Ottawa.
Disturbed economic and political conditions have combined
Comparative Figures of Condition of Canadian Banks,
to bring about postponement of the British imperial interIn the following we compare the condition of the Canadian
empire economic conference that was scheduled to be held in
according to oral statements, banks for April 30 1931 with the figures for March 31 1931
Ottawa, Canada, in August,
June 12, at the Department of Commerce. The Depart- and April 30 1930.
ment was officially advised June 12 of the postponement STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
of the conference to 1932 in a cable from Donald Renshaw,
Apr. 30 1931 Mar.311931. Apr.30 1930.
Acting Commercial Attache at London. The conference
Assets.
that was scheduled for Ottawa was the first ever to be held Current gold and subsidiary coin—
$
$
$
48,185,447
47,558.665
48,148,589
In Canada
outside of London. Countries represented at the conference
23,383,075
18,923,654
21,000,247
Elsewhere
in 1930 were the United Kingdom, Canada, Australia, New
70,941,742
87,072,248 69,185,698
Zealand, the Union of South Africa, Newfoundland, and the . Total
Dominion notes—
Irish Free State. Additional information was supplied as
108,532,213 100,090,216 114,640,422
In Canada
20,245
18,881
15.797
Elsewhere
follows:
Many factors have entered into the decision to postpone the scheduled
conference in which it was hoped by British leaders that outstanding
differences on economic problems, existing between the several units of the
empire, might be smoothed over and solved. All of them are basically
economic, but their importance has placed them in the category of political
considerations as between the countries participating in the conference.
That is, differences as to economic policies has made issues on which political
leaders have been divided, both as between the dominions and the United
Kingdom and between the several dominions, themselves.
Last Imperial Conference.
The last imperial conference—that of 1930—occupied itself with many
legal problems and failed to produce tangible results of particular value,
according to statements of participants at that time. Economic questions
were taken up in that meeting but there were no conclusions reached because of the lack of agreement as methods for solving the problems then
before the conference.
As to the conference that has now been postponed, it may ho said that
some of the differences existing prior to the 1930 meeting have now been
aggravated and prospects of settlement of them appear more remote than
heretofore.
Among them obviously is the course which Canada has elected to follow
respecting tariff levies, definitely of the protection type, and important
with respect to inter-empire relations since some of the countries are not
within the preferential status. New Zealand, for example, has had differences with Canada, and the increase in levies announced by Prime Minister
Bennett, of Canada, have not served to relieve those differences.
Total
103,548,012
100,110,463
114,659,306
15,225,719
13,125,798
10,887,310
Notes ot other banks
18,023,675
15,379,898
15,992,980
United States & other foreign currencies_
118,136,132 107,962,743 142,380,872
Cheques on other banks
Loans to other banks In Canada.secured,
including bills rediscounted
Deposits made with an 1 balance due
5,292,830
8,318,799
5,253,123
from other banks in Canada
Due from banks and banking correspond
7,501,435
3,837,574
4,302,084
eels In the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
74,759,286
84.093,429 112,792,138
United Kingdom
Dominion Government and Provincial
444,649,202 437,601,325 288,189,977
Government securities
Canadian municipal securities and British, foreign and colonial public securi88,368,678
144,667,296 150,029,997
ties other than Canadian
61.057,180 51,231,371
Railway and other bonds, debs. & stocks 61,990,875
short (not exceeding 30 days)
Call and
loans in Canada on stocks, debentures,
bonds and other securities of a suf180,526,619 175,371,017 232,732,306
ficient marketable value to cover
116,985,827 137,060,606 182,449,889
Elsewhere than In Canada
Other current loans & disc'ts in Canada_ 1,130,226,227 1,115,150,957 1,344,686,281
216.554,080 224,335,190 255.858,350
Elsewhere
Loans to the Government of Canada_
13,032,201
26,518,404
31,143,271
Loans to Provincial Governments
Loans to cities, towns, municipalities
124,607,974 127,823,209 112,500,802
and school districts
Non-current loans, estimated loss pro7,708,461
7,922,031
8,839.545
vided for
5,384,891
6,125,330
0,161,891
Real estate other than bank premises_ __ _
7,184,529
6,878,502
6,727,704
Mortgages on real estate sold by bank
Bank premises at not more than cost.
78,370,907
78,609.975
78,731,661
less amounts (if any) written off
Liabilities of customers under letters of
93,463,493
72,808,761
72,729,804
credit as per contra
Deposits with the Minister of Finance for
0,378,505
6,809,043
6,804,007
the security of note circulation
43,780,866
27,030,888
25,630,866
Deposit in the central gold reserves
12,738,440
11,995.047
14,703,804
.
ihares of and loans to controlled cos_ _ _
3ther assets not included under the fore2,061,511
1,889,406
1,860,794
going heads
3,087,796,871 3,102,504,089 3,275,932,394
Total assets
_
Liabilities.
134,495,175 130,422,962 154.747,492
cotes in circulation
3alance due to Dominion Govt. after de41,940,214
37.795,029 69,403.155
ducting adv. for credits, pay-lists, Scc_
49,700,000
6,500,000
11,000,000
kdvances under the Finance Act
27,421,288
20.434,183
20,875,610
3alance due to Provincial Governments
Deposits by the public, payable on de595,697,443 579,319,111 644,067,699
mand in Canada
Deposits by the public payable after no1,453,305,140 1,445,322,862 ,441,141,721
tice or on a fixed day in Canada
338,961,487 346,339.826 386,539.319
Deposits elsewhere than in Canada
..oans from other banks in Canada, se824,475
cured, including bills rediscounted__
Deposits made by and balances due to
17,357,814
14,568,820
15,204,168
Canada
other banks in
Due to banks and banking correspond9,757,185
4,107,472
3,734,779
ents In the United Kingdom
Elsewhere than in Canada and the
69,985,181
68,554,904
68,124,361
United Kingdom
5,048,739
3,956,165
3,841,715
Mils payable
93,463,493
72,808,761
72,729,804
,otters of credit outstanding
4,384,174
3,394,302
3,055,050
.labilities not incl. under foregoing heads
1,366,960
802,257
1,356.154
Dividends declared and unpaid
182,225,000 162,225,000 160,511,513
test or reserve fund
145,024,560 145,024,560 144,530,595
:spitel paid up
Australia Reaches Accord.
Australia, on the other hand, has reached an accord with Canada individually and official publications from those Governments have given no
indication of participation In this settlement by the London Government.
Prime Minister Bennett had been active in promoting the conference to
be held in August but further than a statement made by him in the House of
Commons that elections in several of the countries were impending, he has
given no expression on reasons for the postponement. The Prime Minister
stated, on that occasion in answer to an inquiry, that general elections might
cause some difficulty for the proposed conference. He referred particularly
to Australia and New Zealand, but the information is also that elections
may be called in Great Britain before 1932 when the conference now is set.
Concerning the attitude ofthe London Government on some of the policies
that obviously enter into discussions of economic problems, attention may
be called to the fact that Phillip Snowden, Chancellor of the Exchequer
under Prime Minister MacDonald, the British labor Government head,
has consistently maintained opposition to protective tariff duties. Economic conditions in Great Britain have been depressed to an extent as great
as anywhere during the last two years, and financial problems of the Government have created additional complications so that the Government might
not be in a favorable position with respect to many of the policies to be discussed in such a conference, especially if they had a bearing on National
revenues.
Dr. Klein's View.
When the Canadian tariff increase was announced, Dr. Julius Klein,
Assistant Secretary of Commerce,issued a statement interpreting the action
as one designed to place Canada in a more favorable position for negotiations
In the economic conference then remaining on the August schedule. Dr.
Klein said that such a course was quite obvious and logical in advance
of a meeting where reciprocal tariffs were to be the subject of conversations
between the several British dominions.
3 068.249.997 3,082,183,892 3.281,963,434
Total IlabIlltIng
The Canadian procedure, therefore, 'nay have caused some of the other
Note.—Owing to the omission of the cents in the official reports, the footing;
dominions to feel that they were unprepared to make concessions that could
given.
be demanded by Canada in order to acquire for themselves advantages in the above do not exactly agree with the totals
which Canada otherwise would not grant.
Economic conditions at this time preclude any possibility of a change by
Borrows on Lowest Terms in Eight
August of sufficient consequence to remove from the discussions ways and British Treasury
Years.
means of relief that would not be sought in a normally prosperous era.
Discussions to that end would accomplish little, but they would undoubtedly
British treasury bills offered on the market during the
solution or an agreement on genarise and would influence plans to effect a
latter part of May were sold at just under a 2% rate of diseralhaolicies for unity of action.
k There is no foretelling how far-reaching the effect of the postponement count, the lowest terms since June 8 1923, according to a
maybe.It is suggested as possible that there may be no further attempt report received in the Commerce Department from Trade
to hold the meeting at all, but that appears too remote to be credited for
the;British Empire program throughout its history has been founded on a Commissioner Roger R. Townsend at London.
policy of united action, economically as well as politically.
The average rate of discount at which they were sold was
Possibilities in America.
In the meantime, however, there exists the possibility of benefit accruing
to)America's foreignitrade. Should the present system of inter-empire
trade be weakened inlany way, the belief is that the United States might
accomplish economi4elations with some of the dominions much as it has
£1. 19s. 11.95 (approximately $9.65). The amount offered
and allotted was £35,000,000, while applications totalled
£42,350,000, (X equals $4.86). The weekly offerings of
thnse three months' bills in the past 12 months has varied
Jurru 20 1931.]
FINANCIAL CHRONICLE
between £30,000,000 and £45,000,000, while the highest
average rate of discount at which they have been sold in
that period was £2.13s, 8.02d. per cent. (about 2.68%) in
the last week of February.
Prof. 0. M. W. Sprague, Financial Adviser to Bank of
England, Said to Be at Odds with Sir Josiah
Stamp.
A clash over the causes and remedies of the economic
depression took place when Prof. 0. M. W. Sprague,
financial advisor to the Bank of England, and Sir Josiah
Stamp, director of the Bank, flatly contradicted each other
before the Royal Statistical Society, says a wireless from
London June 16, to the New York "Times," adding:
Professor Sprague, who was formerly at Harvard, had been delivering
weighty addresses wherein he has declared that the supply of gold had
nothing whatever to do with the world-wide economic disaster. He put
forward the same idea to-night. The real fault, he said, lay In overproduction and in "the essential instability" of certain industries, among
which he mentioned the American automobile industry.
At the end of his speech Sir Josiah took the sharpest possible issue with
him, and declared: "I have heard nothing which has shaken me in the
belief that one of the main reasons for getting into the trouble in which
we are has been our inability internationally to control gold and credit,
the distribution of gold and the science of its application."
Faulty Distribution of Resources.
Professor Sprague's speech was an attempt to demolish the "monetary
theory" of the present depression. He held that the shortcomings of
finance to-day lay mainly in faulty distribution of banking resources
rather than inadequacy of credit or investment funds. He delivered a
severe indictment of the Federal Reserve policy of the United States
during 1928, when, he asserted, it would have been possible to check
the speculative wave on the New York Stock Exchange.
"On the other hand," he said, "responsibility for the depression of
speculation on the New York Exchange is commonly exaggerated. It
did, indeed, induce over-development of certain industries which experienced a spurt of demand from persons temporarily in receipt of actual
or paper profits from dealings in securities, and it also enabled some of
the companies to secure funds at an abnormally low cost. Further, the
attraction of funds to New York from overseas was undoubtedly a dislocating influence.
"But, when every allowance is made for these factors, it can be said
with confidence that had sound conditions generally obtained throughout
the world recovery would speedily have followed the bursting of the speculative bubble in the autumn of 1929."
Sees Lack of Good Investments.
He declared an insuperable obstacle to recovery from the depression
by means of abundant credit was the deterioration in quality of existing
investments and the absence of an abundant supply of good new loans and
long-term securities. He illustrated by citing the experience of American
railroads and the American steel industry, and said that "those insatiate
borrowers—Governments" cannot find a refuge in receiverships or reorganization.
"What then," he concluded. "may be done through financial agencies
at the present time? Very little by these agencies alone. They can carry
through the liquidation of bad positions with a minimum of loss and may
prevent unnecessary failures by refraining from the withdrawal of funds
In a situation where patience and co-operation may serve.
"The central banks may properly be expected to maintain easy conditions in the money markets and to stand ready, as trade revives, to supply
additional reserve credit as a basis for expanding operations of commercial
banks."
The French Development in International Finance.
"The Paris Money Market" is the title of a new economic
study that has just been completed by Dean John T.
Madden and Dr. Marcus Nadler of New York University
for the purpose of presenting in one form a comprehensive
yet condensed view of the methods and development of this
international financial centre. The work, which is printed
in a bulletin of 48 pages, is an assembling and analysis of
material from many sources, plus personal observation in
Paris by Dean Madden. The booklet includes a bibliography of 30 sources. While the study was made independently of their duties as direct and assistant director
of the Institute of International Finance, the authors have
given permission to the Institute to print and distribute the
bulletin to American investment bankers, bankers and
investors. The work is the 43d study of foreign financial
conditions published by the Institute, which is conducted
by New York University in co-operation with the Investment
Bankers Association of America for the purpose of providing
impartial information for American holders of and dealers
in foreign securities.
4505
until the recent southern uprising, had offered terms for joining the southerners, but that his demands were such as to preclude acceptance by Canton.
Last week it was announced General Chen would remain loyal to the
Nationalist cause. Shortly thereafter he allegedly notified southern leaders he was advancing upon Canton with his army. Yesterday he asserted
his mission was to fight Reds, thus contradicting the report he would move
against the new southern Government.
Canton military leaders decided to wait until they were attacked to
begin military operations. The population was nervous, fearing that when
General Chiang Kai-shek, Nationalist President and General, advances
southward through Kiangsi Province with his army, reputedly composed
of 200,000 men, he will drive hordes of Communists from Kiangsl into
Rwangtung, of whfch Canton is the capital.
Apparently ignoring the rebellion in the south, the Nanking Government
appealed to the nation to support its military campaign to wipe out Communism,saying it considered it the greatest menace of the Government and
China generally.
Piracy received a reverse far up the Yangtse River. When the American
freighter Chita grounded near Hest it was attacked by outlaws. The
Chinese gunboat Weichun. appeased and killed a score of the pirates and
drove off the others.
The situation at Foochow, where several foreign warships guarded their
nationals, was reported eased. Reinforced Fukien Province troops halted
the advance of outlaw bands down the Min River after they had despoiled
much of Northwestern Fukien.
Russian Soviet Seeking $800,000,000 for Five-Year Plan
—Young Communists Pledge to Buy Internal Loan
Bonds to Rush Projects—Lottery Privileges Given
—Workers Must Subscribe to Securities They
Sought.
Associated Press advices from Moscow, June 10, as given
in the New York "Herald Tribune" follow:
The Government to-day announced the flotation of a new internal loan
of 1,800,000,000 rubles (nominally, $800,000,000) "to complete 518 new
factories in 1931, finish 1,040 tractor factories, and fulfill the Five-YearPlan as a whole in four years."
It is called the "third and decisive year loan," and will be issued in two
parts, one drawing 10% and the other giving buyers lottery privileges in
lieu of interest. The bonds are of 50 rubles ($25) denomination and
probably will be distributed widely throughout the country. The Young
Communists' League of mere than 2,000,000 members already has pledged
to subscribe on the basis of at least one bond a member.
With last year's 1,120,000,000-ruble ($560,000,000) loan, the new issue
brings the internal indebtedness to approximately 8,600,000,000 rubles
($3,250,000,000). The new loan is in line with the Government's policy
to issue no new currency in 1931.
United Press advices from Moscow, June 10, in the same
paper, stated:
A tremendous publicity and agitation campaign has been started in behalf
of the new Government loan of 1,800,000,000 rubles, "in response to the
insistence of the workers who demand the privilege of contributing at least
three weeks' wages."
The peasants are expected to contribute double the amounts given
previously, so that each farm will subscribe twenty rubles ($10); as compared to the 70 rubles ($35) from those living in cities.
This year 21,000,000,000 rubles ($10,500,000,000) is being invested in
Soviet economy, according to Michael Kalinin, President of the Central
Executive Committee of the Soviet Union, who signed the Government
proclamation concerning the loan. He reminded the workers that they
must subscribe, since, as he put it, the Government had graciously yielded
to their demands and issued the new loan.
Saving of $55,005,000 Is Planned by Poland—Five
Provinces Will Be Abolished, Salaries Will Be Cut
and Offices Reduced.
A drastic reduction in the Polish budget was announced
on June 16 by the Minister of Finance, Jan Pilsudski,
according to a cablegram from Warsaw June 16 to the
New York "Times." The Government, he said, had decided to cut down all expenditure to a figure of $272,000,000,
$55,005,000 less than the amount Parliament had voted.
The advices furthermore said:
This economy of more than 20% will be achieved by reduction of 16%
In Government salaries and strict economy in all Ministries. All capital
expenditures will be postponed and all funds sought, aside from the budget
Will be obtained in long term credit operations. The number of Government offices will be cut down and the whole machinery of administration
overhauled for economy and efficiency.
Five of the thirteen Provinces into which Poland is territorially divided
Will be abolished and the number of offices corresponding amalgamated.
The Seim had voted a 8327,005,000 budget, rejecting the Opposition's
amendments to reduce the figure owing to the economic crisis. But for
April, first month of the new financial year, monthly returns showed a
deficit of $2,033,000. and this moved the Government to its plan for
far reaching reductions, which are expected to permit closing of the budges
Without a considerable deficit.
General Feliclan Skladkowski, Minister of the Interior, resigned on
June 16 to become Vice-Minister of War. Marshal Joseph Pilsudskl
insisted on the change and General Sklaclkowski said he was "too good a
soldier" not to obey the order of his chief.
General Konarzewsld, former Vice-Minister of War, becomes an army
inspector, Vice-Premier Bronislaw Pieracid is expected to become Minister
of the Interior.
China's Proposed Loan—Canton Bans Loan Planned
by Nanking—Southern Rebels Warn Shanghai
Bankers They Won't Recognize Projected Levy.
Having heard that the Nationalist Government was
raising an 0,000,000 loan on the security of the 1932 Government of State of San Paulo Requests Bankers
to Utilize Temporarily Service Reserve Funds.
customs surplus, the new Canton Government on June 16
Speyer & Co. and J. Henry Schroder Banking Corp. are
warned Shanghai bankers it would not recognize such a
loan. Associated Press advices from Hong Kong June 16, authorized by Dr. Marcos de Souza Dantaz, Secretary of
Finance and of the Treasury of the State of San Paulo, to
in reporting this, went on to say:
Meanwhile the politico-military pot was kept simmering with reports announce that, owing to temporary exchange difficulty,
that General Chen Ming-shu, Nationalist Governor of Kwangtung Province the Government of the State of San Paulo has requested
4506
FINANCIAL CHRONICLE
Its bankers, in order to meet the next payments of interest
and amortizations, to utilize temporarily the service reserve
funds set aside and held by them applicable for such contingency, on the following bonds:
State of San Paulo 25-year 8% secured sinking fund external gold loan
of 1925, due 1950.
State of San Paulo 7% secured sinking fund external water works gold
loan of 1926 due 1956. and
State of San Paulo 40
-year 6% sinking fund external gold dollar loan of
1928, due 1968.
tvoL. 132.
Government. It will also try to settle Bolivia's foreign obligations, which
have not been paid since December.
It is rumored that the present tobacco monopoly, which has been administered by a native company for 18 years, will be entrusted to some foreign
company able to make an advance on future profits. The advance would
be used to pay over-due obligations to American bondholders. Although
the present tobacco concession has made excellent profits, it is generally
agreed that a very considerable increase in revenue would result if the
concession were granted to a foreign concern willing to promote the growing
of tobacco in various parts of Bolivia.
These reserves will be reconstituted as soon as possible. Bolivia Allots Tin Quotas—Patino Mines Will Produce
The funds for the service of
Two-thirds of Country's Share.
State of San Paulo 15
-year 8% sinking fund external gold loan of 1921,
From La Paz, June 5, a cablegram to the New York
due 1936, and
State of San Paulo 7% secured sinking fund coffee realization gold loan "Times" said:
of 1930, due 1940.
will be remitted regularly as usual.
The coupons maturing July 1 on the above mentioned
1921, 1925 and 1928 loans will be paid at the office of the
bankers as usual.
Argentine Economic Position Summarized in Cable to
A. Iselin & Co.
A. Iselin & Co. have received a cable from Dr..Alejandro
E. Bunge, Director of the Banco de la Nacion Argentina,
briefly summarizing the Argentine economic position. He
states that during the first four months of the year there
was a favorable balance of trade of $10,000,000 as against an
unfavorable balance of $16,000,000 during the same period
last year, that a decrease in demand for credit from banks
was evident, and commercial banks were no longer restricting credit; that the Banco de la Nacion Argentina is amply
meeting rediscount requirements, having used only 109,000,000 pesos for that purpose out of a total of 200,000,000 pesos
authorized, that gold reserves amounted to 68% of the currency at par, and that the National Government is completing
its plans of financial operation for the remainder of the year
and hopes to make them public in the immediate future.
. Dr. Bunge added:
Almost all Government sources of revenue, except Custom House duties,
are yielding more than last year. Since the time when certain economies
were put into effect, the Government has been collecting monthly all
necessary moneys with which to meet its expenses. Commercial banks are
•disposed to co-operate in order to avoid as much speculation on the exchange
as possible. Experts have offered assurances that all the wheat and corn
available will be sold. There is, therefore, a decided hope for improvement
in exchange. Furthermore, the Government has resolved to employ all
means at hand to restore the parity of the peso. There is practically no
unemployment in Argentina at present.
The Province of Santa Fe has paid out of surplus income, three months
in advance, the 4,000.000 pesos in notes which it had sold to commercial
banks in Rosario for administrative expenses. The banks have returned
to the Province the three months' unearned interest. This Province will
be able to pay the expenses of highway construction already contracted for,
amounting to 30,000,000 pesos,to be realized within the next 12 months,
• without issuing internal or external bonds. This work will be paid for with
the money on hand and with resources to be made available during the coin-month period.
ing 12
The Province and the City of Cordoba are in less prosperous condition,
but it can not be doubted that this is a temporary situation. It is probable
'that an improvement will be noted in the near future.
At an early date the foreign Chambers of Commerce will probably
formulate a eoncrete statement regarding the Argentine situation, which will
be published abroad.
Bolivia's tin production quota under the London agreement of Nov. 26
1930 has been subdivided among 31 concerns, eliminating many small mines.
By far the largest portion of the 84,260-ton quota goes to the Patino
mines, which will be permitted to produce 19,200 tons. Some of the other
months got allotments of as much as 2,900 tons, whiah in itself is no more
than a nominal quantity to keep the mines in condition. Present tin prices,
however, are below cost of production.
Even these allotments will be upset by the new reduced quota of 28,818
tons which will be allowed to Bolivia under the 20,000-ton reduction of the
world total to 125,000 agreed upon at The Hague on May 15.
The allotments announced to-day resulted from many meetings of producers, which began after the agreement was reached in London by Bolivia,
Malay Straits Settlements, Dutch and English producers.
Salvador Has on Deposit Funds for Both 1931 Sinking
Fund and Jan. 1 1932 Interest.
Lisman Corp. announces that the Government of Salvador
not only has on deposit with the Chatham Phenix Bank &
Trust Co. the entire amount required for the sinking fund
for 1931, but also for the coupons due Jan. 1 1932.
There are three issues of the Salvador loan:
The 8% A bonds, brought out by F. J. Lisman & Co.
in 1923 and listed on the New York Stook Exchange.
The 6% bonds listed on the London Stock Exchange.
The 7% C bonds which are actively traded in over the
counter. All these three issues are secured by 60% of the customs
house receipts on exports and imports, which are collected
by a fiscal agent appointed by the bankers.
Department of Antioquia Revenues Equal 2.22 Times
Annual Interest Charges.
For the year ended Dec. 31 1930 net earnings of the
Antioquia RR.,after deducting interest on internal divisional
mortgage bonds, are reported as 2,069,159 pesos ($2,013,912),
while for the year ended Juno 30 1930, 75% of the revenues
from the tobacco tax are given as 2,386,363 pesos($2,322,647).
The above revenues which were pledged as security for the
-year external secured
Department of Antioquia 7% 20
sinking fund gold bonds due 1945, therefore aggregated the
equivalent to $4,336,560, or over 2.22 times annual interest
and sinking fund charges on the bonds.
City of Porto Alegre Bonds Drawn for Redemption.
Ladenburg, Thalmann & Co., fiscal agents for the Muprincipal
nicipality of Porto Alegre, have drawn $10,000
-year 73'% sinking fund
amount of City of Porto Alegre 40
on July 1
gold bonds, external loan of 1925, for redemption
Laden1931 at 102% and accrued interest, at the office of
City.
burg, Thalmann & Co., 25 Broad St., New York
on these bonds on July 1 1931.
Interest ceases
$2,257,116 Available for Service of Province of Upper
Austria 04% Bonds.
According to an official statement received by Blyth &
Co., Inc., bankers for the Province of Upper Austria,
revenues securing the external 634% bonds of this Province
for the year 1930 amounted to $2,257,116 which was more
than 3.9 times the $578,250 of annual interest and sinking
fund charges on this issue. The external secured 6%%
Activity of Land Bank of State of New York.
bonds of
Issue, originally outstanding in the amount of $7,500,000,
A steadily broadening market for the sale of the
has been reduced through the operation of a cumulative the Land Bank of the State of New York was forecast by
before
sinking fund to $7,148,500.
State Comptroller Morris S. Tremaine in an address
Directors of the bank at their quarterly meetthe Board of
Argentine Failures Rise—May Bankruptcies Exceed ing held at Lake Placid, N. Y., in connection with the annual
Double 1930 Figure.
Total for April and Are
convention of the New York State League of Savings and
The following Buenos Aires cablegram June 3 is from the Loan Associations. Mr. Tremaine highly commended the
New York "Times":
bonds as an investment for institutions, trustees and con(about $16,145,000),
strong
May bankruptcies here totaled 38,023,113 pesos
double the May servative investors generally. Because of their
than
exceeding the total of either April or March and more
May since 1926.
marketability factors he pointed out that the
safety and
figures of 1930 and 1929. being the most disastrous
(about $6,814,327)
Bankruptcies yesterday totaled 16,046,462 pesos
early maturities would prove attractive to discount bankers
1929, were 15,831,590 pesos (about $6.722,093).
while those in May
813,520.311). March and urged the directors to develop that market.
April bankruptcies totaled 31,842,467 pesos (about
The New York State Land Bank was organized In 1914
bankruptcies totaled 36,766,361 pesos (about $15,610,997).
and has issued over $27,000,000 of bonds secured by savBolivia Cuts Expenses—Rumored Planning to Give ings and loan mortgages on homes in this state, he said.
Tobacco Monopoly to Foreign Concern.
Land Bank directors present at the meeting were Ann E.
A cablegram from La Paz (Bolivia), May 31, to the New Rae of Niagara Falls, Charles A. Hahl of Buffalo, Webb
York "Times" said:
G. Cooper of Oswego, John Eden Farwell of Geneva, Harry
The Salamanca Government has arranged to relieve the financial stress
Norwich, LeGrand W.
branches of the C. Baldwin of Ithaca, Ira H. Hyde of
administrative
to some extent by drastic economies in all
JUNE 20 1931.]
4507
FINANCIAL CHRONICLE
Pellett of Newburgh, and Charles Stuart Folsom, Charles conference James C. Stone, chairman of the Farm Board
O'Connor Hennessy, Hiram C. Horton, David B. Hutton and declared that it was the wheat member's intention to resign
about June 15, as his appointment lasted only until July 1.
James P. Judge of New York City.
The New York "Journal of Commerce" also added:
Convention of New York State League of Savings and
Loan Associations—Prosperity Not to be Restored
by Quack Remedies.
Designating the past decade as the "Exuberant Era,"
and calling attention to the fact that the current depression
has caused scarcely a ripple among the 307 savings and
loan associations of the state, John Eden Farwell of Geneva,
President of the New York State League of Savings and
Loan Associations opened the forty-fourth annual convention of that organization with a call to savings and loan
officers to combat the illusion that prosperity can be restored by resorting to "buy now" campaigns. It was an
orgy of ill-considered spending and over-buying that
brought the American people to the heights of the boom,
he claimed, and thed with the depths of the depression.
He suggested that the slogan "Spend and bring back prosperity" should be replaced by a new slogan, "Spend and
save normally."
Mr. Farwell decried the utterance of optimistic forecasts
that are based on hope, rather than fact. "There has been
too much talk about raising the wage scale, and too much
cutting of wages at the same time," he said. "No other type
of financial institution is as close to humanity as the savings and loan associations. They are the best fitted to aid
In the solving of the economic problems by reason of their
Intimate contact with men and women most vitally affected
by the faults of the present economic era. Just as the-people rose to pinnacles of optimism in boom times, so they
have now, gone to the depths of pessimism.
It is the task of the savings and loan associations during
the coming decade to develop in the people that soberness
and soundness of judgment, the golden mean of the mental
attitude, that will take the place of this past exuberance
and its inevitable reaction. The savings and loan associations can show the way out of the chimera of speculation
to the vision of a sound and ordered way of living through
a plan of wise living, based upon a proper balance of reasoned spending and adequate provision for the future
through systematic savings and home-ownership."
International Agricultural Mortgage Credit Company
Offers Cheaper Rates to European Farmers.
The draft convention for the International Agricultural
Mortgage Credit Co., just approved by the Council of the
League of Nations at its May session, will provide a source
for freer and cheaper loans to agriculturists in Europe than
has heretofore been possible. The plan was devised under
the direction of the League's Commission of Enquiry for a
European Union and is being put into effect by a special
organizing committee. The League of Nations Association,
commenting on the plan, says:
At first it was feared that loans to the farmers would make for overproduction in cereals and other agricultural products, but the final report
of the committee responsible for the plan indicates that such loans
would
make it possible for the farmers to afford the changes from one kind of
crop to another, and with a better standard of living brought about by
such loans there would come an increased demand for other agricultural
products of higher value such as meat, fruit, 6:c.
This new company has for its object:
(1) To make long-term or medium-term loans to mortgage or agricultural
credit companies who in turn will make loans upon first mortgages on
immovable property in their own countries.
(2) To create and negotiate bonds to cover the above loans.
The benefits of the new plan will not be restricted to a small area,
but
will be open to any country of Europe which has become a party to the
convention provided that that country has adequate mortgage legislation.
Where the laws on mortgages are defective the company may require government guarantees for the loans made. The rate at which the company can
make advances will necessarily vary from country to country.
The board of directors is to consist of not more than 18 members, one of
which is to be selected by the World Bank and one by the
International
Institute of Agriculture at Rome, and the others by the organization com•
mittee. The capitalization is to be $50,000,000 and the ocinpany will
be
authorized to issue bonds up to 10 times the subscribed capital and
reserve,
i.e., up to a maximum of $550,000,000.
McKelvie Resigns From Farm Board—Hoover Is Advised
Wheat Member Will Quit Next Week.
President Hoover was on June 12 advised by Samuel
R. McKelvie of his intention to resign as the wheat member
of the Federal Farm Board some time next week. It has
been known for some time in official circles here that Mr.
McKelvie's resignation was imminent. At a recent press
Vacancies Unfilled.
Mr. McKelvie is the third of the original seven appointees to the board
to resign this year. Former Chairman Alexander Legge left early this
year to return to his position as President of the International Harvester
Co., and C. C. Teague left recently to take up his former position as head
of a large co-operative citrus fruit organization.
The place of former Chairman Legge has been filled on the board by the
appointment of Sam Thompson, former President of the American Farm
Bureau Federation, while no successor for Mr. Teague's position has been
announced by the Administration.
Statements from high Administration circles to-day held that appointment of a successor for Mr. Teague's place is expected from the President
shortly. It is indicated that the wheat member's position is not expected
to be filled for some time.
It Is understood that farm representatives in the South Atlantic district
have indicated their desire to the President to have a representative from
their section appointed to fill one of the vacant places that are to be left
in the board's membership. Senator Fletcher (Dem., Fla.) has already
recommended to the President the appointment of Dr. Burdett G. Lewis
of his State. At that time it is understood that Henry Stude, Chicago,
President of the American Bankers' Association, is seeking the appointment of a woman to the board to combat the feminine fad of diet and dress,
which he claimed were largely responsible for the present surpluses in
cotton and wheat.
McKetrie Kin Seeks Post.
It is also rumored in official circles here that appeals have been made to
the President to appoint Otis A. McKelvie, brother of the present wheat
member, to fill the vacancy on the board.
With the resignation of the present wheat member, the Northwest
wheat industry will be without a representative on the board. Political
gossip concerning possible candidates for his position has Included the
names of L. J. Taber, master of the National Grange; C.E. Huff, President
of the Farmers' National Grain Corp.; Earl E. Smith of the Illinois Agricultural Association, and C. C. Talbot of the North Dakota Farmers'
Union.
The present wheat member, who is also a former Governor of Nebraska,
was one of the representatives of the United States at the recent London
wheat conference and is well known for his views on the Russian wheat
situation and domestic acreage reduction.
Grain Corporation to Continue Sales of Wheat Abroad.
The Grain Stabilization Corporation will continue to sell
wheat abroad after the 35,000,000 bushels which it previously offered for sale is gone, but the sales will be made
in such a manner as to affect the world market situation as
little as possible, James C. Stone, Chairman of the Federal
Farm Board, stated orally June 15, according to the "United
States Daily" for June 16.
The United States probably will not withdraw entirely
from the wheat export market under the Board program of
acreage reduction, there being certain grades of American
wheat which are needed abroad, Samuel R. McKelvie,
member of the Board, stated. He added that the benefit
of the tariff can be made effective in part even though production is not on a strictly domestic basis. Mr. McKelvie's
term of office as a member of the Board expired June 15, it
was stated orally at the Board's offices and he has expressed
his intention to retire. The following information also was
given by Mr. Stone.
The Board has been asked to state its program with respect to the stabilization corporation's holdings of wheat, and to agree to keep its holdings out
of competition with the 1931 crop, and the proposal will be given consideration. Groups other than those making this request have approved
the Board's present policy of announcing no complete program for disposition of the grain.
-growing provinces of
The drouth situation is desperate in the wheat
Canada, particularly in Saskatchewan, which is the principal wheat producer. The three provinces affected by the drouth produced about
400,000,000 bushels last year.
Effort to bring about an export quota plan at the recent International
Wheat Conference was in some instances a "clear case of political face saving." since no explanaJon was advanced as to how or by whom the plan
would be operated, and none of the delegates, with the possible exception
of Russia, had authority to enter into such an agreement, Mr. McKelvie,
delegate from the United States, declared in his report to the Farm Board,
made public by the Board June 15.
Associated Press advices from Washington, June 17, stated
that a definite pledge that stabilization wheat will be with-
held from domestic markets is to be avoided by the Farm
Board. The Board intends to stand on its policy announced
March 23. At that time it said, in announcing that price
stabilization would not be attempted in the 1931 crop:
It Is too early now to set forth in detail what the sales policy of the
Grain Stabilization Corporation will be in the new crop year, except to say
that stabilization supplies of wheat will be handled in such a way as to
impose the minimum of burden upon domestic and world prices.
Mid-Western grain men and legislators, including Senator
Arthur Capper, Republican, of Kansas, have importuned the
Board to remove these supplies, estimated at more than
200,000,000 bushels, from competition with the new crop
now moving to the market. The Board, it is said, desires
to have a free hand in selling should a good market present
itself. Senator William E. Borah, Republican of Idaho,
on June 17 issued a statement in Boise urging retention of the
4508
FINANCIAL CHRONICLE
[Vou 132.
wheat until the price reached at least $1. He termed its was inaugurated in Manitoba June 1 and already is reported
existence a menace to farmers.
to have relieved the situation confronting wheat farmers to
the north. The only restriction now placed in Manitoba
Report of Federal Farm Board on the Recent Confer- upon pool members is that they still are required to deliver
ences of Wheat Exporting Countries.
their grain to the pool elevator system.
The Farm Board, on June 15, made public the following
Reports of the threefold movement by Canadian farmers
report submitted to it by Mr. Sam R. McKelvie, covering his for marketing freedom presages the end of pool influence,
participation in the recent conferences of the wheat export- in the belief of Chicago members of the grain industry.
ing countries of the world, held at Canada House, London, Canadian bankers, according to private advices received
here, who in the last crop year were saved from serious
May 18 to 21 1931:
The Conference of the Wheat Exporting Countries of the World, called financial embarrassment only by government intervention,
by the Canadian High Commissioner, Mr. Ferguson, was held at Canada have insisted upon the changed form of marketing. They
House, London, May 18 1931. 'Eleven countries, representing 95% of the have refused to
finance grain movements in the future, it
world exportable surplus of wheat, sent delegates.
The meetings of the Conference were held en camera. The reason for was reported, unless crops have been properly hedged.
Manitoba Pool members, under the new plan, have the
this, as expressed by Chairman Ferguson, was to develop a full and free
discussion. No observers were admitted. Communiques were given to the privilege of collecting the full spot price on their
wheat,
press from time to time.
The statement of the Federal Farm Board was presented on the second instead of the pool initial payment as provided for by the
day. Interest was expressed in that part of our conclusions in which it rules before amendment. Ninety-four locals in Manitoba
was said that stabilization supplies will not be "dumped." This was seized voted on the change. The move to acquire similar openupbn and repeatedly "interpreted" to mean that the United States was
market option was launched in Alberta week before last by
prepared to enter into a quota agreement. Your delegation permitted no
such impression to prevail. It was made clear that the Federal Farm a group of Canadian farmers at Rivercourse, east of EdmonBoard would not be influenced by outside sources in determining its ton and close to the boundary between Alberta and Sascourse in stabilization.
katchewan. These growers scored the initial pool payAt this time, the countries advocating the quota plan would have been
well content with a recognition of the principle; indeed, that was all they ments as inadequate to permit financing of farm operations,
proposed. Having gotten that, the next steps would have come along in and declared that all pool farmers could better themselves
logical form.
by selling wheat to private grain companies. The complete
The discussions hinged about this throughout the conference. Russia
gave hearty endorsement to it for the reasons: (1) they would demand a resolution of the Alberta group, as received by Chicago
quota equal to their five-year pre-war average (164,000,000 bushels); grain men, was:
(2) they would claim the right to be financed during the period of so-called
"orderly marketing," and (3) limited exports by other countries would
enable them to sell more wheat for more money.
In course of the discussions, your representatives called for a statistical
exposition of how the quota plan would work: What would be the
quantities that each country might export; how would the periods of
marketing quotas be determined and by whom; and how would the "pool"
be controlled? No effort was made to give the answer. In fact, one
prominent delegate said that if this information was insisted upon we had
as well adjourn.
•
We then asked what authority the delegates had to pledge, or even
propose a pledge, of their various countries to the quota plan. Perhaps
Russia alone could have given an affirmative answer. Several said they
had no such authority. This again indicated that it was a recognition
of the principle and not the plan that they wanted. In some instances it
Was a clear case of political face-saving.
Your representative said that we alone had made contributions to
the solution of this problem. For months on end the United States had
been out of the export market, and as a result of this we had helped
every other exporting country. At no time had we dumped our wheat nor
would we. This should net be construed to mean that we would continue
to "hold the umbrella." Meanwhile, we had urged our growers to reduce
acreage and production. We had no intention of abandoning the world
market, but we hoped to get back to a pre-war export basis. All of this
had been done in the interests of our own growers and we asked no
sympathy or commendation for it. We did hope other countries would do
likewise. Meanwhile they were in a poor position to ask our approval
of a policy that was unsound in principle and wholly unworkable, except
as it might come about through the organization and co-operation of
growers themselves. Governments could not hope to do it.
The Committee then prepared the resolutions where substantial recognition
was given to principles that are in accord with what the United States
Department of Agriculture and the Federal Farm Board have been trying
to accomplish.
All in all the Conference may be regarded as having been worth while.
Largely speaking, each country will have to approach the question in its
own way. This is facilitated and expedited by conversations that lay
bare the underlying facts. Acreage reduction is coming about in Australia,
Argentina and Canada through sheer necessity. It will be hastened by a
realization that there is no legerdemain by which such abnormal quantities
of wheat can be disposed of at a profit to the grower. It is apparent that
Russia is not so happy with her situation, and some of the Balkan States
are looking to other crops than wheat. These are encouraging signs.
The proposal to develop a clearing house of information has very good
possibilities. Mr. Olsen will serve on the committee that will study this
question. It looks to the development of more accurate information regarding acreage, crop conditions, out-turn and unloadings in import markets.
Russia's approval of this proposal should mean that important information
needed from that country will now become available, and if it is, one of
the most highly speculative elements in the market will have been removed.
The form that the clearing house may take remains for the Committee to
recommend to the several governments.
The conversations were spirited at times but good feeling prevailed
throughout. At the close, Russia was inclined to be critical of the United
States and gave out a statement blaming us for what they regarded the
failure of the Conference. We made no reply, being content to feel that
the failure of Russia to get the commitments she wanted did not signify
the failure of the Conference. Rather, the reverse was true. We had no
favors to ask and could be unprejudiced in our views.
Canadian Wheat Farmers Demand Right to Sell in
Open Market.
Farmer members of the Canadian Wheat Pool in Alberta
and Saskatchewan h
tehed a determined drive for a
return of their rights to market grain with private companies,
it was learned on June 5 by Chicago grain houses with close
Winnipeg connections'. Their demands are for privileges
already granted members of the Manitoba Pool, whose
farmer-locals voted unanimously for an "open-market
option"in marketing crops. The changed plan of marketing
Whereas, Manitoba Wheat Pool members live close to Winnipeg and
residents of that Province get lower freight rates and pool farmers are
being given the right to sell on the open market: and
Whereas, lower grades of pool wheat will not pay threshing bills, and
farm operations cannot be carried on with the small initial payments: and
Whereas, there is too great a spread between initial payments on lower
grades of wheat and that paid on the open market:
Therefore be it resolved, that Alberta Pool members be given the option
of selling their wheat at their own discretion.
Saskatchewan Pool officials, faced with a similar movement to return to the open-market system of selling grain,
have been in conference with officers of the Alberta group.
Comments in Chicago are that already many Canadian
Pool farmers have been forced, by the restrictions of their
marketing, to "bootleg" wheat or violate the pool agreement.
New York Stock Exchange Questionnaire Regarding
Short Position of Members.
The Committee on Business Conduct of the New York
Stock Exchange has sent to members instructions regarding
the form to be used in reporting information on short positions requested as of June 4. The letter is as follows:
NEW YORK STOCK EXCHANGE.
Committee on Business Conduct.
New York, Jui.e 16 1931.
To Members of the Exchange:
Business Conduct, in order to facilitate compilation,
The Committee on
directs that members and firms in submitting information regarding short
Positions, in accordance with circular dated June 4 1931, use "Received
from" Stock Clearing Corp., Night Clearing Branch, Exchange Tickets
(Form M 4) for their reports henceforth.
One ticket is to be used for the total short position in each stock, the ticket
to contain the following information only:
Date.
Total number of shares abort.
Name of stock.
Name ofreporting member or firm.
Members or firms are requested to eliminate from each total short
position reported the total short position they are carrying for their correspondent or other members or firms who are responding to these instructions.
Out-of-town members or firms are requested to wire information to correspondents for transcription to such tickets or to obtain a supply of these
tickets through their correspondents. .
ASHBEL GREEN, Secretary.
This lastest revision of the questionnaire discloses that the
Exchange is interested, says the New York "Times", in
ascertaining the exact size of the short interest, without
reference to the individuals who may be short of stocks.
Member firms now are asked to eliminate from their reports
the short position they are carrying for correspondents or
other members who are also responding to the questionnaire.
Straus Bros. Investment Co., Chicago, in
Receivership.
Title & Trust Co. had been appointed
That the Chicago
receiver for the Straus Bros. Investment Co., 33 North La
Salle Street, Chicago, by Federal Judge Charles E. Woodward, on a petition in equity filed by Englehard Grogman &
Co., listing claims of $8,418, was reported In a dispatch from
Chicago, June 9, to the "Wall Street Journal."
Liabilities of the firm are listed at $500,000. Its assets consist chiefly
of real estate properties, many of which have defaulted on bond interest,
according to the petition, the advices said.
JUNE 20 1931.]
FINANCIAL CHRONICLE
Listing on Chicago Stock Exchange Qualifies Under
Florida Law.
The State of Florida has passed a law, effective Julyl,
exempting securities listed on the Chicago Stock Exchange
from further qualification for sale in that State, according
to word reaching Chicago on June 11.
San Francisco Investment Banking Firm of Smith,Camp
& Co., and Kimball, Riley & Salterbach, Ltd., Consolidate Under Title of Smith, Camp & Riley, Ltd.
Consolidation of the investment banking firms of Smith,
Camp & Co.,and Kimball, Riley & Sallterbach, Ltd., as Smith,
Camp & Riley, Ltd., of San Francisco, has been effected,
according to San Francisco advices, June 9, which furthermore said:
4509
"The Americans throughout the Mississippi Valley who did not know
the French pronunciation called the bills 'dixies,' and Louisiana came to
be known as 'the land of the dixies,' or 'dMie land.' This inspired Dan
Emmett, who in 1859 composed the original 'Dixie Land' for a minstrel
ehow, then performing in New York. He embodied in it the expression he
had so often heard: 'I wish I were in Dixie.' This song was later rewritten
by General Albert Pike, who gave it the battle thrill that makes 'Dixie'
immortal and stamps the name 'Dixie' upon the South."
New Orleans money also seems to have been responsible
for the expressfon "two bits," according to Mr. Thompson.
"For its early currency," he said, "New Orleans and some
other sections of the country depended upon imported Mexican dollars. To meet the need,for fractional change, these
dollars were cut into bits. And so, to-day we refer to a
quarter of a dollar as 'two bits.'"
William Guggenheim Has 16-Rule Plan for Return of
Better Times.
According to the New York "Herald Tribune" of May 31, a
"prosperity formula," offered by William Guggenheim, was
West & Co. Failure—Acquisition of Customers' Ac- approved on May 30 at a meeting of the executive committee
counts by Montgomery, Scott & Co. Becomes of the International Benjamin Franklin Society, of which
Mr. Guggenheim is honorary President. His suggestions
Effective.
In reporting the acquisition of the business of West & Co. follow:
1. Don't produce commodities at a loss.
(the Philadelphia stock brokerage firm which failed Apr. 27
2. Don't manufacture at a loss.
last) by Montgomery, Scott & Co. of that city, the Phila3. Don't discourage capital.
delphia "Ledger" of Wednesday, June 17, said:
4. Don't interfere in European politics.
The new firm will be closely associated with Loveland & Co., which, with
its affiliates, controls or operates $31,000,000 of public utility properties
in the Pacific Coast and Southwest areas.
The plan under which a large part of the business of the insolvent stock
brokerage firm of West 8s Co. is to be acquired by Montgomery, Scott &
Co., members of the New York and Philadelphia Stock Exchanges, has been
made effective, Frank M. Hardt, announced last night. Mr. Hardt is
Vice-President of the Fidelity-Philadelphia Trust Co. and Chairman of the
Customers' Committee of West & Co. He said that Montgomery, Scott &
Co. are now taking over all of the properly margined accounts of those customers of the West firm who assented to the plan. More than 85% of the
customers assented to the plan and additional assents are being received
daily,
With respect to the approximately 15% of the customers who did not
assent to the plan, Mr. Hardt urges that they communicate with him in
order that there be a prompt settlement of their accounts.
Our last reference to the affairs of West & Co. appeared
June 13, page 4348.
5. Don't withhold credit where needed in America, if the risk is a fair one.
6. Don't withhold credit where needed in a foreign country, if the risk
Is a fair one.
7. Don't lower the tariff except for reciprocal trade pacts with other
nations.
8. Don't overburden with taxes the railroads, as they are necessary for
our welfare.
9. Don't discourage our shipping interests.
10. Don't fear to increase taxes where better distribution is advisable.
11. Don't hold back on foreign trade, but go out and get it.
12. Don't buy stocks of questionable value and merit.
13. Don't get panicky—things will come out all right.
14. Infuse the nation with the spirit of a man like former President
William McKinley.
15. Infuse the nation with the spirit of a man like former Senator Henry
Cabot Lodge.
16. When business expansion begins to well overtake depression, see that
inflation is avoided. For, remember that inflation, deflation and prohibition
are the triology of crime.
Chester D. Pugsley Finds Country Is Emerging From
One of the Recurrent Cycles of Trade.
The society was founded seven years ago by Mr. GuggenChester D. Pugsley, Vice-Chairman of the Westchester
County National Bank at Peekskill, N. Y., has issued a state- heim, J. Robert Stout, John Clyde Oswald and John A.
Goodell to perpetuate the memory and teachings of Franklin.
ment saying:
"We are emerging from one of the recurrent cycles of trade, which are Affiliated with it are the University of Pennsylvania, the
consequent on a period of over-production, which has outrun consumption. American Philosophical Society, the Franklin Institute of
The installment system of buying as a marketing system enabled business
of Boston.
to rapidly expand its merchandising and production facilities. The adop- Philadelphia and the Franklin Union
tion of labor-saving devices and rationalization in industrial processes
occasioned a displacement of labor, which was not readily absorbed by
new and expanding industries such as television, and the reduction in
purchasing power of the idle has been an aggravating factor in the business depression.
"These major depressions have been recurrent in the financial history
of the United States beginning in 1837 as a consequence of our development as a manufacturing country. There is always a liquidation of
accumulated stocks of merchandise, and then when consumption has outrun production conditions become normal again. Recovery is hampered
by the hesitancy of consumers to resume buying owing to the so-called
'bad times,' and this contraction of demand prolongs the depression.
"One interesting feature of the present crisis of trade has been the
test of the installment systems of buying working out successfully under
adverse conditions of employment.
"Business is sounder in this country than before the depression as
efficiencies and economies have been compelled by the conditions. The
resumption of trade is indicated by improvement in our exports and
Imports, employment, building construction, industrial production and
advertising."
Previous statements of Mr. Pugsley appeared in the
at pages 3135 of volume 125,
"Chronicle" for Dec. 10
and in the issue for Oct. 13 1928 at page 2046 of volume 127.
1927,
$10 Bill Gave Name of Dixie to South, Says Banker.
When the band strikes up "Dixie" and the crowd joins
In singing the song of the South, something quite different
from •the thought of money serves as the stimulus for its
enthusiasm. Yet money was responsible for this nickname
of the South, Fred W. Thompson, of the First and Merchants' National Bank in Richmond, Va., told the young
money experts at the American Institute of Banking convention, at Pittsburgh, on June 9. He spoke before the
departmental conference on business development and advertising, departing from a talk on getting after new business
for a bank long enough to say:
"Money is the essential commodity handled by a bank and I'm going to
tell you a little story about money. Money gave to the South its pet name
of 'Dixie.' The principal bills issued by a bank in New Orleans before
the war between the States were in $10 denominations. They were engraved
In English on one side and in French on the other. On the French side,
the word Dix was very prominent; as you know, it means 'ten.'
G. G. Mitchell Heads Toronto Stock Exchange.
Toronto advices by the Canadian Press June 16 reported
that G. G. Mitchell was elected President of the Toronto
Stock Exchange at its annual meeting on that day. Mr.
Mitchell, senior partner of Brouse, Mitchell & Co., Toronto,
is the 34th President. He succeeds Harold Mara, who retired owing to ill health.
Contrasts in Bond Yields, According to Halsey, Stuart
& Co.
The bond market to-day is one of striking contrasts, according to the quarterly review of Halsey, Stuart & Co.,
just published. On the one hand, it shows, the enormous
demand for bonds of the gilt-edge classification has continued
the upward price trend in that field, while all other issues
continue to be neglected. This has resulted in market
weakness in the latter class of bonds, causing many investors to jump to the conclusion that there is something
radically wrong with such issues—something which does not
appear on the surface.
"The general neglect experienced by less widely known
issues is perhaps the most significant commentary to be
found in the investment market on the current state of the
public mind," the review states. "Unless the quality of an
issue has been universally recognized and conceded, few
investors have been disposed to look into the facts for themselves and to act in accordance with their findings. Exaggerated skepticism has led the majority to ignore facts
and to seek refuge in classifications."
"That great division of the bond market which is made
up of the less widely known issues offers many extraordinary
opportunities to-day for the purchase of income and sound
security. Selections should be made with due care—with
Close attention, on the one hand, to the needs of the investor, and with thorough consideration, on the other, of
the facts affecting the fundamental soundness of the issue.
4510
FINANCIAL CHRONICLE
The investor who enters the bond market at this time to
avail himself of these opportunities should do so with a
strictly investment point of view; his primary objective should
not be speculative profit, but security, income, and such
other investment features as his situation and needs make
necessary."
The volume of new financing during the first five months
of the year has been nearly a billion dollars less than for the
corresponding period of 1930, the review says. It is also
indicated that although the supply of new issues during
the remainder of the year will naturally depend to a great
extent upon the receptivity of the market, there seems little
probability at present that any excessive volume of new
offerings will make its appearance during the second half
of the year.
"This becomes clear from a brief consideration of the principal sources
ofsupply." the review says. "Until business recovers, industrial borrowers
will certainly play a minor part in the bond market. The real estate situation still awaits the operation of corrective factors and the return ofconfidence. Very little is to be expected from that quarter for some time to
come. The railroads, under present conditions, will of necessity hold
their borrowings to a minimum. Foreign governments and corporations
are practically barred from our market, at least until their internal situations and the condition of world trade have become more satisfactory than
they have been for some time past. This leaves us with the municipal
and public utility divisions as our chief sources of new bond issues for the
near future."
Labor Costs Still on a War-Time Basis—Truman S.
Morgan, on Ground That Wage Inequalities Still
Persist, Urges Revision—High Housing Cost Cited
—Shelter Is Asserted To Have Yielded Less Than
Food and Clothing to Economic Pressure.
The public still is paying for labor costs forced upon it
under war conditions, according to Truman S. Morgan,
President of the F. W. Dodge Corp., who says that the
cost of shelter, as contrasted with food and clothing, has
yielded least of all to the pressure of economic distress.
Mr. Morgan's remarks were part of an address urging wage
revision, delivered at a convention of the National Lime
Association in White Sulphur Springs, W. Va., and reported
by his construction publishing company.
"I am an advocate of the highest possible wage that industry can carry,"
Mr. Morgan declared. "But if we continue the dollar pay of two or three
years ago full-time employees really receive more in real value than during
the periods of general prosperity. They virtually become the beneficiaries
while industry and those who hold securities and less fortunate fellowworkers carry the entire burden. I realize that this is a sensitive subject,
but why back away from one of the real problems that confronts us in
getting back to earth.
Appraisal of Wages.
"Wages should not be appraised in terms of dollars but by what the
dollars will purchase. We are all for maintaining our advanced standards
of living but we do not subscribe to the fallacious theory that high dollar
wages spell prosperity. As a matter of fact, there is not necessarily any
direct relationship between the two. Have we not had now nearly two
years of stress and unemployment in which every effort has been made to
maintain high wage standards? And what has been the result? The unwillingness of some of the factors in the situation promptly to face the
Issues and write off some of the perquisites enjoyed during the war and
the following wave of inflation has thus far successfully blocked and will
continue to impede the return to normal times just as long as this attitude
persists.
"There are inequalities in wage standards that came about during the
war because certain trades took advantage of the unusual conditions to
force their demands upon the public, and the public still continues to
pay the bill. I maintain that only a small percentage of the working people
were beneficiaries of that increase, and that as a result even a greater burden
was imposed on the rest in boosting the cost of the three essentials to
civilized living—food,clothing and shelter. It is the last of these three which
has yielded least of all to the pressure of economic distress of the past two
years."
Low Money Rates Have Extended to Business Loans—
Not Confined to So-called Open Money Market,
Says Federal Reserve Board in Reviewing Conditions—Charges Rule Higher at Country Banks.
Low money rates have not been confined to the so-called
open money markets but have become effective also in the
loans made by banks to business and commercial borrowers,
it is shown in the Federal Reserve Bulletin for June, which
was made public by the Federal Reserve Board in Washington June 15. During the year and a half between autumn
of 1929 and May 1931, Federal reserve statistics reveal that
rates charged by banks to their customers declined from
64% to 4%%. The loans included in this compilation are
the bulk of those made by banks in cities where Federal
Reserve banks and branches are located. The rates may be
considered, according to the review, as representative of
rates charged to customers by banks in all cities of considerable size, the aggregate of commercial loans made by
these banks at these rates being equal to between one-third
and one-half of all such loans made by banks in this country.
The rates at country banks ruled higher usually, the review
[Vol,. 132.
states. A tendency is evident, according to the Bulletin,
for country banks to shift their balances with city correspondents into loans to brokers, where the rates of 147o is
,44
more attractive than the newly established rate of 1 % paid
by New York City banks. The review of the month follows
In full text:
Rates Continue Drop.
Open-market rates on short-term paper declined further in May, the
rate on commercial paper showing a reduction to 2-234%. the rate on time
money to 134-134%. and the rate on bankers' acceptances to % of 1%.
while the rates on call money remained stable at 1%%.
These reductions in short-term money rates in the open market were
accompanied by decreases in discount and buying rates at the reserve banks.
At the New York bank the discount rate was reduced on May 8 to 1H%,
the lowest rate on record for any bank of issue, and the buying rate on
acceptances was reduced to 1% on all maturities up to 90 days. Nine of
the other Reserve banks also reduced their discount rates during the month.
Declines Abroad.
Rate reductions in this country were followed by declines on May 14 in
the British bank rate from 3 to 2%% and on May 16 in the discount rate
of The Netherlands Bank from 234 to 2%.
Open-market rates on short-term money abroad also showed a slight
downward tendency. There were further reductions at many centers in
this country in rates paid on deposits, clearing house banks in several
financial centers reducing the rate paid on bankers' balances to % of 1%.
Declines in short-term money rates have been accompanied by less
pronounced reductions in long-term rates and in rates charged by banks
to their customers.
Comparison of a weighted average of open-market rates on short-term
money with average yields on 60 standard bonds and with an average of
rates charged their customers by banks in the larger cities is made in the
accompanying chart.
The chart shows that during the year and one-half between the autumn
of 1929 and May 1931, open-market rates on short-term money declined
from 734% to 1%%, while rates charged to customers declined from 634
to 4% %
and rates on long-term money (bond yields) from 451% to 434 %.
The relatively small decline in the yields of high-grade bonds Included
in the average corresponds to a relatively small rise in 1928 and 1929. when
the rise in short-term money rates and the preference of the public for stocks
resulted in a decline in bond prices and a rise in bond yields.
In recent months the abundance of funds and the continuous decline In
short-term rates has been reflected in Increased purchases of high grade
bonds by banks and other investors, in a rise of prices of these bonds, and
in a corresponding decline in their yields.
This rise, however, has not extended to lower grade domestic bonds nor
to most foreign bonds whose prices reflect primarily-not the cost of long
term money,but the market estimate ofrisk involved in carrying the security
under present conditions.
High Class Bonds Higher.
Since the beginning of this year prices of the highest class of bonds have
advanced steadily, United States Government securities have reached
new high levels, and the best corporate bonds have also advanced in price.
New bond issues, however (exclusive of United States Government securities), were considerably smaller during the first four months of this year
than during the same period of the two preceding years, reflecting chiefly
the reluctance of investors to participate in long term financing of industry
and trade during a period of depression and uncertainty about the future
course of business.
In considering the line on the chart referring to rates charged to customers.
it should be pointed out that the rates included are those charged on the
bulk of their loans by banks in cities with Federal Reserve banks and
branches. They are the rates shown on the face of the loans and do not
necessarily represent the entire cost of the money to borrowers, which may
include the requirements of minimum balances and other items of cost.
These rates may be considered as representatives of rates charged to
customers by banks in all cities of considerable size, the aggregate of commercial loans made by these banks at these rates being equal to between
one-third and one-half of all such loans made by banks in this country.
While it is impossible to estimate the proportion of borrowers that pay these
rates, this proportion Is doubtless smaller than the proportion of the total
amount of loans that are carried at these rates, because the banks included
or represented in the sample are the larger banks and on the average make
larger loans.
The significance of the figures lies in the fact that the decline in openmarket money rates in the past 18 months has been accompanied by considerable declines in rates charged by banks to customers whose borrowings
In the aggregate constitute a large proportion of all commercial loans made
by banks In this country.
Geographic Differences.
Rates charged to customers by banks in the larger cities show considerable geographic differences. These differences are brought out by the
next chart, which shows separately average rates charged customers by
banks in New York City, in eight northern and eastern cities and in 27
southern and western cities. At New York City banks, rates charged to
customers, after rising from 4%% In 1927 to 634% in 1929, fell to 431%
in May 1931. In the other northern and eastern cities the rates rose from
411% in 1927 to 634% in 1929 and then fell to 434% at the present time.
In the cities of the South and West rates charged customers did not decline
below 5% % 1927, rose to just below 634% in 1929, and have since dein
clined to 534%. It may be noted that for all three classes of banks rates
customers are now lower than at the low point of the previous
charged to
low money period in 1927. and except in the case of New York City banks,
lower than at the low point in 1924.
The chart shows that fluctuations in the cost of banking accommodation
to trade and industry become smaller as one moves away from the financial
centers. Still smaller fluctuations, and in many cases complete stability,
would doubtless be shown if data were available for smaller towns and for
rural districts in the South or West, where rates to customers often remain
at a customary level from year to year, regardless of advances and declines
In rates at the larger centers.
While the cost of bank credit to the average borrower in these localities is
not much influenced by conditions in the money market, these conditions,
nevertheless, exert an influence on the banks in the smaller places, because
they influence the returns on the banks'surplus funds held either in the form
of loans in the open market or in the form of deposits with city correspondents.
The recent reduction to 34 of 1% in the rate paid on bankers' balances
at the New York clearing banks has resulted in a tendency to shift these
balances to loans made to brokers by the New York banks for account of
their country correspondents. The rate on these loans is still 134%. and.
JUNE 20 1931.]
FINANCIAL CHRONICLE
even after deduction of the New York banks' commission, they yield a
larger return to the country banks than do funds kept on deposit with city
correspondents.
Notwithstanding the low rates established by the reserve banks for the
purchase of acceptances, there was a further decrease in May in the reserve
banks' holdings in these bills, and since the volume of discounts and of
United States Government securities has remained practically constant,
there was a corresponding decrease in the total volume ofreserve bank credit.
This decrease of about $35,000,000 during May has accompanied a considerably larger addition to the country's stock of monetary gold, reflecting
chiefly imports from Argentina.
4511
so precipitously plunged, despite its many trying problems, has not been
wholly without its rewards. Men and women are generally renewing their
faith in the value of a balanced program of saving and spending. This
development is of significance not only to the savings banker, but is of
importance also to our national welfare, for it is one of the essentials
upon which a more stable and lasting prosperity must be built.
It is our responsibility as bankers to do two very definite things by way
of encouraging the trend back to normal. It is necessary, first, to operate
our banks so that people will enjoy complete safety for their deposits
and will have complete confidence in banks. And, second, it is necessary
that we begin to talk constructively in building savings business. Although
almost all phases of financial advertising have made commendable and noteworthy advances in the last few years, savings advertising has been decidedly
unreal. We have featured the squirrel with the nut and the camel with the
hump. We have gone through the menagerie in an effort to teach human
beings common sense. But how few of us have got down to brass tacks
and talked about a real, sizable, solid, permanent, untouchable savings
account with the conviction that moves mountains. We have been ashamed
of 3% with safety. We have pussy-footed on urging savings accounts of
sizable amounts.
Let's take our share of the blame for letting inexperience and enthusiasm
sweep away a fundamental conviction we knew in our hearts was right.
And now let's get back to preaching ready cash in a savings account as
we would preach a sermon. But there is no use preaching if we are going
to have four or five bank failures every day. That number of failures,
insignificant as many of them may be, can send more money to safe deposit
boxes and mattresses than all the advertising space on earth can put and
keep in savings accounts.
Gold Distribution Changes.
• Changes in the distribution of gold reserves among the different countries
of the world at the end of last year have recently become available in more
complete detail. During the year 1930 gold reserves of the principal countries of the world increased by $600,000,000, compared with a total gold
production of $400,000,000 during the year.
This increase in the central gold reserves during 1930 in excess of production was due to several factors, including a decrease in the demand for gold
from industry, owing to the business -depression. India, which in prosperous years absorbs a considerable amount of gold that goes largely into hoards
and thus ceases to count as gold reserves, was a relatively small taker of the
precious metal in 1930. Furthermore, $100,000,000 of gold was added to
central reserves through the transfer of gold from the commercial banks in
Australia to the Commonwealth Bank, which in turn exported it to England.
In Russia the returns show an addition of $100,000,000 to the gold stock
of the State bank, of which only about $20,000,000 represented domestic
production of gold. As no gold was shipped to Russia during the year from
important gold producing or gold holding countries, the remainder was
apparently drawn from unreported sources within the country. The
Blaming the breakdown of the thrift habits of the public
central gold reserves were also increased by the shipment to this country of
gold from China and other countries, where it had not been held in a central in large part for the present business situation, Mr. Hazlegold reserve. In addition, some gold was turned in from private use in this wood said:
country. France and England.
Banking is in evolution. Those who favor the unit plan, the branch plan,
The character of the shift in gold holdings during the year has been comthe group plan, the chain, are theorizing volubly on the advantages of a
mented upon on previous occasions. The more complete figures now availfinds in his plan an element of safety as well as
able confirm the statements previously made that during 1930 the unusually particular system. Each
less abundant in other plans. It is
large addition to the world's central gold reserves was for the most part efficiency which he sincerely believes
acquired by France and the United States and that these countries in ad- reasonably certain and definitely desirable that some changes in our
banking system should be made. But when a whirlwind of public distrust
dition were the ultimate recipients of considerable amounts of gold exported
by outlying raw-material producing countries, while the other large com- descends upon a community, what banking system is there which public
mercial countries have maintained their gold reserves at a fairly constant suspicion will not attack equally with blunt fear? The bank that has been
mismanaged, that has followed an unsound investment -policy resulting in
level.
greatly depreciated and frozen assets, and whose earnings have been
Better Management and Advertising Make the Suc- inadequate, is like one stricken with the plague; all others that are
with it in any way find themselves regarded with distrust.
cessful Savings Bank, Craig B. Hazlewood As- associated go to the root of the matter. We must check unsound banking
We must
serts.
practices in their very beginnings. Particularly in our savings instituThe elimination of unsound banking practices and the tions and departments we must build what no storm can shake—and then
we must develop the proper public viewpoint upon the entire subject of
cultivation in the public of a proper attitude toward savings savings.
were heralded as the keynotes of success in the savings bank
This is a matter with which none of us can successfully cope alone. The
field by Craig B. Hazlewood, Vice-President of the First essential point of our banking system is • not in the system, but in the
and in the proper co-operation. There are certain management
National Bank of Chicago, in a speech before the Mid-West management
problems which cannot be properly solved and carried straight through to a
Savings Conference at South Bend, Indiana. The following decisive, successful conclusion except as we march in the ranks with one
another. This can be done with the right kind of co-operation and without
are extracts from the address:
sacrificing a proper individualism in the operation of our own banks.
The success of any bank depends largely upon two factors: first, the Whatever any bank knows about profitable operation should be placed at
proper attitude of the people in its community; second, the proper man- the service of all. Standards of operation and constructive criticism should
agement of the institution itself. Our success in building savings, par- be unselfishly placed above all.
ticularly, depends upon these two essentials. When thrift is a definite
If we could read the human story back of every savings passbook; if we
conviction among a considerable number of the people of any community, could see the home, the work, the trials, and the hopes it represents; if
the marketing situation for the savings department or bank is, to a great we could clearly visualize the problems of each savings depositor, the
extent, solved. It then remains only for the bank to hold these deposits education of his children, the care of dependents, the hope, after years of
safely, to employ them properly, and to administer the bank efficiently, work, for a competence in old age; if we could really evaluate the sigso that continued public confidence and continued growth are assured. These nificant role the savings banker plays in maintaining the economic and
are the ideal factors; the realities are frequently quite different.
Political stability of the nation, I believe we could approach our daily
I have suggested that thrift should be a conviction with the public in work with a new sense of its importance. No other responsibility in our
order to insure the success of the savings department or bank. By that I business life transcends it. Let us bring to it thorough knowledge, broad
mean that saving money should be regular and habitual; that the public experience, and outstanding management ability.
should regard ready cash in the bank as among the indispensables. A savings
account should constitute the first line of defense, never to be used except
After pointing out that the best way to encourage saving
when unavoidable, and immediately to be replaced as a safeguard for the
was to better the management of the bank, Mr. Hazlewood
future. Once you have that viewpoint established, you have done a
tremendous service to steady your bank and its deposits, and to safeguard concludes:
your depositors. You have, in fact, done a great public service in steadying
Someone has properly suggested that, in the first place, we ought to get
the community economically.
some publicity for the fact that not all banks that close are total losses, but
As we look back over the past 10 years, it is obvious at once that this in many—perhaps in most—cases the savings depositor's dollar in closed
old-fashioned and puritanical philosophy of thrift broke down many times banks is returned to him with little or no loss. We should do that just in
and at many points. This is in many respects the crux of the present self-protection for the profession. But, far more important than anything
business situation.
else, let's get to the root of the problems in savings bank operation and
Millions of men and women—your customers and your prospects—delib- assure, without a single exception, safe, sound, conservative, dependable,
erately forsook a sound philosophy of living, with reasonable thrift and and profitable administration.
reasonable spending, for the lure of speculation and easy profits. We cultiThat's a big order. How shall we accomplish it?
vated the comfortable deception that our national and individual welfare
The facts are that we are confronted to-day with the greatest need for
simply depended upon constantly increased individual expenditures, regard- scientific savings bank management in recent years. The time is opportune
less of our ability to pay. The necessity for personal thrift was entirely for us to go deeper into the fundamental aspects of the savings business
discounted. We blundered in our thinking. We simply closed our eyes to and to challenge everything we do from the set-up of our organization and
realities and for the first time in 20 years of recorded savings statistics the interest rates we pay, to our methods of operation and of handling
there was actually a decline in the savings of the American people.
our funds.
We simply proceeded to violate sound principles of personal finance with
It is time we begin to do some hard-headed thinking on savings manageindifference to the consequences. Old-fashioned thrift and the ment problems. Why should two or three out of every five savings accounts
complete
steady accumulation of a competence through saving were badly discounted be carried at a loss? Why should interest be paid on small savings accounts
virtues. Even some savings bankers lost heart and a few were ready to that show a loss year after year? Is it sensible for management to eliminate
question the value of their own facilities. Ready cash in a savings account interest on unprofitable checking accounts and then continue to pay it on
was out of date and the return was far too low. Only a piker would go unprofitable savings accounts? Should any banker compound savings
along at a mere 3%. It takes money at 3% over 20 years to double, and a interest quarterly? Should interest be paid on those savings accounts
school boy, so it was thought, could easily make eight or 10 or 15% in other having three or four withdrawals every month, and which plainly serve as
ways. So we began to draw down our savings accounts, and to mortgage checking accounts? What are the standards of personnel efficiency to be
our personal incomes into the future in order to buy equities in stocks, expected in the operation of a savings department? What are reasonable
luxuries, and goods of infinite variety. The first thing we knew, a very costs for savings transactions? Is it reasonable to measure the exact cost of
large percentage of the buying power of the world, both active and pros- every transaction in a bank's commercial department, place sends* and
pective, was frozen, or tied up in badly depreciated and unpaid for assets. activity charges on its checking customers, and then permit 50% of the
And then, like a man out of breath, there was nothing to do but stop and savings accounts to be carried at a loss without even questioning the matter?
regain a reserve. Sane drastic changes in our thinking were necessary to Ought we to be guided longer by tradition in these matters, or ought we
restore the equilibrium of things and to give the proper direction to to act courageously in solving these problems?
our lives.
E..Nrperience has shown that safety and profits go hand in hand in the
That is the record of the last 10 years. Savings became a derision instead banking business. When bankers acquire the profits viewpoint, the introof a religion. And it has been the fault of the banker as well as of the duction of proper management methods follows largely as a matter of
depositor. But savings are coming back. It is again becoming the thing course. It is a mistake to assume that any bank can continue to be useful
to have some ready cash in the bank. The depression into which we were unless it is first profitable with sufficient reserve built out of earnings to
meet emergencies, and with adequate income to employ the ablest management.
a
A sound, profitable, liquid bank fosters an independent spirit and
sensible way of looking at unprofitable new business and unprofitable
the
services. It also develops in the community a healthy respect for
bank. Quality savings business is one of the secrets of profit in savings
pay
banking. It costs money to handle and protect, to receive, invest, and
out deposits.
banks.
There is an urgent need for better cost studies in many American
of the
Banking progress must be based upon more accurate knowledge
problems have a
results of the bank's operations. It has been said that many
is largely
way of solving themselves when all of the facts are known. It
remarkable
upon this basis that scientific bank management achieves such
problems based
success. It is simply a common sense solution of banking
on facts.
large a balance
What is the cost of opening a savings account? now
What is the
must be maintained before the account will show a profit?
are some of the first
relation between activity and size of balance? These
possibilities of savings
questions to be answered in sizing up the profit
business.
-Banks Announce
Interest Rates Generally Cut
Further Reductions in Payments.
York
Directors of the Industrial National Bank of New
comvoted, on June 12, to reduce the rate of interest paid on
thrift accounts to 3%, payable quarterly.
pound interest or
Several of the large local banks last month reduced the rate
they pay on thrift deposits.
All Cleveland banks will reduce deposit rates one-half of
1% on July 1, bringing the rate on savings deposits down
hVo. This is
to 3% and on checking account balances to 1.1
the second cut in deposit rates that Cleveland banks have
voted this year.
Tampa, Fla., banks will reduce the interest rate on savings deposits from 3Y to 3% on July 1. This action is in
2
line with the policy recently set forth by the Florida Bankers' Association.
Automobile Financing During April 1931 Compared
with Preceding Months.
A total of 290,802 automobiles were financed in April on
which $113,200,860 was advanced, compared with 237,980
on which $92,228,964 was advanced in March and with
347,098 on which $146,880,692 was advanced in April 1930,
.
.
the Department of Commerce reported on June 9
In the first four months, 863,315 cars were financed with
advances of $333,551,279, compared with financing of
1,028,805 cars on advances of $429,911,407 in the like 1930
period.
Volume of wholesale financing in April was $71,216,427
as compared with $63,089,716 in March and $85,345,770 in
April 1930. Wholesale financing during first four months
of 1931 totaled $224,283,774 as compared with $276,585,494
In the corresponding period a year ago.
AUTOMOBILE FlNANCING-APRIL 1931, COMPARED WITH
PRECEDING MONTHS.
IMonthly statistics on automobile financing, based on data reported to the Bureau
Census by 428 automobile financing organizations, are presented in the table
of the
below. These figures include complete revisions to date.]
Retail Financing.
Wholesale
Financing
Volume
fa Dollars.
Year and
Month .
1929.
January
February
March..
April
Total.
Number
of Cars.
36.899.813 156,551
47,962,644 190.401
61,170.730 304,869
74,884,909 411,023
. 220.918,096 1,062,844
Total(4 mos.)._
72,291,505 402,167
63,412,417 386,659
61,839,467 391,018
69,959,084 350,048
60,194,621 300,546
63,640,986 277.924
44,633,376 210,529
21,001,694 171,658
May
June
July
August
September
October
November
December
Total (year)
1930.
January
February
March
April
52,447,062 166,054
01,244,849 199.774
77,547,813 315,879
85,345,770 347,098
Total(4 mos.)... •
276,58.5,494 1,028,805
Total(year)
1931.
Janual7.2
February.b
Marcls_a
A pril_b
Volume
0:Dollars.
New Cars.
Number
of Cars.
Volume
in Dollars.
78,517
75,258,153
90,863,720 103,551
141.546.464 166,264
172,443,057 205,353
48.696,717
61.905.188
96.768.245
116,785,327
553,685
324.155,477
480,111,394
184.597.417 212,903 125.145,884
179.847,072 203.983 121,919,111
180,630,532 211,563, 124,684,132
163,680,634 184,221 111,221,434
93.883,975
129,274,088 158,239
80,316,908
126,426,438 132.349
96,317
58,205,530
94,857,923
74,275
48,030,572
79,974,930
. 677,891,246 3.553,393 1.619,400,428 1,827.535 1,087,563,023
•
May
June
July
August
September
October
November
December
[VOL. 132.
FINANCIAL CHRONICLE
4512
•
73,604,057
85,703,552
123.723,106
146,380.692
78,684
95.544
139,320
171,224
45,222,840
52,986,130
77,301,643
94,038,228
429,911,407 484,772 269,548,841
115.740
139.841
130,837
111,256
92,299
78,530
54,756
61,965
68,278,083
91,223.816
73,554,299
63.102.145
52,932.106
45,710,549
31,842,759
35,381.698
661,532,912 2,941.492 1,203,995,520 1,289,996
731,574.296
83,659,772
53,802,394
55,429,935
45,411,119
45,397,433
35,962,248
29,684,077
35,600,440
294,729
341,477
287.335
247,914
219,689
201,268
152,653
167,622
115,383,435
138.411,369
119,013,632
102,994,263
90,504,393
81,414,502
60.295,022
66,067,497
40,164,672 161.038
49,812,959 173.495
63.089,716 237.980
71,216,427 c290,802
61,855,287
66,266.168
92.228,964
113.200,860
58,592
67.684
102,810
133,518
32.993,079
36.906.547
55,098.163
70,668,361
202 915
199 an, 970
509 004
195 000.1fin
,
09.4 041 77A
Retail Financtng.
Year and
Month.
Used Cars.
Number
of Cars.
1929.
Volume
to Dollars.
Unclassified.
Number
of Cars.
Volume
in Dollars.
68,977
76,672
121.415
185,242
22,765,416
24.643,935
37,872,402
47,192.210
9.057
10.178
17,190
20.428
3,796,020
4,314,597
6,905,817
8.465,520
452,306
132,473,963
56,853
23,481,954
168,978
164,271
162,649
149,784
127.886
134.994
104,145
89,899
51,063,812
50,346,981
49.079,870
45.825,104
29,537.151
41,702,236
32,242,938
28,659,533
20,286
18,405
16.806
16,043
14,421
10,581
10,067
7,484
8.387.721
7,580,980
6,866,530
6.634,096
5,852,962
4,407.294
4,409,455
3,284,825
1,554,912
460,931,588
170.948
70,905,817
81,016
95.776
166,882
164,379
25,599,800
29,208,518
42.474,222
48,860,034
6.354
8,454
9,677
11,495
2.781,417
3.508,904
3,947,241
3,982,430
508,053
146.142.574
35,980
14.219,992
168,502
170,817
150,118
129,974
121,922
118,475
94,323
101,322
42,906,253
43,086,394
42.774,857
37,217,751
35.305,065
33,834,633
26,901,965
28.899,029
10,487
10.819
6,380
6,684
5.468
4,263
3,574
4,335
4,199,099
4,101,159
2,684,476
2,674,367
2,267,222
1,869,320
1,550,298
1,786.770
Total (year)
1,563,506
437.068,521
87,990
35,352,703
1931.
January_a
February_ a
arch _a
A pril b
98.139
100,981
128.673
149,591
27,304,748
27.738,128
34,777,889
39,662,993
4,307
4.830
6,497
7,693
1,557.460
1.621.493
2.352,912
2,869,506
January
February
March
April
Total (4 mos.)
May
June
July
August
September
October
November
December
Total (year)
1930.
January
February
March
April
Total (4 mos.)
May
June
July
August
September
October
November
December
8,401,371
23,327
129.483,758
477,384
Total (4 mos.)
a Revised. h Preliminary. c Of this number 45.91% were new cars, 51.44%
used cars, and 2.65% unclawsified.
Excelsior Savings Bank to Pay 4%.
Interest on savings accounts in the Excelsior Savings
Bank for the three months beginning July 1 will be at the
rate of 4% annually, it was announced on Saturday by Reginald Roome, President. New savings accounts will be limited to $3,000 with additional deposits confined to $3,000
within any three-month period.
Bankers' Acceptance Volume at $1,412,515,400 on
-Total
May 29, $9,506,275 Less Than on April 30
Exceeds Volume a Year Ago.
According to the report of the American Acceptance
Council, released June 18 covering the results of its survey
as of May 29, the total volume of bankers' acceptances
was $1,412,515,400, or only $9,506,275 less than Was outstanding on April 30.. This places the volume at $30,308,545 more than on the corresponding date in 1930:
The favorable record of bankers' acceptances established in the early
months of the year was continued during the month of May according to
the report of the American Acceptance Council covering the results of its
survey as of May 29 1931.
The volume of bankers' acceptances for May was practically unchanged
from that of the preceding month. The May total was $1,412.515,400.
compared with $1,422,021,675 at the end of April and $1,382,206,855 on
May 31 1930.
With rates at the lowest levels on record the opportunity has been provided to finance business transactions with bankers acceptance credits to
those who heretofore had financed themselves by commercial loans at their
own banks. The situation in that respect has been unchanged during the
month.
The total volume of bankers' acceptances outstanding at the end of May
this year showed a decrease of $9.506,275 from that of April 30 and an
increase of $30,308,545 over that of May 31 last year.
During the first five months of 1931 the total volume of bills outstanding
decreased $143,450,801 while in the same period last year the decrease
was $350,229,533.
In contrast to the record of the preceding month, the largest decrease
in outstanding bills in May was in the classification of domestic shipments,
which fell off $4,644,111. There was a small increase in bills to finance
exports, the total volume being $361,160,805, an increase of nearly $1,000,000 over the preceding month.
The volume of acceptances employed in financing imports, fell off $3.584,882 against a decrease of $1,270,254 in April. This is an extremely
favorable showing in view of the heavy decline in certain classifications of
Imports since the middle of March.
The increased used of acceptances Is also emphasized when the steady
decline in commodity prices is taken into consideration. In other words
one dollar of credit will perform a great deal larger service in both domestic
and foreign business than two or three years ago or even a year ago.
The volume of bills drawn in domestic warehouse credits fell off about
$2,500,000 and in dollar exchange credits about $2,000,000.
Financing through the acceptance market to cover goods stored in, or
shipped between foreign countries, is still in excess of one-half billion dollars,
the total on May 29 being $504,787,813, a moderate decrease as compared
with that at the end of April but an increase of $63,001,480, or 12% over
the same date last year.
No reflection was seen in the May volume of bankers' acceptances of any
effect of the continued decline of rates to the present level of 1% 011 maturi
ties up to 120 days. In fact the volume of bills outstanding at the end of
month showed the smallest decrease in any month since July 1930
the
with the single exception of February 1931 when the decrease was less
than $1,000,000.
FINANCIAL CHRONICLE
JUNE 20 1931.]
Analyzing the volume of outstanding acceptances by districts we find
in New York a decrease from April of only $5,389,872. Boston shows an
increase of $4,233,725. Philadelphia an increase of $1,170,824, Cleveland
an increase of $2,617,908. Chicago a decrease of $1,046,743 and San Francisco a decrease of $3,785,586.
Since the turn of the month acceptance dealers experienced a good demand for bills. The latest changes in bankers' acceptance rates became
effective on May 19. They were the lowest in the history of the American
money market and range as follows:
Ask.
Bid.
1%
•
30
h%
1
Isi
80
%
1
90
1
1H
120
1 It
I%
150
1%
hi
180
Details for the months are supplied as follows by Mr.
Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
May 311930.
April 30 1931.
May 291931.
Federal Reserve District.
$101,896,240
$145,430,227
$108,129,965
Boston
1,008,189.747
1.119,440,557
1,114,050,685
New York
22.236.03621,209.636
23,406,860
Philadelphia
26,312,596
20,149,213
22.767,121
Cleveland
7,314,249
8,531,280
5,726,412
Richmond
16,117,425
15,450,803
13,989,280
Atlanta
82,486,965
75,453,795
74,407,052
Chicago
2,445,177
1,043,749
2.417,626
St. Louis
2,279,594
4,553,327
1,204,765
Minneapolis
400,918
250,000
Kansas City
2,523,354
2,836,992
2,459,836
Dallas
49,491,384
68.435,266
45,705,798
San Francisco
Grand total
$1,412,515,400
51.422,021.675
81,382,206,855
Deer. $9,508.275 Iner.530,308.545
NATURE OF CREDIT.
May 31 1930.
April 301931.
$211,064,233
$294,608,448
360.283.412
408,296,314
32,892,486
20,672,144
238,140,903
157,930,935
73,107,286
80,912,881
CLASSIFIED ACCORDING TO
May 29 1931.
$207,479,351
Imports
361,160,805
Exports
28,248,375
Domestic shipments
Domestic warehouse credits— 235,668.989
75,170,087
Dollar exchange
Based on goods stored In or
shipped between foreign
506,533,355
441,786,333
504,787.813
countries
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
MAY 19 TO JUNE 18.
Dealers' Selling Rate.
Dealers' Buying Rate.
Days.
.875
1.000
30
.875
1.000
60
.875
1.000
oo
1.000
1.125
120
1.250
1.375
150
1.250
1.375
180
Economic Credit Council of National Association of
Credit Men Questionnaire Reveals Demand for
Anti-Trust Law Provision.
The welfare of American business to-day requires a revision of our anti-trust laws. That is the verdict of 70%
of the members of the Economic Credit Council of the National Association of Credit Men, answering a questionnaire
survey, the results of which are to be presented at the
annual convention and the Credit Congress of Industry of
the Association in Boston, June 22-27. The Council is made
up of almost a thousand business and credit executives
throughout the country. A release from the National Association of Credit men says:
Of those favoring revision of present anti-trust laws, practically 50%
expressed themselves in favor of changes because the present statutes are
"antiquated, obsolete, and must be adjusted to fit present day needs." The
remainder of the opposition divides its reasons for demanding legislation
on anti-trust problems among three main classifications.
One group states that "co-operation is needed, not restraint"; a second
charges the enactors with having indulged in "grandstand stuff," and
demands that politics be eliminated from business; while the third group
feels that the present laws are too drastic and .eliminate too many small
businesses, and maintains that regulated production should be allowed.
Scattering opposition to present legislative conditions includes such reasons
as "too much control in a few hands," and a small number of commentators
foresee improvement and stimulation of our foreign trade if business is not
restricted as it is under the present enactment.
A second section of the survey reveals a distinct tendency towards
"terms dictation" or "terms grabbing" on the part of customers, 56% of
the members of the Credit Council stating that such a condition is paramount
in the markets of the country to-day. This tendency towards "terms dictation" is explained by the fact that a buyers' market is at present existent.
It is pointed out that on practically every occasion in the United States
economic history, a buyers' market has revealed "terms grabbing" by
purchasers because they are then in a position where they can demand more
favorable contracts than in a period of prosperity when buyers are more
numerous and sellers can assume a greater proportion of independence so
far as the buyers' demands are concernded.
Clearer skies are foreseen on the economic horizon by the members of
the Council. Approximately 68% consider their sales prospects for the
next six months to be better, and only a trifle over 20% foresee poorer
sales in the next half year. In the matter of collections, 82.5% of the
Council's members predict better collection prospects. This optimism for
the future is expressed despite a record for the first four months of 1931
In which the Council reports that 85.3% of its members had smaller sales
than in the first four months of 1930, and 72.6% had smaller collections
In the similar period.
Rome C. Stephenson Finds One Unprecedented
Feature in Present Depression.
most significant aspect of the present business reacThe
tion is that while there has been "perhaps the worst general economic breakdown in history we have not had any
semblance of a financial panic" suCh as characterized some
4513
previous depressions, Rome C. Stephenson, President American Bankers' Association, declared, on June 12, before the
American Institute of Banking convention. Terming unemployment the greatest public problem in the country to-day,
he said that the sooner we can get our masses of workers
back into jobs on almost any terms the better it will be for
both capital and labor.
"The surest way to bring the nation out of the business
depression is to raise the pressure of public confidence to
the point of becoming a dynamic force," Mr. Stephenson
said, declaring that he was not pessimistic about the future.
Commenting on the general agreement that the bottom of
the depression has been reached, he said there is such a
thing as "overstaying a depression" just as there is of
"overstaying a boom." He added:
"Banking and corporate finance in this period are unflinchingly taking
their portions of short rations and enforced self-denial that the nation's
need for readjustment demands. Interest rates on money, yields on securities and dividends on corporate investment have all dropped to levels that
constitute drastic reductions in the compensation of capital. These are
but part of the necessary economic realignments that all phases of the
country's working life must go through before a general revival of industrial,
business and financial activity can get under way."
He commended the Institute and its work to the people
of the country as an earnest that our banking structure and
our banking people warrant their continued confidence. He
pointed out that at no tithe has the banking structure as a
whole been shaken and bas always been ready during this
recession to extend support and co-operation to trade and
industry. Bank workers, who are making themselves more
valuable to banking through taking educational courses in
the Institute, are practicing the best kind of "job insurance," ,
he declared. Mr. Stephenson said he thought it would be
agreed that the worst aspect of the collapse of the period
of "false prosperity" that preceded the present situation is
the condition of insecurity for employment in industry and
business Which it caused..
"Unemployment is the worst wage cut that the worker
can suffer," he said. "It is the worst cause of stagnation
that business has to strive against. The sooner we can get
our masses of workers back into jobs on almost any terms
the better it will be for both capital and labor."
Remarking that some look upon the matter of unemployment as a social or political problem and others regard it
as purely an economic problem, he said he was inclined to
the belief that the more practical approach to the prevention
of such situations as general unemployment presents is
along lines of economic foresight rather than along those
of social legislation. Economic foresight is conceivable not
only for the individual but for business as a whole, he
declared.
"The public welfare of the United States demands that
industry adopt a long range viewpoint and lay out its production and distribution plans with the thought that it is
far better to have a long period of good sound business
activity than a short period of frantically over-competitive
endeavor," said Mr. Stephenson. "This would tend to lessen
overproduction in various lines, to prevent overexpansion
of plant capacity, to avoid overstimulation of public buying
and, above all, to avoid periods of slumps and stagnation following periods of overstimulatIon with their disasters of
unemployment." For business, too, he said, there is a part
in such a conception of economic foresight. It should aim
to co-operate with industry in its endeavor to avoid reckless
overproduction, overstocking and overselling the public.
"In this picture of national economic prudence, banking and finance, too,
have their place," declared Mr. Stephenson. "Their effort should be to
influence the use of credit and other financial facilities into channels of
sound public economy consistent with the attitude I have already sketched
for industry and trade. All finance, whether current commercial banking
or industrial investment banking, should seek by their influence in granting
or withholding credit to stimulate and build up a balanced economic
situation."
Comparing the present episode to previous' depressions, Mr. Stephenson
declared that "while we had a speculative panic and a general economic
breakdown—the worst, perhaps, in our history—we have not had any
semblance of a financial panic, such as occurred in other years when the
credit and monetary machinery broke down and we had money panics,
suspension of specie payments and kindred disasters. None of these
elements of a true financial panic has been present in this depression of
the 1930's. At no time was the banking structure as a whole shaken,
despite the unprecedented rate of small bank failures that It had to
absorb. At no time was the banking and credit machinery unable to
extend support to the panic-stricken and broken stock markets and co-operation to all kinds of business and manufacturing. Anyone would have been
a wise prophet who could have foretold that our banking and credit structure would stand up so well under conditions so bad as during the past
two years."
The duty of the individual in such a plan for the sounder economic
future for the United States, he said, is to make every effort to take care
4514
FINANCIAL CHRONICLE
of himself and to provide for himself. Neither government nor industry
can do that for him, he declared. "They can give him the opportunity
to succeed but they can't succeed for him," he said.
He said that in the American Institute of Banking bank workers have
the chance to create greater security for themselves by becoming better
bankers through education and urged that this is no time to waste opportunity for self-improvement. Some 43,000 bank workers are enrolled in
the institute's courses in 300 cities of the country, but there are several
hundred thousand bank employees, Mr. Stephenson said, and five or six
times as many should be enrolled. The matter of getting and holding a
job is a vital and important one under existing conditions, he pointed out.
"Business must tighten up its economies and its efficiencies," he said.
"In this period of reaction and depression it must enforce more intensive
selection of its human working forces through the elimination of the subefficient employee first. To the individual employee the meaning of this
is plain. It demands efficiency, special fitness and the willingness to
give the best that is in him. The possession of these qualities is the
very best kind of job insurance that he can have. This statement has
particular application to the bank worker. The responsibility of banking
these days is too great for it to take chances with any but the very best
employees obtainable. You, who are striving through Institute work to
make yourselves particularly proficient and valuable to your banks in
your jobs, are fortifying yourselves against the hazards of unemployment
that lurk in these depressed times."
Mr. Stephenson said that the pressure of returning public confidence has
Invariably been the force which started recovery in the past, and it is the
gathering power of this force which will start recovery from this present
depression.
"As more and more manufacturers and business men realize that a turn
has come and that they are overstaying the time to adopt constructive
policies, they begin cautiously to press their selling campaigns, to speed
up their production, to enlarge their working forces and increase their
commitments for supplies. It is the gathering weight of these influences
that finally raise the pressure of businets and public confidence to the
dynamic power of recovery.
"SR is a favorable sign of the times that there seems to be general
agreement that the bottom of the depression has been reached, and all
eyes are peeled and looking ahead for the first indications that the turn
for the better is in sight. Who knows but what the first thing we know
we will find ourselves looking backward instead of forward as we
realize that the turn has already come. It is a rough and rocky road that
runs across the bottom of the valley of business depression, and most of
us are too busy steering the old Ford from bump to bump to be able to
take in all the scenery. So who knows but what some important changes
In the landscape are already taking place?"
"Is Uncle Sam ATSkinflint7"—The American Investments Abroad—Summary by Julius Klein.
In a radio talk by Dr. Julius Klein, Assistant Secretary of
Commerce, delivered over the coast-to-coast network of the
Columbia Broadcasting System, from Washington, D. C.,
on Sunday, June 14 1931, Dr. Klein took the title of this
article as his theme and answered the question therein.
Let us dig right down to the facts. Let us get the record straight. Have
we as a people been stingy in our monetary aids to the welfare of this
sadly troubled world? Have we been pinching the pennies avariciously?
What is the truth of the situation?
The plain, unvarnished truth of the situation is that the American people
have loaned to foreigners—in the period between 1914 and 1930—no less
than 23 billions of dollars! And that, please bear in mind, represents
simply the net amount of publicly offered loans by Americans to foreign
governments and corporations, plus the original amounts of war debts.
But that is not the whole story by any means! To that we must add the
direct investments abroad on the part of American citizens--amounting to
more than five billions in the 1914-1930 period. And then there have been
the other items—the tens of millions that we have poured out steadily
in absolute gifts to foreign charities, education, public health, and the
general betterment of foreign welfare; the billions spent by our tourists
In foreign countries; the enormous sums sent back to "the old folks at
home" by immigrants within our borders who have profited from American
enterprise; the colossal amounts that we have paid for the carrying services
of foreign ships; and similar items that I shall mention again.
Of course, those are not all philanthropies by any means; we have had
"value received" in most of the transactions—but so have our foreign
friends. The point is that there has been on our part not the remotest
sign of miserly parsimony. Our financial strength has been abundantly
available for the help of others, when they seemed to deserve it.
Let us concentrate for just a moment on that total of 23 billions of
dollars that we have loaned to foreigners since the outbreak of the World
War. Think what a titanic sum it is! Suppose some automatic device
had been grinding out a dollar a minute for ages and ages past—and suppose
that it has just turned out the very last dollar of that sum of 23 billions.
At what period in history, we may ask, would it have been obliged to start
this dollar-a-minute action? Well, when the ancient Egyptians laid down
the first stone of the first Ppramid, when Abraham drove his flocks into
Ur of the Chaldees, the payment would already have been going on for
tens of thousands of years! Making one dollar available every time the
second-hand of your watch revolves, you would need 43,760 years to hand
out 23 billion dollars. And the mechanical device that we have Imagined
would have had to start its activity far back in the black shadows of
prehistoric time, when shaggy, haggard Dawn-Men were crawling out of
caves!
That may seem like a fantastic—a far-fetched—illustration. I cite it
merely to try to emphasize something that is really almost inconceivable to
the human mind—the size of the sum of 23 billion dollars.
The American people—let me repeat—have loaned or advanced to
foreigners 23 billion dollars since the year 1914. Now what was the
nature, the motive, the actual concrete result, of those loans? They varied
greatly, of course. It is difficult to generalize. But here are some things
to bear in mind: The governmental war loans were intended solely to
further a great, unselfish, common cause, of inestimable importance; they
were not even remotely connected with commercial profit. The other 12
or 13 billions of private loans were mainly business ventures—strictly commercial transactions—we will admit that frankly and at once. The loans
were made in the hope that the various enterprises would prosper and that
interest payments and dividends would be satisfactory to the lenders. In
most of the cases that result has come about.
[VoL. 132.
But it has not been so in every instance. I need not remind you of the
way in which the war debts have been scaled down until they now
represent only a fraction of their original value. Keeping our attention
riveted on the "strictly business" loans, I simply want to recall—before
proceeding to some of the more vital and human aspects of the matter—
that, though the overwhelming majority of them have turned out to be
commercially "good," there have been striking exceptions. Millions of
dollars of American money were irretrievably lost through the collapse
of one European enterprise. In the Far East there was one serious default
involving millions. Two foreign governments have recently suspended
payments on their indebtedness to Americans; this last-mentioned money
is apparently not lost, but there will be inevitable delays, difficulties, and
complex negotiations. So the process of lending money to foreigners has
not been one of unalloyed sweetness and joy to Americans.
But overlooking that, and confining ourselves to the investments that
appear to be sound and solvent, what is the state of affairs? What influences have developed? What have the mutual benefits been? What have
been the constructive contributions to world-welfare?
We have derived profits, to be sure. We have had our interest payments.
That is the normal course of business. But here is the other side of the
picture—a side that deserves to be rather brilliantly "high-lighted": Foreign countries and foreign business have derived simply gigantic benefits
from the use of these billions of dollars that Americans have made available.
World welfare has been incalculably enhanced through this American
money. Material and social progress has been stimulated, energized,
effectively pushed forward. Civilization has been served. This present
world depression about which we hear (and are compelled to say) so much
would have been inconceivably darker—infinitely more disastrous—if Americans had not for years poured out those billions to aid in post-war reconstruction, to help in sound upbuilding. The world has most certainly
stood up under the enormous burdens of this depression in far better
shape because of this world-wide availability of American capital.
A line of gleaming rails is flung, in some far-distant country, through
formidable jungle or forbidding mountain passes, opening up a new trade
area. American money played a part in that. In some other remote
region, splendid new port works are constructed and installed—docks,
warehouses, freight-handling equipment—making commerce easier, advancing local prosperity. American money played a part in that. Housewives on the other side of the world begin, delightedly, to use electric
light and washing-machines and toasters, because a power-station has
just been opened up—and American money is found to play a part in that.
Somewhere down below the Equator, streams of excellent water pour out
of foreign faucets from a newly established system—in still another country, factory chimneys belah out smoke in their new work of converting
some foreign raw material—steam shovels cut hugh gashes in the earth
for the building of a subway—an unruly river is canalized—foreign workers ride contentedly in new buses to new office buildings—and in each case
we find that American money has played a part, and, in the words of the
popular song, "something good'll come from that." Substantial business
benefits—solid material advantage to foreigners as well as to ourselves—
will inevitably arise.
In saying this, my mood is as remote as possible from any spirit of
boasting or gloating. Anything resembling "financial jingoism" is thoroughly detestable, and a swaggering money-braggart is a figure to be
loathed and shunned. But I earnestly submit that Uncle Sam is nothing
like that. The American people have provided enormous sums that have
been put, mostly, to excellent use in foreign countries—and it is well that
due attention should be calmly, unpretentiously, directed to that fact.
Here is one striking concrete instance of the way in which American
money helped the post-war recovery abroad and fostered better business,
before the recent slump: As has been pointed out by Grosvenor Jones (the
chief of our Finance and Investment Division at the Department of Commerce) large credits have been established by American bankers and the
Federal Reserve Bank of New York, at various times since 1920, for the
stabilization of the exchange of a number of European countries—in an
aggregate amount, over the entire period, of perhaps three-quarters of a
billion dollars. Credits to the Bank of France, the Bank of Italy, the
National Bank of Belgium—at times when the currencies of those countries
were very seriously depressed—were largely drawn upon and served to
restore confidence in their exchange. Other similar credits were utilized
In part. The $300,000,000 credit to Great Britain for this purpose was
not actually drawn upon—but the fact that it was available was reassuring
to all concerned.
Now just what did American money mean in these cases? What was the
pre-existing state of affairs, and what transformation was brought about?
In some fairly typical instances the contrasting pictures were like this:
Before the change was effected we saw wild inflation—dangerous, rapid,
incalculable depreciation in the value of the currency unit—prices shifting
hourly—business men dismayed—producers and consumers alike confused and
panic-stricken—the whole commercial and industrial system racked and
riven and disorganized.
And then after the currency stabilization, an utterly different picture:
Order issuing out of chaos—security—mounting confidence—progress proceeding on a foundation incomparably firmer than before. And American
money played its modest, but vital, part in that.
The Federal Reserve Bank of New York has co-operated with the leading
central banks of Europe in meeting credit strains. Exceptionally important
facilities have been extended to foreigners by our acceptance market. Our
bankers have rendered notable services in connection with the working out
of the financial problems of other lands. We must not fail to note the value
of such services as that—by which expert American financial advice, training, judgment, and capacity for research and planning have been placed at
the disposal of foreign countries. As Mr. Jones said the other day, we
have reason to be highly gratified at the results of the services of S. Parker
Gilbert in directing the administration of the Dawes plan, of Jeremiah Smith
in directing so successfully the plan for rehabilitating the finances of
Hungary, and of economists like 0. N. W. Sprague (whom the Bank of
England, mind you—the ancient stronghold of financial lore—has borrowed
from Harvard University), or Charles Dewey and E. W. Kemmerer, who
have rendered valuable assistance by studies of financial and banking
systems of a number of foreign countries that found themselves in "fiscal
distress." Uncle Sani has had not only money but men—men of financial
genius and unselfish spirit—and both of those resources have been liberally
(even lavishly) devoted to the welfare of the world beyond our national
frontiers.
This has been part of our service as a "world banker." And that phrase
"world banker" brings me to another point. A good many foreign critics
seem inclined, right now, to ascribe the delay in economic recovery in the
world at large to the fact that the United States is lending and investing
in foreign securities less freely than it did before the break in the stock
market in late 1929.
JUNE 20 1931.]
4515
FINANCIAL CHRONICLE
Now it is true enough that if we were to issue foreign loans and to make
direct investments abroad on the scale that prevailed in the period 1925
to 1929 the economic situation at home as well as abroad would be materially
Improved. But a variety of potent forces and weighty factors have prevented us from doing that. There have been perfectly valid reasons. For
one thing, here is something that our critics seem, conveniently, to forget:
Many foreign countries borrowed to the limit and some exceeded the limit
at that earlier time when the borrowing countries as well as our own
country were prosperous and foreign issues could be placed very easily
with our American investing public.
And those critics ignore the fact that, in periods of depression before
the World War, other countries functioning as world bankers failed to lend
freely, and for just as good reasons. Under the circumstances, I think the
United States is doing extraordinarily well to put money into new foreign
capital issues, thus far in 1931, at the rate of about $425,000,000 a year,
despite economic depression everywhere and grave political unsettlement
In numerous important areas. To be sure, that is a little under a third
of the volume of the peak year 1927, but even the sourest and most purblind
fault-finder must concede that $425,000,000 is a fairly "sizeable" amount.
And, in considering it, we are again justified in hammering home the fact
that the decline in our foreign loans followed a period of foreign lending
by Americans such as had never before been witnessed in the history of
the world I
I have been trying, in this little talk, to bring you a few outstanding
facts about our loans to foreigners and our investments abroad. I have
not had time to stress the great and powerful so-called "invisible" financial
elements in our Balance of International Payments. I shall take those up
In a later talk. But I do want to give you some of the totals of those
"imponderables"—covering payments other than for actual material merchandise—because they bear upon the point that I have been endeavoring to
make. Here they are:
During the nine years ended with 1930—those years during which we
have kept an official record of all our money dealings with foreigners—
American tourists abroad have put into foreign pockets $5,829,000,000.
Americans have paid foreigners at interest on foreign investments and
deposits in the United States $2,377,000,000. Immigrants in the United
States, making money from American economic activities, have sent abroad
for foreign use $2,345,000,000. We have paid to foreigners, for carrying
our freight, $1,959,000,000. In missionary and charitable contributions,
to assuage foreign suffering and minister to foreign need, we have given
outright to foreigners 8494,000,000. The United States Government has
spent in foreign countries (not loaned, but spent) $984,000,000. American
advertising abroad has added approximately $360,000,000 to foreign assets.
These selected items add up to considerably more than 14 billion dollars
that Americans have put into foreign pockets in a nine-year period—in
addition (please bear that in mind) in addition to the billions of dollars
in loans and investments that I told you about before.
And yet, to hear some critics talk, you would think that Uncle Sam Was
as niggardly and penurious as the man who stood around and snapped his
fingers to celebrate the Fourth of July1
The facts speak for themselves, and further comment is superfluous.
Far from being a "skinflint," our Uncle San: has been a Business Benefactor
to the world on a truly mammoth scale.
Tariff Commission Orders Investigations of Candied
Fruits, Flaxseed, and of Linseed Oil.
The Tariff Commission announces that it has instituted
investigations for the purposes of Section 336 of the Tariff
Act of 1930, with respect to candied fruits, flaxseed, and
linseed oil.
The request for the investigation into candied fruits comes
from the Chambre Syndicale, of Apt. Vaucluse, France,
and asks a decrease in duty.
The application on flaxseed was made by the Association
Nacional de Agricultum, of Buenos Aires. A decrease in
the rate of duty was requested.
The Commission's decision to order the investigation of
linseed oil was reached after consideration of the close
relationship of the duty on the raw material, flaxseed, and
the finished product, linseed oil.
Since the first of the year the Department has concentrated its financial
operations largely in short-term securities, at low interest rates. For ex%
2
/
ample, in excess of $1,000,000,000 in 31 notes were retired with 3%%
bonds and with certificates of decidedly lower rates during March.
Further Savings Expected.
Further refinancing operations, with probable favorable effect on the
average interest rate, are due in December. On Dec. 15, the Treasury will
2
/
retire $451,719,450 in 31% notes, which have been called a year in advance
of maturity.
While no definite decision has been reached, consideration is being given
to the flotation of a new bond issue in December coincident with the retirement of the notes, in view of the overwhelming oversubscriptions of both
the March and the June bond issues. The interest rate, it is assumed,
%
1
/
would be substantially lower than that of 32 paid on the notes, and a
savings in interest thereby would be effected.
the Treasury will retire 8543,In addition to the note issue, however,
499,000 in 1%% certificates, which likely will be refinanced in the projected bond issue or other security offerings.
Liberty Loans Considered.
Consideration also is being given to the Liberty Loans now outstanding.
While the First Liberty Loan matures in 1947, it may be called by the
Treasury on June 15 1932. The Fourth Liberty Loan, which bears interest
%
2
/ is callable in October 1933. It totals $6,268,222,950, and reat 41
financing of this issue at a lower interest rate, of course, would mean a
material saving for the Government.
The First Liberty totals $1,933,531,300, of which $1,392,241,350 bears
4%, and the balance at 4%.
2
/
interest at 31%, $536,286,000 at 41
Besides the refinancing operations due June 15, another increment on
the World War, is due, amounting to
the foreign debts, incurred during
$111,835,541 in interest and principal. Payments will be made at the
Federal Reserve Bank in New York, and the aggregate $91,873,016 will
represent interest and $19,962,525 principal. Treasury records show the
payments are due as follows:
Belgium, $5,675,000; Czechoslovakia, $1,500,000; Estonia $246,990;
Finland, $129,060; France, $20,675,000; Great Britain, $65,970,000;
Hungary, $28,628; Italy, 13,860,625; Latvia, $103,329; Lithuania, $181,053; Poland, $3,090,855; Roumania, $700,000, and Yugoslavia, $226,000.
Two Billion Turnover at New York Federal Reserve
Bank on June 15.
The turnover of funds at the New York Federal Reserve
Bank on June 15 was of unusual proportions, reaching an
aggregate of no less than $2,194,363,000. This was by reason
of the large new bond issue, the redemption of certificates of
indebtedness, the foreign debt payments and a variety of
other large items. The following is a full account for the day:
Monday. June 15 1931, Showing
Cash Turnover Statement of This Bank on Banking Operations.
Fiscal Agency and Ordinary
Agency Operations:
Fiscal
Redemption of Certificate of Indebtedness: 8170,066,000
111,868 pieces
Cash
216,511,000
Exchange
$386,577.000
Total redemption
Subscriptions to Treasury Bonds:,
$143,521,000
Book credit
216,511,000
Exchange
25,576,000
Check and cash
8385,608.000
Total subscription
Number.
13,773,000
taxes collected
Income
32,816.000
405,127
Government coupons paid
$818,774,000
111,704,000
Foreign debt payments
33,537,000
155
Commissioner of Public Debt Transactions
Total fiscal agency operations
Banking Operations:.
One day special certificate of indebtedness,
United States treasurer's account
Gold earmarked and released from earmark_ Federal Intermediate Credit Bank debentures redeemed
Purchases and sales of securities and bills—
Loans paid or rebated
New loans
Checks and packages to City Collection
Department, New York Clearing House__
Checks and packages to New York Clearing
House (loss income tax checks)
Checks and packages through Federal
Clearings
Checks and packages to Northern New
Jersey Clearing House
Checks paid on this bank
Officers checks paid
Checks paid on Treasurerof United States
Checks handled by transit
Cash letters sent direct by our member banks
Collections made by city and country
collection
Cash received by deposit
Cash paid out
Wire transfers from other districts
Wire transfers to other districts
Wire transfers intra-district
Coupons handled by coupon collection (exclusive of Government coupons)
Number.
8964,015,000
Amount.
$21,000,000
57,450,000
216
57
22.862,000
85,318,000
9.349.000
5,563,000
2.856
541.000
194.346
92,985.000
United States Treasury Shows Saving Effected of
18,207.000
17.581
14 Millions in 1931—Refunding Operations from
3,198,000
20.913
January to June Reduced Interest Rate from 3.75
312,689.000
1.995
12.575,000
124
to 3.57%.
22,288,000
13,426
53,924,000
338.839
In its public debt refunding operations since the beginning
85,303,000
4.528
of the calendar year, to June 1, the Treasury has effected a
14,592,000
7,502
saving of approximately $14,000,000 in interest on the obli9,838,000
16.916,000
$16,500,000,000, it was shown June 13 in statistics
gation of
134.278,000
448
161,958,000
424
made public at the Department of the Treasury. The tabu89,135,000
386
show that on Jan. 1 the average rate of interest on
lations
399,000
13.203
the public debt was 3.75%, as against the approximate figure
616,924 81,230,348,000
Total banking operations
3.57% as of the current month. The fiscal year-end
of
82,194,363,000
Grand total turnover for bank
financial operations due on June 15, When transactions of
approximately $2,000,000,000 will be handled, likely will
cause a slight increase in the average interest rate on the President Hoover on Economic Issues—His Address
Before the Indiana Republican Editorial Assopublic debt, but the change is regarded as negligible. The
ciation.
following additional information was made available:
In his address before the Indiana Republican Editorial
Redemptions Contemplated.
On June 16, the Treasury, among its other transactions, will redeem Association, at Indianapolis, Presider Hoover devoted him$589,000,000 in 2% and 1%% certificates of indebtedness. Simultaneously self almost entirely to a discussion of economic questions.
%
1
/
it will market $821,000,000 in 32 long term bonds, which will have the
The following is the full.text of the President's address:
effect of increasing the public debt interest average.
Figuring the present public debt of approximately $10,600,000,000 at the
average rate of 3.75% which obtained Jan. 1, the interest paid would have
been $608,550,000. On the basis of a 3.60% interest rate, equivalent to
that paid as of this month, the interest assessments would be $594,000,000.
The business depression is the dominant subject before the country and
the world to-day. Its blight stretches from all quarters of the globe to
every business place and every cottage door in our land. I propose to
discuss it and the policies of the government in respect to it.
4516
FINANCIAL CHRONICLE
Depressions are not new experiences, though none has hitherto been
so widespread. We have passed through no less than 15 major depressions
in the last century. We have learned something as the result of each of
these experiences. From this one we shall gain stiffening and economic
discipline, a greater knowledge upon which we must build a better safeguarded system. We have come out of each previous depression into a
period of prosperity greater than ever before. We shall do so this time.
As we look beyond the horizons of our own troubles and consider the
events in other lands, we know that the main causes of the extreme violence
and the long continuance of this depression came not from within but from
outside the United States. Had our wild speculation; our stock promotion
with its infinite losses and hardship to innocent people ; our loose and
extravagant business methods and our unprecedented drouth, been our
only disasters, we would have recovered months ago.
A large part of the forces which have swept our shores from abroad
are the malign inheritances in Europe of the Great War—its huge taxes,
its mounting armament, its political and social instability, its disruption
of economic life by the new boundaries. Without the war we would have
no such depression. Upon these war origins are superimposed the over-rapid
expansion of production and collapse in price of many foreign raw materials.
The demonetization of silver in certain countries and a score of more remote
causes have all contributed to dislocation.
[VOL. 132.
the far greater purpose of maintaining social good-will through avoiding
industrial conflict with its suffering and social disorder.
We are maintaining organized co-operation with industry systematically
to distribute the available work so as to give income to as many families
as possible.
We have reversed the traditional policy in depressions of reducing expenditures upon construction work. We are maintaining a steady expansion of ultimately needed construction work in co-operation with the States,
municipalities and industries.
Over two billions of dollars is being expended, and to-day a million men
are being given direct and indirect employment through these enlarged
activities. We have sustained the people in 21 States who faced dire disaster from the drouth. We are giving aid and support to the farmers in
marketing their crops, by which they have realized hundreds of millions more
in prices than the farmers of any other country. Through the tariff we are
saving our farmers and workmen from being overwhelmed with goods from
foreign countries where, even since our tariff was revised, wages and prices
have been reduced to much lower levels than before.
Says Taxation Is Held Down.
We are holding taxation by exclusion of every possible governmental
expenditure not absolutely essential or needed in increase of employment
or assistance to the farmers. We are rigidly excluding immigration until
Calamity Hits All Nations.
our own people are employed. The departures and deportations to-day
Some particular calamity has happened to nearly every country in the actually exceed arrivals.
world, and the difficulties of each have intensified the unemployment and
We are maintaining and will maintain systematic voluntary organization
financial difficulties of all the others. As either the cause or the effect, in the community in aid of employment and care for distress. There are
we have witnessed armed revolutions within the past two years in a score a score of other directions in which co-operation is organized and stimulation
of nations, not to mention disturbed political life in many others. Political given. We propose to go forward with these major activities and policies.
instability has affected three-fourths of the population of the world.
We will not be diverted from them.
I do not at all minimize the economic interdependence of the world, but
By these and other measures which we shall develop as the occasion
despite this, the potential and redeeming strength of the United States shall require we shall keep this ship steady in the storm. We will prevent
in the face of this situation is that we are economically more self-contained any unnecessary distress in the United States, and by the activities and
than any other great nation. This degree of independence gives assurance courage of the American people we will recover from the depression.
that with the passing of the temporary dislocations and shocks we can and
I would be remiss if I did not pay tribute to the business, industrial,
will make a large measure of recovery irrespective of the rest of the world. labor and agricultural leaders for their remarkable spirit of co-operation.
We did so with even worse foreign conditions in 1921.
Their action is magnificent proof of the fundamental progress of American
We can roughly indicate this high degree of self-containment. Our institutions, of our growth in social and economic understanding, of our
average annual production of movable goods before the depression was sense of responsibility, and of human brotherhood.
about fifty billion dollars. We exported yearly about five billions, or 10%.
Leaders of industry have co-operated in an extraordinary degree to
The world disruption has temporarily reduced our exports to about 31 2 maintain employment and sustain our standards of living. There have
/
billions. In other words, the shrinkage of foreign trade by 1% billions been exceptions, but they represent a small per cent of the whole. Labor
amounts to only 2 or 3% of our total productivity.
has co-operated in prevention of conflict in giving greater effort and conYet as a result of all the adverse forces our production has been reduced sequently in reducing unit costs. We have had freedom from strikes, lockby, roughly, 10 or 12 billions. This sharp contrast between a national outs and disorder unequaled even in prosperous times. We have made
shrinkage of, say, $12,000,000,000 and a loss of $1,500,000,000 from permanent gains in national solidarity.
export trade is an indication of the disarrangement of our own internal
iVhere We Are Better Of/.
production and consumption entirely apart from that resulting from decreased
sales abroad.
Our people can take justifiable pride that their united efforts have
greatly reduced unemployment which would have otherwise been our fate;
Politics and the Bears.
Some of the enlarged dislocation is also due to the foreign effects upon it is heavy, but proportionally it is less than one-half that of other indusprices of commodities and securities. Moreover, the repeated shocks from trial countries. Great as have been our difficulties, no man can contrast
political disturbance and revolution in foreign countries stimulate fear them with our experiences in previous great depressions or with the conand hesititation among our business men. These fears and apprehensions are dition of other important industrial countries without a glow of pride in
unnecessarily increased by that minority of people who would make political our American system and a confidence in its future.
While we are fostering the slow but positive processes of the healing
capital out of the depression through magnifying our unemployment and
losses. Other small groups in the business world make their contributions of our economic wounds our citizens are necessarily filled with anxiety,
to distress by raids on our markets with purpose to profit from depreciation and in their anxiety there is the natural demand for more and more drastic
of securities and commodities. Both groups are within the law; they are action by the Federal Government. Many of their suggestions are sound
equally condemmed by our public and business opinion; they are by no and helpful. Every suggestion which comes within the proper authority
and province of the Executives is given most earnest consideration. We
means helpful to the nation.
Fear and apprehension, whether their origins are domestic or foreign, are, of course, confronted with scores of theoretical panaceas which, howare very real, tangible, economic forces. Fear of loss of a job or uncertainty ever well intended, would inevitably delay recovery.
Some timid people black with despair, have lost faith in our American
as to the future has caused millions of our people unnecessarily to reduce
change. Others have seized
their purchases of goods. thereby decreasing our production and employ. system. They demand abrupt and positive
the adoption of economic
ment. These uncertainties lead our bankers and business men to extreme upon the opportunities of discontent to agitate for
Others have indomitable confidence
caution, and in consequence a mania for liquidation has reduced our stocks patent medicines from foreign lands.
of a world-wide
of goods and our credits far below any necessity. All these apprehensions that by some legerdemain we can legislate ourselves out
depression. Such views are as accurate as the belief we can exorcise a
and actions check enterprise and lessen our national activities.
Caribbean hurricane by statutory law.
With no desire to minimize the realities of suffering or the stern task
Limitations on Government Aid.
of recovery, we must appraise the other side of this picture. If we proceed
with sanity, we must not look only at the empty hole in the middle of the
For instance, nothing can be gained in recovery of employment by detour.
doughnut.
ing capital away from industry and commerce into the treasury of the
People Are Working Harder.
United States, either by taxes or loans, on the assumption that the governWe must bear in mind at all times our marvelous resources in land, ment can create more employment by use of these funds that can industry
mines, mills, man power, brain power and courage. Over 95% of our and commerce itself. While I am a strong advocate of expansion of useful
families have either an income or a breadwinner employed. Our people public works in hard times, and we have trebled our Federal expenditures
are working harder and are resolutely engaged, individually and collectively, in aid to unemployment, yet there are limitations upon the application of
in overhauling and improving their methods and services. That is the this principle.
Not only must we refrain from robbing industry and commerce of its
fundamental method of repair to the wreckage from our boom of two years
ago; it is the remedy for the impacts from abroad. It takes time, but capital, and thereby increasing unemployment, but such works require long
engineering and legal interludes before they produce actual employment.
it is going on.
Although fear has resulted in unnecessary reduction in spending, yet Above all, schemes of public works which have no reproductive value would
to economic depression is not waste
these very reductions are piling up savings in our savings banks until to-day result in sheer waste. The remedy
they are the largest in our history. Surplus money does not remain idle but the creation and distribution of wealth.
It has been urged that the Federal Government should abandon its system
for long. Ultimately it is the most insistent promoter of enterprise and
of optimism. Consumption of retail goods in many lines is proceeding of employment agencies and should appropriate large sums to subsidize
their establishment in other hands. I have refused to accept such schemes,
at a higher rate than last year. The harvest prospects indicate recovery
places endow political organizations with the
from the drouth and increased employment in handling the crop. Revolu- as they would in many
workmen's jobs. That would bring about the most
tions in many countries have spent themselves, and stability is on the gigantic patronage of
vicious tyranny ever set up in the United States. We have instead expanded
ascendancy. The underlying forces of recovery are asserting themselves.
Government agencies which are on a non-political basis. They
For the first time in history the Federal Government has taken an our Federal
are of far greater service to labor.
extensive and positive part in mitigating the effects of depression and
Per Private Job Insurance.
expediting recovery. I have conceived that if we would preserve our democracy this leadership must take the part not of attempted dictatorship
We have had one proposal after another which amounts to a dole from
but of organizing co-operation in the constructive forces of the community the Federal Treasury. The largest, is that of unemployment insurance.
and of stimulating every element of initiative and self-reliance in the I have long advocated such insurance as an additional measure of safety
country. There is no sudden stroke of either governmental or private against rainy days, but only through private enterprise or through co-operaaction which can dissolve these world difficulties; patient, constructive ticn of industry and labor itself. The moment the government enters into
action in a multitude of directions is the strategy of success. This battle is this field it invariably degenerates into the dole. For nothing can withupon a thousand fronts.
stand the political pressures which carry governments over this dangerous
border.
What Government Is Doing.
The net result of governmertal doles are to lower wages toward the bare
I shall not detain you by a long exposition of these very extensive subsistence level and to endow the slacker. It imposes the injustice of
known. We have huge burdens upon farmers and other callings which receive no benefits.
activities of our government, for they are already well
assured the country from panic and its hurricane of bankruptcy by co- I am proud that so representative an organization as the American Federaordinated action between the treasury, the Federal Reserve System, the tion of Labor has refused to approve such schemes.
banks, the Farm Loan and Farm Board system. We have steadily urged
There have been some complaints from foreign countries over the revision
the maintenance of wages and salaries, preserving American standards of of our tariff, and it is proposed that we can expedite recovery by another
living, not alone for its contribution to consumption of goods but with revision. Nothing would more prolong the depression than a session of
JurnA 20 1931.]
FINANCIAL CHRONICLE
4517
Two Basic Ideas Compared.
If we analyze the ideas which have been put forward for handling our
great national plan, they fall into two groups. The first is whether we
shall go on with our American system, which holds that the major purpose
of a State is to protect the people and to give them equality of opportunity;
that the basis of all happiness is in development of the individual, that the
sum of progress can only be gauged by the progress of the individual, that
we should steadily build up co-operation among the people themselves to
these ends.
The other idea is that we shall, directly or indirectly, regiment the
population into a bureaucracy to serve the State, that we should use force
instead of co-operation in plans and thereby direct every man as to what
he may or may not do.
These ideas present themselves in practical questions whiah we have to
Stands Upon Farm Tariff.
meet. Shall we abandon the philosophy and creed of our people for 150
older nations which import a portion years by turning to a creed foreign to .our people? Shall we establish a
There have been complaints from
of their food products and export another portion. Yet these nations look dole from the Federal Treasury? Shall we undertake Federal ownership
upon their own agriculture as a way of life and as vital to their national and operation of public utilities instead of the rigorous regulation of them
security, and have long since adopted protective tariffs against the special to prevent imposition? Shall we protect our people from the lower standfarm products of the United States. We do not reproach them, for we, too, ards of living of foreign countries? Shall the government, except in
look upon a healthy agriculture as indispensable to the nation.
temporary national emergencies, enter upon business processes in competition
The growth of our industrial population will ultimately absorb the pro- with its citizens? Shall we regiment our people by an extension of the arm of
duction of our farmers, but our agriculture was attuned to the export busi- bureaucracy into a multitude of affairs?
ness and is of necessity passing a prolonged crises in its shift to a domestic
The future welfare of our country, so dear to you and to me for ourselves
basis. Our tariff had proved so low that our farmers were being crowded and our children, depends upon the answer given.
even from the domestic market in many products which by use as diversifiOur Immediate Task.
cation they can substitute to take up the slack in export business. From
that condition we have given him protection, and we stand upon it.
Our immediate and paramount task as a people is to rout the forces of
In this connection I noted with interest that the International Chamber economic disruption and pessimism that have swept upon us.
of Commerce in its recent meeting in Washington in effect recommended
The exacting duty of government in these times is by use of its agencies
to the world the adoption of this method of the American tariff, although and its influence to strengthen our economic institutions; by inspiring
It was not referred to by name.
co-operation in the community to sustain good-will and to keep our country
Our visitors found the American tariff act unique in the field of tariff free of disorder and conflict; by co-operation with the people to assure
legislation, as it defines the principle of our tariff by law; that is, the that the deserving shall not suffer; and by the conduct of government to
difference in cost of production at home and abroad. They found in our strengthen the foundations of a better and stronger national life. These
new Tariff Commission the creation of a tribunal open to every Interested have been the objectives of my administration in dealing with this the
party empowered and ready to deal with any variations from this principle. greatest crisis the world has ever known. I shall adhere to them.
They found a tariff without discriminations among nations. They recomIf, as many believe, we have passed the worst of this storm, future months
mended universal adoption of similar priniciples. Indeed, such a course will not be difficult. If we shall be called upon to endure more of this
would greatly modify tariffs in general. It would promote the commerce period, we must gird ourselves to steadfast effort, to fail at no point where
of the world by removing discriminations, preferences and uncertainties.
humanity calls or American ideals are in jeopardy.
Our transcendent momentary need is a much larger degree of confidence
Our Part in World Recovery.
among our business agencies and that they shall extend this confidence in
But it is not my purpose upon this occasion to discuss the relations of more than words. If our people will go forth with the confidence and
our many economic problems to the problems of other nations. I am not enterprise which our country justifies, many of the mists of this depression
unmindful of our responsibilities or our vital interest in their welfare. will
fade away.
The very first service to them must be to place our own house in order;
In conslusion, whatever the immediate difficulties may be, we know
to restore our own domestic prosperity. It is from increases in our reser- they
are transitory in our lives and in the life of the nation. We should have
voir of economic strength that has and must come our contribution to the
full faith and confidence in those mighty resources, those intellectual and
development and recovery of the world. From our prosperity comes our
spiritual forces which have impelled this nation to a success never before
demand for their goods and raw materials. A prosperous United States is the
known in the history of the world. Far from being impaired, these forces
beginning of a prosperous world.
were never stronger than at this moment. Under the guidance of Divine
With industry as well as agriculture we are concerned not merely in
Providence they will return to us a greater and more wholesome prosperity
the immediate problems of the depression. From the experience of this
than we have ever known.
depression will come not only a greatly sobered and more efficient economic
system then we possesed two years ago but a greater knowledge of its
weaknesses as well as a greater intelligence in correcting them. When the
time comes that we can look at this depression objectively it will be our President Hoover at Tomb of Lincoln Stresses Obeduty searchingly to examine every phase of it.
dience to the Law.
We can already observe some directions to which endeavor must be
In an address delivered at the rededication of the Lincoln
pointed. For instance, it is obvious that the Federal Reserve System was
inadequate to prevent a large diversion of capital and bank deposits from com- Memorial Tomb, President Hoover, on Sept. 17, called upon
mercial and industrial business into wasteful speculuation and stock proitself to observance and obedience
motion. It is obvious our banking system must be organized to give greater the nation to rededicate
protection to depositors against failures. It is equally obvious that we of law. The President pointed out that it was Lincoln
must determine whether the facilities of our security and commodity ex- who stated and restated in impressive terms that if the
changes are not being used to create illegitimate speculation and intensify
national heritage of this nation Is worth keeping, there must
depressions.
be obedience and enforcement of the law, declaring that
Capital-Gains Tax Scored.
It is obvious that our taxes upon capital tains viciously promote the "there can be no man in this country who, either by his
booms and just as viciously intensify depressions. In order to avoid taxes,
Position or his influence, stands above the law." "For,"
real estate and stocks are withheld from the market in times of rising
prices, and for the same reason large quantities are dumped on the market he added, "ours is a Government of laws and a society of
In times of depression. The experience of this depression indeed demand ordered liberty, safeguarded only by law."
that the nation carefully and deliberately reconsider the whole national
Before going to the speaker's stand, President and Mrs.
and local problem of the incidence of taxation.
The undue proportion of taxes which falls upon farmers, home owners, Hoover officially opened the reconstructed monument. They
and all real-property holders as compared to other forms of wealth and were
the first visitors admitted and first to sign the new
Income demands real relief. There are far wider questions of our social
and economic life which the experience will illuminate. We shall know register, WIlich later will be made a part of the old one in
much more of the method of still further advance toward stability, security, which more than 2,000,000 names have been written. Govand wider diffusion of the benefits of our economic system.
ernor and Mrs. Emerson signed as representatives of Illinois.
We have many citizens insisting that we produce an advance "plan" for
the future development of the United States. They demand that we produce Others signing at the time were Ambassador Charles G.
It right now. I presume the "plan" idea is an infection from the slogan Dawes and Secretary of Commerce Lamont, both members
of the "five-year plan" through which Russia is struggling to redeem her- of
the President's party; Allan Hoover, the President's son,
self from the ten years of starvation and misery.
Congress devoted to this purpose. There are no doubt inequities and inequalities in some of our tariff rates; that is inherent in any Congressional
revision. But we have for the first time effective machinery in motion
through a Tariff Commission with authority for any necessary rectification.
And that machinery is functioning.
An analysis indicates that the large majority of these foreign complaints
are directed against added protection we have given to agriculture. I
believe that some of these countries do not realize the profound hardship
which they themselves—with no malevolent purpose—have imposed on the
American farmer. Improved machinery, the development of refrigeration
and cheapening of sea transportation have created for them great resources
from their virgin lands and cheaper labor. As a result these countries
have taken profitable export markets from the American farmer.
Proposes an American "Platt."
I am able to propose an American plan to you. We plan to take care
of 20,000,000 increase in population in the next twenty years. We plan to
build for them 4,000,000 new and better homes, thousands of new and still
more beautiful city buildings, thousands of factories; to increase the capacity
of our railways; to add thousands of miles of highways and waterways;
to install 25,000,000 electrical horsepower; to grow 20% more farm
products. We plan to provide new parks, schools, colleges and churches
for this 20,000,000 people. We plan more leisure for men and women
and better opportunities for its enjoyment.
We not only plan to provide for all the new generation, but we shall,
by scientific reserch and invention, lift the standard of living and security
of life to the whole people. We plan to secure a greater diffusion of
wealth, a decrease in poverty and a great reduction in crime. Add this
plan will be carried out if we just keep on giving the American people a
chance. Its impulsive force is in the character and spirit of our people.
They have already done a better job for 120,000,000 people than any other
nation in all history.
Some groups believe this plan can only be carried out by a fundamental,
a revolutionary, change of method. Other groups believe that any system
must be the outgrowth of the character of our race, a natural outgrowth
of our traditions; that we have established certain ideals, over 150 years,
upon which we must build rather than destroy.
and members of the Presidential staff.
In his speech before the legislators, the President said
that a study of national legislation would show that an overwhelming proportion of the ideas involved have been "hammered out of the anvil of local experience." Addressing the
Joint session of the Legislature, President Hoover said:
I wish to thank you for your courteous and most generous greeting. It
Is a great honor to meet with the joint session of the Illinois Legislature.
It is a fitting thing that the celebration of this day should be participated in officially by the Assembly of the State of Illinois, in which
Mr. Lincoln took so distinguished a part, and by the President of the
United States, in whose office Mr. Lincoln became the savior of our
republic.
In the presence of this Assembly one thought expressed by Mr. Lincoln
recurs to my mind in the relation of the State Legislatures to the whole
function and scheme of our government. It is, indeed, a much larger part
than the immediate problems of the States with which they deal, for the
Legislatures to-day, as in Mr. Lincoln's time, are the laboratories in which
new ideas are developed and in which they are tried out.
A study of national legislation and national action will show that an
overwhelmlng proportion of the ideas which have been developed nationally
have first been born in the State Legislatures as the result of the problems
4518
FINANCIAL CHRONICLE
which have developed within the States. They have been given trial,
they have been hammered out on the anvil of local experience.
Valuable to the Whole Nation.
It is true that not all of the ideas cane through this successfully. But
even the negative values of the trial, especially in some parts of the Union,
are of themselves of inestimable value to the nation as a whole. And the
ideas which develop with success become of vital importance to our people
at large.
Ours must be a country of constant changes and progress because of one
fact alone among many others, and that is that the constant discoveries
in science, and their produce in new invention shift our basis of human
relationships and our mode of life in such a fashion as to require a constant
remodeling and the remolding of the government.
That does not imply that the eternal principles of justice and right
and ordered liberty, upon which the Republic was founded, are subject
to change, for they are not. But our machinery of government must shift
In order to enable us to enforce these principles against the shift of economic
and social forces due to constant discovery and invention, and in these
great processes our State legislators occupy a position of dominant importance to the nation as a whole.
Press accounts say that the speech to the Legislature was
one of those extremely rare informal public talks of President Hoover and was given as a response to the greeting
he received on entering the arsenal. Not only were the
Illinois Senate and House of Representatives gathered but
probably 3,000 others who had been fortunate enough to get
tickets. The President was received with all the formalities
of the legislative assembly, as well as with the more noisy
greeting of the unofficial assemblage. Following the official
reception and short address, the President greeted each
member of the Legislature personally as he passed in line
up to the Speaker's stand.
The text of President Hoover's address at Lincoln's tomb
on June 17 was as follows:
The people of Illinois have taken just pride in the restoration
and
beautification of the tomb of their greatest citizen—Abraham Lincoln,
the 16th President of the United States. This memorial was erected
and
dedicated 67 years ago. Another great citizen of Illinois—the 18th President of the United States, Ulysses 5. Grant—made the address on
that
occasion. It is proper that a President of the United States should take
part in its rededication at this time.
This, the tomb of Lincoln, is a shrine to all Americans. The stone and
marble of all of our great national shrines are more than physical
reminders
of the mighty past of our country. They are symbols of things of
the
spirit. Through the men and deeds they commemorate they renew our
national ideals and our aspirations.
It is a refreshment of the national soul to assemble in these places
and
to direct the thoughts of our people to these occasions and to recall
the
men and their deeds which builded the Republic. It is an awakening of
pride in the glories of the past and in inspiration to faith in the future.
These are the springs which replenish that most sacred stream of
human
• emotions—patriotism.
Nothing that we may say here can add to the knowledge or devotion
of our people to the memory of Abraham Lincoln. Nothing we may
do
can add to his stature in. history. All that words can convey has long
since been uttered by his grateful countrymen.
We gather here to-day that we of our generation may again pay tribute
to the man who not only saved the Union and gave freedom to a race but
who re-created the ideals and inspirations of American life.
A nation in its whole lifetime flowers with but a few whose names
remain upon the roll of the world in after generations. Lincoln after all
these years still grows, not only in the hearts of his countrymen but in the
hearts of the peoples of the world.
A Man Before a Symbol.
It is not new, yet it is eternally true, to state that Lincoln made a
universal appeal to the minds and hearts of men. His every aspiration
was for the unity and welfare of his country. He became a triumphant
force in achieving that ideal, because he saw the problems of his time not
only from the standpoint of the statesmen but of the average citizen, whose
outlook he understood and whose trials and hopes he shared.
No man gazes upon the tomb of Lincoln without reflection upon his
transcendent qualities of patience, fortitude and steadfastness. The very
greatness which history and popular imagination have stamped upon him
sometimes obscures somewhat the real man back of the symbol which he
has become. It is not amiss to reflect that he was a man before becoming
a symbol. To appreciate the real meaning of his life we need to contemplate him as the product of the people themselves, as the farm boy,
the fence builder, the soldier, the country lawyer, the political candidate,
the legnilator, and the President, as well as the symbol of union and of
htynan rights.
It is fitting that we should rededicate his hallowed resting place, that
we should thus recall to every American mind and heart the contribution
Which Lincoln made to the greatness of our nation. But it was Lincoln
himself whose insight and splendid expression illuminated the true purpose
of our assembly at national shrines. It was he who at Gettysburg called
upon the people not so much to mourn the dead as to honor them by a
rededication of themselves to the service of their country. He said in that
memorable address:
"It is for us the living rather to be dedicated here . . . to the great
task remaining before us." That should be our purpose and resolve to-day.
No Man Stands Above the Law.
The six decades which have passed since Lincoln's death have written
on the scroll of history changes bewildering in their variety, momentous
in their consequences. They have broadened and enriched life beyond the
imaginations of Lincoln's contemporaries. The years have not only yielded
rich treasures, material and spiritual, but they have brought challenges
to readjustment, both by government and individuals, to a changing world.
Our country has become powerful among nations. It is charged with infinitely new possibilities both at home and abroad.
What a poet has called the endless adventure, the government of men,
discloses new and changing human needs from generation to generation.
As we scan our history, even since his day, who can doubt Lincoln's own
Words that our national heritage is "worth the keeping." And it was
[Vol,. 132.
Lincoln who stated and restated in impressive terms that its keeping rests
upon obedience and enforcement of law. There can be no man in our
country who, either by his position or his influence, stands above the law.
That the Republic cannot admit and still live. For ours is a government
of laws and a society of ordered liberty safeguarded only by law.
The eternal principles of truth, justice and right never more clearly
stated than by Lincoln, remain the solvent for the problems and perplexities of every age and of our day. It is to those who, like Lincoln,
have made these principles serve the needs of mankind that the world pays
its homage. At this shrine we light the torch of our rededication to the
service and ideals of the nation which he loved and served with the last
full measure of devotion.
President Hoover and Calvin Coolidge at Dedication of
Tomb of Warren G. Harding—Speaks of the Latter's Betrayal and Disillusionment.
Accomplishments of Warren G. Harding while in the
White House will be recorded and "gratefully remembered
by his countrymen," President Hoover declared at Marion,
Ohio, on June 16, in an address at the formal dedication of
the tomb of the 29th President of the United States. The
President's eulogy of the man in whose Cabinet he served
was delivered in the presence of former President Coolidge,
the late President's successor, who formally accepted on
behalf of the public the memorial tomb.
Mr. Coolidge also paid a tribute to the late President, as
did Governor White of Ohio. Former Senator Joseph
Frelinghuysen of New Jersey, one of Mr. Harding's intimates, as President of the Harding Memorial Association,
presided during the ceremonies and made the formal presentation of the memorial tomb, erected by voluntary subscriptions of the people. Pointing out that the new and
changing problems of later Years have not obscured the
many constructive acts of his Administration, President
Hoover characterized Warren Harding as a man with a
kindly spirit, who had been betrayed by some of the men
whom he trusted and believed to be his devoted friends.
It was evident from Mr. Hoover's warm commendation
and tribute that there was no doubt in his mind that President Harding's final realization that he had been betrayed
by some of the men whom he trusted so implicitly was one
of the contributing causes of his death. He declared the
effects of this great disillusionment was noticed by those
close to Mr. Harding. His soul was seared, and it could
be seen that his mental anxiety and worries were weakening
his overstrained robust strength, Mr. Hoover said.
The President spoke with deep feeling, press accounts say,
his utterances marking the first time he had publicly talked
so intimately regarding Warren Harding's sudden death.
He was one of the party accompanying the late President
on his fateful trip across the continent and to Alaska. On
that journey it was seen by him and others in the party,
Mr. Hoover said, that the great strain of the office, coupled
with the blow of his terrible disillusionment, was telling on
him.
In summing up his estimation of Harding as a man, President Hoover declared that he gave his life in worthy accomplishments for his country; that he was a man of delicate
sense of honor, of sympathetic heart, of transcendant gentleness of soul, who reached out for friendship, who gave of it
loyally and generously in every thought and deed; that he
was a man of passionate patriotism, a man of deep religious
feeling, one devoted to his fellow-men.
Former President Coolidge, in accepting the memorial
tomb, also paid tribute to the late President as a man and
for the policies adopted under his leadership for the restoration of the United States and the pacification of the world.
"Under his benign influence trade revived and a better
international understanding prevailed," said Mr. Coolidge,
after reviewing accomplishments of the Harding Administration. He would be the last to claim all the credit for
these accomplishments. He had the loyal and patriotic
co-operation of public men within and without his own party.
"All he could do through Governmental agencies was to
proceed in harmony with sound economic laws which would
strengthen and support the recuperative power of the people
in working out their own business revival," the former
President continued, adding:
"Frequently he asserted that he desired his Administration to be an era of good understanding. Conflicts between
the Government and business, he believed, should be removed. Differences between capital and labor he wishes
to see adjusted. There was no room in his broad sympathy
for any taint of sectionalism."
Following is the full text of the address of President
Hoover:
JUNE 20 1931.]
0
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FINANCIAL CHRONICLE
We are assembled here to dedicate the tomb of Warren G. Harding, 29th
President of the United States.
This beautiful monument, erected by the voluntary subscriptions of the
people, symbolizes their respect for his memory. It has been their response
with tender remembrance to a kindly and gentle spirit. As future years
come and go each of them will be marked by gatherings here of his friends
and the people of a grateful democracy,for democracy has ever paid respect
and tribute to those who have given her service.
Warren G. Harding came from the people. Born just at the close of the
Civil War, it became his responsibility to lead the Republic in a period of
reconstruction from another great war in which our democracy had again
demonstrated its unalterable resolve to withstand encroachment upon its
independence and to deserve the respect of the world.
Great as are the problems of the conflict, the burdens of statesmanship
are equally difficult in the rehabilitation of social and economic life after the
dislocation of war. Above all, the burden is heavy in composing the hates
and prejudices which smolder and threaten long after the formal documents of peace are signed.
As the aftermath of war our National finances were disorganized, taxes
were overwhelming, agriculture and business were prostrate, and unemployment widespread. Our country was torn with injustices to those racial
groups of our own citizens descended from the enemy nations. Violent
bitterness had arisen over the Treaty of Versailles.
4519
Mr. President and my fellow citizens:
In behalf of the Harding Memorial Association I formally accept this
stately monument erected to the memory of Warren Gamaliel Harding,
the twenty-ninth President of the United States. It is fittingly located
In the city where he so long made his home among the neighbors and friends
whom he loved and who loved him. In his absence his fondest thoughts constantly turned in this direction.
Here above all other places he would wish his last resting place to be
located where he has found peace in surroundings that will be a constant
reminder of him. In the future years not even a stranger could approach
th's shrine without some sense of that charming cordiality that could not be
described, but was always felt by all who came in contact with him.
His social graces, however, were only an appropriate setting for a strong
and rugged personality. He was not taken from obscurity and raised by
fate to the White House. He won his place in public life step by step.
For years a newspaper publisher and editor, meantime a State Seantor,
a Lieutenant-Governor, a United States Senator, Chairman of the National
Republican Convention in 1916—this was the solid and substantial groundwork of experience in public service by which he fitted himself for the office
of President of this republic. Nor was he unknown to the people. He
had ranged far and wide as the principal speaker at many banquets, and the
orator of the day on many public occasions. To whatever position he was
called he demonstrated his power by work done.
Healing Gentleness Is Stressed.
Says Crises Develop the Man.
These evil spirits aroused by war, augmented by inestimable losses, deep
It often has been remarked that when a particular crisis in human affairs
animosities, the dislocations of industry, the vast unemployment in a has required a certain type of ability to meet it the right man has appeared.
world still armed and arming confronted Warren G. Harding. He brought Whether this is because the times call the man or because there are latent
to the office of President a long experience in public affairs together with powers in all of us which give those who become charged with responsibility
the character and spirit of which the Republic, was then in need.
the ability to respond by rising above themselves it is impossible to decide.
He was a mind and character fitted for a task where the one transcendent Perhaps it is enough to know that when the world has a work to do some
need was the healing quality of gentleness and friendliness. It was his mis- one appears who is able to do it.
sion to compose the prejudices and conflicts at home, to lessen the threats
It seems as though President Harding was pre-eminently fitted to serve
of renewed wars through the world. He succeeded in those tasks. When In the country in the disturbed and distraught period following the war. He
two years he died, new peace treaties had been made in terms which won had experience and ability, courage and patience, combined with a generous
the support of our people: tranquillity had been restored at home; employ- toleration and cheerful optimism that inspired confidence. He had a natural
ment had been renewed and a long period of prosperity had begun.
gift of expression which he had developed into an art. He understood the
And he succeeded further. The Washington Arms Conference for the people and the people understood him. In composing a situation, in pacireduction and limitation of battleships identified his administration with fying men he was a master.
the first step in history toward the disarmament of the world. That step
Those qualities which were so much needed in our own country and in the
was accompanied by the momentous treaties which restored good-will world he brought to the Presidential office. When he began his term our
Pacific Ocean and gave to all the world domestic situation was chaotic. Credit was over-extended. Commodity
among the nations bordering the
inestimable blessings of peace and security.
prices had experienced a perpendicular decline. Unemployment VMS exThe new and changing problems of later years have not obscured the tensive. Agriculture was prostrate. The national debt was enormous.
many other constructive acts of his administration. The reorganization and War taxes prevailed. Government expenses were heavy. All kinds of
reduction of the public debt, and reduction in taxation, the creation of the business were in distress.
budget system, the better organization of industry and employment, new
Our foreign relations were precarious. We had rejected the Treaty of
services to agriculture, the establishment of a permanent system for care of Versailles, but we had not made peace. We were engaged in building the
disabled veterans and their dependents—are but some of the enlightened greatest navy in the world. The islands in the Pacific Ocean were a source
measures which be inspired and advanced.
of friction. Europe looked on us with suspicion.
But this is neither the time nor place in historic retrospect to catalogue
Probams Which Harding Faced.
his many services to our country. They will be recorded and gratefully
To deal with these problems President Harding summoned the Congress
remembered by his countrymen.
and kept it in session for nearly two years. The credit stringency was
Harding's Helpfulness Is Praised.
relieved by reviving the War Finance Corp. Our markets were protected
Our thoughts to-day turn to the man himself. My first meeting with by enacting an emergency tariff law. Labor was protected by restricting
Warren Harding ever lingers in my memory. It was during the war and in a immigration. A Budget Bureau was established and a system of rigid
time of the greatest strain and anxiety. Late one evening the then Senator economy was adopted. To discharge our obligations to ex-service men,
Harding, whom I had never met, came to my office. When he was an- the Veterans' Bureau was organized.
A new internal revenue law reduced taxes hundreds of millions of dollars
nounced there flashed into my mind the thought that here was some complaint or a request for some appointment. Instead the Senator said simply: annually. A permanent tariff bill gave protection to our markets in har"I have not come to get anything. I just want you to know that if you wish mony with the new conditions of world trade. Surplus war materials and
the help of a friend, telephone me what you want. I am there to serve and to treasury assets were converted into cash to pay expenses and reduce debts.
help." That statement, I came to learn, as typical of him. I refer to it Several billions of short term governmental obligations were paid or refunded. The shipping business and the railroad administration were put
now because it reveals the nature of the man.
I was one of those who accompanied the late President on his fateful In the way of liquidation.
"While these measures were being adopted for our domestic benefit,
trip across the continent and to Alaska. He had wished to learn from
the people their needs and to translate to them his own aspirations. Those settlements of ever greater magnitude were being made in the foreign
who were his companions on that journey realized full well that he had field. Peace treaties were negotiated with those with whom we had been
overstrained even his robust strength in the gigantic task which con- at war. A long standing difference with Colombia was generaously camfronted him during the previous two years. And we came also to know Posed. Diplomatic relations were resumed with Mexico. A commission
that here was a man whose soul was being seared by a great disillusionment. was appointed under authority of the Congress to negotiate a settlement
We saw him gradually weaken not only from physical exhaustion, but of our foreign debts under which an agreement was speedily made with
from mental anxiety. Warren Harding had a dim realization that he Great Britain.
In spite of a universally genuine desire for peace, the world was engaghad been betrayed by a few of the men whom he had trusted, by men
whom he had believed were his devoted friends. It was later proved in ing in a competitive race in armaments which was a source of expense and
the courts of the land that these men had betrayed not alone the friendship suspicion. To relieve humanity from this increasing menace, President
and trust of their stanch and loyal friend, but they had betrayed their Harding called the historic Washington Conference on the Limitation of
country. That was the tragedy of the life of Warren Harding.
Armaments. A preliminary treaty was drafted for the present and future
settlement of differences among the many international interests in the
"Betrayai" Is Castigated.
Pacific Ocean.
There are disloyalties and there are crimes which shock our sensibilities,
The British and Japanese alliance was terminated. The five great
which may bring suffering upon those who are touched by their immediate
maritime powers than entered into a solemn covenant limiting most of
results. But there is no disloyalty and no crimes in all the category of the
different types of warships in respect to number, tonnage and armahuman weaknesses which compares with the failure of probity in the
ments. When that treaty was signed it marked an epoch in history.
conduct of public trust.
Better Understanding His Aim.
Monetary loss or even the shock to moral sensibilities is perhaps a
passing thing, but the breaking down of the faith in a people in the honesty
Such in barest outline are some of the policies adopted under the leaderof their Government and in the integrity of their institutions, the lowering ship of President Harding for the restoration of the United States and the
of respect for the standards of honor which prevail in high places, are Pacification of the world. Under this benign influence trade revived and
crimes for which punishment can never atone.
a better international understanding prevailed. He would be the last to
Warren Harding gave his life in worthy accomplishment for his country. Claim all the credit for these accomplishments. He had the loyal and
He was a man of delicate sense of honor, of sympathetic heart, of tran- Patriotic cooperation of public men within and without his own party.
scendent gentleness of soul—who reached out for friendship, who gave of All he could do through governmental agencies was to proceed in harmony
it loyally and generously in his every thought and deed. He was a man With sound economic laws which'would strengthen and support the recuof passionate patriotism. He was a man of deep religious feeling. He perative power of the people in working out their own business revival.
was devoted to his fellow men. No revelation of his character can equal
He had the advantage, too, of the deeply interested and watchful care
that of his own words Just before his death. They were a part of his of a wife who was ever devoted to his welfare and shared with him his
last public statement. I quote:
burdens. No record of his work would satisfy him which failed to recog •
"We need lass of sectarianism, less of denominationalism, less of fanatical nize the helpful influence of Mrs. Harding who sleeps here by his side.
zeal and its exactions, and more of the Christ spirit, more of the Christ
Frequently, he asserted that he desired his administration to be an era
practice, and a new and abiding consecration and reverence for God. I Of good understanding. Conflicts between the government and business
am a confirmed optimist as to the growth of the spirit of brotherhood. he believed should be removed. Differences between capital and labor
. . . We do rise to heights at times when we look for the good rather he wished to see adjusted. There was no room in his broad sympathy for
than the evil in others, and give consideration to the views of all. The any taint of sectionalism. But chiefly he was determined to use his great
inherent love of fellowship is banding men together, and when envy and office to the full extent of its powers to prevent future wars. He was for
suspicion are vanquished, fraternity records a triumph and brotherhood good understanding among nations. His vision was broad. His statesbrings new blessings to men and to peoples. . .
manship was inclusive. It would be difficult to find any peace-time
"Christ was the Prince of Peace, and we who seek to render His name period of a little over two years when so much that was beneficial was
glorious must move in the ways of peace and brotherhood and loving accomplished as during his administration.
service."
Before he could see the full fruition of his policies fate brought him to
He gave his life in that spirit, and in that spirit we pay tribute to his a tragic end. As we can now realize,the wisdom of the foundation which
memory.
he laid, we are consoled by the thought that for some reason we cannot
he was gathered to his
work was dyne, his course
The text of former President Calvin Coolidge's address fathom his rest in the peace which hewas finished, so fervently to bestow
had desired
fathers, to
the Harding Memorial was as follows:
accepting
upon all humanity.
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[VOL. 132.
Germany and the Allies about reducing or wiping out the German reparations.
The stability of our economic system involves other matters closer home
and perhaps not so perplexing.
Industrialism has displaced agriculture and labor-saving devices are
displacing men in this age of machine and mass production. The result
has been the flow of more and more goods from our factories and more and
more produce from our farms, until the surplus can only be absorbed by
an increased export trade. Yet the Federal Government has erected a
tariff wall so high that it destroys our export trade at the time American
business needs it most, and also increases the price of nearly everything
the farmer buys when the returns from his principal cash crops are the
lowest in decades. And on top of this reprisals and retaliations come from
foreign nations whose trade we need and whose good-will and friendship
we ought to have.
If the corporation system has been accepted in our national life, that
system must not forget the obligations and responsibilities this places
upon it.
It, as I believe, business should be as free as possible from governmental
interference, if, as I believe, the Federal Government should not compete
so much with private business, because private business must pay taxes
as well as show a profit, while government need do neither, but can swallow
up its losses in general accounts—then it is the duty of business to develop
a higher order of self-government and industrial statesmanship.
If business would complain of too much government in business, then it
should cease its own efforts to put government in business through excessive
tariffs to the powerful and subsidies to the privileged few. It should stop
looking to government to police it and subsidize it and to cure the Ms
of its own making.
If labor cannot do without capital, neither can capital do without labor.
Industry has at last recognized that the injured workman is a proper charge
against the revenues he helps create. Industry must now recognize its
For thousands of years around the Mediterranean and throughout Asia obligation to make some adequate provision for that same workman when
civilization took root, grew, prospered, and then crumbled. Humanity economic depression or old age causes his involuntary unemployment.
made but little progress until Christ came into the world with a new creed
With from five to eight million men and women needing work and
which struck fire to the imagination and gave a new purpose to mankind. unable to find it, the thing the American people want to know is how
Fourteen hundred years after that, intrepid adventurers set sail in to get a job and how to keep it. The business which reaps the profits of
tiny ships with visions of far places. Their discoveries awakened the its labor when times are good must not turn that labor over to citizens'
hearts and minds of men to farther horizons. This was the beginning relief committees, for food and clothes and the necessities of life when times
ofsubsequent centuries ofearthly development which had not been dreamed are hard. If business does not realize that this problem belongs primarily
of since creation.
to it, if business does not have or does not acquire the statesmanship
And now—what lies before us? Are we on the verge of stupendous within itself to find the remedy, then the government, whose ultimate
changes, in which new concepts of human relationships are to be created objective is to care for its citizenship, will seek the remedy and will find it.
and from which new standards are to be evolved?
Regulation Versus Education.
I believe that we, as a Nation, and the world at large, are confronted
The right and the capacity of the American people to govern themwith some such condition. All around us we see the standards by which
we have judged men and things wavering before the assaults of tremendous selves has been challenged, and in no way has this challenged been more
forces. Factors are entering into our international relationships and evident than in the fallacy that human conduct can be better improved
into our domestic undertakings which require new viBi0118 of the future, by regulation than by education.
This is a fallacy of government which I believe an enlightened people
If we are to keep step with the changes of time. We look about us in the
world and we see swept into the discard what for centuries we have regarded will not long endure. For whether you believe in the new freedom or in
the old freedom, certainly for the cause of human freedom you want to
as stable institutions.
see your government made by you and for you, and not yourself made
Corporate Business Arises.
by it and for it.
No scheme of things is perpetual. Not so long ago, our normal mode
National prohibition happens to be the outstanding example of this
of life in America was that of the individual farmer and the individual fallacy, and it is essential to
remember that this problem goes far beyond
business or professional man. Into that life came corporate business, any question of wet or
dry, to use these inept and insufficient phrases of
controlling railroad transportation, gas and electricity, and basic com- the day.
modities such as iron and steel and oil.
The question is one of government, and it is whether in a diversified
These were the trusts, the interests, the malefactors of great wealth. land such
as ours—with rural people and urban people, with industrial
Opposed to them were the people, and the political battle of those days centers, agrarian areas and
the great open spaces of the West—whether in
was to arouse the people against the corporations, and by dissolving them such a land any
question depending so much on communal conditions and
and separating them into competitive factors bring about general pros- local wants and needs can
ever be settled by a standardized Federal yardperity and economic order.
stick which, no matter how well it may work in some communities, does
All this excites nobody to-day. Of course, no comfort must be given not work at all in others, and has
brought with it the badge of shame and
those who would thwart necessary regulatory measures over the opera- crime, and has
even spotted the ermine of the judiciary itself.
tions of public utilities—such as the giant combines of power companies
I have no thought that the old saloon, and the conditions which sur—in order to protect the public interests.
rounded it, will ever return or should ever be permitted again; but I do
But corporate organization has become an accepted and integral part revere the old ideals of ordered liberty, the old standards of freedom withof our national and economic life. It is no longer an alien or an outcast out license, and in their name, and in the name of our once honored system
or an intruder. Its securities are distributed among the very people of American law, I want to see this subject turned back to the states, so
whose interests in other days it was supposed to oppress. We have come that the people of each state may settle it in accordance with their own
to recognize that corporate business has not only the right to exist, but conditions, and thus promote and not undermine and destroy the cause of
it has as much right to grow big as to stay little, provided it engages in true temperance.
no practices which are unfair to others and leaves the door of opportunity
Now times are changing, and
It was out of fashion to say this once.
open for all to enter.
people in high places are advocating this doctrine at last. But I am
The problem now is to give stability to our economic system. If proud to say that my own little State of Maryland acclaimed it when
that system has been weakened it is not entirely out of joint. If too many who now do so lacked either the courage or the conviction to join
much carbon has generated in the engine, if something has gone wrong with us.
with the machinery or its engineers. still the plant has not been wrecked
Nation Fundamentally Sound.
or permanently crippled. It is the inheritance of our century old conBack of all these things—the star in the East—is the fact that the
cept of industrial ideals and the product of the brains and the habits and foundations of our national and economic and moral life are still sound.
the culture of the American people, both those of native origin and those Here is a nation of 120.000.000 people. They have an infinity of wants
ofcontinental or insular Europe who have made ours their adopted home.
and needs and desires. They are willing to labor, to buy and to sell.
They are filled with the spirit of courage, initiative and enterprise. They
Remedy Not in Communism.
are determined to maintain high standards of Life and to raise these standThe remedy is not to scrap it all, as Communism or Socialism would do.
ards higher. They live in a land of unlimited resources and opportunities.
It is rather to re-examine the fundamentals of our institutions, change
It cannot be that we can long have too little because we have too much.
what has become outworn or inadequate, but preserve what has stood the
We cannot long have disaster and unemployment when we have an excess
trial of experience and the test of time.
of production and of real wealth. He must have little faith and little
Let us remember that we face the unknown still. The future is not
vision indeed who does not foresee a prosperity and contentment even
revealed, and we are still explorers upon the world's uncharted sea.
before.
We must sail forth with courage and fortitude. There is too little of that greater than
We profess to believe that government should mind its own business,
In our public life. In other days a Jefferson symbolized the worth and the
and that the people who are the least governed are the best governed.
dignity of the common man, or a Hamilton captained the aristocracy of We
profess to believe that makeshift economic measures which would lift
wealth and power. To-day groups or classes of the people dedicate themup any part of our people by their bootstraps are bound to fail. We will
selves to this panacea or to that, and those who might blaze the way surbegin again to practice these beliefs.
render their title of leadership to the group objective and walk with the
After the war we entered upon an era of money making and reckless
crowd.
spending, of credit and installment buying, and of paper fortunes. There
Take, for instance, the international situation. I would not be so bold
was the scramble for wealth and power and indifference to the rights of
as to suggest the solution when others more learned and with so much
others. Then came the inevitable reaction and the crash.
more knowledge of the facts venture none.
But, after all, the priceless possessions of a nation are not its lands.
But is anything to be gained by our national leaders insisting that the
Its minerals, its agriculture, its water power, or any of its material resources.
continuance or the discontinuance of reparations payments from Germany
The one priceless possession of a nation is its people.
to the Allies has nothing to do with the payment by the Allies of their
We are .rich in that.
The American people are still sound and true
debts to us?
in heart and spirit. They can still be trusted to take up the torch of
Every informed person in or out of public life believes, and privately
industrial leadership and ordered liberty and constitutional government
admits, that if by agreement or otherwise Germany stops paying its repa- at home,
and if need be of international leadership abroad, in a way which
rations to the Allies, then the Allies are going to stop paying their debts
will enrich our future, just as the same leadership has enshrined our past.
to us.
Whether we decide to insist upon the payment of these international
debts, regardless of what Germany does about the reparations, or whether Net Income and Rate of Return on Property Investment
we take the view that to-day's loss may be to-morrow's profit, is of course
of Railroads.
the ultimate question, and in all conscience it is perplexing enough; but it
Class 1 railroads of the United States for the first four
will never be settled right as long as out statesmen refuse to discuss it, and
Insist that our country has no stake at all in these conferences between months of 1931 had a net railway operating income of $146,-
Gov. Albert C. Ritchie on Economic Conditions Before
Advertising Federation—Advocates a Higher Form
of Self-Government to Stabilize Economic System
—Attacks Hoover on Tariff and War Debts.
Stabilization of the economic system by a higher order of
self-government and industrial statesmanship to eliminate
unemployment and the recurrence of depressions is the great
problem confronting the American people, Governor Albert
C. Ritchie of Maryland told the convention of the Advertising Federation of America at its dinner at the Hotel Astor
on June 16. Governor Ritchie said that the United States
and the entire world are "on the verge of stupendous changes,
in which new concepts of human relationships are to be
created and from which new standards are to be evolved."
Because of this, Governor Ritchie deplored what he termed
the lack of leadership in the country, assailing particularly
the failure of the National Administration to lead the country in international affairs.
Governor Ritchie warned against what he characterized
as the lack of balance between production and distribution
of wealth in this country and emphasized the need of bringing equilibrium between the factors of output and consumption. His prepared address follows:
JUNE 20 1931.]
FINANCIAL CHRONICLE
136,775, which was at the annual rate of return of 2.11% on
their property investment, according to reports filed by
the carriers with the Bureau of Railway Economics. In
the first four months of 1930 their net railway operating
Income was $238,805,095, or 3.51% on their property investment. Property investment is the value of road and equipment as shown by the books of the railroads, including
materials, supplies and cast. The net railway operati
ng
Income is what is left after the payment of operating
expenses, taxes and equipment rentals, but before
interest and
other fixed charges are paid.
This compilation as to earnings for the first
four months
of 1931 is based on reports from 170 Class I
railroads representing a total of 242,720 miles. Gross
operating revenues
for the first four months of 1931 totaled
$1,448,260,061 compared with $1,783,685,089 for the same period
in 1930, or a
decrease of 18.8%. Operating expenses
for the first four
months of 1931 amounted to $1,148,323,419,
compared with
$1,387,040,660 for the satme period one
year ago, or a decrease of 17.2%. Class I railroads in the
first four months
of 1931 paid $110,163,867 in taxes,
compared with $118,144,072 for the same period in 1930,
a decrease of 6.8%.
For the month of April alone the tax
bill of the Class I railroads amounted to $28,154,213, a
decrease of $1,843,021 under
April the previous year.
Forty-five Class I railroads
operated at a loss in the first four
months of 1931, of which
13 were in the Eastern, six in
the Southern, and 26 in the
Western district.
4521
•
is hown in a tabulation of statistics made by the Nationa
l
Industrial Conference Board in its recently published report
on "Wages in the United States, 1914-1930." The
computations of the Conference Board are based on data
gathered
by the Inter-State Commerce Commission and relate
to the
employees of Class I railroads, which comprise
92.2% of
the total railroad mileage of the United States and
employ
1,685,190 persons, or 96.2% of the total average
number of
railroad employees in the country.
Average actual or money hourly earnings of all wage-earn
ers employed on
Class I railroads were slightly higher in 1930 than'
in 1929. The increase
in average hourly earnings since 1923 amounts
to 10.2%. This increase
does not necessarily denote a higher wage rate, but
may reflect merely
an increase in the employment of more efficient
workers or a decline in the
employment of less efficient workers.
The situation was not quite so favorable in 1980 as to
average weekly
earnings, although the reduction, on the whole, was
relatively slight as
compared with the decline in the earnings of wage-earn
ers in other lines
of economic activity. Average weekly earnings in 1930
were about $1
less than in 1929, but only 3c. less than in 1928. Compared
with the
year 1923, average weekly earnings in 1930 showed an
increase of $1.10,
or 3.7%. The decrease in average weekly earnings between
1929 and 1930
was due to the decline of 2.1 hours in the average number of
hours worked
per week. The average actual work-week in 1930 was the lowest
recorded
in the 17-year period ending in 1930, and was even lower
than that of
1921, the previous depression period.
The favorable situation of the railroad wage earners
is more clearly
shown by a comparison of their real earnings, that is, their actual
money
earnings expressed in terms of the coat of living or the purchasin
g power
of the dollar. Taking 1923 as a base, it is found that real weekly
earnings
in 1930 were 7.9% above the 1923 level, as compared with 6.9%
in 1929.
Although the hourly earnings of all classes of railroad wage-earn
ers were
higher in 1930 than in 1929, the weekly earnings showed a slight falling
off due to the fewer number of hours worked. The highest weekly earnings
Class I railroads for the month of April
were those of road passenger engineers, which were $65.13 in 1930 as
alone had a net railway
comoperating pared with $66.35 in 1929. Road freight
income of $39,074,311, which, for that
engineers earned a weekly average
month, was at the annual
rate of of $60.51 in 1930 as compared with $64.11
return of 2.22% on their property
in 1929. Road passenger coninvestment. In April 1930
their net ductors earned a weekly average of $60.44 in
railway operating income was $62,812,3
1930 as compared with $60.96
48, or 3.61%.
Gross operating revenues for the month
in 1929. The lowest average weekly earnings were those of unskilled
of April amounted to
shop
652,807, compared with 8451,233,257
$369,- labor, which were $17.47 for 1930 as compared
in April 1930, a decrease
with $18.14 for 1929.
of 18.1%. • In the first quarter of this year
Operating expenses in April totaled
the figures, just received and computed
$290,617,542, compared with
279,197 in the same month in
$348,- by the Conference Board, show that there has been
1930, a decrease of 16.6%.
but slight change in
the actual earnings of railroad wage-earners as compared with the
last
Eastern District,
quarter of 1930. Hourly earnings increased one-tenth of a cent while
Class I railroads in the Eastern
District for the first four months
weekly earnings decreased 25 cents, the latter indicating lessened work
1931'had a net railway operating income
in
of 884,496,858, which was
at the time. Real earnings, on the contrary, both hourly and weekly, showed
annual rate of return of 2.51% on
their property investment.
For the increases, due to the decreased cost of living. Real hourly earnings insame period in 1930 their net
railway operating income was
$137,159,502, creased by 5.3% and real weekly earnings by 3.7%.
or 4.18% on their property
investment. Gross operating
revenues of
the Class I railroads in the Eastern
District for the first four
months in
1931 totaled $732,886,053, a decrease
of 18.7% below the
corresponding
period the year before, while
operating expenses totaled
$575,465,882, a Governor Franklin D. Roosevelt of New York Advocates
decrease of 16.6% under the same
period in 1930.
Provision by States for Education of People
Class I railroads in the Eastern
District for the month of April
had a
net railway operating income of
Through Medium of Rural Press.
$24,255,714 compared with
$38,014,398
in April 1930.
Southern District,
Class I railroads in • the Southern District
for the first four months of
1931 had a net railway operating inocme
of $17,899,987, which was at
the annual rate of return of 1.53%
on their property investment. For
the game period in 1930 their net railway
operating income amounted to
$33,010,830, which was at the annual
rate of return of 2.83%. Gross
operating revenues of the Class I railroads
in the Southern District for the
first four months in 1931 amounted to
$191,442,512, a decrease of 19.4%
under the same period in 1930, while
operating expenses totaled $154,265,735, a decrease of 16.6%.
Class I railroads in the Southern
District for the month of April had a
net railway operating income of
$5,359,814, compared with $7,993,296
in April 1930.
Western District.
Class I railroads in the Western District
for the first four months in
1931 bad a net railway operating income
of $43,739,930, which was
at
the annual rate of return of 1.84% on their
property investment. For the
Berne four months in 1930 the railroads in
that district had a net railway
operating income of $68,634,763, which was
at the annual rate of return
of 2.92% on their property investment. Gross
operating revenues of the
Class I railroads in the Western District for the
four months' period this
year amounted to $523,931,496, a decrease of
18.8% under the same
period in 1930, while operating expenses totaled
$418,591,802, a decrease
of 18.2% compared with the same period in 1930.
For the month of April alone the net railway
operating income of the
Class I railroads in the Western District amounted
to 89,458,783. The
net railway operating income of the same roads
in April 1930 totaled
816,304,654.
CLASS I RAILROADS
-UNITED STATES.
Month of April.
1931.
1930.
Four Months Ended April
1931.
30.
1930.
$
8
$
Total operating revenues- __ _ 369,652,307 451,233,257
$
Total operating expenses_ _ 290.617.542 348,279.197 1,448,260,061 1,783,685,089
Taxes
28,154,213 29,997,234 1,148,323,419 1,387,040,662
Net railway operating Income 39,074.311 62,312,348 110.163.867i 118,144,072
146,136,775 238,805,090
Operating ratio
78.62%
77.18%
79.29%
77.76%
Rate of return on property
Investment
2.22%
3.61%
2.11%
3.51%
Last Quarter of 1930 Heavie
st Ever
Known.
During the last quarter of the year 1930 both
average
hourly and average weekly real earnings of the
railroad
employees of the United States were higher
than in any
other recorded period during the last 17 years.
This fact
Railroad Wages
"The duty of all of us who are interested in Government
to see that our rural communities are informed as completely on the subject of local government as the readers of
the large city newspapers are informed on what is going on
in Washington" was pointed out by Governor Franklin D.
Roosevelt of New York in a letter, dated May 29, to George
B. Dolliver, President of the National Editorial Association.
The letter was read at the dinner on June 4 of the Association which marked the conclusion of its annual convention
at Atlanta, Ga. The Governor said:
In line with the thought that education is at all times a function of the
State, I believe that State Governments should give serious study and
consideration to providing this additional education for adults through
the medium of the rural press in communities where the number of subscribers and the amount of advertising makes it difficult for the country
editor or proprietor to make both ends meet.
"I have no definite plan" said the Governor, "but I do
know that it would be of tremendous advantage to the cause
of better government in this country if something along this
line could be worked out. May I suggest that your association take some steps to study this problem, and I can
assure you that if a practical scheme can be evolved it will
have my very earnest and hearty co-operation."
The Governor's letter follows:
Albany, May 29 1931.
George B.DOlitVer, Esq.,President, National Editorial Association, Atlanta, Ga.
My dear Mr. Dollieer:-It is with very real regret that I find I cannot in
Person welcome the Editorial Association to Warm Springs. but as you
Probably know, I have only lust returned from a hurried trip to France to
see my mother. I had hoped not only to show you what the foundation
is doing at Warm Springs to restore to active and useful citizenship those
who have been temporarily handicapped by fate. but I wanted also to talk
over with all of you in person certain thoughts regarding the support and
encouragement of a fearless, independent and intelligent rural press throughout this country.
We are beginning to understand more and more the proper relationship
between the State and its individual citizens. We know, for example,
that most of the misgovernment, extravagance, corruption or inefficiency
that exists in our village, town, county, city. State and even national
governments has come largely because of the indifference of the voters to
the qualifications of those whom they permit political leaders to select for
Position of authority.
Much of this indifference arises either from an ignorance on the part of
the voter as to actual conditions, or else an ignorance on the part of the
voter as to the qualifications, good or bad, of the persons for whom he
votes on election day. In other words, a more educated citizenship is
the ultimate answer to present shortcomings of government.
4522
FINANCIAL CHRONICLE
We know also that education is a proper function of the State. In my
own State, for example, the item for education in the State budget greatly
exceeds any other item and actually amounts to about one-third of the
State expenditures. So far, however, by far the greater part of the education this provided stops with the individual before he or she attains voting
age.
It is only recently that we have begun to realize that the education of
a citizen continues throughout life, and it therefore seems fair to reason
that the duty of the State to educate its children implies a further duty of
the State to continue the education of its adult citizens, at least to enable
them to understand their responsibilities to the form of government under
which they live and the character of the public officials.
Those who live in the larger centers of population obtain through the
the
press reasonable information as to what goes on at Washington or at
State Capitol. The failures or the successes of our National Administration
is
are on the whole discussed intelligently and frequently and the same
But when
true in regard to most of our American State Administrations.
administration which is
we come to that local governmental machinery and
instances, a
the foundation of all government, there is, I fear, in many
most amazing lack of knowledge or interest.
For instance, in my own State, we have greatly reformed and improved
governments the
our State Government, but in our town and county
little
functioning is under archaic and obsolete systems which have changed
of effort,
in many generations. Under systems of fees and duplications
has become profitable to the
..s r ty patronage in our local government
favored few and highly extravagant for the average taxpayer.
to this problem of the education of the individual
One definite answer
It is
voter lies in the rural press. No city paper can supply this lack.
of a
therefore to the interest of every State to encourage the maintenance
criticize freely when
local press which, free from any political influence, will
is deserved, and at the same time keep
things go wrong, praise when praise
its readers constantly informed of what is going on.
In line with the thought that education is at all times a function of the
State, I believe that State Governments should give serious study and
consideration to providing this additional education for adults through
subthe medium of the rural press in communities where the number of
scribers and the amount of advertising makes it difficult for the country
editor or proprietor to make both ends meet.
all
The State use of the rural press should, of course, be provided to
sufpapers on a non-partisan basis, provided only that such papers have
ficient circulation in proportion to the population which they serve as to
rank them as real mediums of information.
Careful study might be able to devise methods by which political and
never
governmental information through the medium of these papers can
housed as in the past,as a club by which a party in power seeks to eliminate
a minority.
The absurd principle that existed in our State in the past, by which large
pubportions of the local press were subsidized for political purposes by
lishing page after page of session laws, is not the sort of thing which brings
any educational results; not one voter out of a thousand ever glances at
the huge mass of our laws printed in small type.
There is other information, however, particularly with regard to local
government which could be prepared and printed and which would be a
matter of news and a matter of interest to the readers.
I have no definite plan in view but I do know that it would be of tremendous advantage to the cause of better government in this country if
something along this line could be worked out. May I suggest that your
association take some steps to study this problem, and I can assure you
that if a practical scheme can be evolved it will have my very earnest and
hearty co-operation.
The country paper should be the country schoolmaster for us older
people. It should be supported in every way that is fair and practical
for the good of the citizenship of the State itself. State aid should not be
used as a political corruption fund by the party in power.
Th's spring in vetoing a bill for the mere printing of official notices
which no one would read. I remarked that the measure should have been
entitled: "An act for the relief of certain newspapers." This bill would
have resulted in establishing the very political subsidy to which I so seriously
object. Had it been an act to aid all bona fide rural newspapers without
regard to their political beliefs to become education factors in regard to
government, I would have given it a very different consideration.
I wish much that your association could work out some plan. The
passing of the rural press would be a disaster to our nation. It is the duty
of all of us who are interested in government to see that our rural communities are informed as completely on the subject of local government as
the readers of the large city newspapers are informed on what is going on
in Washington.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Sir George Paish Warns World of Trade Collapse—
Calls on Nations to Join in a Program to Check
"Economic Disaster"—Support of World Court,
Revision of Tariff and Debt Policies Among His
Remedies.
Worldwide economic disaster which, he said, could only
be mitigated but could not be avoided was predicted as a
result of the economic depression by Sir George Paish in
an address on June 8 at the annual meeting of the Welfare
Council in the Russell Sage Foundation Building, 130 East
22d St.
Sir George, Governor of the London School of Economics
and former economic adviser to the British Government,
declared that only the closest co-operation of all nations in
an effort to stem the forces of economic and financial dissolution could ameliorate to some degree the catastrophe which
he feared. The New York "Times" of June 9, from which
we quote further reported his remarks as follows:
He assailed statesmen of the world for what he termed their interference with trade, holding them responsible primarily for the present situation
and the dark outlook for the future, and called for the mobilization of
all available International forces to prevent revolution on a world scale
and to devise a common program to revive trade and restore the normal
processes of industrial and commercial life.
Fears "Suicide of the World."
Among the measures which Sir George regarded as imperative was
reconsideration of tariffs impeding the flow of international commerce
[VOL. 132.
and of the reparations question. Failure of international co-operation to
grapple with the problems created by the depression, he said, would mean
"the suicide of the world."
Sir George predicted greater distress in America and in other countries
in this coming winter "than we have witnessed in modern times" and urged
timely preparation of relief measures. He advocated unemployment
Insurance as the only means of averting revolution in countries which
like Great Britain, had been suffering from chronic unemployment.
The belief that next winter will bring more acture distress was shared
by officials of the Welfare Council, which represent the principal welfare
and health agencies of the city.
Solomon Lowenstein, Chairman of the Executive Group of the Council's
co-ordinating committee on unemployment, announced that plans were now
being worked out for a joint comprehensive relief program by all private
agencies in the city to parallel the relief work of the City Administration.
Mr. Lowenstein said the program would be along the line of the Emergency
Employment Committee, but on a wider front. Its details will be made
known later.
"I am very much disturbed about the situation in this country," said
Sir George. "I am also very much disturbed about the situation in the
world, and it is clear that both you and we, in fact, all countries, will
be up against a great deal. In a measure, we are going to fight probably
the greatest peace battle that we have fought. You will remember that
during the war we were right up against it. We had to mobilize all our
forces to win the war. Now we have to mobilize the forces of every possible kind to win this fight against trade depression. Indeed, if I may
say so, in my Judgment there is a danger, a great danger, of a complete
breakdown of trade, and we must be prepared. If those who are able to
control world affairs are wise and act wisely, then we may mitigate
the disaster. it cannot be prevented. It can only be made bearable."
Calls Idleness Political.
Attributing the prevailing international unemployment to the policies
pursued by the governments of the world and characterizing the disease
of Industrial idleness as "mainly political." Sir George said that the politicians and statesmen must bear the responsibility.
"They have done everything in their power; they desired to do everything in their power to hamper trade," he said. "They have increased
tariffs, they have imposed embargoes, they have created licenses; in fact,
they have left nothing undone to hamper trade. I wish to compliment
the politicians and statesmen of the world upon the success of their policy.
They have left nothing undone to hamper the trade of the world and to
bring ruin. They have succeeded, but it means the suicide of the world.
I am not saying that of New York, but of my country and ofevery country.
It is essential that people should realize the danger in which they are,
the danger of the complete breakdown of trade bringing unparalleled distress.
"This is no mere trade depression. It is a catastrophe of the first
moment."
Pointhig out that this crisis was merely a continuation of the effects of
the shock experienced by the world from the war, Sir George said that
the world's economic and financial structure was suffering from an unprecedented over-extension of credit which, he said. had never been equaled.
with the result that huge amounts of credit could not be honored.
Says He Warned Us in 1927.
"You know as well as I do this situation is extremely grave," he continued. "The question is what remedies we are going to apply. That
is the real question. When I was here In 1927 I endeavored to induce
your people to realize that they were living in a fool's paradise. No one
would listen. They said, 'You are a pessimist, you don't understand: we
can go on as we please.' Now everybody realizes the situation. You
know. The only thing you don't know is how far you are going down.
It is almost impossible to get any one to realize how extraordinarily dangerous the situation is. I have spent two months trying to get your people
to understand. You say,'We are optimists.' It Is well to be optimistic,
but you must understand the situation. You must know when the
weather is going to be fine. But there Is no use being optimistic when
it is not going to be fine, when rain is inevitable. The present situation
is indeed a grave one. It is not only grave in America but it is grave in
Great Britain; it is grave on the whole Continent, in Asia, South America,
Australia, Canada; in fact. there Is no part of the world in which there
Is not great distress."
The world's great misfortune had been, Sir George added, that each
nation was trying to solve the problem in Its own narrow, national way,
when, as a matter of fact, the problem required common action.
"Each nation has been trying to get out, thinking that its problem
Is a local one," he said. "This has carried us into deeper and deeper
distress. This problem is not merely a national problem. It Is essential
that every nation in the world should co-operate with every other nation
to get the world out of distress. The world problem must be faced by the
world."
Urges Study of National Fears.
As steps toward the solution of the world's troubles, Sir George urged
careful study and examination of the facts and the elimination of the
mentality characterizing certain nations and which finds expression in
fear of another war. Unless nations stop thinking of another war and shaping their policies accordingly and concentrate their policies on peace and
International co-operation, he said, "there will be increasing distress in
ever larger measure until you have difficulty, misfortune and revolution
from one end of the world to the other."
"Already a great many revolutions have taken place," Sir George
warned. "Presidents are being thrown out, in South America, in Central
Europe, parts of Asia. And that will be the situation in other
nations unless we learn to co-operate. The peoples of the world must rally
to the support of the League of Nations and insist that their governments stand for world peace, for a policy of justice, a policy of right, a
policy of fair play. Each question must be discussed. Reparations.
Russia. China—all of them must be discussed on their merits. We must
each of us stand for the welfare of the other nations. We have to create
a condition in the world that will make all nations prosperous. Out of
world prosperity our own prosperity will follow."
Hears Reports on Relief Work.
Following Sir George's address the meeting listened to reports concerning the extent to which the acute social and personal problems of the
unemployed have been met by the public and private social agencies of
the city. Homer Folks, Chairman of the the Executive Committee of the
Welfare Council, reported on the Council's observation of the situation and
Its efforts to help remedy it. Mr. Lowenstein described the efforts of
the
the Council's co-ordinating committee on unemployment to combine
the
relief work of all agencies. William Hodson, Executive Director of
relief, health
Council, reported on immediate problems of co-ordinating
and other social services.
JUNE 20 1931.]
FINANCIAL CHRONICLE
Canada Enacts Copyright Law.
A dispatch from Ottawa to the New York "Times" states
that the new Canadian copyright act by consent passed the
Senate on June 11 without amendment and received the
royal assent so that it can be filed in Rome by July 1, and
Canada will be a party to the Rome convention. It is added
that the government promised there would be amendments
next session to further protect the rights of authors.
Rome C. Stephenson of American Bankers' Association
Not Pessimistic About Future—Before American
Institute of Banking Says Surest Way to Bring
Nation Out of Depression Is to Raise Public Confidence to Point of Dynamic Force.
The most significant aspect of the present business reaction
s that, while there has been "perhaps the worst general
economic breakdown in history, we have not had any semblance of a financial panic" such as characterized some previous depressions, Rome C. Stephenson, President American
Bankers' Association, declared on June 12 before the American Institute of Banking convention in Pittsburgh. Terming unemployment the greatest public problem in the country
to-day, he said that the sooner we can get our masses of
workers back into jobs on almost any terms the better it
will be for both capital and labor. "The surest way to bring
the nation out of the business depression is to raise the pressure of public confidence to the point of becoming a dynamic
force," Mr. Stephenson said, declaring that he was not
pessimistic about the future. Commenting on the general
agreement that the bottom of the depression has been reached
he said there is such a thing as "overstaying a depression"
just as there is of "overstaying a boom." He added:
Banking and corporate finance in this period are unflinchingly taking their
portions of short rations and enforced self-denial that the nation's need for
readjustment demands. Interest rates on money, yields on securities and
dividends on corporate investment have all dropped to levels that constitute
drastic reductions in the compensation of capital. These are but part of
the necessary economic realignments that all phases of the country's working
life must go through before a general revival of industrial, business and
financial activity can get under way.
He commended the Institute and its work to the people of
the country as an earnest that our banking structure and our
banking people warrant their continued confidence. He
pointed out that at no time has the banking structure as a
whole been shaken and has always been ready during this
recession to extend support and co-operation to trade and
industry. Bank workers, who are making themselves more
valuable to banking through taking educational courses in
the Institute, are practicing the best kind of "job insurance,"
he declared.
Mr.Stephenson said he thought it would be agreed that the
worst aspect of the collapse of the period of "false prosperity"
that preceded the present situation is the condition of insecurity for employment in industry and business which it
caused. "Unemployment is the worst wage cut that the
worker can suffer," he said. "It is the worst cause of stagnation that business has to strive against. The sooner we
can get our masses of workers back into jobs on almost any
terms the better it will be for both capital and labor."
Remarking that some look upon the matter of unemployment as a social or political problem and others regard it as
purely an economic problem, he said he was inclined to the
belief that the more practical approach to the prevention of
such situations as general unemployment presents is along
lines of economic foresight rather than along those of social
legislation. Economic foresight is conceivable not only for
the individual but for business as a whole, he declared.
Mr. Stephenson said:
The public welfare of the United States demands that industry adopt a
long-range viewpoint and lay out its production and distribution plans with
the thought that it is far better to have a long period ofgood sound business
activity than a short period of frantically over-competitive endeavor.
This would tend to lessen overproduction in various lines, to prevent overexpansion of plant capacity, to avoid overstimulation of public buying and,
above all, to avoid periods of slumps and stagnation following periods of
overstimulation with their disasters of unemployment.
For business, too, he said, there is a part in such a conception of economic foresight. It should aim to co-operate
with industry in its endeavor to avoid reckless overproduction, overstocking and overselling the public.. He also said:
In this picture of national economic prudence, banking and finance, too,
have their place. Their effort should be to influence the use of credit and
other financial facilities into channels of sound public economy consistent
with the attitude I have already sketched for industry and trade. All
finance, whether current commercial banking or industrial investment
banking, should seek by their influence in granting or withholding credit to
stimulate and build up a balanced economic situation.
Comparing the present episode to previous depressions
Mr. Stephenson declared that "while we had a speculative
4523
panic and a general economic breakdown—the worst, perhaps, in our history—we have not had any semblance of a
financial panic, such as occurred in other years when the
credit and monetary machinery broke down and we had
money panics, suspension of specie payments and kindred
disasters. None of these elements of a true financial panic
has been present in this depression of the 1930's. At no
time was the banking structure as a whole shaken, despite
the unprecendented rate of small bank failures that it had
to absorb. At no time was the banking and credit machinery
unable to extend support to the panic-stricken and broken
stock markets and co-operation to all kinds of business and
manufacturing. Anyone would have been a wise prophet
who could have foretold that our banking and credit structure
would stand up so well under conditions so bad as during the
past two years."
The duty of the individual in such a plan for the sounder
economic future for the United States, he said, is to make
every effort to take care of himself and to provide for himself.
Neither government nor industry can do that for him, he
declared. "They can give him the opportunity to succeed
but they can't succeed for him," he said.
He said that in the American Institute of Banking, bank
workers have the chance to create greater security for themselves by becoming better bankers through education and
urged that this is no time to waste opportunity for selfimprovement. Some 43,000 bank workers:are enrolled in the
institute's courses in 300 cities of the country, but there are
several hundred thousand bank employees, Mr. Stephenson
said, and five or Eix times as many should be enrolled. The
matter of getting and holding a job is a vital and important
one under existing conditions, he pointed out. Among
other things, Mr. Stephenson said:
Business must tighten up its economies and its efficiencies. In this
Period of reaction and depression it must enforce more intensive selection of
Its human working forces through the elimination of the sub-efficient employee first. To the individual employee the meaning of this is plain. It
demands efficiency, special fitness and the'willingness to give the best that
is in him. The possession of these qualities is the very best kind of Job
Insurance that he can have. This statement has particular application to
the bank worker. The responsibility of banking these days is too great for
it to take chances with any but the very best employees obtainable. You,
who are striving through Institute work to make yourselves particularly
Proficient and valuable to your banks in your jobs, are fortifying yourselves
against the hazards of unemployment that lurk in these depressed times.
Mr.Stephenson stated that the pressure of returning public
confidence has invariably been the force which started recovery in the past and it is the gathering power of this force
which will start recovery from this present depression. He
added:
As more and more manufacturers and business men realize that a turn
has come and that they are overstaying the time to adopt constructive
policies, they begin cautiously to press their selling campaigns, to speed up
their production, to enlarge their working forces and increase their commitments for supplies. It is the gathering weight of these influences that
finally raise the pressure of business and public confidence to the dynamic
power of recovery.
It is a favorable sign of the times that there seems to be general agreement
that the bottom of the depression has been reached and all eyes are peeled
and looking ahead for the first indications that the turn for the bother is in
sight. Who knows but what the first thing we know we will find ourselves
looking backward instead of forward as we realize that the turn has already
come. It is a rough and rocky road that runs across the bottom of the valley
of business depression, and most of us are too busy steering the old Ford
from bump to bump to be able to take in all the scenery. So who knows
but whatsome important changes in the landscape are already taking place?
Benjamin N. Anderson Jr. of Chase National Bank of
New York Finds Process of Re-Equilibration Going
On—Industries Seeking to Readjust Production
and:Prices.
In an address before the Ohio Bankers' Association in
convention at Toledo, on June 10, Benjamin M. Anderson,
Jr., Ph. D., Economist of the Chase National Bank of the
City of New York, discussed.the purchasing power doctrine
and the doctrine of equilibrium; "the purchasing power
doctrine," he noted, "is always the popular doctrine. It
presents itself as an easy, painless and quick way out. It
seems to make it unnecessary for the individual to do anything. The government and the central banks are expected
to do it all. The equilibrium doctrine, on the other hand,
calling upon individuals to work out their own problems
and make their own readjustments and shifts is a doctrine
of bard work." "Readjustment," said Mr. Anderson, "Is in
process.
. Given the security of life and property,
given the gold standard, given the enforcement of contracts,
and given anything like untrammelled, open markets, the
people themselves, individually, will finally restore equilibrium and bring back good business." An extract from
his address follows:
4524
FINANCIAL CHRONICLE
Public opinion regarding economic matters is badly confused to-day,
through the conflict of two opposing sets of ideas regarding the causes of
the depression and the remedies for it. One school of thought, to which I
adhere, finds the difficulty in a disturbance in economic equilibrium, and
would expect things to right themselves again and business to go on
actively and satisfactorily when balance is once more restored. The other
school of thought finds the causes of the depression in deficiencies of
purchasing power, and would seek to find the remedies by artificial increases of purchasing power in one way or another.
The Purchasing Power Doctrine.
Adherents of the purchasing power school would be Messrs. Cassel and
Keynes in Europe, and Messrs. Catchings and Foster in the United States,
with many other names to be added as one or another manifestation of the
purchasing power doctrine comes to light in special remedies which are
proposed. It goes without saying that no one name is to be held responsible
for all types of this doctrine.
Many adherents of the purchasing power school would advocate cheap
money policies by Federal Reserve Banks and central banks in order to.
encourage the expansion of credit by the commercial banks, the buying of
bonds by commercial banks, and increased lending. Others would advocate
Increased expenditures on the part of all who can afford them, and would
argucondemn savings as anti-social in a time of depression. One of the
ments offered for the soldiers' bonus measure was that it would mean
Increased purchasing power which would help set business going again.
Others would advocate heavy borrowings by governments for the construction of public works in order to increase buying power in the hands of
are
labor. Others of this school would maintain that reductions of wages
on no account to be permitted, lest the buying power of the public be
support of the silver market
reduced. Others would advocate artificial
In order that the buying power of China might be increased. One of the
arguments offered for the artificial maintenance of the prices of wheat
and other commodities by governmental valorization has been that it would
maintain the buying power of the farmers.
The general picture which the purchasing power school presents is that
of production running ahead of buying power. Production is one thing,
buying power is another thing. The two are separate, and are governed by
separate causes, and the problem for governments and central banks to
work out is that of keeping buying power abreast of production, in the
view of this school.
The Doctrine of Equilibrium.
The opposing view maintains that economic life will go on smoothly
and satisfactorily when it is well balanced. It does not separate purchasing
power and production. It does not look upon production and consumption
as two independently controlled factors. It maintains, rather, that purchasing power grows out of production, and that the ability to consume
depends upon the ability to produce.
Equilibrium in economic life involves several primary elements: First,
a proper balance among the various types of production, as agriculture,
raw materials, manufacturing, transportation ; second, a proper balance
between the prices of goods and the costs of production, including wages,
so that profits are possible, stimulating enterprise to increased activity;
third, proper relation among the prices of different kinds of goods and
proper relation among retail prices, wholesale prices, rentals, Sm.; fourth,
proper balance of exports and imports, taking into account the invisible
Items in the international balance sheet, and including a proper proportion
between the flow of goods and the flow of credits in international relations;
fifth, a proper balance in the money and capital markets.
The equilibrium doctrine relies upon natural markets, in w'hich prieas
and interest rates correctly reflect underlying conditions of supply and
demand in their respective fields, and give trustworthy cues to the enterprises making business plans. It is through price changes that a broken
equilibrium is restored. With economic life in balance, production can go
on safely, because buying power will exist to clear the markets and to
make way for new goods coming into the markets.
The equilibrium view relies upon the automatic forces of the market
places to restore equilibrium when it has once been bijoken, rather than
looking to governments and to central banks to guide and control the process
of re-equilibration. It is very skeptical of governmental interferences. In
the present situation, it is particularly concerned regarding the high tariffs
and other hindrances to the international movements of goods. It wishes
the lines of trade to be open.
In credit matters, the equilibrium doctrine is far more anxious to have a
good quality of credit than it is to have a large quantity of credit. It
holds that liabilities should be matched by assets, and that outgo should
be matched by income. It maintains that debts should not be created
without careful consideration of the sources of income which are later to
liquidate the debts, and it holds that international debts should not be
created without careful consideration of the backflow of goods and services
which is later to liquidate these international debts.
The equilibrium doctrine is distinctly sympathetic with the project of
concentrating public construction in periods of depression, using governmental construction as a sort of balance wheel to moderate the ups and
downs of business. But it is most sympathetic with projects of this sort
when long-run planning is involved, and when governmental bodies have
paved the way for heavy public construction in a period of depression by
first reducing government construction in the preceding period of prosperity,
with the accumulation of a "prosperity reserve" of such construction.*
The equilibrium doctrine is very distrustful of projects for heavy public
borrowing as a means of meeting industrial depression, knowing well that
long after the effects of such borrowings have passed, the increased tax
burden for interest and amortization on the public debt will remain.
The equilibrium doctrine looks upon periods of reaction and depression
as, properly, periods of liquidation of credit and improvement of the quality
of credit, as times for the paying of debts and the restoration of sound credit
conditions. Some, at least, of the adherents of the purchasing power
doctrine would seem to feel that under no circumstances is a liquidation of
credits desirable, since, if men are obliged to save for the purpose of reducing debt, they to that extent diminish their purchasing power, and thus
contribute to business reaction.
I do not wish to be understood as hostile to all the proposals which I have
listed as illustrations of the purchasing power doctrine. The notion that
we must use artificial measures to raise the price of silver as a means of
raising the buying power of the Far East I reject. But the contentions of
the silver market that much of the demoralization in silver prices is due
to an extraordinary volume of selling at unpredictable times by important
governments whose transactions are so great as to overwhelm the markets,
* See "Chase Economic Bulletin," "State and Municipal Borrowing in
Relation to the Business Cycle," June 10 1925.
[VOL. 132.
and also the suggestion that these governments should act as good merchants
would act, are certainly reasonable. Nor do 1 question the usefulness of
cheap money when it comes as a result of liquidation of credit in a period
of depression, as one of the many factors in a general readjustment which
pave the way for reviving trade.
Many of the proposals of the purchasing, power school will, under ordinary circumstances, give at least temporary stimulation to business. But
when these remedies are applied as a substitute for the restoration of economic balance, and in a badly unbalanced situation, they represent largely
wasted ammunition. We have had extremely cheap money for over a year.
In the past few months our Government has loaned the ex-soldiers approximately 800 million dollars, which amount has been added to the purchasing
power of the consuming public. Early in 1980 we made large use of the
remedy of stimulated construction and purchase of equipment on the part
things
of railroads, public utilities, and municipalities. Many of these
would have been very helpful had they been delayed until after a good
their chief
deal of readjustment had taken place, but, coming prematurely,
effect appears to have been to delay readjustment and the restoration of
equilibrium.
The purchasing power doctrine is always the popular doctrine. It presents itself as an easy, painless, and quick way out. It seems to make it
unnecessary for the individual to do anything. The government and the
central banks are expected to do it all. The equilibrium doctrine, on the
and
other hand, calling upon individuals to work out their own problems
It
make their own readjustments and shifts is a doctrine of hard work.
It
calls for hard work and hard thinking on the part of the individual.
The
calls, often, for the abandonment of cherished hopes and plans.
governments,
purchasing power school has therefore had the sympathy of
since the
and of the people, and many of its proposals have been tried
great depression began.
does not
But the logic of events is with the equilibrium doctrine. It
Readjustment
require the sanction of governments or public popularity.
losses, are
is in process. Individuals, seeking to make gains, or to avert
factory proreadjusting and shifting. Retail trade has been outrunning
reducing prices and getting busiduction for nearly a year. Retailers are
seeking work elseness thereby. Men released from work in one field are
are looking eagerly
where. Business men, finding certain lines unprofitable,
Industries are seeking to
for other lines which may be made profitable.
prices so as to meet the
readjust their lines of production and their
-equilibration is going on. Given the
markets' demands. The process of re
standard, given the enforcesecurity of life and property, given the gold
untrammelled, open markets,
ment of contracts, and given anything like
finally restore equilibrium and
the people themselves, individually, will
going on and progress is
bring back good business. The process is
being made.
in
ReallEstate Bond Situation One of Blackest Spots
Outlook According to Report of
Our Financial
Committee of Investment Bankers' Association of
America—Bonds Outstanding Estimated Between
estions for Working
8 and 12 Billion:Dollars—Sugg
Out Defaults.
real estate bond situaAn intensive investigation of the
suggested plans for working out defaults and
tion, giving
sound basis, is given
for restoring real estate financing to a
investment banking business and the public by the
to the
in the latest
Investment Bankers' Association of America
report of the Association's Real Estate Securities
interim
Committee, made available June 9. The report was pres Board
sented at the recent May meeting of the Association'
Sulphur Springs, and appears in the
of Governors at White
June number of the Association's official publication, "Investment Banking." After giving a brief history of real
estate bond financing and of rental and real estate value
trends since 1914, the report divides outstanding real estate
bonds into five classes and says:
our present
"The real estate bond situation is one of the blackest spots in
how
financial outlook, made so to some extent by general ignorance as to
total outstanding volume
the situation should be handled. Estimates of the
to twelve billion dollars. Ten billion
of real estate bonds vary from eight
$400,000,000
dollars may be a fairly correct estimate. In the city of Chicago
conditions exist
in real estate bonds are in actual foreclosure and similar
of real estate bonds should be
In most of our larger cities. The ten billion
committee
considered in groups and a classification follows which your
believes is more or less correct."
The classification places in Class 1, $2,000,000,000 of real
estate bonds "in good standing with good record." Class 2,
$2,000,000,000 which "appear to be able to work out without
foreclosure or loss. Class 3, $2,500,000,000, "where foreclosure or workout with small loss is probable (losses 10%
to 25%)." Class 4, $3,000,000,000, "with losses from 25%
to 00% when foreclosure and sale are completed. Class 5,
$500,000,000, "incompleted, 111 conceived and misplaced
buildings, including many leasehold and second mortgage
bond issues. Losses in this class will run from 60% to 100%,
and items should often be entirely abandoned."
Bonds in Classes 1 and 2 are well secured, the Committee
believes, and .are entitled to a preferred market and investment houses should endeavor to maintain such a market.
In Classes 3, 4 and 5 the Committee advises that each bond
holder should be furnished with information as to the probable liquidating value and that when possible some price
for these bonds should be maintained by the originators.
Where liquidation is necessary originators should take the
leadership in liquidating each issue and should at least
1
JUNE 20 1931.]
FINANCIAL CHRONICLE
4525
position
absorb their own expenses, to make the burden on the prop- should give complete information as to the financial
of the trusts as well as a clear statement of operations.
erty as light as possible. The report adds:
"We do not believe that the investment house need absorb the loss on
real estate bonds and mortgages. We do believe that investment houses
which expect to stay in business should help to preserve the integrity of
their real estate bond issues as far as possible."
The committee says:
In particular the annual report should contain a complete statement of the
investments held in the portfolio of the trust. Stockholders and prospective
stockholders have a right to know in exactly what securities the management
of the investment trust has invested its funds. In order that this may be
accomplished the list of securities should give the names and amounts of
each security.
Securities should be carried on the balance sheet at cost and it is recommended that costs be computed on an average basis. It is desirable that the
total market value of securities be given in the report in order that stockholders may be able to determine the actual liquidating value of their shares.
or preferably this liquidating value should be stated in the report and its
method of computation clearly shown in a table supplementing the income
statement. The amount of the unrealized losses or depreciation, if any, of
the portfolio should be clearly stated. If reserves are set up against unrealized losses or for other reasons, the nature and purposes of these reserves
should be indicated with a statement as to whether they were created out of
income or out ofsurplus, either earned or paid in.
The Committee reports that it nas received many plans
that propose to work out defaulted bond issues in groups.
As a general rule, says the report, these plans of including
several defaulted issues in a group are not fair to all depositing bond holders, some of the plans are sponsored by
individuals who are intent on making a profit from the
situation and all the plans are primarily weak in that no
capital is furnished.
The report then offers a definite plan and proposes that,
where State laws permit, corporations be organized by subPursuing its purpose, to bring about "a clearer understantial interests in leading cities to acquire distress income
public," the report
property. These corporations should have adequate paid-in standing of this subject by the investing
makes specific recommendations on the reporting of profits,
capital, and holders of defaulted bonds should have a choiPe
of selling their bonds to the corporation at a fair price or of as follows:
it is recommended that profits realized on the sale
exchanging bonds for 5% preferred stock, each share of ofIn the income account,
securities be shown separately from other ordinary income items. In the
which would carry with it one share of common stock. The event, however, that the management of an investment trust includes realaccount, is recommended that if either
corporation might also acquire the equity and junior claims, ized profits and losses in the incomeincluded.it
of these is included, both should be
either by foreclosure or purchase, and the report adds:
These recommendations in connection with the method of reporting real"We believe it is advisable for the principal banking interests in all the
cities where the foreclosure problem is a serious one to organize and get
the defaulted real estate bonds out of the way as quickly as possible."
ized profits are made so that the income account will not be misinterpreted by investors who are unfamiliar with accounting practice. If
some of
abnormal profits are included in the income account, It is likely that
the stockholders or prospective stockholders will be led to believe that such
gains are to be expected in the normal course of business.
The report refers to the conservative type of real estate
loans held by insurance companies and conservative mortAfter discussing characteristics of management the report
gage guarantee companies and says that, "While some of refers to investment banking institutions selling securities
their assets are tied up in present foreclosures, they all feel to the trusts they sponsor, saying:
that their eventual losses will be negligible." Looking .to
Several investment trusts have been criticized for purchasing securities
with which the sponsoring houses had been directly or indirectly identified.
the future, the report says:
unsound in a specific purchase by an investment trust
"Until the present situation has cleared, there will be little real estate
bond financing done. If the business continues at all the new issues will
be more in accord with the standards of safety followed by life insurance
companies. This means a sharp curtailment of new building projects, unless
borrowers can be found to supply the required 40% to 50% margin of
security."
The curtailment of real estate development means a partial paralysis of many industries, the report declares, and
adds that:
"We believe that the most important problem is to provide the machinery
by which confidence in real estate securities can be re-established and
through which the investing public be willing to make their savings available to finance proper and reasonable real estate undertakings and new
construction.
"Your Committee is of the opinion that a good method to accomplish
this result may be through the medium of guaranty companies, specifically
organized for the purpose of guaranteeing mortgages. The subject, however,
is one of great importance, and without further investigation we make no
specific recommendation at this time."
There may be nothing
of securities with which sponsoring houses have been identified, but such
dealings are peculiarly liable to abuse and to criticism on the part of the
investing public. Although it is perfectly possible that the practice of purchase ofsecurities from a sponsoring or affiliated investment house may never
have been abused and may even in the past have proved of advantage to an
Investment trust, the practice is fraught with danger and the possibility of
be
misconstruction, and such transactions if they occur at all should always
entered into with the greatest reserve on the part both of the sponsoring
house and the investment trust itself. This phase of the management of an
investment trust portfolio is fundamental.
The report makes extended recommendations as to a trust
reacquiring its own securities and as to its dividend policies
and adds that these recommendations are based on the two
fundamental principles, namely:
1. That the managers of an investment trust are trustees in the highest
to the public,
sense and that in investing funds derived from sale of stock
their policies should be able to withstand the test applicable to trusteeships
2. That the management of an investment trust must be willing to take
the public into its confidence through the publication of complete information including the policies and practices of the management.
The report was presented by Louis K. Boysen of the
Referring to fixed trusts, the report makes pointed comFirst Union Trust & Savings Bank, Chicago, Chairman of
ment on descriptive circulars and advertisements of fixed
the iCommittee. Other members of the committee are:
Thomas W. Banks, Huntley & Co., Inc., Los Angeles.
W. F. Finley, Cleveland Trust Co., Cleveland.
It. King Kauffman, John It. Thompson Securities Corp., Chicago.
Sidney Maestre, Mercantile-Commerce Co., St. Louis.
Conner Malott, Spokane Eastern Co., Spokane.
John It. Milligan, Edward B. Smith di Co., New York.
Irving H. Overman, First Securities Corp of Minnesota, Minneapolis.
Otho C. Snider, Prescott, Wright, Snider Co., Kansas City.
trusts, as follows:
A large part of the criticism directed at certain fixed trusts has been due to
the descriptive circulars offering fixed trust shares. The inherent structure
of the fixed trust is so complicated that the average investor is unable to
have fredetermine the amount of the loading charges: and the circulars
quently failed to make this information clear. Complete information
should be given regarding the responsibility of the trustee as to the underlying shares and in the issue of the fixed trust shares themselves. Where
the trustee has a limited responsibility specific statements to that effect
to what
should be made in order that the investor may realize exactly
extent he can depend upon this trusteeship.
now in
The committee does not approve of certain advertising practices
vogue. In a few instances, advertising material has indicated the profits
the fixed trust shares had they been
that would have accrued to a holder of
In some cases, it
Purchased at a time prior to the organization of the trust.
Is difficult to believe that the sponsors who have selected the underlying
property of the fixed trust would have had sufficient foresight to select these
investments at the time of the hypothetical formation of the trust. In
certain cases, the trust indenture contains requirements for the elimination
of the underlying securities which would have made it necessary for the
held in
trustee to dispose ofsome of the shares that are assumed to have been
the trust during the entire period covered by the advertisement. This being
deception to assume that the underlying property would
the case, it is a clear
have remained in the portfolio of the fixed trust during the whole period
Covered in the analysis.
as a
The report points out that where fixed trusts make distributions
result of stock-dividends and split-ups, shareholders should be advised that
The
they are receiving a return of capital rather than current income.
the
report also sees danger in legislation of any sort at this time because,
laws
report says, it would be based on insufficient experience and because
would probably betcertain to preclude inaimed at undesirable features
adds.
corporation of good features in future trusts. "The ideal," the report
is the exercise of
"which the investment banker should establish for himself
of the shares
such care in the creation of these trusts and in the marketing
controlthat the public will be fully protected without the necessity of any
ling legislation."
Report on Investment Trust Adopted by Investment
Bankers Association of America—Recommends that
Regulations of New York Stock Exchange Be
Followed.
A definite stand on management practices of investment
trusts, especially in relation to full information for and safeguarding of investors, is taken by the Investment Bankers
Association of America in its Investment Companies Committee report, made public on June 8 in the June number
of the Association's official publication, "Investment Banking." The report was adopted at the recent annual May
meeting of the Association's Board of Governors at White
Sulphur Springs. The report refers to the position on investment trusts, recently taken by the New York Stock
Exchange, as "an effort to establish the highest standards
of practice," and it recommends that "these complete and
carefully-thought-out regulations should be studied" and
"that they be followed by all members of this Association,
whether or not they are members of the New York Stock
Exchange."
The Investment Companies Committee, which made the
The report focuses its recommendations, in turn, on the report is composed of:
Robert 0. Lord, Guardian Detroit Co., Inc., Detroit, Chairman.
management type of investment trusts and then on fixed
Robert E. Christie Jr., Dillon, Read & Co., New York.
the management type it specifies, among other
trusts. For
Paul W.Cleveland. John Burnham & Co., Inc., Chicago.
things, that, the reports of management investment trusts
Charles 13. Dickey, Brown Brothers Harriman & Co., Philadelphia.
4526
FINANCIAL CHRONICLE
Arthur H. Gilbert, Spencer Trask & Co., New York.
Coils Mitchum, Mitchum, Tully & Co., San Francisco.
Harry F. Sax, Stix & Co., St. Louis.
Joseph T. Walker Jr., Shawmut Corp. of Boston, Boston.
Don C. Wheaton, Harris, Forbes & Co., New York.
Unemployment Problem to Be Subject of Discussion of
Institute of Norman Wait Harris Memorial Founda-July 3.
tion of University of Chicago June 22
The world-wide problem of unemployment will be the
subject of the eighth Institute of the Norman Wait Harris
Memorial Foundation of the University of Chicago on June
22 to July 3, Professor Quincy Wright announces. The
Institute will consider unemployment particularly from the
European and international point of view. John Maynard
Keynes, English economist, author of the "Economic Consequences of the Peace," will be one of the three lecturers at
the Institute. Mr. Keynes is Fellow and Bursar of King's
College, Cambridge; Secretary of the Royal Economic Society, and editor of the "Economic Journal." Karl Pribram,
Professor of Economics and Political Science at the University of Frankfurt, and formerly Chief of the statistical
section of the International Labor Office, and Henri Fuss,
chief of the unemployment service of the International Labor
Office, will be the two other foreign experts to deliver the
series of public lectures.
Mr. Keynes will open the Institute with an address on
"Fundamental Causes of World Unemployment." The subjects of his two following addresses during the conference
are: "The Road to Recovery," and "Proposals for Hastening Recovery by International Co-operation." Mr. Pribram's presentation of the subject will be given In three
lectures, "The Economic Background of Unemployment:"
"Unemployment in Germany," and "Prevention and Relief
of Unemployment."
Also participating in the Institute and the round table
conferences during the two weeks will be:
G. Frank Beer, Board of Control, Maritime Provinces Trade Commission, Toronto.
Persia Crawford Campbell, statistician's office, New South Wales Government.
Ewan Clague, Community Council of Philadelphia.
John Bell Condliffe, research secretary, Institute of Pacific Relations.
Henry Sturgis Dennis, President Dennison Mfg. Co.
Herbert Feis, Council on Foreign Relations.
Mary B. Gilson, expert on labor problems.
Edward Eyre Hunt, Department of Commerce.
Carter Goodrich, Professor of Economics, University of Michigan.
Alvin H. Hanson, Professor of Economics, University of Minnesota.
William M. Leiserson, Professor of Economics, Antioch College.
Dan D. Lescohier, Professor of Economics, University of Wisconsin.
Louis L. Lorwin and Isador Lubin, Institute of Economics of the Brookings Institution.
Leifur Magnusson, American representative, International Labor Office.
Otto Nathan, expert in National Economic Ministry, Germany.
Selig Perlman, Professor of Economics, University of Wisconsin.
E. J. Riches, International Labor Office.
Sumner H. Slichter, Professor of Economics, School of Business Administration, Harvard University.
Bryce Stewart, President's Emergency Commission for Employment,
Joseph II. Willitts, Professor of Economics, University of Pennsylvania.
Leo Wolman, Professor ef Economies, School of Social Research, New
York.
Convention-ofISmaller Industries of Country to Be
Held in August at Lake George.
[VOL. 132.
disadvantage of executives of smaller plants who, while interested in what
they have heard, have frequently failed to gain from it anything of practical
assistance to themselves or their organizations. It is for this reason that
the conference of smaller industries has been organized.
The committee in charge of the conference consists of the
following:
R. G. Andersen, Robinson-Bynon Shoe Co., Auburn, N. Y.
W. A. Dower, Industrial Secretary, Manufacturers' Association of Connecticut, Hartford, Conn.
Ernest G. Draper, President, Hills Brothers Co., New York City.
Ralph E. Flanders, Manager, Jones & Lamson Machine Co., Springfield, Vt.
W. Dow Harvey, President Globe American Corp., Kokomo, Ind,
Morris E. Leeds, President Leeds & Northrup Co., Philadelphia, Pa.
W. E. Odom, Director Department of Industrial Relations, National
Metal Trades Association, Chicago, Ill.
Edward 0. Otis, Jr., Industrial Relations Adviser, Associated Industries
of Massachusetts, Boston, Mass.
Howard E. Smith, Assistant Superintendent, Trumbull Electric Manufacturing Co., Plainville, Conn.
Elliott Dunlap Smith, Professor of Industrial Engineering, Yale University, New Haven, Conn.
J. H. Vertrees, Rutgers University Extension Division, New Brunswick, N. J.
Harold F. Browne, Manager Industrial Relations Department, National
Industrial Conference Board, New York City, Chairman of the Conference.
Banking Subjects To Be Discussed at Annual Convention of New York State Bankers' Association
at Upper Saranac, N. Y., June 22-24—J. A. Broderick, State Superintendent of Banks One of
Speakers.
Fundamental changes taking place in the banking world
to-day, involving such vital subjects as bank management,
Federal and State legislation, interest rates on deposits,
bond accounts in commercial banks, agriculture and education in relation to banking, &c., will be discussed at the 38th
Annual Convention of the New York State Bankers' Association, which will be held on June 22, 23 and 24, at Saranac
Inn, Upper Saranac, N. Y. It is expected that more than
600 delegates and their guests will attend the three-day
meeting.
Joseph A. Broderick, Superintendent of Banks of New
York State, will speak to the delegates at the morning
session on June 22 on the subject: "Sound Banking and
Interest Rates." Important problems confronting the
bankers of the State at this time have been placed on the
agenda for discussion at this and the other sessions. Following Mr. Broderick's address the meeting will be open for
discussion. President Mark M. Holmes, of the Association,
and President of the Exchange National Bank, of Olean,
N. Y., will preside at the Convention and will deliver his
annual address at the opening of the Convention.
Rome C. Stephenson, President of the American Bankers
Association is scheduled for an address on: "Some Things a
Banker Should Know."
The report of the Association's committee on State legislation will be led by J. H. Herzog, President of the National
Commercial Bank & Trust Co. of Albany, N. Y., Chairman
of the committee. William S. Irish, Chairman of the Association's committee on Federal legislation, and Executive
Vice-President of the Brooklyn division, Bank of Manhattan
Trust Co., will submit the report of that committee.
The annual banquet will be held on Tuesday evening with
Dr. Arthur E. Bestor, President of the Chautauqua Institution, as the guest speaker. Dr. Bestor will talk on:
"Leisure—The Modern Problem." President Holmes will
preside as toastmaster.
The bond accounts in commercial banks will be discussed
at the closing session on June 24, H. G. Parker, VicePresident of the Standard Statistics Co. of New York City.
Dr. Harold Stonier, Educational Director, American Institute of Banking will speak on "Confidence and Memory"
and the Association's committee on Education, of which
Frank M. Totton, Second Vice-President of the Chase
National Bank is Chairman, will report on the activities of
that group. There will also be a report by the committee
on County Credit Bureaus, the Chairman of which is W. I.
Sherman, of the First National Bank & Trust Co. of Floral
For the first time in the industrial history of the United
States there is to be a convention of the smaller Industries
of the country. This gathering will be held next Aug. 10, at
Lake George, N. Y., and the organizers hope that it will be
an important step toward the solution of some of the problems of management that are confronting the smaller manufacturing industries. The significance of this convention is
pointed out in a statement issued by the National Industrial
Conference Board, showing that, according to the latest
available census figures, only 3.4% of all manufacturing
establishments in the United States employ more than 250
wage earners, and only 1.4% employ more than 500. Of
still greater importance is the fact that 62% of all industrial
wage earners are employed in plants having a working force
Park, N. Y.
of 500 or less. The statement of the Board says:
C. W. Hoyt, Auditor of the New York State National
While it is true that many of the problems of industry are similar,
irrespective of the size of the establishment, it is also true that the
applicability of a method for dealing with a common problem may depend
largely on the size of the particular company. It is, therefore, a logical
and natural step to bring together executives of the smaller enterprises
for a thoughtful consideration of common problems and an exchange of
experiences in dealing with them.
The factor of size has been largely 'ignored in conferences on management problems. The large plants have held the stage because of their
greater attention to the questions under consideration, and the large-plant
view has tended to dominate the discussions. This has worked to the
Bank of Albany, N. Y., will deliver an address on "Analysis
of Individual Accounts and Service Charges," and the
committee on Bank Costs, of which Jackson Chambers,
President of the Gramatan National Bank & Trust Co. of
Bronxville, N. Y., is Chairman, will report. The Association's committee on Agriculture, headed by P. H.Salmon,
Vice-President of the First National Bank, of Waveriy,
N. Y., will also present a report. Other committee reports
JUNE 20 1931.]
FINANCIAL CHRONICLE
to be made during the Convention are: Report of committee on Appointment of Executive Manager and Changes in
By-Laws, by J. Stewart Baker, President of the Bank of
Manhattan Trust Co.; report of the Secretary, Clifford P.
Post, Secretary of the New York State Bankers'Association;
report of the Treasurer, H. H. Griswold, President of the
First National Bank & Trust Co. of Elmira, N. Y.; report
of committee on County Organization, Wm. F. Kraft Jr.,
Cashier, First National Bank & Trust Co., of Freeport,
N. Y.; report of Auditing committee, report of Resolutions
committee and report of Nominating committee. The
officers of the Association are: Mark M.Holmes, President;
J. Stewart Baker, Vice-President; H. H.Griswold, Treasurer;
Edward J. Gallien, Secretary (Emeritus); Clifford F.
Post, Secretary, and Gordon Brown, Executive Manager.
,
4527
A letter to depositors, after reviewing terms of the pool
arrangement of Dec. 15, said the management had decided
general market conditions were not favorable to operations
in the stock, and that therefore the syndicate had taken
no part in these operations.
It was pointed out, however, that formation of the pool
was justified.
Bond Club Resolution on Death of Mortimer L. Schiff.
In memory of the late Mortimer L. Schiff, the Bond Club
of New York at its annual meeting adopted the following
minute:
The death of Mortimer L. Schiff, who was one of the members of our
Advisory Council, occurred on June 4 1931. During the formative days
of our organization, he had ever been ready to assist us and displayed his
active interest in the progress of the younger men of the financial district.
We will miss him for the warmth of his human qualities, for his sound
Judgment, for his unfailing public spirit and his far-reaching benefactions.
We call to memory his retiring and self-effacing personality.
The Bond Club of New York thus records the respect and admiration
of its membership for the life and accomplishments of Mortimer L. Schiff.
California Building and Loan Associations Permitted
to Issue Five Types of Investment Securities
Under New Law.
Under a newly enacted State law, building and loan
Banking Situation in South and Middle West.
associations in California are permitted to issue five types of
In the State of Kentucky, Ludlow, Ky., advices June 10
investment certificates to investors, according to a study
of the new law prepared by William G. Alexander, Vice- by the Associated Press reported that depositors of the Bank
closed its doors Feb. 3last, were
President of the California Mutual Building & Loan Asso- of Ludlow at Ludlow, which
informed on that day by J. Albert Steltenkamp, special
ciation. A statement in the matter says:
Deputy State Bank Commissioner, that they would receive
Investment certificates may be issued in any or all of the five following
classes: Full-paid certificates, installment certificates, accumulated cer- 20% of their deposits at once.
tificates, definite term certificates and prepaid certificates. Investment
On June 15 a Lexington, Ky., dispatch to the Louisville
certificates of a building and loan association are entitled to first distributhat it had been definitely antion of earnings in payment of interest and to assets upon liquidation of an "Courier-Journal" stated
association. They do not participate in profits through dividends. In- nounced on that date that the Guaranty Bank & Trust Co.
vestment certificates are non-assessable, and are not subject to liabilities of Lexington, which closed its doors Feb. 2 last, would reor debts.
A full-paid investment certificate, the California Mutual survey explains, open on or about July 1, the exact date to be fixed at a
Is one without definite date of maturity and one in which the association meeting of the stockholders to be held June 24. The advices,
has received the full principal amount at, or prior to, time of issuance.
continuing, said in part:
An installment certificate is one not fully paid and upon
which the certificate holder is obliged to make payments at times and in amounts specified. The accumulated investment certificate is one not fully paid and
without expressed date of maturity. This certificate permits the holder
the option of making payments at times and in amounts as both the investor and the association may agree upon.
The definite term certificate is one In which one payment equal to the
specified principal has been made and which matures at a date one year
or more from issuance of the certificate. After the date of maturity, the
holder of this instrument shall be entitled,subject to withdrawal limitations,
to receive principal and accrued interest without serving notice of intention
to withdraw. No interest shall accrue after date of maturity unless otherwise specified, excepting when an association shall fail to make payment
upon the principal, at date of maturity. Under the latter circumstances,
interest shall accrue at the specified rate until the date the obligation may
be liquidated.
A prepaid investment certificate is one not fully paid, but which matures
ultimately through the crediting of interest payments to the balance of
the principal due. All investment certificates must be issued for cash,
excepting in mergers, consolidations or transfers of funds.
American Institute of Banking Elects Officers.
Henry J. Mergler, Assistant Treasurer of the Fifth-Third
Union Trust Co., Cincinnati, Ohio, was elected President
of the American Institute of Banking on June 12. Frank N.
Hall, Comptroller Federal Reserve Bank, St. Louis, Mo.,
was elected Vice-President, and the following were elected
members of the executive council: B. K.Dorman, Assistant
Trust Officer First National Bank, Shreveport, La.; Herbert
H. Gardner, Vice-President Highland Park State Bank,
Highland Park, Wis.; Henry Verdelin, Assistant Secretary
First Securities Corp., Minneapolis; Dale M. Tussing,
Assistant Manager Security-First National Bank of Los
Angeles, Los Angeles.
Transamerica Corporation Cuts Dividends to 40 Cents.
United Press advices from San Francisco on June 17 stated
that the directors of the Transamerica Corp. had declared
on that day a quarterly dividend of 10 cents a share, placing
the stock on a 40 cents a share annual basis. In the last
previous quarter a dividend of 25 cents a share was paid.
The reduction in the dividend rate, it is estimated, will mean
a saving of $3,500,000 to the corporation next month. The
dispatch added, that approximately 23,823,000 shares of
stock are outstanding.
Support Money of Transamerica Pool Refunded—.
Funds Were Never Used, but Investors Receive
4% Interest.
Money deposited six months ago in the pool formed to
support stock of Transamerica is being returned to depositors
with 4% interest, the New York "Evening Post" reported
on June 16, saying that no funds of the pool ever had been
used, mere announcement of its formation having had a
good effect on the stock.
W. A. Dicken, who is to be President of the reopened bank, resigned
to-day (June 15) as State Banking Commissioner. As Banking Commissioner Mr. Dicken came here to take charge of the bank after it closed
and became convinced from an examination of its books that it could be reopened as a sound and solvent institution. he said.
Stock subscriptions by depositors and purchase of additional stock by
former stockholders made possible the reopening of the Institution. The
work of obtaining these subscriptions was placed in the hands of Thomas
C. Bradley, former Mayor of Lexington. Depositors were asked to make
stock subscriptions equivalent to one-fourth of their deposits.
A group of 40 persons solicited the stockholders with the result that they
were able to announce to-day that the necessary quota had been obtained.
Judge Joseph H. Bullock, receiver for the Consolidated Drug Stores,
Inc., to-day was authorized by Federal Judge A. M. J. Cochran to allow
one-fourth of the firm's deposit to stand, after the receiver had asked the
court's advice about the action. The application for stock had been made
before the drug firm went into the hands of the receiver, but had not been
accepted when the receiver for the drug company was appointed. Since a
receiver is not required under law to carry out executory contracts made
before his appointment, Judge Bullock asked the court's guidance.
In the State of North Carolina, with reference to the
affairs of the First National Bank of Kinston (which was
closed last April) a Kinston dispatch on June 17, printed
in the Raleigh "News & Observer" of the following day,
stated that William B. Harvey, formerly Executive VicePresident and Cashier of the institution, on June 17 had
voluntarily appeared before U. S. Commissioner W. Henry
Sutton and admitted a shortage of $53,000 in his accounts.
Subsequently he was placed under a $10,000 bond for his
appearance at the October term of the Federal Court at
New Bern, N. C. Mr. Harvey was reported as saying that
his defalcations had covered a period of seven years and
that "until a week ago he had not confided his secret to a
living soul."
In the State of Ohio, a Toledo dispatch to the New York
"Times" on June 17 stated that the Security-Home Trust
Co., the third largest bank in Toledo, had failed to open
on that day. Heavy withdrawals from other banks in the
city followed and as a result three other institutions announced in the afternoon that 60 days' written notice would
be required for withdrawals of savings deposits. These
institutions were the Commerce-Guardian Trust & Savings
Bank, the Ohio Savings Bank & Trust Co., and the Commercial Savings Bank & Trust Co. The latest statement
of the closed Security-Home Trust Co., according to the
dispatch, showed combined capital and surplus of $3,000,000
With undivided profits of $545,194, and total resources of
$33,703,195. The dispatch furthermore stated that Ira J.
Fulton, State Superintendent of Banks for Ohio, had taken
over the institution and its 10 branches.
In the State of Indiana, with reference to the affairs of
the defunct $7,000,000 First Trust & Savings Bank of
Hammond, Ind., which closed in February last, a Hammond
dispatch June 17 to the Indianapolis "Journal" and "News"
stated that A. Murray Turner and W. C. Belman, receivers
for the institution, had announced that they have disposed
4528
FINANCIAL CHRONICLE
$1,100,000,
of all bills payable which originally amounted to
of assets for the depositors
and it is expected that liquidation
advices
will begin soon. A 10% dividend is expected, the
added.
from
In the State of Illinois, United Press advices June 17
Grove, Ill., stated that the First National Bank
Downers
bank exof Downers Grove had been closed by National
capitalized at
aminers on that day. The institution was
amount of
$100,000 and had reserves of $50,000. The
deposits was withheld, the dispatch said.
, Ill., an
That the Waukegan State Bank at Waukegan
capital and surplus of $300,000
institution with combined
State Auditor
and deposits of $1,200,000, had been closed by
was reported in Chicago advices to the
Nelson of Illinois,
week, June 18.
New York "Times" on Thursday of this
Nelson was reported as saying that the institution
Mr.
depositors.
would be reorganized with no loss to the
June 19,
Again, Chicago advices from Chicago yesterday,
Street Journal" reported that the Waukegan
to the "Wall
of approximately
National Bank, Waukegan, with deposits
at Cicero, Ill.,
$3,000,000, and the Mid-West State Bank
$200,000, had closed.
with deposits of about
COMPANIES, &c.
ITEMS ABOUT BANKS, TRUST
this week for the sale
Arrangements were- reported made
for $200,000.
of a New York Stock Exchange membership
Last preceding sale, $207,000.
was reported sold
A Chicago Board of Trade membership
Last preceding sale $7,000.
this week for $9,000.
week for the sale
Arrangements were reported made this
Exchange membership for $10,100.
of a Chicago Stock
n.
Unchanged from the last preceding transactio
Bankers' Trust Co.
S. Sloan Colt, Vice-President of the
was elevated to the
of this city for a little over a year,
of
of the Board
Presidency of the institution at a meeting
Mr. Colt, who is
Directors, held Monday afternoon, June 15.
ranks as one of the youngest Presidents
only 38 years of age,
Henry J. Cochran,
of a major New York bank. He succeeds
Vice-Chairman of the Board of Directors.
who was made
Chairman of the
At the same time A. A. Tilney was made
of Directors,succeeding Seward Prosser, who assumed
Board
the Managing
the newly created position of Chairman of
. These three executives, all of whom have preCommittee
will conceded Mr. Colt in the Presidency of the company,
tinue to participate with the new President in the active
management of the bank. At the same meeting three prominent additions were made to the Board of Directors of the
Bankers' Trust Co. They are S. Parker Gilbert, partner
of J. P. Morgan & Co. and former Agent General for Reparations; Charles D. Hilles, New York representative of the
Employers' Liability Assurance Corp., Ltd., of London and
a director of various railroad, industrial and insurance companies, and Alfred L. Loomis, of Bonbright & Co., Inc., who
is a director of many prominent public utility corporations.
The New York "Times" of June 16 had the following to
say regarding Mr. Colt's career:
Mr. Gilbert's election strengthens the Morgan influence in the Bankers'
Trust Board. Thomas Cochran and William Ewing, partners in Morgan &
Co., were already on the Board. Henry Cochran and Thomas Cochran are
cousins.
Mr. Colt began his banking career with the Farmers' Loan & Trust Co.
in 1914, soon after being graduated from Yale. He was made assistant
Secretary in 1919 and Vice-President in 1925, holding the latter position
until the acquisition of the Farmers' Loan & Trust by the National City
Bank interests in March 1930. Mr. Colt then became Vice-President of
the Bankers' Trust. He was elected a Director on May 6 1930.
Mr. Colt is a grandson of the late Samuel Sloan, formerly President of
the Delaware Lackawanna & Western RR. He is a member of the University,
Yale, Tuxedo, Hangar, City and 'Midday Clubs, and the Downtown Association. He lives at Tuxedo Park.
The Bankers' Trust Co. was founded 28 years ago under the guidance of
the late Henry P. Davison, with capital of $1,000,000, surplus of $500,000,
and deposits of $5,748,000. On March 26 it had total resources of $833,000,000, deposits of $623,115,000, capital of $25,000,000, and surplus
and undivided profits of $87,000,000.
G. Munro Hubbard, Vice-President of J. G. White & Co.,
Inc., was elected President of the Bond Club of New York
at the annual election on Tuesday, June 16, succeeding
George N. Lindsey, who had headed the club for the past
year. Laurence M. Marks, of Lee, Higginson & Co., was
elected Vice-President; Boudinot Atterbury, Vice-President
of the Foreman State Corp., Secretary, and W. Manning
Ban., of Barr Brothers & Co., Inc., Treasurer.
[you M.
in 1909 and
The new President was graduated from Colgate University
Mich. He came
entered the investment banking business in Grand Rapids,
to New York in 1919 to join the White firm.
of the BaneMr. Lindsey, the retiring President, who is Vice-President
of the club for
arnerica-Blair Corp., was elected to the Board of Governors
Co., and Francis F.
a three-year term as were Frank F. Walker, of Blyth &
Randolph, of J. & W. Seligman & Co.
of Kuhn,
John Mortimer Schiff, a partner in the firm
Thursday of this week,
Loeb & Co. of this city, was on
Trust Co.
June 18, elected a director of the Chemical Bank &
the death of his father, the
to fill the vacancy caused by
late Mortimer L. Schiff.
At the meeting of the Board of Trustees of the Title Guarantee & Trust Co. of New York, held Tuesday, June 16,
George M. Moffett wds elected a trustee and a member of
the Finance Committee, replacing Edward T. Bedford,
recently deceased. Mr. Moffett is President of the Corn
Products Refining Co.
Central Hanover Bank & Trust Co. of this city announces
the election of Randolph Carter Harrison, of Richmond, Va.,
and Livingston Parsons, of New York City, as Vice-Presidents. Mr. Harrison will be with the investment department
at the main office, 70 Broadway, and Mr. Parsons at the
Plaza office. Upon completion of the 72nd Street office
Mr. Parsons will be placed in charge. A native of Richmond and a graduate of the University of Virginia, Mr.
Harrison has been a Vice-President of the State-Planters
Bank & Trust Co. since July 1 1927. He entered the service
of the State and City Bank & Trust Co. in 1922 and was
made Assistant Cashier Jan. 1 1923. During the World
War he served overseas as an artillery officer. Mr. Parsons
is a graduate of Harvard and served during the World War
as a lieutenant in a machine gun company of the 167th Infantry, 42nd Division. Prior to his Central Hanover connection he was a partner in the stock brokerage firm of
Neilson, Burrill & Co., 48 Wall Street, with which he had
been associated since 1925.
Construction is already under way for the new building
of the Bankers Trust Co. of this city, and the structures at
5 Nassau Street (the former Hanover Bank Building),
7-9 Pine Street and 10 Wall Street are already in process of
demolition. The new construction will surround the present
Bankers Trust Co. building at 14-16 Wall Street, which
since 1912 has been one of the landmarks of lower Manhattan. The exterior of this building will remain practically
unchanged and its pyramid tower, popularly known as
"A Tower of Strength," will continue to be a feature of the
downtown skyline, since the new portion of the building will
reach only to the base of the tower pillars. The Wall
Street facade of the structure will use set-back construction.
When completed, the new structure will be co-ordinated
with the present building so that, as concerns the interior,
the bank will have one complete building, fronting on Wall,
Nassau and Pine streets, with a ground area of about threequarters of an acre.
It is expected that the new building will be faced with
limestone, with windows flush with the outer wall. The
design will be essentially a simple one and in harmony with
the present building and with the surrounding structures.
During the period of construction most of the departments
of the bank are being housed in the building at 14 Wall
Street, but when the new structure is complete, it is expected
that the bank will at first use some seven or eight floors of
the entire building. Completion of the work and the opening of the bank's new quarters as a single unit is anticipated
about two years from now, marking the 30th anniversary
of the founding of the bank. The architects for the building are Shreve, Lamb & Harmon and the general contractors
are Thompson-Starrett Co., Inc.
William Croker Macavoy, a Second Vice-President of
the Chase National Bank of this city, died on Thursday
of this week, June 18, at his home, 37-54 Eighty-fourth St.,
Jackson Heights, L. I., at the age of 56. He had been ill
for more than a year with heart disease. Mr. Ma,cavoy had
been a banker all his bussiness life. He entered the employ
of the National Park Bank at the age of 16 and rose to a
Second Vice-Presidency, a rank he retained when the National Park was merged with the Chase National.
The Bay Parkway National Bank of Brooklyn, N. Y.,
capitalized at $200,000, was placed in voluntary liquidation
JUNE)20 1931.]
FINANCIAL CHRONICLE
4529
June 1 and subsequently approved by
on May 28 last. The institution was absorbed by the Lafay- chants' Trust Co. on
Jersey State Banking Department. The Camden
ette National Bank of Brooklyn. An item with reference the New
Co. will continue the business of the
to the merger of these banks appeared in our April 4 issue, Safe Deposit & Trust
institution as part of its own. On Monday morning
acquired
page 2520.
the offices of the Broadway-Merchants', at Broadway and
the Long Island National Bank Walnut Street and 2614 Federal Street, became branch
Effective May 29 last,
Broadwayof New York, N. Y., capitalized at $250,000, was placed offices of the Camden Safe. Two other offices of
liquidation. The institution was absorbed by Merchants', at Broadway and Carman Street, and Mt.
in voluntary
the National City Bank of New York. Reference was made Ephraim Avenue were discontinued; in the case of the forto the taking over of the institution by the National City mer because of its nearness to the main office of the CamBank in our issues of April 26 and May 23, pages 3083 and den Safe Deposit & Trust Co., at Broadway and Market.
3826, respectively.
The assets of the Broadway-Merchants' Trust Co. will be
liquidated by the Camden Safe Deposit & Trust Co. and
Effective June 1, the East Hampton National Bank, East applied, first, to cover deposit accounts taken over. Any
Hampton, N. Y., with capital of $100,000, was placed in amount remaining after satisfying the deposit claim will be
voluntary liquidation. The institution was absorbed by the apportioned to stockholders of the Broadway-Merchants'.
Osborne Trust Co. of the same place.
Commenting on the transfer, Ephraim Tomlinson, PresiOn June 1 the New York State Banking Department
dent of the enlarged institution, said:
approved a proposed increase in the capital of the Osborne
"Our company is to-day (June 15) welcoming new friends from the
Trust Co.from $200,000 to $350,000 and its change of loca- Broadway-Merchants' Trust Co. The policy of the Camden sere Deposit &
tion on or after that date from its principal location on Main Trust Co. is, and I trust ever will be, along the conservative lines set by
worked out and made effective to-day
St., East Hampton, to the quarters formerly occupied by our predecessors. The plan as finally by the officers and directors of the
has been under careful consideration
the East Hampton National Bank on Main St., that village.
many months.
Co. for
Anthony J. Verdi, a member of the Board of Police Commissioners in New Haven, Conn., was appointed President,
and George Di Cenzo was reappointed Chairman of the
Board of Directors of the Columbus Bank & Trust Co. of
that city at a recent meeting of the directors, according to
the New Haven "Register" of June 14. Other officers appointed were Dr. Alphonse Capacelatro and Pasquale DeCieco, Vice-Presidents; Michael Franco, Treasurer; Frank
Latanzi, Secretary, and Anthony Maiorano, Chairman of
the real estate appraisal committee. The institution, which
Is located at the corner of Lafayette Street and Columbus
Avenue, was formerly known as the private banking institution of Genaro Franco & Sons. An item with reference to
the change in title appeared in our issue of May 24 1930,
page 3656.
It is learned from the Hartford "Courant" of June 17
that G. Y. Gaillard has been appointed a Vice-President
of the New Haven Bank, N.B.A., of New Haven, Conn.,
to succeed George J. Bassett, who will take office July 1
as State Bank Commissioner for Connecticut.
irrAccording to the Hartford "Courant" of June 17, Lester
E. Shippee,State Bank Commissioner for Connecticut,is to
become identified Viith the Hartford-Connecticut Trust Co.
at Hartford as a Vice-President of the institution.
Proposed consolidation of three Maine banks, namely, the
Norway National Bank at Norway, and the Paris Trust Co.
of South Paris, with the Casco Mercantile Trust Co. of Portland, was reported in Portland advices, June 17, appearing
In the Boston "Transcript" of the same date. Both the
Norway National Bank and the Paris Trust Co. have assets
of $3,000,000, and the latter bank maintains a branch at
Buckfield, Me.' The union will give the Casco Mercantile
Trust Co. total resources of more than $25,000,000, the dispatch said.
—
The North National Bank of Rockland, Me., was placed
in voluntary liquidation on May 29. The institution, which
was capitalized at $100,000, has been absorbed by the Rockland National Bank of Rockland.
That Frank H. Smith, Commissioner of Banking and
Insurance for New Jersey, on June 12, at the request of its
directors, had assumed charge of the South River Trust Co.,
of South River, N. J., and closed the institution, was reported in Trenton, N. J., advices on that date to the New
York "Herald Tribune." The dispatch, continuing, said:
Rumors as to the financial responsibility of the bank had been current
about South River for several days, culminating in a run on the institution
yesterday afternoon (June 12). The bank on March 25 showed total
resources of $2,082,901.
The proposed absorption of the Broadway-Merchants'
Trust Co. of Camden, N. J., by the Camden Safe Deposlt &
Trust Co. of that city, noted in our June 6 issue, page 4176,
was consummated on Monday of this week, June 15, when
the business and assets of the former were transferred to
the Camden Safe Deposit & Trust Co. as provided in the
plan adopted by the stockholders of the Broadway-Mer-
Camden Safe Deposit & Trust
"In assuming the business of the Broadway-Merchants' the Camden Safe
receives and is authorized to administer the assets of the Broadway-Merchants' and apply the proceeds to the deposit liabilities.
"There will be no change in the present officers and directors of the
Camden Safe, but many of the officers and employees of the BroadwayMerchants' have been given places in the organization of the Camden Safe;
many of these in the former Broadway-Merchants' offices that have become
branch offices of the Camden Safe."
The Camden Safe Deposit & Trust Co. is one of the largest
and one of the oldest banking institutions in New Jersey.
Its total resources are more than $33,000,000, and it has trust
funds in excess of $170,000,000. It was founded in 1873,
and, until completion of its present new main building at
Broadway and Market Street, in February 1930, had been
from the time of its establishment located on Federal Street,
near Broad Street. Besides Mr. Tomlinson, who has headed
the institution since 1919, the officers are: W.J. Sewell, Jr.,
F. Herbert Fulton, Frank S. Norcross, Philip Wilson, Joseph
Lippincott, Vice-Presidents; Clarence H. Polhemus, Treasurer; Russell L. Sammis, Secretary; John H. Annis, Trust
Officer; C. Merrill Schlosser and Grafton B. Day, Assistant
Trust Officers; E. Robert Trudel, Jr., Henry Freeland, Walter T. Pratt and Howard M. Potter, Assistant Treasurers;
Raiford Runge, Real Estate Officer, and George Reynolds,
Solicitor.
In addition to its main office, the Camden Safe Deposit &
Trust Co. has a branch office at the northeast corner of
Third and Market Streets. Thus, with the two former
offices of the Broadway-Merchants' Trust Co., the enlarged
bank has four offices in Camden. It also maintains branches
in Gloucester and Cape May.
The new First National Bank in Sea Bright, Sea Bright,
N. J., to which reference was made in our issue of June 13,
page 4352, has taken over the entire business of the old
First National Bank of that place. The new organization
has a combined capital and surplus of $75,000 and is a
member of the Federal Reserve System. The personnel of
the new institution is as follows: Edwin R. Conover (President of the Broad Street National Bank, Red Bank, N. J.),
President; William Hendrickson, Jr. (Vice-President of the
Long Branch Banking Co.), Vice-President, and Philip S.
Walton, Cashier.
William I. Cooper, President of the National State Bank
of Newark, N. J., and connected with the institution for the
Past 55 years, died in the Newark Memorial Hospital on
June 17 after a prolonged illness. The deceased banker,
who was 74 years of age, was born in Waverly, now a part of
Newark, and received his education in Newark schools and
at Stevens Institute. In 1876 he entered the employ of the
National State Bank as a junior clerk and advanced rapidly
in progressive stages until he became Assistant Cashier of
the institution in 1895. While still an Assistant Cashier he
was made a director of the bank in January 1896. In April
1909 he was promted to the Cashiership, and in January 1911
made President, an office he had held ever since. During
his administration the institution erected its present 12-story
structure and doubled Its resources. Mr. Cooper was President of the Newark Clearing House Association, a former
President of the Essex County Bankers' Association, and a
4530
FINANCIAL CHRONICLE
director of the United States Savings Bank of Newark and
of the Balbach Smelting & Refining Co.
The Trust Co. of New Jersey, Jersey City, N.J., at a meeting of the Board of Directors held recently, declared the
usual 4% quarterly dividend payable to stockholders July 1.
An Associated Press dispatch from Connellsville, Pa.,
June 11, with reference to the closed Union National Bank
of that place, stated that George H. Smith, the receiver for
the institution, had announced that the following day,
June 12, he would issue checks for a second dividend of
10%, amounting to $65,000, to the depositors. Forty per
cent, was said the depositors in January last, it was stated.
Closing of the Union National Bank the early part of July
1930 was noted in our issue of July 19 last, page 396.
Dr. Michael F. Sullivan, Pr- esident of the Lehigh National
Bank of Philadelphia, died in that city on June 10 after a
prolonged illness. Dr. Sullivan, who was 53 years of age,
was born in Wilkes-Barre, Pa., and attended Wyoming Seminary and the University of Maryland. He began medical
practice in Philadelphia 25 years ago. He was a member
of the County Medical Society, Phi Chi Fraternity, and
several fraternal organizations.
The remodeled banking quarters of the Scranton-Lackawanna Trust Co. of Scranton, Pa., at 506 Spruce Street, that
city, were opened for inspection on June 13, according to
the Philadelphia "Ledger" of that date. The senior officers
of the company are as follows: L. A. Watres, Chairman of
the Board; C. S. Weston, Vice-Chairman of the Board;
F. P. Benjamin, President; F. J. Platt, T. Archer Morgan,
and Edgar A. Jones, Vice-Presidents; Robert A. Hull, Secretary, and Harold Doud, Treasurer.
Directors of the Union Trust Co. of Pittsburgh, Pa., on
of
June 15 appointed Carroll P. Davis Vice-President and
Trust Officer and made other appointments in the bank's
personnel as follows, according to the Pittsburgh "Post
Gazette" of June 16: Robert M. Repp, Jr., Assistant Trust
Officer; C. H. McCracken, Manager Real Estate Department; G. M. Darby, Tax Accountant; Walter H. Mills,
Assistant Secretary. Other officers in the trust department
are: William W. Grinstead and Charles E. Young. Frank
0. Over is also an Assistant Trust Officer.
The Lancaster Trust Co., Lancaster, Pa., announces
the election of E. J. Sitgreaves, former Deputy Secretary
of Banking, to the position of Vice-President and Secretary
of the institution.
The Board of Directors of the National Savings & Trust
Co. of Washington, D. C., have declared a regular quarterly
dividend of 3% upon the capital stock of the company, payable Aug. 1 1931 to stockholders of record at the close of
the transfer books at 4 o'clock p. m., Tuesday, July 21.
4
_. _.
Consolidation of Gillet & Co., Baltimore investment bankers, and the Baltimore Co., the securities company owned
by the stockholders of the Baltimore Trust Co., Baltimore,
was announced this week by Donald Symington, Chairman
of the Governing Board of the Baltimore Trust Co. and
President of the Baltimore Co., and Charles B. Gillet, President of Gillet & Co. The announcement followed approval
of the Boards of Directors of both companies, bringing to a
conclusion negotiations which have been in progress for
some time. The new organization will be known as the
Baltimore-Gillet Co. The personnel of the two companies
will be combined, creating the largest security sales organization south of Philadelphia. Mr. Symington will be Chairman of the Board and Mr. Gillet President of the new company. The Gillet interests will have representation on the
Board of Directors, executive committee and Governing
Board of the Baltimore Trust Co. The official announcement goes on to say, in part:
As a result of the combination of the two investment firms, the Baltimore
Trust Co. and its stockholders are expected to benefit by increased earnings
while the company's banking, trust and other departments, serving more
than 100,000 depositors through its head office and 19 branches all over
the city, will be augmented by the strongest investment organization in
this territory.
Acquisition of a substantial interest in the Baltimore Trust Go. stock by
Gillet & Co. under the consolidation agreement will bring to the trust
company approximately 1,600 new stockholders which, added to its 3,600
present stockholders, will make a total of more than 5,000 stockholders.
[VOL. 132.
The Baltimore Trust Co. is the largest financial institution in Maryland.
It has a capital of $6,250,000, represented by 625,000 shares of stock
having a par value of $10 per share. Surplus and undivided profits amount
to an additional $5,250,000. Deposits are in excess of $75,000,000 and
total resources are more than $93,000,000.
Gillet & Co. was founded by Mr. Gillet and associates in 1921, and since
that time has been most active in the successful underwriting and distribution of securities. . . .
Mr. Gillet is 87 years of age, and has lived all his life in Baltimore.
He acquired his early experience in the investment field as a partner in
the firm of P. H. Goodwin & Co. Upon the entry of this country in the
World War, Mr. Gillet enlisted in the air service. Following the war, he
organized a group of associates to form Gillet & Co. . . .
The new company brings together two of the most constructive forces
dedicated to the sound development of the city of Baltimore. Gillet & Co.,
from the beginning, played a leading part in the upbuilding of the community, as evidenced by its financing of important local enterprises. Likewise, the Baltimore Trust Co. and interests associated with it have been
instrumental in bringing to Baltimore such outstanding companies as the
Glenn L. Martin Co., the Western Electric Co., and the Baltimore Mail
Steamship Co.
J. Monroe Holland, former President of the defunct
Cheaspeake Bank of Baltimore, Md., which was closed
Dec. 9 last, was acquitted on June 12 of charges on having
violated the State banking laws, according to the Baltimore
"Sun" of June 13. Mr. Holland, it was stated, still has to
face an indictment charging him with conspiracy to defraud
depositors. Milton B. Delcher, convicted Vice-President
of the bank, is charged jointly with him. The paper mentioned said in part:
In pronouncing his findings at 6:57 p.m. Judge Eugene O'Dunne said:
"I find him 95% guilty, which isn't sufficient. He escapes like a singed
car. The verdict is not guilty."
In his prefatory remarks, Judge O'Dunne indicated that if he could have
taken the original testimony of Harry J. Schneider, General Bookkeeper
of the bank, at its face value he would have returned a different verdict,
Mr. Schneider's testimony, he said, was the most damaging in the case.
Concerning the case itself, trial of which began last Monday (June 8)
Judge O'Dunne said: "I don't think that out of 30 years' experience I can
recall more than one other case where the issue turned upon as fine a point
of testimony as in this one. A man is not guilty unless he is 100% guilty.
He Is wholly guilty or entitled to acquittal.
"There are two issues in this case—whether the reports to the Bank Commissioner were made out with intent to deceive and whether Mr. Holland
knew the bank was insolvent while he continued to accept deposits."
Concerning a conflict between Mr. Holland and George W. Page, State
Bank Commissioner and Receiver for the Chesapeake, Judge O'Dunne said:
"As to believing Mr. Page—I accept the testimony of Mr. Page that
substantially what he said had occurred and I can't say that, viewing Mr.
Holland's testimony as a whole, I can give him as clean a bill of health for
veracity as J. Arthur Nelson and the other estimable gentleman (Mr.
Nelson, President of the New Amsterdam Casualty Co., was one of the
four character witnesses for the defense.)
"Mr. Holland is a right keen, sharp, active banker, as shown by the
character of the bank he ran and the particular character of the jam it got
In and any institution of that sort is likely to get in when it is run by a
dummy or straw board of directors. At least no one would think he could
get much assistance from directors like those who testified here.
disclose at
"I believe he had incentive and reason for not wanting to
ilon.
that time the exact nature of the Mahone traasact
of fact of
"The seven or eight reports are replete with false statements
many characters. But that is not enough, they must have been made by
Commissioner.
the defendant, with intent to deceive the Bank
shows the
"I will settle the last issue first, I don't think the evidence
that count I
bank was Insolvent to the knowledge of the defendant. On
until the
would acquit him. Mr. Page himself has said he was not certain
bank closed, and he had examined it, that it was Insolvent.
testimony of Schneider. If I could
"Now back to the closeness of the
question in my
accept it literally and unequivocally, there wouldn't be any
in the overmind that Mr. Holland knew the exact nature of the changes
drafts."
had to "take the testimony as it is." He
The jurist pointed out that he
and said it
recalled the visit of Mr. Schneider to the State's Attorney's office
interest
evidence that he was fearful of his own interest and that that
Was
"tinged" his testimony.
Had Not Told Full Story.
Schneider, he said he believed, had not told the State's Attorney's staff
the full story that he had told on the stand. He continued:
to 1 that
"If I were deciding this on probabilities, I would have bet 10
instructed
Mr. Holland was in the office of Mr. Delcher when Mr. Delcher
$2,563, and
Mr. Schneider about changing the overdrafts from $37,000 to
that Mr. Holland heard it and knew all about it.
"But I cannot decide this on probabilities I have got to be satisfied of this
from the evidence. And I can't find that in the evidence."
Judge O'Dunne then handed down his verdict. The court room was on its
him.
feet in a second and freinds of the defendant rushed to congratulate
Simultaneously Herbert R. O'Conor, State's Attorney and leader'fof the
1R.
prosecution, stepped to the defense table and congratulatee3tobert
Carman, chief of defense counsel.
Youngstown, Ohio, advices, June 8, to the "Wall Street
Journal" stated that depositors of the Central Savings &
Loan Co. of that city, which ceased operating in 1930, will
be repaid in full when business conditions permit liquidation
of all assets, according to James A. Devine, the receiver.
The dispatch went on to say:
Since May 1 all funds coming into the hands of the receiver have been
Invested in short-term or demand certificates, which will permit shortly the
payment of a dividend. Approximately $500,000 has been collected from
mortgages, interest, rents from buildings, and in income from miscellaneous
sources. Leases providing an annual income of $52,000 have been obtained
from occupants of the company's former banking rooms.
We referred to the affairs of this company in our Issues of
pages
._
May 24 and June 7 1930, ____ _3657 and 3996, respectively.
JUNE 20 1931.]
FINANCIAL CHRONICLE
On May 25 1931 the First National Bank of Pitsburg, Ohio,
capitalized at $25,000, was placed in voluntary liquidation.
The institution was absorbed by the First-Farmers' National
Bank of Arcanum, Ohio.
An Associated Press dispatch from Weirton, West Va., on
June 11, stated J. C. Williams, President of the Weirton Steel
Co., had been appointed President of the People's Bank of
Hollidays Cove, West Va., on that day, succeeding the late
•D. M. Patterson, and that W. E. Hawkins had been chosen
Vice-President of the Bank of Weirton at Weirton to succeed Mr. Patterson in that institution. The dispatch added
that E. T. Weir, Chairman of the Board of the National
Steel Co., is President of the Bank of Weirton.
4531
new bank stock for each 9 1/16 shares of National Republic $20 par stock.
It was further outlined to shareholders that the respective equity of the
two stockholders' groups in the $5,000,000 investment company affiliate
would be on the same basis as their contribution to and participation in the
capital of the consolidated bank, which is 8/14 for the Central Trust and
6 14 for the National Republic.
/
This will be accomplished by applying the proceeds obtained from liquidating the assets of the National Republic not taken into the consolidation
to the purchase of the Central Illinois Securities Corp. stock at the rate of
$5 a share to the extent of 6/14 of the total capital of the company, or to
the extent that such proceeds provide within the next 18 months. The
entire stock of the Investment company will be among the assets of the
Central Trust not going into the consolidation and from this stock eight
shares will be contributed for each six shares so purchased by the segregated assets of the National Republic.
The stock acquired in this way will be turned over to the consolidated
bank's investment affiliate, as yet unnamed, and should this not represent
all the Central Illinois Securities Corp. stock, the new investment affiliate
will have an option for 90 days after the expiration of the 18 months'
period to purchase remaining stock at $5 a share.
As of May 28 1931, the First National Bank of Ravenswood, West Va., with capital of'$35,000, went into voluntary
Three Rockford, Ill., banks, two of them National instituliquidation. The institution was absorbed by the Jackson tions, were closed on Monday of this week, according to the
County Bank of the same place.
Chicago "Post" of that date. The institutions were the
Security National Bank, having deposits of $2,383,000 and
Advices from Noblesville, Ind., on June 11 to the Indiancapitalized at $200,000; the Manufacturers' National Bank &
apolis "News" stated that a new branch of the Citizens'
Trust Co., with deposits of $3,000,000 and capital of $500,000,
State Bank of Noblesville will open at Arcadia, hid., to-day,
and the People's Bank & Trust Co., a State institution, which
June 20. The dispatch went on to say:
was closed when its cash reserve was exhausted. The
L. L. Cook, former Treasurer of Tipton County and recently Manager of
Chicago paper went on to say that officials of the People's
a grain elevator at Elwood, will be Manager. Arcadia has been without a
bank for 15 months.
Bank & Trust Co. announced that they hoped to reopen the
institution within the next two weeks.
We are advised that negotiations looking towards a merger
of the Citizens' National Bank, the Citizens' Trust & Savings
That the Diversey Trust & Savings Bank, at the corner of
Bank, the First National Bank, and the United Trust Co., all
Diversey and Racine Avenues, Chicago, had been closed by
of South Bend, Ind., have been terminated.
State bank examiners was reported in Chicago advices, on
Officers for the Central Republic Bank & Trust Co. of June 13, to the "Wall Street Journal." Total deposits of the
Chicago, the new $350,000,000 institution which is to suc- institution as of March 25 last, the dispatch said, were
ceed the National Bank of the Republic and the Central $1,000,000.
Trust Co. of Illinois, have been selected as follows, it is
Following a meeting of the directors of the First Nalearned from the Chicago "Journal of Commerce" of June 13:
Tuesday June 16, M. A. Traylor,
General Charles G. Dawes, American Ambassador to Great tional Bank of Chicago on
Bank, announced the declaration of the
Britain, will be Honorary Chairman of the new bank, the President of the
usual quarterly dividend of $4.50 per share, payable to
same office he held with the Central Trust Co. of Illinois;
stockholders of record on June 30 1931. Mr. Traylor further
Philip R. Clarke, President of the Central Trust Co., will
announced that Albert D. Lasker, John Hertz, John N.
remain in the same capacity with the consolidated bank.
Dole and Charles A. McCulloch, directors of the ForemanMr. Clarke assumed this position a little more than a year
State National Bank and Foreman-State Trust & Savings
ago, following acquisition by the Central Trust Co. of
Bank, had been invited to become members of the board of
Illinois of the Federal Securities Corp.; John A. Lynch, the First National Bank and had signified their willingness
veteran figure in Chicago banking circles, and Chairman to
accept. Mr. Traylor stated that is would be necessary
of the Executive Committee of the National Bank of the to have a stockholders meeting in order to increase the
Republic, will hold the same office with the new organiza- number of members of the board, and that these elections
tion, while the Chairmanship of its Board will be shared would take place as soon as such meeting could be held.
jointly by Joseph E. Otis, the present Chairman of the Cen- He further stated that there had not been sufficient time to
tral Trust Co.'s Board, and by David R. Forgan, Vice-Chair- consider the question of personnel of the official staff and
man of the Executive Committee of the National Bank of their future connection with the First National Bank.
the Republic; H. E. Otte, Vice-Chairman of the Board of the
Mr. Traylor also stated that Harry A. Wheeler, ViceNational Bank of the Republic; John W. O'Leary, President Chairman of the board of the First National Bank and First
of the same institution, and M. E. Gresnebaum, Vice-Chair- Union Trust & Savings Bank had announced to the diman of the Board of the Central Trust Co. of Illinois,
will rectors that having reached the retirement age under the
be Vice-Chairmen of the Board of the new
institution, while First National Pension Plan, he would, on July 1, retire as
institutions.
E. V. R. Thayer, Chairman of the Executive
Committee of an officer of the First National and its affiliated
the Central Trust Co., will be made Vice-Chairman
Mr. Wheeler, however, will remain a director of the First
of the
Executive Committee in the consolidated bank.
Group of banks and also as a member of the executive
• The senior Vice-Presidents will include W. R.
committee.
Dawes, J. E.
Following a special meeting of the board of directors on
Greenebaum, A. R. Floreen and J. E. Lindquist, now
Vicethe same day (June 16), Mr. Traylor transmitted the folPresidents of the Central Trust Co.; Ward C. Castle,
Execulowing resolutions to the staff of the First National and
tive Vice-President of the National Bank of the
Republic,
First Union Trust & Savings Bank:
and Aaron Colnon, Executive Vice-President of the
Chicago
The board of directors of the First National Bank of Chicago wishes to
Trust Co. (the subsidiary institution of the
National Bank thank the employees and officers of the First National Bank and its affiliated
of the Republic).
Institutions and to express its pride in their work in the recent crisis A
difficult task, which seemed to many outsiders impossible, has been done
Lucius Teter will continue as Chairman of
the Board of and well done. The credit is due not to any one man or group of men, but
the Chicago Trust Co., which will be retained
as a corporate to the organization as a whole. It has proved its courage, its ability. its
entity, it has been decided, because of the nature
to accept responsibility, and its complete loyalty, under conof its busi- willingnessgreat stress.
ditions of
ness. We quote furthermore from the paper
The board requests the President to give a copy of this resolution to each
mentioned, as
follows:
employee and officer.
George Woodruff, Chairman of the Board of the
National Republic, who
has been away from his desk for several months on
account of ill health,
will not join in the administration of the consolidated
bank. Only recently
has Mr. Woodruff been able to spend a few hours daily at
the office, and
he will utilize the opportunity presented by the consolidation to
retire.
Likewise, Charles S. Castle, Vice-Chairman of the Executive.
Committee
of the National Republic, has decided to retire after 40 years of
active
banking, and will not hold an official position in the new bank.
Terms of the share exchange upon which the stock of the Central
Republic
Bank & Trust Co. will be allocated to the stockholders of the constituent
banks were outlined in letters mailed last night (June 12) requesting deposit
of their stock. This basis was the same as recently disclosed in these columns,
offering one share of $100 par stock in the new bank for each one and
one half of the present $100 par Central Trust shares, and one share'of the
The officers of this bank be directed to pay to all employees, other than
officers, a bonus equal to one-half of a month's salary.
The former employees of the Foreman-State National Bank and its
affiliated institutions, other than officers, now working for the First National Bank of Chicago and its affiliated institutions, are to be paid a
bonus equally with the employees of the First National Bank.
In appreciation of the work done, Mr. Traylor said, "I
can only add that the men and women who work for the
First National Bank of Chicago and its affiliated institutions constitute one of its greatest elements of strength."
The Noel State Bank at 1601 Milwaukee Ave,. Chicago,
was closed on Thursday of this week, June 18, at the request
4532
FINANCIAL CHRONICLE
of its directors, because of heavy withdrawals, according
to Chicago advices on that day to the New York "Times."
The instituion was capitalized at $1,000,000 with surplus
of $400,000. Deposits were estimated to be about $4,000,000,
as compared with $7,350,000 on March 25, the date of the
last bank call. The dispatch went on to say that plans for
tho reorganization of the bank were being discussed, but no
definite action was expected until a complete audit had been
made.
[VOL. 132.
This action was taken by the directors after a conference with the State
Banking Department. It was laid to "a panicky public frame of mind" as a
result of recent bank closings in the vicinity. The bank lists resources of
more than $3,000,000.
Two more Detroit suburban banks, the Hazel Park State
Bank at Hazel Park, Mich., and the First National Bank
of St. Clair, Mich., were reported closed in Detroit advices,
on June 17, to the "Wall Street Journal." According to
advices from Hazel Park on June 15, the Hazel Park State
Bank closed its doors on that day following the closing,
Detroit advices yesterday, June 19, to the "Wall Street to permit of reorganization, the previous Saturday, June 13,
Journal" stated that the Metropolitan Trust Co. of that of the State Savings Bank of Royal Oak, Mich., with which
city, with resources of approximately $2,000,000 had been it was affiliated.
closed by order of the State Banking Commissioner.
It is learned from Associa-ted Press advices from Green
Cramer Smith, President o- f the Pontiac Commercial & Bay, Wis., June 3, that two of the banks of that place, the
well known
Savings Bank of Pontiac, Mich., and one of the
Brown County. State Bank and the McCartney National
bankers of the State, committed suicide in the Heldenbrand Bank, bad closed their doors recently. The dispatch said:
Hotel, Pontiac, on June 6. His act was attributed to poor
Heavy withdrawals from six local banks, following the recent closing of
health. The deceased banker; who was 53 years of age, was the Brown County State Bank and the McCartney National Bank, were
Mr. Smith was definitely halted Wednesday (June 3) by the timely action of the Green
born in Oakland County, Mich. Formerly
Association.
President of the Griswold First State Bank of Detroit, but Bay Clearing House Association requiring from one to three months' notice
An order from the
consolidations in the past on withdrawal of savings deposits, immediately effective, has checked deretired from this position during
two years. In reporting Mr. Smith's death, a dispatch from mands of patrons for liquidation of their accounts.
Confidence also returned with the arrival of $500,000 in currency from
Pontiac, on June 6, stated that a special meeting of the Milwaukee and Chicago banks, and placed on counters in full view of
directors of the Pontiac Commercial & Savings Bank, called customers.
Business leaders and bankers generally admitted Wednesday night the
by John H. Patterson, attorney and Chairman of the Board,
been serious, but all were equally certain the remaining banks
resulted in the issuance of a statement that the bank is in situation had condition and no further failures will result.
are in sound
excellent condition and that Mr. Smith's act was undoubtedly
due to his poor health.
The Farmers' & Merchants' State Bank of Hartonville,
Wis., a small bank with deposits of $220,163, failed to open
On June 10 announcement was made in Mt. Clemens,
on June 10, according to Associated Press advices from MadiMich., of the resignation of H. J. McGill as President of the son, Wis.,
on that date. Deficient reserves and "frozen"
Citizens' Savings Bank of that place, effective immediately,
assets were given by the State Banking Department as
and the appointment of John S. Paganetti, lumber dealer, as
reasons for the closing of the institution, the dispatch said.
his successor, according to Mt. Clemens advices on the date
named, appearing in the Detroit "Free Press." The disA dispatch by the United Press from Bird Island, Minn.,
patch added:
on June 12, stated that the Renville County State Bank of
Along with the announcement of McGill's resignation it was stated that
that place was closed on the date named by its directors
three Detroit bankers have been elected to the Board by the directorate of
to conserve the assets. The institution is capitalized at
the local institution.
They are Robert B. Locke, Vice-President of the People's Wayne County $50,000, with surplus of $22,000, and has deposits of $540,000,
Bank; Harry S. Covington, Vice-President of the National Bank of Comthe dispatch said.
merce, and Fred H. Talbot, Vice-President of the Commonwealth
Com-
mercial Bank.
The closing, on June 15, for reorganization of the Pontiac
Commercial & Savings Bank of Pontiac, whose President,
Cramer Smith, committed suicide last week, was reported
in a Pontiac dispatch by the Associated Press on that day.
A statement issued by the directors of the institution, as
contained in the dispatch, read:
A JamesvillelWis.,[dispat-ch June 10 to:the Milwaukee
"Sentinel" stated that judgment of $200 a share against
stockholders of the defunct Bank of Southern Wisconsin of
Janesville was granted in the Circuit Court on that day.
The judgment was entered under the Wisconsin double
indemnity law, and will pave the way for final distribution
of assets, it was said.
"Feeling that the best interests of our vast number of depositors can best
be served by a reorganization of the Pontiac Commercial az Savings Bank,
the directors are closing the bank for the purposes of conserving the assets
and protecting the depositors. The suicide of the President of the bank
so disturbed the minds of its depositors that within a few days they withdrew over $2,300,000 in deposits and this despite the fact that his relations
with the bank were regular in every way.
"As soon as the magnitude of the withdrawals became apparent the
directors immediately invoked the rule requiring 90 days' notice of intention
to withdraw saving deposits, hoping in the meantime to be able to (invert
sufficient notes and mortgages into cash so as to continue business. There
was no way, however, under the law to apply the rule to commercial deposits.
These deposits have since been daily withdrawn in increasing amounts to
such an extent as to reduce the cash reserve so that it now appears unwise
to keep the bank open and permit further withdrawals.
"It will require some time to convert loans and mortgages into cash
because mortgage purchasers first must make an appraisal of the properties
and examine abstracts of title. The balance of cash which the bank has on
hand would all be exhausted if further withdrawals should be permitted to
continue. This would not be fair to the depositors who have stood by the
bank in the crisis. Under the circumstances, under the advice of the State
Banking Commissioner, there is but one course to pursue and that is temporarily, at least, to close the bank's doors. The Pontiac Trust Co. is operated
under a separate charter and will continue its business as usual."
William Cochrane last week was chosen President of the
Red Oak National Bank, Red Oak, Iowa, and its affiliated
institution, the Red Oak Trust & Savings Bank, to succeed
B. B. Clark, resigned, according to advices from that city
to the Des Moines "Register" on June 12. Mr. Clark, who is
83 years of age, had been active in the service of the institution since its inception and its President for the past 36
years. Twenty-five years ago he was one of the principal
organizers of the Red Oak Trust & Savings Bank. He will
retain his interest in the Coburg Savings Bank at Coburg,
Iowa. Mr. Cochrane, the new President, is a State Senator
for Iowa, and President of the Thomas D. Murphy Calendar
Factory. He has been a director of the Red Oak National
Bank for 20 years. The dispatch furthermore stated, that
R. C. Brolimus, Cashier of the First National Bank of
Fonda, Iowa, would join the executive staff of the Red Oak
National Bank about July 1.
The bank's last statement, as of March 31 last, the dispatch
stated, showed total assets of $17,841,777, including loans
and discounts of $7,229,120, mortgages totaling $5,848,468,
bonds totaling $1,589,305, and reserves and cash of $2,169,438.
Commercial deposits totaled $5,461,865 and savings deposits
$10,811,334. Capital is $800,000, surplus $400,000, and net
undivided profits $127,235, plus reserve for taxes, interest
and depreciation, $176,959.
The death of the bank's President, Cramer Smith, is referred to in these columns to-day.
Effective June 4 1931, the Merchants' National Bank of
Clinton, Iowa, went into voluntary liquidation. This institution, which was capitalized at $100,000, was consolidated
with the City National Bank of Clinton, as noted in our
April 25 issue, page 3085.
The Bennett Savings Bankrof Bennett, Iowa, capitalized
at $50,000, and the Farmers Savings Bank of the same place,
with capital of $35,000, were consolidated recently under
the title of the Bennett State Bank.
The Clarence Savings Bank of Clarence, Iowa, with comThe First State Savings Bank of Birmingham, Mich., a
suburb of Detroit, was closed on June 15 to conserve its bined capital and surplus of $45,000 and deposits of $350,000
assets, according to Associated Press advices from Birming- has taken over the First National Bank of Clarence, capitalized at $43,000 and with deposits of $255,000. The new
ham on that date, which, continuing, said:
FINANCIAL CHRONICLE
JUNE 20 1931.1
4533
The Citizens Bank and the Farmers National Bank of
Shelbyville, Tenn., were consolidated at the close of business
May 29 1931 under the title of the First National Bank of
Shelbyville. The new organization is capitalized at $100,000
with surplus of like amount, and has undivided profits in
excess of $10,000. Its total resources exceed $1,500,000.
The officers are as follows: J. E. Huffman, President;
H. E. Williams, Vice-President; R. S. McGill, Asst. ViceJr., Cashier and Roy Bearden,
recently President; G. W. Shearin,
The Citizens' State Bank of Wichita, Kan., was
Asst. Cashier.
consolidated with the Farmers' State Bank of that city.
The consolidated bank continues the name of the Farmers'
On June 6 a charter was issued by the Comptroller of the
State Bank. It is capitalized at $50,000, with surplus and
Currency for the First National Bank of Gulfport, Miss.
undivided profits of $53,500, and has deposits of $1,250,000.
The new bank is capitalized at $400,000. J. J. Harry is
President and P. A. Stilwell, Cashier.
The closing on June 11 of the Little River State Bank at
Little River, Kan., was reported in the following Associated
The People's National Bank of Gate City, Va., capital
Press dispatch from Lyons, Kan., on that day:
$25,000, was placed in voluntary liquidation on May 21
The Little River, Kan., State Bank did not open for business to-day. A
notice on the door said that the institution was in the hands of the State last. It has been succeeded by the People's National Bank
Banking Department. Officers of the bank assigned inability to collect in Gate City.
organization has combined capital and surplus of $70,000
and deposits of $600,000. The officers are Earl Elijah,
President; Ed. Cosgriff, Vice-President; F. J. Beatty,
Cashier, and Arnold Ruther and E. C. Hasselbusch, Assistant
Cashiers. The Clarence Savings Bank was established by
Fred Hecht in 1893, and has had a steady growth since
that time.
loans as the reason for closing. The bank's capital was $20,000.
It is learned from the Topeka "Capital" of June 13 that
announcement was made the previous day of the purchase
by the National Bank of Topeka of the Farmers' National
Bank of that city. At the same time, plans for the erection
of a 12
-story building to house the enlarged National Bank
of Topeka were made public. The new building, with facilities offering every convenience for the enlarged bank, will
be constructed at Sixth Street and Kansas Avenue, the site
now occupied by the National Bank of Topeka. Because of
the present limited quarters of the National Bank of Topeka,
the business of the Farmers' National Bank will be retained
Intact in its present building at Seventh Street and Kansas
Avenue, but under the name of the National Bank of Topeka.
About July 15 the business of the National Bank of Topeka
will be moved to the Farmers' National Building, where It
will remain while its present building is being razed and
the new structure erected. The new building is to be completed early in the spring of 1932. The enlarged National
Bank of Topeka has a combined capital and surplus of more
than $1,000,000 and deposits in excess of $10,000,000. The
Institution, which was established in 1868, is headed by
Carl W. McKeen as President. The Farmers' National Bank
was organized May 10 1913 and as of March 25 last had combined capital, surplus and undivided profits of $213,741,
deposits of $1,072,312, and total resources of $1,396,053.
George W. Stansfield was President. The consolidation
of the institutions became effective June 12. With reference to the new building for the consolidated bank, we quote
further, in part, from the paper mentioned:
To the present frontage of 50 feet of the National Bank of Topeka now
on Kansas Avenue will be added an additional 25 feet to the north which
is to be incorporated in the new building site. The frontage on West Sixth
is to be 115 feet.
The building will rise 150 feet from the street level. Polished granite
will be used to face the first floor exposure. On all four sides above will
be select buff Indiana Bedford limestone. The design permits ample natural
light on all four sides. Fireproof steel will be used in the framework.
A high speed elevator of the latest design and efficiency is to be installed
for use in the bank and in the offices above.
The safe deposit department of the bank will be in the basement. Plans
are such that the bank may expand upward as its increased business demands.
The main room will have a lobby of 76 feet in length, 31 feet wide, and 32
feet high. Floors of the banking room and entrance lobby will be of
marble, while corridors and partitions are to be embellished with imported
marble, accented with wainscoting of black Belgian marble.
Both the bank and safe deposit quarters will be mechanically ventilated
with filtered, tenipered and humidified air brought into the building from
the outside and delivered to every part of the bank through a complete
raceway of concealed galvanized iron ducts. Trust bond and investment
departments will be on the North, to the right of the main entrance.
Vault construction will be of reinforced concrete with an intricate meshwork of heavy steel known as "steel-crete." Private booths or conference
rooms will be available for customers. Initial safety deposit box installation
is to number 10,000.
Above the bank mezzanine, there will be a setback of seven feet on all
four sides. At the seventh floor there will be another, and a third at the
eleventh floor.
A charter was granted by the Comptroller of the Currency,
on June 8, to the First National Bank in Ayden, Ayden, N. C.,
with capital of $25,000. J. R. Turnage and A. R. Rome are
President and Cashier, respectively, of the new institution.
The appointment of J. C. Tenison, a Vice-President of the
Dallas Bank & Trust Co. of Dallas Tex., to the additional
office of Cashier, was announced on June 12 by Ernest R.
Tennant, the President of the institution, according to the
Dallas "News" of June 13. Mr. Tenison succeeds in the
Cashiership L. B. Glidden, who resigned, effective June 15,
when he became Cashier of the First National Bank of
Brownsville, Tex., one of the largest banks in the Rio Grande
Valley. Mr. Tenison, it was stated, began his banking
career in the City National Bank of Dallas, while his father,
the late E. 0. Tenison, was President of the institution.
TheCity National Bank of Temple, Tex., which recently
City
was absorbed by the Farmers' State Bank of that place,
went into voluntary liquidation on June 5. The institution
was capitalized at $200,000.
In recognition of their efficiency, the Board of Directors
of the State-Planters Bank & Trust Co., Richmond, Va., at a
meeting held June 11, promoted to official positions the
following: J. Harvey Wilkinson, Jr., to Manager of the
Investment department; Louis Western Bishop, to an Assistant Cashier; Carlisle R. Davis, to an Assistant Cashier,
and L. Burwell Gunn to an Assistant Trust Officer. The
announcement by the bank said, in part:
Mr. Wilkinson, a native of Richmond, who came to the bank in 1929 as
statistician, from Lee, Higginson & Co. of New York City, succeeds Randolph
C. Harrison, who recently resigned to accept a Vice-Presidency with the
Central Hanover Bank & Trust Co. of New York. He is a graduate of the
University of Virginia and a member of the Phi Beta Kappa Society.
Mr. Bishop, a native of Greenville, S. 0., became affiliated with the
bank in 1922. In September 1925 he was made Manager of the new business
department. In November 1927 he was sent by the bank to take charge
of its newly organized affiliated institution, the State-Planters Bank of
Hopewell, Va., as Cashier. Having accomplished the work there, he came
back to Richmond in 1929 and resumed his duties as new business department Manager. Prior to coming to Richmond in 1920, to the Federal
Reserve Bank, Mr. Bishop was Cashier of the Bank of Piedmont, and later
was connected with the First National Bank of Greenville, S. C.
Mr. Davis, a native of Richmond also, was a student at John Marshall
High School, and entered the services of the bank in 1921. He is now
connected with the credit department. An active worker in Richmond
Chapter, A. I. B., Mr. Davis this year, heads it as President.
Mr. Gunn, also a native of Richmond, is a graduate of the John Marshall
High School. Mr. Gunn has been with the bank nine years, and for the
past six years connected with the trust department.
From the San Francisco "Chronicle" of June 5,it is learned
that the First National Bank of Marysville, Cal., was to
be merged with the Marysville Rideout branch of the Bank
of America National Trust & Savings Assn. (headquarters
At the close of last April, the National Bank of Topeka San Francisco) on June 6, according to an announcement on
acquired the Kansas Reserve State Bank of Topeka, as noted June 5 by Arnold J. Mount, President of the latter instituin our issue of May 2, page 3278.
tion. We quote furthermore from the paper mentioned!
The staff of the First National is to be retained and its directors are to
The Kenmare National Bank, Kenmare, N. D., on June 9 be included in the advisory board of the Marysville-Rideout branch Mount
said.
Changed its title to the First Kenmare National Bank.
Although the youngest bank in Marysville, the First National has mainEffective June 2, the Fayette National Bank of Lexington, Ky., went into voluntary liquidation. The institution,
which was capitalized at $300,000, was taken over by the
First National Bank & Trust Co. of Lexington.
•
tained a position of leadership throughout its corporate life, and now has
assets in excess of $1.000.000. It was organized Oct. 17 1917, by Dunning
Hideout, Pliebe M. Hideout, Thomas Matthews, J. E. Strain, Lloyd
Wilbur, Thomas A. Gianella and others with a capitalization of $50,000.
and opened for business on July 3 1918. Thomas Matthews is President
of the Institution. Dunning Hideout is Vice-President and P. T. Smith,
Cashier.
4534
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
It has been a week of depression on the New York Stock
Exchange, as stocks moved downward day after day, the
only exceptions to the rule being the local tractions which
have maintained a steady though moderate upward movement throughout the week. The market generally has
drifted slowly downward and while there have been occasional
rallies, they have been, as a rule, short lived and had little
effect on the trend of prices. Trading has been dull and the
daily transactions have gradually dwindled down. Indeed,
on Wednesday, the turnover failed to reach a million shares
and touched the lowest level in several years. The transactions were so light that the high speed ticker service was at
a standstill several times during the session. The weekly
statement of the Federal Reserve Bank, made public after
the close of business on Thursday,showed a further recession
of $71,000,000 in brokers' loans in this district. This makes
the ninth consecutive decrease in as many weeks and brings
the total outstanding loans down to $1,419,000,000. Call
money renewed at 13/% on Monday and continued at that
rate on each and every day throughout the week.
The stock market was somewhat easier during the twohour session on Saturday, prices drifting downward as many
speculative traders disposed of their stocks in the regular
week-end clean up. The turnover was only 543,050 shares,
which was the smallest volume of sales for Saturday so far
this year. During the early trading, industrial shares and
public utilities found lower levels, but improved as the day
progressed and in most cases closed on the side of the advance,
though, on the whole, the gains were largely fractional.
Railroad shares held fairly steady and so did most of the
recognized market leaders, like U.S. Steel, American Can,
Worthington Pump, General Motors and Continental Can.
Local tractions were the strong stocks of the'day, BrooklynManhattan Transit closing at 623 with a gain of 2% points,
%
followed by Interboro, which closed at 253 with a gain of
%
23i points. Federal Water Service was up 2% points to
4
193' and Beatrice Creamery moved up 3 points to 613 .
Prices drifted irregularly lower on Monday. In the early
trading advances ranging from 1 to 2 or more points were
registered by a number of prominent stocks, but most of
these advances were lost later in the day, due to lack of support. Railway shares moved around to a considerable extent
but finally turned downward with the rest. Market leaders
like American Can, United States Steel, Westinghouse Elec.,
Eastman Kodak, Santa Fe and Union Pacific were all down
on the day and so were such stocks as Southern Pacific,
Westinghouse, Air Brake, Illinois Central, Ingersoll-Rand,
Atchison, Auburn Auto and Chicago & North Western.
Public utilities were moderately strong during the first hour,
but slid back downward as the day advanced.
The market moved lower on Tuesday and stocks drifted
in one of the dullest sessions since the first of the year. The
recessions extended to all parts of the list, with only an occasional exception in some unimportant stock, though most
of these advances were fractional. United States Steel held
fairly steady, slightly under 90, but closed fractionally
higher. American Can improved about a point during the
last half hour. In the very modest rally just before the
close, Union Pacific moved up 33/i points to 16134; New
York Central advanced 13i points and Boston & Maine
moved up about 6 points. The stock market was a dull
and featureless affair on Wednesday as prices moved within
a narrow range just under Tuesday's finals. Railroad stocks
were the weak spot and continued to work toward lower
levels. The volume of sales was below the million mark
for the first time in nearly five years and the number of
issues dealt in was down to 535. Practically all active stocks
were down at some time during the day, most of the pressure
coming from realizing sales. United States Steel was down
fractionally; American Can yielded % of a point; Santa Fe
4 points; New York Central 3 points and Union Pacific
43/i points. Other losses among the leaders included Allied
Chemical & Dye 13/ points; Westinghouse Electric 334
points; General Electric % of a point; Eastman Kodak 1 i'4
3
points, and Auburn Auto 23/i points. Stocks were dull and
heavy at the close.
The stock market again moved downward on Thursday,
though most of the changes were of small denominations.
Selling to some extent was in evidence during the greater
part of the day, most of the transactions centering in such
pivotal stocks as United States Steel, J. I. Case Threshing
Machine, Westinghouse• Electric, American Can, Amer.
Tel. & Tel., International Tel. & Tel. and United Air &
[VoL. 132.
FINANCIAL CHRONICLE
Transport. The principal changes on the side of the decline
were United States Steel common 1% points; Allied Chemical
5
& Dye,3% points; American Can, 2M points; Auburn Auto,
73 points; J. I. Case Threshing Machine, 634 points;
Eastman Kodak, 3 points; Johns-Manville, 33/i points;
Western Union, 434 points; Worthington Pump,2% points;
and Southern Pacific, 2% points. Stocks closed weak and
at the lowest levels of the day. General recessions were
again the rule during the early trading on Friday and many
of the most active of the speculative stocks dipped to new
lows for current reaction. While the offerings were not
especially large, the flow was fairly steady and prices gradually yielded. In the late trading the market developed a
better tone and while the changes were not particularly
noteworthy several active issues were on the up side as the
market closed. Railroad shares were down from the opening
and closed from two to five or more points off on the day.
Selling pressure on a number of pivotal industrials forced
these stocks downward, the list including such active issues
as United States Steel common, American Can, JohnsManville, General Motors, and American Tel. & Tel. The
tone of the market was heavy at the close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
June 19 1931.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday_
Thursday
Friday
543,050
1,265,513
1,115,112
916,901
1,148,680
1,146,500
„10
Sales at
New York Stock
Exchange.
State,
Municipal,*
Porn Bonds.
Railroad,
& Misc.
Bonds.
$3,356,000
5,771,000
5,929,000
5,219,000
5,645,000
7,042,000
$2,011,000
3,139,000
3,413,000
3,465,500
2,866,000
2,209,000
United
States
Bonds.
Total
Bond
Sales.
$214,000
532,500
727,000
501,500
661,000
251,000
$5,581,000
9,442,500
10,069,000
9,186,000
9,172,000
9,502,000
5.j5,'JO5,UIJt
Jan.1 to June 19.
Week Ended June 19.
1931.
1930.
1930.
1931.
6,135,756
25,776,230
304,792,082
473,841,310
$2,887,000
17,103,500
32,962,000
Stocks
-No. of shares_
Bonds.
Government bonds__
State A: foreign bonds_
Railroad & misc. bonds
$3,514,400
16,501,500
43,815,500
$81,765,050
370,826,100
867,945,000
$55,736,900
327,845,500
1,013,177,000
$52.952,500 $63,831,400 $1,320.536,150 $1,396,759,400
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
PhRade1phia.
Boston.
Week Ended
June 19 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore
Shares. Bond Sales. Share,. Bond Sates. Shares. Bond Sates.
14,504
16,803
18,589
12,372
17,645
4,851
84,764
2,000
1,000
30,100
5,000
11,052
26,418
18,030
18,461
17,421
5,410
$22,500
31.500
35,000
33,000
24,000
823
1,472
1,572
1,787
891
1,077
4,000
1,100
4,000
28,500
20,000
$44,000
96,842
$146,000
8,622
$57,600
$6,000
86,400
13,257
185.940 $240.500
a In addition, sales of rights were: Saturday, 100; Monday, 100; Wednesday,
100; Sales of warrants were Saturday, 209; Tuesday, 200.
pows. sok rawlaati
14 AM
1112 000
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country indicate that for the week ended to-day (Saturday, June 20), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 31.5% below those for the corresponding
week last year. Our preliminary total stands at $9,114,573,043, against $13,290,787,634 for the same week in 1930.
At this center there is a loss for the five days ended Friday of
33.5%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended June 20.
1931.
1930.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,154,619,114 $7,753,000,000
541,084.831
313,542,824
476,000,000
356,000,000
427,000,000
359,000,000
114,869,371
79,620,405
129,600,000
87,600,000
181,908,000
119,193,000
No longer will report clearings.
170,890,111
115,755,318
161,640,213
122,053,804
132,825,730
104,020,599
87,432,635
66,946,355
56,536,636
40,741,572
-33.5
-42.1
-25.2
-15.9
-30.7
-32.4
-34.5
Twelve cities. 5 days
Other cities, 5 clays
$6,919,092,991 $10,232,787,527
939,833,320
676,384,545
-32.5
-28.0
Total all cities, 5 days
All cities, one day
$7,595,477,536 $11,172,620,847
2,118,166,787
1,519,095,507
-32.1
-28.3
39.114,573,043 $13,290,787,634
-31.5
Total all cities for week
-32.3
-24.5
-21.7
-23.4
-27.9
Complete and exact detai s for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 13.
JUNE 20 1931.]
FINANCIAL CHRONICLE
Week Ended June 13 1931.
1931.
1930.
Inc.or
Dec.
Federal Reserve Dist.
lst Boston_.
__12 cities
2nd New York_12 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta__ _ _11 "
7th Chicago_ _ _20 "
8th St. Louis__ 8 "
9th Minneapolis 7 "
10th KansasCID 11 "
,
11th Dallas
5 "
12th San Fran.
.14 "
$
349,867,332
5,560,036,013
459,110,393
304,319,656
139,714,470
116.527,588
637,652,151
134,268,898
98,702,557
132,768,208
49,643,343
244,747,416
$
505,910,834
7,644,290,729
584,939,183
428,932,293
169,157,068
152,133,925
841,878,789
206,503,427
125,203,345
188,405,203
56,165,553
337,792,625
%
-30.9
-27.3
-21.5
-29.1
-18.4
-23.4
-35.3
-35.0
-21.2
-28.8
-11.6
-27.5
Total
121 cities
Outside N. Y. City
8,227,358,025 11,239,312,975 --26.8 11,399,860,407 13,513,053,510
2,803,818,476 3,768,137,634 -25.6 4,182,343,955 4,495,068,868
Canada
32 cities
353.338.501
1929.
396,555,317 -11.1
$
528,162,366
7,417,424,940
615,118,849
490.135,494
176,082,792
179,970,471
978,162,436
215,130,134
134,011,485
210,440,057
74,408,967
370,812,416
483,175.317
1928.
$
557,101,043
9,199,425,964
663,968,188
477,261,102
208,512493
185,792,716
1,095,944,288
238,568,522
140,683,781
210,818,975
73,497,385
461.476,356
489.206.198
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended June 13.
Clearings at
1931.
1930.
First Federal Reserve Dist rict-Boston
703,990
Maine-Bangor__
760.477
Portland
2,822,130
3,980,816
Mass.
-Boston _ _ 369,093,341 450,971,062
1,287,511
Fall River_ _ _ _
1,143,266
Lowell
528,193
521,315
New Bedford
999,800
933,039
3,993,805
4,381,175
Springfield.._
Worcester
4,150,775
3,033,230
Conn.-Hartford
16,275,409
9,423,618
New Haven
7,589,466
6,130,167
R.I.
14,199.000
11,528,700
-Providence
786,250
540,731
N.H.-Manches'r
Total(12 Cities)
349,867,332
Me.or
Dec.
1929.
1928.
-7.4
-29.1
-18.2
-11.1
-1.3
-6.7
--8.9
--26.9
-42.1
--19.2
--18.8
-31.2
655,377
3,889,165
464,256,398
1,559,775
1,353,506
1,514,360
5,704,016
4,087,410
18,900,262
8,628,428
16,811,400
802.259
633,174
3,705.637
491,000,000
1,446.883
1,238,577
1,153,112
5,506,382
4,211,594
18,635,505
9,546,962
19,203,400
814,817
505,910,834 30.9
528,162,366
557,101,043
Second Feder al Reserve D istrict-New
6,797,634
N. Y.
5,140,537
-Albany-1,344,117
1,007,851
Binghamton__ _
55,822,496
33,740,626
Buffalo
954,316
Elmira
1,121,598
1,326,702
1,046,943
Jamestown.- _ _
5,423,539,549 7,471,175,341
New York__
11,868,446
Rochester
9,962,979
6,859,691
Syracuse
4,425,336
Conn.
5,246,747
3.232,987
-Stamford
N. .11.-Montclair
855,852
807,319
38,496,254
Newark
33,230,850
Northern N J._
43,543.133
42,779,438
York
-24.4
6,218,186
6,103,135
25.1
1,579,684
1,763,600
62,031,965
65,302.700
39.6
+17.5
1,213,715
1,432,745
-21.1
1,416,464
1,618.915
27.4 7,217,516,452 9.017,984,642
17.896,849
16.0
15,984,325
7,669,818
-35.5
7,978,318
3,671,206
5,021,908
38.4
1,090,783
987,661
-5.7
35,312,894
-13.7
35,967.495
43,340,758
-1.8
57,747.686
Total(12 cities) 5.560,036,013 7,644,290,729 -27.3 7,417,424,940 9,199,426,964
Third Federal Reserve Dist rict-Philad elphia
Pa.
-Altoona__ _ _
1,378,000 --57.8
581,591
4.331,165 --26.6
3,177,898
Bethlehem_ _ _ _
-26.8
747,614
1,021,946 Chester
2,111,361 +24.1
2,619,099
Lancaster
-21.9
436,000,000 558,000,000 phIladelphIa.
-23.3
3,787,114 2,904,415
Reading
-18.1
4,969,017 3,971,182
Scranton
-8.5
2,949,282
3,224,657 Wilkes-Barre_
2,228,923 1,724,312
-22.6
York
3,887,000 +14.1
4,435,000
N.J.-Trenton. -
1,541,055
7,405,855
1,326,333
2,358,657
581,000,000
4,917,446
6,386,731
3,486,274
2,245,499
4,451,000
1,405,316
5,019,828
1,398,268
2,173,806
625,000,000
5,019,738
7,506,178
5.695,952
2,540,297
8,208,804
21.5
584,939,183 -
615,118,849
663,968,188
Fourth Feder al Reserve D istrict-Clev eland
5,633,000 44.7
3,113,000
Ohlo-Akron.._ _
4,236,543 43.7
2,384,570
Canton
55,014,187
69,450,347 -20.8
Cincinnati_ _
100,740,860 141,269,035 -28.7
Cleveland
13,544,400
17,288,500 21.6
Columbus
1,820.790 -22.7
1,407,564
Mansfield
3,704,311
5,847,152 -36.6
Youngstown _
124,410,764 183,386,926 -32.1
Pa.
-Pittsburgh _
8,811,000
6,495,387
76,450,346
172,635,609
19,950,700
2,070,734
7,497,470
196,224,248
7,885,000
5,342,315
86,773,508
151,776,606
20,335,300
2,272,722
7,030,193
195,847,458
428,932,293 29.1
490,135,494
477,263,102
Fifth Federal Reserve Dist rict-Richm end596,643
1,154,554 48.4
W.Va.-Hunt'g'l
4,489,175
4,310,183
+4.2
Va.-Norfolk .
31,783,577
43,103,000 --26.3
Richmond _ _ _
1,714,410
2,436,000 -29.6
S. C.-Charlestor
74,629,115
89,532,540 -15.5
Md.-Baltimore _
26,501,550
28,620,791 D.C.-Washing'i
-8.0
1,155,658
4,782,926
40,971,000
2,600,000
96,191.264
30,381,944
1,142,987
5,786,512
45,253,000
2,500,000
123.674,839
30,154,852
176,082,792
208,512,190
-.
Total (10 cities)
Total (8 cities)
Total (6 cities).
459,110,393
304,319,656
139,714,470
169,157,068 -18.4
Sixth Federal Reserve Dist ict-Atlant a-Knoxville
*2,000,000
3,125,000 38.0
Tenn.
12,486,161
22,110,641 -43.6
Nashville
34,708,229
42,635,881 -18.6
_
Ga.-Atlanta
1,564,807 --19.6
1,258,509
Augusta
1,883,844 ---57.8
795,837
Macon
12,818,64
12,769,746
--0.4
Fla.-Jack'nville.
19,363,06 -30.4
13,480,266
Ala.-BIrming'm.
1,474,058
1,847,61 -20.2
Mobile
1,162,000
2,485,00 --53.2
-Jackson
Miss.
205,28 136,29
-33.6
Vicksburg
36,256,48
44,094,75 --17.8
La.-NewOrleans
br Total(11 cities
116,527,588
4,000,000
27,322,262
53,191,663
1,993,763
1,668,230
15,166,793
24,767,053
1,859,947
2,222,424
317,921
47,460,415
3,884,661
24,439,047
50,566,529
1,679,334
2,297,520
17,710,974
26,541,509
1,700,000
2,556,000
382,732
54,094,410
152,133,926 -23.41 179,970,471
185,792,716
1931.
1930.
Inc. or
Dee.
Seventh Feder al Reserve D 'strict-Chi ca go149,408
239,411 --37.6
mich.-Adrian_ _
801,051
918,779 --22.8
Ann Arbor_ _ _ _
111,599,531 151,481,289 --26.4
Detroit
4,492,888
5,222,596 --14.0
Grand Rapids_
2,865,801
3.451,670 --17.0
Lansing
2.404,946
3,498,545 --31.2
-Ft. Wayne
Ind.
16,483.000
23,252,000 --29.1
Indianapolis
2,505,458
2,546,582 --1.6
South Bend.._
4,229,637
4,917,849 --14.0
Terre Haute_ _ _
26,636,852
32,463,752 --18.0
Wis.-Milwaukee
3,043,204 --18.9
2,467,779
Ia.-Ced. Rapids
6,495,669
8,084,908 --19.7
Des Moines_ _ _
6,139,811 --34.1
4,048,847
Sioux City- 757,988
1,410,350 --46.3
Waterloo
1,379,219
2,023,450 --31.8
111.-Bl000l'gton_
441,473,023 581,140,486 --24.0
Chicago
1,070,583
1,268,842 --15.6
Decatur
2,987,149
4,852,848 --38.4
Peoria
2,583,794
3,248,778 --20.5
Rockford
2,219,528
2,673,639 --17.0
Springfield_
637,652,151
Total(20 cities)
841,878,789 -35.3
1929.
313,219
935,056
219,509,497
6,810,743
3,800,000
4,869,929
26,144,000
2,832,646
5,078,690
38,717.994
3.311,098
11,051,091
7,071,474
1,665,788
1,906,145
629,312,884
1,710,238
6,131,166
4,276,904
2,713,874
1928.
254,893
1,066,779
221,374,198
9,007,183
3,321,614
3,729,947
24,328,000
3,241,800
4,559,720
48,840,081
2,984,296
10.225,390
7,589,140
1,455,709
1,665,465
737,903,002
1,439,213
6,019,429
4,026.376
2,912,053
978,162,436 1,095,044,288
Eighth Federa 1 Reserve Dis trict-St. Lo uis3,613,023
5,160,724 -30.0
-Evansville
Ind.
87,900,000 125,300,000 -29.8
Mo.-St. Louis_ _
22,329,582
43,539,856 -48.7
.-Louisville_ _
303,229 -22.2
235,963
Owensboro. _ _
12,527.741
18,696,762 -33.0
-Memphis
Tenn.
6,727,334
12,088,728 -44.3
Ark.
-Little Rock
187,058 -28.2
135,159
Ill.-Jacksonville
1,227,070 -34.8
800,096
Quincy
5,092,144
133,900,000
39,210.291
379,719
20,909,364
13,747,806
405,494
1,485,316
6,677,441
153,800,000
42,455,104
364,247
19,284,680
14,107,045
348,170
1,531,745
206,503,427 -35.0
215,130,134
238,568,522
Ninth Federal Reserve Dis trict-Minn eapolis
6,748,211
7,286,408 --7.4
Minn.
-Duluth_ _
85,707,587 --23.8
65,304,022
Minneapolis...
20,494,584
25,122,069 --18.4
St. Paul
2,090.391
2,133,778 --2.0
N. Dak.-Fargo_
895,511
1,106,572 --19.1
S .-Aberdeen _
.D
562,532
663,820 --15.3
Mont.-Billings _
3,183,111 --18.1
2.607.306
Helena
9,604,418
80,557,386
27,000,585
2,366,079
1,345,876
652,427
3,484,714
10,365,759
87,132,347
35,365,572
2,217,218
1,337.057
678.828
3,587,000
134,268,898
Total(8 cities)_
125,203,345 -21.2
134,011,485
140,683,781
Tenth Federal Reserve Ohs trict-Kens as City
355,864 --22.7
275,270
Neb.-Fremont _
365,118
616,677 --40.8
Hastings
3,075,283
3,576,131 --14.0
Lincoln
41,497,715 --17.1
34,407,781
Omaha
3,372,454 --16.5
2,814,853
Kan.
-Topeka _ 6,917,402 --37.1
4,349,355
Wichita
81,226,560 121,542,098 --33.2
Mo.-Kans. DitY
5,586.586 --29.5
3,940,987
St. Joseph _ _
1,148,126
1,446,415 --20.6
Colo.
-Colo.Spgs
a
a
a
Denver
1,493,861 --22.0
1,164,875
Pueblo
442,465
746,692
3,828,561
45,530,584
3,170.037
8,542,689
137,584,227
7,233,571
1,594,895
a
1,766,336
398,427
700,651
4,918,949
47,140,861
3,805,492
8,923,858
134,553,192
7,161,830
1,602,201
a
1.613,514
186,405,203 -23.8
98,702,557
Total (7 cities) _
210,440,057
210,818,975
las+23.9
-8.3
-22.0
-28.2
-26.7
1,828.539
49,902,195
13,941,563
3,924,495
4,812,175
1,770,570
50,291,316
11,908,356
3,910,000
5,617.143
56,165,553 -11.6
74,408,967
73,497,385
Twelfth Feder al Reserve 13 istrict-San Franci see-55,326,672
43,466,567 -27.5
31,538.793
Wash -Seattle..
13,904,000
12,346,000 -14.8
10,521,000
Spokane
1,563,548
1,062,872 -15.6
896,000
Yakima
40,375,561
36,985,159 -18.4
30,177,877
Ore.
-Portland_ _
19,588,376
17,632,621 -26.4
12,970,524
Utah-S. L. City
9,464,217
6,966,071 -21.8
5,450,628
Cal.
-Long Beach
Los Angeles- -- No longer wi 11 report clear logs.
7,425,657
5,926,627 -20.7
4,698,755
Pasadena
9,161,215
8,880,172 -7.0
8,259,469
Sacramento...
6,541,235
5,833.399 -25.6
4,311,951
San Diego_ _ - San Francisco_ 120,827,337 189,809,518 -32.2 197,474,135
3,057.290
2,583,252 -18.3
2.343,373
San Jose
2,276,729
2,155,584 -22.8
1,668,576
Santa Barbara.
2.535,491
2,032,473 -19.4
1,637.533
SantaMonica_
2,618,300
2.112,30 -31.6
1,445,600
Stockton
57,965,524
14,040,000
1,420,162
42,983,204
18,212,153
4,904,425
MB,
titi
7,474,200
7.062,201
6,833,572
290,118,000
3,487,010
1,774,392
2,747,263
2,454,300
132,768,208
Total (11 cities)
-Da
Eleventh Fede rat Reserve District
1,474,069
1,827,487
Texas-Austin
38,139,222
34,088,128
Dallas
9,535,751
7,439,466
Forth Worth..
2,560,000
2,120,000
Galveston
4,456,511
3,268,262
La.
-Shreveport49,643,343
Total(5 cities).
Total(14 cities) 244,747,416 337,792,625 -27.5 370,812.4161 461.476,356
Grand total (124
8,227,358,025 11,239,312,975 -26.8 11,399.860,407 13,513,053,510
calm)
Outside N. Y.
2,803,818,4763,768,137,634 -25.6 4,182,343.955 4,495,068,868
1
Week Ended June 11.
Clearings al
1931.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
.
Fort William_ - New Westminster
Medicine Hat - - Peterborough_ --Sherbrooke
Kitchener
Windsor
Prince Albert- Moncton
Kingston
Chatham
Sarnia
SudllurY
Total (32 cities)
I
0w.05.00.00N
=LWO -10.cr
-40w0-40000000000000400000000
0.40,1- NWWW 4
,
SUMMARY OF BANK CLEARINGS.
Week Ended June 13,
Clearings at
ba,Poto
2
, .
10*=.
.30‘43,2NC4WWC. -
For that week there is a decrease of 26.8%, the aggregate of
clearings for the whole country being $8,227,358,025, against
$11,239,312,975 in the same week of 1930. Outside of this
city there is a decrease of 25.6%, the bank clearings at this
center recording a loss of 27.4%. 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, there is a contraction
of 27.3%, in the Boston Reserve District of 30.9% and in
the Philadelphia Reserve District of 21.5%. In the Cleveland Reserve District, the totals are smaller by 29.1%, in
the Richmond Reserve District by 18.4% and in the Atlanta
Reserve District by 23.4%. The Chicago Reserve District
has suffered a loss of 35.3%, the St. Louis Reserve District
of 35.0% and in the Minneapolis Reserve District of 21.2%.
In the Kansas City Reserve District the decrease is 28.8%,
in the Dallas Reserve District 11.6% and in the San Francisco
Reserve District 27.5%.
In the following we furnish a summary of Federal Reserve
districts:
4535
353,338,501
1930.
Inc. or
Dcc.
1929.
1928.
3
$
$
%
135,114.830 -9.3 163,806,557 164,959,898
123,952,583 -14.5 156.463,594 160,665,296
55,228,173
60,243,026
42,607,158 -1.9
20,189,008
22,783,185
17,672.365 +14.7
9,286,309
8,498,513
7,743,789 -7.6
7,585,004
7,159,743
7,260,257 -28.9
3,989,342
4,290,002
3,325,430 +1.3
7,397,690
6,736,085
5,071,491 -5.2
10,788,841
10,380,436
9,644,40 -33.3
3,437,061
3,499,774
2,536,39
+2.8
2,523,355
3,021,173
2,829,92 -27.3
3,738,287
3,359,173
3,398,49
--5.4
6,476,836
7,930,675
6,944,41 -23.0
5,670.657
5,580,499
4,478,11 -14.9
737,581
655,706
540,797 -16.4
650,193
675,731
571,835 -21.5
2,536,717
2,590,359
3,058,792 -38.1
1,275,557
1,244,422
1,029,041 -24.4
1,511,340
1,535,128
1,272,693 -13.4
999,629
1,462,371
834,915 +2.6
944,195
837,897
960,923 -33.4
468,883
463,341
317,903 -25.7
942,764
1,012,779
867,129 -10.5
1,016,596
1,024,167
1,055.651 -17.7
1.776,876
1,512,281
1,635,443 -14.9
7,592,895
5,271.036
5,459,415 -35.2
450,401
483,222
459,807 -15.4
1,053,766
967,800
1,292,031 -28.3
822.764
1,016,543
1,061,62 -32.5
748,890
807,819
616,07 -10.2
887,052
816,16 -29.3
705,635
1,325,425 -34.0
396,555,317 -11.1
allo longer reports weekly clearings. * Estimated.
483,175,317
489,206,198
4536
FINANCIAL CHRONICLE
[VOL. 132.
from America, prices have fallen and a premium on cash silver has been
THE CURB EXCHANGE.
re-established, the quotations being 12 5-16d. and 1231d. for cash and
With business on the Curb Exchange this week of ex- forward, respectively.
The market still lacks confidence and there are as yet no definite signs
tremely small proportions prices moved in uninteresting
of improvement.
fashion. In very few issues were changes recorded of
The following were the United Kingdom imports and exports of silver
more than a point or two. Vacuum Oil moved up some registered from midday on the 23d ultimo to midday on the 1st instant:
Imports.
Exports.
three points to 41% and on reported opposition to the
Mexico
£72,200
£43,587 British India
merger with the Standard Oil of N. Y. broke to 3532. A France
21,666
17,674 Other countries
British West Africa
20,239
%
recovery to 373 followed and the final figure to-day was Germany
7:339
Canada
8,024
375'. Gulf Oil of Pa. on little business dropped from 47 Other countries
5,285
to 433 and recovered finally to 46. Other issues in the oil
.
£93,866
E102,148
was congroup show little change. Newmont Mining
No fresh Indian currency returns have come to hand.
spicuous for a drop from 27% to 233. The usual quarterly
The stocks in Shanghai on the 30th ultimo consisted of about 83,300,000
dividend due at this time was omitted. Utilities were very ounces in sycee, 159,000,000 dollars and 8,880 silver bars, as compared
dull. Electric Bond & Shares com. lost some three points with about 83,300,000 ounces in sycee, 156,000,000 dollars and 3,460 silver
bars on the 23d instant.
to 33% the close to-day being at 343.. Amer. Gas & Elec.
Statistics for the month of May last are appended:
-Bar Silver per Oz. Std.Bar Gold
%
com. sold down from 59% to 56% and at 573 finally.
Cash.
per Fine Oz.
2 Mos.
Highest price
13Xd.
84s. 1134d.
135:1d.
Internat. Utilities class A improved from 313 to 33% and Lowest price
%
1234d.
84s. 934d.
123id.
finished to-day at 333's. Mid-West States Utilities, com. A Average price
848.10-32d.
12.857d.
12.825d.
Quotations during the week:
was comparatively active and gained over two points to
-Bar Silver per Oz. Std.Bar Gold
Cash.
per Fine Oz.
EMos.
22%. Industrial and miscellaneous issues show fewer May 28
84s. 11d.
12 9-16d.
1234d.
84s. 9X d.
May 29
1234d.
1234d.
changes of importance. Aluminum Co. of Amer. corn. May 30
84s. 934cl.
12 3-16d.
12 3-16d.
dropped from 112 to 983's. American Cyanamid class B June 1
12X d.
12.Vid.
84s. 934d.
June 2
12%d.
12%d.
84s. 1034d.
after fluctuating between 73' and 7% during the week, ,June 3
1234d.
84s. 1034d.
12 5-16d.
12.281d.
12.302d.
848.10.23d.
to-day jumped to 83.'. Continental Roll & Steel Fdy. Average
The silver quotations to-day for cash and two months' delivery are each
was off some seven points to 13, the final transaction to-day
1-16d. below those fixed a week ago.
being at 13%. Educational Pictures, pref. on few transactions sold up from 30% to 42. Lackawanna Securities
PRICES ON PARIS BOURSE.
advanced from 30 to 343 and reacted finally to 33%. Neisner
Bros. pref. moved down from 63 to 60. Parker Rust Proof
Quotations of representative stocks on the Paris Bourse
%
after early advance from 923 to 947 sold down to 90%. as received by cable each day of the past week have been
A complete record of Curb Exchange transactions for the as follows:
June 13 June 15 June 16 June 17 June 18 June 19
week will be found on page 4568.
Francs. Francs. Francs. Francs. Francs. Francs.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
June 19 1931.
Blocks
(Number
of
Shares).
Total.
105,880 $1,700,000
211,742 2,936 000
210,109 3,222,000
196,924 2,841,000
186,431 3,307,000
188,091 3,191,000
$70,000
117,000
109,000
95,000
71,000
108,000
$97,000 $1,867,000
133,000 3,186,000
135,000 3,466,000
194,000 3,130,000
167,000 3,545,000
148,000 3,447,000
1,099,177 517,197,000
$570,000
$874,000 $18,641,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Sales at
New York Curb
Exchange.
Week Ended June 19,
1931.
1930.
-No, of shares_
Stocks
1,099,177
9,067,600
Bonds.
Domestic
$17,197,000 $17,691,000
Foreign Government_ _
570,000
1,316,000
Foreign corporate
874,000
1,065,000
Jan. 1 to June 19.
1931.,
1930.
60,429,948
77,881,935
$444,843,000
13,908,000
20,065,000
$440.951,000
15,613,000
20,229,000
Total
$18,641,000 $20,072,000
$478,816,000
5476,793,000
Note.
-In the above tables we now give the foreign corporate bonds separately.
Formerly they were Included with the foreign government bonds.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 3 1931:
GOLD.
The Bank of England gold reserve against notes amounted to £151,017.471
on the 27th ultimo (as compared with £150,173,380 on the previous Wednesday),and represents an increase of £3,391,849 since Dec. 31 1930.
The event in the gold market this week was the reappearance of Continental competition for the South African bar gold. This week's arrival
amounted to about £1,016,000 and yesterday, at 844. 10Xd. per fine
ounce, £387,000 was bought on account of Switzerland, while £39,000 was
taken for the home and Continental trade. To-day, when the balance of
about £590,000 was on offer, bids were again forthcoming on Swiss account
up to 845. 103d., but the gold was secured at 845. 1014d, per fine ounce by
an "unknown buyer"
-subsequently revealed as the Bank of England.
This is the first time since April 14 last that the Bank of England has Paid
more than its statutory buying price.
Movements of gold at the Bank of England during the week have resulted in a net influx of £856,482. Receipts totaled E1,095,477, of which
£300,000 was in sovereigns "released," is6.084 in sovereigns received from
abroad and £709,393 in bar gold. Withdrawals consisted of £200,000 in
sovereigns "set aside," £25,000 in sovereigns taken for export and £13,995
In bar gold.
The following were the United Kingdom imports and exports of gold
registered from midday on the 23d ultimo to midday on the 1st instant:
Exports.
Imports.
British South Africa
£37,080
£240,649 Germany
British West Africa
12,496
44,952 France
Australia
33,155
78,000 Austria
Other countries
9,357
6,728 Other countries
£92,088
£370,329
It was announced on the 28th ultimo that the Imperial Bank of India
had reduced its discount rate from 7 to 6%.
The Southern Rhodesian gold output for the month of April last amounted
to 43.776 ounces, as compared with 42,278 ounces for March 1931 and
45,806 ounces for April 1930.
SILVER.
After a temporary rally of 3-16d. on the 28th ultimo. heavy Indian and
China selling on a poorly supported market caused a fall in prices the following day to 1254d. for both cash and forward deliveries. At this level support was received from India and China and the market recovered graduallT until yestnrday. when 12,4d. was quoted. To-day, in face of sales
1931.
Bank of France
Banque Nationale de Credit,.,
Banque de Paris et Pays Bas-__
Banque de Union Parisienne__ _ _
Canadian Pacifie
Canal de Sues
Cie Distr. d'Eleetrieltie
Cie Generale d'Electrieltie
Cie Ole. Trans-Atlantlque
Citroen B
Compton. Nationale d'Escompte
Coty. Inc
Courderes
Credit Commerciale de France-.
Credit Lyonnais
Eaux Lyonnais
Energle Electrique du Nord.... HOLTEnergie Electrique du Littoral.. DAY
Ford of France
French Line
Gales Lafayette
Gas Le Bon
Kuhlmann
L'Air LiquIde
Lyon (P. L. M.)
Nord Ry
Pathe Capital
Peel:tines
,
Rentes 3%
Rentes 5% 1920
Rentes 4% 1917
Rentes 5% 1915
Rentes 6% 1920
Royal Dutch
Saint Cobb. C.& C
Schneider & Cie
Societe Lyonnais
Societe Marseillaise
Tubize Artificial Silk, pref
Union d'Electrieltie
Union des Mines
Wagons
-Lila
1931.
15,900
1,050
2,080
1,035
712
14,400
2,340
2,450
228
570
1,480
510
787
1,000
2,260
2,550
815
1,230
184
220
110
880
500
840
1,470
2,050
153
1,650
89.40
136.90
103.30
103.40
101.50
2,060
2,790
1,243
228
1,001
500
207
1931.
15,900
1,035
2,040
1,002
696
14,500
2,345
2,450
212
570
1,480
510
775
994
2,250
2,550
808
1,205
183
210
110
880
470
850
1,485
2,040
154
1,670
88.50
137.00
103.20
103.30
101.50
2,050
2,745
1,230
2,550
895
228
1,002
'ioi
1931.
15,800
1,028
2,040
995
671
14,400
2,350
2,470
214
570
1,470
500
755
995
2,250
2,550
810
1,200
184
210
110
880
460
850
1,471
2,040
152
1,760
88.60
136.90
102.20
103.10
101.40
2,040
2,740
1,228
2,535
895
232
1,002
500
200
1931.
15,900
1,020
2,070
1,019
671
14,600
2,355
2,460
209
580
1,480
500
740
990
2,270
2,550
810
1,188
183
210
110
880
430
830
1,480
2,040
154
1,760
88.40
136.90
103.30
103.10
101.70
2,050
2,680
1,225
2,550
886
220
1,003
1931.
15,800
2;66
663
14,400
2;470
570
1,480
500
_ _
2.260
2,660
182
210
110
880
430
820
2,0413
1,670
88.60
137.00
103.30
103.20
102.00
2,030
-
-
1,003
500
199
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 June June June
13.
15.
16.
17. 18.
Per Cent of Par
84
Credit (Adca) (5)
85
84
86
85
Alia. Deutsche
103 103 103 102 102
Berlin Hendels Ges. 00
100
Commers-und-Privat Bank (7)
100
100
100
100
111
Darrnstaedter U. Nationalbank (8)
110 109
109
106
100 100
Deutsche Bank U. Himont() Gee. (6)
101) 100 100
100 100
100 100
Dresdner Bank (6)
100
118 121
Reichsbank (12)
122 129
122
Algermeene Kunstalide (Aku) (0)
5734 5934 6234 6434 5934
78
80
Allg. Elektr. Ges. (A.E.G.) (7)
82
34
80
Deutsche Ton- U. Stelnzeugwerke (11)
41
42
44
45
42
170 175 178
Ford Motor Co., Berlin (10)
178
178
Gelsenkirchen Bergwerk (8)
55
57
80
62
80
81
84
Gesfuerel (9)
87
90
86
40
Hamburg-American Line (RaPag) (6)
43
44
44
41
98
99 100 101
Hamburg Electric Co. (10)
100
49
Harpener Bergbau (6)
51
50
52
53
Hotelbetrieb (10)
74
74
77
75
80
I. G. Farben Indus. (Dye Trust) (12)
113 115
122 110
119
Karstadt (12)
25
26
24
29
30
Mannesmann Tubes (7)
51
54
56
57
53
North German Lloyd (6)
43
45
46
46
43
Phoenix Bergbau (434)
40
42
39
37
39
Polyphonwerke (20)
110 111
96
114
107
Rhein-Westf. Elektr. (R.W.E.) (10)
102
96
98
10134 104
Bachsenwerk Licht U. Kraft (734)
69
71
69
73
73
Siemens & AMA° (14)
130
128 130
134
135
Ver. Stahlwerke (United Steel Works) (4)... 35
37
37
38
40
June
19.
85
102
100
106
100
100
121
573i
78
43
17534
58
32
40
100
50
78
115
25
51
42
39
96
96
70
125
37
ENGLISH FINANCIAL MARKET
-PER CABLE.
(See page 4550.)
JUNE 20 1931.]
FINANCIAL CHRONICLE
CounrcercittiandWisceiatteons
iz
Breadstuffs figures brought from page 4619.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour. I
Wheat.
Corn.
1
Oats.
Barley.
Rye.
bbls.1961bs.'bush. 60 lbs. bush. 56 lbs.'bush. 32 lbs. bush.48I0s. bush.561bs
.
Chicago
179,000
566,000
891,000,
182,000
111,000
11,000
Minneapo1is1,212,000
130.000I
131,000
128,000
87,000
Duluth
1,257,000
122,0001
47.000
23,000
18,000
Milwaukee___
8,000
826,000
88,0001
14,000
76,000
5,000
Toledo
41,000
28,000,
20,000
Detroit
12,0008,000
10,
Indianapolis_
26,000
226,000i
204,000
509,0001
St. Louts_
94,000
754,000
284,000
15,000
Peoria
41,000
88,000
212,000
128,000 205,000
41,000
Kansas City798,000
528,000
46,000
Omaha
165,000
258,000
30,000
St. Joseph_
10,000
135.000
34,000
Wichita
32,000
14,0
Sioux City__
2,000
18,000
18,000
Total wk. '31
Same wk. '30
Same wk. '29
322,00
407,000
448,000
5,789,000
3,681,000
5,582,000
1,148,000
2,107,
1,947,
568,0
582,000
758,
162,000
120,000
135,000
Since Aug.11930
18,731,0001403,385,000 184,104,000 101,025,00045,952,00020,202,000
1929
19,289,0001339,236,000 238,237,0001127,670,000 62,136,00022,947,000
21.877,0001451.158,000 244,914,
1928
132,071,00089,800,000 25,177,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 13 1931 follow:
I
Receipts at-
4537
By R. L. Day & Co., Boston:
Shares. Sto^ks.
$ per Sh. Shares. Stoats.
$ per Rh.
10 Webster & Atlas National Bank_200
1 unit First Peoples Trust
15
10 Sagamore Trust Co., Lynn
140
7 special units First Peoples Trust-- 3
5 Associated Textile Co's
35
323 Old Colony Tr. Associates_2454ez-div
5 Associated Textile Co's
35
11 No.Boston Ltg.Properties, corn5 Associated Textile Co's
36.4
mon undeposited
53
25 National Service Co'., pref
23-30 8 special units First Peoples Trust-- 8
1 13.5. Envelope Co., pref
10934 9 units First Peoples Trust
15
1 Mass. Utilities Associates, pref..
9 units First Peoples Trust
15
30A 7 special units First Peoples Trust
par 850
3
9 special units First Peoples Trust-- 3 5 Public Service Co., N.It.. $8 pref.102%
7 Merch. dr Mfrs. Finance Co..
17 special units First Peoples Trust_ 3
pref.; 7 common A
$35 lot Demand note for 317.000. dated
75 U.S. Bobbin dr Shuttle Co.. prof. 51
April 29 1928, signed by Mary E.
4 Fall River Gas Works, par $25Murphy,Int. at 6% see. by M.$200 lot
4334
By Adrian H. Muller & Son, New York:
Shares. Stocks.
8 per Sh.
4,000 Westvaco Chlorine Products
Corp., coin., no par
16 ti
50 M.C. M.Co., Inc., pref. par $10$6 lot
20 Neo-Technl Research Corp.,
cum. pref
$12 lot
20 Neo-Technl Research Corp.,
no par
$5 lot
1,000 Park Estates Corp.. no parSl 10 lot
3,000 Estates Sec. Corp., pref.,
$50 lot
par $50
500 Park Estates Corp.. no par_580 lot
2,676 Estates Secur. Corp., corn.,
par $1
$18 lot
25 Hawaiian Sugar Co., par $20_$495 lot
Shares. Stocks.
$ per Sh.
1,840 Estates Security Corp., pref..
par $50
$50 lot
2,800 General Farms & Realty
Corp.. class 13, no par
$10,000 lot
100 Pacific Auxiliary Fire Alarm
Co.. par $20
$185 lot
Bonds.
Per Cent.
515.000 Park Estates Corp., 6%
sec. notes, sec. A, Oct. 15 1932;
April 15 1931, coupon on_
$100 lot
$10,000 Park Estates Corp., 8%
secured notes, ser. A, Oct. 15
1932: Atr. 151931, coupon on.$100lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
per 811.
10 Phila. Nat. Bank, par $20
101
5 Mitten Men & Management Bank
45
dr Trust Co., par $50
30 Tloga Nat. Bk. & Tr., par 825 20
39 First Camden National Bank dc
Trust, Camden, N. J., par $25 80
10 Northern Central Trust Co..
634
Dar $10
10 Northern Central Trust Co.,
4
Par $10
2 Iladdington Title & Trust Co_ __ _220
57 Pa. Co. for Ins. on Lives, &c.,
061i
Par $10
70 Continental- Equitable Title &
1931
Trust Co., par $5
30 Central Trust & Say. Co., par $10 10
3() Real Estate Land Title & Trust
Co., par 510
2734
115 Broadway Merchants Trust
Co., Camden, N. J., par $20....$40 lot
9 Phila. & Sub. Mtge. Guar. Co_
40
25 Phila. Co. for Guaranteeing
Mortgages, par 520
23
100 Fire Assn. of Phila., par $10... 1934
10 Phila. Elec. Co.. corn,, no par 4134
Oats.
Flour.
Corn.
Wheat.
Barley.
Rye.
BondsPer Cent.
$500 Wildwood Golf Club 1st mtge.
.
bble.19616s. bush.60 lbs.bush. 58 lbs bush. 32153. bush.481bs bush.561bs
.
6s. Jan. 1 1937 (July 1929 and
1,514.11,
New York_. 9,000
22.000, 209,i is
190,'''
subsequent coupons attached)-53 lo
oli
,i't
1,000
Philadelphia__
8,000,
98,000
12 1$ i
Baltimore
26,000
20,000
2,000
By A. J. Wright & Co., Buffalo:
40,111
1,111
t
Norfolk
184,1,1
$ per Sh. Shares. Stocks.
56,111
11,11,
New Orleans*
12,111
Shares. Stocks.
$ per Sh.
48,111
100 Premier Gold Mines. par $1-- 650.
Galveston__
500 Creighton Fairbanks Mines,
$1 lot 10 Zenda Gold Mines, par L_5
Montreal _ _ _ _
39,111 1,654,111
_$1.50 lot
Par $1
352,000 1,247 i 1 i
91,000
llt,iii
10 Internat. Rustless Iron, par El.. 400.
Boston
4,000
Total wk. '31
357,000 3,590,111
Since Jan.1'31 9,533,000 64,866,000
48,000
1,597,000
417,
1,458,isi
93,000
5,040,00012,722,si 1,180,000
Week 1930
71,111
410,000 3.954,011
93,i II
4,000
4,000
Since Jan.1'30 11,505.000 45,949,111 2,208,''' 2,310,111
359,000
310,000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 13 1931, are shown in the annexed
statement:
Exports fromNew York
Baltimore
Norfolk
Newport News
Sorel
New Orleans
Galveston
Montreal
Houston
Quebeo
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,163,000
75.694
247,000
508,000
4,000
28,000
40,000
1,000
239,000
124,000
3,000
7,000
5,000
128,000
1,654,000
39,000 352,000
91,000 1,247,000
104,000
5,000
1,000
124,000
Total week 1931.- 3,960,000
Same week 1930._ 4.489.000
3,000
1.000
132,694
171.991
385,000
2.000
91,000 1,618,000
4.000
The destination of these exports for the week and since
July 1 1930 is as below:
Flour.
Exports for Week
and Since
Week
Since
June 13 July 1
July1 to1931.
1930.
Wheat.
Week
June 13
1931.
Since
July 1
1930.
Corn.
Week
June 13
1931.
Since
July 1
1030.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom- 47,069 3,894,036 1,391,000 46,801,000
90,000
69,825 4,277,632 2,569,000 138,271,000
Continent
114,000
Cent. Amer_ 2,000 1,225.910
So.&
1,886,000
1,000
84,000
4,000 1,190,050
West Indies
87,000
2,000
5,000
---21,800
Brit. No.Am.CoLs.
2,000
440,799
Other countries- 10,000
3,215,000
Total 1931
Total 1930
132,694 10,850,227 3,980,000 190,262,000
171.991 10.332.775 4.489.000 144.979.000
3,000
1.000
293.000
557 nnn
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
-First National Bank in Gulfport, Miss
June 6
$400,000
President, J. J. Harry. Cashier, P. A. Stilwell.
-First National Bank in Ayden, N. C
June 8
25,000
President J. R. Turnage. Cashier, A. F. Rowe.
CHANGE OF TITLE.
June 9
-The Kenmore National Bank, Kenmore, N. Dak., to
"First Kenmore National Bank."
Auction Sales.
--Among other securities, the following
not actually dealt in at the Stock Exchange were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
•
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
35
5 Associated Textile Co's
35
5 Associated Textile Co's
Naumkeag Steam Cotton Co____ 89
5
38)'i
5 Associated Textile Co's
15 units Thompson's Spa,Ine_.60 ex-div.
10 units Thompson's Spa,Ine_.60 ex-d1v.
15 Lynn G.& E.Co. v A.e., par $25.129 SZ
Shares. Stocks.
E Per Sh,
500 Airpeka Saw Mills, corn. v. t. e.
par $1
.02e
3,529 Airpeka Saw Mills, corn.
V. t. c., par $1
02e.
Bonds
$287.50 Finance Corp. of New England Is, June 1947
$20 lot
By Baker, Simonds & Co., Detroit, on Friday, June 12:
Onares. .Bocgs.
C slOT on,
200 Schutter-Johnson Candy Co.
$5 lot
class B
100 Federal Steel common
$130 lot
$205.08 Cert. of int. Julia M.
Barker, trustee, Baxter Synd_ _510 lot
Per Cent.
Bonds$6,000 Mutual Industrial Service
6% cony. sec. deb. 68, Jan, 15
40
1938
BondsPer cent.
52,000 J. L. Hudson 5% notes,
1935
93
$3,000 Crowley, Milner & Co. deb.
5345, 1937
93
$4,000 Mortgage Contract Co. coll.
trust 6% note,, series T. May 1
1934
35
$2,000 Royal Oak (City) spec.
assess. 434s, Oct. 1 1935
73
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.
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam).
Avon Geneseo & Mount Morris
*1.58 July 1 *Holders of rec. June 25
Belt RR.& Stk Yds.,Indpls corn.(quar.) *75e. July 1 *Holders of rec. June 20
*75e. July 1 *Holders of roe. June 20
Preferred (guar.)
July 10 *Holders of rec. June 30
Carolina, Clinchfield & Ohio, com.(gu.) *1
*Ix July 10 *Holders of rec. June 30
Stamped eertlfcates ((war.)
Cayuga dr Susquehanna
•
81.20 July 2 *Holders of roe. June 20
July 1 *Holders of me. June 8
Central Argentine Ry., pref
Chicago Great Western. pref
July 20 *Holders of rec. June 25
Cleve., Cinn., Chic.& St. Louis, corn _
July 31 *Holders of me. July 21
July 31 *Holders of me. July 21
Preferred (guar.)
Grand Rapids & Indiana
June 20 *Holders of rec. June 10
Great Northern. preferred
Aug. 1 Holders of rec. June 30
Kansas City Southern. com.(guar.)
Aug. 1 Holders of rec. June 30
Preferred (guar.)
July 15 Holders of roe. June 30
*525 July 31 *Holders of rec. July 21
Michigan Central
Missouri-Kansas-Texas, pref.(guar.).-- •1.;( Sept.30 *Holders of roe. Sept. 5
Northern Central
July 15 Holders of rec. June 30a
$1
Philadelphia,Bait dr Washington
*51.50 June 30 *Holders of rec. June 15
Rich. Fred. & Potomac, corn.& dib. obll. *4
June 30 *Holders of roe. June 20
*3
Non-voting, corn
June 30 *Holders of rec. June 20
Ware River RR.guar.
•
334 July 1 *Holders of rec. June 29
Public Utilities.
Am. Com'wealths Pow. com.A&33(qu.). 234 July 25 Holders of rec. June 30
First pref. series A (guar.)
$1.75 Aug. 1 Holders of roe. July 15
$6.50 first preferred (quar.)
$1.62 Aug. 1 Holders of rec. July 15
$6 first preferred (guar.)
$1.50 Aug. 1 Holders of roe. July 15
Second preferred series A (guar.)
$1.75 Aug. 1 Holders of rec. July 15
Arizona Edison, $6.50 prf. (guar.)
1.625 July 1 Holders of rec. June 15
Associated Gas & Elec., $6 pref. (guar.). *$1.50 July 1 *Holdes of ree. May 29
*1.625 July 1 *Holdes of rec. May 29
$6.50 preferred (guar.)
Battle Creek Con. Gas, pref.(guar.)_ _ •13.i July 1 *Holders of ree. June 20
- 1.50 July 10 Holders of rm. June 300
Brooklyn Borough Gas. corn.(guar.).
Participating preferred (guar.)
75c. July 1 Holders of rec. June 150
Participating pref.(partie. div.)
6540. July 1 Holders of rec. June 150
July 15 Holders of rec. July 1
Brooklyn-Manhattan Transit, coin.(qu.) $1
$1.50 July 15 Holders of roe. July 1
Preferred series A (guar.)
$1.50 Oct. 15 Holders of roe. Oct. 1
Preferred series A (guar.)
$1.50 Jan15'3 2 Holders of rec. Doe. 31
Preferred series A (guar.)
Apr1•32 Holders of rec. Apr 1.'32
Preferred series A (guar.)
Brooklyn & Queens Transit, pref.(guar.) $1.25 July 1 Holders of rec. June 26
California-Oregon Power,7% Pref.(qu.)- 114 July 15 Holders of roe. June 30
154 July 15 Holders of reo. June 30
6% preferred (guar.)
'254 Julyi 1 *Holders of ree. June 14
Carolina Tel. dc Tel.(guar.)
Central Ills. Light,6% Prot (quar.)..-. 135 July 1 Holders of rec. June 15
15( July 1 Holders of rec. June 15
7% preferred (guar.)
July 1 *Holders of rec. June 16
Central States Edison 7% pref.(guar.)_ _
Cleveland Elec. Illuminating corn.(qu.)_ 40c. July 1 *Holders of rec. June 20
' Sept. 1 *Holders of rec. Aug. 15
154
Preferred (quar.)
154 July 1 *Holders of reo. June 25
Cleveland Ry.(guar.)
*2
Aug. 1 *Holders of rec. July 15
Commonwealth-Edison Co.(guar.)
Connecticut Gas& Coke Secur., corn..__ .20e. July 1 *Holders of rec. June 15
*75c. July 1 *Holders of rec. June 15
$3 Preferred (guar.)
Continental Tel.,7% par dr pref.(qu.) _ _ *13I July 1 *Holders of rec. June 15
*1% July 1 *Holders of rec. June 15
854% preferred
Dayton Power & Light, pref.(m thly.). _ *50c. July 1 *Holders of rec. June 20
3.40 Aug. 1 Holders of rec. July 10
Edison Elec. Ill.(Boston)(guar.)
4538
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days IncJusive.
Name of Company.
Public Utilities (Concluded).
Electric Power Associates, corn.& Cl. A__
25c. Aug. 1 Holders of rec. July 15
Electric Public Service, pref.((Mari---- *14I July 1 *Holders of rec. June 15
*1
July 1 *Holders of rec. June 25
Elizabethtown Cons.Gas(guar.)
Empire District Elec.,6% pref.(mthly.) 500. Aug. 1 Holders of reo. July 15a
Empire Gas & Fuel,8% pref.(mthly.)_ _ 66 2-3c Aug. 1 Holders of rec. July 15a
7% preferred (monthly)
58 1-3c Aug. 1 Holders of rec. July 150
54 I-6e Aug. 1 Holders of rec. July 15a
614% preferred (monthly)
8% preferred (monthly)
50c. Aug. 1 Holders of rec. July 15a
Fairmount Park Transit, pref. (quar.). *1.734c July 10 *Holders of rec. June 30
Gas& Elec. Co.of Bergen Co
'234 July 1 *Holders of rec. June 20
Gas & Electric Securities, corn. (mthly.) 50c. Aug. 1 Holders of rec. July 150
Common (payable in corn. stock)____
Ai Aug. 1 Holders of rec. July 15a
Preferred (monthly)
58 1-30 Aug. 1 Holders of rec. July 15a
Gas Securities Co., corn. (monthly)
ti Aug. 1 Holders of rec. July I5a
500. Aug. 1 Holders of rec. July 15a
Preferred (monthly)
-Dividends omitted.
General Water Wks.& Elec., eon A & $7 and $6 .50 Prof.
*50c. June 30 *Holders of rec. June 15
Hartford Gas Co.,corn.(guar.)
*25c. June 30 *Holders of rec. June 15
Common (extra)
*50c. June 30 *Holders of rec. June 15
Preferred (guar.)
Havana Elec.& Utilities, corn. pref.(gu.) $1.25 Aug. 15 Holders of rec. July 18
First preferred (guar.)
1.34 Aug. 15 Holders of rec. July 18
July 15 Holders of rec. June 25
Internat. Hydro Elec. System,el A(qu.)_ (y)
87140. July 15 Holders of rec. June 25
$3.50 convertible pref.(guar.)
Internat. Utilities Corp., class A (guar.) 8734c. July 15 Holders of rec. June 26a
$1.75 Aug. 1 Holders of rec. July 17a
$7 preferred (quar.)
75c. Aug. 1 Holders of rec. July 22
Keystone Telephone, 33 pref. (quar.)_
Kings County Ltg., 5% Pref. (rivar.)--- 134 July 1 Holders of me. June I8a
July 1 *Holders of rec. June 20
*2
Manchester Gas Co.,corn.(guar.)
*134 July 1 *Holders of rec. June 20
Preferred (guar.)
*20c. July 2 *Holders of rec. June 15
Maritime Tel & Tel., corn.(guar.)
'1734c July 2 *Holders of rec. June 15
Preferred (guar.)
*I% July 1 *Holders of rec. June 15
Michigan Public Service,7% pref.(qu.)
*51.50 July 1 *Holders of rec. June 15
(guar.)(No.1)
$6 Junior pref.
Middle States Telephone, pref. (quar.)._ *1.34 July 1 *Holders of rec. June 20
Missouri Power & Light,$6 Pref.(guar.) *51.50 July 1 *Holders of rec. June 20
MIssouri Riv.-Sioux City Bdge., pf.(qu.) $1.75 July 15 Holders of rec. June 30
Mohawk Hudson Power Co., 1st pf.(qu.) •134 Aug. 1 *Holders of rec. July 15
Monongahela Valley Water, pref.(qu.)
*134 July 15 *Holders of rec. July 1
Montana Cities Gas, preferred
*53.50 July 1 *Holders of rec. June 15
38e. July 31 Holders of rec. June 30
Montreal Lt, Ht.& Pow. Con.sol. (qu.)Mountain States Power, pref. (quar.)
134 July 20 Holders of rec. June 30
July 15 *Holders of rec. June 30
Mountain States Tel. & Tel.(guar.)- - *2
*25c. July 15 *Holders of rec. June 30
National Fuel Gas(quar.)
National Power & Light, $6 pref. (guar.) $1.50 Aug. 1 Holders of rec. July 11
*214 July 1 *Holders of rec. June 25
Newark Consolidated Gas Co
New Hampshire Power, pref. (guar.)--- *2
July 1 *Holders of rec. June 15
New Orleans Public Service, pref.(qu.). 51.75 July 1 Holders of rec. June 16
North American Edison, pref.(guar.)--- $1.50 Sept. 1 Holders of rec. Aug. 15
4,134 July 1 *Holders of rec. June 10
North Shore Gas Co., pref.(guar.)
Nor. Indiana Pub. Secy., 7% pf.(qu.)- *114 July 14 *Holders of rec. June 30
4
6% preferred (quar.)
.1.34 July 14 *Holders of rec. June 30
*134 July 14 *Holders of rec. June 30
534% preferred (guar.)
1,234 July 15 *Holders of rec. June 30
Northern N. Y. Telephone (guar.)
Aug. 1 Holders of rec. June 30
Northern States Power, corn. A (guar.). 2
7% preferred (guar.)
I% July 20 Holders of rec. June 31)
6% preferred (guar.)
134 July 20 Holders of rec. June 31)
Ohio Electric Power,7% pref.(guar.).- .
0114 July 1 *Holders of rec. June 15
6% preferred (quar.)
'114 July 1 *Holders of rec. June 15
Ohio Public Service. 7% pref. (monthly) 58 1-3c Aug. I Holders of rec. July 15a
50c. Aug. 1 Holders of rec. July 15a
6% preferred (monthly)
41 2-3c Aug. 1 Holders of rec. July 15a
5% preferred (monthly)
Pacific Gas & Electric. corn.(quar.)-- *50c. July 15 *Holders of me. June 30
Pennsylvania Power.56.60 pref.(mithlY) 55e. July 1 Holders of rec. June 20
550. Aug. 1 Holders of rec. July 20
$6.60 preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 20
$6.60 preferred (monthly)
56 preferred (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 20
*2
July 17 *Holders of rec. July 3
Peones Gas Light & Coke (guar.)
Philadelphia City Passenger Ry
*32.75 July 10 *Holders of rec. June 21
Philadelphia Rapid Transit, common- Divide nd actio n deferred
Phila. Suburban Water Co.,Prof.(quar.) 134 Sept. 1 Holders of rec. Aug. 100
Pub. Serv. Co. of Ind., $7 pr. pf. (qu.). *51.75 July 15 *Holders of rec. June 30
Rochester Telep. Corp., corn.(quar.)- - *114 July 1 *Holders of rec. June 13
Rocky.& Willamantic Ltg.,7% pf.(qu.) *134 July 1 *Holders of rec. June 15
*134 July 1 *Holders of rec. June 15
6% preferred (guar.)
.134 July 1 *Holders of rec. June 15
St. Joseph Ky.,L. H.& P., pref. (qu.)-- 4
Scranton Electric Co., $6 pref. (quar.)__ *31.50 July 1 *Holders of roe. June 10
Southern Calif. Gas Co., pf. Jr pf. A (qu.) '3734c July 15 *Holders of rec. June 30
Southwest Telep. Co., Pref. (quar.)---- *134 July 1 *Holders of rec. June 20
July 1 *Holders of red. June 15
Southwestern Gas & Elec.. 8% Pf.(cm.) *2
*3
July 1 *Holders of reo. June 15
Southwestern Light & Power, corn. A_
2
June 30 Holders of rec. June 20
Standard Gas Light of N. Y., corn
June 30 Holders of rec. June 20
3
Preferred
Texas Louisiana Power, 7% pref.-Divi dend o rained
July 1 *Holders of rec. June 30
United Ohio Utilities, class A & B (gu.)._ 'Si
*134 Aug. 1 *Holders of rec. July 10
6% prior pref. (guar.)
6% preferred A (guar.)
*750 July 1 *Holders of rec. June 30
United Pr. & Lt.(Kan.), pref. (quar.)__ •134 July 1 *Holders of rec. June 15
1
.134 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
*134 July 1 *Holders of rec. June 20
Wabash Telep. Sec.. pref. (guar.)
West Kootenay Pow.& Lt., pref. (we.). 134 July 2 Holders of rec. June 24
West Va. Water Service, 56 prof. (guar.) *51.50 July 1 *Holders of rec. June 19
Western N.Y. Water. $5 pref.(quar.)_ _ *S1.25 July 1 *Holders of rec. June 19
134 July 1 Holders of rec. June 25
Western Power Corp., pref. (quar.)____
Western Pow., Lt.& Telep.. 7% pf.(qu.) *134 July 1 *Holders of rec. June 20
'134 July 1 *Holders of rec. June 20
6% preferred (guar.)
pf.(qu.) 4.1% July 1 *Holders of rec. June 15
Wisconsin Electric Power,6% %
4,13.6 July 1 *Holders of rec. June 15
6% preferred (guar.)
Wisconsin Hydro-Eleo. Co., 56 114. (qu.) $1.50 July 1 Holders of reo. June 15
pref
334 July 1 Holders of rec. June 30
Wisconsin Valley Elec. Co.,
Banks.
Jamaica National (guar.)
Ozone Park National-Dividend omitted *5
Fan neuter Nat.(Cedarhurst)
Trust Companies.
Bank of Europe Jr Trust (guar.)
Brooklyn (quar.)
Cent. Hanover Bank & Tr. (wear.)County (guar.)
Empire (quar.)
Fulton (quar.)
Globe Bank & Trust (Brooklyn)(quar.)Lawyers (quar.)
Manufacturers (quar.)
Midwood (Brooklyn)
New York (quar.)
Title Guarantee Jr Trust (quar.)
Extra
Fire Insurance.
Brooklyn Fire (guar.)
Continental
Fidelity-Phenix
Hanover Fire (guar.)
June 30 *Holders of rec. June 20
June 30 *Holders of rec. June 30
75c. July 1 Holders of rec. June
July 1 Holders of rec. June
5
$1.50 July 1 Holders of rec. June
300. July 1 Holders of rec. June
800 July 1 Holders of reo. June
July 1 Holders of rec. June
3
July 1 *Holders of rec. June
*51
June 30 *Holders of rec. June
*2
*50c. July 1 *Holders of rec. June
June 30 *Holders of reo. June
*1
$1.25 June 30 Holders of rm. June
$1.20 June 30 Holders of rec. June
60c. June 30 Holders of rec. June
20
23
20
25a
19a
22
20
24
22
20
20a
20
20
25c. July 1 Holders of rec. June 20a
$1.20 July 10 Holders of rec. June 30
$1.30 July 10 Holders of rec. June 30
*40c. July 1 *Holders of rec. June 18
Miscellaneous.
Abercrombie & Fitch Co., pref. (guar.). 134 July 1 Holders of rec. June 20
Abraham Jr Straus, Inc., pref. (quar.)__ *134 Aug. 1 *Holders of rec. July 15
Acme Staple, pref. (guar.)
*134 July 1 *Holders of rec. June 20
Affiliated Invest., Inc., Prof. A (quar.)_ *31.50 July 1 *Holders of rec. June 20
Allied Telephone Utilities, pref. (quar.)_ *4334c July 1 *Holders of rec. June 20
American Aggregates, pref. (queer.)
*Hi July 1 *Holders of rec. June 20
Amer. Brake Shoe & Fdy., corn. (qear.) 600. June 30 Holders of rec. June 24
Preferred (queer.)
134 June 30 Holders of rec. June 24
Amer. Composite Trust Shares (quar.)_ *210. June 30 *Holders of rec. June 15
American Corp., corn. (in corn. stock)._ '15
July 1 *Holders of reo. June 20
American Dairies, Inc., pref. (quar.)___ .114 July 1 *Holders of reo. June 15
Amer. Fruit Growers, Inc., pref. (quo_ _ *134 July 1 *Holders of rec. June 25
Amer. Inv. Co.(Springfield, Ill.),Pi(riu) .4334c July 1 *Holders of roe. June 20
American & Overseas,$8 pref.(quar.).__ *31.50 July 1 *Holders of rec. June 20
(VoL. 132.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer.Potash & Chem.(guar.)
*25c June 30 *Holders of rec. June 23
American Products Co., pref.-Dividend omitt ed.
American Screw (guar.)
*1
July 1 *Holders of rec. June 20
Amer.Smelting Jr Refining, corn. (qu.)_ *50c Aug. 1 *Holders of rec. July 10
*Holders of rec. Aug. 7
Preferred (guar.)
Second preferred (quar.)
7011i4 Sept.Sept..1 *Holders of rec. Aug. 7
Amer. Thermos Bottle, corn. (quar.)..... *15c. Aug. 1 *Holders of rec. July 20
Amer. Title Jr Guar.(N. Y.)(quar.)._... *100. July 1 *Holders of rec. June 20
Amer. Type Founders, corn.(quer.).___ 2
July 15 Holders of rec. July 8
Preferred (quar.)
144 July 15 Holders of rec. July 3
Anchor Post Fence, corn -Dividend omi tted.
Anglo National Corp., corn. A (quar.).....
50c. July 15 Holders of rec. July 3
Animal Trap Co. of Amer.
-Dividend o nutted
Associates Apparel Industries, com.-Di vidend s omitte
Associated Sec. Invest., corn.
-Dividend omitt ed.
Atlas Plywood (guar.)
*500. July 15 *Holders of reo. July 1
Atlas Stores, pref. (guar.)
*750. July 1 *Holders of rec. June 24
Austin Nichols Jr Co.Inc.pr.A stk.(qu.). *750. Aug. 1 *Holders of rec. July 15
Balaban & Katz, corn.(queer.)
*750 June 27 *Holders of roe. June 17
Preferred (guar.)
'134 June 27 *Holders of rec. June 17
Bancohlo Corp. (guar.)
*35c. July 1 *Holders of rec. June 16
Bandini Petroleum (monthly)
1
.5c. June 20 *Holders of rec. June 15
Bankers Commit Sec.(guar.)
*50c. July 1 *Holders of rec. June 26
Bankers Securities Corp., corn. & Prof.- Divide nd omit ted
Bayuk Cigars, Inc., corn. (quar.)
*75c. July 15 *Holders of rec. June 30
First preferred (quar.)
*134 July 15 *Holders of rem Juno 30
Bliss(E. W.) Co., corn.(guar.)
25c. July 1 Holders of rec. June 20
First preferred (guar.)
$1
July 1 Holders of rec. June 20
Second preferred (quar.)
8734c. July 1 Holders of rec. June 20
Second pref., class B (guar.)
15c. July 1 Holders of rec. June 20
Blue Ridge Co., pref. (guar.)
Sept. 1 Holders of rec. Aug. 5
Boston Herald-Traveler Corp., corn-- 200. July 1 Holders of rec. June 26
*1
July 1 *Holders of rec. June 25
Bourbon Stock Yards (guar.)
*8734c July 1 *Holders of rec. June 22
Brantien Jr Kluge, pref.(guar.)
Bremmer Norris Realty Invest., Ltd_
*55
July 2 *Holders of rec. June 16
Briggs Manufacturing (guar.)
'37300 July 25 *Holders of rec. July 10
*1.:{ July 1 *Holders of rec. June 15
Bristol Brass, pref. (guar.)
SI e. Aug. 31 *Holders of reo. July 31
British Type Investors, class A
Brom pton Pulp Jr Paper. com.-Dividen d defer red.
Brooklyn Mtge. Guar.Jr Title (guar.)._ *1H June 30 *Holders of rec. June 25
Buffalo National Corp.(quar.)
*134 June 30 *Holders of rm. June 25
*3
July 8 *Holders of reo. June 23
Builders Exchange Bldg.(Balt.)
July 8 *Holders of reo. June 23
Extra..
*7
Calamba Sugar Estates, corn. (guar.)... *400. July 1 *Holders of rec. June 15
*350. July 1 *Holders of rec. June 15
Preferred (guar.)
California Group Corp.6% pref. (au.)
'114 July 1 *Holders of rec. June 30
Calvert Mortgage, pref.-Dividend omit ted.
Canada Bread, let pref.(guar.)
134 July 2 June 21 to June 30
Preference B (quar.)
114 July 2 June 21 to June 30
Canada Bud Breweries, corn. (quar.).-250. July 15 Holders of rec. June 30
Canada Packers Ltd., pref. (quar.)
*134 June 30 *Holders of rec. June 15
Canada Dry Ginger Ale (queer.)
750. July 15 Holders of roe. July 1
Canada Foundries Jr Forge el A (qu.)-_ - 37340. July 15 Holders of rec. June 30
Canada Trust Co
July 2 Holders of rec. June 16
5
Canada Wineries, Ltd.(guar.)
'12340 July 15 *Holders of rec. Juno 30
Canal Construction Co., pref.-Dividend omitt ed.
Capital Administration Corp.. pref.(qu.) 700. July 1 Holders of rec. June 25
Central Canada Loan (guar.)
3
July 2 June 16 to July 1
Central Cold Storage (guar.)
*40c. June 30 *Holders of rem June 25
Champion Shoe Mach., pref. (quar.)._.. '134 July 1 *Holders of rec. June 25
Chapman Ice Cream (guar.)
*31%c July 15 *Holders of rec. June 25
Chicago Flexible Shaft (gnar.)
*300. July 1 *Holders of rec. June 20
Chicago Ry. Equipment, 7% pref. (qu,) *4334c July 1 *Holders of rec. June 20
Cincinnati Realty Co.. pref. (quar.)____ '134 July 1 *Holders of rec. June 22
Cincinnati Wholesale Grocery, pt. (qu.). '134 July 1 *Holders of rec. June 15
Cities Service Co.,corn.(monthly.)
2340. Aug. 1 Holders of rec. July 15a
Corn.(payable in corn. stock)(mthly.) pi Aug. 1 Holders of rec. July 15a
Preference B (monthly)
Sc. Aug. 1 Holders of reo. July 15a
50c. Aug. 1 Holders of rec. July 15a
Preferred and pref. BB (rattily.)
City Housing Corp.
-Dividend omitted.
City Investing Co.. corn
234 July 3 Holders of rec. June 30
134 July 1 Holders of reo. June 25
Preferred (quar.)
Cleveland Dairy Prod., pref. (queer.).... 441.75 July 1 *Holders of rem June 26
Cleveland Union Stock Yards (guar.)._ *50c. July 1 *Holders of rec. June 20
*40c. July 1 *Holders of reo. June 25
Cohen (Daniel) Co. (guar.)
4
.250. July 1 *Holders of rec. June 24
Collyer Insulated Wire (guar.)
*134 July 1 *Holders of rec. June 29
Colonial Finance, pref. (guar.)
Commerce Investments, Inc., common_ *17300 July 1 *Holders of rec. June 26
*20.9 332543. June 30 *Holders of rec. June 15
Composite Trust Shares
'314 June 30 *Holders of rec. June 20
Commercial Financial. Ltd.. melt
134 July 1 June 17 to June 30
Conduits, Ltd.. pref. (quar.)
*25c. July 1 *Holders of rec. June 24
Consolidated Dry Goods (guar.)
Consolidated Mining Jr Smelting Co.__ $1.25 July 15 Holders of rec. June 23
July 15 Holders of rec. June 23
Stock div. (1 sh. for each 20 held)___..
'17340 July 1 *Holders of rec. June 20
Consolidated Paper, pref. (quar.)
30c. June 30 Holders of coupon No.2
Shares
Consolidated Trust
*134 July 1 *Holders of rec. June 2()
Consumers Co., prior pref. (quar.)
Container Corp., pref.-Dividend omitt ed
Craddock-Terry Co., lot Jr 2nd pref. and class C pref.- -Dividends passed.
Creamery Package Mfg., corn. (qu.)._ - *50c. July 10 *Holders of rec. July 1
*1:6 July 10 *Holders of rec. July 1
Preferred (quar.)
*25c. July 15 *Holders of rec. July 3
Crum Jr Forster, coin. (quar.)
Crystal Tissue Co., com.-Dividend om Med
*4
July 1
Preferred
Crystalite Products, pref.-Dividend om !Wed
*500. June 30 *Holders of rec. June 20
Diamond Elec. Mfg., corn. (quar.)
'15 June 30 *Holders of rec. June 20
4
Preferred (quar.)
300. July 1 Holders of reo. June 19
Diamond Shoe Corp.. 2nd pref.(guar.).Diversified Trustee Shares. ear C_.._'18 .471c. June 30
*57 .241 c. July 1
Original series
June 30 Holders of roc. June 22
Dixon (Joseph) Crucible Co. (guar.)._ 2
Engineering Works, com.-D ividen d omitt ed
Dominion
*334 June 30 *Holders of roe. June 20
Downingtown Paper, pref
Dow Drug, common-Dividend omitted
*134 July 1 *Holders of rec. June 20
Preferred (quar.)
Dufferin Pay. Jr Crush. Stone, pfd.(qu.) 134 July 2 Holders of rec. June 19
Dutton (A. C.) Lumber Corp.. pfd.(qu.) '134 June 30
Eastern Utilities Investing, part. pf.(qu) $1.75 Aug. 1 Holders of rec. June 30
$1.50 Sept. 1 Holders of rec. July 31
$6 preferred (guar.)
$1.75 Sept. 1 Holders of rec. July 31
$7 preferred (quar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
$5 prior pref. (quar.)
'12340 July 20 *Holders of rec. June 30
Edison Bros. Stores, corn. (quar.)
134 July 1 Holders of rec. June 15
Edmonton City Dairy, pref. (quar.)
*30c. July 1 *Holders of rec. June 15
Egry Register. class A (quar.)
*25c. July 1 *Holders of rec. June 20
Mfg., corn. (guar.)
Elder
*$1.25 July 1 *Holders of rec. June 20
Class A (queer.)
*2
July 1 *Holders of rec. June 20
First preferred (quar.)
Electrical Securities Corp., $5 pref.(clu.) *51.25 Aug. 1 *Holders of rem June 15
*51
July 1 *Holders of rec. June 20
Elwell-Parker Elec.(guar.)
134 July 1 Holders of rem June 20
Emerson Elec. Mfg.. pref. (quar.)
June 30 *Holders of rec. June 26
Equitable East. Banking Corp.(cun)-. *2
4
.3e. June 30 *Holders of rec. June 19
Eureka Standard Cons. Mining (guar.).
Family Loan Society, Panic. Prof. (go.) '87300 July 1 *Holders of rec. June 13
*37tic July 1 *Holders of rec. June 13
Participating preferred (extra)
Federal American Co., corn. (quar.)____ *300. July 1 *Holders of rec. June 18
*134 July 1 *Holders of rec. June 18
Preferred (guar.)
Finance Co. of Am.Balt., com.A&B(qu.) 20e. July 15 Holders of reo. July 6
43340 July 15 Holders of rec. July 6
7% preferred (guar.)
8340 July 15 Holders of rec. July 6
7% preferred class A (guar.)
Sc.July 1 Holders of tee. June 15
First American Corp., corn. (quar.)____
First Bank Stock Corp.(guar.)
250 July 1 Holders of reo. Juno 19
Fishman (M. H.) Co.
Proferred A Jr B (guar.)
134 July 15 *Holders of rec. July 1
Food Machinery Corp., corn. (guar.)._ '37340 July 15 *Holders of reo. June 30
*lc. July 1 *Holders of rec. June 15
Fort Collins Royalty (quart
Foetoria Pressed Steel (quar.)
*25c. June 30 *Holders of reo. June 25
Franklin Process Co.. corn. (quar.)
*75c. July 1 *Holders of rec. June 25
Freiman (A. J.), Ltd., pref. (quar.)
'134 July 2 *Holders of reo. June 15
French (Fred. F.) Operators, Inc., pref. Divide nd omit ted
Fundamental Trust Shares, set. A cum_ *22.20 June 30
*30c. June 30
Series B disbursement type
JUNE 20 1931.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*75c. July 1 'Holders of rec. June 25
'Gemmer Mfg.. class A (guar.)
*15c. July 1 *Holders of rec. June 25
Class B (guar.)
*500. July 1 "Holders of rec. June 20
General Fireproofing. corn. (guar.)
*1% July 1 *Holders of rec. June 20
Preferred (guar.)
- *8150 July 1 *Holders of rec. June 25
General Steel Castings, pref. (guar.).
Gilmore Gasoline Plant No. 1 (monthly) *200. June 25 'Holders of rec. June 22
+25c. July 1 *Holders of rec. June 20
Cladding McBean & Co. (quar.)
Goodyear Textile Mills, pref. (quar.)__ _ *1 3 July I *Holders of rec. June 20
Goodyear Tire & Rub. of Calif., pf.(qu.) *I% July 1 *Holders of rec. June 20
1% Aug. 1 Holders of rec. July 10
Gotham Silk HoslerY, 7% Pref. (guar.)
"1% July 1 *Holders of rec. June 20
Gottfried Baking. prof. (guar.)
1
July I Holders of rec. June 20
Goulds Pumps, corn. (guar.)
1% July 1 Holders of rec. June 20
Preferred (guar.)
June 30 *Holders of rec. June 29
*81
Grace(W.R.) Co., corn. (guar.)
*4
June 30 *Holders of ree. June 29
Preferred A & B
*3
June 30 "Holders of rec. June 29
6% preferred
Granby Consol. Min.Smelt.& Pow.(qu) "25c. Aug. 1 *Holders of roe. July 17
Gray & Dudley Co., cont. (guar.)
"1% July 1 'Holders of rec. June 24
Preferred (quar.)
*1% July I *Holders of rec. June 24
Great Northern Finance, class A-Divid end de ferred
July 1 *Holders of reo. June 20
Great Western Elec.-Chem. 1st Pt.(qu.) *1
Greif (L.) & Bros., Inc., class A (guar.) '8734c July I *Holders of tee. June 20
*I% July 1 'Holders of rec. June 20
7% preferred (guar.)
Griggs Cooper & Co., corn. (quar.)___ _ *50c. July 1 *Holders of rec. June 25
et 54 July 1 *Holders of rec. June 25
Preferred (guar.)
Hanover Bond & Mtge.(Hackensack),pr ef.-D ividend omitted
*2
June 30 "Holders of rec. June 30
Hansen Storage, let & 2nd prof
*45c. July 1 'Holders of rec. June 23
Harbauer Co., corn. (guar.)
*1% July 1
Preferred (guar.)
Harrisburg Hotel Co
081.75 July 1 *Holders of rec. June 20
Hart Cooley Co. (guar.)
*81.50 July 1 'Holders of rec. June 10
Hibbard, Spencer, Bartlett Co. (n'thlY) 20c. July 31 Holders of rec. July 24
20o. Aug. 28 Holders of rec. Aug. 28
Monthly
200. Sept.25 Holders of rec. Sept. 18
Monthly
*1% July 1 *Holders of rec. June 26
Hibernia Securities Co., pref. (guar.)Hickok Oil Corp., pref. (guar.)
*1% July 1 *Holders of rec. June 27
Hoover Steel Ball, com.-Dividend pass ed
Howe Sound Co.(guar.)
50c. July 15 Holders of rec. June 30a
50c. Aug. 1 Holders of rec. July 15
Humberstone Shoe, common (quar.)_
Huston (Tom) Peanut Co., corn. (qu.)-- *250. June 30 *Holders of rec. June 20
*334 June 30'Holders of rec. June 20
7% preferred (guar.)
Ideal Cement (guar.)
*750. July 1 'Holders of rec. June 16
Imperial Sugar, 7% pref. (guar.)
*134 July 1 'Holders of rec. June 20
Independent Pneumatic Tool (guar.).
- *50o. July 1 'Holders of rec. June 25
Industrial Acceptance Corp., 1st pf.(qu.) *134 July 1 'Holders of rec. June 19
Industrial Loan & Guar.,8% pref.(qu.)_ "20e. July 1 *Holders of rec. June 16
*600. July 1 *Holders of rec. June 19
Inland Investors (guar.)
*50c. July 1 *Holders of rec. June 22
Interlake Steamship (guar.)
*50o. July 1 *Holders of rec. June 20
Interstate Petroleum, pref. (guar.)
*500. June 30 *Holders of rec. June 20
Investors Royalty, prof. (guar.)
*50o. July 1 *Holders of rec. June 23
Johnson Publishing, corn. (guar.)
"2
July 1 *Holders of rec. June 23
Preferred (guar.)
Journal of Commerce Corp., pref. (qu.)_ "1% July 1 *Holders of rec. June 20
*250 July 28 *Holders of roe. July 10
Kaufmann Dept. Stores, corn. (quar.)
15c. July 15 Holders of rec. July 1
Kaybee Stores, Inc., common (quar.)
Class A (guar.)
433(c July 1 Holders of rec. June 15
Kaynee Co., common (guar.)
62Ho July 1 Holders of rec. June 20
Preferred (guar.)
134 July 1 Holders of rec. June 20
Kelley laid. Lime & Tramp., corn. (qu.) •50o. July 1 *Holders of rec. June 20
Keystone Steel & Wire. pref. (guar.) _ "1% July 15 *Holders of rec. June 30
Knapp Monarch Co., preferred (quar.)_ 81%o July 1 Holders of rec. June 20
Knott Corp.. corn. (guar.)
*cc25c. July 15 *Holders of rec. July 3
Lamneck(W.E.) Co.. preferred-Divide nd omi tted.
2
Landed Banking & Loan (guar.)
July 2 Holders of roe. June 15
Langendorf United Bakeries, cl. A (qu.) *50o. July 15 *Holders of rec. June 30
La Salle Extension University, pref.(qu.) 1% July 1 Holders of rec. June 20
Lawyers Westchester Mtge.& Title (qu.) 2
July 1 Holders of rec. June 18
Lehigh Portland Cement, com.,-Divide nd on' Med.
Leland Electric Co.(guar.)
"500. July 1 *Holders of rec. June 20
Ino.-Dividend o mitted
Ley (Fred. T.) &
Limestone Products,7% pref.(quar.)_ *62%0 July 1 *Holders of rec. June 15
Co..
•62%c Oct. 1 'Holders of rec. Sept. 15
7% preferred (guar.)
*6234c Janl'32 "Holders of rec. Dec. 15
7% preferred (guar.)
*62%0 Aprl'32 *Holds. of rec.Mar 15'32
7% preferred (guar.)
50c. Sept. 1 Aug. 16 to Aug. 31
Link-Belt Co., corn. (guar.)
*1% July 1 "Holders of rec. June 15
Preferred (guar.)
*1
July 1 'Holders of rec. June 17
Usk Mfg.(guar.)
*1)4 July 3'Holders of rec. June 20
Lit Bros.,Inc., pref.(quar.r
Loew's,Inc., Prof.(guar.)
* 51.625 Aug. 15 *Holders of rec. July 31
2
Aug. 1 Holders of rec. July 17a
Lord & Taylor,2d pref.(guar.)
*2
July 1 *Holders of rec. June 25
Lycoming Mfg..8% pref. (guar.)
*51.75 July 1 *Holders of roe. June 20
Mabbett & Sons. 1st & 2d pref.(au.)
50c July 15 Holders of rec. June 30a
AlacAndrews & Forbes, corn. (guar.) -134 July] 15 Holders of rec. June 30a
Preferred (guar.)
134 July 1 Holders of rec. June 17
MacMarr Stores. prof.(guar.)
Macy(R.H.)& Co.,corn.(guar.)
•75o Aug. 15 "Holders of rec. JUIY 24
Madison Mortgage,8% pref. (guar.)- - *2
June 30 *Holders of rec. June 20
First and second pref.(guar.)
*134 June 30 "Holders of rec. June 20
Madison Square Garden Co.(guar.)*150 July 16 *Holders of rec. July 6
Magma Copper Co. (quar.)
25c July 15 Holders of too. June 30
Manufacturers Finance, pref.(guar.)_ _ '4334 June 30'Holders of rec. June 17
Marathon Paper Mills, prof.(guar.)
1)4 July 1 *Holders of rec. June 30
*1% June 30 *Holders of rec. June 20
McGovin Ltd., pref.(guar.)
*250 July 1 *Holders of rec. June 22
McGraw Electric Co.(guar.)
McKay Co., 7% pref. (guar.)
"1% July 1 "Holders of rec. June 25
75o. July 1 Holders of rec. June 22
McQuay Norris Mfg.(guar.)
Merchants Transfer & Storage, corn_ _
*334 July 1 *Holders of rec. June 22
134 July 1 *Holders of rec. June 22
Preferred (guar.)
*81.50 Aug. 1 *Holders of rec. July 20
Metal TnerMIt Corp., COM.(guar.)
Mexican Petroleum, corn-Dividend omi tted.
2
July 20 Holders of rec. June 30
Preferred (guar.)
Michigan Steel Tube Prod. (guar.)_ _ *100. July 1 *Holders of rec. June 25
"134 June 30
Milburn (Alex.) Co., pref. A (quar.)
'17)40 June 30
Preferred B (guar.)
*20o. July 15 *Holders of tee. June 30
Monarch Mtge.& Invest., pref.(quar.)
June 30
Monroe Calculating Mach., corn. (qu.). •1
"1% June 30
Preferred (guar.)
Mountain & Gulf Oil-Dividend omitted
*$2
July 2 *Holders of rec. June 15
Montreal Finance, preferred
25o. June 30 Holders of rec. June 15
Moore Corp.. corn. (quar.)
1% June 30 Holders of rec. June 15
Preferred A & B (guar.)
July 1 *Holders of rec. July 1
Moore(Wm.R.) Dry Goods (quar.)..- +$2
250. July 15 Holders of rec. July 1
Morris (Philip) & Co., Ltd
- "2
July 1 *Holders of rec. June 27
Morris Plan Bank (Hartford) (guar.)
•6234c July 1 'Holders of rec. June 25
Morris Plan Bank (Va.) (guar.)
"2
June 30 *Holders of rec. June 23
Motor Finance. pref. (guar.)
June 30'Holders of rec. June 15
Mt. Vernon-Woodberry Mills, pref__ _ *1
*750. June 30 *Holders of rec. June 15
Moyle Co.. class A (guar.)
250. June 30 Holders of rec. Juno 15
Muirheads Cafeterias, pref. (quar.)
"750. July 2 *Holders of tee. June 15
Mutual Investors, pref
Nashua Gummed & Coated Pap.,pf.(qu.) '134 July 1 'Holders of rec. June 24
Mc. Oct. 15 *Holders of rec. Sept. 18
National Biscuit, corn. (guar.)
*134 Aug. 31 *Holders of rec. Aug. 14
Preferred (guar.)
*1% June 30 'Holders of rec. June 15
National Casket, pref. (guar.)
*351). July 1 *Holders of rec. June 20
National Discount Corp., pref
"400. July 1 *Holders of rec. June 27
National Equity Co., corn. (guar.)
"204). July 1 *Holders of rec. June 27
Preferred
National Manufacturers & Stores, el. A -Divi dend on' itted
2
July 1 Holders of rec. June 15a
National Refining, pref. (guar.)
334 July 2 Holders of rec. June 20
National Trust (Toronto) (guar.)
•91.31% July 1 *Holders of rec. June 13
Nehl Corp., let pref.(guar.)
15o. July 1 Holders of rec. June 19
Nelson (herman) Corp. (guar.)
Na w Bradford Oil-Dividend passed.
*20c. June 30 *Holders of rec. June 15
New Britain Machine,corn.(guar.)
*1% July 1 *Holders of rec. June 15
Preferred (guar.)
"1% July 15 *Holders of roe. July 1
Newhall Bldg. Trust, prof. (guar.)
Newmont Mining-Dividend omitted
50c. June 30 Holders of tee. June 19
N.Y.Title & Mortgage (quar.)
*1% July 1 *Holders of rec. June 9
Niagara Alkali, pref.(quar.)
*2c. June 30 *Holders of rec. June 20
Occidental Petroleum
*45c. July 1 *Holders of rec. June 20
Northwest Bancorporation (guar.)
4539
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*50c. July 15 *Holders of rec. June 30
Ohio Brass, corn. A & B (guar.)
July 15 *Holders of rec. June 30
Preferred (guar.)
July 1
Ohio Farm Bureau Corp., 6% pref_Ohio Finance Co., corn. (in corn. stk.)__ *n. July 1 *Holders of rec. June It)
*40c. July 1 *Holden of rec. June 20
Ohio Wax Paper (guar.)
-No action take
011stocks Ltd.. el A & B
'134 June 30 *Holders of rec. June 20
Open Stair Dwellings (guar.)
134 July 2 Holders of rec. June 16
Orange Crush, Ltd., pref. A (quar.)
Pacific Finance Corp. of Calif.
*22c. July 1 "Holders of rec. June 20
New common (guar.) (No. 1)
Pacific Investment, lot pref. (guar.)._ '75c. July 1 'Holders of rec. June IS
*25c. July 15 'Holders of rec. June 30
Packard Electric (war.)
July 1 *Holders of rec. June 22
Passwall Corp., 6% pref. (guar.)
*750 July 1 *Holders of tee. June 22
$3 preferred (guar.)
'1)4 Aug. 1 *Holders of rec. July 15
Peabody, Coal, pref. (guar.)
et% July 1 *Holders of rec. June 20
Penn Federal Corp., pref. (guar.)
July 2 *Holders of roe. June 16
*2
Penn Investment Co. (Phila.)
"750. June 24 'Holders of rec. June 17
Penn Mex. Fuel
75e. July 15 Holders of rec. June 30
Pennsylvania Salt Mfg.(guar.)
•1% July 1 *Holders of rec. June 20
Pfaudier Co., common (guar.)
Phila. Co. for Guaranteeing Mtge.(g) 60o. June 30 Holders of rec. June 22
"$1.50 Aug. 1 "Holders of rec. July 15
Phila.Insulated Wire
*10c. July 1 *Holders of rec. June 20
Pioneer Mill Co., Ltd. (monthly)
Pitney-Bowes Postage Meter (in stock)_ _ *e2 Oct. 1 +Holders of rec. Sept. 15
*12%c July 1 'Holders of rec. June 20
Pittsburgh-Erie Saw, corn. (extra.) Pittsburgh ForgIngs, com.-Dividend o mitted
*17%e July 25 *Holders of rec. June 30
Pittsburgh Screw & Bolt (guar.)
Pittston Company, corn -Dividend oral tted.
580/1. June 30 Holders of rec. June 25
Planters Realty, prof.(muuth•g)
'1.50 June 30 *Holders of rec. June 20
Pocahontas Fuel, corn
June 30 *Holders of rec. June 20
.+$3
Preferred
12%c. July 1 Holders of rec. June 15
Pressed Metals of Amer.(guar.)
Provincial Paper, Ltd., pref.(guar.)
- '1)4 July 1 "Holders of rec. July 1
_
Aug. 15 *holders of rec. July 24
"81
Pullman, Inc.(quar.)
33-4 July 2 holders of rec. June 20
Real Estate Loan (Canada)
*40c. June 39 *Holders of rec. June 20
Real Est. Mtge.& Guar., Wash., pref
July Ii 'Holders of rec. June 20
Republic Flow Meters, pref. (guar.) _ "2
"Holders of rec July 1
Republic Stamping & Enamel,co..(qu.) *40c. July
Ritter Dental Mfg. Co., corn.(guar.) - *37%c July Ii "Holders of roe. June 20
"81.75 July (1 'Holders of rec. June 20
Preferred (guar.)
Divide nds pass ed
Riverside & Dan Cot. Mills, corn.& pf
July
*2
Rumford Printing Coil.(guar.)
'Holders of rec. June 25
*1% July
Sabin Robbins Paper, pref.(quar.)
St. Lawrence Corp., class A-Dividend d eferred
St. Lawrence Pulp & Paper, pref.-Divld end de erred.
Salt Creek Consol. 01I-Dividend omitt
*1% July 1 *Holders of rec. June 26
Sayers & Scovill„ corn.(guar.)
+.134 July 1 *Holders of rec. June 20
Preferred (guar.)
Schnebbe Fire Protect-Eng., corn.(qu.). •12340 July 15 *Holders of rec. July 1
*600. July 15 "Holders of rec. July 1
Class A (guar.)
*75o. July 15 'Holders of rec. July 1
$3 preferred (guar.)
*25c. June 27 *Holders of rec. June 17
Schumacher Wallboard (guar.)
Seaboard National Securities (quar.) _ *37%0 July 1 "Holders of rec. June 20
*150. July 15 *Holders of rec. June 30
Seagrave Corp., corn.(guar.)
"1% July 1
Preferred (guar.)
'62140 Aug. 1 'Holders of rec. July 9
Sears, Roebuck & Co., corn. (quar.).
7 c. Aug. 1 Holders of rec. July 15
Seeman Bros., corn.(guar.)
"250. June 30 *Holders of rec. June 22
Selected Amer.Shares
*30c. July 1 'Holders of rec. June 15
Selected Income Shares
"5c. July 1 *Holders of rec. June 15
Shareholders Corp. (guar.)
20c. July 1 Holders of rec. June 16
Shawmut Association (guar.)
Shenandoah Corp.. cony. pref.(N.) - - Si, Aug. 1 Holders of rec. July 3
300. July 1 Holders of rec. June 20
Sieloff Packing (quar.)
Signode Steil Strapping. Pref.-Dividend °mitt ed.
*75e. July 1 'Holders of rec. June 19
Silver Brook Anthracite. pref.(guar.).
Skelly Oil, pref.-No action taken.
*50c. June 29 *Holden of rec. June 20
Sloan & Zook Prod., COM.(guar.)
•134 June 29 "Holders of rec. June 20
Preferred (quar.)
Smith (L. C.)& Corona Typewriter pref -Divi dend o mitted.
•3% July 1 *Holders of rec. June 18
Southeastern Express
750. June 15 Holders of rec. June 25
Southern Acid & Sulphur, corn.(quar.)
*50c. June 25'Holders of rec. June 20
Southern Franklin Process(guar.)
*I% July I *Holders of rec. June 15
Southland Ice, pref.(guar.)
Southwest Utility Dairy Prod.
"250. July 1 'Holders of rec. June 30
Partic, debs.stock (qu.)(No. 1)
30c. July 1 Holders of rec. June 24
Stahl-Meyer,Inc., corn.(guar.)
1% July 1 Holders of rec. June 20
"1% July 1 *Holders of rec. June 15
pref.(guar.)
Standard Fuel. Ltd.,
'131 July 1 *Holders of rec. June 25
Standard National Corp., pref.(quar.)
2 June 30 Holders of rec. June 23a
Standard Sate Deposit (guar.)
*50c July 1 *Holders of rec. June 13
Stanley Works (guar.)
•37340 Aug. 15 *Holden; of rec. Aug. 1
Preferred (guar.)
*Holders of rec. June 20
*134 July
State & City Bldg. Corp" pref Kluari
.
1
Steneck Title & Mtge. Guar.(guar.) _ "100. June 30 "Holders of rec. June 15
'Sc. June 30 *Holders of rec. June 15
Extra
25c. Aug. 1 Holders of rec. July 15
Sweets Co.of America, Inc.(guar.)
Taggart Corp., class A-Dividend ornitte d
"1% July I *Holders of rec. June 15
Preferred (guar.)
Taylor Colquitt Co.,common (guar.)_ _ _ '56)40 July 1 "Holders of rec. June 15
*134 July I
Preferred (guar.)
*50c. June 30 "Holders of rec. June 23
Textile Banking (guar.)
8714c July 2 Holders of roe. June 20
Thayers, Ltd., let pref.(guar.)
•1734c July 1 'Holders of rec. June 20
Pilo Roofing, common (guar.)
*50c. July 1 *Holders of rec. June 20
$2 preferred (guar.)
•100 June 30 "Holders of rec. June 20
Tintic Standard Mining (War.)
1% July I ‘golders of rec. June 20a
Tip Top Tailors, Ltd., pref.(guar.)
•100. July 25 *Holders of rec. July 6
Transamerica Corp.(guar.)
*25c. July 15 *Holders of tee. June 30
Transue & Wins. Steel Fore. (quar.)
*134 July 1 *Holders of rec. June 22
Trumbull-Cliffs Furnace, pref. (quar.)
Trustees L.& G., Birmingh.. If.(qu.)_ "I% July 1 *Holders of rec. June 16
Trustee System Co., Baltimore, pf.(cm) *I% July 1 'Holders of rec. June 16
V% July 1 *Holders of rec. June 16
Preferred (payable in pref.stock)
Trustees Sys. Disc. Co., Chicago,Pf.(qu) '134 July 1 *Holders of rec. June 16
V% July 1 *Holders of rec. June 16
Preferred (payable in pref.stock)
*134 July 1 *Holders of roe. June 16
Trustee Sys. Corp. Indiana, pref.(qu.) _
% July 1 *Holders of rec. June 16
Preferred (payable in pref. stock)
Trustees Sys. Co., Indianapolis, pf.(qu.) *134 July 1 "Holders of rec. June 16
'534 July 1'Holders of rec. June 16
Preferred (payable In pref.stock)
"13.4 July I *Holders of rec. June 16
Trustees Sys. Co., Louisville, pf.(oh)._
*5% July 1 *Holders of rec. June 16
Preferred (payable In prof.stock)
Trustees System Service Corp., pref.(qu) "2 July 1 'Holders of rec. June 16
*3 July 1 'Holders of rec. June 15
Trusts & Guar. Co., Ltd., Toronto__
*2
July 1 'Holders of rec. June 15
Underwriters Plnance. pref.(guar.)
•3734o July 1 *Holders of rec. June 22
Union Metal Mfg., corn.(guar.)
*2
July 1 'Holders of rec. June 22
Preferred (guar.)
*25c. June 30'Holders of rec. June 20
Union Twist Drill, common (quar.)
*134 June 30 *Holders of rec. June 20
Preferred (guar.)
United Bond & Share (Montreal) Pf.(gu) *750. June 30 *Holders of rec. June 13
1 June 30 Holders of rec. June 15
United Fuel Investment, Prof.(quar.)
*87340 July 1 *Holders of rec. June 20
United Linen Supply, class A (quar.)
"$1
July 1 "Holders of rec. June 22
U.S. Casualty (guar.)
U.S.& Foreign Securities. 1st pref.(au.) "81.50 Aug. 1 *Holders of roe. July 11
"4 June 30 *Holders of rec. June 20
U.S. Guaranty (guar.)
U.S.Printing & Lithog'h'g pt. A (qu.)_ _ *75o. July 1 *Holders of rec. June 20
*50c. July 1 "Holders of rec. June 26
Universal Products Corp.(guar.)
*134 July 1 *Holders of rec. June 20
Van Dusen-Harrington, pref. (guar.)_ _ _
1% July 2 Holders of rec. June 23
Biscuit, 1st pref.(tiller.)
Viau
etti June 30'Holders of rec. June 20
Vlcheck Tool, pref.(guar.)
*2 June 15 *Holders of rec. June 10
Walker Coal & Ice. pref. (guar.)
'62340 July 1 *Holders of rec. June 20
Walker Co., class A (quar.)
Waltham Watch, prior pref.(guar.)_ _ _ _ "13-4 July 1 *Holders of rec. June 24
"1
July 1 *Holders of rec. June 27
Wash. Title Ins.(Seattle) corn.(qu.)
'134 July 1 *Holders of rec. June 27
Preferred (guar.)
*$1.50 July 1 *Holders of rec. June 15
Wayne Knitting Mills, preferred
*60c. June 30 *Holders of rec. June 20
Wooden & Co.(guar.)
•25o. July 1 *Holders of rec. June 20
Weinberger Drug Stores, corn
P1 July 1 *Holders of rec. June 20
Corn.(payable in common stock)
..Ho d ro off c Joly 15
.,1 h
*Holders o
o: July
y
Western Insurance Security, ol. A (gu.). "62%o Aug.
Aug.
roe,
Preferred (guar.)
Reserve Investing, prior pref.- No act ion take n
Western
400. July 1 Holders of rec. June 16
West Va.Pulp & Paper, corn.(guar.)._
Name of Company.
[VOL. 132.
FINANCIAL CHRONICLE
4540
When
Per
Cent. Payable.
Books Closed'
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Imitates.
Public Utilltlee.
51.75 July 1 Holders of reo. June 15 •
Alabama Power.$7 pref.(guar.)
86 preferred (guar.)
$1.50 July 1 Holders of rect. June us
$1.28 Aug. 1 Holden of reo. July 15
55 preferred (Guar.)
American Calm Pow. & Lt.
Aug. 1 Holders of reo. July So
p5
Clam B (in clam B stock)
Amer. Community Pow.,$6 lot pf.(qu.) $1.50 July 1 Holders of roe. June 15a
$1.50 July 1 Holders of rec. June 150
$6 preference ((Mar.)
July 15'Holders of rec. June 15
Amer. Dist. Teleg. of N. J., corn. (qu.). "1
•144 July 15 *Holders of rec. June 15
Preferred (quar.)
$1.75 July 1 Holders of rec. June 15a
Amer.& Foreign Power, $7 pref.(qu.)
$1.50 July 1 Holders of rec. June 15a
$6 preferred (guar.)
25o. July 1 Holders of roe. June 11
Amer. Gas de Electric, common (quay.)..
(f) July 1 Holders of reo. June 11
Corn.(one-fiftieth share corn. stock)
31.50 Aug. 1 Holders of rec. July 8
Preferred (guar.)
July 1 Holders of rec. June 15a
Amer.Power & Light $5 pref. A (qu.) __ 31
31.50 July 1 Holders of rec. June 15a
$6 preferred (guar.)
134 July 1 Holders of reo. June 15
Amer. Public Service, pref. (guar.)
Amer. States Publics Sem.. corn. A (go.) *u40e. July 1 "Holders of reo. June 20
"51.50 July 1 "Holders of rec. June 20
$6 preferred (quar.)
Amer.Superpower Corp., let pref.(qu.)- 51.50 July 1 Holders of rec. June 15
51.50 July 1 Holders of rec. June 15
56 preference (guar.)
Below we give the dividends announced in previous weeks Amer. Telep. dr Teleg. (guar.)
234 July 15 Holders of reo. June 20a
1
10a
and not yet paid. This list does not include dividends an- Amer. Water Wks.& Elec.. corn.(qu.).- 76c. Aug. 1 Holders of rec. July 10
750. Aug.
Holders of ree. July
Common (quar.)
nounced this week, these being given in the preceding table. $6 first preferred (quay.)
$1.50 July 1 Holders of reo. June 120
•$1.75 July 1 *Holders of ree. June 5
Appalachian El. Pow., $7 pf. (quar.)
•31.50 July 1 *Holders of reo. June 5
$6 preferred (guar.)
Boots Closed. When
Per
51.75 July 1 Holders of reo. June 20
Appalachian Gas Corp., pref. (quar.)
Days inclusive.
Cent. Payable.
Nauss of Company.
July 1 *Holders of reo. June 24
*2
Arizona Power, 8% pref. (guar.)
•144 July I *Holders of roe. June 24
7% Preferred (guar.)
Railroads (Steam).
15c. July 1 Holders of rec. June 150
Arkansas Natural Gas, pref. (quar.)__...
$2 June 29 Holders of rec. May 25
Alabama Great Southern, ordinary
Arkansas Power & Light, 57 pref.(quar.) $1.75 July 1 Holders of rec. June 15
$1.50 June 29 Holders of rec. May 25
Ordinary (extra)
51.50 July I Holders of roe. June 15
$6 preferred (guar.)
Preferred
$2 Aug. 15 Holders of rec. July 10
Associated Gas & Elec.. orig. Pref. (111-) 8754c July 1 Holders of roe. May 290
$1.50 Aug. 15 Holders of rec. July 10
Preferred (extra)
$1.75 July 1 Holders of reo. May 29a
$7 preferred (guar.)
444 July 1 Holders of rec. June 15a
Albany dr Susquehanna
54
July 1 Holders of tee. May 296
$S int, bearing allotment Mrs
July I Holders of reo. June 20s
3
Alleghany & Western
d80/. July 1 Holders of reo. May 29a
$1.60 int, bearing allotment etfs
Holders of rec. June 26a
Aug 1
Atch.. Topeka & Banta Fe., pref
July 1 Holders of rec. June 16
Associated Telep.& Telog. el. A (qu.) -- $1
July 1 *Holders of roe. June 12
Atlanta Birmingham dr Coast pref
50e. July 1 Holders of rec. June 16
Class A (partle. dividends)
•414 Sept. 1 "Holders of me. Aug. 20
Atlanta * Charlotte Air Line Icy
154 July 1 Holders of rec. June 16
7% first preferred (guar.)
June 20
June 30 Holders of reo.
4
Atlanta & West Point
$1.50 July 1 Holders of rec. June 16
$6 first preferred (quar.)
334 July 10 Holders of rm. June 12a
Atlantic Coast Line RR.,(mammon
July 1 Holders of rec. June 16
51
54 preference (quar.)
*244 July 5 "Holders of rec. June 15
Augusta & Savannah
/2
July 15 Holders of rec. June 30
Associated Telep. Utilities, corn. (1111.)
•25e. July 5 "Holders of rec. June 15
Extra
$1.50 July 1 Holders of rec. June 15
56 cony. preferred (quar.)
87o. July 1 Holders of roe. May 29a
Bangor dr Aroostook. corn.(guar.)
'154 July 1 *Holders of rec. June 10
154 July 1 Holders of rec. May 29, Bangor Hydro-Elee.7% pref.(quar.)
Preferred (quar.)
0134 July 1 *Holders of rec. June 10
8% Preferred (quar.)
Beech Creek(quer.)50c July 1 Holders of rec. June 15a
•
July 15 Holders of rec. June 23
2
69e. June 25 Holders of rec. June 15e Bell Telephone of Canada (quar.)
Belgian Nat. Rys., Amer. shares
Bell Telephone of Pa..615% Ord.(qu.)., 144 July 15 Holders of rec. June 200
B04011 & Albany (Quay.)
234 June SO Holders of rec. May 29a
Beaton & Maine, 7% prior pref. (quar.). 131 July 1 Holders of rec. June 10a BinghamtonLight, Heat & Power
*51.50 July I *Holders of rec. May 2
$13 preferred (quar.)
First preferred, class A (quar.)
134 July 1 Holders of rec. June 10a
*51.25 July 1 *Holders of reo. May 2
$5 preferred (quar.)
July 1 Holders of reo. June 10a
2
First preferred. class B (quar.)
July 1 Holders of reo. June
111 July 1 Holders of rec. June 10a Birmingham Electric Co., $7 pref. (au.) $1.75 July 1 Holders of rec. June
First preferred, class C (quay.)
$1.50
June 10a
preferred (quar.)
$6
214 July 1 Holders of roe.
First preferred, class D (Guar.)
sui July 1 June 19 to Jul)!
First preferred, class E (quar.)
134 July 1 Holders of rec. June 10a Boston Elevated fly., corn. (quar.),.._ *4
July 1 June 19 to July
First preferred (quar.)
6% preferred
134 July 1 Holders of rec. June 10a
'334 July 1 June 19 to July
Preferred
2M July 1 Holders of reo. June 2ra
Boston dr Providence (quay,)
Brazilian Lt., Tree. dr Power, pref.(qu.) 134 July 2 Holders of rec. June 1
*244 Oet. 1 *Holders of reo. Sept 19
Quarterly
•60o. June 30 *Holders of reo. June 1
HeditePOrt Gas Light (guar.)
June 30 "Holders of rec. June 15
Buffalo & Susquehanna. preferred
*2
*400 July 15 *Holders of rec. June 30
Bridgeport Hydraullo Co. (quar.)
July 1 "Holders of rec. June 16
Burlington Cedar Rapids & Northern-- •3
50c July 15 Holders of rec.
Aug. 1 Holders of rec. June 26a British Columbia Power, ol. A (qu.)...., $1.25 July 1 Holders of rec. June 3la
Canada Southern
114
June
June la Brooklyn Union Gas(guar.)
3144c June 30 Holders of rec.
Canadian Pacific, ordinary (quar.)
*400. July 1 *Holders of ree. June 15
Chesapeake Corporation (tytuu'a
75e. July 1 Holders of reo. June 8a Buff. Niagara & East. Pow., pref. (qua •$1.25 Aug. 1 "Holders of reo. July 15
First preferred ((Mar.)
Holders of rec. June 8a
Chesapeake dr Ohio, corn.(Quer.)
62340 July 1
134 July 2 Holders of rec. June
3M July 1 Holders of rne. June 86 Calgary Power. common (quar.) (MI.)- •144 July I *Holders of rec. June 15
Preferred (quar.)
5
June 25 Holders of roe. June 18a California Elec. Generating. pref.
Chicago Burlington & Quincy
5
be. July 25 Holders of reo. June 30
Holders of rec. June la Canada Northern Power. corn.(quar.),,
June 30
1
Chicago & North Western. corn
1 M July 15 Holders of reo. June 30
Preferred (guar.)
Preferred (quar.)
134 June 30 Holders of reo. June la
July 1 Holders of rec. June 13
- 1
June 30 Holders of reo. June 12a Capital Trac., Wash., D. C.(guar.).
Chic. Rock Isld. & Pao.. common
1
$1.75 July 1 Holders of reo.
314 June 30 Holders of rec. June 12a Carolina Power & Light. $7 prof.(quar.) $1.50 July 1 Holders of roe. June 9
7% preferred
June 9
$6 preferred (quar.)
June 30 Holders of rec. June 12a
Preferred
3
6%
Central Ills. Pub. Serv.,6% prof.(g11.)- '134 July 15 *Holders of rec. June 30
June 24 *Holders of rec. June 5
Ctn. N.0.& Texas Pacific. com.(guar.) *4
*51.50 July 15 *Holders of rec. June 3
56 preferred (guar.)
July 1 *Holders of rec. June 20
Cincinnati Union Terminal, pref.(qu.)
0
*5
June 30 'Holders of roe. June 2
Central Maine Power, corn
Oct. 1 *Holders of rec. Sept.19
Preferred (guar.)
'134 July 1 'Holders of rm. June 1
7% preferred (guar.)
Jan.1'32 *Holders of roe. Dec. le
Preferred (quar.)
•144 July 1 *Holders of rec. June 1
June 30 Holders of rec. June 16a
6% Preferred (quar.)
2
Colorado & Southern, 1st prat
•51.50 July 1 *Holders of rec. June 1
$6 preferred (quar.)
July 1 Holders of roe. June 10a
Consolidated Railroads of Cuba, pt.(g.)
Cent. Public Serv. Corp..57 pref.(quar.) 51.75 July 1 Holders of rec. June 1
July 1 *Holders of ree. June 15
•51
Dayton & Michigan pref.(quar.)
$1.50 July 1 Holders of rec. June I
$6 preferred (quar.)
June 20 Holders of reo. May 286
Delaware & Hudson Co. (guar.)
234
July 1 Holders of reo. June 1
$I
$4 preferred (guar.)
Delaware RR
111 July 1 *Holders of reo. June 16
1131 July 15 Holders of roe. June 3
July 6 Holders of roe. June 20a Centgal & S. W. Inn., corn. (quay.)..,, /5
Detroit Hillsdale & Southwestern
2
July 1 Holden of rec. June
15 Holders of roe. July 8a Central States Elec., oom. fin corn Mk.)
July
Detroit River Tunnel
4
134 July 1 Holders of roe June
7% preferred (guar.)
Elmira & Williamsport. Prof
"51.61 July 1 'Holders of reo. June 30
14 July 1 Holden of rec. June
6% Preferred ((Mar.)
Erie RR., first preferred
June 30 Holders of roe. June 15a
2
Corm. pref. opt. aeries, 1928(Gust.).. (o) July 1 Holders of rec. June
234 July 15 Holders of roe. July 1
Georgia RR.& Banking (quar.)
Cony. Prof. opt. series. 1929(quar.),., (o) July 1 Holden of rec. June
July 1 June 12 to July 5
2
Illinois Central, leased lines
July 1 Holders of reo. June
Indiana Harbor Belt
June 26 Holders of roe. June I9a Cone. Status Power & Light. $7 pfd.(au.) $1.75 July 1 Holders of reo. June 1
5
(Guar.)- 51.75
Joliet & Chicago (quar,)
134 July 6 Holders of rec. June 26a Central States Utilities. $7 prof.llon(qu.) •134 July 1 Holders of reo. June 1
Lake Erie dr Eastern
July 1 Holders of rec. June 24a Chic. North Shore & Milw., pr.
2
1 Holders of rec. June 1
Lehigh Valley, com.(quar.)
62340 July 1 Holders of rec. June 13a Chicago Rap. Tmn., pr. pf. A (mthly.). •65e. July 1 Holders of rm. June 1
•600. July
Prior pref. series B (monthly)
Preferred (quar.)
$1.25 July 1 Holders of roe. June 13a
Cincinnati Gas & Elec., pref. A (qu.),.. •1M July 1 Holders of rec. June 1
Little Schuylkill Nay. RR.& Coal
$1.11 July 15 June 13 to July 16
Holders of rec. June 1
Louisville & Nashville. common
214 Aug. 10 Holders of reo. July 15a Cincinnati dr Sub. Bell Telep.(quar.),... *$1.12 July 1 Holders of reo. July
Mahoning Coal RR.. corn. (quar.)---_d $12.50 Aug. 1 Holders of rec. July 15a Cities Service Pow.& La.$7 O.(mthly.) 58 I-3e July 15 Holders of rec. July
a
50o. July 15
Holders of rec. June 22a
$6 preferred (monthly)
Preferred
$1.25 July 1
a
41 2-3e July 15 Holders of me. July
$5 preferred (monthly)
Maine Central, common
75o. July 1 Holders of rec. June 15a
Citizens Pass. Ay. (Phila.) (quar.)
•53.50 July 1 *Holders of rm. June 2
Mill Creek & Mine Hill Nay.& RR
•$1.25 July 9 *Holders of reo. July 8
of rec. June 5a Citizens Water of Washington, Pa.
Missouri-Kansas-Texas, pref A (Qua.-- 131 June 30 Holders
,
141 Jut) 1 Holders of reo. June 2
Preferred (quay.)
Missouri Pacific, prof.(gust.)
134 July 1 Holders of roe. June 12a
1.1% July 15 *Holders of rec. July
Clinton Water Works. pref. (guar.)
July 1 June 2 to June 30
Mobile dc Birmingham, prof
2
50e. Aug. 15 Holders of rec. July 20a
Morris & Essex
$1.75 July 1 Holders of reo. June fla Columbia Gas dr Elec., corn. (guar.).,
134 Aug. 15 Holders of reo. July 2 a
6% preferred (quar.)
Nashville & Decatur
.9434e July 1 *Holders of reo. June 20
134 Aug. 15 Holders of reo. July 204
5% preferred (guar.)
New London Northern (quar.)
'234 July 1 *Holders of rec. June 15
20
N.Y. Central RR.(quar.)
Aug. 1 Holders of reo. June 26a Columbus Del. & Marlon Elec., pf.(qu.) "51.75 July 1 *Holders of roe. June 50
$1.50 July 1 Holders of rec. June
N.Y.Chic.& Si. Louis.corn,*pf.(Go) 114 July 1 Holders of roe. May 154 Cora'wealth & Sou. Corp., $6 pf.
June 30 *Holders of reo. June 20
N. Y.& Harlem. common & preferred-- $2.50 July 1 Holders of tee. June 15a Commonwealth Ctn.. oom. A & B (g.) •37540
•51.75 July 1 *Holders of rec. June 20
Preferred A (guar.)
N.Y. Lackawanna & Western (guar.).- 134 July 1 Holden of rm. June 15a
•$1.50 July 1 *Holders of rec. June 20
Preferred B (gust.)
Holders of rec. June 3.2
N.Y. N.
Hartford* corn.(Guar.)-- 114 July 1 Holders of reo. June 50 Commonwealth Water & Light, pref.(qu) •141 July 1 *Holders of rec. June 20
'
EL 8
Preferred (quar.)
154 July 1
Community Telephone, partio. stk.(qu.) "50e. July 1 *Holders of rec. June 19
North Carolina RR. 7% gear. stook_ '834 Aug. 1 *Holders of roe. July 20
July 1 Holders of me. June 8a Connecticut Elea. Service, 00M. (guar.), •750. July 1 *Holders of reo. June 15
Northern RR.of N.H.(quar.)
Norwich & Worcester, pref. (quer.). __
July 1 Holders of rec. June 10a Consolidated Gas of N.Y., pref.(quar.)_ $1.25 Aug. 1 Holders of roe. June 300
2
Old Colony R11. (quar.)
1/4 July 1 Holders of rec. June 13a Consolidated Gas El. Lt. dr Pr., Balt.*90o July 1 'Holders of reo. June 15
Common (quar.)
Pere Marquette. pf, and prior pt. (qu.) 134 Aug. 1 Holders of roe. July $a
*ist July 1 *Holders of roe. June 15
5% preferred Series A (quar.)
Philadelphia & Trenton (quar.)
'234 July 10 Holders of rec. June 30
oui July 1 *Holders of roe. June 15
rec. June 10a
6% preferred, Series D (quar.)
Pittsburgh Ft. Wayne & Chi., corn.(qu.) 1/4 July 1 Holders of
•144 July 1 "Holders of reo. June 15
54% Preferred. Series E (guar.)
151 July 7 Holders of rec. June 10a
Preferred (guar.)
244 July 2 Holders of roe. June 15
Pittsburgh & Lake Erie
$2.50 Aug. 1 Holders of rec. June 26a Consumers Gas (Toronto) (quar.)„.....
Consumers Power,7% pref. (quay.),.,, 134 July 1 Holders of reo. June 16
PIttsb. McKeesport dr Yough
$1.50 July 1 Holders of rec. June 15
1.65 July 1 Holders of reo. June 15
8.6% preferred (quay.)
Providence & Worcester (quar.)
214 June 30 Holders of rec. June 10a
6% preferred (gear.)
154 July 1 Holders of reo. June 15
50c. July 9 Holders of reo. June 18a
Reading Co., 2d preferred (guar.)
$5 preferred (guar.)
$1.25 July 1 Holders of reo. June 15
July 1 June 16 to June 30
4
Rensselaer & Saratoga
500. July 1 Holders of reo. June 15
6% preferred (monthly)
1 Holders of rec. June 30
St. Louis Bridge, 1st pref
July
*3
550. July 1 Holders of roe. June 15
6.6% preferred (monthly)
July 1 Holders of rec. June 30
Second preferred
*1
rec. June 126
St. Louis-San Francisco,6% pref.(qu.). 134 Aug. 1 Holders of rec. July la Continental Gas & Elec.. corn. (guar.)._ $1.10 July 1 Holders of reo. June 120
144 July 1 Holders of
Prior preference (guar.)
Holders of ree. Oct. la
134 Nov. 2
6% Preferred (guar.)
roe. May 290
52.50 June 30 Holders of
134 July 1 Holders of roe. May 28a Continental Passenger Ry., Phila
Southern Pacific Co. (guar.)
rec. June 15
335c. Aug. 1 Holders of rec. July la Continental Telephone, 7% pref. (guar.) '131 July 1'Holders of rm. June 15
Southern fly., corn
s1zi July 1 'Holders of
634% preferred (quar.)
1.65 Aug. 1 Holders of roe. July in
Common
June 30 Holders of rec. June 150
2
134 July 15 Holders of rec. June 22a Cuban Telephone, corn. (guar.)
Preferred (guar.)
154 June 30 Holders of rm. June 150
Preferred (quar.)
.244 July 1 *Holders of roe. June 1
Southwestern RR.of Ga
37440 July 1 Holders of rec. June 15a
Denver Tramway, pref. (guar.)
0334 July 1 *Holders of rec. June 20
Tennessee Central. preferred
July 15 Holders of reo. June 206
2
lg June 30 Holders of rec. June 12a Detroit Edison Co.(quay.)
TC.X38 ok Pacific Ry., core.(gust.)
•144 July 15 "Holders of reo. June 20
Diamond State Tel., 634% pref. (qu.)
June 30 *Holders of rec. June 26
*3
Toronto, Hamilton & Buffalo
Duke Power, coin. (quay,)
134 July 1 Holders of rec. June 15
July 1 "Holders of rec. June 15
*3
Tunnel RR.01St. Louis
144 July 1 Holders of rec. June 15
Preferred (quar.)
Union Pacific, common (quay.)
254 July 1 Holders of reo. June la
first pref.(quar.)_, 134 July 15 Holders of roe. June 15a
June 19
Duquesne Light, 5%
United N.J. RR.& Canal Coe.(guar.). *214 July 10 *Holders of rec.
Eastern Gas & Fuel Assoc., pr. pt. (qu.) 144 July 1 Holders of rec. June 15
"234 July 1 *Holders of rec. June 18
Valley RR.(N. Y.)
134 July 1 Holders of reo. June 15
6% preferred (quar.)
Aug. 1 *Holders of rec. July 18
Virginian Ry., preferred
*3
July 1 Holders of rec. June 15
1
434% prior preference (guar.)
We Jersey & Seashore, common
-t
$1.50 July 1 Holders of rec. June 15a
134 July 1 Holders of roe. June 15
6% preferred (guar.)
June 80 Holders of rec. June 20
4
Railway of Alabama
Western
Miscellaneous (Concluded).
50c. July 31 Holders of rec. June 30
Westinghouse Airbmke (quar.)
25e. July 1 Holders of rec. June 20
Weston (Geo.), Ltd., common (quar.)
Whitaker Paper, common-Dividend om Med
•144 July 1 *Holders of rec. June 20
Preferred (quar.)
154 July 1 Holders of rec. June 16
Whitman (William) Co., Inc., pref.(qu.)
"1% July 2 "Holders of rec. June 13
Whitten Can Co., pref.(quar.)
July I *Holders of rec. June 21
Wichita Union Stock Yards, corn.(quar.)
*144 July 1 *Holders of rec. June 27
Willys-Overland Co., pref. (guar.)
*50. June 30 *Holders of reo. June 22
Wisconsin Bankshares (guar.)
•134 June 27'Holders of roe. Juno 20
Woodward & Lathrop, pref.(guar.)
*1M June 30 *Holders of rec. June 23
Worcester Salt Co.. common (quar.)sui Aug. 15 *Holders of rec. Aug. 8
Preferred (quar.)
•50e. July 15'Holders of rec. June 30
Worthington Ball. class A (quar.)
25e Aug. 1 Holders of rec. July 20
Wrigley(Wm.)Jr. Co.(monthly)
50e Sept. 1 Holders of rec. Aug. 20
Monthly
250. Oct. 1 Holders of rec. Sept.20
Monthly
25e Nov. 2 Holders of rec. Oct. 20
Monthly
*2M July 1 'Holders of rec. June 19
Young(J.T.) Co.,corn.(quar.)
•15,i July 1 *Holders of rec. June 19
Preferred (quar.)
214
*234
134
*134
*134
134
134
134
JUNE 20 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Boats Closed.
Data Inclusive.
Public Utilities (Continued).
Eastern N. J. Power,8% pref. (guar.).- *2
July 1 *Holders of rec. June 15
7% preferred (guar.)
"134 July 1 *Holders of rec. June 15 .
"134 July 1 'Holders of rec. Juno 15
634% preferred (guar.)
6% preferred (guar.)
"134 July 1 *Holders of rec June 15
Electric Bond & Share, common (guari_ 1134 July 15 Holders of roe. June 6
$1.50 Aug. 1 Holders of roe. July 6
$6 preferred (guar.)
$5 preferred (guar.)
31.25 Aug. 1 Holders of rec. July 6
Electric Power & Light Corp..57['Mau.) $1.75 July 1 Holders of rec. June 6a
$1.50 July 1 Holders of rec. June 6a
$8 preferred (guar.)
51.75 July 1 Holders of rec. June 6cs
$7 pref. allot. etis., full paid
$1.40 July 1 Holders of rec. June 60
$7 pref. allot. ctfs., 80% paid
50o. July 1 Holders of rec. June 15a
Empire Dist. El. Co.. 6% pf. (mthlY.)Emigre Gas & Fuel Co..8% of.(malty./- 66 2-3c July 1 Holders of tee. June 15a
7% preferred (monthly)
58 1-313 July 1 Holders of rec. June 15a
634% preferred (monthly)
541-60 July 1 Holders of rec. June 150
6% preferred (monthly)
50c. July 1 Holders of rec. June 15a
Empire Power Corp.. $6 pref.(euar.)
$1.50 July 1 Holders of rec. June 16
Participating stock (guar.)
56o. July 1 Holders of rec. June 16
Engineers Public Service, corn. (quar.)....
50e. July 1 Holders of rec. June 16a
$5 convertible preferred (guar.)
$1.25 July 1 Holders of rec. June 16a
$5.50 preferred (guar.)
51.375 July 1 Holders of rec. June 16a
$8 preferred (quar.)
51.50 July I Holders of rec. June 16a
Fall River Electric Light Co
*50c July 1 *Holders of rec. June 15
Feather River Power. pref. A (quar.)..
•134 July 1 *Holders of roe. June 5
Federal Light & Traction. corn. (guar.) 37340. July 1 Holders of rec. June 13a
Common (payable In common stock)_ fl
July 1 Holders of rec. June 134
Federal Pub. Sere.: 634% pref. (guar.). *134 July 15 *Holders of rec. June 30
Federal Water Service, $6 pref. (guar.). $1.50 July 1 Holders of rec. June 15
$4 preferred (guar.)
July 1 Holders of rec. June 15
$1
$8.50 preferred (guar.)
31.625 July 1 Holders of rec. June 15
$7 preferred (guar.)
$1.75 July 1 Holders of roe. June 15
Florida Power & Light, 37 pref. (gu.)__ _ 31.75 July 1 Holders of rec. June 9
Foreign Light & Potver,$6 1st pret.(gu.) $1.50 July 1 Holders of rec. June 20
Frankford & Southwark Phila. Pass. By.
(guar.)
*34.50 July 1 *Holders of rec. June 1
Gas & Elec. Securities Co.. corn.(mthly.) 50o. July 1 Holders of roe. June 150
Corn.(pay. In corn. stock (monthly)... 134 July I Holders of rec. June 15a
Preferred (monthly)
58 1-30 July 1 Holders of rec. June 15a
pyi July 1 Holders of rec. June 150
Gas Securities Co., corn.(monthly)
Preferred (monthly)
50o. July 1 Holders of rec. June 150
General Gas & Elec.. corn. A (quar.).... 1734c. July 1 Holders of rec. May 29a
Common B (guar)
115c. July 1 Holders of rec. May 29a
57 preferred (guar.)
51.75 July 1 Holders of roc. May 29a
$8 preferred (guar.)
July 1 Holders of ree. May 29a
$2
General Public Utilities, $7 pref.(qui- $1.75 July 1 Holders of rec. June 15a
Georgia Power Co., $8 pref. (quar.).... $1.50 July 1 Holders of rec. June 15
$1.25 July 1 Holders of rec.
$5 preferred (guar.)
•51.31% July 7 "Holders of roe. June 15
Germantown Pass. By.(guar.)
June 16
Gold & Stock Telegraph (guar.)
134 July 1 Holders of rec. June 30a
Gt. Western Pow.of..Callf. 7% p1.(au). •134 July 1 *Holders of roe. June 5
*134 July 1 *Holders of roe. June 5
6% Preferred (gust.)
Greenwich Water & Gas Sys.. pfd.(gu.)- 1% July 1 Holders of reo. June 20
Gulf Power Co..$6 pref.(guar.)
$1.50 July 1 Holders of rec. June 20
Hackensack Water, class A (guar.)
43%0 June 30 Holders of rec. June lea
HaverhIll Gas Light 'quar.)
56c. July 1 Holders of roe. June 15
Hawaiian Electric Co. (monthly)
*15c. June 20 *Holders of rec. June 16
Home Tel. & Tel.,7% pref
"31.75 July 1 *Holders of rec. June 21
Honolulu Gas (monthly)
•15c. June 20 *Holders of rec. June 15
Houston Natural Gas, 7% pref. (quar.)_ *8734c June 30 "Holders of rec. June 19
Illinois Bell Telephone (guar.)
*2
June 30 *Holders of rem June 29
Illinois Power Co., 6% pref.(guar.)._
134 July 1 Holders of rec. June 15
7% preferred (guar.)
134 July 1 Holders of rec. June 15
Illinois Power & Light,11% pref.(guar.) '134 July 1 *Holders of rec. June 10
56 preferred (guar.)
*$1.50 Aug. 1 *Holders of roe. July 10
Indiana General Service, pref. (quar.)__ 4.13i July 1 *Holders of rec. June 5
Indiana & Mich. Elec.,6% pref. (guar.) •13i July 1 "Holders of rec. June 5
7% preferred (guar.)
July 1 *Holders of rec. June 5
Indianapolis Pow. dr Lt., 634% pt. (gu.) 134 July 1 Holders of rec. June 5
8% preferred (guar.) (No. I)
134 July 1 Holders of rec. June 5
Indianapolis Water. pref. (guar.)
14 July 1 Holders of rec. June 12e
Inland Power dr Light, 7% pt. (guar.)._ *134 July 1 *Holders of rec. June 15
International Power,Ltd.,7% pref.(gu.) 134 July 2 Holders of tee. June 15
Internat. Superpower (guar.)
25e July 1 Holders of rec. June 16
International Tep. & Telog. (guar.)--50c July 15 Holders of rec. June 190
Interstate Power,$7 pref. (guar.)
$1.75 July 1 Holders of rec. June 5
$6 preferred (guar.)
51.50 July 1 Holders of rec. June 5
.154 June 30 *Holders of rec. June 20
Iowa Electric Co., 7% pref. A (quar.)
634% preferred B (guar.)
*I% June 30 *Holders of rec. June 20
.1.1% June 30 *Holders of rec. June 15
Iowa By.& Light, pref. A (guar.)
Preferred B (guar.)
"134 June 30 *Holders of roe .June 15
Preferred C (guar.)
4
.134 June 30 *Holders of rec. June 15
Iowa Southern Utilities,7% pref.(guar) •134 July 1 *Holders of rec. June 13
6 A% preferred (guar.)
•144 July 1 *Holders of rec. June 13
6% preferred (guar.)
'13.4 July 1 *Holders of rec. June 13
Jamaica Public Service, common (guar.) 25c. July 2 Holders of rec. June 15
7% preferred (guar.)
134 July 2 Holders of tee. June 15
Jamestown Telephone Corp.. class A
4
.234 July 1 *Holders of rem June 15
Preferred (guar.)
*154 July 1 *Holders of rec. June 15
Jersey Cent.Pow.& Light.7% pfd.(QM)
July 1 Holders of roe. June 10
6% preferred (guar.)
July 1 Holders of rec. June 10
Joplin Water Works,6% pref.(guar.)-- "134 July 1 *Holders of rec. July 1
Kansas City Pow.& Lt., 1st pt. B(qu.). 51.50 July 1 Holders of rec. June 15a
Kansas Elec. Power, pref. (guar.)
"134 July 1 *Holders of rec. June 15
6% preferred (quar.)
*134 July 1 *Holders of rec. June 15
Kansas Gas dr Elec.,7% pref.(guar.)... 134 July 1 Holders of roe. June 22
preferred (guar.)
$6
51.50 July 1 Holders of tee. June 22
Kansas Power & Light.7% pref.(quar.).. *134 July 1 *Holders of rec. June 20
6% preferred (guar.)
*134 July 1 "Holders of rec. June 20
Kentucky Power Co.,8% pref.(quar.)_. *2
July 1 *Holders of rec. June 15
7% preferred (guar.)
"1.34 July 1 *Holders of rec. June 15
634% preferred (quar.)
'134 July 1 *Holders of rec. June 15
Kentucky Securities Corp., corn. (guar.) 134 July 1 Holders of rec. June 200
Preferred (guar.)
134 July 15 Holders of roe. June 20a
Keystone Pub. fiery., $2.80 pref.(qu.)
.700. July 1 *Holders of ree. June 15
Kings County Lighting, corn.(quar.)$1.50 July 1 Holders of tee. June 18a
7% preferred (guar.)
154 July 1 Holders of rec. June 18a
6% preferred (guar.)
134 July 1 Holders of ree. June 18a
Lone Star Gas, corn. (guar.)
*22o. June 30 *Holders of rec. June 15
Long Island Lighting, 7% pref. (guar.) 134 July 1 Holders of roe. June 16
8% preferred series B (Quit.)
134 July 1 Holders of rec. June 16
Louisville GM dc Elec., Cl, A dr B (guar.) 4331c June 25 Holders of roc. May 29a
Mackay Companies, pref. (guar.)
1
July 1 Holders of rec. June
Manhattan By., 7% guar. stk.(qui _ 134 July 1 Holders of rec. June 12a
19a
Marlon Water Co.. pref. (guar.)
.$1.75 July 1 *Holders of roe. June 20
Memphis Natural Gas, Com.(quar.)____
15e. July 15 Holders of rec. June 30
$7 preferred (quar.)
$1.75 July 1 Holders of rec. June 20
Memphis Power & Light,$7 prof.(guar.) 51.75 July 1 Holders of tee. June 13
$8 preferred (guar.)
51.50 July 1 Holders of roe. June 13
Metropolitan Edison. Com. (quar.)
'31
July 1 *Holders of reo. May 29
37 preferred (quar.)
*51.75 July 1 *Holders of rec. May 29
$8 preferred (guar.)
*$1.50 July 1 *Holders of rec. May 29
preferred (guar.)
$5
"51.25 July 1 *Holders of recs. May 29
Mexican Tel. dr Tel., prior pref. (quar.)_ "51.75 June 30 "Holders of rec. June 20
Michigan Elec. Power, 7% pref. (gear.)
July 1 *Holders of rec. June 15
6% preferred (guar.)
*134 July 1 *Holders of roe. June 15
Michigan Public Service, 7% pf. (qu.)_ *134 July 1 *Holders of rec. June 15
*I% July 1 *Holders of rec. June 15
6% preferred (guar.)
•$1.50 July 1 *Holders of rec. June 15
$6 preferred (quar.)
% June 24 Holders of roe. June 1
Midland United Co., common (quar.).
Prof A (cash or 1-40th share corn.stk.) 75e June 24 Holders of tee. June I
Midland Utilities, 7% prior lien (guar.).
July 6 Holders of rec. June 22
134 July 6 Holders of rec. June 22
6% prior lien (guar.)
154 July 6 Holders of rec. June 22
7% preferred A (quar.)
134 July 8 Holders of rec. June 22
6% preferred A (guar.)
Minnesota Pr.& Lt., 7% Pref. (quar.)_.
July 1 Holders of rec. June 15
$1.50 July 1 Holders of tee. June 15
$6 preferred (guar.)
$1.75 July 1 Holders of rec. June 20
Miss.Power Co.,$7 pref.(quar.)
$e preferred (guar.)
$1.5 July 1 Holders of rem June 20
Mississippi River Power, Prof. (quar.)._ '134 July 1 *Holders of rec. June 15
*134 July 1 "Holders of rec. June 20
Miss, Valley Pub.Ser.,6% pf. B (gu.)
Mohawk Hudson Poser. 2nd pf. (guar.) *154 July 1 "Holders of rec. June 15
134
1.34
"134
134
134
Name of Company.
4541
Per
When
Cent. Payable.
Books Closed.
Days laclusive.
Public Utilities (Continued).
Monongahela West Penn Public Service
43340. July 1 Holders of roe. June 15
7% Preferred (guar.)
Montana Power Co. (guar.)
"25c. July I *Holders of rec. June 19
Montreal Tramways (guar.)
234 July 15 Holders of rec. July 8
Mount Vernon Telep. Corp.(Ohio)
*51.75 June 30 'Holders of rec. June 20
Preferred (guar.)
Mutual Telep. (Hawaii) (monthly)
"80. July 1 'Holders of rec. June 17
Nassau dr Suffolk Ltg., pref.(guar.)...... 154 July 1 Holders of roe. June 16
Nat Gas & Elec.,634% Pref.(quar.)
'134 July 1 'Holders of rec. June 20
National Electric Power, corn. B
4.5e. June 30 Holders of rec. June 10
7% preferred (guar.)
134 July 1 Holders of rec. June 10
6% preferred (guar.)
14 July 1 Iloiders of rec. June 10
National Public Service, prof. A (aunt.). 134 July 1 Holders of rec. June 10
Nevada-Calif. Elec., pref. (guar.)
134 Aug. 1 Holders of rec. June 30a
Newport Electric Corp.,6% pf. (qu.)
'134 July 1 *Holders of rec. June 15
Newark Telephone (Ohio),6% pt.(qu.)- *134 July 10 *Holders of ree. June 30
New Bedford Gas & Edison Light (qu.)_
76e. July dI5 Holders of rec. June 25a
New Engl. Gas dr El. $5.50 pf.
31.375 July 1 Holders of tee. May 29
"51.75 July 1 "Holders of rec. May 29
$7 second preferred (guar.)
New England Investment & Security... 2
July 1 *Holders of too. June 20
50e. July 15 Holders of too. June 30
NewEngl.Power Assn.. corn.(guar.)...
$6 preferred (guar.)
*$1.50 July 1 *Holders of rec. June 10
*50e. July 1 *Holders of rec. June 10
$2 preferred (guar.)
New England Power Co., pref.(quar.)
134 July 1 Holders of rec. June 10
New Engl. Pub. Service, corn. (gu.)250. June 30 Holders of rec. June 15
51.75 July 15 Holders of rec. June 30
Adjustment pref. (guar.)
$7 preferred (guar.)
$1.75 July 15 Holders of rec. June 30
$1.50 July 15 Holders of rec. June 30
$6 preferred (guar.)
$1.50 July 15 Holders of rec. June 30
$6 cony. preferred (guar.)
New England Telep.& Teleg.(guar.).
June 30 Holders of tee. June 10
- 2
N. J. Power & Light. $o pref. (goat.).... *51.50 July 1 'Holders of rec. May 29
*51.25 July 1 *Holders of ree. May 29
$5 preferred (guar.)
134 July 1 Holders of rec. June 20
New Jersey Wat. Co..7% Ill. (guar.)
N. Y. Central Electric, pref. (gust.).... *144 July 1 *Holders of roe. May 29
N.Y.Power at Light Corp..7% Pf (Qu.) 134 July 1 Holders of ree. June 15
11.50 July 1 Holders of roe. June 15
$A preferred (guar.)
51.75 July 1 Holders of rec. June 15a
New York Steam Corp.. $7 Ill. (1U.)
$1.50 July 1 Holders of roe. June 15a
$8 preferred (guar.)
New York Telephone Co.,634% PL(gu.) 134 July 15 Holders of rec. June 20
154 July 15 Holders of tee. June 25
Preferred (guar.)
*75c. June 30 "Holders of rec. June 15
Niagara Falls Power (quar.)
100. June 30 Holders of roe. May 250
Niagara Hudson Power Corp.,com.(gu.)
North American Co.. corn. an Ocom.Bac.) 12% July 1 Holders of roe. June 5a
75o. July 1 Holders of roe. June 50
Preferred (guar.)
Nor. Amer. Light & Power. pref. (guar.) 51.50 July 1 Holders of rec. June 20
North Continent Utilities, class A (CM.). *37340 July 1 'Holders of rec. June 15
•134 July 1 *Holders of rec. June 15
7% preferred (guar.)
*134 July 1 *Holders of rec. June 15
8% preferred (guar.)
Northern N. Y. Utilities, pref.(guar.).- 154 Aug. 1 Holders of rec. July 10
Northern Ontario Power Ltd.,corn.(ell) 50o July 25 Holders of rec. June 30
134 July 25 Holders of roe. June SO
8% preferred (guar.)
Northport Water Works. pref. (goat.)... 134 July 1 Holders of rec. June 16
Northwest States Util.6% prof.(qu.)- _ *1;4 July 1 *Holders of rec. June 15
*let July 1 *Holders of rec. June 15
Northwest Utilities, prior lien (gust.)..
61.50 July 1 June 18 to June 30
Northwestern Telegraph
July 2 Holders of rec. June 20
Nova Scotia Light & Power, ord. (go.)._ $1
Ohio Cities Water Corp.,$6 pref. (Clu.)- *51.50 July 1 *Holders of roe. June 20
31.25 July 1 Holders of roe. June 13a
Ohio Edison Co. $5 pref.(guar.)
$1.50 July 1 Holders of roe. June 13a
$e preferred (guar.)
$1.85 July 1 Holders of roe. June 136
$6.80 preferred (guar.)
$1.75 July 1 Holders of ree. J12110 13a
$7 preferred (guar.)
$1.80 July 1 Holders of rec. June 150
$7.20 preferred (guar.)
*32.50 July 1 *Holders of rec. June 18
Ohio Miss. Tel. Co
Ohio Publle Service. 7% pref.(nth17.)- 58 1-30 July 1 Holders of rec. June 150
50e. July 1 Holders of rec. June 15a
6% preferred (monthly)
412
-So July 1 Holders of rec. June 15a
5 preferred (monthly)
%
.154 July 1 *Holders of rec. June 25
Orange & Rockland Elec. 7% pref. (gu.) 4
"134 July 1 *Holders of rec. June 25
6% Preferred (guar.)
134 June 30 Holders of rec. June 15a
Ottawa Light Heat dr Power,corn.(gu.)134 July 1 Holders of rec. June 15a
Preferred (guar.)
'31.50 July 1 *Holders of rec. June 15
Otter Tall Power, $6 pref. (guar.)
*31.375 July 1 *Holders of rec. June 15
$5.50 preferred (guar.)_
*50c. July 1 *Holders of rec. June 15
Pacific & Atlantic Teleg
51.50 July iS Holders of rec. June 30
Pacific Mg., $6 pref. (guar.)
Pacific Telep. & Teleg., corn. (gust.)
154 June 30 Holders of tee. June 20a
Preferred (guar.)
134 July 15 Holders of tee. June 300
Penn Central Light & Power $5 pf.(go.) $1.25 July 1 Holders of rec. June 10a
70e. July 1 Holders of rec. June 10
$2.80 preferred (guar.)
Pennsylvania Gas & Elec.,57 prof. (till.) *31.75 July 1 *Holders of rec. -erne 20
•134 July 1 *Holders of rec. JUne 20
7% Preferred (guar.)
Pennsylvania Pow.& Lt..$7 pref.(qui_ 81.75 July 1 Holders of rec. June 15
$6 preferred (guar.)
$1.50 July 1 Holders of rec. June 15
$5 preferred (quar.)
$1.25 July 1 Holders of rec. June 15
750. July 1 Holders of rec. June 12
Pennsylvania Water & Power(guar.)
Peoria Water Werke, pref. (guar.)
134 July 1 Holders of rec. June 20
35e. July 31 Holders of roe. July la
Philadelphia Co.. core.(guar.)
$1.75 July 31 Holders of rec. July la
Common old, ($50 par) (quit.)
$6 preferred (gear.)
51.50 July 1 Holders of tee. June lu
$5 preferred (guar.)
$1.26 July 1 Holders of ree. June 1
July 1 'Holders of rec. June 20
*El
Philadelphia & Darby Ry
Philadelphia Elec.Power,8% pf.(guar.) 500 July 1 Holders of rec. June 10
Porto Rico Power, Ltd., pref.(guar.). _ _ 154 July 2 Holders of rec. June 15
Power Corp. of Canada 6% pref. (guar.) 1)4 July 15 Holders of tee. June 30
75c July 15 Holders of rec. June 30
Participating preferred (guar.)
30o July 1 Holders of rec. June 15
Providence Gas Co.(guar.)
Pub. Set. Co.of Col.. 7% P1.(mthly.) 58 1-30 July 1 Holders of rec. June 150
50e July 1 Holders of rec. June 15a
6% preferred (monthly)
412-30 July 1 Holders of roe. June 15a
5% Preferred (monthly)
Pub. Secy. Co. of N. J., corn,(guar.).
- 850 June 30 Holders of rec. June la
June 30 Holders of roe. June la
2
8% preferred (guar.)
7% preferred (guar.)
154 June 30 Holders of tee. June la
$1.25 June SO Holders of rec. June la
$5 preferred (guar.)
50e June 30 Holders of recs. June la
6% preferred (monthly)
July 1 June 21 to July 1
Public Service Co.of Okla.. corn.(goat.) 2
le( July 1 June 21 to July 1
7% prior lien (guar.)
134 July 1 June 21 to July 1
6% prior lien (guar.)
Public Sere. Else.& Gas, 7% pt. (gel.)... 134 June 30 Holders of roe. June la
134 June 30 Holders of tee. June 1
Preferred (Var.)
Puget Sound Power & Light,$6 Pref.(QU) "31.50 July 15 *Holders of too. June 19
'$1.25 July 15 *Holders Of rect. June 19
$5 prior preferred (guar.)
62340 July 15 Holders of rec. June 25
Quebec Power (guar.)
Queensboro Gas & Elea.. 8% pt. (go.)... *134 July 1 *Holders of tee. June 19
Richmond Water Works.6% pref.(qui_ *134 July 1 *Holders of tee. June 20
July 1 *Holders of rec. June 15
Ridge Ave. Pees. By., Phila. (oust.).... *53
Rochester Central Power. 6% pt. (go.) •134 July 1 *Holders of rec. May 29
RochesterTelep.Corp..634% Pref (quer.) *134 July 1 *Holders of rec. June 13
July 1 *Holders of rec. June 12
Savannah Elec.& Pow., let pref. A (go.) *2
"14 July 1 *Holders of rec. June 12
First preferred B (guar.)
*134 July 1 "Holders of rec. June 12
First preferred C (guar.)
First preferred D (guar.)
"134 July 1 *Holders of rec. June 12
July 1 *Holders of rec. June 1
Second & 3d Ste. Pass. By.. Pulls.(gu.).53
Shawinigan Water &Power.coin.(guar.) 6234 July 10 Holders of rec. June 15
South Carolina Pow., 36 1st p1. (guar.)_ $1.50 July 1 Holders of rec. June 20
South Pittsburgh Water,7% pref.(go.).. "134 July 15 "Holders of tee. July 1
*134 July 1 *Holders of rec. July 1
8% preferred (guar.)
'13.4 Aug. 19 *Holders of rec. Aug. 8
5% preferred (guar.)
Southern Callf. Ed. Co., orig. Ill. (guar.) 50e July 15 Holders of rec. June 20
3434 July 15 Holders of rec. June 20
54% preferred series C (guar.)
134 July 15 Holders of rec. June 20
Southern Canada Power,6% pref.(gu.)_
Southern Union Gee
July 1 *Holders of rec. June 20
Common (guar.) (in common stock)._ *j2
*50c July 1 *Holders of rec. June 20
Preferred A (guar.)
435(0 July 1 *Holders of rec. June 20
7% preferred (guar.)
154 July 1 Holders of rec. June 20
Southwestern Bell Telep. (guar.)
Southwestern Gas & Elec., pref. (guar.) *1% July 1 *Holders of rec. June 15
Southwestern Light & Power, pref. (go.) *134 July 1 *Holders of rec. June 15
Springfield City Water, pref. A (gust,).... '31.75 July 1 *Holders of rec. June 20
*51.75 Oct. 1 *Holders of rec. Sept. 20
Preferred A (quit.)
Springfield (Mo.) Gas & El. pt. A (gu.)
- $1.75 July 1 Holden of rec. June 15
•2
July 1 "Holders of rec. June 20
Springfield Railways
"750 July 1 *Holders of rec. June 20
Extra
Name of Company.
When
Per
CM!. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
8734c. July 25 Holders of rm. June 30
coin.
Standard Gas &
$1.50 July 25 Holders of ree. June 30
Elec..
$6 prior preference (quar.)
$1.75 July 25 Holden) of rec. June 30
$7 prior preference (guar.)
& com. B(qu) 50c. Sept. 1 Holders of rec. Aug. 11
Standard Pow.& Lt., com.
$1.75 Aug. 1 Holders of rec. July 16
Preferred (quar.)
Tacony-Palmyra Bridge. com.(guar.). _ •75c. June 30 "Holders of rec. June 10
75c. June 30 Holders of rec. June 103
Preferred A (guar.)
- *z501). July t5 *Holders of rec. June 25
'Telephone Bond & Share, corn.(guar.)
131 July 15 Holders of ree. June 25
(quar.)
Preferred
of rec.
Tenn. Elec. Power CO.,5% 1st pfd.(111.) 115 July 1 Holders of rm. June 15
June 15
134 July 1 Holders
6% first preferred (guar.)
151 July 1 Holders of rec. June 15
7% first preferred (guar.)
1.80 July 1 Holders of rec. June 15
7.2% first preferred (guar.)
50c. July 1 Holders of rec. June 15
6% first preferred (monthly)
60c. July 1 Holders of rec. June 15
7.2% first preferred (monthly)
58 1-3c July 1 Holders of rec. June I5a
Toledo Edison Co.,7% pref.(mthly.)
50c. July 1 Holders of rec. June 15a
6% preferred (monthly)
41 2-3c July 1 Holders of rec. June 15a
5% preferred (monthly)
134 July 1 Holders of ree. June 15
Toledo Light & Power, pref. (guar.)... _
'51.50 July 1 *Holders of rec. June 15
Tri State Tel. & Tel. (guar.)
131 July 1 Holders of rec. June 12a
Twin City R. T.. Mtnneap.. pf.(oulLight & Power, Illinois
Union Electric
ti July 1 'Holders of rec. June 15
6% preferred (quar.)
Union Electric Light & Power (Mo.)*134 July 1 *Holders of rec. June 15
7% preferred (guar.)
July 1 Holders of rec. June 15a
54
Union Passenger Ry. (Phila.)
$1.50 July 1 Holders of rec. June 9a
Traction of Philadelphia
Union
18 Sic July 1 Holders of rec. June 5a
United Corporation, common (guar.)750. July 1 Holders of rec. June 50
Preferred (guar.)
18
United Gas & Elec. Corp., pref. (guar.) 134 Juiy 1 Holders of rec. June 29a
30c. June 30 Holders of rec. May
United Gas Impt.. eetnmOn (quar.)_
11.25 June 30 Holders of rec. May 29a
$5 preferred (quar.)
25c. Aug. 1 Holders of rec. July 15a
United Lt.& Pow.. corn. A & B (quar.)..
$1.50 July 1 Holders of rec. June 15a
S6 preferred (guar.)
of rec.
& Rys., 7% pr. Pt. (mthly.)* 58 1-30 July 1 'Holders of rec. June 15
United Lt.
June 15
"530. July 1 'Holders
6.36% prior preferred (monthly)
*50e. July 1 'Holders of rec. June 15
6% prior pref. (monthly)
$1.50 July I Holders of rec. June 15
pref. (guar.)
United Public Util., $6
1.4334 July I Holders of rec. June 15
$5.75 preferred (quar.)
50c. July 15 Holders of rec. June 23
United Securities, common (guar.)._ _ _
Utilities Power & Light. corn. (quar.)__. v25o. July 1 Holders of ree. June 5
v500. July 1 Holders of rm. June 5a
Class A (guar.)
v25e. July 1 Holders of rec. June 5
Class B (guar.)
134 July 1 Holders of ree. June 5
Preferred (guar.)
$1.50 July 1 Holders of rec. June
Utah Power & Light, $6 pref.(quar.)
91.75 July 1 Holders of ree. June 5
$7 preferred (guar.)
Virginia Elec.& Power.$6 pref. (guar.). $1.50 June 20 Holders of rec. May 250
Virginia Public Service,6% pref. (guar.) 134 July 1 Holders of rec. June 15
111 July 1 Holders of rec. June 15
7% preferred (quar.)
July 1 *Holders of rec. June 15
Washington Gas & Electric, pref. (qu.)_ _
$1.50 July 1 Holders of rec. June 20
Water. $8 pref. (guar.)
Westmoreland
June 30 Holders of rec. June 17a
51.75
West Penn Electric Co.. cl. A (guar.)134 lAug. 1 Holders of rec. July 6a
West Penn Power Co., 7% pf. (Quar.)_
154 Aug. 1 Holders of rec. July 6a
6% preferred (guar.)
54.25 July 1 Holders of rec. June 15a
West Philadelphia Pass. Ry
*51.50 July 1 'Holders of rec. June 15
Texas Utilities, pref. (guar.)
West
6834c June 30 Holders of rec. June 15
Western Massachusetts Cos. (gUar.)Western Pr., Lt.& Telep., part. A (qu.)_ '134 July 1 'Holders of rec. June 15
July 15 Holders of rec. June 25a
Western Union Telegraph (quar.)
Western United G. & E., 634% pf. (MI.) '134 July 1 *Holders of ree. June 15
'134 July 1 *Holders of rec. June 15
6% preferred (guar.)
•131 July 15 *Holders of rec. July 1
Wichita Water. 7% pref. (guar.)
134 July 1 Holders of rec. June 6
Winnipeg Electric Co.. pref. (quar.)___
Public Service. 7% pref.(qu.) 134 June 20 Holders of ree. May 29
Wisconsin
134 June 20 Holders of rec. May 29
634% preferred (guar.)
134 June 20 Holders of rec. May 29
6% preferred (guar.)
Banks.
50c. July
Bank of America N. A. (guar.)
July
SI
Chase National (quar.)
July
Chatham & Phenbi Nat. Bk.& Tr.(qu.) *$1
July
6
(guar.)
Fifth Avenue
July
35
Extra
25
July
bl'irst National Bank (guar.)
National City Hank
July
}$1
National City Co
City Bauk Farmers Trust Co
July
Commercial Nat. Bk.& Tr. Co.(qu.)-. •2
Public Nat Bank & Trust Co (quar.)___. •El July
134 July
Trade (quar.)
Trust Companies.
Banes Commerciale Italians Trust (qu.)
Bankers Trust (guar.)
Bank of New York & Trust Co.(quar.)_ _
Bronx County (Quer.)
Chemical Bank & Trust Co.(guar.)
Federation Bank & Trust (gum .)
Quarterly
Quarterly _
Guaranty (guar.)
Irving (guar.)
Manhattan Co.(guar.)
Marine Midland (guar.)
United States (guar.)
Extra
1 Holders of rec. June 20a
1 Holders of ree. June 120
1 "Holders of rec. June 15
1 Holders of ree. June 30
1 Holders of rec. June 30
1 Holders of rec. June 25a
1 Holders of rec. June 6
I *Holders of rec. June 15
1 *Holders of roe. June 20
3 Holders of rec. June 23
$1.25 July 1
750 July 1
434 July 1
25e July 1
450 July 1
June 30
8
Sept.30
3
Dec. 31
3
June 30
5
40e. July 1
July 1
El
50c. June 24
July 1
15
July 1
10
Holders of rec. June 15a
Holders of rm. June 11
Holders of rec. June 19a
Holders of rec. June 20a
Holders of rec. June 16
Holders of ree. June 30
Holders of rm. Sept.30
Holders of roc. Dee. 31
Holders of rec. June 5
Holders of rec. June
Holders of rec. June 15a
June 20 to June 24
Holders of rec. June 19a
Holders of rec. June 19a
Fire Insurance.
American Salamandra Corp. (quar.).
City of New York Insurance (guar.)- -Home Insurance Co. of N. Y.(guar.).
50c. July
July
4
50o. July
Insurance.
North River Ins.(guar.)
Rees% Insurance Co. of Amer.(guar.).-
50e. Sept. 10 Holders of rec. Sept. 1
She. July 1 Holders of rec. June lea
1 Holders of ree. June 19
1 Holders of ree. June 15
1 Holders of rec. June 15
Miscellaneous.
6214c. July 1 Holders of rec. June 18
Abbott Laboratories (quar.)
roe.
Abitibi Power & Paper,7% pref. (au.)... 131 July 2 Holders of rm. June 20
Juno 20
*62 340 July 1 *Holders of
AcmeSteel (guar.)
25e. June 30 Holders of rm. June 13a
Adams Express, oommon (guar.)
131 June 30 Holders of rec. June I3a
Preferred (guar.)
(1)Addressograph-Multigraph Corn.
350. July 10 Holders of ree. June 22a
Common (guar.) (No. 1)
of rec.
Admin.& Research Corp., class A (qu.)_ "25c. July 1 'Holders of rec. June 16
June 16
"25c. July 1 "Holders
Class B (guar.)
"40e. July 1 *Holders of rec. June 10
guar.)
Aetna Casualty & Surety(
1 Holders of ree. June 15
134 July
Aetna Rubber. pref. (quar.)
"40e. July 1 *Holders of rec. June 18
Affiliated Products. Inc
Agnew-Surpass Shoe Stores. pref. (qu.)- 134 July 2 Holders of rec. June 15
rec.
15
Preferred (guar.)
134 July 2 Holders of rec. June 300
June
75c. July 15 Holders of
Air Reduction (guar.)
1 Holders of rec. June 20a
Airway Electric Appliance, pref.(Qui-- 134 July
15
Allegheny Steel, pref.(guar.)
"1.34 Sept. 1 'Holders of rec. Aug. Is
Nov.
Preferred (Quer.)
'131 Dee. 1 *Holders of rec.
*Holders of rec. June 18
•25c. July 1
Alles & Fisher, Inc. (guar.)
20
Alliance Realty Co.. preferred (gear).
- 134 Sept. 1 Holders of rec. Aug 20
Nov.
Preferred (guar.)14 Dec. I Holders of roe
Allied Chem. & Dye Corp., Pref.(qu.).. 134 July 1 Holders of rec. June Ila
Allied Laboratories, cony. pref. (qu.)_ '8734c July 1 *Holders of rec. June 15
Aluminum Co. of Am., pref. (quar.)
'ito July 1 'Holders of rec. June 15
30e. July 1 June 21 to June 30
Aluminum Goods Mfg., coin. (ager.)_
Aluminum Manufactures. Inc., corn.
(Qu) •500. June 30 "Holders of reit. June 15
Common (quar.)
•50e. Sept.30 *Holders of rea. Sept,15
Common (guar.)
•500. Dee. 31 *Holders of ree. Dec 15
•
Preferred (guar.)
131 June 30 *Holders of rec. June 15
'131 Sept.30 *Holders of ree. Sept. 15
Preferred (guar.)
•144 Dec. 81 *Holders of ree. Dee. IS
Preferred (guar.)
"75e. July 1 *Holders of roe. June 17
American Bakeries, class A
0134 July 1 "Holders of rec. June 17
7% preferred (guar.)
132.
FINANCIAL CHRONICLE
4542
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
"53.50 July 15 *Holders of roe. June 15
Amalgamated Laundries, pref
50e. July 1 Holders of rec. June 10a
American Bank Note, coin.(guar.)
75c. July 1 Holders of rec. June 10a
Preferred (guar.)
Amer. Brown Boverl Elm.. pref. (guar.) 1% July 1 Holders of ree. June 20a
134 July 1 Holders of rec. June 10a
American Can. pref. (guar.)
75c. July 1 Holders of rec. June 15
American Capital Corp. $3 pref.(quar.)_
250. July 1 Holders of rec. June 15a
American Car & Foundry, corn. (quar.)
134 July 1 Holders of tea. June 15a
Preferred(guar.)
151 June 30 Holders of rm. June 20a
American Chain,7% pref.(guar.)
50e July 1 Holders of rec. June I2a
American Chicle (guar.)
250 July 1 Holders of ree. June 12a
Extra
WM June 30 Holders of rec. June 12a
Amer. Colortype. common (guar.)
100 July 15 Holders of rec. July 6
American Electric Securities, corn
25c Aug. 1 Holders of rec. July 20
Participating pref. (bi-monthly)
"11.4 Sept. 1 *Holders of rec. Aug. 25
American Envelope, 7% Pref. quiar.)'131 Dec. I *Holders of rec. Nov. 25
7% Preferivd (guar.)
134 July 1 Holders of rec. June 19
American ExpresS (guar.)
134 July 1 Holders of rec. June 19
American Felt, prof. (guar.)
American Fork & Hoe, pref. (guar.)._ _ _ '134 July 15 *Holders of rec. July 3
134 July 1 Holders of ree. June 20
Amer. Furniture Mart Bldg., pf.
500. June 30 Holders of rec. June 15a
Amer. Hawaiian Steamship. (guar.)
25e. Sept. 30 Holders of rm. Sept. 15a
Quarterly
250. Dee. 31 Holders of rec. Deo. 160
Quarterly
350. July 1 Holders of rm. June 150
Amer. Home Products Corp.(monthly).
250. June 30 Holders of rec. June I26
American Locomotive, common (guar.).
134 June 30 Holders of roe. June 120
Preferred (guar.)
'50c. June 30 'Holders of rec. June 18
Amer. Maize Products, coin. (quar.)._
'134 June 30 slIolderS of rec. June 18
Preferred (guar.)
50c. July I Holders of rec. June 15
Amer. Manufacturing Co., com.(quar.).
134 July 1 Holders of rec. June 16
Preferred (guar.)
Amer. National Co. (Toledo), com.(qu.)'374c July 1 'Holders of rec. June 20
'151 July 1 "Holders of rec. June 20
Preferred A & B (guar.)
American Optical Co., 1st prof.(war.). 134 July 1 Holders of rec. June 200
134 Oct. 1 Holders of rec. Sept. 196
First preferred (guar.)
151 Dee. 31 Holders of tee. Dec. 205
First preferred (guar.)
Amer. Pneumatic Service, 1st pref.(qu.) 8734c June 30 Holders of rec. June 20
Sanitary Corp.,
Am. Radiator & Stand.
15c. June 30 Holders of rec. June Ila
Common (guar.)
"40c. July 15
Amer. Railway Trust Shares
•1% July 15 *Holders of rec. June 30
(quar.)_.
Amer. Rolling :1111i, old pref.
'1% July 1 *Holders of rec. June 15
Preferred B (guar.)
$1.25 June 30 Holders of rec. June 100
Amer. Safety Razor (guar.)
75c. July 1 Holders of rm. June lla
American Snuff, common (guar.)
134 July 1 Holders of rec. June Ila
Preferred (guar.)
25c. July 15 Holders of ree. July la
(guar.).
American Steel Foundries, corn.
1% Juno 30 Holders of rec. June 15a
Preferred (guar.)
50c. July 1 Holders of rec. June 15a
American Storm Co.(guar.)
134 July 2 Holders of ree. June 5a
Amer. Sugar Refg., com.(guar.)
151 July 2 Holders of rm. June 5a
Preferred (guar.)
June 30 Holders of rec. June 13a
$1
Amer. Surety Co. (guar.)
'8734c July 1 *Holders of rec. June 20
Amer. Thermos Bottle. pref. (guar.)
1234c July 1 Holders of rec. May 300
American Thread, preferred
134 July 1 Holders of rec. June 10a
American Tobacco. pref. (oust.)
37 Ac July 1 "Holders of rec. June 15
American Wringer (quar.)
•50c. July 1 'Holders of rec. June 15
American Yvette Co., Inc., Pref. (qti.)
*S1.50 July 3 'Holders of me. June 20
Amoekeag Company, common
•52.25 July 3 "Holders of rm. June 20
Preferred
60e July 1 Holders of rec. June 20a
Anchor Cap Corp., corn. (quay.)
51.625 July 1 Holders of roe. June 20a
Preferred (guar.)
'134 July 1 *Holders of roe. June 20
Andover Realty. pref. (quan.)
Anglo-Chilean Consol. Nitrate Co-Divs. 4 shares Compania de &intro
June 30 *Holders of rec. June 18
de Cosach ord. 13 stock
23
Anglo-Norwegian Holdings, Ltd., prof.. 334 June 30 Holders of ree. June 200
151 July 1 Holders of rec. June
Apex Electrical Mfg., pref. (guar.)
"500. June 30 *Holders of rec. June 15
Apponaug Company. corn. (guar.)
*134 July 1 'Holders of rec. June 15
% pref. (quan.)
100
Armour & Co.(of Del.). Prof. (guar.)--- 134 July 1 Holders of ree. June 18
•25e. July 1 *Holders of me. June
Armstrong Cork, common (guar.)
1.151 July 1 *Holders of rm. June 20
Arnold Print Works. 1st & 2d pf.
250. June 30 Holders of rec. June 19a
Art Metal Construction, corn. (guar.)._ _
June 20
Assoc'd Bankers Title & Mtge. (quar.) '3734c July 1 *Holders of rec. June 15
25c. June 30 Holders of me
Associated Breweries of Can., com.(qu.)
July 1 Holders of re. June 15
151
Preferred (guar.)
July 1 Holders of rec. June 15
51
Assoc. Indust. Bankers, corn. A (qu.)
'334c. July I 'Holders of rec. June 15
Common B
350. June 30 Holders of rec. June13a
Associated Oil (goon.)
June 30 Holders of rec. June 20
Associate+ Investments Co., corn. (gu.). $1
134 June 30 Holders of rec. June 20
Preferred (guar.)
June 30 Holders of rec. June 100
Atlantic, Gulf & W.1.5.8. Lines. Pf.(qu.) 151
134 Sept.30 Holders of rm. Sept. llja
Preferred (guar.)
134 Dec. 30 Holders of roe. Dec. 104
Preferred (guar.)
$1 July 1 Holders of rm. June 20a
Auburn Automobile (guar.)
July 1 Holders of rec. June 20a
e2
Stock dividend
'87540 July 15 *Holders of roe. June 30
Auto Finance, pref
*We. July 1 'Holders of rec. June 15
Axton-Fisher Tobacco, class A (quar.)
'154 July 1 'Holders of rec. June 15
Preferred (guar.)
131 July 1 Holders of rm. June 204
Babcock & Wilcox Co.(guar.)
•25e. July 1 "Holders if roe. June 20
Backstay Welt Co., common (guar.).
'134 July 1 *Holders of rec. June 20
(guar.)
B-G Sandwich Shops, pref.
- •75e. June 27 *Holders of ree. June lb
Balaban & Katz Corp.. com.(guar.).
'134 June 27 *Holders of ree. June 15
Preferred (guar.)
314 July 1 Holders of rec. June Sc
Baldwin Locomotive Works, preferred_ _
'37510 June 30 'Holders of rec. June 20
Baldwin Rubber, clan A (guar.)
dr cl. A (guar.)._ •25c. July 1 *Holders of rec. Juno 15
BancomIt Corp. corn.
Bankers Investment Trust of America
•15a June 30 *Holders of rec. June 15
Debenture stook (guar.)
•150 Sept.30 *Holders of roe. Sept. 15
Debenture stock (guar.)
•150 Dec. 31 "Holders of ree. Dec. 15
Debenture stock (guar.)
I% July 1 Holders of rec. June 15
Barker Bros. Corp.. pref. (qWI%)
'250. July 1 *Holders of rec. June 30
Beaton & Caldwell Mfg.(monthly)
July 1 Holders of rec. June 15a
Beatrice Creamery, common (guar.).___ 51
134 July 1 Holders of rec. June 15a
Preferred (guar.)
75c. July 1 Holders of rec. June 12a
Beech-Nut Packing, corn.(guar.)
Belding Corticeill. Ltd., common (guar.) 151 Aug. 1 Holders of roe. July 15
"50c. July 1 'Holders of rec. June 10
Bell View Oil Syndicate (guar.)
250. July 1 Holders of rec. June 10a
Bendix Aviation Corp.(guar.)
51 Aug. 15 Holders of ree. July 180
Bethlehem Steel, Gam.(guar.)
134 July 1 Holders of rec. June 50
Preferred (guar.)
30c. July 1 Holders of rec. June 20
Bickford's. Inc.. common (quar.)
6234c. July 1 Holders of rec. June 20
Preference (guar.)
Bliss (E. W.) Co.
July 1 Holders of rec. June 29
Common(payable in common sleek)._ 13
Oct. 1 Holders of rec. SOS. 29
12
Common(payable in common stook)
•373ic Aug. 15 *Holders of rec. Aug. 10
Bloch Bros. Tobacco, com.(guar.)
*37%c Nov. 16 'Holders of rec. Nov. 10
Common (guar.)
Preferred (guar.)
•134 June 30 *Holders of rec. June 24
"134 Sept.30 *Holders of ree. Sept. 24
Preferred (guar.)
•114 Deo. 31 *Holders of ree. Dec. 24
Preferred (guar.)
Blumenthal(Sidney) &Co..Prof.(qu.).. 131 July 1 Holders of rec. June 136
Bohn Aluminum & Brass, Com. (guar.). 37tic July 1 Holders of rec. June 156
51 July 31 Holders of rec. July 16
Bon Ami Co., common A (awls.)
Common A (extra)
$1 July 31 Holders of roe. July 15
Common B (guar.)
50a. July 1 Holders of rec. June 19
Common B (extra)
50e. July 1 Holders of rec. June 19'
Boots Pure Drug, Ltd.
Am. dep. rats. for ord. reg. shares....„ 1pen2e June 24 *Holders of rec. May 29
1
30 Holders of rec. June 15a
Borg-Warner Co., corn. (guar.)
250.
•134 July 1 *Holders of rm. June 15
Preferred ((Mar.)
Holders of rec. June 15
250 June
Boston Personal Property Trust (guar.).
June 1
Boston Wharf
334 June 30 Holders of roe. June 1
Brandram-Henderson,Ltd.,Pref.(quay,) '134 July 1 *Holders of rec. June 20
July 15 'Holders of rec.
'2
Brantford Cordage, Prof. (guar.)
Brennan Packing al. A (guar.)
•$1 Sept. 1 *Holders of rec. Aug. 20
"Sl Dee. 1 *Holders of rec. Nov. 20
Class A (quar.)
20
•250. Sept. 1 'Holders or ree. Aug. 20
Class B (Ouar.)
0250 Dee. 1 *Holders of rec. Nov. 15a
.
Class B (guar.)
150 July 1 Holders of rec. June 15a
Brill° Mfg., common (guar.)
1
500. July 2 Holders of rec. June 1
Class A (guar.)
June 14 to July
20c. July
British American 011, reg. shares
20e. July 2 Holders of coup. No. 5
Coupon shares
JUNE 20 1931.]
Name of Company.
FINANCIAL CHRONICLE
•
Per
When
Ceal. Payable.
Bob Closed.
Days Imbibe.
Miscellaneous (Continued).
500. June 30 Holders of reo. June 20a
Briggs & Straton Corp.(Qum.)
British-Amer. Tobacco. ord. reg. stook
(y) June 30 See note (q).
(interim) A (guar.)
(I) June 30 Hold, of coup. No 140
Ordinary coupon stook (Interim)
"6
July 2 'Holders of rec. June 25
British Menage & Trust
*30e. July 1 'Holders of rec. June 22
Broad Street Invest. (guar.)
Brunswick-Balke-Collender Co., pf.(qr.) 1% July 1 Holders of rec. June 20a
25o. July 1 Holders of reo. June 18a
Bucyrus-Erie Co.. corn. (quar.)
144 July 1 Holders of rec. June 18a
7% preferred (guar.)
Convertible pref.(guar.)
62540. July 1 Holders of rec. June 18a
Bucyrus-Itionighan Co., el. A (quar.)_
45e July I Holders of rec. June 20
250. June 30 Holders of rec. June 100
Budd Wheel, common (quar.)
Participating preferred (guar.)
13.( June 30 Holders of reo. June 100
75e. June 30 Holders of rec. June 100
Participating pref. (extra)
Buffalo Gen faund., cattle. of.
*56 Lie Juno 30 *Holders of ree June 20
Building Products, Ltd., el. A (qu.)
50e July 2 Holders of reo. June 15
Burco, Inc., pref.((Man)
75e. July 1 Holders of rec. June 19
.$1 July 1 "Holders of reo. June 16
Burger Bros.. 8% pref. (guar.)
•$1
8% preferred (quar.)
July I *Holders of reo. June 15
+11
pet. 1 'Holders of rec. Sept. 15
8% Preferred (guar.)
Burns Bros., pref.(qar.)
1% July 1 Holders of reo. June 150
Burt(F. N.) Co.,corn.(guar.)
75c. June 30 Holders of rec. June 15
1% June:30 Holders of rec. June 15
Preferred (guar.)
*62%a Aug. I *fielders of rec. July 10
Bush Terminal, corn. (guar.)
Debenture stook (quar.)
•1 3.4 July 13 'Holders of reo. July 1
Bush Terminal Bldgs., pref.(guar.).-13.4 July 1 Holders of rec. June 12a
Byers (A. M.) Co.. pref. (guar.)
1% Aug. 1 Holders of rec. July 150
Byllesby (H. M.)& Co.. corn. Adr13 (qu.)
500. June 30 Holders of rec. June 15
50e. June 30 Holders of rec. June 15
Preferred (guar.)
California Ink class A & B (guar.)
"50e. July 1 *Holders of rec. June 20
.87 e July 1 *Holders of rec. June 15
Cal. Ital Corp., 7% peel.(No 1)
Cambridge Invest. Corp., Cl. A (qu.)
"35e. July 1 'Holders of rec. June 22
Campbell Baking, pref. A (guar.)
July 1 *Holders of rec. June 15
+$1
Canada Cement. pref. (guar.)
144 June 30 Holders of rect. may 30
Canada Wire & Cable, clam A (quar.).. $1
Sept. 15 Holders of rec. Aug. 31
Class A Mime.)
Dec. 15 Holders of roe. Nov. 30
Si
Canada Permanent Mtge.(quay.)
3
July 2 Holders of rec. June 15
Canadian Canners, corn. (quar.)
12340. July 2 Holders of rec. June 15
Convertible preferred (guar.)
20e. July 2 Holders of rec. June 15
First preferred (guar.)
134 July 2 Holders of rec. June 15
44o. July 10 Holders of reo. June 25
Canadian Car & Fdy.. Pref.(quar.)
Canadian Celanese, Ltd.. pref
3.34 June 30 Holders of rec. June 13
Canadian Converters, Ltd. (quar.)
1
Aug. 15 Holders of rec. July 31
Canadian Cottons, Ltd., pref. (qu.)__. 13-4 July 4 Holders of rec. June 20
July 1 Holders of rec. June 13
Canadian General Electric, corn. (guar.) 1
Preferred (guar.)
873.40. July 1 Holders of rec. June 13
66 2-3c July 1 *Holders of roe. June 16
Canadian General Invest. Trust
2
July 1 Holders of rec. June 20
Canadian Oil. preferred (guar.)
Canadian Westinghouse. Ltd. (quar.)___ +50e. June 25 "Holders of rec. June 15
25c. June 30 Holders of rec. June 15
Canadian Wirebound Boxes el A (qu.)
13.4 June 30 June 20 to June 24
Canfield Oil, corn. & pref. (guar.)
Cannon Mills (guar.)
40e. July 1 Holders of rec. June 180
.$3
Canton Company
June 30 *Holders of ree. June 26
Extra
*El
June 30 'Holders of rec. June 26
Carey Phillip Mfg., preferred (quar.).. _ "154 June 30 *Holders of rec. June 20
Carnation Co., common
"75e. July 1 *Holders of rec. June 20
Preferred (quar.)
•I% July 1 *Holders of rec. June 20
Preferred (guar.)
July 1 *Holders of reo. June 20
•15i Oct. 1 *Holders of reo. Sept. 20
Preferred (guar.)
•1•4 Jan 2'32 *Holders of reo. Dec. 21
Preferred (quay.)
Carolina Discount pref. (guar.)
•$1.75 June 30
Case (J. I.) Co.. corn. (guar.)
13.4 July 1 Holders of rec. June 12
Preferred (guar.)
1% July 1 Holders of rec. June 12
Celanese Corp. of Amer., 7% pf. (qu.).. 1% July 1 Holders of rec. June 13
Firstpartic. pref. (guar.)
354 June 30 Holders of tee. June 13
Central Aguirre Associates (qu.)
37540 July I Holders of rec. June 220
Centrifugal Pipe (guar.)
15c Aug. 15 Holders of reo. Aug 6
Quarterly
15e. Nov. 16 Holders of reo. Nov. 8
Century Co
2
Oct. 21
Century Electric Co.(quar.) (in stock)
Cl
July 1 Holders of rec. June 150
ChainStore Products, pref. (guar.)
"3734c July 1 *Holders of rec. June 20
Champ. Ctd. Pap.. pf. dr spec. pf.(au.). *154 July 1 "Holders of reo. June 20
Champion Fibre, let pref.(guar.)
'134 July 1 *Holders of rec. June 20
Cbartered Tr. & Exec. Co.(guar.)
'114 July 1 *Holders of rec. June 25
4
Chase Brass & Copper pref. A (quar.)
$1.50 June 30 Holders of rec. June 20a
el% July 1 *Holders of rec. June 20
Chatham Mfg.7% pref.(quar.)
7% preferred (guar.)
'13.4 Oct. 1 *Holders of roe. Sept.20
*I% July 1 'Holders of reo. June 20
6% preferred (guar.)
'154 Oct. 1 "Holders of reo. Sept.20
6% preferred (guar.)
Chatham-Phenix Allied Corp.. corn-50e. July 1 Holders of rec. June 16
Cherry-Burrell Corp.. pref. (quar.)--- •114 Aug. 1 *Holders of roe. July 15
Chesebrough Mfg. Cease!. (gwv.)-- 51
June 30 Holders of reo. June 9a
Extra
50o. June 30 Holders of reo. June 9a
Chicago Daily News. pref.(guar.)
•$1.75 July 1 *Holders of rec. June 20
Chic. Jet. Rye.& Un.Stk.Yris. coln.(qui 2.4 July 1 Holders of rec. June 15
Preferred (guar.)
114 July 1 Holders of rec. June 15
Chicago Towel, corn. (guar.)
+31.25 July 1 *Holders of rec. June 20
Preferred (guar.)
*31.75 July 1 *Holders of rec. June 20
Chic. Transf. & Clearing cony. pt. (riu.)_ •134 July 1 *Holders of rec. June 20
Chicago Transf. & Clearing 6% pf. (qu.) +5114 July 1 'Holders of rec. June 15
Chicago Yellow Cab (monthly)
25c. July 1 Holders of rec. June 19a
Monthly
25c Aug. 1 Holders of rec. July 200
Monthly
25c Sept. I Holders of rec. Aug. 20a
Chile Conner Co.(guar.)
3754 e -tune 2. Holders of rec. June 5a
Chrysler Corp., common (guar.)
200. June 30 Holders of rec. June la
C'hurngold Corp.(guar.)
•35c +mg. 15 *Holders of rec. Aug. 1
Quarterly
•350 Nov. 16 *Holders of rec. Nov. 1
Cincinnati Advertising Products (guar.) •75e July 1 *Holders of roe. June 20
"750 Oct. 1 *Holders of tee. Sept. 19
Quarterly
Quarterly
'75o Jan 1'32 *Holders of reo. Dec. 19
•3
Cincinnati Land Shares
-tent 15 'Holders of rec. Sept 1
.
Cincinnati Milling Mach., Prof. (qu.)... +154 July 15 *Holders of rec. June 30
Cincinnati Rubber Mfg., 6% pref.(qu.) "134 Sept.15 *Holders of rec. Sept. 1
'154 Geo. 15 *Holders of reo. Dee. 1
65 preferred (altar.)
Cincinnati Union Stk. Yds. COM.(qu.)._ .40e. June 30 *Holders of rec. June 20
Common (extra)
"25e. June 30 *Holders of rec. June 20
234c. July 1 Holders of tee. June 150
Cities Service, common (monthly)
Corn.(payable In corn.stock)(mthly.) 134 July 1 Holders of reo. June 15a
Preference B (monthly)
5e. July 1 Holders of rec. June 15a
Preferred and pref. BB (monthly)
50e. July 1 Holders of rec. June 15a
• 15.46e July 1 *Holders of rec. June 15
Cities Service, bankers shares
City Machine & Tool(guar.)
+20e. July 1 *Holders of rec. June 20
City Union Corp., corn.(guar.)
25c. July 15 *Holders of tee. June 30
Common (quay.)
*25e. Oct. 15 "Holders of rec. Sept.30
Common (guar.)
•250. Jan 15')? *Holders of rec. Dec. 31
Clark (D. L.) Co
31 Lle. July 1 Holders of rec. June 15
Claude Neon Elec. Prods., corn.(tin.)--- "40e. July 1 *Holders of rec. June 20
Preferred (guar.)
'35e July 1 *Holders of tee. June 20
Clifton Manufacturing
$2
July 1
Clorax Chemical, class A (guar.)
*50e. July 1 'Holders of rec. June 20
Cluett. Peabody & Co., Inc., pref. (qu.) ln
1 Holders of reo. June 20a
Coate (I. dr P.) Ltd
to °pence July 7 Holders of rec. May 22
Am. dep. rots. ord. reg. sirs.
25e. July 15 Holders of rec. July 3
Coca Cola Bottling (quarterly)
25e Oct. 15 Holders of rec. Oct. 5
Quarterly.
$1.75 July 1 Holders of rec. June 12a
Coca Cola Co.. corn.(quar.)- .
250. July 1 Holders of rec. June 120
Common (extra)
$1.50 July I Holders of rec. June 12a
Class A
Coca-Cola Internat. Corp., corn.(au).. 33.4 July 1 Holders of rec. June 12a
50e. July 1 Holders of rec. June 12a
Common (extra)
July 1 Holders of roe. June 12a
$3
Class A
Colgate-Palmollve-Peet Co.. pref. (gu.). 1% July 1 Holders of roe. June 10a
Colt's Patent Fire Arms Mfg.(quar.)___ "38e. July 1 "Holders of rec. June 12
Columbia Broadcasting Co.
"$1 June 26 *Holders of rec. June 22
New stook (No. 1)
Columbia Pictures Corp.. corn. (guar.) 1854 July 2 Holders of rec. June 22a
500. June 30 Holders of rec. June 100
Commercial Credit of Bait., corn.(qu.)
4354c June 30 Holders of rec. June 100
7% first preferred (guar.)
154 June 30 Holders of rec. June 10a
634% first preferred (guar.)
50c. June 30 Holders of rec. June 10a
8% preferred. class B (guar.)
75e. June 30 Holders of rec. June 10a
$3 class A cony.stock (guar.)
July
Name of Cotepany.
4543
Per
When
Cent. Payable.
Boob Close.
Days Inausiee.
Miscellaneous (Continued).
600. June 30 Holders of rec. June 20
Commercial Credit (New On.) pf. (qu.)
Commercial Invest Trust, corn. (ott.)-500. July 1 Holders of reo. June 54
1% July 1 Holders of reo. June 5a
7% first preferred (guar.)
1% July 1 Holders of reo. June 5a
% first preferred (guar.)
Cony. pref. opt. series of 1929 (guar)n$1.50 July 1 Holders of reo. June 60
25o. June 30 Holders of reo. June 10a
Commercial Solvents,corn.(guar.)
50o. July 1 Holders of rec. June 17a
Conde Nast Publications, corn. (guar.).
June 30 Holders of rec. June I5a
Si
Congress Cigar, Inc., corn. (guar.)
200. July 2 Holders of rec. June 15
Consul. Bakeries (Canada) (mar.)
Consolidated Cigar Corp., corn. (quar.). $1.25 July 1 Holders of rec. June 15a
50c. July 1 Holders of rec. June 19a
Consolidated Film Industries, pf. (qu.).
25e. July 1 Holders of reo. June 15a
Consolidated Laundries, corn. (guar.)
• 51.875 July 1 *Holders of rec. June 15
Preferred (guar.)
July 1 Holders of rec. June 22
Consolidated Retail Stores, pref. (an.).. 2
July 1 Holders of reo. June 15a
Continental Baking Corp., pref. (guar.) 2
Continental Casualty (Chic.) guar.)--- .40c. July 1 'Holders of rec. June 15
25e. June 30 Holders of rec. June 15a
Contin.-Diamond Fibre Co.. corn. (qu.)
'13.( July 1 *Holders of reo. June 18
Continental Steel, pref. (guar.)
75c. July 1 Holders of rec. June 106
Cooper-Bessemer Corp.. pref. (mar.)._Corporation Securities Co.. corn. (qu.)_- 11% June 20 Holders of rec. May 21
Corroon & Reynolds, pref. A (guar.).- -- *31.50 July 1 *Holders of rec. June 19
"500. July 1 *Holders of rec. June 20
Counselors Sec. Trust (quay.)
.2
July 1 'Holders of rec. June 15
Courler Post Co.. common (guar.)
1% July I Holders of rec. June 15a
Preferred (Oust.)
50e. July 1 Holders of reo. June 20a
Cream of Wheat Corp. (quay.)
25e. July 1 Holders of ree. June 20a
Extra
"10. July 10 'Holders of rec. June 30
Crerson Consol. Gold Min.&M M.(qu.).
Crook (J. W .) Stores, pref. (gust.).... *87Lic July 1 *Holders of rec. June 20
*75o. June 24 'Holders of rect. June 13
Crowell Publishing, corn. (guar.)
- *50e. Juno 30 *Holders of rec. June 10
Crowley Milner & Co., corn.(guar.).
July 1 Holders of rec. June 13a
Crown Willamette Paper, 151 pref. (an.) $1
1% June 30 Holders of reo. June 150
Crucible Steel, pref. (guar.)
2
June 30 Holders of reo. June 20
Crum & Forster, pref. aunt.)
'33.4 4tur. 3 • lelders of reo. Aug. 3
runden-Martin hitg
234 June 30 Holders of reo. June 15
Cuban Tobacco, preferred
250. July 1 Holders of reo. June 15
Curtis Manufacturing (guar.)
33 1-3e July 2 Holders of rec. June 200
Curtis Publishing, corn. (monthly)
$1.75 July 1 Holders of reo. June 200
Preferred (guar.)
81.7' Oct. 1 Holders of rec. Sept. 190
Preferred (11lar.)
July 1 *Holders of roe. June 15
Dairy Corp. of Canada,Ltd..8% pf.(qu)
Dairy League Co-Operative Corp., pfd-- .$1.75 July 1 *Holders of reo. June 15
. July 1 Holders of rec. June 20
Davenport Hosiery Mills, Inc., com.(gu)
1% July 1 Holders of rec. June 20
Preferred (guar.)
•154 June 30 *Holders of rec. June 20
Davidson Co., pref. (guar.)
013.4 July I *Holders of rec. June 20
Preferred (guar.)
•11.1, Sept. 30'Holders of rec. Sept. 20
Preferred (guar.)
•1% Oct. 1 *Holders of reo. Sept. 20
Preferred (guar.)
*1+1 Dec. 31 'Holders of rec. Dec. 20
Preferred (guar.)
•154 Jan 1'32 *Holders of reo. Dec. 20
Preferred (guar.)
Decker (Alfred) & Cohn. pref.(gust.).. •134 Sept. 1 'Holders of roe. Aug. 20
$1.50 July 1 Holders of rec. June 15a
Deere ac CO., old common (guar.)
30c. July 1 Holders of rec. June 15a
New common (guar.)
50o. July 1 Holders of rec. June 20
De Long Hook & Eye, corn. (guar.).Delsel-Wemmer-Gilbert Corp., 7% pref. 0354 July 1 'Holders of rec. June 15
1% June 30 Holders of rec. June 20
Dennison Mfg. cl. A (quay.)
I% Aug. 1 Holders of rec. July 20
Preferred (guar.)
2
Aug. I Holders of rec. July 20
Debenture stock (guar.)
July 1 "Holders of rec. June 20
'Si
Denver Union Stock Yards (quar.)
•85o. June 30'Holders of reo. June 20
Detroit Bankers (quar.)
20e. July 1 Holders of reo. June 15a
Detroit & Cleveland Navigation (qu.)..
Detroit Majestic Products, pref. A (qu.) '52140July 1 *Holders of rec. June 20
15c July 1 Holders of rec. June 200
Devoe & Reynolds Co., corn. A&B (qu.).
1% July 1 Holders of rec. June 200
First and second preferred (quar.)_-__
3754c July 1 Holders of roc. June 19
Diamond Shoe, corn. (quar.)
1% July 1 fielders of rec. June 19
654% preferred (guar.)
250, July 1 Holders of rec. June 20
Distributors Group. Inc- (guar-)
300 Sept. 1 Holders of reo. Aug. 15
Dr. Pepper Co., common (guar.)
30e Dec. 1 Holders of reo. Nov 15
Common(man)
Doehler Die-Casting, 7% prof. (quar.).. 8734e. July 1 Holders of me. June 20
$1.78 July 1 Holders of rec. June 20
$7 preferred (guar.)
25c. July 20 Holders of reo. June 30a
Dome Mines, Ltd
75e Aug. 15 Holders of reo. July 31
Dominion Bridge, corn. (guar.)
75e Nov. 14 Holders of Ivo. Oct. 31
Common (quay.)
Dominion Glass Co., Ltd.. corn. (guar.) 1% July 2 Holders of reo. June 15
1% July 2 Holders of reo. June 15
Preferred (guar.)
1% June 30 Holders of rec. June 20
Dominion Rubber. Ltd. pref. (quar.)-30c. July 1 Holders of rec. June 15a
Dominion Stores, corn. (guar.)
Dominion Textile, Ltd., corn.(guar.)--- $1.2.5 July 2 Holders of tee. June 15
1% July 15 Holders of rec. June 30
Preferred (guar.)
July 1 Holders of reo.'May 30
81
Draper Corporation (guar.)
01% July 1 *Holders of rec. June 20
Driver-Harris Co., 7% pref. (guar.).- +114 July 1 "Holders of rec. June 18
Dunham (J. H.) dr Co.. corn. (guar.).
% July 1 'Holders of rec. June 18
First preferred (guar.)
'1% July 1 *Holders of rec. June 18
Second preferred (guar.)
July 1 Holders of rec. June 15
2
Donlan Silk Corp., pref. (guar.)
DuPont (E. I.) deNem. & Co.
I% July 25 Holders of reo. July 104
Debenture stook (guar.)
Eagle Warehouse & Storage (quay.).
July 1 *Holders of rec. June 25
July 1 *Holders of rec. June 25
"1
Extra
*50o. June 30 *Holders of roe. June 20
Early & Daniel Co., corn. (guar.)
•154 June 30 *Holders of rec. June 20
Preferred (quar.)
25e. Aug. 1 Holders of rec. June 30
Eastern Dairies, Ltd.. corn. (quay.)....
•1
July 15 *Holders of rec. June 30
Preferred (guar.)
50o. July 1 Holders of rec. June 19
Eastern Steamship Lines, corn.(guar.)
1% July 1 Holders of rec. June 19
First preferred (guar.)
8714c July 1 Holders of rec. June 19
Preferred (quar.)
50c. June 30 Holders of rec. June 15
Eastern Steel Prod., corn. (guar.)
1% June 30 Holders of rec. June 15
Prior preferred (guar.)
334 July 31 Holders of rec. June 30
Eastern Theatres, Ltd., Prof
Eastern Util. Invest.. $5 prior pt. (qu.). 81.25 July 1 Holders of reo. May 29
91.25 July 1 Holders of reo. June So
Eastman Kodak, corn. (guar.)
75e. July 1 Holders of rec. June 5a
Common (extra)
1% July 1 Holders of reo. June 5a
Preferred (guar.)
Eaton Crane & Pike, pref. A (quar.)---- '1% July 1 *Holders of rec. June 20
60. July 1 Holders of rec. June 10
Ecuadorian Corp., Ltd.. ord. (gust.)...
3% July 1 Holders of rec. June 10
Preferred
Electric Auto-Lite Co.. corn. (guar.)._ $1.50 July 1 Holders of rec. June 15a
1% July 1 Holders of rec. June 15a
Preferred (quar.)
Electric Controller & Mfg., corn. (guar.) $1.25 July 1 Holders of reo. June 203
Electric Storage Battery. COM.& pt.(qu) $1.25 July 1 Holders of rec. June 84
"31
JUIY 1 'Holders of rec. June 23
Electric Vacuum Cleaner (quay.)
*10o. July 1 'Holders of rec. June 20
Elgin Sweeper, cum. pref. (guar.)
.50c. July 1 'Holders of rec. June 20
First preferred (guar.)
Emerson Bromo Seltzer, el. A & B (au.)_ *50e. July 1 'Holders of roe. June 15
•500. July 1 *Holders of rec. June 15
Preferred (guar.)
June 29 Holders of rec. June 223
3
Empire Safe Deposit Co.(quar.)
750. July 1 Holders of rec. June 18a
Endicott Johnson Corp., corn. (guar.)._
1% July 1 Holders of rec. June 18a
Preferred (guar.)
'23-4 June 30'Holders of rec. June 20
Equitable Mtge.& Title Guarantee
.13.4 June 30 *Holders of reo. June 20
Extra
.33 1-3
Stock dividend
Equitable Office Bldg., coin- (guar.).--- 623.4e. July 1 Holders of reo. June 15a
154 July 1 Holders of rec. June 15
Preferred (guar.)
.750. July 1 'Holders of rec. June 15
Equity Corp., preferred (guar.)
.600. Aug. 15 *Holders of rec. Aug. 5
Ewa Plantation (guar.)
*144 Aug. 1 'Holders of rec. July 20
Faber, Coe & Gregg. prof. (guar.)
*13.4 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
. 13.4 Febl'32 *Hold, of rec. Jan. 20'32
1.
Preferred (guar.)
40e. June 30 Holders of reo. June 12a
Fairbanks-Morse & Co., corn.(quar.)
"40c. July 1 "Holders of rec. June 20
Fairmont Creamery (quay.)
$1.625 July 1 *Holders of rec. June 20
Preferred (guar-)
50o June 27 Holders of rec. June 5
Famous Players Canadian Corp.(quar,).
25e July 1 fielders of rec. June 15
Fanny Farmer Candy Shops, corn. (qu.)
60c July 1 Holders of roe. June 15
Preferred (guar.)
"1
June 30'Holders of rec. June 20
Farr Alpaca (guar.)
623.4c July 1 June 16 to June 17
Faultless Rubber, corn. (guar.)
.134 July 1 "Holders of rec. June 8
Federal Bake Shops, pref. (quar.)
FederalCompress & trhse. pf (guar.)-- '13.4 July 1 *Holders of rec. June 24
10e. July 1 Holders of rec. June 20a
Federal Motor Truck (guar.)
Feltman & Curme Shoe Stores, pr.(qu.). 134 July 1 Holders of rec. June 10
Fidelity & Deposit Co.(Balto.) (qu.)___ *$2.25 June 30 *Holders of rec. June 17
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Fidelity Union Title & Mtge. Guar.(qua *25c. June 22 *Holders of rec. June 15
Fifth Avenue Bus Securities (quar.)
160. June 29 Holders of ree. June 12a
Filene's(Wm.) Sons, Pref.((Nara
114 July 1 Holders of rec. June 20a
*373.40 July 1 'Holders of rec. June 20
First Finance Co. of Iowa,cl. A (qu.)
Clam A (extra)
0250. July 1 "Holders of reo. June 20
Preferred (quar.) •
*37%0 July 1 'Holders of rec. June 20
Sec.(Cincinnati) (quar.) *50e. July 1 'Holders of rec. June 22
First Invest. &
First National Stores, Inc.. corn. (qu.)
6234c July 1 Holders of reo. June 50
First preferred (quar.)
'114 July 1 *Holders of reo. June 5
8% preferred (quar.)
*200. July 1 *Holders of rec. June 5
First Security Corp.(Ogden) A & B(qu.) •500. July 1 *Holders of ree. June-20
First State Pawners Society (guar.).
*114 June 30 *Holders of ree. June 20
Fisher Flour Mills, pref. (quar.)
'13.4 July 1 *Holders of reo. June 15
Flatbush Invest. Corp. (quar.)
"134 June 30 *Holders of rec. June 15
*3% June 30'Holders of rec. June 15
Preferred
I% July 1 Holders of roc.June 16a
Florshelm Shoe, 6% prof.(guar.)
Flour MIlls of America, pref. A (quar.)-- 81 July 1 Holders of reo. June 15
Food Machinery,
% pref.(=Wya- •50e. July 15 *Holders of roe. July 10
*50e. Aug 15 *Holders of ree. Aug. 10
tt Si% preferred (monthly)
•50e. Sept.15 *Holders of reo. Sept.10
V. preferred (monthly)
Ford Motor of Canada. clam A & B
600. June 20 Holders of reo. May 29
•50e. July I *Holders of rec. June 15
Formica Insulation (quar.)
50e. July 1 Holders of rec. June 12a
Foster Wheeler Corp., corn. (quar.)_.
$1.75 July 1 Holders of rec. June 12a
Preferred (quar.)
Fourth Nat. Invest. Corp., corn.(No. 1) 55c. July 1 Holders of rec. June 16a
623.4c July 15 Holders of rec. June 30
Fox Film Corp., corn. A & B (quar.)
• Freeman Dairy. preferred (quar.)
'134 July 1 "Holders of ree. June 15
Frelhofer Baking, 1st preferred (quar.)_ "$1.75 July 1 "Holders of me. June 20
"87 Sic July 1 *Holders of rec. June 25
Fruehauf Trailer, preferred (quar.)
Fuller (George A.) Co., prior pref. (qua $1.50 July 1 Holders of reo. June 10a
$1.50 July 1 Holders of rec. June 10a
Second preferreil (quar.)
Galland Mercantile Laundry (quar.)---- •873.ic Sept. 1 "Holders of ree. Aug. lb
•8714e Dee. 1 'Holders of rec. Nov. 15
Quarterly
"20c. July 1 *Holders of rec. June 20
Gardner-Denver Co., common (quar.)
Proferred (quar.)
4
.134 Aug. 1 *Holders of rec. July 20
30o. July 1 Holders of me. June 15
Garlock Packing, corn. (quar.)
15e. July 1 Holdeks of reo. June 30
Gary (Theodore) & Co., common (qu.)..
40e. July 1 Holders of rm. June 15
Preferred(quar.)
Gen'l Amer. Investor'', pref. (qua:.)_._ $1.50 July 1 Holders of reo. June 19a
$1
July 1 Holders of reo. June 13a
General Amer. Tank Car (Guar.)
General Baking Co., corn. (guar.)
500. July 1 Holders of reo. June 200
July 1 Holders of reo. June 20a
Preferred (quar.)
$2
Generalflectrie. common (quar.)
40e. July 25 Holders of rec. June 26a
a
150. July 25 Holders of rec. June 262
Sped stock (quar.)
General Mills, pre/. (guar.)
114 July 1 Holders of reo. June 152
General Motors Corp.. pref.(quar.).
$1.25 Aug. 1 Holders of reo. July fla
General Printing Ink, common (quar.)
62140 July 1 Holders of rec. June 150
Preferred (guar.)
$1.50 July 1 Holders of ree. June 150
*$1.50 Aug. 1 *Holders of reo. July 10
General Public Service, $8 pref. (guar.)•$1.375 Aug. 1 'Holders of rec. July 10
$5.50 preferred (qua:.)
General Railway Signal, cam. (guar.)
- $1.25 July 1 Holders of rec. June 104
114 July 1 Holders of reo. June 10a
Preferred (guar.)
General Realty & Utilities, pref. (quar.). (r) July 15 Holders of reo. June 20a
General Tire & Rubber,6% pref.(Nara 134 June 30 Holders of rec. June 20
•650. July I *Holders of reo. June 20
Gibson Art Co.. common Quer.)
•650. Oct. 1 *Holders of reo. Sept. 19
Common (quar.)
*65o. Janl'32 *Holders of reo. Doe. 19
Common (qua:.)
$1.25 Aug. 1 Holders of rec. Jule la
Gillette Safety Razor, pref.(quar.)
•$1
June 20 *Holders of rec. June 10
Glen Alden Coal (quar.)
IN July 1 Holders of reo. June 18a
Glidden Co., prior pref. (quar.)
Globe Discount & Finance. corn.(qua:.). •250. July 13 "Holders of reo. July 1
Globe Grain & Milling corn.(quar.). $2.50. July 1 *Holders of rec. June'20
First preferred (qua:.)
*43340 July 1 *Holders of reo. June 20
*50o. July 1 *Holders of rec. June 20
Second preferred (qua:.)
Globe Knitting Works, prof
•35a. July 25 *Holders of rec. July 7
50c. July 1 Holders of rec. June 17
Godchaux Sugars, Inc., class A (guar.)._
Preferred (guar.)
134 July 1 Holders of rec. June 17
Goderich Elevator et Trans.(quar.)_ •350. July 1 *Holders of rec. June 15
•3734e July 1 *Holders of rec June 10
Goidblatt Bros., corn.(quar.)
Corn. (payable in common stock)
'1114 July 1 *Holders of reo. June 10
$1.50 June 30 Holders of ree. June 17a
Gold Dust Corp., pref. (quar.)
•75e. June 30 *Holders of ree. June 30
Goodman Manufacturing (guar.)
Goodrich (B. F.) Co., pref. (quar.)
134 July 1 Holders of rec. June 19a
Goodyear Tire & Rubb.(Can.), oom.(qu) $1.25 July 2 Holders of rec. June 15
134 July 2 Holders of rec. June 15
Preferred (quar.)
134 July 1 Holders of rec. June la
let preferred (qua:.)
*750. July 1 *Holders of reo. June 20
Gorton Pew Fisheries (guar.)
let pf. (quar.)_ '134 July 1 "Holders of rec. June 15
Graham-Paige Motors,
Grand Rapids Varnish (quar.)
•123.40 June 30 *Holders of reo. June 20
50o. June 30 Holders of rm. June 15a
Granite City Steel (quay.)
250. July 1 Holders of rect. June 124
Grant(W. T.) Co.(qua:.)
•400. July 31
Grant Lunch Corp., oom
•20o. June 30 *Holders of ree. June 29
8% preferred (qua:.)
•200. Sept.30 "Holders of reo. Sept.30
8% preferred (quar.)
•20o. Dee. 31 *Holders of rec. Dee. 15
8% preferred (quar.)
•500. July 1 'Holders of rec. June 20
Gray Processes Corp
*50c.July 1 *Holders of rec. June 20
Extra
*500 July 1 'Holders of rec. June 18
Gray Telep. Pay Station (guar.)
*50.2. July 1 "Holders of rec. June 18
Extra
•250. July 1 *Holders of rec. June 15
Graymur Corp. (quar.)
134 June 30 Holders of reo. June 15a
Great Lakes Towing, corn.(quar.)
134 July 1 Holders of rec. June 150
Preferred (quar.)
4
.114 July 1 "Holders of rec. June 25
Great Lakes Transit, pref.(quar.)
June 25 Holders of rec. June 5a
$1
Great Northern Iron Ore Properties
134 July 2 Holders of ree. June 15a
Great Western Sugar, pref.(guar.)
134 July 1 Holders of rec. June 19
Green (Daniel) Co., pref. (quar.)
Greening (B.) Wire, pref. (quar.)
*114 July 1 *Holders of reo. Juno 15
•30o. Aug. 15 *Holders of reo. Aug. 1
Greenway Corp., corn
*30o. Aug. 15 *Holders of rec. Aug.
Common B
•$1.50 Aug. 15 *Holders of rec. Aug. 1
Participating preferred
*50o. Aug. 15 *Holders of ree. Aug. 1
Participating preferred (extra)
400. July 1 Holders of ree. June 15a
Greif Bros. Cooperage. corn. A (qua:.)
•$1.75 July 11 'Holders of roe. June 20
Greyhound Corp.,$7 pref.(quar.)
Gross (L. N.) Co., 7% pref. (quar.).._. '134 July I *Holders of rec. June 20
Gruen Watch. pref ((ivar.)
4.134 Aug. 1 *Holden of me. July 29
Guardian Detroit Union Group (quar.)
*50e. July 1 "Holders of rec. June 22
Guenther (Rudolph) Russell Law (qua _
25o. July 1 Holders of reo. June 20
Guilford Realty (quar.)
•350. July 1 *Holders of rec. June 21)
6% preferred (guar.)
*114 July 1 *Holders of rec. June 20
•3734e July 1 *Holders of reel June 20
Gulf Oil Corp. of Pa. (guar.)
50e. July 2 Holders of reo. June 15
Gurd (Charles) Co., Ltd., corn.(qua
Preferred (quar.)
134 July 2 Holders of ree. June 15
200. June 30 Holders of rec. June 15
Gypsum Lime es Alabastine (quar.)
25o. July 1 Holders of reo. May 20a
Habirsbaw Cable & Wire (quar.)
Hackmeister-Lind Co., pref. A (qua:.) *$1.50 July 1 'Holders of rec. June 15
Hahn Department Stores. pref. lunar.)
. 134 July 1 Holders of reo. June 22a
•250. July 1 *Holders of rec. June 15
Halold Co.. core. (quar.)
'134 July 1 *Holders of reo. June 15
Preferred (quar.)
Hall Baking, Prof.(quar.)
"8734c July 1 *Holders of roe. June 16
50o. July 2 Holders of rec. June 15
Hamilton Cottons (guar.)
Hamilton Unit. Theatres, Ltd., pfd.
(qua 1.54 June 30 Holders of rec. May 30
Hammermill Paper, pref.(quar.)
*114 July 1 *Holders of rec. June 20
Hanes(P. H.) Knitting, pref. (quara
'114 July 1 "Holders of rec. June 20
31.75 June 20 Holders of rec. June (A
Hanna(M. A.) Co., Prof. (quar.)
Harbison-Walker Refrac.. Pref.(guar.)- 114 July 20 Holders of rec. July Ina
elm July 1 *Holders of rec. June 15
Harnischfeger Corp.. pref.(guar.)
Aug. 31 "Holders of rec. Aug. 15
Hart, Schaffner & Marx. corn. (qua:.).. *1
Nov.30 "Holders of rec. Nov. 14
Common (quar.)
25e. July 15 Holders of reo. June 30
Hathaway Bakeries, Inc., Pf. cl. B (qua
*50e. July 1 *Holders of rec. June 18
Hazel Ansa Glass (guar.)
•250. July 1 *Holders of reo. June 18
Extra
•250. July 1 *Holders of reo. June 18
Special
134 June 30 Holders of rec. June 27
Heath (D. C.) & Co., pref. (quar.)
$1.25 July 1 Holders of reo. June 10a
Helme(George W.) Co.. Corn.(quar.)
134 July 1 Holders of rec. June 100
Preferred (guar.)
200. July 1 Holders of reo. June 20a
Hercules Motor. corn. (guar.)
750. June 25 Holders of ree. June 12a
Hercules Powder, core. (guar.)
.2
July 1 'Holders of rec. June 20
Hewitt Bros. Soap. Pref. (quar.)
*2
Oct. 1 *Holders of ree. Sept. 20
Preferred (guar.)
Jan1'32 "Holders of rec. Dec. 20
"2
Preferred (quar.)
25e June 26 Holders of me• June 19
Hibbard Spencer Bartlett & Co.(mtbly
[PK,. 112.
FINANCIAL CHRONICLE
4544
Name of Company.
When
Per
Cent. Palm*.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Holland Furnace, corn. (quar.)
6234c July 1 Holders of reo. June 15a
4
Preferred
.334 July 1 "Holders of rec. June 15
Holly Oil (quar.)
"25e. June 30 *Holders of rec. June 15
Holmes (D. H.), Ltd., corn. (quar.)-- 2% July I Holders of rm. June 20
Holt Renfrew & Co., pref.(quar.)
1% July 2 Holders of me. June 25
Home Credit Co., 7% prof
"51.75 July 1 'Holders of rec. June 20
Home Dairy, class A (quar.)
*500. July 1 *Holders of ree. June 20
Home Title Insurance (Bklyn.) (quar.)
"75e. June 30 *Holders of rec. June 24
Homestake Mining (monthly)
SOc. June 25 Holders of rec. June 200
Honey Dew. Prof. (quar.)
$1.75 July 2 Holders of rec. June 15
Horn & Hardart Baking, corn.(quar.)
$1.75 July 1 June 21 to June 30
'75e. June 26 *Holders of rec. June 11
Hoskins Manufacturing (quar.)
'
$1.25 June 30 *Holders of reo. June 15
Hotel Steller Co., corn.((Nan)
*3734c June 30 'Holders of rec. June 15
6% preferred (guar.)
7% preferred (quar.)
*134 Juno 30 'Holders of reo. June 15
Houdaille-Hershey Co.. el. A (quar.).. '02%c July I *Holders of rec. June 20
Household Finance, corn. A & B (qua
90o. July 15 Holders of rec. June 305
$1. J uly 15 Holders of rec. June &Ma
Participating, pref. (quar.)
Howes Bros., 7% preferred (quar.)
July 1 "Holders of rec. June 20
Oct. 1 *Holders of rec. Sept. 20
7% preferred (qua:.)
7% preferred (quar.)
•154 Dec. 31 *Holders of rec. Dec. 20
6% preferred (qua:.)
. 134 July 1 *Holders of rec. June 20
1
.
0,1% Oct. 1 "Holders of ree. Sept.20
6% Preferred (qua:.)
•1j,/ Deo. 31 'Holders of ree. Doe. 20
6% preferred (quar.)
Hudson Motor Car (quar.)
25e July I Holders of rec. June Ila
Humble Olt Jr Refg. (qua:.)
•
50e July 1 *Holders of rec. June 1
Humphreys Mfg. Co.„ pref. (mar.).... •500 June 30 *Holders of rec. June 15
Hunts Ltd., el. A and It (quar.)
350 July 2 Holders of rec. June 18
July 2 Holders of ree. June 15
Huron & Erie Mortgage (guar.)
2
•1% July 1 *Holders of rec. June 20
Huyiers of Delaware. pref. (quar.)
350. June 19 Holders of ree. June 3
Hydro-Elec. Secure. Corp., corn.(qua
Hygmde Lamp, Corn. (guar.)
40e. July 1 Holders of rec. June 10
$1.625 July 1 Holders of rec. June 10
Preferred (quar.)
•300. July 15 *Holders of ree. July 3
Illinois Brick (quar.)
•30e. Oct. 15 "Holders of rec. Oct. 8
Quarterly
*$1.75 July 1 *Holders of reo. June 20
Imperial Sugar. $7 Pref. (
(Nara
•
$1.75 Oct. 1 "Holders of reo. Sept.20
$7 preferred (guar.)
51.75 Janl'32 *Holders of rect. Dee. 20
•
$7 preferred (quar.)
Imperial Tobacco of Canada. ord. (qua 894c. June 30 Holders of rec. June 3
•250. July 15 *Holders of rect. June 18
Incorporated Investors (quar.)
4
.234 Oct. 15 'Holders of rec. Sept.21
Stock dividend
Industrial de Power Securities (qua:.)... •250. Sept. 1 *Holden; of ree. Aug. 1
250. Dee. 1 *Holders of ree. Nov. I
•
Quarterly
July 1 Holders of ree. June 22a
gfl.
Industrial Rayon (quar.)
13
Jule 1 Holders of reo. June 84
Ingersoll-Rand Co., prof
Insull Utility Investments, corn.(qua- A% July 15 *Holders of ree. June 15
July 1 "Holders of reo. June 15
31.38
$5.50 prior preferred (guar.)
*I0e. June 30 *Holders of ree. June 20
Interbanc Invest. (guar.)
1
July 2 Holders of rec. June 20
Intereolontal Coal, common
July 2 Holders of rec. June 20
4
Preferred
Internat. Business Machines. corn.(qua 51.50 July 10 Holders of rec. June 20a
Internat. Button Hole Sew. Mach.(qu.) 200. July 1 Holders of reo. June 15
International Carriers, Ltd. (quar.)._.. 12340 Jule 1 Holders of reo. June 10a
July 1 *Holders of rec. June 25
International Cellucotton, corn. (qua:.). *ft
Common (guar.)
Oct. 1 'Holders of rec. Sept. 25
Janl'32 'Holders of ree. Doe. 25
Common (quar.)
*El
e13.‘ July 1 *Holders of rec. June 25
First preferred (quar.)
First preferred (quar.)
Oct. 1 "Holders of rec. Sept.25
4•1m Janl'32 *Holders of rec. Doe. 25
First preferred (quar.)
June 80 Holders of reo. June lla
Internat. Cement (quar.)
$1
International Harvester. corn.(guar.)... 6234o July 15 Holders of rec. June 20a
July 15 Holders of reo. June 250
International Match, corn. (quar.)
$1
July 15 Holders of ree. June 250
$1
Participating preferred (qua:.)
Internat. Nickel of Can., corn.(qua-- 15c. June 30 Holders of rec. June is
1% Aug. 1 Holders of rec. July 2a
Preferred (quar.)
1 *Holders of reo. June 18
Internat. Pulp Co., pref.(quar.)
'134 July
750. July 1 Holders of ree. June 150
International Salt (quar.)
July 1 Holders of ree. June 15a
75e.
International Shoe, corn.(quer.)
50e. July 1 Holders of rec. June 15
Preferred (monthly)
*50o. Aug. 1 'Holders of rec. July 15
Preferred (monthly)
*500. Sept. 1 *Holders of rec. Aug. 15
Preferred (monthly)
*50o. Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*50.2. Nov. 1 *Holders of me. Oct. 15
Preferred (monthly)
•50o. Doe. 1 *Holders of reo. Nov. 15
Preferred (monthly)
134 July 1 Holders of rec. June 120
International Silver, pref. (quar.)
25e. July I Holders of rec. June 15
Interstate Bakeries Corp., coin. (qua:.)$1.625 July 1 Holders of reo. June 15
$634 preferred (quar.)
500. June 30 Holders of rec. Juned18a
Interstate Department Stores. com.(qua
2()
Interstate Petroleum, Prof. A (guar.).- *50o. July 1 *Holders of rec. June 15
July 1 *Holders of reo. June
*2
Intertype Corp., first pref. (quar.)
July 1 *Holders of ree. June 15
*3
Second preferred
Investors Corp.of R.I., 1st & 2d pf.(qu.) 1% July 1 Holders of ree. June 20
1% July 1 Holders of reo. June 20
Convertible pref.(QUar.)
250. July 2 *Holders of ree. June 15
•
Irving Air Chute (guar.)
July 1 Holders of reo. June 22a
$1
Island Creek Coal, corn. (quar.)
$1.50 July 1 Holders of ree. June 22a
Preferred (quar.)
*Holders
June
'
Ivanhoe Foods, Inc.. $3.50 pref. (an.).. 8734e July 1 "Holders of reo. June 20
15
of ree.
*50e. July I
JeffersonElectric Co. (guar.)
•25e. July 1 *Holders of rec. June 15
Jenkins Bros., corn. (guar.)
•
1% Jule
1 *Holders of rec. June 15
Preferred (quar.)
July 15 Holders of rec. July 1 a
$1
Jewel Tea. Inc., corn. (qua:.)
750. July 15 Holders of ree. June 24a
Johns-Manville Corp., oom.((Nara
194 July 1 Holders of ree. June 10a
Preferred (quar.)
June 12a
Jones & Laughlin Steel, prof. (qua:.)... 194 July 1 Holders of rec. June 19
62340. July 1 Holders of reo.
Kalamazoo Stove (qua:.)
•150. June 30 'Holders of rec. June 20
&Marasco° Vegetable Parchment(qu.)
•150. Sept.30 *Holders of reo. Sept. 19
Quarterly
•150. Dee. 31 *Holders of reo. Doe. 21
Quarterly
$1.625 July 1 Holders of rm. June 15
Katz Drug, preferred (quar.)
1% July 1 Holders of reo. June 20
Kaufman (Chas. A.) Co.(guar.)
Holders
June 10
Kaufmann Dept. Stores. pref. (guar.).- 134 July 1 Holders of reo. June 22a
of rec.
Keith-Albee-Orpheum Corp.. pf. (Mi.)-- 1% July 1
•194 July 1 *Holders of rec. June 15
Keith (Geo. E.) Co.. 151 pref. (quar.)
20c. June 30 Holders of rec. June 15a
Kellogg (Spencer) AG Sons (quar.)
O750 July 1 *Holders of reo. June 20
Kemper-Thomas Co., corn. (quar.).*75o Oat. 1 *Holders of rec. Sept.20
Common (quar.)
•750 J'n 1'32 *Holders of rec. Dee. 20
Common (quar.)
'134 Sept. 1 *Holders of reo. Aug. 20
Preferred ((Nara
*Holders of reo. Nov.20
814 Dee.
Preferred (qua:.)
25o July I Holders of rec. June ha
Kennecott Copper Corp.(quar.)
Kent Garage Inv. Corp., el. A (qua:.) *50c July 1 *Holders of rec. June 16
1 *Holders of rec. June 16
'134 July
7% preferred (quar.)
25e. July I Holders of rec. June 25
Key Boiler Equipment (quar.)
Kimberly-Clark Corp., Com. (qua:.)... 6234e July I Holders of reo. June 120
•1% July 1 *Holders of ree. June 12
Preferred (guar.)
2
June 30 Holders of rec. June 15
King Royalty Co., pref. (quar.)
•45e. July 1 *Holders of reo. June 15
Kirsh Co., corn., Preferred (guar.)
"25e. July I "Holders of fee. June 20
Klein (D. Emil) Co.. eom. (quar.)
el% July 1 *Holders of reo. June 15
Knight-Campbell Music, pref. (qua:.)
*1% July 1 *Holders of ree. June 11
Koppers Gas & Coke, pref. ((Nara
400. June 30 Holders of reo. June lOa
Kresge (S. S.) Co., corn. (quar.)
1% June 30 Holders of reo. June 100
Preferred (quar.)
$1.61 July 1 Holders of reo. June 80
Kreuger & Toll, American Shares
1
Kroger Grocery & Baking, 1st Pf.(qu.). • 34 July 1 "Holders of rec. June 20
•154 Aug. I *Holders of reo. July 21
Secondpreferred (quar.)
Kuppenheimer (B.) St Co., Inc., corn... "51 July 1 'Holders of rec. June 23
July 1 Holders of ree. June 17a
Lambert Company.corn.(guar.)... .. $2
91
June 30 "Holders of reo. Jane 13
Land Title Bldg. Corp.. Phlitt
75o. Aug. 15 Holders of rec. Aug. 5
Gandhi Machine, common (quar.)
750. Nov.15 Holders of reo. Nov. 5
Common (quar.)
'134 Sept.15 Holders of reo. Sept. 5
Preferred (qua:.)
4
.134 Dec. 15 *Holders of rec. Dec. 5
Preferred (ClUar.)
25e. July 1 Holders of reo. June I20
Lane Bryant. Inc.. corn. (guar.)
July 1 "Holder' of reo. June 24
*
2
Lams & Bro. Co.. Preferreo
•
2
Oct. 1 Holders of ree. Sept.23
Preferred (guar.)
June 30 Holders of ree. June 15
*1
Lawrence Portland Cement (quar.)
70o. June 30 Holders of ree. June 18
Lawyers Mortgage Co.(quar.)
July 1 Holders of reo. June 200
3
Lawyers Title Guaranty Co.(quar.)
134 July 1 Holders of rec. June 130
Lehigh Portland Cement. Prof. (Oust'.)
75e. July I Holders of rec. June 110
Coal Corp., Prof.(au.)--Lehigh Valley
900. June 30 June 11 to June 30
Lehigh Valley Coal Sales (quar.)
JUNE 201931.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
750. July 3 Holders of reo. June 22a
Lehman Corp. (guar.)
"250. July 1 "Holders of rec. Juno 15
LenoIt Nat. Seeur., el. A & B (quar.)
"35e. July 1 *Holders of rec. Juno 15
7% preferred (quar.)
350. June 30 Holders of reo. June 11
Leasing's. Inc. (quar.)
34 July 1 Holders of rec. June 19
Libby, McNeil & Libby. let Prof
3
July 1 Holders of rec. June 19
Second preferred
'3
July 1 'Holders of rec. June 19
6% preferred
'3% July 1 "Holders of rec. June 19
7% preferred
•10c. June 30'Holders of rec. June 10
Liberty Share Corp., corn.(quar.)
11c July 1 Holders of rec. June 10a
Liggett & Myers Tob.. pref.(quar.)Lily Tulip Cup Corp., preferred (quar.)_ '1% June 30'Holders of rec. June 5
*1 4 July 1 *Holders of roe. June 19
Linde Air Products, pref. (quar.)
Lock Joint Pipe Co.,corn.(mthly.)
•66e. June 30'Holders of rec. June 30
*2
Preferred (guar.)
July 1 *Holders of rec. July 1
Preferred (guar.)
*2
Oct. 1 *Holders of rec. Oct. 1
.2
Preferred (quay.)
Dec. 31 *Holders of rec. Dee. 31
Loewe, Inc., cons. (quar.)
75c June 30 Holders of rec. June 13a
Loudon Packing (quar.)
•754:1 July 1 *Holders of reo. June 16
Long Island Safe Deposit
July 1 *Holders of rec. June 20
*$2
Loose-Wiles Biscuit, eons. (quar.)
65e. Aug. 1 Holders of rec. July 17a
Common (extra)
100. Aug. 1 Holders of rec. July 170
11$ July 1 Holders of rec. June 18a
Preferred (quar.)
Lord & Taylor,common (guar.)
•24 July 1 *Holders of rec. June 17a
Lorillard (P.) Co., pref. (guar.)
15j July 1 Holders of rec. June 15a
Louisiana Discount & See., COM &
31.875 July 2 "Holders of rec. June 18
Lunkenheimer Co., preferred (quar.)_ _ _ "14 July 1 *Holders of roe, June 20
*15( Oct. 1 "Holders et rec. Eiept..21
Preferred (guar.)
*154 Jam 1'32 *Holden of roe. Dec. 22
Preferred (quar 5.
Macrleth-Evans Glass Co.(quar.)
•75o. June 30 *Holders of rm. June 20
Mack Trucks, Ince, corn. (quar.)
75e. June 30 Holders of rec. June 150
Magnin (1.) dr Co., common (quar.)
•3740 July 15 "Holders of reo. June 30
6% preferred (guar.)
'1% Aug. 16 *Holders of roc. Aug. 5
'14 Nov. 15 "Holden of ree. Nov. 5
8% Preferred (guar.)
Mager Car Corp., pref. (quar.)
'1% June 30 *Holders of rm. June 23
Manischewitz (11) Co.. pref.(quar.)
•154 July 1 'Holders of rec. June 20
Mapes Consolidated Mfg. (quar.)
•750. July 1 *Holders of rec. June 15
Extra
•25e. July 1 *Holders of rec. June 15
Marathon Ramer Blade, Inc.(monthly). '354o. July 15 *Holders of rec. Jute 1
Monthly
'3%o. Aug. 15 *Holders of tee. Aug. 1
Monthly
'3%e. Sept.15 *Holders of rm. Sept. 1
Monthly
'3%c. Oct. 15 'Holders of rec. Oct. 1
Monthly
'3%e. Nov. 15'Holders of rec. Nov. 1
Monthly
'34e. Dec. 15 *Holders of me Dee. 1
Merchant Calculating Machine
*35c. July 15 *Holders of rec. June 30
Marine Midland Corp. (quar.)
30e. June 30 Holders of reo June la
Marlin-Rockwell Corp., corn. (quar.) 60c. July 1 Holders of roe. Juno 20a
Maryland Casualty, corn. (guar.)
*30c. June 30 "Holders of rec. June 12
M.& T. Securities. common (quar.)
•200. June 30 "Holders of reo. June 20
Mathieson Alkali Works, corn. (quar.)_
50e. July 1 Holders of roe. June 12a
15e July 1 Holders of roe. June 12a
Preferred (Guar.)
May Department Storm, corn.(quar.)
624e Sept. 1 Holders of rec. Aug. 150
McAleer Mfg. (quar.)
'37)4c July 1 *Holders of rec. June 20
McCall Corp. (quar.)
6214c Aug. 1 Holders of rec. July 200
McColl Frontenao Oil, pref. (quar.)___ _
14 July 15 Holders of rec. June 30
McCord Radiator & Mfg., cl. A (quar.)_ *75e. July 1 'Holders of rec. June 24
MoCrady-Rodgers Co., pref. (quar.)
*8740 June 30'Holders of me. June 20
McGraw Hill Publishing (quar.)
50c. July 1 Holders of reo. June 20a
McKee (Arthur G.) Co., class B (qu.)_ _ _ 874c July 1 Holders of rm. June 205
Class 13 (quar.)
'8734c Oct. 1 "Holders of rec. Sept. 20
McKeesport Tin Plate (quar.)
$1 July 1 Holders of reo. June 10a
Extra
50o. July 1 Holders of roe. June 10a
McLellan Stores Co. (quar.)
31.50 July 1 Holders of rec. June 20a
Mead, Johnson dr Co., corn. (quar.).._. *75e. July 1 *Holders of rec. June 15
Common (extra)
*50c. July 1 'Holders of rec. June 15
Preferred
•350. July 1 *Holders of rec. June 15
Meletio Sea Food (quar.)
*2
July 1 'Holders of roe. June 25
Mercantile Discount Corp., Prof. A (qu.) "500. July 1 *Holders of rec. June 19
Merchants dr Mfrs. Securities, el. A (qu.) *374c July 1 *Holders of rec. June 15
Preferred (quar.)
*8734c July 15 'Holders of rec. July 1
Merchants & Miners Transportation (qu) '8234c June 30 *Holders of rec. June 15
Merchants Refrigerating (quar.)
'500. June 30 *Holders of reo. June 22
Merck Corp.. preferred (guar.)
2
July 1 Holders of rm. June 17
Mercury Mills, corn
5e. July 2 Holders of rec. June 15
Mercury Oils, Ltd., corn. (quar.)
E.c. July 2 June 16 to July 1
Mergenthaler Linotype (quar.)
$1.50 June 30 Holders of roe. June 30
Mesta Machine,corn.(quar.)
*50e. July 1 *Holden of rec. June 15
Metal Package Corp., common (quar.)_
July 1 Holders of rec. June 10
Ill
Metal Textile Corp.. partie. pf. (quar.). 814e. Sept. 1 Holders of roe. Aug. 20
Metal dr ThermIt Corp., Prof. (Quer.)-- - *15e July 1 *Holders of rec. June 20
*15e July 1 *Holders of rec. June 15
Metropolitan Ice, pref. (quar.)
Preferred (extra)
'30c. July 1 *Holders of rec. June 15
Metropolitan Paving Brick. Prof.(guar.) lee July 1 June 16 to June 30
Mickelberry's Food Products
Common (payable In corn. Kook).
- eye% Aug. 15 'Holders of rec. Aug 1
Common (payable In cons. stock).__ e124 Nov.16 *Holders of rec. Nov e
Preferred (quar.)
"874c July 1 'Holders of rec. June 20
Midland Grocery. pref
July 1 *Holders of reo. June 20
*3
Midland Steel Products, corn,(quar.).__
75e July 1 Holders of rec. June 220
First preferred (quar.)
2
July 1 Holders of rec. June 22a
*50c July 1 *Holders of roe. June 22
Midvale Co.(guar.)
31 July 1 Holders of rec. June 16
Mill Factors. class A (quar.)
"75e July 1 'Holders of rec. June 20
Miller & Hart, Inc., pref. (quar.)
•40c. July 1 *Holders of rec. June 15
Miller Wholesale Drug (guar.)
40e July 1 Holders of rec. June 20a
-Honeywell Regulator, pf. (qu.)
Minn.
'1% July 1 'Holders of me. June 20
Minnesota Min. & Mfg. (quar.)
•15e July 2 *Holders of rec. June 20
Minnesota Valley Can, pref.(quar.)
*1.51 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
•lYi Nov. 1 'Holders of reo. Oct. 20
Preferred (guar.)
'154 Febl'32'Holders of rec. Jan. 20'32
Portland Cement (quar.)
Missouri
50c July 31 Holders of rec. July 16
Mitchell (J. S.) & Co., Ltd., pref. (qu.)_
14 July 2 Holders of rec. June 16
Mock Judson & Voerhmger, pref. (qu.) *14 July 1 *Holders of rec. June 15
Model Oils. Ltd. (guar.)
•
3c June 20 June 11 to June 21
Monarch Mtge.dr Inv., pref. (quar.). _
2
July 15 Holders of rec. June 30
Monroe Chemical, pref. (quar.)
'57%e July 1 'Holders of rec. June 15
Monsanto Chemical Works(mar.)
314c July 1 Holders of roe. June 10a
Montgomery Ward & Co.,class A ((W..•
$1.75 July 1 *Holders of rec. June 20
Morris Finance Co., cl. A (quar.)
'134 Juno 30 "Holders of rec. June 2()
Class B (guar.)
"274c June 30 *Holders of rec. June 20
Preferred (quar.)
•14 Juno 30 'Holders of rec. June 20
Morris Plan Bank (Baltimore)
"300 June 30 *Holders of reo. June 21
Morris Plan Bank (New Haven) (au.)._ *82
June 30 'Holders of rec. June 20
Morristown Securs. Corp., coin.(rm.)... 124e July 2 Holders of rec. June 15
Preferred
234 July 2 Holders of rec. June 15
Mortgage-Bond Co. (quar.)
1
Juno 29 Holders of rec. June 22
-Bond de Title Corp., pfd.6r PM. B 25e June 30 Holders of rec. June 22
Mtge.
Prior preferred
.
521e June 30 'Holders of reo. June 22
Mortgage Guar., Los Angeles (quar.)_ _ _ *2
July 1 *Holders of MC. June 25
Motor Products (quar.)
60e July 1 Holders of reo. June 190
Mountain Producers (guar.)
25c July 1 Holders of rec. June 15a
Mensingwear Corp., coin. (quar.)
60e. Sept. 1 Holders of roe. Aug. lie
Common (quar.)
50e Dee. 1 Holders of rec. Nov. 16e
2
Murphy (0. C.) Co., pref. (quar.)
July 2 Holders of rec. June 20
*2
July 1 *Holders of rec. June 20
Murray (J. W.) Mfg.. pref. (quar.)
Muskegon Piston Ring, common (quar.) '50e June 30 *Holders of rec. June 15
'1% June 29 *Holders of rm. June 18
Mutual Chemical. Prof. ((mar.)
*75e July 2 *Holders of rec. June 15
Mutual Invest. Trust (15111w.), pref
Myers (F. E.)& Bros., common (quer.).
50c June 30 Holders of rec. June 15a
154 June 30 Holders of rec. Juno 15a
Preferred (quer.)
65e July 1 Holders of rec. June 15s
National Battery, pref. (quar.)
700 July 15 Holders of ree. June 19a
National Biscuit, coin.(quer.)
40c July 2 Holders of rec. Juno 15
National Breweries. corn. (guar.)
440 July 2 Holders of rec. June 15
Preferred (gnarl
50c July 1 Holders of rec. June 12
National Candy, corn. (qear.)
154 July 1 Holders of rec. June 12
First and second preferred (quar.)_
Nat. Com'l Title & Mtge., Newark (qu.) .20c July 1 *Holders of rec. June 15
6.50 July 1 Holders of ree June 3a
National Dairy Products, corn.(quee.)_ _
*1 5j July 1 *Holders of ree. June 3
Preferred A & It (quar.)
500. Aug. 1 Holders of rec. July 15a
National Distillers Products, corn. (qu.)
'5e. July 10 *Holders of reo. June 30
National Industrial Loan Corp.(mthly.)_
National Licorice, pref. (quar.)
1% Juno 30 Holders of rec. June 18
Name of Company.
4545
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
14 June 30 Holders of rec. June 12a
National Lead, common (quar.)
14 Aug. 1 Holders of roe. July 17a
Preferred B (guar.)
National Mfrs. dv Stores, clas8 A (quar.)_ •11.4 July 1 *Holders of rec. June 15
*lee July 1 'Holders of reo. June 15
First preferred (quar.)
July 1 "Holders of rec. June 20
National 011 Products, corn. (quar.)
"El
*50e. July 1 *Holders of rec. June 20
Common (extra)
*31.75 July 1 'Holders of rec. June 20
$7 preferred (quar.)
"50e. July 1 "Holders of rec. June 20
National Screen Service (gnat.)
075e. July 1 'Holders of reo. June 19
National Standard Co. (guar.)
50o. July 2 Holders of rec. June 17a
National Steel Car Corp., corn. (qu.)..._
50e. July 1 Holders of rec. June 1
National Sugar Refg.. corn. (quar.)15e June 30 Holders of rec. June 20a
National Supply of Del., pref. (qu.)National Surety (quar.)
50o. July 1 Holders of reo. June 18a
25c. July 1 Holders of rec. June 16a
National Tea, corn.(quar.)
.40c. July 3'Holders of roe. Juno 18
Neet, Inc., class A dr B (quay.)
•15e Sept. 1 Holders of roe. Aug. 20
Neiman-Marcus Co.. Prof. (quar.)
"Pe Dec. 1 'Holders of roe. Nov. 20
Preferred (guar.)
•15c. June 30 *Holders of rec. June 27
Nelson Baker & CO., corn. (quar.)
2
Aug. 15 Holders of rec. Aug. la
Neptune Meter, preferred( quer.)
2
Nov. 15 Holders of rec. Nov. la
ereferred (quar
25c. June 30 Holders of rec. June 12a
Nevada Consol. Copper Co. (quar.).
•274c July 1 *Holders of rec. June 16
Newberry (J. J.) Co.. corn. (quar.)
Newberry (.1. J.) Realty, pref. A (quar.)_
14 Aug. 1 Holders of rec. July 16
154 Aug. 1 Holders of rec. July 16
Preferred B (quar.)
"435ec July 1 'Holders of rec. June 200
Newman Mfg., common (quar.)
July 1 Holders of rec. June 15
New England Equity Corp.. prof. (au).. 2
New England Grain Prod.
Aug. 1 Holders of me. July 14
Corn.(1-100 share In pref. A stock)
Febl'32 Hold,of roe. Jan. 14'32
Corn.(1-100 share In pref. A nook)
•31.75 July 1 Holders of ree. June 20
$7 preferred (quar.)
.31.75 Oct. 1 Holders of reo. Sept. 20
$7 preferred (qua?.)
•31.75 Jan2'32 Holder's of reo. Dec. 20
47 preferred (quar.)
*31.50 July 15 Holders of reo. July 1
Preferred A (guar.)
'$1.50 Oct. 15 Holders of reo. Oct. 1
(quar.)
Preferred A
"$1.50 Ja15'32 *Hold of reo. Jan. 2'32
Pre/erred A (quar.)
3
July 15 Holders of roe. July 6
New York Investors, Inc.. 1st prof
150. July 15 Holders of roe. June 26
New York Transit (quar.)
10e. July 15 Holders of reo. June 26
Extra
'50o. June 27'Holders of reo. Juno 12
New York Transportation (quar.)
New York Trap Rock Corp., pref. (qu.)_ e$1.75 July 1 *Holders of rec. June 20
.20e. Aug. 1 'Holders of rec. July 25
Niagara Arbitrage Corp.(No. 1)
Northern Discount, pref. A (mthly.) •88 2-3c July I "Holders or reo. June 16
•662-30 Aug. 1 'Holders of rm. July 15
Preferred A (monthly)
662-3e Sept. I 'Holders of rec. Aug. 15
Preferred A (monthly)
66 2-3c Oct. 1 'Holders of reo. Sept. 15
Preferred A (monthly)
662-3c Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
662-3e Dec. 1 *Holders of rec. Nov. 15
Preferred A (monthly)
66 2-3e Jarrl'32 'Holders of rec. Dee, 15
monthy
Preferred 0 (monthly)
A(
*1
July 1 *Holders of reo. JUlle 15
Preferred
*1
Aug. 1 'Holders of rec. July 15
Preferred 0 (monthly)
•I
Sept. 1 *Holden of reo. Aug. 15
o
on
Preferred G
)
*1
Oct. 1 *Holden of rec. Sept. le
Preferred (monthly)
*1
Nov. I *Holders of rec. Oct. 15
Preferred C (monthly)
*1
Dee. 1 'Holders of rec. Nov. 15
Preferred C (monthly)
*1
J'n 1'32 *Holders of reo. Dec. 15
Preferred C (monthly
)
100. July 15 Holders of rm. June 25
Niagara Share Corp. of Md.(quar.)_._
E1.50 July 1 Holders of roe. June 20
Preferred (quar.)
Niagara Wireire uao
( Veaving, common (quar.) 374e. June 30 Holders of rec. June 20
aN r
75e. June 30 Holders of rec. June 20
Preferred
250. June 30 Holders of rec. June 20
Niles-Bement
-Pond Co.(guar.)
Nin Leen ( ndrs;:l Corp.. el. A ((illex.)
oe
AHu uar
a
- •50e. Aug. 15 *Holders of roe. Aug. 1
*60o. Nov. 15 *Holders of rec. Nov. 1
75e. July 1 Holders of rec. June 20
Noblitt Sparks. Inc., common (quar.)...
Common (payable in common stock).- /14 July 1 Holders of rec. June 20
"3
July 1 *Holders of rec. June 22
Norfolk & Washington Steamboat
.350. July 1 'Holders of rec. June 16
American Creamery, el. A (qu.)
(1u.)North
*134 July 1 *Holders of me. June 10
North Amer. Provision, pref. (quar.)
14 July 1 Holders of reo. June 10
North Central Texas Oil (guar.)
8510. July d2 Holders of rec. June 15
North Star Oil, preferred
$1.50 July 1 Holders of reo. June 12
Northern Pipe Line Co
50e. July 1 Holders of rec. June 12
44 July 10 June 20 to July 10
Northern Securities Co
July 1 Holders of rm. June 20
$1
Norwich Pharmacal Co. (guar.)
•11e June 1 *Holders of rec. May 29
Nova Scotia Shipb., prof. (quar.)
Novadel-Agene Corp., common (quar.). $1 July 1 Holders of rec. June 20
15/ July 1 Holders of rec. June 20
Preferred (guar.)
.250. June 30 *Holders of rec. June 15
). 5
Nunn-Bush-Weldon Shoe, corn. (quar.
'154 June 30 *Holders of roc June 15
First preferred (Quay.)
*14 June 30 'Holders of roe. June 15
Second preferred (guar.)
Ogilvie Flour Mills, common (quar.).__ $2 July 2 Holders of rec. June 20
*50c. July 1 *Holders of rec. June•.10
Ohio Finance, common (guar.)
"2
July 1 'Holders of rec. June 10
8% preferred (clear.)
134 July 1 June 16 to June 30
Ohio Seamless Tube, pref.(guar.)
*81.50 July 1 'Holders of rec. June 24
Ohmer Fare Register, pref. (quar.)
0m Cousn yorp.. t rer.ocluar3
*50c. July 1 'Holders of rec. June 15
lduib lo c Trusp Ass gates (quar.)(
July 1 Holders of roe. June 12a
2
5
•200. June 20 "Holders of rec. June 10
Onomea Sugar (monthly)
31.50 July 2 *Holders of rec. June 15
Ontario Loan & Debenture (quar.)
*15e July 1 *Holders of rec. June 20
Ontario Mfg., preferred (quar.)
July
Ontario l'onaceo Plantations. pref. (eu.) 1
Oct.
1
Preferred (quarterly)
1
ren.'32 .
Preferred (quarterly) _
July 1 Holders Of roe. June 220
2
Orpheum Circuit. Inc., pref. (quar.)....
Otis Elevator, common (guar.)
6234c July 15 Holders of rec. June 300
14 July 15 Holders of rec. June 306
Preferred (guar.)
11e July 1 Holders of rec. June 19a
Otis Steel. prior pref.((Mar.)
Owens Illinois Glass preferred (guar.).
- 14 July I Holders of rec. June 15
70e. June 30 Holders of rec. June 15
Pacific Commercial Co
4354e. July 1 Holders of rec. June 10
Pacific Freight Lines Corp., pref.
"35e. July 1 *Holders of rec. June 15
Indemnity (guar.)
(eu.)Pacif
*31
July 1 *Holders of rm. June 20
Package Machinery. corn. (extra)
374c July 1 Holders of rec. June 20
Packer Corp.(guar.)
51.25 July 1 Holders of rec. June 20
Page Hershey Tubes, corn. (guar.)
114 July 1 Holders of rec. June 20
Preferred (quar.)
40e July 20 Holders of rec. June 300
Pan-Amer.Petr.& Transp., corn dr corn B
June 27 Holders of rec. June 17
$1
ParaffineCos.. Ino.. emu.(Misr.)
Paramount Publix Corp.. earn.(quar.).. 6240. June 27 Holders of rec. June 5a
*25e. June 30 *Holders of roc. June 19
Parke, Davis &Co.(guar.)
*10e. June 30 *Holders of rec. June 19
Extra
June 30e'llohrere or rec. June 30
Peabody ed wuar
Engin
Engineering. prof.Pref. (gr.) - •11e eept.30,"Holders of rect. Sept .20
Preferred
elle Pee. 311"Holders of reo. Dec. 30
Preferred (guar.)
Pen ee
eas ee-Gaulb)uacro co, nr(eatu. (quar.)._ _ *154 July 1 *Holders of reo. June 25
pnrl fyarrodu. ( rt C p.
cq.c .).or m
5.134 Oct. 1 'Holders of rec. Sept. 25
600. June 30 Holders of rec. June 200
(quar.)
1
Juno 30 Holders of rec. June 250
Preferred (quar.)
Pennsylvania Bankshares & Sec. Pf.(an.)'62%c Sept. 1 *Holders of roe. Aug. 15
'62%c Dec. 1 'Holders of rec. Nov. 15
Preferred (guar.)
Pennsylvania Glass Sand, $7 pref. (qu.). *31.75 July 1
"$1.75 June 30 'Holders of rec: June 20
Peeples Collateral Corp., corn
June 30 *Holders of rec. June 20
5
12
8% preferred
*$1.75 June 30 'Holders of rec. June 20
7 preferred
%
25e. July 1 Holders of rec. June 8a
Peopleso le (g
P
reeorrect Drug Stores,or. corn. (guar.)
50e. July 1 Holders of rec. June 20
Circle
154 July 1 Holders of reo. June 10
Pet Milk, preferred (guar.)
25o. July 1 Holders of rec. June I3a
Phelps Dodge Corp. (quar.)
Phil..eerred (q usr
pr .
e fDairy Prods. Pr. Prof• ((M.)- 51.625 July 1 Holders of rec. June 196
•50e. July 10 'Holders of roe. June 30
Phoenix Finance Corp..on prof.(:01ar.)
5
.500. Oct. 10 *Holders of roe. Sept.30
•50o. J1110'32 *Holders of rec. Dec. 31
Preferred (gum.)
*435ec July 1 *Holders of rec. June 20
Picardy Candy, Ltd., pref. (quar.)
500. July 1 Holders of rec. June 15
Pie Bakeries of America, class A (quar.).
154 July 1 Holders of rec. June 15
Preferred (mar.)
3c. July 2 Holders of rec. June 12
Pioneer Gold mines
Pittsburgh Plate Glass. corn.(guar.)--- *50c. July 1 *Holders of rec. June 10
Pittsburgh Thrift Corp.. 7% prof. (le.) '114 June 20 *Holders of rec. June 10
Pittsburgh Steel Foundry, pref. (quar.) '154 July 1 'Holders of rec. June 24
'1% July 20 *Holders of rec. June 30
Plymouth Cordage (guar.)
Port Huron Sulph & Paper. pref. (quar.) •134 July 1 *Holders of Tee. June 15
50c.,July 10 Holders of rec. June 20a
Porto Rican Amer. Tobacco, el. A (qu.)
Powdrell & Alexander, pref.((Rm.).- .5134 lJuly 1 *Holders of rec. June 15
4546
Name of Company.
When
Per
CenS. Payable
Books Clasen.
Days Includes.
Miscellaneous (Cosittimed).
Prairie Pipe Line (guar.)
750 June 30 Holders of reo. May 29a
Pratt & Lambert, Inc., corn.(guar.)___ *51
July 1 *Holders of roe. June 15
Premier Gold Mines (guar.)
30 July 3 Holders of rec. June 11
Pressed Steel Car, pref. (guar.)
134 June 30 Holders of rec. June la
Price Bros. & Co., Ltd., cons. (guar.)
50c July 2 Holders of reo. June 15
Preferred (guar.)
134 July 2 Holders of reo. June 15
Procter & Gamble Co..8% pref.(guar.)
July 15 Holders of rec. June 25a
2
Producers Royalty. corn.(guar.)(In stk) 121.4 July 15 Holders of rec. June 30
Prudential Investors, Inc.. $43 pt.(rm.).- *$1.50 July 15 *Holders of roe. June 30
Public Utility Holding, $3 prof.((AL).750 July 1 Holders of rec. may 29
Public Utility Invest,7% pref.(gu.)-- *134 July 1 *Holders of rec. June 15
Publication Corp., corn. (guar.)
*80e July 1 *Holders of reo. June 20
Original Prof. (guar.)
'
0131 July 1 *Holders of rec. June 20
Pure 011,53.4% pref.(guar.)
134 July 1 Holders of roe. June 10
134 July 1 Holders of ree. June 10
6% Preferred (guar.)
2
8% preferred (guar.)
July 1 Holders of reo. June 10a
*51 July 15 *Holders of rec. July 1
Quaker Oats, corn. (guar.)
.
013 Aug. 31 *Holders of reo. Aug. 1
Preferred (guar.)
Radlo Corp.of Amer.. pref. A (attar.)
87 e Jul) 1 Holders of rec. June is
,
$1.25 July 1 Holders of ree. June la
Preferred (B)(guar.)
Railway & CUL Inv. $334 pf.(qu.)
43340 July 9 Holders of rec. June 27
3734c July 9 Holders of roe. June 27
$3 preferred (guar.)
Real Silk Hosiery Mills-Stock diva. dec. Pay. J My 1, et. 1 1931 and Jan. 1
0
1932 all rescinded.
35c July 1 Holders of tee. June 15
Reece Button Hole Mach.(guar.)
50 July 1 Holders of rec. June 15
Reece Folding Mach. (guar.)
*25c June 30 *Holders of rec. June 20
Reed Roller Bit. corn. (guar.)
Regal Shoe. pref. (guar.)
*134 July 1 *Holders of rec. June 20
. 134 July 1 *Holders of rec. June 19
1
.
Reliance Mfg. of Ill., pref.(guar.)
*154 July 1 *Holders of rec. June 20
Remington Arms, let pref. (guar.)
Remington Rand, Inc., let pref. (an.).- 154 July 1 Holders of reo. June 9a
2
2nd preferred (quar.)
Juts 1 Holders of tea. June Se
,
100. July 1 Holders of reo. June 10a
Reo Motor Car (guar.)
The. Oct. 15 Holders of roe. Oct. 1
Republic Supply Co. (guar.)
Reynolds (R. J.) Tobacco750. July 1 Holders of rec. June 18a
Com, and corn. B (guar.)
Rice-Stir Dry Goods, let & 2d pfd.(au.) 1,i July 1 Holders of roe. June 15
Rich's, Inc.,634% met (guar.)
'134 June 30 *Holders of rec. June 15
750. July 1 Holders of rec. June 22a
Richman Bros.. corn. (guar.)
550. July 1 Holders of reo. June 15
Rike-Kumbler Co.. corn. (guar.)
*134 July 1 *Holders of rec. June 23
Preferred (guar.)
500. July 2 Holders of rec. June 13
Riverside Silk Mills. clam A
Robinson Camel. Cone, coin. (guar.)... 37340 July 1 Holders of rec. June 15
Robinson (D.P.) dr Co.. 1st pref.(guar.) *154 July 1 *Holders of reo. June 24
Ramis International Corp. (No. 1)...... *100. June 29 *Holders of rec. June 16
*50e. July 1 *Holders of tee. June 20
Roes Gear & Tool. corn. (guar.)
Royal Baking Powder, corn.(quar.)---. 25e. July I Holders of rec. June 80
1,4 July 1 Holders of rec. June 8a
Preferred (guar.)
July 1 *Holders of rec. June 13
*El
Safety Car Heating & Ltg. (guar.)
$1.25 July 1 Holders of rec. June 18a
Safeway Stores, Inc., corn.(guar.)
154 July 1 Holders of rec. June 18a
Preferred (guar.)
7%
134 July 1 Holders of rec. June 18a
6% preferred (guar.)
250. June 20 June 10 to June 21
St. Jason]) Lead Co.(guar.)
250. Sept.21 Sept.11 to Sept.21
Quarterly
25e. Dec. 21 Dee. 11 to Dec. 21
Quarterly
July 1 *Holders of rec. June 30
't. Louis National Stockyards (guar.)._ *2
t. Louis Rocky Mt. & Pacific Co.
25c. June 30 Holders of rec. June 15a
Common (quar.)
134 June 30 Holders of reo. June 15a
Preferred (guar.)
15e. July 1 Holders of rec. June 15
't.Rezis Paper Co., corn. (guar.)
154 July 1 Holders of rec. June 15
Preferred (guar.)
4
.500. July 1 *Holders of rec. June 20
S. M.A. Corp.(guar.)
Sangamo Electric Co., com.(guar.).260. July 1 Holders of rec. June 15
Sept. 1 *Holders of rec. Aug. 16
415
Saranac Pulp k Paper, stock dividend_ 4
*134 Aug. 15 *Holders of rec. Aug. 1
Savage Arms. 2nd pref. (guar.)
2
Schulte Retail Stores Corp., pref. (au.)
July 1 Holders of rec. June 12a
13.4 July 1 Holders of rec. June 15
Schuire Baking. pref. (guar.)
*75e. July I *Holders of rec. June 15
Convertible preferred (guar.)
35c. June 30 Holders of rec. June 16a
Scott Paper, corn. (guar.)
Corn.(payable in common stock)
f2 June 30 Holders of tee. June 16a
*500. July 1 *Holders of rec. June 15
Scoville Mfg.(guar.)
Second Internat. Securities, corn. A (qu.) 20e. July 1 Holders of rec. June 15
750. July 1 Holders of rec. June 15
First preferred (guar.)
750. July 1 Holders of roe. June 15
Second preferred (guar.)
Second National Investors, $5 pfd. (au.) eV 25 July 1 Holders of rec. June 16a
Selected Indus.. Inc., 5534 pr. stk. (qu.) 51.375 July I Holders of rec. June 16
Service Station, Ltd.. el. A & B (mar.). 40e. July 2 Holders of rev. June 15
134 Aug. 1 Holders of rec. July 15
6% Preference (quar.)
*1I4 Aug. I *Holders of roe. July 15
6% preference, series A (Man)
25c. July 10 Holders of rec. June 200
Shattuck:(Frank G.) Co. (guar.)
Sept. 15 *Holders of reo Sept
Shea:ter(W. A.) Pen Co.. common__ *S1
*2
July 20 *Holders of rec. June 30
Preferred (guar.)
Oct. 20 *Holders of rec. Sent .3"
*3
Preferred (guar.)
Shell Union Oil Corp., pref.(guar.)
134 July 1 Holders of rec. June 10a
Sherwin Williams Co. of Canada
Common (guar.)
400. June 30 Holders of roe. June 15
Preferred (guar.)
134 June 30 Holders of recs. June 16
Singer Manufacturing (guar.)
4
.234 June 30 June 11 to June 30
Extra
*234 June 30 June 11 to June 30
.
0154 July 1 *Holders of reo. June 20
Slattery (E. T.) Co. pref. (guar.)
'
Sorg(Paul A.)Paper Co.. pref.(guar.)
- '134 July I *Holden of rec. June 15
*25o. June 30 *Holders of reo. June 15
South Penn Oil Co.(guar.)
July 1 Holders of rec. June 121
2
South Porto Rico Sugar. Pref.(quar.)
July 1 Holders of rec. June 15
South West Pa. Pipe Lines (quar.).... $1
•151 July 1 *Holders of reo. June 20
Southern Acid & Sulphur, pref. (quar.)
4
.750. July 1 *Holders of rec. June 15
Southern Bend & Share. pref. (quar.)
Spalding (A. G.) & Bros.. corn. (guar.) 50o. July 15 Holders of roe. June 30a
Swing, Chalfant & Co., Ins.. pf.(guar.) 114 July 1 Holders of rec. June 15a
25e. June 30 Holders of roe. June 16a
Sparks.Withington Co. (guar.)_
Sparta Foundry Co. (guar.)
500. June 30 Holders of rec. June 15
Spartan Mills
July 1 *Holders of rec. June 20
*4
Spencer Trask Fund, Inc. (guar.)
25e. June 30 Holders of rec. June 10
Spicer Mfg., pref. A (guar.)
75e. July 15 Holders of rec. July la
Square D Co., pref. A (guar.)
*55e. June 30 *Holders of rec. June 20
Standard Brands, Inc., corn.(guar.). _ _ _ 30e. July 1 Holders of tee. May 200
Preferred (guar.)
194 July 1 Holders of rec. May 250
Standard Chemical, Ltd
June 20 Holders of rec. May 20
$1
Standard Coosa Thatcher, corn.(quar.)_ *50e. July 1 *Holders of rec. June 20
Preferred (guar.)
*154 July 15 *Holders of rec. July 15
Standard 011 (KY.) (guar.)
*40e. June 30 *Holders of roe. June 15
Standard 011 (Nebraska)(guar.)
50e. June 20 May 29 to June 20
Standard Oil (Ohio), corn.(guar.)
62140 July 1 Holders of rec. June 15
Preferred (guar.)
114 July 15 Holders of rec. June 30
Standard 011 Export Corp.. prof
234 June 30 Holders of rec. June 9a
Standard Steel Construe.. Pref. A (qu.)... 750. July 1 Holders of tee. June 15
June 30 *Holders of rec. June 20
*1
Standard Steel-Spring (guar.)
50e. June 30 Holders of rec. June 18a
Starrett (L. S.) Co., cora. (guar.)
Preferred (guar.)
•134 June 30 *Holders of rm. June 18
.75o, July 1 *Holders of ree. June 15
Starrett Corp.,$50 par. pref.(guar.)--- 4
July 1 *Holders of rec. June 20
State Theatre (Boston). pref. (guar.).- *2
Stearns (Frederick) & Co., corn.(guar.). *300. June 30 *Holders of rec. June 20
*154 June 30 *Holders of rec. June 20
Preferred (guar.)
Stedman Rubber Flooring. pref.(guar.)_ *1.54 July 1 *Holders of reo. June 26
Steel Co. of Canada. cool. & pfd. (guar.) 4334c Aug. 1 Holders of roe. July 7
134 July 1 Holders of rec. June 15
Stein (A.) & Co., pref. (guar.)
*433C0 June 30 *Holders of rec. June 16
Stix Baer .& Fuller. prof.(guar.)
*43He Sept.30 *Holders of ree. Sept.15
Preferred (guar.)
*4334e Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
75o July 15 Holders of rec. June 16a
Stone & Webster, Inc.(guar.)
0134 July 1 *Holders of rec. June 15
Strawbridge & Clothier,7% pref.(guar.) .
*15c July 1 *Holders of roe. June 20
Stroock (S.) & Co.(guar.)
62340. July 15 Holders of rec. July 3a
Superheater Co. (guar.)
Superior Portland Cement, class A (qu.) *273Ce July 1 *Holders of reo. June 23
$3.50 July 1 Holders of rec. June 13
Supersilk Hosiery Mills, pref
260. July 1 Holders of reo. June 12
Supertest Petroleum, corn. & ordinary
134 July 1 Holders of rec. June 12
Preferred A (guar.)
3730 July 1 Holders of ree. June 12
Preferred B (quar.)
500. July 1 Holders of rec. June 10
Swift & Co. (guar.)
2e. June 30 Holders of rec. May 29
Sylvanite Gold Mines, Ltd
134 July 1 Holders of rec. June 20
Tamblyn (G.) Ltd., pref. (guar.)
Taylor Milling Corp.. common (quar.)- 62340. July 1 Holders of rec. June 10
For- 132.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Telephone Invest. Corp. (monthly).- *20e. July 1 *Holders of rec. June 20
Texas Corp. (guar.)
50o. July 1 Holders of tee. June 5a
Tex Oli& L 0ivar)
aon
mfg
Land, oummon (guar.).- *25e. June 30 *Holders of reo. June 10a
.
Thatcher
40e. July 1 Holders of roe. June 20a
Third Nat'l Investors Corp., corn. 0111.) 55o. July 1 Holders of rec. June 160
25o. July 1 Holders of roe. June 23a
Thompson (John R.) Co. (quar.)
Holders
0c July 1 Holde of rec. June 200
3
Thompson Products (quar.)
Thompson's Spa, Inc., $6 pref. (guar.).- *51.50 July 1 *Holders of rec. June 10
Thompson-Starrett Co., pref. (aunt.).... 87340. July 1 Holders of roe. June ha
Tide Water 011, common (guar.)
150. June 30 Holders of roe. June 130
Tide Water Associated 011, pref. (guar.)
134 July 1 Holders of roe. June 13a
Tietz (Leonard), Amer. dep. rats
of r
'w8
July 3 *Holdersroe. June 26
Todd Shipyards (guar.)
*51 June 20 *Holders of reo. June 6
Toronto General Trusts (guar.)
July 2 June 16 to June 29
3
Toronto Mortgage (guar.)
81.50 July 1 Holders of rec. June 15
Torrington Co. (quar.)
750. July 1 Holders of ree. June 15
Trice Products Corp. (guar.)
62340 July 1 Holders of tee. June 100
Tr-Continental Corp.,6% pref.(guar.). 134 July 1 Holders of rec. June 160
TM-Utilities Corp., corn. (gum.)
(z) July 1 See note (a).
Truscon Steel, corn, (guar.)
150. July 15 Holders of rec. June 25a
Common (guar.)
15o. Oct. 15 Holders of rec. Sept. 25a
Preferred (guar.)
*154 Sept. 1 *Holders of tea. Aug. 21
'Puckett Tobacco, pref. (guar.)
134 July 15 Holders of rec. June 30
400. July 15 Holders of rec. July la
Ulen & Co., corn.(guar.)
Preferred
354 July 1 Holders of rec. June 20
Underwood Elliott Fisher Co.,corn.(qu.) $1.25 June 30 Holders of rec. June 120
Preferred (guar.)
154 June 30 Holders of rec. June 120
Union Carbide & Carbon (gum.)
650. July 1 Holders of rec. June 2a
75e. July 1 Holders of rec. June 106
United Aircraft & Transport, pf. (qu.)
United Biscuit of America, corn. (qu.).. 50o. Sept. 1 Holders of rm. Aug. 160
154 Aug. 1 Holders of rec. July 160
Preferred (guar.)
United Cigar Stores of Amer., pre/.(qu.) 134 Aug. 1 Holders of rec. July 10a
134 Nov. 2 Holders of rec. Oct. 9a
Preferred (guar.)
134 July 1 Holders of reo. June 12a
United Dyewood, pref. (guar.)
40e. June 24 Holders of rec. June 10
United Elastic Corp. (guar.)
July 1 Holders of rec. June la
$1
United Fruit (guar.)
United N. Y. Bank Tr. She., ser. C 3 20.8710 July 1 *Holders of rec. June 1
60e. Aug. s Holders of roe. July 15a
United Piece Dye Works,corn.(cum.)._
500. Nov. 1 Holders of Teo. Oat. 15a
134 July 1 Holders of rm. June 200
Preferred Tguar )
uar.
.
)
134 Oct. I Holders of roe. Sept. 19a
Preferred (guar.)
194 Jan 1'82 Holders of rec. Dec. 196
Preferred (guar.)
087340 July 15 *Holders of rec. June 22
United Retail Chemists. pref.(quar.) '
United Securities, Ltd., common (qu.)-. *50e.
United Shoe Machinery, eon/. (guar.).- 623Cc July 6 Holders of ree. June 16
373Ce July 6 Holders of rec. June 16
Preferred (guar.)
*25e. July 1 *Holders of reo. June 1
U. S. Capital, class A (guar.)
'134 July 15 *Holders of rec. June 15
Class A (special)
12He. July 1 Holders of tee. June 156
U. S. Foil, corn. A & B (guar.)
1 H July 1 Holders of tee. June 15a
Preferred (guar.)
*12.50 July 1 *Holders of rec. June 20
U. S. Gauge, corn
*11.75 July 1 *Holders of roe. June 20
Preferred
40e. June 30 Holders of tee. June 156
U.S. Gypsum, corn.(guar.)
134 June 30 Holders of rec. June 15a
Preferred (guar.)
134 July 1 Holders of roe. June 106
U. S. Leather, prior pref. (guar.)
504:5 July 20 Holders of roe. June 30a
United Statee Pipe & Fdy.,corn.(qu.).
50o Oct. 20 Holders of reo. Sept. 30a
Common (guar.)
50c Jn26'32 Holders of rec. Dee. 31a
oaC°FFFisiirrgrat;apoorreeniff(quay
qu r.)
30e July 20 Holders of reo. June 30a
(quar.)
(guared .)
80o Oct. 20 Holders of rec. Sept.300
30e Jn20'32 Holders of rec. Dee. 31a
preferred (guar.)
1 *Holders of tee. June 20
ng Card( uar.)
gy
Jul e
un
e61,1c j y 29 Holden of tee. June la
2
United States Steel Corp., corn,(gu.)
$1.10 July 1 Holders of reo. June 15a
U.S. Tobacco, common (guar.)
134 July 1 Holders of ree. June 15a
Preferred (guar.)
United Verde Extension Mining (gime.) 25c. Aug. 1 Holders of rec. July 20
*1,4 June 30 *Holders of gee. June 15
Universal Crane. pref. (guar.)
75c. Aug. 1 Holders of tee. July 170
Universal Leaf Tobacco, corn. (guar.)._
Unive
July 1 Holders of roc. June 190
Preferred (quar.)
2
June 30
July 1 June 21 to
2
Universal Pictures, pref. (guar.)
niversal
51.50 June 30 Holders of roe. June 12a
Copper Co.(guar.)
50o. June 20 Holders of ree. May 29
Vacuum Oil (guar.)
'134 July 1 *Holders of rec. June 15
Valve Bag Co., pref. (guar.)
July 1 *Holders of rec. June 18
*2
Valvoline Oil, preferred (guar.)
43e. June 30 *Holders of roe. June 20
*5
Alloys Co. (guar.)
Vanadium
*134 Sept. 10 *Holders of rec. Sept. 1
Vapor Car Heating, wet. (guar.)
*154 Dec. 10 Molders of reo. Dec. 1
Preferred (gum.)
.134 July 1 *Holders of roe. June 20
Victor-Monaghan Co., Prof. (guar.).- 4
2,4 July 1 Holders of ree. June 130
Virginia Iron,Coal& Coke,Prof
*250 July 1 *Holders of reo. June 15
Vogt Mfg. Mar.)
*600. July 1 *Holders of roe. June 20
Vortex Cup Co.,corn.(guar.)
'62340 July 1 *Holders of rec. June 20
Preferred A (guar.)
July 20 Holders of rec. July 70
1
Vulcan Detinning, common (guar.)
m July 20 Holders of roe. July 76
Preferred (guar.)
Wagner Electrio Corp., pref. (guar.).- 134 July 1 Holders of roe. June 20
*No. June 30 *Holders of rm. June 15
Wolff & Bond, class B (guar.)
Waldorf System, Inc., corn. (quar.).... 373Co. July 1 Holders of rec. June 20a
20e July 1 Holders of too. June 13
Preferred (guar.)
134 July 1 Holders of roe. June 20a
Walgreen Co., 634% pref. (quar.)
50e. July 1 Holders of tee. June 22
Waltham Watch,6% pref. (altar.)
*50o. Oct. 1 *Holders of too. Sept.21
6% preferred (guar.)
134 July 1 Holders of roe. June 170
Ward Baking Corp., pref.(guar.)
250 July 15 Holders of ree. June 300
Co., common (guar.)
Warner
$1.75 July 1 Holders of roe. June 156
First and second preferred
50e July 1 Holders of roe. June 150
Warren Foundry & Pipe (guar.)
*750 July 1 *Holders of rec. June 15
Waukesha Motor Co.(guar.)
500 July 1 Holders of rec. June 22a
Warren Bros. Co., common (quar.)
25o July 1 Holders of ree. June 220
First preferred (guar.)
20 1-6o July 1 Holders of roe. June 22
Second preferred (guar.)
75e July 1 Holders of tee. June 22a
Convertible preferred (guar.)
Wellman Engineering Co.. pref. (guar.) 134 July 1 Holders of rec. Junedlga
500 July 1 Holders of reo. June 15a
Wesson Oil & Snowdrift, corn. (amt.)._
*$1.50 July dB *Holders of reo. June 20
West Coast Oil, pref. (quar.)
July 1 Holders of rec. June 15
1
West Point Mfg.(guar.)
1% Aug. 15 Holders of tee. Aug. 1
West Va.Pulp & Paper,6% Pref.(1111.)
134 Nov. 16 Holders of tee. Nov. 2
preferred (guar.)
6%
*75o June 30 *Holders of reo. June 25
Western Electric Co., core. (guar.)
*214c June 20
Western Exploration (guar.)
Ltd., pref.(guar.).- 134 July 15 Holders of reo. Juned20a
Western Grocers.
Western Maryland Dairy, pref. (guar.) 411.75 July 1 *Holders of reo. June 20
Western N.Y.Securities, corn.(No.1)_ _ *10e June 30 *Holders of rec. June 10
0134 July 1 *Holders of rec. June 20
Western Tablet & Stationery, pref. (qu.) .
30c July I Holders of rec. June 150
Westmoreland. Inc.(guar.)
Weston Rice. Instrument, cum.(guar.). 250 July 1 Holders of rec. June 19a
500 July 1 Holders of too. June 190
A
ta, 0
wal 1
Chlorine Products, pref. (r111.) '$1.75 July 1 *Holders of ree. June 15
July 1 *Holders of reo. June 12
*2
Wheeling Steel, pref. A (guar.)
'234 July 1 *Holders of tee. June 12
Preferred B (guar.)
25e June 30 Holders of roe. June 120
White Motor Co., common (guar.).White Motor Secur. Corp., prof.(00.).- 134 June 30 Holders of rm. June 12
July 1 Holders of rec. June 194
White Rock Mineral Springs Co., corn-- El
134 July 1 Holders of reo. June 19
First preferred ((luar.)
July 1 Holders of rec. June 19
5
Second preferred (guar.)
0294c June 30 Holders of rec. June 20a
.
sc .
ri
WillWlccox-Riuh er rp.waf A(
d,0ae mCoca0e1 . 0r0
( rj
uauar.)...
g
10o Aug. 15 Holders of roe. Aug. I
July 1 Holders of roe. June 15
2
Preferred (guar.)
500 July 1 Holders of rec. June 20
Winn & Lovett Grocery. el. A (guar.).134 July 1 Holders of reo. June 20
Preferred (guar.)
r2A Aug. 1 Molders of reo. July 16
Winged Hosiery, min. (guar.)
rs
*214 Nov. 1 'Holders of tee. Oct. 15
Common (guar.)
15
5
10
Wolverine Tube Co., corn. (guar.)
0ers 1 ree. June 2
de 0 g 0.
*200 u
1 c. u
:11Hooll
Woodruff & Edwards, class A (guar.)._ • 5 j ly
Holders of roe. June 10a
& Mach' pf, A(gu.) 1,4 July
Y.
Holders of roe. June 10a
2 me. July
W eftenllrirgreaves Aiines, Ltd.(guar.). „i0. June 3 Holders of reo. June 15
WFgh i -gtoan u(mupar
h rred P q
June 3 Holders of rec. June 15
Wrtgey
Benus
l
25o. July 1 Holders of tee. June 200
(Wm.) J.Co.(Monthly)
13C July 1 Molders of roe. June 20
Aurlitser (Rudolph). pref. (War.)
50e. July 1 Holders of roe. June 100
Yale & Towne Mfg. (guar.)
Yosemite Holding Corp.. pref. (guar.)._ *87 Ho July 1 *Holders of rec. Juno 15
75e. July 1 Holders of reo. June 15a
Young (L. A.) Spring & WIre (guar.).-
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
50e. July
Youngstown Sheet & Tube, corn. (quar.)
134 July
534% preferred (quar.)
Zink° Renewing Shoe Corp.. coin.(au.). *1Me. July
*1340. Oct.
Common (quar.)
July
Preferred ((Mar.)
•30. Oct.
Preferred (quar.)
Books Closed.
Days Inclusive.
1 Holders of rec. June 13a
1 Holders of rec. June 13a
2 *Holders of rec. June 15
2 *Holders of roe. Sept. 5
2 *Holders of rec. June lb
2 *Holders of rec. Sept.15
•From unofficial sources. t The New York Stook Exchange has ruled that
stock will not be Quoted ex-dividend on this date and not until further notice.
S The New York Curb Exchange Association has ruled that stock will not be quoted
ax-dividend on this data and not until further notice.
a Transfer books not closed for this dividend.
b Present First National Bank dividend is on the bank's stock alone. Previously
dividends had been divided between the First National Bank and the First Security,
the April dividend being 15% on the Bank's stock and 10% on the Security company's
stock. Previous to this the division had been 5% for the bank and 20% for the
Security company.
d Correction. e Payable in stook.
Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. I Payable in preferred stock.
American Commonwealth Power corn. A & B dividends are payable in coin. A
-fortieth share.
Stock at rate of one
k The dividend of 35e. on Southern Ky. corn. stock Is payable out of 1930 earnings
and with the $1.65 declared out of 1929 earnings makes $2 payable Aug. 1 on common stock. No further dividend will be paid In 1931 on common stock.
I Dividends on common A & B stocks will be applied to the purchase of corn. A
stock at the rate of $5 per share unless written notice is given prior to June 10 of
the stockholders' desire to take cash.
n Commercial Investment Trust Convertible preferred dividend will be paid In
common stock at rate of 1-52d share unless holder notifies company on or before
June 16 of his desire to take cash.
o Central States Electric Corp. convertible pref. dividends are as follows: Optional
series, 1928, $1.50 cash or three-thirty-seconds share common stock: optional
series 1929, $1.50 cash or three sixty-fourths share common stock.
p American Cities Power .5..; Light class B div. is payable in class B stock.
q British American Tobacco Interim dividend is 10 pence for each Li unit of
ordinary stock. Transfers received in London on or before June 6 will be In time
for payment of dividend to transferees.
r General Realty & Utilities $6 pref. div. will be paid in common stock; 60-1000ths
of a share unless holder notifies company on or before July 1 1931 of his desire to
take cash, $1.50.
I Addressograph-Multigraph July dividend is the first dividend under the new
name and will be the third payment under the recent consolidation.
u American States Public Service Co. common A dividend will be paid in common A
stock at rate of 1-40th share unless holders notify company of their desire to take cosh.
o Utilities Power & Light common stock dividends will all be paid in stock as
follows: Corn., 1-40th share com,stock; class A, 1-40th share class A stock; class B.
1-40th share class S stock. Stockholders desiring cash must notify company on or
before the close of business on June 13.
to Less deduction for expenses of depositary.
x Tr! Utilities dividend of 1-20th share participating stock, which was to have
been paid on July 1 1931 and was subject to ratification of capital increase by stockholders at meeting on June 16, was not approved and therefor the dividend will
not be paid.
1/ Internat. Ifydro-Elec. System class A dividend Is optional, either 50e. cash or
1-50th share class A stock. •
g Telephone Bond & Share dividend Is 50e. cash or one-fiftieth share of class A stk.
bb Shenandoah Corp. pret stock dividend will be paid one-thirty-second share
corn, stock unless holder notifies company on or before July 13 of his desire to take
cash-75c. per share.
cc Knott Corp. corn. div. is payable in cash or two-twent-fifths share corn. stock.
Ad Blue Ridge Co. pref. dividend will be paid 1-32d share common stock unless
holder notifies company on or before Aug. 15 of his desire to take cosh-75e. per St.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Oo. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $184,653,000
to the net demand deposits and $103,961,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY.JUNE 13 1931.
Clearing House
Members.
• Captfal.
Bank of N.Y.& Tr. Co_
Bk.of Manhattan Tr.Co.
Bank of Ainer.Nat.Ass'n
National City Bank__
Chem. Bk. & Trust Co__
Guaranty Trust Co
Chat. Ph. N. Bk..t/Tr.Co
Cent. Han. Bk.& Tr. Co
Corn Each. Bk. Tr. Co
First National Bank...
Irving Trust Co
Continental Bk.SrTr.CoChase National Bank
Filth Avenue Bank
Bankers Trust Co
Due Guar.& Trust Co
Marine Midland Tr. Co_
Lawyers' Trust Co
New York Trust Co
Mull Nat. Bk.& Tr. Co
Harriman Nat. Bk.&Tr.
Public N.B.& Tr.Co
Manufacturers Trust Co.
6,000,000
22,250,000
36,775,300
110,000,000
21,000,000
90,000,000
16,200,000
21,000,000
15,000,000
10,000.000
50,000,000
6,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
2,000,000
8,250,000
27,500,000
Clearing Non-Member.
Mech. Tr. Co.. Bayonne
500,000
Totals
4547
FINANCIAL CHRONICLE
JUNE 20 1931.]
*Surplus and
Undivided
Profits.
NA Demand
Deposita,
Average.
14,368,800
61,591,000
54,517,900
268,324,000
33,423,200
124.217,000
114,744,200 a1,022,019,000
43,709,800
230,680,000
208,068,600 b900,803,000
16,528,000
158,371,000
88,207,800
425,453,000
32,579,200
168,837,000
115,830,900
281,117,000
85,285,400
360,264,000
11,341,000
11,297,000
210,812,700 c1,407,173.000
3.897,100
26,333,000
87,395,200 5444,105,000
24,988,800
36,336,000
9,551,400
46,188,000
4,526,500
15,120,000
36,051,800
182,120,000
10,013,800
50,521,000
2,642,200
26,243,000
13,805,400
38,533,000
23,947,700
146,121,000
909,700
2,625,000
Time
Deposits,
Average.
15,414,000
65,335,000
48,117,000
214,901,000
31,399,000
156,492.000
33,298,000
77,769,000
37,032,000
27,431,000
57,388,000
1,271,000
185,245,000
2,616,000
78,705,000
1.980,000
8,006,000
2,738,000
42,847,000
4,823,000
6,384,000
35,063,000
68,898,000
5,295,000
658,475,300 1,247,148,000 6,434,391,000 1,198,447.000
• As per official reports: National. March 25 1931: State. March 25 1931; trust
companies. March 25 1931.
Includes deposits in foreign branches 05 followS: (a) $282,173,000: (b) $122027,000; (C)'$129,594.000; (5) 558,533,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending June 13:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY. JUNE 13 1931.
NATIONAL AND STATE BANKS—Average Figures.
Loans,
Disc, and
Invest.
OtherCash Res. Dep., Dep. Other
Gross
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
8
Manhattan—
$
Bryant Park Bk. 1,328,700 49,800
Grace National__ 17,955,115 2,250
Brooklyn—
Brooklyn Nat'l__ 8,365,800 18,700
Peoples Nat'l._. 6,850,000 5,000
$
$
$
S
1,103,400
297,300
65,500
87,405 2,009,362 1,459,582 17,275,507
134,300
110,000
485,900
68,000
521,000
470,000
5,912,700
6.740.000
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. V. and Banks an4
Elsewhere, Trust Col.
$
$
$
Manhattan—
137,343
684,758
Bank of Europe & Tr 13,118,315
78,564,800 *4,013.800 8,186,900
Empire
93,214 1,045,951
16,192,313
Federation
464,300
19,562,400 *2,227,500
Fulton
70,841,700 5,200,000 17,175,400
United States
Brooklyn—
113,066,000 2,103,000 40.425,000
Brooklyn
29,757,579 2,258,993 2,933,330
Kings County
Bayonne, N. J.—
714,901
312,947
8,348,139
Mechanics
Gross
Deposits.
s
$
12,405,600
2,975,600 77,883,900
143,474 15,589,987
125,000 17,438,900
63,478.654
1,096.000 132,249.000
28,304,545
315,913
8,290,491
* Includes amount with Federal Reserve Bank as follows: Empire, 52,639,300:
Fulton, $2,037,500.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended Changesfrom Week Ended Week Ended
June 10
June 3
Previous
June 17
1931.
Week.
1931.
1931.
—
$
$
s
$
94,075,000
94,075,000
94,075,000 Unchanged
Capital
97.216,000
97,216,000
97,216,000 Unchanged
Surplus and profits
Loans, disc'ts & invest'ts_ 1,007,308,000 +9,425,000 997,883,000 1,004,914,000
619,279,000 +2,470,000 616,809,000 623.346,000
Individual deposits
151,367,000 —7,824,000 159,191,000 150,671,000
Due to banks
+524,000 271,259,000 272,136.000
271,783,000
Time deposits
1,161,000
1,221,000
8,696,000 +7,475,000
United States deposits
+791,000
24.600.000
17.823,000
18,614,000
Exchanges for Clg. House
Due from other banks... 111,701,000 —2,988,000 114,689.000 115,092,000
82,448,000
83,212,000
81,418,000 —1,794,000
Rea've in legal depooltles
5,966.000
6.292.000
—217,000
6,075,000
Cash In bank
3,630.000
4,027,000
—755.000
3.272.000
Res'im le ..,-..... in IT 11. Ilk
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
June 13
1931.
Changesfrom
Precious
Week.
Week Ended
June 6
1931.
Week Ended
May 30
1931.
83,202,000
83,202,000
83,202,000 Unchanged
Capital
258,561.000 258,561,000
258,561,000 Unchanged
Surplus and profits
Losne disets. and Motet. 1,496,198,000 +1,673,000 1,494.525,000 1.496,871,000
33,647,000
—107,000
33,540,000
36,151,000
Exch. for Clearing House
163,916,000 —4,603,000 168,524,000 171,617,000
Due from banks
248,570,000 —4,657,000 253,227,000 251,104,000
Bank deposits
Individual deposits-- - 763,058,000 +2,825,000 760,233,000 760,509,000
426,214,000 —3,325,000 429,539,000 438,063,000
Time deposits
1,437.842,000 —5,157,000 1,442,999,000 1,449,676,000
Total deposits
Reserve with F.R. Bank_ 121,105,000 —1,710,000 122,815,000 121,558,000
[Voi... 132.
FINANCIAL CHRONICLE
4548
Weekly Return of the Federal Reserve Board.
The following Is the return Issued by the Federal Reserve Board Thursday afternoon. June 18,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 4501 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANES AT THE CLOSE OF BUSINESS JUNE 17 1931
June 17 1931. June 10 1931. June 3 1931. May 27 1931. Mau 20 1931. Ilay 13 1931. May 8 1931. Apr. 29 1931. June 181930.
$
$
$
5
$
3
3
3
$
RESOURCES.
1,908,344,000 1,883,674.000 1,778,164,000 1.792,364,000 1,790.864.000 1,757,864.000 1,774.714.000 1,782,314.000 1,599,114,000
Gold with Federal Reserve agents
32.514,000
33,114,000
32.614,000
32.623,0001 32,824,000
32,520,000
37,001,000
32,666,000
32,514,000
Gold redemption fund with U. S. Tress_
Gold held exclusively ages. F. R. notes 1,941,010,000 1.916.788.000 1.810,778,000 1,824,878,000 1,823,378,000 1,790,487.0001.807,338,000 1,814,843,000 1,636,115,000
466,969,000 492,820,000 585.115.000 579.154.000 583.418,000 604,223,000 578,498,000 553,543,000 609,250,000
Gold settlement fund with F.11. Board
Gold and gold certificates held by banks.. 947,310,000 867.395,000 863.217.000 855,241.000 816,491,000 815,809.000 786,441,000 808,323.000 821,837,000
3,355,289,000 3,277,003,000 3,259,110,000 3,259,273,000 3,223,287,000 3,210.609,000 3,172,277,000 3.174,709,000 3,067,202,000
170 985,000 167,599.000 167.948,000 173,241,000 176,615,000 178,275,000 172.704,000 177.359,000 166,709,000
Total gold reserves
Reserves other than gold
3,526,274,000 3,444,602,000 3,427,0.58,000 3.432,514,000 3,399,902,000 3,388.884,000 3,344.981,000 3,352,068,000 3,233,911,000
Total reserves
64,338,000
70,673,000
74.673,000
70.730.000
75,048,000
71,114,000
67.930,000
71,461,000
68,033,000
Non-reserve cash
Bills discounted:
66,925,000
58,297,000
61,468,000
49.875,000
48,832,000
87.140,000
50.489.000
76,323,000
77,098,000
Secured by U.8. Govt. obligations_
99.001,000
93,683,000 139,869,000
96,072,000
91,905,000
109,065,000 107,657,000 105,686.000 102,363,000
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
185,388,000
106,814,000
184.755,000
127,217,000
172,826,000
134,155,000
152,852,000
124,501,000
148,876.000
131,007.000
144.904.000
153,108,000
150.202,000
193,869,000
155,151,000
169.765,000
206,794,000
132,776,000
117,209,000
52,233.000
429,562,000
77,118,000
52,227,000
469,879,000
73,715,000
52.228,000
472,405,000
59,085,000
52.227,000
487,056,000
.59,171.000
52,231,000
487,134,000
59,015,000
52,228,000
487,171,000
59,080,000
52,227,000
487,044,000
60,457.000
52,229,000
485,620,000
57,141,000
251,416,000
289,091,000
Total U.S. Government securities
Other securities OW 110411)
599,004,000
9,248,000
599,024,000
1,687,000
598.348,000
1,687.000
598.368,000
768,000
598,536.000
767.000
598,414,000
1.118.000
598,351,000
1,100,000
598,306.000
350,000
597,648,000
5,350,000
Total bills and securities (see nott)
Due from foreign banks (see nott)
Federal Reserve notes of other banks_
Uncollected Items
Bank premises
all other resources
900,454,000
699,000
15,467,000
570,441,000
58,730,000
22,692,000
912,683,000
698,000
15,309,000
468,173,000
58,618,000
21,045,000
907,016.000
698.000
15,121,000
547,349,000
58,585,000
20.917,000
876.489.000
699,000
15.403,000
451,313,000
58,580.000
19,393,000
879.186.000
899,000
16.492,000
512,172.000
58,580,000
19.130,000
807,544,000 943,522.000
697,000
898,000
15,202,000
15,478,000
542,396.000 491,987,000
58,424.000
58,482,000
18,351,000
18.780,000
5,165,871,000 4,995,801,000
923,572,000 942,568,000
710,000
697,000
19,666,000
15,302,000
469.010,000 718,184,000
59,552,000
58.420,000
10,999,000
17,102,000
*5,014,671,000 4.925,181.000 4,981,207,000 4,993,703,000 4,941,197,000 4.906,844.000 5,049,928,000
Total resources
LIABILITIES.
V. R notes in actual circulation
Deposits:
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
2,401,114,000 2,397,856.000 2,388,535,000 2,424.670,000 2,410,799,000 2,420,793,000 2,417,734,000 2,407,529,000 2,408,364,000
28,412,000
14,313,000 .58,482,000
43,573,000
19.267,000
31,037,000
15,445,000
24,716,000
36,200.000
7,172,000
6,542,000
7,396.000
6,683,000
5,676,000
6,693,000
5,727.000
5.575,000
5.819,000
19,772,000
20,682,000
21,149,000
22,136,000
30,379,000
18.591,000
20,5.53,000
23,515.000
20.369,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,472.499,000 2,440,011.000 *2,0,131,000 2,471.105,0002.452.524,000 2,483,181,000 2,471,540,0002,462,840,000 2,464,630,000
564,842,000 453,037,000 517,118,000 442,526,000 497,812.000 522,909,000 489,628,000 457.272,000 700,030,000
168,325,000 168,370,000 168,419,000 168,428,000 168,476,000 168,453,000 168,590.000 168.612,000 169,692,000
274,636,000 274,636,000 274.636,000 274,636,000 274.836,000 274,836,090 274.638,000 274.836,000 276,936,000
19,374,000
16,678,000
17,256,000
17,798,000
16,991,000
15,744,000
16,301.000
16.020,000
16,214.000
1,668,313,000 1,641,949,000 1,583.574,000 1.551.808,000 1,551,458,000 1,528,310,000 1,540,783,000 1,527.740,000 1,419,266,000
Total liabilities
5,165,871,000 4,995,801,000
Ratio of gold reserves to depoeits and
F. R. note liabilities combined
81.0%
80.3%
Ratio of total reserves to deposits and
85.2%
84.4%
F. R. note liabilities combined
Contingent liability on bills purchased
378,717,000 370,185,000
for foreign correspondents
Maturtly Distribution of Bills and
Short
-Term Securities
145 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market
16-30 Gays bills discounted
16-30 days U.S. certif. of indebtedness16-30 days municipal warrants
81-60 days bills bought In open market-.
31-80 days bills discounted
81-60 days U.8.certif. of Indebtedness31-60 days municipal warrants
61-90 days bills bought in open market__
81-90 days bills discounted
81-90 days U.S.certif. of indebtedness61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
1
$
*5.041.671,000 4,925,181,000 4,961,207.000 4.993.703,0904.941.197.000 4,908,844,000 5,049,928,000
80.1%
81.0%
80.5%
70.0%
80.0%
84.2%
8.5.3%
84.9%
84.5%
375,331,000
381,570,000
383.698,000
394.907,000
$
1
$
83.4%
402.752,000
s
1
79.5%
84.0%
410.078,000
78.9%
83.3%
467,643,000
S
/
49,808,000
116,017,000
9,300,000
82,070,000
116,071,000
19.617.000
62
.110,000
107.645,00(1
22,352.000
46,582.000
86,762,000
50,995,000
83,721,000
74,812,000
83,371,000
19.200.000
105,496.000
92,593,000
19,200,000
101,395.000
98,318,000
5.000.000
73,105,000
118,012,000
2,500,000
32.025.000
15,101,000
20,500,000
39.003,000
16,426,000
39,300,000
33.242,000
14,893,000
39,300,000
30.805.000
13.313,000
65.375,000
36,368,000
14,460,000
81.866.000
36.598,000
13,926,000
34,172,000
12,248,000
27,321.000
12.085.000
19.200,000
31,024.000
19,001,000
44,488,000
20,665,000
20,938,000
31,850,000
48,000
4,200,000
14,767,000
155,297,000
30,927,000
21,433,000
51,350,000
34.418,000
21.324,1)00
35.500,000
42,768,000
23.513,000
52,300.000
35,799,000
22,806.000
51,300,000
32,877.000
21,722,001
133,207,000
38,183.000
20,613,000
129.166,000
22.301,000
19,123,000
89.716.000
22,147,000
27,680,000
5,034,000
3,848,000
4.008,000
13,330,000
12.185.000 s 12.864,000
50,125.000
57.550,000
59,050,000
18.000
37,000
37,000
177,000
498,000
377.000
17,495,000
16.400,000
18,779,000
309,287,000 316,203,000
831,000
7.233.000
12,573.000
56,550.000
17.000
612,000
15,316,000
297.418,000
8,584.000
11,929.000
30,850.000
15.680,000
11,865.000
30.850,000
18,440,060
13,143.000
15,300.000
5,151,000
18,780,000
153,863,000
231,000
13,956.000
303.914.000
18.000
338,000
13.095,090
307.828,000
308,003
12,501.000
326,404,000
1,349,000
23,321,000
88,240,000
116,000
18,565,000
212,615,000
FED. RESERVE NOTE STATEMENT
F. R. notes received from Comptroller_
F.R.notes held by F. R. Agent
1,668,313,000 1,641,919,000 1,964,821.000 1.957.603,000 1.955,838.000 1,934,945,000 1,940.192,000 1.932.278.000 1,766,103,000
Issued to Federal Reserve Banks
so
Collateral Held by Agent as Security for
NWM 1831466 10 Bank
By gold and gold certificates
Gold redemption fund
13010 fund-Federal Reserve Board
By ellgible paper
Tnen1
612,364,000
612,391,000
608.384,000
616,884.000
816,884.000
618,884,000
810,434,000
812,034,000
403,108,000
1,293,980,000 1,271,280,000 1.169,780,000 1.175,480,000 1,173.980.000 1,140,980.000 1,164.280,000 1,170,280.000 1,196,006,000
277,190,000
301,972,000
284,062,000
267,779.000
269,780.000
276.288,000
311.017.000
300.960,000
332,682,000
. 2.185.534.060 2 185 646.000 2.082.228 nnti 2 nan 143 000 2.060.644.000 2.034.152.000 2.086.731.000 2.083.283.000 1.931.796.000
NOTE.-BeginnIng with the statement of Oct. 7 1925. two now items were added In order to sh fw separately the amount of tatisnecs held abroad and amounts the 10
,
foreign correspondents. In addition, the caption, "All other earning assets." previously made up of Foreign Intermediate Credit Bank denentures. was changed to "0 het
rotal bills and securities." The latter item was adopted as a more accurate description of the total o, ing di"
securities," and the caption. "Total earning assets" to count.,%smuttiness and securities &pulsed under the provision of Sections 13 and 14 of the Federal Reserve AM which. It was stated, are the only Items included b.rein.
• Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 17 1931
i
Two omen (00) miffed.
Easton. New York. Phila. Cleveland, Richmond Atlanta. chuago. St. Louis. Minneay, Kan.Cily, Dallas. San Fran.
Total.
Federal Reserve Bask of$
$
RESOURCES.
130111 with Federal Reserve Agents 1,903,344,0 149,917,0
32,666,0 1,097,0
Gold retho fund with U.S. Tress_
Gold held excl. agst. F. R.notes 1.941,010,0 151,014,0
Gold settle't fund with F.R. Board 466,969,0 31,679,0
Gold and gold Mrs. held by banks. 947,310,01 34,866,0
Total gold reserves
Reserve other than gold
Total reserves
Non-reserve cash
Bills discounted:
See by U. S. Govt. obligations
Other bills disoounted
Total blls diseounted _ _ .._
RIII• helm hi In nnan inarlrit
3
$
3
$
$
$
$
1
1
$
1
396,919,0 160,000,0 197,550,0 61,070,0 122,800,0431,090,0 68,230,0 45,090,0 58,000,0 21,105,0 205,763,0
12,060,0
918,0 2,403,0 1,233,0 1,172,0 3,936,0 1,494,0
658,0 1,326,0 1,054,0 4,415,0
399,879,0 160,918,0 199,953,0 62,303,0 l23,972.043.5,830,0 69,724,0 45,748,0 59,326,0 22,159,0 210,178,0
130,493,0 73,478,0 44,699,0 7,751,0 6,731,0 69,950,0 24,158,0 14,003,0 22,255,0 12,922,0 28,860,0
652,212,0 25,795,0 64,963,0 5,779,0 8,383,01 84,912,0 11,294,0 5,001,0 9,829,0 2,371,0 41,903,0
3.355,289,0 217,559,0 1,182,584,0 260,101,0 309,605,0 75,833,0 139,088,0t590,698,0 105,176,0 64,7112,0 91,410,0 37,452,0280,941.0
61,498,0 7,044,0 15,868,0 11,300,0 8,128,0 18,771,0 8,465,0 4,127,0 6,809,0 8,707,0 8,319,0
170,985,0 11,949,0
1
3,526,274,0 229,508,0 1,244,082,0 267,235,0 325,473,0 87,133,0 147.216,0 609,469,0 113,641,0 68,879,0 98,219,0 46,159,0 289,260,0
20,404,0 3,575,0 4,181,0 4,397,0 5,352,0 8,919,0 4,819,0 1,564,0 1,796,0 3,311,0 4,808,0
71,114,0' 7,983,0
I
76,323,0,
109,065,0
'
1
185,388,01
,
100 514 n
4,844,0
6,416,0
11,260,0
11 055 0
21,067,0 7,563,0 10,968,0 3,556,0
424,0
12,197,0 11,255,0 9,205,0 14,279,0 11,875.0
356,0 16,166,0
9,923,0 5.583,1
7,428,0
8,912,0
2,233,0
4,933,0
829,0 1,035.0
3,689,0 10,748,0
33,2(14,0 18,823,0 20,173,0 17,835,0 12,299,0 16,340,0
32.807.0
106.0 10.3170 3.679.0 7.093.0 14.01)0.0
7,216,0
(1.904.0
4,317,0 11,833,0 10,279,0 21,749,0
3.946.0 6.421,0 3,713,0 7,743,0
4549
FINANCIAL CHRONICLE
JUNE 20 1931.]
Two Ciphers (00) method.
Total.
Boston.
New Ford.
$
A
$
Clewland. Richmond Atlanta.
Pinta.
RBSOURCILY (Cosr11 464),
$
Us B. Government securities:
ChWoo. 58. Louis. Allissom,.ICan.City
$
$
$
$
Dallas. Sean:ea.
$
II
II
$
5
Bonds
Treasury notes
Certificates and bills
5,682,0
117,209,0
1,501,0
52,233,0
429,562,0 38,997,0
4,198,0
1,999,0 28,289,0 2,779,0 10,557,0 3,703,0 12,103,0
4,166,0
5,709.0
7,466,0
30,558,0
623,0 10,545,0
607,0 1,110,0
1,972,0 3,976,0
3,874,0
490,0
11,380,0 4,606,0 11.549,0
103,232.0 35,164,0 45,432,0 25,327,0 14,806,0 52,535,0 18.687,0 15,653,0 28,967,0 16,513,0 34,249,0
Total U. S. Govt. at...natio:3Other securitles
599,004,0 46,180,0
9,248,0
585,0
145,170,0 47,236,0 62,690.0 29,983.0 20,679,0 82,796,0 25,442.0 26,817,0 33,780,0 29,239,0 48,992,0
350,0
350,0
308,0
725,0
425,0
995,0
315,0
335,0
785,0
605,0
3.570,0
900,454,0 69,110,0
53,0
699,0
230,0
15,467,0
570,441,0 61,815,0
58,730,0 3,458,0
633,0
22,692,0
214,811,0 66,770,0 93,965,0 51,832,0 40,386,0 114,131.0 38,987,0 35,388,0 52,384,0 43,481,0 79,209,0
21,0
48,0
20,0
16,0
25,0
94,0
25,0
28,0
71,0
69,0
229.0
1,731,0
250.0
1,257,0
638,0
903,0
742,0 2,362,0
1,342,0
914,0
171,0
4,927,0
156,180,0 50,851,0 54,819,0 43,989,0 15,417,0 74,306,0 21.763,0 11,280,0 27,009.0 19.394,0 33,618,0
1,831
4,621,0
3.803
1,926.0
2,572,0 8,061,0 3,635,0
15,240,0 2,614,0 s 7,431,0
3,538,0
850,0
914,0
574,0
848,0
1,165,0
1,892,0
3,348,0
1,294,0
1,026,0 3,501.0
6,647,0
Total bills and immix:tries
Due from foreign banks
F.R. notes of other banks
Unoollected items
Bank premise.
AU other resources
5,165,871,0 372,795,0 1,662,520,0 392,311,0 490,355,0 193,553,0 215,058,0 819,234,0 184,938,0 120,539,0 185,062,0 115,361,0 414.145,0
Total mammas
LIABILITIRS.
1,668,313,0 133,619,0 273,577,0 145,756,0200,589.0 71,102,0 123,098,0 341,643,0 72,666,0 48,185,0 62,906,0 26,626,0 168,546,0
F. It. notes in actual circulation
Demwite:
Member bank-reserve account 2,401,114,0 140,048,0 1,053,047,0 144,743,0 186,167,0 60,541,0 57370,0326,723.0 70,672,0 49,899,0 82,522,0 53,694,0 175,688,0
1,229.0
333,0
265,0
483,0
327,0
311,0 6,468,0
788,0
5,478,0 2,130,0
Government
23,735,0
43,573,0 2,026,0
429,0
189,0
183,0
145,0
221,0
852,0
227,0
Foreign bank
252,0
625,0
637,0
1,443,0
473,0
5,676,0
126,0 6,255,0
169,0
332,0
380,0
1,642,0
167,0
10,462,0
141,0
22,136,0
Other deposits
90,0
195,0 2.177.0
Total depoalta
Deferred availability Items
Capital paid in
Surplus
All ether liabilities
2,472.499,0 142,688,0 1,088,687,0 151,041,0 191,111,0 61,671,0 58,075,0335.585,0 71,600,0 50,859,0 83,139,0 54.342,0 183,601.0
564,842,0 62,924,0 149,071,0 51,147,0 52,597,0 42,082,0 15,654,0 79,792,0 23,921,0 10,541,0 25,569,0 20,328,0 31,216,0
4,296,0 11,432,0
4,223,0
3,006,0
5,192,0 19,864,0 4,819.0
65,495,0 16,775,0 15,732,0
168,325,0 11,837,0
5,694,0
8,702,0 8,936,0 18,475,0
7,144,0
274,636,0 21,299,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0
875,0
873,0
523,0
808,0
1,370,0
2,182,0 2,314,0
5,115,0
428,0
' 17,256,0
1,355,0
527,0
800.0
5,165,871,0 372,795,0 1,662,520,0 392,311,0 490,355,0 193,553,0 215,058,0 819,234,0 184,938.0 120,539,0 185,062,0 115,361,0 414,145,0
Total llabilltho
Metawassla.
82.1
57.0
67.3
69.5
78.8
90.0
85.2
83.1
91.3
81.3
Reserve ratio (per eent)
90.0
83.1
65.6
Contingent liability on bills our276 717 A 231 1711 n
126
n 27 109 n 27 042 A 15 097 A 12 59A n nn 716 0 13.149.0 8.640.0 10.894.0 11.270.0 25.546,0
whimul fn.. tavola., Aftrramannnel'em
64n
FEDERAL RESERVE NOTE STATEMENT.
Federal &LIM Arent al-
New Tort.
Boston.
Total.
$
$
Atlanta.
man. 5S. Louis. MinneaP. Kars•CUY. Drains.
$
3
$
8
8
$
gallieren•
$
S
421,837,0 171,895,0 226,524,0 81,964,0 141,415,0 436,641,0 80,458,0 52,810,0 66,462,0 33,485,0226,704.0
3,556.0 6,839,0 58,158,0
148,260,0 26,139,0 25,935,0 10,862,0 18,317,0 94,998,0 7,972,0 4,625,0
273,577,0 145,756,0 200,589,0 71,102,0 123,098,0 341,643,0 72,666,0 48,185,0 62,906,0 26,626,0 168,546,0
1,668,313,0 133,619.0
In actual circulation
Collateral held by Agt,as security
for note, lamed to bank:
612,364,0 35,300,0
Gold and gold eertifleatee
1,295,980,0 114,617,0
Gold fund-F. R. Board
277,190,0 22,286,0
Eligible parser
0 100
Cleveland. Riehnsond
Philo
3
Two Ciphers (00) oaths&
$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R. A88. 2,099,019,0 158,844,0
Held by Federal Reserve bank_
430,706,0 25,225,0
9,305,0 50,000,0
351,919,0 38,700,0 12,550,0 10,070,0 9,900,0 73,900,0 13,930,0 6,790,0
35,000,0 121,300,0185,000,0 51,000.0 112,900,0 358,000,0 54.300,0 38,300,0 58,000,0 11,800,0 155,763,0
56.686,0 15,635,0 30,324,0 21,423,0 19.252,0 29,685,0 12,725,0 8,087,0 17,936,0 13,791,0 29,360,0
rt9A n 100 OM A
442 rate n ....e ...lc n nnn on.. n
.%).UflO.U0O.0 44I .oI't,u
nn ...... .... .....n n in, CO e n
.....
,
04 226 U 104.UO4.0,
on 055 A
52 1770 750260 21 MIA
•
n 925
122
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 4502, 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 endorsement. and Inelude all real estate mortgagee and mortgage leans hold by the haoh• 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 U. S. Government obligations are no longer shown separately, only the total of loans on
sororities 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 WI 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 invest
merits of 8135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given In round million!, Instead of In thousands
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 10 1931 (In millions of dollars).
Total.
Federal Reserve District-
Boston. *
New
York
$
ICIeselanci. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas. Swarms.
-8
8
$
8
II
1
11
8
8
3
422
1,979
635
365
1,350,
648
3,227
2,239
550
626
PhUa
. $
Loans and Investments-tote
II
22,452
8
1,447
Loans-4otal
14,641
986
5.850
8201
1,389
420
382
2,252
420
229
368
298
1,227
6,791
7,850
381
605
3,237
2,613
419
4011
6471
742
161
259 '
116
266
1,073
1,179
172
248
58
171
101
267
92
206
334
893
7,8111
461
3,114
530
8501
:
206
168
975
228
136
267
124
752
4,019
3,792
201
260,
1,711
1,403
211
319,
462
'
388
88
118
80
88
552
423
74
154
66
70
114
153
69
55
. 361
40
15
339
263
1
102
125
40
9
306
227
1
88
118
n
273
54
1,761
1,348
1
296
493
49
7
392
241
27
5
214
154
52
11
442
206
33
7
269
147
109
18
734
1,071
84
127
104
100
177
218
114
111
210
263
9
1
22
On securities
MI other
Investments
-total
al. S. Government seettrUles
Other securities
R
Reserve with F R Bank
. .
Cash in vault
Net demand deposits
rime depoalts
Government dePoefts
Due from banks
Due to banks
Borrownare from F. It. Rank__ __
1,821
238
13,552
7,325
9
1,793
3,698
20
8,964
I
971
141
8631
519
1
1141
156
865
57
6,309
1.749
2
194
1,300
9a
1
90
151
8001
390
11
155;
285'
4.
'
146
26
1,123
1,010
1
155
402
a.
.
391
1
• Exclusive of figures for one bank In New York Cite. closed Dee. 11. Last relent of bank showed loans and Investment, of shout 9190.000.000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business June 17 1931,
in comparison with the previous week and the corresponding date last year:
June 171931. June 101931. June 181930.
Resources
Gold with Federal Reserve agent
Gold redemp.fund with U.S. Treasury
386,919,000
12,960,000
386.919,000
13,092,000
258,594.000 Due from foreign banks(see note)
14,890,000 Federal Reserve notes of other banks_._
Goldheld exclusively eget. F.R.notesGold settlement fund witn F. It. Board
Goldand gold etfs, held by bank
399,879,000
130,493,000
652,212,000
400.011,000
143,264,000
574.515,000
273,484,000
209,256,000
506,174,000
1,182,584.000 1,117,790.000
61,498,000
58,543,000
June 17 1931. June 10 1931. June 181930.
8
$
234,000
229,000
229,000
6,653,000
4.803,000
4,927,000
156,180,000 121,630.000 196,421.000
15,664,000
15,240,000
15,240,000
3,713,000
6,875.000
6,647,000
988,914,000
53,578,000
Total gold reserves
Reserves other than gold
Resources (Concluded)Uncollected items
Bank premises
All other resources
Total resources
Total reserves
1,244,082,000 1,176,333,000 1,042,492,000
Non-reserve cash
20,404,000
23,566,000
14,999,000
Bills discounted
Secured by U. S. Govt. obligations_
21,067,000
17,019,000
10,952,000
Other Mils discounted
12,197,000
11,982,000
13,126.000
Fed'i Reserve notes In actual circulation 273,577,000 271,144,000
Deposits-alember bank, reserve !wet__ 1,053,047,000 1,003,738,000
23,735,000
3,708.000
Government
1,443,000
2,460,000
Foreign bank (see note)
10,462,000
9.159.000
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
11,330,000 All other liabilities
Total bills discounted
Bills bought In open market
U.S.Government securities
Bonds
Treasury notes
Certificates and NM
33,264,000
32,807,000
29,001,000
31,788.000
24,078,000
35,668,000
30,558,000
11,380,000
103,232,000
21,066,000
11,380,000
112,724,000
81,285,000
118,858,000
Total U. S. Government securities
Other securities(see nOte)
145,170,000
3,570,000
145,170.000
1,650.000
1,662,620,000 1,556,285,000 1,554,745,000
Total liabilities
177,697,000
997,224,000
26,479,000
3,484,000
8,560,000
1,088,687,000 1,019,065,000 1,035,747,000
149,071,000 114,508,000 189,331,000
65,369,000
65,495.000
65,495,000
80,001,000
80.575,000
80,575,000
6,600,000
5,115,000
5,498.000
1,662,520,000 1,556,285,000 1,554,745,000
211.473.000
nreseoterIviaesbIltio deom en..
ttesepoit d d
sbina
3,350,000 Ratl°1 total
91.3% ,
91.2%
85.9%
F cie okes erve
Contingent liability on bills purchased
Total bills and securities (see nott)-- 214.811,000 207,609,000 274,569,000
126,640,000121,555,000 155.995,000
fo_r fereign correspo_ndents
_
.
NOTE.-Beadrining with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts due to
foreign eorrespondects. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities," and the Minion. -renal earning assets- to 'Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discount,
acceotancee and 500Wittea 00(11111'61 under tne provisions of swami 13 and 14 of the Federal Reserve Act, which, it was stated. are the only items ineluded therein.
[VOL. 132.
FINANCIAL CHRONICLE
4550
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
gankers' ii antic.
(4.31 prices donews per share)
, Maturity.
Ins.
Role.
Asked.
Maturity.
Int.
Rate.
Asked,
10011as 10011n
100"n 10011,2 Mar. 15 1932... 2%
Sept.16 1931-Wall Street, Friday Night, June 19 1931.
8ept.15 1931._ 134% 1004s, 1001:, Dec. 15 1931-32 334% 1011131 10112n
review of the ThuL 16 1931___ ITS% 10012n 100"n
Railroad and Miscellaneous Stocks.—The
Stock Market is given this week on page 4534.
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty
pages which follow:
Loan and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given
Range Since Jan. 1.
Range for Week.
Sales
STOCKS.
in a footnote at the end of the tabulation.
Week Ended June 19.
for
Highest.
Lowest.
Highest.
Lowest.
Week.
Par. Shardb $ per share. $ per share. $ per share.$ per share.
Railroads—
Caro Clinch & Ohio—
Feb 102
Apr
40 98 June 18 98 June 18 98
Ctfs stamped_ __100
Feb
100176 June 18 176 June 18 165 May 230
Central RR of NJ_100
7034Jime 18 6034 Apr 784 Feb
100 704June 18
Hudson & Manh pf_100
Jan
110 62 June 15 6231June 19 614 May 78
Dl Cent leased line-100
800 23%June 13 26%June 18 20 May 3234 Feb
Inter Rap Tran ctts_100
130 8 June 18 13 June 17 8 June 1334 Mar
Int Rye of Cent Am_100
May 55% Feb
10 36 June 17 36 June 17 30
10
Preferred
8
Jan
30 1 Minna 18 1 4June 18 134 Jun
Pac Coast 2d prof. 100
Jan
100 604June 18 60%June 18 54 Jun 76
South Ry M Sr0etfsl Is
Jan
June 18 69 June 18 69 Jun 94
10 69
Wheel&Lake Erie pf 100
Indus. & Miscell.
20 294June 15 30 June
Alleghany Steel
Am Agrlc Chem(Conn)
100 19 June 17 19 June
Preferred
500 64 June 17 644June
American Ice pref.. _100
Am Machine & Metals100 24June 19 2%June
Ctts
Amer Radiator & Stand
Sanitary pref.- - -100
50133 June 19133 June
Amer Water Works &
• 4,700 404June 18 43 June
Electric ctfs
200 13%June 16 134June
Art Metal Construct_l
10 22 June 17 22 Arne
Austin Nichols prior A *
100 131June 16 131.1une
Barnet Leather
10 45 June 15 45 June
Budd (E G) pref...100
City Stores class A_ _ _*
Comm Cred prof (73_25
Comm Inv Trust—
100
Frei (634)
Con.sol Cigar pf (7)_100
*
Consol Laundries
Crown Cork & Seal pf_*
Cushm Sons pf(7%)100
•
Fret S8
Duplan Silk prof.. _100
15 284 Ma
4631 Feb
Ma
Jun
2934 Feb
77% Jan
Ma
54 Mar
17 14
18 64
19
2
19 133
June150
Apr
8034
2034
2434
24
494
Feb
Jan
Mar
Mar
Jan
80 13 June 19 13%June 19 1274 May 25
Jan 234
10 2231June 13 22%June 13 20
300101 %June 15101 4June 15 1014 Jun 104
20 73%June 19 74%June 19 644 Jan 80
600 1234June 15 134June 15 114 June 154
June
300 294June 19 29%June 17 2934 Jun 3431
Jan 112
10 110 June 13110 June 13 100
Jan 107
30 100 June 13102 June 19 95
Feb 105
160 105 June 17105 June 17 103
Feb
Jan
Mar
Apr
Mar
Feb
Mar
Mar
Apr
16
16
17
16
15
38
134
184
14
35
June
June
June
May
Apr
Eng Pub Pero pf (6) *
Food Machinery
*
5
General Baking
Preferred
General Cigar pref--100
Gen Gas& Elea pf A(7)*
Preferred A (8)-- -•
•
100 90 June
100 1734June
2,400 18%June
1044June
100 1144June
20 68 June
50 85 June
13 90 June
19 1731June
13 19%June
1610434June
18 115 June
15 68 June
15 8534June
13
19
18
16
17
15
15
90
16
1734
98
074
68
75
Jurul 98
May 3134
June 2534
Jan 114
Jan 11634
Jun 90
Jan 92
Mar
Apr
Apr
Mar
May
Feb
Mar
General Print Ink....
Preferred
Gen fly Signal pref_100
Gold Dust Prof
Gotham Silk Hosiery—
100
Pref ex-warr
Grand Silver St Prof 100
Guantanamo Sig pf_100
240 22 June
30 64 June
10 10934June
100 110 June
19 2231June
13 64 June
13 10934June
15110 June
19 15
13 5934
13 10434
15 04
May 31
Jun 76
Jan 114
Jan 11734
Mar
Jan
Mar
May
Hackensack Wat pi A 25
Hawaiian Pineapple_20
Houston Oil New_ _ __25
Inter Dept St pref.-100
Kresge Dept Stores---•
Loose-Wile:Albin pf100
20 30 June
100 26%June
2,400 734June
10 67 June
200 6 June
401234June
Ma 734 June
110 70 June 15 7334June 15 52
100 754June 16 754June 16 70 May 85% Mar
10 63iJune 15 64June 15 64 Jun 1234 Jan
13 30 June
15 26%June
18 8%June
18 67 June
13 64June
1312334June
13 2631
15 2534
13 6
18 5731
13 434
13 118
Mar 30
June 4234
June 1434
Feb 67
June 64
Jax12834
130 5614Juni, 18 70 June
McLellan Stores 0(.100
10101 Juno 16101 June
Mexican Petroleurn_100
• 5,200 153(June 18 1731June
Noranda Mines
50 99 June 15100 June
Peoples Drug Ste pf_100
600 6%June 13 631June
Boo Motor Car ctts_ _10
50 Juno 13 50 June
Revere Cop & Br pf_100
400 21 %June 13 22 June
Rhine West'lla El Pow_
19 42
16 101
13 16
19 9634
13 44
13 45
13 2134
May 70 June
June 171
Feb
May' 2934 May
Feb 103
Apr
May 87' Feb
May 8334 Jan
June 3234 Mar
Scott Paper
Sloss-Sheff St&Ir_ _100
100
Preferred
Tob Products div ctsC *
United Dyewood pf_100
Univ Leaf Tob pfd_.100
,
Unix Pipe Sr Rad pf_100
Van Raalte let pref_100
Va Ir Coal & Coke pf100
Vulcan Detinning pf 100
Wilcox-Rich class A...*
1
Zonite Products
• No par value.
10 4634June
100 17%June
120 20 June
200 331June
20 46 June
80102 June
50
60
60
10
100
1,900
24 June
4234June
60 June
95 June
2534June
114June
Apr
Jan
Feb
Mar
Jan
Jan
17 4634June 17 40
17 174June 17 16
16 Z4 June 17 20
17 334June 17 34
16 46 June 16 404
16 10334Jtme 16 102
Jan 50
Jan 3274
June 39
Jan 674
Feb 47
Feb 110
Apr
Feb
Feb
Apr
June
Mar
034
224
60
90
20
11
June 60
Feb 433-i
Marl 673-i
Apr, 9534
Jan 30
June 1334
Jan
June
Mar
May
Mar
may
13
18
19
18
18
16
25 June
434June
60 June
95 June
25%June
11 %June
13
18
19
18
18
16
--The review of the Curb Exchange is
The Curb Exchange.
given this week on page 4536.
A complete record of Curb Exchange transactions for the
week will be found on page 4568.
Daily Record of U. S. Bond Prices. June 13 June 15 June 16 June 17 June 18 June 19
HIgb 10221n 10211,, 102",, 102n, 10211n 10221s,
First Liberty Loan
84% bonds of 1032-47_ Low- 10211,, 10211,1 10211a, 102",1 102",, 102"31
Close 102on 102un 1022on 10212,2 102",, 102"n
(F11111 334)
15
21
21
86
77
33
Total sales in $1,000 units__
__ 102
Converted 4% bonds 011110
____ 102
Low1032-47 (First 43)
____ 102
Close
-1
____
Total sales in 81,000 units__
Converted 434% benders!, 103",t 103"n 103"n 103"n 103", 103":,
11
01 1932-47 (First 440) Low 103,, 10312,1 103",, 103",, 103": 103"st
,
Close 10311,, 103o,, 103. ,, 10311n 10311, 10311ts
114
80
39
16
15
7
Total sales tn $1.000 units__
Second converted 44% High
bonds of 1932-47(First Low----------------Second 4300
__
----- —
------Total sales in 51.000 units---105
104",,
-{High 104111, 1051,2 10104",,105
Fourth Liberty 14..an
4, 104:0,, 104",, 10430,, 104111,
.1, 1046
131% bonds of 1933-38— Low- 1041
10410st 104"s,
Close 104nst 104"n 104",, 105
(Fourth 434e)
58
25
195
45
64
112
Total sales in $1,000 units--- 1141,1 1041n 114
(High 1144a, 1142n
Treasury
1141,1 114
—_ 114
IAIW- 1142n 1142,,
4345, 1947-52
1141,, 114
____ 114
Close 1141,, 1141,,
9
27
3
7
Total sales in $1,000 units- 109",,i 10914,2 109",, -51, 109
---flifib
--109
____ 1091111n 10911,, 10911,, 109111,
Low_
45, 1044-1954
---. 1091*n 109"n 109"n 109",, -Close
-35
30
1
101
---Total sales in $1,000 units.-----___ 107na,
____
____ 1071161
High
---_--- 10712n
___
Low_
---- 10711n
3745, 1946-1056
____ 10712s, -____
,
- __ 10714
Cicse
--129
---30
------Total sales in $1,000 units-,
---- 1034,1 103 s,
____ 1032t, 1032n
pLoub
---- 103431 1034rt
:,
__ 1034s, 1032
w.
334s, 1043-1917
,
---- 1034s, 103 ,,
____ 1031,2 1032t,
Close
59
41
_--121
5
__ _
Total saki in 51.000 units—
,
Mgt; 1034, 1032s, 103 s, 103131 1033as 1031n
Low_ 103',, 1032st 1031,1 1032,1 10211,, 1031n
834s. 1940-1943
103'n
Close 1034,, 1031,, 1031,1 1031,, 103
7
40
27
102
5
Total sales in 11.000 units-3
High 1032n 1032n 1031,1 1032,, 1031,g 103
1032,1 102",, 103
Low_ 1032a, 103h, 103
8165. 1941-48
(Close 1031,, 1031,2 1031,1 1031,, 1031,1 103
17
40
3
101
100
4
Total sales in 51.000 units__
afigh
____ 10114n 10111,, 101"st 10111,1 101"n
---- 101",, 101",, 101",, 10114n 1011n
(Low_
33.(s, 1946-49
-___ 10111,, 10111,1 10111,, 10111,1 101uss
(Close
108
93
172
249
156
____
Total sales in 81.000 units ___
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
102111, to 10211,1
10310,1 to 10311n
10411,, 10 104",,
5 let 334s
10 1st 434e
2 4th 4345
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.86 3-16®
Commercial on
4.8634 for checks and 4.86 13-32®4.86 17-32 for cables.
banks, sight, 4.86©4.8674: sixty clays, 4.83341814.84 3-16; ninety days,
4.8231(4)4.83 5-16; and documents for payment, 4.83(4)4.84 3-16. Cotton
for payment, 4.8574. and grain for payment, 4.8574.
To-day's (Friday's) actual rates for Earls bankers' francs were 3.9174
40.233418140.2534.
3.91 9-16 for short. Amsterdam bankers' guilders were 124.24 francs high
Exchange for Paris on London, 124.24; week's range,
and 124.17 francs low.
The week's range for exchange rates follows:
Cables.
Checks.
Sterling, Actual—
4.86 17-32
4.8674
High for the week
4.86 9-32
4.86 1-32
Low for the week
Paris Bankers' Francs—
3.9174
3.91 13-16
High for the week
3.91 9-16
3.91 3-16
Low for the week
Bankers' Marks—
Germany
23.75
23.74
High for the week
23.7235
23.71
Low for the week
Amsterdam Bankers' Guilders—
40.27
40.26
the week
High for
40.2431
40.23
Low for the week
CURRENT NOTICES.
—Miss Alta Clallin, librarian of the Federal Reserve Bank, Cleveland,
Ohio, was elected president of the Special Libraries Association which held
its annual meeting in Cleveland, June 10-12.
—.Jerome W. Gould, formerly Vice-President and Treasurer of Bowen,
Gould & Co. has been admitted to general partnership in Atherton Messmore & Co., 149 Broadway, N. Y.
ENGLISH FINANCIAL MARKET—PER CABLE.
—Archibald von K. Rose, formerly of Hickey, Doyle & Co., Inc., has
The daily closing quotations for securities, &a., at London, become associated with W.F. Sey & Co.,Inc., 1 Wall St..N.Y.,as Manager of the Trading Department.
as reported by cable, have been as follows the past week:
—Wm.C. Orton & Co., 43 Exchange Pl., N. Y., have opened a departThurs.,
Fri.,
Wed.,
Sal.,
Mon.,
Tues.,
ment to deal in insurance stocks in charge of J. D. Chamberlin, formerly
June 13. June 15. June 16. June 17. June 18. June 19.
with J. Roy Prosser & Co.
127-16
12 5-16
1234
1234
1234
Silver, per oz_ d. 1234
—Harry C. Thayer and J. West Rulon Cooper,formerly general partners
Gold, p.fine oz. 84s.1134d. 84s.114d. 858.1131d. 84s.104d. 84s.11 d. 846.114d.
St.,
Of West & Co., are with Montgomery, Scott & Co., 123 So. Broad
5934
5934
5934
5934
5934
2 %- 5934
Consols.
Philadelphia.
103
1024
103
103
103
British 5%__-- --—James Talcott, Inc., New York, has been appointed factor for the Ash10134
10134
10134
10134
British 434%_-....10134
land Corp., Jewett City, Connecticut, manufacturers of rayons and silks.
French Rentes
88.60
88.40
88.50
(lnParis)fr..._.89.40
88.60
—William H. Old, formerly with Pynchon & Co., is now associated with
J. K. Rice, Jr.& Co.in their bond department.
French War L'n
in
103.10
103.20
103.40
103.30
103.10
(in Paris)_fr_
—James A. Donnelly, Jr., has become associated with Hardy & Co.
The price of silver in New York on the same days has been: charge of their preferred stock department.
—Eldredge & Co. announce the withdrawal of Thomas E. Stone, Jr.,
Myer In N. Y., per oz. (cis.):
2674
2634
from their firm.
2634
2634
2634
Foreign
2631
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding Page•
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday 1 Monday 1
June 15.
June 13.
Tuesday 1Wednesday , Thursday
June 16.
June 17. I June 18.
Friday
June 19.
Sales
for
the
1VeeJt.
$ per share l$ per share; $ per share I $ per share 1$ per share $ per share Shares
156 158
15414 16012 1533 1583 15312 156
153 1533 149, 1531 2 9,600
4
4
4
8
*10414 1043 .105 10514 105 105 *10412 10514 10518 10514 *10412 1041j
4
300
.9112 101 I *8712 101 I 92 92
*8914 101 I 8914 101
894 101
100
553 573
4
4' 56
4
5734' 543 57
54
5612 534 5412 5114 53
/
1
20,10
.67
70 I *66
70 I *66
6612 6612 *667 70
70
70
*67
8
100
*55
5612 66
563 *54
4'
57
56 '
*52
*54
1 54
54
57
200
*10514 111 I 10514 10514' 10512 10512 *104 109 *103 109
105 105
9
40 I *33
.
33
40 I 38
33 .33
*33
40
40
*33
40
100
.104 1112 *1018 1112 1112 1314 13
11
93 11 12 *10
4
1314 4.300
*58
603 *59
4'
604 604 603 *58
61
63 .6218 64
61
4
1,500
604 62121 615 627
81 593 6014 614 6112 61
4
8
64
62% 6478 17,70.
0118 9112! *92
9114 9114 *9118 9112 9312 93
03
927 93
8
1,600
*I
5 1
4 8 47
8
4
4
3% 3%
*312 4 I *312 4
400
267 2718 2614 267
8
8! 243 2612 2518 253
8
4 247 2514 244 2514 51,700
3512 3652 363 367
31 36
8
4 3512 364' 348 358 33
363
3418 18,500
•1
13
81
1
1
15
*7
8
118
*8
4
8
8
'
100
*78
1141
*7
8
1
*3
4 1 I
*3
4 1
52
%
200
3
4
3
4
5% 53
4
53
4 6
57
8 6
6
6
514 53
4
514 53
4 6,100
22
22121 2218 23
2014 4,500
2218 20
2112 2218 2218 2214 21
45
*514 531
5 I
5
54 518
514 533
5
412 4 2 2,400
,
*9
91 21
8
84 94
84 95
4'
8
4 8
814 83
818 *73
4,100
3312 34 I 32
33
32
32
*3714 3712 3018 3114 2918 297
8 2,200
*80
96
*71
96
*71
*71
96 1 *75
96
96
*75
91
3612 373
8 343 3612 34
3312 3114 33
4
36
32
3512 34
4,500
•
70
75 1 71
73
75
71 1 *70
*70
*70
72
6814 70
400
*60
70
60 60 I *.58
*60
65
70
70 I *60
*59
65 I
100
30
30
3018 3018 *2518 3618 *2518 3618 *2518
300
3913
*3
31
0
*229518 239618
02
900
12312 125
124 125
121 12214 121 121 I 121 121
11812 119
1,800
*55
57
56
56
57
56
*33
52
553
4 52
52
52
700
•
18
21
*1614 21 I *1614. 21
1814 1814 *1614 21
.1614 21
200
1814 1g
20% 208 194 21 I 19% 193
--3 -11. 4 10
1R
__.14 1
4 13
_8
..._.
2,300
3412 3412 z293 2983 *29
8
3112 *29
32 I *29
35
*29
32
200
*18
25
25
24
*17
*17
*18
25
*16
23 .17
24
5412 5614 543 5618 52
5214 491 5214 473 488
4
544 52
4
4 5,200
•10
14
14
14
*10
18
*10
18 I 15
15
*11
15
200
•15
46
*10
46
*10
46
*10
46
*15
46
*15
46
*36
3712 .36
38
*36
37
*36
3712 *36
37
*36
37
4814 43
,
47
48
47
47
45
467
8' 45
453
4 444 447
2,300
*39
393 .39
4
393 *39
4
393
4 3712 393 *3712 393 *37
4'
4
3912
70
2414 2612 243 2633 233 245
4
4
8 25
2514' 25
2738 2514 277 16,600
8
*30
3112 *30
3112 30
30
*30
3112 *31
3112 *29
30
200
*43
48
*43
50
*44
46
46
46 1 *43
44
*43
45
100
43
43
42
42
*4012 42
40
40
41
41
40
40
1,000
*65
74
70
70
*69
74
*63
74
7012 7012 *703 74
4
200
12 3514 343* 3514 35
34
3512 343 3612, 34
4
363
4 3612 3713 15,800
*1212 14
*1212 13121 *1212 1312 *1212 13 I 1212 1212 .12
14
100
.
14
3
8
3
3
3
81
*14
3
3
*14
as
•14
3
8
100
*14
3
8
•512 612 *4
6
*413 6
*4
6 1 *312 6
*4
6
•
28
37
38
38
*28
38
*28
38
*28
33
*28
38
10
1412 153
8 14
153
8 1333 1412 1414 1514 14
8 5,700
144 13% 137
*52
547
8 493 50
4
4712 51
547 57
8
553 553 *5073 55
4
4
1,000
21
213
4 21
213
4 2014 2014 1938 1933 1934 193
4 1,600
4 1814 183
6212 6112 62,
*61
60
8 60
*5712 5812 60
60
*57
59
500
48
53
*48
55
*18
5' *48
55
*48
30
504
.3
8
12
*3
8
12
12
*1
/
4
12
*
/
1
4
13
*3
s
13 523
13
8
8814 9012 873 9014 8614 8914 8512 8814 843 863
8
4
4 824 8 % 66,800
4
50
50
53
55
*48
54
45
4512 *43
50
50
*43
1,000
*57
60
*60
60
65
70
60
*60
*60
65
*60
100
65
175 177 217712 17712 *166 174 *162 174 *160 172 *160 172
50
75
76
76
764 7514 76
74
753
4 7312 733
4 704 73
5.200
/
1
1063 10614 *107 110 *10714 110 *10712 110 *10714 110 *10713 110
4
300
105 107
8
1012 11
93 107
4
1018
8 10
8 4,000
914 10
93
4 97
.1.38 1
*5
.5
8 1
8 1
1
1
1
1
*5
8 1
200
*312 513
412 412 *312 47
8 *312 41 2 *312 412 *312 44
200
160 165 *163 166
163 166
164 166
164 164
101 161
1.300
4
*903 913 *903 9134 *903 913
4
4
4
4 913 911 *901 913 *904 913
4
/
4
20
/
4
4
4
/
1
4114 4214 42
42
/ 391 403
1
4
/
4
3812 4014 371 3714 3512 3612 4,900
/
4
112
112 *13g
2
*13
8 2
*11 2
/
4
*13
8 2
109
*13
8 2
7 515
5012 5118 49
485 50% 4812 494 474 4314 45% 4714, 20,200
8
514 514 *4
6
*4
6
*4
6 I *4
6
*4
6
100
35
35 .2918 3412 *29
35
*29
40
3212 *29
*29
40
100
*56
60
*5618 60
*5618 58
*5618 58 I .5618 58 .
5618 58
50
*504 5414 50% 504 5018 5018 .5018 59
50
*5018 59
180
*40
*40
53
55
*40
55
*40
50 I *40
50
*35
50
711 72
6912 71
*6712 78
/
4
*68
7112 *66
7112 *67
714
500
*40
4212 4212 421 *43
451 *43
/
4
454 *43
'
4518 *43
4518
1 0
4312 431 *43
*4114 44
44
*43
44
*4214 44
*43
4313
500
4 1712 1812 18' 18 I *17
8 1814 193
187 193
8
173
4 16
18
2,900
283 29 .27
4
29
.
27
30
29
/ 293
1
4
4 2912 2912 2714 2912
SOO
1614 153 1711 1612 163
1514 1514 15
4
4 19
22
1713 2014 8.700
25
25
25
*21
•
17
358
294' 30
35
35
2912 31
900
s1
/
4
121
1
12
12
/
1
4
13
12
' *3
8
1
12 1,500
3
8
*7
11
*5
1131
1
1
*3
4 1141
*7
.
1 114
100
"8 114
81
8212 793 823
4 79
4
8012' 7918 81I 78
79
7611 783
4 9.100
3312 343
34
4 33
32
33 I 32
33
32
323
6,400
3113 32
•56
5313 *5614 5812 *55
5812 .54
5812 *54
5813' *55
5812
95 I *21
L•20
95
*22
95 I *25
95 I *20
95 I *20
95
8
111 1214 123 13
/
4
1112 12 I 12
12
1134 123
4 1212 13
5,200
r .712 77
8
712 712 *7
712
712 *7
712 *7
712 *7
100
*333 40 I *33
/ 40
1
4
8
*333 41 I *333 41 I *333 40 I *333 40
8
8
8
8
159 .161 I 158 16112 156 16112 15614 158
15513 157
152 15512 4,850
*
86 4 8612 *86
8614 86
86 I 853 85
4
/ *853 861 *853 8614
1
4
4
/
4
4
400
12 A1312 123 1318 12
4
1212 12
12 I *11
1212 *11
12
1,900
243
412434' 2414 2414 •
23
241 *23
:
25 1 .22
25
21
22
600
121 '.1213' 12
/
4
12%
113 1218
1134 12
4
105 1114 1013 1012 4,900
8
133 1133
41
41 15
15
*1112 1458 *1112 134 *10
*1214 14
/
1
1318
300
.5
*6
*6
9
9
• 10P 9
514 ,
7 I *6
7
*6
7
151311513 1412 16% 15
15, •1512 167
4
8 165 165s *1512 1612 1,300
8
414- 5
'
4
44 5
20
1718 22
20
2012
•30 ,364 *30
36% *30
/
1
*10314107 1 *10314 107 *10314
8 13
•13781 14
133 143
8
*86
87
*86
*85 It 88
23
*2318 25 .2314 25
/
4
2
181 : 181 1812 1812 •1814
6
6
/
1
4
'64 7 1 *6
is
12
18
18
18
8012 7918 8112 78
80
/ *412 431 *412
1
4
43
4 4
- 1-i.4- -1i 2
I
514
5
21
20
367 *30
8
107 *1033
4
1312 •133
8
87 .86
8
23's *225
19
*1814
*5
6
_ 78
797
8
43
4'
1212 -1414 -i3F2 14
53
81
43
4
21 I 20%
35
*30
106 *10314
1313 1318
87 I 85
25 I *225
8
183 *1814
4
57
8 *5
is
18
7714 7813 764
/
1
5
4
/ 53*
1
4
__1 ____
/ 111
1
4.
1233 13
/
4
1
PER SFIARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Railroads
Par $ per share
Atch Topeka & Santa Fe_ _100 1323
4June 2
100 1001:June 2
Preferred
Atlantic Coast Line RR100 78 June 3
100 4312June 2
Baltimore & Ohio
100 651:J00e 4
Preferred
50 47 June 2
Bangor & Aroostook
4June 3
100 993
Preferred
100 32 June 4
Boston & Maine
Brooklyn & Queens Tr_No par
712June 2
4May 4
Vs par 513
Preferred
/
1
Bklyn-Manh 'Fran vie No par 534 Apr 29
/
1
Preferred v to
No par 854 .fan 21
3 May 27
Brunswick Ter& Ry See No Po
25 241June 19
/
4
Canadian Psolfle
25 27 June 2
Chespeake & 01210
4June 2
100
Chicago & Alton
3
/June 18
1
4
100
Preferred
4 June 2
Chicago Great Western.....100
4June 3
100 153
Preferred
3%June 2
Chicago Mew Si Pant & Pao43
4June 2
Preferred
Chicago A North Weetern_100 21 June 2
100 89 June 4
Preferred
Chicago Rock lel A PicIfic.100 2212June 3
100 50 May 29
7% preferred
100 50 Slay 29
6% Preferred
100 2433June 1
Colorado ,k Southern
Consol RR of Cuba pref....100 25 June 3
Delaware & Hudson
100 1071:June 3
Delaware Lack & Western_100 4514June 2
/
4
Deny & Rio Gr West pref_100 111June 3
100 13 :June 2
Erie
100 25 June 3
First preferred
100 1712June 1
Second preferred
/
4
Great Northern preferred 100 431June 3
8June 5
100 137
Gulf Mobile & Northern
100 51 13 Feb 10
Preferred
8June 1
Hudson & Manhattan
100 337
100 4112June 3
Illinois Central
RR See stock certificates_- 37 May 25
Interboro Rapid Trail v 113..100 1912June 2
100 25 June 3
Kansas City Southern
100 40 June 2
Preferred
Lehigh Valley
50 3714June 1
100 6114June 3
Louisville A Nashville
Manhat Elm modified guar100 30 May 2
,
Market St Sty prior prof __100 12 June 3
14 Apr 18
Minneapolis A Si Lou1s100
Minn St Paul & 99 Merle 100
5 June 1
100 38 June 1
Leased lines
8June 3
97
Mo-Kan-Texas RE........No Pa
100 394June 3
/
1
Preferred
Missouri Pacific
100 14 June 3
100 50 June 2
Preferred
Naeh Chatt & St Louis _ _100 47 June 11
Nat Rye of Maxie° 2d Pre1-100
14May 28
New York Central
100 7112June 2
NY Chte & St Louis Co__ _100 40 June 11
100 50 June 2
Preferred
N.Y & Harlem
50 14712June 2
N.Y. N. H A Hartford___100 63 June 2
10412June 8
Preferred
N. Y. Ontario & Western_ _100
538 Jan 2
N. Y. Railways eref___No par
/
1
4June 5
21:May 25
Norfolk Southern
100
100 139 June 2
Norfolk A Western
100 89 Jan 8
Preferred
100 3012May 18
Northern Pacific
114June 1
100
Paolfie Coast
50 4218June 2
Pennsylvania
4 May 1
100
Peoria et Eastern
100 28 June 11
Pere Marquette
100 50 June 1
Prior preferred
100 50 Slay 28
Preferred
8.1une 4
Pittsburgh A West Virginia 100 497
50 6038 Apr 27
Reading
50 37 June 3
First preferred
50 41 Slay 29
Second preferred
St Louts
9 June 2
-San Francleco_ _ _ _100
100 1518June 1
First preferred
St.Louie Southweetern
100
7 May 27
100 16 May 27
Preferred
38May 21
No par
Seaboard Air Line
100
5
8May 21
Preferred
100 6714June 1
Southern Pacific Co
100 27 June 2
Southern Railway
100 53 June 3
Preferred
100 90 Mar 10
Texas & Pacific
100
Third Avenue
513 Apr 29
Twin City Rapid Transit...100
61
/
4
.1fune 5
100 3518June 1
Preferred
100 137 June 2
Union Pacific
100, 834 Jan 5
/
1
Preferred
1001
8 June ii
Wabash
100 19 June 4
Preferred A
100
Western Maryland
9 June 2
100
914June 3
Second preferred
100
4 June 2
Western Pacific
100 10'8May 25
Preferred
Highest.
$ per share
203 Feb 24
/
1
4
10814 Apr 13
120 Jan 23
87 Feb 24
/
1
4
8012 Feb 27
663 Feb 26
4
1131251ar 9
66 Feb 20
1314 June 18
63 June 18
693 Mar 2
3
9414 Feb 11
9 Feb 10
/
1
4
453 Feb 24
8
4613 Feb 10
2 Jan 12
/
1
4
11 Jan 12
/
4
71 Feb 10
/
4
263 Feb 25
8
8 Jan 33
/
1
4
153 Feb 10
8
4512 Feb 24
116 Mar 18
6512 Jan 27
101 Mar 24
90 Jan 28
48 Jan 9
4213 Feb 24
15714 Feb 25
102 Jan 8
45 4 Feb 10
3
39 4 Feb 24
3
4512 Feb 27
4013 Jan 5
69 Feb 24
/
1
4
374 Feb 17
75 Jun 9
4413 Feb 17
89 Feb 24
61 Jan 23
34 Mao 2
46 Feb 26
54 Feb 9
61 Jan 9
111 Feb 9
39 Feb 28
22 Feb 18
3 Jan 12
4
1112 Feb 10
45 Mar 11
25% Jan 20
85 Jan 16
/
1
4
42 Feb 16
107 Feb 1 1
80 Feb 25
12 Jan 5
13214 Feb 24
88 Feb 11
94 Mar 9
227 Feb 24
1
947 Feb 24
11911 Feb 24
/
4
111June 12
/
4
2 Feb 27
814 Jan 9
217 Feb 26
93 Mar 31
607 Jan 27
8
7 Met 23
64 Feb 10
9 Jan 9
/
1
4
85 Feb 10
9214 Feb 25
80 Jan 8
86 Jan 9
974 Feb 11
46 Jan 5
47 Jan 16
623 Jan 27
4
76 Jan 27
331s Jan 9
60 Feb 24
11 Jan 12
/
4
218 Jan 12
10913 Feb 11
55 Feb 10
/
1
4
83 Feb 10
100 Jan 14
13 June 15
171 Feb 17
/
4
62 Feb 9
20518 Feb 24
87 May 18
26 Jan 9
51 Jan 9
19 Feb 24
/
1
4
20 Feb 24
14 Fob 9
/
1
4
3153 Feb 24
Industrial & Miscellaneous
7,300 Abitibi Power & Paper _No par
312May 21 1414 Feb 26
1,20
100 15 Juno 3 52 Feb 26
Preferred
Abraham & Straue__.-No Par 25 Jan 22 3.312MaY 13
100 100 Jan 8 10612Slay 4
Preferred
2,600 Adams Express
No par
1118June 3 2313 Feb 24
70
100 8313 Jan 5 92 Apr 6
Preferred
200 Adame 5111113
/
4
No par
22'8 Jan 14 331 Apr I
200 Addreeeograph lot CorpNo par 18 Apr 2S 334 Feb 2
/
1
/
4
100 Advance Rumely new_ No Par
412June 3 111 Mar 17
/
1
4
100 1112 Jan 29 20 Feb la
Preferred
_ -- - -- _ - --------- Ahumada Lead
7 Feb 27
8
1
',June 4
753 77
4
17,200 Air Reduction Ino____No Par 7034June 1 1091 Feb 24
/
4
.412 44 1.000 Air
31 Apr 30 104 Feb 24
/
4
/
1
-way Elee ApplianeeNo Par
___
/ Jan 5
1
4
14 Jan 2
,
No Par
Max Rubber Inc
-124 -- -3- 1- - - 500 Alaaka Juneau(kW Min___10
/ 13 4 45.
1
7 Jan 2 2018Juno 4
53
3
5
204 *18
/
1
35
*30
106 *10314
1313 1314
8614 85
25
.2233
18
/ *1814
1
4
6
*5
18
7714
5
____
1314
STOCKS
NEW YORK STOCK
EXCHANGE.
54
19
35
106
13
/
1
4
85
25
183
4
6
•Bid and asked prices: no sales on this day. a Ex-dividend and ex-rights. c 60% stock dividend pald. r Ex-dividend. I/ Es-1'1313c
PER SHARE
Rav.ge for Precious
Year 1930.
Lowest.
HighesIt
$ per share $ Per share
168 Dec 2424 Mar
100 Dec 1084 Sept
/
1
954 Dec 17513 Mao
55 Dec 1223 Mai
/
1
4
8
/
4
7014 Dee 841 July
5018 Dec 8413 Mar
/
1
1064 Dee 1164 June
44 Dec 112 Feb
54 Dec 15,May
53 May 6618 MAY
5513 Dec 784 Mar
/
1
83 Dec 983 Sept
4
54 NOV 33 Apr
/
1
4
3514 Dec 52' May
324 Dec 511 Sept
/
1
/
4
/ Dec 10 Apr.
1
4
14 Dec 105 Apt
1
6 Dec 17 Mar
/
1
4
84
/
1
4
12 Doc 52 May
414 Dec 26'8 Feb
7 Dec 464 Fob
/
1
4
281 Dec 89 Feb
/
4
/
1
4
101 Dec 1403 June
4
454 Dec 1251 Feb
/
4
92 Dec 1103 Mt/
,
81 Dee 104Ia Ms*
4018 Dec 95 Feb
BO Dec 62 Apr
13018 Dec 181
Feb
6913 Deo 153 Feb
2518 Dec 80 Mat
224 Dee 63 Feb
/
1
4
27 Dec 673 Feb
8
23 Dec 6211 Feb
51 Dee 102 Mar
1018 Nov 4612 Feb
55 Nov 9814 Mar
/
1
4
/
4
/
341 Dec 534 Mar
1
65 Dec 13311 Apr
/
1
4
/
4
58 Dec 77 Map
2
203 Jan 8913 Mar
34 Dec 85 Mar
/
1
4
53 Dec 70 Apr
40 Nov 844 Mar
/
1
84 Dec 13812 Apr
4213 Sept
24 Jun
13 Dec 254 Feb
24 Apr
14 Oct
84 Dec 35 Feb
41 No
5912 Feb
1478 De
655 Apt
8
60 Dee 1084 Mar
/
1
/
1
4
20 Dec 9813 Mar
79 De 1454 Mar
70 Do 132 Mar
14 Dec
113 J1117
10518 Dec 1933 Feb
4
73 Dec 144 Feb
75 De 11014 Ma;
152 Dec 324 Feb
575 Dec 12818 Mar
8
1044 Dee 13513 Mar
334 Dec 1714 Mar
Oct
1
418 Jan
418 Dec 334 Fob
1814 Dec 265 Feb
83 Feb 9213 Oct
423 Dec 97 Feb
8
/
1
4
.312 Dec 19 Apr
63 Dec 8853 Mar
412 Dec 2412 Mal
7611 Dec 1641 kgn
/
4
80 Dee 101 Mar
guis oct 99 Ala'
484 Dec 121114 Let
/
73 Dec 1411 Felt
4
441 Mar 53 Feb
/
4
40 Dec 57 Feb
39 Dec 1181 Mm
/
1
4
/
4
6213 Dec 101
AD1
174 Dee 763 May
4
33 Dec 94 July
/
1
4
13 Dec 12 Feb
/
1
4
II Dee 28 Feb
88 Dec 127 Feb
4612 Dec 1364, Jan
76 Dec 101 Mar
86 De 145 Apr
4 De
1513 Mar
Oc
3113 ISO
444 Dec 79 Feb
/
1
16611 Dec 2433 Mar
4
/
8214 Jan 884 Sept
1
/
1
4
1114 Dee 67 Apr
39 Dec 894 Apt
10 Dec 86 Mat
114 Dee 38 Mat
713 Dec 304 Mat
23 Dec 5712 Mar
8
36
21
102
1414
801
/
4
51
10
Dec 4218 Apt
Nov 864 Apt
Dee 66 Apr
Nov 11011 Aug
Dec 373 Mar
8
Dec 94 Sept
Oct 82 Mar
4
Dec 80 June
Dee
414 Jan
M,
utt
a
Mar
Jen
,ler
87114 Dec 156%
3 )
w
13
8
Ws Dee 86
4 Dee
21/
Cl.
413 June
4552
New York Stock Record--Continued---Page 2
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 13.
Monday
June 15.
Tuesday , Wednesday
June 16. 1 June 17.
Thursday
June 18.
Midair
June 19.
Sates
for
the
Week.
BTOCKS
NEW YORK STOOK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
13 basis of 100-share lots.
Lowest.
Highest.
per share
per share
$ per share $ per share i $ per share 1$ per share $ per share $ per share Shares Indus. & Miscall.(Cos.) Par
Ns par
5 June 3
/
4
400 A P W Paper Co
812 Feb 10
6
/ *614 61
1
4
4 618
6
6 18 *6
6
/ *6
1
4
4 518 *53
*53
57
57
N. y.'
418June 2 1214 Feb 24
512 57
8
512 5
/ 10,500 Allegheny Corp
1
4
618
6
618 63
8
618 614
Prof A with $30 warr-100 2018June 3 591s Feb 25
2618 2618
27
800
27
2312 24
2678 27 1 *2618 29 1 12618 29
Pref A with $40 ware......100 15 June 3 59 Feb 11
26
28
121
120
100
*2114 26
*2234 26
23 23 1 *23
26
Prof A without warr----100 14 June 3 5512 Feb 25
28
2212 *18
200
2212 *18
11718 28
21
2118 *17
31
117
/
1
4
4
4
4June 1 1823 Feb 24
11834 120
11814 122 I 11633 11914' 116 11812 113 117 112 1143 32.700 Allied Chemical & Dyet-Ne pat 1023
/
1
4
12312 12312
Preferred
100 1217
300
8June 12 126 Apr 7
*122 123 *12214 123
123 123 '
1123 12314 123 123
2312 233
4 2314 233
4 3,775 Allis-Chalmers M91.....Ne par 18%June 3 4234 Feb 26
2418
2358 2358 2.312 24
24% 2418 24
12
*10
Alpha Portland Cement No Vat
12
8 May 27 187s Feb 9
12 *10
*10
12 I *10
12 1 *10
12 110
4
8 1,700 Amerada Corp
1512 1534 153 157
No Pew 1512June 2 23 Mar 21
16
1512 16
*154 16 1 153 16
/
1
4
16
400 American Bank Note
10 343
4June 3 8234 Feb 13
38
13712 3812 3814 3812
*36
3812 137
3812 38
3812 136
Preferred
5512
70
50 54 June 4 6614 Feb 28
*5512 58
15512 5712 55
*5414 61
*55
51 1 155
58
112 158
600 American Beet Elagar--No VW
434 Jan 9
1158 3
112June 15
112 158 1134 3 1 1158 3
3
*2
2712 2712
/ 28
1
4
500 Am Brake Shoe & Bay-No par 2578May 27 38 Feb 24
2834 27
128
2812 *273 33 128
4
2812 28
Preferred
/
4
111518 120 *11518 120 t111518 120 ,111518 120 11151 120 *11518 120
100 115 June 1 12411sMar 10
8 1,500 Amer Brown Bova!Ell_No par
/ 77
1
4
8 *714 75
5
5sJune 3 1233 Feb 24
4 77
7
8
8 14
73
4 74
3
73
73
4 73
4
Preferred
8
/
1
591 697 2384 6912
820
100 81 Apr 29 72 June 12
4 684 71
/
1
593 7012 67 69 I 6812 593
4
25 9214June 1 129 4 Mar 26
3
102 1033 10158 1044 101 10312 10114 1028 9912 10112 9812 10038 141,5140 American Can
/
1
4
4
10
,
Preferred
100 145 Feb 4 1521 Apr 30
150 150 *14914 150 *14818 150 *14818 150 *14812 150 *14918 150
/
4
/
1
19 I 173 1814 1712 17121 1878 16781 161 154 1,630 Amerloan Car & Bily —Pre vat 14 June 3 3834 Feb 24
4
173 1812 x18
8
'*____ 62 1 15318 62 1
Preferred
100
100 5812June 17 86 Mar 18
*60 6212 15812 6212 15812 6212 5812 5513
8,
187 118
19 I
No par 15 June 2 4334 Feb 24
100 American Chain
1912 *17
19 1 117
19 117
515
19% 19
/
4
/
4
700 American Chicle
No par 3312 Jan 2 4838 Mar 20
14118 4212 4112 4112 4112 4112 4118 4112 401 401
*4014 42
11 1 1,003 Amer Colortype Co--No par 10 June 11 2114 Feb 27
10 I *10
•10
11 1 *10
11
*10
1012 10
1012 11
73 .
4
712 g
73*
57a Apr 29 141s Feb 16
7% 7%1 2,100 Am Conam'l AleoholNo par
4 1712 8
1712 73
78 8
Amer Encaustic Tiling_No par
4
4 *618 63
51aJune 2 113 Mar 2
4 *618 63
*618 63
4 1618 84 *518 64 *618 63
304 Amer European Bee's—No per 1812June 1 33111 Feb 24
8
1978 1978 *1914 207 *1814 2014 1912 1912 11812 1912 11814 2033.
2434 62,933 Amer & For'n Power—No Soar 2114Jime 3 5114 Feb 24
2634 26
2634 2418 2578 24
263 2714 2634 2878 28
8
*8512 92 1
Preferred
No par 8514 Jan 3 100 Mar 20
*8612 93 *8612 92 *8812 92 *8812 92 18512 92
*493 513
4
51
4'
10) 2d preferred
7912 Feb 25
No par 4612June
51
*5012 5412 *5118 54 *50
53 15012 53
*7512 77
$6 preferred
No Par 74 Jan 3 90 Feb 26
*71A 801 17512 77 17512 77 17512 77 17512 77
714
Am Hawaiian 1313 Co
8
714
10
15
s
814 Apr 27 103 Jan 9
16
8
*6
8
"6
8
17
8
4
4
412
8 Mar 31
10) Amer Hide & Leather.. No par
412 14
412 *4
412 14
les Jan 7
412 *4
14
Preferred
503
19
19
1812 1812 *1712 19
4 19
19
1184 193 11814 193
100 101s Jan 8 30 Apr 6
4
5418 5418
60) Amer Home Produota—No per 45fauno 2 84 Mar 20
/
1
/
1
4 5512 5512 5418 55
15612 57 25612 554 *554 573
1,40) Amerioan foe
2112 211 *2134 24
2112 211 12112 2214 2112 2112 *2114 22
/
4
No par 1814May 20 81% Feb 9
1212 1258 118 13
914June 3 26 Feb 26
1214 123
4 1214 1212 1114 1118 1078 1114 5,50) Amer Internet Corp— No Par
13* Jan 9
Am L Franee&Foamtte_No par
*,13
12June 1
3
4
*5
8
3
4
*3
8
3
4
*3
8
3
4
3
8
5
8
*1
/
4
10'4 10874
4
412May 1 12 Jan 9
Preferred
*10
100
10
10
1014 *1014 12 "1014 12
107
8 10
4
1618 161 1534 1534 151 154 1518 1512 1514 1618 1.50) American Loeomotive-No par 131sJune 3 3011 Feb 26
/
4
4
16
16
70
70
4
72
203
Preferred
*70
100 69'2June 15 843 Mar 6
*6814 7512 60% 69'3 *69
7513 *8912 71
31
3112 31
3114 "3018 3114 304 3114 2,50) Amer Mach & Fdy new-No par 28 June 3 4334 Mar 19
303 3112 31
4
7 Mar 2
2 May 27
Amer Math & Metels...No par
/ 314 12
1
4
/ 1238 318 1238 318
1
4
*232 3% 1238 338 12
/ 3
1
4
9
9
9
/ 1914 978
1
4
9
1,200 Amer Metal Co Ltd—No par
812June 3 2334 Feb 24
*914 9%
93
4 93
4
914 9
/
1
Preferred(6%)
/
1
4
15212 81
100 6312May 21 8912 Feb 5
*5212 7738 *5212 7738 *5212 77 *5212 774 15212 7738
/
4
1378
1138 141 12
950 Amer Na; Goo prat____Ne par
5 May 29 397a Jan 20
11
17 1 14
15
14
14
87
8 9
4
313 3234 7,800 Am Power & Light----No par 30'8-fun° 2 6471 Feb 26
4 3134 35
*354 3612 36% 383
/
1
4' 343 3514 353 353
4
4
4
894 *873 8912
Preferred
301)
19118 911 x90 90 I 89% 89% 88 88 *88
No par 88 June 17 102 Mar 27
/
1
/
4
201)
Preferred A
/
1
4
8June 19 84 Apr 9
*7638 80 *753 80 175 80 17538 80 17538 7818 754 751
8
No par 751
8
300
Prof A stamped
No par 741/June 19 85 Apr 4
763 763 *745 781 *7418 7514 *708 7514 *7418 7514 7418 743
4
8
/
4
1214 9.400 Am Rad et Stand San'y-No par 1112June 1 2112 Mar 20
1268 127
8
/ 1218 1212 12
1
4
s 1212 12781 1214 124 123 12
5 Apr 27 123 Feb 27
s
71
7
7
163
8 7
1512 7
6
/ 6
1
4
/
1
4
6
61
/
4
400 American Republics—No par
*7
1712 1812 *1712 18
/
4
2
18
173 173
8
4 1712 1734 1612 17141 4,300 American Rolling Mill
18
25 151June 2 373 Feb 20
4612 4812 1.200 American Safety Rasor-No Par 46 June 3 68 Feb 26
*4612 4814 48 48141 464 47
8
/ 464 463 478 48
1
4
/
1
51
512 *4
54
/
1
Amer Seating v I o____No par
*4
512 *4
512' *4
5
/ *4
1
4
9 Feb 13
4 June 2
*4
51
12
*12
*12
82
12
*12
52
3 ' •12
2
300 Amer Ship & Comm_No Par
12May 29
liss Feb 27
32
131
32
Amer Shipbuilding new_No par 31 June 3 62 Jan 6
32 I *31
32 131
32 1 *31
131
32 131
8
2818 2812 2738 275 14,900 Amer Smelting & Refg-No par 243
2912 30% 2958 3038 284 3012 2858 29
/
1
8June 3 5812 Feb 24
111818 129 111818 130 1111814 130 *11814 128 111814 128 *11814 123 1
Preferred
100 11712May 14 18812 Mar 27
84
*83
85
85 *83
*83 85 *83 85 *83 85 *83
6% CiUm 2d peel
100 8312June 6 102$4 Mar 12
36
134% 353
4
100 American Snuff
3812 138. 3812 36
/ 381 *344 3812 136
1
4
134
25 3514June 3' 4214 Mar 10
*10212 110 *10212 110 1+10212 110 *10212 110 110212 110 *10212 110 1
Preferred
4
100 104 June 3 1093 Mar 13
118 118 3,200 Amer Solvents & Chem_No par
11 11
/
4
/
4
/
4
11 112
/
4
11/June 16
*13
4 2
14 158' 1% 11
/
1
418 Feb 18
27
238
238
214 23
8
214 23
8
214 2141 2,100
3 1
214June 171 1112 Feb 24
33
8 3
/
1
4
Preferred
No par
115
153
4' 4,200 Amer Steel Foundries—No par 1118June 21 3114 Feb 20
1473 153
4
1412 147
4 143 15
4
/ 1512 154 153 16
1
4
/
1
4
*10414 1033 210212 10212 *104 1083 103 103 110212 1083 110212 10834
Preferred
30
100 10012June 4 118 Feb 20
4
41
/
1
41 z404 4178 41
/
4
No par 37 Jan 7 4814 Mar 10
41 I 40
/ 4012 4012 4012 3912 401 1.700 American Stores
1
4
4812 47 48
43
48
48
4812 148
48 *47
48
/ 148
1
4
100 42 June 2 60 Mar 25
500 Amer Sugar Refining
110078 101
1003 1003 101 101
4
4
101 101
Preferred
101 101 *100 101
1,000
100 98 Jan 2 10812M1tr 16
8
*412 8
714 74 17
*714 8
8June 3 1118 Feb 18
200 Am Sumatra Tobaeoo__No pa
*714 8 1 1714 8
83
Amer Teleg & Cable 0o100 1514 Jan 12 234 Feb 18
16712 16912 16812 17112 16758 17038' 169 1703 16714 169 216418 166 68,500 Amer Telep & Teleg
100 15612June 2 20134 Feb 26
4
1106 108
4
108 108 *1071 1077 107% 1077 10534 1058 10512 1054
8
9812June 2 1283 Apr 14
700 American Tobacco new w 1 2
/
4
11212 1128 11012 11338 11114 11212 11118 11218 10912 11114 109 11018 9,200
Common claw B new w 1_2 1021sJune 2 132 Apr 14
/
1
112712 12912 129 129 *12712 12912 112712 12912 112712 1294 1283 12914
4
300
100 12414 Jan 8 132 May 5
Preferred
157
75 *57
71
155 65 155
75 155
75 160
American Type Founders,..100 58 June 4 105 Jan 16
88
88
88 *86
88 88 *86
88 183 88
88
188
110
Preferred
100 85 June 2 11013 Feb 28
45
4638 4638 453 4714 45
45
4814 44
8
40 /June 3 8014 Feb 26
3
46
4314 4412 6,300 Am Water Wks di Eleo-No Pa
*983 9912 9912 991
8
/
4
198 loo
/
1
4
loo 100
100 100
198% 100
9912 June 19 107 Mar 19
300
lit preferred
8
7
514June 3 117 Jan 12
/
1
7
*512 678
500 American Woolen
100
15
/ 7
1
4
5% 8% *54 57
518 514
126
28
27% "2814 2712 2714 2714 12412 2712
2618 2712 125
100 2068June 2 391g Mar 23
300
Preferred
4 Jan 23
112 112
112 Apr 29
/
4
*112 2
1112 2
158 11 1112 2
*112 2
500 Am Writing Paper etre-No Par
111
1"
*10
110
15
15 *10
15 *10
15 *10
15
Preferred oertifloatcs___ A00 10 June 2 18 Feb 20
83 Feb 26
4
318May 26
*412 434
*44 5
/
1
43
4 48 *434 478 *412 434 *412 5
400 Am Zinc Lead & Smelt_Tro par
/
4
125
35 *28
32%
25 26 Jan 10 4034 Mar 1 I
32113 128
3018 301 3018 *3112 3218 *26
100
Preferred
4June 3 4314 Feb 27
/
4
/
4
214 2178 2158 223
2034 211 201 2118 52,200 Anaconda Copper Mining_50 183
4 2112 2218 2114 22
201
/
4
2012 120
2012 120
20
20 *20
2012 *20
2012 "20
200 Anaconda Wire& Cable No par 20 June 10, 254 Mar 10
*2178 2212 *2112 23 I *2112 2212 22
4
22
218 2178 12012 213
300 Anchor Cap
No Par 191sJune 21 36 Feb 21
*912 12 I
912 012 *912 12
9 June 131 1911 Feb 27
183 12 I
9
9 I 19%
4
200 Andes Copper Mining—Ara Par
•14:04 11
18 Feb 4
1012 1012
10
10
91 9%, 3,900 Archer Daniels MidI'd_No par
/
4
107 12 1
8 11
93 1012
8
49141 4,000 Armour & Co.(Del) pref_100 32 June 2 72 Jan 7
4358 44
4312 443
463
4 4612 4812 46
4 4518 4541 46
ileMey 29
412 Jan 8
2 1
17
134 134
178 2 . 2
2 1
18 „ 2
13
4 17' 4.000 Armour of Illinois elan A-25
27s Jan 7
1 May 28
25
11s 1131
114 11 1113 112 *118 14
/
4
/
1
114 114
114 1141 1.400
Class B
14
14 I 11212 1412 14
14
100 1012June 2 47 Jan 6
•1318 15
13
14 1 13
14141
900
Preferred
311s Jan 2
7 Apr 4
12
*514 58 1512 57
Constable Corp_No Pa?
*514 57
*5
5 8 *514 58 1514 57
7
Arnold
5 Jan 13 101s Feb 26
No par
4 *512 634 .512 684
*67
8 7 1 1512 63 *512 83
4 *512 63
artioom Corp
534 Ape 24 287 Feb 10
7is 712
2
712 752
658 65
712 77
63
8
63
4 714
4 63
8 1,500 ABsocieted Apparel Ind_No par
4
No par 1614June 3 21168 Mar 20
*1911 20 1 *20
22 1 184 20 I *1914 20 1 1914 1914 *1812 19
500 Assort Dry Goods
25 20 May 26 81 Feb 18
122 25
12012 28 1 12012 26 "2012 28
2012 2012 *2012 26
10 Associated Oil
*1612 1714 *1612 1714 *1612 17
11612 17
*1812 17
17
17
100 All 0& W I S SLine--No par 17 June 8 89 Jan 7
100 32 June 8 534 Jan 21
*3014 34 *3014 33 *3014 33 I '
53014 33 1 1304 33 *3014 33
Preferred
6
25 1113June 2 23 8 Feb 24
1438 1458 1334 1434 13% 144 8,600 Atlantic Refining
14% 1458 1412 15
1418 1458
/
1
No l ar 30 June 3 54 Feb 11
yw
35% 38
38
38
138
39 I 138
39 1 38
38
*38
39 I
400 Atlas Powder
2
86 June 3 997 Jan 16
91
"86
91
87
87 87 1 186
91 I 186
88
87 186
160
Preferred
7 May 29 1312 Feb 10
No Dar
*712 852 *712 812 .712 77
4
712 712
714 712 *712 83
8
700 Atlas Stores Corp
2 May 15
811 Jan
12
3
No Par
3
12
3
12
3 I 12
3
*2
3 1 *2
Atlas Teak
14914 155 67,100 Auburn Automobile—No par 10111 Jan 14 29512 Apr 14
162 1723 1653 17414 163 170 I 165 16912 15612 166
4
4
1 June 17
214 Mar 30
1
*34 134
*3
4 13
No Par
114 114 4
.118 134 *118 134
118
4
300 Austin Nichols
114
1 Jan 2
23 Feb 16
s
No par
114 *1
114 *1
114 14
114 *1
114 *1
11
Autosalee Corp
353.8
2 Apr 28
5 Feb 27
Preferred
61* Mar 2
No par
8 Jan 2
ib-,6,55 Aviation Corn
'1%
",
38
912June 2 2738 Mar 19
1138 12
3,400 Baldwin L000 Worka __No par
13181 1212 13
1312 133
41 1312 14 I 1312 1312 13
100 72 June 19 1044 Mar 19
72
7312
Preferred
74
320
753
8 7312 7312 74
8 75
78
76 I 753 755
8
_l
Apr
107 Feb 11
Bamberger(L)& Co prek_o
104
10
10212 10212 110212 104 110212
110212 104 110212 104 ,110212 104
par 102 June 3
66
17'
0 10 Jan 2
3
418
*4
418
4
4
20 Barker Brothers
418 *4
418 *4
*4
418 *4
100 3914 Apr 30 60 Mar 10
Preferred
I 133
/ 50 133
1
4
/ 50 13338 40 13333 45
1
4
50 I *333 50
8
135
25
53
4Juno 2 1412 Feb 26
5
/ 714 10,400 Barnacle!' Corp clew A
1
4
*634 67
8
7
7
63
8 7
714
7
7 18
7
3112
No Iw 2223 JuneA pr 23 83 Jan 19
oa,
7
Bayuk Cigars Inc
3112 123
3112 123
*2212 3112 12212 3112 123
3112 123
ggis 184
preferred
90 Mar 5
8612
50
First
584
8812 84
84 *83 8612 '
•
84
8612 184
50 6312June 2 81 Mar 19
1,100 Bessie° Creamery
*59
61 .158 15812 5812 59
61
613 613 157 61 I *59
4
4
100 10118June 19 111 Mar 16
10118 10118
Preferred
100
100 Beech-Nut Peeking Co20 4412June 2 62 Apr 9
5012 5012
13
4June 1
24 238
/
1
500 Belding Elem'wey 0o No Dar
4 Jan 80
2
/ 238 121 212
1
4
1214 212 1238 212
iv
200 Belgian Nat Rys part pref
777qune 13 8034 Jan 22
1418 an 2
*7714 7814
/
1
4
7712 7712 *77 784 7712 77 17714 7814 *7714 7814
4
2512 Feb 24
/
1
1612 167
8 164 17 1 1812 1612 154 184 1814 1512 153 1618 8.700 Banat Aviation
/
1
No par 3114June 3 4614 Mar 19
/
1
/
1
/
1
35
35 1 3512 36 1 35
353
4 3514 3514 344 3512 344 344 3.200 Best & Co
8
par 1
16 june 1
.
413
4 4012 415 18.100 Bethlehem Steel CorP--No Ioo .8V une 2 7033 Feb 20
/ 411 43 I 4158 43% 41
1
4
/
4
44
4434 4318 45
Preferred(7%)
1,200
1237e Mar 6
*104 10478 10412 10614 *104 10614 106 10614 10414 1073g. 110514 107
No pa
50 Blew-Knoe Co
16 June 2 29 Feb 21
*1714 173
1712 1712 *1714 18 1 . 1 171 .
1714
11714 18 1 1714
Bloomingdale Brothers_No 1oo 1612Jan 15 205 Mar 25
pa
5 51y
8
*185 20
8
a
20 '18'*
91
Preferred
91
98 Jan 9
85 May
10
Blumenthal & Co pref__100 63 Juno 3 8212May 11
._ 82
85 *___ 82 *___ 82 1____ 82 *___ 82 1
264 27
/
1
/ 1,500 Bobo Aluminum & Br..Ne par 2014 Jan 2 4011 Apr
1
4
29
128
2912 22912 2938 2812 285
8 2812 2912 28
1E
30
r3: '13. 315 *13,3
:
V:
I. 311
1.
V:
1
`172 112,,I'38,113 I*P4g1,1 13 TA:: 18 4; 2g
53
5
.
214
17,4
Is
I
78 7:'s il I.4N I .1138 VI*trs U4
I
.____
•Bid and asked Vilma; no sated 00 thus day. s Ex-dividend. if Ex-righta
PER SHARIc
Range for Pleft01111
Year 1930.
Lowest.
Highest.
$ per share $ per share
• Dec 1512 Feb
514 Dec 3514 Mar
1
3614 Dec 1071s Feb
8712 Dee 9934 Apr
8411 Oct 9614 Feb
4
17014 Dee 843 Apr
120 4 Dee 12614 Apr
3
31/4 Dec 83 Mar
1111 Dec 4214 Mat
1612 Dec 3112 June
s
4512 Nov 973 Mar
6014 Nov 6634 Jan
21e Dec 12 Jan
80 Dec 54% Mat
118 July 128 Feb
4
614 Oot 213 API
38 Oet 84 Sept
10411 Dec 1561$ Ape
8
2
14014 Jan 1507 Oee
24Is Dec 821s Feb
70 Dec 116 Jan
27 Dec 697s Apr
85 Dec 5114 Apr
157e Dec 22 Oat
9 Nov 83 Jan
e
8 Nov 807 Mar
17 Dee 5912 Mar
4
25 Dee 1013 AM'
84 Dec 11112 Apr
4
12
63 Dee 1003 Jane
73 Dec 101 Map
los Dec 83% Mar
7 Apr
11s Dec
81s Dec 3478 Apr
4612 Dec 6934 Mar
s
2412 Dec 417 Mar
2
16 Deo 553 Apr
4 Apr
12 Dec
7 Dec 85 Feb
1814 Dec 105 Jan
6814 Dec 11812 Mar
2934 Dec 45 Sent
3 Dee 1412 July
1311 Dec 8111 Feb
80 Dec 116 Feb
20 Dec 95 Mar
8
3618 Dec 1193 Apr
107 Mar
Dec90
2
7412 Dec 877 Sept
7434 Dec 8912 Sept
15 Dec 3934 Apr
518 Dec 87 Mar
28 Dec 1007s Feb
s
5212 June 671 Apr
5 Dec 2612 Feb
818 May
13 Dec
85 Dec 5411 June
3712 Dec Ms Apt
181 Dec 141 Ape
9338 Dec 1081e Aug
357 Dec 4371 Jan
s
10018 Jan 112 Sept
2 Dec 2212 Man
53 Oct 8314 Mar
4
2311 Dec 5214 Mar
110 Dec 116 Feb
8611 Dec 8512 Apt
8914 Dec 6974 Mar
95 Nov 110 Apr
5 Nov 21)34 Feb
15 Dec 2712 Feb
4
170$s Deo 2741 Apr
981, Dec 127 Beet
9914 Dec 130 s Bent
7
120 Feb 129 Sept
4
95 Nov 1413 Apr
4
10312 Nov 1143 July
.
47 s Dec 1247 Apr
6
98 Nov 1081s Oct
Vs Nov 2014 Feb
156 Nov 447e Feb
3
9 May
lea Dec
4
101s Dec 443 Feb
7
353 Deo 17 s Feb
2
288 Deo 797 Jan
4
25 Dec 8112 Ape
19 Deo 5314 Feb
4
24 Dec 513 APT
4
101 Dec 371 Apr
s
131e Dec 2914 Apr
60 Dec 8278 June
81e Mai
2 4 Nov
3
4 Mar
/
1
4
lls Nov
2514 Nov 65 June
312 Dee 133 Apr
4
45, Dec 201e Ape
20 Nov 461s Mar
19 Dec 5012 Apr
30 Dee 51 June
33 Dec 803. Jan
48 Dec 6514 Feb
Ws Dec 5118 Apr
42 Dec 106 Mar
97 Nov 106 Mar
7 4 Dec 37 May
3
811 Mar
212 Oct
00% Nov 26334 Apr
7 May
e
16 Dec
s
74 Dec 103 Mar
12 Dec 25 Mar
2In Dec
97 Apr
e
1938 Jun
88 Feb
84 D
116 Jan
103 Dec 11011 Feb
8 Nov 20 4 Mar
3
58 Dec 91 Mai
84 Mar
• D
23 Nov
68 P 6
89 Dec 101 J1117
62 Dec 92 Alm
10114 Mar 10914 Sept
,
n
4
463 Nov 701,8706121
7614
3
Dec
6
21s Dec2 Jan
Mat
s
1414 Nov 573 APP
8018 Dec 5614 Ara
173s Dec 11014 Apt
1123 Deo 184 Mar
4
23 Oct 24271.121 AD
APP
611 Dee
Get
95 Deo 104
74 Feb 90 ADC
4
183 Noe, 1110 APt
New York Stock Record-continued-Page 3
4553
For sales during the week of atocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sales
for
Monday I Tuesday
Wednesday 1 Thursday
Friday
the
June 15,
June 16. , June 17. I June 18.
June 19.
Week.
Saturday i
June 13. I
Vper share $ per share I S per share
*6014 65
*6014 65 I *6014 72
1
1
114
*1
114; *1
3
3
*33
3 5 I
31* 31*
55
563
8 5613 5753, 557 5673
8
163 167 x167 173
4
3
8
8
3' 165 1712
*1
114 *1
1141 *1
114
3 1014 107
1014 103
8 103 1112
8
*1514 163
4
4 163 17 I 17
17
23
4 234!
23
4 23
4 *212 3
.
12
1912 *12
1912' *12
1913
•108 109
10814 109
10712 10712
38
39
38
39
38
39
*8
853
8
8
*8
812
•123 13
1212 1212 123 13
3
8
233 233
233 24
4
*2312 24
*10012 109
109 109
109 109
•3
/ 3
1
4
/ *33
1
4
8 314
3
/ 3
1
4
/
1
4
8
8
8
83
8 *77
8 8
83
4 83
4
9
9 I
9
9
*912 10 I 103 103
3
81 *914 1014
*9
1012 *8
1612 *8
1612
*3
412' *3
5 I *3
5
*5314 65 1 *53
65
04
04
*22
23
2214 233
3 2314 2314
20
20
22
2234' 217 217
8
8
*73
793
4 73
73 I *73
793
4
*983 101 I *983 101
8
8
100 100 1
"3
4 /
1
4
; •4
3
7
8
•
/
1
4
7
8
$ per share I 5 per share $ per share
*6014 72
60 60 12 *6014 72
*1
114
*1
1 14
*1
114
*312 5
*312 5
*312 5
503 5714 5512 563
8
8 5518 5614
1718 1818 1718 173
4 1673 1714
*1
114 *1
114 *1
114
113 12141 1114 118 103 1114
4
4
*153 17 1 *1512 17
4
*1514 167
8
.212 3
*213 3
"212 3
*12
19
*1112 1912 *1113 1912
107 10712 107 1073 106 108
4
*33
39 I *38
39
*38
39
*8
812, *8
88
,
8
8
1212 1212 •1213 13
1214 1214
22 8 23 I *213 223
,
4
4 217 217
3
3
109 109
*943 109 *1003 1087
4
4
8
*312 33
4 *313 33
4 *318 33
4
*774, 8 I
77
8 77
8 *73
4 8
*85
8 9 I *853 9
812 8 2
,
1038 103
3 *914 10
*914 10
*8
1612 *8
1612 *8
1812
*3
5 1 *3
5
3
3
*5112 65
*5112 65
*5112 65
*2212 23
217 2212 23
8
23
*21
223
4 2114 2114 21
21
*73
75 1 7314 7314 *7312 793
4
100 10014' 997 9973 93 93
8
3
4
3
7
18
*5
*8
4
8
STOCKS
NEW YORK STOCK
EXCHANGE.
On
PER SHARE
Range Since Jan. 1.
basis of 100
-share lots.
Lerma.
Highest.
Indus. le IKiace11.(Con.) Fa" $ Per share $ Per stare
Bon And clam A
No star 60 Jan 6 2661.1 Apr 15
Booth Fisheries
1 Feb 20
No par
1 June 13
lit preferred
100
/
1
4
3 June 13 17 Feb 20
Borden Co
25 47 June 1 764 Mar 20
Borg-Warner Corp
10 1412June 2 304 Feb 27
/
1
2 Mar 18
/
1
4
Botany Cone Mille class A_ _BO
14May 22
41,400 Brigge Manufacturing_No Par
814June 2 223 Mar 25
4
/
1
No par 15 Juno 1 244 Mar 24
2,400 Briggs Sr Stratton
2 Jan 2
200 Brockway Mot Truek No par
54 Mar 2
100 1012 Apr22 20 Feb 17
Preferred 7%
/
1
4
2,100 Brooklyn Union Gas___No par z99 Juno I 129 Mar 19
Brown Shoe Co
No par 32 Jan 22 40'8May 13
/
1
4
400 Bruns-Balke-C,ollemler_No par
8 May 4 15 Feb 13
/
1
4
700 Bucyrus-Erie Co
10 115aune 2 20 Feb 19
10 2012June 3 344 Feb 10
/
1
Preferred
903
100 109 June 12 114 Apr 21
Preferred (7)
50
5 Feb 25
/
1
4
100 Budd (1E 0) Mfg
No par
212June 1
No par
718 Apr 29 13 Feb 27
1,100 Budd Wheel
No par
812June 6 154 Jan 30
4
500 Bulova Witten
812June 3 23 Feb 28
No par
200 Bullard Co
Burns Bros new olAnowNo Par 1212June 2 1212June 2
No par
212May 11 10 Jan 7
New olael B aom
200
100 22 Mar 17 85 Jan 20
10
Preferred
2,700 Burroughs Add Maeh__No par 1918June 1 334 Feb 9
17 Apr 23 31 Feb 24
No Par
800 Bush Terminal
100 70 Apr 23 104 Jan 23
20
Debenture
100 9,518 Apr 29 113 Mar 17
11) Bush Term Bides pre/
545lay 7
11 Feb 20
/
4
100 Butte & Superior Mining_ _ _10
*114
113
*114
112
114
114' *118
8
1141 *1,
114
118
118June 19
2 Jan 29
114
400 Butte Copper•Mao
5
*9
11 I 1014 1014 *103 103 *1012 103
8
4
4 1012 1012 10
9 June 2 205 Feb 28
8
10
No par
300 Buttertek Co
3112 323
8' 3114 3212. 303 3134 3012 313 1 2818 3014 275 283 20,500 Byers A Co (A Ml
8
8
8June 2 89 Feb 20
/
1
4
8
4
No Dar 235
*8018 96 I *8018 96 I *807 96 1 *8018 96
8
*8018 96
2
*9018 96
100 80 June 2 1067 Feb 24
Preferred
233 23 8 233 235
8
,
8
81 2273 233 *22
3
2312 *223 23 .22
4
600 California Paoking____No par 201/May 1 53 Feb 16
2312
NI
•I2
*12
,
5'
8
.12
82
*12
52
13 Mar 2
4
5 Jan 8
8
10
2
5
8
Callahan Zinc-Lead
*12
5
8
*26
30
*2614 30 I *26
30 I 28
28
27
27
2612 2612
8 ar 17
300 Calumet At Arizona Min1ng_20 2312June 2 435
613 613
6
613' 6
6
6
53
4 618
613
57
8 6
/
4
5 June 2 111 Feb 24
2,200 Calumet Sr Heola
25
•1114 1178 1112 1134' 115 1158, 103 11
8
*1013 1133 *1013 1114
8
800 Campbell W Sr 0 Fdry_No par 1018June 17 1658 Mar 25
42
43
42
43 I 4112 4212' 42
4212 4014 413
4 40
40
6,600 Canada Dry (linger Ale No Par 294 Jan 19 4358J une 12
/
1
•21
2212 *21
223
8, 2012 2012 *2018 223 •193 22
3
4
*20
/
1
4
100 Cannon Mille
2238
No Par 17 Jan 2 25 Mar 24
•133 14
4
137 137 *1314 14 I *1314 137 '
3
81
812 Jan 3 16 Feb 26
s 11314 1373 *1314 137
100 Capital Adtainis el A No Pat
8
*31
38
•31
38 I .31
38
*31
38
*31
33
*31
38
4
50 29 May 18 365 Feb 25
Preferred A
72
7314 7114 743
4 7012 723
8 693 713
4 6312 6918 63
4
65 192,203 Case GI I Co)
100 5912June 3 1314 Feb 24
*10114 1033 •102 103341 1033 1033 •10114 1023 10114 10114 9814 10114
4
4
4
4
95 May 14 116 Mar 21
250
10
Preferred eortifleates
24
4
24 4 233 243
,
4
8, 2312 2312 223 24
22
221* 2218 2212 4,500 Caterpillar Traotor____No pa
2118Juno 3 5212 Feb 17
*212 27
234 2341 *212 27
8 *212 278
8 *212 273 *212 27
6 Feb 27
2 June 5
100 Cavanagh-Dobbs 1n0_ No Pa
•1012 2212 *1012 22121 *1012 2212 •1012 2212 *1012 2212 *1012 221*
*1012
100 15 June 9 26 Mar 7
Preferred
.
10
1012 *10
101 1012 1012 •10
105 •10
8
1012 *10
8May 20 16 Feb 25
1012
87
500 Colaneee Corp of Am__No Da
*612 6
*514 63
4 *612
4 •6
7
53
4 53
*53
4 7
100 Celotex Corp
/
1
858 Apr 24 144 Mar 2
No Pa
*47
8 512
5 2 5 4 •5
8 "5
512
53
3 53
,
6
,
*5
6
300
4
No pa
33sJune 3 133 Mar 21
Cert!fIcates
•1414 1512 *15
1514 1514 1514 •15
1514 15, 15,
4
4 15
15
14 June 1 37 Mar 21
/
1
4
100
No pa
Preferred
•1914 20
*1914 20
*1914 20
•1914 20
1912 2012 20
8June 3 241 Jan 9
2012
700 Central Aguirre Asso No pa
/
4
177
45
418 418 "414 434 *43
8 43
4 *43
3 43
4
8 434
438 *45
212 Jan 6
200 Century Ribbon Mills_No par
614 Feb 21
*5114 60
*5114 60
*5114 60
*5114 60
•5114 60 '5114 60
100 50 May 28 70 Feb 26
Preferred
15
15
155 16
8
15
1514 16
4 1,400 Cerro de Paseo Copper_No Par 14 June 3 304 Feb 24
16
*1514 157 *1514 153
8
*312
4
35
8 35
8 *3514 4
4 *33
3 4 33
,
*33
4 4
4 4
314 Jan 2
200 Certain-Teed Producte-No Par
714 Mar 23
31
31
•3014 307
8 3012 3073 30
3013 30 30
30
3014 1.800 City lee de Fuel
/
1
4
No pat 30 June 17 37 Feb 25
7912 30 4 *793 80 .7953 80
8
,
783 795g 80
4
80
SO
80
420
100 774 Jan 14 90 Apr 21
Preferred
97
8 97
*914 10
8 .914 93
4 *9 4 93
,
4
918 9 4
9
9
,
8June 1 2314 Feb 7
700 Checker Cab
73
No Par
3614 37
3612 373
4 3612 37
36
37
3512 36
3353 3514 4,700 Chesapeake Corp-- ---No par 2712June 2 5418 Feb 24
714
8
714
8
*7
712
73
8 73
8
7
7
*63
8 714
500 Chicago Pneumat Tool_No par
612 Apr 29 154 Feb 26
*1512 183
8 1612 1012 16
1612 157 16
3
16
16
•16
1833
600
No par 1512Juue 2 35 Feb 28
Preferred
21
21
21 •____ 21
1912 *1918 21
Chicago Yellow Cab
No Par 19 June 9 23 Jan 9
.10
1012 10
10
*10
1072 .10
1012 *10
1012 *10
1012
100 Chickasha Cotton Oil
10 10 June 3 1234 Mar 30
1912 1912 2012 203
4 20
*20
20
2112 *1914 20
*1914 20
400 Childs Co
/
1
4
/
1
174June 3 33 Feb 10
No par
1718 177
8
3 177 1812 1814 193
8 185 193
3 173 183
8
4
4 1712 18, 224,400 Chrysler Corp
8
3
No par 1212June 2 25 4 Mar 9
37
8 43
37
8 4
3
8
314 3 4
33
4 4
358 37
8
4 Feb 11
/
1
4
3 2 3 2 16,700 City Stores new
,
,
2 June 2
No par
•1413 1514' *1412 15, *1412 1514 *145 1514 •145 1514 145 143
8
4
8
8
3
100 Clark Equipment
8
No par 11 June 8 227 Mar 25
*2512 2612 *2514 2614 253 253 *2514 2612 •
4
4
2514 2512 *2513 2012
100 Cluett Peabody & Co_No par 24 May 19 3418 Feb 17
•10012 ____ *10012
10012 10012'10012 -- 10012 10012 *9834 101
20
100 95 Jas 28 102 Mar 4
Preferred
144 1453 14312 144 I 144 14414 14212 14314 142 14212 2,300 Cola
145 145
4
No par 133 June 3 170 Feb 24
Cola Co
*5112 52
*5112 52
52
52
*513 52
4
515 515 *5112 5214
8
8
200
No par 504 Jan 2 5312.1-line 4
Claes A
*4414 4412 45
45
4412 443
4 44
4413 44
4418 44
44
1,600 Colgate-Palmolive-Peet No par 40 June 2 6012 Mar 18
•10112 10314 *102 1025 10212 1025 •10212 1025 *10212 1025 *10212 102 8
8
8
8
8
,
100 1014 Apr 21 104 Feb 18
/
1
6% preferred
*1214 1212 1212 13
1278 1338 1314 133
4 1313 1312 1318 1318 3,500 Collins Sr Altman
No par
9 Jan 30 17118 Feb 26
82
*7612 80 '7012 79
8 *77
*7612 79
*7612 79
Preferred eon-voting__ _ _100 71 Apr 30 78 May 18
*712 9
*712 9
•712 9
*712 9
713 712 *712 9
100 Colonial Beacon 011C,o_No par
7,2June
1014 Jan
•13
1314 13
*1218 1314 .12
13
1273 •1112 1278 1212 1212 1,400 ColoradoFuelk Iron new No por
914June 2 1534May 20
67
68
68 6812 6512 66
653 6614 64
4
6512 6312 6414 3,900 ColurubLan Carbon v 2 o No par 55 June 2 1114 Feb 25
26, 27
8
203 273
3
267
4 26
3 2613 267
8 2513 2614 2514 26
24,030 Columbia Gas Sr Elea No par 205
/
1
4
8June 2 45 Mar 19
*993 10412 100,8 100, 1003 1003 10012 10012'10012 101
4
8
4
1005 1013
4
8
300
4
100 95 June 3 1094 Mar IS
Preferred
714 712
71,
73
8 77
714 78
8
74 74
,
7
3
7
7 14 22,500 Columbia Graph ophone
6 Juno 2 164 Mar 13
•1614 17
17
173
8 17
17
163 17
4
163 163 •1613 17
4
4
1,200 Commerela' Credit....-No Dar 13 May 27 2314 Feb 26
*33
34
*34
3412 *34
3412 34
34
*34
3412 3312 34
300
/
1
4
50 30 8June 3 85 Feb 20
,
Class A
22
22
*22
2212 22
22
*22
2212 •2218 25
22
22
70
25 2111 Jan 20 2412 Mar 18
Preferred B
83
85
*80
83
*80
83 2 *80
,
9312 80
80
85
*80
60
lit preferred (614%)-- _100 7812 Jan 29 85 4 Mar
1
*2614 267
8 2613 2612 2513 2512 20
263
4 263 263
8
8 253 253
3
4 3,600 Corn Invest Truet__-_No par 22 May 26 34 Mar 19
.84
89
*84
89 .84
89
*84
87 .84
87
*34
87
Cone preferred
No par 82 Jan 20 90 Jan 26
3
•314 4 8 *313 45
8 *3,
8 453 *313 45
8 *31s 412 *318 453
21 Jan 7
8
Feb 37
Warrants stamped
133 14
1312 14
4
1314 133
4 1314 133
4 123 1318 123 127 10.500 Comm Solvent.,
4
4
8
/
4
No par 104June 2 211 Feb 24
8
818 83
8 18
3
14
8
8 14
8,
3 8
77
8 8
8
28,400 Commonw'ith & 800-rn No Par
8,
3
67
8June 2i 12 Feb 24
927 *92
92
9212 9212 9212 9212 9212 93
93
93
9314
1,100
1
$6 preferred iseriee-No par 90 June 8, 100 8Mar 16
.30
*31
33
33
30
30 I *30
33
*30
32
30
30
2.100
No Par 30 June 31 3414 Feb 16
107 10e 107 107
3
3
8 1014 10 8. 1014 1014 1014 1014 1018 1018 4.100 Conde Nast Pubilea
,
67 Jan 2 12114 Mar 27
8
Congoleum-Nairn Ino_No par
21
x21
*19
•193 24
4
203 *19
41
20
19
19
•17
20
200 Congress Cigar
1812Juno 2 30 4 Mar 10
No par
3
4
4
3314 341 *333 351 *333 3412 *3014 347 *333 343
3
4
333 333
4
4
400 Consolidated Cigar
No Dar 2512 Jan 8 3714 Mar 12
63
*6272 643 *6212 64
63 I 0212 62'2 62 62
62
62 I
90
100 55 Jan 2 73 Mar 19
Prior preferred
41412 5
472 58
538 53
8
513 51
*5
6
*514 6
1.100 Cannel Film Indlls--No par
314June 3 15 Feb 17
133 143
4
1312 131
1312 1312' 1312 131
13
1212 1,300
133 •12
3
No par 1012June 2 184 Feb 17
Preferred
/
1
93 8
5
92
9013 9212
915 923
8
91
923
8 8914 911
83 4 893 02.900 Consol Oas(N Y)
,
4
4Mar 19
No
8218 Jan 2 1095
•10414 104s 1045g 10453 104 1043 *10458 1047 1043 105
4
Par 10112 Feb 27
3
No Par
Preferred
105%MaY 9
2
4
*12
2
8
34
28 10158 105 I 1,000
2
8
34
2
8
12
12
2,000 ConaoLidated Textile
No par
14Mar 18
/
1
4 Jan 2
*3
33
313 3
52
33
4 334'
314 31
*313 33 *400 Container Corp A vot No par
3 June 3
812 Jan 9
112 112
112
*114
112
1 3
,
11
*114
*114
11
2Qo
14
*114 r
4
1181tlay 29
No par
3 Jan 12
Clast D voting
113
1414 1234 1314' 13
4 12
*11
13's 1212 121
1218 1212' 5.500 Continental Bak' el A_No par
94June 2 30 Feb 28
13
8
15
8 2
13
13
4
4
13
4
118
13
4
11 17
/
4
134
13
4 6,100
No par
114June 3
Class 11
3 Feb 2
/
1
4
x5212 5514 523 5313 533 533
4
543 55
4
4
4 54
54
53
53
2.400
100 44 Apr 30 7712 Feb 27
/
1
4
Preferred
8 46
4714 4812 4818 487
487
8' 4714 48
4618 473
8 4512 46381 14,800 Continental Can Ino__No par 41318June 3 624 Mar 20
/
1
*83
4 9
x87
8 37
812 812 "812 912 *812 912
8
812 812
400 Cont'l Diamond Fibre_No par
8
S18June 2 167 Feb 27
4013 4012 x4012 4054 397 403 *4018 4012 40
8
4
4 , 3914 3954, 1,403 Continental Ins
04
10 31 June 1 517 Feb 24
8
212 212
2,
4 23
3
23
3 23
3
214 23
3
214
238
214 2141 3,100 Continental Motors---No Par
413 Feb 27
214June 3
7
7
7'a 1
67
8
63
4 7,8
67
8 7 I
Vs 672
652 67 11,000 Continental Oil
8
5 June 2 12 Feb 13
N Par
*43
4 5
43
4 6
43
4 43
41 •45
8 43
41
413 43
8
Vo par
312May 21 12 Feb 24
8 6353 64 1 *635 65 I 6312 65,4 OP 61'21 N311 Continental Shares
653
64 2 6412 65
,
8
Corn Prod Me RelinI1Ig....„25 5.513June 2 865 Feb 17
8
3
4
•1493 1503 150 150 *150 1503 *150 15012 15012 15012 '149' 1571
8
150',,
13
2
!
( ) Preferred
1
32?
100 1467 Jar 8 15212 Apr 2
8
8
*712 8,
8
8
8 4 812 *7,
,
2 8 I *713 8
Coty Into
No par
614June 1
18 Feb 27
*2813 29
29
*2312 29 1 *2812 29 1 *2812 29
*23
No par 2612June 3 3412 Mar 11
Cream of Wheat
16
1612 1714 163 1712 *1512 1712
4
1612 1612 16
700 Crex Carpet
._100 1214June 1
/
1
194 Apr 11
*6
6
514 514 *514 7 1 •514 7 I *514 7
*314
5
3
7
1.113?) err:Islay Radio CorD---No Da
0
8 Feb 25
/
1
, 412 Jab, 2
4
23
*22
23 I 227 227 .22
4
8
2234 223 •22
8
23
*22
23
Crown Cork & Seal___-No Par 1814June 1 5814 Feb24
25
8 23
212 212
4
4
23
*212
253 23
4
25
8 23
4
2 June 2
Crown Zellerbacb
NO Par
67 Jan 12
8
3814 3973 38
383
4 37
38 1 *3712 40
37
37
3612 36l
1,600 Crucible Steel of Ameries_100 3018Juno 2 63 Feb 11
*8714 8812 8714 8714 *8714 90
89
8912 *87
*89
*8714 90
10
100 80 June 4 106 Jan 3
Preferred
4,3I2 314 *3
314 *3
318 *3
3181
3
3
314 314
200 Cuba Co
No par
3 May 19
54 Jan 8
/
1
*7
2
4
114
1
1,
8
110 *1
7
3
1
118
7
8
11s 1,703 Cuba Cane Producti--170 Par
%June 1
25 Jan 8
8
*3
33
3
313 333 *3
333 *3
34
,
314 314
3 4 313 1.800 Cuban-American Sugar---10
,
2 Apr 30
/
1
4
53 Mar 24
4
20
20
*1812 20
193 20
•1812 20
4
•19
23
1858
340
100 16 June 8 38 Jan 9
PreJorred
39
4 39
39
3814 333
39 '40
33
38
40
40
V)
1.70,) Cudahy Packing
4May 21 484 Mar 19
/
1
50 353
70
8
71.18 69, 71
71
7012 *09
71
71
7012 270
70
1,200 (Dania Publishing Co_ .No Par 69 June 8 1OQ Feb 7
4
115 115 *1143 115
115 115
115 115 2114 114
*115 116
500
No par 11212.1une 11 11,Mar 5
Preferred
23
4 27
8
3
23
4 27
23
3
4 27
23
4 27
8
23
4 278
4
26 13.903 earth's-Wright
s Feb 27
No Par
218June 2
414
*4
413 414
414 41*
414 412
414 414
438 412 2.303
100
Claw A
3 Juno 2
84 Mar 2
20
4 20
20
2014 20
1912 1912 *1912 203
8
2
014 197 197
8 1,000 Cutler-Hammer Nifg___No par 1712June 2 41 Jan 7
1112 11
11
11
1014 1058, 10
1113 1112
1018 10
1018 2,100 Davison Chemical
Wane 2 23 Feb 24
NO per
9-
r
Shares
500
200
200
29,000
14,400
:M
• Bid and asked prices: no sales on this day. z Ex-dividend. y Ex-dividend and ex
-rights.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest,
$ per share $ Der alarm
691s Oct 78 Apr
1
Oct
5 Mal
514 Dec 334 Jan
6018 Jan 90 8 May
4
15 Nov 5012 Mat
11 Dee
/
4
6 Mar
121 Oct 25 July
/
4
/
1
4
154 Nov 3812 Apr
11 Dec 2214 May
/
4
13 Dec 85 Apt
984 Dec 1781 Mal
4
33 Nov 42 Feb
/
1
4
10 Dee 305 Mar
4
111 Dec 311 Mat
/
4
/
4
21 Dee 43 Mat
107
/ Jan 117 Sept
1
4
3 Dee 101 API
/
4
04 Oct, 1452 Feb
/
1
Deal 43 Mar
9 Dec 76 Apr
/
1
4
8 Dee
714 Dec
4
184 Dec
/
1
214 Dec
97 Nov
Oct
108
/ Dec
1
4
11 Dee
4
10 Nov
3312 Dec
108 Dec
611 Dec
/
4
5 Dec
11
8
285 Dec
7 Dec
/
1
4
10 Nov
3011 Dec
1618 Dec
711 D80
35 Api
100 Fab
511 Mav
/
4
481a Mar
110 Mar
118 Apt
54 Us
414 Feb
29 2 Feb
3
112 Apr
/
1
4
114
Jan
774 Mar
24 Feb
8918 Jan
33 Jan
/
1
4
30 Mat
755 Mar
8
3414 Mar
283 Apt
4
42 Mat
382 Apr
/
1
4
132 Itgay
7044 Apr
134 Jan
/
1
75
Jan
205 Oct
s
60 Mar
12 Sept
844 Apr
/
1
8011 May
814 Mar
8918 July
65
/ Jan
1
4
157 Feb
8
49 Fe0
983 Feb
4
87 Mar
/
1
4
8212 Mar
37 Mar
557 Mar
s
32 Mat
3212 Apr
67 June
/
1
4
48 Apr
134 Apr
4412 Apr
60 Apt
105 Apr
1911 June
/
4
53 Mar
641 May
/
4
104 Dec
3534 Feb
92 May
203 Apr
8
29 1 Dee
,
834 Dee
118 Dec
22 Dec
112 Dec
24 Dec
94 Del
3 Dec
3 Dee
174 Dec
18 Dee
34 Dee
51 Feb
21 Dee
2 Dec
324 Dee
/
1
79 Oct
144 Dec
/
1
3214 Dec
7 Nov
/
1
4
2218 No
2012 Dec
1012 Dec
22 Dec
/
1
4
1418 Dec
24 Dec
1512 Dec
21 Dec
9114 Jan
1334 Jan
4812 Jan
44 Dee
97 Ma
12
Oct
73 Jan
83 Dec
4
--__ -8518 Dec 191 Meti
305 Dec 87 Apr
8
99 Nov 110
Apr
714 Dec 57 Apr
/
1
4
1511 Dee 40 Apr
/
1
4
301/ Dec 444 Apr
/
1
204 Dee 28 Apr
7614 Jan 954 Sept
2104 Dee 55 Mar
80 June 87 Mat
6 Oe
212 Dec
14 Dec 88 AD
712 Dec 2014 Apr
8612 Dee 1044 June
/
1
3112 Dec 57 Mar
5 8 Dec 1944 Mar
,
184 Sept 5672 Mar
241 Dec 59 8 Mar
/
4
4
53 Dec 80 Mar
7 Dec 27 Mar
/
1
4
/
1
4
124 Dec 2814 Jan
7814 Dec 13818 Z.,7,;
9912 Jan 1054 Sept
14 Deo
2 Jan
51s De
2212 Feb
2 De
84 Feb
164 Dec 5212 Feb
/
1
2 De
7 Feb
62 Dec 941 Fob
s
6312 Deo 715 Mar
4
9 4 Dec 371 Apr
3
/
4
874 Dee 773 Mar
4
211 Nov
814 Feb
7 Dec 304 Ay/
/
1
4
84 Dec 404 Apr
/
1
85 Dec 1111 Apr
/
4
140 Feb 1511 Oet
/
4
718 Deo 33 Feb
8
2512 Jan 353 Mar
o Jan
2918 Mar
314 Dec 22
Jan
31 Dec 59 Apr
54
/
1
4
4 Dec 1811 Feb
/
1
5018 Dec 934 Mat
1014 Dec 117 Mir
11 Dec 19', May
/
4
Oct
1
7 Mar
2 Dee
9 Feb
20 Dec 653 Fob
4
3818 June 48
Jab
Deo 12818 May
86
112 Dec 12118 Mar
13 Dec
4
141 Apr
8
3 Dee 19 Apr
/
1
4
85 Dec 9011 Ma:
10 Dec 634 Mat
/
1
New York Stock Record-Continued-Page 4
4554
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sides
for
the
Saturday i Monday 1 Tuesday
Wednesday Thursday 1 Friday
J14718 19.
Week.
June 18.
June 13. I June 15.
June 16. . June 17.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share , $ per share $ per share $ per share $ per share $ per share I Shares Indus.& Miscall.(Cos.) Par
Debenham Seour1ttes----5 licA
8 912
*65
8 912 *658 10
*652 612 *652 912 *952 91E' *05
20
20
900 Deere & Co pref
88 20
194 197
*193 20 •1934 20
4
1934 1934 20
20
100
800 Detroit Edison
/
1
4
*143 150
/
1
4
147 147 147 147 *147 149 147 148 x146 146
1134 2,000 Devoe 82 Raynolds A__No par
1114 *11
1114 1114 *1114 111 *11
111 11
/
4
1114 11
4
No par
8 5,800 Diamond Match
1714 174 1712 173
/
1
4 1712 1734 1738 1758 1714 1738 1718 173
25
8
800 Preferred
*2512 26
2512 26
254 257 *2512 257
8 2578 2578 *2512 257
8
1212 16,100 Dome Mines Ltd
No par
12
1178 1178 1134 1173 1132 1172 1118 1112 1118 12
No par
19
1,800 Dominion Stores
8 19
193
19
4
19 x19
1978 1912 1912 *183 1912 *19
No par
7,100 Drug Inc
6738 6812 6714 68
683 69
4
70
684 6914 6812 69
/ 69
1
4
512
Dunhill International_No par
.582 512 *54 57
2 *518 57
2 *54 512 *54 .
2 *54 57
Duplan Silk
No par
1314 *1212 1314
/
1
4
*1212 1314 *1212 1314 •1212 1314 *1212 13 *12
Duquesne Light 1s8 pref---100
4
8
4
*10612 10738 *10538 10738 *1053 10738 *1053 107 •1053 1073 1053 10738
/
1
4
4
4
Eastern Rolling MilL_No par
*63
4 7
*634 7
*63
4 7
*63
4 7
*63
4 7
4 7
*63
13214 13378 13014 1333 12912 1323 13014 13212 128 13034 127 12914 17,800 Eastman Kodak Co. No Par
4
4
8% cum pre:
100
•130
__ *130 --__ .130
*130 --- *130
2
1212 1112 1212 17 ,705 Eaton Axle & Spring-No par
*1012 103
13
8 10
/ 13
1
4
1334 1338 1338 12
I du
20
8084 7834 7934 7714 7834 7618 774 61.200 E0% Pont de Nem
7934 8118 8018 818
4 78
non-vot deb
100
8 1,300
*122 12214 122 122 8 12132 12138 *12012 12214 *12014 12012 12014 1207
,
900 Eitingon Sehild
No par
*712 8
*712 8
4 7
74 712 *712 8
7
7 8 7 8 *63
7
*5514 637 *5514 637 *5514 58
100 Preferred 634%
100
58
2
*5584 58
2
5514 5514 *55
3814 36,100 Electric Autollte
No Par
8 37
42
4338 34112 4214 40
4114 3818 4114 3814 393
30 Preferred
100
10812 10912 *107 108 *107 108 *10714 108 *1074 103 *10714 108
No per
318 318 4,300 Eleotrio Boat
31
37
2
234 3
332 3h
2
/ 2
1
4
/
1
4
3
4
2 344 3538 64,900 Electrio Power & L$ -No pox
3618 37
36
3738 35 4 364 3512 367
3
8 3434 363
300 Preferred
No par
9738 97% *9712 9812
9758 9758 *97 100
9614 9614 *97 100
200 Preferred (6)
*8578 90
No par
*8514 89 *8312 883 *853 883 *8538 88% 88 88
4
8
4
900 Met Storage Battery-- No Dar
4
54
5414 5414 *5414 513
*52
54
54
543 *5414 543
8
4 54
Elk Horn Coal CorpNo par
*38
3
4
/
1
4
8
4
*3
8
*3
8
3
4
*3
8
34
3
4
*3
8
3
4
*5
8 114
*42 ii2
,Emerson-Brant el A-No par
*52 112
*38 112
*34 112
*52 112
37
400 Endicott-Johnson Corp50
*33 3618 3618 3618 *34
35
35
35 33513 3518 *35
Preferred
100
*10512 115 *10612 115 *10612 110 *10612 110 *104 108 *104 115
36
*27
500 Engineers Public Berv-No par
35
*28
*30
36 *30
36
x32
32
31
31
100 Preferred $5
*7612 78
No par
*7718 82
81
81
*77
78 *764 78 *7613 78
100 Preferred (514)
No Par
72 80 *73 80
1281
83 •81
83 x7938 7958 *7912 80 •
27% 283
8 2,701 Equitable Office Bldg No Par
29
29
2814 29 *29
30 *29
30 *28
29
*54 6
900 Eureka Vacuum Clean-No Par
513 6
513 512 *514 5
52
8 533
512 512
434 434 1.500 Evans Auto Loading
5
*4
414 *4
414
4
414
414 414 *414 5
/
4
60 Exchange Buffet Corp-No par
*1772 18 *177 18
8
1712 177 *1712 1813 1712 1712 *171 1812
8
.114 212
Fairbanks Co
25
/
4
*114 212 *114 212 *114 212 *114 212 *11 212 3
*434 8
20 Preferred
100
*4
/ 6
1
4
412 412 *434 7
4 6
*43
*43
4 6
*1518 16
Fairbanks Morse
No liar
*1518 16
*1512 17 *1514 1714 *1618 16
*1518 16
83
130 Preferred
83
100
8312 84
87
84 84 *84 87
400 Fashion Park Assoe----No Par
432 44 *418 438 *418 438 *3,2 438
3 4 4313 *418 438
3
*31
35
1,000 Federal Light & Trao
15
3138 *3034 35
.32
*3114 45
*3112 40
31
3
*84
94
10 Preferred
No par
94
94
86 *84
*85
94
86
94 *84
2 *55
4 57
2 *54 57
4 578
Federal Motor Truok__No pa
*53
4 6
*53
4
*5 4 57
3
13 *58
300 Federal Screw Works_No pa
412 412 *412 512
412
412 *412 513
*412 512 *412 512
1658 9.400 Federal Water Sart A__No pa
,
1712 20
1578 1914 163 1712 1712 17138 1613 1712 16
8
100 Federated Dept Stores_No par
*22
*2212 26
26
*2218 26 •2218 2441 *2218 2418 2212 2212
1,400 Fidel Phen Fire Ins N Y_ -10
423 *4012 42
41
*4114 42341 41
*4212 433
4 4214 4212 41
*712 212 *712 212 4.7i2 212 *713 212 *712 912 *712 912
Fifth Ave Bus
No par
21
*18
21
Filene's sons
*18
No Pa
21
•18
22 *18
22
*18
22 *18
100
30 Preferred
*100 10112 *100 10112 100 100 *8712 100 *87 100 *87 100
*18
1812 1813 187
1812 1812 1812 1812 18% 18% 1 500 Firestone Tire & Rubber_10
8 1812 19
100
4
500 Preferred
6212 *6012 6212 603 603 *6012 6112 6012 603
4
604 6014 *60
4
6,200 First National Stores-No par
4 5312 54
53 533
4
513 517
4
4
8 5218 5314 523 523
4 523 54
12
*3
2
12
h
12
82
No par
23
3
8 4,100 Fisk Rubber
12
h
12
h
112 134
100
250 let preferred
13
4 13
4
158 158 ,0122 13
158 158 *112 134
4
4
lst prof convertible
100
*138 23
4 *138 23
*132 234 *138 2 4 *13
8 234 *132 28
3
*2314 24
400 Florshelm Shoe class A-No par
*2338 24
*2314 24
24
24
24
24 *2312 24
100
10 Preferred 6%
99
*96
*100 -- *100 _- *100 ---99 *100
99
282
912 *2
9
9
200 Follansbee Bros
No Par
*812 12
912 912 *9 161; *2
243
4 6,300 Foster-Wheeler
24
2514 24
2718 2712 2718 272
No par
4 2612 2613 2512 27
8
300 Foundation Co
*63
4 812
8
73
8 74
3
No par
*63
4 73
4 *63
4 73
4 •61
4 7
/
1
4
*235 253
8
8 1,900 Fourth Nat Invest w w
25
1
*233 2434 24
8
25 32414 2414 2414 2414 24
17% 181 52.400 Fox Film class A
No par
1918 2018 193 2014 194 1958 19
19% 184 19
4
2334 241
No par
6,100 Freeport Texas Co
4
4 2414 243
2514 2512 2518 2638 25 2518 243 253
4
70
No par
Fuller Co prior prof
70 *____ 70
- 70
70
314
*3
312 *3
*3
33
8 *3
3
Gabriel Co (The) el A No Par
312
3
312 *3
230 Gamewell Co
No par
4412 4412 4412 457
8 45 45
*45
46
4612 47
4414 46
34
800 Gardner Motor
3
8
h
h
5
h
3
4
h
34
*5
8
2
8
*h
4
558 534 *512 58
5
700 Gen Amer Investors-No Par
558
558 *512 5 3
55
2 58
*512 54
3
*7112 75
75
*73
77 *73
77 *73
100
77 *73
77 *73
Preferred
5612 4,400 Gen Amer Tank Car
4 56
5738 5614 563
-No par
57
5712 5634 57% 563 5714 37
4
19
193
4 1,800 General Asphalt
19
*1912 2012 20
1934 19
No par
2078 19
1912 *19
512
*5
*5
5
5
200 General Bronze
No par
*512 5%
53
4 5 4 *558 6
3
*414 5
*414 5
*414 5
General Cable
No par
*43
4 5
*414 5
*414 5
814
814
*814 8.
12
100 Clees A
*814 9
No Dar
*814 12
*814 12
*814 12
2712 2712 2712 2712
20 7% cum pre:
100
4
*273 28
4
*273 28
4
*273 28 *273 28
8
*3218 33
33
33
*3314 34
100 General Cigar Inc
No par
*3212 333 *323 3334 *3314 34
4
4
4
39
4018 383 40
3818 393
4
No par
4
4 383 3912 388 394 3818 383 135,400 General Electric
/
4
430
111 1138 1138 1138 1114 1138 1114 1138 1114 1114 1114 1114 4.900 Special
4632 463 10,800 General Foods
8
464 4738 4738 43
463 4712 463 473
4
4
4 4618 47
No par
412 43
4 6.888 Gen'l Gas & Elea A
412 43
4
44 478
44 5
47
8 5
43
4 44
No par
5918
5012 *53
5818 *53
200 Cony pref ser A
No par
57
59 *55
5912 *55
594 *53
*274 2914 *2718 2914 *2718 2938 *2712 2932 *2714 2912 *2718 2914
/
1
Gen Bel Edison Eleo Corp--363 363
4
800 General Mille
38
38
4 363 363 *3638 37
No par
4
373 372
4
4 37 37
254 9612 9612 9612 9614 964 *5614 2582
9812 9812 397
97
100
700 Preferred
344 35
*10012 101
*151s 1612
*5 8 6
3
*1012 11
*5312 5412
*314 338
*42
43
3338 3338
40
*35
458 5
2478
23
8
727 7278
53
4 6
4512 4512
778 812
66
66
54
2713 2814
1114 1112
46
*37
353 36
4
*7318 78
*1012 1034
•70 80
212
*2
33
4 34
3
3412 3514 334 3438
4
101 101 *1003 101
*1518 1612 *154 1612
3 6
53
8 512 *53
1012 103
11
4
11
5312 5312
54 55
338
338 314 314'
39
*4012 43
401z
3358 3312 3312
33
*31
40
35 35
43
4 54
5
512
2378 2514 2338 2438
*72
73
73
73
5 4 618
3
512 53
4
45
*41
45 *41
812 812
812 812
66
66
66
66
5
5
514
5
. 265 2714
283
8
27
4
1012 1112 1034 103
403 403
4
4
*3718 46
4 3518 3518
4
343 3.53
78
*7318 78 *74
4
*1012 1118 *1012 103
80
80 *70
*70
212
*2
2
/ *2
1
4
33
4 34
3
4
4
;IA 1158
-11152
16
1514
8
407
*1912
3618
.18
713
x82
34
3
*3
2
*13
*1612
1512
4078
20
36
*18
74
*81
34
3
*3
8
•13
163
4
1512
4078
20
36
1812
712
85
34
h
15
37
*2614 27
54 5 4
2
3
532 533
4
4
13
13
*2614
.514
*533
4
*1212
1153
16
153
3
41
2012
363
8
1813
734
82
4
2
8
15
37
27
513
55
13
1158
15
*1518
41
*193
4
3578
18
712
*7914
312
5
8
*13
*10
*261
/
4
514
*54
1212
I1
-12
15
157
3
4112
22
365
8
18
712
82
32
4
%
15
37
27
512
5512
1212
3418 3478
101 101
*1518 1812
514 53
8
10
1018
*52
56
314 338
35
39
3313 338g
*31
40
43
4 5
2412
24
7212 7212
512 512
*41
45
814 812
65$4 66
514 538
2612 278
1012 107
8
*38
6212
3414 352
4
*74
78
*1012 1118
*70
80
212
4
33
4 33
335 345
8
8
10118 10118
*1518 157
8
,
514 5 4
912 912
54
*52
3 4 34
,
,
*35 40
33 33
*31
40
438 438
23
2414
7234 72%
514
5
*41
45
814 8 4
,
286
66
53
3 538
2478 26
1014 10 8
3
*36
6212
3312 3412
7414 7414
*1012 11
*70 80
*2
212
33
8 33
4
-ioT2
1013
1414
1438
*40
*21
3612
18
712
*8112
312
*3
2
*1134
*1218
*2614
514
56
*124
1458
154
41
*20
36%
18
73
8
8112
312
*3
8
1238
*1012
27
514
*55
13
15
1514
41
2012
367
8
18
712
815
8
33
4
7
8
1238
17
27
51
57
13
•Bid and asked prices; no sales on this day.
176(2
15
153
4
41
22
37
18
712
83
32
2
7
2
12
35
27
514
56
13
3318 34 217,100 General Motors Corp
10
101 101
No Par
3,800 $5 preferred
•14
1518
Gen Outdoor Ada A_-_-No par
*513 534
No par
500 Common
93
4 93
4 2,400 Gen Public Service
No Per
52
52
No Par
700 Gen By Signal
318 31 1,200 Gen Realty & titilities_No par
/
4
34
No par
z34
1,400 86Preferred
*33
3312 1,600 General Refractories-No Par
1131
40
100 Gen Steel Cast $6 prel-No Par
4
4 49,200 GenTheatresEquip v to No par
/
1
4
227 2312 24,000 Gillette Safety Rasor-No par
8
72
100
72
800 Cony preferred
Nit par
5
51 3,900 Gimbel Bros
/
4
100
*41
45
100 Preferred
No par
81 81 1,800 Glidden Co
/
4
/
4
100
*5714 66
150 Prior preferred
No Par
53
8 53
4 4.200 Gebel(Adolf)
-No par
26
25
15,700 Gold Dust Cory v $ 0
101 1014 2.000 Goodrich Co(B 1)
/
4
Na Far
100
40
.36
210 Preferred
3212 34
10,900 Goodyear Tire & Rub-No Par
No Dar
78
*74
100 let preferred
No par
*1012 11
Gotham Silk Hoe
100
80
*70
Preferred
No par
*2
2 12
Gould Coupler A
312 33
4 1,800 Graham-Paige Motors-No Par
No par
Certificates
-1or8 - 1- -118 2;665 Granby Cons M Sm & Pr-100
1458 2,600 Grand Silver Stores -No par
13
No pest
1418 1414 3,400 Grand Union Co
No par
*40 407
8
600 Preferred
No par
21
21
400 Granite City Steel
No par
3618 37
/ 3,500 Grant(W T)
1
4
18
1818 1,600 CM Nor Iron Ore Prop-No par
NO Par
78 73
4 2,900 Great Western Stante
100
*8112 83
30 Preferred
No par
312 358 5,900 allgeby-GrunoW
3
3
200 Guantanamo Super--No par
%
15
No par
*11
100 Gulf States Steel
100
*124 35
Preferred
25
*2614 27
100 Hackensack Water
*518 54
700 Hahn Dept Stores----No par
100
57
300 Preferred
*56
10
*1212 122
4
300 Hall Printing
EX-d1V1dend.
Ex-rights.
1; Ea-dividends
PER SHARE
Range Since Jan. 1.
On baste of 100-share lots.
Highest.
Lowest.
$ Per share $ per share
814MaY 25 121s Jan 28
193
4June 9 22 Jan 5
140 June 2 195 Feb 11
/
1
4
11 June 17 1918 Feb 18
14 2 Jan 15 23 Mar 6
7
2438 Jan 7 26 Feb 24
VS Jan 2 3131284ar 31
1418 Jan 2 24 Apr 13
614 Jan 2 7834 Mar 20
/
1
8 Mar19
/
1
4
5 June 1
/
1
4
11 June 3 14 Feb 9
102 Jan 5 1063
4June 3
63
4June 1 1314Mar 2
118 June 3 18534 Feb 24
12884 Jan 8 13412 Mar 23
/
4
914June 3 211 Mar 19
71 June 3 107 Mar 19
4
1188 Jan 9 124 Apr 9
314 Jan 2 1118 Feb 17
3512 Jan 5 69 Feb 18
3418June 2 74112Mar 10
106 May 29 110 Jan 7
4 May 22
2 May 7
3012June 1 6034 Feb 26
/
1
921
8June 6 1084Mar 20
80 Junt 8 9814Mar 17
491Jun 2 66 Mar 19
/
4
14 Feb 26
/
1
4Ma 15
3
284 Mar 25
/ Apr 24
1
4
30 Feb 10 41 Jan 7
1024 Apr 15 113 Feb 10
/
1
2853June 3 49 Mar 12
7814June 3 87 Jan 27
z794June 16 91 Mar 12
/
1
8June 19 853 Jan 12
2
273
/
1
4
5 June 11 12 Mar 17
/
1
4
85 Feb 24
8
4 June 2
1712June 16 25 Jan 7
1 Jan 3 3 Mar 20
4 Feb 23 1114 Mar 20
/
1
4
8June 2 29 Mar 6
/
1
4
157
s
831sJune 17 1097 Feb 2
613 Feb 24
We Jan 21
30 May 26 697s Feb 26
85 May 20 92 Mar 25
7 8 Feb 24
1
5 Apr 28
412June 6 1512 Feb 24
1114June 10 30 Jan 81
1512 Jan 5 26 May 12
3614June 2 5614 Feb 24
9 Feb 21
67 Jan 16
8
16 Jan 27 22 Feb 26
8514 Feb 10 104 May 12
4
13 Apr 27 193 Feb 25
8June 5
5614 Apr 29 633
41 .an 2 55 Mar 2
%June 16
7 Feb 24
2
1 May 18
8 Feb 7
138May 15
8 Mar 8
/
1
4
22 June 2 3512 Jan 3
9612May 28 10212 Mar 18
4
8 June 2 193 Feb 25
2112June 3 6412 Feb 24
44 Jan 5 1612Mar 9
/
1
2012June 2 3212 Feb 24
1,May 21 3882 Feb 17
113
/
4
22 June 2 431 Mar 23
76 Jan 6 85 Apr 6
6 Feb 25
/
1
4
8 May 7
42 June 2 60 Feb 26
/
1
4May 2
2
/
1
4Mar 23
4 Jan 15
/
1
4
778 Mar 19
74 June 1 88 Mar 12
527
8June 1 73Is Feb 26
15I4June 2 47 Mar 26
9 Feb 16
/
1
4
5 June 3
3
14May 26 13 Feb 24
/
1
4
7 June 3 25 Feb 24
2712May 26 65 Jan 12
31 June 2 4812 Feb 10
36 June 2 5414 Feb 26
11 Apr 29 12Is Jan 27
/
1
4
43 June 1 56 Apr 13
811 Feb 21
415 Jan 2
54 Jan 2 7634 Mar 20
1
27 June 9 35 4 Mar 6
36 June 3 50 Mar 21
96 Jan 19 100 Apr 15
3118June 2 48 Mar 21
95 Jan 2 10314 Mar 21
1414Juns 2 28 Jan 28
514June 17 1014 Feb 25
818June 2 23 Feb 26
4612June 3 8418 Mar 2
9 Mar 6
/
1
4
2 June 2
/
1
4
/
1
4
34 June 2 74 Mar 10
29 June 2 5788 Feb 26
35 June 15 65 Apr 9
338 Apr 27 154 Feb 18
4May 11
2118 Jan 2 3133
624 Jan 21 7678May 26
7 Feb 18
/
1
4
4 June 2
3612June 3 43 Feb 24
/
4
4June 3 161 Feb 20
73
48 may 4 78 Jan 15
9 8 Mar 9
7
4 Jan 2
21 June 1 4218Mar 20
/
1
814June 2 204 Feb 21
35 Apr 27 68 Feb 10
3038June 2 5912 Feb 21
71 June 2 91 Feb 25
Vs Jan 5 1334 Apr 11'
50 Jan 26 72 Apr 28
214 Apr 29
633 Feb 6
314June 2
812May 5
Joe Feb 28
434 Feb 9
10 June 3 223 Feb 24
2
13 June 19 2512 Mar 24
1018 Jan 16 187g Mar 2
30 Jan 15 46 May 1
187
8June 3 2934 Feb 2
251 Jan 2 3912May 1
4
1712June 8 2312 Apr
718June 1 1178 Jan
8012May 26 9612 Jan
Mune 3
634 Marl
11 Jan
/
4
/ Jan 6
1
4
1018June 2 371 Feb 2
/
4
37I4June 5 80 Mar
263
8June 5 3012 Mar 2
412June 2
9 4 Mar 2
3
50 Jan 3 53 8 Mar 3
7
12 May 6 19 8 Mar 21
3
PER SHARE
Range for Frotilols8
Year 1030.
Lowest.
Highest.
per /bald
$ per share
/
1
4
9 Dec 30 Apr
20 June 2412 May
/
1
161 Dee 2554 Apr
/
1
4
111 Dec 42 Mat
/
4
684 Jan
12 Nov
571 Dec
/
1
4
5 Dec
13 Oct
100 Jan
614 Dec
14212 Dee
1207 Feb
8
111 Dec
/
4
8012 Dec
114 Feb
/
1
4
2 Oct
/
1
4
35 Nov
83 Oct
10312 Oct
2 Dec
/
1
4
8432 Dec
99 Dec
848 Dec
4
67 Nov
/
1
4
Is Dee
1 Dec
8
864 Dec
/
1
10712 Jan
367 Nov
8
804 Dec
/
1
89 Dee
/
1
4
8512 Dec
6 Oct
/
1
4
4 Oot
214 Dec
/
1
14 July
/
1
312 Dec
1912 Dec
102 Jan
2 Dec
/
1
4
63 Dec
/
1
4
85 Dee
512 Nov
10 Dec
17 Dec
/
1
4
Ms Dee
4214 Dec
64 Dec
/
1
16 Dec
89 Dec
154 Oct
/
1
533 Oct
8
384 Deo
/
1
12 Dec
14 Dec
/
1
14 Dec
/
1
80 Dec
94 Dec
12 Dec
37 Dec
/
1
4
312 Dec
184 Dec
/
1
1618 Jan
2412 Dec
75 Dec
24 Nov
/
1
50 Oet
1 Nov
31g Dec
74 Dee
5318 Dec
22 Dec
/
1
4
We Dec
6 Dec
/
1
4
1314 Dec
36 Dec
30 Dec
4112 Dee
1114 Oct
641/4 DecDec
32
7
38 Dee
284 Dec
/
1
401 June
/
4
89 June
woo Nov
911 Dee
/
4
2038 Dec
5 Sept
121 Dec
/
1
4
66 Oct
312 Dee
49 Dec
89 Dec
80 Dec
5 Dec
/
1
4
18 Dec
5614 Dee
414 Dec
39 Dec
7 Dec
83 Dec
/
1
4
3 Dec
29 Dec
1514 Oct
62 Dec
35 Oct
/
1
4
7814 Oct
334 Dec
50 Nov
4 Dec
8 Dec
81s Nov
12 Nov
16 Dec
10 June
81 Dos
18 Dec
26 Dec
/
1
4
1712 Dec
7 Dec
8Dec
24 DecD
b1
/
154
/
1
8314
26
612
/
4
451
16
10 /1 SARI
1
80 Apt
/
1
4
873 Mal
2
43 Apt
/
1
4
19 Sept
106 Oct
/
1
4
9512 Jan
25514 API
134 Nov
87 Feb
/
1
4
145 Apt
/
1
4
128 Sept
107 Feb
s
62 Yell
1144 Mat
/
1
1103 Jan
4
9 Mal
/
1
4
10312 Apt
112 Apt
102 Sept
79 Feb
/
1
4
5 Mat
/
1
4
P. Jan
59 Jan
/
1
4
116 No
47 AN
12
107 May
/
1
4
1047 Apt
2
503 June
4
433 Mat
8
30 4 Feb
3
2712 Sept
9 Jan
/
1
4
3934 Jan
5012 May
1111s Ma,
2714 Feb
9014 Mar
9814 Apr
1214 Feb
2512 Sept
43 Mar
88 AP
,
89 4 Mar
3
1012 Apr
6012 Jan
10014 Sept
/
4
331 Jan
87 Mat
/
1
4
614 Jan
/
1
5 Apt
/
1
4
21 API
211 Apt
/
4
597 Mat
8
10011 001
507 Mat
8
10412 June
2834 Apt
60 Apr
57 2 API
3
5512 Apr
9512 Mar
114 AIM
/
1
80 Mat
7 4 Feb
3
164 Feb
/
1
105 APS
1117 API
1
711 Apt
/
4
8812 Feb
8412 Man
7434 Feb
10934 Apr
61 Mat
95 Apr
/
1
4
81 21384pr
184 Altyug
/
1
10612 Apr
443 Feb
s
593 Apr
8
983 Dee
4
541 Ant
4
1004 Sept
/
1
4118 Apt
2184 Apr
52 Apr
/
1
4
10672 Mar
193* Apr
100 App
90 Mar
101 Mar
10 Dee
10612 Jan
704 Nov
/
1
207 Apr
s
8212 Apr
88 Mar
10518 Mar
19 Feb
47 Apr
/
1
4
581s Mar
10412 Mar
9678 Mar
102 Ma
/
1
4
287. Mao
821, Ape
1531 Aye
133* Apr
1084 Apr
5974 API
52 Apr
2052 Feb
44 Aug
5032 Apr
43 Jan
2582 Mar
/
4
341 Jan
128 June
28 M
b
6
Dre 80 Feb
D
Dec 109 Apr
Jan 88 July
Dee 2314 Apr
Dee 864 Apr
4
Dec 313 Mar
New York Stock Record-Continued-Page 5
4555
be eat.* during tile week of stocks not reeorded here. 4.4, fifth pees preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 13.
Monday
June 15.
Tuesday
June 16.
Wednesday
June 17.
Thursday
June 18.
I Sales
I for
Friday
the
June 19.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
:
Co basis at 100
-share lots:
Lowest.
dead. y Exrights.
Hisliesto
Highest.
,5 Per share $ per share S per share S Per share S per share $ per share Shares Indus. & MIse.ell.(Coo.) Par $ per share
per share
.90
*90
95
9312 •90
95
9812 90
94
94 *--__ 95
10 Hamilton Watch prat_ _100 91 June 18 103 Jan LI
*8612 88
*8612 8712 8612 8612 8612 8612 8612 8612 8612 8612
130 Hanna prof new
No Par 8612June 8 94 Feb 19
*26
27
2738 27
2714 271 271 *253 27
/
4
28
/
4
4
2714 271 1.3(Y) Harbison-Walk Refrae_No par 2412.1une 11 4414 Feb 16
/
4
*23
4 312 *23
4 312 *23
4 31:2 *23
4 312 *23
4 312 *23
Hartman Corp 016.86 I1_No par
2 June 2
/
1
4
4 312
/1 Feb A
8
43
4 43
512 .
*5
4
6
*5
4
43
434 6
8 *312 4
Class A
No par
300
4 June 18 10 Feb
/
1
4
/
1
4
314 314 4.314 312
312
•3
312 312 *3
312
33
2 *3
400 Hayes Body Corp
212June 3
8 Mar .5
95
*81
*8012 95
85
90
*81
*82
*81
*81
95
95
Helme ((3 W)
81 June 2 100 Feb 16
•1018 1012 *1018 1014 *1018 1014 *1018 1014 *1014 1014 *94 1014
Herculea Motors
per
/
1
No P
p2
9 June 1r
/
1
4
18 Mar 24
*43
45
*43
45
*43
*43
45
45
*43
*43
45
45
Hercule( Powder
No par
415 May 7 r58 Mac 13
111 111
111 111
112 112 *11112 115 *11112 115
*111 113
220 Hercules Powder $7 cum p1100 111 June 11 11912 Mar 10
9412 *9212 9412 *9212 95
94
*9212 95
9212 9012 91
92
pre ey eb000late___ _ No par 834June 1 1034 Mar 27
700 Herishferred
/
1
9712 9812 9812 983
99
99
9812 *98
4 98
99
973 971 2 1,000
8
No par 93 Jan 2 104 Mar 27
*312 5
*312 43
4 *312 412 *312 5
*312 47
8 *312 412
Hoe (R) & Co
No par
5 June 2
812 Mar 3
31
*2712 30
31
*2712 29
"2712 29
/ *27
1
4
30
29
*27
/
1
4
200 Holland Furnace
No par 26 Jan 3 87 Feb 27
1514 1512 154 1512 153 153
8
8 15
1514 15
15
1412 1412 1,500 Hollander & Sons(A) No par
5 Jan 2 1918 Apr 8
/
1
4
•
84
91
•85
*85
90
90
90
*85
*85
*85
91
90
Homestake Mining
100 81 Jan 6 104 Mar 31
5
47
5
8 514
4
4
/ 43
1
4
47
8 47
4
47
8 47
8
4 2 43
,
4 2,800 Houdaille-Hershey el 13 No par
414 Jan 2
9 451tir 10
3
•58
60
*53
5912 *58
5912
5912 59
59
5912 *58
*58
100 Household Finance part pfJ50 5814June 5
65 Mar 17
3714 3712 36
361 343 343
4 343 343
/
4
4
8
4 33
34
333 3414 2,300 Houston Oil of Tex tern Cafe 100 27 June 2 6812 Feb 24
4
*16
163 *154 163
4
/
1
16
4 16
1612 1612 16
164 16
1618
700 Rowe Sound
13 June 3 2912 Feb 24
1312 1312 13
/ 1312 1312 137
1
4
8 134 133
/
1
8 1314 1312 133 134 3,300 Hudson Motor Car__ __No par 11 June 1 26 Jan 3
8
/
1
o pa'
6
/ 6
1
4
/
1
4
73
7
8
7
7
7
7
63
4 7
7
7
5,000 Hupp Motor Car Corp10
53
4June 1 1314 Feb 24
2
218
2
2
2
21 *214
/
4
*218 214 1.000 Indian Motoeyele
24
/
1
218 218
2 May 28
No par
414 Feb 27
'218 212 *214 212
24 21 *218 214
/
4
218 218 *218 21
300 Indian Refining
2 May 15
/
4
08 Feb 11
2818 29
2814 29
2714 2714 2714 2714 27
/ 29
1
4
27
2712 2,400 Industrial Rayon
No par 21 12June 3 86 Feb 24
*8812 89
8812 90
90
*85
90
*85
89
83
8812 881* 1,100 Ingersoll Rand
o par 74 May 28 182 Jan 8
*41
4112 4112 414 4112 *4112 42
*4112 42
43
*36
500 Inland Steel
4114
No
391June 2 71 Feb 27
/
4
*57
8 6
6
/ 612
1
4
612 612 *6
612 *53
4 6
/
1
4
53
4 534
700 Inspiration Cons Copper___20
4'sJune 2 114 Feb 24
/
1
4 7 I
4 612 *53
*53
*53
612 612 *53
4 7
4 61.2 *53
100 Insuransbaree CUs Inc.No par
4 612
54June 8
/
1
9 Feb 24
/
1
4
114 1012 1012 103 103 *1072 1112 103 103
*10
4
4
4
4 1012 1034
900 Insuranshares Corp of Del_ _ _1 1014June 9 11 June 6
*2
314 *2
3
/ *2
1
4
314, *2
314 *2
314 *2
314
Interoont'l Rubber_
No par
412 Fob 21
14 Ayr 21
/
1
*6
612 612
612
6
6 12 *6
614
614 61 *614 812 1,700 Interlake Iron
/
4
No par
O u 6
Jan43
*2
214 *2
24 *2
24 *2
/
1
2141 *2
/
1
214 *2
Internati Agricul
218
11
/
4May 21
5 Feb 24
/
1
4
•1712 20
*1712 20
*1712 20 I *1712 20
*1712 20
*1712 20
preferred
1612June 3 5114 Feb 24
1364 138
/
1
137 1394 136 137
/
1
138 13914 135 1373 213112 133
4
3,863 Int Businees Maebinee_ No Ipa0r 117 June 2 1704 Feb 24
lr
No par
73
4 8
73
4 73
4 x75
8 7
/
1
4
/
1
4
754 7
78 7
3
/ *714 734
1
4
800 Internal Carriers Ltd._No par
614June 10 12 Feb 24
/
1
4
•30
32
*31
3212 *31
3212' *3012 3212 30
30
30
30
200 International Cement_ _NO Par 273
4May 21 6212 Fob 10
14 13
/
1
4
14 13
/
1
4
13
4 13
4
8 13
4 "15
/
4
15
8 11
112 11 1,800 Inter Coied Hog Corp_No par
proforrnb
/
4
114June 1
4 Feb 2
15
15
*15
*1514 17 I •15
17
*14
17
15 .13
16
500
100 13 May 23 893 Feb 16
4
41
415
8 41
4114 417
42
8 41
413
4 3912 40
2385 3912 10,100 Internal Harvester_ ___NO Par 3818June 3 6012 Mar 2
8
1344 1314 *133 1344 133 133 I 133 133
/
1
/
1
/
1
135 135
135 135
600
Preferred
100 131 Jan 2 14312 Mar 21
184 1912 1912 20
/
1
1918 194 1958 204 193 20
/
1
/
1
4
1912 20
4,000 lot Hydro-El Sys 01 A_No Par 183
4June 3 81 Feb 26
54 1 5412 55
54
5414 543
55
4 5412 55
54
53
/ 544 3,400 International Matcb pre.....25 50 June 2 73 Mar 20
1
4
/
1
4
87
8 8
/
1
4
10
*83
4 012 *8 2 914
93
,
8 9 2 10
,
9
9
50 lot Mercantile Marine 0101_100
818May 26 1612 Jan 5
1112 117
1158 117
1178 12
8 111 1218 1112 12
/
4
8 1114 111 52,50 Jot Nickel of Canada _No Pa
/
4
912June 2 2018 Feb 24
•
116 118 *116 117 *115 117 1,3115 117 *115 117 '1
'115 117
Preferred
100 112 June 2 123 Mar 31
243 244 243 244 »2212 25
4
•22
/
1
4
/
1
25
25
25
243 243
4
41
80 Internal Paper pre'(7%)_100 18 June 3
*4
4
8 *438 412 *414 41,
/ 43
412
1
4
412 *4
43
8 4381 1,600 Inter Pap & Pow el A_No par
4 June 2 1014 Feb 26
*3
314 *3
314 *3
3141 *3
312
3
/ *214 314 *3
1
4
Class 13
211 Apr 30
No Pa
6 Jan 26
214 *17
*2
4 2
8 2
*17
2
214 *2
218 *2
2181
200
Class C
13
10
4June 2
No 1,a0
2
4, Feb 26
21
211 22
/ 23
1
4
21
/
4
2312 23
22
23
22
223 223
4
4 1.000
Preferred
1812June 3 4312 Mar 27
/
1
4 814' *712 814 *75
*73
4 814 *712 84 •73
8 814 *713 814
Inpref n ting Ink CorP-No Par
t Prierred
7 June 2 11514 Feb 26
59
*58
/ *58
1
4
59
/ *58
1
4
595 *58
8
59
/ *58
1
4
595 *58
8
5958
100 54 Feb 11 6912May 8
324 3212 x317 3314 323 33 1 3212 3212 3212 33
8
8
33
333
81 3,200 International Salt
100 2914June 2 42 Feb 9
*4714 373 *463 463
4
4
4 463 463 *46
8
41
/ 47
1
4
463 463
4
4 4614 4612
900 International Shoe_ _ _ _No Par 4614June 19 483 Jan 23
4
•15
25
*15
25
25
*15
*15
25
*151 25
/
4
*15
25
International Sliver
100 2414June 9 51 Mar 10
27
/ 2914 275 293
1
4
8
8 2714 28
/ 273 2812 27
1
4
4
/ 2818 22612 2714 145,500 Inter Telep & Teleg ___ _No par 183 Jan 2 384 Feb 24
1
4
4
/
1
•1312 145
8 143 144 *1312 144 •1312 14
8
/
1
/
1
*13
14
*1312 14
100 Interstate Dept Storce-No Par 1112June 2 213 Feb 20
4
*5911 64
4
/
4
*593 65
*60
64 I *60
64
*6018 64
64
*60
Preferred es-warrants_ _ _100 58 Jan 26 6712 Mat 24
12
/ 123 123
1
4
/ 12
1
4
4 1314 13 4, 1312 1312 *1312 14
4
,
*1312 14
700
Corp
No Par 10 May 25 1812 Feb 24
412 412 *414 43
8
414 4141 *414 412 *414 412
4
/ 414
1
4
600 I
inntvestoertYDrea
No par
9 Feb 24
3 June 2
14
/
1
4
pity
2512 2512 26
*26
26
28 I *26
28
2614 2614 26
2614
800 laland Creek Coal
1 20 June 2 31 Jan 14
.40
4112 41
4012 4012 *4018 4012 39
41
39
3814 383
1,000 Jewel Tea Ins
No par 3118June 2 5712 Feb 11
521 5314 52
/
4
5312 5012 5212 51
5212' 4812 50 4 47
3
483 45,900
red
anville
8May 27 801451ar 19
405
*105 1187 *105 118781'
8
3105 1187 .105 1184 *105 1187 105 1081
8
/
1
8
40 joPrefer
hns-M
100 105 June 19 126 Apr 10
11712 11712 1173 1173 11714 11712 *11712 11754 1174 11712 11614 1173
4
4
220 Jones & Laugh Steel pref_ _100 116'4.lone 19 12312 Mar 21
------ Jordan Motor Car
14May 8
No pa
14 Feb 21
/
1
•ilUg
*1153.
. 8
*ii5E8
K C P & Lt lot pf ser B No Pa 11314 Mar 17 11512 Apt 9
*214 12 *214 23
1
4 *212 3
2
/
1
4
214 - -14 *21. 21 ---665 Kanstadt(Rudolph)
2
2 June 11
7 Jan 11
1312 *1214 1312 *1212 1312 *1212 1312 *1212 13
*12
1212 121
100 Kaulmann Dept 8toree.312.50 12 Juno 8 18 Feb 16
117
•11
8 1118 1118 1118 1114 107 1078 *11
8
12
*1114 12
1,200 Kayser (.1) Coy t e__ _No Par 1012June 2 344 Mar 19
/
1
39
39
39
39
39
pi Mb
Keit er,ee-0rpbetun
od7%
_100
*75
8212 *70
39___- 80
8212 *70
*70
80
*70
80
80
*70
100 80 May 9 1014 Feb 9
*112 13
4 •112 13
4
112 112
4
13
4 13
11 158 1,600 Kelly-Springfield Tire_ _No par
/
4
13
4 13
4
31251er 20
138 Jan 2
12
*10
12
12
12 .10
*10
12
*10
12
12
12
260
8% preferred
100
912 Jan 5 26 Mar 21
.
29
28
28
28
28
28
28
.26
28
28
*25
40
28
6% preferred
28 June 5 45 Mar 24
*1012 11
/
1
104 103
1014 1014 1014 1014
912 912
93
8 954
700
8 June 3 22 4 Feb 25
3
/
1
4
4
9
912 10
58 9
9
/ 1014
1
4
93 101
914 914 9,100 Ilvna
9 4 913
,
Corp
K:eeiR"IitioarYesWbael.--N10 p1 aa;
N
40
: lOsJune '2 1512 Mar 19
0
40
*393 40
4
4
*393 40
39
393 *393 40
4
*393 40
4
4
30 Kendall Co pre
No Par 20 Jan 8 60 Apr 8
17
1714 1778 17
1712 1634 1712 163 163
1733
8
/
1
4 1614 164 23,000
1138June 3 3112 Feb 24
/
1
*3112 3718 32
32
*3112 3514 *3114 354 *313 3518 *311 37
4
/
4
100 KinneyK1K uanec14:-Cla per
m tier C Co prk
°
No Pr 30 4 Apr 29 41 Jan 9
3
o par
*14
1712 *14
171 *14
1712 *14
171 •14
1712 *14
1712
11 May 5 2012 Jan 9
*25
26
26
26
25
26
26
*25
251 254 25
/
4
110 KK;ooessferred co
/ 26
1
4
/
1
Preoc
g (oss)
23'4 May2 70 Jan 21
------ Rolste ititotw Corp
_
cert loadio
r
No
2 Fee 25
/
1
4
12 Mar 31
No per
_
Is Apr 16
14 Feb 28
/
1
3'26'4 /6 4
W1- 2618 2614 2618 161. -2618 161- -2612 -2.:61- 11.66
2
4
.
4
4
11.1 25 Jan 29 29 May 8
*43
*43
50
49
*43
45 1 *43
45
*43
*43
45
45
No par 42 June 3 55 Feb 24
184 19
/
1
185 187
8
8 1812 19
185 137
8
8 183 181 1814 1812 21,100 Krenger & Toll
8
/
4
x177
8June 8 27 Mar 25
/
1
4
2512 264 2518 257
/
1
8 2518 2558! 2512 26
2514 253
4 2514 2512 16,900 Lain er G c,riot & Bak_ __ _No par 18 Jan 2 43512May
Krog iert os
iA neb ir yr
8
70
70
6918 70
69
7012 267
67
/ 63
1
4
6612 6318 64
4,750
p
:: 56 Juno 3 87 Mar 19
/
1
4
•10
1212 •10
1212 *10
1212 *10
1212 10
10
*10
1212
100
10 Apr 27 1714 Jan 6
*27
3 3
3
*27
3
4 3
*27
8 3
3
3
*27
8 3
600 Lee Rubber & Ture__KN'oo 1'5'
o
214 Apr 28
43 Mar 28
4
*912 12
*10
10
12
1018 *9
*9
10
10
*914 10
209 LL hig rerrcatl7% Cement...80
Le nmeh Por and
Leeevprhhh
914June 3 184 Feb 25
/
1
88 4 88 4 8814 88, .8814 89 4 "88 4 8914 *8814 8914
*8814 92
,
,
4
,
,
10')
100 8814 lune 12 1014 Feb 3
/
1
4
54 512
57
2 57
*553 5
/ *512 5
1
4
8
55
8 5
/ *512 5
1
4
/ 1.000
1
4
iener ralley Coal_ _ _ _No par
rg t V t,4
41251ay 14
8 Jan 14
/
1
4
2114 2112 *22
25
*21
25
*21
23
22
22
211 2118
/
4
800
50 18 Mar 31 2212May 1
5112 525
513
8 52
5212 50
4 5112 513
4 5014 50
/ 50
1
4
4.500
50
Tbe)__ _No par 453
4uno 2 89 2 Feb 24
,
243 25
4
25
8
253 *233 253 *23
4
4
8 2412 247
/ 253
1
4
8 24
25
1.500
Fink
221June 2 343 Feb 27
/
4
4
177 184 1812 1914 1814 1914 1818 183
8
/
1
4 1812 20
1778 19 25,600 Libbyd on CorpwBeos 0
(
lava__ __No Pc" 1114 Jau 28 207s Apr 18
N par
/
1
65
/
1
/ 644 644 64
1
4
664 6514 68
/
1
/ 644 64
1
4
/
1
643
4 64
643
4 1.700 Ligstete re,1
pr,rt:t Myers Tobaceo_25 80 June 1 91 Fob 7
661 6712 6612 6712 6618 6)3.
/
4
66
663
4 6514 6612 6412 6514 13,200
Series
25 6012.1une 1 913 Feb 24
4
141 14112 *1403 14314 14314 14312 *1413 143 •1413 143 .14134 14212
4
4
4
400
100 13712 Jan 7 146 May 13
*2312 25
23
24
23
244 24
/
1
24
233 2312 "24
s
25
700
co Works.. No par 191 1June 3 344 Fen 26
m ot
/
23
1
*22
*22
*22
23
*22
23
23
*22
2412 *22
241*
I'Llumnka Belt
No par 22 June 10 33 Feb 11
2512 27
2612 271 26
/
4
27
*25
2712 2414 2514 24
25
4.500
No par 20,8June 2 55 Feb 24
/
1
4
8 4014 413
/ 423
1
4
424 427
8 40
/
1
8 401g 4112 333 4014 3812 3912 21,700 Liquid Carbonic
4
Loe54ferred
a Incorporated
N Petr 3818June 2 63 Feb 16
/
1
4
87
*85
8518 8518 *35
87
*85
8512 *85
8512 85
85
200
Preferred
No par 83 May 15 99 Mar 19
__
Prof ex-warrants_ _ _ ..No par 83 Jan 2 98 Feb 7
51.
2 53
514 553
4
5l --; 518 5
558 534
g1
553
/
1
4
54 -14 10,100 Loft Ineorporated
1No par
23 Jan 2
4
•13
612 Apr 24
4 4
*13
*13
4 4
*13
4 4
4 4
"13
4 4
*13
4 4
Long.4 Lumber A No par
Loru1 11ell
r
212May 18
4 Jan 6
/
1
4614 4614 4612 464 46
46
*4512 46 2 4618 464 45
,
/
1
4512 1,100 Looae-Wiles Biscuit
25 403
sJune 1 547 Mar 25
8
1412 145
8 1418 1518 144 143
8 14
143
4 137 1458 137 14
8
8
13,000
25 113 Jan 2 2018 Mar 19
8
*2
8 3
/ 3
1
.2
4
/ 3
1
4
"25
*25
8 3
24 258 *212 4
900 Loulatana Oil
No Dar
2 May 22
412 Feb 10
383
*35
8 35
*30
35
35
*30
343 *30
4
35
•30
35
10
100 35 Juno 15 55 Jan 15
Preferred
27
/ 2812 *27
1
4
/ 27
1
4
2812 *267 2812 2712 2778 *264 28
•
27
8
/
1
800 Lopreferlrsil & Hi A
d um e
u ule vti e el
No par 25 J.Ine 1 353 Feb 26
4
1112 12
1012 1012 10 4 103 *1014 103 *10
1012 12
3
4
1014 1.603
4
No par
818June 2 19 Mar 19
39
•30
*32
39
39
*30
*22
39
*32
39 •32
39
35 Jan 3 5214 Feb 17
19
*16
*16
18
*14
*1512 18
18
163 163 •163 18
4
4
4
100 134acyk coTrrews 5.1.0Forbes_ No par 16 June 1 25 Feb 24
?,miacoan d uakii
a
N
r
311* 3212 3114 327
311 3412 23318 34
/
4
8 31
313
4 3018 301 12,800
No
21 12June 2 43 4 Feb 24
7
4 7612 7714 75
*7512 7814 7712 773
77
737 76
8
7212 73
3.600
No par 6614June 2 10514 Feb 27
3 *614 612 *614 6,
.614 65
8 *618 63
61 64 *614 6
/
4
303 Madison( n K
74 mar 24
S III)ar:e0.12___._NNoo
u
5 Jan 3
r
*1114 14
12
12
*1114 12
*1114 12
*1114 12
*1114 12
Magma Conner
No Par 10,4June 3 273 Feb 24
8
*11 2 I *15
8 2
/
4
"11 2
/
4
*11 2
/
4
*11 2
/
4
*15
8 2
par
414 Mar 2
118 Apr 25
*112 2 I *112 2
*112 2
*112 2
•112 2
*112 2
Manati Sugar
100
4 Jan 2
5 Mar 25
8 ' *414 8
/
1
4
*114 8
83
*4
4 *5
.414
*414 8
100
81 Jan 2 127 Jan ft
/
4
Preferred
4
*712 812 *8
814I
8
*7
8
8
*7
•7
400 Mande Bros
8
2a5r
No par
8 June 16
314June 2
8
9 I *85 10
9
9
*812 912
9
*812 1012 *812 10
400 Manhattan Shirt
714 .1341 2 12 Feb 25
112 *4
112 •1
112 •114
114
112 *1
• *114
133
11
334 Feb 14
1 May 22
193
/
4
8 191 1912 914 1912 1914 1914 1914 1912 3,000 Maracaibo Oil EIPlor_ _No par
81 19
1914 193
10 1814May 27 2414 Feb 24
Marine Midland Corp
2118 *19
21
*19
•1912 2114! •1912 2141 *19
21
•19
21
Marlin-Rockwell_ _ ._ -- NO Par 183
/
1
4
4June 3 32 Feb 24
14 412
418
34 4
,
358 334 655 Marmon
4
/
1
4
33
4 4
3
/ 4
1
4
2 May 18 10 Feb 25
Motor Car,__No par
8
8 263 261 26
8
/
4
27 I •2612 2718, 265 263
26
*26
2618 2614 1.100 Marshall Field & Co __No par 23's Jan 21 323 Feb
8
24
212 *115
212 *...._
212 •_-_212 *.
*112 21
:
Martin-Parry Corn-- N0 par
214 Jan 15
318 Jan 30
• Bid and asked prices; no sales on thls_day. x
PER SHAM.
Mange for Previous
Year 193.).
$ per share
99 Jan
Jan
Ea
38 Dee
2 Dec
/
1
4
7 Dec
/
1
4
27s Nov
774 Dec
1312 Dee
50 Dee
1.164 Nov
70 Jan
831, Jan
Dec
261 Jan
/
4
5 June
72 July
4 Dee
49 Mar
291 Dec
/
4
20 Nov
18 Nov
7 Dec
/
1
4
2 Nov
3 Dec
Oct
81
/
1
1474 Nov
58 Nov
64 Dec
/
1
5 Dec
$ per share
10518 001
98
API'
7214 Apt
20 Feb
2314 Ma,
173 Apr
4
92 Feb
/
1
4
Apr
31
85
Jan
4
1231 June
109 May
10814 June
2514 Feb
4114 Mar
12
/ Jan
1
4
83 Sept
29 Feb
1587s Oct
1164 APT
/
1
411 Feb
/
4
/
1
624 Jan
8
263 Apr
17 Mar
281 Max
/
4
Jaa
124
232 Apr
98 Mar
/
4
801 Feb
1312 July
14 Dee
1114 Dec
3 Dec
/
1
4
42 Oct
/
1
4
Oct
131
8 Dec
/
1
4
4912 Dec
114 Dec
13 Dec
4514 Dec
133 De
184 De
5214 Dec
15 Nov
12 Dec
/
1
4
114 Dec
26 Dec
54 Dec
3 Dec
/
1
4
2 Doc
21 Dec
10 Dec
55 Dec
Oct
31
47 Dec
12
26 Dec
17 Dec
11
145 Dee
8
58 Dec
/
1
4
12 Dec
414 Dec
35 Oct
37 Dec
484 Dec
/
1
117 Dec
118 Dec
/ Oct
1
4
108 Jan
141 Dec
/
4
14 Dec
244 Dec
Jan
81
Jan
I Dec
29 Dec
17 Dec
94 Oct
74 Nov
/
1
•25 Dec
2014 Dec
88 Dee
174 Dec
51 Dee
1 Dec
4
14 Dec
Mg Oct
39 Nov
201g Dec
171 Dec
/
4
704 Nov
/
1
17 Dee
318 Nov
11 Dec
985 Dec
5
4 Dec
/
1
4
147 Doe
8
511 Dee
4
Oct
21
1014 Nov
761s Dec
784 Dee
/
1
12718 Dec
1812 Oct
28 Dee
39 Dec
413 Dee
4
854 Jan
/
1
783 May
8
312 Dec
3 Dec
4014 Dec
4
83 Dec
34 Dec
60 Dee
25 Dec
614 Dec
3434 Dec
20 Dec
335 Dec
8
813 Dec
4
418 I3ec
1914 Dec
13 Dec
4
4 Dec
51 Dec
/
4
5 Dec
618 Dec
114 Dec
17 Dec
/
1
4
2114 Dec
414 Dec
24 Dee
214 Dec
712 Apr
284 Apr
/
1
84 Apl
6714 Apr
197 May
/
1
4
194 Mar
/
1
751 Apr
/
4
1412 Mar
Apr
78
115 4 Apr
,
14612 Sent
54 Apr
92 Apr
83 Apr
4458 Apr
123 Apr
85 Anr
3118 Mar
221 Apr
4
18 Apt
86 Mar
583 Apr
4
Apr
101
453 June
4
62 Jan
119 Feb
77 Apr
/
1
4
40 Feb
80 Aug
32 Apr
22 Pet
63 Mat
6612 Apr
1498 Feb
1233 Nov
8
12311 ALP
54 Apr
118 Nov
1312 Jan
2012 Mar
4112 Jan
45 Apr
150 Apr
618 Apr
42
Jan
55
Jan
3912 Apr
251 Apr
/
4
89 Mar
621 Feb
4
59 Mar
404 June
97 Apr
8 2 Apr
,
3 July
364 Jan
/
1
Jan
70
354 AM'
/
1
48'8 Jan
118 Apr
23,2 Oct
11 Mar
42 Apr
1084 May
1712 Mar
3712 Mar
97 Apr
/
1
4
86 Apr
314 Mar
1131 Mg
/
4
1141 Apr
/
4
148 Sept
4914 Feb
451 Feb
/
4
8174 Mar
95 Mal
/
1
4
1123 June
8
9934 Oct
63 Feb
s
1534 Mar
70 4 Apr
,
2818 Mar
12 Apt
90 &PI
514 Ate
447 Mar
8
99 Mar
/
1
4
39 4 Apr
3
884 Mar
11914 Feb
154 June
/
1
1521 Jan
/
4
13 Jtsiy
6
Jan
50
Jan
15
Jan
241 Jan
/
4
1101 Mar
/
4
3212 Aug
55 Feb
307 Apr
8
484 Apr
8
Oct
4556
New York Stock Record-Continued-Page 6
hams sea sixth nese issesediu24
For melee during the week of stocks nor rociuded
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday
Thursday
Tuesday IlVednesday
Saturday I Monday
June 17. I June 18. I June 19.
June 15. 1 June 16.
June 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Plat .1114We
Range Since Jan. 1.
-share tete.
On baste of 100
Lowest.
PRIC SHARE
Range fee Previous
Year 1930.
Highest
Lowest.
Per share $ per share $ per share $ per share
Par
per share S per share Shares Indus. & Miscall.(Cos.) par $173
8014 Dee 5138 Mar
$June 2 3122 Jan 3
$ Per share I $ per share I $ per share! $ per share i$
1912 2,000 Mathleson Alkali Workallo
1918 19
Oor
Jan 138
2012 10
8 2015 201* 20
207
1
/
81 2012
.2014 207
100 112 Apr 29 1254 Mar 24 116
*115 121
4
/
4
275 Dee 1111 Jan
*11214 123 1'11212 123 1 *11212 123 *11214 123 *115 121 8 31
'5 28 May 27 39 Mar 2
8 19,800 May De:140c m
317
3012 317
• Nov 23 Mar
8 3012 32
,
7
8 2 Feb 13
8 3118 3312 30 2 315
31
333
412June 18
par
No
Mpayro
100 Maytag
412 412 *314 412
164 Nov 404 Apr
*412 5
5 I *412 5
*41
4
1
/
. 5
•41
4
No par 143 Apr 29 24 Mar 21
Preferred
4 1618
163
8
8
69 Dec 844 Mar
4
8
4
4
8
•143 162 *143 163 *143 163 *1434 162 •1434 64 8: *143 64
No par 04 June 8 7112 Mar 24
Prior preferred
1,400
1 64
64
64
64
65
33 Dee 150 Apr
64 1 *64
64
36 Jan 7
65
23 June 3
*64
26
1,500 MeCall Corp
Jan
2512 2512 26
*2512 26
27
37 Dec 74
1
/
$
2614 2614 263 2712 26
par
McCrory Storm clam A N par 34 Jan 21 514 Feb 17
44
44 1 *41
Jan
*41
44
*41
44
1
/
*41
884 Dee 70
44
.41
4
/
44
*41
35 Jan 19 511 Feb 16
Class 13
4
463
4
463 *38
*38
41
*38
41
78 Oct 97 Mar
4
462 *38
30
4
463 .38
.38
70 Jan 22 934liar
Preferred
70
82 *____ 82
82
82 1*____ 82
27 Deo 64 API
82
82
85
*82
.
p 1
MoUraw-Hill Publica's N f0aa0 25 May 9 29 Feb 26
25
*2312
25
*24
25
*24
25
4
/
•24
141 Jan 204 net
25
*24
25
*24
8May 27 26's Mar 31
2312 4,900 MeIntyre Porcupine Alines_ .15 197
2314 2312 2312 *23
Jan 8918 June
4
31
8, 223 23 I 23
8 2312 237
Jan 2 10312 Apr 2
4
223 237
8014 7812 7913 18,300 MaKeesport Tin Plate_No par 7112
79
82
4
1
/ Ain
8
104 Nov 37
3
83 41 807 8212 80
82
Vann° 3 17 Jan 30
8112 84
McKesson & Robbins__No par
753 812 9,300
8
712 77
812
8
8
818 85
81
2554 Oct 4Q1, Apr
4
1
/
87 Feb 20
4 87
83
8
8 85
82
60 2154June 19
Preferred
8 1,900
4
213 235
23
2314' 2214 2214 23
23
6 Dec 2014 Jan
*2514 28
414June 3 1012 Mar 6
8
*247 26
No par
12 5,800 MeLellan Storm
512 3
5 1s
5
6
5
25 Nov 42 AV
,
4 618' 5 2 512
53
8
553 52
No p r 2214June 16 34 Mar 6
500 Melville Shoe
2512
2512 *25
22141 2214 23 1 2412 2412 *25
6 Dec 2354 Mar
.21
84 Feb 24
24
23
318June 2
No par
100 Mengel Co(The)
4 413
4 414 *33
4 414 *33
4 414 *33
23 Dee 2654 May
4 I *33
4
8 418
*35
8
900 Metro-Goldwyn Pio pref_ _ _27 22 May 29 27 Apr 10
245
*2412 2514 2418
8
*2412 2514 *2412 25 • *247 25
25
25
934 Nov 37 Apr
4
1
/
2 20 April
9
4
8
8 133 147 18,100 Mexican Seaboard 011 No par 105 Jan 3 1052 Feb 24
137
13
1
/
8
7 Dee 334 Feb
14121 1312 1414 133 14
1412 14
14
5 44June
700 Miami Copper
434 478
5
11 Dee 33 APr
5
8
57
1
/
7
4June 2 164 Jan 8
*558 *5
53
No par
3,400 Mid-Coat Petrol
1
* 72
4 8 g's
712 8
1512 Nov 63 Feb
*712 8
8
8
8
77
1358June 3 314 Feb 24
Steel Prod_
No par
300 Midland
18
8
8
187 187 *1712 1812 18
19
*18
74 Nov 110 Feb
1812 1812 *1712 19
100 6614June 2 94 Feb 26
8% cum lst prof
80
*75
80
4
*78
85
*75
85
37 Dee 765 Mar
*75
85
*75
85
*75
Minn-Honeywell Regu_No par 38 Apr 22 884 Feb 9
4
4
*3918 413 *3918 403
2
8
*393 42
314 Dec 287 Mar
*3918 42
712 Feb 10
*3918 42
42
19
*39
212June
8
500 Minn-Mollno Pow Impl No par
212 25
4 234
23
4
1
/
8 3
Dec 92 May
*27
8 3
•27
44
8 3
314 *27
*3
No par 2812May 14 48 Mar 2
Preferred
33
*20
35
Jan
*20
35
*20
23
952 Dec 4(1
*20
35
35 .20
*20
4
1
/
Mohawk Carpet Mills_No Par 10 Jan 3 21aa Mar 10
900
12
12
13
13
13
4
1
/
4
1314 13
*13
185 Dec 63 At/r
8
1314 .123 13
.12
1812 Apr 2s 2612 Mar 21
_No
8
4
1
/ Jan
2112 *213 2212 2112 2112 1,600 Monsanto Chem Wks_ No par 1554 Jan 2 2914 Feb 28
21
Dec 49
154
2112 2212 *2112 22
.2114 22
par
4 1712 1818 80,500 Mont Ward Co Ill Corp
183
8
1
/
034 Oct 72 Fee
8
8 185 1918 183 1914 18
1912 1918 197
19
No par 37 June 9 68 Feb 16
100 Morrell(J)& Co
4012
4012 *38
Jan
4 Dee
2
4012 *38
4012 *38
*38
38
4
5 Feb 20
38
38
*37
3sJune 5
15
500 Mother Lode Coalltion_No par
12
8
3
4
/
*38
12
12
12
12
2
*3
12
112 Oct 111 Apr
12
12
4
/
41 Mar 26
154June 8
MotoMeter Gauge& Eq No par
1,100
4 2
178 *13
Apr
4
13
8 *178 2
17
25 Dec SI
8
17
4
4
1
/
4 13
12
8
2 17
13
8June 2 47 Apr 6
237
100 Motor Produote Corp No par
4
8
144 Dee 34 Mar
*2614 27 .2614 267 *253 26
4
1
/
4
253 253 *2812 29
29
*26
Mauna 2 194 Feb 18
No par
200 Motor Wheel
1012
4
1012 1012 1012 *10
64 Nov 205 Feb
1012 *10
4
103 *10
2
1018 1018 .10
8
83 Jan 2 367 Mar 26
No par
2114 4,500 Mullins Mfg Co
2138 20
21
4
/
2118 22
8512 Dee 641 Jan
8 2012 22
8
2314 225 232
10 7212 Mar 5
23
No tor 38 Feb
Preferred
10
50
50 .45
*45
50
254 Dee WI Feb
4812 4812 *46
*4812 54
*4812 55
1612June 13 314 Jan 26
No Par
300 Munatngwear Ina
8
*165 17
17
17
8
O Nov 2514 Apr
*162 17
17
1612 1612 17
15
16
.
6,8June 2 1834 Mar 10
No par
7 18 7,800 Murray Body
7
4
4 73
73
714 818
Oot 4512 Mar
738
84
7
714 733
714
7
36 June 3 454 Mar 26
100 Myere F & E Brom
4
393
4'
4
2114 Dec 5813 Jan
2
3714 3714 *3614 3914 *3614 3914 *3614 393 *3614 393 *3814 243
20 June 2 407 MLA. 20
Nash Motors Co
4 7,500
8 2414
2412 247
,
5 4 D60 264 Feb
8
8 247 2518 2412 25
8
8 253 283
2
4
10.4Mar 6
243 257
; 478Mai 8
__oo__ aa
N
330 National Acme stem pedN ppl()
*518 6
512 512 *514 612 *518 8
8
514 514 .518 52
4
1
/
6 Dec 39 At r
312 Jan 5 13 Mar 20
No par
Nat Air Transport
10
*7
10
.7
10
214 Dee 20 At r
*7
10
*7
10
*7
10
*7
4
1
/
3 Jan 2 10 Feb 26
518 518
No par
514
500 Nat Belles Hese
514
Jan
8
538 53
1312 Dee 82
512
518 518 *5
512
*5
100 17 ran 3 32 Feb 27
Preferred
18
*12
20
*12
8
4
1
/
68 Nov 93 Map
.83 25
8
*85 25
8
*85 25
4
1
/
8
*85 25
10 59 June 1 83 Feb 24
26114 832 11,100 National Biscuit new
4
Oct
162
8553 8414 65
4 65
4
4 643 653
853
65
65
65
100 18 Jan 8 16314May 8 14212 Jan 8312 Feb
7% cam pref
152
100
151 *151
8
8
2752 Dec
8
4
1
/
8
•151 1517 *151 1517 •151 1517 .151 1517 151 8 2412 22
)
18 sJune 2 30 Feb 26
23
14,100 Nat Clan Register A w IN° par
2518 225
Dec 62 June
4 24
243
36
4
1
/
2512 2412 2512 24
25
4June 1 50 liar 25
263
8
3334 3212 327 43,300 Nat Dairy Prod
33
34 Dec 3412 Feb
8 3318 34
8
325 337
74 Feb 26
8 3318 34
3212 333
3 May 11
No par
300 Nat Department Storm N p r
4
,
3 4 33
*314 4
*314 4
*312 4
60 Dee 90 Jan
*312 4
*312 4
100 29 Apr 30 60 Jan
Preferred
90
3412 3412 *3412 3712
3712 3414 3414
1812 Dec 894 Feb
8
.2914 3212 3212 3312 *34
4
1
/
19 Jan 6 365 Feb 24
4
1,900 Nat Distil Prod et's_ __ _No par
241 2 2414 233 24
25
24
174 June 834 Mar
8
8
4
1
/
2514 2514 •247 2512 .247 25
100 18 June 19 27 Feb 20
Nat Enam & StampIng
*2012 23
*2012 23 .2012 23
*2012 23
114 Dee 1894 Feb
*2012 23
2012 23
.
100 85 June 2 132 Jan 9
99
9914 1,200 National Lead
9914.100
Sept
8
4
4
1053 1053 100, 10114 101 101
*10312 106
100 130 Jan 2 143 June 4 135 Dec 144 Nov
Preferred A
20
140 140
140 140 .140 145
Jan 120
.140 146 *140 146 *140 146
100 118 Jan 8 120 Jan 14 116
Preferred B
100
118 118
121 •118 121 •118 121
80 Nov 5854 Apr
1
/
•118 121 *118 121 *118
No par 2014June 2 444 Feb 24
8
,
8 23 4 237 19.600 National Pr & Lt
247
4
4
1
/ Jab
4
12 Dec
4 2414 2514 2412 2514 233
8
4
112 Feb 3
243 2518 245 253
18May 29
No par
National Radiator
8
3
2
3
*18
*12
Jan
•18
•l8
13
.
154 Dec 11
*18
33
21e Jan 7
33
4
/
11 Mar 3
No par
Preferred
*14 218
218
*14
*14 218
*4 218
61 Nov 62 July
8 218
*3
14 218
•
No par 33 June 1 5812 Feb 27
36
8 1,100 Nat Steel Corp
387
8
3512 365
4
2
3
365 3653 *37, 38
60 Dee 1245 API
4
4
363 363 *3812 37
26 June 3 7014 Feb 27
50
200 National Supply
4
4
263 *25
263
4
31111
4
263 263 *25
8
2712 2712 *257 27
2818 27
.
100 75 Jure 18 111 Feb 27 10612 Aug 116
7912
Preferred
60
79
75
75
78
76
1
/
79
77
84
*79
26 Dec 084 Mar
84
*79
60 31 June 2 7612 Mar 26
4
900 National Surety
3312 313 32
232
34
34
4
/
37
*35
37
*35
18 Dec 411 Feb
37
*35
8
247 Mar 24
No par 13 June 2
8 1418 1418 *1414 1412 1,000 National Tea Co
147
*14
15
8
20 Dec 64 Apr
4 143 1514 •14
1412 143
No par 10 June 19 2514 Feb 9
12
400 Nelaner Bros
1518 10
1518 *12
*12
16
8
147 *12
•12
•12
16
8
9 Dec 823 Jan
4
1
/
81sJune 1 14 Feb 24
3 3,500 Nevada Consol Copper-No Par
8
733 77
4
73
,
8 8 81+3
813 818
1512 Dee 174 Dec
8
81,s 85
4
1
/
8
8
No par 1012June 2 20 Mar 24
700 Newport Co
123 123
4
4
4
/2
8
8 127 127 *123 13
30 DO 86 Mar
12722 127
13
13
4
.123 14
50 41 June 5 53 Mar 24
42
Class A
42
100
51
*42
51
*42
51
4
113 Deo 58 Apr
*42
*4212 50
47
41
.
7 June 3 24 Fob 20
No par
.814 012 *814 g
800 Newton Steel
712 8
8
2112 Deo 47 Feb
8
8 9
*82
9
*8
12 May 27 25 Jan 23
No Dar
1412
200 N Y Air Brake
1412 *13
13 .13
13
22 Dec 48 Apr
1314 1314
•13
17
4
1
/
16
•13
8 May 28 37 Jan 29
100
18
New York Dock
*12
18
*12
18
yyli Deo 884 Apr
*12
18
*13
•12
18
•12
18
100 32 Apr 27 80 Jan 26
55
Preferred
*20
55
*20
•2014 55
94 Dee 32 Apt
55
*20
*20
4
55
1
/
*15
57
5 May 8 12 Jan 27
No par
514
400 NY Investors Inc
518 518 *5
514 514
93 Dec 10612 Sept
4
1
/ Mar 12
,
514 514 *5 4 512 *514 512
80 NY Steam pre!(5)__ No par 100 Jan 7 107 Apr 20 1084 Dec 117 Aug
10412 105 *10412 10512
1
/
•10558 10614 *104 10614 10514 10514 10414 10414 .11414 _-__ *11414 -par 11114 Jan 3 118
No
1st preferred (7)
4
1
/
•1141s ____
4
1
/
57 Deo 132 Apr
•11418
*11418
•11578
4June 3 9014 Feb 26
par 563
8 6118 62 -633
33:6456 North American
Jan 57 June
4 62
4
61
8 623 633
6218 635
8
8
635 6412 633 65
60 53 Jan 5 57 Mar 27
55
Preferred
55
1,200
56
*55
2
56
*55
414 Dee 147 Apr
55
5514 5514 55
Jan 2 11 Apr 13
8
43
4
*55
553
4
3 73
73
8 7,900 North Amer Aviation-No Dar
712 77
4
/
8 8
5
77
99 4 Dec 1051 Oct
4May 6
4 8
73
2
8 818
77
8
8
200 No Amer Edition pref _ No par 102 Jan 9 1061 Apr 7
10.418 *10418 1045
4
8
287s Dee 565 Juno
8
8
4
/
351
214June
4
.104 1043 *1041$ 1045 10414 1045 *10418 1045 *10418 2114 *19
2012
North German Lloyd
4112 Dec 804 Mar
*2118 2112 *1912
23
4712May 5
4
4
•1912 2112 *203 213 *21
Northwestern Telegraph-130 43 Jan 31
*4212 45
*4212 45
4 Dec
4 Mar
*4212 4412 *4212 45
112 Mar 12
12 Jan 9
*4212 45
*4414 45
1
Tire & Ru bber_ _10
*34
Norwalk
4 1
*3
151 Dec 82 AUs
4 1
*3
4 1
*3
1
4
*3
7 June 2 194 Jan 8
4 1
*3
No par
8 6,800 Ohlo Oil Co
8 87
87
8
8 87
87
4 918
83
658 Feb 3
4 914
83
8
2 June 2
8% 87
8
812 87
200 Oliver Farm Equip New No Par
212 212 *212 3
*212 3
4
1
/
12 Dec 9038 Ma)
*212 3
10 June 2 28 Jan 12
4 *212 3
4 23
23
Preferred A
115s
1133 *11
8
117 .11
4
1
/
8 Mar
4
1
/
2 Oct
12 .11
612 Mar 27
*11
12
*11
352 Jan 8
12
*11
No PI;
600 Omnibus Corp
412 412
414 414 *414 41r,
22 Dee 56 Apr
414 412
June 19 2812 Feb 28
8 .414 412
5
4 8 43
20
2312 20
100 Oppenheirn Coll & Co_ _No par 20 Juno 9 72 Mar 11
*20
4
28
*20
26
60 Dec 1197 Apr
26 .20
27 .20
35
*20
52
*37
60 Orpheum Circuit Ina pref_100
49
8
497 *41
45
50
48
48
,
4712 47 2 *40
4,814 Nov 80% Mat
4
/
No par 311June 3 6812 Jan 12
3,500 Otis Elevator
3514 3414 35
35
4
4
/
3418 3514 3412 35
16 12912 Mar 30 1181 Jan 1285 Seel
100 1245, Feb
3614 3612 3814 3514
Preferred
7
*127 _
_ .7
gia Deo 884 Mar
7
1
/
*12734 __77,8 .127
7
1638 Feb 20
614.1une
*127 ____ *127 --- *12714
par
No 1oo
800
75 Dec 99 Apr
8 7
67
30 Juno 2 6912 Feb 2
8
*7
PriSotreelpreferred
*3518 37
20 °tia
*3518 37
4
1
/
*35113 37
37
32 Dee 60 Feb
4
1
/
37
39
2512June 3 39 Jan 20
*37
39
*37
*2712 30
1,100 Owene-Illlnoia Glass Co. 2t) 38 June 3 541 Mar 10
28
28
28
*27
4
/
4012 Dec 7472 Mar
25
2714 2714 2714 2712 2714 28
8 43
4314 5,200 Pacific Gas & Electric)
4 4312 442
4414 4414 443
44
68 Dec 10/72 Mar
2 6032 Mar 20
45
8 44
8
433 432
No par 4812June
5314 5334 5314 5314 5314 5314 1,000 Pac/fle Ltg Corp
53
15 Dee 110 Feb
52
53
53
100 15 1V1ay 28 2614 Mar 23
*5212 54
*1712 23
Pacific Milli
*1712 23
*1712 23
4
*1712 102 *1712 23
100 116 Apr 29 13154 Mar 19 11114 Dec 178 Feb
*1712 23
4
180 Paelflu Telep & Teleg
4
4
1
/
4
74 Nov 234 Mar
4
1
/
1243 1243 12412 12412 *12112 1242 Z1223 1223
114 Feb 24
514June 2
12314 12314 12314 12314
8 7 30,500 Packard Motor Car_ _ -No Par
67
714
7
42 Nov 3414 Map
78. 714
718 733
718 714
50 25 May 26 3512 Jan 29
8 718
87
35
*24
Pan-Amer Petr & Trans__ 60 24 June 3 864 Jan 9
30
*24
40
3018 *24
30 Doe 5711 Map
291z *24
*24
35
*24
*2412 35
Clam 13
35
100
*25
35
1
/
*25
35
I Dee 364 Apr
2812 2812 25
4
1
/
5 Jan 2 11 Mar 19
*2812 35
No par
Park & Tilford Ina
4 012
4 614 *53
3
4
1
/
3 Dec 2612 Mar
es Jan 21
3
4
/
21 Apr 25
3
4 81s *5 4 618 *5 1 814 *5 4 814 *53
*53
*214 3
3
700 Parmelee Trataporta'n_No Dar
8 *214
4
4
/
44 Feb13
11 Dec 125 May
3
2 8 212 *214 23
212 212
14llay 19
4
4 23
23
8 158
15
700 Panhandle Prod & Ref_No par
4 *158 131
8 13
4 *15
13
4
13
1
/
844 Dee 7714 Mat
4 134
13
,June 2 6014 Feb 24
,
8
; 19"
4 17
No pa
13
4
8
2214 2312' 215 223 39,225 Paramount Publix
8
4
1
/
6 Apr
8 227 24
4
1121 Dee
214 Mar 12
1 June 3
2314 2412 223 233
2312 2414
14
11
14
500 Park Utah 0 al
1 18
118
118
118
9 Ape
114
24 Feb 20
1
1
/
4
/
11 Dec
114
1 May 26
,
1 4 .1
1
No par
•
8 118 1,800 Pathe Exchange
1,
114
4 1 14 *118
1,
114
2
8
27 Dec 195 AM
114
3
13
612 Apr 1
3 Jan 16
114 *114
No par
114
Class A
8
37
500
3
4
*3
8 37
8 4
312 312 *27
84 Dee 337s Feb
8 *27
6 June 3 1512 Feb 24
8
60
*312 37
4
100 Patine Mince & Entrepr.._ _ _20
*712 83
9
*7
7
7
7
452 Feb 24
7
It Nov 14 Feb
9 I
.8
4Juno 2
1
/
2
9
*8
Motor Car
8
400 Peerless
8 33
32
8 32/1
33
3
4
/
1181 Jan 55 APT
8 *314 3 8
,
314 3 4 *314 33
No par 2812Juno 2 4032 Feb 19
,
8 32
*33
3114 3112 31 14 31 12 4,200 Penick & Ford
32
4
/
4
1
/ Jac
3112 3112 32
32
4
1
/
27 Dec 80
4 32
4
No Dar 284 Jan 2 391 Feb 17
313 312
8 9,200 Penney'(JO)
325
8
3212 333 232
8 3112 3218 3214 33
327
4 32
3212 323
4
/
90 Deo 1011 Elev 0
100 90 Jan 8 9953 Mar 27
Preferred
*9312 9718
200
97
97
64 Feb 10
1
/
9512 9512 .9512 97
24 Dec 12 Mat
2 May 29
07
-No par
97 .96
98
.
Penn-Dixie Cement
*218 3
*218 3
*218 3
16 Dec 654 Mar
•218 3
100 10 June 9 29 Jan 30
8 *218 3
23
*2
.1018 18
Preferred
100
*10122 18
*1018 13
11
4
/
11
23 Jan 2 354 Mar 31
214 15ee 601 API
*1012 18
14
*10
31
100 People's Drug Stores_ _ ,N, o par
*28
31
*28
31
*28
35
e 2 44
41 Feb le 18514 Dec 325 May
*28
30
31 I 30
*28
191 19114 1,400 People's 0L &0(Chl0)-100 18314Jun 4 1712 Jan
192 193
195 197 *195 197
17 Dec 224 A1111
30
No par 1012June
19612 19714 *195 197
14
Pet Milk
14 .12
*12
14
*12
14
3
1
/
*12
57 Dec 274 June
par
14
6 June 3 104 Feb 26
14 I .12
*12
614 612 1,300 Petroleum Corp Of Atu_No 25 11 June 3 264 Feb 24
512 612
4
4
1
/
4 0612 63
4
1
/
19 Dec 44 Apr
4 63
63
8
8 63
62
4
-Dodge Corp
*612 63
400 Phelps
1314
8 1214 1214 *12
1214 123
6 s t,
20ig
8
•1214 14 1 *123 1314 •1233 14
Co (PIttab)._ _60 150 May 21 150 May 21 160 Oet 3484e S pr
Philadelobla
Jan
200 *100 200 *100 200 *100 200
50 5212 Jan 5 5612M ar 12 612 Dec 2614 Mar
•100 200 ••100 200 *100
5612
6% preferred
55
300
36 .
56
*5412 56
56
56
56
(Panne 2 1214 Mar 23
5312 5512; 56
.
8 3,100 Phlls it Read C & I_ _ _ _No par
Vs 67
7
7
814 Jan 1612 Mar
7
4
7
712 73
718 712
9 Jan 6 12 Mar 26
714 712
100 Phillip Morris & Co Ltd__ _10
4
1
/
,
10 2 1014 1034 .1014 1012
104 Deo 27 Feb
1012 *1014
18
,
10 2 *10
1012' •10
10
.
1412
500 Philltpa .1011611Curp____No par 11 Jan 13 II:taller 8
*11
11
li's 11
ills' *11
514
52 Doc 76 Feb
8
117 •11
100 4811 Apr 1 12 Jan
1412 *11
Jones prel
*11
8
Phlilipa
8 *4814 497
4
1
/
Dec 44 Apr
8
6
.4814 403 *4814 4933 .4814 497
s
)
4 4June 2 165 Jan
No par
8
*4814 49581 *4814 495
8 658 7,212 Phillips Petroleum
62
8
612 65
5
6 8 6522
8
1
8 67
85
8
a 9 Feb 14 1014 Apr 6 16 Dee 204 Apr
65.8 67
Phoenix 110618r1
512 6121
,
82
812 *7
812 *7
71, Dee 33 Apr
812 *7
7
812
•7
834 •7
par 14 June 2 2714 Feb 11
Pierce-Arrow claire A ___No
4
143
4
142 •13
4
212 Mar
143 *13
4
4 Dee
143 .13
*13
12May 26
Os Feb 28
15
25
*13
15
*13
32 1,600 Pierce Oil Corp
8
*5
May
8
5
8
5
Dec
581
12
12
*12
5
12
12
6,2June 3 23 4 Feb 27
12
12
100
Preferred
100
4 *818 9
.812 10,
9
14
9
265 Dec 6724 A p
1018
*9
Feb 27
352
1 June 2
1012
No par
*9
10
*9
900 Pleree Petroleum
8
12
8
13
4
1
/
4
87 Ape
8 13
8
13 *13
Deo
8
13
8
13
8
8 *13
15
8
13
8
No par 25 June 2 37 Mar 9
12
13
4
900 Pills bary Flour Mills
4 265
1
/
27 1 2714 273 . 8 273
27
3012 Dee 504 tel
28
2814June 2 3954 Mar 6
.2612 2712 2712 2712 *27
400 Pirelli(30 03 Halo
2912 2912
8
8
8
8
*295 301 *292 3014 *295 3014 3014 3014 *293 3014
41
Ex-dividend and ex-right8 f Ex-d vidend. V Ex-r1glita.
• Did and asked prlcca: no salm on this day• b
712
8
gi
New York Stock Record-Continued-Page 7
4557
For 8%108 during the week of stocks not recorded bore. see seventh poge preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. I Sales
for
Tuesday
Wednesday Thursday
Friday
the
June 16.
June 17.
June 18. I June 19.
Week.
Saturday
Monday
June 13. 1 June 15,
4
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranee Since Jan. 1.
On basis of 100
-share lots.
Lowest.
$ per share S per share $ Per share $ per share $ per share $ per share Shares Indus.& Miscall.(Cos.) Par g Per Mare
.16
1514 1514 *12
3018 *16
*1514 18
16
16
*1312 18
500 Pittsburgh Coal of Pa
100 1514June 17
*54
.55 .54
65 .54
55
54
55 *__ _ _ 55 0
55
600
Preferred
100 54 June 17
*93 10
4
93
4 934
*914 10
93
11
4 93
*83 10,
4 10
4
500 Pinot, Screw as Boll_Ne par
934June 16
4
61
.56
58
61
50
58
*50
61
*50
61
*50
61
30 Pills Steel 7% eum pref
100 45 June 2
*414 12
*414 11
*414 12
*414 11
*412 11
*412 11
4 May 27
26
Pittsburgh United
*7612 8014 *7612 8012 *7622 8014 •7622 8014 *7612 803
4 7612 7613
30
Preferred
100 7412June 2
*133 153 *133 1538 *1338 153 .133 15
8
8
8
8
8
/ 31133 154 •134 151
1
4
8
/
1
/
1
/
4
Pittston Co
8June 4
No par 137
*614 7
*63
612 61 *64 714 *612 7
4 712 *65
8 712
/
4
200 Poor & Co class B
0 Apr 28
No Par
8
113 1112 1112 1112 113 1138 1112 1112 1112 1112 2103 11
8
4
1,400 Portoltioan-AmTob 014_100 10 May 22
312
*3
3
3
312
*3
3
34 *27
8 318 *27
8 34
Class B
30
No par
3
2 4June 2
.2112 23
24
23
2214 2213 2214 2214 22
22 .21
23
800 Postal Tel & Cable 7% pref 100 18 Apr 29
912 612
*94 94
9
/ 912
1
4
9
9
/ 9
1
4
/
1
4
9
*9
97s 1,400 Prairie 011 & Gas
25
(512June 2
18
183
4 1714 183
8, 1712 1712 18
18
1714 177
8 17
1714 2,900 Prairie Pipe Line
8June 3
25 145
*3
312 314
34 *318 314 *3
318 *3
*312 314
318
800 Premed Steel Car
No par
2 4May 29
3
*27
29
*2212 294 *2212 23
*25
*25
28
27
*25
28
100 29 May 19
Preferred
624 6218 623 627
4
8 6112 6214 *62
6214 6114 62
6012 613
4 2,900 Procter Gamble
No par 66 June 3
314 314
328 318 *223 314 *3
3 4 *212 314 *212 24
,
200 Produoere as Refiners Corp.
17
.50
8June 3
.64 1012 *63
/
1
4 8 1 •64 10 2 *63 1012 *63 1012 *63 1012
/
1
4
,
4
4
612May 7
Preferred
50
80 8012 79
/ 805
1
4
8 79
81
803
2 80
79
8012 784 704 15,300 Pub Ser Corp of N J___No par 72 Jan 11
/
1
9912 9912 9912 9912 9912 9938 993 995
8
8 9912 991 2 99
993
8 2,400
55 preferred
No par 95 Jan 2
•11618 11714 *11614 11714 .1163 1164 1167 1197 117 11714 *1164 117
8
8
8
/
1
400
/
1
4
100 109 Jan 3
8% Preferred
.136 13714 1357 1357 *1357 13714 *1357 13714
8
8
8
8
-- 13614 13614
400
100 1281 Jan 3
4
7% Preferred
.155 1563 *155 1563 •155 1564 *15514 1561 *13544
4
/
1
/ *15512 157
4
1555 1554
8
100
8% preferred
100 148 Jan 0
/
1
10412 10412 10412 1045 •10412 1045 10412 10412 10412 1044 10412 1045
8
8
/
1
8 3,300 PubServElee&Gas pf 35 No par 1031June 4
/
4
4 36
3614 363
4 3612 371
363
4 3514 364 36
/
1
37
351 36
/
4
7,200 Pullman Inc
No par 28 June 2
382
*5
8
*12
3
4
3
4
*12
3
4
*12
*22
31
50
300 Punta Alegre Sugar
3
4
38 Jan 8
3
4
618 614
614 614
618 638
814 6141 *018 614
618 64 2,900 Pure 011 (The)
25
512 Apr 28
•72
7412 *73
7412 *73
74 I *73
7412' 7214 7414 *72
75
120
8% preferred
8May 27
100 865
.30
1
3012 3012 32
3014 31
307 307
8
81 2913 3018 273 2914 7,400 Purity Bakeries
4
No par 2414June 2
153 157
8
8 1553 1614 1518 154 15
1538 1418 15
1422 112,700 Radio Corp of Amer
14
12 Jan 2
No par
.461 48
1 /
4
*463 48
4
*464 43
/
1
4713 4712 *461 48
/
4
*463 48
4
100
50 4514June 2
Preferred
384 39
/
1
39
3918 39
38
39
38
37
37
3512 3513 1,400
Preferred II
No pa :3112.1une 1
133 137
8
8 133 1414 13
8
1312 1314 1312 124 1318 1212 124 30,300 Radlo-Keith-Orp el A_ _No par 1111June 1
/
1
/
1
20
20
20
20
1912 20 I 20
20
20
20 .1913 20
1,800 Raybeatce Manhattan_No O7 1712June 3
714 714
7
53 8
714 7121
65
8 718
*612 7
65
8 7
7,075 Real 811k Hosiery
5 June 11
10
*25
494 *11
40
*12
40 I .22
45
*22
40
*22
40
Preferred
100 60 May 28
*4
*7
8 1
1
•8
7
1
*7
8
1
*7
8
1
*7
8 1
Reis(Robt) as Co
7s Jan 5
No par
•10
243 .10
4
3113
24
243 3110
4
244 3110
/
1
243 •10
4
243
4
Firet preferred
100 11 Jan 6
814 9
9
9
83
8 812
81 2 83
4
814 83
84 87
/
1
8June 2
No par
57
*4614 5413 *4614 5412 *4614 5412 *4614 5412 *4814 541 *4614 5418 4,100 Remington-Rand
100 4934June 4
First preferred
*51
69
*54
54
69
54 I 51
51
*5118 69 .5118 69
30
Second preferred
100 51 June 17
612 65
8
612 6 8
,
612 612. 612 612
3 12,600 Reo Motor Car
612 638
6 afay 21
10
111 111 111 117
/
4
/
4
/
4
4
8 113 113
4 113 12
4
1112 113
4 1114 1112 4,400 Republic Steel Cory_ -No par 10 June 2
*2713 2812 *2712 27
27
2712 27
/ 2712 28
1
4
27
*2614 2734 1,200
Preferred cony 8%
100 27 June 17
4.6
.6
8
6
8
6
8
*6
8
*6
8
Revere Copper as Brawl No par
814May 8
3612 25
*15
*612 25
*612 25
25
•612 25
*613 25
No par 37 Jan 6
Class A
14
*13
•13
137 *13
135 13
8
14
8
/ *13
1
4
133 .13
4
1334
100 Reynolds Metal Co.__ _Ns par 11 Juno 3
*7
9
9 *7 9 .7 9 *7 9 *7 9
9
51 Feb 18
100 Reynolds Spring new_ No Par
4918 494 4918 49 2 483 493
4
8 494 4912 2473 481 475 48
,
4
/
4
8
14,000 Reynolds (It JO Tob class B_10 40 Jan 2
/
1
4
*70
73
*70
73
73
73
*70
71
•70
7014 *70
7014
60
Clam A
10 70 Jan 13
118
114
114 114
114 114
114
114
124 13
8
114 Ps 3,400 Richfield Oil of Calif._.No per
1 June 1
4
4
4
4
4
4
4
4
37
8 4
418 438 5,900 Rio Grande 011
No per
318June 2
221 *2113 2210 2278 224 23
*22
23
4
*213 2312 3120
2134
400 Ritter
No Par 20 May 21
*195 197
8
195 20
8
218
195
8 1812 1812 183 183 •173 1914 1,200 Roaala Dental Mfg
8
8
4
4June 1
10 153
Insuranee Co
264 267
/
1
263 263
8
2638 264 257 2612 26
/
1
8
265
8 2512 26
6,200 Royal Duteh Co (.117 Y Obar•s) 247
8June 2
•1413 15
8
147 144 *1412 15
147 147
8
8
8 147 144 1413 147
8 1,400
10 1414June 6
514 62
5112 521
5112 51
514
511 249
/
4
4918 *4818 4913 2,600 Safeway Stores
385 Jan 15
3
No pa
*88
90
*88
90
3188
90
88
88
318612 90
*8612 90
10
100 86 Jan 1
Preferred(8)
*105 107 *105 107
10412 105 *105 107 210314 105
105 105
330
100 98 Jan 21
Preferred (7)
•1512 153
8 1524 154 153 155
8
4 153 155
/
1
8
8 15
15
15
15
1,800 Savage Arms Corp
1214 Apr 24
No pa
514 512
6
6
58 6
7
*512 6
*522 54
512 522 1,100 Schulte Retell Stores Ne Par
4 Jan 13
*4012 43
*4012 48
*4012 48
*4012 48
40
4012 *40
48
100
Preferred
100 40 June
*4
614 *4
.5
5
5
*4
618 *4
614 *4
614
300 Seagrave Cory
No pa
313May 2
5113 5214 515 527
8
51
5214 5114 517
8 503 511 497 504 19,900 Sears, Roebuck &
8
/
4
8
/
1
,
444 f
CoNo 17a
*34 4
*314 8
*314 4
*314 4
314 314
318 3181
300 Second Nat Inverter*
212May 2
1
*3814 4312 *3814 431 *37
4312 *37
4312 *37
4312 *37
4312
1 33 June 2
Preferred
7
8
7
8
*7
8
1
*7
8
1
34
52
*53 1
*4 1
/
1
1,000 Seneca cepPer
No par
451ne 28
94 1014 10
93 1014
103
4
4
8
9
914 103
93
8
84 9
/ 63,300 Servel Ine
1
4
/
1
4
4 Jan 2
No par
20
201 197 20
/
4
8
19
/ 2018 1914 197
1
4
8 195 194 2183 187
8
/
1
4
8 3,300 Shattuck (.F G)
No Par 1614June 1
*7
*7
8
8
*618 8
*658 8
*61 8
/
4
*61 8
/
4
Sharon Stool Hoop
No par
612June 1
1013 1012 •10
11
1014 1014 .10
1012 •1018 1014 1018 1018
500 Sharp & Dohme
No par 1018June 3
60
.56
*56
60
*56
*56
60
60
Preferred
Ne par 5314 Jan 23
512 53 * 2 621 2 *5g
4 1
6
6 18
522 57
8
53
4 57
8
8
6 114 11,500 Shell Union 011
412May 15
No par
*32
35
33
*32
33
33
32
32
32
32
33
35
1,000
100 2512May
Preferred
23
4 3
314 314
3
24 24 .27
3
8 3
234 3
1,700 Shubert Theatre CorD_No Ps•
2 4June 15
3
12
/ 127
1
4
8 1258 13
121* 12 2 1214 123
,
4 1218 1214 12
1212 4,900 Simmons Co
No par 1018June 3
*514 513
5
514 *5
*514 6
*514 6
513 *5
523
300 SWIMS Petroleum
5 June 17
10
77
8 818
7
/ 77
1
4
8
7 4 818
734 812
3
73
4 8
77
8 818 22,500 Sinclair Cone 011 Corp_No Per
614June 2
•80
87
*80
*80
87
*80
87
87
*80
37
80 80
100 Preferred
100 77 June 11
*4
4
414
4
*4
414 *4
414 *4
418
44 418
300 Skelly 011 Co
26
318June 3
15
15
•1413 17
*15
1918 •15
20 .15
20
*15
20
100
Preferred
100 10 May 28
15
8
e112 3
/
4
15
9
.12 3
*11 3
8 •11 3
/
4
*15
8 3
200 Snider Packing
112May 19
No Par
*6
14
.6
6
613
6
*512 14
*512 14
*512 14
100
Preferred
6 May 19
No Par
8318 8318 *83
85 .83
85
*83
*83
85
85
834 8318
300 Solvay Am Inv Trust pref _100 80 June 10
10
10
913 10
952 93
4
95
8 93
94 94
/
1
4
/
1
93 104 5,600 So Porto Rico Sugar-No Par
4
714June 1
•103 115
101 103
99
99
*88 100
98
98
98
98
Preferred
100 9612 Mar 9
4112 413
4 4113 4214 413 42
4
4214 42
/ 413 4238 4012 411 5,8 Southern Calif
1
4
4
/
4
1(
0
Edison
25 36 June 3
*212 5
*3
5
.24 5
*212 5
*212 5
*213 5
Southern Dairies el 13.._No Par
3 Apr lb
*2312 25
2412 25
*25
28
*2512 28
27
27
*26
30
300 Spalding Bros
No Par 21 June 3
*11212 113
11212 113 •11212 113 *11212 113 *11212 113 *11212 113
30
let preferred
100 111 Jan 13
*15
20 .15
20
*15
24
*15
20
*15
20
•15
20
Spang Challant&Colue No par 2218 Apr 115
•70
*6813 70
78
*6812 75
*6812 70
*6312 78
*6812 73
Preferred
100 75 June 9
918 918
912 912 x9
9
83
4 8
/
1
4
8
/ 84
1
4
/
1
8
814 2,900 Sparks Withington_ _ _ _No par
6 June 2
*13
*1314 15
14
*1312 15
•13
14
137 14
8
*13
14
300 Spencer Kellogg & Sone No Par 10 Jan 8
9
9
*9
9
914
9
*83
4 9
•87
8 9
9
9
300 Spleer Mfg Co
85 Apr 22
8
No per
*25
26
•25
26
*25
26
*25
26 .25
26
*25
26
No par 2412May 22
Preferred A
*612 723
7
7381 .7
714
724 714
74 712 317
8
1,700 Spimel-May-Stem CO_No Par
54 Jan 13
17
/ 17
1
4
1712 17
171
1714 17
1714 1634 17
163 17
4
16,200 Standard Brands
No par 147
8June 2
122 124 *122 124 .122 124 *122 124 *122 124
•122 124
Preferred
No par 118 Jan 5
*21 t
214 3
3
*214 3
*214 3
.214 3
23
3 23
8
100 Stand Comm Tobseco_Ne Par
/
1
4
2 June 19
6113 6112 61
6312 61
6222 6118 6212 597 6114 594 60
8
7,200 Standard Gas & Else, CoNe par 5.518June 2
694 594 60 60
*59
5913 *5914 5912 59
593 *58
8
59
400
Preferred
No pm 50 8 Jan 8
5
*92
9614 *90
96 .92
9514
*92
9518 *92
9518
56 eum prior pref
No Per 9213 Jan 15
.103 1047 *103 1044 31100 1044
8
103 .10212 103
10212 10212
100
$7 cum prior pref. No pa 10114 Jan 1
212 *2
212 .2
*2
23
3 *218 224 *2
214
2
2
300 Stand Investing Corp- No per
134June 2
*102 1024 1011 102
/
4
102 102 *1011 10214 *1013 10214 12 1g2
/
4
4 ,
,4
500 Standard 011 Export Pref--100 997
3434 3513 3434
8June 3
35
3513 3458 35
3,115
No pa
3113June 2
*1012 11
*1013 11
1014 1 112 *1012 1118 1(112 1012 1118 1118 30,200 Standard Oil of Callf
3,000 Bland 011of Kansas
25
83
4June 3
3514 3512 343 3512 343 3512 343 3514 3414 344 345 35
4
4
4
8
/ 33,625 Standard 011 of New Jeraey..2
1
4
305
8June 2
157 16
8
154 1613 1538 16
155 16
8
1518 153
4 1522 1553 62,200 Standard 011 of New York_ _2
1378June 3
1814 1812 *18
187
8
183 .18
4
4 21712 1712 184 1811
/
1
/
4
400 Starrett Co(T1112 L S--N° per 1618June 2
)
8 27
8
27
3
3
*27
8 3
27
8 24
23
4 23
3
3
4
1: 0
100 SterrengSeeurities el A_/Yo yea
200
p Il ten.ed
212May 27
*53
4 614
53
4 53
4 *5
614
518 *54 624 *514 618
5
No pan
5 June 2
*3212 35
*3214 35
3314 3314 *3214 34
3214 35
333 333
4
4 1.300
Convertible prelerred____110 294June 3
8
93
4 97
4 1014 1010
931 103
94 10
/
1
93
8 93
4
3.9
/ 10
1
4
3,700 Svewart-Warner Sp Corp-..101
8 May 27
3018 303
4 3018 307 2293 30,
8
9
291 304 2818 2912 2712 28
/
4
8
8,600 Stone & Webster
No par, 2.513Juno 2
164 17
/
1
1714 1814 1712 171
17
173
4 1612 17
1614 1612 5,440 Studeb;rre orp(The)
00
No pew 1418June 2
prcl C
•110 112 .11018 112
110 110 *111 112 *11018 112 •11018 112
10.1 110 May 26
Elub ot
No pars
;52 34 -5312 lit; -52 32 -3114 3112 «air2 3312 "3112 311, io6 Buemsrae Boat
N.Tan 31'8,J(iaj 2
jne
l
*10014 10112 *100 10134 10014 10024 10014 10014 10014 10014 100 100
210
100 94 :May 18
Preferred
324 3214 3112 3214 305 315
8
307g 307
8 3012 31
.305 31
8
2:2 0 8tiverlor o Co(That.Ns ye
14
0 8 perlieetg
0
30 Apr 16
.
"4
7
2
7
8
7
7
8
8
*3
8
4
4
3
4
31
3
4
31
3
4
.
8
93
4 484 437
8 es
No pet
83
*8
812
7
7
•7
81_
111 41Nj p 27
. la y 2
100
::: ::1:21,:ler::eol
14
*13
*13
14
14
13
•13
13
1278 127 •13
8
14
200 Sweets Coot America
50 117 Jan 7
3
112 •1
112 *1
114 114 *1
112 *I
112 *1
11
Nepal,1 Feb 4
3
3
*213 3
*23
4 34 .213 312
212 213 *212 313
300
212June 2
Ns pan
Claes A
8
*173 18
•173 18
17
8
/ 173 *17
1
4
8
18
*17
173
4 173 173
4
4
300 Telantot acorp
10 T t..use pb Corp
0 e
Ne y
163
4June 3
r
/
1
/ 53
1
4
*54 6
8 *512 6
5
6
6
4 54 6
,
*54 6
/
1
No
512June 2
/
4
2018 201 194 201 1
20
193 20
8
20
1938 20
197 2013 17,100
8
Corporation
25 18 June 2
8
3212 324 3214 323
/ 325 33
1
4
3212 32
4 31 14 3214 3118 3112 10,300 Texas
Texam Gulf Su1pbur- _No par 2918June 3
.3
334 *3
3 4 *3
3
33
4
/ •3
1
4
3
/ 3
1
4
312 *3
33
4
100 Texas Pricifle Coal & Oil__ 10
212June 2
87
8 9
9
8
914 97
9
9
9
9
014
8
/ 84 2,800 Texas Pan Land Trust
1
4
ij
712June 1
•Bid and asked prices; no salea on thLs day.
Ex-dividend. y Ex-rights.
Highest.
g Per share
284 Jan 12
80 Jan 97
1514 Feb 24
87 Jan 15
15 Feb 27
100 Apr 24
1814 Jan 5
13 Jan 10
/
1
4
27 Feb 28
8 Feb 27
3913 Jan 9
203 Feb 26
8
2612 Feb 26
713 Feb 19
47 Feb 19
/
1
4
7114 Mar 10
6
Feb 27
16 Feb 27
9822 Mar 19
102125.fay 16
11818151ay 19
137 Apr 9
/
1
4
157 Mar 26
/
1
4
104 8June 11
5
5813 Feb '27
2 Jan 9
117 Jan 5
3
1014 Jan 8
6514 Mar 17
3711 Feb 25
5518 Mar 26
60 Mar 21
24'i Mar 21
2912Mar 25
3072 Feb 10
90 Feb 3
17 Jan 8
3
13 Apr 22
10 4 Fob 27
3
88 Jan 7
98 Jan 6
104 Feb 11
2538 Feb 24
E4 Feb 19
18 Jan 2
30 Jan 6
2238 Mar 10
1814 Mar 12
53 Mar 19
7512 Feb 19
638 Jan 5
1014 Feb 24
4134 Mar 2
26 Feb 24
4253 Feb 10
3033 Feb 20
6514 Mar 24
96 Mar 20
107 Apr 15
2014 Feb 27
111811 1er 30
.
65 Nita'27
11 Feb 27
4314 Feb 26
54 Feb 27
584 Feb 27
134 Feb 11
113 Apr 9
4
2912 Feb 20
187 Feb 18
4
21 Mat 25
61128far 25
1014 Jan 12
78 Feb17
111 Mar 6
/
4
23 4 Feb 28
3
11 Feb 26
3
157 Feb 26
103 Mar 14
124 Jan 7
62 Jan 8
434 Feb 16
155 Feb 18
8
95 afar 19
174 Jan 8
112 Jan 8
5413 Feb 26
5 Mar 12
36 Jan 6
11513.5fay 7
274 Feb 17
9212 Jan 21
135 Mar 16
8
1812Mar 25
1734 Feb 21
$313 Feb 20
1713Mar 24
204 Feb 25
12312 Apr 9
4 Feb 10
8838 Mar 10
6478 Mar 23
101 Ma 23
109 4Mar 8
3
414 Feb 13
10514 Apr 13
6184 Feb 13
19 Jan 5
5212 Feb 24
26 Feb 10
3414 Feb 24
$ 3 Feb 10
7
934 Feb 18
40 Mar 28
217 Mar 10
3
5412Mar 21
28 Mar 26
1184 Apr 6
/
1
14 Jan 5
4514 Feb 26
10413 Feb 2
40 2 Feb 9
3
11 Feb 17
/
4
18 3 Mar 5
7
1334 Feb 20
313 Feb 2
64 Jan 23
2113 Mar 6
94 Jan
8578 Jan 7
6538 Feb 24
64 Jan 9
17 Feb 13
/
1
4
PER 11F1 AMR
Range for Previoest
Year 1930.
Lowest.
Highest.
$ per share
18 Dec
68
Dec
134 Dec
8412 Dec
11 Dec
9112 Dec
1814 Dec
1018 Dee
14 Dec
/
1
4
4 Oct
510 Dec
114 Dec
161 Dec
/
4
3 Nov
/
1
4
26 Dec
s
523 Jan
1 Dec
1112 Dec
85 Dec
9134 June
1044 Dec
/
1
Jan
121
142 Dee
10714 Feb
4.7 Dec
12 Oat
7 Dec
53
904 Dec
36 Dec
8
113 Dec
47 Dec
314 Dee
141 Dee
/
4
164 Dec
2313 Dec
83 Dec
/ Dec
1
4
8 Nov
144 Nov
84 Nov
Jan
95
711 Dec
4
1013 Doc
28 Dec
514 Deo
34 Dec
10 Dec
$ per chars
784 Jan
110 Jan
224 Feb
103
Jan
1914 Oct
103
Oot
227 Am
3
341 Mar
/
4
8038 July
2714 Mar
103
Jan
54
Apr
6013 Feb
161 Feb
/
4
7612 Feb
787 June
8
117 Mar
1
40 Mar
1234 Apr
/
1
100
Oct
117 Sept
13514 Oct
158 June
112 May
893 Jan
2
812 Jan
2714 Apr
11414 Apr
887 Feb
8
6938 Apr
57 Apr
85 Apr
50 Apr
5E04 Apr
3
841 Mar
100 Mar
57 Feb
3
37
Jan
4612 Apr
1004 May
104 July
147 Mar
3
7912 Apr
p512 Map
80 Jan
72
Jan
844 Apr
/
1
40 Dec
70 June
44 Dec
5 Dec
253 Dec
3
143 Dec
8
364 Dec
/
1
1914 Dee
384 Dee
/
1
84 Dec
95 Oct
1214 Dee
4 Dee
35
Jan
/
1
4
5 Dee
434 Dec
214 Dec
35 Dee
1
Dec
318 Nov
2013 Nov
9 Dec
1118 Dec
Jan
54
54 Dec
56 Dec
418 Nov
11 Nov
5
5 3 Dec
9 Dec
/
1
4
86 Dec
1018 Dec
42 Dee
14 Nov
8 Dec
90 8 Dee
3
101a Dec
103 Aug
4018 Dec
34 Jan
32 Dec
108 Jan
197 Jan
8
92 Jan
8 Dee
8 Dec
/
1
4
8
75 Dec
25 Dec
44 Dec
1418 Nov
116 Nov
24 Deo
534 Dee
55 Dee
924 Dec
/
1
9312 Dec
112 Nay
98 Fob
.4314 Dec
143 Deo
8
/3/3 Dec
1934 Dec
19 Dec
58 Mat
/
1
4
80 Jan
9 Dec
/
1
4
25 Apr
/
1
4
69 Feb
/
1
4
48 Mar
/
1
4
5813 Apt
5714 Feb
1223 Jan
3
997 Feb
8
1097 Mar
8
311 Apr
/
4
1312 Jan
Jan
75
1414 Mar
1001 Jan
/
4
23 Feb
821 Mal
4
311 Jan
1312 Apr
52 Apr
/
1
324 Feb
2734 Mar
634 Mar
/
1
2512 Apr
10614 Apr
38 Apr
944 Jan
87 Mar
8
Apr
1124 Apr
42 Apt
4
993 June
Jan
8
36 Fob
/
1
4
12112 Apr
30 4 Jan
3
121 :50
72 Apr
9 Mai
45 Mar
115 Aug
87 June
/
1
4
Ofba
96
3018 Apr
25 Apr
3613 Feb
4518 Mar
52 Feb
2914 Feb
12112 Sept
74 Feb
12914 Apr
67 May
104 Sept
11414 Sept
154 Mar
10E1 Oct
/
4
75 Apr
49 Apr
844 APT
403 Apr
8
47 4 Apr
3
2012 Mar
1418 Mar
68 Mar
47 Apr
113 Apr
/
1
4
474 Feb
1215 Mar
11 Mar
/
4
70 Apr
1084 Sept
4514 July
953 May
2933 Mar
157 Mar
3
7 Apr
17 Apr
/
1
4
2614 Apr
17
AN
6011 May
67 Mar
/
1
4
144 Mar
32 Mar
/
1
4
238 Dec
5 Der
2013 Nov
143 Deo
4
374 Dee
1814 Nov
Jan
110
38 Deo
39 Deo
4744 Dee
30 Nov
3 Dec
41
5 Dec
/
1
4
8 Jan
12
11 Dee
/
4
Dec
153 Jan
3
7 Dec
/
1
4
2814 Dec
4014 Dec
4 Dec
I() Dec
New York Stock Record-Concluded-Page 8
4558
our sew* during the week of stocks not recorded here. see eighth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 13.
Monday
June 15. I
Tuesday 'Wednesday Thursday i Friday
June 17. I June 18. I June 19.
June 16.
Sales
for
the
Week.
S Per share $ per share I 5 per share $ per share $ per share $ per share Shares
700
1212 31112 1213
*1214 1314 *1212 1312 1238 1338 1211 1212 *12
100
3612 *3412 38 '342 3612 3412 3412
38 *3412 36 I *34
*34
4
4
183 *1814 1834 *1814 183
4
*1814 20 *1812 1912 *1814 183 :1812
10
*9
*99
_ I 99
9
*99
*99
s
4 434 *412 -if 9:12
47I.
I 11412 412 *412 44 *44 -- 3' 42
*1918 25
151958 25 •1958 25 I *1913 25 I *1913 25 1 *1918 25
178
*15
200
16 I 1513 1512 *1512 17
*1512 18% *153 17
16
4
11
*10
200
11
4
*1014 1214 .1014 1214 *1014 113 *1014 1214 11
400
3
3
3 4 37
4 I *373 4
4
4
*378 4 I *37
4
4
*2733 28 *27% 2 41 *274 2 34 *2784 24?;7188
*2738 28
112733 28
0
g
53
2
538
7,
6
6
4 57
53
n
3
58 5 4
g8g
41
3
*397
41 1 *35
41
*43 45
4012 411
42% 43
15
15 .10
*5
15
*5
15
*5
15
*5
15
*5
60
60 *50
60 *50 60 *50
60 *50
*50 60 •49
6
6
1,200
6
6
612 612
613 612 *613 633
6% 612
3334 3214 33 11,400
4
4 333 3414 33
343
35
35
3414 354 34
700
24
2
2 I *218 233
2
2 18
2
*2
218
214 *2
1014 1014 1,700
11
11
•1038 11
1053 1038 1014 1038 *1014 11
67
7 43.800
64 733
7
712 7 8
8 714
67
2
634 67
638 7
300
*812 98
gh ph *i)
914
914 914 *812 10 I 1,8% 10
73
3,800
4 8
4 8
p73
78 8
78 8 I
78 8
78 8
1,900
93
93
93
9312 93
9414 9414 x93
93 *93
94
941g
600
8
325 3283
4 32% 3318 *3212 32% 4132% 33
4
3312 3312 333 333
700
4 6
*33
4 6 1 *33
*33
4 6
1412 412
4 6
412 *33
4
1312
14 •13
14 *13
*13
*1313 14
*1313 14
'131 14
10
700
3 10
3
103 103
11
*10
1073 108 *1013 11
*1038 11
45
1.500
4 44
4612 4612 4514 453
46
45
45 45
*431 45
10
700
912 912 *9
8% 10 1
9
9
10
*9
81
' 10
491 51314 4912 507
4
3 473 4914 4773 4914 4714 4814 458 4714 76,275
1738 18 I 1734 178 1814 1912 14.908
1712 18
18
4 18
183
18
600
3 2013 2012 2014 2014 2014 2014
2013 *2013 2012 2014 203
•20
s
2714 2533 268 2514 2613 2334 251s 2273 243 86,500
26
26
262
51
400
51
53
5314 53
53
5314 *5214 5314 *5213 53
*52
19
19 *13
15 *13
19 *13
4114
19
19 *14
*14
353 353
200
4
4
4
4
3
39 4 *3534 3612 *353 40 *353 40
3612 361 *36
*114 117 *114 117 *114 117 *114 117 *114 117 *114 117
*1312 15
800
14
14
15
1414 1414 *14
15
15
*1414 15
414 4.400
4% *4
4
414
414 433
4
414 412
/412 412
100
*5513 60 *5513 60 *551 60
*5518 60 *5518 60
60 60
4 2233 2313 2112 2233 208 2138 256.200
22% 223
4 2218 23h 213 223
498 50 I 3,400
49 4914 4913 4933 4912 50
4 49 49
4853 483
6 I 1,300
4 514 512 *6
513 513 *5
6 I
6
6
6
714
2,400
5314 55
55
55
56
3
3 55 4 5541 *55
553
544 55
54
2818 2834 2734 2814 29,100
3
2834 2953 2814 2914 283 29
2833 29
300
8
4
1
/
4
1
/ 103 103 *10312 10378 *10312 10378 *10312 1037
4
4
1
/
1033 103
*10314 104
*24 3
*213 3
*218 3
*2% 3
*218 3
24 3
•
2312
*22
24
4
233 *23
24 •22
24 *23
4
1
/
1523 23 •23
4
4
414
2,400
4
433
414 4
414
414
414
4
/
41 418
600
5137 40
38
38
3734 38
39
4
3
3
*37 4 39 4 *373 3934 39
344 34
600
344
3412 3412 3412 34
344 3412 *32
35
•32
28 28
10
*3112 34
34
34 I *31
*31
*3112 34 *3113 42
8
400
*112 138 *1% 173 *112 17
112 158 •112 2
14 11
8
3,800
2233 23 •223 23
4
2318 24
4
223 2313 223 23
23
23
800
01818 181 *184 1812 1812 1853 1813 1812 1813 1818 *1818 1812
gh *7
912 *7
912
.712 912 .7
100
712 9'2712 71
.
8
7
4
*3
8
7
4
*3
8
7
4
1
/
•
s
7
4
3
.
4 1
*3
4 1
*3
200
4 1514 1514 1518 1518
183
1854 *15
*1814 20 *1814 19 *16
800
712 713 *713 712
74 713
,
12 7 2
7
12
712 7
7
7
80
*77
200
80
774 771 *774 80 *7712 80 1 80 80 •77
36
800
35
3512 3612 3612 3612 3612 36
3512 354 *344 36
812 9
300
*812 9
9 I *812 9
*8
9
*8
9
*8
248 2531 9,400
2814 2514 27
8
2812 28
3
*2814 29 8 29 295 •28
100
4 64 *54 64 *54 614
614 *53
3
3
5 4 5 4 *53
614
*6
4
00
2
4
1
/
858 8 , 8
10
4
1
/ *9
918 9
3
9 4 10
8112
*80
80
600
80 I 80
80
8112 *80 8112 80 80
*80
1433 15% 4,400
4
1713 1713, 17
171a 163 163
4 1512 16
17
17
11% 114 3,600
1238 117s 12331 1178 1173 114 1158 1114 111
12
Ng
223,3 2213
4
1
/ 223 *224 23
4
24 *2212 25 I 224 22% 22
*22
14
15
400
144
1612 *14
1434 1434 *1412 1612 1514 1514 *14
4
1
/
4
1
/
4
1
/ *3973 4014 *40 40 •40 40
1
/
407 *397 40181 *394 40
1038
8
4
1
/
8812 8614 87 276,090
87
9138 8912 91341 88% 9012 88% 90
90
8
14058 1405 14074 14114 2.900
14052 141
14112 14138 14118 14134' 141 141
68
63 69 *64
69 •62 68 I *6214 7014 *62 89 .
*64
22 2212 16,900
2214 23
22% 23
4
224 2313 223 2314 2214 23
8 9,000
3
58
5a
51
34
1/4
8
5
8
3
4
3
8
*3
4
3
3
*3
18
18 *14
18 *14
18 1 •14
*14
18 *14
18
•14
3
294 30
4
1
/ 268 291s 2612 277 84,600
3213 31% 32381 2912 31
31
8 *112 138
200
8
113 112: *138 1% *112 15 •112 15
134 134
1,812 10
*812 10
10 I *818 10
*9
*812 10
10
*9
6112
100
6112 .60 6112 *60
6112 60 60 *60
6114 •60
.60
4
4
4
20
10512 10512 *10512 1053 1053 1053
1051s 106 *10512 106 1•10512 106
•
4212 4438 421 4238
540
4412 4238 4314 434 45
4412 44
*43
3
237 2418 22314 233
4 1,900
2418 24
24
4
1
/ 24
2473 248 2412 24
614
613 *6
612 *6
600
6
*512 612 *53k 6 I *512 6
1212
1212 *11
700
4
1
/
12 *11
4
124 *103 12 *11
12
12
*10
3%
4
3
3 4 33
4
1
/ 314 1,900
3
4
312 33
5
3 8 411
338
338
*34 42
42
42 *34
35 *34
31/40
35
100
40 •35 4
35
•
74 712 116,300
4
1
/ 812
7
714 7
814 873
3
84 84 9 8
8
4115
20
19
20 *17
4
1
/ 19
19
500
4
1
/
194 19 •19
*144 20
4
1
/ 3
238 •2
238
400
24 212 *214 212
*214 3
1
"214 3
ma 1918 20
2,900
3
203 2012 2014 2012 19
2012 2012 21
20
*3212 34
40
*3212 3414 *3212 34 I 341 3414 3314 34
*3314 35
27 *2514 274 1,409
28 *25
27
27
27
28
2612 2612 x27
212 212
212
22
312
500
312 *2
312 *2
*138 313 *2
*1814 20
20
20 *19
20 I •19
1519
20
2312 *19
1520
53
*51
5112 514
51
.53 I 51
300
*5118 53 I 5112 5112 *51
8.800
10873 11012 109 112 10612 10914 1044 107
*110 11212 10912 110
3
23, 234 2313 2334 1,300
4
1
/ 24
4
1
/ 2334 23
4
24 I 233 2334 23
*23
4
5912 6212 573 5912 5513 5838 544 5612 5514 57 303.000
1
/
614 63
350
9014 92
9012 9012 9012 96
92
9214 *90
92
92
92
18
xiS
200
151814 21 *184 21
2012 *1612 2012 *1814 21
16
•
34
*33
34
34 *33
34 *30
4..___ 34 1 *3212 34 *33
96 100
10
*96 100 *9514 100 *9512 100 •
99 99
*99 100
50
10314 1034 10314 10314 *10314 104 *10314 105
•10314 105 *10314 105
8
9412 9412 923 93
120
*9214 94
94
94
9414 94 94
94
*11612 11713
40
15116 11612 *116 11612 *116 11612 11612 11612 117
4
1
/
4
1
/
70
1511018 112 *1104 11012 11012 1104 11014 11014 *11033 1104 110 110
21
100
21
21
*20
21
*20
*1912 21
*1914 21
*1814 21
1,500
64 67
8
8 65
65
612 612
4
/
61 612
*612 7
*612 7
204 23
500
4
2212 2212 2112 22 *203 2212 •
15214 23
23
21
*
14
418
14
14 16,300
18
18
*13
18
8
8
18
8
2
8
2
1,900
18 •1612 18
18
19
1713 1712 1712
1
/
4
1
/ 164 17
1634 16
3712
300
3
3712 3713 397 398 *3734 39 *36
*3712 3912 *371 39
234 23
4 2.100
212 24
258 24 *233 3
4 28
*23
24 3
*3
673
.5
12
*5
12
612 *5
612 *5
612 *5
*5
*413 5
5
*412
*412 5
*412 5
4
414 43 12,500
4
4
412 5 I *413 4
% *4,
5
5
: 43
41
4
1
/
458 4
5
5
47 47 *454 4712 1.100
4614 444 47
8 45
4 4858 485
4
483 483
2
2
2,600
214
*2
2
2
2
2
153 2
3
17
*112
M4 54 1,400
*512 6
6
6
6
434 434 •5
4
1
/ 43
4
4
3313 3512 3,300
333 34
36
34
36
36
34
31
35
*30
4
1
/ 6718 644 66% 44.700
4
663 6712 65
4
1
/ 6658 68
4
1
/
684 6852 67 69
4
1
/
3
4558 4718 4414 4618 4412 45 4, 414 4418 4118 423 20,200
4512 47
7014
100
7014 *60
7014 664 6612 *66
*60
7512
754 .60
*521g 64
54 *4212 64
155212
*5212 644 *5212 65 *5212 64
20
2313 *1212 2313 *1212 2312 *1234 2312
*1412 24 *13
14
14
,
71
72
7112 27014 70 4 3.300
1
/
4
7212 713 714 72
72
7134 721
500
22 2214
23
22 *21
*21
21
2118 2113 21
*214 22
714 712
714 712 6.700
712 712
8
738 73
74 8
7
3
7 4 72
*43 45
1543 45
43 •45
*43 45
48
*43
1543 48
1914 1,300
4
1
/ 19 •18
194 4117
4
1
/ 2014 *194 20
19
194 1912 •18
300
48
45
45 .
48 I 45
*45
48
*45 494 4938 4938 *45
1
/
800
8 212
*23
25
22
212 288
3
24 27 *213 27
•212
5
24
,
•Bid and *eked prices: no gales on this day, z Ex-dividend. 3 E2-312htiss
STOCKS
NEW YORK STOCK
EXCHANGE.
(Coed.) Par
Indus.& Miscell.
Thatcher Mfg
No par
Preferred
No par
No par
The Fair
Preferred 7%
100
Thermold Co
No Par
Third Nat Investor'
1
26
Thompson (J R) Co
Thompson Products IncNo par
Thompson-Starrett Co-No Par
No par
$3.50 cum pref
Tidewarer Arum 4:311
No Par
Preferred
100
Tide Water 011
100
Preferred
100
10
Timken Detroit Axle
Timken Roller Bearing_No par
Tobacco Products Corp N.par
Class A
No Par
25
Transamerien Corp
Tramline & Williams St'l No par
Tri-Continental Corp._No par
0% preferred
100
Trion Producta Corp...No par
Truax-Traer Coal
No par
Truseon Steel
10
Ulan & Co
No Par
Under Elliott Fisher Co No par
Union Bag&Paper Corp No par
Union Carbide & Carb.No par
Union Oil California
26
Union Tank Car
No par
United Aircraft & Tran_No par
Preferred
60
United Am Bosch Corp No par
United Biscuit
No par
Preferred
100
United Carbon
No par
United Cigar Store,.. No per
Preferred
100
United Corp
No par
Preferred
No par
United Electric Coal...No pa
United Fruit
No par
United Gas & Improve_No par
Preferred
No par
United Paperboard
100
United Piece Dye Wka_No par
United Stores Cl A____No par
Preferred clan A ____No par
Universal Leaf Tobaeco No Par
Universal Pic:tures let pfd..100
Universal Pipe & Rad...No par
20
U. S. 11Pe & Fdy
lat preferred
No par
U 13 Distrib Corp
No par
U 8 Expresa
100
U S Freight
No par
US & Foreign Seour..._No par
No par
Preferred
20
U S Gypsum
US Hoff Mach Corp-No par
U S Industrial Alcohol_ No par
US Leather
No par
Class A
No par
Prior preferred
US Realty & Impt.....No per
United State, Rubber__No par
100
let preferred
U 8 Smelting Ref & Mln---40
60
Preferred
United States Steel Corp....100
100
Preferred
No par
II S Toba000
No par
Dillies Pow & 14 A
No par
Vadace Sales
100
Preferred
No par
Vanadium Corn
Virginia-Caro Chem...No par
100
6% preferred
100
7% Preferred
Virginia El di Pow pf(6)No Par
100
Vulcan DetInning
No par
Waldorf System
No Par
Walworth Co
Ward Bakeries class A._ No par
No Par
Clams B
10a
Preferred
Warner Bros PloturesNo par
No Par
Preferred
No par
Warner Quinlan
No par
Warren Bros new
No par
Cony Pref
Warren Fdy & Pipe....-No par
No per
Webster Elsenlohr
Wesson Oil & Snowdrift No par
No par
Preferred
Western Union Telegraph-100
Westinghle Mr Brake-NO Par
Westinghouse El dr Mfg_50
50
lat preferred
Weaton Elec Instruml.No par
No par
Clam A
West Penn Elea clam A_No par
100
Preferred
100
Preferred (6)
West Penn Power pref..-__100
100
6% preferred
West Dairy Prod Cl A.
-No Par
No par
Class B
Westvaco Chlorine ProdNo per
Westark Radio Storee-No per
No par
White Motor
White Rook Min Spring etf.50
White Sewing Machlne_No par
No par
Preferred
No par
Wilcox Oil & Gas
5
Willys-Overland (The)
100
Preferred
Wilson & Co Inc
No par
Class A
No par
100
Preferred
10
Woolworth (F W)Co
100
Worthing P & M
100
Preferred A
100
Preferred B
Wright Aeronautical_ __No par
Wrigley(Wm)Jr(Del)No par
25
Yale & Towne
Yellow Truck & Coach ol B_ 10
100
Preferred
Young Spring & Wlre__No par
Youngstown Sheet & T-No Par
Zenith Radio Corp.......No par
PER SHARE
Range Sines Jan. I.
On hails of 100-shard tots.
Highest.
Lowest.
Per share
per share
!Patine 2 22 Feb 27
3334J une 3 41 Mar 6
1814June 2 28 Jan 9
99 June 19 10012 Feb 26
9 Feb 13
4 May 29
16 June 2 27 Feb 21
1512June 17 35 Mar 2
954June 1 18 Feb 24
84 Mar 7
312June 2
2412 Feb 4 8414 Mar 19
9 Jan 7
4 June 2
38 June 2 68 Jan 8
1012 sap 31 18 Mar 16
54 June 4 83 Feb 26
512June 10 12 Feb 20
32 June 3 59 Feb 17
3
3 4 Apr 9
8June 3
15
1014June 17, 14 Apr 10
65sJune 13 18 Feb 26
778 Jan 3 1712 Mar 6
4
1
/
64 Jan 2 11 Feb 24
29214 Mar 16 9414June 15
1
/
2818June 1 454 Feb 37
4 June 15 10 Jan 20
12 June 2 24 Feb 24
1
/
912May 29 214 Mar 10
4
1
/
40 June 2 75 Feb 27
814June 3 1312 Mar 27
z4312June 2 72 Feb 24
14 Apr 28 2658 Feb 13
20 Apr 1 254 Jan 3
8June 3 38% Mar 26
207
46 J au 2 69 Mar 26
10 May 28 2712 Mar 2
4
/
31 June 2 411 Mar 26
11314 Feb 2 122 Mar 23
4
13 June 2 281 Feb 11
712 Apr 9
4 Jan 2
5218May 29 276 Apr 10
164 Jan 2 3114 Mar 19
4454 Jan 2 5214 Mar 26
3 Jan 2 12 Feb 27
4814June 2 8754 Feb 27
2538June 2 3712 Mar 17
4May 18
984 Jan 80 1053
314 Jan 7
212 Apr 27
21 May 27 $134 Feb 19
958 Apr 9
4 Jun* 9
351sMar 28 52 Apr 9
28 Jun 2 4112 Apr 11
24 May 6 42 Mar 21
4 Feb 9
114May 26
20 June 3 3718 Mar 26
1714 Apr 29 2014 Mar 26
1
/
64June 2 10 Mar 20
4
/
11 Jan 7
%lune 8
4May 27 3012 Mar 24
103
6 June 1 1212 Feb 24
76 June 2 90 Feb 17
33 June 2 60 Mar 27
8
2
57 Jan 2 123 Apr 1
8June 19 77118 Feb 25
245
5
10 4 Mar 19
lite Jan
8
7 Jan 2 157 Mar 19
sMar
694 Jan 7 853
1312June 1 3614 Feb 26
10',,June 2 2033 M ar 20
17 June 2 3613 Mal 21
1314J une 3 25% Mar 10
40 May 22 47 Mg 1
8318June 2 1524 Feb 26
13612June 2 160 Mar 20
1
/
6013 Jan 6 714Mar 11
1912 Apr 27 31 Feb 28
2 Feb 26
4May 29
1
/
14 May 19 28 Feb 16
1
/
2313June 2 764Mar 25
34 Feb 20
1 June 3
718June 4 17 Feb 19
4
5914June 10 718 Jan 7
984 Jan 2 109 May 12
3812June 1 713* Feb 24
21 Apr 29 2778 Feb 17
5 June 1 15 Feb 18
614 Apr 29 274 Mar 12
852 Jan 30
3 June 1
21 Apr29 5712 Jan 30
8
4May 19 20 s Feb 17
43
1034May 22 4012 Jan 9
742 Feb 4
15*June 2
1412June 1 4638 Feb 27
8
30 June .3 497 Feb 27
23 June 2 32 Feb 20
6 Feb 24
2 June 5
1738May 28 2614 Mar 20
51 June 2 5718 Feb 11
4
1
/
9618June 2 150 Feb 24
20 June 1 864 Feb 21
4
5414June 18 1073 Feb 26
,
87, Apr 30 11912 Feb 27
15 June 2 28 Feb 21
32141une 11 364 Jan 5
9512June 2 1054 Apr 22
103 Jan 80 112 Mar 27
92 June 3 103 Mar 19
114 Jan 5 120 Feb 17
1034 Jan 2 1121: Apr 1
1712June 2 444 Feb 20
8
4
45 Jan 2 127 Mar 25
18 June 2 40 Mar 16
8
25 Jan 3
%June 15
1512June 3 20 Jan 12
4
1
/
4754 Mar 20
3612June
212 Jan 3
5 Apr 6
4
1
/
6 Jan 5 10 Apr 13
94 Mar 26
312June 3
8 Mar 19
334June 2
4414 Jan 80 5614may 9
118June 1
4 Feb 10
418June 1 1034 Feb 17
21 May 25 5154 Jan 12
5458 Jan 2 723
8MaY 13
3718June 1 10678 Feb 24
6612June 17 95 Mar 7
66 May 8 8334 Mar 9
9 June 3 27 Feb 25
6634 Jan 2 8054Mar 4
21 May 28 30 Jan 23
4June 2 1518 Mar 20
1
/
5
42 June 4 76 Mar 19
1412May 29 29 Feb 24
3912June 2 78 Feb 28
54 Feb 27
214 Jan 2
PER SHARE
Range for Previous
Year 1930.
lityltest.
Lowest.
sgiis s 7
$ per share $ 3 rska, ,
1213 Der
35 Dec
8
6
p
a
3114 Dec 4118, Aan:
10 Feb
102 Jan 17 7,38ay
4
1
/
3 Dec
154 Dec
12
23 Dec 47 Max
10 Nov 3932 Apr
al, Dec
aff
181 M
2335 Dec 495 Mar
4
67 Dec 171 AM
4
4
1
/
63 Dec 89 Mar
12 Dec 31 Apr
68 Dec
17;
8 Oct 9482168014,47482
404 Dec
2 Dec
July
5s
7 Jan
4
1
/
10 Dec 2534 Bert
oil Nov 284 Jan
552 Dim "201%
Sept
8914 Apr
264 Oct 4142 MIT
912 Dec 22 Mar
20114 Nov 875s Mar
1414 Dec 24 Sent
49 Dec
194
Vs Dee 138 Sans
8
5212 Dec 1063 Mar
0
68 A
2018 Dee 3 ,, t!
23 Dec
184 Dec 99 Apr
1
/
414 Dec 7714 Apr
1518 Dec
Fey
3212 Dec 5101 Ma b
y
May
88422 M n
115 Oct 142 J8ua
144 Dec
314 Dec
June
26 Jan
828
r
8
137 Dec 5
4312 Dec 53Y Ayr
214 Dec 1972 Feb
1
/
464 Dec
2414 Dee
97 Jan 04"4"812140 t
•
jasYn
212 Dec
e
ar
204 Dec 3:424;2 nti.
June
44 Jan
1512 Jan 5034 July
39 518r
4
1
/
19 Aug 70 388y
27 Dec
2 Dee
8
184 Jan 8814 AP;
04
2
154 Jan 21 May
7 Dec
452 Apr
54 Dec
1612 Dec 103 Apt
678 Dec 3278 Mar
73 Dec 101 Mar
1
5 Dec
5012 Dec
514 Dec
514 Dec
6414 Dec
26 Dec
11 Oct
1912 Dec
1722 July
40 Dec
1
/
1344 Dec
140 Jan
594 Dec
1914 Dec
Is Oct
1212 Dec
6458 Nov
8
13 Dee
9 Dec
6712 Dec
100 Dec
3618 Dec
8
217 Dec
1011 Dec
1218 Dec
8 Dec
45 Dec
8
9 4 Dec
31 Dec
414 Dec
2612 Deo
4012 Nov
2212 Dec
212 Dec
1942 Dec
504 Jan
12218 Dec
8114 Dec
8818 Dec
107y Nov
1712 Dee
33 June
95 Dee
102 Nov
goy Dec
1184 Jan
10383 Dec
20 Oct
44 Nov
13 Dec
2
7 Deo
3112 Dee
32 Dee
212 Dec
4 Dec
64 Dec
344 Oct
d512 Nov
1
/
14 Dec
4
1
/
4 Nov
85 Dec
5112 Dec
47 Dec
88 Jan
63 Dec
1012 Dec
65 Dee
25 Dec
84 Nov
50 Dec
19 Oct
694 Dec
Dec
Wm Mar
139 Jan
12
1512 Apr
26 AM
PA June
7512 Ma
35 AM
634 Apr
3612 Jan
5313 Jan
4
1981 Apr
15114 Bert
488 Feb
4
/
451 Apr
74 Mar
1
/
694 Apr
14314 ADP
2
87 Apr
3414 Apr
82% Alia
10712 Oct
156 Mar
314 Apr
8
423 AD,
64 Ma;
153 AP2
8
774 AP
8014 M1
4
7014 Mar
27 Apr
awl Apr
56 Sept
431: May
94 Mar
2978 Mar
5912 Apr
21912 Feb
52 Feb
2011g Apr
19714 Apr
4878 Mar
86 Jan
110 Apr
11212 Sept
104 July
11812 Jane
11112 Sept
50 Mal
244 API
12
59 Feb
21 Jan
43 AP,
2
547 Ma'
in ma
397e Ara
31 Apr
11 API
85 Apr
4
1
/
7 Mar
18 Mar
544 Mar
1
72 2 Jan
169 API'
107 Apr
93 Mar
4
1
/
69 Mar
80 July
77 Mar
,
32 4 Apr
.
105 API
47 Mar
152 APT
4
163 Jure
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
4559
Jas. 1 1909 the Exchange method of emoting bonds MI elasesd and inks, are sae "sad mew,* -.mpg for Wens est deasted Langs.
BONDS
N. T STOCK EXCHANGE. 1
Week Ended June 19.
Prim
Frenzy
June 19.
Week's
Range or
Last Sale.
a
Range
Since
Jan. 1.
BONDS
N Y STOcK EXCHANGE.
Week Ended June 19.
a.
Price
Friday
June 19.
Wears
Range or
Last Sale.
Baste
Stade
Jaw. 1.
Bid
Ash Low
High No. Low
MN
High
Cuba (Republic)(Concluded
947
8 76
94% Sale 94
90% 99
253 10191431022,
Slaking fund 514e Jan 15 1963 .11
43
59
34
D 58 Sale 52%
527s 81
Public wke 53.4, June 30 1945
1 102 1021583
271 maw 1031684 Cundinamarea (Dept) Colombia_
20
N 543 Sale 53
56
4
416
6912
1959
External, 1 6 Ms
102 102
6 1091 111
4
Czechoslovakia (Rep of) 833_1961 AG 10914 Sale 10914 10914
8 11 10914 11041
s
1952 A0 109% 1095 10914 1097
499 10217
Sinking fund 1331 ear B
.1051w
14
-year exti fle..-1942 .1 J 10618 Sale 10618 10612 47 104 10714
Denmark 20
_
96 10014 102
51 10974e 114'e
1955 F A 101 Sale 10014 101
External g 634s
99% 213
93% 99%
167 1061
External g 4 As__Apr 15 1962 *0 9912 Sale 9814
.331095133
4
1
/ 404
97
917 10012
159 104%3107°5o Deutche Ilk Am part ett 63_1932 MS 97% Bale 96%
7
87
98
56
226 10021331032444 Dominican Rep Cain Ad 510'42 MS 8718 Sale 86
8
8512
87
86 91
184 100111.1031
1st ear 53.4, of 1928- _ -1940 A0 871s 89
.31
871s 14
4
84 94
2d series sinking fund 530 1940 AO 8718 8712 843
021134102"n
17
82
85 80
7912 90
255 101
Musa Dresden (City) external 7a-1945 MN 81
J 10114 Sale 10114 101% 23 100I8 10212
706 10111311011°31 Dutch East Indies esti 65-1947
4 36 101 102 8
10112 Sale 10114 1013
5
1962 M
external 85
40-Yr
3 10014 10312
1953 MS 10114 102 10114 101%
30-yr external 534e
100% 1023
4
1953 MN 10114 102 10114 June'31 _ 30-yr external 5345
4
4
99 107
4 1003
928g 92'e El Salvador (Republic) 8a 1948 3' 100 10012 1003
2
48
4714
72
62
1967 3' 55% 59
100% 100% Estonia (Republic of) 7s
2
81%
80
97
313
4 9912 Finland (Republic) exti 6s-1945 MS
99
44
89
8612 99
External sinking fund 75_1950 MS 8812 Sale 8612
102 102
8312 34
801s 98
External sinking fund 63481956 lot S 8212 Sale 81
10612 107%
7814 21
711 88 4
4
5
External sinking fund 5348 1953 IA 77 Bale 76%
10712 109
9
78
7914
78 94
100% 10012 Finnish Man Loan 6348 A 1964 A0
3
80
78
93%
771 78
1954 A0 77
External(3%a aeries B
100 10018
28
67
87
60
1
100 4 100 4 Frankfort(CRY of),f 6348-1953 MN 6214 Sale 60
1
125% 46 124 127
------ French Republic ext 7345- 1941 3D 1254 Sale 125
11814 44 117 1217
8
External 78 of 1924-- 1942 3D 118 Sale 118
---_
German Government Interne4
881 1177
63 84
tional-35-yr 5%sof 1930-1965 3D 8634 Bale 6314
690
98
12
8
937 105
German Republic art' 7a---1949 *0 97 Bale 93%
112 112
9378 10112
9512 18
93%
1954 MN 9418 97
Graz (Municipality) 8a4 10814 99 106 103%
Cit Brit dr Irci(UK of) 5346_1937 F A 10818 Sale 1073
Foreign Govt. 84 Municipals.
F A
107 June'31
107 107
6112 19
75
Registered
45
Agri., Mtge Bank,f Os
1947 F A 59 Sale 59
1
45
64% fund loan 5 opt 1980-1990 MN 19234 94 e93 June'31 --- Will% 94 4
% 30
59
584
7312
Sinking fund (is A __Apr 15 1948 A 0 5812 59
21 .9834101',
100
D8100 Sale e997
90
18
e5% war Loan opt 1929_1947
94% 97
Atortillas (Dept) ext 5a
1963 M N 9512 96 95%
5212 14
43
69
Greater Prague (City) 7345_1952 M N 103 1031 10314 103% 10 103 108
Antloquia (Dept) col 7s A 1945 3 J 5214 Sale 50
9712 15
9518 102%
5014 15
43 (36912 Greek Governments fear 7a 1964 M N 9714 Sale 95%
External f 78 ser B
19463 J 50 Sale 49
9812
_ _ 82
15
84
82
1968 FA ____
4812 551 49 June'31
68
43
Sinking fund sec 6s!
External s 7a ser C
19453
16
88
88
97
90
79
1962 AO 88
50
50 Sale 4914
10
43
Haiti (Republic) a f ha
68
f 7s oar D
External
19453 3
A0 70
81
5
8
787 78%
8
787 92
4
45 Sale 413
45
1946
11
6618 Hamburg (State) 86
35
External 51 78 let ter - -1957 A 0
6
90
8212 9812
3
3
43 4
Heidelberg(Germany)ext1 734550 J J 90 Sale 8212
1
67
37
External sec a f 7e 'Id ser_1957 A 0 4514 47 43 4
47
83
91%
80
43 4
3
9
37 65
Helsingtors(City) ext 6)46-.1960 *0 82 Sale 81
External sec a f 7s 3d err.1957 A 0 4312 491 43
4 26
763
75
9412
75
10214 50
9614 10212 Hungarian Munic Loan 7%8 1945 J 3 7512 77
Antwerp (City) external 58_1958 J D 103% -- 102
11
73
71
87 8
7
Sept 1 1946 J J 73 Sale 71
80
17
External s f Ts
98%
67
Argentine Govt Pub Wks 5..1960 A 0 80 Sale 7612
,1 45
833
77 95
Hungarian Land M lost 7346 '61 MN 8112 Sale 8112
Argentine Nation (Govt of)
4
26
82
74% 9412
80
80
9818
58
Sinking fund 7344 air 17 1961 MN 81 Bale 791
Sink fowl ris of June 1925.19593 D 80 Sale 78%
8
3
9812 26
94 8 102
8014 47
62
9812 Hungary (Kingd of) uf 73,46_1944 IA 943 Sale 943
Extl sf de of Oct 1925_1959 A 0 80 Sale 7614
N 1063, Sale 106
8 19 10112 106%
1063
8018 139
62
9812 Irish Free State extla 155-1960
Sink fund 6e Bailee A
1967 M S 80 Sale 7618
0
8
997 176
927
8.101
8014 68
82
9814 Italy (Kingdom of) exit 7s_-1951 JO 9978 Sale 99
External 6e series B_ -Dec 1958 J D 80% Sale 7714
S 97
8 32
977
4
98 961
9214 9912
4 71
813
66
Ertl a f fis of May 1925._1960 M N 80 Sale 7812
8
983 Italian Cred Consortium 7s A '37
7
94
85 98
80
63
S 80 Sale 78
65
4
983
External sec s 17a ser B -1947 M S 94 Sale 9312
External e f tis (State Ry)_1960
9012 91
8
97
78
4
763
4 11
793
Esti ria Sanitary Works_ _1961 F A 7912 81
6818 9812 Italian Pubic Utility art' 78_1952 J .1 897 13ale 8814
s
/
3
7912 36
Extl 68 pub wks(May'27).19131 M N 8012 Sale 7614
65
98% JapaneseGovt30-year a f 834a 1954 F A 10718 Bale 10614 1073 222 102 4 107 8
97% 190
4
911 97%
73
39
Public Works exti 530_1962 F A 71 Sale 71
92
60
Esti sinking fund 554s-1965 MN 9758 Sale 97
703g
8 43
707
88
69
Argentine Treasury 5,5_ _1945 M S 7112 _
Jugoslavia (State Mtge Bank)
17
80
4
1957*0 7814 Sale 7814
70% 8512
6512 120
4
5212 76
Australia 30-yr 58. _July 15 1955 3 3 593 Sale 593
Secured a I g 7a
8012
77 4 95
7
80
1
81
4
6518 91
External 5.0! 1927_ _Sept 1957 M S 613 Sale 6134
75
52
Leipzig (Germany)117s-1947 IA 80
JO
953 9772 June'31
90 1001
4
57% 112
MN 55 Sale 54
48
External g 434, of 1928_1956
1
89 4 Lower Austria (Prov) 73471.-1950
MN 1055 Sale 1055
8 14 103% 1081
8 1055
8
8
206 103 4 108% 13Yons(City of) 15
5
-year 68-1934
Austrian (Govt) a 1 71
1943 J D 106 Sale 10618 107
8712 91
84% 9712
International a f 7s
1957 3 J 86% Sale 8412
8 106
10 103% 10712
4
Marseilles(City of) 18-Yr 511-193 MN 105% 106 1055
D 47 Sale 4678
4
473
75
110
74
20
71
Bavaria (Free State)6%5_1945 F A 7212 Sale 71
8712 Medellin(Colombia)634s-19 4
5
7 May'31
514
7
512 6
8 109% 42 107% III
Belgium 25-yr extl()%a
lrrigat Asstng 4345..1943 _-_1941' MS 109 Sale 1087
Mexican
28 Apr'30
5
External a f 130
Mexico(US) ext1 5a of 1899 '45 Q J
19553 J 103 4 Sale 103% 1044 38 101% 105
. 7
618 June'31
12 4
54 104 11012 11618
114
1945
8% 8
-year, f 75_1955 J D 11414 Sale 114
External 30
Mooning 58 of 1899
11 Feb'31
11%
11
4
1
Awenting 150 large
Stabilization loan 7e
1958 M N 1083 Sale 10812 10912 41 107 4 111
6
10
5
15
4 5
63
6
Bergen Norway)
Assenting 48 of 1904
1
4
63
5 8 113
4
4
63 Sale
4
63
1
99
4
19
95 100
Ertl sink fund 5e_Oct 16 1949 A 0 9711 981 9734
Assenting 4s of 1910
9
71
041g 9012
8
10
712
4
9812 100
s
: 1
57 101
981
9812
External oink fund 5e.
1980 M
Assenting 4e of 1910 large
6 June'31
1
4 4 1134
518 6
32
71
68
91
Berlin (Germany) a t 63-48_1950 A 0 68 Sale 69
Amenting 4.ot 1910 small
5
872 May'31
3
62 4 43
57 884
34 13 8
1958 J 13 62 Sale 57
Treat)(18 of'13 assent(Iarge)'33 33
External elnk fund 6a
8
1
,
58 1$ 4
54
92
7014 '9
Small _
Bogota (city) extl e f8e._3945 A 0 70 Sale 68
88
4
15
"aLis die" 8414 857 110 7131 91
24
27
Milan (City. Italy) eXt
Bolivia (Republic of) exti 88_1947 M N 27 Sale 24
18745 1952
1258 38
18
28
Minas Germs(State) Brazil
External esecuritlre 7e (fiat)'58 7 3 17 Sale 15
2312 65
39% 59
_1958 MS 3814 Sale 32
: 17
26
4
1118 383
External 51634s
External t 7s (Poi) - - - -196919 S 17 Sale 131
I
3814 28
23% 65
,
s 17 103% 106
MN 1055 Sale 10534 1057
Extl sec 6%a series A --1959 MS 3814 Sale 33
Bordeaux (City of) 15-yr 68_1934
72
12
50 92
69
49
189
92
Montevideo (City of) 78-1952 ID 7018 73 66
Brazil(U Sot) external 85_1941 ID 6814 Sale 60
8434
3 45
8118 61%
6154
33
168
7012
50
External s 6,series A--1959 MN 57
External 5 f 6345 of 1938_1957 *0 4812 Sale 45
13 10310106%
8
4912 180
32
70
Extl s 1 834rof 1927
Netherlands 65(flat prices)_ -1972 MS 1045 10512 104% 105
1957 AO 4812 Sale 4618
IA 5014 Sale 50
5212 72
3
39 4 6912
30
19
60
7612 New So Wales(State) exIl 55 1997
7s (Central Railway)
1952 ID 4912 Sale 47
33
42
68%
40
99 105
Apr 1958 *0 5014 Sale 49%
External,15a
7349 (coffee aecur) (flat)-1952 AO 9918 100 99% June'31
8
1943 F A 1057 Sale 105% 10612 10 10412010812
25
89
99% Norway 20
85
-year exti 6.
Bremen (State of) exti 78..„1935 MS 86 Sale 85
1944 FA 10618 Sale 10618 10612 27 104% 10714
24
% 7212
3111
: 49
491 471
48
-year external 68
20
Brlabaue (City) a 1 Se
1957 M
45 10114 103
1952 A0 103 Sale 1023
8 103
8
493
397 69
31
-year external 13e
30
Sinking fund gold 55
1958 FA 4934 Sale 451:
49 June'31 443 83
1965 D 102% Sale 10212 10314 37 101% 103%
4
20-years t 68
40
-year s 5;48
1950 JD 55% 57
84
101% 75 1001s 142
650
82
78
D 63 Sale 62
External a f 5e _ __Mar 15 1963 MB 10112 Bale 101
Budapcat (City) exti S f 66_1962
4
81
64
13
95
100
J 81 Sale 7834
s
9117 loot
Burnie' A iree(City)634.2 B 1955
Municipal Bank ern e 5s 1967 JO 100 10012 100
2
75
76
10018 103
70
3
8
10212
9612
External a 1 lie ser
Municipal Bank estis 154-1970
1960 *0 73 4 75
-- 10212 1025
75 June'31
62
4
1952 FA 5714 12 62
7
9314 Nuremburg (City) exti 6a
esolz 5
69
External a 1 66 air 0-3.-- _1980 AO 733 92
512
MN 10312 Sale 10314 10312 13 Uhut 1004
2 Oslo(City)30
4958 83
62
4
69
-year 8165-A955
Buenos Aires (Prov) e111 68_1961 MS 593 Sale 48
: 77
621
1948 FA 1005 Sale 100% 101% 15
6212 Sale 57%
99111 14:7214
49% 85%
8
Ent f 0%s
1961 F
Sinking fund 510
6412 23
6412 6412
1 10012 1(4
_ 104
104
60
77
Bulgaria (Kingdom) a 1 75 1957 J J
Panama (Rep) art' 5344-- 1953 3D 10312
9334
:
75
731 69
70
31
8514 15
72
8412 Sale 8234
69
85
Exti a 1 fis ser A May 15 1963 MN
Stabil'n a f 7545 Nov 15 '68
1612 67
20 Sale 25
28% 14
Pernambuco (State of) ext1 7s '47 M
62
40
37
32
25
11
30
76
4
41
Peru (Rep of) external 7a--.1959 MS 313 32
Caldaa Dept of(Colombia)734a'46 .1 .1 6018 Sale I 49
4014
96313 106
9418 97
89
20
Canada(Domln of) 30-yr 45-1960 AO 9634 Bale 96
Nat Loan exile!88 let ser 1960 Jo 1914 Sale 1712
1912 35
1952 MN 107 Sale ,10634 10712 30 10312 10814
1612
Nat Loan exti (ts 2d ser-1961 *0 19 Sale 18
5.
A
4
14 100 8 103
5
6914 33
6314 7212
1936 FA 1023 Sale 10238 103
6814 Sale 6712
434,
Poland (Rep of) gold 6s --1940
4
103 10912
83
73
71
1954 33 10412 1063 104 June'31
145
.1 85
Carlsbad (CRY)
Stabilization loan 81 75-1947 A0 7212 Sale 72
.1 78% Sale 76
1950
1
6012
44
80
73 90
52
7718
Cauca Val (Dept) Colom 734s'46 *0 5834 6012 6012
External sink fund g tia
17
43
28 80
Porte Alegre(City of)85---1961 3D .53 Sale 46
^Antral Agile Bank (Germany)
4
82
102
95
401:
76
39
43
2112 71
Farm Loan a f 7s-Sept 15 1950 MS 8012 Sale 763
6
Ertl guar sink fund 7;is-.19ise 33 40
70
214
6614 84
'61 M S 7212 Sale 72
70
Farm Loan if 6s.July 15 1960 33 6914 Sale 6614
70
8712
75
Prussia (Free State) ext1 6
70 602
86
83 4
1942*0 7053, Sale 6918
3
83
68
Farm Loan a I 6s-Oct 16 1960 AO 6912 Sale 66
731g 258
External s 66
4
151
80
743g 892 Chieenaland (State) a:CI f 7e 1941 *0 7412 Sale 7212
99
69
Farm Loan 69 tier A Apr 15 1938 *0 7912 Sale 74%
7412 17
80
61 100
41
1947 IA 61 Sale 60
1942 MN 75 Sale 73
5014 87 8
8
Calle (Rep)-ext i t 71
5
61
25-reor external 55
60
170
4812 86
ssat
35
External sinking fund 65_1960 A0 52 Sale 52
18
6312
70
66
Rlo Grande do Sul extl a I 8s-1946 A0 68
FA 52 Sale 52
60
49
74
86
2154 8514
23
32
External sinking fund 6s-1968 3D 32 Sale 2912
4
.1 513 Sale 5
88
6012 104
50
1961
314
66
29
Ry ref aril a f 6e
17
40
Externale f 71301 1926 _ 1966 MN 37% 3912 36
60
60
27
1961 MS 52 Sale 5134
64
87
SO
Eat' slaking fund 65
1
3912
40
External af Tis munic loan-1987 3D 36
3912
60% 29
86
44
51
Esti sinking hind 61
1962 MS 55 Sale 51
531-2
8758
5918 19
-Year a 188-1946 *0 5512 58
Rio de Janeiro 25
593
4 86
1963 MN 51 Sale 53
22
Ertl sinking fund es
1953 IA 335a Sale 3178
68
86
33% 32
50
External f 6 %a
61
53
88
64
1962 A0 86% Sale 85
87
78
90
9114
Chile Mtge Ilk 614s June 30 1937 3D 57 Sale 55%
Rome (City) exti 6 3411
N 106 Sale 10412 106
64
6854 33
90
B f 044s of 1926_June 80 1961 3D 61 Sale 5812
7 108 106
Rotterdam (City) tett (Ir-1964
61
50
40
85
8
Apr 80 1961 *0 51 Sale 5312
715 83
Guar 516s
71%
73% 29
Roumania(Monopolies)7a- -1959 FA 7212 74
85
5714 43
61
1982 MN .50 Sale 51
82
1953 J J 74
81%
6a
81
89
8314 12
Guar
Saarbrueeken (City) 641
5514 50
43
4
36
1960 MS 53
3 391: 93
4634
50
8618 Sao Paulo(City) 18a_ _Mar 1952 MN 473 55
0
5
Chilean Cons Muni° 79
2012
2012
1
2512 647
Egtemal 81634801 1927 1957 MN 32
g
3712 36
3812 11
3
14 4 28
Chinese (1111211a1111 fly) 55-1951 JD 2012 24
.1 60
g
38
100 103 8 Ran Paulo (State) elt1 8188_1938
65
55
93
1
6014 18
Christiania (Oslo) 30-yr at fis '54 MS 1013 102 10234 June'31
'3 45 Sale 45
7012 73% 6912
4914 53
7312 16
6912 8914
1950
84%
25
Calogne(CinGermany 6345 1950 M
External sec 8f 8s
28% nil,
4
78
63
'3 603 Sale 60
42
34
43
46
10
37
External ,f 75 Water L'n-1956 MS 42
0dombla (Republic) 6s_ ---1981
4
2ots 58%
63
41% 78
1988 3' 34 Sale 32
54
34% 25
1928_..1961 *0 603 Sale 60
External a f 6s
External al 00
8
51%
1940 *0 71% Sale 71
7412 26
65 88
4814 73
e f 7s
Nits Bank 6348 of 1947 A0 5114 Sale 49%
0Jlorubla
Secured
72
90
61
57
50
11
6
83
Sinking fund 7s of 1926.-1946 MN 57 Sale 55%
Santa Fe (Prey Arg Rep) 714.1942 MS 71% Sale 70
D
7912 Sale 77
55
5512
2
77
50
7912 21
98
7614 Baron State Mtge Just 7s_ _ _1945
Sinking fund 75 of 1927-1947 FA 51% 55
0 67% 74% 7812 June'31
8 61
100% Sale 100 ' 1005
7412 8933
1952
101
4
9613
Sinking fund g 634e_Dec 1946
Copenhagen (CIL') 55
10714 122 100% 108
98
65
1953 MN 97 Sale 95%
1
93 4 98
Seine, Dept of (Fresncelext17e '42''I 10714 Sale 107
25-yr g 4148
78
40
29
90
5014 27
93
84
Serbs, Croats ,13 Slovene,88_1962 MN 90 Sale 88%
Cordoba (City) esti 8 I 7a._1957 FA 48% 4918 48
MN 7914 Sale 783
4
97
80
67 65
65
3 55
92
76
8412
External one Is ear B --.1962
External s f 78.--Nov 15 1937 MN 63
52
1955 IA
48 Sale 46
8814 Sydney (City)a!6045
60
69
65% 681 68 June'31 -70
40
Cordoba (Prey) Argentina 7s '42
1958 3D 55% Sale 53
994 Silesia (Prov of) ern 78
55
5Th 22
67
10
63 6514
Costa Rica (Repub) ext) 7a_1951 MN 67 Sale 6312
6612
68
93%
4
9212 98
1
6086
Silesian Landowners Assn 65_1947 IA 863 71
Cuba (Republic) 58 of 1904A944 MS 9314 Sale 9314
96% 97 June'31
96 100
4 10714
7 103 9108%
1986 MN 10718 Bale 1061
Bongo=(City of) exti 65
External 5a 01 1914 ter 4_1949 FA
1044 Ir A
714
RQ
04
o54
OR
031, 0512
73
73
!S
2
73
R714 atw•441, (ProvN ovtornat.
External loan 434,ear C 1949 FA 70% 79
c On the bazia of $510 £ sterling. 8 0141041W%
c Cash sale.
High
AM Low
Bkt
U. S. Government.
/UM Liberty Loan-3D 1023044 Sale 102184110231n
334% of 193247
102
102
JD
Cony 4% of 1932-47
loaT4, Sale 103113310315:3
J
Cony 434% of 1932-47
102 Jan'31
D
% of 1932-47
36 eon,
fourth Liberty Lean'32
*0 1043 Sale 1041/03 105142
n%% 01 1933-38
100 Sept'30
33
COnyention 3s coupon
114.12
Sale 114
1947-1952 A 0 114
Treasury 4345
10911331091432 1091°4210915u
1944-1954 J
Treason 45
19404958 MS 1071133 1071°, 10711311071°u
Treasury 3348
0
10431947 3D 1031 Sale 103°33 103°33
Treasury 31411
Treasury 3545 June 15 1940 1943 3D 103°31 Sale 10211,3 103°33
1011032.fune'31
Regiftered
103:34
Sale 103
TTOSILII, 3845
1241-1943 51 6103
44
'Treasury 31418
1946-1949 D 1019 Sale 10111111011133
9834 Sept'30
Yarnell& Canal 3.
1961
State and City Securities.
92 Nov'30
NYC 334% Corp et_ -Noy 1954 MN
9234 Apr'31
1965 MN
8345
10012 Apr'31
as registered
1935 MN 101
9912 Jan'31
Le registered
1955 MN
---- 102 May'31
A% corporate stock
1957 MN -__
107 Apr'31
614 corporate stock
1967 MN
109 May'31
434% corporate stock _ -1957 MN
10012 Apr'31
% corporate stock
1968 MN
4% corporate stock
1969 MN wolz -- 10011 Apr'31
4
4
% corporate stock
WM MS 993 ---- 1003 mar'31
434% corporate stock _. 1971 JD ---- ---- 10814 Nov'30
10614 Dee'30
M
434% corporate stock -_ _1963
---- ---4)4% corporate stock _ -1965 3D ____ 110% 10512 Dec'30
10718 Nov'30
4)4% corporate stock July 1967 J J
101 June'30
J
New York State canal Imp 4.1981
112 Jan'31
4345
1963 MS
No, Low
4560
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 19.
New York Bond Record-Continued--Page 2
PriCe
Friday
June 19.
Week's
Ran or
Range
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended June 19.
Price
Friday
June 19,
Week's
Range or
Last Sale.
13
raQ
Range
Binge
Jas, Is
High No. Low
Ask Low
High No. Low
High
Bid
High
9412 99 May'31
Chicago & East III 1st 68_1934 AO 90
107
36 104 107
/
1
4
99 10112
3412 22
3212 3313 34
N
1063
4 39 1037 107
8
30
50
dr E Ill Sty (new co con 58 _1951
4 10418 108
Chic & Erie 1st gold 5s
8212 27
77h 83
10612
1982 MN 106 10712 106
123
Chicago Great West 1st 45_1859 M S 65 Sale 6412
9578 87
8813 98
58
66
09 8
11
1
Chic Ind & Louis ref 68 _ _ _1947
10514 10512 10414 June'31
48
4018 76
'
,
1047 110
8
Apr'31
Refunding gold 5s
____ 983 101
8
997
8
4
9714 10014
100 4 102 4
3
1
1947
91
Apr'31
Refunding 45 series C
6118 62
30
98118104
100
91
98114
1947
72
N 65
75 May'31
let & gen fai series A
87
9014 29
75
1966
915
4
9011
4
7213
lat & gen
3
7
73
86
7
70 104
7238 100
ser B _May 1966 JJ 727 75
95 June'31
60
69
49
9818 90
1958
887 Chic Ind & Sou 50-yr 45
8
23
5114 883 Chic L 8 & East 1st 4328_1969 ID 10012 --- - 10012 10012
5
67
8
8
995 10118
8358
79 4 87514
3
993
4 11
9 % 100 3 Ch M & St P gen 45 A_May 1989.03 8353 Sale 8353
3
7
84
Oct'30
Registered
8338 89
8812 193
Q J
8
Gen g 3;0 ger B___ _May 1989 33 70s 73 - 717 June'31
57
18
5153 70
69'i 7538
4
93
Gen 4 henries° ,,May 1989 J
915 93
8
93
10014 107
95 1003
90
s
9612
Gen 4 ha series E____May 1989 J J 915 9412 923
8
5
4
923
4
8812 961z
953
4
963
Gen 4 ha aeries F _ May 1989 J J ____ 96
8
Railroad
95 101
242
P A 60 Bale 5614
6214
Chic Milw St P & Pao 581975
1023 105
4
104 June'31
Ala Gt Sou lst cona A 5s____1943 J D 1033
50
4
70
2312 374
923
2
Cony adj58
923 94
4
9234
Jan 1 2000 AO 2212 Sale 1912
1st cons 45 ger B
1943.0 D 9412
15
86
1
78
894 9214 Chic & No West gen g 8348_1987 MN 75
777 7718
8
16
Alb & Susq 1st guar 3348......1948 A 0 88
4
913
9112 913
7514 81
7913 Mar'31
86
80
9014
Alleg & West 1st g gu 48_-_ _1998 A 0 8614
Registered
9014 June'31
Q F 70
7712 7912
5
967 9912
8
883
3
General 45
Alleg Val gen guar g 45
86
1987 MN 8512 8614 8612
9913 9912 May'31
1942 M S 98
91
Stpd 48 non-p Fed Inc tax'87 MN
70
9212 88 May'31
8014
70 June'31
68
Ann Arbor let g 4s_ __ _July 1995 Q J 50
8812 91
Gen 4 ha stud Fed Inc tax_1987 MN 10112 10214 10112 June'31
975 101
8
101
102
Atoh Top di 5 Fe
1024510319
-Gen g 48_1995 A 0 10018 Sale 10018
2 106 11018
10713 10718
Gen M atpd Fed ino tax1987 MN 10612
98
99
9812 June'31
A 0
Registered
10512 July'30
MN
9312 9788
9
Registered
97
Adjustment gold 48July 1995 Nov 97 Sale 97
04
100 folk
963
4 11
Sinking fund deb 55
9813
Stamped
1933 MN 10114 foY18 101 June'31
July 1995 M N 9612 Sale 9612
931, 9412
MN
99 June'31
99 10112
Registered
9413 May'31
9318
M
Registered
7 106 10912
Sale 106
10614
943 963
4
15
4
-year secured g 6301- 1936 M
Cony gold 48 of 1909
1955 D 9412 _ - 9634 June'31
7
9414
9414 974
9314 9314
2
1st ref g 58
93 103
9578
8
May 2037 3D 90
Cony 41, of 1905
1955 .1 D 9478 957 957,
_
9414 9414
let & ref 4%s
80
Cony g 45 Issue of 1910
96
May 2037 3D 7918 85 80 June'31
8
4
1960.0 D 947 973 9414 Apr'31
813
4 74
1st & ref 432s ser0 May 2037 3D 79 Sale 79
11312 222 1114 122
78
Cony deb 434s
957
8
1948.0 D 113 Sale 113
356
74
98
93 4 98
3
Cony 43is series A ___-1949 MN 7314 Sale 70
Rooky Mtn Div 1st 48_ _1985 J J
65
93
98 Sale 98
95 100
100
5
Trans
987 10014 100
8
-Con Short L 1st 4s_1958.0
9014 19
Chic 105 & P RallWa7 gen 4s1988 JJ 8712 Sale 8711
102 106
96
Cal-Aris 1st & ref 4 ha A.1962 M S 1043 1057 105 June'31
86
4
3
Jan'3I
10312 10312
---- -- 91
AU Kooky & Nor lat g M 1946.0 D 1023 ---- 10312 Feb'31
91
91
Registered
4
9512 994
8
9314 442
4
2
9712 99114
Refunding gold 48
9914 9914
AU& Chart A L lat 430 A _ _1944 J
98
1934 *0 903 Sale 905
9914
10212 10458
* 0 ---- -- 9614 Apr'31
9614 9812
Registered
3
1st 30
1023 10412 103 June'31
-year 5a aeries B
1944 J
8214 28
80
86
944
Seemed 434e miles A _1952 MS 8014 84
89 Mar'31
75
Atlantic City 1st cons 4a
954
1951 J J
77
106
95
6512 9212
Cony g 4 ha
4
98
971s 21
All Coast Line 1st cons 45July'52 M 8 97 Sale 963
1960 MN 7312 7512 7212
1034 1944
Ch St L dr N 0 5a_June 15 1951 ID 10114 -- 0414 May'31
9212 May'30
Registered
M S
00 June'31
16 -65- 102
8
101
ID 9812
Registered,
100 100
8
General unified 434a _1964 J D 1003 101 1007
8512 May'31
80
Gold 3%s
925
88
8512 8512
4
'
P
L & N coll gold 4a _OM 1952 M N 88 Sale 8753
June 15 1951
_ 911 9112 May'31
44
6
40
52
4258
90
914
Memphis Div 1st a 4s___ _1951 J O
44
Atl & Dan lat g 411
1948.0 J 43
Ch St L & P lat oona g bo1932 AO 10113 ---- 10178 Mar'31
30
40
40 May'31
101 1014
2d 48
36
45
1948.0
Feb'31 ___
101
65
75
AO ____
101 101
Registered
AlI&Yadlstguar4s
1949 A 0 6214 7018 70 May'31
70
6
70
1011 10414 Chlo T & So East lat 56_1960 3D 6812 70
60
885
Austin & NW 1st gu g 58_ _1941
a
J 101 105 104 May'31
53 June'31
96
108
Inc gu 58
99
99
51
78
Balt& Ohio lat ir 4e- July 1948A 0 99 Sale 98
Dec I 1960 MS 5612 65
30 1021 10514
927 97
Chic Un Elta'n let gu 4 34e A_1963
8
10478 Sale 10453 105
97 June'31
8
Registered
July 1048,Q J 9512 98
1001,, 128
1 1041s 1058
98 1011
let 511 series B
10612 -- 10612 10613
20
4
4
-year cony 430
1933,M S 10012 Sale 100
1963 J
10514 22 1031 10511
993 Dec 30
4
.
8
Guaranteed g 58
Registered
;M S
1944 3D 10514 Sale 105
116
5 1141 1181
let guar (Ilia series C _1983 3, 116 Sale 116
75 -573 10 5
4 .4
4
102
8
8
4
Refund & gen 58 serfs/ A 1995, D 1003 Sale 100
13
103 103
Chic & West Ind con 4s
03 Mar'31
4
91
33
903 Sale 903
4
Registered
13 D
8718 92
1952 J J
8
let ref 510 aeries A
4 10 1047 109
1073
1st gold 58
8
8
July 19481A 0 107 10712 0658
_1982 MS 10318 Sale 10318 10418 50 1803 1017
Ref & gen (la series C _-_1995IJ D 1073 Sale 0712 10814 34 10512 11012 Choc Okla & Gulf cons 55_ A952 MN
_ 10312 Apr'31
4
1015 10312
4
24
9512 99
Cin H & D 2d gold 4 ha__ _ _1937 J
98
9918 May'31 -9918
PLE&W Va Sys ref 48-19411M N 973 Sale 9714
4
98 100
17 10018 1054 C 1St L & C let g 4e-Aug 2 1936 Q F
9912
9912
1
Southw Div 1st Se
1950J J 10334 Sale 0312 104
98
9912
83 887
9
84 13
9818 Apr'31
8
8
Tol & On Div let ref 48 A_10591.1 J 84
9814 9818
8612 84
Registered
Aug 2 1938 Q F 983
99 104 4 Cin Lob & Nor let con gu 48_1942 MN
43
1
101
9412 June'31
94
Ref & gen 55 aeries D
96
2000 M S 10012 Sale 0014
93
90
86 e99
Cin Union Term let 4348_2020 J J 1053 106 1053
8813
4 1053
4 10 1923 108
4
8914 813
Cony 430
1960 F A 89 Sale
4
1 103 105
9814 Apr'31
Clearfield & Mah 1st gu 58_1943'.0
8
Bangor & Aroostook 1st 5a...1943 J J 1033 _ _ -- 0312 10312
9814 9814
13
92
8612 9212 Cleve Cin Cl, de St L gen 48_1993 ID -9312 9414 9414
8
9412 10
Con ref 4s
951.0'3
J 918 Sale 913
92
97
71
Feb'31
71
110 Feb'31
_ 1095 110
71
Battle Crk & Slur lot gu 38_1989 J D
General &series B
8
1993 ID 101
974 100
__
104
5 103 8 106
00 June'31
Ref &Impt 88serC
Beech Creek lat gu g 4
1
8-1936 J J 100 _ _
1941 J J 104 10412 104
00 • Jan'30
Ref & knot 58 see D
2d guar g 58
105
8 10312 105
1936
J 10012
1963 3, 105 Sale 104
9914 26
85's 88
88 Mar'31
Beech Crk ext let g 334 5-1951 A 0
Ref & lmpt 4 hs ser E
8
4
9614 1011
1977 3, 9712 987 9813
10112 Jan'31
Belvidere Del cons 8u 330_1943 J J
When issued
100 1015
4
947 97l
k
Big Sandy 1st 48 guar
Cairo Div 1st gold 48_ _1939
19442 D 9553 967 9712 May'31
_ 9814 June'31
97
9912
J 9814
8
9718 10314
76
99
Cln WA NI Div 1st g 4s- A991 3, 80 8 973 92 June'31
Boston & Maine let 5a A C..19117 M S 9814 Sale 9814
91
94
3
4
943 10314
4
80
99
St L Div Ist coil tr g 4a ___1990 MN 90
lst m Sa aeries 2
92 June'31
90 9312
93
1955 M N 98 Sale 9712
81
85
5
8318
Spr & Col Div 1st g 4s._ _1940 Si S 9512
831s
Barton & N Air Line lat 451955 1' A 8214 84
4
9514 953
4
- 953 Feb'31
98
9814
98 June'31
W W Val Div Isle 45...._1940 J J 963 _- 9518 Apr'31
Brum & West let gu g 48-1018
954 951s
4
4 10312 1143
Buff Roth & Pitts gene 58...1937 M S 10314 10414 10314 10314 30 10112 10314 C C C dr I gen cons g 138-__1934
8
' 10414 10514 0433 10438
3
4
15
013 Apr'31
72
Clay Lor & W con let g 58_1933 AO 10133
76
1014 10154
54 90
Consol 4 ha
1957 MN 76 Sale 7414
3 100 1023 Clevel & Mahon Val g 58-__1938
102
4
' 101 --__ 0113 May'31 -- 101 2011$
3
Burl C R & Nor lat & coil 58_1934 A 0 10113 102 102
10012 101
CI dr Mar lat gu g 4 As
N 10018 10112 10012 May'31
1935
Canada Sou cons gu 58 A-1982 A 0 10618 10712 10712 10712 13 105 10812 Cleve & P gen gu 4348 iter B_1942 AO 10153 -- 98 Dee'30
98 10212
87 Mar'29
10112 10
8
4
Ossadlan Nat 4328..Sept 15 1954 M S 10118 1013 101
A0 913
Series B 334s
1942
10114 Nov'30
9714 10258
101 Sale 1007
8
130-year gold 434s
1957.0
10114 3
5
Series A 4 ha
1942'.0 10018
971 10212
925 Jan.31
8
"iiis 0238
8 10138 44
8
Gold 448
1968 J D 1013 Sale 1007
Series C 3,48
1948 MN
10658 23 104 10814
8
FA 883 -- 8618 May'26
Guaranteed g 5s..---Juig 1980 J J 10612 Sale 10618
Scrim D 3hs
1950
jai" 105
10612 47 10353 10814
3
Gen 430 ser A
Guaranteed g 51 __Oct 1969 A 0 1063 Sale 10614
1977 P A 10212 -- 104 June'31
4 104
6 10214 10418
10612 29 104 1073 Cleve Sheer Line let gu 430_1961 A0 10314 10414 1033
8
4
Guaranteed g ba
1970 F A 1063 Sale 10618
111 14 18 10812 11114
10312 52 10053 104
8
3
Guargold4(s__JunelS1955J D 103 Sale 1027
Cleve Union Term 1st 530_1972 AO 1105 111 111
10612
5 10412 Iola
11314 33 11018 11312
0+Indian North dabs f 76_1940 J D 11313 Sale 11278
1st s f 55 series B
1973 A0 10612 107 10612
5 love 1045
10414
4 120 8 20 11512 121
4
4
19463 J 1193 Sale 1193
28-years f deb 614s
let at guar{he aeries 0_1977 AO 10414 Sale 10334
92
904
11314 Jan'30
Registered
Coal River Sty 1st gu 4s_ _1945 ID 9553 -- 92 Apr'31
3 1013
4 37
8
4 loofa f65 Colo & South ref & ext 434s_1935 MN 1007 Sale 1007
99 10218
-_ _ 1023
4 103
8
10-yr gold 4948Feb 15 1935 F A 103
4
813'8 P7:4
85
4
875 120
8
08nadian Pao RI'4% deb stock
J J 8612 gale 853
8912
Oenimdl4seprA
1980 MN ____ 893 90 May'31 -92
967
8
9514
9812 10112 Col & H V let ext g 4s
0 9514 Sale 954
1946 M S 100 Sale 9912 10014 42
Col tr 4 he
1948
9312 954
9712 9512 June'31
22 102 107
8 106
19443 J 106 Sale 1053
Col & Tol let ext 4s
68 equip tr ctfa
1955 6 A 94
90 Dee'30
47 1014 10512 Conn & Passum Rh y 1st 45_1943 A. 0
_
103
Dec 1 1954.0 D 10212 Sale 10214
Coll tr g 58
6914 WI;
74
8
73
981s 100
8014 73
1960 J J 9914 Sale 99
993
4 50
Collateral trust 4345
Conaol Sly non-cony 48 _A954 J J
7414
1
7414 Sale 7414
88
983 Oct'30
8
7414
Csrbondale & Shaw 1st g 411-1932 M S
Non-cony deb 4s
1955
69
1
7214 Apr'31
724
68
1955 A 0
70
75
Care Cent let cons g 48 _1949 J J 96- -8 68 Mar'3I
Non-cony deb 48
73 May'31 7212• 75
8 102 104
1385 73
8
10314
10414 10318
Caro Clinch &0 1st 30-yr58.1938 3 D
Non-cony debenture 48_19513
J
37
353
4
36
45
3 10738 10913 Cuba Nor Ry 1st 534s
354 47
108
1st dr con g 6s ser A Doc 15'52JD 108 Sale 108
1942J D 36
8
55
5
91
92 Cuba RR 1st 50
92 Apr'31
19813 D 91
43
704
Cart & Ad lst gU g 48
-year 5a g_I952 J J 55 Sale 507
72
10
78
8334
79
78 May'31
1936J D 72 Sale 72
70 8018
___ Cant Branch U Plot g 48_ _ _1948 J D
1st ref 7%8 miles A
6412 6412
101 10312
65
6
4
59
Central of Ga 1st g 5a_-Nov 1945 F A 1033 ____ 10312 June'31
7135
4
let lien & ref Os ear B _ _1936 J D 64
94 10214
8
1945 M N 955 Sale 94
Consol gold 58
973
4 31
98
95/4 9914
98
100 100 Feb 30
.
MN
Del & Hudson 1st & ref 48_1943 MN 9613 Sale 9658
Registered
10414
10412
8
5 10012 105 8
5
858 1668578
86
10
Ref & gen 5ha aeries B-.1959 A 0
30
1935 AO 104 1053
-year cony ba
10518 35 10312 10812
861 9518
:
75 87 May'31
15
aat & gen 5s series C
1959 A 0
1937 MN 104 Sale 104
-year 510
100 Apr'31
D RR & Bridge let go g 48-1936 FA
9612 100
87
88
Chatt Div pur money g 45_1951 J D 8514 ____ 8712 May'31
913 Sale 9012
4
913
4 62
101 May'31
_ 100 102
8914 99
DenAStG 1st cons g 4a
Mao & Nor Div late 58_1946 J J 93
1936 .1
95 June'31
10014 10212 Sept'30
95 101
MldGa&Ati Div pur m be'47 I J
Consol gold 494s
1938 J
56
32
42
83
5
;
1946 J J 6510112 Apr'31 _- 10153 1117 Den & hO West gen 58..Aug 195.5 F A 5412 Sale 5314
Mobile Div 1st g 58
8
6638 24
85
8914
65
85 4
3
87 1
3
873
4
3
1961 J J 8513 - - - 8714
Ref & 'mot 55 oar B_Apr 1978 A0 683 Sale 65
Cant New Leg let gu 45
7
20
8 Apr'31
95
9914 Des M & Ft D 1st gu 48_ _1935'.0
8
8
95
95
95
2
Cant RR & Bkg of Ga colt Si 1937 MN
514 15
5 June'31
3
5
Certificates of deposit
8
Central of NJ gen gold 5& 1987 .0 J 1135 11412 11353 1133
4
5 11218 115
94 Mar'30 8
3 10912 11412 Dee Plaines Tel let gen 4 ha_1947
1987 Q I 1125 114 11212 11253
Registered
35 Apr'31
8712 9812 Dot & Mae let lien g 45
8
51 lir
973 June'31 _
4
1955 3D
1987 3 J 977
General 48_
38 Dec
40
9512 99
.30
9778 11
Gold 48
1995'JO 25
Cent Pao 1st ref gu g 48..-1949 F A 9712 9812 9738
_ 03
103
1 10i7 far,
05
97
F A 9412 98
95 May'31
River Tunnel 4ha_ _1981 MN 10218
Detroit
Registered
8
5 10418.10419
10418
0418
104
9514 965 Dui MIssabe & Nor gen 8a1941 J
8
963 June'31
3
_
Through Short L let gu 4s 1954 A 0 9612 98
4
4
2 102 104
995 10518 Dui & Iron Range let 55- _1937 AO 10312 Sale 0312 1033
4
1023
4 12
1960 F A 10214 1023 10218
Guaranteed g 6a
3612 6012
J J 43 Sale 42
43
109 111
12
Dul Sou Shore & All g 58-1937
Ottitrisiton & Sav'h 1st 7s_1936i J 110 ____ 111 June'31
8
4
968 9712
8 1041 10712 East Sty Minn Nor Div lat 48'48 AO 967 _ _ -- 9713 May'31
4
4
1939 MN 1053 _
0614
10613
Ohm & Ohio let con g 5s
104.4 108
1
0314 Mar'31
_ 101 10312 East T Va & Ga Div let 58-1958 MN 10713 110 10713 June'31
1939 M N 104_
Registered
N 10438
_ 10438 June'31
8
4 10318 1067 Elgin Joliet & East 1st g 58-1941
104 105 4
,
105 106 l08I3
10514
1992 M
General gold 434s
102 1023 El Paso & S W 1st 58
8
_ _ 10218 1063
1965 AO 103 104 104 June'31
4
023 May'31 8
M S 10213
Registered
981s 10318 Erie 1st cony g is Prior
8714 Sale 87
8414 89 4
883
3 36
3
8 30
0 10014 102 10153 1017
Ref & !rapt 4 hs
193A_
1996 .1
86 May'31 ---9912 10234
1906 J
8712
82
40
Registered,,
Ref dr Impt 4 he ser B _1995J J 10012 Sale 10012 102
10214 10312
7914
76
112
1996 J J 75 6;11 74
70
let conizol gen lien g 45
Craig Valley 1st 55 May 19403 J 1023 106 10312 May'31 _
4
68 Dee'30
944 9518
1996'.0
Registered
953 June'31
8
Potts Creek Branch 182 18_1948 J J 9514
Rave
101
10
93148102
101
8
9858 10
Penn coil trust gold 48 _1951 P A
R & A Div let con g 4s-_1989 J J 98 -9i53 985
6812 7812
9214 9.913
1
72
7078
707
8
50
-year cony.48 Kelm A 1953 A0 71
9318
1989.0 J 9212 __ 9318
2d consol gold 4s
787
s
68
725
8 20
1043 1043
4
1953 AO 72 Sale 7114
4
Series B4
1043 May'31
Warm Spring V let g 58_ _1941 M 8 10214
7312 May'31
7012 731s
8834 10138
1953 AO 7253
Gen cony 48 aeries D
9714 130
Cheep Corp cony 5a-MaY Hi '47 MN 9612 Sale 95
7612 209
554 844
8712 73
1967 MN 78 Sale 7312
Ref & impt 58
6913 June'31
Chic & Alton RR ref g 3s 1949 A 0 66
69
84
7613 217
80
67
70
Ref & !mot 5801 1930-- 1975 AO 7514 Sale 7312
CU dep stud Apr 1 1931 Int _65
6714 67 June'31
109 11214
795 793
4
Erie & Jersey 1st sf85 _1955 3
11158 11214 11134 June'31
793 __,_ 793 June'31 4
4
4
Railway first lien 330_ _ _ _1950
10618 11412
9212
4
89
4
Genesee River 1st 3 t 68_1957 3' 1103 11412 1103 June'31
9
9134
92
Cele Burl & Q-111 Div 330_1949 J ./ 913 93
4
/
1
4
935 93
8
DI
91
Erlo hi Pitts g0 g 3/Seger B 1C
_
Jan'3I
Registered
91
J J
,40 J J 9112 -- 9353 May'31 _ _9532 10014
9413
857a Oct'29 _
1940 J
9973 14
Series C 3ha
Illinois Division 45
1949 J .1 997 Sale 9958
3
81
W_
847 June'31
8
964 100
Fin Cent & Pon let com g Si '43'.0
995
8 21
General 48
8
1958 M S 995 Sale 99
6718 80
_
10314 19 100 10412 Florida East Coast let 6348_1959 ID -65" 7218 70 May'31
lit & ref 4348 ser B __ 1977 F A 10318 Sale 10318
17
31
1712 32
4
1974 MS 1712 18141 17
1st & ref 58 series A
110
9 1075 110
lat & ref Es series A _1971 F A 110 Sale 110
Ask Low
FereIon Govt. A Municipals.
Bia
Sweden external loan 5346_1954 MN 106 Sale 105
8
Switzerland Goyt(JAI 5 3.4s__1946 AO 10614 Sale 1057
8134
Tokyo City 5s loan of 1912_1952 MS 8214 83
External at 5348 guar____1981 AO 957 Sale 9514
8
Tolima (Dept ot) esti 7s__ _ _1947 MN 48 Sale 48
8
Trondhlem (City) 1st 5345_1957 MN 9912 993 991
4
4
8
Upper Austria (Prey) 7s____1945 J D 97 1003 993
8911
External et 5345 June 15 1857 J D 8912 91
Uruguay Republic) mil 88_1946 FA 86 Sale 84
External a I Si
1960 MN 67 Sale 66
Extl s t 68
663 64
4
May 1 1984 MN 65
993
4
Venetian Prov Mtge Bank 75 '52 AO 993 100
4
Vienna (City of) ext1 a f 65_1952 MN 873 Sale 86
4
Warsaw (City) external 78.-1958 FA 57 Sale 5512
Yokohama (City) ext1 65_1961 J D 100 Sale 9914
Jou,
10312
C Cash sale. e Option sale.
_
4561
New York Bond Record-Continued-Page 3
.1
BONDS
ti
Na Y. STOCK EXCHANGE. I
...,o,
Week Ended June 19.
Price
Friday
June 19.
Week's
Range or
LOA Sail.
13_
rorb
Stange
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 19.
z
Price
Friday
Jana 19.
Week's
Range or
Last Bali.
Bid
High
Ask Low
Ask Low
High No. Low
NM
High
1940 A 0 ___ 8412 80 June'31
171 19
/
4
17 June'31 ____
/
1
4
17
28
/ Mid of NJ lat eat 58
1
4
Fonda Johns A Gloy let 4346 1962 M N
_ _ Mil & Nor 1st ext 4 He(1880)1934 J D 10112 102 10114 102
____
Fort St U D Co 1st g 4346-1941 1 .1 9512 9712 9618 Aug'30 ____
97
9814 97
19341 D 97
7 _Consort 434e(1884)
111 WA Den c let g 534e---1901 I 0 1051/4 ___ 106 June'31 ____ 105 8 10714
94 May'31
94
Frem Elk A Mo Val let 68_ -1933 A 0 10418 105 104 June'31 ___- 10318 10512 Mil Spar & N W lst gu 48
1947 M 8 91
88- _- 90 Apr'28
8
9911 100 4 Mllw dr State Line let 334s-1941 i 1
&SA M&P 2dext5egu'31 I J 997 10014 10014 May'31 ___1
H
16
9912
6
Minn & St Louis let CODS 56_1934 M N 1318 1814 14
9616 100
Gal, Hous A Hand hit 5e.1933 A o ____ 9714 9714
16 May'31
35
31 June'31 ---1934 M N 1318 24
30
Ctfe of depoalt
57
/
1
4
Ga & Ala Ry let cons ba Oct 1945 I J 32
4
3
4 Sale
let A refunding gold 48...1949 M S
g be '29
Ga Caro & Nor let U
8
814 8 May'31
/
1
87
87
1
85
95
Re/& eat 50-yr ba ser A -1962 Q F
Extended at6% to July 1-1934 I .1 864 95
10 Nov'30
73 Jan'31 _--73 73
Certificates of deposit..........
1946 A 0 ---- 67
Georgia Midland 186 35
82
82
MStP&SSMcong4s1ntgu'38
Gouv & Oswegatchie let 1Se 1942 J D 10316 ____ 10313 Apr'31 ____ 10312 105
/
1
4
69711 74 May'31
/
4
1938 J J
99 1013
/
1
4
4
let cona 58
Or K & I ext let gu g 430-1941 I J 10112 __-- 1011 June'31 __-83
85 83
11314 21 11018 11314
-1938 J J 84
let e011135s gu aa to Int_Grand Trunk of Can deb 78_1940 A 0 11318 Sale 113
9614
4
4 32 105 1081
10
1936 M S 1081 Sale 10814 1083
/
1
4
4
-year a t 68
-year coll trust 6348---1931 M S 9614 Sale 95
15
81 Apr'31
69
__
____ 96 Nov'30 ____ ____
1946 1 J
Grays Point Term let 56.-1947 J D 48
lst & ref tis seriee A
6218 May'31
56
4
1949 M S 54
-Great Northern gen 7e ser A_1936 J .1 10914 Sale 10914 1103 210 10814 112
25-year530
9314
11
1978J J 93 Sale 93
J D109 May'31 _
109 110
Registered
let ref 5Lie ser B
9558 Dec'30
8
8 10012 17
99 102
/et A ref 4Ite aeries A____1961 J ./ 100j2 Sale 997
lat Chicago Term s f 48_ - _1941 MN 943
8 50 1073 111
J .1 10812 Sale 10812 1093
4
Oeneral534eeeriesfl
1962
8818 May'31
14 101 6108
General 66 series C
1973 J J 10312 Sale 10314 104
Mississippi Central let ire_ _1949 I J
53 May'31
54
4
8
973
4 45
953 100
8
1959 J J
General 430seriee D
1976 J J 9618 963 965
Mo-IllRR let ba ear A
88 Sale 8718
8814
977
8 73
95
General 4 Ms &Mee E
1977 I J 97 Sale 96
9914 Mo Kan &Tea lat gold 46_ _ _1990 J D
4
957
8
Feb 5018 75 6712 Apr'31 ---Green Bay & West deb et& A _
674 6712 Mo-K-T RR pr lien 55 ear A _1962 1 J 9412 Sale 033
8114
712 10
Feb
73 1612 712
4
711 21
1962 1 J 8114 Sale 8058
Debentures ctfs B
40-year &series B
_ 9538 Mar'31 _-_
9538 95
1978 1 J 8718 8814 91 May'31
/
1
4
Greenbrier Ry 1st gu 4s--1940 MN 9614
Prior lien 43s ser D
77
97 Mar'31 _-__
9612 99
/
1
4
Gulf Mob de Nor let 530_ - _1960 A 0 -7-- 15
Cum adjust & ser A_Jan 1967 A 0 77 Sale 7312
8512
8512
87
7918 June'31 --__
7918 92
1950 A 0 8012 85
Mo Pao let & ref baser A--1966 F A 85
let M 56 series C
62
4
8
1975 M S 6014 Sale 583
Gulf dr S I let ref A ter 6a_Feb'62 J J 106__ 1035 May'31 --__ 10314 1043
4
Oeneral4s
85
4
4 10418 11 10118 106
1977 IS S 85 Sale 8212
Hocking Val let cons g 430_1999 J 1 1033 gile 1033
let & ref ba series F
/
1
4
8478
4
10012 Apr'31 10012 10012
1978 MN 833 Sale 8358
RegLstered
1999 / J _ _ _
lat & ref g 5s ser G
73
4
8
4
1949 MN 683 Sale 6834
99 10114
Housatonic Ry cons g ba _ __ J937 M N 943 ___ 1003 June'31 -- _
Cony gold 634e
853
8
8
1980 A 0 847 Sale 83
& T C Ist g be Int guar_ 1937 J J 10114 ____ 10114 May'31 ____ 100 10112
1st ref g ba eerie.] H
85 4
3
1981 F A 85 Sale 8212
Houston Belt A Term lst 68_1937 -1 J 10218 ____ 102 June'31 --__ 10014 103
let & ref be ser I
97 May'31
_ 10114 May'31 _-__ 100 10114 Mo Pac 3d 70 est at4% July 1938 MN 9512
/
1
4
Houston HA W Tex lst g 68_1933 MN ____
100 Mar'30
- _let guar be redeemable_ _ _ _1933 M N 101 10112 10112 May'31 --__ 100 10153 Mob dr Bir prior lien g be- -1945 .1 J
9914 96 May'31
100
Efud & Manhat let be ser A.1957 F A 9912 Sale 9914
44
J J 90
98 10214
Small
8914 June'31
4
7818 91
74
1945 1 1
Adjustmentincome fe Feb 1957 A 0 78 Sale 773
79'2
lat M gold 46
78
_ 8712 June'31
I J
Small
80 May'31
4
9318 96
/
1
4
Illinois Central let gold 46-1961 J J 94 -___ 943 May'31 --__
Mobile A Ohio gen gold 48....1938 M S
967 9912 Apr'31
8
4
853
4
4
3
let gold 3346
8318 833
1951 J J 853 Sale 853
4
Montgomery Div 1st 856.1947 F A
6712 Apr'31
51
8614 June'31 _
J .1 - - 8614 8614
1977 M 5
Registered
Ref&impt434e
643 80 May'31
4
8512 87
Extended let gold 83411-1951 A 0 85 ___ 8512 May'31 __
1938 M 5 See 5% notes
, 2
_ 9038 June'31
___ 70 Mar'30 --__ ..._
_ _ Mob & Mal let gu gold 4e_ 1991 M S
let gold &sterling
1951 MS ____
/
1
87
8 8814 86
19
843 - 8 96
19371 J 1084 fib' 10812 June'31
Collateral trust gold 48_1952 A 0 863 Mont C 1st gu 68
- 104 June'31
82
8
29
1955 M N 82 Sale 805
7618 93
1937 1 J 104
letrefunding 4m
let guar gold be
8434
84 8453 8412
8
853
4
5
1952 J .1 8414 847 8512
80
Purchased lines 3Hs
8814 Morris & Eases let gu 3He 2000 J 0 1063 10112 10614 10614
4
77
11
73
90
/
1
4
1953 MN 73 Sale 73
1956 MN
Collateral trust gold 4e
Conetr M be ser A
10114
M N 9512 97
96
96
MN 101 Sale 101
5
1955
9516 106
1955
Retunding6a
Constr M 4 L4s ser B
107
5 106 110
16
-year secured 6340111936 J J -- 10712 107
9614 95 June'31
7814 66
Aug 1 1968 F A 78 Sale 77
711 100
/
4
40
-year 4346
Nash Cbatt & St L 48 eer A _ _1978 F A 94
10418 June'31
JO 90
93
91 June'31....904 93
1950
/
1
1937 F A 10418
Cairo Bridge gold 4a
NFla&Sletgugfe
18 July'28
8
8
7512 784 Nat Ry of Mex pr Ilen 430-1957 J J
/
1
Litchfield Div let gold 311_1951 .1 .1 763 ____ 773 May'31 --__
123 July'28
4
Loulay Div & Term g 33481953 J 1 8213 ____ 8418 May'31 _-__
823 8514
4
J J
on
July 1914 coupon
2 June'31
2
3
7524..... 78 Apr'31 --__
75
/ 78
1
4
Omaha Div lat gold 36. _1951 F A
Assent cash war rct No.4 on
2
312 3 Mar'31
79
7518 June'31 --__
St Louis Div & Term g 38_1951 J J 75
7518 78
Guar 4a Apr'14 coupon___1977 Iii
3 May'31
/
1
4
1961 J J 8114 843 84 June'31 ____ '8112 8414
4
Gold 334e
Assent cash war rct No.5 on
3512 July'28
_ 85 Feb'31 _-__
Springfield Div let g 33411-1961 J J 801
85
85
Nat Rn Mex pr lien 4348 Oct '26 J J
4
412 4 June'31
1951 F A 9014 2-- 90311
92
Western Lines let g 4a
9053
1
893 93
4
rct No.4 on
Assent cash war
22 Apr'28
Ill Cent and Chic St L & N ()1961 ;Cii
let conaol 4a
2 June'31
218 3
Joint 1st ref Is series A--1963 J D 87 Sale 8612
89
16
8612 10214
Assent cash war rct No.4 on
_ 86 Apr'31
82 May'31 _
lat& ref 434s serlea C
1963 J D ___ 80
82
98
.
1954 56 14 86
Naugatuck RR 1st g 4s
125 Bloom A West lst ext 48_1940 A 0 9212 ___ 9138 Jan'31 ____
913 911 New England RR cons 66_1945 .1 J 101 licitz 10312 10312
8
/
4
8
8
4
IadIll&Iowalstg4s
1950 J J 951
-. 95 June'31 _
945 9711
8
1945 1 J 895 923 905 May'31
Consol guar 46
92 Mar'30
8434 88i, NJ June RR guar lat 48... _1986 F A
1 od & Louisville let gu 4a.. 1956 J J ____ 753 8753 Feb'31 ____
8-- 4
T8 IS- 85 May'31
4
..1965 J J 1023 103 1023 June'31 ____ 1023 103; N O&N E 1st ref & impt 434sA'62 J I
4
IId Union Ry gen baser A.
8
9278 89
89
/
1
4
/ New Orleans Term lat 46_
1
4
4
9 102 104
Gen & ref Is series B
8 10278
1965 J I 1023 ____ 1027
1963 J J 90
987 Mar'31
8
- 90
4
Eat dr Grt Nor let 6saer A_ 1952 J J 843 Sale 8418
8518 26
777 90
8
N 0Texas & Mex u-c Inc 56_1935 A 0
7014
493
Adjustment 68 ear A _July 1952 A 0 4938 Sale 4812
8 19
37
65
1954 A 0 io Sale 70
lat 56 series B
8
645
8
7522
3
lirt &scrim B
1956 J J 7418 7678 7512
65
81
1966 F A 6512 83 645
let ba serlea C
63
6312 62
let g 58 seriee C
1956 J .1 76 Sale 76
77
32
65
8011
1956 F A 63
let4 Xs series D
8
75
6712
Tat Rye Cent Amer let ba_.1972 M N 6712 68
66
73
675
8
8
1954 A 0 75 Sale 725
1st 5 As series A
8714 Feb'31
8
1941 M N 6712 70
let coil tr6% notee
68 June'31 ____
66
8314 N & C'Age gen guar 4 34e._1945 .1 J 973 100
59 June'31 ____
1stlIen & ref 634e
1947 F A ____ 49
59
74
N Y 1.1 dc 51 B let con g 58.- -1935 A 0 10112 ---- 101 Apr'31
10
12
Iowa Central let gold 56..-1938ID
10
10
6
10
16
10518
12
16
10
1314 12 May'31 ____
Certificates of deposit
N Y Cent RR cony deb 68-.1936 MN 10518 Sale 105
9414
933 Sale 93
4
212 4
/ 3 May'31 _
1
4
1951 M S
3
6
Refunding gold 4s
1998 F A
Consol 46 series A
4
4
9914
James Frank A Clear 1st 49_ _1969 J D 9612 Sale 9612
9612
1
94
967
1
Ref & inapt 430 series A 2013 A 0 973 Sale 973
9712
983
4
103 103
K61 A & R 1st gug re
____ 103 May'31 __
1938 J J 103
When Issued
10412
Kan & M lat gu g 4s _ _ _ -1990 A 0 8612 _-_ 893 June'31 ____
89
9211
-_
4
Ref dr impt 55 settee C._ _ _2013 A0 104 Sale 104
8
8518
C Ft S & M Ry ref g 48_ 1936 A 0 9114 Sale 9118
9214 60
87
9911 NY Cent & And Rlv M 334e 1997 II 8518 Sale 843
8314
Kan City Sou let gold 3s _ _1950 A 0 7714 Sale 7714
1997 I J 8314 851 8314
7714
5
Registered
73
811
8
83 1023
Ref & !met be
Apr 1960 J .1 93 Sale 8612
93
68
N 1013 Sale 10114 101%
4
1934
Debenture gold 413
9914
Kansas City Term let 48_ -1960 1 .1 98 Sale 973
4
9314 98
98
55
1942 ii 9812 10014 9914
30
-year debenture 411
4
9112 943
Kentucky Central gold 4a_ _ _1987 J J 9314 ___ 9358 June'31 ____
4
Lake Shore coil gold 3 As_ _1998 FA 8234 83%1 823 June'31
8412 81 May'31
93 93
Ksntucky A Ind Term 430_1961 1 3 0312 -_ 93 June'31 ____
1948 FA 76
Registered
8412
881 94
/
4
Stamped
Ili 9112 May'31 ____
1961 J .1 91
Mich Cent coll gold 8 M5-1998 FA 8412 Sale 8412
8212 Mar'31
Plain
1961 1 I
86
89 Apr'30 _
1998 FA 8212 84
Registered
99
4
4
,
N Y Chic & St L lat g 4a
1937 AO 983 9912 983
Lake Erie & West let g 56_ _ _1937 11 J 1015 1027 1013
9314 Mar'30
4 1013
4
5 10118 10314
8
8
1937 A 0
Registered
2d gold 56
10014 100 4
96
1941 J J 10014
3
9312 Sale 9312
- 10014 June'31 _
1932 A
6% gold notes
Lake Sh & Mich So g 8 Ma-1997 1 D 8514 Sale 85
8
835 87ii
89
85 14 24
Refunding 5$4s series A_ - _1974 AO 8814 Sale 88
Registered
1997 I D 83
83 85
8512 833 June'31 _
4
777
8
1978 MS 7414 Sale 73
Ref 4}is series C
Leh Val Harbor Term gu 58_1954 F A 10518 10612 10514
10512
5 10312 1071 N Y Connect let tu 4346 A-1953 FA 1023 10318 I0253 1023
8
8
:
Leh Val N Y lat gu g 434s-1940 J .1
/
4
99 1011
100
1
100
10512 May'31
4
1953 FA 1013
1st guar be seriee B
Lehigh Val(Pa) cone g 4e...2003 M N 100- - 8618
863 87
4
837 901 NY A Erie let ext gold 46
8
8
925 Mar'30
8712 46
1947 MN
M N 813 90
iteidetered
4
83 May'31 ____
83
86
110 June'30
1933 M
3d ext gold 434e
General eons 4348
2003 M N 99 Sale 983
4 10014 11
967 101
8
Lehigh Val RR gen be series_2003 M N 104 1045 1035
8
8 1043
4 15 102 10614 N Y&()realm L gu g Se,._ _1946 MN -.
-. 0434 9614 Feb'31
Leh V Term Ry let gu g 58. _1941 A 0 102 1055 102 June'31 ____ 1015 10411 N Y & Harlem gold 33is _ _ _ _2000 MN
8
8
88 June'31
Lehigh dr N Y let gu g 4a
1945 It S 9314 95 9414 June'31 ___
NI Lack & W let & ref gu be'73 MN See note. below
84
96
Lex & East lat 50-yr 641 gu __ _1965 A 0 10984 Bale 1093
4
10934
5 108 111
8
list& ref gu 4 Lie ser 13- _1973 MN 102 10512 1037 Mar'31
92
Little Miami gen 48 eerier' A.1962 M N
_ 9112 May'31 ___
9113 9811 N Y & Jersey let be
8
1932 FA 10114 102 1013 June'31
1935 A 0 106 10712 106
Long Dock consolg 66
i 104 108
_94 Apr'31
106
NY & Long Branch gen 46..1941 MS
Long 16.d let con g be._July 1931 Q 3 mole 10012 10014 May'31 ___ 10018 101
7514 July'29
N Y dr N E Beet Term 4s
1939 AO
2
4
let consol gold 4a_ -_July 1931 Q j 007 1003 985 Sept'30 8
8912
8912
- -.,- -.-_ • NY NH& Hn-edeb&
885
8
1947 M
General gold &
1938 J D 98 ____ 98
96
98
Apr'31 ____
81 June'31
85
Non-cony debenture 330_1947 MB 8318 Gold 444
1932 I D 99
____ 99 June'31 ____
4
9811 9
9
803
4
8
Non-cony debenture 3346_1954 AO 7912 807 793
Unified gold 4e
1949 M El 9153 ---- 9512 May'31 _ _ _
907 951
8
/
4
8614
83
Non-cony debenture 45 _ _ _1965 J J 8514 88
1934 J D 1007 -_ 101
Debenture gold be
8
101
5 101 102
8618
N 8653 8714 8618
Non-cony debenture 48.-1956
20
-year pm deb &
1937 M N 10212 Bale 10214
10212 18
9812 103
7712 June'31
1956 J1 7914 80
Cony debenture 334a
Guar ref gold 4a
1949 IN 13 96 Sale 951
92
96
4
96
11
8
J 1135 Sale 11212 11353
1948
Cony debenture Se
Nor Sh B hit con gu Ile Oct'32 Q J .___ 101 10112 May'31 _
/
4
/
1
1004 1011
II
110
110
Registered
_
Louisiana & Ark 1st be ear A _1969 J J 47 Sale 43
49
33
39
75
8 10512
1940 A0 1'0812 gale 1053
, la teral trust68
'ol
Louis &Jeff Bdge Co gd g 48_1946 IS S 933 95
8
933
8
9312
3
4/3
9714
7312
71
74
7312
1957 MN
Debenture 48
Louisville& Nashville be -1937 IS N 10353 __-- 103 Mar'31 ____ 103 10318
94 12
lat & ref 4 Ms ser of 1927_ -1967 ID 9414 Sale 94
Unified gold 41
1940 I J 9912 Sale 9914
9934 18
9712e102
9418
9418
96
Harlem II A Pt Ghee let 4e 1954 MN 94
Registered
J J 9818 ____ 9412 Nov'30 -..,- - Collateral trust gold fe_ _ _1931 PA N 10034 ___ 10118 May'31 ___-_ 101 102
- - NY OA W ref g 4a June
5412
1992 MS 5412 Sale 5278
let refund 53Is series A._ _2003 A 0 10414 106 10414 10512
6 10153 1061
/
4
44
1955 -ID 44 Sale 44
General 48
let te ref &series B
2003 A 0 _ _ 10414 10318 June'31 ___
10313 106
96 Mar'31
N y Providence A Boston 48 1942 AO 9112
let& ref 4 He series C
2003 A 0 977 983 98
_ 95 May'31
8
s
9853 38
96 102
/
1
4
/ NY & Putnam let con gu 46_1933 A0 9312
1
4
Paducah& Mem Div 48
1946 F A 90
95 Dec'30 --- _ -2
76
.,... N Y SUBQ & West let ref be 1937 13 7318 -- - 72 June'31
St Louis Div 26 gold 3s
1980 IS S 6914 _--- 6818
693
4
7014
75 Mar'30
6
153 - 70
1937 FA 40
70'8
2d gold 4348
Mob & Montg 1st g 4348_ _1945 8 6 1017
1
___ 1013 May'31 _ _
4
100 8 1013
5
4
1940 FA 5018 533 50 June'31
4
General gold be
South Ry joint Monon 48_1952 I J 8714 88
8_ 101 May'31
N 981
873
4
8814
i
1943
8
6
9
5
Terminal 1st gold 58
AU Knox,& Cin Div 48-1955 M N 94
96 9612 May'31 ____
891 964 N y Welles A B let ser I 4340'46.71 8214 83
4
83
8-- -14 82
/
1
Louis, Cin dr Lex Div g 430'31 $4 N 1001 -- __ 1003 June'31 --__ 100 101
/
4
4
4 10612
Nord Ry ext'l sink fund 6 WI 19 0 A0 10612 Sale 1053
5
193
4
195 Sale 19
8
Norfolk South 18t & ref A 56_1961 FA
1934 f Mahon Coal RR let be
1
_ 102 June'31 ___ 10114 102
715
8
7353
8
Norfolk & South let gold 56.1941 MN 685 76
64
/ 74
1
4
Manila RR (South Lines) 46_1939 Vi N 10218- - - 75 June'31 _-_
737 7714 Nort A West RR impt& ext6534 FA 104-. 104 June'31
8
1959 11 N ____ 70
7212
NM600
68 May'31 ____
67
New River let gold 68.__ _1932 A0 102 103 10212 10212
Manitoba SW Colonisa'n 58_1934 1 0 100 Sale 100
100
2
10014
9812 IGO
N & W Ry lat cons g 4.-1996 A0 100 Sale 100
MtnGB & NW lat 3346_1941
87_ 9012 Apr'31 ___
90
11.9, AO _ _ 9912 9714 Jan'31
9012
Registered
1977 11 S _ __ I
0
212 Dec'30 _-__
Mel Internet let 45 aastd
8
995
8
--Dly'l let lien A gen g 48_1944 Ii 6958 Sale 993
4a_ _1940 / J 9g ---- 9914 May'31 -- _ -9712 9914
-Mich Air L
Mich Cent
993
8
1941 ID 99 Sale 99
Pocah C A C joint 48
____ 79 May'26 -___ ---Jack Lane & Sag 3%a
1961 W S _
North Cent gen & ref 58 A 1974 MS 10612 - - -- 107 Nov'30
iiii is
1962 n N
let gold 3
905 May'31 __
8
8512 901
1974 MS 103 10312 103 June'31
8
Gen & ref 4M eer A
/
4
Ref & impt 4348aer C.--1979 I J 1001 102 10184 10212 33 10012 1043 North Ohio let guar g 5e...._1945 A0 ____ 9014 9414 Apr'31
8
co4
Range
Since
Jan. I.
No, Low
High
80
87
/
1
4
5
/
1
4
97 102
/
1
4
2
97 100
92
/ 95
1
4
39
11
3
2
15
8
71
29
24
95
7
101
165
32
165
130
575
11
32
14
16
3
8
20
30
9
5
89 4
-5014 - 17412 86 2
,
83
9412
90 10011
89
81
62
/ 72
1
4
91
99 4
3
88
9?
53
65
14
87
92
8218 1033
4
777 92
3
91
98
6912 95
80 100
563 75
4
764 99
/
1
/
1
4
7618 99
60 101
763 99
4
7612 95
/
1
4
9512 99
96
97
4
881 92
79
88
80
83
9912 102
6712 69
12
73
90 4
1
93
14
88
106 109
/
1
4
10214 104
83
/ 86
1
4
10616 108 4
3
100 2 103
1
911 95 4
: 8
lams 106%
2
3
31s
2
1
10
5
21
33
4
33
42
483
55
77
8
157
5
5
17
74
65
53
8
43
4
8
5
_
2
4
/
1
4
86
87
0028 10316
93
88
85 "Wg"
93
12
85
/
1
4
98 100
68
931
4
637 94 1
8
/
1
4
72
50
62 1011
/
4
96 100
101 1014
10312 107
/
1
4
927 97
8
/
1
4
94 104
/
1
4
93 861001
7
8
10111 109
833 87
4
/
1
4
8314 85 8
/
/
4
100 1011
973 9914
4
82
/ 85
1
4
78
82
11
82
8612
80
84
97 10012
12
88 102
84 107
/
1
4
93
68
102 10314
104 10613
/
1
4
921s 9251
96
88
9/
114
88
103 1037
/
1
4
8
100 102
/
1
4
/
1
4
94
94
13
2
28
1
71
3
51
10
60
2
-57 -0
/ 9 -12
1 4
84
81
fills
73
83
88
8012 8712
83
70
110 118 4
1
110 115
/
1
4
104 4 10612
1
7112 77 e
7
90% 9553
8914 96
87
311
/
4
96
921s
70
6412
44
96
0/
61
4
80
"Zia"
22
35
6
5
1
21
9
13
61
9812 101
7718 87 2
,
105 108
19
45
7118 85
104 105
10214 10258
96 4 100 4
1
1
95
/ 07 4
1
4
3
9718 100
96 100
1017 103
s
90
97
e Cash sale. a Option sale. •Sale at 103M reverted on marsh is was an error, *Mould have been ref. 4146 of 1973. No bonds of the let & ref. 68 of 1973 beau' outStanding
New Yon( Bond Record-continued-Page 4
4562
BONDS
N. Y STOCK EXCHANGE
Week Ended June 19.
11
Price
Fridag
June 19.
Wesee
Range or
Lou, dak.
71
cr,
Range
Singe
Jan, 1.
SOROS
N. Y. STOCK EXCHANGE.
Week Ended June 19.
'73
Price
Friday
June 19.
Week's
Range or
Last Sate.
Range
Singe
Jan. 1.
High No
44 LOW
Rid
Low
NW
Ilia.
,1181
ASA Lou
12
8 2 101/ 9
5
Seaboard All Fla let gu 8813_1935 FA
80
9212 97
9518 46
4
North Pacific prior lien 4a__1997 Q J 95 Sale 94%
814
814
Series 11
91
95
1936 FA
2
5
818 101
9414
94
9414 97
Registered
Q
90 Nov'30
Gen lien ry & Id g 38_Jan 2047 Q F 68 Sale 673
683
4 13 654 6914 Seaboard & Roan let be extd 1931
4
102
Oct'30
66
87 • & N Ala cone gu g be
1936 P A 10214
66 12 14
Registered
Jan 2047 Q F 6412 6712 66
4
Gen cons guar 50-yr Sr. _ _1963 A0 1093 1101 11012 June'31
94 101
9514 23
Ref & impt 4He aeries A-2047 J J 95 Sale 95
4
111
Ref A impt fie series B__2047 J
106 1073 113% So Par coil 4e (('ent Par coil) k'49 JD 92% 92% 9212 June'31
11014 Sale 109%
10014 Sale 10014 1003
9814 10512
181 4345(Oregon Linea) A_1977
4 64
Ref & trent 54 Belies -----.2047 J J 10112 10312 102% 102% 11
20-year cony. be
1934 3D 10314 __ _- 10313 10314 12
Ref & 'met Sc series D-2047 .1
10114 11 100 10512
101 Sale 101
105 l063
8
Gold 4 He
9234 37
19611 M
Nor Pao Term Co let g 68-1933 J
91% Sale 91
107 110 106% May'31
9412 55
102% 1035.
Gold 4 He with war
1969 MN 93 Sale 93
Nor Ry of Calif guar g 54I- -1938 AO 104
_ 10318 Mar'31
60 77
9212 254
8
1981 MN 91 Sale 905
Gold 434e
69
Og & L Chem 182 go g 4a---1948.3, 69 197- 69
8
97 97
1950 AO 98 Sale 98
98
San Fran Term let 4a
_
11
97 May'31
Ohio Connecting Ry lot 48_1943 MS 97 100
10314 May'31
101% 103 So Pee of Cal let eon gu g 50 1937 MN 10314
103
103
Ohio River RR let g be
1936 J D 103
102 103
So Par Coast let gu g 48General gold be
1937 AO 1023
1937 33 9784 --- 96 June'30
4-- 103 May'31
92
97 Sale 9612
97 4 So Pac RR Ist ref 4a
3
1955
973
4 72
9612 June'31
Oregon 1111 & Nay con g 48_1946 ID 96 8 3 98
107 1091
.
9512 Mar'31
_
Registered
Ore Short Line let cons g 58_1946 J J 109 110 109 May'31
3 I
9212 May'30
107 1091.
Stamped (Federal rax).1955 • J
Guar atpd C0118 ba
1946 J , 109%
- 10914 June'31
10714
9214 98
Southern Ry let cone g 58_1994
108
9
9618 72
Oregon-Wash let & ref 4a
95% We 95%
1961 J
1051 May'31
Registered
53
14
78
1
Devel & gee 44 8erirs A ___1956 AG
14
80
14
55
Pacific Coast Co let g 58__A946 J D 14
20
95% 98
103
1047
3 13
Devel & gen 68
963 June'31
4
Par RR of Mo lot ext g 48_1938 FA
1956 AO
101 102
Develop dr gen 6 He
4
1956 *0 108 Sale 106% 10814 40
2d extended gold 58
1938 J J 1013 - - 1013 June'31
4
10014 10153
Mem Div let g be
1905
.
101% -- 102 May'31
1015 Apr 31
8
Paducah & Ills let ef g 4 Ha_.1955.3' 10114
74 104 106%
4
St Louie Div let g 48
913 Sale 913
4
1951
9184
2
Paris-Lyons-Med ItR esti fla 1958 FA 105 Sale 10414 105
East Tenn reorg lien g 5a 1938 MS 10013 ---- 10014 June'31
4 10712 113 10614 10714
Sinking fund external 7e_ _1958 MS 106 3 sale 1063
7
Mob dr Ohio roll tr 40
8 10114 105
89% 94 May'31
1938 MS
10414
Paris-Orleans RR ext 611a_ _1968 M
10412
_ 104
77
97
35 May'31
3
Spokane Internet let g Se__ _1955
40
78
36
77
Pauline Ry let & ref 8 f 7e_ _1942 MS 7012 77
973 10012 Staten Island Ry tert 41,a_ _ _1943
4
87
Oct'30 --Pennsylvania RR cone g 48_1943 MN 1007 --- 100% June'31 -4
97% 101
9714 Apr'31 ---2
Sunbury & Lewiston let 4e_ _1938
Conaul gold 44
98 1001 10014 101
1948 M
98 100% Tenn Cent let Be A or B
85 May'31
48 aterl aced doliar_May 1 1948 MN 9814 10014 10014 10014
3
1947 AG
Copse' sink fund 410_1960 FA 10614 Sale 10518 10614 11 106 el07i4 Term A8811 of St L let g 4118_1939 A0 1013 ---- 102 June'31
4
46 100 105
'
lat cons gold Se
1944 P A 10514 10618 10514 May'31
General 434s series A.....1965 a 10114 Sale 10114 102
943
4
Gen refund f g 4a
95
14 107% 111%
110
17
1953 3.3 94% 96
General be series B
1988 J P 109 1093 109
1083 11012 Texarkana & Ft S 1st 554e A 1950 FA 94
4
51
93
15
-year secured 61411
94% 16
95
8
1936 P A 1097 Sale 109% 110
10111 10914 Tex & N.0com gold 58-Aug 1943
4
PA
10914 Feb'31
10312 10012 Feb'31
Registered _
38 10214 10534 Texas & Pee let gold Se
60
-year secured gold be--.1964 MN ioiiz Sale 10312 105
10614 110 10814 10812 11
2000
9014 99%
2d inc5a(Mar'28 cpon)Dec2000 Mar
95% 226
95 Mar'29
Deb 4414s
5
1970 AO 94 4 Sale 9414
943 98
4
226
Gen & ref 58 series B
97
AO 9654 Sale 953
4
Gen 4318 ser D
9312 20
1977 AG 9012 94 92
1981
94
04
Gen dr ref be aeries C
Pa Co gu 33e coil tr A reg-1937 MS 941
9318 39
1979 AC) 92% Sale 92%
4_ 94 Apr'31 -3
Gen & ref Se aeries D
907 9112
947
8 62
Guar 334e coil trust eer B-1941 P A 92% 1980
92 Sale 92
66 9112 Mar'31
90% 0753 Tex Pee-Mo Pac Ter 5He_ 11/64 MS
905 June'31 4
Guar 3144 trust ctfa C_1942 J D
- 9912 101 June'31
89% 9312 To'& Ohio Cent let gu 5e_1936
10212 102%
Guar 334 trust cue D
2
9312 Jan'31
1944 J D GO%
92
95
Jan'31
Western Div let g 5e
100 June'31
Guar 4e ser E trust ctfa_ _ _196'2 M
95
1935 £ 0 1 i
1.i 14
9414 18
01
Gen gold Se
4
Secured gold 4%a
1935 ID 1003 10212 1003 June'31 -1983 MN 1001: Sale 10014 10114 58 100 1021:
4
4 10012 22
984 102% Tol St L& W50-yr g 48
Pa Ohio & Det let & ref 4 HeA'77 AO 100 10012 993
1
9014
9014
1950 ▪ 0 90
95
80 88
Peoria & Eastern let cons 43_1940 AO
ToliVir&ogu 41,3A
84 84 June'31
100 Mar'31
1931
947
4
13
13
let guar 411e series B
1933
Income 44
100% Apr'29
10
1912 13 Mar'31
April 1990 AM
99
1st guar 48 series C
8 10312 12 100 10314
Peoria & Pekin Tin let 634e_1974'A 10274
1027
1942 Ji S 96%
9614 Apr'31
9 8618 10514 Toronto Ham & Buff let g 481948
Pere Marquette let Der A 6a-1956
97
2
9412
9412
97 Sale 9414
94%
7912 96 4
8312
1
8312
4
18t 48 seem B
83
85
1958
79 10114 Ulster & Del let cons g ba_ . _1928
lag 4 He series C
4
884 18
1980 MS 87 Sale 863
6638 _ _ 90% Jan'31
97 100
3
Stpd as to payt Doill 1930IntPhlla Bait & Wash let a 4s..-1943 MN 98%
100
100
7912 June'31
663 71
4
109 10012
1st eon 58 etis of deposit
General Se series B
1087
4
.109 May'31
1974 F
6 10314 104
Genl g 4Me ser C
Ctfs of dep etpd Dee'30 int-4
10314 Sale 10312 1033
73
28
69 Sale 64
1977
4
2118 26
24
t refunding g 48
24
Plum/With, Hy let 30-yr a 1 48'37 JJ 2314 25
22
1952
50
3314 4212 44
102% 102% Onion Pee let RR & Id gr 48_1947
Pine Creek reg let(18
4
_ 1023 Apr'31
4 54
1932 JD 10274
J 101 102 10012 1013
J
93 9514
Pitts & W Va 1st 4 Ha (ter A_1958 JO __-_ 94 93 May'31
Registered
1
9912
9912
3'
9213 9514
let lien dr ref 48
let M 434e merles B
June2008 MS -91 kiie" 973
94 May'31
91
4
1959 AO
98% 60
9014 95 3
7
Gold 4 He
lst M 4 He series C
9012
3
1967 J J 10214 Sale 10214 102% 55
90
54 9012
1960 AO
101 103
PC C & St L gu 4348 A
1a1 lien & ref 5.1
June2008 M
112
1
110% 1123 112
1940 AO 10114 -- 10212 May'31 _
4
99 103
40
Series B 4 He guar
-year gold 4e
1968
9412 34
1042 AD 101% 10284 10112 10112
D 94 Sale 9234
93 102
_
N J RR & Can gen 48
1944 MS 99% ____ 99 June'31
Series C 43.4e guar
93 June'31
8
1942 MN 1013
957 08% 'Rah & Nor let ext 4.1
3
9818 June'31 -Series D 48 guar
1933 3,
4
100 Sept'30
1945 MN 983
Vandalia cons g 42 series A 1955 P A
Series E 3148 guar gold 1949 FA 9134
_ 95 June'30
3
9614 __ 95 4 June'31
97°* 9728
Cone f 4a series B
8
Series F 4e guar gold
1057 MIS 9614 ___- 98 Mar'31
1953 J o 98% -- 973 Apr'31
9812 10114 vera
_
Series 0 4e guar
4
& P assent 4 Hic. _1934
9814 -- 10114 May'31
4
1957 M
2
4
Virginia Midland
Series II cons guar 40
9814
_ 87 Nov'30
be__ _1936
June'31
1960 FA
ioa ids Va & Southw'n letgen Sr._2003 MN 101 99 102 June'31
Series I cone guar 4318-1963 F A 103% 10514 105 Mar'31
1(11
97
98
10014 10512
let cone 50-year Ss
Series .3 cons guar 4148-1964 MN 10314 10512 10512 May'31 1958 *0 52
53
-lb
5212
58
108 110% Virginia Ry let 5a series A_ _1962
'
109%
General M 64 aeries A_..1970 a 108 4 Sale 108
3
3 10614 46
4
N 1045 Sale 1043
let M 4He series 13
Gen mtge guar 5e eer B--1975 AO 108 4 Sale 1073
4
9 10711 1101:
4 1083
1982 MN 10012 Sale 993
3
4 100% 40
9914 102% Wabash RR let gold So _A939 MN 101 Sale 101
54
Gen 4 Ha aeries C
102
31
1977 J , 101% 101% 10112 102
10234 103
Pitts McK &
2d gold be
103 Apr'31
96
1939 P A 95 Sale 95
30
let gu 68-1932 J
103% 104
25 guar 68
Ref & gen 811510 eer A _ _1975 M
104 Apr'31
051: Sale 6512
6714
1934.3' ioi __
PM* Sh & .L E lat g 58-1940 A0
Deb 6s series B registered_1939 J
103 8 10328
9818 May'29
5
2 101 103%
letlien 60-yr g term
A954
let censel gold be
8
1943.3, 1031 ---- 10028 Aug'29 -81 I6- 8612 Feb'31
Det& Chic ext lat 5s
923 Mar'30
4
8
Pitts Va & Char 1st 48
1941 .1
1943 MN 9814
100
-- 1017 May'31
12%
'
Pl/t8 Y & Ash let 44 ea A_ _1948 a 964 - 92 4 Jan'31
Des Moines Div let g 48-1939 3' 82
5
90% 88% Apr'31
10512 1063
4
Omaha Div let g 334s_ _1941 £ 0 79
let gen be series B
4
82 82 May'
1962 P A 105 4 ---- 1053 June'31
31
3
1941 M
Tol & Chic Div g 4e
let gen be aeries C
1974 J D 104
9014 95 90 May'31
6812 75
13
4
67
N
6814 June'31
Wabash Ry ref & gen 68B-1976 P A 63 Sale 627
Providence Secur deb 44-1957
8714 91
6214 76
Ref & gen 410 series C _1978 AO 60 Bale 59
1916
Providence Term let 4a_. _1956 MS 881
_ 91 June'31
95
98
67
29
4
617
1980 AG 62
Ref & gen be aeries D
Reading Co Jersey Cen coil 4e '51 AO 9514 di 05 June'31
2"
67
19 100 10314 Warren let ref gu g 3He_2000 FA 78
4
793 81 Nov'30
Gee & ref 4 He series A - 1997'.3 10112 101% 10112 102
88 8 Feb'31
3
Wash Cent 1st gold 48
' 10114 1021 1013
3
1948 Q
Gen & ref 414s aeries B_ _1997
92
:
4 1021e 22 10014 103
90
_ Wash Term 1st gu 3148
14
Oct'30
9314
Rensselaer & Saratoga 63-1941 MN
113
1945 FA
9314 Sale 92
Rich & Meek 1st g 48
1945 P A
1st 40
-year guar 4e
"fic 7912 Sept'30
s
1948 MN
967
4
- 92 June'31
77
Riches Term Ry let gu 68-1952'.3 10114 1952 AO 7512 Sale 75%
55
West'n Maryland let 4e
103 Sept'30
-911- 100
88
Rio Grande Jund 1st gu 58-1939 J O
1977.3' 8612 373 86%
let & ref 5 He series A
9
101 100 May'31
:
1
4
2
214 West N Y & Pa lst g 58
10458
3
103%
J
Rlo Grande Sou let gold 48_ _1049
1033
4
214 June'31
1937
1943 AG 97 Sale 97
Guar 48 (Jan 1922 coupon) 40• J
Gen gold 48
712 Apr'28
974 14
90
97
6812
14
2
Rio Grande West 1st gold 48_1939
Western Paz lot S,ear A.... _ _1946 MS 581 70
94
70
"ei 95 94
:
2361 J J 923 9312 92%
931
41
let con & roll trust 46 A - _1949 A 0 78
5 80 8612 West Shore let Mauer
80
4
80 80
813 10114
4
2361 J J 90
R I Ark & Louis ler 4;0_1934 M
Registered
9218 48
90 Sale 90
923 8914 June'31
4
59
_1949 J
75
Wheel & L E ref 4He aer A_ _1966 MS 9614 97% 97 June'31
60
69 May'31 - _
MB-Canada let gu g 4a
82% 92
Refunding 544 aeries B._ _1966 M
10082 102 100)4 June'31
71 id 9114 Apr'31
Rutland let con g 410--1941 J .1
1949 MS 80
90% June'31
92
RR let consol 48
8778 93
43
1947 .1
Wilk & East let gu e 58
93
94
93 June'31
St Joe & Grand lel let 4e
1942 3D 42% Sale 43%
95 101
1938 3D 102% ._ _- 10214 May'31
-1996 J .1 90
Will & SF let gold 58
St Lawr & Adir 1st g 5a
98 95 June'31
100 103
Winston-Salem 813 let 43. _1960• J 96
973 96 June'31
4
2d gold Be
90 100 100 Mar'31
551
4
Wia Cent 50-yr let gen 48_ 1949 3, 5512 Sale 533
St Louis iron Mt & Southern- A
1996
7
88 100%
47
07
58 60 May'31
Riv &0 Div 1st 48
Sup dr Dui dlv & term let 48'38
N
56
1933 PA 14 96% Sale 9614
6018 891, Wor & Conn East IR 434e..1943
6814 206
6814 Sale 6312
St L-Elan Franc pr lien 4s A-1950
3
'
3 7414 90 4 80 Mar'31
5514 Sale 51
40 86
1978M
Con M 414s series A
57 409
D
INDUSTRIALS.
69 8 69 4
5
_
5
Registered
69% Mar'31
50
.1 79 Sale 75
59 102
1950
Abitibi Pow & Pap let 68._-_1953• D 543 Sale 5018
146
79
4
Prior lien 53 Belies B
81
9714 1011 Ab 'hemb scrawl deb 6 He_1943
J 100 10014 99
.
St Louie & San Fr RI gen 6
10012 18
0-1931
97144102%
14
993 99
4
1001
1931.3' 100 10014 100 June'31
With warrants
AO 99
General gold ba
1952 AG 943 Sale 943
:
1021 10074 Adriatic Elm Co esti 7e
4
99
12
4
St L Peor & N W let go 5r..1948 J , 10214 106 102% 102%
99
4
87
99
Adams Express coil tr g 44_ _1948 MS $51: 8614 863
5
St Louie Sou let gu g 43- --1931 MS 99
99% 99 June'31
71% 677 Ajax Rubber let 15-yr of 8e.1936 J o
14 Feb'31
s
2
14
63
77 Sale 733
4
St L S W let g 48 bond ctfe.1989 M
80
62
53 10
4
78% Alaska Gold M deb 63 A-_1925 MS
5 June'31
9
2d g 4. inc bond etre Nov 1989.3' 6114 72
63
5212
1926 MS
' 8314 Sale 65%
a
534
6012 100%
5 June'31
1932
Cony deb rie settee B
Consol gold 4e
8614 193
45
53
58
971: Albany Pefor Wrap Pap 68-1948 AO 54
53
64
8014 Sale 50
1
631
lat terminal & unifying 58_1952 .4
1944 P A 68% Sale 67
19
8414 981: Allegany Corp col tr 5a
693
88 Sale 8714
St Paul & K C 814 L lat 4 Ha_1941 PA
897
4 62
1949 a 6214 Sale 61
'
Coll & cony 54
100 100%
65 4 84
3
St Paul & Duluth let 15e--1931 FA 10034 10114 10018 Apr'31
1950 A0 6214 Sale 5912
'a 9212
89
9
Coil & cony 58
1968
6512 137
9214 June'31
let come! gold 48
Allis-Chalmers Mfg deb 5e-1937 MN 101% Sale 100 4 1011: 21
3
9918 Aug'3
St Paul E Or Trk let 4 Hs--1947
981s 102
Alpine-Montan Steel let 713_ -1955 ▪ B 75
76
75
76
1003 10112 1003 June'31
4
St Paul Minn & Man con 4a-1933
5
4
.3' 104% 105 104% 104%
let ref e f 7148'41 P A 103 Sale 103
11312 106% Am Agrlc Chem
1933
let consoig6s
10314 61
3
Amer Beet Sue cony deb 134 1935 P A
30
35
7 100 8 102
26 June'31
1011
1118 reduced to gold 434:L..1933 J
100% Bale 10034
American Chain deb sf 60-.1933 *0 99 Sale 98%
100 100
100 Apr'31
Registered.
991
: 19
1042 A0 841 85 847
97
9912 Am Cyananild deb 58
:
1937 D -9914 163- 9914 June'31
1
4
Mont ext let gold 4e
84%
3
96
Aar & Foreign Pow deb 58-2030 M
93
741 Sale 7414
:
J 941
Pacific ext guar 4e (eterling)'40
77
78
2- 9412 June'31-_
1953 3D 80 Sale 7714 48412 23
deb 5a
112
Amer Ice e f
19 10918
dt Paul Ern Dep let & ref Sr.1972
112
11114 Sile 111
93
96% Amer 10 Chem cony 5148-1949 MN
15
99 Sale 9712
S A & Ar Pass let go g 48- -1943
95
94 Sale 93%
Ms 104
1024 1054 Am Internet Corp cony 634e 1949• J 8514 Sale 8514
8514
Santa Fe Pres & Phen let Se_1942 MS 102
9
10314 May'31
1939 AG 1041:
104 1043 Am Mach & Fdy f 63
4
10412 104% 11
Say Fla & West let g 68-1934 AC 1043
4 --- 10414 Mar'31
1001, 1013 Amer Metal 514% notes. ..1934 AG 74 Sale 74
4
let gold Se
9
4
1934 AC 102
-- 1013 Apr'31
7812
981 Am Nat Oaa 614a (with wa() 1942 A0 22 Sale 21
:
94
S4,floV & NE let gu g 48
26
119
99 June'31
95 11111
14 -1989 M
2514 5412 An,Sm & R 1st 30-yr 58 sir A '47 *0 10112 Sale 10114 102% 69
Seaboard Air Line let g 48_195( AG
_- 2514 May'31
1937 3.3 104% Sale 104
23
54% Anise Huger Ref 5-7r 63
7
27
59
Gold 4s stamped
105
26
1960 A
2614-30
26
2
s
311
312
Ant celep & Tales cone 44_ _ -1936 MS 10212
_ 10212 June'31
Oct1949 P A
Adjustment be
2
5
1946 JO 108% Sale 10614
912 2012
30 year roll tr Se
6
57
Refunding 48
1067
1214
1959 A0 1212 133 12%
4
9
1960J J 10814 Sale 10814
3.5-yrstdeb5e
1114
Certificates of deposit......
1087 218
10 June'31
1212 15
9 4 19
3
1943 MN 110 Sale 110
20 year f He_
80
1st & cone 68 series A _
1103
1312 98
1945 MS 1314 Sale 12
14k,
9
1939J J 130 Sale 129%
one deb 4 Hs
8
131, 12
Certificates of deposit
123
4
13
1394 78
46
81
1065 F A 1085 Sale 10814
All & Birm 30-yr let g 41
35.year deb as
8
43
1087 167
43
45
3-4193 MS 42
3
Am eve. Forind den as__ 10443* 0 10114 Sale 10114
10114 20
6
c Caah sale. a Due May.
Due Angus*. 8 °Wan sale.
Low
High
6
1214
Vs 12
1091, 11114
-92
97
9814 102%
102 103 4
3
90
99 4
1
88 100
8513 947
4
9212 IS
.
102 c1067
.28- 99
954 9612
11/
10514 108%
7514 881
4
100 11314
10414 117 8
7
10018 102
sa3 93
4
993 10013
4
93
9614
35
47
-9i1. 97
4
14
85
92
ow,102
1043 105 6
4
1
9118 95
91 1063
4
10018 102
14
10814 113
-3812 100
8412 100
89 101
100 8 107
7
10018 103 8
3
100 1001
4
10014 102
88
94
100 100 '
9514 961a
97
89
90% 901a
79
61
-76
64
44
60
,
96 1021
96% 99 4
3
9314 98 4
3
3
99 4 1027
3
110 1111
1
92 8 95
97 4 99
1
Ilia 96
9614 98
214 4%
97 103
97 1001
8
50
77
102 10814
98 4 102
3
1003 104
3
95 1024
80 10211
ick
1017 102
8
38
91
90
82
92 8
7
90
5612 9612
5512 694
58
96
'jar% 131.
3
9014 931,
96 ;:
:
87
84
75
82 07
1025 104
.
9°1 975
.
8
684 97
90% 941,
8814 03
9914
90
99% 1021
,
86 93
18
4.77, U14
10214 102
14
92 97
47 6612
5318 80
80
SO
4111 78
5011 101
80 10014
83% 89
8
14
5
10
8
5
50
7b
6718 874
51
851,
50
85
10014 1023
4
75
94
1011 10518
2512 47
98 102
84
96
86
74
74% 86
9614 102
4
84 4 953
3
10414 11.8
96
74
814 511
*
10112 104
4
103 105
99 4 103
3
105 10814
lops 109%
107% 111
12011 135
10614 10914
9913 108
New York Bond Record-Continued-Pane 5
4563
r.
BONDS
N, Y. STOCK EXCHANGE.
Week Ended June 19.
t3
t
Price
Frittav
June 10.
Week',
Banos or
Last Sale.
SW
Ask Lou,
High
Am Wat Wks & El coil tr 58_1934 AO 10212 Sale 10212 104
1975 74) N 101 Sale 10113 104
Deb g Se serials A
5812 57
57
1947 .82 57
AM Writ Pap lets 68
61
59
62
Anglo-Chilean at deb 7s _ - _1945 MN 60
J
15 June'31
15
20
Antilla(Comp Ague)7AR-1939
983 June'31
8
Ark & Mem Bridge & Ter 69_1964 MS 99 101
4
7714
1939 .1 1) 753 Sale 75
Armour & Co (III) 4 As
7212
Armour & Coot Del 53411---1943.82 7212 Sale 63
94
96
94
Armstrong Cork cony deb 58 1940 ID 94
1023
8
Associated 0116% gold notes 1935 MS 10218 103 10214
104 June'31
1947 ID 103
Atlanta Gas L let 513
1 Nov'30
Atlantic Fruit Thetis dep.- 1934 JO
3D
125 May'28
8
Stamped ctle of depoolt
55
5612 56
56
Ati Gulf& W 188 L colt tr 55 1959 J J
10114 Sale 101
1937 .1
10218
Atlantic Berg deb As
107
Baldw Loco Works lot 5s-1940 MN 107 10738 107
38
20 May'31
Baragua (Comp As) 7345_ _ _1937 J J 20
4
943
4
Batavian Pete guar deb 4145 1942 ii 943 Sale 9414
94 Sale 9212
94
1936 .1
BeldIng-Heingway 68
4
4 1093
4
Bell Telep of Pa 58 series B._1948.82 1093 Sale 1083
1960 AO 11312 11414 11334 1133
4
let & ref 58 series C
9812
Beneficial Indus Loan deb 68 1946 MS 9812 Sale 9818
6814 Sale 6612
703
4
Berlin City Elec Co den 6 As 1951 J
1959 FA 66 Sale 6318
88
Deb sink fund 6345
63
1955 A () 63 Sale 57
Deb&
6612
Berlin Elec El AUndg 6 34s 1956 AO 6412 Sale 6018
N 103 104 10234 104
Beth Steel lot & ref 68 guar A '42
103 Sale 103
10312
_ _1936 J
80-yr p m & Mantel
77 June'31
70
77
1950 M
Bing & Bing deb 6 As
2312 23
1934 AO 22
2312
Botsny Cons Mills6 As
94 May'31
1934 MS
Bowman-Bill Hotels 75
5
5
412 6
B'way At 7th Av let cons 56 1943 JO
4
_ _ _ _ 4 Mar'31
Certificates of deposit
80
Brooklyn City RR let 5e _ _ _1941 J J 78 Sale 77
8
Bklyn Edison Inc gen Es A.._1949 J J 1065 Sale 10658 1071
8
1968 2 1 1015 Sale 10112 102
Bklyn-Manh R T sec 65
Bklyn Qu Co & Sub con gtd 58'11 MN 6318 73 69 June'31
J
89 6612 Jan'31
70
1941
1st 58 stamped
9212 June'28
Brooklyn R Tr 1st cony g 4s 2002 .1
8
9214
Bklyn Union El lot g 458-1950 FA 92 Sale 917
8 1113
8
8
Bklyn Un Gas lot cons g 58_ _1948 MN 1113 Sale 1113
N 1203
8
let lien & ref 138 series A _ _ _1947
- 12058 121
Jan'31
235 218
1936 ii
Cony deb g 5 Ao
105
1960 in 105 Sale 105
Cony deb 58
941 May'31
95
98
Buff& Busq Iron lets 165._1932
92
93 92
1952 00 92
Bush Terminal 151 48
J
75
81
72 June'31
1955
Commits
971 9514
9612
Bush Term Bldge 58 211 tax-ex '60 40 97
4
1981 PA 1053 Sale 10518 1063
4
Buff Gen El 4348 sec B
98
98
By-Prod Coke lot5345A----1945 MN
CMG & E Corp unit & ref 56_1937 Si N
1940 J J
Cal Pack cony deb 58
CalPetroleum cony deb 51551939 FA
1938 MN
Cony deb s g 5345
1942 AO
Camaguey Bug islet g 75
Canada BB L lot & gen 681941 AO
Cent Diet Tel lot 30-yr 58_1943 JO
Cent Foundry lot sf61 May 1931 FA
Cent Hud G & E 5o___Jan 1957 MS
194i
Central Steel let g a t 88. _ _1941 M N
1948 MS
Certain-teed Prod 6345 A
Ceapedes Sugar Co lot sf7 As'39 M
Chic City & Conn Rya 59 Jan 1927 AO
Ch G LA Coke lot gu g 68_1937 ii
Chicago Rys let 50 stpd rota 15%
principal and Aug 1934)int- _ FA
1043 AG
C7hilds Co deb 58
Chile Copper Co deb Ss_ _1947 J J
1968 AG
CM & E lat M 48 A
1940 J J
Clearfield Bit Coal lot 43
J
1938
Colon 011 cony deb 65
1943 FA
Colo F & I Co gen a f 68
1934 FA
Col Indus let & coil As gu
Columbia0& E deb 55 May 1952 MN
Debentures 58_ _ _Apr 15 1952 AG
Debenture 58
Jan 15 1961 I 2
J
Columbus Gas 1st gold be_ _1932
Columbus Ry P & List 4345 1957 J J
Commercial Credit s f 6o _ _1934 MN
1935 ii
Col fro f 5348 notes
Comm'l Invest Tr deb 534s.1949 FA
Computing Tab-Res a f 68_1941 3.8
Conn Ry & L let & ref g 4 Ao 1961 J J
1901 i2
Stamped guar 4345
Comm' Agricul Loan 634s.l95S ii
Consolidated Hydro-Eleo Worke
of Upper Wuertemberg 78_1956 ii
Cons Coal of Md 1st & ref 58_1950 J
Conant flan(NY)deb 5He _1945 FA
Deb 4344
1951 JD
Consumers Gas of Chic gu Se 1936 J
Consumers Power 1st 5s
1952 MN
D
1940
Container Corp lot 68
D
15-yr deb As with war?. _1943
Copenhagen Telep Se Feb 15 1954 FA
Corn Prod Refg 1st 25-yr siSs'34 MN
Crown Cork St Beal 88_ _ -1947 JO
Crown Willamette Pap 69_1951 .1 J
Crown Zellerbach deb Sew w 1940 M
J
Cuba Cane Sugar cony 78-1930
Cony deben stamped 8%-1930 .8.8
Cuban Cane Prod deb 88_1950 ii
Cuban Dom Bug 15t 73.4s-1944 MN
Stud with Dumb war attached.
J
Cumb T & T lot & gen 56-1937
Cuyamel Fruit 1510168 A. 1940 AG
Denver Cons'reamw lat 58_1933 AO
Den Gas & H L let & reef 55'S! MN
N
_1951
Stamped as to Ps.tax
D817(DG)Corp let sf76._1942 SI S
2d 78 stpd Sept 1930 coupon.
Detroit Edison lot coil tr 58_1933
Gen & ref 58 series A
1949 AO
Gen & ref ISs series B
1958 ID
Gen & ref 58 series C
1962 FA
Gen & ref 4 As aeries D
1981 r A
Dot United let con g 4344_1932
Dodge Bros deb Se
19441 MN
Dold(Jacob)Pack let138___ _1942 MN
Dominion Iron & Steel 6/8_1939 MS
1942 J J
Donner Steel let ref 75
Duke-Price Pow 1st 68ser A_1960 MN
Duclueene Light 181 4148 A _ _1967 AG
g 7%8'37 131 S
East Cuba Sus 15-yr
Ed El liiOlkln latcon 6 4s _ _1939 J 2
Ed Env(N Y, let oonsr 58_1995
Else Pow Corp(aermanY)534550 M
1953 A
lstilf133411
Elk Born coal 1st & ref 6144 1931 JO
Deb 7% notes (with warr) 1931 JD
Equit Gas Light let con 68_ _1932 MS
ErnesIo Breda Co let in 78..1954
With ',tack purchase warrants. FA
Federal Light dr Tr let 54-1942 MS
lot lien if 194 stamped _ 1942 M
1942 MS
let lien 66 stamped
1044 1
30-oser dsb ss ...P1012
a Cash sale. s Option sale.
&Inge
Since
Jan. 1.
No. Low
High
17 101 104
8
10118 10612
1
55
77
24
87
59
10
20
97 1017
8
79
92
70
189
53
8011
10
91
98
5 102 104
1033 104
8
_
_
_
_
4
50
68
34 10012 10314
5 i06A 1073
s
48
20
83
9212 96A
32
3812 94
14 107 11012
7 11012 115
69
98:3 9812
120
N612 88.,
50
62
8634
56
57
807
3
77
6018 8512
11 10214 106
34 10138 104
77
8312
3
23
35
94 105
312 53
4
_
4
4
7
767 87
8
37 111614 10712
265
9834 10212
_
82
59
6612 6012
_
. _
6
85
9214
4 1074 11212
10 11712 12112
218 218
26 10214 106
____
941s 96
2
83
93
72 10114
5
9312 10318
82 101 10718
2
98 104
10514 Sale
923 94
4
84 Sale
89 Sale
26
28
53 Sale
106 Sale
8518 691
1051s -- -108 1097
8
39 Sale
1014 417
8
l05'
5712
72
857
8
9814
10514 10514
1
0312 25
9234
84
81
18
89
89
•8
26
26
1
50
8
53
106
2
106
3
6714
70
10518 June'31
1097
8
1
1097
8
39
4012 111
59
Jan'31
3712 Apr'31
Sale 10514
10612 10
Sale
Sale
Sale
Sale
57
58
7
72
7212 10
8512
87
56
98
9812 51
77 Dec'30
53 Sale 53
54
69
86
85
90
1
85
81
85
81
81
3
97 Sale 97
9712 70
97
9712 49
993 9714
8
9612 Sale 9614
9714 182
9718 9818 9818
9818
5
1001s 1003 10018 1003
4 15
8
1003 Sale 1003
8 1003
8 15
9614 987 9678
967
8
1
9912 Sale 9912
997
8 59
10612 108 108
108
1
1013 -- - 9914 Feb'31
4
1013 103 102
4
10212 20
65 Sale 821s
6912 85
85
6
82
45
40
3612
86
10638 107
1015
8 10212 771
10514 10514
6
10612 27
106
48
20
53
28
8
3012
4
993
4 101
105 June'31
91 June'31
8514
35
86
60
30
61
41 Mar'30
6277 1)ec'30
8
74 Sale
712
612
4
712 93
4 7 June'31
10
7
75
8 10
7%
105 1053 10538
4
10512
4
10412 Sale 10414 10412 17
823
4
37
1087
8
1017
8
10514
10612
48
28
101
103
90
8512
59
85
39
Sale
Sale
Sale
Sale
Sale
Sale
Sale
__ _ _
95
Sale
60
- 76 Dec'29
105i4 14 1035 June'31
-12
8
1033 10412 10314 June'31
4
20
3
61
Oct'29
1
64
15 June'31
1033 1037 1035
8
8
8 1035
8
8
10712 12
10738 108 10714
10714
10818
- 108
6
1073 1683 110 May'31
4 --4
10714 Sale 104
1075 137
8
9912 993 9912
4
6
99%
8614 Sale 85
8634 84
563 60
4
5618 22
533
4
_ _ 90 Mar'31
8594 106 95 Mar'31
10314 Sale 103
1037
8 13
1044 Sale 1045
8 10512 57
22
2612 25
26
2
1001
10012 Apr'31
122 2130 12312 May'31
7212 Sale 7114
74
19
72 Sale 7018
7314 36
56
593 80 May'31
4
10
22
10 June'31
1013 Sale 10112 10112
4
-.
63
63
9114
97
87
Sale
843
4
983
4
100
94
61
95
9118
100
91
63
9512
9118
10014
91
16
6
5
6
1
103 10,514
893 100
4
81
98%
89 101
15
45
49
70 8
3
105 106
33 8 747
5
8
1043 106
4
10112 114
3111 4414
59
69
3712 45
1031s 10812
57
70
79
90
74
83
961
4
983
4
"ai
/685
993
8
80
9412
9412 10138
9512 1014
7412 100
95A 9912
94 101
97 101
93141 984
9115 10012
10518 108
9914 9914
991s 1033
4
6218 83 8
5
82
2474
103
101
1031s
103
48
20
97
102
90
70
60
93 8
3
4818
10812
10212
11-514
1007
8
85
64
10114
105
9914
961
4
85
7
211
1023
4
10218
16
17
106
10512
i55" fa"
995 1033
8
4
8 c15
102 10412
45108A
1043
105 108%
1054 110
994 1075
8
9714 100
8214 gig,
5314 7014
90
90
90 101
102 10812
10211 106
20
42
973 10012
4
84 12312
7114 89
708 874
50
81
10
20
101 1013
4
5514
9114
9118
97
90
76
98
97
10312
100
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 19.
Price
Fridag
June 19.
t
Federated Metals,f 75
9
193 J D
1940 g J
Flat deb Is (with warr)
Without stock porch warrants _ _ _ _
Fisk Rubber lot s I 89
1941 NI S
mann e ic so
Fraineere antInd Dec 20-yr 7315'42 .1 J
n mtt
iglet f 734s.1942 M N
d 6a
1943 F A
deb
D
Gas & El of Berg Co cons g 581949
Gelsenkirchen Mining 8s__ _ _1934 Si
Gerd Amer Investors deb 58_1952 F A
Gen Baking deb o f 5 As_ __ _1940 A 0
Gen Cable 1st s t 5 14s A _ _ _1947 J .1
1942 F A
Gen Electric deb g 33.4e
J
Gen Elea(Germany)7s Jan 1545
f31 deb 6 As with wart _ _1040 J D
Without warets attachid.1940 J
20-year 51 deb
45 F A
Gen Mot Accept deb 88
1937 lel N
F
1940 J
Genl Petrol let 5 t
Gen Pub Ben deb 5 kis
,
1939
Gen Steel Cast 5 As with warr'49 J J
Gen Theatres Equip deb 65_1940 A 0
Good Hope Steel & 1 sec 78_1045 A 0
Goodrich (11 F)Co let 6348-1947 J .1
1945 .1 D
Cony deb 6s
Goodyear Tire & Rub lat 58_1937 M N
Gotham Silk Hosiery deb 66_1936 J D
Gould Coupler lets f (ie.__ .1940 F A
GtConagEns f S34s
ist k El Pow(Japan) 78_1944 F A
e
1950 J .1
Gulf Stater' Steel deb 5348_ _1942 .1 D
Week's
Ranee or
Last Sate,
Aden
Mace
fan. Is
BO
Ask Low
HOS No. Low
Mob
89 Sale 89
89
1
89
951
e
86 Bale 86
86
5
793 93
4
8512 87
8518
863
4 44
791s 925
4
2318 25
2218
2212
2
21
371
s
103 Sale 103
104
39 1( 0 109
43 Sale 4018
2
43
4013' esite
73
74
7312 73
9
71
88
107
_ _ _ _ 10312 Apr'31
10312 10513
84 Sale 82
8712 108
81
94 4
3
86
88 June'31
88
133
911,
0312 08s,
9814 Sale 98
9314 30
15
67 Sale 66
69
65
QM
9312
_ _ 9912
1
9912
"F
9912
88 Sale 82
887
8 43
82 101
83
81 Dec'30 _
88
_ 81
8814 16 -81- ---9
8
77 Sale 72
48
77
71
92
10318 Sale 103
1033 103 10178 1543
4
4
10212 103 10212 10212
5 1.0? 1035
8
92
93 92
9312 48
02
95
85 Sale 8234
18
85
80
9814
35 Sale 33
4714 216
23
74
81 Sale 7714
82
20
75
9134
9712 Sale 95
9712 21
9312 10212
627 Sale 62
8
833 143
4
50
76
86 Sale 85
8612 61
8314 98
8712
8712
8714 88
1
78
90
53 June'31
53
6134)
997 Sale 9912 10018 24
8
933 1014
4
94
94 Sale 93
27
844 954
52 Sale 52
4
53
52
90
Hackensack Water let 48 1952 J
Elarpen Mining 88 with stk purch
war for corn stock or Am she '49 J .1
Hansa SS Lines tie with warr_1939 A 0
Havana Else console 5s...1952 F A
Deb 5 As series of 1926 _ -.1951 MS
Hoe(R)& Co lot 6 As ser A_1934 A 0
N
Holland-Amer Line Sa(fiat)_1947
Houston Oil sink fund 5 34s-1940 MN
Ilu bbon Coal aa ist 5s
RH2 gec o olst o tg 5
ti or
u
:er A.1982 .1 D
J
29
1993 A N
old Refining 514e-119347 M O
Oil5t
D
5s.._ _1950
Illinois S
e
Itteaelli
s
Illinois
deb 4345
9
4 A A
Ilseder Steel Corp mtge 88_ 1918 F 0
Indiana Limestone 1st f 613_1941 M N
MN
Ind Nat Gas & 0115e
Inland Steel 1st 4 As
1 E1 F A
1
1st m s t 430 tier B
Inspiration Con Copper 6 As 1931 M S
Interboro Metrop 4345....1956 A 0
Ctfe of deposit
J
Instrbope Rap Tran let 5s _ _1966
te amrod
ii
1932 AO
10
-year 65
-year cony 7% notes-1932 MS
10
Int Agri Corp lst 20-yr 5E1_1932 MN
Stamped extended to 1942.... MN
Int Cement cony deb Es._ ..l948 MN
Internal Hydro El deb 68_1944 A0
Internal Match t deb be_ _ _1947 MN
co tdebu
1941 ii
1
Inter Memel) Marine s t Os _1941 AO
& 13_1947 J J
teenat Paper &leer A
To e
rnb
1955 M
Ref s t 8o aeries A
J
lot
deb it 434s 1952
J J
vieundeAbT4eAleiti
FA
1 9539 JD
19945
7
Investors Equity 58 A
1948 AG
Deb 68 ser B with warr
AO
Without warrants
K O Pow Lt 1st 4145 ear 13_1958ii
9 47
ist m 4ts
1961 PA
Kansas Gas & Electric 4318_1980 J D
MN
Karstadt (Rudolph) 88
194
43
Keith (B F) Corp let 65_ _.1 9 8 M
warr_1948 111 S
Kendall Co 53.4e with
Keystone Telep Co 1st 58_1938 .1
Kings County on & P:58_ _ _1937 AO
gsCounty Ele y S
1997 AO
Kings County Elev let g 4..1949 FA
Kings County Lighting 511--1954 J J
1954 ii
First and ref 634s
Kinney(OR)& Co 734% notes'36 JO
1938 JD
Kresge Found'n coil It As
1959 M
Kreuger & Toll see f 58
Lackawanna Steel 1st 6a A._1950 MS
Lacl Gas of St L ref & ext 55_1934 AO
Col & ref 5345 sees C.-1953 FA
1980 FA
Coll & ref 5 Sis ger D
Lautaro Nitrate Co cony 68_1954
J J
Without warrants
Lebtgh C & Nav f 434s A- _1954 J J
Cono sink fund 434s aer C.1954 J
Lehigh Valley Coal lot If 5a-1933 J
let 40rei Bsa red to 4% _1933 ii
uint
t0‘ -yr gf
1934 FA
1944 F A
Ist&refefSs
1954 FA
1st & ref 5 f 58
1984 Fit
lst&refeittia
1974 FA
lst & ref s t 68
Myetrobacco 75.1944 40
Liggett &
1961 FA
Se
Loew's Inc deb 85 with warr.1941 AG
Without 8tock7 purch warrants A0
co 8
) .
Lombard Elec let 75 with war '52 JO
JO
D thout
Vilb 5 Hswarrant5
44
193 AO
97
Lo lard P
1951 FA
58
J J
Lo:1 :Iile%as & El Mr 50-1952 MN
95 f Gs
t ,
Lower Austria Hydro El Pow
FA
'4
19 1
McCrory Stores Corp deb 5 As 44 JO
deb 6346'50 MN
McKesson & Robbins
1942 00
Manatl Sugar lat f 734s
Bunpd Apr 1931 coup on_ _1942 40
Manhag Ity(NY)cons it 45..1990 AG
ID
2d 48
1013
Manila Elec Ry & Lt 5 f 58..2053 MB
Mfrs Tr Co ars of partic In
A I Namm & Son let 68_1943 ID
Marion Steam Shovel t 6s..1947 AG
Market St Ry 78 set A _April 1940 Q 1
Mead Corp lot 68 with wet. 1945 40
Merldionale Elec 151 7s A _1957 40
'tear Ea La a ref 68 set C_ _1953
M
1st g 4 348 ser
19 9
6
5
Idetr09 Wat Sets & Dr 530_19 0 AO
Netr West Side E (Chic) 48_1939 FA
%flag 131111Maeh 78 witb war 1956'I)
D
Without warrants
4fidvale St & 0 roll tr s t 55 1936 MS
Lt 1st 58 13_ _ _1961 II)
‘410 7 rn1g
11 Et Ra
1971 ii
58
9414
9418
9414
653
4
6414
6 2 Sale 60
1.
63
44'252
4412
4412
14
1812 1212 May'31
4312 48
44
43
56
593 56 May'31
4
88 Sale 8712
883
4
56 Sale 5512
5718
10714 109 1075
8 108
10212 Sale 10212 1027
8
1013 102 10114 102
4
1063 107 10614 10612
8
1033 Sale 1033
4
4 104
63 6312 63
673
4
3312 Sale 3312
36
1003 -- 1003
4
4 1003
4
9512 Sale 9514
953
4
935 Bale 9234
8
935
8
100 Feb'31
101s 20
1018 June'31
912 Jan'31
7512 gale 72
753
4
75 Sale 713
4
755
8
62 Sale 593
4
6212
9338 Sale 92
9312
985 9914 985 June'31
8
8
82
7512 June'31
70
85 Sale 84
8518
74 Sale 6912
77
8714 Sale 8714
8812
9214 Sale 9178
927
8
75 Sale 75
775
8
7012 Sale 67
703
4
45 Sale 44
46
7912
743 Sale 7434
4
88 Sale 8712
887
8
8314 Sale 83
86
70 June'31
70
72
70
70
72
70
71 May'31
70
79
4 10514
1047 -- 1043
8
10614 Sale 10518 1063
4
4
9834
9812 Sale 983
54 Sale 4812
55
6412
6412 66
65
5112
58
55
60
73 74 June'31
105
10514
138.._ _ 139 Apr'31
8112 85
8112
83
_ _ 10712 May'31
11812 120
107A-- 119 June'31
753 793 753
4
4
4
753
4
1024 1033 1013
4 102
8
893 Sale 8912
4
9012
10212 1033 10212
8
10318 Bale 10318
101 Sale 1003
8
101 Sale 100
1033
8
104
10112
101
5
841s
63
60
857
2
38
5318
1212 3012
3
40
88
sm265
15
833 94
4
19
51
61
5 1047 108
t
54 101 610414
45 10014 1021
6
38 105 107
12 1001s 10412
32
61
82
26
33
69
1 10015 100/4
77
1
935s 97 4
71
91
96 4
1
99 100
911 1018
912 91,
466
644 7538
563
8414 7158
62
8
bOts 64 4
126
.8914 95
9812 9918
65
76 s
1
33
8011 100
107
65
98
14
68
85
9912
207
90 100
13
75
97
39
62
77
21
40
69 4
1
92
66
8416
167
81
06
75
713 9014
4
70
75
70
76
73
71
10 10112 10514
59 103 4 107
3
81
9384 991s
81
4812 75 4
1
5
62
7811
16
39
681
4
70
82
2 10338 105%
134 139
20
78
851s
10614 1074
1181g 120
1
724 904
4 101 103
138
88
04
6s
9
24
23
18
393 Sale 393
4
42
99
4
10114 Sale 10114
1
10114
1005 -- 10012 10012
1
8
10212 102 8 10212 10212
2
1
10212 Sale 10212 10212
2
10012
10012 June'31
38 7512 Apr'31
74212 June'31
52
60
50 June'31
52
50
4
Lo 52 50
1233 1243 1233
4 1243
4
4
4
6
1034 Sale 108
1084 13
97
9714 100 Mar'31
97 Sale 96
975
8 27
8712 Bale 853
4
8712 23
853
4
86
31
113 114 1123
5
4 114
923 94
4
9112
923
4 30
9818 Sale 9812
9814 226
107 108 10712 108
17
804
983
4
7112
2114
60
51
96
823
Sale
Sale
283
191
Sale
Sale
97
9234 97
38
40
953 Sale
8
10512
10114
47
(4i
. 2
1
103
8
1035
104
884 9414
17
18
1
82
8018
17
1
93 4
3
983
4
144
73
6312
2134 June'31
_
20 Mar'31
58
607
8 94
51
2
51
96 June'31
94 June'31
3612 June'31
9412
953
s 16
70
4
70
983 9812
9918
8
Sale 10514
10512
3
102 10112 1023
8 27
45
50
52
36
70 70 June'31 6612 77 May'31 - 67 June'31
Sale 1023
8 103
29
Sale 10312 10418 20
Sale 1033
4 10414 42
10138
10111
100
100
1043
4
10412
1037
1
1033
4
34
751,
9812 10114
983 101
s
100 1024
984 1024
991g 10044
751, 78
4211 52
55
50
48
57
1191 125
6
2
1044 1083
100 1101g
9944
94
754 954
95
75
102% 114
82
951s
867 981s
s
10316 108
76
9117
4
627
8
214
20
50
45
95
87
11
100
8411
40
35
604
51
100
92
9412
35
47
92
98
70
90
8414 10012
10211 10538
8
Ws 1043
42
75
887 77
8
75
77
621g 847
4
8
10011 1037
9913 1047g
1034 1044
4564
BONDS
N, Y. STOCK EXCHANGE
Week Ended June 19.
New York Bond Record-Continued-Page o
1;3
Price
Friday
June 19.
Ask
Biel
Montana Power let 58 A-1943 J
105 Sale
Deb 56 aeries A
1962 ID 10212 103
Montecatini Min es Agile
Deb 7e with warrants---1937 J J 9412 Sale
J 9418 99
Without warrants
Montreal Tram 1st & ref 56_1941 33 10014 101
Gen & ref a f be serial A-1955 AO 9212 94
Gen & ref e f 58 ser 13
1955 *0
Gen & ref if 44e ear C-1955 *0
Gan & ref at
9714
ser D1956*0 93
ear
Morrla & Co lat f 4 He__ _ _1939 3, 673 Sale
4
Mortgage-Bond Co 48 ear 2_1968 AO 70
80
10-25 year 68 series 3
1932
.1 99% ___.
Murray Body let 6 Hs
9814
1939 JO 94
Mutual Fuel Quiet go g 56_1947 MN 10912
Mut Un Tel etc]6a ext at5% 1941 MN 10312 10414
Week's
Range or
Lout Sole.
Low
105
10212
High
1053
8
10212
/3
414
No.
22
3
94
9412 12
933
8
9414 12
10014 10012 13
93
93
94 May'31
8718 Mar'31 _
9312 May'
31
6712
6914 19
73 June'30
7
9944
993
4
94 June'31 _2
10912 10912
10312 June'31
Range
Since
Jan. 1.
Price
Friday
June 19,
Week's
Range or
Last Sale.
HWA
Stab
Did
Ask Leer
105 4 RdneRuhr Wat Ser 68_-_1953 J
3
623
59% Sale 58
8
Richfield 011 of Calif 88
3112
1944 MN 31 Bale 29
104
Cert./Mesta! of deposit
25
29
29
32
911 10012 Rime Steel let s f 7s
/
4
1955 FA
7112
7218
71
77
92
99 8 Rochester Gas & El 78 ear 13 1946 MS 10518 Sale 10518 105%
3
8
Gen mtge 514s series C
9812 1013
1948 MS 106% Sale 106% 10612
9034 95
Gen mtge 494e series D-1977 Al S 10214 103 1025
8 102%
Roch dr Pine C&IPm 58-194 MN 82
9312 94
90 85 Dec'30
6
8718 8718 Royal Dutch 48 with warr.-1945 *0 901 Bale 88
/
4
/
1
4
90
/
1
4
91% 9312
Bt Joseph Load deb Oils -1941 MN 94 Sale 94
83
65
94
88 308 Hy LIlt a Pr let 65_1937 MN 99
99
99
97 Vi4 St L Rock Mt & P eds stmpd_1955 J J 513 34 52
50 June'31
St Paul City Cable cons 58_1937 J
92
/ 98
1
4
____ 873 88 June'31
4
Guaranteed 5e
8714 88 June'31
10212 1091z
1937 J J
6
102 a 10312 San Antonio Pub fiery let 86_1952 -I
/ 10812
1
4
10iis Sale 107
Saxon Pub Wke(Germany) 78'46 FA 74 Sale 711
/
4
75
Gen ref guar 6 He
1951 MN 6912 Bale 66
7014
1946 3' 60
4 12 531 &Wilco Co guar 6 He
7
/
4
70 60 June'31
93
9612
Guar 6 f 8346 series B.-1946 AO 60
60
65 60
98 10234 Sharon Steel Hoop at 5He_ _1948 PA
__ 69 70 June'31
114 25 a Shell Pipe Line,f deb 5a__ _1952 MN 8314 Sale 80
/
1
7
8314
98 1001 Shell Union Oil a f deb 5s
N 7114 Sale 70
/
4
1947
72
Deb 56 with warr
104 10812
1949 *0 72 Sale 7014
7218
Shlnyetsu El Pow let 610-1952 JO 9218 Sale 91
8512 96
921g
10838 11178 Shubert Theatre 86_June 15 1942
D 14 Sale
828
14
1031e 10712 Siemens & Halake e I 76._ _ _1935
'3 92
92
99
9612
1013 1031
Deb I He
4
/
4
1961 MS 8712 Sale 87
9918
86
943 Sierra & Ban Fran Power 5e-1949 VA 104 4 -. 1041
4
4 10514
3
85
93 4 Silesia Elea Corp e f 6 Ha...1946 PA 60 3
6612
6912 6312
8412 Silesian-Am Corp colt It 78_ _1941 PA 6212 Sale 6212
70
64
60 81
/ Sinclair Cone Oil 15-yr 76_ 1937 MB 92 Sale 92
1
4
93
1133 11714
D 8918 Sale 85
8
let lien 834e series B
1938
87
15458 10714 Sinclair Crude 011510 eer A_1938
'3 102 10214 102
10214
/
1
1073 11212 Sinclair Pipe Line 6 t 56
6
1942 AO 1504 sale 993
4 10012
B 43 Bale 43
Skelly 011 deb 5 He
97 102
/
1
4
1939
45
Smith(A 0) Corp let 6 He- _1983 MN 103 Bale 10278 103
/
1
4
52
39
52 Sale 50%
1
95
95
94
/ 99
1
4
392
102
102 Sale 101
2
14
1312 15
14
100% Apr'31
10734 l0Sls 10838 May'
31
_
88 June'31
8 14
11118 11112 11118 1113
7
4 1063
4
1063 10712 1063
4
4 13
102 Sale 10134 1023
9214 15
92 Sale 91
4112 Bale 90%
14
92
4
71
74
70
67
7
6114
6012 Sale 60
1165
8 33
116 Sale 116
8
10534 Sale 104% 10614
8
11112 11214 11112 11112
10012 Sale 10012 10112 23
.
_100 112 Sept 30
_
Rio' filooo 100 100 June'31
/
1
40
50 434 Oct'30
40
- 40 Dec'30 - .14 -- - 4 212 Dec'30
13
1 JU1Y'
14
1
20
/ 22
1
4
3
8
l4 41g
214 312 27
2
45
5012
65
57
5012
51
10612 Sale 10612 10712 23 106 10712
7
7 May'31
Illz
6
8
6 Dec'30
7
9
4
8
May'
31
612 12
7 June'31
6
8
Y Steam lat 25-yr 68 per A 1947 MN
let mtge 66
1951 MN
N Y Telep 1st & gen 8 f 4%8_1939 MN
30
-year deben ef 66__Feb 1949 PA
80
-year ref gold (le
1941 A0
le Y Trap Rock 1st 66
1946 3D
Niagara Falls Power let 58_1932
'3
Ref & gen 8a
Jan 1932 AG
Niag Lock & 0Pr list 56 A_ _1955 *0
Niagara Share deb 6 Hs__ - _1950 MN
Norddeutsche Lloyd 20-yr 6f68'47 MN
Net Amer Cem deb 630 A_1940 MS
North Amer Co deb Se
1981 PA
No Am Edison deb Se eer A.1957
S
Deb 514s scr Et_ _ _Aug 15 1963 PA
Deb As series C_ Nov 15 1989 MN
Nor Ohio Trac & Light fis_ _1947 MS
Nor States Pow 25-yr 58 A _ _1941 *0
let & rut 5-yr tia eer 13_ _1941 *0
North WT 10t fd g 4Hs gtd_1934 .1
Norweg
Nit 5 He_1957 MN
Ohio Public Service 73.5a A _1946 A0
1st & ref 78 series B
1947 PA
Ohio River Ediaon let 8e_.J948 J
948
Old Ben Coal let 68
1944 PA
Ontario Power N F let 58_ 1943 PA
Ontario Power Berv let 5H6_1950 3,
Ontario Transmission let 66_1945 MN
Oriental Devel guar 66
1953 MS
Ext.! deb 634a
1958 MN
Oalo Gee & El Wks esti 68-1063 M
Otis Steel let M 13e eer A
1941 MB
8
109
109 Bale 109
17
105
105 Bale 105
51
1047 Sale 10414 105
8
11038 Sale 11038 1103
4 66
/ 10614 52
1
4
106 Sale 105
8
94
94 Sale 93
6
/
4
1011/ 1017 1011 10118
8
2
101% Sale 10178 1017
8
10
106
105 106 105
7
9361
9312 Bale 9312
793
79 4 Bale 70
4 20
3
3118 34
8
3112
3212
9958 Sale 6988
10014 156
10312 Sale 10312 10312 21
10312 Sale 10312 1037
8 66
1013
10114 Sale 101
4 66
6
10712
100 10812 107
22
106 Sale 10318 104
10612 14
10612 Bale 106
10112
- 10114 June'31 _
9912 fg.;1e 98
9912 75
52 11112 85
1111 Sale 110
/
4
6
3
3
110 4 1111 110 4 11112
If_ 10213 Feb'31
31 May'31
20
10614 Sale 10614
10614 10
26
79
4
743 Sale 73
105
-- 10358 May'31
997 Sale 993
8
4 1004 162
/
1
953 124
955 Sale 9414
4
8
993 Sale 9812
3
993
8 42
67
82 Sale 71
85
10718 1095
8
100 105
/
1
4
/
1
4
10112 108
110 8 11218
3
10518 108
93 10012
101 103
/
1
4
1017 103
8
10312 106
89
/ 981
1
4
4
70 87
29 6618
9718 10014
10014 105
10148 104%
97 10212
103 108
102 105
1051 107%
8
10018 10112
9744 1011
4
110 11212
11012 115
10112 1024
/
1
30
501
4
10314 1065
8
71
943e
100 10412
95 101
8818 96
95% 100
71
991
4
Pacific Gee & El gen & ref 561942
4 10518 35
'3 10518 Sale 1043
Pacific Tel & Tel 1st 53_ _1937
3
'3 106 Bale 105 4 10612 13
Ref mtge Sc aeries A
24
4
4 108
1952 MN 1073 Sale 1073
Pan-Amer P & T cony e f 66_1939 MN 1017 Bale 1013
59
4 102
8
Pan-Am Pet Co(ot Cal)conv 68'40 3D 3212 Bale 31
35
32
Paramount-ITway 1st 5 He _ _1951
10112 Sale 10112 1013
4 33
Paramount-Fern's-Lasky 6E1_1947 3D 9018 Sale 4912
913
4 57
Paramount Publix Corps He 1960 PA 7912 Bale 79
3
80 4 43
Park-Lea let leasehold 6)0_1953
42
43
48
48
44
Parmelee Trans deb tla
5
25
1994 *0 25 Bale 25
Pat & Passaic0& El cone 681949 MS 1073 10914 10712 June'31
8
_
Pathe Each deb 76 with wart 1937 MN 86 Bale 81
86
70
541 18
/
4
Penn-Dixie Cement fle A _1941 MS 54 Bale 54
Peop Gas & C let cone g 66_1943*0 1183 1171 1161 11612
8
a
/
4
Refunding gold 56
2
1947 MS 10912 110 10914
10914
Reeletered
4
4
MS 1063 -- 1073 June'31 -.Phlia co sea 56 ear A
96
1967 ID 10212 owe 10212 103
Phila Else Co let 4 He
24
4 105
1967 MN 105 1051 1043
let & ref 4,
9912 161
4
1971 PA 983 Sale 9834
Plum & Reading & lief 58_1973
26
76
7412
76
75
Cony deb 66
1949 MS 60 Bale 00
2 on
Phillip, Petrol deb 694a_..1939
61
51
D 57 Bale 57
Pierce 011 deb a f 88_ _Dec 161931 JO 103 1081 103
103
1
Pillabury Fl Mills 20-yr 88_1943 AO 1045 Sale 10458 105
8
1
Pirelli Co (Italy) cony 78._ A952 MN 1023 1031 103 June'31
4
Pocab Con Collieries let,f 58'673' 903 91
4
/
1
4
90 June'31
Port Arthur Can & Dk 88 A.1953 PA ____ 993 10138 Apr'31
letMøeearie.B
101 104 Mar'31 1953 PA _
Port Gaol Elec let 434e or 01960 MS igi8 Sale 881
/
4
90
115
Portland Ry L& P 1st7H8A1946 MN 106% Sale 1065
8 1063
4 22
Portland (Jan Elm let 56
10418
2
193.5
J 10118 104 10418
Porto Rican Am Tob cony 6.1942 J
6512 18
6512 Sale 6514
Postal Teleg & Cable coil 56_1953
J 58 Sale 55
59
51
Pressed Steel Car cony g 66_1933 J
23
88
83 Bale 83
Pub Ben El & Gas let & ref Se'65 D
,
10512 May'31
let es ref 414a
41 106 We" 105
10514 .41
1967
let & ref 494e
40
4 105
1970 PA 105 Sale 1043
let & ref 48
1971 *0 99 Sale 99
993 253
4
Punta Alegre Sugar deb 76_ _1937 3' 4
5 June'31
9
Certificates of deposit
6 May'31 -Pure 011 a f 5H% notes
26
79
7812 Sale 773
1937 PA
4
st534% notes
46
78
8
1940
S 745 Sale 7412
Purity Sakereta 8 f deb 56_199S
9418 78
/
1
4
'3 94 Sale 93
Flemington Arms let a f 8a._1937 MN 82 Sale 82
5
85
45
74
Rem Rand deb 510 with war '47 MN
733 Sale 7212
4
/
4
Repub 1 & B 10-30-yr 66 aL1940*0 9612 Sale 481
9618
6
Ref dr gen 5SO eerie. A_ 1953
2
76
'3 76 Sale 75
Revere Cop & Br 6s_ _July 1948 MS 76
4
76
8214 76
Rheinelbe T.Inlon 7s with war 1948
8512 Jan'31 -'3
81
79
WItholit etk porch warr 1946
7512 gio" 7312
Rhine-Main-Danube 7e A 1950 MS 9412 9634 8612
10
90
4 23
953
Rtune-Weatpnalla El Pow le 1960 MN 953 Sale 90
4
Direct tame 6a
87
78
1952 MN 7714 Sale 73
Cone M 86 of'28 with war_1963 PA 745 Sale 66
106
76
8
71% 12
Without warrants
PA
7114 7412 68
roe rn8.nf 10111 with so.1088 AG 76 Sale 6614
228
76
10212 10512
103 3 10612
7
108 10812
10112 103
30
78
120% 105
74
97
67
89
40
6212
25
38
105 10712
50% 89
64
80 4
3
112% 11612
10418 11812
108 1073
4
9814 10812
10214 10512
92
/ 99%
1
4
7214 8514
56
83
501/ 9214
103 10312
10312 1053
4
94 104
9012 95
100 106
102 101
9218
86
106 8 108
3
8
1011 1047
8
79
51
60
74 8
7
74
88
10218 10614
1011 106
/
4
1011 1063
/
4
8
93 8 995
5
4
121g
5
6
12
75
96
74
934
8
90 4 c9812
3
79 , 95 4
1
84 4 92
3
92% 10214
74
96
65 101
80
87%
7312 9358
98%
82
int 1011
/
4
73 8914
88
66
68
87
6614 868
4
b3
zt
Low
103
99
Kamm(A I) & Son_ _See Mh.e Tr
Naseau Elea guar gold 4e__1951 J J
Nat Acme let a f 6a
1942 JO
Nat Dairy Prod deb 53a
1948 FA
Nat Radiator deb 6348
1047 PA
Nat Steel !deb 5a
1941 .1
Newark Conaol Gas cons 58_1948 3D
Newberry(33)Co 534% notes'40 A0
New Engl Tel & Tel 58 A _1952 JD
1st ft 4 He seriee B
1981 MN
NJ Pow & Light let 4346_196 AO
New Ott Pub Serv 1st 5s A_1952 *0
Finn & ref 58 aeries R__ _1955 3D
NY Dock 50
-year let a 48.. _1951 FA
Serial 5% notes
1939 *0
N Y Edison 1st er ref 6 He A_1941 AO
let lien & ref 58 series B_ _1994 AO
NY Gas El Lt H & Pr g 56_1948 JO
Purchase money gold 4s_ _1949 FA
NYLE& W Coal & RR 634s'42 MN
NYLE& W Dock & Imp 5a '43 33
NY Rya lst R E dr ref 48_ _ _1942 J J
Certificates of deposit
30
-year aril Inc 56._ _Jan 1942 A0
Certificates of deposit
11 Y Rye Corp Inc Ile_Jan 1965 Apr
5
Prior lien 68 eerie(' A
1965
'3
Y & Richm Gas let 8a A_ _1951 MN
NY State Rya let cone 434e_1982 MN
Registered
MN
Certificates of deposit.
50-yr let cone 614e Bargee B 1982 MN
c Cash sales. a Option sales
BONDS
N. Y. STOCK EXCHANGE,
Week Ended June 19.
Nance
84ace
Jan. Id
E
High
No, Lore
58
783
4
30
24 4 67
3
27
25
60
/
1
4
9
7112 8861
/
1
4
8
2 1081 107
3
60 105 107 8
44 104
/
1
4
/
1
4
10
220
3
5
87
29
2
82
166
121
13
13
7
59
5
14
73
56
83
22
16
12
"al Ili
94
97
97 100
/
1
4
46
57
87
/ 92
1
4
92
88
10318 10912
691 93
/
4
/
1
4
66
86%
75
60
ao 9114
70
904
/
1
92
/
1
4
73
8212 89
6412 90
mit frau
7
25
92 104
88 1004
/
1
4
102 105
/
1
4
8218 811.
60
85
83 4 1001
3
4
78
9812
99 8 10212
7
98 101
41
84
102 103
/
1
4
95
95
10
1063
8 13
106
10733
5
1067
3
4
1023
4 103
10314
1033 196
4
9914 55
983
4
5112
513
4
812
10
11118 June'31
2
10412 10412
89 June'31
40
10612 107
9312 157
9214
53
/
1
4
5512 89
381
/
4
44
390
9912 100
18
100% 10012 46
993
4
99% 28
48
44 '
/
1
4
1008 1064
/
1
106 10712
101 106 4
1
102 10512
/
1
4
9610102
50
68
2
80
8
1053 11118
104 107
/
1
4
8812 99
1043,108
88 102
/
1
4
45
5512
25
44
93 100
911 100 8
/
4
7
9812 100%
8518
87
133
10738 1073
8
3
45
4512 32
90
90
8
20 Apr'31
9212
92
7
853
4
8718 15
92 911
/
1
4
4
104 1073
6
ra
45
88 1004
/
1
20
2612
c8912 100
8514 98
/
1
4
10112 Sale 10112 10112 15
Ullgawa Elea Pow if 78-1945 M
102%
5
8
Union Elea Lt & Pr(Mo)56 4932 MS 1023 Sale 102%
4 1033
8
4
8
1939 MN 1023 Sale 1023
Ref & ext 58
J 1033 Sale 1033
4 10418 11
Un E L& P(I11) let g 5)48A 1954
4
Apr'31
_
767 71
8
Union Elev By(Chia) Si.__19415 *0
4 104
_May 1942 PA
Bale 1033
9
Union Oil 30-yr68A
9914 27
8
let lien f 5.eer C_-_Feb 1935 *0 987 Sale 9878
89
45
8914 87
Deb Se with warr__-_Apr 1945 3D 85
1047
8 11
United 1318cult of Am deb 61_1992 MN 104 Sale 104
1953 MS 10112 Sale 10012 10112 91
United Drug 25-yr 58
56
18
United Rye St L let g 48-19 I' 56 Sale 50
39
4
10012
1937 MN 100 10012 100
United 88 Co 15-yr 66
673 184
8
Un Steel Works Corp 694. A_1951 3D 60 Sale 59
66
70
1951 3D 6114 Sale 5712
Sec a f 610 series C
6412 79
1947 ii 60 Bale 59
Elfdeb634aserA
United Steel Wks of Burbach1023
4 11
Each-Dudelange 6 f 78._ _ .1951 *0 100 Sale 100
'3 6312 Sale 63
64
20
US Rubber let & ref 5s eer A 1947
5112 Apr'31
43
Bad deb 66 1938 3D 15
Universal Pipe &
6
683
4
/
1
4
1953 *0 68 Sale 66
Unterelbe Pow & Lt tle
Utah Lt & Tree let & ref 58.1949 *0 100 Sale op% 10012 22
10312 50
Utah Power & Lt 1,1 56 _ _1944 PA 103 Sale 103
'3 111 112 10652 May'31
Utica Else L & P let e f g 56 1950
3
Utica Gee & Else ref & ext 5.1957 3, 1117 1131 1113
8
4 112
72
66
1947 JD 7114 Sale 69
Utll Power & Light 5Hs_
6312 186
.l959 PA 6314 Bale 6118
Deb 54 with warrants.,..
Without warrants_
A
449
80
Vanadium Corp of Am cony 58'41 A 0 7912 Bale 78
11
29
29
Vertiemes Sugar let ret 711...i942 J
3014 29
.1 J _
Victor Fuel let. f 66
_ 24
1053
22 Mar'31
Va Iron Coal & Coke let g 56 1949 MB 83
85 82 June'31
Va Ry & Pow let & ref 5a.. _1934 I J 104 10414 104
13
104
9818 102
1014 103
/
1
101 10312
102 1041,
/
1
4
69 78
/
1
4
10012 108
97 101
/
1
4
79
97
100 105
96 1 102
5
/
1
4
40
62
9912 1014
/
1
59
83s
57
83 4
3
8363
57
Walworth deb 6%e With war 1935 A0
Without warrants
let sink fund tle series A._1945 AO
Warner Bros Pict deb 6s___1939 MS
Warner Co let S. with warr_1944 *0
*0
Without warrants
Warner Sugar Real/ let 78_1941 3D
'3
Warner Sugar Corp let 76.-1939
Stamped Jan 11930 coup on '39
Warner-Quinlan deb 66_ -1939 1;17-13
Wash Water Power e f 58-1939 J
Westchester Ltg 56 stpd gt4.1950 3D
Wen Penn Power ear A 6a-1946 M
let 58 salmi E
1963 MS
let 594. 1311156 F
1953 AO
D
let sec he eerier) G
1950
Western Electric deb 58._.1994 A0
.1
Western Union coil trust 56_1938
Fund es real eat g 4 He._ _1950 MN
15
1938 FA
-year 6 He
25
-year gold 54
1951 3D
S
60
-year Se
1960
J
Westphalia Un El Pow 6a.._..1953
Wheeling Steel Corp let 51581948 J J
let es ref 4 He Bailee B.....1953 A0
White Eagle 011& Ref deb 5%6'37
With stock porch warrants- MS
J
White Sew Mach 6s with wart'38
.1
Without warrante
Partio f deb tla
1940 MN
Wickwire Span St'l let 78._ -1935
CU dep Chase Nat Bank__ _ _
7
78(Nov 1927 coup on)Jan 1935 1414
CU dap Chase Nat Bank_ _
Willye-Overland e f C Hs._ 1933 -S
Wilson & Co let 25-yr at 88.1941 *0
Winchester Repeat Arms 7 94e'41 *0
Certificates of deposit
Youngstow .1 Sheet a Tube 5e '78 r".1
liitmefilesseB
1970 *0
5212 85
5012 90
79
40
744
/
1
25
871 97
/
4
95
97
100 1063
/
1
4
4
10
1712
6
/ 28
1
4
469
41.8
103 108
105 10813
12
Solvay Am Invert 56
1942 MS 95
96
'3 10612 Sale
South Bell Tel & Toilet e f 6.'41
13'weet Bell Tel ist & ref 581954 PA 1073
8
Southern Colo Power 66 A 1947 I' 1023 Sale
4
Stand 011 of N J deb 56 Dee 15'46 PA 10314 Sale
Stand 011 of N Y deb 4346-1951 3D 99 Sale
Stevens Hotel let 136 eer A.-1945
5112 Sale
Buser Estates (Oriente) 7a_1992 M
10 Sale
Syracuse Lighting let g 56_1951 3D 11012
Tenn Coal Iron & RR gen 58-1951 3, 10412 Sale
Tenn Cop dr Chem deb 8813_1944 MS 8814 90
Tam Elm Power let 68....-1947 JD 10682 106%
Texas Corp cony deb 56-1944 AO 92 4 Sale
3
'3 543 Sale
Third Ave By let ref 4e
1960
4
Ad)Inc 56 tax-ex N Y Jan 1960 *0 4118 Bale
'Third Ave RR let g 56
1937 J J 100 Bale
/
1
1955 MS 1504 sale
Toho Else Power let 76
1932 3, 99% Sale
8% gold note.
Tokyo Else Light Co, 1.41 1
D 87 Sale
1953
1st 66 dollar settee
Trenton G & El let g 58-1949 MB 107385
6
Truax-Traer Coal cony 6)0_1943 MN 45 -.
Trumbull Steel let a f 64-.1940 MN 90 Sale
'3 20
65
Twenty-third St By ref 56_1962
Tyrol Hydro-Elee Pow 7148_1955 MN 92 Bale
1952 PA
Guar eec 6f 78
1
5212
5212
52 June'31 -3
50
49
246
49
4112
8718 June'31
95 Mar'31
108 10512 10512 2
me Iv, 101a June'31
5
61, Sale 612 10
4214 22
/
4
. 411
42% 43
104 Apr'31
3
10912 10912
5
1053
8 1053
4
1055,
11014 fill., 11014 11014 1
6
10512 Sale 10512 1061
4 1053
4 15
105% 100 1053
8 26
8
1065 Sale 10638 1065
8
104 Sale 10312 104
8
1001
10014 10012 10014
10814 sale 108
14
1083
4
10214 54
4
1013 Bale 1003
140
101
,
1007 Sale 10014
61 Bale 8014
6314 44
20
88
87 Bale 87
5
77
77
77
78
5212
62
50
4112
__
Sale
8412
Sale
Sale
89
91
/
1
1024 Sale 10212 103
38 _- 40 May'31
36
35 Sale 36
36 June'31
34
36
8
10 Mar'31
10
6
10
612 June'31
81
7
9
/ 812
1
4
614
7
611 8
4718
981
975 99
8
931
8
933 Sale 91
52
55
51
50
55
50
48
60
9734 Bale 973
9812
4
98
98 Bale 97
19
5
1
7
4
14
3
3
63
68
100 108
62
7514
5112 5112
83
66
94 1014
/
1
100 104
104 106 s
5
10558 1181
1
68
84
5812 76 4
1
75 16.
23
44
22
22
85
75
8
1011 105
loud Iowa
10518 11114
105 10712
1043 106
8
/
1
4
104 1071e
/
1
4
10118 108
9714 102
154 4e11012
1
4
100 1043
99 10414
5712 7918
85 a 10
3
3
92
75
102 103
3312 40
46
/
1
4
29
2211 4411
714 10
6
/ 88
1
4
5
7
/ 1018
1
4
614 1114
/
1
4
98 100
Bs% 101
28
99
2418 59
/
1
97 1034
97 101
JUNE 20 1931.]
FINANCIAL CHRONICLE
4565
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, June 13 to June 19, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares
Railroads
100
Boman & Albany
Boston Elevated
100
Preferred
let preferred
100
2d preferred
Boston & Maine
Pr. pref. and
100
Chi JetRy&UnSkYds 1)1100
East Maas St Sty Colin preferred'
Preferred 13
100
N V N El & Hartford_100
Norwich de Worcester pf100
urd Colony
100
Penneylvania RR
Vermont & Mass
100
13034 181
181
8811 87% 90%
99
99 102
10331 11211
109
10251 102 102%
101
10034 101
105 105
635 8
4
4
73% 76%
136 136
134% 134)1
4631 46
5111
118 118
Range Since Jan. 1.
Low.
High.
135 17334 Jan 185
1,852 6214 Apr 9031
190 76% Apr 102
404 98% Jan 113
585 82
Apr 10251
60 100
210 100
4%
35
2%
50
249 83
9 130
8 125
1,024 42%
10 118
Mar
June
June
June
June
Jan 108
Mar
Jan 10635 May
Apr 10
May
6;1
June 9234
Jan 142
Jan 140
Jun
68%
Jan 12211
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Mlscellaneous
Amer Cont Corp
9%
9
American Founder a Corp- _
2% 335
Amer Tel & Tel
100 -165 3-4 16451 171%
Amoske,ag Mfg Co
855
831 834
Bigelow Sanford Carpet _ _• 2131
2114 2115
Boston Personal Prop Trust 1711
17% 1711
Brown Co pref
20
25
20
Brown & Durrell Co
4
5
4
9 Jun
160
1551 Feb
503
234 Jun
54 Mar
2,822 156% Jun 201% Feb
7
15
Jan
14
Mar
5 2011 May 33
Jan
70 1714 Jun
2154 Feb
137 20 Jun
66
Feb
60
2;5 Jan
5
Mar
East Gas &Fuel Assn
1831 1834 19
431% preferred
100 85
8551
84
6% preferred
100 89
8811 89
Eastern SS Lines Inc._ _ _26 1811 19% 20
let preferred
95
95
Economy Grocery Stores
- 16
16
16
Edison Elea Ilium
100 23451 233 237
Empl Group Assoc T C
17
15% 17
General Capital Corp
2711 30
. 29
Gilchrist Corp
5
5%
Gillette Safety Razor.
23% 25%
Hathaway Bakeries pref90
90
HYgrade Lamp Co
2751 27;1
Preferred
90
85
Internet Hydro-Electric-19% 20%
Jenkins Television
334
Libby, McNeil & Libby-- 10
10
Maas Utilities Assoc V t a_
4
4
4
Mergenthaler Linotype
76
7715
367 1731 Jan
2734 Mar
400 77
Jan 89 June
120 88 Jun
95
Jan
265 17
Jun
28% Mar
29 94
Jan 98
Apr
20 16 Jun
28
Feb
316 225 Jun 28634 Feb
110 1534 Jun
20
Mar
1,000 25 Jun
3914 AIR
125
5 June
7:1 Mar
203 21% Jan 38% May
87 May 96
Jan
20 19
Jan 28
Mar
44 85
Feb 90
Mar
50 16% June 3051 Mar
30
211 Jan
Apr
50
9% Jan 13N Feb
460
31( Jan
6
Feb
15 76 June 89
Jan
Nat Service Co corn she....
1%
New Eng' Tel & Tel__100 130
130
Pacific Mills
100
1714
Public Utility Holding__
3%
Reece lIcatonhole Mach15
Folding Mach
Reece
1
Elhawmut Aeon T C
1315 12:1
Stone & Webster
29
Swift & Co.new
•
25%
4,14
1
450 129
185 1511
25
3%
23 1411
200
I
1,411 1111
471 25%
642 25
Torrington Co
•
Tower Mfg Co
Union Twist Drill
United Founders Corp corn
United Shoe Mach Corp_25
Preferred
U S Elec Power
Warren Bros Co new
Westfield Mfg Co
Mining
Arizona Commercial
5
Calumet & Hecht
25
Cooper Range
26
East Butte Copper Min_10
Mohawk
26
NIPPiserng Mines
5
North Butte
235
P C Pocahontas Co
Quincy
25
St Mary's Mineral Land__
Utah Apex Mining
Utah Metals & Tunnel._
40%
50%
434
193-4
80c
534
451
1534
750
111
10
5
Bonds
A maltase Mfg Co---1948
ChJC3RI&U S Yds 531940
Maine Cent fly 43-48..1935
New England Tel & Tel'32
P C Pocohontos 713-__1935 104
1944 104
Swift & Co. 58
Western Tel & Tel
10151
38%
200
18
531
SO%
31%
4
1834
21
2
132%
17%
4
15 .
1
1311
30%
2634
June
314
June 142
June 2534
Jun
73'
Jan 1511
Jan
111
Apr 18
Jun
544
June 8011
Jan
Mar
Mar
Feb
Feb
Feb
Feb
Mar
Jan
4055
20c
18
511
5(131
32
4
20%
21%
93
25
100
315
1,523
172
25
500
60
3831 June
May
18
May
4% June
47 June
31
Jan
314 May
14% June
203.4 Feb
47
1
30
103(
58
3234
8
4014
27%
Feb
Jan
Feb
Mar
Jan
May
Mar
Feb
May
800 80c
5% 6%
411 5%
290 290
1551 1555
100
1,15
143
950
725
500
5)1
454
70
1514
Apr
June
June
Feb
June
131
11:5
814
2
SI
Feb
Feb
Feb
Feb
Feb
75c
11'
10
534
5
900
300
200
2,600
200
405
195
20
200
1
1
9
3%
4
750
250
May
Jan
June
June
May
June
Jan
131
514
15%
10%
951
115
S9c
Mar
Mar
Jan
Feb
Mar
Jan
Feb
75c
131
10
5
5
900
280
71%
103
98
10211
104
104
10131
20e
7115 $1,000 71
Feb 81
Mar
103
1.000 101% Jan 10351 may
0831 25,000 98
Apr 98)1 June
102% 4,000 100% Jan 10254 June
105
7,000 104 Jun 115
Feb
104
1,000 10231 Jan 104
June
10131 (1,000 10051 Fe
101% Jan
•No Dar value. z Er-dividend.
Chicago Stock Exchange.
--Record of transactions at
Chicago Stock Exchange, June 13 to June 19, both inclusive
compiled from official sales lists:
1431
1%
16
5
1734
24
1434
131
1511
5
1631
98
2111
91
15
2
17
5
1834
98
26)1
91 le
.1.
2
67)1
8611
9934
24
8551
434
S8S1888S8888
(35
85
961.4
2331
8551
434
tO tO•-•
85
9914
2315
411
434
57
231
10
211
415
431
0
, Om
N'Om
Bastian-Blessing Co com.25
Baxter Launderies Inc A.
Bendix Aviation corn....•
Blake Mfg Co A cony pf_.•
Borg-Warner Coro corn_ lo
100
7% preferred
•
Bruce Co (EL) common.
2734
353.4
2851
7
131
1551
4
9035
35
3634
2751
7
131
13
4
88N
54
211
451
4
57
-40
Abbott Laboratories corn •
Acme tateel Co cap stk..26
Ainsworth Mfg Corp com10
Allied Motor Ind Inc com.•
Allied Prod Cory A
•
Amer Equities Co corn...*
Amer Pub Serv pref....100
Am Radio & T Store'...'
Amer-Yvette Co Inc corn..
Appalachian Gas corn-_•
•
Art Metal Wks con:
Assoc Investment Co-*
Assoc Tel & Tel
•
Class A
•
$6 preferred
100
7% preferred
Ammo Tel Util Co corn...•
•
57 cumul prof
Automatic Washer cony pf•
388`888`88 ©
Stocks--
many
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
35
25
7
1
125-1
315
Jan
June
May
May
June
May
ssg June
14 May
I
Jan
4 June
331 Jan
5631 June
65
8434
9651
2014
851
1
334
14
114
1434
4
1434
88
1334
illt.‘
High.
3931
4134
1331
3%
31
734
94
174
53-4
8%
811
6134
Mar
Feb
Mar
Jan
Apr
Feb
Feb
Feb
Apr
Feb
Feb
Mar
Feb 70
May 88%
June 100
Apr 2534
June 88
May
6
Mar
Mar
May
Fee
May
Jan
June
Jan
June
May
May
Jan
May
24
211
254
994
3034
98
26%
79/19
91.4
Feb
Mar
Fat
Mat
Feb
June
June
1\fn.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Burnham 'Frad Corp
•
Common
1
1
3
50
June
Mar
• 3% 335 3%
Convertible prof
334 June 11
150
Feb
Butler Brothers
20
411 4% 2,050
411
4
714 Mar
June
Canal Const Co cony pref •
4
4
5
4 June 12
300
Mar
Castle &Co(AM)com_10
1855 1831
50 18% June 3451 Feb
CeCo Mfg Co Inc com_ •
250
134 2
111 May I 734 Feb
Cent Cold Storage com._20
16% 1634
200 16
18
Jan
Mar
Cent Illinois Sec Co ate_
20
20% 2,600 20
20
Apr 25:5 Jan
Central III P S pre!
9131 93
• 93
330 91
Jan 95
Mar
Central Ind Pow pref--100
73
76
80 73 June 84
Mar
Cent Pub Ser Corp
11% 1151 11% 1,200 11N June 1911 Mar
Cent 8 w uto corn
1411 15% 1,250 1331 June 24% Feb
15
Preferred
•
89
8954
150 88
June 0631 Apr
Prior lien pref
• 9531 95% 964
250 941( Jan 10414 Jan
Cent West Pub Serv A...'
17
June 1711 June
17%
100 17
Cherry Burrell Corp corn •
15
16
50 15 June 2714 iJan
Chia Investors Corp com.•
214 Jan
4% Feb
2:1
251
750
231
Convertible pre!
2734 28
28
Jan 31% Mar
200 26
Chic N S & Milw100
4
Preferred
4
4
4
Apr
10
931 iFeb
Prior lien pre!
54
100
54
40 54 June 50
Mkt
Chicago Yellow Cab Inc..
500 19
•
June 2331 Mar
1934 1911
Cities Service Co cotn___• 10% 10% 1111 12,450
9% May 20% Mar
Club Aluminum Uten
2
2
May
2
150
M Feb
Coleman Lamp & St corn_•
4%
411 June 1234 Jan
320
Commonwealth Edleon_100 197
196% 199% 3,150 190% June 255% Feb
Comm'ty Water Sere corn • 10
1011
10
9
200
12
Jan
Apr
Constr Mat'l Corp corn- •
150
6
6
511 June ioq Jan
23
• 26% 26:5 2611
Apr 3211 May
5
6315 Preferred
Consumers Co
2% 215
211 Apr
300
5
Common
43( Mar
6% prior pref A
100
31
10
31
30 June 454 Jan
15 June
Warrants v t c
5
35
IN Jan
31
31
Cont Chicago Corp
431 5
Common
411
4% June 1054 Feb
•
8,300
Preferred
2,100 3411 June 4031 Feb
• 34% 3411 35
5% June
Continental Steel Corn v t c.
7
7
514 534
Apr
Cord Corp
7% 811 25,100
6
Jan 15
8
771
Apr
Corp Sec of ChM allot titf.• 47
46
48
Jun
Feb
300 44
80
Common
• 14% 1451 1431 3,100 13% Jun
21% Feb
Crane Co corn
25 34
35
34
Apr 4054 Jan
460 34
110 112%
Preferred
Feb
100
50 10814 Apr 11.9
Curtis Lighting Inc corn_ •
511 May
70
53/ 515
7% Jan
Eddy Paper Corp(The). •
El Household Utl Corp..10
Emp Gas & Fuel
100
7% preferred
8% preferred
100
Foote Isme(/ & M Co__ ..5
Gardner-Denver Co cum.'
Gen Theatre Equip
Common new
•
Gen Wat Wks Corp A-- •
Gleaner Corn Hare com•
CDs of deposit caP
•
Goldblatt Bros Inc corn. •
Great Lakes Aircraft A
•
•
Great Lakes D & D
Greyhound Corp common•
Grigsby- Grunow Co corn.'
Hall Printing Co cora_ 10
Harter-Carter Co cony pt.'
HoudalUe-Hershey Corp A•
Class B
•
Illinois Brick Co
25
Inland UM Inc part A- •
Insult Util Invest Inc.....'
2d preferred
•
Invest Coot Am corn. •
Iron Fireman Mfg Co v t
Jefferson Electric Co corn.'
Kalamazoo stove com
•
Kellogg Sw'bd Jr Sup com10
100
Preferred
Ren-Rad Tu & lip corn A •
Ky Util Jr cum pfd
50
Keystone Steel& Wirecom•
Leath & Co cum pref.- •
Libby McNeill& Libby...10
Lincoln Printing eom_ •
•
Loudon Packing Co
Lynch Corp common.
•
McCord Rad & Mfg A--.•
McGraw Electric corn_
•
•
McQuay-Norris Mfg
McWilliams Dredging CO •
Ma) Household Utll corn.'
Manhattan-Dearborn corn'
Mat'l Service Corp com.I0
Meadow Mfg Co corn- •
Mer & Mfrs Sec Co A corn'
Metrop Ind Co allot elf •
Mickelberry's Food Prod
Common
Midland Nat Gas part A. •
Middle West Utilities new •
$6 eum preferred
•
Warrants A
Warrants B
Midland United Co corn...*
•
Warrants
•
Preferred
Midland Util1011
e% prior lien
100
6% pre( clam A
110
7% prior lien
100
7% wet class A
Miller & Hart Inc cony pt.*
Miss Vail URI Inv $7 prof'
•
Prior lien pref
MO-Kan Pipe Line cow .5
•
Modine Mfg corn
Mohawk Rubber Co corn.'
Monroe Chemical Co
Common
Morgan Litho mammon...
Muncie Gear Co class A_ •
•
Common
moakegon Motor Spec
•
Convertible A
Vat Elee Power A part...'
Nat'l Family Storm corn.'
Nati Rep Inv Tr allot ate•
•
Nat Secur Invent Co corn.
100
6% cum pref
•
Nat'l Standard coca
Nat Union Radio Corp.- •
Noblitt-Sparks common-.
•
North Amer Car oorn
•
No Am Lt & Pr Co cornN AS Am Corp A corn-- -•
10
18
51;4
1%
411
3%
1831
331
2551
72
1554
17
3
49
10
1034
8
38
2254
851
1614
19
431
23
3%
10
900
8
16
Jun
June
10% Mar
29% Feb
51% 52
67
67
114
1
18
2051
150
50
2,000
220
SO
67
1
18
June
June
June
June
80
92
434
85
Jan
Jan
Jan
Jan
431 531
3
3
1
I
1
1
15
15
311 4
19
18
434 5
3% 3%
1,250
110
550
100
100
4,750
1.600
300
3,550
334
231
31
I
1311
134
1734
331
251
Apr
May
June
June
Jan
Jan
June
Apr
Jan
15
143-4
834
1
20
514
2811
654
654
Feb
Jan
Jan
June
Feb
AP
,
Feb
Jan
Mal
12%
634
1414
4%
12
I
24%
71
54
13:5
154
1,100
13
651
50
1,750
16
200
5
12
100
230
2
2611 27,575
72
250
100
514
13%
200
300
18
1211
5
1134
43.4
12
1
21
70
531
1034
14
June 1954
Apr133.1
Jan 1834
June
954
June 1634
June
4
June 4914
June 9231
June 1311
Apr 2234
Apr 2351
Mar
Feb
Mar
Mar
Jan
Jan
Feb
Mat
Feb
Feb
Mar
15%
355
6214
231
49
1054
9
10
19
35
17
18
3;1
65
3
50
9
1031
20
35
17
550
50
160
1,000
100
300
20
3,400
550
10
50
14
31(
50
234
48
1034
9
tim
19
35
153-6
June
June
Jan
May
June
Mar
June
May
June
Jan
Jan
34
714
75
531
51
1354
16
1434
2354
42
20
Jan
Mar
Apr
Mar
Feb
Mar
Mar
Mu
Apr
Apr
Mar
8
9
33
2251
335
10
2016
1%
1731
33
9
38
2151
331
10
2031
111
17%
33
400
100
100
50
50
30
50
100
200
SO
8
9
35
22
231
911
1754
134
16
33
June
June
Feb
May
Jan
June
Jan
Jan
June
June
2511
1811
40
31 14
731
2034
2534
234
23M
42
Jan
Jan
Mar
Mar
Jan
Feb
Apr
Jan
Mar
Mar
831
31
1531
94%
1
111
18%
35
37%
9%
55
2
55
1634 25,950
9555
500
1
150
100
1%
1,800
19
400
31
700
39
8)4
SS
1431
,
94
1
131
1834
31
38
June 1431 Jan
Jan
3
May
June 2534 Mar
Jun 10011 Apr
Feb
May
5
Feb
May
Jan
23
AP
Jun
134 Jan
Apr 41St Feb
83N
80
9511
9211
15
87
88
4
23
3%
8331
80
9514
9315
16
87
S8
411
2331
374
80
10
20
20
100
50
50
1,150
150
50
79
791(
95
88%
1411
87
85
3%
2211
3;1
Jan 9034
Mar 85
Jan 100
Jan 9434
Apr 24
97
Jun
Apr 96%
1034
Jun
3831
Jun
8
Jun
5
235
211
155
16%
5
274
4%
2%
114
111
10
16
ioq
1251 1211
334
63
2934
3151
63%
1%
40
100
5
50
200
2135
4
1831
4
64
30%
2)1
3451
16
63%
614
100
3,100
700
400
500
1,35
10
1,25
300
60
250
2154
3%
17
351
63
2811
211
31%
1414
63%
611
10
2151
3
16%
3%
82
2531
114
29%
14
61
Feb
Mar
Feb
Ape
Feb
Apr
Apr
Mar
Jan
Mar
Mar
June
Jan
Feb
534 Jan
9
Feb
631 Apr
4% Apr
Jan
15)4 Feb
June
May
June
June
June
June
Jan
June
June
Jan
June
28
31
711
78
3434
5
47%
31
7054
1134
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Mar
Mar
4566
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Cane/tided) Par. Price. Low. High. Shares.
Northwest Bancorp com_50
Northwest UM—
Prior lien pref
100
100
7% preferred
Oshkosh Overall Co cora •
Railroad Shares Corp cora•
Rath Packing Co corn ___10
Reliance Mfg Co corn_ 10
Rollins Hos Mills conv pf_.
Ross Gear & Tool corn...'
Ryerson & Son Inc corn_.*
SeahoardP 00—
$6 preferred
Convertible pre/
•
Seaboard UM Shares Corp
Segal Lock & Hdw Co corn'
South'n Union Gas corn..'
So'weart Gas & 337% p1100
Southwest Lt & Pr Co of•
Standard Dredge—
Common
•
Convertible pref
StorklIne Fern cony p1-25
Stutz Mot Car of Am corn *
Super Maid Corp corn_ -•
Sutherland Paper Co cora10
Swift International
15
Swift & Co
25
Thompson (J R) eom
25
Twin Sts Nat Gas part A.•
Unit Corp of Amer pret--•
United Amer UtU Inc cora•
Class A
United Gas Co corn
•
United Ptrs & Pub com_ •
10 8 Oypeum
20
U S Lines Inc pref
S Radio & Teiev coin- _ _•
Utah Radio Prod oom •
Utll & Ind Corp corn....'
Convertible preferred •
/JO Pow Zr it Corp A_ •
Common non-voting__ -•
•
Viking Fling) Co corn _
Vortex Cup Co Class A —•
Wahl Co common
•
Watgreen Co corn
•
Ward(Montgornery)&CoA•
Wayne Pump Co.._
Convertible preferred_ _*
West Con Util Inc A
•
Western Pow Lt dr Tel el A•
Wextark Radio Stores corn'
Wisconsin Bank She com10
Yatee-Amer Mach part pf•
Zenith Radio Corp oom—•
Range Since Jan. 1.
Low.
High.
37
Jan
29% 30%
17
19
70
6%
94
85
5
3
634
33
25%
15%
234
1131
6%
3634
1834
2%
5/4
15%
7
24
16%
14
11%
21%
23-4
750
27% June
94
83
3
Parker Pen Co corn
10 14%
Perfect Circle (The) Co_ _s
Pines Winterfront corn__.• 15
Polymet Mfg Corp corn_ •
Potter Co(The) common.'
Process Corp corn
•
Pub Sun of Nor 111—
,
Common
100
6% preferred
100
7% preferred
100
QRS De Vry Corp corn. •
Quaker Oats Co—
Common
• 136
Preferred
100
9534
8334
3
20
20
100
Feb
89% Jan 102
Feb
83 June 98
5% Feb
3 June
14% 14%
28% 30
12
15
3
5
534
334 3
100
400
2,050
350
200
150
12%
244
12
2
5
3%
June
Apr
May
Jan
June
Apr
24% Jan
36 ,Mar
22% Apr
6% Mar
13
Mar
531 Mar
205 205
125% 126%
135 135
%
31
50 200% Jan 265
80 122% Jan 137
10 129% Jan 147
150
3% June
534
12934 137
116% 11934
Jan
690 118% June 170
Jan 120% May
80 113
Feb
Mar
Feb
Mar
2%
1434
645
2834
19
19
3
17
6%
2834
19%
19
300
450
100
50
100
50
2%
14%
5
25
19
19
June
June
Apr
May
May
June
5
Feb
204 Jan
7% Jan
38
Feb
29
Feb
26
Jan
60
44%
3%
6%
6%
94
85
70
44%
3%
7
7
94
87
70
30
850
950
900
80
20
60
40
334
514
5%
9314
85
May
June
Jan
Apr
June
May
June
85
48
54
7%
12
98%
94%
24 24
434 5
634 6%
19
2034
3
334
6% 6%
33
32
2534 26%
50
350
60
600
350
100
1,300
3,600
2%
4%
6
19
3
6
2934
2434
June
June
June
June
June
May
June
June
Jan
8
16
Jan
14
Apr
203Mune
7
Feb
10
Feb
40% Apr
30% Jan
16
%
3%
4%
11%
7
3
37
2%
2044
2%
5%
15%
22%
7
9%
2434
550
500
650
200
150
550
50
1,300
20
6,350
550
750
450
150
50
450
200
15 June
14 Apr
214 June
3% May
Jan
10
44 June
234 Apr
33 June
2% June
12% June
2 June
% June
ls
Jan
2031 June
Apr
7
Feb
24 June
34
Mar
2
Jan
12% Feb
Feb
16
Feb
11% Feb
10
Jan
49
Mar
6% Jan
34% Mar
6% Feb
9% Feb
19% Feb
30% Mar
1444 Feb
124 Mar
29
Feb
1;4 144
16% 18
97
9744
200
7,650
100
1
16
95
June
4
Apr
June 2994 Mar
Jan 10434 Apr
14
16
11%
10
21%
21
34
34
5
534
234 214
234 234
200
400
330
5,400
900
100
200
10
6
20
34
5
2
24
Apr
June
June
June
May
June
Jan
15
%
234
434
10
6%
3
34%
18
2%
534
15%
22%
7
8
24
Jan
Feb
Jan
June
Feb
Mar
Jan
28
Feb
22
Jan
3354 Apr
Jan
6% Jan
9
Feb
5% Feb
Bonds—
Commonwealth Edison
1st mtge Os
1943
11334 113% $1,000 108% May 113%
/mull Utli mO,
1940 8414 81% 84% 91,000 75 June 91.
Kresge(8 & Co 5s_ _1045
10034 10036 3,000 9534 Jan 101
National Pub Serv 55_1978
66% 6641 2,000 66% June 7611
Portland Gen Elec 4s_1933
99% 99% 5,000 99% June 90%
• No par value. a Ex-dividend. v Ex-rights.
Apr
Feb
Mar
Mar
June
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange June 13 to June 19, both inclusive, compiled from official sales lists:
Abitibi Pr&Paper 6% Pf100
20
20
Atlantic Sugar corn
•
21
21
Bell Telephone
100 140
1394 141
Blue Ribbon Corp corn_ _ _. 18
1534 18
50
634% Prof
36
36
Brantford Cordage ist pf 25
1534 1534
Brarillan T L & Pr corn...* 15
1454 16
B C Packers pref
100
534
534 514
B. C. Power A
•
34 34 3434
B
• 1034 1054 10%
Building Products A
•
19 34 20
Burt F N Co corn
25
31% 32
n
W
cla11128NEE.128griN,122g2 ggV42T,n22
,
,gzp
s,r,g
A.g.
. A gggggggge,
12.60
1974
17
96
9
13
7.10
18
12
33%
10
.w. M.
11.25
19
16
9434
814
13
6.90
17
1134
31
10
50
3734
151%
20
38
2234
28 34
22
4234
1534
26
4454
g
.
Domes Min/4/ Limited_ _* 12.40
Dominion Stores corn_ __ _• 19%
Ford Co of Canada A....' 1634
Goodyear T & Rubb pf 100 9534
834
Gypsum Lime & Alabast_•
Hamilton Cottons pref_ _30
6.90
Rolling Cons Gold Mines_5
•
Hunts Limited A
International Nickel corn.* 1134
International Utilities A..'
Lake of Woods Mill corn.*
High.
Low.
0,0
P....
MMW=OMOMWMOO ,
N
MO.M
Canada Bread corn
•
4
4
B pref
100 58
58
60
Canada Cement corn_ __ _• 10
934 10
Preferred
100 89
89
9114
Canada Life
100 650
650 650
Can Steamship Lines p1100 14
14
14
Candn Bakeries 1st pref 100
35
35
Canadian Canners corn..'
8
8
834
Cony pref
•
934
93-4 10
lot pref
100 84
83
85
Candn Car & Fdry cora_ •
11% 12
Preferred
25 1934 19 34 2034
Candn Dredg & Dock corn*
24
2634
Candn General Elec pref 50
61
62
Cumin Indus Alcohol A. •
2
2
Canadian Pacific Ry--- _25 2454 24% 27
*
Cocksbutt Plow corn
5
534
Consolidated Bakeries...'
7% 834
Cons Mining & Smelting 25 8334 8334 90
100 185
Consumers Gas
182% 185
15
Consolidated Industries_ •
153.4
Range Since Jan. 1.
NONN ,
OMOWM
..N.m.. m..N
M. .0,
W.
..W
4
.WW.
OWWWW0i.4.010WW.W.P.W
.WC.00.0O WOOWMWCA000000
,
ONMCAO‘NOWW4 GAG.
,
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
M.WiAW.4r0.00.3
.0,1000Cp0OC*
Stocks—
[VOL. 132.
FINANCIAL CHRONICLE
Feb
Mar
Feb
Apr
May
Jan
Mar
Jan
Mar
Mar
Feb
Feb
74
80
1834
964
650
27
35
1334
14
9234
2334
2534
3634
6334
554
453j
10
12%
187
187
1734
Jan
Feb
Mar
Apr
June
Feb
June
Feb
Jan
Jan
Mar
Mar
Feb
Apr
Jan
Feb
Jan
Feb
Mar
Apr
May
13.40
2454
2934
107%
1236
19
8.70
233.4
20%
45
1754
June
Apr
Mar
Feb
Jan
Apr
Apr
Mar
Mar
Apr
Feb
Sales
Friday
Last Week's Range for
Sate
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Lake Shore Mines
1 25.50
Laura Secord Candy nom.* 36
Loblaw Groceterias A_ _--* 11%
25.50 26.00
36
36
1134 11%
1034 10%
4
434
23.00 23.75
11% 11% 11%
98
98
10334 105
105
16
16
Massey-Harris corn
McIntyre Porcupine Min..5
Moore Corp cons
A
100
100
Ont Equit Life 10% pd 100
Page-Hersey Tubes corn_ _*
Photo Engravers & Elec--*
Riverside Silk Mills A.
Russell Motor pref. _100
St Lawrence Paper Mills—
Freterred
100
Simpson's Limited pref _100
Steel Co of Canada corn. *
Preferred
25
Tip Top Tailors cora
Preferred
100
Traymore Limited pref__20
Vipond Consol Mines_...1
Walkers-Gooderh Worts..'
Western Can Fl Mills com •
Weston Ltd Geo corn...,'
Banks—
Commerce
Dominion
Imperial
Montreal
Royal
Toronto
7314
23
734
77
5
8
37
212
208%
210/4
264
24634
220
100
100
100
100
100
100
Loan and Trust—
Can Permanent Mort 100
100
National Trust
Toronto General Trusts 100 210
Toronto Mortgage
50
73%
2234
1134
85
10
74
2744
31
734
77
1041
84
5
8
37
75
23
12
85
10
75
29
31
8
78
11
84
5%
8%
37
206 215
208 20834
208 21034
264 264
237% 251
220 222
200
280
210
108
202
280
215
108
Range Since Jan. 1.
Low.
High.
520 23.00 Jan 28.50 Apr
Feb
15 33 June 46
May 14% Mar
235 11
Jan 1434 Mar
44 10
3% June 10.15 Jan
375
1,330 20.00 May 26.30 Apr
50 1134 June 1731 Jan
June 10836 Jan
10 98
Jan
73 10336 June 126
Mar
May 21
1 15
161
60
125
5
68
18
9
85
10 10
225 73
95 25
15 29%
37
7
45 77
1,100 1011
200 84
1,932
4%
275
7
5 30
June
Jan
June
June
92% Feb
28% Mar
Jan
16
Jan
95
June 3034
June 9231
May 42%
June 36%
June 13
June 90
June 12%
June 115
May
8%
June 17%
Jan 45
Jan
Jan
Feb
Feb
Jan
Apr
Jan
Jan
Feb
Jan
Mar
203
41
38
7
475
15
199
205
201
239
236
217
May
May
June
June
June
Jan
231
224
225
302
291
238
Mar
Jan
Jan
Mar
Mar
Mar
22
16
45
10
200
280
210
108
June
June
June
June
216
360
235
115
May
Jan
Mar
Mar
• No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb June 13 to June 19, both inclusive, compiled from
official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
.
Service Stations com A __•
Shawinigan Water & Pow_.
Stand Pay & Marls corn __•
Preferred
100
Tamblyns Ltd G pret_ _100
Toronto Elevators corn_ •
•
Waterloo Mfg A
Oils—
•
Acme Oil& Gas
1
Ajax Oil & Gas Ltd
*
13ritish American 011
•
Crown Dom Oil Co
*
Imperial 011 Lim ited
International Petroleum..'
McColl Frontenac 011 corn*
5
North Star Oil corn
Supertcet Petroleum ord__•
•
Common
Union Natural Gas Co...'
Unlisted—
Coast Copper
Kirkland Lake
Mining Corp
Noranda
Sherritt Gordon
Sylvanite
Teck Hughes
Wright Hargreaves
Low.
High.
1154
1231
16
234
3%
9
62
114
834
29
12
12
13
1636
234
4
9
62
14
9
3034
1234
6
2834
80
934
93.4
4214
%
41
10%
106
6
411
2834
85
931
9%
4334
%
42
1054
106
55
3
4
60
25 2814
90 70
7
105
9
30
275 383-1
11
385
25 4034
45 10
15 103
May
734 Mar
June 1134 Mar
Mar
June 40
Mar
June 119
Mar
June 20
June 10% Mar
May 6831 Mar
% June
Mar
1
Julie 633- Mai
May 1634 Mar
Apr
June 109
1136
38
1134
38
7/1
6974 6976
10334
11
334
1214
38
8
6676
104
11
334
934
486
10 35
60
7
10 697-4
25 101
934
73
2
50
May 3614 Feb
Mar
June 59
Mar
May 16
Jan
June 80
Jan 10434 Mar
Mar
Jan 15
May
7% Feb
2115
132
10
2
1136
1134
10
10
10%
300
1534
16
17
1014
*
Canada Bud Brew corn
*
Canada Malting Co
Canada Vinegars corn....'
Canadian Marconi Co_ __1
•
Canadian Wineries
Candn Wire Bound Bas A *
Cons Sand & Gravel pf 100
Cosgrave Exp Brewery_ _10
Distillers Corp Seagram,.*
Dominion Bridge
*
Com Pow & Trans stubs _ _•
Dufferin P & C Stone com •
Durant Mot of Can corn 10
English Elec of Can A
. *
Goodyear T & Rub corn..'
Hamilton Bridge corn_ ___•
Imperial Tobacco ord_ _ _ _5
Montreal L H Sr P Cons__*
Pellssier's Limited corn _ - _•
Power Corp of Can corn...*
•
Rogers Majestic
Robert Simpson pret_ -100
Range Since Jan. 1.
2334
140
1036
4
123-4
103-4
1236
310
1754
17
1034
6,100 2134
1,150 114
8
2.128
6
2
1,385 10
8%
5,030
9%
75
525 200
220 1234
30 14
106
954
June 25 June
Feb
June 168
May 1634 Jan
June
6% Mar
June 18/4 Jan
4 Jan
June 151
June 22% Feb
Mar
May 600
May 3214 Jan
Jan
June 31
Jan
June 16
4
4
60
60%
180 182
1500 1725
52
52
68
68
650 700
272 280
10
23;
1,000 59
1,000 146
1,804 1400
200 49
300 53
2.015 630
1,150 194
May 1034
May 93
Jan 266
Jan 2965
June 125
Jan 110
May 865
Jan 318
1134
303-1
12
4%
81
9%
994
4214
%
41
4%
10
1600
675
275
875
150
100
200
135
2
15
100
422
22
150
831
10%
1434
234
2%
9
62
13-4
8
28
10
Jan 1334
May 16%
June • 20
4
June
May
6
June 16
June 7834
May 210
May 12%
June 5554
June 14
AK
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Apr
Apr
Max
Feb
Apr
Apr
May
• No par value.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, June 13 to June 19, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
25%
American Foreign See
• 39% 3934
American Stores
18
Bankers Securities, pret_ _ _
Bell Tel Coot Pa pref. _100 -117-- 117
7
Bernet Inc
Budd(E G) Mfg Co
3%
40
Preferred
8%
Budd Wheel Co
17
Camden Fire Insurance... 17
Electric Storage Battery100
10
Fire Association
Giant Port'd Cement corn
(NY) corn.
Horn & Hardart
100
Preferred
Insurance Coot N A-- - -10
Lake Sup Corp ars of dep.
Lehigh Coal Sr Nay n w 1_ _ _
Mitten Bank Sec Corp pret
Pennroad Corp
50
Pennsylvania RR
18%
38%
52%
3%
20%
7%
26%
41%
18
118
7
3%
45
834
17%
5374 54%
18
20%
5
5
3744 38%
104% 104%
5044 52%
3% 3%
20% 21%
7% 8%
53( 5%
47% 51%
Range Dina Jan. 1.
Low.
High.
85 22% June 5314 Feb
1,500 37
Jan 4814 May
Mar
400 15
May 25
500 115% Jan 118% Mar
7% May
Jan
100
6
534 Feb
300
2% June
Jan
135 35
May 51
Apr 1214 Feb
7
100
400 1634 June 29% Mar
20 50
1,900 15%
100
5
2,300 3434
80 100
2,800 45
2%
1,700
2,300 19%
614
800
4%
7,200
4.700 4234
June 655 Mar
4
May 2434 Feb
5 June
June
Jan 4414 Apr
Jan 10434 June
June 63% Mar
Jan
9
June
June 27% Feb
Apr 13% Jan
8% Feb
June
Feb
June 64
JUNE 20 1931.]
FINANCIAL CHRONICLE
rriday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Penn Salt Manufacturing_
Phila Dairy Prod pref _ _25
Phila Electric of Pa 35 pref
Phila.Elec Pow pref
25
Phila Rapid Transit_
_50
7% preferred
50
Philadelphia Traction ctfs_
Phila & Western Ry_ _ _ _50
Reliance Insurance
10
6031
93% 93%
105%
33
33
18%
24
23%
39%
34
16
6
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge
Tono-Belniont Develop_ _1
Tonopah Mining
1
Union Traction
50
United Gas Improv corn n•
U S Dairy Prod cl A
•
7% Preferred
Victory Ins Co
Warner Co
•
Preferred
6055
95
105%
33%
18%
24
39%
34
634
60
Bonds—
Elec & Peoples tr ctfs 45'45
Georgia Power & Lt 5%s'67
Lehigh Power dr Light 6s._
Penn Cent L & P 416s
Pennsylvania RR 4118 1981
Phila Elec 1st & ref 43_1971
1st 5s
1966
Phil(' Elec Pow Co 535s '72
Pub Serv El & Gas 4s w 1'71
Strawbridge & Cloth 5s1943
York Railways lot 5s...1987
4
42
34
34
2554
28%
60
90%
6
25
93
4% 1,550
42
9
500
34
100
%
100
2535
29% 11,200
400
60
100
9015
300
6%
100
25
7
93
$16,000
3,000
3,000
3,000
43.000
23,000
5,000
5,000
13,000
1,000
1,000
39
10134
10334
97
ssg 9954
9911 9934
10851 10934
107 107
9934 9934
96
96
100 100
Low.
High.
100 58
May 8131 Feb
138 88% Jan 95
May
200 101
Feb 10555 June
700 32% Jan 33% Mar
100 13
Apr 27% May
300 16
Apr 3814 May
100 31% Apr 3955 Feb
100
15 June
1% Jan
4% June
400
751 Mar
37
10155
103%
97
4%
Range Since Jon. 1.
1%
41%
34
55
20
25%
585.1
90%
416
20
93
Jan
Jan
May
Jan
Apr
Jan
May
June
Jan
June
June
5
45
1
1
31%
3734
6255
9015
715
3254
97
Feb
Jan
Apr
Apr
May
Mar
Apr
June
Apr
Feb
Feb
30
10034
101
95
8731
9415
10734
10534
9454
9334
9735
Jan
Apr
Feb
Apr
May
Ma
Jan
Jan
Mar
Jan
Jan
45
102%
10614
97%
9954
99%
110
107%
9954
98
101
May
May
Apr
June
June
June
May
Max
June
Jan
Apr
• No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, June 13 to June 19, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Lag Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Range Since Jan, 1.
Low.
Arundel Corporation
• 36
Baltimore Trust Co
10 2734
Black & Decker corn
•
Clit&Pot Tel of Balt pf100 117
Commercial Credit NO p1..
concoi Gas EL & Power_.
100
6% pref ser D
535% pret w 1 ser E-100
5% preferred
100
36
2734
835
117
2434
84
111
110
1058%
3631
2916
9
11734
2434
8534
111
111
1053,5
130 3415
1,285 2734
210
614
19 113
3 24
123 79
2 110
15 10834
10
Fidel & Guar Fire Corp_10
Fidelity & Deposit
50
Finance Co of Amer A.. •
Series 13
•
First Nat Bank WI
Houston Oil pref new
Mfrs Finance let prof _ _25
2d preferred
25
Maryland Casualty—
New when issued
Mercantile Trust
March & Miners Transp. •
20
13234
934
1055
3915
16
1134
7
2134
140
934
1035
40
16
1134
7
18
393
26
1934
393
2655
21
Mort Bond & Title w 1_
6
New Amsterdam Cas Ins__ 2831
28
Northern Central
90
90
Penns Water & Power._ __• 55
55
Second So Bankers corn
...... 12
Union Trust Co
50 5254 51
U S Fidelity & Guar new 10 1855
1834
West Md Dairy Inc pref.*
9735
Western National Bank_20
33
6
29
90
5534
12
5214
21
98
33
June
June
May
May
Jan
June
Jan
Jan
High.
42
3234
15
11814
2434
11034
11234
111
Feb
June
June
179 20
33 130
20
7
10 10
250 3854
100 15
114 1034
11
454
June 32
June 165
Mar 1034
Jan 1015
June 50
Jan 19
May 15
Jan
8
Feb
Mar
Mar
June
Feb
Feb
Jan
Feb
727 18
10 393
15 25
June 36
Feb
June 41734 Mar
June 3335 Jan
195
456
52
80
100
40
3,281
40
2
534
28
8531
53
12
51
1851
94
33
Feb
June
Jan
June
June
June
June
Jan
Apr
7
3615
90
70
20
62
37
9955
38
Feb
Feb
Feb
Feb
May
Jan
Feb
May
Feb
Jan
Jan
Feb
May
Jan
4567
leriday
Sates
Lag Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
13
5815
105
115
19%
88
1531
5755
5%
85
13
59%
10651
13-4
19%
88
20
0914
6
85
Bonds—
Cleveland Ry 55
100
10015 $5,000 100
1933
Stocks—
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Aluminum Indus Inc......_5 1534
11
1515
Am Laundry Mach corn 20
27
2731
Amer Rolling Mill com —25
1755 18
Amer Thermos Bottle A_ _*
7
7
7
Champ. Coated Paper—
10415 1048%
Special preferred_ __.100
CM Gas & Electric pf _ _100 10234 10234 10315
CM Street Ry
36
3615
50
CM Sc Sub Teleph
50 9735 9754 9835
City Ice pref
7915 7934 80
City Ice & Fuel
• 3055 2916 3034
Cohen (Dan) Co
1355 1334
•
5
Crosley Radio A
5
*
•
Dow Drug corn
Eagle-Picher Lead corn-2O
Formica Insulation
•
Gibson Art corn
•
Gen Mach preferred
Hobart Mfg
•
Int Print Ink
•
100
Preferred
Kroger common
•
Little Miami guar
50
Manischewitz corn
•
7%
734
25
98%
Procter&Gamble coin new. 61
8% preferred
100
5% preferred
100
Pure 011 6% pre
100
•
Randall A
•
Rapid Electrotype
100 175
Second National
U S Playing Card
10 43
•
4
Waco Aircraft
73-4
5
24
34
99
32
735
58
25
9734
3235
10
5
24
34
99
3416
734
58
26
9855
3251
61
170
108
6035
12
33
175
38
4
63
171
10834
6015
12
33
175
43
4
Stocks—
1814
68
27
11734
97
1634
2655
2435
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange June 13 to June 19, both inclusive, compiled from official sales lists:
Pittsburgh Brewing pf _ _50
•
Pittsburgh Forging
Pittsburgh Plate Glass_ _25
Pittab'g Screwdr Bolt Corp.
Ruud Manufacturing_
*
United Engine & Fdy---*
73.1
7
3055
954
15
3234
735
814
31
11
15
33
Akron Rub Reclaim com.•
Allen Industries arm
•
Preferred
•
Central United Nat
211
City Ice & Fuel
•
Preferred
100
Cleve Mee 1116% pref-100 112
Cleve Railway ctfs dep.100 71
Cloy Securities P L pref__•
Cleveland Trust
100
Cleve Union Stkyards corns
Cliffs Corp v t c
•
Dow Chemical corn
• -.41
Elec Controller & Mfg com•
Ferry Cap & Set Screw •
Foote-Burt tom
•
Gen'i Tire& Rubber com 25
Greif Bros Cooperage CIA • 1734
Halle Bros Co
10 17
Hanna MA 57 cum pref__•
Harbauer corn
•
•
India Tire & Rubber tom..
Interlake Steamship corn.*
Kelley Isid Lime & Tr corn*
* 1034
Lamson SM9l0115
McKee Arth 0& Ceti 13.•
Mohawk Rubber Coml........•
National Acme corn
10
•
National Tile com
•
Nestie-LeMur corn
•
Ohio Brass B
100
Preferred
Packard Electric cam_ _ _•
•
Packer corn corn
Paragon Ref class B 2d
•
Prn't End
•
Patterson Sargent
Richman Brothers coca _-_•
Selberling Rubber corn_ •
434
2
32
10
58
216 234
234 2%
8
8
5134 52
30
31
80
80
11134 112
6915 71
134 134
280 280
1534 1534
50
50
40
45
5
734
83
1734
1534
8634
17
41
45
5
754
83
1734
17
8634
1734
1034 11
38
3834
30
30
1034 1034
3555 3634
415
4
554 534
5
5
2
235
32
44
10534 10534
11
11
lo
lo
1
1
238% 24
58
57
814 95
4
Low.
High,
100
214 May
254
50
235 May
8
100
8
May
22
40 5115 May 60
478 30 June 3754
63 7734 Jan 8934
45 11135 Jan 114
64 67
Jan 84
435
134 Apr
251
16 279
June 325
37 15
Jan
17
40 50 June 8154
240
25
40
25
10
50
250
5
450
120
128
20
100
3414
45
4
7
80
1734
16
8634
1634
834
38
28
10
May
Mar
Feb
Feb
Feb
Apr
Apr
Mar
Jan
Jan
Jan
Mar
June 5134
June 65
May
8
June 16
May 140
June 22
June 23
June 94
Apr 19
Feb 1334
June 60
May 35
June 15
Mar
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Jan
Feb
Feb
40 32
Apr 47
60
3
Feb
8
200
535 May 1035
200
4
May
8
670
2
Mar
3
355 32
June 71
37 1058% Jan 10734
20 1034 May
13
35
955 May 15
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
100
250
215
510
May
Feb
Feb
May
1
2234
52
434
June
May
June
Jan
1%
2834
7655
1014
98
60
15
10
Range Since Jan. 1.
Low.
June
11
2634 June
1531 June
531 Jan
High.
1934 Feb
Jan
45
Feb
37
10 June
7 10134 Feb 10534 May
40 10055 Feb 10455 May
262 3534 June 40
Jan
139 96
Feb 9914 Mar
130 788% Jan 88
Apr
57 2934 June 27
Jan
55 1335 June 1614 Jan
434 June 855 Feb
40
746
476
15
10
5
304
6
5
420
37
10
731
435
22
3215
99
31
7
58
1815
9755
3251
530 60
83 170
10 1053.4
40 60
20 12
200 3234
13 175
130 38
45
314
0a1.4
x naafi
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares
18
68
27
117
9654
15% 15%
26
2431 2234
Range Since Jan. 1.
Apr 10034 Mar
June 1434 Jan
Feb
7
Max
June 2934 Mar
May 39
Jan
June 10334 Mar
June 41
Jan
May 1434 Max
May 70
Mar
Jan 35
May
June 102
Feb
June 35
Jan
May 71
Feb 185
Jan 110
June 85
June 15
May 46
June 185
May 50
Feb
44
Jan
Feb
Feb
Jan
May
Jan
May
Jail
MaY
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, June 13 to June 19, both inclusive, compiled from official sales lists:
Ilachmeister Lind Corp- *
*
Preferred
Harbison Walker Ref_ _.-*
Jones & Laugn Steel 1/L100
Koppers Gas & Coke pf 100
Lone Star Gas
•
Mesta Machine
5
Nat Fireproofing Corp p150
Stocks—
Feb
Mar
Jan
Jan
Feb
Feb
Mar
Jan
Mar
Jan
• No par value.
10414
$900 9931 Jan 10534 June
10434
500 10031 Jan 10534 May
2,000 95 June 95
95
June
Jan 80
7534 2,000 75
Mar
9834 35,000 98 June 9834 June
44
11,000 428% Jan 5055 Feb
100 30 June 44
30
Feb
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
High.
May 1635
June 6815
Apr 109
June
4
June 28
may 104
June 34%
June 75
June 10
June 101%
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, June 13 to June 19, both inclusive, compiled from official sales lists:
2955
1355
4
6
18
1254
98
15
934
362 52
621 104
116
75
210 19%
9 92%
330 15%
1,058 57%
230
sg
10 85
• No par value.
2954
1335
4
6
1734 1715
1234. IL%
10434
10435
95
7531
98
4334
30
Low.
Selby Shoe corn
Sherwin-Williams com__25 59
AA preferred
100 105
Smallwood Stone corn CIA *
Standard Textile Prod A pf
Trum-Cliffs Furnace pf 100
Union Metal Mfg corn...._*
17
Union Trust
25 5734
Vichek Tool
Youngstown S & T pref 100
Allegheny Steel
*
Aluminum Goods Mfg- •
Arkansas Nat Gas Corp.. •
10
Preferred
Blase-Knox Co
•
Clark (I)L) Candy
•
Bonds—
Baltimore City Bonds.
4s School
1961
45 Water loan
1958
3358
1980
Lake Roland 1st 5s _1942
Safe Harbor Wat Pow 434s
United Ry & E 1st 48_1949
Funding is
1936
•No par value.
Range Since Jan. 1.
Unlisted—
Leonard Oil Developmt_25
Lone Star Gas pref.. _ _ _100
Mayflower Drug Stores_ .*
Western Pun Spry v t c....5
•No par value.
7
303-4
10.55
3255
2
7
600 60c
101 101
155 2
754
7
20
50
35
200
214
980
Range Since Jan, 1.
Low.
2934
1031
3%
534
1635
10
June
June
May
May
June
Jan
High.
4654
16
634
7
2934
1314
Feb
Feb
Jan
Jan
Feb
Feb
404 10
135 65
300 2434
33 117
00 9634
3,312 1435
200 25
305 2254
Jan 2015 May
Mar 73
Feb
June 44
Feb
June 12255 Apr
June 10215 Mar
May 29
Feb
June 37
Apr
June 33
Jan
142
1,725
260
765
50
646
June
June
June
June
June
June
756
7
2834
934
15
3214
12
1331
4235
1551
24
38
Jan
Apr
Feb
Feb
Mar
Feb
154
1,000 500 June
Apr 108
20 100
1
2
Jan
25
730
6 June 1454
Apr
Mar
June
Feb
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, June 13 to June 19, both inclusive,
compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank & Trust Stocks—
Boatmen's Nat Bank_ -100
First National Bank ___20
Franklin-Amer Trust_ -100
Mercantile-Commerce Bk
& Trust Co
100
Miss Valley Trust Co100
St. Louis Union Tr Co_100
.5931
170 170
59/ 60
5
150 151
170
206
450
172
206
455
Miscellaneous Stocks—
43.4
Alligator common
*
100 3834 3851
Brown Shoe corn
Corno Mills Co
• 2255 2215
Elder Mfg A
59
100
14
•
Common
Ely & Walker Dry Goods
88
1st pre
100
Globe-Democrat pref _ _1(10 111
111
88
111
Independent Pack com___*
International Shoe corn _ _*
100
Preferred
20
Laclede Steel Co
Landis Machine corn _ _ _25
•
MeQuay-Norris
Mo Portland Cement_ _.25
Nat Bearing Metals corn_•
Nat Candy corn
•
inn
355
4734
108
2514
26
3836
2135
25
1734
07t4
334
4611
108
2515 2535
25
3835
,
2131 21'%
25
1734
1734
1:171,4
4654
414
3934
23
60
14
Range Since Jan. 1.
Low.
High.
10 170 June 180
101 5935 June 70
8 150 June 200
46 168
10 206
10 455
285
127
90
150
100
234
3314
2131
58
14
12 87
13 110
Apr
Mar
Jan
Jan
June 200
June 22454 Mar
June 490
Apr
June
Feb
Apr
May
June
8
41
2434
60
17
Apr 95
June 115
150
38% June
5
459 4651 June 49
6 10514 Jan 109
May 35
100 25
50 24 June 30
52 3.551 Feb 3954
Apr 2954
28 20
25 25 June 30
300 1715 June 22
5 90t4 Feb 08
Mar
May
Mar
June
Jan
Jan
Mar
Jan
Jan
June
Mar
Mar
Mar
mar
Jan
Mar
XICITY
FINANCIAL CHRONICLE
4568
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Rice-Stix Dry Gds corn. _ 5
534
5% 5%
lot pref
82
100
82
Scullin Steel pref
6
6
Securities Inv corn
28% 2814
Sleloft Packing corn
17
17
17
Southwest Bell Tel p1. i00 121% 121% 123
StIx Baer & Fuller corn_ 5 14%
1454 15
St Louis Bk Bldg EquiPt-•
4%
434 4%
Wagner Electric com _ _ 100 13
13
13%
Preferred
108 108
15
Street Railway BondsEast St L & Sub Co 5s 1932
United Railways 4s___1934
Miscellaneous Bonds
Scullin Steel 6s
1941
•No par value.
81,000
60
60
High.
5
Apr
8%
600
May 92%
10 80
June
9
6
15
May 31
50 26
10 17 June 18
108 11734 Jab 123
Jan 15
2,380 11
4% June
7
100
795 12% May 19
Feb 108
20 105
9734 9714 $2,000
47
40,000
56
97%
56
Ranee Since Jan. 1.
Low.
9654 Jan
40% Jun
60
Jun
Jan
Jan
Jan
Feb
June
June
June
Mar
Mar
June
98
Apr
62% Jan
60% May
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, June 13 to June 19,
both inclusive, compiled from official sales lists:
83%
24%
Lincoln Mtge corn
5
Preferred
5
Los Angeles Gas & El p1100
Las Angeles Invest Co_ _10
MacMillan Petroleum Co25
Mortgage Guarantee Co100
Pacific Amer Fire Ins Co 10
Pacific Finance Corp com10
Pref ser A
10
Pee Mutual Life Ins
10
Pac Pub Serv Acorn
*
Common new
Pacific Western Oil Co___.
Petrolite Corp
5
34
34
1
1
108 108%
6
534 6
3%
3
3%
151 151
26
28
28
10% 11%
11% 1114 11%
51% 51
51%
20
20%
8% 8%
6
6
6%
13
13
13
Republic Petroleum Co-10
134
Richfield Oil Co corn_...*
134
1%
5
1%
134
Preferred
3%
Rio Grande 011 com_ _ 25
4%
San J L & P 7% pr pf...100 119
119
Sec First Nat Bk of L A_25 71% 71%
Signal Oil dr Gas A
25
8%
8%
25 41
41
So Calif Edison corn
Orlg pref
25 5134 51%
7% pref
25
29
6% prof
25 27% 27%
5%% pref
25
26%
Standard 011 of Calif
* 36
3494
Taylor Milling Corp
*
Title Ins & Trust Co..._25
Trans-America Corp____25
Union Oil Associates__25
Union 011 of Calif
25
Weber Showcase & Fix pf •
wmemm rearm .z. Ctn.,
In
17%
65
6%
16%
17%
10
99 Le
7
17%
18%
9914
17
70
16%
17%
1344
7554
83%
24%
1%
1X
194
4%
119
7334
8%
41%
51%
29%
27%
27
3634
h-.
Co-..
N
..-, 0
,
,
..WL. ......01.-.0°W ,- W
to
iD.
010”.0 W.-.7.,..
00°0.-00.000OP 00000000 00.40.,
0000000000000 0000000000.,000
17
70
16%
17%
13%
75
83%
24%
1734
65
734
17%
18%
10
9914
,P.
G‘W 4.
,
.
ZniANoD,P00000
0000000
Assoc Gas & Elect A
•
Citizens Nat Bank
20
Claude Neon Elec Prod_ 5
.
Douglas Aircraft Inc
*
Globe Grain & Mill com _25
Goodyear T & Rubb pf 100
Goodyear Textile pt....100
Internal Re-insur Corp_10
N,-.0
ND
CO
0.- W00000
,
0CW00000
Stocks-
Sales
Friday
Last Week's Range for
'Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
1534 June
50 June
21% Mar
90
Mar
12% Jan
13% June
Jan
66
89 June
2134 June
23% Mar
20% Jan
80
Feb
83% June
33
Jan
%
1
102%
5
2%
153
21
10%
11%
50
18%
8%
534
13
Mar
34
June
3
Jan 110
Apr 10%
May
6
May 165
Apr 28
June 16%
June 11%
Apr 58%
Jan 27%
Apr 10%
May 15%
June 18
May
1
1
May
134 June
17
65
644
13%
14%
8%
18
June
June
June
Apr
Apr
June
Jan
Mar
Jan
May
Jan
Feb
Feb
Feb
Feb
Apr
Jan
Feb
Apr
Feb
Feb
2% Mar
6% Jan
934 Jan
Jan 124
115
71% June 95%
Apr 17%
5
36% June 5434
50 June 60
29% June 30%
26% Jan 26%
2494 Jan 2734
31% June 51
24%
90
18
24%
26
20
26
Mar
Feb
Feb
Feb
Feb
May
May
May
Feb
Feb
Feb
Feb
Feb
Feb
Jan
An,
*No par value.
-Record of transactions
San Francisco Stock Exchange.
at San Francisco Stock Exchange, June 13 to Juno 19, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Law. High. Shares.
11% 14
125 125
394
35.1
195 197
Alaska Juneau
Alaska Packers Assn
Assoc Insur Fund
Bank of California
Byron Jackson
1334
3%
34
California Packing
California Water Serv pref.
Caterpillar
Coast Cos G & El6% 1st pf
Crown Zeller pref A
PreferredB
Voting trust certificates
Firernans Fund IndemFiremans Fund Insur
Golden State Co. Ltd
Hawaiian Pineapple
Honolulu 011
22%
90
22
2234
101%
21%
21
2%
25
25
72
72
14
26%
1444
22%
90
24
101%
21%
2131
2%
25
73
14
28
15
Range Since Jan. 1.
Low.
3,560 11%
10 125
2%
100
40 195
342
3
400
10
5,617
45
82
40
2,308
23
105
196
570
225
20%
85
2111
98%
19
19
2%
25
72
14
25
9%
[Vol,. 132.
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Honolulu Plantations
Hunt Bros A
Leighton Ind A
B
Leslie Calif Salt
Lyons Magnus A
Magnavox
Magnin
Natomas Co
No Amer Oil cons
Occidental Ins
Oliver Filters A
3514 35%
8
8
634 GM
1
1a
7
7
5% 534
154
134
12
12%
16
16
7
7%
16% 16%
12
12
Range Since Jan. 1.
Low.
High.
07
100
20
20
115
100
1,582
200
290
2.825
53
200
35
8
2%
1%
6
5%
1%
11
16
4%
15%
12
June
June
Feb
Mar
June
Apr
Jan
June
June
Apr
June
June
52
1534
9
1%
11%
634
3%
18
25
12%
22%
28
Jan
Feb
Apr
Mar
Mar
Feb
Mar
Feb
Mar
Feb
Mar
Feb
44%
Pacific G9:1
43% 43
4,343
1,771
25% 25% 25%
534% preferred
6% 1st preferred
28% 28% 28% 3,964
Pacific Lt
52% 5334 1,277
104% 105%
6% preferred
130
745
Pacific Pub Serv new corn _
8%
831 834
A
20
20%
1,985
10
Pacific Tel
123% 123%
12
6% preferred
130% 130% 13035
2
12
Plg'n Whistle pref
2
154 1%
337
Richfield
100
7% preferred
131
134
11
10
11
RY ECI & Rity pref
132
S J Lt & Pr 7% pr prat
______ 119% 120
10
104% 10434
6% pr preferred
6%
5% 6% 4,148
Shell Union
33
350
33
Preferred
478
Sherman Clay pr pref
46
50%
5014
Sierra Pac Elec 6% pref.-- 9314 9234 0315
61
82
100
Southern Pacific
82
100
So Pac Golden Gate A12% 1231
3454 36% 13,679
Standard 011 of California_
36
1,730
Standard Oil of NY
15% 15% 1534
38
24%
26%
4834
100%
634
18%
116%
120%
2
1
134
10
11531
102
4%
33
41
86
82
11
31%
15%
June
Feb
Feb
June
Jan
Apr
June
Apr
Jan
June
June
June
Apr
Jan
Jan
May
June
May
Feb
June
May
June
June
54%
26%
28%
68%
105%
11%
28
131%
131%
9
644
934
15
124
106
10%
38
55
9334
10034
15
5134
25%
Mar
May
May
Mar
Mar
Apr
Feb
Mar
Apr
Jan
Jan
Jan
Jan
Mar
June
Feb
June
Mar
June
Mar
Apr
Feb
Feb
June
834
June 69%
June 18
Apr 24%
Apr 26%
June 275
Jan
2831
Feb
Jan
Feb
Feb
Feb
Jan
Apr
8
1%
16
7%
Tidewater Assoc 011
6% preferred
Transamerica
Union 011 Assoc
Union 011 Co of California
Wells Fargo Bank
Western Pipe Steel Co
685
4
50 39%
77,815
(3%
700 1331
18% 1731
1734 18% 4,179 14%
' 10 230
230 230
630 1431
2294 2231 23
534 6
4131 41%
6
7
1754
18%
6%
7%
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, June 13 to June 19,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold.._1
American Corp warrants-1
American Sealeone
Andes Petroleum
5
Atlas DUI S3 pref
•
1
Bagdad Copper
*
Claremont Inv
Como Mines
1
Detroit & Canada Tunnels
Diversified Trust Shares B
.40
%
2%
.13
Eagle BIrd Mines
1
Flag 011
•
Fuel Oil
10
s
General! Leather
Granada Reuyn Mining..*
1
Homestead 011 & Gas
1
Internal Runless Iron
5
Jencke mfg
Jenkins Television
•
Keystone Consol Mlne
1
Kildun Mining
*
*
Eisner Air
*
I.autaro Nitrate
1
Macassa Mines
New York City Airport._5
Nitrate Co of Chile 100 Peeea
North Amer Trust Shares__
3.00
.40
.25
1
3
0
1.55
.90
4
1.80
534
.35
6
Ti
Range Since Jan. 1.
High.
Low.
May
June
May
Feb
June
June
June
Feb
June
June
.80
34
2%
.44
4034
1.48
334
.90
4
14%
June
Mar
Juno
Mar
Feb
Feb
May
Apr
Feb
Apr
Mar
May
June
May
June
June
May
Apr
Jan
Apr
June
Apr
134 June
.24 May
534 MM
% June
454 June
3.25
1%
7
644
1.55
1.55
1.20
1131
534
1.80
934
4%
494
.56
734
2
894
June
Mar
Feb
June
June
May
Feb
June
Apr
Junc
Mat
Feb
Mar
Apr
MaY
Ape
Fell
.60
3%
.15
6
1%
7%
%
1.07
7%
25%
1831
2%
14
44
334
314
7%
1.50
34
7%
2
1134
454
1134
June
Jan
Jan
Mau
June
Fell
May
June
Jar
Fell
Apt
Jar
Jar
June
Mal
JUDI
Tnni
254
.13
33
.40
2
.19
Si
1134
.80 23,000
.4 3,100
2% 3,000
.15 3,500
800
3334
.50 1,100
100
2
.25 1,00
234 11,200
100
1134
.20
34
1%
.11
33
.40
2
.05
%
1114
2.50
.21
3
434
1.55
.90
.36
10%
334
1.65
5%
2%
154
.32
6
600
3.00
.39 2,500
200
4
6% 3,70
100
1.55
.90 1,50
.50 5,60
1154 2,000
60
4
1.80 2.100
1.700
634
200
244
200
134
.39 40,50
3,400
6
1.60
.15
3
2%
1.55
.90
.41
634
2%
1.14
5%
1%
.37
31
%
4%
%
100
4%
100
High,
Apr 20
June 125
Apr
5
June 250
May
7%
June
June
May
Jan
Feb
May 52
Feb
Jan 94
Apr
June 52
Feb
Jan 10234 May
May 54% Jan
May 53% Jan
May
6% Jan
June 30
Apr
June 90
Feb
June 15 Juno
June 41% Jan
May 2834 Jan
1
Patricia Birch
Petroleum Conversion...*
*
Photocolor
•
Railways
•
Royalties Man
10
Seaboard Fire
Seaboard Utilities warr.--_
Shortwave & Telev1sion__1
*
Splitdort
Super Corp A
1
Tom Reed Gold
•
Trent Process
Trustee Standard 011 B___
•
U S & British Int'l B
*
William.s Alloy
Ltd pref ve I lpd
Woolworth
...
4%
834
1.1
2%
1
.50
.89 1.07 3,40
1,500
44 5
.25 1,00
.20
400
834
6
100
254 214
300
13
13
200
34
%
2% 334 10,700
200
74 I
100
5% 5%
200
.87
.85
.45
.50 3,40
10
591
5Si
200
2
2
10
3% 334
100
4% 4%
d 0151
o54 1117.4
14
%
534
.80
.25
5
2
3%
4%
GU
Mar
June
June
June
Apr
Jan
May
Feb
June
June
June
Mar
may
Juno
June
Jun
Juno
•No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (June 13) and ending the present Friday (June 19). It is compiled entirely from the
daily reports of the Curb Exchange itself, and is intended to Include every security, whether stock or bonds, in which any
dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Law. High. Shares.
Week Ended June 19.
Stocks-
Indus. & Miscellaneous.
Acme Wire com v t c__ _25
*
Aero Underwriters
Affiliated Products Inc_ _ •
100
Afga Ansco prof
Air Investors COM V t c..5
All America Gen'l Corp_20
Allied Aviation Industries
With warrants
•
Allied Mills Inc
Aluminum Co corn
•
100
6% preference
Aluminum Goods Mrse---•
Aluminum Ltd A warr____
Series C warrants
Amer Arch Co cons
•
An,er Austin Car earn. •
A roles. Owl. 4. ,e.•••.1 •••••••
74
19
98%
95
13
15
1 I/
Low.
High.
654 694
9%
9
19
17
63
63
%
%
1031 1034
200
400
5,700
50
100
300
6% June
614 Feb
1134 Jan
63 June
31 Jan
914 Jan
12
12
4334
87
1%
11
Mar
Apr
Apr
Apr
Feb
Mar
A
200
600
34 June
434 Apr
56
6%
Feb
Jan
June 224
June 10934
June 1634
Juno 60
June 60
June 29
''-4
June
2%
June
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Anr
34
5
Range Since Jan. 1.
5
5
9834 112
95 797
14
14
18
13
15
15
21
21
34
54
1 i.e
11%
2,200
1,150
700
1,440
300
100
400
700
90
95
II
13
14
21
%
1 L:
r may
bales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Amer Brown Boyer' Elec
•
Founders' shares
Amer Capital Corp corn B.
*
$5.50 prior prof
American Corporation _ __•
Amer Cyanamid corn B-..•
Amer Dept Stores Corp__•
American Equities corn_ ..•
Amer Pounders Corp... 1
Amer Hardware Corp-25
Amer Investors ol ti corn •
Amer Laundry Mach_ -20
*
Amer Maize Prod
100
A mer Mfg com
*
Amer Meter Co
American Thread pref___5
Amer Transformer corn_ *
•
Am Util & Gen el By to..
American Yvette Co nom •
134
x434
8%
2
4
234
2
2%
834
154
6434
z4%
7%
134
3%
2%
3691
5
26
28
24
40
3
5
2
231
6%
134
65
5
834
2
434
3
36%
534
274
28
24
40
3
5
234
3
200
300
200
2,300
9,500
2,600
5,800
1,400
10
9,500
100
100
50
25
100
50
5,200
1,400
Range Since Jan. 1.
High.
Low.
234 Apr
1% May
so% Feb
344
63.1
13$
334
2%
35
44$
26
20
2214
37
3
334
13*
1
June
Apr
Ma,
May
May
May
Jut
May
June
Jan
May
June
May
May
is'
734
6
65/4
534
1231
3
7%
54
52
134
45
30
28
51
334
7
June
Feb
Mar
June
Feb
Apr
Feb
Max
Feb
Fell
Jan
Jan
Jan
Fe!.
Mai
Fell
5
API
is
Jar
JUNE 20 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Anchor P1194 Fence com--•
Anglo-Chilean Nitrate- •
Arcturua Radio Tube•
Art Metal Works com_
•
Assoc Elio Industries
Amer den rots ord sha_il
Associated Laund corn__ •
Aascelated Rayon com
•
Atl Fruit & Sugar com_ •
Atlas Plywood Corp
•
Atlas Utilities Corp corn
Warrants.
Automatic Voting Mach. •
Con, prior panic stock •
Aviation Securities Corp_•
3
6
5
4
3
7
5
4
49.'
3
444
100
8001
3001
1001
8%
Bahia Corp eom
.
•
Bellance Aircraft v'' c_ •
Beneficial Indus Loan
• 134(
Bickford's Inc corn
•
nieeiow Sanford Carpet. •
Blauner's corn
•
Blue Ridge Corp com
•
334
Opt 6% °env prat
50 31%
Bourjels, Inc
511
Bowm-Bilt Hotels 1st p1100
Brill Corp class A
43-4
•
Class B
•
British Amer Tobacco
Am deo rcts ord
British Celanese Ltd
Amer dep refs ord reg.- -----Bruce (E L) Co
•
Bulova Watch pref
•
Burn Inc
e% pref with warr
50
Burma Corp
Am dep rots reg. ohs-- -----Butler Bros
Low.
High.
3 June
534 June
434 Jan
4
June
54
15
10
831
Feb
Mar
Apr
Feb
1,2001
6001
200
1,100
1,2001
2,3001
300
100
800
100
434
'ii
34
he
6
814
134
234
8
104
May
June
Jzto
June
June
Jan
May
June
May
Jan
534
1
4
36
144
854
23.4
84
16
164
Mar
Jan
Feb
Jan
Mar
mar
Mar
Feb
Feb
Mar
200
100
900
400
25
100
1,400
2,100
200
10
700
200
1
234
13%
15
204
2034
3
27
414
434
3
34
May
Apr
June
June
May
JUne
June
June
Feb
June
Jan
June
334
44
19
184
Si
26
634
386%
104
434
6
134
Jan
Mar
Mar
Feb
Jan
Feb
Feb
mar
Mar
June
Feb
Mar
17% 1744
100
June
244
Jan
134
134
2434 26
194 20
500
300
300
1634
34
236%
1834
may
June
June
13-4 Feb
28
June
31
Feb
10
3431
.
14
834
5
Range Since Jan. 1.
24 24
el
lie
734 814
474 5
194 134
3%
84 936
1234 12%
134
234
13%
154
214
2044
34
30%
534
444
44
44
14
234
14
154
21%
2036
31%
514
434
Jan
4034 Mar
300
100
154 June
334 June
24 Mar
7
Jan
Cable Radio Tube v t
134
131
1,30
Carman & Co cony A_ *
300
1234 1334
Celanese Corp. prior p1.100 734 704 734
150
Store', [level er.m..•
Chain
154 2,300
1
1
Chatham & Phenix Allied..' 13 x13
1345 1,900
Cities Service common _• 10% 10% 1134 66,800
Preferred
800
• 624 62% 6244
Preferred B
200
544
534
City Machine & Tool_
700
x13% 13% 139.4
Claude Neon Lights com_l
314 4% 1,100
16,700
Colombia Syndicate
34
334
Comet Aircraft com_ _ -_•
34
200
Consol Automatic
Merchandising corn v t e•
300
ale
Coneol Dairy Prod corn .•
500
73-4 74
Contin'l Roll & Steel Fdy • 1334 13
1,100
20
Conte Sharesionv prat 100
2731 2031
875
Preferred ear B
-100
29
29
175
Cooper-Bessemer Corp
with warr__100
$3 pref A
20
20
100
Copeland Products
Class A new w
8
8
10
300
Cord Corp
741 87-4 13,500
73.4
Corroon & Reynolds corn.'
34 36%
100
•
365preferred A
35
364
300
Crocker Wheeler com____•
9
9
9
50
Crown Cork Internet A •
3% 4
200
Cuban Cane Prod war_
44
44 8,70
44
Ounce Press common_
•
30
30
10
Curtiss-Wright Corp warr_
700
41
%
34 Jan
1234 June
684 Jan
Jan
13 June
94 May
6134 June
534 May
74 Apr
34 June
34 May
234 Apr
274
15
80
44
17
2034
8454
734
15
1094
34
1034
lie
34
13
204
21
Mar
Feb
June
Apr
May
e4( Jan
034 May
2134 June
5434 Jan
51
Jan
18
June
364
Jan
June 13
54 Jai, 15
24 May
64
35 June 5114
7
Jan
1434
31s June
834
34 Feb
%
2794 Feb354
tl
Si June
May
Apr
Mar
Jan
sr
Mar
Jan
Mar
mar
Davenport IIos Inc com •
Dayton Airplane Eng corn'
Deere & Co common
•
Be Forest Radio com
•
Detroit Aircraft Corp.....•
Dinkier hotels
Class A with warr
Douglas Aircraft Inc
•
Dow Chemical common...*
Draper Corp
•
Dresser IS R)Mfg Cool A•
Class B
•
Driver-Harris Co corn.
.10
Dubiller Condenser CorP-•
Durant Motors Inc
•
1274
44
20
14
134
Jan
May
June
Jar,
June
1734
234
444
894
34
Apr
Jar
Fat
Mar
Feb
7
1234
31
34
27
18
1644
234
IA
June
Jan
June
June
May
June
June
June
Jan
8
2334
51
4634
394
2734
4134
44
34
Mar
Mat
Jan
Apr
let
Mar
Fer
May
Mar
2
May
7
Jan
1834
z3
11
94
9
20
34
%
22
Jan
May
June
June
Jab
June
May
mar
Jan
42
694
2234
2234
18
314
234
34
25
Juno
Mar
jet
Vol,
Mar
Jan
Ma.
Jan
Jan
34
40
30
134
30 2034
500
5
2
600
10
144
100
734
10
10
100
334
100
6
100
14
May
Jar,
Slay
Jan
June
June
June
June
Jan
June
Jan
14
5
42
11 34
44
5
1034
11
8
12
3
Jan
Mai
Jan
Feb
Mar
Feb
Jan
May
Mar
Mar
Jan
io
38
134
434
38
444
,
Eastern Util Invest corn A•
Educational Pictures
8% pref with warr_ _100
Elder Electric common_ _•
Eleo Power Assoc, awn_•
Class A
•
Bloc Shareholdings cum- •
Emerson's Bromo Seitz B.
Empire Corp corn
•
Warrants
Employers Reinsurance.10
10
Fageol Motors corn
Fairchild Aviation cam_ •
ISO
FaJardo Sugar Co
Fansteel Product
Federal Bake Shope
•
Federated Capital Gem_ _5
Federated Metals
•
Finance Co of Am Bait A"
Fischman (I) & Sons A_ •
•
Flintkote Co corn A
Flotis-Fisher corn
•
Ford Motor Co LtdAmer dep rots ord reg-iFord Motor of Can cl A __•
Class B
•
Ford Motor of France
American deposit rote
Foremost Fabrics corn_ __•
Foundation Co
Foreign shares el A_
*
Fox Theatres clam A nom_•
Franklin (R H) Mfg corn •
16
16
100
34
A 2,300
36
24
22334 244 3,400
4
56% 11,600
43-4
135
1% 144 3,100
4045
3
14
24
37
3.4
1234
11%
20
3%
27
444
10
104
164
24
3014
314
12
1144
134
20
134
41
23
7
1734
4044
34
30
18
19%
3
14
100
400
400
100
200
100
500
600
3,800
2%
200
42
4%
13
12
14
20
134
44
23
550
4,800
800
1,200
200
10
1,50
1,500
100
41
41
3
34
25
27
47-1 5
2
24
134
134
84 8%
10
10
4% 44
64 03-4
2
2
104 1134 12,300
154 16% 2,100
264 2734
17
104 .iunc
1434 May
2254 Jun
194 Jan
2934 May
62% Feb
3
73.'
7
36
300
3,800
634 June
4 June
1034 Mar
64 Mar
34
214
3
34
33.4
3
200
3,000
100
234 Jan
24 May
3
May
5
Feb
4114 Jae
734 Feb
14
1
534 6
5
534
----
Garlock Pack corn
•
General Alloys Co
•
General A41841013Corp___•
General Rice Co Ltd
Am dep rets for ord regel
General Elec (Germany)
Am dep rcts for reg____
•
General Empire Corp_ __.
•
General Rayon A
Gen Theatre Equip prat__
Gleaner Combine llarv_ •
•
Glen Alden Coal
Globe Underwrit Exch. •
Gold man-Bache Trading--•
Gold Seal Electrical Co...'
Gorham I no
$3 pref with warr
Gorham Mfg COM Vt C___*
Gotham Knitbac Mach_ -•
7
17%
40
34
30
18
19
2%
1%
Apr
Mar
Mar
Mar
Feb
Feb
Feb
Mar
May
Feb
Jan
Jan
300
900
500
1334 May
6 June
June
184 Mar
1034 Feb
12
Mar
84
--1634
84
53.4
184
16
2
834
1
34
7%
544
44
834
1,400
854 May
184
100
163-4 2,000
2
100
1344 39,700
1
500
344
300
500
834
53( 8,200
2,500
1834 June
1454 Jan
2 June
534 June
1
Feb
29 June
7
Jan
44 June
% May
184
18
3
8134
514
60
9
1134
134
15
June
15 June
Si Apr
2331 Jan
23
Feb
34 Jan
1614 16%
15
15%
44
41
100
200
100
1114 Feb
June
Mar
June
Feb
Jan
Jan
Apr
Ma"
Feb
4569
Sales I
Friday
Last Week's Rangel for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High .Shares
Gramophone Co Ltd
Am dep rets for ord reg
Gray Telep Pay Station_ •
Ut Ati & Pee Tea
Non vot mem stock_
•
7w1 first Preferred. _100
Gt Lakes Dredge & Dock."
..worelry Stores Prod v 0...
Hall (C M) Lamp
•
Happiness Candy Ste sem •
Hires (Chs E) Co corn A..•
Horn & Harden corn_
*
Houdaille-Hershey pf A- •
Hygrade Food prod corn.*
Industrial Finance v t c_10
Insull utility Investment_•
Insur
of North Amer_10
Insurance Securities. _ _ _10
Internet Cigar Niach corn..
Internet Safety Raz el B_*
Interstate Eaulties nom. •
Interstate Hosiery Mills- •
Irving Air Chute
Klein (D Emil) Co cora. •
Holster Brandea Am shs El
Lackawanna Securities- •
Lakey Fdy Mach corn_ *
•
Lefcourt Realty oom
Preferred
•
Lenten Coal & Nay
•
Lerner Stores Corp cora_ •
1.1t,by McNeil & Libor -10
Lily-Tulip Cup corn
,,,oestana Land & Explor_•
Ludlow Mfg Associates- •
MacMarr Stores Inc
•
Manning Bowm & Co A..'
Mapes Consol Mfg
•
Mavis Bottling class A„..5
May Radio & Television.
McCord Red & Mfg B •
*read Johnsen & Co corn.'
Mercantile Stores corn...'
•
Mesabi Iron Co
Metal de Mining She corn.'
Met. Chlin Stores
•
Met 5-50c Stores corn B.--•
Midland Royalty pref._
Midland United Co pf A _ _•
MtIlhettp0118 Honeywell
Resoilator pref
100
Miss River Fuel warr
7
744
604 64
188 188
11944 1194
19
19
4
4
4
4
4
13,1
13-4
314 314
37
37
37
15
1534
34 444
43-'
25
6
41
104
1
634
2034
7
234
14%
86
23
234
534
Range Since Jan. 1.
Low.
1
6
56
600
150
June
June
High.
1434 Mar
734 Feb
201 1674 Jan 260
ADC
Feb 12234 Mar
40 117
100 19
June 2734 Feb
500
3
Ian
634 Mar
4 June
200
844 Star
1,000
4 Jan
2
May
100 2534 Mar 3231 June
100 354 Jan 4334 Mar
200 12
Jan
18
Mar
2,800
244 June
GA Apr
54 5%
25 z2634
5036 51
534 6
41
42
934 94
2
2
5
5
104 xlO34
134 134
14
1
1,100
1,700
900
700
300
200
100
100
700
100
1,200
30
24
634
204
20
2034
10
203,4
2,800
100
500
100,
2,400
100
700
200
100
30
June 37
29
Jan
2
Ma
34 Jan
66% June 1234 Mar
193.4 Apr 2531 Mar
194 June 2734 Feb
20 Slay 3644 Mar
1444 mar
Jan
10
1834 Jan z2494 Feb
SSJune
2
Jan
102
Mar 120
Feb
74
2
5
39%
3
1454
7
89
23
7.4
1
254
%
1094
37
500
100
100
3,700
4,200
100
500
600
400
300
400
100
200
100
4% June 1114 Feb
2 May
33,4 Jan
3234 Jan 41
Apr
144 June
54 Apr
8% May 1434 June
Apr
7
834 Jan
June 15354 Mar
76
20
Jan 30
Jan
SIJune
14 Mar
A Jan
274 Apr
134 June
434 Feb
44 Apr
4 May
8
June 144 Jan
37
June 42
Feb
844 8534
84 54
70
100
3454
234
634
2034
21
204
1044
2034
e
1024 104
7
2
3954
24
12
7
86
23
74
1
29.4
94
8
37
5
May
June
22
Juno
45
534 May
35 June
934 Juno
134 June
43.lJuno
734 Jan
123.4 Feb
44 Jan
82
4
Feb
May
11
4914
6334
914
48
1394
44
7
11
14
154
Jan
Feb
Mar
Feb
Mar
Feb
Apr
Jan
May
Apr
Apr
Mar
91
1031 Feb
Motor Finance Corp
Nat American Co Inc.....'
•
Nat Aviation Corti
National Baneservice_ -•
at Bond at Share Corp..'
Nat Container 52 pref_
•
Nat Family Stores corn..'
Nat Investors oom
•
National Leather corn-10
Nat Screen Service
Nat Service Cos corn....'
Nat Short Term See A_-..
Nat Steel Corp warr
Nat Sugar Refg
•
National Tile Co corn. •
Nat Union Radio 0003--.•
Neisner Bros pref
100
Nelson (Berman) Corp......5
New Mexico & Ads Land 1
N It Auction common__ *
Niagara Share of Md_ _10
Nortion Corp Ltd eom__ _5
Nor Amer Aviation warr A
No & So Amer Corp cl A_•
Northwest Engineering__*
Northwestern Yeast_ _ _100
Novadel-AgeneCorpcom_•
1244 1244
234
234
54 514
24 24
2931 2834 295-4
1244 123-4
34 34
34
4
414
34
34
20
20
14 134
193( 194 1954
5
836
30
30
30
434 4%
2
2
584 63
60
8
8
134 134
3
344
636 616
%
1
1
1
64 63;
8
8
122 125
43
43
Ohio Brass class B
•
Overseas Securities
•
tPau American Airways_'
P clunount Cap Mfg com..•
Parke Davis & Co
P wCo....'
ker Rust
-Proof Co
*
Patterson Sargent Co com•
Perinroad Coro corn v t e •
Pepperell Mfg
100
Perryineth Elec Co cram...•
P4oenix Seem. Corp corn.'
Preferred A
•
Philip Morris Consol com..•
Class A
25
Plot Radlo & Tube el A. •
Pitney Bowes Postage
Meter Co
•
Pittsburgh Plate Glass__25
Prarrnei Mfg core
•
Povvdrell & Alexander_ _ -*
Prudence Co., pref.._ _100
Prudeatia Investors corn.'
26 preferred
•
Public Utility Holding Corp
(Sum without warrants'
•
13 cum pref
Warrants
35
2
23
3
26
9014
234
534
6034
14
19.4
2431
34
134
8
39
2
24
3
27
944
234
53.4
6034
2
134
2434
1
15
104
150
100
1,500
300
700
1,250
100
7,800
10
2,300
1,200
1,000
3,800
600
6,100
35 June 70
2 June
6
174 Jan 304
234 Apr
5
26
May 3034
81
Mar 10934
23
May 284
414 June
844
6034 June 79
1
4
Jan
14 June
2
2234 June 26
4 Jan
1
10
Jan 15
34 Jan 2334
Feb
Feb
Apr
Feb •
Jan
Mar
star
Feb
Apr
Apr
Feb
Ayr
Mar
June
Apr
531
30
24
3134
70
04
88
534
31
274
3144
70
10
89
200
200
400
100
25
1,100
50
5
294
134
2431
65
834
80
Mar
Jan
Mar
June
Feb
Mar
Apr
34 434
28
28
%
36
1,800
200
4,800
34 June
27
June
% May
25
004
54
13-4
134
214
1434
2%
70
34
28
34
200 1241
100
234
100
44
2
600
SOO 2694
100 1234
1,700
3
1,200
334
200
.4
100 1934
700
14
4,100 154
200
5
400 27
100
434
200
134
600 5834
100
8
500
134
400
3
534
100
1,100
34
1,000
34
100
6
100
7
70 115
100 36
June 1234 June
May
444 Jan
Jan 10
Mar
Jan
34 Jan
June 8954 Mar
June 17
Mar
June
56
4 Jan
June
74 Feb
June
1
Feb
June 24
Feb
June
34 Mar
Jan 194 June
Jan 13
Feb
May 3454 Mar
May
54 Apr
Apr
534 Feb
Apr SO
Feb
June 17
Mar
June
Feb
Jan
44 Feb
may 1134 Mar
FebMar
Jan
234 Mar
Jtine 113.4 Feb
Jun
184 Mar
June 150
Apr
June 5154 Feb
June
June
Jan
Feb
Slay
San
May
10
4244
644
3134
914
14
91
734 Feb
364 Feb
LA Jan
Quaker Oats, pref
100 11631 11634 11654
10 1154 Mar 120
14 14
Radio Products common.*
144
100
1
May
274
Railroad Shares coin
354 34
•
234 June
300
4%
134
Rainbow Lumb Prod A..- *
100
134
May
1
4
•
Class 13
200
A May
2
RY & Util Invest corn A_10
100
24 May
234 234
53.1
54 53.4
100
Reliable Stores common_."
594 June
93.4
24 334
254
Reliance Internet corn A.•
300
2% Jan
6
•
Common B
A Alay
100
54
41
34
134
Republic Gas (formerly
8
874 17,300
•
Saxet Co)
634 Jan 133-4
10
HeYbarn Co Inc
14 Apr
134 174 1,300
194
5
2234 23
200 22
Jan 26
Itike-Kumler Co cora.---•
200 104 June 104
Rogers Majestic Corp
1034 1036
3
334 2,500
Roasia InternatioL41
•
54
254 Jan
Apr
Feb
June
June
Feb
.10 113.4 114 z123.4 .5,700
St Regis Paper Co corn.
-S oe abov e
--Name changed to Rep ublic Gas
Suet Co
18
18
200
Schiff Co common
•
10
10
200
Schoeneman (J) Inc corn'
2
100
2
2
Schulte Real Estate
54
300
94
Schulte-United 5c to $1 St•
354 3
400
Seaboard Util Shares- •
64 7
67-4
Segal Lock & Hardware..'
7,800
g
500
96%
Selberling Rubber com-•
Selby Shoe common
100
• 14% 1474 1474
24
254 23.4
1,70
Selected Industries corn...'
•
z42 x4334
6534 prior stock
600
z4334 z44
Alrat ea+ full nd unstad.
200
Mar
June
Jan
Jan
Feb
Mar
May
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Feb
1034 June
2134 Mar
174
10
2
34
834
4
414
10
24
40
4234
194
10
34
1
544
714
10
16
44
70
7114
May
June
June
Jan
Jan
Jan
Jan
May
Jan
June
June
4570
Selfridge Provincial Stores
Am dep rcts ord she_ _.£1
1
1
1
Sentry Safety Control_
•
1
1
•
Sheaffer(W A)Pen
33
33
Shenandoah Corp com__ •
4% 5
4%
fin 30
6% cony pref
3014
30
Sherwin-Wms Co pf A A100 105
105 106
Signature Hosiery v t c___*
31
34
%
Silica Gel Coro corn v t c•
5% 5%
Singer Manufacturing_100 239% 239% 240
Sista Financial Corp
8% 854
Smith (A 0) Corp com
• 123
121 123
Stern Cosmetics corn
4
4
4
Southern Corp corn
•
2%
Southern Dairy Prod
7% pref with warr__100
8
8
Spanish & General Corp
Am dep rcts for ord reg.
14
14
Spiegel May Stern pref_100
16
18
Standard Cap de Seal
26
26
Standard Dredging pref __•
5
.5
Stand Motor Corlett
•
31
35
Starrett Corp
15% 1631
6% pref with privilege 50 1571
Strauss (Nathan) corn- •
334 331
Strauss-Roth Stores corn.'
34
,
2
3
12
12
Stromberg-Carison Tel_ --• 12
Stutz motor Car Co.
19
2134
•
SwIft &Co
25 2534 25% 2634
Swift international__ _15
31% 33
Syracuse Wash Mach B- •
4
431
1,000
300
100
800
1,200
30
1,400
100
60
100
50
100
100
10
Range Since Jan. 1.
Low.
1
1
z31
3%
all
105
31
4%
230
8%
111
4
2%
High.
June
2% Jan
3% Feb
Am
June 42
Jan
Jan
8% Mar
Jan
36
Feb
Apr 108
Apr
June
1% Feb
May
10% Feb
May 342
Jan
June 11% Mar
June 192
Mar
Jan 11% Mar
May
434 Feb
734 May
17
Feb
100
500
100
200
200
%
13
26
5
%
June
Jan
June
June
May
%
37
31%
5
1
Feb
Mar
Mar
June
300
100
500
100
900
1,400
500
200
10
3%
34
12
184
24%
29%
4
June
June
June
June
Jan
June
June
Jan
2534
10
6
18%
28
30%
40%
8
Feb
Mar
Jan
Jan
Mac
JarApr
Mar
100
600
2,100
100
200
900
4%
3%
2%
31
44
3%
June
June
Jan
June
June
Jan
18% Mar
14% Mar
331 Feb
Jan
50
Feb
8% May
3,200
800
4,400
5% June
231 Jan
3 June
13% Mar
635 Mar
29% Mar
100
200
100
3% Jan
7% Jan
June
26
File16
12
Feb
2631 Feb
$134
173%
%
4
10
4%
1
1%
534
1%
59
4%
4
1
31
2
12
2
431
67%
5
14%
29% Feb
22
Mar
34 Mar
Feb
28% Mar
iii ;11 Mar
274 Feb
2
Jan
6% Jan
27 Feb
4
65% Mar
Mar
10
Mar
331 Feb
60
Feb
6% Jar
20
Feb
7
Mar
931 Feb
78
Apr
931 Mar
19% Feb
Jab
Taggart Corp corn
•
Technicolor Inc coin
•
5%
Thatcher Securities Corp_l
2%
Tobacco Prod Exports...*
Todd Shipyards
44
Transcont Air Transp_
•
Trans Lux Piet Screen-.
Common
•
Tr-Continental Corp warn
331
Tr! Utilities Corp corn_ _ _*
4:1
Tabise Chatilion CorP.CommonB v to
•
'
Tone Sol Lamp Wks corn
$3 cum cony pref
634
5%
2%
UngerkdOer Flame,Cori)
• 27%
Union Amer Invest corn •
•
Union Tobacco tom
United-Carr Fastener471
United Chem $3 Pre- •
United Founders corn
5%
United Milk Prod corn_ _ _*
134
United Profit Sher coin_ *
United Retail Chem of....
6%
United Stores Corp v t c__*
U f3 Dairy Prod class A_-• --60
U S Finishing corn
•
U S Foil clan B
U S & Internat See cam...
1
First prof with warrants* 3331
•
II 8 Linea pref
U S Overseas corn w w. •
U S Stores common
2
Utility Equities common_*
Priority stock
71;1
Utility & Indus Corp com_•
5%
•
Preferred.
2731
18
%
4
17:1
531
131
1%
634
I%
60
5%
6
1
3334
2
18%
2
4%
70%
5
1531
4.%
19%
5:1
1%
1%
6%
1%
60
5:1
5%
1%
33%
2%
18
235
431
72
5%
15%
1,000
100
8,400
500
700
12,500
400
100
100
600
300
1,200
200
300
500
1,300
400
200
300
550
900
700
Van Camp Pack corn_
•
Vick Financial Coro-___10
•
Vogt Mfg
Walgreen Co corn
•
Warrants
Walker(Hlram)Gooderham
•
& Wortscommon
Western Auto Supply A..*
Winter (Ben)) Inc corn. *
4% 53-4
5% 534
831 814
16% 1634
431 431
700
700
100
100
100
231 Jan
Jar
5
831 June
15% June
3% Jan
711
7
12%
2935
10
5
5:1
17% 1731
%
%
1,600
100
200
434 May
Jan
17
A June
844 Pee
24% Feb
Jan
10,100
3,900
9% June
4:4 June
9% June
5 June
Rights
Woolworth (F W) Ltd
Amer dep rats
Amer dep rcts
Public Utilities
*
Alabama Pow $7 pref_
Allegheny Gas Corp corn.'
Amer Cities Pow & L cl A.'
•
Class B
Am Com'w'Ith Pow coca A•
Common class B
Amer & Foreign Pow warr_
Amer Gas & Elea corn....'
•
Preferred
25
Amer L & Tr cam
Amer Natural Gas Com- •
Am Superpower Corp cora•
•
First preferred
•
$6 preferred
Appalachian Gas corn.._ •
Warrants
Arkansas P & L $7 pref_ *
Assoc Gas & Elec row_
•
Allotment certificates-- Class A
•
55 preferred
•
-bear allot ctfs
$8 lot
.
Warrants..
Assoc Tel Utilities cora
*
833
4%
5%
974
5
731
11%
13%
5734
35%
10%
434
23%
17
7934
85%
23%
Bell Tel of Pa 634% pf_100
Birmingham Elea $7 pt. •
Brarllian Tr Lt dt Pr ord.• 14%
Buff Niag dc East Pr Of _AZ 2614
Cable & Wireless Ltd
Am dcp rcts 11 ore! ohs .£1
Central Pub Serv ci A.__• 11%
Cent Souwest Util corn...'
Cent States Elee com____•
7%
6% prof without warn 100 59%
Cony pf opt ear 1929..100
Warrants
3%
Cities Serv P L $6 Pf---* 7031
Cleveland Else Iii com___• 40
Com'vrIth Edison Co__10t. 197
Com'wealth & Sou CorpWarrants
Community Water Serv.' 10%
Cone')G El & P Balt corn • 8431
100
Frei elms A
Consol Gas Util B v t
834
6
2%
44
44
5% 631
5%
3%
431
4
7
531 5%
731
771
26
26
9%
4%.
28
18
9%
5
Jan
Jan
June
Jan
Jan
June
May
Mar
Jan
June
May
May
June
June
Jar
June
Jan
June
June
June
May
Jan
Mar
Jan
Feb
Mar
Mar
June 1154 Mar
114% 114%
50 112
131 Jun<
34 Feb
1% 1%
400
200 31% June 38% Feb
31% 31%
5% Jab
10
Feb'
6% 731 2,200
1131 12
7,300 10% June 17
Mar
Apr 29% Jan
19% 2231
1,900 17
1535 8,900 11
June 3134 Feb
13
56% 59% 8,500 4831 June 86% Feb
300 1024 Jan 110% Max
10871 108%
500 3431 June 544 Feb
35% 36%
June
900
2
235
1
5% Mar
84 June 19% Mar
10% 1131 30,100
91
600 81 34 May 99
89
Mar
100 82% Jan 89% May
82% 82%
4 May
4
434 11,000
8% Feb
34 May
% 2,900
3.4 May
34
20 104
Feb 109% May
109 109
Jan 30
200 15
15% 15%
Feb
Feb 24% May
20
23% 1.900 19
16% 17% 9,100 15:1 June 23% Mar
130 64% AID( 89% Apr
80
75
550 67% Jan
91% Feb
79% 8531
1
1,700
Jar
lie June
%
34
Jan 2534 Mar
23% 23%
200 22
117:1
109
14%
2631
117:1
109
16
2631
Jan 12034 Mar
50 115
June 109
June
150 109
2,400 12% June 28% Mar
300 25%Jail 27
Mar
14
11%
15
7%
50%
60
331
7031
40
197
34
12
15
77
4
60
60
3%
71
4031
198
St
100
5,300 11%
200 14%
5,700
6%
700 54
100 50
200
3%
100 70
300 40
50 190%
May
June 19%
June 24%
June 1234
Feb 6834
Jan 65
June 19%
June 82
June 523.4
June 256%
Feb
Apr
Feb
Mar
Feb
Feb
Mar
Apr
Mar
Feb
2%
5,500
131 June
Jan
12%
4,800
June 101
400 77
25 105% June 10531
8
4% May
200
Mar
Apr
Feb
June
Mar
100 9934 9934 102
Duke Power Co
100 96% June 146
Duquesne Gas common__'
1% 1% 7,300
131 June
•
East States Pow corn B...
944
931 10% 2,600
8% June 24
Eastern Util Assoc corn..' 31% 30% 31%
1,000 29% June 35%
•
Convertible stock
614 634
2,000
5 June
831
Elea Bond & Sh Co com • 3431 33% 36% 122,300 31% June 61
• 10431 104% 104%
$6 preferred
800 101% June 108%
•
91% 9135
$5 rum pref
300 89% Jai, 97
1634 16:1 1831
2,000 1431 June 37%
Elec Pow dc Light warr_-__
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Feb
[Vol,. 132.
FINANCIAL CHRONICLE
Bates
Prldas
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
1% 1:1
9% 10%
84% 85%
105% 105%
531 631
dales
Friday
Last Week's Range for
Public Utilities
Sate
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Range Since Jan. l.
Low.
High.
Emp Gas& Fue17% pf _100
8% preferred
100
Empire Pow panic stock.*
Empire Pub Serv corn A •
European Eiec Corp warr_ _
Florida P & L 17 corn pre
Gen Gas & Else $6 pre! •
Georgia Power $6 prof_
*
ilamliton Gas Co coin v to
53
53
66% 6674 66%
30% 31
134 1%
13-1
1% 1%
100 100
5414 56%
9614 96%
334
331 3%
50
50
300
800
1,000
300
500
300
2,200
60% June 7974
66% June 89%
30% June 52%
34 May
7%
4
1% Jan
Apr 104
99
5054 Jan 78
95% June 100%
6
3% June
Apr
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Apr
Illinois P & L $6 Ore!
•
100
6% preferred
Int Hydro-Elec $3.50 pfd_.
Internet Superpower
•
Internet Util Cl A
•
Class B
•
Partic pre(
Interstate Power $7 pref__*
Italian Superpower corn A
Warrants
88%
88%
41
20%
31:4
6%
88
6834
314
134
100
25
25
700
800
3,100
400
20
800
300
86%
88%
41
20
31%
531
88
6831
2%
%
Jan 94%
June e95
Jan 45
Apr 33%
June 45
Jan 10%
June 99
June 88
Jan
10%
Jan
334
Apr
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Long Island Leg from__ --•
7% preferred
100
6% prof series B
100
Marconi Wire!Tot Can__.1
Mass UM Ass° corn v t 0.•
Memphis Natural Gas_ _.•
'diddle West UM eom _
•
WM-West States Util al A •
Class A warr_
Class B warrants
Mohawk dr Bud Pr let of •
Mountain Sts Tel &Te1100
2031
3331
334
1%
30
93
6811
3%
1%
200 29% Apr
30
n111
35 106% Jan
105
25 100Y, Jan
1% Jan
2%
15,800
3% Jan
4%
500
8%
100
8)4 May
17
5,400 1431 June
2234 4,300 14% June
% June
100
%
1% 1%
1% June
100
106% 106%
150 100% Jan
144 145
20 144 June
30
10931
105
2%
4
8%
16
18%
2%
814
16%
2231
Nat Pow dc Lt $6 pref. •
Nat Pub Bert corn el A...' 17
100
7% preferred
New Engl Pow 6% pf__100
New England Pub Serv$6 prior lien
New Engl Tel & TeL _100 130
NY Pow & Lt 7% pref _100
N Y TeleD % %
pref--100 x115
Niagara Hud Pow com.._10 1031
1%
Class A opt warrants-.
Clam B opt warrants_
Class C warrants
North Am Lt & Pow $6 pf•
Nor Ind Pub Serv(1% pf 100
won States P Corp cam_100
6% preferred
100
88%
88%
41
20%
33%
98%
17
79
78%
99
1734
79
78%
11
9%
---634
2%
20
4
---
Other 011 Stocks
•
Amer Maracaibo Co
krk Nat Gas Corp corn- •
•
Claes A
10
Preferred
Carib Syndicate
Colon 011 Corp corn
Columb Oil& Gasol v t o_•
Creole Petroleum Corp__ •
Darby Petroleum cora__ •
Derby Oil dr Ref 0030--•
General Petroleum Corp _ _
Gulf Oil Coro of Penna__25
Indian Ter Ilium 011 Cl A •
Class 13
.6
Intercontinental Petrel..
Internarl Petroleum
Leonard 011 Develop-25
Lone Star Gas Corp
Magdalena Syndicate..._1
•
Margay 011 Coro
•
Mexico Ohio Oil Co
Michigan Gas & 011 Corp_•
mid-States Pet ol A Y10--•
•
ClaseB to
Mo-Kanaas Pipe Line coin 5
Class 8 vat in etre... _1
Mountain & Gulf 011 Co..!
.10
Mountain Prod Corp..
National Fuel Gas
5
New Bradford 011 Co
North European (MI Corp •
•
Pacific Western 011
•
Pandera 011 Corp
*
Pantepec 011 of Venez_
82
13
24%
17%
3731
44
331
6
131
234
2%
10
35
,
10
235
4%
34
3%
18
74
631
3,
Mar
Mar
May
Mar
Mar
Feb
Mar
Feb
Feb
Feb
Apr
Apr
Jan 10451 Apr
May 21% Mar
June 87% Mar
Feb
June 86
June
June
Jan
Jan
June
June
May
Jan
June
Jan
May
Feb
June
Mar
June
Mar
Mar
Mar
834 Mar
3% Mar
Apr
85
Ape
105
15231 Mat
Mat
101
78
141
114:1
118%
15%
1,800 25% May 29
MAY
200 18
May 2851 Feb
400 52% June 70% Mar
1,900
June 26% Feb
6
25 10634 June 106% June
Feb 28% Mar
100 26
Mar
350 90 June 100
May 18% Mar
500 14
Jan 93 June
10 86
300 25% Jan 29
May
400 24% Jan 2751 May
300 29 June 30% Feb
5,900
3 June
94 Apr
100 11831 Jan 122% June
6% Feb
1,400
231 June
30 4834 June 48% June
Mar
June 101
100 97
Mar
June 95
200 77
383%
9
731
'33
4%
71%
54
17%
84%
331
74
6%
20
8671
Feb
June 61
June 171.1 Jan
June 154 Mar
May
.111 Jan
June 11% Jan
Mar
June 94
May
434 Jan
June 3431 Feb
June 104% Mar
8% Feb
May
2% Mar
May
Apr 14% Feb
Apr 31% Mar
June 92% May
100 40
100 101
50 24
400 49%
2,800
9%
500 10
100
9%
100
7%
50 28
Jan 51
Mar
June 12931 Apr
Juno 31
Apr
June 72
Feb
May
13% Jan
June 18
Jan
June 2131 Feb
Mar 14% Jan
Feb 30
Feb
82
10%
13
2431
17%
41
3531
82
100 80
8
1034
13%
700 12%
24% 18,500 19%
1,900 15%
19
41
100 35
41% 28,600 x28
June 102% Jan
Apr 1531 Jan
June 33% Jan
June 38% Jan
May 23% Feb
June 6231 Jan
May 69% Feb
%
335
3%
6
44
1
2%
231
271
2%
16
4331
10%
10
3-1
10
34 5,200
3% 1,300
3% 7,700
6
400
134 2,200
1% 1,200
331
1,800
2% 2,100
2%
200
3
600
16% 1,000
47
1,500
10%
900
10
200
% 16,700
1031 5,500
39
1031
9%
in
631
75:1
231
20
8631
4
%
7%
20%
86%
Former Standard OH
Subsidiaries
45
50 45
Buckeye Pipe Line
116
Cheaebrough Mfg Conlon 25 116
28
100
Eureka Pipe Line
55
Bumble 011 & Refining_ _25 56
Imperial Oil (Can) coul)--• 11% 11%
11%
Registered
•
11:1
10
Indiana Pipe Line
8
10
New York Transit
28%
Northern Pipe Line__ 50
Ohio 0110% cum pref__100
25
Penn Met Fuel Co
26
South Penn Oil
Standard 011 (Indiana)_26
10
Standard 011(Ky)
Standard Oil(0) corn_ 25
25
Vacuum Oil
97
12%
79
7834
78
78
50 78
500 130
130 13331
25 109%
114% 114%
150 113%
2115 11634
15,600
1031 11
931
3,200
151
1% 2
431
1,100
4% 4%
1%
2
200
2
50 80
83% 83%
150 97
10331 104
300 114
115 116
80 95%
97% 9831
Pacific CI & E6% let pref 25 28:1 2834 28%
20
2131
Pacific Pub Serf class A--• 20
Pa Water & Power
55
•
55
Peoples Lt & Pow class A_•
7%
735 831
Philp Elec, $5 Prof
•
10631 106%
Rhode Isid Pub Serv $2 pf *
27% 2734
Rochester G & E pref__100 9134 90
91:1
.inekland Light & Pow._ ill
15% 1631
Sierra Pee Elea 6% pf _100 93
93
93
28
28
So Cal Edison 6% DI B 25 28
6 44% pre! class O.___25 z26% 2634 n27
2931 29%
25
7% bre: A
5
Southern Nat Gas com__•
37-6 6
12254 12231
frwest Bell Tel 7% pt.-100
So'west Gas Util corn__ _•
2%
2% 3%
Springfield G Lt (Mass).25
4834 4
834
97
97
Standard Pow 83 Lt pref. _*
77
77%
Swiss Amer Elec pref.....'
Tampa Electric common.'
union Nat Gas of Can....'
United Corp warrants
United El Serv our warn.
United Gas Corp com____•
•
Prof non-voting
Warrants
United Lt & Pow corn A-•
•
$6 cony 1st pre
U A Else Pow with warn..'
Stock purchase waxy....
Utll Power & Light corn..'
Class B vot tr otfs„ •
100
7% preferred
300
1,800
50
70
36%
112%
107
4
4%
1231
2534
25
231
3%
10731
14931
200
40
900
11
9% 2,700
4, 2,300
7:1 71,300
1,300
77
2% 1,600
9,900
2031
400
86%
4% 2,600
100
%
774 2,600
500
22%
50
86%
45
116
28
56
12%
11%
11%
8
2831
%
34
16
1631
34
4
4
235 2%
3
314
2% 2%
14
4% 4%
3
1634
%
%
3% 4
18
18%
34
34
34
it&
54
2,200
800
1,500
100
300
600
500
700
2,400
300
100
1,000
700
60(
3,000
2,20
3,200
700
31
3%
3
6%
34
Junc
June
June
May
Jan
June
2
June
2
May
2
May
2% May
13
June
38 June
10 June
9% June
31 May
8% June
1%
634
6%
7
2:1
334
731
331
5
6
30
76
1614
10%
%
14%
44
8%
14
2
214
%
3%
31
71
3%
16%
134 Mar
Jan
29
34 Apr
Jan
4% Mar
834 Jan
431 :an
134 Jan
Jai)
11
34 Jan
35 Jan
5% Jau
26% Feb
14 Jan
334 Mar
Feb
15
Apr
2
Feb
Apr
May
Jan
Jan
Jan
May
Jan
June
June
Jan
Feb
June
Jane
Junt
31 Jan
5 June
34 June
:1 June
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
1534 Jan
5
JUNE 20 1931.]
FINANCIAL CHRONICLE
6
"'may
Sates
Last Week's Range for
Other 011 Stocks
of Prices.
Sale
Week.
(Concluded)
Par. Price. Low. High. Shares.
Plymouth 011 Co
Producers Royalty Corp-0
Pure Oil Co6% pref___100
Reiter-Foster 011 Coro.--•
Ryan Consol Petroleum...
131
Mining Stocks
Swans M'Kubwa Copper
American shares
Carnegie Metals
10
Comstock Tun & Drain 10e
Consol Copper MInes----5
Consol Min dr Melt Ltd__ _
Cresson Consol G M & M
Cual Mexicans Mining_ _1
4%
4
134
---- 3.4
Engineers Gold Ltd-----6
Evans Wallower Lead cam*
Falcon Lead Mines
1
Golden Center Mines
_6
Hollinger Cons Gold
5
Hod Bay Min & Smelt__ •
Lake Shore Mines Ltd__ 1
Mining Corp of Can
5
Moss Gold Minas Ltd....1
3,4
34
Newmont Mining Corp-10
New Jeremy Zinc
25
Niplasing Mines
5
Ohio Cooper
1
Roan Antelope Copper
American shares
Shattuck Denn Mining •
South Amer Gold & Plat__1
Teak Hughes Gold Min_ _1
Ualteel Verde Extens'n_506
Walker Mining
1
6%
1
1531
34
131
May
June
June
June
June
19
414
8354
154
214
Feb
Jan
Jan
Ape
Feb
43‘ 434
4
434
1
1
7% 734
17
17
34
54
34
31
600
6,300
6200,
200
100
1,000
400
4
334
1
734
13%
34
34
June
May
June
May
May
May
May
7,1
73.8
g
12%
2411
134
114
Jan
Jan
Feb
Feb
Jan
Jan
May
Bond.
Alabama Power 4340_1967
1956
Ist colds
1966
let & ref 5e
Aluminum Cost deb 58'52
Aluminium Ltd 6E...1944
Amer Comgth Pr 6s...1940
Amer & Contin Corp 5a '43
Am El Pow Corp deb as '57
Amer 0 & El deb 5a...2028
Amer Gas & Power 54_1953
Debenture 68
1939
Amer Pow & Lt &___.2016
Amer Radiator deb 4%i'47
Amer Roll Mill deb 51.1948
434% notes_ _Nov 1933
Amer Seating 61
1936
Appalachian El Pr 58.1950
31
3,4
2
24
88
88
34 5-16
34
71
rie
34
3,4
34
4
634 7
334 334
2536 26
1% 134
34
31
2334 2731
35% 36%
34
34
73:
134
631
531
731
3%
131
631
531
1
8%
34
14
7
531
100
400
2,200
20
1
1.30
70
34
34
7-16
2
86
5-16
34
100
30
2,10
2,900
700
4,900
300
100
300
X Mar
44 May
11. Feb
34 June
63 Jan
6
934 June
Jan
25
14 Jan
54 May
114 Mat
311
34 Feb
Feb
831 Apr
634 Mar
2834 Apr
2% Mat
Apr
2,700
40
300
11,500
23% June
35
Apr
34 June
)4 Jun
68%
51
1%
34
Feb
Jan
May
Feb
600
74 June
100
Jan
500 15-16 Jan
6,000
691 Jae
551 June
700
1,0001
1
Jun
1834
6
231
9
194
2
Mar
Mar
May
Apt
Mar
Feb
99%
10454
10454
10551
101
83
81)
7034
100%
70
90
108
102)4
9744
9834
70
104%
i.e
May
May
Apr
Apr
Jan
June
Apr
Mar
May
Jan
Ats
Apr
Feb
Apr
Feb
May
0876 98% 99% 517000
103% 10334 6,000
104
140 1044 14,000
10434 10431 1044 49,000
9536 9536 9635 11,000
6834 6535 6834 60.000
79
80
18,000
60
61
8.000
9934 9934 9976 109,000
66
65
66
29,000
85
87% 13,000
10334 10234 103% 106,000
100
100 100
4,000
74
734 76
48.0
00
9331 9334 43,000
5934 594 60
2,000
10334 1034 10334 28.000
9634
10151
10134
10334
94
60
79
60
97
6234
84
10134
911
70
8914
55
9931
Appalachian Gas 66_1941 55
524 .56% 99,000 484
('one 'lob 13e per B _ 1945 45
4636 39.000 .434
.44
Appalachian Pow 6s.2024
106 106
1,000 101
Aftallead Pr & Lt fro_ _ 1960 100% 100% 100% 55,000 9934
Associated Elm 434s_ _1953 89% 89
894 82,000 8414
Associated Gas & Electric
1949 674 6434 69% 491,000 z63%
434s series C
Deb 4348 with warr_1948
75
75
1,000 z72
Without warrants
70
70
70
1,000 65
61
1950 75
704 7514 326,000 6831
lie
1968 75
7234 75% 510,000 684
Registered
73
72
2,000 72
1938 72
5145
$6336 73 142,000 z64
1977
6349
78% 79% 10.000 78
Assoc Rayon deb 58-196
52
533i 33,000 5034
Assoc Simmons Hardware
1933 30
28
30
634%
5,000 28
Assoc T & T deb 634. A '55
50,000 04
8734 89
Assoc Telephone Utll(la '33 100
100 100
9.000 100
&moo Telep (31i16345,,19
44 8434 80% 84% 61,000 .7634
Baldwin Loco Wks 534e '33 9934 99% 9934
Bates Valve Bag Corp
Os with warrants__.1942
107 107
Beacon Oil as with wart '36 9934 98
99%
Bell Tel of Canada 6E1967 1064 106% 1064
let M 513 series A___1955 106
106 n1074
let M Is arr C
1960
107 107
Birmingham Elm 436s 1968
96
0634
Birmingham Gas 1st 58 '59
09% 100
Dos & Albany impt 430'78
96
97
Boston Consol Gas 55_1947
10534 10534
Boston & Maine RR 65 '33
102% 102%
1961 95
43.45
9434 95%
Canada Nat RI 75.___1935
25-yr guar 4348
1956
Canada Nat SS 5s._ 1955
Capital Admit; deb 5s A '53
With warrants
Without warrants
Carolina Pr & Lt --.1956
CaterpillarTractor 56-1935
Cent Ariz Lt & Pr 53_1960
Cent Iii El & Gina 58-1951
Cant lll Pub Ser 58 0_196S
1st & ref 4118 tier F-1907
Cent Maine Pow 445E '57
1st & gen Es ser D.-1955
Cent Pow & L let be....1950
Cent Pub Serv 5345 1949
With warrants
Cent States Elea 5e_ -.1948
Deb 634e__Sept 16 1954
Cant. Staters P& 1.534.'53
Cent Vermont P S 58_1959
13,000
99
1,000
19,000
20.000
24,000
5,000
17,000
6,000
20,000
2,000
3,000
35,000
102
9654
10234
10314
10356
94
9511
96
103
10051
90%
10931 109 10934 19,000 106%
1003,' 10034 10131 45,000 9934
10734 10734 107% 6,000 103
1044
9834
99
954
101
9231
10034
93
June
154
June
2%
Feb
34
May
May 144
Jan
131
Jan
134
Feb
Jan
Jan
Jan
Jun
Jun
June
June
Jan
June
June
June
May
June
may
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
June 89
Feb
June 75
Feb
Feb 10634 May
Feb 102% May
Yap 94
Mar
Jan
Jan
AD
Jan
Apt
Jun
Apt
June
June
73
82
80
6034
8034
77
7634
96%
6034
Mar
Mar
May
Feu
Feb
Feb
i.e
Jan
Apr
June 57
Feb
Jan
110
Ja,May 100
May
June 92% Mat
June 102
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Jim
June
Mar
Mar
May
June
May
May
Mar
Feb
Jane
Jai,
Mar
110
99%
107
10754
10731
9734
100%
9934
10534
103
9931
Jan 111% May
Jan 10241 Ma,
Jan 10734 June
.87% .874 5,000 82
Jan 88
Apr
84
84
12,000 81
Feb 67
June
104 10434 38,000 101% Jan 105
May
98% 9931 110.000 9651 Feb 101% Feb
99 1004 8,000 99
Jun 101% May
95
9635 52,000 94)4 Ma
9634 May
101 10134 23,000 99)4 Apr 10234 May
9234 9334 65,000 91% Apr 9434 May
10031 1004 1,000 99
Apr 104% June
104% 104% 1,000 104% Jun 10436 June
9231 93% 43,000 9254 May 96)4 Mar
724 87134 7234 257,000 70%
5931 $5931 60 112,000 68
61
61
6234 73,000 58
6631 6434 67
15,000 262
104 104
1,000 103%
Chle Dist Elea Gen 445'70 9234
Deb 6348-. __Oct 1 1935
Chia Pneum Tool 54E1942 72
Ohio Rye 55 ctfs dep--1927
Cigar Storm Realty Hold
Deb 5%e serles A _1949 65
Cincinnati St Ry 5348 A '52 7934
1955 86
1st 6s series B
1966 63%
Cities Service ba
1950 6434
Cons deb 58
Cities Serv Gas 54s-1942 6631
Cities Barr Gas Pipe L 6s'43 80
Cities Sery P & L1551s 1952 7234
Cleve Elec III 1st 58_1939
1954
Gen 5s series A
1941 10534
Deb 7s
,
Cleveland RI 1st 50-1953
Commander-Larabee 6s '41 • •
Commers und Privat
1057 80%
Reek eG•
High.
600
2,200
30
1,000
1,500
34
,1
34
2
Low.
8
134
60
60
1
34
131 134
731
Salt Creek Producers_ --10
Southland Royalty Co--•
5
Sunray 011
Taxon 011 & Land Co.. •
Union 011 Associates
-25
Venesuela Petroleum......5
"Y"011 & Gas Co
•
Range Since Jan. 1.
9234
10134
6934
5834
924 72,000
102
15,000
72
10.000
5834 5,000
85
66%
7934 80
86
86
63% 64
64
6631
65% 66%
80
8034
72% 7334
10534 1053:
10531 1054
10534 105%
100 100
35
35
79
81
Mar 81
Jan 7134
June 77
June 8734
Juno 104
Mat
Mar
Mar
Mar
June
90
Feb 94% Mar
99
Jan e10254 Apr
6954 June 9534 Jan
58% June 73
Mar
4,000
11,00
8,000
30,000
1-189000
47,000
10,000
80,000
4,000
1,000
6,000
5,000
5,000
65 June
79 June
84
June
:5934 May
5731 May
634 May
78% June
71 June
10334 May
10431 Mar
1054 Jan
100 June
31% Apr
71.000
78'-' June
7731
9034
96%
76
824
83
89
84
10534
107
107
100%
43
Apr
Jan
Feb
Jan
Mar
Jan
Jan
Jan
June
Apr
Jan
May
Jan
8714 Mar
Bonds (Continued)
4571
Friday
Sales
Last Week's Range for
Sale
Of Prices.
Week.
Price. Low. High.
Oom'wealth-Edlsonlst &
June 1 1943
let mtge 69 June 1 1943
lit mtge 434s ser 0-1956
let u14348 ear D____1957
1st M 4 Ha ger E. _ 1960
Consol Gaa El Lt & P(Balt)
let & ref 534s ser E_1952
1st & ref 5s ser F....-1965
lot & ref 4X s ser 0_1969
1st & ref 434s ser H 1970
lat ref s I 4s
1981
Congo'Gas Utll Co
Deb 634e with warr_1943
1st & coil On ser A 1943
Consumers Power 414s 56
Conn 0 & El 51
1956
"ontInental 01154a-1957
Contln Securities 5s.._1942
with warrants
Crane Co 10-yr s f 58.-194
0
.1reelble Steel deb 5s__1940
Cuban Tahiti 734.....,.1941
Cumber'd Co P & L 4348'56
udittly Pack deb 634e 1937
Delaware El Pow 534s 1959
Del City Gas Os ser A.1941
let & series B
1950
Dixie Gulf Gas 634.
With warrants
1937
Duke Power 1st 43-4s-1967
umatmene Gas let 6s...1945
East Utilities Investing
Se with warr----- _1954
Edison El(Boston)58_1933
4% notes
_Nov 1 '32
Elea Power & Lt 66.-203b
El Paso Nat Gas 6341_1938
180 mtge 634.ser A-1943
Empire Dist Elec 5s.._1952
Empire 011 & Rafe 634543
Ereols Marelll El Mfg
With warrant.6364_1953
Erie Lighting let Is. _1957
European Elea 63411-19
60
Without warrants
Eur Mtge & Inv 78 0_1967
Fairbanks Morse Co 541942
Federal Sugar 6s
1933
Federal Water Sere 51.4554
Finland Residential Mtge
1961
Bank Os
Firestone Cot Mills68_1946
Firestone T & R 58_1942
Fisk Rubber 53.8.-1931
Florida Power & Lt 56_1954
Garlock Packing 6s....1939
ianneau Power let 65 1950
Deb gold 85 June 15 1941
Deb lis ser B__A&O 1941
Gen Bronze Corp 6s__1940
Gen Cigar 6s
1935
Gen Motors Accept CorP1932
5% aerial notes
5% serial notes
1933
5% serial notes
1935
Gen Pub Serv cons 5s.._ '53
Gen Pub Util cony 63_1931
uen Rayon 61
1946
General Refract 58 _1933
Gen Vending Corp (is
With warrants
1937
Gen Wat Wks 0 & F.
Cony deb ers set B....1944
Georgia Power ref 11e__1101
,
Georgia Power & Lt 53 1978
Genfuereal deb as__ --1953
With warrants
Without warrants
Gillette Safety Razor 58'40
1935
Glidden Co 548
Gobel Adolf) In° 6%5
With warrants
1935
Godchaux Sugars 7%e 1941
Grand(F&W)PropertiesCony deb 63__Dee 15 '48
Grand Trunk Ry 64E1933
:
Gt West Pow lst 68-1952
Green Mt Pow let 58_1948
Ground Gripper Shoe 68'44
Guardian Invert Corp 68 48
With warrants
Guantanamo West 68_1958
Gulf 011 01 Pads
1937
Sinking fund deb 58_1947
Gulf States
So.. 19M
1961
4gs series B
Range Sines Jan. 1.
Low,
10831 1084 108% 11,000 107
114 114
2.000 114
105 1054 4.000 101
10434 104 10534 29,000 100)4
1023-4 10234 22,000 993.4
108
108
105% 105%
105
105
9834 9834
108
3,000
105% 3,000
10534 15,000
105
10,000
98% 274,000
56
6336
66
104
104
8334 8234
8331 8331
5834 28,000 56
67% 41,000 62
10434 102,000 994
8334 203,000 404
8434 10,000 482%
95
65
102
92%
10334
9831
94%
6531
102
94%
1034
99
9534
Apr
June
Feb
Jan
Jan
High'
109
116
105;4
10514
103%
May
Apr
June
May
May
107% Jan 10854 MAY
10334 May 106
Feb
104
Jan 105% Apr
102
Jan 105 June
9734 June 99 June
June 85
Mar
June 88
Mar
Jan 10534 May
Jan 81334 Mar
May 95
Jan
6,000 65
Jan 7331
59,000 100% Jan 103
42,000 92 May 10114
1,000 100
Jan 107
29,000 97
Apr e99
36,000 9434 Jan 100
Apr
Apr
Mar
Mar
June
Feb
94
91
12,000 88
Feb 95
May
10634 106% 107
17,000 10534 Jae lin% May
104 10434 13,000 100
104
Jan 104,1 Apr
91
91
88
7,000 83
Jan 95
Mar
104 104% 13,000 102% Mar 105
104
May
2854 26;4 2ax 6,000 25
May 7034 Jan
63% 5134 65 659,00
51% June 71
103% 10334 103% 13,000 10111 Jan 104%
1014 101% 10,000 100
Jan 10254
8231 82% 84
93,000 79% June 90
98
98
1,00
98 May 107
s98 898
2,00
Jan 1011
98
91
91
7,000 91
Jun
9734
55734 59
34,000 49% May 80%
681.4
Jan
May
June
Mar
Feb
Jan
Mar
Jan
15,000 .6314 Jan 83
6854 79
mar
10431 10454 1,I I
104% Jun 10434 Arne
6891
77
68
77
6994 20,00
78% 35,000
6534 Jan
77 Jun
34
90
Mar
Apr
95
95
11
55
95% 18,000
1,000
11
71 128,000
115
Jan
1034 Jun
45% June
98
15
90
Jan
June
Feb
74
8034
85
14
85%
75
81%
86%
1434
87%
74
79
8$
12
8251
824
86
884
27%
91;a
May
Jan
May
Feb
Apr
86
8834
78
7934 78
59
59
30231 10231
88
89%
80
80
60
10234
Jan 95
May 944
June 95
June 924
Jan 65
May 103
Alar
Jan
Mar
Jan
Apr
June
61
75
85%
8731
89%
14,000
49,000
16,000
4,000
111,000
9,000 85
88,000 8434
27,000 69%
21,000 6934
10,000 58
23,000 102
June
Apr
MAY
May
June
10154 101% 10154 2,000 101% May 10154 May
102% 102% 10214 2,000 10134 June 1024 May
4,000 101% May 10234 May
10211 10134 102X
11,000 80
84% 8334 85
Mar z88 June
85
84
6,000 84 June 97
Mar
43
2,000 43 June e53
43
Jan
4,000 98 Jun 100% Mar
98% 9834 99
10
11
4,000
734 Jun
14%
Jan
32
32
35% 27,000
30154 10131 1013 1.02,000
-4
80
80
80
1,000
32 Jun
9834 or,
80 Jun
Jan
69
10234 May
80 June
70
704 7034
70
70
7074 Jan
70 Jun
88
Mar
884 Mar
9354
9331 9334 113,000
83
81
7,000
84
81
Jar
June
9534 May
Jan
93
6034
51
92
51
91
June
May
82
94
6034
92
2,000
5,000
9,000
2,000
Feb
May
68
69
2,000 68
Jan 74
Jan
109
10831 10934 4,000 10534 Jan 10934 May
10531 10554 1054 6,000 1054 June 10654 June
10034 1004 100 v
3,000 99
Fob 10254 Ake
15
14
17
12,000 14 June 27
Jan
5034 50
51
14,000 845
25
25
21,000 20
10136 100% 10174 140,000 100
10134 10054 101% 44,000 100
101
10034 1014 36,000 96
94
94
30,000 94
Jan 59
Mar 35
May 103
May 104
Feb 10234
May 94%
Hamburg Elec deb 73_1935
92
92
Hamburg El a tr
548'28 7334 71
75
Hanna(MA)deb 13e. _1934 10034 10034 101
Hood Rubber Ts
1936
63% 65
5434 55
10
-Yr 5515--Oct 15 1936 55
Houston Gulf Geo as 1943 82
7531 82
Debgoid83sAprl 1943
68
78
, 99
H0111001) I.r At Pr 4545 147
9834 99
1953
1st 5s series A
102% 102%
Hudson Bay M & S66_1935 77
71
79
Hung Ital Bk 7345.....1943 80
80
78
Rydraulio Power (Niagara
halls) 1st & ref 58--1950 1054 10531 10534
HYdgrade Food 66 ser A '49
4831 51
1949
6s series B
4931 4931
1.000 80 June
67,000 71 June
27,000 98
Feb
14,000 60 June
7,000 4234 June
36,000 74 June
12,000 68 June
56,000 05
Mar
2,000 10234 May
87,000 65 June
8,000 77
Jan
Ill Pow & L let 68 eel A '53
tat & ref 5%s ser B-1954
let & ref Is ser C. -1956
St deb 6348--Ma7 1957
laden Oil .5 Gan rte.._ 1938
Ind & Mich Elea 5s...1957
'1701W P & L 5s ser A'S?
104
Insult Utll Invest 138-1940
With warrants
Intercontinents Pow fla' 411
With warrants_ Internat'l Pow See 7s E '57
Coll trust 6348 B___1954
1955
6%s series C
lnternat Securities 58_1947
Interstate Power 6e....1957
1952
Debenture Os
Interstate P S 445 Ir_1958
Interstate Telep 58 A_1981
Invest Co of Amer 58_1947
With warrants
Without warrants
lowa-Neb L & P 50_1957
58 series B
1061
28,000 104
21,000 9834
67,000 96%
15,000 8634
16,000 7231
2,000 10331
19,000 .99%
10434
1024
9634
9134
74%
106%
10331
8414
3231
73%
84%
71%
904
79
944
10434 10434
102% 102%
9634 9934
91% 92
73% 74%
106 3410631
103% 104
82
85
3234 34
95% 96
102 102%
8534 88
7334 7531
8534
83
71% 74
90% s9134
9234 9234
78
78
9431
9534
100%
86
101%
so%
6954
a91
92
994
104
87;4
90
Mar
Jan
Feb
Feb
Mar
May
Mar
Mar
May
Jan
Mar
Jan
Feb
May
May
Jan
Apr
8,000 10531 June 107 June
29,000 40
Mar 5434 Apr
5,000 48% Apr 54
Apr
99,000
Apr
Jan
May
Jan
May
June
Feb
7534 June
105
105
991(
9434
100
106%
10454
Ape
Apr
may
Feb
Jan
June
May
95
Feb
2,000 28
May 60
Mar
23,000 14934 Jar. 10034 Mar
9,000 101% June 103% May
24,000 8534 June 9294 May
69,000 6834 Jan 7854 Feb
92,000 279
Air 89
Mar
15,000 71
June 84)4 Mar
Fen 93;4 Mar
88,000 88
18,00
9231 May 9331 June
79
23,000
79
16,000
9534 26,000
953-1 3.000
76
74%
9134
9354
May 83
Mar
Mar :7934 June
Jan 97% Apr
May 9654 May
4572
Bonds (Continued)
[Vol.. 132.
FINANCIAL CHRONICLE
Priclay
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Law. High.
Iowa Pow & Lt 4He A 1950
9534 9534
lowa;Pub Serv 1st 58_1957
9844 98%
Iowa Southern Util 68_1950
89
88
Immo Hydro-Elec 70_1952
78
79
Isotta Era/whin! 70 _1942
Without warrants
65
6334 65
With warranta
6141 6434
Italian Superpower of DelDebs 68 without warr '63 6534 65% 6641
Jersey C P & L 5440 A 1945 10344 10341 1034
let & ref 58 ser B___1947 103% 102% 103%
Frtdat
Range Since Jan. 1.
Low.
18,000
12,000
5,000
5,000
Jan
90
93% Mar
87% June
Jan
64
10,000
8,000
59%
58
63,000 5544
53,000 101
50,000 9834
Jan
Jan
High.
96%
98%
93
95
May
June
May
Ni..r
78% Apr
794 Apr
Jan 774 Mar
Jan 1043( May
Jan 103% May
Sates
Week's Range for
Week.
Sale
of Prices.
Price. Low. Mob.
3
Last
Bonds (Concluded)
Pub Ser of N Ill 444s-19a6
19 e
6
let & ref 5.9 C
let & ref 414s err D.1978
let tit ref 4440 ear F_1981
Pub Serv of Okla 56_1957
Puget Sound P.& L 5%8'49
let & ref as ser C.._195(
lot & ref 4448 ser 13.1950
Queens Borough Gas & E
541e series A
1952
Relianc:Ma nm
,„ttharranagem'S 50 '54
98
98%
103% 104
98% 98%
974 97% 984
100% 100%
1014 10134 102
99 100
100
94% 04% 01%
98
104
10334 103% 104
Range Since Jan. 1.
Low.
26,000 10144
88%
Feb
Jan
Jan
Jan
May
June
June
Jau
101%
93
10134
1004
100
102%
1034
1034
May
Mar
June
May
Mar
Mar
Mar
Feb
Jan
Laclede Gas 5440
1935 10044 100% 100% 34,000 99
Lehigh Pow Becur 68_2026 102% 102% 103% 31,000 10054 Jan
Jan
I &ward Tiets 740-1946 88
88
88% 2,000 84
Feb
Lexington Ut1158
1952
95% 95% 5,000 91
Libby, MeN & Libby 58'42 93
92% 93% 20,000 0054 Jan
3,000 9654 Feb
Lone Star Gas 58- _1942
98
98
Long Island Ltg 6e- _1945
105% 10534 1,000 10254 Jan
Louisiana Pow & Lt 58 1957 101.4 10134 10234 07,000 9634 Jan
101%
10644
9645
9645
96%
100%
106%
103
Jan
Apr
June
June
Apr
Mar
May
May
June 92
Jan 106
Feb 10241
Mar 9644
Apr
May
May
June
Kansa Power Ss A.- _1947 9944 89941 100
Keivinator Corp 68.-1936 93
93
93
Kentucky Util let 68_1961
10041 10034
1st 58 series 1
1969
10041 1003-4
Kimberly-Clark 55_ _1943
98
9845
Koppers0&(2 deb 58 1947 98% 97 100
Sink fund deb 5440 1950 10134 101% 103%
Kresge 03 ED Co 1st 58 1945
101 101
Mansfield Min & Smelt
75
78 without warrants 1941 75
75
Mass Gas Co.5448-194111 10441 104% 105
Sink ninn deb be_ _1966 1013.4 101 102
Mass UM Assoc 58 A_1949 94
9131
94
McCord Red & Itifg fis
With warrants
50
50
1943 50
Melbourne El Supp 745s'46
,
85
8734
Memphis Pow at Lt 5s A '48
103% 104%
lst:dr ref 4%s C._ __1978 984 9834 9834
Metrop Edison let 4s E '71 0334 93)4 94%
Mich Assoc Telep 5s__1961
94
94
94
Mid States Petrol 6 449 1945
48% 50
Middle West UM 58_1932 994 99% 1004
Cony 6% notes___1933 9644 9611 97
Cony 5% notes_ _1931
94 994%
.9144 9331
Cony 5% notee. -1935
Milw Gas Light 4340_1967
lidinneari Gas Lt 4449_1950
Minn Pow & Lt 449_1978
Miss Power & Light 58 1957
MiseRiverFueRie Aug 15'44
Without warrants
Mbie)Riv Power let tis 1951
Monon W P 418 B___1953
Montreal I.Flea'Con
let & ref 50 see A___1951
105%
944 9414
0634 9645
96% 96
15,000 94
37.000 9044
1,000 98
6,000 93
15,000 98
14,000 97
64,000 1014
4,000 98%
2,000 75
22,000 102
28,000 074
8,000 92
Jan
15,000 60
5,000 83 June
6,000 10144 Jan
6,000 9634 AP
71,000 93% June
Mar
17,000 94
Jan
3,000 44
12,000 0834 Jan
Jan
19,000 93
34,000 9244 Jan
Jan
25,000 z92
Ohio Edison 1st 50.-1960
1952
Ohio Power 59 B
1950
441e series D
Ohio Pub Serv 580er D 1954
Okla Gas & Elea 58_1950
Osgood Co deb 691-1938
With warrants
Oswego River Pow 6s_1931
Pao Gae & El let 4440_1957
1941
let 65 series B
let & ref 54490
-.
1952
.
let & ref 4%e F- -1960
Pao Invest deb 55 A..1948
Pao Pow & Light 50...1955
Pat gub Serv 5% notes '36
Pacific Western 0116340 '414
With warrants
Pennlent 1.& P4340. 1971
Penn- hio Edison 60-1950
Wit Out warrants
Deb 5%e ser B__._1959
Penn-Ohio P & L 5He A'54
Pa Elea let & ref 48 F.1971
Pennsylvania Power & Lt
let & ref 58 iser B-1952
Apr 1 1981
let 9448
Sat dr ref 50 ser 13_1953
91
19,000 90 June 9634 Mar
91
104% 10544 9,000 10231 Jan 1953.4 May
June 101
May
98
9911 13,000 98
10444 105
87%
80%
8,000 102
87% 88% 58,000
64,000
79% 81
95
9534 34,000
78
77
994 99% 1004
106 10644
106
92% 944
5834 59
1034 104
104
103% 104
98% 97% 9834
104% 104%
101% 10144 10144
10334 10334 103%
10234 103%
984 9844 98%
8107 8107
97
97
1014
6544
48
100%
84
65
97%
9644
108
102%
55
884
854
8834
53
50
50
50
100% 10034 100%
101% 10134 101%
114 114
106 1063-4
106
10134 101% 101%
6744 6734 67%
9744 9734 98%
99
99
5831
97%
103%
100
104%
944 94
104
101%
104%
94%
Jan
June
Jan
Jan
June
June
Apr
Jan
Jan
May
June
June
Jan
Jan
Jan
104
77
70
1074
98
78
egg%
9934
111%
10341
80
9314
91
95
94
May
Mar
Apr
Ain
Mat
Mar
May
May
May
June
Jan
Jan
May
Mar
May
9434 Apt
8834 May
9534 Mar
Jan 82
10,000 70
92,000 93% Feb 10054
20,000 105% Jan 10844
Jan 9431
108,000 89
5,000 584 June 75
12,000 991t Jan 10.5
17,000 99
Jan 104%
25,000 904 Jan 99
34,000 984 Jan 105
5,000 93
Jars 102
10,000 101% Jan 104
13,000 99
Jar 10334
332,000 9734 AV 9944
Mar
May
May
May
Jan
May
Apr
May
Mar
May
5,000 10444 Mar 114
Jan z100
8,000 95
Mar
Mar
1,000 50
1,000 100
Jan
Feb
Jan
June
Jan
105
105%
101%
104
10434
1411
May
May
June
June
May
June
May
June 67
Feb
Jan 1013-4 Feb
76,000 9634 Feb 102%
1,000 10934 Jan 114
39,000 104 34 Jan 106%
Feb 102
94,000 97
May 7544
5,000 67
59,000 89534 Jan 100
Apr 99
1,000 99
6854 60,000
67
97% 9754 55,000
100
Jan 10534 May
87
May
78
May
91% Mar
31,000 99
103% 103% 104
1044 104 104% 8,000 101
100
100 1004 82,000 96
19,000 101
104 104
10334 103% 104% 47,000 100
56 June
9234 Jan
May
June
May
May
Jan
Mar
Apr
84% Jan
98 June
21,000 10044 Jan 104% 9.(t
52,000 971-4 Jan 104
May
18,000 10234 Jan 105
AD?
69,000 94 June 9544 May
Jan 105% June
104% 104% 9,000 102
9731 97% 984 313,000 06% Apr ct/834 May
Jan 105
Max
104% 104% 1044 7,000 102
Penn Telep 58 eer C...1960
Penn Wat & Pr 4448B 1968
..1967
Penn Water Serv 58.
Peoples Lt & Pow 5s__1979 43
Phila Elm Pow 514e-1972
Phila.Rapid Transit 63 1962 73
Phila & Suburban Counties
E 1st 9, ref 4348 1957 105
Piedmont Hydro-El GoiotA ref 43146 91A...1960 81
Piedmont &Nor Ry 58 1954
Pittsburgh Steel 64-1948 94
1939
Poor & Co 6s
Potomac Edison 50_1956 10341
1961 96%
1st 444e iser F
Power Corp (Can) 4448 '59 81
. 1954
Prim:Ian El 68_
Feb
Jan
May
June
May
June
May
Mar
Apr
Mai
Jan
106% 4,000 101% Jan 106% June
May
9434 67,000 89% Feb 95
May
9634 24,000 91% Jan 98
96% 16.000 93% Jan 9544 Mao
102% 10344 19,000
Narragansett Elea 5s A '57
Nat'l Elee Power 5s._ _1978 6614 65% 6734 120,000
Nat Food Prod 6s_ _ - _1944
s58
59% 3,000
102% 103% 11,000
Nat Pow & Lt 6e A_..2026
Be series B
2030 86% 8634 87% 96,000
67 105,000
Nat Public Service 58_1978 65% 65
Nat Steel Corp let 58_1956 98% 9834 98% 45,000
Nat Tea Co be May 1 1936 97
98% 24,000
97
Nebraska Power 6s...2022 110% 110% 110% 5,000
4%e when issued_ IDS' 1024 1024 103% 54,000
6,000
Nelsner Realty (4
1948 55
856
55
42,000
Nevada-Calif Elea 58_1956 88% 884 89
N E Gas& El Assn 59.1947 92% 91% 92% 85,000
33,000
Cony deb 58
1948 9244 924 93
Cony deb be
1950 914 8904 92 188,000
New Eng Power 5448-19 4
5
58
1018
N Orleans Pub Serv 4348'35
New York & Foreign Inv
5,41e with warranta _1948
NYP&L Corp let 44167
Niagara Falls Pow 60_1950
Nippon Elec Pow 644 1953
Nor Cora 1)111 51.1. err a'48
North Ind Pub Serv 6.1966
141 A ref 5s per D.
89
lit A rid 440 fier Is 1970
Nor Ohio PrA Lt 5448 1951
Nor Ohio Tr & Lt 58--1958
No Ste Pow 634% notes'83
1940
514% notes
Ref 434.
1961
Northern Texas UM 78 '35
With,
-warrants
Without warrants
957
100
10444
98%
9534
0434
54
10051
99%
973(
97
103% 103% 1,000 95% Jan 103% June
994 1004 26,000 97% Mar 100% June
June 90
June
5,000 90
90
90
56 131,000 30 Jour 74% Mar
42
10644 10744 35,000 10614 Feb 107% May
Apr 80
Jan
4,000 60
73
72
105
105
80%
80
94
80
103)4
96%
81
6014
82%
82%
94%
80
104
9744
81
6134
7.000 101% Feb 105
24,000
10,000
11,000
1,000
15,000
30,000
1,000
22.000
71
80
94
80
99
96
81
au%
Jan 88
JUJU) 93
June 102
June 97
Jan 104
Apr 97%
June 8634
June .704
June
Mar
Mar
Jan
June
June
May
Apr
Apr
Republic Gas Corp (formerly Saxet Corp) 55_1945
Rochester Cent Pow be '53
Ruhr Gas 64s
1953
Ruhr Chemical 6s...1948
Ruhr Hous'ng Corp 63-4858
8841 8841 21,000
75
8841
8734
66%
65%
6144
60
793.4
80
6544
61%
60
664
61%
62
88% 50,000
674 8,000
69 112,000
6,000
63
21,000
63
Sato Harbor Wat Pr 4448'79
9734 9774 9834 323,000
L Gas & Coke 60_ 1947
10,000
304 33
Ran Antonio Pub Bev,58'58 994 9934 1004 12,000
Banda Falls 1st 58____1955
10434 104% 2,000
Saxet Corp-See Republic Gas ab ove.
Saxon Pub Wks 58_1932 92
76,000
88
92
Scripps(E W)54119-_1943 8734 674 88
2,000
Serve! Inc 5s
9,000
78
78
ehawinigan W & P 4449'48 97% 9745 97% 73,000
1907
let & co11444s ser B.1968
10,000
897
98
1st baser0
1970 104% 1044 10434 12,000
let 444sser D
9734 9634 0734 55,000
Shawsheen Milks 70_1
9931 101% 10134 10134 3,000
Sheridan Wyo Coal 68_1947
4444 4444
1,000
Snider Packing 68____1932 4241 42
4234 5,000
Southeast P & L 60_2026
Without warrants
31,000
103% 103% 104
South Carolina Pr 53-1057 94
94
1,000
94
Sou Calif Edison 5e_ __1951 10545 105% 106
26,000
Refunding 5s
1952 105% 10544 105% 22,000
Ref Mtge 58 June 1 1954
10534 10 % 4,000
5
Gen & ref 5s
1944 103% 103% 10391 190,000
Son Cal Gas Corp 68 19 4 95
32,000
94% 95
937
Sou Calif Gas Co 4340.1961
06
9641 11,000
1st dr ref 55
1957 102% 102% 10236 12,000
5,000
Southern Gas 1st 61
9945 9914
0-1935
Southern Natural Gas6844
With privilege
67 118,000
60
60
Without privilege_ . _
50,000
68
623-4 55
S'western Assoc Tel Is 1961 93% 93
9314 5,000
Southwest GA E 58 A_1957 95% s9444 9644 13,000
Sweet Lt & Pow 5s A 1957
So'weet Nat Gas 6s_..1946
So'weet Pow & Lt 60_2022
Stand Gait & Elea 08_1935
Cony (is
1935
Debenture60
1951
Debenture 68 Dec 1 1966
Stand Invest deb 59.__1937
544s
1939
Stand Pow & Lt6s_ _ _ _1967
Stand Telep 544e ser A 1943
Stinnes(Hugo)Corp
7s Oct 1 '36 without warr
70 without warr._1946
Stutz Motor Car 7416-1937
Sun 011 deb 459
.45
1939
Super Pow of No 111 434 70
,
let 434e
1968
Swift & Co let m 0158.1944
5% notes
1940
May
8844 June
Jan 106
Jun 7634
June 854
June 83%
June 82%
Apr
May
Mar
Mar
Apr
88 June 964 Apr
85
Jan 90
Mar
Apr
Jan 84
63
9234 Jan e9834 May
Jan 9844 May
93
10034 Jan 10544 Mar
93% Jan 9734 May
1003.1 Jan 1014 Feb
Jan
4441 June 65
3634 Jan 543.4 Mar
106
Apr
95
Mar
Apr
106
May
106
106% June
10544 June
9544 May
9644 May
103% May
100 June
9014
90
103
103
10334
10241
9034
94%
99%
9731
Jan
Feb
Jan
Feb
Apr
Jan
Jan
May
Jan
Jan
40
4934
93
z93
June 89
June 84%
May 9444
Jan 89734
Mar
Apr
May
Mar
9741
7251
10744
102%
102%
1014
101%
8534
86%
100
83
Mar
Feb
May
Mar
Mar
Mar
Mar
Mar
Apr
Mar
June
94% 94%
36
37%
1033-4 10344
994 1004
1004 101
96
9734
9641 9744
7244 76
72% 733-4
945i
94
83
78
6,000 9041
11,000 35
16,000 101
27,000 994
84,000 99%
41,000 9444
37,000 95%
2,000 70
1,000 z7244
26,000 92%
3,000 7341
Jan
June
Jan
Jan
June
June
June
June
June
June
Mar
71% 7444
Cl
63%,
554 5541 5534
101
100 101%
0034 91%
91
904 91%
10344 10334 103%
100
100 10014
48,000 64
29,000 60
2,000 5541
38.000 9844
13,000 893.4
15,000 90
30,000 102)4
46,000 993.4
Jan 8631 Apr
Mar
Jan 80
Mar
June 82
June 10244 May
Feb 93% Mar
May 9344 May
May
Jan 104
Jan 10244 Mar
99%
100%
96
96%
9444
83
714
Jan
Jan
Jan
June
Jan
June
Jan
Feb
June
June
104%
9931
87
71
10144
80
103
11044
80
72%
21%
103%
107%
100%
884
60
79
78
79% 80
7254 75%
91% 92%
99% 99%
103% 101
107 10731
1003-1 10044
88% 89
40
40
85%
9734
90
66
60
60
60
60
60
98
754
71
45
Os
99
62
73
7544
6944
644
45
924
92
90
97%
102
104
107%
101%
91%
69
Mar
Apr
May
Mar
Mar
June
June
May
Mar
Apr
May
Jan
Jan
June
June
June
June
June
June
Jan
91
98
04%
83%
77
76%
7644
75
78
0834
Mar
Mar
June
Mar
Apr
Mar
Mar
Mar
Mar
May
6,000 91
June 9844
10,000 45
Jan 60
01,000 52
June 85
12,000 102% Jan 105
11,000 9244 Feb 97%
10,000 87% June 9144
6,000 9884 Jan z94
5,000 9934 Jan 10434
Mar
Feb
Jan
May
May
MAY
Mar
June
20,000
87
9734 12,000
94% 30,000
66
1,000
60
1,000
60
2,000
1,000
60
60
3,000
60
1,000
9
834 6,000
18,000
14,000
102,000
81
8044
75
65
60
60
60
58
60
94
48 June 74
Feb
64% June 10041 Mar
84 June 91% Mar
5,000 z38% June 6831 Jan
34,000 101% Mar 103% May
6,000 101
Jan 103% May
Mar
2,000 83
May 87
56
71
574
56
38
17,000
70
68
100% 101% 17,000
99
0034 2,000
65
99%
96%
65
Mar
June
May
21,000 78
June
9,000 794 June
12,000 69% June
29,000 91% Jan
1,000 98
Jan
53,000 01
Jan
63,000 97% Jan
11,000 100% Jan
Jan
144,000 80
4,000 40 June
7444 6,000
77
5,000
34,000
77
4,000
65
1,000
45
62
June
may
Mar
Mar
May
Feb
May
June
7931 Mar
64
Jai
6334 6334 6534 18,000 634 June 85
Jan 105
15,000 102
104% 1044 105
102% 102.14 102% 74,000 zl0094 Jan 103
91
91
1937
Valvoline 011 70
54% 54%
Van Camp Packing 68_1048
Van Sweringen Corn 68.'35 63% 81% 63%
Virginia Elea Power 55 1955 104% 101% 105
95% 96
Vs Public Serv 6310 A.1940
1950 8845 88% 88%
Lit ref 5iti ser B
92
1948
92
f deb lie
100 102
Ward Baking Co 6s_-_1937
Corp
Waldorf-Aertoria
57
854
1st 75 with warr.-__1954 57
80% 82
Warren Bros cony 63.1941 82
854
West Texan Util 156 A.1957 84% 84
Western Newspaper Union
1944
40
40
Cony deb 68
W18 Pow & Lt 55 F-1956 1024 1021-4102%
102% 103
let & ref 50 ser E. 1956
834 83%
York Ice Machin 6s_ _1937
Foreign Government
And Mu nIcipalitlesAgri° Mtge Pik (Colombia,
-year 7e Jan 15 -1947
20
1951
Baden (Cons) 75
Buenos Aires(Pros')734847
1952
Ext 79 April
Cauca Valley 7s June 1 '48
Cent Bk of German State &
Prov Banks 68 B._.1951
Danish Cons Munk'5%9'55
1953
As
DanzIng Port & Waterways
25
-year ext 648_ ..1952
Jan 105
Apr
97% June 98% June
3044 June 5244 Jan
99
Jan 102% mar
Jan 1053-4 June
102
Tenn Elea Pow 519. _1956 103% 1034 103% 8,000 9834
Tenn Public Service 50 1970
8,000 9434
99
99
Terni Hydro-Elee 63.4 '43 78
7644 703-4 50,000 73
Texas Cities Gas 5s___1948
6244 6434 3,000 59
Texas Elea Service 50_1960 100
100 100% 71,000 95%
15,000 4634
Texas Gas Util 68-1945 50
4634 50
?exam Power dr Lt 58__1959 102% 102 10215 44,000 98%
,
2,000 106
2022
debentures 68
110 110
Thermold Co 6%
1934
4,000 z60
with warrants
£60 u60
39% 275,000 1234
16
Tr! Utilities Corp deb as'79 22
17Ien Co eonv deb 69_1994
Un El L & P .34 ser B._1967
Union Gulf Corp 59 Jul i'50
United Elec Service 781950
With warrants
Without warrants
United Indus Corp 6448 '41
United Lt & Pow 68_1975
1974
Debi345s
1st lieu & con 540_1959
tin Lt .S, Rys Se ser A.1952
1932
let Her 5s
1952
Deb 5048
United Pub Serv 139_ -.1942
U S Rubber
-year6% notes_ --1933
8
Serial 634% notes_1932
Serial 644% notes_ _1933
Serial 654% notes_1935
Serial 634% notes_ _1036
Serial 63.4% notes 1937
Serial 63-4% notes_ _1038
Serial 63.4% notes-1939
Serial 64% notes__1940
Utah Pow dr Lt let 58_1944
High.
May
17,000 0434 Feb 99
6.000 102% May 104% June
May
12,000 944 Feb 09
125,000 9644 June 98% May
Feb 10144 May
4,000 96
Feb 10431 Apr
45,000 100
May
32,000 9514 Tan 101
120,000 949-4 May e9431 May
2.000
62
May
June
may
June
May
78
90
9744
90%
75
Mar
Mar
Mar
Mar
Apr
Jan 80% Mar
Jan 10241 May
Jan wog may
Jima
80
Mar
JUNE 20 1931.]
Foreign Government
and Municipalities
(Concluded)
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
German Cons Muni° 7s'47
tis
1947
Hanover (City) 7s
1939
Hanover (Prov) 6340_1949
Indus Mtge BR of Finland
1st mtge coil at 7s__1944
Medellin 7s tier E
1951
Mendoza (Prov) Argentine
External s f g 734s--1951
Mortgage Bank (Bogota)
7s issue of oct 1927.._1947
75 issue of'27(M dr N)'47
6734
74
61%
68
65
7814 114,000
70% 166,000
74% 8,000
70
16,000
92
7534
6734
94% 41,000
87% 8716
48% 50
55
1,000
(1,000
55
60
58
60
5,000
10,000
Range Since Jan. 1.
Low.
72
60%
68
85
90
June
June
June
June
High.
9U
8234
95%
84%
Apr z95
Mar
Apr
Mar
Mar
Mar
6234 Jan
79
33% June
78
Mar
52
54
75
80
Mar
Mar
May
June
Mar
Mtge Bank of Chile 68_1931
Mtge Rk of Denmark 5s'72 100
Netherlands(Kingd) Os '72
Parana (State) Brazil 75'58 25
Rlo de Janeiro 61411---1959 32
Russian Government
6148 certificates_ _1919
5345 certificates- _1921
91% 9334 17,000 87 May 599% Apr
100 100% 15,000 98
Jan 101;4
104% 104% 5,000 103% Mar 105% Mar
Jan
25
27
8,000 18 May 54% Mat
29
3334 25,000 2234 May 68
Mar
2
2
5.000
134 Jan
3
Mar
2
2% 6.000
1% Feb
3
Feb
Saar Basin Comet 7s-_1935
99% 100% 3,000 92
Jan 103 May
Saarbruecken (City) 78 '35 10334 103% 104%
3.000 9914 Jan 103
Mar
Santiago(ChM)7s--__1949 60
60
63
10,000 49% Jun
Mar
78
1961
57
60
6,000 54% Mar 86
Mar
•No par value. I Correction. a Sold under the rule. o
Sold for cash. s Option
sales. t Ex-rights and bonus. to When Issued. z Ex-dividend.
v Ex-rights
e See alphabetical list below for "Under the Rule" sales
affecting the range for
the year.
Chicago District Electric, gen. deb. 5545, 1935, May 13, $2,000
at 10334.
Consol. Automatic Merchandising, cont. v. t. c.. March 9
WO at 5-10.
Cumberland Co. P. dr L. 434s, 1956. May 26, $LOW at 100.
General Rayon deb. 6s, 1948, Feb. 3. $3,000 at 55.
Illinois Power & Light 6% Pref., March 23. 18 at
9734
Iron Cap Copper Co. March 16, 100 at 134.
National Baking. corn., Jan. 16. 100 at 5.
National Steel Corp. 5a, 1956, May 8, $31,000 at
99.14•
Northern States Power 7% pref., March 20. 50 at 11034•
Prussian Elee,681954. April 21.84.000 at 8034.
Puget Sound Pow. dr Light 434s series D, 1950, June 15, $3,000 at
95.
Shawinigan Water dr Power 181 4448, ser. A 1967, May 18. 45.000
at 9834.
Wright dr Hargreaves Mines June 3, 100 as 534.
z See alphabetical list below for "Option" sales affecting the range for
She year.
American Aggregates Corp. w. w. as 1943, June 8, $1.000 at 63.
Appalachian Gas Os series B 1945, June 3, 54.000 at 43.
Arnold Print Works Os 1941. Jan. 22, $1,000 at 83.
Associated Gas dr Elec.. deb. 434s, 1949. Jan. 2. 33.0013 at 63.
Associated Gas dc El. deb.4348, W. w., 1948, May 4, 81.000 at 6934.
Associated Gas dr Electric cony. 5348 1938, June 11, $2,000
at 63.
Associated Telephone Utilities, cony. deb. 55413. 1914,
June 3. $5.000 at 76.
Central States Power & Light 534s, 1953, June 11, $1,000
at 61.
Cities Service deb. 58. 1966, May 22, $5,000 at 583.4.
Columbia Gas & Electric deb. 55, 1961, Feb. 2. $5,000 at
9634.
Consol. Publishers 13345, 1936, March 9, $1,000 at
9534.
Continental Oil deb. 5348, 1937, May 10, 35,000 at 82:4.
Eisler Electric June 4, 100 at 234.
Ercole Marelll El. Mfg. 614s. 1953. w. w., Jan. 7. 31.000
as 6334,
Gen. Pub. Serv. deb. Is, 1953, Apr. 4, $2,000 at
9334.
Guardian Investors 58, 1948 with warrants, Jan 28. $1.000
at 4014.
Indianapolis Power & Light let 55. 1957, Feb. 3. $2,000 at
9934.
Industrial Mortgage Bank of Finland let singe. 7s, 1944. Feb.
4, Si.outi
go.
Interstate Power, let 58, 1957, Jan. 20. $3,000 at 7614
Investment Co. (Amer.) Is 1947, June 8. 55,000 at 7934.
Middle Wait Utilities, 5% notes, 1935, June 16, $2,000 at
9134
Mortgage Bank of Chile 58, 1931, Feb. 24. $2.000 at 100.
National Trade Journal tht, 1938. Feb. 26. $2,000 et 15.
Northern Texas Utilities 7a, 1935. April 15, $1.tAu at 10014.
Pacific Power & Light 55, 1955, March 10. $5,000 at :b.
Public Service of Nor. Ill. deb. 58, 1931. April 27,$1,000 at 9994.
Sheaffer(W. A.) Pen,June 3, 100 at 30.
frweet CL & E. ist 55, 1957,Jan.2,$5,000 at 91; May 7.51,000 at
10034.
Standard Invest. Corp. 5145. 1939, June 2, 53,000 at 70.
Thermold Co.6% with warrants, 1934, June 16, 52,000 at 58.
Truscon Steel. pref. April 22,25 at 100.
Union Amer. Investing, 5e. 1948 with warrant. Jan. 6, 51,000
at 79.
Union Amer. Invest. deb. 50, 1948, with warrants. March 19.
52,000 al 87.
Union Gulf Corp., 58. 1950, Jan. 2, 51.000 et 10034.
U.S. Radiator 55 A, 1938. March 6,53,000 at 86.
Virginia Public Service Co.Os. 1946. Jan. 15, $2,000,at 88: March 11.
85.000 at 9454
Washington Water Power loth rel. 55 .1960. Jan. 24.11.000 at
10234r
Western Newspaper Union ee 1944, June 11. $1,000 at 38.
.
CURRENT NOTICES.
-"How can I get greater co-operation from my dealers?"
"How can I
create among my dealers a greater interest in my line?" How
can I cut
down my dealer turnover?" One method used by a number of
large companies to meet these questions are set forth in a new report,entitled
"Making
the Dealer an Adviser," which has just been published by the
Policyholders'
Service Bureau of the Metropolitan Life Insurance Co. This
report preBents tho experiences of a representative list of companies
with a newly
developed plan for an organized co-operative relationship
between a manufacturer and his dealers. Various names are applied to such
organizations
as are being set up, but "Dealer Advisory Council" appears to
be generally
preferred. The development of these councils, according
to the report,
may acquire increasing importance with the tightening of
competition, and
the resulting need for closer relationships between producer and
distributor.
Included in the study is an account of the experiences of
companies with
this new agency in nine industries. Attention is given to the form of
organization, powers and functions in each case. Among
the plans described are the Advisory Council of tile Knox and Dunlap Retail
Agents
and Management in the hat industry; the Advisory Committee of the
Red
and White Stores in the grocery trade; the Dealers' Advisory Committe
e
of the Geo. E. Keith Co. in the shoe industry; the National Dealer Advisory
Board of Devoe & Reynolds Co., Inc., In the paint industry; Policy Committee of the Armstrong Cork Co. in the floor-covering industry: the
Advisory Council of L.C.Smith & Corona Typewriters,Inc.,in the business
equipment industry; the Dealer Advisory Council of a large meat packer
in the meat industry: Advisory Councils in the automobile industry, and
the National Celotex Dealers' Council in tho building industry. Copies
of the report can be had on request by addressing the Policyholders' Service
Bureau, Metropolitan Life Insurance Co., 1 Madison Ave.. New York
City.
4573
-A plan intended to demonstrate how textile and
apparel manufacturers
may operate profitably under present day
conditions will be presented at a
"Production with Profits" seminar to be conducted
by the financial division
of the Borsodi Analytical Bureau at the Fifth
Avenue Hotel on Monday,
June 29, it is announced by Ralph Porsodi, President
. The plan is stated
to be the result of six years' intensive study of the
operations of the various
branches of the textile industry, and is not
affected, according to Mr.
Borsodi, by the fact that manufacturers have
failed to earn adequate
profits even before the period of depression and
during the period of great
prosperity. Regarding the seminar program which
will be the fourth
conducted by the Bureau, Mr. Borsodi said: "An
impartial analysis of
the many proposals offered the textile industry for
the purpose of putting
it on a profitable basis is highly important. The
majority of these proposals, in our opinion, are misdirected. Among proposals
to be discussed
which concern the financial status of individual firms
are the tariff, the
organization of the Federal Farm Board, changes in the
anti-trust laws,
taxation changes, child labor and night work regulation
s and recent organizedJ2romotional activities of the Cotton Textile
Institute, the Wool
Institute and the movement now being launched for
the''silk industry'"
Principles involved will be illustrated by analyses of the
records of specific
organizations, both successful and unsuccessful firms.
Subjects scheduled
include: "The present situation in textiles," "The
outlook for textile
commodities and the effects of future price trends on
prospective profits,'i
"Financial prospects of textile and apparel manufacturers,"
and "Marketing
and distribution plans."
-The Swiss Bank Corp., from its office at 99 Gresham
St., London,
E. C. 2, has issued a booklet giving brief particulars
regarding some of
the principal industrial concerns and holding companies
, the shares of
which enjoy an active market on the Swiss Stock Exchange
s. Switzerland,
it is pointed out, has suffered to a less degree than other
countries from
the effects of the general economic depression, thanks to the
stable political
conditions which have so long existed, the sound financial
policy
by the Federal Government, and to the fact that the technical pursued
excellence
of Swiss manufactures enables them to compete successfully
in the world's
markets in spite of relatively high production costs. The
position of Swiss
companies may, on the whole, be regarded as satisfacto
ry.
-Plaits for the 1931 convention which is to be held in
Boston Sept. 14
to 17 occupy the attention of the Financial Advertisers
Association at the
present time. Announcement has been made by F. R.
Kerman, President
of the Association, of the Departmental Chairmen, and they
in turn have
outlined some of the plans which they have in mind for making the Boston
convention one of outstanding value in this year when values
are of such
importance. All of the Departmental Chairmen have
planned their programs so as to assist in carrying out the theme of the
convention, "The
Creative Force in Finance." There are five divisions
-commercial, Investments, new business, savings and trust
-and each of them has a most
interesting program.
-Michigan Business Studies, Vol. III. No. 4, entitled
"Monthly and
Yearly Standards of Performance for Department Stores:
1930."
its appearance. This study by E. H. Gault, Associate Professor has made
of Marketing, School of Business Administration, University of
Michigan, is of
particular significance because it shows typical financial and
operatlag
results in a most important line of business. It answers the question
was the effect of 1930 trade conditions on department store merchand"What
ising"
It also suggests answers to the question "What merchandi
sing and management policies are best suited to now existing conditions_"
-At the annual meeting of the Bond Club of Boston,
William Bayne.
3rd, of Bonbright & Co., was elected President. Robert W.
Knowles, of
Harris, Forbes & Co.. was elected Vice-President, George E.
Abbot,Brown
Brothers Harriman Co., was elected Secretary and Warren
D. Arnold, of
Harris, Forbes & Co. was elected Treasurer. The following
were elected
gcvernors for a three-year term: Robert Baldwin, of Dillon,
Read & Co..
G. Storer Baldwin, of Burr, Gannett & Co., A. LeBaron
Russell, of E. H.
Rollins & Sons and W.H. Y. Hackett, of Tucker, Anthony & Co.
-Only 11% of500 candidates passed the C.P.A.examinations
conducted
in 31 States in May, according to an announcement issued
to-day by the
American Institute of Accountants, which co-operates with these
States by
providing a standard examination. Approximately 17% of the
candidates
were conditioned In one of the three subjects, auditing,
commercial law,
accounting theory and practice, and the remainder failed entirely.
In the
May 1930, examinations, 14% passed and 14% received
conditions.
-Frederic A. Delano, President of the Stable Money
Association
announces that Norman Lombard has resigned his official
connection with
the Association and will go into private business.
Charles W. Birtwell.
Vice-President, and Secretary, has been elected Vice
-President and Executive Secretary. Professor Wesley Clair Mitchell and Dr.
Lionel D. Edle
have been added to the administrative committee.
-R.Emerson Swart,formerly Vice-President of P. W.
Chapman & Co.;
Inc., and President of Community Water Service Co., and
William Rufus
Brent, formerly Assistant to the President of P. W.
Chapman & Co.,
Inc., announce the formation of Swart, Brent & Co.,
Inc.. with offices
at 52 Wall Street, for the transaction of a general investmen
t business.
-A.W.Kimber,former editor of Kimber's Record of
Government Debts
and other financial publications has been placed in
charge of White, Weld
& Co.'s reviews and advices on bond investment lists.
Mr. Klmber-an
authority on railroad and foreign bonds
-has been associated with the
firm
for the past six years.
-Lewis 0. Salomon, member of the New York Stock
Exchange, and
Herman J. Philips have formed a co-partnership, under
the firm name of
& Salomon, members of the New York Stock Exchange,for
the transaction of a general brokerage and investment business,
at 60 Broadway,
New York.
-H. Llewelyn Roberts of Roberts, Roach & Co., Inc..
sponsors for
20th Century Fixed Trust shares will leave on the S. S.
Berengaria for a six
weeks trip. He will visit various European distributo
rs of 20th Century
Fixed Trust shares in London, Paris, Berlin, Amsterda
m and Vienna.
-Kneeland and Co., Chicago, have opened a bank service
department
to deal in real estate securities. The departme
nt will be managed by Edward L. Kent,formerly with S. W.Straus and Co.,and Francis
C. Woolard'
formerly with C. F. Childs and Co.
-Steindler and Preller, 11 Broadway, N. Y., have issued
a booklet
giving market quotations and statistical data on more than
300 public
utility bonds and preferred stocks which are unlisted or inactive
listed issues.
-George M.Pynchon, head of the former firm of Pynchon &
Co., and
Clifford Bucknam,former partner of the same firm, will become
associated
with the New York Stock Exchange firm of Potter & Co. as of
July 1 1931.
-Central Hanover Bank & Trust Co. has been appointed
fiscal agent
for the National Central Savings Bank of Hungary, 734%
sinking fund
gold bonds,dated Feb. 11927,due Feb. 1 1962.authorized
issue $3,000,000.
-Walter A. Meek
-ins has joined the sales organization of
Edward B.
Smith dc Co.. members of the New York Stock Exchange,
at the firm's
office in the First National Bank Building, Scranton, Pa.
[VOL. 132.
FINANCIAL CHRONICLE
4574
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
Par 544 Alt
Metro Edison $7 Prat B....-• 100
99
• 97
$6 preferred C
0912
Mies River Power prat _100 x108
92
p1100 87
Mo Public Service 7%
8
3
fountain States Power...*
93
100 88
7% Preferred
2105
Nassau & Suffolk pref
81
79
Nat Pub Serv 7% pf A..100 109 111
Nebraska Power 7% pref 100 102
Newark Consol Gas__ - -100
9812
New Jersey Pow & Lt $8 Pf• 96
98
New Orleans Ps 7% 01-100 96
Y & Queens EL & P pf 166 10212
Prat- — -100 107
Nor N Y Utility
114 116
Nor States Pow (Del) corn A
105 108
Preferred
09
Carolina Pow & Lt $7 pref..' 10714
Silo Pub Barr 7% pref_100 104 106
,
105 109
Cent Ark Pub Serv pref _100 99 2 96
Okla Gas dc El 7% pref _100
94
Cent Maine Pow 8% pret100 105 107 Pao Gas & El $1.50 pref-25 2814 2914
100
76
7% preferred
Northw Pub Serv pr pf.
101 103 Pee
70
62
Cent Pow & Ls 7% pref _100 70
1st preferred
75
60
Cent Pub Serv Corp Prat • x111 115
Preferred
Cleve El Ilium 6% pref —100
& Lt 7% pref_-100 101 104
Pao Pow
108
x10912 111
Col Ry,P & L6% let P1-100 10812
Pa Pow & Lt 7% prat
—100
40
6)4% preferred B.
Piedmont Northern Ry -100 30
42
Consol Traction N J_---100 40 1053 Pub Serv Co or Col 7%Pt 100 99 101
4
85
x83
Consumers Pow 6% prat 100 10412
Puget Sound Pow & Lt Dr id
100 10412
8.80% preferred
_
Dallas Pow & Lt7% prat 100 110
Pt B 100 103 04
Rochester0& E7%
_
4
93
100 91
Dayton Pow &116%14_100 2:1093 8% preferred C
03
pf_100 101
Derby Gas & Elea 57 Pre!--• 80 88
114 112 Sioux City Q,t E7% --_100 78
t Canada% Tunnel---Detroi
•
4
23 Somerset tin Afd Lt_Pref_25 22712 2812
Erie Railways
South Calif El $1.50
3712
100
30
25 229
7% preferred
51.75 preferred
100 157
s
193
25 19
A
Easex-Hudson Gas
70/ So Colo Pow com
100 10112
Foreign Lt & Pow units __-7% preferred
dr Eleo_100 164 168
-__ South Jersey Gas
Gas & Eleo of Bergen_ _100 99
20
9912 10112
Oen Gm & El part etre
Cann Eleo Pow 6% pref.l00 x107 109
100
n County Gas— _100 157
Hudso
7% Preferred
10
109
112
Idaho Power 7% pref
fens Pow dr Lt 7% pret 100 10812 _
8812 90
Illinois Pow & Lt 6% [4_100
foledo Edison pref A_ _ _100 29114
60
p1_100 x55
of 100
Inland Pow & Lt
cited G & E(Conn) p1100
72
-12
,
75 4 ia
J)
Interstate Power $7 Pref.-• 68
5412 Vatted CI & E(N
25
20
Jamaica Water Buoy p1__50 53
United Public Service pref._ 104 106
_
7% of _100 109
Jersey Cent P&L
12 112 Utah Pow dr TA $7 pref....'
00
Kansas City Pub Service—'
Utica Gas & El 7% pref_100 104
•
712 10
8211 8414
pret_1
Preferred
11012 Util Pow & Lt 7%
Kansas Gm & El 7% p1.100 10712
100 85 100
Kentucky Sec Corp oom _100 2325
corn
Virginian Ry
100 28912 91
6% preferred
Waallington Ry & El com1110 500 550
100 97 9812
gangs County Mg 7% P1100 114 117
5% preferred
102
101 104
Lake Sup Dist Wet SUPP p1. 99
Western Power 7% pref-100
LongIsland Lt pre' A..100 x110
Los Aug Gas &El6%1)1.100 108 116
Per
Alabama Power $7 pref__ 100
Amer Elea Sec panic pf--20
Arizona Power 7% pret__100
Ark Pow & Lt $7 pref._...•
Assoc Gal & El orig pref--•
•
$6.50 preferred
•
$7 Preferred
Associated Tel Util $6 Pr-(t)
(1)
$7 preferred
Atlantic City Elec $6 pref.•
Bangor Hydro-El 7% p1..100
Binghamton L.H &P 56 Pf•
Birmingham Elec 7% pref..*
Broad River Pow 7% p1_100
25
Buff Niag & E pr pre
RI/ Ask
113 114
4
293 33
68
59
106 108
5012 53
0012 102
10112 103
83
78
8712 92
108
119
84
80
10712 109
86
84
4
2614 263
Investment Trusts.
par
Adams Millie 47 pf w iv....
100
Aeolian Co $7 Pre!
Aeolian Weber P&P corn 100
100
Preferred
Alpha Portl Cement p1_100
tmalgamated Laund corn_
100
American Rook 57
Amer Cruusdian Properties'
American Cigar pref_ __I00
Amer Hard Rubber $4_100
25
American Hardware
100
Amer Mfg 4% corn
100
Preferred
5%
•
tmerlcan Meter new
Laat reported narket,
/New stooks
Par Md
414
•
Liberty Baking corn
100 48
ed
Preferr
11)
Locomotive Firebox Co— -• 17
8
Mactadden PublicEns oom • 54
56 preferred
Maxweld Corp eons
270
Merck Corp $8 pref---_100 70
•
National Casket $4
•2107
$7 preferred
.100 433
National Licorice corn.
___
National Paper & Type Co. d ____
New Haven Clock prof_ _100
17
pref..—
New Jersey Worsted
All
114
13
13
20
57
6
75
75
109
38
40
70
—
100 130
Northwestern Yeast_ —100
5
I
Nye Incinerator corn
20
Units
1312 1413
Ohio Leather
98 103
lat pref
92
88
2nd pref
WO 81
Okonite Co $7 [met
18
15
___ Parker Wylie Mfg Co corn__
84
• 80
$7 preferred
34
512 8
4
3 Petroleum Derivatives
35
10 Pick (Albert) Prof with warr ____
3
4 Poole 1.W & Mach Maas A__ ____
2
Class B
80
____ 53
53 Publication Corp $3.20 come
_ 103
100
ed
57 lat preferr
48
85
Fteraing'n Arms $7 1st pt 100 x80
12
10
9 Riverside Silk Mills
5
:anadlan Celanese corn_
01 100 75 85
100 64 68 Robinson(D P) int 57
38
Preferred
25 Rockwood & Co $4 corn...' 33
' 23
-nation Co $1.50 corn...
nu
71
100 66
up 10213
58 preferred
4
$7 preferred
2 Rolls-Royce of America__ _ _ ____
7
lhestnut Smith corn
3
lel)
Preferred
15
45
Preferred
1214 1414
es unit
88 Rory Theatr
100 84
tilde Co $7 pref
8
8 13
7
Common
_100 d212 6
14
linclifield Coal Corp_
12
Preferred A
75
100 465
$7 preferred
713 812
Co com___
212 Rubel Coal & Ice
1
'
olor Pictures Inc
29
25
Preferred
414 114
•
lolumbia Baking com_
40
100 36
• 4212 512 Ruberoid Co S4
1st preferred
12 2
2d preferred
____ 65
15 Safety Car Heat & Ltg_100 x26
'olts Pat Fire Arms Mfg_25 12
28
_ __ Soovill Manufacturing___25 18
23
um-Natrn $7 pf WO 99
ongole
112 3 Shippers Car Line
___
250
roam & Blackwell corn_
61 Binger Manufacturing _ _100 230 130
'rowan Pub Co $3 corn new 57
Corp N D $2• 120
104 109 Smith (A 0)
712 812
$7 preferred
Solid Carbonic Ltd
3
1
35 Splitdort Beth Eleo
leen rta 0118atef $7 p/ 100 d25
100 ____ 75
3 Standard Screw Co
1
2
la Forest Phonelilm Corp
____
22 Standard Textile Prod 100 _-__ 30
18
uctalohone Corp com___-•
100
$7 class A
100 100 103
$8 preferred
__ 15
100
$5 clam B
Sion (Joe) Crucible 58_100 126 131
26
22
___ Stetson(J B)Co $8.25 corn.'
loehler Die Cast 7% id 50 216
27
25 23
$2 preferred
4812
•x
Preferred
$7
35
27
2112
5511fflas Shoe $7 prat___100
Taylor Mill Corp $2.50oom • 1912 7
37
100 34
'tapir Corp $4
4
1[43131 corn'
100 x ___ 74 Taylor Wharton
25
'river Harris $7 pref
100 15
Preferred
30
35
lrY-Ice Holding Corp
Tenn Products Core 54 Pf 50 3312
5s
13
9 Trent Process Corp
4
o corn.. __ _
42
teemann Magnet
85 Tablas Chatillon 57 pt B 100 d36
100
7
$7 preferred
6
led Mfg Co 70.3_10
8
878 97
ranklin Ry SUDDLY $4___• ____ 45 UnexcelBurliness Pub $70(100 ____ 65
4
412 United
4
3
333 363
uel Oil Motors Corp corn__
her, $7 PI-100 z - - - 75
95 100
en Fireproofing 57 Dt_100 x103 108 United Publis e7 prat_ _100 40
50
612
4 U 8 Finishing
_
& Knight own__ _•
raton
912
7
8 5;
43 - -1
Walker Dishwasher com_ _• 40
25
100 -- - 30
46
$7 preferred
corn....'
Juice
4
414 43
reat Northern Paper $3_35 2412 26 Welch Grape
100 96 101
8
53
$77 Preferred
311
50 W Va Pulp & Paper LI corn • x28
99
errIng-Hall-Marv Safe 100 430
100 96
438 5
58 preferred
8
5
owe Scale
21
Wheeling Steel 14 corn_ _100 4I7
29
2614 28
25
100
Preferred
100 d ___ 96
58 preferred A
41
4234
3
dl
udson River Nay cons_
100 d ___ 100
312 412
510 Preferred B
45
430
ed
4 InPreferrl Accept corn.....'
23
5 White Rock Min Spring 100 x101 105
_
•
dustria
57 1st preferred
4
9, 10
100 48 - 52
17 preferred
WO 2185
52024 preferred
8 578 Internat Textbook
53
17
100 14
50
WWoox & Gibbs 55 corn..... 40
438 518
4
23
srl-Keen Mfg Co B
100 20
54
Woodward Iron
634 714
35
d30
92
ng Royalty Co loom
100 87
458 518
90 Worcester Salt $5
100 485
17 preferred
(38) Co com-100 97
95 Young
x85 95
naton Monotype M $6 100 89
100 102
Preferred
45
8
13
wrence Portl Coin 54 100 x40
iaboock dr Wilcox 7%_100 x89
taker (J T)Chemical com _• 10
5
iancroft(J)&Som$1.20corn•
100 68
7% Preferred
illm (E W)$4 iss orAt__60 256
10 29
2d preferred B
Solon Refrigerator 8% pf 100 68
• 27
Ion Am1 Co B corn
lowman-Biltmore Hotels__ ---100
1st preferred
100
2d preferred
knew-Blake-Col $7 preL• 275
husker Hill& Suit $3 corn 10 48
d
Roden Iron pref
Investors Trustee Shares...
_
Tr Aaso•
A B C Trust Sharon ser D__
458 518 Jackson&Curtts Inv
Series E
Jackson&Curtls S Corp pf100
4 714
63
All America Invaders A _
Industry A
8
8 73 Leaders of
67
Amer Brit & Gout 58 1.11—•
B
55
• Amer Composite Tr Shares. d50
C
512 6
Amer Founders Corp—
Low Priced Shares
preferred......
Convertible
74
6% preferred
Major Corp Shares
3813 41
7% preferred
Meal Investors Trust corn.'
46
43
-Webs
1
Sc 10c Mohawk Investment
A_.
1-70ths
(lc Mutual Inv Trust class
Sc
oom_•
Warrants
1-16 ___ Mutual Management
Amer & General Sec corn A. 13
National Trust Shares
___
Common B
Nation Wide Securities Co
$3 pref
Shares A___
4
373 - -- Nat Industries Shares...
Amer Insaninstooks Corp.*
558 758 N Y Bank Trust
'
Amer & Continental Corp.
No Amer Trust Shares
11
8
—
Assoc Standard 011 Shares
rn Securities
518 512 Northe
B oorn
A & Pao Intern Corp units 23
All
North & South Amer
26
Jommon with warranta_
112 212
13
17
Preferred with waaants__
Ino units
20 Oil Sham
18
Sh • 2412 2512
Atlantic Securities Corp DI• 30
35 Old Colony Trust Ansoo corn
712 9
Warrants
Old Colony Invest TrustA 25
112
14
8
13
Bankers Nat Invest'g Corp• 1912 25 Petrol & Trad'ir Corp ol
712
e Shares
Bansicilla Corp
- Power & Rail Truste Shares
534 653
Basic Industry Shares
Service Trust
434 51
6- ; Public
1238 131s
British Type Invest
434 Representative Tr She
4
A 21134
Second Internal See Corp
•
258
Chain & Gen'l Equities Ins
nB
Commo
112 212
237
6)4% preferred
6% preferred
• d51, 55
,
Chain Store Inv Corr — 100
ies Corp Gen $6 pre! 83 88
3 Securit
438 478
—_
Preferred
50 Selected American Shares
512 6
Shares....
Chain Store Shareown Inc
8
133 1418 Selected Income
Chartered Investors Isom_
Management
12 selected
10
712
7
Preferred
Trustee 9118
80
6
8
Trust.'
Chelsea Exchange Corp A.. 78
3 Shavimnt Bank Inv
1
• 193 21
4
ClassB
Fund
12 Spencer Trask
18
512 6
Shares
Corporate Trust Shares—
8 518 Standard Amer Trust She...
45
758 83
8
Crum & Foster Ina Sh—
Standard Collet Trust
10
59 61
Common B
State Street Inv Corp She A
31
100 26
512 57
8
Preferred
super Corp of Am Tr
101
514 53
Cram & Foster Inc corn B__ 99
8
8
31
27
912
Preferred
9
-- 105
812 9
Cumulative Trust Shares
D
8
63
6
5
Deposited Bank Bharat _ _
513
53
133344 613 Tenet Shares of America C
8 33
33
Series N Y
4
Investment
3
5 3 Trustee Stand
5
314 33
8
Depos Bank dim N der A..
43
4
Diversified Trustee Shares A
Oil She A
il
138 4
1478 _ _73 Tam_ tee Standard
478 1
3g
8 67g
63
Shares
4
27
283 Trusteed Amer Bank She__
8 812
73
Equity Corp oren.
40
42 Trusteed N Y City Bk liess.
8 53
47
Preferred
8
y Fixed Tr
4
_
438 43 20th Centur
17
1812
Equity 1 rust Snares A._ _
s— Share
.•
8
8 73 l'wo-Y ear Trust
63
5
512
First American CA:we
638 United Fixed Shama 1-70the
618
Sc
9c
Five-year Fixed Tr Sharee
Unit Founders Corp
• 1214
10
11
Fixed Trust Shares A
• 1912_ Jniteti Bank Trust.
8
Ins Trust
-3s United
8 6
57
712
Fundamental tr Shares A .
614 63 115 & Brit Internet class A.
4
Shares B
8
5
Claes B
7
4
373
General Equity dam A-_10
Preferred
11;
A 2714 2914
Granger Trading Corp.._ _.• -8 Eleo Lt & Pow Shares
Corp.' 25
618 638
Gade-Wirun111 Trad
4 514
43
4 Universal Trost Shared
8
Incorporated Investors....' 283 303
6
4
Incorp Investors Equities__
_-10
lilt See Corp of Am oda A
Bonds.
53 Common Es
___ int Scour Trues of Amer1933
83
814% preferred
Secured gold 6a
77
ed
1943
a% preferr
Secured gold 6a
3 4
35,
1933
Independence Truitt Shame_
Secured gold 5,
812
1943
Invest Trust Aessietates—
Secured gold Be
4 71;
63 - Investment Trust of N Y..
•No par values
544 Ask
95
90
50
430
4
dl
- __
48
112 120
dit 212
85
80
312
2
75
50
30
x20
3512 3712
30
23
60
50
45
37
s Ex-dividend
93
14
10
73
60
ks.
Telephone and Telegraph Stoc
88
• x83
Am Dist Tel of N J 54
100 210912 11112
7% Preferred
_100 140 142
Bell Tel(Can)8% prat_
119
Bell Tel of Pa 6St% Prof 100 2117
99
eta & Sub Bell Tales/ — _50 x97
4110
Cuban Telephone 8%
84
480
7% preferred
62
Empire & Bay State Te1.100 d57
44
Franklin Pelee 52.50-100 440
92
Oman Tele; 6%.....100 485
Int
4120
Lincoln Tel & Tel8%
14512 48
Mtn States Tel & Tel
32
New England Tel & Tel_100 130
24
100 421
Y Mutual Tel
Northw Bell Tel lof 6)4.J00 108 111
18
Pao & At Tales CT 8 17...25 415
22012 2212
Peninsular Teleph
ed A......100 103 104
7% preferr
485
Porto Rico TOO
Rooh Toler/ $6.50 1st p1.100 2109 iii
20
25 418
So de All Tale/ 51.25
100 159 162
So& NE Telep 8%
W Bell Tel 7% prat-100 2122 12312
'I'd-States Tel & Tel $8-..• 4150
10 1014 if
5.60 preferred
Wisconsin TON)7% P1-100 4112
Chain Store Stocks.
Melville Shoe Corp—
90
let prof6% with warr_100 86
7
M etropol Chain pref _ _ _100
45
prof...lee
Miller (I)& Sons
Mock Juda&Voehunger01100 53 63
Murphy (S. C.)8% p1.-100(1295 110
7
•
a
Nat Shirt Soopo coin
70
100
Preferred 8%
12 Ila
corn
Nedick's Inc
98
Newberry (J) Co.7% p1100 93
85
N Y Merchandise let pt_100 70
118 121
10
5
•
.
4712 571 Piggly-Wiggly Corp
02
1014 Reeves(Daniel)preferred 100 98
10
--_100 80
Rogers Peet Co tom
76
73
70
100 60
2200 250 Schiff Co prat
70
Silver (Isaac) & Bros p1.100 80
494
Southern Stores 41 nnite— -- 44
d97
47
73 U Btores 1st pref 7% 100
69
Bohack (H C) Ino.
100 100 104
7% lot preferred
2
:
Butler (James)common_
25
100
ed
Preferr
85
war
Diamond Shoe prat with
80
Edison Bros Stores pret_100 70
.
,
Fan Farmer Candy Bh 01_ 3 2 319 4 3314
16
Irishman (SI Al) Stores corn_
•
90
Preferred
Gt All & Pao Tea pref--100
..100
Kobacker Stores pref.
Kress(SE)6% pref
Stores 614% pref w w
Lerner
100
Lord & Taylor
First preferred 65'.----100
Second preferred 8%-.100
MatiMarr Stores 7% pf w w
Sugar Stocks.
Falaftl0 Sugar
FIAYtiall Corp Amer
Savannah Sugar rom
7% preferred.
100
•
100
o Ho-dividend of 665.
30
23
112 3
60
55
70
85
v Ex-rights
Sugar Estates Oriente p1106
United Porto Rican com_
Preferred
5
15
3
10
20
4575
FINANCIAL CHRONICLE
JUNE 20 1931.]
Quotations for Unlisted Securities-concluded-Page
Insurance Companies.
New York Bank Stocks.
Pad Mtn I Ask
25: 4012 4312
America
38
100 30
American Union
54 231
Bank of United States units
80
100 60
Bank of Yorktown
41
.50 36
Brooklyn National
16
20 11
Bryant Park
.
20 691 7213
Chase
63
Chatham-Ph Nat Ili &Tr 20 60
20 7112 7412
City (National)
100 160 180
Columbus flank
Comml Nat 13k & Tr 100 x234 244
100 1925 2125
Fifth Avenue
First National of N Y 100 3275 3475
100_ 95
Flatbusti National
72
62
Globe Bank A Truet Co_100 z Grace National Bank_100 400 600
65
25
Harbor State Bank
Harriman Nat 13k A Tr_160 1500 1600
100 105 120
Industrial Bank
Kingsixao Nat Bank _ _ _100 118 128
Per Bid Ask
25 23 27
Lafayette National
25
ebanon
100 10
22
20
Liberty Nat Bk dr Tr
Manhattan Company ____20 70, 7312
2
95
Merchants
100 85
Midtown Bank
11
20
6
Nat Bronx Bank
70 80
National Exchange
24
29
16
100 11
Nat Safety Ilk & Tr
Penn Exchange
100 53 60
Peoples National
275
100
Public:rat Bank dr Trust 25 z -411- 4714
4
Qum:whorl) National__ _100
170
Seward Nat Bk * Tr100
77
Sterling Nat Bk ATr___25 18
22
Strauss Nat Bank A 'Tr_100
105
Textile Bank
40
45
1011 125 135
Trade Bank
Washington Nat Bank 100
50
Yorkville(Nat Bank of).100 68
78
Trust Companies.
100 x193 210
. American Express.
Banns Comm Italian& Tr 100 207 217
20 2512
Bank of Sicily l'rust
47
Bank of Kumpel rust..-25 x 45
Bank of NewYork & Tr_100 525 545
10 9231 9514
Bankert
73
20 r 27
Bronx County
100 405 415
Brooklyn
20 210 225
Central Hanover
Chemical Bank &'Trust-10 4231 4414
82
Clinton True;
100
21
Contimatal Bk & 'Trust_10 18
Corn Each Ilk & Trust--20 9312 9712
25 3312 3512
Comity
20 x 4612 4912
EmPife
_Fiduciary Trust
1002 10612
Fulwn
100 300 350
1110 433 438
Oulu anty
Hibernia Trust
I00 109 114
International Marnson___25 15
20
International Trust
20 10
14
Irving Trutt
10 293 31 4
,
4
Kings County
100 2450 2650
Lawyers Title A Guar_100 :205 215
Manufacturers
25 39
41
Mercantile Bk A Tr WI
18
20
100 x 62
M id wood
72
104. 325 400
Mutual Tried of W
New York
Sb 2136 141
Timers Square
30
54 74
,
,
20 2120 125
Title Guarantee A Tr
Trust Orr of N A
100
150
Underwriters 'Trust
25 19
23
United States
100 2625 2825
Weatchister
100 900 1000
Westchester Title & 77_20 98 108
Chicago Bank Stocks.
Central Trust Co of 111_100, 162
Continental III Bk & Tr_100:290
100 413
First National
10(1 16
Forman National
Harris'Trust Allavings 100 435
165
293
417
445
Na; Bank of the Rapubilo 20
Northern Trust Co
100
Peoples Tr A Sav Bank 100
Stratum Nat Bank dr Tr_100
U17100 Bank of Chicago_100
21
25
433 440
275 290
150 165
123 127
Par Bid Ask
69
r
Casualty&ualty Surety _10 64
44
10 42
Aetna
10 4012 4212
Aetna Life
95
25 85
Agricultural
4
10 22 4 253
,
American Alliance
15
10
American Constitution
Idt8 1238
5
American Equitable
14
0
Amartcan Horne
American of Newark
-Insurance_ _. 3434 391'
5z 16
American Re
15
28
10 23
American Reserve
52
25 49
American Surety
10 2114 2814
Automobile
11
Baltimore Amer Insurance_b 10
25 100 110
ers AShipPent
100 z140 465
Bank'Amnon
25 z 43 53
Bronx Fire
12
Brooklyn Fire Ineurance. _6 z 9
8
10 227 2478
Carolina
9
6
10
Chicago Fire A Martne
100 x218 235
City of New York
10
7
10
Colonial States Fire
Columbia National Life_100 230 260
90
Conner/tient General Life_10 x 85
3 4 5,4
,
00
Consolidated Indeninity____
ee
7
3
10
4
10 253 2754
Continental Casualty_
7
5
10
Cosmopolitan Ins
5 1112 1212
Eagle
Excess Insurance
10 55 2 60112
5
41'4 6 1
Federal Insurance
.
rir ellt y ninon
letd ee
. (tot Md _50 132 137
8
20 2058 215
76
2b 70
25
5 x 23
Fir
Pranernkenth;5Ftrerand
161 1812
General Alliance
8
6
10
Germanic Insurance
43
10 41
Glenn Falls Fire
912 1212
10
Globe Insurance
G
Glo tIttitgers Fire100 490 540
Gristbe A nerime
10 24
2514
18
Rel lAmerl
Great American lndem'y _10 15
icnee
17
10 15
Hamilton Fire
50 150 250
10 2712 2912
Hanover
23
Fire10 21
Fitments
10 5014 5214
Hartford
CO
Hartf Steam Boll Ine&The 10 55
.
yin e
29
28
I,
30
Horne Fire & NIarine__._1'1 25
58 Os
5
Home Fire Security
18
10 16
Homestead
25
10 20
Hudson Insurance
eeee
ImPorLerri .t Exp of N Y.25 2612 3012
ind eD
6
712 1012
4
7
Independence Indemnity_10
Per
Industrial of Akron
Kansas City Life
100
5
Knickerbocker tom
10
Lincoln Fire
10
Lloyds Casualty
10
Voting trust certile
10
Majestic Flre
25
Maryland Casualty
25
Maas Bonding A Inn
Merchants Fire Amur tom 10
Mach A Mfrs Fire Newark 5
10
Missouri State Life
Morris Plan Ins
10
National Casualty
10
National Fire
5
National Liberty
National Caton Etre
6
New Arristenlam Casualty10
10
New Brunswick
10
New England Fire
New Frampahlre Fire. - _10
20
New Jersey
New York Fire corn
North River
10
26
Northern
Northwestern National
..10
Occidental
25
Pactilc Fire
ii
Peoples National Fire
_10
Phoenix
20
Preferred Accident
Providence-Washington _ _10
5
Public Fire
Public Indemnity
(formerly Hudson Caelty)
Reliance Ns. of Phila
10
Republic Dallas
10
Republic (Pitts)
Rhode Island
10
Rochester American
25
26
St Paul Fire A Marine
Seaboard Fire A Marine__.
Security New Haven
10
Springfield Fire A Marine 25
Standard Accident
50
25
Stuyvesant
100
Sun Life Aseuranee
Transportation Indemn'y 10
Transportation Insurance 10
100
Travelers Fire
25
U S Casualty
U S Fidelity & Guar'y Co 10
10
13 9 Fire
US Mere.h A Sidi/pen __100
10
Victory
Virginia Fire & Marine.
..25
Wes:cheater Fire
10
flea Ask
6 11
800 900
13
17
2012 2512
5 2 712
,
5,
2 71t
318 638
18
22
70
78
51
55
8
11
1514 1612
100 120
14
16
48
50
7
8
82
92
28
30
x2012 2212
z20
25
45
50
3712 4212
16
20
30
33
71
81
03 103
16
18
110 120
47
8 57
s
5712 5912
30
37
423 443
2
8
5
114 314
4
6
12
17
29
13
17
22
40
50
150 160
10
13
30
32
38
98
100 150
38
45
1025 1115
712
914
71
695 745
44
49
18
21
37
40
260 290
5
8
78
88
34
36
Industrial and Railroad Bonds.
Adams Express 4e, 1947.1AD 8112 83
Amer Meter 05.1946
d102
__
Amer Tobacco 4e, 1951 FAA 91
._ _
Am Type Fars 6., 1937 MAN 100 103
Debsutura 6s, 1939_MAN 100 103
Am Wee Fabrics let'02 MIAS d 80
90
Bear Mtn-Hudson River
Bridge 7e. 1953
_
A&O 931
BlItmors Comm 76 '34 MA8 100 210li
Bos & Alb RR ea 044'63 Jda 107
,
___
Boa & Me Itit 05 1933-Ida 102 10312
Chicago Eitk Yds en, 1961_ 83 86
Consol Coal 414s, 1934 MAN 63
70
Coneol Mach Tool 7e. 1942 d 35
45
Conaol Tobacco Al, 1951_ _ d 90
_
ff
Continental Sugar Te. 1938_
4
Emil Office Bldg 5e, 1952.
__
Flak Tire Fabric, fl tie. 1935 82_ 30
Haytian Corp 8s 1938
-2
i 27
Hoboken Ferry 5.46 MAN 0112
__
Internal Salt be. 1951_ AA() 8212 11512
Journal of Comm 6 tis, 1037 d 89
93
46
Hans City Pub Serv 6s 1951 43
Little (A I..) 7s, 1042__Ark0 2___
LI/OW.4 New Brd Prop
6e. 1945
J&D 92
Mallory iltenamhip5s.'39J&J 99
Merchant Refrig 6e, 1937_
95
Middle States 0117% note..
8
N 0(Sr No RR Se,'55 FAA 40
NY dr Bob Ferry 5e.'46 JAB 89
N Y ShIpbldg Le, 1946 MAN 89
Piedmont& No Ry 5a.'54J&J 80
Pierce, Butler dr P 6 tit, '42 ____
Realty Astor Sac 5.37
_
Securities Cool N Y 4s. - 40
J&J-- 61 Broadway 51-se. '60 AA0 87
So Indiana Sty 48, 1951 FAA 60
otiolo Text Pr 61S(3,'62 MAS 41)
Struthers Wells, TitusMlle, Oils. 1943
80
Tot Term RR 4158.'57 MAN 9612
,
US Steel 55, 1951
114
Ward Baking 6s.'37 SAD 16 10212
Witherbee Sherman 6s, 1944 22
Woodward Iron 5s.'52_ _J&J 75
40
Realty, Surety and Mortgage Companies.
95
98
15
46
--_ __
85
40
88
50
90
6213
45
90
93
_
-.
27
78
Bond A Mortgage (Soar..21) 811, 8414
Empire Title & Gum___100 105 115
12
10
Franklin Surety
Guaranty Title A Mortgage 200 225
44
Home Title Insurance- __25 39
International berrnank Ltd. 16
Lawyers Mortgage
20 39
Lawyers Wm Mtge & TI_100 145
National Title Guaranty 100 33
100 50
State Title Mtge
20
41
165
38
60
Aeronautical Stocks.
50
Alexander Indus 8% pref.. _
1
American Airports Corp-212 412
Aviation See of New Eng-5
d 1
Contra Airport
212
1
Cessna Aircraft cam
2
1
Curtiss Reid Aircraft corn
5
Federal Aviation
3
18
16
General Aviation let Pref..
Milner Airplane A Mot new.
Lockheed Aircraft
d
Maddur Air Linea
Sky Specialties
Southerr. Air Transport._..
Swallow Airplane
Warner Aircraft Engine
Whittelsey Manufacturing
2
12
4
3
12
1
3
2
8
8
6
212
2
12
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Allis Coal Mfg Se May 1937
Alum Co of Amer be May '52
1934 A&O
Amer Metal
Amer Rad deb 4 Sin May '47
Am Roll Mill deb ba_Jan '48
Amer Was Wks 5s 1934 Adr0
Bell Tel of Can 50 A Me:'55
Baldwin 14103 5)4!'33 MAS
Cud Pkg deb 51111 Oct 1937
Edison Klestil Boston
84% note Novl '31 MAN
11% notes Nov 1 '32 MAN
11% notee Jan 15'33__Jda
Gulf 011 Corp of PaDebenturs lie-Deo 1937
Debenture 55-Feb 1947
Bid I Ask
10114 10112 'Jewel Motor, Accept
104 10412
6% ser notes___Mar 1932
80
8.4
5% see notes___Mar 1932
5% ter noten___Mar 1934
991 100
4
7314 75
5% see notes_ _mar 1935
10214 10252
5% sec noted_ _Mar 1936
10612 10714 troppee Gas & Coke
Debenture 5a_June 1947
99 4 100
,
9512 %gag Pat 411. Feb 15'30-35
95
%garland 0111005s - Sada]5% uotesiuneliS'33
1015 102
8
-14 Maw Om Co. biSs Jan 1946
10314 1033 Free A (lamb 414s July 1947
4
Sloes
-Shand & I 4lis_ _1931
1003 1003 t rukin 011 ea 1935_ __F&A
8
4
1007 10130 United Drug 54 1932__Adr(
2
Debenture 5s 191111__A4s0
Railroad Equipments.
Bid
Ask
102 10214
102 103
101 12 10258
1015 1025
8
8
10112 10214
98
99
10112
9712 9812
1043 10514
4
104 10412
100
985 OVI;
8
100 4
,
10054
Water Bonds.
9412 96
08
92 61
94
66
103 10.311
101 102
101 102
95
1113
101 1t
10112 103
Alton Water be 1950......A.40
Art Wit It 55 A '56..a&O
Ashtabula W W Se'58_AA0
AtlantleCoWat 6.'514 A MAS
Birm W W let 51taA'f4A&O
let in be 1954 sec B._JAD
1st 5e 11/57 set C___ FAA
Butler Water 5.1 1957_ _Art0
City W(Chat) Si II '54..3AD
let 541957 err C.. MAN
Commonwealth Water
FAA 10114 102,
4
let be '56 II
lilt 17/ be '67 sec C...FAA 101
97
Dal/enroll W 514 1981.J&J 05
E St LA lot W ear '42 J&J 09 100
10212
let rn its 1943 set' H.
let be 196C ger D- FAA 96 4 08
N
iluntlon W IsS 044 '54_MAS
let ni 5. 11)54 sec B. _M&S
Joplia W W bs'57 set A MAS
Kokomo W W 5s 1958_J&I)
Mourn Con W 1st 5.'56J& I)
Monou Val W 5its '50../44.1
ftlehro'd W W 1st Set'STMAN
131 Joseph Wat 51 '41...A10
South Flits Water Co
let 5411955______. __FAA
& ref 51 80 sec A _Jda
let dr rat Se '60501e B_JAJ
Terre'Fie W W
49 A _I& D
Int In Se 1956 aer B_ _SAD
Texarkana W 111 St 58 FAA
Wichita Wt let 611'40..M&6)
let m Se 'Zia see B__F&A
let ro Se '60 ear C.__
N
102
__
9912 10012
94
05
91
96
9411 951.
10012 1002
9514 V7
9914 100
10014 101
10012 10112
10012 101
102
98 106 23
12 96
102
98 100
9812 9914
tar taut, s And dii ideurt. 2 Loot r-uorted inartieti S 11-11vIclena,
Atlantic Coast Line C.
Equipment 8 tie
Baltimore & Ohio 65
8
Equipment 41 s & 5 -4
Duff Roch A Pitts equip 6e_
Canadian Pacific 41.441 & 68.
CentralRR of N I 66
Chesapeake & Ohio (la
Equivalent Oils
Equipment 5s
Chicago rk North West lie
Equipment6tie
Chic RI & Pee 414e 5s.__
Equipment 88
Colorado dr Southern es- _ _
Delaware & Hudson ea
14.1.1e
& be
E.quiprnent Cs
Great Northern 65
Equipment 5e
Hocking Valley bit
Equipment 61
Illinois Central 43.48 ba
Equipment en
Equtpmmt 71 &
Kanawha & Michigan
Bid
4.00
4.05
4.00
4.00
4.10
4.40
4.00
4.10
4.00
4.00
4.00
4.10
4.10
4.00
4.25
4.00
4.40
4.60
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Ask
3.70
3.85
3.70
3.80
3.80
4.20
3.70
3.80
3.80
3.50
3.80
3.80
3.85
3.70
4.00
3 70
4.10
4.20
3.70
3 80
3.80
3.70
3.70
3 70
3 80
3.70
Par Bid
Kansas City Southern 5Ste- 4.40
Louisville & Nashville 6e__ _
4 00
Erjuipment else
4 00
Michigan Central fa
3.75
Equipment Ca
4.00
Minn St PA FAS M Otis & 58 4.40
Equipment ails A 78
4.40
Missouri Pacific 634,
4.40
Equipment(la
4.00
Mobile A Ohio Is
4.30
Now York Central Cis & be 4.00
Equipment 68
4 00
Equipment 7s
400
Norfolk & Western 43.4e... 4 00
NorthernParine 78
4.10
Pacific Fruit Express 7s
4.00
Peurerylvanta RR equip 58_ _ 4.00
Pittsburgh A Lake Erie 63.O 4.00
Reading Co &its & 58
4.00
81 Louts & San Francisco
4.10
Seaboard Atr Line iSs AC. 600
Southern Patine Co
- - 4.00
Equipment 7s
4.00
Southern Ry 4)4e & 58
4 00
Equipment as
4.00
Toledo & Ohio Central 6e
4.00
Union Pacific 7e
4.00
Ask
4.00
3.70
3.80
3.25
3.50
4.00
4.20
4 00
3.80
4.10
3.80
3 70
3.80
3.70
3.90
3.80
3.75
3.80
3.75
3.90
5.25
3.80
3.80
3.80
3.70
3.70
3.80
Investment Trust Stocks and Bonds.
Amer Bank Stk Tr Shares-American & Continental..
Amer Invest Trust Shares
Bankers Nat Invest own A_
nenctiolal Indus Loan prat__
Central National Corp A-Clue B
Cokmial Investor Sbarm._Commonwealth Tr Shares
ContinentalMenlo Corp A
Continental Occur Corp...'
Preferred
Devonshire Inverting nom
I Ex-rights.
8
11
412 5
1912 25
36
42
19
14
7
2
_1_81 17::
. 2
414 514
50
30
58
32
Inter Germania Trust
18
Invest Puna of N J
718
43
North American Trust She_
4
Old Colony Inv Tr 4 St% isle 70
Shawmus Association corn-- 1314
Shawn:on Bank Inv Trust_ _
4 Ise
1042 -70
Ss
1952 70
6e
1952 110
Standard Corporations
6
Standard 01.1 Trust Shares A
47
8
Chum 1-1
412
York Share Corp
163
4
19
811
4
514
14
612
75
80
514
18
Current Carningsi— Abut*, Quarterip anb f)alf Pearl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes also some of those given in the issue of June 13. The object of this index is to supplement the information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and
semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely complete
up to the date of issue, June 12, embracing every monthly,semi-annual and quarterly report which was available
at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the June number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle.
When Published Page
Name of Company—
Addressograph Multigraph Corp___ _June 13._4396
Administrative & Research Corp_- June I3__4414
June 20_-4582
Alabama Power Co
June 20__4576
Alabama Water Service Co
June 20._4591
Amalgamated Sugar Co
June 20-.4576
American Natural Gas Corp
June 13..4406
Amer. Community Power Co
.June 20_4577
Amer. Commonwealths Pow. Corp.
June 13__4406
American Gas & Power Co
June 6-4234
American Utilities Co
June 13__440I
Ann Arbor RR
June I3__4400
& Electric Co
Associated Gas
June I3_-4406
Associated Tel. & Tel. Co
June 13_-4396
Associated Telep. & Teleg. Co
June 13-4415
Baldwin Rubber Co
June 13-4496
Bangor Hydro-Electric Co
June 20-4593
Bay State Fishing Co
June 20__4593
H. C. Bohack Co
Jane 13..4416
Bornot,Inc
June I3__4416
Bower Roller Bearing Co
June 6._4237
Broad River Power Co
Buffalo & Susquehanna RR. Corp—June 20..4581
June I3__4416
Calamba Sugar Estate
June 20__4577
California Oregon Power Co
June 20__4577
Co
California Water Service
Canada Paving & Supply Corp.,Ltd _June 13-4416
June I3__4416
Canadian Converters Co., Ltd
June 13..4417
Cannon Mills Co
June 13.-4407
Carolina Power & Light Co
June I3__4417
Mfg. Co., Inc
CeCo
June 20__4594
Central Airport, Inc
Central Arizona Light & Power Co June 20.-4577
June 20__4577
Central Power Corp
June 20..4584
Central Vermont Ry., Inc
June 20-4577
Chester Water Service Co
June 20__4577
Chicago Surface Lines
June 20..4577
Cities Service Co
June 20..4577
Citizens Water Service Co
June 13_4418
City Machine & Tool Co
June 6..4237
Clarion River Power Co
June 20__4577
Community Power & Light Co
June 20__4577
Connecticut Electric Service Co_
June 20_4577
Continental Motors Corp
June 20__4595
Continental Shares, Inc
June 20__4596
Cosmos Imperial Mills, Ltd
June 13_4497
Dallas Power & Light Co
June 20__4577
Detroit Edison Co
June 20__4597
Detroit Majestic Products Corp
June 20_4577
Detroit Street Rys
June 13__4408
Dominion Gas & Electric Co
June 13_4418
Dominion Rubber Co.. Ltd
June 20__4596
Driver Harris Co
Dufferin Pay. & Crush. Stone, Ltd June 13__4418
June 13..4408
East Kootenay Power Co., Ltd
June 13_4419
Eastern Offices, Inc
June 13__4419
Easy Washing Machine Co., Ltd
June 13__4397
Edison Brothers Stores, Inc
June 13..4397
Electric Power & Light Corp
June 13..4419
Elgin Sweeper Co
June 6__4239
Empire Gas & Electric Co
June 13..4419
Ercole Marelli Electric Mfg. Co
June 13..4420
Eskimo Pic Corp
June 13_4420
Ewa Plantation Co
June 13_4420
Federal Knitting Mills Co
June 20._4577
Federal Mining & Smelting Co
June 20__4577
Federal Water Service Corp
June 13__4420
(M. II.) Fishman Co
June 20..4578
Florida Power & Light Co
June I3__4397
Fiorsheim Shoe Co
Fonda, Johnstown & Gloversville
June 20_4581
RR. Co
June 31_4421
Fyr Fyter Co
Issue of Chronicle.
When Published Page
Name of Company—
June 13_4421
General Aviation Corp
June 20.-4578
General Empire Corp
June 13__4402
General Gas & Electric Corp
General Italian Edison Electric Co _Juno 20__4587
June 20.-4578
General Steel Castings Corp
June 13..4422
General Steel Wares, Ltd
June 13.-4422
Gibson Art Co
June 13._4422
Gilmore Oil Co., Ltd
June 13-.4422
(H. C.) Godman Co
June 13..4422
Gorton Pew Fisheries Co., Ltd
June 20__4578
Goodyear Shares, Inc
Gotham Knitbac Machine Corp_ _June 13__4422
Greenwich Water & Gas System,Inc.June 20__4578
Hackensack Water Co
June 13-_4398
June 20_ 4598
Haiku Pineapple Co., Ltd
June 20_4599
Halle Bros. Co
Harnmermill Paper Co
Juno 20.-4599
June 20-4578
Haverhill Gas Light Co
Hawaiian Commercial & Sugar Co..
June 20_-4599
Ltd
June 20-_4599
Hobart Mfg. Co
June 20-4599
Holland Land Co
June 13-4423
Horn & Hardart Co
Houston Lighting & Power Co
June 13__4409
June 20_4578
Hudson & Manhattan RR. Co
June 20.-4599
Hunts, Ltd
H ussmoon Ligonier Co
June 20__4600
I. G Farbenindustrie AktiengesellJune 20..4600
schaft
June 20..4578
Illinois Water Service Co
June 20_4600
India Tire & Rubber Co
June 20_ _4600
Interlake Steamship Co
Internat. Rys. of Central America June 20_4580
International Telep.& Teleg. Corp_ _ June 13..4398
Interprovincial Brick Co., Ltd
June 20__4600
Investment Foundation, Ltd
June 13_4423
Italo-Argentine Electric Co
June 20_4578
June 20_ _4600
Jefferson Electric Co
June 20__4600
Kalamazoo Stove Co
June 20__4578
Kansas Gas & Electric Co
June i3..4398
(B.) Kuppenheimer & Co.. Inc
La Salle Extension University, Chi_June 20_4601
June 20..4578
Lakey Foundry & Machine Co
June 20.4601
Leath & Co
June 13_4424
Louisiana Oil Refining Corp
June 13..4398
Louisiana Power & Light co
June 20__4578
Louisville Gas & Electric Co
June 6_4240
Louisville fly
June 20_4601
McWilliams Dredging Co
June 13_4425
Nfactradden Publications,Inc
June 20..4578
Market Street Ry
June 20_4602
Manning. Bowman &Co
Juno 6-4253
Maverick Mills
June 20__4602
Nielchers Distillers, Ltd
Nierch. & Miners Transport'n Co. _June 20_4602
June 6.-4240
Metropolitan Edison Co
Minneapolis & St. Louis RR. Co_ _June 20_4581
June 20_4578
Minnesota Power & Light Co
June 13_4410
Minnesota Power & Light Co
June 13..4398
Mississippi Power & Light Co
June IS._4425
Nlissouri-Kansas.Texas Pipe Line
June 20..4602
(Robert) Mitchell Co., Ltd
June 13_4426
Block Judson VoehrInger & Co
June 20_4580
Montour RR
June 20..4578
Mountain States Power Co
June 20..4602
Nluirheads Cafeterias, Ltd
June 13_4426
Food Products Corp
National
June 20.4978
National Standard Co
June 13__4427
New 61exico & Arizona Land Co
June 6._4241
Central Electric Corp
New York
June 6..4241
New York State Elec. & Gas Corp
June 20-_4578
New York Water Service Corp
•
Issue of Chronicle.
When Published Page
Name of Company—
June 20_4578
Power Co
Northern States
June 20__4603
Oahu Sugar Co
June 20.-4578
Ohio Water Service Co
June 20..4578
Oklahoma Gas & Electric Co
June 20..4578
Oklahoma Natural Gas Corp
June 20__4603
Onomea Sugar Co
Oregon-Washington Water Serv. Co_June 20..4578
June 6_4255
Pelissier's, Ltd
June 20..4604
Penmans, Ltd
June 6.A242
Pennsylvania Electric Co
June 13-4399
Peoples Light & Power Corp
June 6-4234
Peoria & Eastern Ry
June 20..43S0
Pere Marquette Ry
June 20__4578
Philadelphia Co
June 13-A400
Philippine Ry. Co
June 6_-4256
Pie Bakeries of America, Inc
June 20..4604
Pines Winterfront Co
June 6-_4256
Pioneer Mill Co., Ltd
Pittsburgh Suburban Water ServJune 20...4579
ice Co
June 6_4256
Pressed Metals of America, Inc
June 6..4256
Process Corp
Propper McCallum Hosiery Co., Inc_June 6..4257
June 6_-4257
Provincial Paper, Ltd
June 20_4579
Public Service Corp. of N. J
June 6_4242
Public Utility Investing Corp
June 13-4429
(Daniel) Reeves, Inc
June 6-4257
Richman Bros. Co
June 6.-4243
Rochester Central Power Corp
Rochester & Lake Ontario Water
June 20_4579
Service Co
June 20__4605
Rogers Majestic Corp
June 13__4429
(Helena) Rubinstein, Inc
June 6..4258
Russell Motor Car Co., Ltd
Juno 6..4227
Rutland RR
San Diego Consolidated Gas & ElecJune 20-4579
tric Co
Scranton Spring Brook Water Serv.
Juno 20__4579
ice Co
June 20_4579
Seiberling Rubber Co
.Juno 20._4579
Shawmut Bank Investment Trust..
Shell Transport & Trading Co., Ltd_June 13-4401
June 13_4399
Southern Canada Power Co., Ltd
Juno 20__4579
Southern Colorado Power Co
June 6..4259
Southern Ice & Utilities Co
li•ne 13__4399
Southwest Gas Utilities Corp
June 13..4430
Spear & Co
June 13_4430
Standard Chemical Co
June 20._4579
Standard Gas & Electric Co
.June 13..4431
Stutz Motor Car Co. of America...
June 20_4579
Sweets Co. of America, Inc
June 20__4608
Technicolor, Inc
June 20__4579
Telautograph Corp
June 20__4580
Texas & Pacific fly
June 20_4590
Texas Power Corp
June 13..4431
Thompson Starrett Co.. Inc
June 13..4405
Toledo Peoria & NVestern RR
June 13..4431
Truax Tract Coal Co
June i3..4414
Ujigawa Electric Power Co
Union American Investing Corp____June 20_4608
June 20_4579
Union Water Service Co
June 13_4403
United Shoe Machinery Corp
June 13-44321
U. S. Industrial Alcohol Co
June 13_4433
Waialua Agricultural Co Ltd
June 20__4579
West Virginia Water Service Co
June 20..4579
Western N. Y. Water Co
Western l'ower Light & Telep. Co June 20_4591
Winchester Repeating Arms
June 13_4399
June 20_4579
Wisconsin Public Service Corp
Wisconsin Valley Electric Co
June 20..4579
Zenith Radio Corp
June 13..4433
American Natural Gas Corp.
Alabama Water Service Co.
-12 Months Ended April 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$858,019
319,414
33,435
87,086
1930.
$862,455
334.176
34,370
87.403
(And Subsidiaries).
Earnings for 3 Months Ended March 31 1931.
Gross revenues
Expenses and taxes
Subsidiary charges
Interest
$3,714,848
1,395,276
924.670
'199,230
Net earnings from operations
Other income
$418,084
3,742
$406,506
2,564
Net income
Preferred dividends
$1,195.672
125,459
$409,070
$421,827
Gross corporate Income
191,873
205,337
Interest on funded debt
'Last complete annual report in Financial Chronicle April 11 '31, p. 2757
$1,070,213
Surplus
61.01
Earnings per share on 651,320 shares corn. stock (no par)
annual report in Financial Chronicle Apr. 18 '31, p. 2960
arLast complete
f
4577
FINANCIAL CHRONICLE
JUNE 20 1931.]
American Commonwealths Power Corp.
(And Affiliated Companies)
1930.
1931.
12 Months Ended April 30-$27,454,422 $26,612,381
sources
Gross revenues, all
13,509,453 14,417,904
Oper. exp., incl. maint. & general taxes
Annual int, charges, funded debt, subsid. co's- 4,713,402 4,490.088
Annual dividend, pref. stocks, subsidiary co's__ -- 1,979,579 1,751,552
180,022
Earns,on stocks of Dominion G.&E. Co.not owned
Bal. avail. Am. Corn. Pow. Corp. & for reserves $7,071,967 $5,952,838
892,429
Int. charges Am. Commonwealths Power Corp_.... 1,390,134
Balance available for dividends and reserves- -- $5,681,833 $5,060,408
652,221
910,558
Annual div. charges 1st pf. stk. Am.Com.P. Corp..
95.977
95,144
Annual div.charges 2d pf.stk. Am.Corn.P.Corp..
Bal. avail, for reserves. Fed'l taxes & surplus-x$4,676,131 $4,312,210
x Balance of earnings, on the average amount of A and B common stock
outstanding for the period ended April 30 1931, is at the rate of $2.48 Per
share before depreciation and $1.73 per share after deduction for depreciation reserves.
te'Last complete annual report in Financial Chronicle June 13'31, p.4402
California Oregon Power Co.
1931.
1930.
12 Months Ended April 3053.966.017 $33,560 338
Gross earnings
2,122,448
2,153,601
Net earnings
5.532
10,750
Other income
$2,159,133 $2,133,198
Net earnings including other income
larLast complete annual report in Financial Chronicle May 2 '31, p. 3334
California Water Service Co.
12 Months Ended April 30-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
1930.
$2,143,312 $2,161,226
780,848
830,545
75,106
89,607
157,044
150,874
Net earnings from operations
Other income
$1,130,314 $1,090,200
24,447
14,273
51,154.761 $1,104,474
Gross corporate income
427,095
369,563
Interest on funded debt
-The decrease in revenues and expenses is due to the sale of Fresno
Note.
Plant, Feb. 11931.
P'Last complete annual report in Financial Chronicle April 11 '31, p. 2758
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
Month of April- 12 Mos.End. Apr.30.
1930.
1931.
1931.
1930.
$276,364 $3,229,397 $33,125,425
Gross earns,from opor__ $262,957
152,931
154,842
1,749,470 1,877,118
Oper.asps. & taxes
Community Power & Light Co.
(And Controlled Companies)
Month ofMay- 12 Mos.End.Matt311930.
1931.
1930.
1931.
$417,560 $4,698,104 $5,116,880
Consolidated gross rev.... $355,188
238.897 2,705,561 2,780,297
211,977
oper. exps.,incl. taxes__
Bal. avail, for int.,
amort., deprec. Fed.
inc. taxes,divs.&Burp
$143,210
$178,663 $1,992,543 $2,336,583
Connecticut Electric Service Co.
1930.
1931.
12 Months Ended May 31$17,504,457 518,009,507
Gross operating revenue
5,038.035 4,893,050
available for dividends
Net income
4,210,230 3,583 241
Balance available for common stock
$.39
33.67
Earnings per share on average common stock
r.37"Last complete annual report in Financial Chronicle Mar.28 '31, p. 2385
Continental Motors Corp.
1930.
1931.
6 Months Ended April 305884,288
$851,266
Net loss after all charges
Financial Chronicle Jan. 17 1931, p. 500
CO Last complete annual report in
and Jan. 10 1931, p. 318.
Detroit Edison Co.
12 Months Ended May 31Electric revenue
Steam revenue
Gas revenue
Miscellaneous revenue
1930.
1931.
548,550,245 552,881.070
2,424,582 2,781.929
430,944
465,678
Dr.8,259 Dr.17,004
Total operating revenue
Non-operating revenue
551.432,247 556,076,939
65,602
69,772
Total revenue
Operating & non-operating expenses
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
551.502,019 $56,142,541
34.412,410 37.612.951
5,687.172 5,674,439
321 018
260.864
36,625
38,308
$11,103,265 $12,497,508
Net income
arLast complete annual report in Financial Chronicle Jan. 24 '31, p. 648
Detroit Street Railways.
Month of May- -12 Mos.End.May 311930.
1931.
1930.
1931.
revenuesOperating
$1,603,260 $15,387,353 $20,292,011
Ry. oper. revenues_ _ _ $1,256,779
371,099 3,463,005 4,452,511
274,988
Coach oper. revenues......
.
Total oper.revenues _ 51,531,767 $1,974,359 $18,850,358 $24,744,522
Operating expenses999,773 1,235,779 12,978,902 15,347,428
Ry. oper. expenses
307,484 3.140,735 4,384,290
241,652
Coach oper. expenses
Total oper.expenses-- $1,241,426 $1,543,263 $16,119,637 $19,731,719
431.095 2,730.721 5,012,802
290,341
Net operating revenue_ 763,794
775,365
65,090
65,228
Taxes assignable to oper_
$366,005 $1,955,355 $4,249,008
income......$225,113
$126,403 $1,824,851 $1,298,917
Total income
$140,472
Operating
129,605
127,157
24,500
5,555
12,788
31.250
330,074
Interest on bonds- -- --153,767 Non-operating income....
438
4,979
48,241
Other int. & deductions..
42,976
$390,505 $2,082,512 $4,378,613
$230,668
Gross income
$108,636 $1,446,536 $1,102,174
$108,784
Balance
Deductions
107,758
Dividends on preferred stock
106,843 Interest on funded debt:
785,875
785,875
66,745
66,745
Construction bonds-130,432
124,779
11,077
10,597
Balance
51,338,778
Purchase bonds
5995,331
betterAdditions &
ItarLast complete annual report in Financial Chronicle Juno 13'31, p.4407
196,635
189,435
16,472
15,860
ments bonds
228.617
19.845
Equip. & eaten. bonds
249,660
Central Power Co.
229,361
20,636
19,143
purch. contr20.625
1,875
Loan (City of Detroit)
Period End. Mar.31- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
5338.294 51,481,311 51,443.929
Gross operating revenues $344,061
$116,807 51,558,068 51,383,227
$132,193
Totalinterest
600,262
132,372
142,721
Available for interest,&c
543,444
354,017
212,446
29,823
22,980
46,681
59,181
220,892
186,725 Other deductions
Int, on long term debt._
7,501
7,218
26,958
25,851
Other deductions
5146,630 $1,770,515 $1,737,244
$155,174
Total deductions
311,997 2,641,368
243,875
75,494
578.189
376,321
5352.412
$330,868 Netincome
Net for rah% & divs__
Disposition of
Ka Last complete annual report in Financial Chronicle May 23 1931, p. Sinking funds: Net Income
8881 and April 25 1931, p. 3145.
$503,095
$519,709
$44,139
$44,139
Construction bonds....
133,000
133,000
11,295
11,295
Purchase bonds
Chester Water Service Co.
Additions & better160,000
160,000
13,589
13,589
ments bonds
1931.
1930.
12 Months Ended April 30194,663
15.797
Equip.& erten. bonds
$566,953
$571.515
Operating revenues
14,863
14,863
bonds
Replce. & impt.
141.617
134,958
Operation expense
151,816 1,655,905 1,787,518
84,931
D.U.R. purch• contr_
21,181
24,718
Maintenance
458,333
41,666
18,522
Loan (City of Detroit)
13,196
Taxes (excluding Federal income tax)
$262,507 $2,678,141 53,041,946
Total sinking funds--- $184,616
$385,633
Net earnings from operations
3398 643
400,578
18,632 2,366.144
109,121
13,614
Other income
3,254 Residue deficit
$311,997 $2,641,368
$243,875
$75,494
399.248
Total
Gross corporate income
401.897
145,066
Interest on funded debt
136,214
Federal Mining & Smelting Co.
lerLast complete annual report in Financial Chronicle April 11 '31, p.2759
Tons Shipped-Quarters Ended.
April 30 1930.
Jan. 31 1931.
April 30 1931.
Chicago Surface Lines.
9,037
9,521 Feb. 1930
6,562 Nov. 1930
Feb. 1931
10,907
6,348 Mar,1930
1931.
1930.
Month of May
6,663 Dec. 1930
Mar. 1931
11,324
6,783 Apr. 1930
54,541.847 55,012.190 Apr. 1931
Gross earnings
7,436 Jan. 1931
3.802,582 3.986.513
Operating expenses, renewals and taxes
31,268
22,652 Total
20,661 Total
Total
5739,265 51,025.677
Residue receipts
*Net Earnings-Quarters Ended.
Cr4,332
31,500
Joint account expenses, Federal taxes, &c
April 30 1930.
Jan. 31 1931.
April 30 1931.
19,082
City's 55%
.
162.677 Feb. 1931
$63,040 Feb. 1930 _ _ _5128.486
54,972 Nov. 1930
22,727 Mar. 1930__ __ 132,907
26.307 Dec. 1930
1931
$724,514
Balance
$831,499 Mar. 1931. __def.17,32:3 Jan. 1931
27,073 Apr. 1930........ 138.752
Apr.
I
10 Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2190
5400,146
Total
$112,841
Total
$13,957
Total
Cities Service Co.
*Before depletion, depreciation, income taxes and year end write-offs.
Chronicle Mar.14'31, p.2000,
-Month of May- -12 Mos.End.May 31rarLast complete annual report in Financial
1930.
1931.
1931.
and Mar.7 1931, p. 1811.
1930.
$3,320,366 $5,328,703 551.707,481 $54.464,045
Gross earnings
Federal Water Service Corp.
182.015 2.693,341
188,166
Expenses
1,659,848
(And Subsidiaries)
$3,132,199 $5446.687 549,014,139 $52.804.197
1930.
Net earnings
1931.
12 Months Ended April 30-1,014,458
539.325 11.709,084 6,931,164 Operating revenues
516,684,504 $15,966,205
Int. & disct. on debs
4.992,545 4,753,667
Operating expenses
861.899
Net to stocks & res've_ $2,117,741 $4,607,361 $37,305,054 $45,873,032 Maintenance
734,537
613,465
648.324
613,461 7,361.564 7,134,050 Reserved for retirements & replacements
840.248
Divs. on prof. stock.,..,,
1.030.755
1,214,366
General taxes
Net to corn.stk.& res. 51,504 275 $3,993,900 529,943,490 $38,738,982
6.43
b.06
58,902.809 58,671,561
No.of times pref. diva__
Net earnings
549.987
696,418
Net to corn.stk.& res.on
Other income
avge. No. of abs. of
$1.40
$0.96
59.599,227 59,221,547
corn.stk.outstanding_
Gross corporate income
4,604,618 4.033.705
"Last complete annual report in Financial Chronicle Apr.18'31, p.2955, Charges of subsid. cos.: Int. on funded debt
66,083
121.647
Amortiz. of debt disct. miscell. int., &c
and May 9 '31, p. 3514.
1,260,008 1,174,868
Dividends on preferred stock
330.127
384.503
Fed. Water Service Corp.: Int, on deb_
Charges of
Citizens Water Service Co.
63.660
40,685
Miscellaneous interest & other charges
323,113
367,673
1931.
1930.
Provision for Federal income tax
12 Months Ended April 30
revenues
$38,560
$39,092
Operating
52,797,117 53.252,966
10,708
11,891
Operation expense
Balance
982,032
989,943
1,201
1,139 Divs, on pref. stock of Fed. Water Service Corp
Maintenance
1,269
1,049
Taxes (excluding Federal income tax)
$1.815,085 52,263,024
Balance
$4.15
$3.23
25,382
25.013 Earns, on which class A stk. has 1st lien-per sh
Net earnings from operations
$3.10
82.62
11,041
11.005 Distributable to class A stock-per share
Interest on funded debt
in Financial Chronicle Mar. 21 '31, p. 2187
rirLast complete annual report
ri'Last complete annual report in Financial Chronicle April 11 '31, p.2759
Net earns.from oper
Other income
5108,115
32,357
5123,433 $1,479,927 $1,284.307
344,924
2,970
50,610
[you 132.
FINANC•IAL CHRONICLE
4578
Louisville Gas & Electric Co.
Florida Power & Light Co.
(American Power & Light Co. Subs.)
-Month of April- -12 Mos. End. Apr.
1930.
1931.
1930.
1931.
Gross earns,from oper._ $1,151,016 $1,132,400 $11,646,859 $11,494,951
5,953.564
6,974,627
Oper.ens.,incl. taxes__
538,854
538,010
Net earns,from oper._
Other income
$613,006
77,558
$593,546 $5,693,295 $5,520,324
1,183,321
996,315
95,743
Total income
Int. on mtge. bonds_ _ _
Int. on debs. (all owned
by Amer. P.& L. Co.)
Other int. & deductions
$690,564
216,667
$689,289 $6,689,610 $6,703,645
216,667 2,600,000 2,600,000
Balance
Dividends on pref.stock
$351,833
110,000
12,064
110,000
9.205
1,320,000
136,209
1,320,000
94,094
$353,417 $2,633,401 $2,689,551
1,131,000
1,165,886
$1,467,515 $1,558,551
Balance
arEast complete annual report in Financial Chronicle Mar. 29 '30, p. 2206
General Empire Corp.
Income Statement from Jan. 1 1931 to May 11 1931.
Profits realized on sales of investments, net (based on inventory
$36,291
values Dec. 31 1930 and (or subsequent costs)
38,745
Dividends received
5,419
Interest earned, net
Gross profit
Expenses
$80,455
2,186
Net profit
Dividends paid March 1 1931
$78,268
25,000
Surplus for period
Surplus Dec. 31 1930
$53,268
925,893
$979.162
121,727
Total surplus
Depreciation of investments since Jan. 1 1931
$857,435
Balance, surplus
82rLast complete annual report in Financial Chronicle Jan. 31 '31, p. 860
General Steel Castings Corp.
Earnings for 3 Months Ended March 31 1931.
Net loss after all charges
$532,716
W'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2207,
and Mar. 14 1931, p. 2001.
$151,627
771.788
$923,415
11,944,960
Total earned surplus
Paid-in surplus
$12,868,375
Total surplus April 30 1931
Greenwich Water & Gas System, Inc.
12 Months Ended April 30-Gross revenues
Balance after fixed charges
1930.
1931.
$1,780,076 $1,629,970
782,161
674,104
Haverhill Gas Light Co.
Gross earnings
Net operating revenue._
Surplus after charges
Month of May- 12 Mos. Ended May 31
1931.
1930.
1930.
1931.
$725,947
$749,585
$55,763
$57,248
183,741
181,185
10,172
15,524
178,640
175,301
Hudson & Manhattan RR. Co.
-Month of May- -5 Mos.End. May 311930.
1931.
1930.
1931.
Gross revenues
$974,737 $1,039,637 $4,932,144 $5,262,626
Operating exps. & taxes
509,707 2,444,535 2,606,139
481.504
Bal. applic, to charges
Charges
$493.233
335,041
$529,929 $2,487,609 $2,656,487
1,675,865
1,673,636
335,170
$811,744
$982.850
Balance
$194,759
$158,191
iZ 'East complete annual report in Financial Chronicle Mar. 28 '31, p. 2380
F
Illinois Water Service Co.
12 Months Ended April 30-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$673,460
255,997
44,669
49,489
1930.
$643,791
254,420
37.753
45.517
Net earnings from operations
Other income
$323,305
804
$306,101
794
$324,109
$306,895
Gross corporate income
133.026
Interest on funded debt
153,039
April 11 '31, p. 2761
raPLast complete annual report in Financial Chronicle
Italo-Argentine Electric Co.
Period End. Mar 31- 1931-Month-1930.
1931-3 Mos.-1930.
.
Operating revenue
$563,201 $1,411,047 $1,639,410
$514,732
Net operating revenue_ 866,244
998.593
340,613
319,176
W'Last complete annual report in Financial Chronicle June 20 '3/ P.4587.
Kansas Gas & Electric Co.
(American Power & Light Co. Subs.)
-Month of April- -12 Mos. End. Apr. 30-1930.
1931.
1931.1930.
Gross earns,from oper__ $477,376
$488,002 $5,905,733 $6,009,395
2,999,987 3,165,125
Operating exps. & taxes..
261,505
253,196
Net earns, from oper_
Other income
$224,180
9,098
$226,497 $2,905,746 $2,844,270
200,741
101,653
12,187
Total income
Interest on bonds
Other int. & deductions_
$233,278
75,000
9,487
$238,684 $3,007,399 $3,045.011
915,333
1,020,000
85,000
89,200
66,982
5,985
Balance
Dividends on pref.stock
$148,791
$147,699 $2,002,866 $1,958,029
458,876
472,693
$1,530,173 81,499,153
Balance
Lakey Foundry & Machine Co.
1930.
1931.
Six Months Ended April 30-$37.037
Net profit after charges and taxes
$4,658
$0.12
Earnings per share on 315.025 shares no par stock
$0.01
1ZeLast complete annual report in Finalcial Chronicle Feb. 7 '31. P. 1045
Market Street Railway Co.
12 Months Ended May 311930.
1931.
Gross earnings
$8,928,584 $9,544,929
Net earns.incl. other income before prov.for retire. 1,340,277
1,555,795
ra"Last complete annual report in Financial Chronicle April 4 '31, p. 2581
1931.
1930.
$10,728,525 $10,387,368
5,356,008
5,676.951
533,579
271.092
$5,948,043 $5,889.587
Net earnings including other income
PO East complete annual report in Financial Chronicle May 2 '31, p. 3335
-
Minnesota Power & Light Co.
(American Power & Light Co. Subs.)
-Month of April- -12 Mos. End. Apr. 301930.
1931.
1931.
1930.
Gross earns,from oper__ $506,887
$500,641 $6,505,579 $6,301,313
2,394,157 2,423,654
Operating exps. & taxes_
197,761
194,289
Net earns, from oper_
Other income
$312,598
22,696
$302,880 $4,111,428 $3,877,659
92,867
166.612
2,844
Total income
Interest on bonds
Other interest & deducts
$335,294
142,508
5,709
$305,724 $4,278,034 $3,970,526
1,538,840
1,714,273
128,202
73,525
65,611
7.156
Balance
Dividends on pref.stock
$187,077
$170,366 $2,498,150 $2,358,161
998,223
1,000,896
Balance
$1,497,254 $1,359,938
' complete annual report in Financial Chronicle June 13 '31, p. 4410
Last
Mountain States Power Co.*
12 Months Ended April 30-Gross earnings
Net earnings
Other Income
1931.
$3,447,571
1,193,311
202,491
1930.
$3,429,512
1,320,174
72.614
$1,395,802 $1,392.788
Net earnings including other income
* Figures for each period are for properties now comprising the system.
Net earnings of properties sold are included in other income.
W'Last complete annual report in Financial Chronicle May 2 '31, p. 3335
National Standard Co.
1931-8 Mos.-1930.
Period Ended May 31- 1931-Month-1930.
$356,979
$425,811
$73,971
Net inc. after all charges $100.797
Earns, per sh. on 146,536
$2.43
$2.90
shares capital stock_
ta'Last complete annual report in Financial Chronicle Dec. 27 '30, p. 4225
New York Water Service Corp.
Goodyear Shares, Inc.
Income Account Four Months Ended April 30 1931.
Net profit four months
Balance Jan. 1 1931
12 Months Ended April 30Gross earnings
Net earnings
Other income
(And Subsidiaries)
1930.
12 Montas Ended April
30-. $2,617,302
$2,794,355
Operating revenues
766,492
829,156
Operation expense
139.573
85,174
Maintenance
216,356
249,158
Taxes (excluding Federal income tax)
Net earnings from operations
Other income
$1,630,867
70,091
31,494,882
50.371
$1,700,959 $1,545,252
Gross corporate income
632,166
771,622
Interest on funded debt
Chronicle April 4 '31, p. 2583
r'
Last complete annual report in Financial
Northern States Power Co.
12 Months Ended April 30-Gross earnings
Net earnings
Other income
1930.
1931.
$33,511,765 $32,964,705
16,815,945 16.755,458
469,473
236,915
$17,052,860 $17,224,931
Net earnings including other income
ta'Last complete annual report in Financial Chronicle April 25'31, p. 3137
Ohio Water Service Co.
12 Months Ended April 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$605,101
184,392
26,294
69,577
1930.
$620,462
163,209
28,404
63,354
Net earningsfrom operations
Other income
$324,838
21,855
$365,496
26,563
$392,060
$346,693
Gross corporate Income
165,350
178,968
Interest on funded debt
IZ'
Last complete annual report in Financial Chronicle April 4 '31, p. 2584
Oklahoma Gas & Electric Co.
12 Months Ended April 30-Gross earnings
Net earnings
Other income
1930.
1931.
$13,423,440 $14,508,659
6,130,767 6,762,218
443,036
69,278
$6,200,045 $7,205.254
Net earnings including other income
l"
Last complete annual report in Financial Chronicle May 2 '31, p. 3336
Oklahoma Natural Gas Corp.
1930.
1931.
12 Months Ended Aprit30$9,596,082 $10,823,113
Gross revenues, including other income
6,144,226
Operating expenses, maintenance and general taxes 5,300,431
$4,295,651 $4,678,887
Gross corporate income
Interest on funded and unfunded debt, depreciation and depletion and miscellaneous charges- 2,347,815
$1,947,836
Balance for dividends
-Last complete annual report in Financial Chronicle Apr. 18 '31, p. 2967
10
Oregon-Washington Water Service Co.
1931.
12 Months Ended April 30-$505.808
Operating revenues
175,861
Operation expense
Maintenance17,446
Taxes (excluding Federal income tax)
61,011
1930.
$614,072
229,645
27,822
77,770
Net earnings from operations
Other income
$278,834
2,015
$251,489
9,618
$280,849
$261,107
Gross corporate income
137,703
135,211
Interest on funded debt
Note.
-The decrease in revenues and expenses is due to the sale offloquiam
Plant, during May 1930.
tarLast complete annual report in Financial Chronicle April 4'31, p. 2584
Philadelphia Company.
12 Months Ended April 30Gross earnings
Net earnings
Other income
1930.
1031.
$60,199,454 $63,514,721
29,925,785 31,367,007
1,639,638
1,458,448
$31,384,233 $33,006,645
Net earnings including other income
ra"Last complete annual report in Financial Chronicle April 19'31, p. 2952
Telautograph Corp.
Pittsburgh-Suburban Water Service Co.
12 Months Ended A pril 30-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$344,107
124.733
22,123
8.346
1930.
3326.650
118,343
18,289
6,912
Net earnings from operations
Other income
3188,906
808
1931-5 5105.-1930.
Period Ended May 31- 1931-Month-1930.
Net profit after deprec..
8142,708
8152,440
328.733
829,759
_
Federal taxes, &c_ _ _
Earns. per sh.on 228,760
$0.62
$0.66
no par shs. capital stk1056
10'Last complete annual report in Financial Chronicle Feb. 7 '31, p.
$183,106
1,113
8184,218
$189,714
Gross corporate income
84,999
83,473
Interest on funded debt
report in Financial Chronicle April 11'31, p.2765
la"Last complete annual
Public Service Corp. of New Jersey.
-Month of May--12 Mos.End. May 311930.
1931.
1930.
1931.
311,343,849 311,277.438 3139276,208 3138623,440
Gross earnings
m ,
Oper. exp., mat. taxes
7,929,767 94,388.715 96,019,963
7.811,938
and depreciation
Net income from oper_ $3,531.910 33,347,670 $44,887,492 $42,603.476
3,257,973
2,791,137
76,571
113,626
Other net income
83.645.537 33,424,242 317.678,630 $45,861,450
1.331,284 16,313.296 15,335,629
1,426,841
Total
Income deductions
4579
FINANCIAL CHRONICLE
JUNE 20 19311
Union Water Service
Co.
(And Subsidiaries)
12 Months Ended April 30-Gross revenues (including other income)
Operating expenses
Maintenance
General taxes
1931.
$504,757
134.235
15.831
59,399
1930.
8481,176
110,856
16.779
57,608
$295,933
$295,292
Gross corporate income
146.520
146,520
Interest on funded debt
11'31, p.2767
Last complete annual report in Financial Chronicle April
-
KIP
West Virginia Water Service Co.
12 Months Ended April 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
8852,288
328,889
48,884
99,396
1930.
3818.416
304,591
41,156
94.431
Net earnings from operations
Other income
8374.618
802
8378,237
2,573
Bal. for div. & surplus 82,218,695 32.092,957 831,365.333 330,525,820
arLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1636
8380,810
8375,420
corporate income
178.026
193,334
Interestro
Chronicle April 4 '31, p. 2586
ItO'Last complete annual report in Financial
Rochester & Lake Ontario Water Service Corp.
Western New York Water Co.
12 Months Ended April 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
8569,925
183.750
21,451
41,637
1930.
8567,110
190,121
29,688
40,455
12 Months Ended April 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
8787.466
251,325
27,078
84,139
1930.
$805,542
282,561
41,406
77,836
Net earnings from operations
Other income,
8323.087
1.010
8306,846
1,493
Not earnings from operations
Other income
$424.923
2,318
8403.739
3.754
$308,339
8324.097
Gross corporate income
125,000
125.000
Interest on funded debt
11 '31, p.2767
UrLast complete annual report in Financial Chronicle April
8407.494
8427.242
Gross corporate income
184.430
181.237
Interest on mortgage debt
in Financial Chronicle April 11 '31, p.2768
WLast complete annual report
Wisconsin PubIic Service Corp.
San Diego Consolidated Gas & Electric Co.
-Month of April--12 Mos.End. Apr.301931.
1930.
1931.
1930.
3618.541 37,390,432 87,203,460
8595,390
3,402,828
308,529 3,788,771
296,649
4,538
235
801 31,594
Gross earnings
Net earnings
Other income
3308,765 $3,793,309 $3,434.423
Net earn. Incl. oth. Inc 3297,451
3,046.751
2,740,983
Balance after interest
W Last complete annual report in Financial Chronicle Apr. 25 '31, p. 3148
Scranton-Spring Brook Water Service Co.
12 Months Ended April 30-Operating revenues
Operation expense
aintenance
Taxes (excluding Federal income tax)
1931.
1930.
$5,191,372 $5,440,059
1,254,370
1,298,568
280,853
355.471
146,898
125,357
Net earnings from operations
Other income
83,509,251 $3,660.663
17.208
18,033
$3,526,459 $3,678,696
Gross corporate income
1.632.201
1,676.649
Interest on funded debt
in Financial Chronicle April 11 '31, p.2767
rirLast complete annual report
Seiberling Rubber Co.
May 1931. April 1931.
Month ofNot profit after charges, but before depreciation
8124,845
889,137
and Federal taxes
W'Last complete annual report in Financial Chronicle Jan. 24 '31, p. 673
Shawmut Bank Investment Trust.
Earnings for Three Months Ended May 311931.
Interest and dividends
Administrative expenses
Interest paid
Not loss
Surplus and undivided profits Feb. 28 1931
Discount on senior debentures purchased by the trust
Total surplus
Loss on securities sold
$78,614
14,241
73,358
$1,404.255
18,511
Southern Colorado Power Co.
1931.
1930.
82,216,376 82.283,234
1.025,801
1,067,313
8,603
29,622
Net earnings including other income
$1,034,407 81,096.935
rag Last complete annual report in Financial Chronicie May 2 '31, p. 3338.
Standard Gas & Electric Co.*
12 Months Ended April 30Gross earnings
Net earnings
Other income
Wisconsin Valley Electric Co.
1930.
1931.
12 Months Ended April 30-$2,305,866 32,040.391
Gross earnings
904,710
911.721
Net earnings
23.692
21,769
Other income
8928.402
8933.490
Net earnings including other Income
2 '31, p. 3340
Ig'Last complete annual report in Financial Chronicle May
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Previous Inc.(+)OF
Current
1931.
1930.
$151.630.819$155,357.799
73.159,778 74,850,343
1.431,271
2,561,818
3,580,252
2.778.000
22,200
210,825
197.505
2,499.091
373,600
300.930
Lengths!Roa4.
Gross Ranting*.
Month.
January
FebruarY
March
April
May
June
July
augUst
September
October
November
December
January
February
March
April
(+) or
Dec.
(-).
1929.
1930.
$
313.102,247
450,528.039 488.828.286 -8.034.122
427,231,381 475.285.483
452,024,4133 5113.820,359 --89.595.798
-83.195.984
450.537.217 513,733.181 -75,131.912
482.444.092 537,575,914 444.171.825 531.690.472 --87.518.847
-101,152.857
458.389,950 557.552,807 -120,898.915
485.700.789 588.397,704 488.8213.791 588.481.331 -99.834.540
482.712,524 808,281,555 -125,589,031
398,211.453 498.882.517 -100,1371,084
91.220.835
377,473.702 4138.494.537 1930.
1931.
85,314,308
365.418.905 450,731.213 91,327.890
336,137.879 427,485.369 78.872,852
375.588,834 452,261.888 369,106,310 450,567,319 --81,461,009
Net Mornings.
Month.
Sweets Co. of America, Inc.
1931.
1930.
Five Months Ended May 31355.493
$36,912
Net profit after charges and Federal taxes
$0.55
100,000 she. cap. stock (par $50)
30.37
Earns, per sh. on
ta"Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1634
January
February
March
April
Dec.(-)•
4,577,218 -1.018,984
3,631,000 --853.000
-2,550
24.750
-42.250
253,075
-89.798
287,303
2,918.399 -417,308
479,345 -105.745
-50,574
351.505
We give the following comparisons of the monthly totals
of railroad earnings, both gross and net (the net before the
deduction of taxes), both being very comprehensive. They
include all the Class 1 roads in the country.
January
February
March
April
May
June
July
A ugust
September
October
November
December
374,591.049 $77,412.161
Not earnings including other income
* Figures for each period arc for properties now comprising the system.
Net earnings of properties sold are included in other income.
arLast complete annual report in Financial Chronicle May 2 '31, p. 3329
Year
Year
Period
Corered.
Name2nd wk of June
Canadian National
2nd wk of June
Canadian Pacific
1st wk of June
Georgia & Florida
Minneapolis & St. Louis_ _ _1st wk of June
1st wk of June
Mobile & Ohio
1st wk of June
Southern
_1st wk of June
St. Louis Southwestern__ _
2nd wk of June
Western Maryland
$8,985
1.404,728
8,512
Surplus and undivided profits May 31 1931
81,385,744
'Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2790
ff
12 Months Ended April 30
Gross earnings
Net earnings
Other income
1930.
1931.
12 Months Eruled April 3085,565,455 $5,573.753
Gross earnings
2,397.694
2,284,583
Net earnings
18.054
19.354
Other income
$2,303,937 $2,415,748
Net earnings including other income
May 2 '31, p. 3339
Wiast complete annual report in Financial Chronicle
1929.
1930.
Miles.
242,350
242.348
242,325
242,375
242,158
242.320
235,049
241,540
242.341
242.578
242.8115
242,877
1931.
242.657
242,880
242,588
242,032
Mlles.
242,175
242,113
241.954
242,181
241.758
241.349
242.979
242.444
242.322
241.1355
242.825
242.424
1930.
242.832
242.728
242,421
242,574
(-).
Inc.(+)or Doe.
Per Cent.
1930.
1929.
Amount,
94.759,394
97,448,899
101,494,027
107,123.770
111,387.768
110.244,607
125,495.422
139,134,203
147.231.000
157,115,953
99.528,934
80.419,419
1931.
71,952,1104
84.818,1341
84,848,242
79,144,853
117.784.570
125.577.888
139,756.091
141.939,848
147,099,034
150,199,509
1139.249.159
191.197,599
183.488,079
204.418.348
127,125.894
105,987,347
1930.
94.836.075
97,522,782
101.541.509
103,030,623
-23.005.178
-28,128.987
-38,202,084
-34,815.878
-35.711.278
-39,954.902
-43.753.737
--52,083,398
--38.255,079
-47.300,393
-27,698,780
-25.587.928
-19.55
-22.40
27.46
-24.54
-24.22
-28.58
-2.5.85
--27.21
--19.75
-23.13
-32.35
24.08
-22,883471
-32,904,121
-18.893.287
-23,885,970
-24.13
33.76
-113.815
-23.21
4580
FINANCIAL CHRONICLE
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
Central VermontMay1931.
Gross from railway- _ - $641,795
Net from railway_ _ _
.
13.766
Net after taxes
719
From Jan. 1
Gross from railway_
2,914,334
Net from railway
366,864
Net after taxes
296,410
MontourMay1931.
Gross from railway
$185.128
Net from railway__ _
73.983
Net after taxes
71,914
From Jan 1
Gross from railway_ _ 842,532
Net from railway_ __ _
273,062
Net after taxes
262,718
1930.
$708,232
93,696
77.670
3,186.180
478.770
398.706
1930.
$259,212
101,402
99,627
1929.
$783,538
110,208
94,024
1928.
$627,507
-201.034
217.363
3,489,990 2.296,663
752,459 -1,348,183
671,550 -1,412,086
1929.
$220,656
74,943
73.071
1928.
$131,980
23,829
22,329
Fou 132.
International Railways of Central America.
Month of MayGross revenues
Operating expenses
1931.
$536,417
335,864
1930.
$636,942
360,513
1929.
$827,680
440,554
1928.
$720.165
420,074
Income applicable to
fixed charges
$200,553
$387,126
$276,429
$300.091
5 Mos. End. May 31
Gross revenues
$3,004,834 $3,806,283 $4,237,195 $3,882,243
Operating expenses
1,696,977 1,942,606 2.173,392 2,175.917
Income applicab e to
fixed charges
$1,307,857 $1,863,677 $2,063,803 $1,706,329
IZ'Last complete annual report in Financial Chronicle May 23 '31, p. 3877
Pere Marquette Ry.
Month of May1931.
1930.
1928.
1929.
Mlles of road operated__
2,265
2,241
2,241
2,244
Total oper.revenues.. ___ $2,361.029 $3,365,448 $4,042,633 $3,824,260
993,359
846,487
603,878 Total oper.expenses_ _ _
_ 1,965.008 2,605,773 3,042,681
2,805.561
310,390
259,036
141,738
301,515
251,164
134,238
Net oper. revenue_ -$396.021
$759,674
$999.951 $1,018,699
Other Monthly Steam Railroad Reports.
136,437
-In the fol- Net ry. oper income__
382,505
533.622
683,153
Other income
22.730
35,217
52.064
19.522
lowing we show the monthly returns of STEAM railroad
Gross income
companies received this week as issued by the companies
$417,723
$585,686
$702,675
Int. & other deductions.. $159,167
317,502
235,723
212,451
themselves, where they embrace more facts than are re216,985
quired in the reports to the Inter-State Commerce ComNet income
$373,235
2182,000
2485,690
Inc.applicable to sinking -$158,334
mission, such as fixed charges, &c., or where they differ in
& other reserve funds_
6
36
some other respect from the reports to the Commission.
Balance trans. to profit
and loss
-$158,340
Central Vermont Ry., Inc.
$181,964
5 Mos. End. May 31Month of May1931.
1930.
1929
1928.
1931.
1930.
1928.
1929.
Miles of road operated
Railway oper. revenues- 2641,795
2,265
2,241
2.244
2,241
$784,643
$708,232
$777,983 Total oper.revenuesRy.oper.exp.(excl.depr.)
$11,764.001 $16,311,125 $18,899.538 $17,127,983
596.211
651,889
582,481
707,116 Total oper.expenses
By. oper. exp. (deprec.)
9,949.498 13,000,188 13.089,161 12,409,575
31,817
20,887
32,054
18,575
Net oper.revenue___
Total ry. oper. exp_ _ _
$614,536
2725,691 Net ry. oper. income...... $1,814,503 23,310,936 85,810,377 24,718,408
$672,777
Net rev.from ry.oper'n_ $628,029
631,518
1,747,788 3,906,126 3,271,148
13,765
93,695
52,291 Other income
111,866
Railway tax accruals__
251,732
257,044
381,375
196,286
12,955
15,989
19,556
16,140
Uncoil, railway rev
91
44
36
32
Gross income
$883,251 22,004,832 $4.287,502 $3,467,434
Int. & other deductions- 1,530,777 1,129,602 1,079,366
Total taxes and uncoil.
1,085,378
railway revenues.. _ _
$13,047
$16,026
$16,184
$19,588
Net income
Railway oper.income_
2875,231 $3,208,136 $2,382,055
95,681
718
77,669
32,703 Inc.applicable to sinking -3647.526
Non-Oper. Income
.
& other reserve fundsHire offrt. cars
313
1,186
-C.bal_
24,812
33,830
4,793
Rentfrom locomotives
1,908
8,415
903
658
Balance trans. to Profit
Rentfr. pass,train cars_
7.583
8,794
7,599
9,287
and loss
Rent from work equip..
-$647.839
$874.045
23
295
147
Jointfacility rent income
fO"Last complete annual report in Financial Chronicle May 16 '31, p. 3706
5,808
996
5,330
1,644
Inc.from lease of road1,402
1,402
1.402
Miscell.rent income_ _ _ _
1,831
372
1,986
124
Misc. non-oper. physical
property
41
-20
91
FINANCIAL REPORTS
Inc.from funded securs_
250
250
250
Inc. from unfunded sec.
and accounts
The Texas & Pacific Railway Co.
2,187
712
3,707
800
Inc. from sinking and
other res. funds
(Annual Report
-Year Ended Dec. 31 1930.)
19
Miscellaneousincome_ _ _
181
181
183
185
Pres. J. L. Lancaster says in part:
Total non-oper.inc
Operating Revenues.
$44,332
$25.984
$55.469
$14,591
-Operating revenues amounted to $37.542,301, a
Grossincome
45.051
133,139
121.665
47,294 decrease of 58.154,133, or 17.84%, compared with the year 1929.
Deduct.from Gross Inc.
Freight revenue was $30,286,654, a decrease of $6,542.975 or 17.77%
Rent for locomotives_ _ _
7,424
7,405
7,241
6,081 compared with the previous year. Tons of revenue freight handled deRentfor pass,train cars_
9,254
10,346
12,748
11,408 creased 14.85% and ton miles 14.21%. The average rate per ton mile
Rent for work equip_ _ _ _
318
81
35
105 was 1.107c. compared with 1.155 c. in 1929 and the average haul per ton
Joint facility rents
15,944
13,859
271
217 was 239.66 miles compared with 237.87 miles for previous year. Decreases
Rent for leased roads_ _ _
17,796
18,139
18,046
18,046 In traffic were distributed over the majority of commodities handled
Miscellaneous rents_ _ _
83
52
4
2,797 There were relatively few commodities showing increases, the principal
Miscell,tax accrual& _
132
132
ones being fresh vegetables, sugar cane, and gravel and sand.
Interest on funded debt_
80,900
82.305
Passenger revenue was $4.415,831, a decrease of $1,026,848 or 18.87%
17.304
108,582
Int. on unfunded debt.. _
39
42
6,270
12 compared with 1929. 819,482 passengers were carried, a decrease of
Amortization of discount
190,545 or 18.87%. The average passenger journey was 174.10 miles
on funded debt
399
200
1,323
1,282 compared with 166.41 miles the previous year.
Miscell. income charges_
88
-14
With continued decline in local passenger revenues, an experimental rate
55
1,539
of 2c. per mile in coaches only was inaugurated Nov. 1 1930 on local trains
Total deductions from
between Fort Worth and Big Spring, Tex. Results being satisfactory, a
gross income
3132,361
$132,465
$63,302
$155,657 similar rate was made effective Dec. 8 1930 on other local trains in Texas
Netincome
-87,310
58,363 --108,362 and Louisiana.
674
Ratio of railway oper'ns
Other revenue aggregated $2,839,815, a decrease of $584,308 or 17.06%,
expenses to revenue_
97.85%
86.77%
85.74%
90.28% of which $345,527 constituted retroactive mail revenue for period May
Ratio of railway oper'g
1925 to July 1928, included in accounts for 1929.
exp.and taxes to rev_ _
95.84%
89.0M
87.809"
Operating Expenses.
-Operating expenses were $26,421,278, a decrease
96.549'
Miles of road operated456
413
433 of $5,428,442 or 17.04% compared with previous year. They consumed
5 Mos. End. May 3170.38% of revenues, compared with 69.70% in 1929.
1931.
1930.
1929.
1928.
Railway oper. revenues_ 22,914,334 $3,188,885 $3,499,929
Maintenance expenses amounted to $11,864,788 and consumed 31.61%
Ry.oper.exp.(excl. depr.) 2,389.165 2,548,597 2,627,978 23,505.337 of revenues. Of this amount $5,638,322 was for maintaining roadway
2,971,991
By.oper. exp.(deprec.)_
158,303
148,239
104,261
93,744 and structures and $6.226,465 for equipment.
Transportation expenses were $12,005,451, a decrease of $2.139,150
Total ry. oper. exp_ _ _ $2,547,469 $2,696,837 $2,732.240 $3,065,736 or 15.12% compared with 1929. Such expenses consumed 31.98% of
Net rev,from ry. oper'n366,864
492,047
767,689
439.600 revenues, compared with 30.95% in 1929, due principally to decreased
Railway tax accruals_ __
70,333
79,920
80,699
95.908 freight revenue per ton mile and decrease in revenue from passenger traffic.
Uncoil,railway rev
Taxes.
-Tax accruals were $1,735,692 -.compared with $2,243,608 in
120
143
166
800
1929, a decrease of $507,916 or 22.64%. Ad valorem taxes increased
Total taxes and uncoil.
$23,863, while Federal taxes decreased $531.780.
railway revenues--_
$70,453
$80,666
280,063
296,708
Road and Equipment.
Railway oper. income_ __
296,410
686,822
411.981
342,892 structures amounted to-Net charges for improvements to roadway and
$6,748,590.
. Non-Oper. Income
New Lines.
-(1) Texas
-New Mexico Ry.-The extension of this comHire offrt. cars
37,131
-C.bal..
154,022
180,197
pany's line
-New Mexico boundary line to Lovington, N. M.
Rent from locomotives__
39.038
5,207
7,517
4,894 a distance from the Texas which was under construction at the close of
of 71.30 miles,
Rentfrom pass.train cars
33,922
42,793
37,943
38,455 1929, was completed and opened for traffic between State line and Hobbs
Rent from work equip__
1,535
243
759
805
miles) May 7 1930, and between Hobbs and Lovington (21.15
Joint facility rent income
5.742
25,367
26,516
7,134 (50.15 on July 20 1930.
miles)
Inc.from lease of road..
7,014
7.014
7,014
-The I.
-S. C. Commission by an order
(2)
=seen,rent income.. _ __
6,571
1,695
8.675
1,078 dated Texas Short Line By. Co. this company to construct an extention
March 20 1930, authorized
Misc. non-oper. physical
of its line from Grand Saline in a southeasterly direction to Van, Tex.. a
property
207
-170
338
16
to
Inc.from funded securs_
1,250
1,250
1,250 distance of 11.68 miles, wasserve the newly developed oil field in that
vicinity. This extension
completed and opened for traffic July 10 1930.
Inc. from unfunded sec.
(3) Abilene & Southern
and accounts
5,814
12.189
23,676
4.081 Commission for authority Ry.-This company's application to the 1.-S.C.
to extend its line from Ballinger to San Angelo,
Inc. from sinking and
Tex., a distance of approximately 40 miles, pending at the close of 1929,
other res.funds
132
by
1930. Petition for reargument
Miscellaneous income..-471
238
258
236 was denied full the Commission on Aug. 7the
before the
Commission was filed by
company on Sept.
Total non-oper.income $240,454
$141,683
$292,105
$65.290 and on Dec. 22 1930 the case was ordered reopened for further 161930,
Gross income
408,183 upon the question of volume of traffic which would be handled hearing
828,506
704,089
536,86
by the
Deduct's'from Gross Inc.
proposed line. Hearing was held in San Angelo during February 1931, but
Rent for locomotives
36,988
35,638
35,892
30,503 not concluded and was adjourned to a date to be fixed by the Commission.
Rent for pass, train cars..
56,843
52,395
49,447
52,533
(4) Texas & Pacific Northern Ry.-To enlarge and improve
Rent for work equip_ --548
296 portation resources of an important and growing section of the trans665
545
Texas, to
Joint facility rents
1,707
69,118
72,854
1,564 bring it into closer contact with important markets, supply centres and
Rent for leased roads_ _ _
90,230
90,323
88,980
90,230 traffic gateways, and to serve more economically and expeditiously the
Miscellaneous rents..--4,585
487
12,415 convenience and needs of the agricultural, livestock and other industries
756
Miscell, tax accruals_ --722
661
in the territory, the
-S. C.
Pacific Northern By. applied to the I.
Interest on funded debt_
86,560
311,264
523.162 Commission on Aug.Texas & for authority to construct approximately 333
404.500
Int. on unfunded debt
13.379
50,219
80 miles of railroad from25 1930
372
Big Spring, Tex. on the Texas & Pacific, extending
Amortization of discount
In a northerly direction to Lubbock, Amarillo, and
hearing
on funded debt
5,847
6.426 on this application was held by the Commission Vega, Tex. ATex., in
1,969
698
at Lubbock,
Miscell. income charges..
270
2,854 December 1930, and briefs in the case will be filed during March 1931.
181
100
Application has been made by the Texas & Pacific By. to acquire control
Total deductions from
of this company by purchasing all of its capital stock.
gross income
$296,962
$811,924
$655,930
$771,557
Federal Valuation.
C. Commission released
-Early in the year the I.
Net income
531,543 -363,374 its final valuation of this company's property -S.of June 30 1916. While
92,184
-119,065
as
Ratio of railway opeens
thisreport is morefavorable to the company than the Commission's tentative
expenses to revenue
78.07%
87.48% valuation issued in 1925, many of the issues raised in our protest against
87.41%
84.57%
Ratio of railway oper.
company. Preparathe
exp.and taxes to rev
80.37
4a
90.32 tiontentative valuation were decided adversely to the up to Dec. 31 1927.
89.83%
87.08%
of information necessary to bring the valuation
Miles of road operated-456
465
In compliance with orders of the Commission issued in September 1928.
a'Last complete annual report in Financial Chronicle May 2 '31 p. 8381 is under way and will probably be completed during 1931.
JUNE 20 1931.]
FINANCIAL CHRONICLE
New Industries.
-Eighty-two additional industries were located on the
line, of which 54 were located on existing trackage. An aggregate of
2.95 miles of track was constructed for 20 new industries and eight were
located on extensions aggregating 0.43 miles. $78,156 was received
during the year from rents of miscellaneous property, principally industrial
sites.
TONNAGE OF COMMODITIES CARRIED.
Forest.
Animal.
Agriculture. Mfg., &c.
Mines.
1930
927,262
265,450
2,366,758
4.358,565
3,052,120
1929
1,434,485
286,679
2,342,371
5.716,789
3,343,127
1928
1,626,289
314,590
2,256,028
4.728.215
4,370.303
343,877
1,550,762
1927
2,393,151
4.790,400
1,965,821
1,642,288
1926
285,776
2.302,810
4,360,620
1,598,739
1,732,393
261,722
1925
2,303,202
4,116,113
1,876,004
1,732,867
271,598
1924
2,225,767
3.479,472
1,684,905
1,717,805
1923
244.674
2,018,201
3,298,810
1,613,492
1.293,630
1922
204,439
2,005,578
3,017,828
1,206.427
STATISTICS OF OPERATIONS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Miles operated
1,956
1,994
2,015
1,981
Operations
Passengers carried
819,482
1,010,027
1,146.672 1.179,978
Pass.carried one mile...142,671,560 168,077,954 181.750,783 173,287,606
Rate per pass. per mile
3.09 cts.
3.24 cts.
8.28 cts.
3.28 cts.
Freight (tons)
11,418,874 13.410,955 13,599,043 11,044,011
Tons per mile
2,736,625,219 3190003,029 3920376,644 2319054.059
Av.rate per ton p. mile_ 1.107 as. 1.155 cts. 1.064 cts. 1.319 as.
Av. tr.-1'd (rev.) (tons).
552
556
599
523
Our usual comparative income account was published in V. 132, p. 2380.
BALANCE SHEET DEC. 31.
1930.
1929.
1930.
1929.
Assets
Ltabilittes$
Inv. in road and
Common stock_ 38,755,110 38,755.110
equipment _ :187,712,064 180,042,982 Preferred stock_ 28,703,000 23,708,000
Dep. In lieu of
Tel. debt. unmat 78,932,000 80,123,380
mtged. proxy__
2,000
123,591 Loans & bills pay 2,094,000
Misc. phys. prop
400,113
368,945 Tmf. & car eery.
Inv.in attn. cos_ 9,642,026 7,152,805
bats. payable570,367
671.433
Other invest'te.
87,030
93,758 Aud. accts. and
Cash
wages payable 2,657.669 2.850,284
1,078.691 8,556,063
Time drafts and
Miscell. accounts
deposits
252,075
payable
63,227
80,552
Special deposits_
206,388
659,745 Int. mat'd unp'd
171,449
179,928
Traffic and car
Div. mat. unp'd
4,709
2,573
eery. bats. rec.
961,147
935,668 Unrnat.dive,de& con. bal.
140,130
104,717
dared
484,436
Misc. accts. me_ 1,389,907
1,613,017Fund, debt mat.
Mat'ls & sums_ _ 4,504,888 8,091,229
unpaid
3,870
3,870
Int. & dive. reo_
102,118
121,446 Unmat.int.accr.
712,243
729,479
0th. cure, assets
23,832
32,807 Unnuitured rents
Work. fd. advs.
20,427
17,701
accrued
86,600
118.683
Other def. assets
9,005 Other cure. nab8.939
00,779
73,363
Rents and Incur.
Other def. nab__
324,616
126,768
25,364
prem's prepd.
40,627 Tax liability_
468,864
973,677
0th. unadj. deb. 1,488,265 1,485,845 Prem. on funded
debt
22,002
22,002
Accrued deprec.,
equipment_
9,545,931 8,485,421
Oth.unadJ. creel.
395.690
887,811
Add'ne to prop.
thr. Inc.& cur. 30,394,032 30,389,398
Profit and lose
credit balance 19,185,244 18,808,783
Total
208,031,401 207,447,951
Total
208,051,401 207,447,951
Note.
-(a) The following securities are not included in assets shown:
Securities issued or assumed pledged, $712.000; securities issue or assumed unpledged, $8,629,700: securities issued in sinking funds, $25,000:
total. $9,366.700. (b) The following capital liabilities, held by or for the
company, are not included in liabilities shown: Capital stock, 88,700:
funded debt-uupledged, $9,358,000: total, $9,366,700.-V. 132, p.
3711.
Fonda Johnstown & Gloversville RR.
(60th Annual Report-Year Ended Dec. 31 1930.)
RESULTS FOR CALENDAR YEARS.
Operating Revenue
1930.
1929.
1928.
Freight revenue
$415.384
$425,742
$419,123
Passenger, steam divis'n
2,928
16,287
19.959
Passenger, elec. division
365,361
485,844
531,715
Mail, express, &c
138,450
98,061
65,359
1927.
8449.617
23,958
608,648
68,704
Total oper. revenue
Operating ExpensesMaint. of way Sc struc
Maint. of equipment_ _ Traffic expenses
Power
Transportation
General expenses
$922,124 $1,025,933 81.036,156 51,150.928
125,751
109,129
10,112
62,954
304,808
131.510
138,543
123,111
9,431
62,653
337,222
89,912
139,848
124,881
9,837
66,784
342,781
65,220
159,151
127,815
7.344
66.740
351.809
69,945
Total oper.expenses_
Net rev,from ry. oper_ _
Railway tax accruals
3744.265
177.858
57.640
$760,872
265.061
70.776
8749.352
286,804
75,964
$782,804
368.124
77,012
Railway oper. Income
Miscellaneous income_
Non-operating income_ _
$120,218
Dr.110
87,263
$194,286
Dr.2,673
125,441
$210,840
10,281
91,425
$291,112
9,146
87,006
Gross income
Deductions
Divs. on pref. stock_
$207,371
355,957
5317,054
381,130
8312,546
382,786
30,600
$387,264
385,902
30.000
4581
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
Operating Revenues1929.
1930.
1928.
1927.
Freight
51,659.831 51,619J273 51,520.768 $1,449,246
10,92113,904
Passenger
7,571
20,249
Mail, express, &c
146,571
88,632
125,218
51.539
12,819
9,678
12,337
9.147
Incidental
Total
Operating ExpensesMaint. of way & struc
Maint. of equipment
Traffic
Transportation
General
51.826,792 51,767,549 $1,632,983 81,530.183
Total
Net operating revenue
Tax accruals, &c
81,484,176 51,615,134 51,466,076 $1,553,186
152,414
342,616
166,908 der23,002
25.764
6,113
12,408
12,260
$309,448
512,611
24,825
538,770
98,522
$352,320
810,966
22,866
537,21.7
91,766
$327,238
511,741
22,807
513,453
90,836
8331.565
598.748
20,999
507,411
94,462
Operating income
Non-Oper. Income
Hire of equipment
Miscell. rent Income..
Dividendincome
Income from funded and
unfunded secs.&accts.
Miscellaneous income...
8330.208
$146,301
$141,142 def$35,262
5170,480
2,615
15,378
8225,218
2,548
12,878
$207,401
2,426
12,878
130.415
136,587
Dr21,749
151,525
258
165,729
266
Gross income
Deductions
Rent of equipment
Joint facility rents
Miscellaneous rents....
Int. on let mtge. bonds.
Misc,income charges...
$649,076
8501,782
8515.630
8366,282
27,584
26
164,452
7,556
27,189
27
171,834
15.896
27.095
65
177.579
9.988
448
26,942
26
182,964
10.418
Total
Net income
Income applied to sink'g
& other reserve funds_
$199,618
449,458
8214,946
286,837
$214,727
300,902
$220,790
145,483
5224,058
1.121
10,378
99,262
91.800
86,094
80,680
Transf. to profit & loss 8350,196
160,000
Divs.on pref.stock(4%)
8195,037
160.000
8214,808
160.000
864,802
160,080
$190,196
40,000
$11.24
$35,037
40.000
$7.17
Balance, surplus
She. pf. out.(Par $100)
Earns. per sh.on pref.--
854,808 def$105,198
40.000
40 000
87.50
GENERAL BALANCE SHEET DEC. 31.
1980.
1929.
1930.
Assets$
$
Inv.Inroad&equIp.x9.042,583 9,085,230 Common stock_ __ 3,000,000
Preferred stock- 4,000.000
Imp'ts on leased
30,420 1st mtge. bonds:
railway property
24 Outstanding-- 4,034,700
Cash in sink.fund_
9,723
In sinking fund
1st mtge. bonds In
(per contra).- 2,555,800
8. L (per contra) 2,555,800 2,374,300
Non-negotiable
Deposits in lieu of
3,137 debt to affiliated
mtged. property
companies
41
Securitle,s pledged_ 1,947,113 1,996,670
Secure. unpledged. 1,446,934 1,446,934 Traffic & car eery,
balances payable
359,028
Cash
498,052
Audited accts, and
Special deposits... 281,587
wages payable.- 147,345
82,530
Matured interest& divs, maDivs, on cons, and
38,932 tured unpaid-82.533
preferred stock_
96,159 Other current liaTrat.&car serv.bal.
bilities
20,000
5,308
Loans & bills rec-10.669 Tax liability
Aght&conduc.bals.
37,103 Other unadj. creel.
68.297
Misc.accts.receiv. 166,410
215,884 Add'ne to property
Materials & supp- 136,238
12,307
Int.& dive. receiv.
25,388 through surplus.
184 Sinking fund res.- 786,508
Other eurr. assets214
5,006 Profit 4: loss bal.. 1,452,801
9,631
Deferred assets..__
Unadjusted debits
66,061
(incl. U.S.Govt.)
53,377
1929,
3,000.000
4,000,000
4,218,200
2,374,300
41
27,104,
113,414
121,480
4.369
31.063
58.574
10.551
687.248
1,229,313
16,145,642 15.873,658
18,145.642 15,873,656 Total
Total
x After deducting $1,959,302 accrued deprecation on equipment,
V. 132 p. 844.
Minneapolis & St. Louis RR.
(Annual Report-Year Ended Dec. 31 1930.)
W. H. Bremner in his remarks to security holders states
in part:
The year 1930 was a year of very severe depression in business generally,
and while we were not able to reduce operating expenses sufficiently to
cover the ontiro loss in revenues, it is gratifying that we were able to make
as large a reduction as was made. This would not have been possible had
It not been for the substantial improvement which has been made in the
Property during the receivership, and it seems fitting at this time to call
your attention to some of the things that have been accomplished in this
direction.
In the early years of the receivership it was necessary to issue, from
time to time, Receiver's certificates, and in 1927 the total amount outstanding reached the maximum of81,950,000. In 1929 and 1930,certificates
to the amount of $750,000 were retired out of earnings, leaving the total
amount now outstanding $1.200,000.
In addition. in 1930 all preferred claims under $50 were paid in full, and a
20% dividend on all claims of this class of $50 or more was paid, the total
amount paid out being $446.867.
In common with other railroads we are suffering a continually increasing
loss of passenger business to the private automobile and busses, and of
freight tonnage to the trucks. Pipe lines for the transmission of natural
gas and gasoline are being built into our territory, and with their comthat we will suffer a loss in our tonnage of gasoline
pletion it is
and coal. The attempt to develop barge transportation on the Upper
The
Mississippi still continues, and your line is in direct competition with the
United States Government, in that the Government is now operating a
barge line along the entire length of the Mississippi as far north as Minneapolis.
In spite of the difficulties with which we are confronted, it is my belief
that because of the improved condition of our property this railroad will be
able to earn a substantial net operating income whenever business conditions return to normal.
Balance deficit
$148.586
$64,077
$100,240
$28,639
GENERAL BALANCE SHEET DEC. 31.
1930.
1929.
1930.
1929.
Assets
Invest. In rd and
Common stock_ 2,500.000 2,500,000
equipment
10,047,117 10,201,003 Preferred stock- 500,000
500,000
Impts. on leased
Funded debt
7,000,000 7.000,000
4,621
railway prop...
24,379 Loans & bills pay_
60,000
phys. prop 260,054
188.379 Accts. payable
112,294
98,686
Deposits in lieu of
Accrued liab
73.275
72,767
mtge. prop. sold 685,611
900,510 Unadjust. credits_
28,698
921,101
Invest. In Mill. co. 234,448
234,448 Accrued deprec
842,607
808,239
Other investments
8,600
8,600 Surplus
532,501
55,086
Cash
33,388
57,244
Loans & bills rec.17,740
17,740
49,217
Accts. receivable.38,579
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
Materials & sums. 103,830
100,829
35,955
Deferred assets__
35,415
Mines.
Forests. Mfg.&Misc.
Agriculture. Animals,
DIsct.on fund.debt 129,118
135,032
1,564.870
334.197 2,023,518
265,585
1,867,433
1930
39,877
Unadjust. debots31,701
363,6622,012,762
451,202
1,699.151
1929
2,183,166
355,061
2,110,304
1,655,032
486.852
2,275,740
1928
11,649,374 11,953,859
Total
1,772,660
Total
445,630
1,506,726
359,692
2,177,612
11,849,374 11,953,859 1927
1,678,431
438,951
1,530,795
367,494
1926
2.354,705
-V. 132, p. 122.
342,426
1,826,191
1,432,640
436,051
1925
2,259,192
2,070,263
1.711,086
325,533
389,804
2,136.243
1924
Buffalo & Susquehanna Railroad Corporation.
1,860,901
350,294 2,611,478
416,600
2,073.916
1923
1,941,355
357,265
1,663,232
330,671
(17th Annual Report-Year Ended Dec. 31 1930.)
2,073,477
1922
TRAFFIC STATISTICS FOR CALENDAR YEARS.
STATISTICS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
1928.
1929.
1927.
1930.
1,436,065 1,342.301
No.of rev. tons carried- 1.578.725
1,628
1,628
1,628
1,242.281 Average miles operated1,628
No. of rev, tons carried
458,246
296,984
476,940
carried
605,275
Passengers
143,202,000 149,112,000 143,172,000 125.603,000 Pass.carried one mile... 19,972,510 26,773,419 28,706,901 33,952,237
1 mile
Aver.revenue per ton.-- 105.14 cts. 112.74 cts. 113.30 cts. 116.66 cts. Rate per pass. per mile
2.896 cts. 3.010 cts. 3.040 etc. 3.105 cts.
Aver.rev. per ton per mi. 1.159 eta. 1.086 cts. 1.062 eta.
1.154 cts. Revenuefreight,tons_
7.083,614
6,222,222 6,910,344
6,468,551
14,183
19.626
24,587
No.of rev. pass. carried33.578 Ref. fgt. car. 1 m.(000).1045781 907 1222990,021 1272642,682 1203997,423
218,000
310,000
390,000
No. of pass. carr. 1 mi....
585,001 Rate per ton per mile-. 1.089 cts. 1.056 cts. 1.044 as. 1.046 cts.
rev. per passenger 53.38 cts. 55.64 cts. 56.55 cts. 60.31 cts. Earns, per pass. tr. mileAver,
$0.79
$0.59
$0.74
$0.82
3.52 cts.
3.57 cts.
3.46 cts. Earns. per fgt. tr. mile
Av.rev. Per pass.per mi. 3.47 eta.
$4.53
$4.27
$4.54
$4.54
4582
FINANCIAL CHRONICLE
[VoL. 132.
Muscle Shoals.
-The relation of Alabama Power Co.to Muscle Shoals has
been misrepresented so frequently that it.eems advisable to review briefly
the history of that development and to State the present attitude of the
company.
Upon the entrance of the United States into the World War,the establishment of a plant in this country for the fixation of nitrogen, an essential
element in the manufacture of high explosives and fertilizer, was determined
Total oper. revenue__$12,725,671 $14,700,506 $14,450,531 $14,413,217
to be a necessary part of the program of national defense. The Congress
Expenses
of
Maintenance of way.&c. $1,646,743 $1,872,555 $2,108,293 $2,226,011 a the United States, in 1916, had authorized the President to construct
manufacturing plant for such purpose and Government engineers selected
Maint. of equipment_ _ _ 2,507,176 2
.507.996 2,816,750 3,144,562 the site at
Muscle Shoals, Ala.
Transportation expenses 5,688,939 .6,456,809 6,503,965 6,510,114
Prior to the War,the company,owner of the power site at Muscle Shoals,
429,315
428,780
Trafficexpenses
436,064
449,363
532,313 had expended some $500,000 thereon preliminary to its development for
524,194
557,581
General,&c
535,439
hydro-electric generating purposes. After some negotiations with officials
Net rev,from ry.oper. $1,898,010 $2,869.499 $2,068,549 $1,570,901 of the Government concerning the purchase price of the power site, the com709,545 pany, moved by patriotic impulses, transferred the site ot the Government
789,788
791,852
Railway tax accruals.. _ _
751,539
3,187 for the SUM of $1 and by letter of Feb. 20, 1918, the Honorable Newton D.
Uncoil, railway revenues
3,833
2,222
4,763
Baker, then Secretary of War of the United States, expressed appreciation
$858,168 and thanks for "the company's generous and public spirited action."
Railway oper.income_ $1,141,709 $2,075,426 $1,274,927
The Government proceeded with the development, completing the build550,233 ing
643,179
Hire of eqpt.-Net(Dr.)
95,371
485,337
close of
123,240 the of the nitrate plants and steam generating plant just before theplant in
109,470
113,038
Jt.facil.rent,-Net(Dr,)_
109,677
19 5 ar and completing Wilson Dam and the hydro-generating
2W
.
$184,693
Net rail. oper. income $546,695 $1,867,015
$522,276
With the close of the War the Governmental need passed and since that
136,663
134,625 time
Non-operating income.._
150,932
141,191
the nitrate plants have remained idle. Since the completion of Wilson
$319,318 Dam and the hydro generating plant the Government has operated the
$658,939
Grossincome
$687,886 $2.017,948
Int. on funded debt....,.2,050,162 2,467,725 2,005.738 2,016,452 plant and sold at the switchboard surplus power in varying amounts to the
160,046
187,906 company on a clay to day contract in place of power which would otherwise
Int. on unfunded debt
158,629
130,201
be generated
213,563
Miscell.income charges_
179,152 power, the by its steam plants. Under the contract for purchase of such
339,685
198,364
company agreed that it would not operate its steam plants as
except in
Net deficit
$948,091 $1,720,408 $2,064,193 long as power from the Muscle Shoals hydro plant was available, cost of
$1,690,844
emergencies, and would pay the Government a sum equal to the
coal and labor thus saved in its steam plant operations. The price paid at
BALANCE SHEET DECEMBER 31.
the switchboard for such power has ranged from 2 to 4 mills per kilowatt
1930.
1929.
1930.
1929.
hour depending upon the particular steam plant of the company thus
Assets
3
Liabilities8
g
IS
replaced.
Invest. In road
25,792,600 25,792,600
Capital stock
The Secretary of War recently made this comment on the contract
equip., &c____x62,787,844 61,530,663 Grants in aid of
in his reports to Congress: "The total primary power available at the dam
4,094
4,094 is 66,000 kilowatts. . . . Considering the present equipment of the
construction
Improv. on leased
45,734,031 44,660,826 properties at Muscle Shoals and the fact that all contracts must be revocable
property
30,169
29,329 Funded debt
phys. prop 173,324
178,401 Receivers ctfs_ _ _ - 1,200,000 1,225,000 without notice in order to leave this property free for whatever action
386,653
425,542 Congress may decide to take, the contracts with the Alabama Power Co.
Invest. in affil.cos. 299,245
446,789 Tref. & car. eery
409,379 give the Government by far the highest obtainable financial return."
Cash
797,073 1,519,206 Audited vouchers_ 283,432
502,194
571,075
Loans, depoeits,&c
Unpaid wages__
The company has offered on several occasions to pay an increased sum
19,633
8,784 and on Sept. 4 1928, made an offer providing for an eventual minimum
receivable
3,373
180 Agents drafts
21,378
22,570 payment of $2,200,000 annually for the power it would be able to utilize.
Traffic & ear serv.,
Miscel. accts., pay
debit
82,762 Mat. Int. unpaid 14,230,420 12,287,460 Under the offer all or any of the power could be withdrawn on 18 months
86,520
458,120
458,335 notice for the manufacture of fertilizer or for any other purpose. If this
Agts.& conductors 321,983
402,799 TJnmat. int. accr
544
544 offer had been accepted the Government would be receiving for the year
U.S.Post Off.Dept
28,682
36,831 Unmet. rents accr.
3,623
6,312 1931 not less than $2,200,000 as compared with an estimated receipt of
Audited bills
499,014 Deferred liabilities
481,317
Unadjusted credits 5,354,180 4,989,431 $595,000 on the present basis.
Fgt., claim bills &
draft authorities
30,041 Other def. habil_ _ _ 2,434,320 5,484,850
31.244
The Chief of Engineers of the United States Army recently called the
Mat'l & supplies 1,067,525 1,037,334 Addition to Prop.
attention of Congress again to this offer, and said that the offered revenue
Int. & diva., rec
through income
691
691
would have been 'sufficient to pay for operating and maintenance expense,
88.951
88,027 depreciation, znd approximately 4% interest on the investment in the
Deferred assets__
and surplus__.._
. 25,045
25,585
Unadjust. debits_ _I 4,322,026 16,448,181
hydro-electric property.' However, Congress did not authorize any such
Profit and loss
16,058,118 14,167,023
contract. Instead it twice passed bills which would not, as a .practical
matter, have utilized the nitrate plants for the manufacture of fertilizers
96,514,179 96,434,829 and other chemicals but would have put the Government into the public
Total
96,514,179 96,434,829 Total
x A79.fter deducting $5,250,449 reserve for accrued depreciation.
-V.132 business in competition with the private companies. Both of these bills were
vetoed.
P.38
The company and the Tennessee Electric Power Co. have transmitsion
line connections to the generating plants at Muscle Shoals and are disAlabama Power Co.
tributing power to consumers. The power available at Muscle Shoals
and not required in the manufacture of fertilizer and other chemicals can
(Annual Report-Year Ended Dec. 31 1930.)
be readily and profitably disposed of at the switchboard.
The company is desirous of co-operating in any well considered program
President Thomas W. Martin reports in part:
It was not to be expected that the company would be exempt from the desired by the people of the Tennessee Valley, where the properties are
adverse conditions that have operated against business in general through- located, for the benefit of agriculture and the industrial development of
out the past year. When compared with former years, a review of 1930 that valley.
In case the Government does not desire to sell or lease its plants at Muscle
reveals that these adverse conditions are reflected in the results of the year's
operation. At the same time there is cause for satisfaction that the in- Shoals, acquired as a War measure, but to retain and operate the power
plants, the company feels that it should not engage in the distribution
creased economy and efficiency of the personnel, the new industries established during the year and increased consumption of commercial, domestic of electric energy in competition with its own citizens. There is no necessity
and rural users materially lessened the effects of the business situation and In the present instance for the United States Government departing from
brought the company to the end of the year with an unimpaired record of itslong established principle ofleaving to private business the field of private
standpoint,
service. The operating and construction program of the company as pro- enterprise. If the problem is considered from a purely businessthe existing
jected at the beginning of the year went steadily forward without curtail- it is obvious that the most economical solution is to utilize
ment, thus insuring adequate preparation for the demands and opportuni- distributing facilities.
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31.
ties which the revival of general business conditions may be expected to
bring.
1929.
1930.
9
3
$17,168,735 $17, 21;315
246 4 5
Tares.
ever-increasing expense, the total taxes Gross earn
-Company's tax bill is an
Gasss
Electric
accruing to various local, state and National governmental agencies having
734,035
633,506
increased from 3694,388 in 1924 to $1,982,310 in 1930.
Transportation
63,231
Various special taxes, including the capital stock tax, gross receipts
Water & ice
tax, the hydro-electric tax, city licenses, and others, have increased so
rapidly in recent years that the total amount of the company's revenues paid
$17,865,472 $18,301,845
Total gross operating revenue
real property
35,355
45,099
out in taxes, rather than the assessments and taxes on its
Non-operating revenue
must be considered in measuring its contributions to the revenue of the
$17,910,572 $18,337,201
various municipal, county and State agencies.
Total gross earnings
5,672,384
5,283,189
Financing.
-Funds required for the capital purposes of the company Operating expenses
1,669,811
1,982,309
during the year were supplied by $6,000,000 received from the sale of its Taxes
common stock, by the sale of over 50,000 shares of its preferred stock, and
by means of temporary loans from affiliated companies. Since Jan. 1931,
$10,255,878 $11,384,200
Gross income
the company has issued and sold with the approval of the Alabama Public Interest on funded debt
4,258,653
4,246,645
36,936
Service Commission $8,000,000 1st & ref. mtge. gold bonds, 434% series Interest on unfunded debt (less interest inc.)-net_
473,126
144,480
144,617
due 1967, the proceeds of which have been used partially to liquidate the Amoetization of debt discount and expense
430,529
35,692
temporary loans.
Other fixed charges
Operations -The total gross energy requirements during the year was
714,952
869,970
1,7S3,336,282 kilowatt hours, as compared with 1,715.250,122 kilowatt Less: Interest charged to construction
hours in 1929, an increase of 68,086,160 kilowatt hours, or 4%•
4.030,110 4.155,647
The output of hydro-electric plants increased from 1,447,568,520 kilowatt
Total ixed charges
hours in 1929 to 1.452.635,147 kilowatt hours in 1930, a gain of 5,066,627
$6,225,768 $7,228,552
Net provision before provision for retirements
kilowatt hours. The rainfall for the year was approximately normal on
920.515
950,000
both the Coosa and Tallapoosa watersheds and was remarkably well dis- Provision for retirement reserve
tributed for the production of power throughout the year. The Coosa
$5,305,253 $6,278,552
River plants generated 173,173,400 kilowatt hours less than in 1929, but
Net income
2.006,648
1,883,396
this deficiency was more than replaced by generation from storage on the Dividends on preferred stock
Tallapoosa River, which increased 178,240,027 kilowatt hours, thus again
$3,298,604 $4,395,155
showing the advantage both to the public and the company of co-ordinating
Balance
power developments in different water sheds.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
The output of fuel plants of the company in 1930 was 29,148.617 kilowatt
1929.
1929.
1930.
1930.
hours as compared with 8,773,256 kilowatt hours in 1929, an increase of
Liabilities
5
Assets
due to generation
20,375,361 kilowatt hours, the greater part of which was
Cost of proplies 179,375,165 167,843,971 Capital stock..y79,001,207 67,842,678
at the Magazine plant of the Southeastern Production Co.
Fundeddebt_ _ - 88,929,000 88,921.000
Shoals and other sources Inv.in WU.,&c.,
Energy purchased by the company from Muscle
244,010 Notes, accts. pay
385,172
companies_ -- 1,436,690
603.906
amounted to 301,552,518 kilowatt hours, as compared with 258,908,346 Cash
1,287,945 1,303,478 Divs., &c., pay
458,941
. 511,851
kilowatt hours in 1929, an increase of 42,644,172 kilowatt hours.
19,875 Mat. Int. unpd
179,368
the year increased Funds with empl
New generating plants brought into service during
x2,329,536 2,063,317 Due to WM. co'5 9,593,915 7,327,475
the aggregate installed capacity of the company's plants to 791,380 horse- Accts. receiv
Retir. & renewaIs
-electric and 208,380 horse- Materials & supp 1,588,552 1,438,360 Salaries & wages 3,949,314 4,403,865
power, of which 583,000 horsepower is hydro
15,832
138,529
power is steam electric. In addition to the above, the company through Stock subsc. rec_
Taxes,do
disc. &
549,230
336,779
a subsidiary owns a steam electric generating plant near Mobile of 10,700 Debit process exp.
of
Interest accrueO
In
694,388
694,387
horsepower capacity. In
horsepower capacity, making a total of 802,080
3,041,000
Deferred Habil.amortization
814,348
609,142
addition to these owned plants, the company has available under temporary
549,943
Miscellaneous
1,195
arrangement with the War Department (subject to cancellation on 30 days' Due to sail. cos_
Other reserves..- 1,483,144 1,190,445
steam-electric Due on subscrip.
notice) the output of Wilson Dam hydro-electric and Sheffield
147,542
Contrib. for exten. 116,782
to pref. stk___
generating plants at Muscle Shoals. The company also has available Int. & diva. rec28.852
Surplus(subj. t
through interconnection generating facilities of affiliated companies in the Cash on dep, for
Federal tax)-- 4,473,333 4,242.847
States of Tennessee and Georgia.
pay couPs.,&c.
179,368
All plants except four of negligible capacity are inter-connected by high Special deposits..
8,985
15,203
utilization of generattension transmission lines, thus permitting maximum
ing capacity, providing a highly flexible and well balanced system, and as- Prepaid insur.,
474,430
320,211
licenses. &c-suring an abundant supply of electric energy throughout the area served.
Commercial -Energy sales for the year totaled 1,496,776,514 kilowatt MLscell. Items in
234,241
325,145
suspense
hours as compared with 1,433,721,080 kilowatt hours in 1929, an increase Other def. chgs3,180,532
of 63,055,434 kilowatt hours. Total energy sales, exclusive of sales to
affiliated electric companies, were 1,066.199,050 kilowatt hours, compared
190,602,881 176,949,362
Total
with 1,098,894.561 kilowatt hours in 1929. a decrease of 32,695,511 kilox After deducting $281.310 reserve for bad debts. y Represented by
watt hours.
An intensive sales program featuring additional use of electricity in the $5 (no par) cum. pref. stock (preferred on dissolution at $100 per share)
home was directly reflected by increases in the consumption of residential outstanding 27,845 shares; $6 (no par) cum. pref. stock (preferred on dissocustomers. The average annual use per residential customer reached 694 lution at $100 per share) outstanding 132,923 shares, subscrived bdt
kilowatt hours in Decemner,an increase of 123 kilowatt hours -per customer, unissued 2,501 shares; $7 (no par) cum. pref. stock (pref. on dissolution
or321.5%, over the preceding twelve months' period comparing favorably at $100 per share) outstanding 165,588 shares, and common stock outstand-V.132, p. 3521.
ing 3,650,000 shares (no par).
with the National annual average of 548 kilowatt hours.
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
Earnings.1928.
1930.
1929.
Passenger
$872,628 $1,054,144
$805,854
$578,492
Freight
11,392,219 12,912,562 12,774,023 12,589,120
769,953
Mail, express, &c
803,880
982,090
754,960
JUNE 20
1931.]
FINANCIAL CHRONICLE
Oentral Corporate anb 3nbottinent
STEAM RAILROADS.
Cuts in Oil Rates Granted Carriers.
-I. 0. Commission helps railroads
-S.
to meet motor rivalry. "Sun" June 15. p.44.
Roads File Petition for 15% Rise in Rates on Freiaht.-Formal plea made
to the I.
-S. C. Commission for an increase in charges on all classifications;
revenue needs stressed; present returns under 2h% on values said to
Imperil structure of lines. New York "Times" June 18, IL 1.
Insurance Group for Rail Rate Rise.
-Life company heads plan with
savings bankers to argue before I.
-S. C. Commission. N. Y. "Times"
June 18, p. 41.
Freigh Cars in Need of Repairs.
-Class I railroads on May 15 had 166,001
freight cars in need of repairs, or 7.5% of the number on line, according to
the car service division of the American Railway Association. This was
an increase of 3,035 cars above the number in need of repair on May 1,
at which time there were 162,966, or 7.4%. Freight cars in need of heavy
repairs on May 15 totaled 117,893, or 5.3%,an increase of 1,168 compared
with the number on May 1, while freight cars in need of light repairs totaled
48,108, or 2.2%, an increase of 1,867 compared with May 1.
Locomotives in Need of Repairs.
-Class I railroads of this country on
May 15 had 6,129 locomotives in need of classified repairs, or 11.2% of
the number on line, according to reports just filed by the carriers with the
car service division of the American Railway Association. This was an
Increase of 171 locomotives above the number in need of such repairs on
May 1, at which time there were 5,958 or 10.9%. Class I railroads on
May 15 had 9,519 serviceable locomotives in storage compared with 9,730
on May 1.
Matters Covered in the Chronicle of June 13.-(a) Gross and net earnings
of United States railroads for the month of April p. 4304. (b) Petition
for 15% increase in freight rates to be filed in behalf of Eastern, Western
and Southern railroads, p. 4347. (c) National League of commission merchants opposed to freight rate increase, p. 4348. (d) Nathan L. Amster
maintains a freight rate increase would help restore prosperity, p. 4348.
4583
Atita
which amount $546,276 or one-half is payable to the Federal Government.
The cost of reproduction new of the road was fixed at $3,600,505 as of
Dec. 31 1927.-V. 119. p. 2875.
New York Central Lines.
-Obituary.George Hoadley Ingalls, Vice-President in charge of traffic, died on June
14 in New York City.-V. 132, p. 3332.
New York Central RR.
-/.-S. C. Commission Places
-See Ulster &
Value of Ulster & Delaware at $2,500,000.
Delaware RR. below.
Fined $15,000 for Rebate Under Elkins Law.
The company, which was indicted March 10 last on 30 counts charging
violation of the Elkins act, each of which is punishable by a maximum
fine of $20,000, pledged guilty June 15 to 15 of the counts, and was fined
$15,000 by Federal Judge Henry W. Goddard. The remaining 15 counts
had been dismissed with the consent of George Z. Medalie, United States
Attorney.
The indictment, said to have been the first of its kind in this district
under the Interstate commerce law, charged that the defendant failed to
collect storage charges from favored receivers of shipments, who were
permitted to leave their merchandise at the carrier's Sixtieth St. station.
-V. 132. p. 4405, 4233.
-Equipment
New York, New Haven & Hartford RR.
-First National Bank and Salomon Bros. &
Trusts Offered.
Hutzler are offering $2,595,000 43% equipment trust certificates at prices to yield from 23t% to 4.15% according to
maturity. Issued under the Philadelphia plan.
Dated July 1 1931; to mature annually $173,000 from July 1 1932 to 1946.
Certificates and dividend warrants (J. & J.) payable in gold in New York
City. Denom. $1,000c*. First National Bank of Boston, trustee.
See Wellington, Grey & Bruce By. below.
-V.132, p. 4050,3520.
Tliese certificates are to be issued to provide approximately 75% of the
-ton electric passenger
cost of railroad equipment consisting of: 10, 200
Chicago & Alton RR.
-Stockholders' Committee Brief Says locomotives; 12 steel multiple unit passenger train motor cars; 19 steel
They Have a $50,000,000 Interest in Road.
multiple unit passenger train trailer cars; 2 steel multiple unit combined
Claiming an equity of $50,000,000, the stockholders' Protective commit- passenger and baggage trailer cars and 1 steel car float, 20 car capacity.
tee June 18 urged the I.
-S. C. Commission to refuse to approve the sale of This equipment will cost approximately $3,460,000 of which not less than
-V. 132, p. 4405, 4051.
the line to the Baltimore & Ohio until some provision is made for stock- 25% will be paid by the company.
• holders.
Norfolk & Western Ry.-Indicted for Rebating. June 18
In a brief based on testimony taken at recent hearing the protective comA Federal grand jury at Atlanta. Ga., indicted the company,
mittee asserted that the road had been shown to be worth $125,000,000 by
cents per 100 pounds on shipments of newsexperts. "We submit," said the brief, "that the evidence clearly shows on a charge of rebating 234
. at least a $50,000,000 equity in favor of stockholders."
-V,132, p. 4050, print from Norfolk to Atlanta, of which the International Paper Sales Co.,
Inc., was consignor and consignee. There are 20 counts in the indictment.
3878.
The "Atlanta Journal" says the action of the grand jury followed an
-S. C.
Chicago Great Western RR.
-50c. Dividend.
investigation of many months by rate experts and examiners of the I.
The directors on June 15 declared a dividend of 50c. per share on the Commission.
4% cum. red. pref. stock, par $100, payable July 20 to holders of record
The indictment charges violations of the Elkins Act, a law governing the
-V.132, p. 3521.
June 25 1931. A like amount was paid on April 20 last, compared with regulation of Inter-State Commerce shipments of freight.
per share on Jan. 7 1931. The latter payment was the first distribution
Northern Central Ry.-New Director.
since July 1919.
George W. Belly of Harrisburg, Pa., has been elected a director. Mr.
Places Large Order.
Belly is President of the Harrisburg (Pa.) National Bank and a director
-V. 124, P. 2903.
The company has placed an order with the Pullman Car & Manufactur- of the Federal Reserve Bank of Philadelphia.
ing Corp. for 500 50
-ton steel box cars for early delivery. This involves
-Increases Capacity of Elevator.
Pennsylvania RR.
an expenditure of upwards of $1,000,000.-V. 132, p. 4050.
several additional storage bins at
The company has just completed
grain storage capacity
Delaware Lackawanna & Western RR.
-New Jersey Its Erie, Pa., grain elevator which will increase itsat a cost of 8325,000.
work has been done
Commission and Railroad File Briefs in Commuter Fare Rise.
- by 1,000,000 bushels. This Work on new Station in Philadelphia.
The application by the company for increases ranging from 15 to 25%
Progress of Construction
In its commuter fares on 60 day tickets between New Jersey points and
Plans for the new Pennsylvania RR. terminal, to be erected on the west
N.Y.City was opposed June 17 in a brieffiled with the I.
-S. C.Commission bank of the Schuylkill River at Thirtieth and Market Streets, Philadelphia,
by the Public Utility Commission of New Jersey, while the railroad filed Pa., have been filed with the Bureau of Building Inspection for approval
an additional brief in support of the higher rates.
by city engineers. This project is said to involve an expenditure of about
The Utility Commission said the company showed lack of sagacity in $50,000,000, including the Thirtieth Street or so-called suburban station.
proposing increases on this type of traffic, contending that a period of de- which is now in use and which would become a wing of the new terminal.
pression was not the time to raise fares and that the increases should not be A permit for actual construction work,it wassaid, would be granted in about
allowed until the financial results of electrification of the road had been a month.
ascertained.
The new station will be a five-story building of Indiana limestone with an
The Lackawanna filed a brief in which it contended that electrification imposing colonnade to face Pennsylvania Boulevard. It will occupy an
of its service In the area on which the proposed increases would apply entire city block. Award of contracts, totaling more than $1,500,000 in
has resulted in an increase in annual costs, exclusive of taxes on added excavation and foundation work, was made in March.
property, of $564,900.-V. 132, p. 4233.
Additional contracts have since been awarded covering the erection of the
structural steel work for the station building. The foundations now are
-Excess Earnings.
Detroit Terminal RR.
practically in place and the steel skeleton of the building is beginning to take
The I.
-S. C. Commission, In a tentative report has found that the road shape. It is anticipated that the steel super-structure will be entirely comIn 1922 and 1923 had $238,599 excess earnings of which one-half or $119,299 pleted in the early fall, when work will begin on the walls of limestone and
Is payable to the Federal Government. Of the total amount $106,070 was the interior arrangements.
earned in 1922 and $132,529 In 1923. The road is owned by the New York
According to present plans,the entire terminal development will be ready
Central, Michigan Central and Grand Trunk roads.
-V. 129, p. 3321.
to receive the public in 1933.
Canadian National Ry.-Interest Payment.
-
Duluth, South Shore & Atlantic Ry.-Assumption of
Obligation and Liability.
The I.
-S. C. Commission Juno 19 authorized the Marquette, Houghton
& Ontonagon RR. and the Duluth South Shore & Atlantlq By. to assume
obligation and liability, as lessee and assignee, respecitvely, in respect o
not exceeding $1,000,000 of first-mortgage 5% gold bonds of the South
Shore Dock Co.
Those parts of the application which request authority to execute the
proposed lease and an assignment and acceptance thereof and to suaject
the applicants leasehold interests to the liens of certain mortgages were
'
dismissed.
-V. 132, P.3520.
Great Northern Ry.-Stock Placed on a $4 Annual Dividend Basis as Against $5 per Annum Previously.
-The executive committee of the board of directors on June 18 declared
the outstanding $248,938,450 prea dividend of 13' % on
ferred capital stock, payable Aug. 1 to holders of record June
30 1931. This declaration, with the 2%% paid Feb. 2 1931,
is to be construed as stock being on a 4% basis, the company announced.
Places Large Orders.
The pennsylvania RR. on June 18 placed orders for the construction of
the mechanical parts or chassis of 90 of the 150 electric locomotives for
which the railroad recently purchased $16,000,000 worth of electrical equipment.
Construction and material orders for the 90 chassis will cost $4,700,000.
Locomotive parts included in the order consist of driving wheels, axles,
trucks, frame and cab and the structrual parts in which the electrical apParatus will later be installed. The construction and material costs are
n addition to the cost of electrical equipment recently ordered.
Of the locomotives included in the above order 54 will be built by the
Westinghouse & Electric & Manufacturing Co.at Eddystone,Pa. Twentyfive will be constructed by the General Electric Co. at Erie, Pa. and 11
will be built in the Pennsylvania RR.shops at Altoona, Pa.
Locomotive chassis to be built at the Westinghouse locomotive plant
will use electric equipment manufactured by that company, and the locomotives to be built by the General Electric Co. at Erie, Pa., and at the
Altoona Works of the Pennsylvania RR., will carry electrical equipment
built by the General Electric.
Contracts for the installation of this electrical equipment, as well as the
application of electric cab signal equipment, will be awarded later.
Deliveries on this order are scheduled to begin not later than December
of this year and the entire consignment of 90 locomotives is expected to be
ready by June, 1932.-V. 132. p. 4405.
Record of Dividend Paid from 1897 to Date.
-Receiver's Certificates.
Pittsburgh & Susquehanna RR.
1898.
1897.
1899-1921.
1922.
1923-1930.
1931.
The I.
-S. C. Commission, June 4, authorized issuance of not exceeding
5%
y7% P. a.
x6X%
551%
z4%
5% P. a.
receiver's certificates to be sold at not less than par and the
x Also in 1898 paid 50% in Seattle & Montana stock, which was then $20,000 of
other expenses.
exchanged at 80 in payment of 60% of subscription to additional Great proceeds used to pay operating and receiver in April last by the Court of
Walter N. Todd was appointed
Northern preferred. y In May 1901, h of 1% and in November 1907
Pa.
-V,123, p. 452.
% was paid from earnings of Lake Superior Co., Ltd., and in Dec. Common Pleas of Clearfield County,
1906 unit for unit,shares in Great Northern Iron Ore Properties. z IncludSt. Louis-San Francisco Ry.-Sells $10,000,000 Bonds
ing 2h % paid on Feb. 2 and 134% payable on Aug. 1.-V. 132, p. 4048.
June 17 arranged with Chase Se-
Kansas City Southern Ry.-Smaller Common Dividend.
-The directors on June 17 declared a dividend of 50c. per
share on the outstanding $29,959,900 common stock, par
$100, payable Aug. 1 to holders of record June 30. This
compares with quarterly distributions of $1.25 per share
made on this issue from May 1 1929 to and including May 1
1931.-V. 132, p. 3512.
Meadville Conneaut Lake & Linesville RR.
-Final Val.
-S. C. Commission has placed a final valuation of $730,000 on
The I.
the property of the company,as of June 30 1916. This road is leased to the
-V. 112. p. 2748.
Bessemer & Lake Erie RR.
Nevada Northern Ry.-Excess Income.
-S. C. Commission has issued a tentative report which found that
The I.
this company, which is controlled by the Nevada Consolidated Copper
Co., earned an excess income of $1,092,553 in the 1922 to 1927. Period, of
-Company
to Bankers.
curities Corp. and Dillon, Read & Co. for the sale of $10,000,000 five-year 6% consolidated mortgage bonds, series B,
to provide for the July 1 maturity of its general mortgage
bonds. No public offering of these bonds is now contemplated.
New Directors-Finance Committee Created.
George C. Fraser, Jesse Hirschman, Henry Ruhlender and H.P. Wright
have resigned from the board of directors and their places will be taken by
James Bruce, Pres., Baltimore Trust Co.; Frank Rand, Chairman of the
Board, International Shoe Co.; E. V. R. Thayer,formerly a member of the
Board, and Ernest B. Tracy of New York.
Executive Committee will be composed of E. N. Brown, Chairman; James
Bruce, Harvey C. Couch, Frederick H. Ecker, Walter E. Hope, Percy H.
Johnston, J. M. Kurn, Theodore G. Smith, Edward G. Wilmer.
Finance Committee will be created composed of Edward G. Wilmer.
Chairman; E. N. Brown, ex-officio; James Bruce, Frederick H. Ecker,
-V. 132, P. 4405, 4234.
Walter E. Hope, Perry H. Johnston.
•
4584
FINANCIAL CHRONICLE
St. Louis Southwestern Ry.—Southern Pacific Co.
Makes Offer to Minority Stockholders—Financial Aid Promised—Acceptance of Proposal Urged by Stockholders' Cornmittee.—The Southern Pacific Co. has offered to exchange
its stock for stock of St. Louis Southwestern Ry. in the ratio
of 3 shares of its stock for each 5 shares of St. Louis Southwestern preferred stock, and 1 share of its stock for each
3 shares of St. Louis Southwestern common stock, in the
event that it is assured of being able to acquire sufficient
stock of St. Louis Southwestern to aggregate (together with
the 58% now owned by or under option to Southern Pacific)
85% of the total outstanding stock, upon receiving the
requisite authority from the I.-S. C. Commission. All
expenses will be borne by Southern Pacific Co.
The committee of the stockholders (J. F. B. Mitohe11,
Chairman), in a circular letter dated June 16 to the preferred and common stockholders, states:
[VOL. 132.
We authorize on to convey this offer to all corn. and pref. stockholders
of St. Louis Southwestern Ry.
The committee in its circular letter further says:
Your committee stronFly recommends the acceptance of the offer of
Southern Pacific Co.
As appears from the foregoing letter, the Southern Pacific Co. has taken
the position that under no circumstances will it pay the prices recommended
-S. C. Commission,and we know of
n the report of the Examiner for the I.
no authority which can compel the, outhern Pacific Co. to pay any price
it decides is not in the interest of its stockholders. They have further
that
advised us that the terms herein offered are the maximum which they are
willing to pay, but at our request, have added an agreement that in the
event of their acquiring any minority stock prior to Jan. 1 1933, on terms
more favorable than those contained in this offer they will immediately
give the benefit of such improved prices to all stockholders who shall have
accepted this offer.
The St. Louis Southwestern By. did not earn its interest charges last
Year, and so far its earnings as reported in 1931 are substantially below the
corresponding period in 1030. With $9,000,000 of floating debt and $20,720.7o0 bonds, maturing within a year, to be refunded, and with the
bonds which constitute its refinancing medium virtually unsalable in
quantity in the present market,the situation of the St. Louis Southwestern
Ry. is obviously critical.
Your committee feels that, unless there is a change in present conditions,
The undersigned at the request of holders of large amounts of pref. and it will be impossible for St. Louis Southwestern By. to secure the capital
act as a required by it unless the aid of the credit of the Southern Pacific Co. is
com, stock of the St. Louis Southwestern By. have consented to
committee to represent the stockholders. A group of these stockholders secured. The Southern Pacific Co. has informed your committee that
total of
intervened in the recent application of the Southern Pacific Co. to the unless Southern Pacific Co. obtains the assurance of acquiring a receives
I.
-S. C. Commission for authority to acquire control of the St. Louis South- 85% of the outstanding stock of St. Louis Fetuthwestern Ry., and
-S. C. Conunission, it will not feel warthis permission should be granted only on the requisite authority from the I.
western By. and contended that
provide for the
condition that the Southern Pacific made fair and reasonable provision for ranted in assuming the burden of supplying its credit torefinancing that
floating debt of St. Louis Southwestern By. or for the
the minority stock.
committee has received from faces St. Louis Southwestern By. in June 1932.
After some weeks of negotiations your
As of the date of this letter the market value of the shares of Southern
Southern Pacific Co.the following letter and offer, which we are authorized
of
to transmit to holders of pref. and (or) corn, stock of the St. Louis South- Pacific Co.'s stock offered is from 1% times to twice the market valueexPacific Co. corn, stock the St. Louis Southwestern By. pref, and corn, stocks to be given in
western By., to exchange their stock for Southern
on the following terms, but only after the fulfilment of the conditions change. and from two to three times the prices at which they have ruled
during the past month.
enumerated therein:
If stockholders of the St. Louis Southwestern By. are to receive the
"For each five shares of St. Louis Southwestern By. pref. stock, three
benefits of the Southern Pacific Co.'s offer it is imperative that acceptances
shares of Southern Pacific Pacific Co. corn. stock.
Southwestern By. corn, stock, one to the requisite amount shall be promptly received. No deposit of your
"For each three shares of St. Louis
stock is required at present, but the enclosed acceptance should be signed and
share of Southern Pacific Co. cona. stock.."
The letter to the committee, signed by H. W. de Forest, returned to the committee.
CommiUre.—J. F. B. Mitchell (Wood, Low & Co.), Chairman: Winslow
S. Pierce, George E. Roosevelt (of Roosevelt & Son), with Walter 0.
Chairman of the Board of the Southern Pacific Co.,follows:
Pacific Co.,I have been Beeoken, Sec., 63 Wall St., N. Y. City, and Root, Clark & Buckner,
As chairman of the board of directors of Southern
4051.8880.
authorized to convey to you and through you to all other holders of corn. Counsel. 31 Nassau St., N. Y. City.—V. 132.5.
and (or) pref. stock of St. Louis Southwestern By.. the following statement
Southern Pacific Co.—Makes Offer to Cotton Belt Stockstock
and accompanying offer for the exchange of Southern Pacific corn,
holders—Terms Stated for Exchange of Shares—Financial Aid
for St. Louis Southwestern Ry. com,and pref. stock.
On July 25 1930, the Southern Pacific Co. filed application with the Promised—Acceptance of Proposal Urged by Stockholders'
'
I.
-S. C. Commission for authority to purchase 23% of the capital stock of
Ry.—See St. Louis Souththe St. Louis Southwestern By.,and thereby acquire control of that com- Committee of St. Louis Southwestern
pany. Tke report of the Examiner of the Commission, filed on May 19 western Ry. above.—V. 132, p. 4051, 3880.
1931,recommends that the Commission find that it will not be in the public
Interest for the Southern Pacific Co. to control the St. Louis Southwestern,
Ulster & Delaware RR.—I.-S. C. Commission Fixes Price
which recommendation, if adopted by the Commission, would end the at
$2,500,000—Says Arbitrators Erred in Report on Company's
the Examiner recommends that, if the Commatter. In the alternative,
mission authorizes the control applied for, it impose certain conditions upon Value—Central Permitted to Purchase Road.—
the granting of any such order, including the condition that the Southern
The I.
-S. C. Commission, In a decision on Juno 13 authorized the New
Pacific Co. shall acquire any outstanding stock offered to it at $100 per York Central to acquire the Ulster & Delaware RR.at a price of $2,500,000
share for the pref. and $78.92 per share for the cone.
but withheld its certificate for such acquisition and operation pending the
After careful consideration, the directors of Southern Pacific Co. have filing by the Ulster company of its acceptance. There were several disdetermined not to acquire the minority stock at the prices mentioned in the senting opinions.
proposed report, and further that such purchase of minority stock cannot.
The Ulster & Delaware, operating solely in New York State, runs from
In Justice to Southern Pacific Co. stockholders, be made on any basis more Kingston on the Hudson to Oneonta, 107 miles, and with branches has a
favorable than that hereinafter set forth. If, therefore, the minority main track mileage of 129 miles.
stockholders are unwilling to accept the offer here presented to an extent
The proceeding originated from the New York Central unification
that will enable Southern Pacific Co. to become the owner of 85% or more program. The Central orginally offered, in 1929, $1,500,000 for the
of tke total outstanding stock of St. Louis Southwestern By.. Southern transfer of the properties of the Ulster road free and clear. The arbitrators
Pacific Co. will abandon the pending application. In that event, while majority found the commercial value of the road to the Central was S4,Southern Pacific Co. may decide to continue to hold the interest which it 100,000. The minority report of the arbitrator appointed by the New
now has in St. Louis Southwestern By. (aggregating approximately 35% York Central suggested a value of $1,813,333.
of the total stock of that company) its interest would only be that of a
The Commission now announces the commercial value is $2,500,000.
minority stockholder and would not warrant the assumption by Southern holds that the acquisition and operation of the Ulster road by the New
Pacific Co.of the burden ofsupplying its credit to provide for the refinancing York Central is in the public interest and approves and authorizes conof $20,720,750 St. Louis Southwestern Ry. consolidated mtge. 4% bonds veyance of the properties, though deferring the certificaticrn until the
maturing June 1 1932, or in making provision for the floating debt of St. Ulster road files acceptance.
W.
Louis Southwestern By., now amounting to approximately $0000,000.
The arbitrators were James H. Hustis for the New York Central, W.
-S. C.
On the other hand,if the Southern Pacific, with the approval of the I.
Colpitts for the Ulster & Delaware and W.S. Kinnear as the third member
Commission, acquires under the offer herein contained, 85% or more of the chosen by Hustle and Colpitts.
total outstanding stock of the St. Louis Southwestern, the Southern Pacific
Dissent to the order was made by Commissioners Eastman, McManamy,
Co., while necessarily reserving complete liberty of action in determining Mahaffie, Porter and Lee. The conclusion reached by the majority and
course, in the light of future developments, would be able to made public by the Commission follows:
its further
erroneous in principle
contribute effective aid in the further financing of the St. Louis SouthWe conclude that the award of the arbitrators is
western.
and contrary to the preponderance of the evidence and therefore decline
Subject to the conditions stated below, Southern Pacific Co. offers to to approve the same.
principles outlined
exchange its own corn. stock for St. Louis Southwestern By. stock on the
Upon the facts presented and in.accordance with the
following terms:
we find that the commercial value of the Ulster's railroad properties is
"For each three shares of St. Louis Southwestern Ry. corn, stocks, one $2,500,000.
share of Southern Pacific corn. stock.
If accepted by the Ulster, the payment of that amount would result in
"For each five shares of St. Louis Southwestern By. pref. stock, three its receiving a substantial portion of the financial benefits resulting from
Central. The latter urges
shares of Southern Pacific corn. stock.'
the unification of its properties with those of theand authorization thereof
Provided, however, that the following conditions are first fulfilled:
circumstances the approval
of this offer are received that under these
(1) That on or before Sept. 1 1931, acceptancesshares of pref. and corn. would be contrary to the principles announced in Lease of L. & N. B. RR.,
public
sufficient in amount, when added to the 213.880
124 I. C. C.81. In that case, however, there was no suggestion of
stock now owned by or under option to Southern Pacific Co. to aggregate benefit through reduction of rates and we stated as one of our reasons for
'
85% or more of the total outstanding corn, and pref. stock of St. Louis withholding approval of the proposed unification lease that it involved the
Southwestern By., or such lesser percentage as may be acceptable to surrender to the lessor of a largo proportion of the financial benefit which
Southern Pacific Co.
the consolidation plan contemplates should inure to the public through
-S. C. Commission shall, prior to Feb. 1 1932. or such reduced rates and improved service.
(2) That the I.
may be acceptable to Southern Pacific Co., by orders duly
later date as
On the other hand, the acquisition herein sought, at the price mentioned,
entered and acceptable to Southern Pacific Co.,(a) grant authority for the would be in the public interest because the Central's advantage would be
above exchange and for the issuance of Southern Pacific Co. stock in con- served thereby and the logical and probable result thereof would be the
nection therewith, and (b) grant the application of Southern Pacific Co. to elimination of an undesirable rate adjustment and a considerable reduction
acquire control of St. Louis Southwestern By., through stock ownership of rates.
in accordance with application now pending in Commission's Finance
We further find: (a) that the acquisition at the price stated and operation
interest of
Docket No. 8393.
of said properties by the Central is reasonably required in the
(3) That in the event St. Louis Southwestern By., or any of its essent'al public convenience and necessity: and (b) that the expense incident thereto
subsidiary companies, shall prior to the exchange of stock herein con- will not impair the ability of the Central to perform its duty to the public.
the
templated, be unable or for any reason shall fall to meet its obligations and
The payment by the Central of the amount hereinabove found to be
charges, or shall fail to maintain the possession and operation of its or their commercial value of the Ulster's railroad properties in consideration of
properties in the usual manner as a going concern, Southern Pacific Co. conveyance thereof is approved and authorized and upon the filing of
may elect not to consummate the proposed exchange of stock.
acceptance thereof by the Ulster within thirty (30) days an appropriate
(4) That in the event the acceptors of this offer shall not deposit their certificate and order will issue.
stock within the time and according to the manner hereinafter specified,
to an extent which will permit delivery to Southern Pacific Co. of sufficient
Commissioner Eastman in a dissenting opinion said in part:
shares of St. Louis Southwestern By. stock, when added to the 213.880
The commercial value found by the majority is, I think, liberal of the
Southern
shares of pref. and coin, stock now owned by or under option to corn,
and Ulster, but I would not have dissented on that ground alone. It appears
Pacific Co., to aggregate 85% or more of the total outstanding to
South- unduly liberal under existing conditions, but those conditions no doubt are
pref, stock or such lesser percentage thereof as may be acceptable
Judged by the very elaborate record
ern Pacific Co.,then it may elect not to consummate the proposed exchange temporary and are not of record here.
which was made and which is before us, I think that the finding is capable
of stock.
it resolves a good many doubts rather favorably
Forthwith, after the fulfillment of conditions (1) and (2) above for the of Justification, although
consummation of the proposed exchange of stock, Southern Pacific Co. to the Ulster.
will give you notice thereof requesting that all stockholders accepting the
Commissioner McManamy dissenting said in part:
Offer shall deposit their stock with Guaranty Trust Co. of New York for
For reasons stated in my dissent in the original proceeding, 150 I.C.C.
I
exchange within 60 days from the date of such notice. Upon the deposit of
conclusions here reached by the majority.
duly endorsed certificates representing the required amount of stock, as 278, I disagree with the
I further disagree with the action of the majority rejecting the award
specified in condition (4) above, Southern Pacific Co. will proceed with the
stockholders in accordance of the arbitrators. In the original case we authorized the acquisition of
issue of its stock for delivery to the accepting
the commercial value of tho
with the terms of said exchange. When the ratio of exchange will result in the Ulster for—"considerations equal to
the parties or
the issuance of fractional shares of Southern Pacific Co. stock. Southern respective properties as determined by agreement between
manner prescribed in said leases
Pacific Co. may at its option issue certificates for such fractional shares or by arbitration in the in detail the various steps leading up to the agreeThe report sets forth
Issue certificates omitting the fractional shares to which the accepting stockHaving made an
holders would otherwise be entitled, and in lieu thereof pay to such stock- ment to arbitrate and the selection of the arbitrators. valuations placed
or subsequent
light
holders the value of such omitted fractional shares,computed on the basis offer which in the could of all previous refusal and which was refused by
only meet with
the market valeu of Southern Pacific Co. stock at the opening of the upon this property
of
the Ulster, the Central, by letter of March 6 1929, requested arbitration.
market on the day of Ichange.
The
the
"Southern Pacific Co. further agrees that it will not acquire or authorize This was agreed to by the Ulster and well arbitrators were selected.
qualified to consider and decide
indirectly, at any time prior arbitrators selected were exceptionally
the acquisition on its behalf, either directly or
to Jan. 1 1933, of any St. Louis Southwestern By. corn, or pref. stock, the matter before them. Two were eminent engineers with wide experience
other than stock now held under option, on terms more favorable to the In appraising railroad property: the other with extensive general experience
sellers than those mentioned above, without immediately giving the differ- as a railroad official. The arbitrators proceeded to view the property to
be valued and spent several days hearing the evidence offered by the
ence to all stockholders who have accepted this offer."
JuNn 20 1931.]
FINANCIAL CHRONICLE
respective parties. An extensive record was made, briefs were filed by the
parties, and oral argument heard by the arbitrators after which a majority
of them rendered and served their award.
I make no attempt to place a value on this property because I believe
that, having agreed to arbitration, selected arbitrators, and allowed the
arbitration proceeding to go to a conclusion including the serving of an
award, and no fraud, misconduct, or other recognized ground for setting
aside an award having been shown,that the award of the arbitrators should
be approved.
Commissioner Mahaffie in a dissenting opinion whose
views were concurred in by Commissioners Porter and Lee
said in part:
I am unable to agree with the finding of the majority that the commercial value of the property of the Ulster is $2,500,000. The New York
Central has offered to acquire it at $1,813.333. As I view the record, that
figure represents the maximum that it would be required, or allowed, to
pay. The Central does not seek the property. It is here with an application only because our order in the Unification Case required it to make an
offer. In that proceeding we found that the "preservation of certain short
line railroads," including the Ulster, is required by public convenience and
necessity. As a condition of our approval we required the Central to offer
to acquire specified short lines for considerations equal to their commercial
value. We provided how that value should be determined, subject to our
approval. Of course, we could not delegate the responsibility of determining finally the reasonableness of the price to be paid. The cost of such
acquisitions must,of necessity, be paid by the public. It is very much our
concern.
The majority find that the value of the property of the Ulster under
independent operation is $1,182,000. This figure is arrived at by capitalizing at 54% prospective earnings of $67,954. We have said that 54%
is a fair return on carrier property. Few railroads make it, and still fewer
would find their commercial value related to any such figure. The grounds
for using it in arriving at commercial value are not made clear. The commercial value of railroad properties is determined on no such basis in the
actual course of business transactions. Neither is it clear when it is expected that earnings of$67,954 will be attained. In 1928 net railway operating income,as reported to us, was $64,098, in 1929 it was $32,349, while in
1930 a deficit of $8,999 was shown. Operating revenues shown a decline
in each successive year since 1923. With the exception of 1293 revenue
tonnage handled,in each year since 1920, has been less than in the preceding
year.
Our problem here is somewhat similar to one with which we dealt in the
Unification Case, 150 1. C. C. 278-319,from which this case results. There
we were concerned with the value of minority shares. The actual average
earnings applicable to them for the years 1922-1927 were,for the Big Four,
819.86, and for the Michigan Central, $85.78. Capitalizing those earnings
on the basis the majority here use for the actual and prospective earnings
of the Ulster, produces a value for the Big Four common of $345 per share,
and for the Michigan Central of $1,492 per share. We approved leases on
a rental basis of $10 per share for the former, and $50 per share for the
latter. We found those rentals to be just and reasonable. In effect we
held that actual earnings should not be fully capitalized. Yet here the
majority are not only fully capitalizing actual earnings, but are requiring
prospective future earnings, which in my judgment are highly speculative,
to be capitalized and paid for.
For example, in the light of a rapid decrease in passenger traffic and
earnings, not only on the Ulster, but on railroads generally, the element of
value ascribed to the "probability" of an increase in passenger traffic
appears little less than fantastic. Passenger earnings of the Ulster actually
declined over 50% between 1922 and 1929. and the number of passengers
carried has shown a decline in each year of that rgriod.
This optimism appears again the estimates of increased revenue on milk
traffic. It is assumed that additional traffic can be handled at 50% of
the present unit cost. The majority find that under unified operation this
traffic will increase 30% and will produce a net increase in revenue of
$79,911. The time within which this is expected to be accomplished is not
shown, but it is stated that the volume of the traffic has fluctuated only
slightly since 1922. Actually, there has been a decrease in volume. Nevertheless, a possible increase is considered an element of value which should
be paid for.
The majority find that had the Ulster been properly maintained, its
net railway operating income in 1928 would have been $64,754. The year
1928 is by far the .carrier's best year in recent times. The average net
railway operating income reported for the five-year period ending with 1930,
is $30,626. Clearly, in predicting future earnings the results of more than
a single year should be considered. The fact that both gross and net earnings, and volume of traffic are declining should have weight. The majority
apparently give it none, although it is stated that under independent operation no substantial improvement can be expected. For a property located
in a territory which is a fertile filed for bus and truck competition, with
declining traffic and revenue, with highly seasonal traffic, and with adverse
and expensive operating conditions, the highest income earned in any year
in recent times appears to afford a basis for arriving at value which is at
least not unfair to the Ulster.
Finding the value of the property under independent operation to be
$1,182,000, the majority, after considering various possible increases in
earnings and economies expected to result from unification with the
Central, arrive at a commercial value of $2,500,000. Thus, the savings it
Is considered the Central may make in operating the property when it has
acquired it, and the increased traffic that may develop as a result of its
management, are appraised at a capital sum of $1,318,000. The Central
is required to pay this amount to the owners of the property, in addition to
the $1,182,000 the property is found to be worth to those owners, as such.
As I view the record this additional $1,318,000 will be paid by the Central
for something it is not likely to realize. There is no doubt that the Central,
if it acquires the property, will have to reduce rates, both milk and passenger, as well as freight. These reductions, according to the majority,
will reduce net railway operating income $236,474. The record indicates
that it is quite possible the Central will lose a substantial part, if not all,
of the coal traffic now handled by the Ulster. Coal constitutes over twothirds of the Ulster's freight tonnage and,in the main,can readily be handled
by other lines.
Altogether, I consider it doubtful if the econombnies of unification, in
actual experience, will be found to equal the certain expenses and losses in
revenue involved. Certainly, whatever possibilities there are of realizing
increased net revenue as a result of unification, appear to be fully covered
by the difference between the value to the owners as found by the majority,
and the price the Central offers. This amounts to $631,333.
The majority conclude that the effect of their finding is that a substantial
portion of the financial benefits resulting from unification must be paid
by the Central to the owners of the Ulster. Apparently it is recognized
that this is directly contrary to the principles heretofore followed-by us.
(Lease of L. & N. E., supra: Control of Buffalo 80 .Susquehanna, 162 I.
-S.
C. C. 658). This departure from established and, I submit, sound principle. Is attempted to be justified on the ground that the public will be
benefited by rate reductions and by the elimination of an undesirable rate
adjustment.
Both considerations are persuasive as to the public interest. But neither
affords the slightest justification for increasing the amount the owners of
the Ulster are to be paid for their property. The principle that the owners
of railroads are entitled to be paid, not only for their property as such, but
for the public benefit growing out of their elimination as owners, is novel.
Is applied generally it will have an important effect on the prices at which
unification or consolidation can be effected.
In my opinion, the offer of the Central represents the maximum that has
been justified.
Bondholders Face Payment of Less Than Parfor Securities.
The following is taken from the New York "Sun" of Juno is:
Bondholders faced with the possibilitiy of repayment at less than par as a
-S. C. Commission for purchase of the road
result of the price fixed by the I.
by the New -York Central RR., began conferences to-day to determine a
action.
Course of
The road has 30 days in which to accept or reject the Commission's
finding of a commercial value of $2,500,000 for the properties.
• Outstanding obligations consist of $2,000,000 first 5s which matured
.Tune 1 1928, but have been carried along with full payment of interest t
date, and $1,000,000 consolidated 4s due 1952, a total of $500,000 more
than the price to be received for the road.
Counsel for the protective committee of the first 5g. T. Howard Lehman
of Cook, Nathan & Lehman, conferred with the Ulster's general cones
Harry II. Flemming, and special counsel for the road, Ralph S. Harris
and Charles E. Hughes Jr., of Hughes, Shurman & Dwight.
4585
Bondholders Organize.
A committee of bondholders representing the $1,000,000 consolidated
4s of 1952 is being formed to study what action shall be taken with regard
to the commercial value of $2,500,000 set for the road by the Commission.
It is stated that the committee for the 4s and the previously organized
committee for $2,000,000 first 5s probably will ask for an extension of
three months in the time limit set by the commission.
-V. 132, p. 3711.
Union RR. (Pa.).
-Final Valuation.
This company a subsidiary of the United States Steel Corp.,and operated
in the Pittsburgh, Pa. vicinity, was recently given a final valuation by
-S. O. Commission of $15,905,000 for its owned and used properties
the I.
and $8,208,819 for its leased properties as of June 30 1917.
The Monongahela Southern RR., an affiliate. was given a valuation of
$1,702,000 as of June 30 1917, for properties owned but not used for railroad purposes.
-V. 122, p. 1024.
Wellington Grey & Bruce Ry.-Interest Payment, &e.
The estimated earnings for the half-year ended Juno 30 1931, applicable
to meet interest on the bonds, will admit of the payment of £3 16s. 5d. per
£100 bond. This payment will be applied as follows, viz., 18s. 9d. in
final discharge of coupon No.96. due July 1 1918 and £2 17s.8d.on account
of coupon No. 97, due Jan. 1 1919. and will be made on and after July 1
next at the offices of the Canadian National Ry., Orient House, 42-5, New
Broad St., London, England.
Sixty (£6,000) 1st mtge. 7% bonds have been called for payment as of
July 1 at par and int. at the offices of Canadian National Ry. in Montreal,
-V.131, p.4051.
Canada,or in London, England.
PUBLIC UTILITIES.
.-(a) National Electric Light
Matters Covered in the Chronicle of June 13
Association acts to stabilize employment; names committee to study problem following plea by Gerard Swope; C. E. Groesbeck sees dangerous
situation with increase in government activities, p. 4348.
-Earnings.
Alabama Water Service Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4406.
partment" on a preceding page.
-Earnings.
American Commonwealth Power Corp.
For income statement for 12 months ended April 30, see "Earnings
-V. 132, p. 4402.
Department" on a preceding page.
-Common Dividend Payable in Stock
American Corp.
Extension of Warrants.
The directors have declared a dividend of 1-20 of one share(5%) payable
in common stock on July 1 1931, on each share of coin, stock of record
June 20. Where the stock dividend results in fractional shares, scrip certificates for such fractions will be issued, which can be consolidated into
full shares of common stock through the purchase of additional fractional
shares, at the option of the stockholder. The company will assist stock
holders in the purchase of additional fractional shares and will also place its
services at the disposal of stockholders wishing to sell fractional shares.
The stock transfer books will not be closed.
President Frank T. Hulswit, June 11, says: "Assuming the earnings of
the corporation warrant the action, it is contemplated that a cash dividend
will be declared in September and thereafter alternate with stock dividend
payments at approximately quarterly intervals.
Authorized. Outstanding.
Capitalization as op May 31 1931)$2,500,000
$475,000
Common stock full voting) no par)
Warrants to purchase com. atock at $10 per sh.,
475,000
457,347
on or before Oct. 11931)
"The directors, realizing the unsettled financial period through which
the country has passed and from which it is now apparently emerging, has
decided in the best interests of the stock and warrant holders to extend the
time of subscription and all common stockholders and warrant holders are
hereby advised that the time for exercising the privileges set forth in the
present warrants will be extended from the original period of termination
(Oct. 1 1931) to Oct. 1 1932.
All warrant holders are hereby requested to present or mail their warrants
to the office of the corporation, Grand Rapids National Bank Building,
Grand Rapids, Mich., for exchange for the new warrants at an early date.
and at least not later than Sept. 15 1931, as the present warrants, by their
terms, will be null and void after the close of business Oct. 1 1931."
The company on March 25 last and on Sept. 20 and Dec. 20 1930 paid
regular quarterly cash dividends of 15c. per share each on the common
stock. -V. 132, P. 1615
. •
-Results of Settlement of
American Natural Gas Corp.
Oklahoma Natural Gas Rate Case and Litigation.
In a letter to the stockholders, President E. C. Deal says that developments of a most important and favorable nature affecting the affairs of the
Oklahoma Natural Gas Corp., the principal subsidiary of American Natural,
have occurred during the past week. These developments are (1) the
withdrawal by the Governor of Oklahoma of his suit against the company
for alleged violation of the anti-trust laws; and (2) the withdrawal, at the
instigation of the Governor, of the rate case against the company, recently
instituted by the Corporation Commission.
"The company," Mr. Deal says, "has agreed to a reduction in domestic
gas rates, effective July 1 1931, from the standard rate of 57c. to 50e. per
1,000 cubic feet, which will mean a considerable saving to consumers.
While the rate reduction will cause a temporary lowering of the company's
revenues, we believe that the ultimate effect will be very beneficial.
As a result of the action taken by the Governor, and because of the
progress the company has made in establishing a better understanding with
the public as to the company's problems and business policy, it is felt that
the municipalities in which franchises have expired will feel justified in
granting renewals."
Earnings.
-
For income statement for 3 months ended March 31 1931, see "Earnings
-V. 132, p. 2960.
Department" on a preceding page.
-Output.
American Water Works & Electric Co., Inc.
The power output of the electric subsidiaries of this company for the
month of May totaled 145,599,904 kwh., against 159,785,331 kwh. for
the corresponding month of 1930.
For the five months ended May 31 1931 power output totaled 732.458,777 kwh., as against 810,569,712 kwh. for the same period last year.
V. 132, p. 3380, 3143.
-Electric Output, &c.
Associated Gas & Elec Lric Co.
For the month of May 1931, the Associated System reports electric
output of 251.829,067 k.w.h., which is an increase of 4.5% over May of
last year. The output for the 12
-months ended May 31 was 3% over the
corresponding 12 months of the previous year. This output totaled 3,105,578,914 k.w.h., which is a record for a like period and compares with
the previous high record of 3,086,205,790 k.w.h. extablished for the 12
months ended April 30 1931. This increase was due in large part to the
output of the Saluda Dam of the Lexington Water Power Co., which
began operations last fall.
Gas sales for May were 1,516,103,900 cubic feet, only 1-10th of 1%
below May of 1930. For the 12 months period, gas sendout totaled 18,-V.
317,590,800 cubic feet or 4-10ths of I% below the previous year.
132, p. 4400, 4051.
-Acquisitions.
Associated Telephone Utilities Co.
The company, it is announced, has acquired the Reedsburg Telephone
Co., of 'Wisconsin, and the Kearney Telephone Co. of Missouri.
These acquisitions increase the number of communities served by the
Ass3ciated system in Wisonesin to 226 and in Missouri to 81.-V. 132.
P. 4106, 4235.
-Sale.
Atlantic Public Service Associates, Inc.
p. 4235.
-Properties Sold at
Atlantic Public Utilities Inc.
Recci wrs' Sale-To Be Acquired by National Electric Power
Sys'em
Th) alsets of Atl • ntic Public Utilities, Inc., and subsidiaries, Atlantic
-V. 132,
Sea Atlantic Public Utilities, Inc., below.
Public Sortie° Asso Sates, Inc., the Keystone Water Works & Electric
FINANCIAL CHRONICLE
4586
sold
Corp. and the North American Water Works & Electric Corp. were
June 12 at public auction in Wilmington. Del.. by Clarence A. Southerland
receivers.
and Ralph J. Ritchie,
The sales are part of a general plan of reorganization of the properties
stock
under which the National Electric Power Co. will acquire all equity2960.)
and bonds of the reorganized properties. Compare also V. 132, p.
-V.132, p. 4235.
Boston Elevated Ry.-Stockholders Favor Public Control
Majority Vote Assured by Proxies Already on Hand.
of acFor the stockholders' meeting to be held June 30, proxies in favor class
cepting the Act have been received from more than a majority of everyMore
Act.
stock, thus assuring the acceptance of the Public Control shares are
of
than 250,000 shares out of a total outstanding of over 460,000
Elevated bill,
represented by proxies already received, it is said. The of all classes
recently passed, takes effect upon acceptance by a majority
classes of preferred stock
of stock combined and a majority of the three
combined.
Rentals.
Usual Dividend
of $4 a share
By vote of the trustees regular semi-annual dividend rentals
the usual
on the first preferred, and $3.50 a share on the preferred stock and be paid
on the common stock will
quarterly dividend rental of $1.50 a share
this means stock of record
July 1 to holders of record that day. In effect a special meeting of stockJune 18 inasmuch as the directors have called
Act, and have
holders for June 30 to vote on accepting the public Control
of business
voted that the transfer books will be closed from the close transfers of
business July 7: therefore, no
June 18 until the opening of
1 on holders of the
stock may be made between these two dates. From July
to date of refirst preferred and preferred stocks will receive 5% interest
tirement.
diva, of $3.50 a share
The 2nd pref. stock has been paying semi-annual
terms of the public
on April 1 and Oct. 1. Holders of this issue, under thefrom April 1 last to
Control Act, will receive a dividend at the rate of 7%132. p.4235.
-V.
and 5% thereafter to date of retirement.
June 30,
-Extra Preferred Dividend.
Gas Co.
Brooklyn Borough
1c.
, a share in addiThe directors have declared an extra dividend of 63
the 6% cum. partic.
tion to the regular quarterly dividend of 75c. a share on 15. Like amounts
pref. stock, payable July 1 to holders of record June
and including July 1 1927.-V. 132. p.2383,
have been paid quarterly since
2190.
[vou 132.
with Judge Clarence E. Weir in superior court, at Indianapolis, asking that
all objections to his action raised by attorneys for the city and Gas company
be rejected by the court.
Judge Weir set June 22, as the date for the City and Gas company
attorneys to file answers to the Rooker motion, and announced that at that
time a later date for hearing arguments on the motions would be fixed.
Defense attorneys, William H. Thompson and Edward H. Knight, for
the city, and II. T. Hornbrook, for the company, have attacked the Rooker
fact
receivership action as being unwarranted and without foundation in conor law, informed the court that answers further strengthening their
tentions would be filed. They aver no ground exists for asking appointment of a receiver for a solvent company or for relitigations of Federal and
State court decisions on the Gas company and public service commission
laws.
Rooker presented the contention that the Federal court decision, which
the U. S. Supreme Court refused to review and which established the public
charitable trust nature of the Citizens Gas Co.,confirming the 1905 contract
for transfer of the gas plant to the city, was tried on facts admitted by
officers of the company and representatives of the city and that because of
the admissions of acts, the city and company were estopped from protesting against a receivership suit. Rooker seeks to set aside the public service
commission laws, a gas rate case decision of 1921. a lease contract with the
Indianapolis Gas Co., all rentals paid under the lease and to assail the city
utility district law of 1929.
Rooker contends that he is the originator of the receivership suit which
-V.
was filed in the name of Allen Williams, a lodge clerk, as plaintiff.
123, p. 2385, 309.
-Earnings.
Citizens Water Service Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4052.
partment" on a preceding page.
-Bond Application.
Cleveland Railway.
The company has asked the Cleveland City Council for authority to issue
$1,000,000 in short-term bonds. If the council approves, the money
obtained from the sale of the bonds will be used for improvements and
-V. 132. p. 1409.
extensions of facilities.
-Earnings.
Connecticut Electric Service Co.
For income statement for 12 months ended May 31, see "Earnings De-V. 132, p. 3881.
partment" on a preceding page.
Consolidated Gas Electric Light • & Power Co. of
•
-Offers To Buy Bonds.Baltimore.
-Securities Authorized.
Brooklyn Bus Corp.
will purchase on or before July 22 (the redemption date)
the proposal of the corporation,
The Transit Commission has approved
for refinancing through
subsidiary of the Brooklyn & Queens Transit Corp.,of which 20,000 will be
the issuance of 40,000 shares of new capital stock,
company to
for
sold to the B. & Q. T. at $25 a share to furnish funds P. the
4407, 4237.
-V. 132,
start bus operations in Brooklyn and Queens.
--Dividends.
Manhattan Transit Corp.
The company
%
any series F 5% bonds on an interest yield basis of 134for to that date
each $1,000
and accrued interest, viz., at the rate of $1,054.97338
series F 5% bond.
preAny person desiring to sell such bonds on these terms may do so by
attached
senting the bonds (with Dec. 1 1931, and all subsequent coupons at the
to coupon bonds and with proper transfer of registered bonds)
Bankers Trust Co. in the City of New York.
Brooklyndividends of $1.50
The directors have declared four regular quarterly
15 1931, and
per share on the pref. stock, series A. payable July 15, Oct.
Listing.
to holders of record July 1, Oct. land Dec. 31
Jan. 15 and April 15 1932.
The Baltimore Stock Exchange has approved the listing of $18,000,000
1931. and April 1 1932, respectively.
of $1 per share first refunding mortgage sinking fund gold bonds 4% series due 1981.
The directors also declared the regular quarterly dividend
July 1.-V. 132,
-See Safe Harbor Water Power Corp. below.
Guaranty.
on the common stock payable July 15 to holders of record
P.4407.4237.
V. 132, p. 4237, 3881.
--Earnings.
Power Co.
California Oregon
see "Earnings DeFor income statement for 12 months ended April 30
-V. 132, p. 4237.
partment" on a preceding page.
a Water Service Wo.-Earnings.-
Californi
see "Earnings DeFor income statement for 12 months ended April 30
-V. 132, p. 4407.
partment" on a preceding page.
•
-Acquisition.
Consumers Water Co., Portland, Me.
-V. 129, p. 1909.
See Roanoke Water Works Co. below.
-To Acquire Properties of
Delaware Valley Utilities Co.
-See latter company below.
National Water Works Corp.
The companies purchased have an appraised value of slightly more
than $11,000,000. The States in which the companies operate are Pennsylvania, New Jeresey, New York, 'Nennessee and West Virginia, 95%_.of
-V. 132,
See Gatineau Power Co. below.
the acquired companies operating in Pennsylvania and New Jersey. The
companies acquired are:
-Earnings.
Central Power Co.
ended March 31 see Reading Suburban Water Co.
Washington Water Co.
For income statement for three and 12 months1321. p. 388.
Laurel Springs Water Works Co.
-V.
Shenandoah Citizen Water & Gas Co.
"Earnings Department" on a preceding page.
Girard Water Co., which controls IIam- Ideal Beach Water Co.
Frenchtown Water Co.
mood Water Co.
-Gain in Customers.
Central Public Service Corp.
Jamesburg Water Co.
number of gas and Lehighton Water Supply Co.
For the four months ended April 30, the averageproperties, excluding Mauch Chunk Water Co.
Tuckerton Water Co.
company's operating
electric meters in service at the
Barnegat Water Co.
of 587,836 for the Freeland Water Co.
the Canary Islands, was 600,751, as against an average
Junction Water Co.
Water Co.
Begins
Bolivar Water Co.
same proporties in the corresponding period of 1930.
meters in service during the 12 Citizens Water Co. of Tower City.
Ingleside Water Co.
The average number of gas and electric
for the preceding Williams Valley Water Co.
Pure Water Co.
months ended April 30 was 598.543, as against 577,866
Citizens' Water Co. of Scottdale.
-V. 132. p. 4407.
Mountain States Utilities Corp.
12 months period.
Greenville Water Co.
Co.
-Earnings.
Chester Water Service Co. ended April 30 see "Earnings De- Riverton & Palmyra Water
The combined companies serve water for domestic, industrial and mumonths
For income statement for 12
nicipal purposes in more than 50 communities with a population of approx-V. 132, p. 4052.
partment" on a preceding page.
mately 168,000.-V. 132, p. 4408.
-Earnings.
Canadian Hydro-Electric Corp., Ltd.
p. 1615.
-Interest Passed.
Chicago Railways Co.
the interest due on
The company has announced that it will not pay 132, p. 1028,2187.
-V.
July 1,on its purchase money mortgage 5% bonds.
-Regular Dividends.
Co.
Cities Service
cents Per share
The company has announced monthly dividends of 2X
monthly
of 1% in stock on the common stock. RegularBB stock
in cash and
stock and preference
dividends of 50 cents per share on the pref.
also announced, all
and 5 cents per share on the preference B stock were
payable Aug. 1 to holders of record July 15.
-V.132, p.4407,3881.
Like amounts are also payable on July 1 next.
-Review of Decision
Citizens Gas Co. (of Indianapolis).
Refused.
review the right of the City of
-To Sell $15,016,000 Bonds.
Detroit Edison Co.
Completion of the sale of "15.016,000 gen. & ref. 434'7 bonds at a
price of 10334 was reported yesterday. The syndicate, which will make
formal announcement of the offering shortly, consists of Coffin & Burr,
Inc., Harris, Forbes & Co., Spencer Trask & Co.. Bankers Co. of New
York and First Detroit Co.
-
Earnings.
For income statement for 12 months ended May 31 see "Earnings De
-V. 132. p. 4408.
partment" on a preceding page.
-Officers.
Eastern Light & Power Co., Ltd.
The directors of the Eastern Light & Power Co., Ltd., which purchased
Electric Csi.,
the distribution system and power plants of the Cape Breton R. Chappell,
The U. S. Supreme Court will not
Ltd., are: Willard S. Thompson, North Sydney, Pres.; M.
with
over the above company in accordance by the Sydney; C.J. Dwyer, Sydney Mines; Don C. Sinclair, K.C., New Glasgow;
Indianapolis. Ind., to take
Chief
from the bench
provisions of a 1905 franchise, it was announced Court of Appeals for the J. H. Winfield, Halifax, G. G. Spencer will be Secretary of the company.
Justice Hughes, on May 18 1931. The Circuit have the company turned -V. 132, p. 4408.
demands to
Seventh Circuit sustained the City's
ly sought to obover to it (46 F. [2d) 856) and stockholders unsuccessful
-Merger.
Eastern New Jersey Power Co.
highest tribunal in
tain a further adjudication of the controversy by the
-r. 132, p. 3335.
See Jersey Central Power & Light Co. below.
petitions for writs of certiorari.
in 1905
The franchise contract, according to the petitions, was executedgranting
for
-Foreclosure Sale.
Empire State RR. Corp.
and ratified in strict accordance with the statutory provisions d gas in the
The read was sold at foreclosure June 18 and was bid in at $125,000 for
utility franchises. It authorized distribution of manufacture
of stockholders' the Empire State Liquidating Corp.. it is announced that the trolley service
city for 25 years and provided further for the retirement
will
City. The stockrights and the transfer of the plant and property to the of their shares and between Syracuse and Oswego and between Syracuse and Rochester
-V. 132, p. 3882.
holders, upon such transfer, were to receive the par value
be discontinued the middle of next week.
annum.
10% per
Act by the
-Transfer Agent.
Following passage of the Shively-Spencer Utility Commission
Empresas Electricas Mexicanas, Inc.
of
Indiana Legislature in 1913. the company filed a declaration surrender of
The City Bank Farmers Trust Co. has been appointed transfer agent
and accepted an indeterminate permit under the Act.
the 1905 franchise
the passage of a for 70,000 shares of $7 preferred stock. See V. 132, p. 4239.
The petition sets out that the City, in 1929. secured
purporting to legalize the articles of
legalizing act by the State Legislaturebefore the 1913 Act and to authorize
-Earnings.
Federal Water Service Corp.
organized
Deincorporation of companies plant without a vote of its people, without the
For income statement for 12 months ended April 30 see "Earnings
the City to acquire the gas S. Commission and relieved of the necessity partment" on a preceding page.
Indiana P.
authority of the
by the Commission."
of paying its "then value as determined City served on the company a
Retires 32,000 Shares Class A Stock.
corporation has
Nine days after passage of the Act. the
funds available to the retirement of the
The Boston Stock Exchange has been advised that the
demand to apply earnings and other convey the plant and property to the retired 32,000 shares (no par) class A stock, thereby reducing the stated
common and preferred stock and to if the stock had not been retired, to capital by the amount of $800,000.-V. 132. ro• 4409. 4240.
City. It also required the company,
of the stock, to convey the
mortgage its plant and after the retirement other legal obligations.
-Stock Dividend. share on
Gas & Electric Securities Co.
plant to the City subject to the mortgage and
a
Supreme Court in the petitions were (1)
The company announced a monthly dividend or 58 1-3c.
The questions presented to the
1%
by the company the preferred, 50c. a month on the common, with a special of 31 of due
State
whether the surrender of the 1905 franchise to the thereof terminated all
allotments being
payable in common stock on the common stock, all
an indeterminate permit in lieu
declared
and its acceptance of
to the City,and (2) whether Aug. 1 to holders of record July 15. Like amounts have also been
obligations of the company to transfer the plant
holders of record June 15.charitable trust in the
the 1905 franchise required the creation of a public original subscribers to on the respective stocks, payable July 1 to
p. 3145, 3883.
plant and property of the company, of which the
with the City as V. 132,
capital stock were the donors, the company a trustee, beneficiaries.
as
-Extra Dividend.- cents
Gas Securities Co. New York.
successor trustee, and the "inhabitants' of the City these propositions.
distribution of 50
The company took the negative side of both of
The directors have declared the regular monthly in non-interest bearing
("United States Daily.")
in cash and an extra dividend of ji of 1%
15.
Per share
Aug. 1 to holders of record July
scrip on the pref. stock, both payable
Rejection of Gas Suit Objections is Sought.
record Juno 15.amounts are also payable on July 1 to holders of
against the
William V. Rooker, attorney, who has a suit Co., June 8 city asking for Like
filed a motion V. 132. p. 3883.
appointment of a receiver for the Citizens Gas
•
JUNE
201931.]
FINANCIAL CHRONICLE
L. Gatineau Power Co.
-New High Output Record, dec.-
This company,a subsidiary of the Canadian Hydro-Electric Corp., Ltd.,
has made a new high output record for a single day by producing 9,102,120
kwh. of electric energy. This is 8% over the high record made by
the
company a year ago. The Canadian Hydro-Electric Corp., Ltd. is a
division of International Hydro-Electric System.
Output of electric energy of the Gatineau Power Co. thus far this year
has averaged 334% greater than during the corresponding
and over 20% over the same period of 1929. Output in theperiod of 1930,
month of April
was 9% greater than that in April last year.
Net earnings of the Gatineau Power Co.for the 12 months ended March 31
before interest and reserves were $6.916,633 as compared with $5,635,987
in the preceding 12 months. Such net earnings for the year ended March
31
1931 were over 2 1-5th times the interest accrued on the 1st mtge. 5% gold
bonds. After deducting 1st mtge. bond interest the balance of earnings
amounted to $3,784,550, which is over 3 times the interest requirements
on outstanding 6% debentures.
Consolidated net revenue of the Canadian Hydro-Electric Corp., Ltd.,
and subsidiary companies,including Gatineau Power Co.,for the 12 months
ended March 31,after all charges and available for dividends, was 82,044,607,or 2g times dividend requirements on the corporation's 1st pref.stock.
This compares with $1,191,361 in the 12 months ended March 31
1930.
-V. 132, p. 4053.
General Gas & Electric Corp.
-Notes Called.
-
The corporation has called for redemption as of July 15 next
87,500,000
of serial gold notes, due Aug. 15 1931, numbers 2,501 to 10,000 incl. Payment will be made at par and int. at the Chase National Bank of
the City
of New York, 11 Broad St., New York City.
The corporation announces that it will purchase or cause to be purchased
before July 15 1931 any or all of the serial gold notes due Aug. 15
1931
called for redemption, which shall be presented for such purpose, with
all
unmatured coupons thereto appertaining, at the Chase National Bank.
the principal amount thereof, with accrued interest thereon to the date
of
purchase.
-V. 132. P. 4402.
General Italian Edison Electric Corp.
-Earnings.
Calendar Years-
1930.
Lire.
Industrial income
215,193,134
Inc. from securities held & miscell. income
88,789,562
Pay, by shareholders for equaliz. of dividend
2,773
Total income
303,985,469
Expenses and losses
166,961,478
Refund to shareholders of the payment made for
equalization of dividends
2,773
Net profit
1929.
Lire.
220,856.068
70,681.322
4,515,039
296.052,429
176,806.181
4,515.039
137,021,218 114,731,209
Balance Sheet Dec. 31.
Assets
Real estate
Industrial plants
Stores and supplies
Securities
Accounts receivable
Bonds and deposits
Endorsements and guarantees
Total
1930.
Lire.
14,831.011
905.235,988
7,961,363
1,099,049,223
469,465,295
12.932,364
90,912,280
1929.
Lire.
13,618,477
862,323,370
7.428,981
901,614,294
443,847,851
27,952,423
34.412,21•0
Liabilities
Capital stock
Special reserve and depreciation fund
Ordinary reserve
Long term debts
Accounts payable
Deposit accounts
Endorsements and guarantees
Payments by shareholders
Net profit
2,600,387,526 2.291,197.678
1930.
1929.
Lire.
Lire.
1,295,000,000 1,221,000,000
225,342,381 192,666,548
47,894,760
42,158,200
442,066,110 450,972.607
345,191,311 199,810,198
16,956,691
30,931,595
90,912.280
34,412,280
2,172
4.515,038
137,021,218 114,731,209
Total
-V. 132, p. 2760.
2,600,387,526 2,291.197,678
General Water Works & Electric Corp.
-Defers Divs.-
The directors have voted to defer the quarterly dividend of $1.75 per
share due July 1 on the $7 series cum. pref. stock and the quarterly dividend
of $1.623 per share due on the same date on the $6.50 series cum. Prof.
stock, no par value. The last distributions at the above rates were made on
these issues on April 1 1931.-V. 132, P. 3145, 1990.
Greenwich Water & Gas System, Inc.
-Earnings.
-
•
4587
ship. The two companies based upon their balance sheets had assets valued
at more than $14,500,000 as of Oct. 31 1930.
The Inland Gas Corp. and the Kentucky Fuel Gas Corp. own
have under lease large natural gas acreage in the Big Sanday in fee and
Valley in
Eastern Kentucky and in addition have developed the properties for the
production and distribution of natural gas. Both companies are controlled
by the American Fuel & Power Co.. which is not in receivership, but has
defaulted on some of its obligations.
The bill of Intervention against foreclosure on the properties of the Inland
Gas Corp. was filed in the name of Nathaniel Carroll, of
and that against the Kentucky Fuel Gas Corp. was filed Dayton, N. J.
in the name of
Carlton B. Walls, of Lancaster, Pa. Associated with these stockholders
is Lloyd A. Munger who is also a stockholder and in addition represents
approximately 150,000 shares of common stock of American Fuel & Power
Co., the parent company.
The plaintiffs in their bill of intervention allege that the officers of the
Columbia Gas & Electric Corp. "entered into a conspiracy." "to gain
control of the American Fuel & Power Co. and its several subsidiaries by
the purchase of the bonds and stocks of said company, "which purchase
gave to the Columbia Gas & Electric Corp. domination of the territories'
served by the American Fuel & Power Co. through its subsidiaries and
also territories which the companies planned to serve in the future.
The plaintiffs also allege that they have been informed and believe that
"officers of the Columbia Gas & Electric Corp. announced that it would
not permit this new company to invade what it regarded as its territory.
namely, the,
market north of the Ohio River in the States of Ohio, Indiana
and Illinois.
"
The bill further alleges that the foreclosure bills filed against the properties "was at the behest and direction of Columbia Gas & Electric Corp."
Also "that when Columbia Gas & Electric Corp. became the owner of a
majority of the outstanding stock of the American Fuel & Power Co., it
became in truth and in fact the owner of and in control of the Inland Gas
Corp. and the Kentucky Fuel Gas Corp., and it assumed a trust relation
to the minority stockholders of each of said companies and it was charged
with the duty to in good faith exercise this control for the best interest
of all stockholders."
The plaintiffs allege that the plan of this company to carry natural gas
from Kentucky to Detroit, Mich., was prevented by the purchase of control of American Fuel Sz Power Co. by the Columbia Gas & Electric Co.,
a competitor, and that these acts constitute a restraint of competition in
interstate commerce and are in violation of the anti-trust laws of the
United States, and such actions are detrimental to the interests of the
minority stockholders of the various companies.
The minority stockholders, through their action, hope to bring about a
discharge of the present receivership and preserve the value of their stock
ownership which may be wiped out as a result of the foreclosure proceedings.
-V.132,p. 3713. 2760.
Inland Utilities, Inc.
-Plan Operative.
-
Hans Froellcher, Jr., of R. M. Snyder & Co., Philadelphia, Chairman of
the debentureholders protective committee for the five year convertible
6% gold debentures announces that the plan of reorganization which was
submitted to the debenture holders in May has been declared operative
by the committee and by North American Gas & Electric Co., who are the
reorganization managers under the plan.
Of a total outstanding issue of $2,354,000 upwards of $2,000,000 bonds
have been deposited with the committee, and have assented to the plan.
The consummation of the plan is contingent only upon the action at the
meeting of the class A and common stockholders to be held on June 30
next. It is expected that a majority of the stock will approve the plan.
Steps will, therefore, shortly be initiated to merge Inland Utilities, Inc.,
with the newly formed corporation known as Southeastern Gas & Water
Co. This new company by virtue of the proposed issue of first lien sinking
fund gold bonds will be in a position to fund the obligations of Inland
Utilities, Inc. Holders of the present debentures of Inland Utilities, Inc.,
upon consummation of the plan, receive in exchange for their present holdings an equal principal amount of general lien gold bonds of Southeastern
Gas & Water Co. bearing interest at 6% and maturing in 1944. In addition, such holders will receive back interest on their bonds which is now
in default and common stock of Southeastern Gas & Water Co. at the rate
of 30 shares for each $1000 bond now held. The new company will be
under the management of Loeb & Shaw. Inc., and the management and
rertic n of the company will be supervised by North American Gas &
iec o co
.
It is reported that the balance sheet of the company, on completion of
reorganization, will show the company in the position of ample working
capital and current earnings, although considerably off from the previous
Years operation of the company, are reported to be sufficient to meet the
fixed charges of the now company.
The other members of the committee, in addition to the Chairman, are:
E. McLain Watters, Philadelphia; R. S. Link, Chicago; William A. Smart,
New York; Donald B. Adams, Now York. Messrs. Hepburn & Norris.
of Philadelphia, have acted as counsel for the committee. The committee
has announced that it will receive deposit of additional bonds up to and
Including June 25 1931.-V. 132. p. 4409.
For income statement for 12 months ended April 30, see "Earnings Department" on a preceding page.
International Hydro-Electric System.
-Dividend.
Greenwich Water & Gus System operates through 10 subsidiaries in
The directors have declared the regular quarterly dividend of
parts of Westchester County, N. Y.: Connecticut, Massachusetts and share in cash or 1-50th of a share in stock on the class A stock, 50c. per
payable
Rhode Island.
--V. 132, p. 1221.
July 15 to holders of record June 25. A quarterly dividend of like amount
•
was paid on this
-V. 132.
Hackensack Water Co.
-To Expend $1,000,000for Impts. P. 4409, 4054. issue in each of the eight preceding quarters.
Important improvements costing nearly $1,000,000 will be carried out
by the company, it is announced by President Nicholas 8. Hill, Jr.
International Telephone & Telegraph Corp.
-Acquires
One undertaking. for which the contract has already been awarded Interest
in L. M. Ericsson Telephone Co. of Sweden-New
involves the construction of a 52
-inch steel pipe line 38,000 feet long. A
second project is a new 5,000.000 gallon concrete service reservoir and con- Directors.
necting pipe line in Northern Bergen County.
The corporation, it is announced, has acquired an interest
The 52-inch lino, to be built by the T. A. Gillespie Co., will run from the Ericsson Telephone Co. controlled by the Kreuger & Toll Co. in the L. M.
company's pumping station at New Milford to Sheffield and Grand Avenues,
Ivar Kreuger and Frederic W. Allen of Lee. Higginson & Co. will be
Englewood, N. J., and will be connected at various points with existing elected to the board of directors of the International company. Mr.
transmission mains running from New Milford to the southern end of the Kreuger also will become a member of the executive committee.
water system. .
None of the terms of the transaction were made public, but it is underInstallation of this line will result in betterment of service not
in stood, that no new financing will be required.
Union City, Weehaken, and other Hudson County towns, but only in
The transaction is expected to be worked out in the form of a partnership
also
communities throughout Bergen County which are supplied by the com- as Swedish laws prohibit control of a domestic corporation with foreign
pany. Water pressures will be more uniform over the enitre system,
-V. 132, p. 4409.
and capital.
the danger of interruptions to service will be minimized.
Italo-Argentine Electric Co. (Compania Italo-ArgenGoing ahead with this work at this time means, owing to the present
low level of prices, the saving of an appreciable capital outlay to the com- tine de Electricidad).-Earnings.pany and to its consumers, according to Mr. Hill. Unemployment in the
Earnings for Year Ended Dec. 31 1930.
company's territory will be mitigated, and pessimism should receive
(In Argentine Dollars.)
setback. Mr. 11111 declared. It is planned to employ local labor to a
the Gross earnings
$16,364,682
greatest possible extent.
Reserve against loss on sundry debit balance
Contracts for the Northwestern reservoir, to be located on an
100.000
elevation Provision for amortiz. of fixed assets
at the western side of the Borough of Woodcliff Lake, are about to be
3,380,974
let. Administ expenses, advertising & legal expenses
This development, too, will provide additional employment, and
4,000,503
improve Dues to municipalities, &c
the service to residents north of New Milford, Dumont, and Creskill.
1,120,965
Interest discounts & commissions
The 1931 construction program of the company continues, on an
735.231
panded and more striking scale, additions to plant and improvementsexto
Net profit
service made during the previous year, when the total spent for
$7.027,009
additions Previous surplus
was $1,354,379.-V. 132, p. 4240.
439,234
Hartford (Conn.) Gas Co.
-Extra Dividend.
-
Total surplus
An extra dividend of 25 cents per share and the regular quarterly
of 50 cents per share have been declared on the common stock, bothdividend
payable
June 30 to holders of record June 15. An extra of 25 cents per share was
also paid on June 30 and Doc. 31 last.
-V. 132, p. 2386.
Huntingdon Valley Light & Power Co.
-Bonds Called.
All of the outstanding 1st mtge. 38-year .5% s. f, gold coupon bonds.
due June 1 1947, were called for redemption as of Juno 1 1931 at 102 and
int. at the Fidelity-PhiladelPhia Trust Co.. 135 So. Broad St., Philadelphia, Pa.
-V.89, P• 596.
Illinois Water Service Co.
-Earnings.
-
For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 132, p. 4409.
Inland Gas Corp.
-Minority Stockholders Oppose Foreclosure Proceedings.
Minority stockholders of the Inland Gas Corp. and the Kentucky Fuel
Gas Corp. have filed suit In the U. S. District Court for the Eastern District
at Catlettsburg. Ky.,requesting intervention in the foreclosure proceedings
pending against the above named companies, both of whidh are in receiver-
•
$7,466,243
Balance Sheet Dec. 511930.
(In Argent ne Dollars.)
Liabilities
Fixed assets
$97,204,423 Capital stock
$80,000,000
Floating easels
19,355,710 Legal reserve
1,825,340
Cash
10,515,200 Special reserve
5,000,000
Sundry debtors
9,719,655 Sundry reserves
3,439,024
Rills receivable
259,448 Prov, for amortiz. of fixed
Sharehhold calls not yet due 10,5430,000
assets
21,103,883
Provisional assets
4,231,737 Current liabilities
82,523,524
Provisional liabilities
488,160
Profit & loss accounts
7,466,243
Total
-V. 132, p. 2192.
$151,846,174
Total
8151,846,174
Jersey Central Power & Light Co.
-To Merge National
Properties in New Jersey-State Board Approves Purchase of
Eastern New Jersey Power by Jersey Central.
Sale of the Eastern New Jersey Power Co. to the Jersey
Light Co. was approved June 18 by the New Jersey StateCentral Power &
Board of Public
4588
FINANCIAL CHRONICLE
Utility Commissioners. The announcement was made by Harry Reid,
President of National Public Service Corp., an Eastern unit in the Middle
West Utilities System,
The Jersey Central company is a direct subsidiary of National Public
Eastern New Jersey Power Co. was purchased by National
Service
Corp.
Public ServiceCorp. from Utilities Power & Light Corp. in April.
In approving the sale, the Utility Commission also gave its approval to
new financing for the combined companies, which will now be operated
under the name of the Jersey Central Power & Light Co. The new bonds
pref.
of the company will bear interest at the rate of 434% and the new
now being
stock will carry a dividend rate of 5l4%. A syndicate is announcedformed,
.
be
and further details of the new financing will shortly Jersey Central Power
The consolidation of the two companies makes the State of New Jersey,
& Light Co. the second largest utility system in theWest Utilities System.
and one of the largest operating units in the Middle
The company operates in 12 of the 21 counties in the State.
The total number of customers is 131,500 and combined gross revenues
are in excess of $12,000,000. More than 72% of the company's business
comes from the sale of electricity and 22% from the sale of gas. centering
The territory served consists at present of two divisions, one the other
about Summit and Morristown in northern New Jersey, and
through Red Bank, Long
extending along the coast from Raritan Bay inland through the centre
Branch and Asbury Park to Tuckerton, and
and
of the State, serving Hightstown, Jamesburg, Old Bridge, Sayreville will
construction
adjoining communities. Transmission lines in course of
interconnected system, centering on
link the two divisions into a single
Sayreville.
two modern steam generating stations at South Amboy and
-V. 132, P. 3883.
-New Trustee.
Co.
Joplin Water Works
of
The company has appointed Jesse T. Bodkin as Individual Trustee
vacancy created by the
the 1st mtge. 5% gold bonds, series A. to fill the -V. 124, p. 1819.
n of C. H. Taylor as Individual Trustee.
resignatio
-Minority Stockholders Oppose
Kentucky Fuel Gas Corp.
Foreclosure Proceedings.
-V. 132, p. 3713, 2761.
See Inland Gas Corp. above.
-Sale.
Water Works & Electric Corp. 4240. -Keystone
p.
-V. 132,
See Atlantic Public Utilities, Inc., above.
r
-Cent Dividend.
-25
es Corp.
Lehigh Power Securiti
cents a share on the
IF The corporation on June 15 paid a dividend of 25
cents a share was also
common stock. On Feb. 28 last, a dividend of 25a share on the common
paid on this issue. In 1930 the corporation paid $160 cents paid in Decemwith
stock at the close of the year, which comparesowned by the National Power
ber 1929. About 98% of the common stock is
-V. 132, p. 1990.
& Light Co.
[Wu 182.
(a) Either the payment to it, or for its account, of a sum of money
approximate
sufficient to pay, all bank and other current loans (now in thesecurity subamount of 31,400,000) and against which there is pledged as
all of the securities of National; and other current indebtedness of
stantially
National;
(b) $1,508,900 (closed issue) debentures of Delaware, to be dated July 1
1931,to bear interest at the rate of6% per annum,(payable semi-annually,
Jan. 1 and July 1, maturing within 25 years, callable at par and interest;the
(c) 12,759 shares no par $3 non-cum. pref. stock, entitled to diva, at
rate of $3 per share per annum before divs, in any year on the cont, stock,
payable quarterly on February, May, August and Nov. 15, entitled, in
case of redemption or upon dissolution or liquidation, to $50 per share and
declared dividends prior to any distribution on the com, stock; without
entitling
voting power, and accompanied by a detachable warrant, Delaware the
for
holders thereof to purchase one share of common stock of
each share of pref. stock of Delaware at $10 per share at any time prior to,
but not after Jan. 11937.
(d) 37,226 shares of no par value corn, stock, being the only class of
com, stock authorized and outstanding and being 20% of the corn, stock of
Delaware outstanding at the time of such payment.
Basis of Distribution of Debentures and Stock Consideration to be Received
by National.
1. Each debenture holder of National will be entitled to receive dabs. of
Delaware to a like par value.
2. Each holder of pref. stock of National (series "A" or series "B")
will be entitled to receive one share of pref. stock of Delaware (accompanied
by a detachable warrant as above provided) for each three shares of the
pref.stock of National.
3. Each holder of class "A" corn, stock of National will be entitled to
receive one share of com,stock of Delaware for each 3M shares of class"A"
common stock of National.
4. Each holder of class"B" com, stock of National (or of voting trust
certificates representing class "B" corn, stock) will be entitled to receive
one share of corn, stock of Delaware for seven shares of class"B"corn, stock
of National or for voting trust certificates representing seven shares of such
class"B"common stock.
the
-For the purposes of accomplishingconPlan of Exchange or Surrender.
exchange of securities on the basis above set forth and prior to the pref.
"A" pref, stock, series"B"
summation of this plan, the dobs., series
stock, class "A" com, stock, class "B" oom. stock (or voting trust certipromptly
ficates representing class "B" com, stock) of National must be N. Y., as
deposited with Hibernia Trust Co., 57 William St., New York,
depositary for the committee.
The deposit of securities will constitute assent to the plan, to the same
and
to the
extent as though the depositor were a party signatory to carryplan plan
deposit agreement which gives the committee full powers plan, ifthe
deemed
or modify the
into effect, or in its judgment, to amend
-V.131, p. 3368.
necessary or advisable.
-New Director.
& Harlem RR.
New
York
-Acquisition, &c.
a director
Lone Star Gas Co.
Warren S. Hayden of Cleveland, Ohio. was recently elected
plant, prorkrty, equipThe company has acquired for cash the entire latter will liquidate its to fill the place made vacant by the recent death of George F. Baker.
Worth Gas Co. The
ment and assets of the Fort
were controlled by the -V. 130. P. 3711.
business and surrender its charter. Both firms Harding, Vice-President
-Acquires Plant.
Lone Star Gas Corp., the holding company. R.E. of Fort Worth, Tex.,
New York Power & Light Corp.
Hamilton
of the Fort Worth National Bank anti lien E. Keith
The transfer of the municipal electric plant of Speculator, the New
-V.123, p. 3183.
were elected members of the Lone Star Gas Co.'s board
n has been authorized by
County, N. Y., to the above corporatio
York I'. S. Commission.
sale of
-Tenders.
Los Angeles Ry. Corp.
The village of Speculator asked the Commission to approve the
of Los Angeles, trustee, Los Angeles, its electric plant because the operation of the plant increased the tax rate
The Security-First National Bank
of 1st and ref. mtge.
give adequate
Calif. will until June 25 receive bids for the sale to it to absorb $90,822 and the village was unable to finance extensions required to
sufficient
service.
5%113:ands, due Dec. 1 1940 to an amount
Commis-V. 132, P. 2386.
The purchase price for the municipal plant is $90,000 but the
now in the sinking fund.
of the
sion's approval of the transfer is not a determination of the value
-Earnings.
Co.
-V. 132. p. 3336.
Louisville Gas & Electric ended April 30 see "Earnings De- property.
statement for 12 months
For income
--Earnings.
New York Water Service Corp.
-V. 132. p. 4240.
partment" on a preceding page.
for 12 months ended April 30 see "Earnings DeFor income
- partment" on statement page.
-V. 132, p. 4055.
a preceding
-Increases Expenditures.
ne Co.
Michigan Bell Telepho
authorized by the directors.
New construction costing $4,520,000 has been Detroit exchange area and
Niagara, St. Catherines & Toronto Ry.-Tracks Torn
Of this sum $3,153,000 will be spent in the
Appropriations so far this year Up.
$1,367,000 in other parts of the State.approved at previous meetings;
work was
According to a press dispatch from St. Catherine's, Ont., have been
total $.9,065,000 including estimates
to
the Detroit area and
started June 18 on tearing up the tracks of what was said
approximately $5,442,000 has been alloted to
instance of the
the first electric line to operate in America when, at thebegan removing
623,000 to the rest of the State.
a gang
0 will be spent during the
Of the 34.520.000 just authorized, $2,370,00 at all exchanges, including town of Merriton, backed up by a court order, town. Buses are now
the tracks of the company from the streets of the
second quarter on day-to-day construction work
-V. 122, p. 1610.
in its place.
area.
-V. 132, 13. 3884•
operating
the Detroit
-Sale.
North American Water Works & Electric Corp.
-Bonds Offered.
Northern States Power Co.(Minn.).
g mortgage
-An additional issue of $10,000,000 refundinoffered by a
-Earnings.
Mountain States Power Co.ended April 30 see "Earnings De- gold bonds,zli% series due April 1 1961 is being
for 12 months
For income statement
including H. M.
-V. 132, p. 4241.
group headed by Harris, Forbes & Co. and Guaranty Co.
partment" on a preceding page.
-Sells Properties to Dela- Byllesby & Co., Inc., W. C. Langley & Co.,
Water Works Corp.
National
Schroder
of New York,A.C. Allyn & Co.,Inc., and J. Henry
-Deposits of Securities Asked.
ware Valley Utilities Co.
The bonds are being offered at 98M and
stock including the voting
of debentures, pref. and com,securities with the Hibernia Banking Corp.
The holders
4.59%.
trust certificates) are asked to deposit these
depositary, under a plan which interest, yielding
-Initial Dividend.
Service Co.
Michigan Public
quarterly dividend of $1.50 per
The directors have declared an initial
July 1 to holders of record
share on the $6 junior prof. stock, payable
132, p. 3884.
June 15.-V.
Trust Co., 87 William St., New York, the Delaware Valley Utilities Co.
Provides for the sale of the properties to the
of 0. M. Barr. (C. M.
The committee for the security holders consists G. Childs & Co., Inc.)
(E.
Barr & Co.) Pittsburgh, Pa.; Earle G. Childs, Electric & Mfg. Co.) Now
Herr, (Westinghouse
Syracuse, N. Y.; E. M.
Investment Co.) Stamford,
York City; H. E. Kimble (The H. E. Kimble Sons, Ltd.) St. John, New
&
Conn., and J. M.Tobinson (J. M. Robinson Broadway, New York City.
11
Brunswick, with Francis J. Kelly, Sec., the committee states:
In a circular sent to the security holders prevailing depression have found
The drastic decline of securities and the capital financing plans uncomthe National Water Works Corp. with its continue capital obligations it
pleted. To meet the current needs and to substantially all of its assets
was required to raise funds and to pledge g at this time approximately
as collateral security for bank loans, aggregatin unfavorable market conand
31.400,060. Continuance of the depression
of securities or the proditions have made impossible a favorable offering to such time as. with an
curement of an extension of credit to carry the loans expected to afford the
might reasonably be
improvement of conditions,
through its own channels.
corporation an opportunity to sell its securities of numerous remedies, a
After arduous efforts and the consideration of the corporation to the
the assets
contract has been made for sale of
officers and directors of
Delaware Valley Utilities Co., on terms which the
fair and under which
National Water Works Corp., believe to be eminently part of the purchase
be paid as
the loans of National Water Works Corp. will the balance of the purchase
and the stock and securities received as
price
and the stockholders and
price will be distributed to the debenture holders
s.
the holders of voting trust certificatea Delayer° corporation. The officers,
Utilities Co. Is
Delaware Valley
Utilities Co. include a group
directors and management of Delaware Valley utilities properties. who will
of men experienced in the operation of public
Ware Jr.,
and personal direction of John H.follows:
act under the leadership
is capitalized as
President. The Delaware Valley Utilities Co.
stock (no par),
pref. stock (no par), 15,000 Wis.; Common
$.3
- non-cum.
gold notes, $2,000,000; 6% dais.,
200,000 abs.; 1st lien & coll. trust 6%
81,508,900.
Corp. will receive
ilated July 1 1931,to mature within 25 years,
plan. National Water Works as aforesaid, the
Upon completion of the
payment of its debts
for its assets, in addition to the Valley Utilities Co.: $1,508.900 debs.;
of Delaware
following securities
37,226 shs. corn. stock Without
12,759 shs. $3 non-cum. pref. stock, and
distributable as provided in the plan
par value, the same to be payable and
outlined below.
trust certificates of National
Upon deposit of debentures,stock and voting Trust Co. of New York,
Water Works Corp., the depositary (Hibernia
The committee has
certificates of deposit. under the plan.
N. Y.), will issue transferable
deposits
fixed July 10 1931, as the last day for making
1,931.
Digest of Plan, Dated June 1
of all of the assets ef National
A contract has been made for the sale Utilities Co., upon and subject
Corp. to Delaware Valley
Water Works
16 1931, the essential provision of
to the terms of a contract, dated May
Which are as follows:
and property, National will
Upon delivery of title absolute to the assets
receive the following considerations, to wit:
-V. 132, p. 4242.
See Atlantic Public Utilities, Inc. above.
Interest payable A.&0in Chicago
Dated April 11931;due April 11961. part at any time on 60 days' notice;
and New York. Red. as a whole or in and int., the premium thereafter
including April 1 1941 at 105
until and
thereof thereafter elapsed to
of 1% for each year or fractionredeemable thereafter at 100
decreasing
being
and including April 1 1960, the bonds and r $1,000, $5.000 and $10,000.
$1,000 and 3500
and int. Denom. c*
trustee. Int. payable
Harris Trust & Savings Bank, Chicago, corporate not exceeding 2% per
tax
without deduction for any normal Federal income
and
Company agrees to refund, upon proper rate
annum of such interest.
personal property taxes at a
timely application, the Penn. and Conn,property tax at a rate not exceed4 mills, the Calif. personal
not exceeding
rate not exceeding 4ji mills,
ing 2 mills, the Maryland securities tax at a
6% per annum of int.,
and the Mass, income tax at a rate not exceeding
those States.
to holders resident in
B. Lynch, Dated June 13.
Data from Letter of Vice-President W.
-Company, a Minnesota corporation, directly or
Business and Territory.
operates a comprehensive electric power
through subsidiaries, owns and
communities in Minnesota, N. Dak., S. flak.,
and light system serving 505an aggregate population in excess of 1,234,000.
Illinois & Wisconsin, having steam heating and other utility properties in
The system also includes gas,
es served are Minneapolis
parts of this territory. Among the communiti and manufacturing centres
l
and St. Paul, the principal financial, commercia cities including Sioux Fails,
of the Central Northwest, and other important
Mankato, Faribault and Brainerd.
Fargo, St. Cloud, Grand Forks, Minot, of the company and its subsidiaries
The consistent growth of the business
by the tabulation below:
is indicated
aCustomers Connected
Gas Output
Electric Output
Gas,
Electric.
(Cubic Feet).
(Kwh.)
Calendar Years85,389
278,716
3,394,914.800
711.983,168
1826
87,104
291,575
3,303,827,300
742,379,472
1927
88.321
301,911
3,513,774,100
797,950,392
1928
89,844
310,473
3,569,815,300
853,771,114
1929
91.561
318,023
,
. . 4.
1930„
91,390
318,062
3,550,657,400
896.670,237
1931_6
At end of period. b Year ended April 30.
a
residential, commercial
The sale of electricity is well diversified between
customers include
and power customers. The principal industrial power
packing plants, ice and
grain mills and elevators, steel works and foundries,
cement plants,
storage plants, granite and stone quarries, brick and
cold
lumber mills and food products manufactories. system include generating
-The electric issoperties of the
Properties.
306,125 kilowatts, exstations having an aggregate installed capacity of the Riverside steam
to
clusive of a 35,000-kilowatts capacity addition scheduled for completion
station in Minneapolis now under construction and Riverside steam statien
year. The principal generating stations are the
this .
High Bridge and Island
in Minneapolis of 72,000 kilowatts capacity, the 20,000 kilowatts capaand
steam stations in St. Paul of 67,000 kilowatts station at St. Croix Falls,
hydro
cities, respectively, the St. Croix Falls
completed Minnesota
f Wis.. of 21.400 kilowatts capacity, and the recently
20,000 kilowatts capacity.
Valley steam station at Granite falls, Minn., of
•
1
JUNH 201931.]
FINANCIAL CHRONICLE
4589
to fund the necessary extensions made and to be made, and this situation
has increased the need for conserving cash.
"In deciding not pay the dividend, the directors feel that they have
acted for the best interests of the stockholders. It is reasonable to believe
that the corporation will be justified in reestablishing this dividend as
soon as general business condivions and the security market show a substantial improvement."
-V.132, p. 4242, 4411.
Philadelphia Company.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 132, p. 4242.
Philadelphia Rapid Transit Co.
-Again Omits Common
Dividend.
At a stated meeting of the directors held on June 15, no action was
taken as to the resumption of dividends upon the common stock. The
board stated that this matter would be deferred pending reports from
Lybrand. Ross Bros. & Montgomery, the company't4 consulting accountants, and also until the result can be known of the operating economies
which have been instituted.
219ro April 1925 to and incl. January 1931 quarterly distributions of
;
F5
$1. per share were made on this issue; none since. (See also V. 132. P.
Chairman Appointed-Cancellation of Contract, &c.Dr. A. A. Mitten was recently elected Chairman of board of directors.
In an announcement following the meeting of the board Dr. Mitten was
authorized "to give his entire time to the service of the company" and "to
develop plans and policies for the board, to direct the operation of the cooperative plan and to perform such other duties as may be assigned to
him by the board."
Ralph T. Senter, President, Dr. Herbert J. Illy and George V. MacKinnon comprise the personnel of the executive committee. John A.
McCarthy and John Gribbel will form the committee on city-company
relations. Members of the finance committee are Ernest T. Trigg, one
of the City directors on the board, George Stuart Patterson and Walter
LeMar Talbot.
The board announced the appointment of Frederic L. Ballard as general
counsel of the company, the position formerly being held by Ellis Ames
Ballard. The latter, the announcement stated, will "continue to be available for consultation." George Wharton Pepper was appointed consulting
counsel for the company and general advisory counsel for voting trustees
appointed by Judge McDevitt. Judge James Gay Gordon will continue
as consulting counsel for the company.
The reorganized board of directors last month made the following statement: "The reorganized board wishes to point out that the readjustments
made on May 15 under Judge McDevitt's plan have relieved the company
of overhead charges exceeding $1,000,000 a year. This has further strengthened the unquestioned solvency and soundness of the company and its
continued ability to maintain good service through the business depression.
The reorganized board adopted the following resolutions: "Resolved,
that the board approve and support the relations between the men and
management under the principles of the co-operative plan, and ask their
suppert fer the protection of the principles of the plan and of their right
and interest thereunder. The board recognizes the interest of the public
In its works and will keep the public advised through statements to be
Issued from time to time.
At the special meeting of the directors on May 15 the board composed
of the old members canceled the Mitten Management contract, canceled
the Mitten Building lease and voted to request the Mitten Bank Securities
Corp. to repurchase the easement on the Market Street property at the
former purchase price. These acts were in accordance with the proposals
made in the motion to Judge McDevitt on May 13.
The cancellation of the Mitten Management contract takes effect as of
April 11 1931, the date of Judge McDevitt's first decree. The cancellation
of the Mitten Building lease also takes effect from April 11 1931.
The six members of the board, namely, R. F. Tyson, W. IC. Myers,
J. A. Quemoy. Alexander Knox, Thomas Shaw and L. H. Porker then
to make way for the six new directors recently appointed by the
rCesouignrted.
The old beard approved "the deposit by Mitten Bank Securities Corp.
with the three voting trustees, approved by the Court, viz: Dr. Herbert
J. Tily, Messrs. Waiter LeMar Talbot and John A. McCarthy, under a
five-year voting trust, of 355,618 shares ef P. R. T. common stock, constituting a majority of all of the outstanding voting stock of said company.
The directers of the Mitten Bank Securities Corp. approved the cancellatien of the Mitten Building lease and agreed to repurchase the easement on the Market Street property. The lease on the Mitten Building
now reverts to the old lease in effect prior to the lease just canceled.
The new lease covers only the space in the building used by the P. R. T.,
instead of the whole building, and substitutes the base rental prevailing
In the former lease of Jan. 10 1927.
The Mitten Managment directors also approved the cancellation of the
Mitten Managment fee which was voted at the P. R. T. board meeting.
The trustees of the Philadelphia Rapid Transit Co. Wage Fund approved
the transfer of the shares of P. R.T.common stock held for it by the Mitten
Bank Securities Corp. to the three trustees of the voting trust appointed
by the order of Judge McDevitt.
-V. 132, p. 3714.
'Pittsburgh Harmony Butler & New Castle St. Ry.Permission Given to Halt Operation on Two Branches.
Permission to suspend operations on two of its branches at midnight was
granted the company by Judge F. P. Schoonmaker in United States District Court June9.
igri
sed b y maurice The action was taken in compliance with a petition
R. Scharff, receiver. The two spurs affected are from
coiwoodCoty to EastNew Castle and from Ellwood City to Beaver Falls.
Elmposed i f
about 16 miles of trackage. The entire system extends from
from Allegheny County, a distance of 78 miles, into Butler, Beaver and
Lawrence counties.
-V. 132, p. 2765.
-Earnings.
Pittsburgh Suburban Water Service Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4056.
partment" on a preceding page.
-Notes Offered.
Portland General Electric Co.
-Harris,
Forbes & Co.; H.M.Byllesby & Co.,Inc.; National City Co.;
Halsey, Stuart & Co., nc.. Continental Illinois Co.; E. H,
Rollins & Sons, Inc.;'W. C. Langley & Co., and Albert E,
Peirce & Co. are offering at 99M, and int., yielding over
$7,500,000 4% gold notes. Full details are given in
V. 132, p. 4411.
BoPub a c .tility Holding Corp. of America.
ok vlilue U
-To Reduce
A special meeting of stockholders has been called to follow the annual
meeting which will be held on July 15, for the purpose of voting on a proposal to reduce to $5 per share the capital allocated on its books to its
common and class A stock. The surplus created by such reduction, if
approved, will be credited to surplus account to be dealt with from time
to time in discretion of directors.
-V. 132. p. 1799.
Rapid Transit in New York City.
-Traction Companies
Reject Transit Plan Hearings-Decline To Appear Before
Commission on Untermyer Proposal.
the corporation has found it difficult to obtain new capital
The directors of Interborough Rapid Transit Co. and the BrooklynManhattan Transit Corp. June 16, adopted resolutions declining to participate in hearings before the Transit Commission on the revised Willfication plan prepared by Samuel Untermyer, special counsel for the city
In rapid transit matters. They base their action on the grounds that the
hearings are not in accordance with the law, in that the Commission has
taken no action on valuation on valuations, and that there has been no
assurance from the Board of Estimate and Apportionment, or any of its
members, that the portion of the price for the properties proposed to be
Paid in city corporate stock or cash will be forthcoming.
The action of the two boards was taken at meetings held after the first
hearing on the revised Untermyer Plan,at which valuations prepared by the
Bureau of Unification and Transit Readjustment submitted a valuation
of the propertiesconsidered in unification. The bureau's report
$503mo.
maximum price the city can pay for properties is
staedh
terming this price the maximum statutory linUtation on 'valuations. The valuation was made as of June 30 1930.
4590
FINANCIAL CHRONICLE
The valuation is approximately $14,000,000 in excess of the price proposed by Samuel Untermyer, special counsel for the city in rapid transit
matters, in his revised unification plan. It provides ample leeway to meet
the demands to the Brooklyn-Manhattan Transit Corp. management
for a price for its properties which will give the company a net amount
equivalent to $80 a share in Board of Transit Control 4 % bonds.
For the individual companies, the valuations compare as follows with the
prices proposed to be paid under the revised Untermyer Plan:
Proposed
Valuation.
Price.
$213,218,000 $217,726,202
T properties
195,288,000 203.502,001
I..R. T
81.172,000 82.312,001
Manhattan By
$489,678,000 $503,540,205
Total
Numerous bases of valuations of the companies were included in the
bureau's report. Book value of the New York Rapid Transit Co.'s properties was figured at $170,369,546; of the Williamsburg Power Plant
$20,720,957: of the Manhattan By. Co., $112,943,655 and of the I. R. T.
Co.. $232,518,717.
On other bases of valuation, the totals were considerably larger than the
figure set as the statutory limitation of valuations in the report.
Although valuations are made as of June 30 1930, the bureau declares
that the valuations can be brought up to date at short notice, and that
changes should be relatively small.
Board of Transportation To Negotiate Unification Plan.
The Board of Transportation,acting with the approval of Mayor Walker,
served notice upon the Transit Commission, June 16, that it was taking
into its own hands immediately the negotiation of a unification contract
with the B. M.T. and the I. R. T.
It plans to accomplish this by a series of conferences with counsel for the
two companies, to which the members of the Transit Commission will be
invited, but in which Samuel Untermyer, special counsel, will not be
asked to take part.
-VI 132, p. 4411.
-Sale.
Roanoke (Va.) Water Works Co.
The purchase of this company and its subsidiaries by the Consumers
Water Co. of Portland, Me., Was announced recently by Vernon F. West,
-V.132, p. 3527.
President of the latter concern.
Rochester & Lake Ontario Water Service Corp.Earnings.
For income statement for 12 months ended April 30 see "Earnings De-V. 132. p. 4057.
partment" on a preceding page.
-Sold at Auction.
Rochester & Syracuse RR.
an organizaClaude B. Woodworth for the R. & S. Liquidating
Corp*
tion representing 85% of the bondholders of the Rochester & Syracuse RR.,
June 12 bid in for $115,000 all the properties of the corporation in a foreclosure sale at the court house at Syracuse by Charles V. Byrne as referee.
There was no other bidder.
-V. 132, p. 3527.
-$21,000,000 GuaranSafe Harbor Water Power Corp.
-Aldred & Co., Lee, Higginson & Co.,
teed Bonds Offered.
Chase Securities Corp., Guaranty Co. of New York, Brown
Brothers Harriman & Co., he First National Old Colony
Corp., Jackson & Curtis, gpencer Trask & Co. and Minsch,
Monell & Co. Inc. are offering at 9634 and int., to yield
4.68%, $21,060,000 1st mtge. sinking fund gold bonds,
06% series due 1979. Unconditionally guaranteed by
Consolidated Gas Electric Light & Power Co. of Baltimore
as to principal and interest by endorsement on each bond.
Dated June 1 1931: due June 1 1979. Interest payable J. & D. without
deduction for normal Federal income tax not exceeding 2%.or for the present
Penna. 4
-mills tax. Principal and interest payable at office of the trustee.
Denoms. c* $1.000 and r• $1,000 and authorized multiples. Redeemable,
as a whole or in part, at any time on 30 days' notice at 105% and int. on
or before June 1 1936; thereafter at successively reduced premiums, as
scheduled. The New York Trust Co. trustee.
Data from Letter of Chas.E. F.Clarke,President, New York,June 17.
History and Development.
-The Safe Harbor Water Power Corp. development. located near Safe Harbor, Pa., on the Susquehanna River, about
45 miles from Baltimore and 8 miles above the Holtwood power plant of
Pennsylvania Water & Power Co_ is being constructed as the result of
many years ofstudy by the latter company's engineers to meet the increasing
demand for electric power in rapidly growing industrial sections of Pennsylvania and Maryland, including the city of Baltimore and surrounding
territory.
In 1910 Pennsylvania Water & Power Co. became the owner of certain
flowage rights and properties on the Susquehanna River which were not
directly required for its Holtwood development, and shortly thereafter
began to make tentative estimates, studies and plans which resulted in the
acquisition, from time to time, of additional properties necessary for a
development at Safe Harbor.
Estimates made in the summer of 1929 showed that by 1932 additional
capacity would be required in the Baltimore-Holtwood system. Accordingly Safe Harbor Water Power Corp. was formed and, after joint audit
and approval of the preliminary costs by the Federal Power Commission
and the Public Service Commission of Pennsylvania, the company purchased
from Pennsylvania Water & Power Co. the latter's properties, rights and
-year
preliminary engineering work for the Safe Harbor project. A 50
limns() for the project was issued by the Federal Power Commission on
April 22 1930, a permit was issued by the Water and Power Resources
Board of Pennsylvania, and the approval of the Public Service Commission
of Pennsylvania was obtained.
The Safe Harbor development is within economical transmission distance
of large industrial centres and existing power markets, and is favorably
located with respect to proposed railroad electrification projects.
Safe Harbor Water Power Corp. was organized at tho instance of Consolidated Gas Electric Light & Power Co. of Baltimore and Pennsylvania
Water & Power Co. These three operating companies, under independent
local managements, are compactly inter-related in such a manner as to
provide most economically an adequate supply of power for the territory
In which they operate.
-The initial power development will include land and flowage
Property.
releases within the project area; a concrete gravity type dam which will
raise the level of the water initially by 53 feet, but has been designed for
an additional subsequent increase of two feet in the pond level; the intake
works and tailrace for 12 main generating units; the power house substructure and superstructure for 7 main generating units;6 main generating
units with an aggregate turbine capacity of 255,000 h.p.; step-up transformers, and auxiliary apparatus, switching and control equipment.• The
dam will create a lake over 10 miles long, with an area of approximately
10.5 square miles. It will impound a useful storage of more than three
billion cubic feet.
The capacity of the ultimate installation of 12 generating units will be
510.000 h.p.
The bonded indebtedness of the initial development will be $82.35
per h.p. If the ultimate development of 510,000 h.p. were completed at
present prices, it is estimated that the bonded indebtednes would be approximately $60 per h.p.
The power house substructure for the initial development is completed,
and the major portion of the dam has been finished. The dam and power
house will form a continuous structure nearly one mile in length. The
power house superstructure for 7 units is under construction and machinery
Installations are under way. It is expected that 4 of the 6 generating units
will be in operation during the coming winter, and the fifth and sixth
during 1933.
Consolidated Gas Electric Light & Power Co. of Baltimore will receive
Safe Harbor power over transmission lines directly or indirectly owned or
to he owned by Pennsylvania Water & Power Co. which sells power to
Pennsylvania Power & Light Co. Lancaster division), Chester Valley
Electric Co. of Coatesville and Edison Light & Power Co. of York, in
addition to Consolidated Gas Electric Light & Power Co. of Baltimore.
It is estimated that the population of the territory served by these companies is in excess of 1,400,000.
The Safe Harbor and Holtwood plants will be interconnected and will be
operated in effect as one development, constituting one of the largest and
most important water power projects in the country. Maximum over-all
economy will be secured by proper division of the load and manipulation
of storage.
FoL. 132.
IxTurpose.-The proceeds of this issue, together with payments of 39000,000 for stock by Consolidated Gas Electric Light & Power Co. of Baltimore
and Pennsylvania Water & Power Co., will be used for expenditures in
connection with the initial development, and to provide working capital.
Consolidated Gas Electric Light & Power Co. of Baltimore and Pennsylvania Water & Power Co. will agree to provide, through purchase of additional stock, any additional funds that may be required to complete the
initial development.
Security.-Boncls will be direct obligations of Safe Harbor Water Power
Corp. and will be secured by 1st mtge. on the hydro-electric plant now
under construction and, with minor exceptions, on all other fixed property
owned at the time of the execution of the mortgage or thereafter acquired.
The bonds will be unconditionally guaranteed as to principal and interest
by endorsement by Consolidated Gas Electric Light & Power Co. of Baltimore. $4,500,000 of the proceeds from the sale of the bonds will be deposited with the trustee (being the estimated amount not required for
expenditures to July 1 1931), and may be withdrawn from time to time
against certificates of proper expenditures made or indebtedness incurred
after June 30 1931.
Earnings.
-Consolidated Gas Electric Light & Power Co. of Baltimore
and Pennsylvania Water & Power Co. will agree with Safe Harbor Water
Power Corp., under contract expiring April 22 1980, to purchase the entire
output of the initial development for amounts which, subject to revision
by public authorities having Jurisdiction, will by 1938 produce a net income
of 7% per annum on the actual investment of the company, all as defined
in said contract, equivalent to more than twice interest charges on these
$21,000,000 bonds,and during the first 12 months of operation will produce
a net income at least equal to such interest charges.
Sinking Fund.
-A semi-annual sinking fund, beginning in 1936, is scheduled to retire by maturity all of the $21,000,0004ji% series due 1979 bonds.
To meet sinking fund obligations, the company may deliver to the trustee
either cash or an equivalent amount of bonds in lleu of cash at the then
current redemption price.
Equity.
-Consolidated Gas Electric Light & Power Co. of Baltimore and
Pennsylvania Water & Power Co., upon completion of this financing, will
own all of the outstanding capital stock of the company, representing an
investment of $2,250,000, and will have agreed to acquire additional stock
for $6,750,000 upon call by the company,in no eventlaterlthan Dec.311933.
-Upon completion of this financing and upon payment
Capitalization.
for the additional stock to be issued not later than Dec.311833,the capitalization of the company will consist of $21,000,000 1st mtge. sinking fund
6
,
gold bonds, 4, % series due 1979 (out of a total authorized amount of
$40,000,000 bonds issuable under this mortgage); 100,000 shares of class A
stock (non-voting), all owned by Consolidated Gas Electric Light & Power
Co. of Baltimore, and 200,000 shares of class B stock (voting), of which
one-half will be owned by the latter company and one-half by Pennsylvania
Water & Power Co.
-J.E. Aldred (of Aldred & Co.), Marvin E. Bushong (director
Directors.
of Pennsylvania Water & Power Co.), J. B.Chase (of Chase & Co., Boston),
Charles E.F. Clarke (Pres. & director Penna. Water & Power Co.), Charles
M. Cohn (V.-Pres. & director Consol. Gas El. Lt. & Power Co. of Balt.).
Arthur V. Davis (Chairman Aluminum Co. of America), Irvin W. Gleason
(director of Penna. Water & Power Co.), Joseph W. Gross (of Joseph W.
Gross & Co.. Philadelphia), Waldo Newcomer (Chairman executive committee Baltimore Trust Co.), Wm,Schmidt Jr. (Sec. & Treas, and director
Consol. Gas El. Lt. & Power Co. of Bait.), Henry Tatnall (director Pennsylvania RR.), Herbert A. Wagner (Pres, and director Consol. Gas El. Lt.
& Power Co. of Bait,) J. A. Walls (of Aldred &Co.),Joseph Walworth (of
'
Aldred & Co.), F. W. Wood (director of Consol. Gas El. Lt. & Power Co.
of Baltimore).
-V. 132,*p. 4413, 312.
-Financing
San Diego Consolidated Gas & Electric Co.
The company has applied to California Railroad Commission for authority to sell $9,000,000 of 434% refunding mortgage bonds, due 1961. The
Purpose of issue is to retire $8.188,000 1st & ref. mtge. bonds, consisting
of $2,750.000 series A 6s; $4.000,000 series B 5s, and $1,438,000 series 0 6s.
These three series will be retired Sept. 1 1931, at 103 for the series A and
104 for the series B and 0.
Earnings.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4243.
partment" on a preceding page.
-Bonds Called.
Santa Barbara Telephone Co.
-year sinking fund
All of the outstanding $374,750 let mtge. 5% 30
gold bonds, dated July 1 1916. have been called for redemption on July 1
next at 102 and interest at the Security-First National Bank of Los Angeles,
-V.132.P.3337.
successor trustee,561 South Spring St., Los Angeles, Calif.
-Earnings.
Scranton-Spring Brook Water Service Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4057.
partment" on a preceding page.
-Employees In..
Southern California Edison Co., Ltd.
insurance covering its 4,100 employees has been contracted for by
this company with the Aetna Life Insurance Co. of Hartford, Conn. The
total of the insurance is about $12,000,000.
Under the plan, employees will receive insurance at the rate of SLOW for
60 cents a month, with the balance of the cost borne by the company.
The policy, in addition to covering death from any cause, provides that
the full amount of the policy will be paid to the employee in the event of
permanent and total disability before the age of 60.-V. 132, p. 4413.
-Earnings.
Southern Colorado Power Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132. p. 4243.
partment" on a preceding page.
-Earnings.
Standard Gas & Electric Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4414.
partment" on a preceding page.
-Defers Preferred Dividend.
Texas-Louisiana Power Co.
The directors have voted to defer the quarterly dividend of% due
July 1 on the 7% cum, pref. stock, par $100. The last quarterly distribution on this issue was made on April 1 1931.-V. 132, P. 3338.
-Earnings.
Texas Power Corp.
Earnings for 12 Months Ended May 31 1931.
Operating revenue
Other income
$272,258
914
Gross revenues
Operating expenses including maintenance and taxes
Miscellaneous deductions
Prior interest charges
Times interest earned
$273.171
37.208
4,332
93,446
2.48
Balance
Interest on general mortgage bonds
Times interest earned
-V. 132, p. 1223.
$138,185
25.387
5.44
-Omits Dividend-Participating Stock
Tr -Utilities Corp.
Issue Not Approved.
The stockholders on June 16 voted against the creation of the proposed
issue of participating stock. As the dividend recently declared payable
July 1 on the common stock in participating stock was declared subject to
the creation of this stock by the stockholders, and as the latter failed to
approve thisstock issue,the dividend will not be paid, it is stated. Quarterly
distributions at the rate of 1% in common stock and 30 cents per share in
cash were paid regularly on the common stock from April 1 1930 to and
including April 1 1931.-V. 132. p. 4414, 4244.
-323'% Dividend.
Union d'Electricite, Paris, France.
The directors have declared a dividend of 32%% on the American depositary receipts for ordinary bearer shares, less expenses of depositary,
and a like
subject to the approval of the stockholders on June 27 1931 payable in
amount on the ordinary bearer shares. The dividends are
1931. See also V. 132, p. 4414.
-Earnings.
Union Water Service Co.
For income statement for 12 months ended April 30 see ''Earnings Dc-V. 132, p. 4058.
partment" on a preceding page.
JUNE
20 1931.]
-Earnings.
West Virginia Water Service Co.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, p. 4058.
partment" on a preceding page.
-Earnings.
Western New York Water Co.
For income statment for 12 months ended April 30 see "Earnings De-V. 132, p. 4414.
partment" on a preceding page.
-Expansion.
Western Power Light & Telephone Co.
The directors have authorized the construction of a copper feeder circuit
from Greeley, Colo., to Eaton, Colo., a distance of ni miles. This construction has been necessary because of a growth in consumption, particularly for rural irrigation purposes. From Eaton the circuit is re-distributed over several rural lines and continued on to Ault, Pierce and
Nunn. There has been a decided growth in power load in the Greeley
circuit.
The company is introducing a new rural contract in connection with its
electrification work in the agricultural regions, whereby the customer is
saved the necessity of furnishing nis own facilities. Instead, the new
customer pays for the cost of his line and facilities and uses the current
without montnly charge until he has received free energy sufficient to
recover his investment, witn interest. This energy is furnished at regular
rates, with a monthly guaranty as to amount of energy consumed. The
company extends $200 under the service charge for the necessary construction.
Starts Customer Ownership Campaign.
The company is conducting an intensive customer-ownership campaign
In Kansas, Oklahoma. New Mexico and Colorado starting June 1. Previous
campaigns have resulted in the distribution of a substantial amount of the
company a pref. stock to hundreds of new stockholders. Later in the
year other parts of tile territory served by the company will be similarly
canvassed.
1930
Earns. Years Ended Dec. 311929.
1928.
$3,764,352 $2.271,869 $2,645.163
Operating revenues
212,479
61,928
Other revenues
45.930
$3,976,831
Total revenues
Operating expenses.incl. maint.,taxes
(other than Federal income) and
2,415,711
insurance
4591
FINANCIAL CHRONICLE
$2,333,797
$2,691.093
1,381,193
1,902,635
The current distribution is distributed‘from the following sources:
Regular cash dividend, 13.13c.; extra cash dividend, 0.3c.; stock dividend.
-V.11.31, p. 4218.
0.72c., and from reserve fund, 15.85c.; total, 30c.
-Plan Approved.
Algoma Consolidated Corp., Ltd.
The financial structure of Algoma Consolidated Corp., which recently
came into being as a holding company controlling Lake Superior Corp.,
Algoma Central Terminals and Algoma Steel Corp., has been approved by
the Railway Committee of the Canadian House of Commons. The committee also has passed the bill respecting the Algoma Central & Hudson
Bay Ry. The bill has been signed by the Governor General, thus completing the necessary governmental authority. The company can now complete the reorganization plan and issue the new securities.
Algoma Consolidated Corp. came into being last January, as a result of
the successful negotiations to relieve Lake Superior Corp. of its guarantee
in rspect to the guarantee of the principal and interest on the bonds of
Algoma Central & Hudson Bay Ry.and Algoma Central Terminals, Ltd.
Under the agreement Algoma Consolidated has a capital of $3,092,550
of 5% income deb. stock; $2,000,000 of 7% cum, pref. stock and 800.000
shares of no par value com. stock.
Algoma Consolidated will hold, when all details are complete,$4,123.400
of 5
mtge. bonds of Algoma Central Rys.; $318,800 of 6% 2nd mtge.
bonds of Algoma Central Rys.; 214.585 com, shares of the same company;
6,666 shares of Northern Ontario Lands Co.; $5,000,000 of Algoma Steel
Corp. corn. stock; $3,333,333 of Algoma Steel pref. stock; 400,000 com.
shares of Lake Superior Corp.; and one-third of the cash proceeds of the
sale of Algoma Eastern Ry.
Lake superior Corp. shareholders are asked to exchange their sotck on
the basis of one share of 7% cumulative preferred stock and one share of
common stock in the new holding company for each share held, Lake
Superior turns over to Zlgoma Consolidated $5,000,000 of Algoma Steel
.
common $3,333,333 of Algoma Steeireferred stock;6.666 shares of Northern Ontario Lands, and $318,800 6 o second mortgages of Algoma Central
Railways, and its common stock holdings in the last named company.
Lake Superior will retain control of $10,00,000 of Algoma Steel common
stock, $6,666,666 of Algoma Steel preferred; $5,800,000 of Algoma Steel
purchase money; all the common stock of British America Express; Cannelton Coal. Morn Limestone; Lake Superior Coal,Algoma Steel Products.
and one-third interest in Northern Ontario Lands.
Under the scheme of arrangement, the existing $10.080,000 bonds of the
Algoma Central & Hudson Bay Railway will be cancelled. the $5.000,000
5% non-cumulative preference stocks will be reduced to $500.000 and the
$5,000,000 common stock will be converted into 420.755 shares of $10 each.
Bondholders of the railway company will receive $6,185,000 of new
5% first mortgage income securities of the Railway company, $3.092,550
of 5% income securities of Algoma Consolidated, trust certificates for
200.000 shares of common stock of Algoma Consolidated. and 106,170
shares of common stock in the railway company.
Algoma Central & Hudson Bay Railway preferred stockholders will get
$500,000 of 5% non-cumulative preferred stock.
It is proposed that Algoma Central Terminals shall sell the $900.000
of bonds and the 99,300 of shares of Algoma Eastern Terminals held by
It to be used in redeeming 40% of its outstanding bonds at 70. The remainder of the issued and outstanding bonds will be exchanged for $615,540
of 5% first mortgage debenture stocks and bonds of the terminal company
Compare plan in V. 132, p. 130.
-V. 132, p. 130.
See also Lake Superior Corp. below.
Net income before deprec., amort.,
and interest
$1,561,120
$952.604
$788,458
Note.
-The above consolidated figures include 12 months' operations for
all properties owned at the end of each year.
At Dec. 31 1929, the City Ice Delivery Co. (Dallas, Texas) was not a
subsidiary of Western Power Light & Telephone Co.; consequently, its
earnings are not included in the operations for the year 1929.
Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
Liabilities$
$
Assets
$
7% pref. stock__ - 4,700,000 3,200,000
Plant, property do
23,312,968 14,754,584 6% preferred stock 306,900
equipment
84,617 Panic. class A_ ..) 5,401,127 3,878,493
14,824
.
Investment. (cost)
1,101,153 2,267,469 Com.stock
Cash
Subs. cos. secur. in
Notes and accounts
-Rail Mill to Shut Down.
Algoma Steel Corp., Ltd.
475,419
410,361
hands of public- 608,614
receivable
This corporation will close down its recently enlarged rail mill in a few
20-yr. 1st lien col.
Advances to assodays, unless additional orders are forthcoming, a Montreal dispatch states.
90,742
6% gold bonds,
ciated companies 935,375
for two months last winter during the con113,269
due 1948 & 1950 4,788.500 4,737,000 The rail mill was closed down
Mater.& supp..&c. 249,792
-pound rail,
struction of an addition to permit the manufacture of 130
51,825 134-yr. 6% gold
Deferred charges._ 807,076
being reopened the middle of February. During April,the mill was run on a
notes due in 193122,500,000 2,600,000
being reduced to single turn. Closing of the rail mill
double shift, later
1-yr. 534% gold
would affect between 400 and 500 workers.
notes, due In 1931b4000,000
The enlarged merchant mill is continuing to operate on single turn, at a
Notes & accts. pay, 819,191
403,361 reduced rate. Actual operations have been about two-thirds normal.
Unearned income.
27,111
8,476 -V.132, p. 1225.
Accrued liabilities- 326.869
249,567
Contracts pay, for
-Proposes Exchange of Shares by
Allied General Corp.
properties
298,162 1,273,019
Power & Rail, Combined Trust with First Custodian.
Reserves for depre..
renewals, replaceAllied General Corp., formerly Insuranshares Corp. of New York. has
ments,ato
2,856,820 1,541,515 proposed to holders of Power & Rail Trusteed Shares and Combined Trust
Deferred credits
198,256
46.495 Shares an exchange of their shares for those of First Custodian Shares
Corporation.
26,831,550 17,837,926
Total
Total
The offer to Power & Rail, which expires on July 14,is on the bats of the
26,831,550 17.837,926
bid price of underlying securities and assets as of July 15 of Power & Rail.
a Paid June 1 1931. b Refunded March 1 1931.-V. 132, p. 3149.
The offering price of a First Custodian Share as of July 15 will determine
the number of shares each holder of Power & Rail shall receive.
West Penn Rys.-Tenders.---The exchange for Combined Trust Shares will be in the same manner.
The Chase National Bank of the City of New York until noon June 4
received bids for the sale to it of 1st mtge. 5% gold bonds, clue June 1 1960 However, the offer is based on the value of the First Custodian shares as
of the West Penn Traction Co. It was proposed to invest the sum of of July land will expire on June 30.-V. 132, p. 3150.
$2,819,550 in the purchase of these bonds.
-V. 132, p. 312.
-Earnings.
Amalgamated Sugar Co.
Wisconsin Public Service Corp.
-Earnings.
-For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 132, p. 4244.
Wisconsin Valley Electric Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 132, p. 4244.
Years Ended March 31Net operating income from sugar sales
Other income (net)
1931.
$148.622
7.941
1930.
$427,596
7.907
Total net operating income
Interest, discount, &c
Depreciation
$156.563
203,244
549,143
$435,503
222,274
472,803
$595,824
Consolidated Balance Sheet March 31.
1931.
1931.
1930.
Liabilities$
Assets
Cash
430,186
322,775 Preferred stock_ __ 3,687,000
Accts.receivable.- 354,384} 264,799 Common stock. _ _y6,165,468
Notes payable____ 2,295,000
11,573
Notes receivable-.
158,802
4,947,287 5,367,769 Accounts payable_
Inventories
111,416
Adv, acct. crops._
5.047 Accruals
5,411
1,623,600
124,531 Funded debt
Freight paid on sug
92,238
28,908
Oth.long term Bab.
Cash in hand of
1,612 Bonds called for resink, rd. trustees
334
demption
Corp. bonds, alnd
430,141 Equities of min.
sale cooling., dte 369,918
49,691
stockholders
302,835
Treas, stlts. & bds.
29,385
95.983 Reserves
82,826
Deferred charges._
1,573,808
Deficit
Bidgs.& mach., &cx5,926,9111
6,798.611
Farm lands, water
rights, ,t/c
354,3931
Net loss for year
INDUSTRIAL AND MISCELLANEOUS.
-American, Arbuckle, Pennsylvania and Revere
Price of Sugar Advanced.
Sugar refineries have advanced the price of refined sugar 10 points to 4.55
cents a pound, to become effective June 19. "Wall St. Journal' June 18, p.1.
-Copper is being offered at 8 cents a pound in
Copper Offered at 8 Cents.
some instances, with large producers and custom smelters holding the price
at 8;if cents a pound. "Wall Street Journal" June 13, p. 1.
Copper for Export Cut hi, Cent a Pound.
-The foreign price of copper was
reduced a quarter of a cent a pound by Copper Exporters, Inc., to 8.275
cents, a new low record. N. Y. Times" June 19. p. 40.
General Cable Reduces Wire Prices.
-General Cable Co. has reduced
prices on copper wire g cent to 9i cents a pound. "Wall Street Journal"
June 17, p. 16.
Injunction Restrains Miners.
-A preliminary injunction restraining the
National Miners' Union and all persons under its direction from picketing,
patrolling or gathering on the public highway in the vicinity of the Consolidated Coal Co. mine at Wildwood, Pa., was granted June 16 by Judge
H. H. Rowand of Common Pleas Court at Pittsburgh. N. Y."Times"
June 17, P. 4.
Matters Covered in the Chronicle of June 13.-(a) Corporation earnings
first quarter of 1931 as compiled by Ernst & Ernst, p. 4310. (b) Price
of platinum advanced, p 4322. (c) Zinc price is advanced, P. 4322.
.
(d) Employees at Mansfield, 0., plant of Empire Steel Co. voluntarily
cut wages, p. 4322. (a) Copper at 83i and 8 cents during week, p. 4322.
(f) Unfilled orders of U. S. Steel Corp.; steel backlog off 277,277 tons,
p. 4323. (g) Henry & Kirkbride failure; permission granted to sell
brokers collateral, p. 4342. (h) Market value of listed shares on N. Y.
Stock Exchange June 1 $42,533.985,679, compared with $48.569,988,485
on May 1; classification of listed stocks, p. 4342. Cl) West St Co. failure;
U.S. District Court approves plan under which the customers' accounts of
the firm are to be transferred to Montgomery, Scott & Co.; appraisal
report filed, p.4343. (i) Trial of Rogers Caldwell,former head of the failed
firm of Caldwell & Co., begins; pleas for postponement and change of venue
denied, ie. 4343. (k) Galloway, Cleary & Co. Western Canada brokerage
firm, fable, p. 4343. (I) F. E. Kingston and lib brother, H. E. Kingston,
former partners in the Hartford brokerage house of F. E. Kingston & Co,,
sentenced to prison terms; subsequently released in $40,000 and $20.000
bail, respectively, pending appeal to Supreme Court; other defendants
freed, P. 4343. (m) Restrictions on amounts of deposits which New York
savings banks will receive; rate of interest paid April 1, p. 4342. (n) Total
subscriptions of $6,315,524,500 received to 334% Treasury bonds offered
to amount of $800,000,000; allotments $821,410,350. p. 4346. (o)
%
Treasury notes series C-1930-32 called for redemption, p. 4347.
Affiliated Group, Inc.
-30c. Dividend on Consolidated
Trust Shares.
A semi-annual distribution (No. 2) of 30c, per share has been declared
on the Consolidated Trust Shares to be made on June 30 1931. An initial
dividend of 67c. per share was paid on Dec. 31 1930.
$259,574
1930.
4,027,000
6,165,468
2,150,000
196,482
85,927
1,829,700
77,676
1,260'
50,664
19,128
889,204
12,575,462 13,714,103
Total
12,575,462 13,714,103
Total
x After reserve for depreciation of $4,936,997. y Represented by 724.-V. 130, p. 3881.
624 no par shares.
-Stock DeAmerican Brown Boveri Electric Corp.
creased-Name Changed to New York Shipbuilding Corp.
Sale of Electrical Unit Approved.
The stockholders on June 17 voted (a) to reduce the authorized founders
stock by 87.170 shares; (b) to decrease the capital from $17,664.220 to
$16,923,275, and (c) approved a change in name to New York Shipbuilding
Corp.
The stockholders also approved the proposal of the directors to sell all
of the assets of the American Brown Boyer! Co., Inc. (the electrical subsidiary), including the capital stock of the Condit Electrical Mfg. Corp.
and the electrical patents and certain other electrical assets of the corporation, to the Allis-Chalmers Mfg. Co. The consideration for the property is
$600.000 cash and 62,000 shares of Allis-Chalmers capital stoelk.-V. 132,
P.4245.
-Reduces Stated Value.
American Capital Corp.
Corporation on June 8 1931 effected a reallocation of capital represented
by outstanding pref. stock through filing with State of Delaware a notice
of reduction of capital represented by each share of $3 dividend pref. stock
from $46 to $10 on consent of holders of necessary majority of voting stock.
In a letter to stockholders May 27 outlining the plan to reduce the stated
capital represented by the pref. stock $3 series to $1,040.000 from its
present amount of $4,784,000 the surplus account to be increased accordingly, Henry S. McKee, President, said:
The laws of Delaware under which the company is incorporated do not
Permit a corporation to pay dividends even out of current income if the
market value of its assets, after deducting all liabilities, is below its stated
,
4592 .77
' Cl
,
;
FINANCIAL CHRONICLE
capital represented by the stocks having preference upon distribution of
assets. Due to the depressed level of' security prices this condition exists
at the moment.
The Delaware corporation law permits directors of corporations having
no par value stock, as in the case of American Capital Corp. preferred
stock,$3 series, to allocate a part of the consideration received for the stock
of the company to capital (represented by such shares) and part to paid-in
surplus. The division is usually an arbitrary one and the stockholders
under the law at any time may make a relliocation between capital and
surplus. Your board now advises that this be done and recommends that
a reallocation be made with respect to capital relpresented by the preferred
stock, $3 series, by reducing the stated capital from $46 per share to $10
per share and that the surplus be Increased by the difference of $36 per
share.
Such action in no way changes or affects either the assets of company
or the liquidating value of its stocks and will place company in a more
satisfactory surplus position in the future.
Balance Sheds April 30 1931 and Dec. 31 1930.
*Apr.30 31. Apr.30 31. Dec.31 30
Assets-$639.653 12,513.497
Cash
. 8639,653
Investment securities (at cost):
11,880,158 11,880.158 10,866,993
Common stocks
1,677.406 1,480,731
1,677,406
Preferred stocks
375,595
504,842
504,842
Bonds
Inv. in Pacific Inv. Corp. (at cost):
Deb. (face value, 1931, $180,000:
28,078
136,815
136,815
1930, $35,000)
First pref.stock (1931.1,706 shares:
42.464
100,916
100,916
1930, 655 shares)
Common stock (1931.85.9% ofoutstanding; 1930, 85.6% of out315,070
316,126
316.126
standings)
49,447
15,069 •
15.069
Dividends receivable
7,081
14,180
14,180
Accrued interest
The rental of those cars was fixed by dividing the principal of each series
of certificates into approximately equal semi-annual payments, adding to
each of such payments the dividends on the entire issue remaining from
time to time unpaid. These semi-annual payments were then divided into
six equal Installments called "rent." which were, according to the terms of
the guarantee by the company, to be paid, in the case of series 0, on the
12th, and in the case of all other series on the 28th day of each month into
a sinking fund to be held by the trustee, out of which the semi-annual
principal and dividend payments were to be made.
Owing to the current depression, especially in the oil business, the company can no longer pay the rentals provided for in the present leases. All
payments of rent into the sinking fund, however, have been made up to
and including Feb. 28 1931, except that on the rental due on that date
on series A, B and C only the sum of $500 each was paid, and no rentals
have been paid since on any series, as all income has been required to take
care of repair and other bills which were permitted to aCcumulate, as it
was necessary to use every dollar of income and all cash on hand to meet
the principal and dividend payments maturing March 1 1931.
The company has practically caught up again on everything except its
rentals and its current accounts receivable (from railroads for mileage) are
about equal to its current accounts payable (for repairs and sundry other
Items).
The company has practically no other assets except office furniture and
fixtures, its remaining capital and surplus consisting of its equity in its
railroad equipment, i.e. 1,279 tank cars.
On May 15 1931, there were $14,499.99 in the series C sinking fund, out
of which the dividends due on that date on the entire series 0 issue were
paid, but no part of the principal due on that date, amounting to $20,000,
was paid, the holders of these certificates, upon being imeviously fully
advised of the condition of the company's business and finances, having
agreed not to present the certificates themselves for payment until after
the company had had an opportunity to present a refinancing plan to the
holders of all outstanding certificates of all series.
When the companj started in business it was necessary for it to estimate
its earnings, as it had no actual experience to go by. During 1928 the
first three series of certificates were issued. viz., A. 11 and C, based upon
estimated earnings only.
Actual figures for nine months in 1928. 12 months in 1929 and 14 months
In 1930 showed earnings from operations were sufficient to pay-1928
-1929
-approximately 2.65 times and 1930
approximately 3.1 times
approximately 2.25 times the requirements for dividends computing same
on the average number of cars owned. Series D and E were issued in 1929
and 1930 respectively, based upon these figures.
This gradual reduction in earnings reached its lowest point in the last
quarter of 1930, but an appreciable recovery is shown in the first quarter
of 1931, carloadings for the six months period being as follows:
Oct. '30. Nov. '30. Dec. '30. Jan. '31. Feb. '31. Mar.'31. Apr.'31.
2.043
1,825
1,310
1.007
1.321
1.009
882
The company has been economically conducted and no part of the gross
earnings from rentals and mileage used for any other purpose than the payment of repairs and other operating expenses and principal and dividends
on the outstanding certificates in the order of their maturities.
For the 36 months beginning April 1 1928 (when the company actually
began physical operations) and. ending March 30 1931, the gross operating
income was as follows:
Gross Operating Income.
$38.971
1928 (9 months)
254,941
1929 (12 months)
317.421
1930 (12 months)
88,154
1931 (3 months)
$15,285,166 $15,285,166 $15.678,956
Total
Liabilities
$83,550
Dividends payable,Jan. 1 1931
$10,033
12,856
$10.033
Accrued expenses& taxes
Capital stock:
Prior pref.. $5.50 cum. (no par),
outstanding (April 30), 51,856
shares (red.in liquidation at$100
5.177,500
4,926,320 4,926,320
a share)
Pref. $3 cum.(no par); outstanding
(April 30), 104,000 shares (red.
5,104,000
in liquidation at $50 a share)_ _ _ - 1,040,000 4,784,000
Class A common (no par); out110,472
110,472
110.472
standing, 110,472shares
Class B common (no par); out632,662
631,606
632,662
standing (April 30),632,662 shs_
7,394,352 3,650 352 3 680,690
Paid-in surplus
968,282
1.171,327
1,171,327
Profit and losssurplus
$15,285,166 515,285,166 $15,678.956
Total
4, Effect has been given in this balance sheet to the proposed reduction
of the stated value of the $3 cumulative preferred stock from $46 to $10 a
share and the resultant transfer of $3.744,000 to paid-in surplus.
Note.
-There were outstanding at April 30 1931 and Dec. 31 1930,
warrants entitling the holders to purchase 277,500 shares of class B common
stock on or before June 30 1940 at $10 a share. Company is also under
Total
contract to issue before May 1 1933, similar warrants or the purchase of Additions and deductions, other income
-V. 132, p. 1225.
262,500 shares at $10 a share.
-Div. on Cum. Shs. Total
American Composite Shares Corp.
Repairs and Operating Expenses.
the
The corporation on June 16 announced that the dividend on15, American 1928
months)
amounted 1929 12
ended on June
Composite Trust shares for the six months
months)
to 20.93325 cents a share. The dividend is payable on June 30,at the Chase 1930 12 months)
National Bank, to holders of record of June 15.
1931 (3 months)
Holders of the shares are permitted for 30 days after dividend payment
dates upon surrender of coupons, to re-invest all or part of the proceeds
Total earnings
lots, or multiples thereof, at the Total amount paidbefore depreciation
in additional trust shares, in five-share
trustee in rentals same period
.-V.132,P.1803.
current offering price, less 5%
Less total earnings, before depreciation
r.
-Dropped from
American & General Securities Corp.
Stock Exchange
The following stocks were drOPped from the Boston
agencies have been
list June 15. The Boston transfer and registration
discontinued:
cumulative preference stock
(1) American & General Securities Corp.
and class B common stock.
$3 cumulative
(2) United States & British International Co., Ltd.
preferred stock and class B stock.
Corp. class B common stock.
(3) Second International Securities America class B common stock.
(4) International Securities Corp. of
V. 132, p. 1226.
Home Products Corp.-Acguisition.
American
have apThe stockholders of John Wyeth & Bro.Inc., Philadelphia. Products
Home
proved a plan for the sale of the company to'the American
Corp. It was stated the sale will not affect the present management and
personnel. See also V. 132, p.4059.
-Obituary.
Co.
American Radiator
South Orange,
Vice-President William M. Cosgrove died on June 12 at
-V.132, p. 3151.
N.J.
-Smaller Dividend.
Screw Co.
American
$1 per share, payable
'Die directors have declared a quarterly dividend of
$4 annual basis,
July 1 to holders of record June 20, placing the stock on a
-V. 130, p.1.279.
against $6 previously.
-Smaller Common
American Smelting & Refining Co.
quarterly
-The directors on June 16 declared a 1,829,940
Dividend.
dividend of 50 cents per share on the outstanding holders of
common stock, no par value, payable Aug. 1 to
1931
record July 10. From Feb. 1 1929 to and incl. May 1of $1
the company made regular quarterly distributions
-V. 132, p. 2969.
each on this issue.
-Refinancing Plan.
American Steel Car Lines, Inc.
default since Feb. 28 1931
Due to the fact that the company has been in of annual rentals required
in the payment of regular monthly installments to which the Old Dearborn
for tank cars
to be paid by it under certain leases
rentals are applied by
State Bank, Chicago, holds title as trustee, whichdividend warrants and
the trustee as received toward the payment of trust certificates, it has
equipment
certificates as they mature on the 5%
taken if the certificate
become imperative that action be immediately
Steel Car Lines, Inc.
holders are not to suffer loss. To this end, American to certificate holders
have formulated a refinancing plan to be submitted be extended to permit
maturities of each issue would
whereby principal serial
their present income
the reduction of annual rentals to a point within
holders of the 5% equipment trust certificates the
In a circular sent to the
company says:
Present authorized capital
Ristory.-Organized Jan. 1928 in Delaware. all outstanding.
100,000 shares of no par value common stock,
Philadelphia plan 1,279
The company has acquired by lease, under thewere issued as follows:
tank cars, for which equipment trust certificates
No.
Outstanding.
-Annually.
Due Semi
Cars. Amount.
Series. Date.
585,000
Feb. 1936
A--Feb. 1 1928 100 $125,000 Feb. 1 1929 to July 1 1938
120,000
1
150,000 July 1 1929 to
120
B__July 1 1928
320.000
29 to Nov. 15 '38
375,000 Nov. 15
0
-Nov.15 28 300
390.000
450,000 Mar. 1 1930 to Mar. 1 1939
D_Mar.1 1929 359
474,000
500,000 Mar. 1 1931 to Mar. 1 1940
E-Mar.1 1930 400
$1,389,000
1,279 $1,600,000
Totals
appraisal at time
The value of these cars, as established by independent
series B,
of acquisition was $2.155.700 as follows: Series A, 1167.000'
and series E,$657,000.
$210,680;series 0.8507.900;series D,$603,120
[VOL. 132.
5699.487
1,933
5701,420
$18,232
126,563
167,725
57.906
$330,994
371,029
330.994
Paid by company out of other reseources
1e8,
A comparison of the total yearly payments under the two schedules.
i.e. that of the present outstanding certificates and that of the refinancing
Plan hereby submitted, follows:
New.
CU.
New.
Old.
1131,875
19,566
1932
$130,675 1940
5231,816
131,125
1941
225,825
131,5
1933
141,037
130,225 1942
1934
218,049
137.387
130,775 1943
209,250
1935
135,587
129,150 1944
1936
182,675
131,587
137,275 1945
174.774
125,537
134,975 1946
11993387
152,241
134,525
1939
67,108
utterly impossible for
From the above it can readily be seen that it is
payments of principal
the company to undertake to continue to meet the
and dividends upon the outstanding old certificates. The company has,
to refund the
therefore, prepared a refinancing plan whereby it is proposed
series
remaining outstanding certificates by issuing five new corresponding BE'
13B, CC, DD aud
all dated Sept. 1 1931, to be known as series AA.
the semi-annual payments on same to be determined by adding the total
principal of
dividends for the life of the new certificates to the total of the
30 equal
the old certificates remaining unpaid and dividing this total intocover the
extending all the certificates to
semi-annual installments, thereby
laws of Delaware. If
full 15 years from Sept. 1 1931, allowable by the
all of its equipthis is done it will be possible for the company to pay off annum thereon.
ment trust certificates, together with 5% in dividends per
The plan contemplates the deposit with the Chicago Bank of Commerce
authority to the
as depositary of all of the outstanding certificates, with certificates, each
depositary to exchange the same for the new extended
of the
certificate holder to become the owner, by exchange, of certificates other
all
corresponding new series bearing exactly the same relationship to
each
certificates of that series as is now borne by the present certificates,
series.
now series covering the same cars as the corresponding oldJuly 1 1931, on
on
The dividend warrants duo on series B certificates
certificates
series A certificates on Aug. 1 1931, and on series D and series E
principal. The
on Sept. 1 1931, will be paid when due, lint no part of thepresentation for
certificates due on said dates should be withheld from
payment but sent to the depositary for exchange.
May 15
The holders of series C certificates will be paid dividends from
A certificates from
1931, series B certificates from July 11931. and series certificates, which,
cash with their now
Aug. 1 1931, all to Sept. 1 1931. in
dividend
together with the new series DD and BE certificates will bear 1 1932.
warrants payable semi-annually thereafter beginning March
begin and continue semion which date the payment of principal will
annually until Sept. 11946.
The average yearly rentals under the proposed new leases are 5132,884,
was
tho actual net income for 1929 available for the payment of rentals 790
that only
$126,565 or nearly enough to cover same in spite of the fact
net
1,127 cars in operation the the
cars were operated, while in 1930 with only
retire
earnings were $167,725 or nearly $35.000 more than enough to
new certificates promptly at maturity.
and the
The cars have been kept and are now in excellent condition keep the
plan are ample to
allowances for repairs made in the refinancing new certificates and even if
term of the
cars in good condition during the
there is an ever
the extension of pipe lines should lessen the loadings of oil chemicals, moincreasing demand for tank cars for the transportation of
commodities and we are
lasses, linseed oil, asphalt, wood alcohol, and otherfreight successfully.
concentrating on the procurement of this kind of the most trying over
Considering that the last two years have been and that even if the
experienced by business in the history of the country company can take
current depression in business continues indefinitely the it will be seen that
care of its obligations if this refinancing plan is adopted,certificates for the
there,is no other alternative than to exchange the old for the certificate
chance
new and that if this is not done there is no possibleinvestment for the reason
holders to recover any appreciable amount of theirhas not exercised its disthe trustee duo to the existing conditions
that
company has been in
cretion to take possession of the cars although the plan of the company
default since Feb. 28 1931, but is in accord with the
certificates
a bash; which will insure the payment of the
to refinance upon
issued by it as trustee.
JUNE 20 1931.]
4593
FINANCIAL CHRONICLE
Owing to the failure (in August 1930) of the First Illinois Co., to whom
all these equipment trust certificates were sold and who retailed and distributed same, there has been no market place where they could be bought
and sold and although company's attention has been called to offers to buy
and offers to sell these certificates there has been no agency to bring these
prospective buyers and sellers together, which deplorable fact has resulted
In the demoralization of the price of the securities.
If this refinancing plan is promptly adopted, a reputable, high class, long
established brokerage firm, which is a member of the New York, Chicago
and other stock exchanges, has expressed a desire and willingness to create
and maintain marketing facilities for these certificates, which, if done,
ought to put the new certificates upon a marketable basis upon which those
desiring to sell could realize a satisfactory price and those desiring to hold
their certificates for investment purposes could do so with every assurance
that principal and dividends will be amply earned and promptly paid and
the margin of security increased every six months with the retirement of
-V. 132, p.
the ceritifcates in the order of their respective maturities.
4246, 4059.
-Tonnage Sales Higher
-New Stores.
American Stores Co.
Tonnage sales for the first 21 weeks of 1931 were ahead of 1930. although
dollar sales were somewhat less owing to lower prices. The company is
continuing intensive rather than extensive development and devoting
efforts to building up the Johnstown, Pa., and upper New Jersey territories it entered some time ago and new territory around Syracuse, N. Y.,
entered last year.
It had in operation Dec. 31 1930 a total of 2,728 stores, an increase of
84 stores during the year. Since the first of this year it has opened 24
stores, largely in the Syracuse section. Several months ago it put into
operation a new warehouse at Syracuse acquired earlier in the year. which
-V. 132, p. 4415.
has facilities to take care of upwards of 300 stores.
-Dividend Decreased.
American Thermos Bottle Co.
The directors have declared a quarterly dividend of 15 cents per share
on the common stock, payable Aug. 1 to holders of record July 20, placing
the stock on a 60 cents annual basis, against $1.20 previously.
-V. 132,
p.2391.
-Omits Dividend.
Animal Trap Co. of America.
The directors have decided to omit the quarterly dividend ordinarily
payable about July 1 on the common stock, no par value. Quarterly distributions of 25 cents each were made in January and April last as com-V. 132, p. 314.
pared with 50 cents each quarter previously.
-Dividends.
American Trustee Share Corp.
A dividend of $.18471 per share will be paid on the dividend coupon for
Diversified Trustee Shares, series C, due on June 30 1931. This compares
with a payment of $.19056 per share paid on the Dec. 31 1930, coupon.
A dividend of $.57241 per share will be paid on the dividend coupons of
Diversified Trustee Shares,original series, due July 1 1931.-V. 132. p.4059.
-Omits Stock Div.
Anchor Post Fence Co.
-Earnings.
-
The directors have decided to omit the quarterly dividend of 2Si% in
common stock duo at this time on the no par value common stock.
Sales in the first five months of 1931 were 27% below those for the corresPonding 1931 period, it was stated.
In 1930 the company had net income of $72,323, equal after pref. dividends to 36 cents a share on 174,770 common shares, while in 1929 net of
$157,639 was equal to 91 cents a share on 162,398 common shares after
pref. dividends.
-for-1 split-up in 1929 the company has been paying 234%
Since the 3
In common stock quarterly. An alternative of 50 cents in cash was offered
for the Jan. 2 1930 payment.
As of Doc. 31 1930, current assets totaled $748,661, against current liabilities of $66,339. Total assets amounted to $1,684,946. Interest charges
in 1930 amounted to $21,476. There are 979 shares of 8% pref. and 233
-V. 132, p. 1994.
shares of 7% pref. outstanding.
Armstrong Appliance Corp.
-Trustee.
-
than the one now occupied. Contract provides for completion of construction by Sept. 1.-V. 132, p. 4060.
Badger Paint & Hardware Stores, Inc., Milwaukee,
-Sales,
Wis.-Initial Dividends
The directors have declared two initial dividends of 25 cents each on the
convertible preferred stock.
Sales for the six months ended May 1 were $515,000, against $358,000
for the corresponding period of 1930. The company has purchased 2,000
shares of preferred stock for retirement.
-New Directors.
Bathurst Power & Paper Co., Ltd.
Ernest Rossiter, President and General Manager of the St. Lawrence
Corp., and George M. McKee, Vice-President and Managing Director of
the Canada Power & Paper Corp.. have been elected directors to succeed
G. II. Montgomery and A. E. McLean, Vice-President of the company.
V. 132. p. 4415.
-Earnings.
Bay State Fishing Co.
1928.
1929.
1930.
1931.
Years End. April 30$4,202,118 $5,758,908 $5,504,624 $4,252,939
Fishfates
Cost of fish sales and
5,114,501
3,705,107
5,665,374
filet oper. expenses.. _ - 4.383.397
$547,832
$390,122
$93,535
Gr. prof. on fish sales_loss$181.279
75,949
72,008
92,333
73,328
Other oper.income
Gr. prof. from oper__loss$107.951
Mer
njoper. charges(net)
a
Estimated Fed.inc.taxes
Res. for uninsured losses
CrEdit
loss$169,183
Net income
Prior pref. dividends..- -1
y16,3521
Preferred dividends_ _ _ _
Common dividends
$185.867
107,405
Cr16.209
9,300
3.655
$462,130
111,697
Cr30,194
45,800
27,733
$623.780
94,018
Cr23,019
69,500
22,946
$81.716
$307,094
$460,336
17,447
13,800
66,000
159,249
160,542.
1
$146,552
$363,088
df$185,535 df$77.533
Balance.surplus
Shares com. stock out23.785
x22,000
22.000
23,785
standing (no par)_ _ - $19.57
Nil
$2.75
x$12.66
Earnings per share
x On April 11 1929 stockholders voted to increase the authorized common
to 50,000 shares. As of April 30 there were outstock from 22,000 shares
standing 23,697 shares of common stock. The earnings per share are
figured on 22,000 shares which were outstanding the greater part of the
year. y Does not include common dividends which were omitted for the
entire year.
Balance Sheet April 30.
1931.
1930.
1930.
1931.
Assets$33,600
Prior pref.7% cum $31,600
Mach.,equip.,real
200,000
01,319,971 $1,400,968 Pref. 7% cum---- 200,000
estate, As
y1,034,001 1,034.001
203,145 Common
Cash
277,085
Accts. payable and
Accts. recelv., less
57,384
31,760
accrued items. _
res've for doubt330,078 Accr. Fed. Income
112,605
ful accounts_
11,622
taxes (est.)
46,499
60.888
Inventories
9,074
2,167
20,781 Other accrued tax_
15,506
Temporary invest_
22,348 Reserve for until20,080
Prepaid insurance_
100.000
100,000
2,592 cured losses_ _ _
1,950
Inv.in other co.'s_
411,593
612.430
Surplus
Deferred boat and
24,791
11,941
other expenses
$1,820,028 $2,051,204
Total
$1,820,028 $2.051,204
Total
x After deducting 11,086,047 reserve for depreciation. y Represented
value.
-V. 131, p. 3713.
by 23,785 shares of no par
The Central Hanover Bank & Trust Co. has been appointed trustee for
an authorized issue of $500,000 1st mtge. 7% 15
-year sinking fund cony.
gold bonds, dated March 1 1931.
Belgo-Canadian Paper Co., Ltd.-Pref. Stockholders
Seek Better Terms in Canada Power Plan.
Associated Apparel Industries, Inc.
-Omits Dividend.
-
The preferred stockholders have appointed a committee to petition the
securities protective committee of Canada Power & Paper Corp. for better
terms in the proposed financial reorganization. John Stadler, former
general manager of Beige, is a member of the committee. Other members
are: Leslie H. Boyd, L. M.Collins and Aime Rolland.
Mr. Stadler said that, on a conservative interpretation of the valuation
scale used by the committee. Belgo preferred should have received 3.9
times as much stock in the proposed reorganization as preferred holders
-V.132, p. 4415.
in other companies instead of twice as much.
The directors have voted to omit the quarterly dividend at this time on
the common stock, no par value.
On April 1 last a quarterly distribution of 33 1-3c. a share in cash and
1 1-3% in stock was paid on this issue, as compared with quarterly cash
dividends of $1 a share previously.
-V. 132, p. 3531.
Associated Security Investors, Inc.
-Omits Dividend.
The directors have voted to omit the quarterly dividend ordinarily
payable about July 1 on the common stock. A quarterly distribution of
15c. a share was made on this issue on April 1 last as compared with 25c.
-V. 132, p.497. 314.
a share on January last.
-To Consolidate OperaAssociated Textile Companies.
ting Companies.
A plan of reorganization is being evolved, whereby this holding company
and constituent companies will be linked together more closely. A minimum of $1,000,000 new capital for the new organization is already assured.
Stockholders of the various companies will consider the plan at special
meetings to be held June 24 and 25.
At present Associated Textile Cos. owns all the common stock of Hoosac
Cotton Milts of North Adams, and New Bedford Cotton Mills Corp.
and substantially all the common stock of Butler Mill of New Bedford.
Under the plan, these three constituent compaines will be consolidated
into a new company, whose common stock will be owned by the Associated
corporation.
There are at present preferred stocks of the constituent companies outstanding in the hands of the public. These stockholders will receive.
share for share, $6 non-cum. pref. stock of Associated Textile Cos., the
holding company, or may elect to purchase 87 cum. pref. stock of the new
consolidated company, in which case they will receive for each $57 paid
in cash, plus 0.42 of a share of present preferred, 1.42 shares of preferred
stock of the new company. A syndicate has agreed to purchase sufficient
of the new $7 preferred on exactly these terms to provide the new company
with $1,000,000 in cash.
Under the purchase option, as outlined above, a holder of five shares
of preferred stock of any of the three mills would, upon payment of $678.57
and surrender of his shares receive 16 shares of new $7 preferred plus a
warrant for 38-42 share.
On the assumption that sufficient new consolidated company preferred
stock is purchased to provide $1,250,000 of new cash, Associated Textile
Cos., the holding company, will have outstanding 10.211 shares of $6
non-cum. preferred and 62,000 shares of common stock. The consolidated,
or operating company, will have 31,140 shares of $7 cum. preferred and
62,000 shares of common stock.
The new consolidated company will be in comfortable financial condition, whereas the constituent companies, as Mr. Butler points out, have
been unable to raise new capital, without which it is doubtful if they could
continue in business. A balance sheet consolidating statements of constituent companies as of March 31 1931, formulated on the assumption
of $1,250,000 new capital being provided, shows $2,103,589 current assets,
including $530,394 of cash, against $978,709 current liabilities. ("American
Wool & Cotton Reporter.")
-V. 132, p. 4415.
Atlantic Refining Co.
-New Subsidiary.
The Pennsylvania state Department has granted a charter to the Keystone Pipe Line Co.,subsidiary incorporated for the purpose of transporting
petroleum products from Point Breere, near Philadelphia, across Pennsylvania. The pipe line would extend to New York and Ohio State lines via
Allentown, Reading, Scranton and Lancaster, Lebanon, Harrisburg and
Carlisle, Pa. At the hearing on its application for approval of incorporation before the Pennsylvania P. S. Commission the company stated it did
not plan to transport natural or manufactured gas through its pipe lines,
confining its operations to transportation of petroleum products and
petroleum -V. 132, p. 2969, 3531.
-New Branch.
Autocar Co., Ardmore, Pa.
The company has started erection of a new factory branch building at
Jefferson and Malvern Sts., Newark,N. J., for the servicing of Autocar
trucks in Newark and vicinity. It is being built on a site measuring
300 feet by•100 feet and will contain 27,000 square feet of floor space.
In view of local traffic changes the new location will be more accessible
-Merger Hearing Put Off.
Bethlehem Steel Corp.
Upon application of counsel for interest opposing the proposed merger of
Bethlehem Steel Corp. and Youngstown Sheet & Tube Co., Common
Pleas Court at Youngstown, 0., June 13 continued to July 13 a hearing
on 22 suits to fix a value on Sheet & Tube stock which was voted against
the merger.
-V.132. 1: 3717, 3531.
1•
-Reduces Pref. Stock.
B.
-G. Sandwich Shops, Inc.
The corporation has retired 275 shares of 7% pref. stock, bringing the
-V. 131. p. 2540, 2069.
amount outstanding to 555,925 shares.
-Dividends.
(E. W.) Bliss Co., Brooklyn, N. Y.
The directors have declared regular quarterly dividends on the shares of
the company as follows: $1 per share on the 1st pref. stock; 871•5c. per
share on the 2d pref. stock, class A; 15c. per share on the 2d pref. stock,
class 13, and 25c. per share on the common stock, all payable July 1 to
holders of record June 20.
Also on June 30 1931 there will be mailed to stockholders of record
June 20 1931 the extra dividend of 2% on the common stock payable in
the common stock of the company in accordance with a resolution adopted
by the board at a meeting held on Dec. 15 1930. Scrip will be issued for
fractional shares. See also V. 132, p. 2201, 2392.
-Earnings.
(H. C.) Bohack Co., Inc.
Years EndedStores
Sales
Operating expense
Operating incomeOther income
Jan.31 '31. Feb. 1 '30. Feb. 2 '29. Jan. 28 '28.
461
417
504
694
$33,298,855 $28,865,869 $26,168.158 $24,733,554
31,856,037 27,537,421 25,104,296 23,643,984
- $1,442,818 $1,328,449 $1,063,861 $1,089,570
148,072
220,610
167,458
$1,610,275 $1,549,059 81,211,934 $1,089,570
Total income
303,493
345,727
369,807
479,984
Depreciation
68,935
Extraordinary charges_
139,844
145.563
167,569
Subs.int. & dive
133,608
137,443
133.352
156,141
State taxes..
Federal and
$579,699
$592,755
$900,337
$806,580
Net income
219.000
219.000
219,000
219,000
Preferred dividends paid
213,906
185.000
320,276
364,655
Common diva. paid_ -- $159.849
$361.061
$222,925
Surplus for year
$4.04
$5.64
$6.63
Earns. per share on corn_
Sheet.
Comparative Balance
Jan.3131.
Jan.31'31. Feb. 1 '30.
Liabilitte.s$
$
Assetslst pref. stk., 7%_ 3,000,000
Property, plant &
x3,952,217 3,333,522 2d pref. stk..6%- _ 150,000
equipment
Debark Real Corp. 2,061,483 1,391,041 Etoback Real Corp.
950,000
1,728,065 1,789,164 stock
Cash
2,806.266 2,763,447 Notes payable_-. 1,000.000
Merchandise
175,125 Accounts payable_ 748,828
Accounts recelv_ _ _ 150,027
17,066
6,665 Deposits
3,827
Interest receivable
81,445
179,090 Reserve for taxes_
Mortgages receiv_ 186,260
80,232 Common stock_ _ _y3,651,525
96,873
Uncap. insur., &c.
1,386.154
Surplus
Total
10,985,019 9,718,288
Total
x After deducting $1,679.857 depreciation.
-V. 132, p. 4415.
no par shares.
$175,699
$19.50,,
Feb. 1 '30.
$
3,000,000
150.000
950.000
697,897
12,812
93.525
3,544,650
1,269,603
10,985,019 9,718,288
y Represented by 104.187
4594
FINANCIAL CHRONICLE
[VOL. 132.
of undeposited bonds promptly to deposit the same so that they may receive
British Can Co.
-New Control Probable.
Carle C. Conway. Chairman of the Board of the Continental Can Co., from the funds available or to be made available by the Universal company
Inc., on June 15 announced that the Metal Box & Printing Industries, the amount of the May 1 1931 coupons and so that the committee shall
Ltd., an important English can manufacturing company, in which the represent an amount of bonds sufficient to enable them to deal adequately
-V. 132. p. 3532.
Continental Can Co. owns a large interest, is prepreparing to acquire a with the situation created by the existing default.
controlling interest in the British Can Co.
-V. 129, p. 3803.
Century Airlines, Inc., Chicago.
-No. of Passengers
British Type Investors, Inc.
-Stock Placed on Quarterly Carried.
During its first two
Dividend Basis
-Annual Rate Reduced to 24c.from 54c.
of the Cord
The directors on June 16 placed the class A stock on a quarterly dividend
basis by the declaration of a dividends of 6c. a share, payable August 31
1931 to holders of record July 31 1931.
The corporation has paid 39 consecutive bi-monthly cash dividends.
This represents the 40th cash dividend and will be paid to more than 20,000
stockholders.
From June 2 1930 to and including June 1 1931 the company paid regular
1:4-monthly dividends of nine cents each.
-V. 132, p. 3889.
months of operation, this corporation, a subsidiary
Corp.. carried 11,640 passengers, according to L. B. Manning,
Vico-President and General Manager.
-V.132, p. 3532,2204.
Chrysler Corp., Detroit, Mich.
-Denies War on Ford,
but Expects New Developments in Low Priced Field.
-
In response to inquiries, Chairman Walter P. Chrysler on June 16 stated
that whatever may be his plans for the future development of the business
of Chrysler Corp., they have no more reference to Mr. Ford than to any
other automobile manufacturer.
Brooklyn Fire Insurance Co.
-Smaller Dividend.
"We have always manufactured a four cylinder car," said Mr. Chrysler
The directors have declared a quarterly dividend of 25 cents per share "because I have always been of the opinion that there was a large potential
on the common stock, par $5, payable July 1 to holders of record June 20. market for a car that can be built as economically and rugged as a four
Previously, the company made quarterly distributions of 30 cent Per cylinder car and still embody the style,speed and performance which people
share.
-V. 129, p. 2540.
of modest means desire in an automobile. That was our purpose in building
our present Plymouth
direct competition for
we have been
Builders Exchange Building (Baltimore).
-Extra Div. business in the lowest and with itfor more than in year with increasingly
price field
a
The directors have declared an extra dividend of 7% in addition to the satisfactory results. Naturally we hope to continue in this field and I
regular semi-annual dividend of 3%, both payable July 8 to holders of believe that the progress of automobile engineering will soon bring about
record June 23. Like amounts were paid on Jan. 7 last.
important developments which will expand our market more than ever."
-V. 132. p. 3345, 3155.
Bulova Watch Co., Inc.
-Orders Higher.
Chairman Arde Bulova, at the annual meeting, stated that the company
City Housing Corp. N. Y. City.
-Omits Dividend.has more orders on hand at present than at this time a year ago. Billings,
The directors recently voted to omit the semi-annual dividend of 3%
he said, are slightly behind a year ago. The electric clock business, in ordinarily payable
about July 1 on the 6% cumulative common stock, par
which the company entered as of Jan. 1 this year, is doing very well, he $100. Distributions
stated. The company is bringing out a new low-priced electric clock which including January at this rate had been made from January 1925 to and
1931.-V; 125, p.251.
will be ready for distribution within a week or two. In the wrist watch
field, Mr.Bulova said. the $37.50 watch is the best seller this year.
City Investing Co.
-$2.50 Common Dividend.
Balance Sheet March 31.
The directors have declared a dividend of $2.50 per share on the common
Assets1931.
Liabinifes1930.
1931.
1930.
stock, payable July 3 to holders of record June 30. On Feb. 2 a stock
:Land, machinery.'
$3.50 conv.pf.stk.z$2,750,000 $2,750,000 dividend of 33 1-37 was paid. Six months ago a cash payment of $5 per
equipment, &e- $457,787 $351,459 Common stock_ _ _ y900,000
900.000 share was made, while a year ago $2.50 was paid.
Cash
983,374
586,981
The directors also declared the regular quarterly dividend of $1.75 Per
669,055 Bank loans payable 475,684
Notes & accts. rec. 4,785,528 4,582,719 Notes payable_ 11,967
share onp heop8 stock, payable July 1 to holders of record June 25.v 132 . l 3 ef.
. t
r
Inventories
2,345,164 2,519,692 Drafts & acceptOther eurr. assets_
26,519
25,780
ances payable__
72.084
NW. rec.(not eurr)
Accounts payable_ 260,992
349,966
79,155
Continental Mortgage Co.of North Carolina.
-AdjustCash val. officers'
Due officers, saleslife insurance_ -338,639
415,078 ment Plan.
47,502
men. &c
40,395
Adv. acct. purch__
20,982
59,239
Holders of certain series of bonds of the Continental Mortgage Co. and
Accrued liabilities_
12,887
Unamort, imp, to
176,128 Federal Mortgage Co. of North Carolina are offered an exchange ofsecurities
Federal taxes, &c.. 103,968
leasehold prop__
equivalent to from 45 to 80% of the face value of their holdings under an
25,950 Special loan acct.
21,487
Prepaid items_ _ _
1,000,000
arrangement worked out by a "plan management committee" in co-opera14,150
20,802 -officer
tion with the United States Fidelity & Guaranty Co. The official anReal estate mort45,084 nouncement follows:
44.795
gages payable
2,472,153 2.577,507
At the request of certain bondholders the United States Fidelity &
Surplus
Guaranty Co.has expressed its willingness to enter into an agreement where$8,377,160 $8,282,156 by it will be permitted to proceed with an orderly liquidation of the mortTotal
$8,377,160 $8,282,156
Total
x After depreciation of $309,939. y Represented by 275,000 no-par gages under all series which are guaranteed by it, but it will not assume
the payment of unguaranteed mortgages, and in consideration thereof is
shares. z Represented by 50,000 no-par shares.
Our usual comparative income statement for the year ended March 31, willing to waive any defenses it may have against its liability on its surety
bonds. It proposes to issue to the present holders of series B,0, E and F
was published mV.132, P. 4247.
bonds of the Continental Mortgage Co. and series 1 and J bonds of the
Federal Mortgage Co., bonds of United Mortgage Corp., a wholly owned
Burmah Oil Co., Ltd.
-50c. Dividend.
The company has declared a dividend of 50 cents a share on the American subsidiary of United States Fidelity Zs Guaranty Co., of a par value equal
receipts for ordinary shares, payable June 18 to holders of record May 20.- to the sum of the principal amount of all guaranteed mortgages and cash
in the hands of the substituted trustee available for that use or purpose,
V. 132, p. 3717.
plus accrued interest on defaulted bonds calculated as hereinafter set out.
Butler Bros, Chicago.
Each series will be considered and handled separately. The bonds of
-May Volume Lower.
Volume of business in May was about 10% less than for the same month the United Mortgage Corp. are to bear the corresponding rates of interest
of 1930, according to President Frank S. Cunningham, who also pointed as the present bonds, are to mature in three,five and 10 years, and holders
out that the June volume is expected to show a better comparison and that of said Continental and Federal Mortgage Co. bonds will be entitled to
every indication points to an upward trend. The retail stores division has those maturities of the now bonds as may nearly correspond with the
maturities of their present bonds.
made a more favorable showing, he said.
-V.132, p. 1996.
Interest on the
bonds
mature from Sept. 1
California State Life Insurance Co., Sacramento, interest on a like new amountwill Continental Mortgage1931 and accrued
par
of
Co. and Federal
Mortgage Co. bonds respectively from the date of payment of the last
Calif.
-Acquisition-Rights.
coupon to Sept. 1 1931 will be added to the principal amount of the new
See Western States Life Insurance Co. below.
bonds, except where the accrued interest to any holder amounts to less
than $100 it will be paid in cash.
Canada Dry Ginger Ale, Inc.
-Regular Dividend, &c.
The bonds to be issued by the United Mortgage Corp. will be secured
The directors have declared the regular quarterly dividend of 75 cents by certain classified collateral
including mortgages, mortgage bonds, or
per share, payable July 15 to holders of record July 1.
instruments of like legal effect unconditionally guaranteed as to the payPresident P. D. Saylor, following the meeting of the board, stated that ment of principal and interest
during the first eight months ended May 31 the company earned Just short Co.; in addition that company by the United States Fidelity & Guaranty
will bind itself by becoming a party to the
of the dividend requirements for the entire year at current 83 annual rate. indenture securing the
new
"Our fiscal year started on Oct. 1, last," Mr. Saylor said. "In that first thereunder whatever moneysbonds, to pay into the hands of the trustee
may be required to meet maturing principal
quarter we earned 40 cents a share and 92 cents a share in the second and interest payments.
quarter ended March 31. In April, the first month of the current quarter.
In
we earned 95 cents or more than enough to cover the dividend requirements seriesaddition to the new bonds so proposed to be issued to the holders of
B, C,
for the entire quarter. April and May figures show increases in both sales of Federal E and F bonds of Continental Mortgage Co., and series I and J
Mortgage Co., such bondholders will receive participation
and profits over the corresponding period last year.
issued by the
It has been our experience that June, July, August and September have certificates to beas substituted Real Estate Trust Co. as agent of the bondholders and not
trustee under either of the aforementioned
provided approximately 40% of the annual profits of Canada Dry. With indentures of the
the current dividend requirements all but earned, we will have these four which will entitle Continental Mortgage Co. and Federal Mortgage Co.
the holders thereof to participate proportionately in the
months for a profit cushion, or for such other disposal as the directors may distribution
of (a) moneys recovered from the liquidator of the Central
determine."
-V. 132, p. 3718.
Bank & Trued Co. on the certificates of deposit issued by that bank, (b)
moneys received from collections on collateral held for the security of such
Canadian Wirebound Boxes, Ltd.
-Smaller Class A Div. certificates of deposit, (c) moneys collected
The directors have declared a quarterly dividend of 25 cents per share and mortgage bonds, (d) moneys collected on on unguaranteed mortgages
claims against the mortgage
on the $1.50 cum. class A partic. shares, no par value, payable July 1 to companies, and (e) moneys collected on any other claims. Such participaholders of record June 15. The last regular quarterly distribution on this tion certificates will be chargeable with necessary expenses and charges
Issue was made on April 1 1931.-V. 128,9. 563.
incuried in collecting such collateral and claims. The net amount collected
will as far as possible be distributed pro
Canal Construction Co.
- who deposit their bonds under the plan. rata to the present bondholders
-Defers Preferred Dividend.
The directors have voted to defer the quarterly dividend of 373i cents
A Plan Management Committee will ho organized to represent the
per share due July 1 on the $1.50 cum. cony. pref. stock, no par value. bondholders of said series of bonds and such holders will be requested to
This rate was paid from April 1 1929 to and included April 1 1931.-V. deposit their bonds with the committee. The committee under the de128, p. 1560.
positary agreement will be authorized and empowered to enter into an
agreement with the United States Fidelity & Guaranty Co. to carry out
Central Airport, Inc.
-Earnings.
the plan.
The agreement will provide that all expenses of the committee, the
Years Ended April 301930.
1931.
Total income
$55.011 members thereof to serve without pay, will be paid by the Guatanty Co.
$86 826
It will also provide that when and as 80% of the principal amount of bonds
Total expenses
66:858
53.959
Depreciation
31,728
20.275 of each series shall have been deposited with the committee, the plan shall
become effective, the Guaranty Co. reserving, however, at its option, the
Loss
$11.759
$19,223 right to declare the plan effective as to any series upon the deposit with the
committee of more than 50% of the principal amount of the bonds of that
Balance Sheet April 30.
series.
1931.
Assets
1930.
1931.
Liabilities1930.
Upon the plan becoming effective the committee or the Guaranty Co.,
Cash
$59,431
$98,715 Accr. wages, taxes,
as may be determined, will request the substituted trustee under the inAccts. & accrued
&c
$5,357
$4,292 dentures securing said series of bonds of Continental Mortgage Co. and
7,441
9,847 Assess, for paving,
int. receivable-Federal Mortgage Co. to proceed to sell all of the collateral held for the
410
357
Inventories
due serially__
1,677
benefit thereof at public auction
Investments
30,000
27.000 Rea for deprec___
51,972
20,275 the guaranteed mortgages, eachin two lots, one lot probably consisting of
series being offered separately; another
Total fixed assets_ 1,926,567 1,865,995 Capital stock____x2,062,625 2,062.625 lot probably consisting
of the unguaranteed mortgages, certificates of
Def.assets, prepaid
Deficit
32,056
19,223 deposit, unguaranteed mortgage bonds,
and all other collateral or claims,
3,158
insurance, &c_..
2,985
saleable and assignable.
62,814
Organization exp_
62,814
The bonds deposited with the committee will be used as part of the
the
Total
$2,089,575 $2,087,969
$2,089,575 $2,067,969 purchase price of Co.collateral sold.
Total
The Guaranty
will agree to bind itself to carry out the plan as to
-V. 130, p. 4612.
x Represented by 206,250 no par shares.
any and all series as to which the plan shall have become effective, irrespective of its acquiring the collateral against which bonds of the United
Central Foundry Co.
-To Pay May 1 Coupons.
Mortgage Corp. will be issued.
The protective committee headed by Frederick J. Leary, Chairman, Is
The fees and expenses of the substituted trustee together with all trustee's
announcing to holders of 1st mtge. 6% sinidng fund gold bonds that it commissions, court costa, counsel fees and expenses of tho sale will be paid
has arranged with the Universal Pipe & Radiator Co. for the latter to pay by the Guaranty Co.
to the committee the amount of the coupons which matured May 1 1931.
The agreement with the United States Fidelity & Guaranty Co. will
The amount is for distribution to holders of certificates of deposit issued provide that the plan shall not become effective unless at least 50% of the
under the protective agreement. Holders of certificates of deposit, to bonds of each series shall have been deposited with the committee within
receive an amount equal to the May 1 coupon, should present their certi- 60 days (from June 3 1931).
ficates for appropriate notation to the Central Hanover Bank & Trust Co.,
Only the holders of bonds ofseries B,0,E and F of Continental Mortgage
depositary, 70 Broadway, New York.
Co. and of series I and J of Federal Mortgage Co. who deposit their bonds
The committee also announces that a substantial amount of bonds has with the Plan Management Committee will be entitled to participate In
been already deposited under the protntive agreement and urges holders the plan.
JUNE
20 1931.]
FINANCIAL CHRONICLE
Approximate Exchange Basis Continental Mortgage Co.Bonds. MI
(1) Series B calculated on ownership of $1,000 bond:
$700.00
United Mortgage Corp. bonds
Cash
53.05
Participation certificate
302.66
Calculated on ownership of $500 bond:
7060..5020
United Mortgage Corp. bonds
$300.00
Cash
Participation certificate
151.33
Series B 6% bonds outstanding amount'to $1,158,000.
(2) Series 0 calculated on ownership of $1,000 bond:
$72:22
United Mortgage Corp. bonds
Cash
Participation certificate
277.75
Calculated on ownership of $500 bond:
$300.00
United Mortgage Corp. bonds
85.32
Cash
Participation certificate
138.88
Series 0 5 % bonds outstanding amount to $929,000.
(3) Series E calculated on ownership of $1,000 bond:
United Mortgage Corp. bonds
$800.00
Cash
Participation certificate
250.45
Calculated on ownership of $500 bond:
United Mortgage Corp. bonds
$400.00
Cash
Participation certificate
125.23
Series E 5% bonds outstanding amount to $1,000,000.
(4) Series F calculated on ownership of $1,000 bond:
United Mortgage Corp. bonds
$500.00
Cash
23..07
9 99
Participation certificate
508.00
Calculated on ownership of $500 bond:
United Mortgage Corp. bonds
$200.00
6010..5030
Cash
Participation certificate
254.00
Series F bonds outstanding amount to $1,000,000.
Approximate Exchange Basis Federal Mortgage Co.Bonds.
(5) Series I calculated on ownership of $1,000 bond:
United Mortgage Corp. bonds
$400.00
Cash
35.74
Participation certificate
587.66
Calculated on ownership of $500 bond:
United Mortgage Corp. bonds
$200.00
Cash
17.87
Participation certificate
293.83
Series I bonds outstanding amount to $850,000.
(6) Series J calculated on ownership of $1,000 bond:
United Mortgage Corp. bonds
$700.00
Cash
Participation certificate
27 . 8
7 .72
79
9
Calculated on ownership of $500 bond:
United Mortgage Corp. bonds
Cash
3399.99
88.99
Participation certificate
139.86
Series J bonds outstanding amount to $1,000.000.
Plan Management Committee.-Iredell W. Iglehart, Vice-Pros., Baltimore Trust Co.; J. W. Jakes, of J. W. Sakes & Co., Nashville, Teen.:
A. E. Kusterer, of A. E. Kusterar & Co., Grand Rapids, Mich.; Charles
B. Engle, International Trust Co., Denver, Col.; W. F. Enright, Empire
Trust Co., St. Joseph, Mo.; R. A. Packard, Second National Bank, Saginaw, Mich.; A. C. Potter, Burns, Potter & Co., Omaha, Neb.; Claude
W. Wilhide, Baker, Watts & Co.; R. H. Bond, the Baltimore Co.; W. C.
Stettinius, W. W.Lanahan & Co.; Horatio L. Whitridge, J. S. Wilson,
Jr., & Co., and Lee E. Daly, Owen, Daly & Co., all of Baltimore.
-V.132,
p. 2592.
Continental Motors Corp.
-Earnings.
For income statement for six months ended April 30, see "Earnings
Department" on a preceding page.
-V. 132, p. 3533.
Continental Shares, Inc.(& Subs.).
-Income Account,
Consolidated Income Account for the Four Months Ended April 30 1931.
Dividends received
$961,372
Interest
96,161
Total
Interest
General expense
$1,057.534
790,663
221,390
Net profit exclusive of security transactions
$45,481
-Comparison of indicated market values and book values of the
Note.
corporation's investments at the beginning and end of the four monts'
period ended April 30 1931 is set forth below:
Market depreciation April 30 1931
$50,734,920
Market depreciation Dec. 31 1930
30,105,431
Change during period (decrease in market value)
$20,629,489
Consolidated Profit and Loss April 30 1931.
Other
Dividends
Profit on
Provided
Net
Income
Security
for.
Net.
Transactions.*
Surplus.
Balance Jan. 1 1931---_ $5,465,582 $5,283,812 $9,484,407 $1,264,986
Adjustments
Charge resulting from
elimination ofaccr. div.
on secs, owned at Jan.
1 1931, due to change
in policy, incl. amt. of
$123,870 representing
div. equiv.on Youngstown Sheet & Tube Co.
stock incl.as acct.rec_
def661,812
def661,812
Prov. ofres.for accr.Int.
on stock subscriptions
def23,579
def23,579
Credit resulting from restoration to sur. of prov.
previously made for pf.
diva. to Dec. 31 193095,344
95,344
Adj. bal. Jan. 1 1931- $5,465,582 $4,598,421 $9,389,064
Transactions for period of
4 mos. end. Apr.30'31:
Net profit excl. of secur.
transactions as shown
above
45,481
Deduct: Res. prov. for
notes receivable_
2,500,000
Net loss on secs. sold_ 4,346,313
$674,939
45,481
2,500,000
4,346,313
Balance April 301931_ $1,119,268 $2,143,902 $ ,389,064df$6,125,893
9
*After deducting provision for Federal taxes.
Paid-in Surplus April 30 1931.
Balance Jan. 1 1931
$62.398,104
Add credit in excess of $2.50 per share assigned to stated capital,
arising from issuance of 493i additional shares of common
in connection with acquisition of stock of International
stock
Share Corp
1.561
Deduction portion of res. provided for unpaid sub, to cap. stock 1,212,932
Liabilities.
Notes payable to banks-secured
Accounts payable
-To brokers, secured
Other items
Accrued interest and corporate taxes
Reserves-For Federal taxes and contingencies
For outstanding capital stock of International Share Corp
For unpaid stock subscriptions
For notes receivable
6% preferred stock-Original issue (29,620 shares)
Series B (120,079 shares)
6% cony, preferred stock (231,675 shares)
Paid-in capital
Paid-in surplus
Profit and loss-deficit
Total
Total investments as above
Aggregate indicated market value of inv. (April 30 1931)
4595
$39,811,000
86,907
226,471
47,849
135,000
59,487
1,256,777
2:962: 00
0
12,007,900
23,167,500
6,408,074
61,186,737
6,125,894
$143,729.808
$134,413,747
83,678,828
Market depreciation
$50,734,920
Note IL-The terms of a certain agreement provide that under certain
contingencies, Continental Shares shall purchase a note of Goodyear
Shares, Inc., in the amount of $10,000,000, secured by collateral having
an indicated market value at April 30 1931 of approximately $10,940,000.
At April 30 1931 Continental Shares had deposited, as additional collateral,
securities have an indicated market value of $6,220,000. In event of
purchase by Continental Shares, a supplemental agreement provides that
20% of such note shall be purchased by Commonwealth Securities, Ltd.
Note B.
-In addition to payments already made, the corporation had a
maximum commitment of $4,488,010 on syndicate participations. Two
of these commitments, amounting to $2,635,511, had an indicated market
value of $2,043,696 at April 30 1931 (available upon full payment by all
participants). At the date of this balance sheet, the corporation had
deposited securities as additional collateral having an indicated market
value of $1,059,300 with certain of the syndicate managers. The corporation also had a commitment to purchase certain securities (during a
period of two months from Nov. 12 1931) at a specified price of $2,195,950,
which amount is $213,660 in excess of the indicated market value of the
securities at April 30 1931. The corporation had loaned securities having
an indicated market value of $806,250 at April 30 1931 against which it
held securities having an indicated market value of $600,000 at that date.
Since April 30, however, the loaned securities have been returned to the
corporation and the securities held thereagainst have been surrendered.
Note C.
-Preferred dividends have been paid to Dec. 15 1930.
Note D.
-At April 30 1931 common stock of Continental Shares, Inc., was
reserved as follows: 267,279 shares for conversion of cony, preferred stock.
1.7443. shares for outstanding stock of International Share Corp.
Note E.
-Common stock authorized, 4,000,000 shares (no par); issued
April 30 1931, 2,559,2291.i shares. The issued common shares include
41,894 shares issued and held for unpaid stock subscriptions for which a
reserve has been provided out of paid-in surplus. There were also outstanding April 30 1931 10,000 non-voting founders shares (no par value).
Investments April 30 1931 (Company and Subsidiaries).
Total
Indicated
Mkt. Prke Indicated
No. of
Description.
Shares. Public Utilitie,s Companies- Source of 4/notation. Per Share. Market at.
10,200 Brooklyn Union Gas Co--N. Y. Stock Exchange $107.00 $1,091.400
25,000
500 For. Lt.& Pr. Co.
-2d prof rlontreal-unlisted__ _ At cost
2,000 For.It.& Pr. Co.-com_ _
6.00
300,000
-A N. Y. Stock Exchange
50,000 Internat,Paper&Pr. Co.
2.50
491,000
N Y. Stock Exch.__
196,400 B
2.25
755,325
N Y. Stock Exch.335,700 C
22.00
8,875,966
403,453 Lehigh Coal & Navlg. Co_N.Y. Curb Exch_ _
25.00
112,500
4,500 McLaren Paper & Power Co.Montreal-unlisted5.50
82,500
15,000 St. Lawrence Corp., Ltd., pf.Montreal-unlIsted___
55.00 24,676,685
448,667 United Lt.& Pr. Co., B com.N. Y. Curb Exeh_ $36,410,376
Iron and Steel Companies60.00 $20,973,240
349,554*Clitis Corporation-com_ __ _Cleveland-unlisted-60.00
34,440
574
Voting trust certificates_ _Cleve. Stock Exch__ __
14.375 2,942,692
N. Y. Stock Exch.__
204,709 Republic Steel Coro
66,896 Youngstown S. dr 'I'. Co.
blue & black stamped & un(unstpd)
60.00
4,013,760
N.Y.S.Exch.
stamped certificates
61,617
19.00
N Y. Curb Exch.--3,243 Wheeling Steel Corp
$28,025,749
Rubber Companies
15.50 $2,421,100
156,200 Firestone Tire dr Rubber Co.N, Y. Stock Exch._-11.75
1,338,325
N Y. Stock Exch__ -113,900 Goodrich, B. F., Co
38.375
3,687,837
96,100 Goodyear Tire & Rubber Co.N. Y. Stock Exch__ _ _
1,100.88
880,704
Bal. sheet of co
800 Goodyear Shares, inc
927,724
14.875
62,368 United States Rubber Co_ - _N. Y. Stock Exch
$9,255,691
Companies
Paint
13.75
550,000
40,000 Devoe & Raynolds Co.-A_N. Y. Stock Exch.__ 4,200,000
60.00
Cleve. Stock Exch.-- _
70,000 Sherwin-Williams Co
$4,750,000
1,000
1,695
4,261
2,435
1,454
151
1,177
302
548
10,800
Bank Stocks
Montreal Stock Exch_ 318.00
Bank of Nova Scotia
Canadian Bk. of Commerce_Toronto Stock Exch_ _ 220.00
Cleve. Stock Exch_ _ .... 303.00
Cleveland Trust Co
Continental Ill. Bk.&Tr. Co_Chicago-unlisted. _ _ _ 325.00
Dollar First National Bank
140.00
Youngstown-unlisted
Youngstown
First City Trust & Savings
150.00
Akron-unlisted
Bank-Akron
Huntington National Bank
Columbus-unlisted_ - 275.00
Columbus
Ohio State Bank & Trust Co.
At cost
Akron-unlisted
-Akron
Union Savings & Trust Co.
75.00
Warren-unlisted_ __ _
Warren
61.125
-Cleve_ _ _Cleve. Stock Exch _ _ _
.
Union Trust Co.
German Company (par in IL:v.)504.000 1.0.Farben-inthistrie, A.G.BerlIn Stock
Italian Companies
9,100 Scoieta General per l'Industria Mineralla ed Agricola
Milan Stock Exch _ _
(Montecatini)
7 Societe Meridlonale Di ElletMilan Stock Exch..-tricita
318,000
372,900
1,291.083
• 791,375
203,560
22,650
323,675
22,365
41,100
660,150
$4,046,858
$176,515
77,921
99
$78,020
1,600
7,125
31,600
2,050
100
485
Sundry
Cieve. Provision Co.-preffleveland-unlisted_ _ At cost
Common
$32.25
Harbison-Walker Ref, Co-N.Y. Stock Exch
N Y. Curb Exch_ _ _
39.00
Hazel-Atlas Glass Co
40.50
Interlake Steampship Co.-Cleve. Stock Exch_ _
17.00
N. Y. Curb Exch_ _
Perfection Stove
$150,000
1.019.100
79,950
4,050
8,245
$1,261,345
Syndicate Participations--preferred
Cleveland-Cliffs Ron Co.
Iron & Steel Companies
Libby-Owens Securities Corp., (valued by the management)
Rubber Companies
I:01111w Companies
def$15,075
121,219
25,000
def576,739
119,870
Balance April 30 1931
$61,186,737
Consolidated Balance Sheet April 30 1931.
Assets.
def$325,726
Cash on deposit-including a deposit of $1,105 held as collateral
pending the delivery of securities
$83,678,828
*2,598,476
Total
Notes and accounts receivable
5,385,217
(Nat's) Includes 465 shares to be issued and received upon completion of exInvestments at or below cost:
change under agreement covering formation of Cliffs Corp. Indicated market
-V.132, p.4418
Securities
131,165,372 value of these shares is based upon price of voting trust certificates.
Syndicate participations.375
1.248
--Dividend Decreased.
Unpaid subscriptions to common capital stock (41,894 shares)_ Commerce Investments, Inc.
Prepaid interest on bank loans
75,590
The directors have declared a quarterly dividend of 17A cents per share
on the common stock, payable July 1 to holders of record June 26.-V. 129.
Total
$143,729,808 P. 133.
4596
FINANCIAL CHRONICLE
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Pays Extra Dividend in Stock.- .
The directors have declared a dividend of 5% in stock in addition to the
regular semi-annual cash dividend of $1.25 per share both payable July 15
to holders of record June 23. At a meeting held early in May it was decided
to pay the usual extr3 dividend in stock instead of cash.
An extra of $5 per share in cash was paid in January and July of each
• year from 1927 to 19'31, incl.
The stockholders at a special meeting approved a change in the by-laws
to permit the payment of dividends in stock.
-V.132, p.3891.
Consolidated Retail Stores, Inc.
-May Sales.1931-2%4'ay-1930.
"Decrease.I 1931-5 Mos.-1930.
$1.749768 $2,044,785
$295,0171$8,498,580 $9,436.850
-V.132, p.3720, 3346.
Decrease.
$938,270
Continental Can Co., Inc.
-Affiliated Concern Seeks
-V.132, p. 1997.
Control of British Can Co.
-See latter above.
Cosmos Imperial Mills, Ltd.
-Earnings.
Calendar YearsNet profit
Investment revenue
1930.
$107,754
28,054
1929.
$236,800
18,666
Total revenue
Provision for taxes
$135,808
6.100
$255,466
25,800
Net profit
Preferred dividends
$129,708
101,390
$229,666
102,899
$28,318
381,579
$126,767
254,811
Balance
Previous surplus
Total surplus
$409,897
$381,580
Earnings per au. on 50,000 shs. corn. stock (no Par)
$0.57
$2.54
Balance Sheet December 31.
1930.
1929.
AssetsLiabilities1930.
1929.
$8,684
Cash & call loans.. $288.768 $302,077 Accounts payable.
$48
7,249
7,431
Accts. receivable__ 144,142
288,183 Bond interest- _
12,646
12,690
Investments
493,751
188,800 Prov. pref. dlv_
9,459
25,857
Inventories
467,817
572,588 Reserve taxes.-912,400
Unexpired insur1st mtge. bonds__ 887,000
ance premium_ _
302,983
233,735
17,131 Depreciation
17,503
contingencies_ _ _
10,000
10,000
Investment in sub.
companies
99,820
91,935 Pref,stock outst.- 1,445,300 1,450,300
Real estate, &o..._ 2,485,983 2,496,460 Capital account- - x924,883
924,883
x409,897
381,579
Deferred charges....
10,391 Surpluq
11,682
Total$4,009,467$3,967,568
Total
$4,009,467 $3,967,568
x Represented by 50.000 no par shares.
-V. 123, p. 848.
Craddock-Terry Co.
-Defers Dividends.
The directors have voted to defer the regular semi-annual dividends due
June 30 on the 6% cum. 1st pref. stock, 6% cum. 2d pref. stock and on the
class 0 7% cum. pref. stock. The last regular semi-annual distributions
of 35 each on the first two issues and of 3%% on the last issue were made
0
on Dec. 31 1930.-V. 132, p. 1039.
-Assets Consist of
Cramp-Morris Industrials, Inc.
$1,000,000' Note of Wm. Cramp & Sons Ship & Engine
Building'Co. and Option.
Treasurer E. Eckardt June 11, in a letter to the stockholders, says:
The usual balance sheet and statement of operations for the year ended
Dec.31 1930 is omitted, due to the sale of all of the shares of the subsidiary
coq)orations of Cramp-Morris Industrials, Inc.
The share of such subsidiary corporations, prior to the acquisition by
Cramp-Morris Industrials, Inc., had been pledged as security for a loan
to the William Cramp & Sons'
& Engine Building Co., in the sum
of $3.850,000, dated Dec. 1 1926, which matured April 4 1927 and was
extended from time to time to May 8 1931. As Cramp-Morris Industrials,
Inc., had assumed only $2,850,000 of the loan and as the entire obligation
of the William Cramp & Sons Ship & Engine Building Co. to the banks
was satisfied as a result of the sale of the collateral, the William Cramp &
Sons' Ship & Engine Building Co. has issued to Cramp-Morris Industrials,
Inc., a note for $1,000,000 representing the balance of the William Cramp
& Sons' Ship .Se Engine Building Co.'s obligation so discharged through
such sale of assets of Cramp-Morris Industrials, Inc.
The only assets of Cramp-Morris Industrials, Inc., remaining after
the sale of the shares of the subsidiary corporations consist of note receivable
from the William Cramp & Sons' Ship & Engine Building Co. of 81,000,000
and an option agreement to purchase within three years from May 14 1931
land and buildings of Cramp Brass & Iron Foundries Co., subject to
Cramp-Morris Industrials, Inc., paying certain carrying charges during
Option period.
[VoL. 132.
as this year. In the first six months of the current packing year, which
commenced on Nov. 1, last, prices of live stock on the hoof have declined
approximately 40%. On Nov. 1 1930, heavy hogs were being bought at
$9 a hundredweight, while we paid only $5.50 a hundredweight on June 1.
Prime steers on Nov. 1 cost $12.50 a hundredweight but were bought at
$7 a hundredweight on June 1. There has been practically no change
in lamb prices.
•
Comparative wholesales prices of meats on these same dates show green
hams, selling at 11% cents a pound on June 1 against 163( cents a pound .
on Nov. 1, green breakfast bacon bellies at 13 cents against 17% cents,
dry salt clear bellies at 83i cents against 153 cents, loose lard at $7.15 a
hundredweight against $11.35 a hundredweight, and native dressed steers
at 10% cents a pound against 19 cents a pound six months earlier.
Our present low prices were undoubtedly brought about by the derangement of industry caused by the World War. It appears, however, that the
worst is over in the packing business.
Export trade in meats has been unsatisfactory during the first half of
this year. In fact, Europe is becoming more and more independent of the
American packer. Denmark, one of our principal competitors, with cheap
Argentine corn,Is feeding more and more hogs. The number of hogs dressed
in Denmark in 1930 was over 6.100,000 head, compared with a little over
4,860,000 in 1929. The greater proportion of the product was shipped to
Great Britain.
Whale oil, the production of which has greatly increased due to the
enterprise of Norway, has taken the place in Europe of American fats and
greases.
In view of these facts, the Cudahy Packing Co. is fortunate in not having
any foreign subsidiaries in the meat end of its business, and no expensive
connections there. In fact, only a small fraction of our production is
shipped to Europe.
Our operating costs at present are lower than in many years. The item
of interest alone, on account of the low money rates and lower priced inventories, which
require smaller borrowings, represents a saving of
many hundred thousands of dollars to us. The low cost of packages and
wrappings, of which we use huge quantities, and also of other supplies has
meant substantial savings.
Our salaries and wages have not been reduced and employment is steady.
-V. 131, p. 4211.
Dairymen's League Co-Operative Association, Inc.
Receives Permission To Borrow $4,000,000from Farm Board.
The corporation has received permission to borrow $4,000,000 from the
Federal Farm Board to acquire additional markets in cities where it now
sells its products.
Supreme Court Justice Dowling on May 26 at Utica, N. Y. granted the
permission for the corporation to mortgage real estate, machinery and
equipment to cover the loan. The league plans to issue bonds of $150,000
each except one for $100,000 for the $4,000,000 lean with the Bank of
Manhattan Trust Co. as trustees and the United States of America through
the Federal Farm Board.-V. 132. D. 662. 3720.
(J. Frank) Darling Co.
-Foreclosure.
The following is taken from the Philadelphia "Ledger":
The petition of the Fidelity Philadelphia Trust Co.. trustee, of the J.
Frank Darling Co., to forclose a mortgage on the Delaware Floor Products
Corp. was granted June 13 by Judge John F. Nields in U. S. District Court
at Wilmington, Del. The amount owed is $895,000. The Delaware Floor
Products Corp., now'in the hands of a receiver, recently took over the J.
Frank Darling Co. The petition signed by the Philadelphia company
stated that the Delaware Floor Products Corp. defaulted in payment of
Interest due Feb. 1, this year. The company has a floor covering plant in
Wilmington, Del.
-V. 125, p. 786.
Delware Flour Products Corp.
-Foreclosure.
-See J. Frank Darling Co. above.
Detroit Aircraft Corp.
-May Sales.
-
The corporation announces gross sales of $81,884 for the month of May
1931. Among the planes sold were two Loch:wed Orions, the latest Lockheed development in high speed transport, and a Lockheed Air Express with
special streamlined landing gear.
-V. 132, p. 3720, 3534.
Detroit Majestic Products Corp.
-Earnings.
Earnings for Year Ended Dec. 31 1930.
Net sales
$1,754,103
Net loss after expenses and charges
33,987
Balance Sheet Dec. 31 1930.
Assets
Liabilities
$21,158
Cash
$15,799 Accounts payable
Accounts receivable
1,225
232,822 Accrued expense
Inventories
54,000
327,995 Loans from officers
Fixed assets
10,089
x12,334 Reserve for Federal taxes-.
Leasehold
y334,920
6,500 Capital stock
Good-will
174,058
1 Earned surplus
Total
$595,451
Total
$595,451
x After depreciation reserve of $14,951. k Represented by 14,670 shares
directors wasreduced no par value class "A" preference stock (redeemable or liquidating value,
At the annual meeting ofstockholders toe number of
$35 per share) and 65,000 shares no par value class "B" common stock.
to five from 12. The following were elected to the board: W. T. Smith, -V. 131, p. 2902.
W.Binckle Smith,William M.Potts, R. H.M.Robinson and E. Eckardt.
-V.132, p. 3720.
. Dominion Engineering Works, Ltd.
-Omits Corn. Div.
The directors have voted to omit the quarterly dividend of 60c. per share
(Wm.) Cramp & Sons Ship & Engine Blinding Co.which ordinarily would be payable about July 15 on the common stock.
Earnifigs, etc.Last February the directors reduced the annual dividend rate to $2.40
This company which has been in process of liquidation for several years, a share from $4, due to the falling off in business as the result of lack of
has just issued a statement for the year ended Dec. 31 1930, It says in part: demand for paper-making machinery, and since then hoped-for improve"Fixed charges, other expenses for carrying the property, and costs of ment in other lines has not materialized to an appreciable extent.
-V. 132.
maintenance and protection for the year amounted to $363,210. This loss, p. 4065.
less adjustments of $114,397 applicable to prior period, reduced the net
worth of the company during the year by $248,813.
Dow Drug Co.
-Omits Common Dividend.
"Notice was given to the holders of the gen. mtge. 6% bonds, which
The directors have voted to omit the quarterly dividend ordinarily
matured June 1 1930, that the company is not in funds to pay the principal payable about July 1 on the common stock of no par value. Quarterly
and matured interest on said bonds, and such payment is dependent upon distributions of 25 cents per share each were paid on this issue from Jan. 1
proceeds from sale of the company's properties.
1928 to and incl. April 1 1931.
'Phe physical properties remaining have been on sale since shipbuilding
The directors, however, declared the usual quarterly dividend of 1%50
activities were discontinued, but no acceptable offer has yet been received." on the preferred stock, payable July 1 to holders of record June 20.-V.
-V. 132, p. 4248.
See also Cramp-Morris Industrials, Inc., above.
130, p. 629: V. 125, p. 3354.
Board Decreased.
-
-Chairman
Cudahy Packing Co.
-May Sales Higher, &c.
E. A. Cudahy Sr., last week stated in substance:
Driver-Harris Co.
-Earnings.
-
Condensed Income Account for the Year Ended Dec. 31 1930.
x$508.847
The volume of business of this company is holding up well this year Operating income
154,774
with sales tonnage to date practically the same as for the corresponding Provision for depreciation
60,005
period last year, despite the fact that there was a slight falling off in the Bond interest and expense
34,500
early months of the year. The volume of sales in May and so far into this Federal income tax (estimated)
month Is 10% to 15% ahead of May 1930.
$259,568
From present indications, and basing my opinion on the uniformity of • Net profit for year
our past experience, the last six months of the fiscal years 1931, which
x Includes deduction from income of $21,825 of forfeited deposit for
ends Nov. 1, next, should show a marked improvement over the first Option to acquire licenses. Does not include as income $496,416 the excess
six months.
of net proceeds from sales of treasury common stock over cost of acquisition
For the first four months of our current fiscal year, our business showed a in prior years, credited directly to surplus.
loss, due entirely to the drastic declines in inventory values. At the end
Balance Sheet Dec. 31 1930.
of February the tide turned, and the past three months have shown a deAssets
LiabilUlescided upturn in earnings with fair profits.
$198,938 Trade creditors
• $63,037
lower than a year Cash
Expressed in dollars, of course, our sales are currently
34,742
100,000 Customers' credit balances--ago due to substantially reduced prices. But low prices encourage trade Certificate of deposit
1,045
2,605 Adv. pay. on sales orders.....
an oven further increase Accrued interest
and with meats selling at present levels. I look for
234
Notes receivable, customers10,666 Sundry accounts Payable
In volume of sales.
20,638
245,958 Accrued accounts
We are making money at present prices and can always do so on a steady Accounts receivable
18,592
-the increase Trade creditors' debit bats...
8,344 Dividend declared
or next
market. When the upturn comes
-whether this year
34,500
1,415.164 Federal income tax test.)
in inVentory values will be of substantial benefit to us. It should be borne Merchandise inventories
387,350 1st mtge.s. 1. 15-yr.6% g. bits. 815,500
in mind that our earnings have never been spectacular but always have Affil, cos.' acc'ts receivable
1,062,400
Invest. in capital stock of Britcum. stock
Preferred 7%
shown remarkable steadiness.
891,700
ish Driver-Harris Co., Ltd
234,734 Common stock
Our stocks of pork products are currently about 15% above the level of
1,382,154
Notes receivable, sundry
19,022 Surplus
a year ago.
As is the case in other industries, the packing industry has not been Officers and employees' acc'ts
receivable and advances _ _
14,561
Immune from falling prices. We have, however, one great advantage
over other industries in the rapidity with which we turn over inventories. Land, bldgs., mach. & equip_ _x1,533,213
1
This turnover in the average packing house is seven to eight times a year; Patents and trade-marks
153,985
thus, losses are not nearly as great as might be expected during a period of Deferred charges
abnormal declines in meat prices.
$4,324,542
Total
$4,324,542
Total
We have to go back 20 years to parallel present low prices on live stock
and meat products. Not since 1908 have we purchased hogs as cheaply
x After depreciation of $1,898,806.-V. 131. p. 635.
JUNE 20 1931.]
FINANCIAL CHRONICLE
Eagle Warehouse & Storage Co.
-Extra Dividend.
The directors have declared the regular quarterly dividend of $1.50 a
share on the common stock and an extra of $1 a share, both payable July 1
to holders of record Juno 25.-V. 131. p. 3883.
-Dividend Dates.
Eastman Kodak Co.
The common and preferred dividends, recently declared, are payable
July 1 to holders of record June 5 (not May 29 as stated previously). See
V. 132, p. 3720, 4249.
4597
The property was conveyed subject to $413,000, the records showing a
stated consideration of $19,500 for the equity.
Similar steps are being taken in the reorganization of other properties
financed by the Straus Brothers organization.
Mr. Fisher also recently acted for the bondholders in taking title to
the Roscoe Apartments at 627 to 649 Roscoe Streq, Chicago. from the
Foreman-State Trust & Savings Bank, trustee. The Roscoe contains
-V. 121, p. 2410.
60 apartments of two, three and four rooms each.
-Estimated Earns.
General American Tank Car Corp.
-New Interests.
President Lester N. Selig, in a recent statement, is quoted as follows:
M.) Ericsson Telephone Co.
See International Telephone & Telegraph Corp. under "Public Utilities" "A conservative estimate of earnings for the second quarter shows that our
earnings for the first half of 1931 will be in excess of $3 a share.
above.
-V. 132, p. 4249.
"We earned $1.47 a share in the first quarter, and we are doing better
-Net Sales.
in the second quarter. We confidently expect that the third quarter will
Fashion Park Associates, Inc.
May net sales were $1,477,509, compared with $1,790,734 in May 1930. be better than either of the two preceding quarters.
"Operations in all branches of our transportation business Including the
For the five months ended May 31 last, net sales totaled 88.952,743,
against $11,142,051 in the same period last year. This is after elimination packer lines are proceeding satisfactorily. Operations of our manufacturing
of sales between companies reporting and does not include the sales of division are off becauqe of the lack of demand from the railroads, but we
have been able to offset that factor to a certain extent by manufacturing
those companies controlled but not wholly owned.
-V. 132, p. 4249.
in our shops cars for which we have a demand in our own transportation
Federal Mining & Smelting Co.
-Earnings.
operations."
For the six months ended June 30 1930, net profit was $3,653,699 after
For income statement for quarter ended April 30 see "Earnings Departall charges ad Federal taxes, equal to $4.58 a share on 797.422 no-par
ment" on a preceding page.
-V. 132, p. 2973.
shares of capital stock -V. 132. D. 3537.
Finance Co. of America at Baltimore.
-Initial Div.
-
An initial quarterly dividend of 85, cents per share has been declared on
the class A 7% cumulative preferred stock, par $5, payable July 15 to
holders of record July 6.-V. 132, p. 4420.
Firestone Tire & Rubber Co.
-Earnings, &c.
-
-Asks Rehearing .in Radio Tube
General Electric Co.
Case
-Company Contends Supreme Court Decision Departed
from Patent Law.
-
Asserting that the Supreme Court "radically departed" from the
settled law of patents in deciding, in effect, that the Langmuir radio tube
patent was invalid and not infringed by the De Forest company,the General
Electric Co. petitioned the court June 18 for a rehearing of this case.
The company's attorneys asked to reopen the case on the ground that
"vitally important findings of fact on which the decision is based, though
justified by defendant's brief and arguments, are not justified by the
record, are contradicted by the record and are incorrect.'
"Regardless of the effect in working a grave injustice on plaintiff and on
Langmuir," the petition declared. "these errors should be corrected, for
they lend the great authority of an opinion of this court to an incorrect
statement of an important step in the history of science.
"Plaintiff also respectfully requests a rehearing on the gound that the
opinion departs radically from the well-settled law of patents as announced
by this court over a long Period of years and leaves the whole patent
system in the state of uncertainty and confusion.
"We refer specifically to the following findings of fact which are the
Fisher Mfg. Co. Inc.
-Acquisition.--basis of the court's opinion.
This company has filed
the Massachusetts Commissioner of Corpora1. That the alleged prior use was prior to August 1912, which was the
tion and Taxation notice of issuance of 7,500 shares of no par value capital date of Langmuir's invention.
stock in consideration for the transfer of all assets and property of the bod.,2 Thatinvention. which the court accepted as proof of prior use emied the th tubes
.
Fisher Manufacturing Co., except $450,000 in cash which is to be distributed in liquidation among stockholders of the latter.
pate Lilienfeld disclosed the structure and method of the Langmitir
"3. That
The balance sheet of Fisher Manufacturing Co., Inc., as of May 7 1931
shows total assets of $724,610; current assets of $424,610; current liabilities,
"4. That the relationship of the degree of vacuum to the stability and
$93,419, and working capital, $331,191.
effectiveness of the discharge passing from cathode to anode was known
-V. 132, p. 4250.
to the art when Langmuir made his invention."
Following a meeting of the directors on June 5, President Harvey S.
Firestone made the following announcement:
"Net profits of this company and all subsidiaries, including Firestone
Service Stores, for the six months ended April 30 1931. after deducting
depreciation, interest, Federal taxes and Liberian development expenditures, was 82,908,553. This compares with a profit of $1,541,034 for
the fiscal year ended Oct. 31 1930.
"With raw materials, finished products and commitments inventories
at market prices at the beginning of the fiscal year, and with subsequent
purchases made at favorable prices, no further inventory adjustments were
considered necessary.
"The profits for the first six months of the current fiscal year provides
for the regular dividends on the 6% cum, pref. stock, and also gives 56c.
a share, or more than the dividend requirements, for the six months, on
all outstanding common stock."
-V.132, p. 4249.
-Operations.
-Flintkote Co.
The Boston "News Bureau" says:
Net profit after all charges in May were approximately $98,000, the best
showing for that month in five years. Volume of roofing products shipped
is running at the rate of 76% of last year and about 59% of 1929. The
reduction in production costs and other expenses has continued to be in
proportion to the decreased volume.
-V. 132, p. 3350.
Flint Mills, Fall River Mass.
-$2 Liquidating Div.-
-10% Div.
General Electric Co., Ltd., Great Britain.
The directors have declared a dividend on the common shares of 10%,
less tax,.for the year ended March 31, against'10% plus a bonus of 4% a
y
The Preliminary report for the 12 months ended March 31 1931 shows a
-V. 131.
l.2 86 £1,122,007, against L1,179,007 in the previous year.
p mf1t of
u
The directors recently declared a liquidating dividend of $2 per share,
payable June 8 to holders of record June 6.-V. 132, p. 3156.
-Listing of Additional Stock
General Empire Corp.
Power and Light Securities Trust Shares.
Ford Motor Co., Detroit.
-Distribution to Employees.
- Exchanges Stock for
There have been authorized for the Boston Stock Exchange list 112,852
The company's employees will receive about $800,000 on July 1 as the
semi-annual return on their investments in the Ford investment fund.
The employees have about $19,000,000 invested in the fund. The return
is at the guaranteed rate of 3% semi-annualyl, plus a special return of 2%.
More than one-fifth of the company's employees have invested in the fund.
-V. 132. p. 3536.
additional shares (no par) capital stock, as the same may be issued in exchange for all assets (including all stock, bonds and other securities) of the
Power & Light Securities Trust, the shares to be issued at the rate of 1.7753
shares of capital stock of General Empire Corp. for each share of the Trust
outstanding; and 56,426 additional shares upon official notice of issuance
upon the exercise of certain options at a price equal to the amount received
per share by the corporation for the above 112.852 shares,the option expiring
Fox Film Corp.
-Signs Large Contract.
six years after the issuance of the aforesaid shares.
One of the longest term film contracts ever negotiated, has been signed
Power & Light Securities Trust was formed as a Massachusetts Trust on
by this corporation for the showing of all its pictures for a 10
-year period Jan.
21 1926. The number of shares of beneficial interest outstanding is
beginning August 1931 in the 136 theatres of the Famous Players Canadian
63,567 89-200. Of this amount the first 40,000 shares carry option warLtd.
and for each
Corp..contract provides for the annual showing of 48 features pictures and rants to purchase additional beneficial shares at $75 per sharewas issued to
The
104 news reels in 136 Canadian theatres located in the principal cities of option warrant issued to beneficial holders an option warrant
organizing the
There
Canada including Vancouver, Winnipeg, Calgary, Hamilton, Kingston, Hale, Waters & Co. for services in approximately Trust. shares.are option
79,000
Ottawa, Toronto, Windsor, Montreal, Quebec, Halifax and St. John.- warrants outstanding representing
The income statement from Jan. 1 1931 to May 111931 is given in the
-V. 132, p. 4421.
"Earnings Department" on a preceding page.
(H. H.) Franklin Mfg. Co.
-Plant Resumes Operations.
Balance Sheet As of May 111931.
The company resumed operations June 16 at Syracuse, N. Y., with a
Assets
normal force of employees and with a daily output at the same rate as CLossansh
;259,251 Capital stock (100,000 shares
maintained through the early spring season. Unfilled orders have increased
51,500,000
8,000
no Par)
10% since the end of May despite continued shipments at normal seasonal Accrued interest
857,434
428 Surplus
rate during the temporary halt in output.
Inv
Investments
er
the lower inDeliveries by dealers thus far in June are 10% ahead of the same period
ventory value Dec. 31
in May. This gain is running counter to normal seasonal tendencies.
1930 and (or) subsequent
Current retail gains are most pronounced in the higher priced Franklin
cost or market
*1,921,686
line.
-V. 132, P. 3721, 2779.
Capital stock (10,856 shares
to
at cost)
170,069
Franklin Process Co. Providence, R. I.
-Larger Div.-
'
The directors have declared a quarterly dividend of 75c. Per share,
payable July 1 to holders of record June 25. Previously, this company
-V. 130, p. 4615.
made quarterly distributions of 50c. per share.
Fundamental Group Corp.
-Semi
-Annual Distributions.
A distribution of 22 2-10 cents per share on Fundamental Trust Shares,
series A,cumulative type, and of 30 cents per share on Fundamental Trust
Shares, series B, disbursement type, for the six months ended June 30
1931 have been announced. Payment will be made on that date at the
Bank of Manhattan Trust Co., trustee, 40 Wall St., N. Y. City, or at
any branch of the Canadian Bank of Commerce. Holders of Fundamental
Trust Shares may reinvest all or any part of the distribution to which
they are entitled in additional shares of either series at 5% under the
current market price. This reinvestment privilege becomes effective
July 1 1931 and expires at 5 p. m. July 15 1931.
An initial semi-annual distribution of 19 cents per series A share and of
40.4 cents per series B share was made on Dec. 31 1930.-V. 132, p. 3536.
-Receivership.
Gardner Motor Co.
Russell E. Gardner, President of the company, has been appointed
receiver. The directors consented to the receivership following the failure
to obtain a stockholders quorum to authorize the liquidation of its assets.
The stockb.lner.. at the special meeting called for June 16. which was
adjourned because of lack of a quorum, petitioned for a receiver in equity
for the company for eventual dissolution.
The New York Stock Exchange has received notice from the company
that the distribution of 25 cents a share in cash and one share of Detroit
Aircraft Corp. for each ten shares of Gardner stock held has not been
approved by the stockholders, and that the payment thereof will not be
-V. 132. p. 4067, 3894.
effected.
Garfield Manor (Garfield Manor Building Corp.).
-Reorganization.
$2,357,435
Total
Total
52,357.435
* The market value of investments was $86,999 in excess of this figure.
investments, the liquidation value
Note.-Based upon the market value of
Oerma y lof 9 8was $sh5i of stock outstanding in the hands of the public
pn share l
5
9.1442 arcs
Stanton Griffis President, in a circular announcing the
acquisition, says in part:
A negotiation which we believe will be of great importance and sub
stantial benefit to the company has been consummated whereby corporation
has acquired additional assets of close to $3,000,000 through issuance of
its own stock and has become associated with the Atlas Utilities Corp., an
investment trust with assets of approximately $35,000,000.
Following several months of negotiation, corporation has acquired all of
the assets of the Power & Light Securities Trust. The merger of assets of
General Empire Corp. and Power & Light Securities Trust gives General
Erardre Corp. total assets of approximately $5.000,000 with no liabilities.
Company will have outstanding 212,852 shares of no par value stock,
listed on the New York Curb Exchange, of which about 11,000 shares are
held in the company's treasury.
There is no change whatever in the corporate identity of General Empire
Corp. and no cnanges in its dividend policies are contemplated.
At a meeting of the board of directors of General Empire Corp. held last
week the directorate was reduced from 9 to 5 members, the following constituting the new board: L. Boyd Hatch, John W. Donaldson, 0. L.
Johnston, Jansen Noyes and Stanton Griffis. Of these directors Messrs.
Hatch: Donaldson and Johnston represent the Atlas Utilities Corp.
Corporation as of May 11 1931 had an indicated liquidating value of
$25.51 per share despite a drop in the general average of substantially all
American equity securities of more than 50% during the period of its operation. It was on this liquidating basis of $25.51 that its additional shares
were issued for the acquisition of Power & Light Securities Trust. Prior
to such acquisition its assets consisted of approximately 70% cash and
high-grade bonds and about 30% stocks of banking institutions located
outside of New York City and other securities including those held in
syndicate account. The assets of Power & Light Securities Trust consist
-V. 132.
p
subtantia11y of municipal bonds, cash and public utility stocks.
50 86 .
, 0
. 42
The Garfield Manor Apartments at the northwest corner of Hamlin
Avenue and Jackson Boulevard. Chicago, have been transferred by the
Garfield Manor Building Corp. to Adolph Fisher as the first step in the
reorganization of that property. Mr. Fisher took title in the interests of
the bondholders.
The building contains 86 apartments, was financed through a bond issue plate alass 0.-Sells Ottawa Plant of National
Generalc otors Corp.
M
loan underwritten by Straus Brothers Investment Co. Under the reorganization plan the bondholders will receive in return for their original
Sloan Jr. on June 18 announced that General Motors
trust bonds payable in 10 years and bearing 5% interest,
President Alfred P.
securities new
based on the present income value of the property. In addition they will has agreed to sell the Ottawa plant of the National Plate Glass Co. to the
Libby-Owens
-Ford Glass Co. of Toledo.
be given participation shares representing their interests in the equity.
4598
FINANCIAL CHRONICLE
[Vol.. 132.
In connection with this sale the General Motors Corp. will enter into an
agreement to purchase a large part of its glass from the Libby-Owens
Ford Glass Co. for a period of 7 years.
1931.
May 1931. April
Shipments by7,574
6,025
Olds Motor Works (no. of cars)
-V. 132, p. 4421, 4068.
distributions of $2 per share made on Nov. 1 1929 and on
Feb. 1 and May 1 1930.-V. 132, p. 3537.
Great Lakes Terminal Warehouse Co. of Toledo.
Special Report Submitted to Bondholders-June 30 Set As
- Final Datefor Deposits.
-Increases Preferred Stock.
General Rayon Co., Ltd.
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated May 28 1931, increasing the capital
stock from 56.384 7% cum. pref. shares, par $100 each, 400,000 class A
shares, without par value, and 100,000 class B shares, without par value,
to 66,384 7% cum. pref. shares, par $100 each, 400,000 class A shares,
-V. 132,
without par value, and 100,000 class B shares, without par value.
1:$• 4068.
-Earnings.
-General Steel Castings Corp.
For income statement for 3 months ended March 31 1931, see "Earnings
Department" on a preceding page.
The semi-annual interest coupons on the 534% series A gold bonds, due
July 1 1949. will be payable July 1 in New York City, at the office of J. P.
-V. 132, p. 3157.
Morgan & Co., 23 Wall Street.
-Plaintiffs Seek to Admit
Gillette Safety Razor Co.
Facts and Documents in Action Against Directors.
The Boston "News Bureau" says: "In connection with the suit of a
number of stockholders against certain directors of Gillette Safety Razor
Co., the plaintiffs' counsel filed in Supreme Court (Mass.) a demand to
admit facts and documents. They go exhaustively into the subject of
"unrealized profits" arising from the former practice of including sales to
subsidiaries at prices approximately the same as for outside customers, and
purchases and sales of the company's own stock in 1930, and compensation
of officials.
In reports to shareholders Gillette has never reported sales. These are
given in the documents for three recent years as follows: 1927 total sales
$27,220,102, net sales $24,950,339; 1928 total $30,142,559, net $27,135,441;
1929 total $21,421,349, net $17,831,404.
Income account prepared by the company's auditors, Patterson, Toole &
Dennis, shows for 1929 year manufacturing cost of goods sold was 20.07%
of total sales of $21,421,349. Net after all expenses, including Federal
income tax was 48.4% of total sales. The 1929 total sales of $21,421,349
were divided into blades $20,954,140: razors $456.040 and sundries $11,169.
Special allowances of $3,589,945 made net sales $17,881,404.
Counsel for the plaintiffs claim in this document that the Gillette company's auditors prepared an audit of the books in each of the years 1924 to
1930 inclusive, and indicate that in all or most of these years the auditors
referred in their audit to the unrealized profits resulting from the practice
of including sales to subsidiary companies at prices substantially the same
as to outside customers. In 1930 the directors had a restatement made of
the accounts for the years 1925-1929, both inclusive. These restated
Profits averaged about $2,370,000 a year less than figures previously published by the company without consolidation with the selling subsidiaries,
the difference being chiefly due to the accounting practice described above.
Two of the claims made by the plaintiffs are that the Gillette company
has paid to the United States in the way of income taxes in excess of $1,000,000 for the period 1924-1929, inclusive, on unrealized profits, and that it
made certain bonus payments to officials on unrealized profits.
A committee of directors on March 11 1925, according to the plaintiffs,
recommended the distribution of $150,000 among officials, of which $40,000
each went to directors Fahey, Pelham and Thompson. On Feb. 9 1926,
the directors' committee recommended the distribution of $186,750, of
which the same three directors each received $50,000. On Feb. 8 1927,
the committee recommended the distribution of $196,000, of which the
three directors reached $50,000 each. At this meeting the committee of
directors in their report declared "that salaries had been inadequate." The
committee also stated that the practice of giving small salaries, supplemented by a bonus, was unwise and that it would be better to determine
each employee's compensation on some fixed basis. Accordingly beginning with Jan. 1 1927, the salary of Mr. Fahey was fixed at $100,b00 per
annum, Mr. Pelham 385,000 and Mr. Thompson $80,000; and, in addition, they were to receive "of any increase in net earnings above 193,000,000
a bonus to be divided equally among them of 3% ofsuch increase.
Salaries were paid at the foregoing rates for 1927. 1928 and 1929, and,
in addition bonuses to each of the three officers as follows: 1927, $15,809:
1928. $32,444: 1929, $5,815. It is the claim of plaintiff stockholders that
on the basis of 1927 earnings as restated, the individual bonus would have
been $1,218, and that for the years 1928 and 1929 the restated earnings
were less than $13,000,000.
In 1928, according to the audited report, the Gillette company spent
$1,041,458 for advertising and $1,543,931 in 1929.
The 825,000,000 credit for purchase of Gillette stock, according to the
document under review, was authorized by directors on July 10 1930, and
was arranged with the following banks: First National Bank of Boston,
$5,000,000: National Shavnnut Bank, $2,500,000: Bank of Manhattan,
New York, $5,000,000; Guaranty Trust Co., New York, $5,000,000; Chase
National Bank, New York, $7,500,000.
A consolidated balance sheet of Gillette, dated Aug. 31 1930, showed
these $25.000,000 notes outstanding. They provided the funds, it is
asserted, with which the company purchased 245,671 shares of its stock
at a cost of $19,473,005, as reported at the directors' meeting of Aug. 11
1930. Some of these purchases were later rescinded, but it is claimed
that the directors have brought no suit or action to rescind a purchase from
King C. Gillette or to recover any damages which the company may have
sustained thereby. This sale by Mr. Gillette is said to have been made
"at the request of the company" and amounted to 9.000 shares at $85 a
share. On the day it was made Gillette stock fluctuated between 79
and 84 on the New York Stock Exchange.
-V. 132, P. 4422, 4069.
-Smaller Dividend.
Cladding, McBean & Co.
The directors have declared a quarterly cash dividend of 25 cents per
share, payable July 1 to holders of record June 20. Previously the company made quarterly distributions of 75 cents per sharo.-V. 132, p. 3722.
-Earnings.
Goodyear Shares, Inc., Cleveland.
The earnings statement for the four months ended April 30 is given in
the "Earnings Department" on a preceding page.
Balance Sheet April 30 1931.
Liabilities
AssetsY310,000,000
Cash on deposit
$212,236 Note payable
52,606
Accr. in rec. on bank balance
345 Accrued int. & taxes
100,000
stock (1,000 shs.) _
Investments (at cost)
122,808,400 Capital
12,868,375
Surplus
Frank D. Pavey, of Pavey & Higgins, 32 Liberty St., New York has
sent a special report to the company's bondholders, outlining the organization, operation and control of the company,in which he criticizes the handling of the affairs of the company by its sponsors and backers and the offers
made to the bondholders. The pamphlet also includes a revised report by
the Henry J. Spieker Co., builders, Toledo, Ohio.
In concluding his analysis of the company, Frank D. Pavey says:
"On Dec. 31 1930 the deficit in capital account amounted to 3528,746,
without counting the worthless notes of the Warehouse Co. of Detroit
($335.000) which made the actual deficit $863,746.
"All holders offirst mtge. bonds(who have not already done so)are asked
to deposit their bonds with the Bank of America, N. A.,44 Wall St. New
York, under the deposit agreement with the bondholders protective com'
mittee.
"After June 30 1931. no further information will be communicated to
bondholders who have not deposited their bonds or to their representatives
and no further deposits of bonds will be received; except in the discretion
and upon terms satisfactory to the bondholders protective committee. The
efforts of the bondholders protective committee and Its counsel will be
devoted exclusively to the protection and promotion of the interests of those
bondholders who have deposited their bonds.
'Correspondence in reference to the deposit of bonds should be addressed
to the Bank of American National Association (attention of James E.
Robertson, Assistant Trust Officer), 44 Wall St., New York.
"Communications in reference to the legal and financial position of the
enterprise should be addressed to Pavey & Higgins, 32 Liberty St., New
York."
Albert Blum has resigned as a member of the bondholders' protective
committee and no person has as yet been appointed to his place. The
committee is now composed of Frank D. Pavey and James N. B. Hill.
-V. 132, p. 320.
Greenway Corp.
-Balance Sheet Feb. 1 1931.
Assets-Cash and call loans
Securities
Accounts receivable
Brokerage
Fixed assets
Organization expenses
Good-will
Other assets
Total
-V. 132, p. 2974.
$20,485
400,058
14,547
8,500
26,165
4,503
1
125
$474,385
LiabititiesPreferred stock
Common stock
Common B stock
payables
Reserves
Subscribers
Surplus
$23,200
70,650
106,860
163,975
1,655
3,174
104,869
$474.385
Total
-Receives Part of Order.
Greyhound Corp.
The corporation has received 74 buses out of a total of 88 ordered several
months ago. Of the total, 66 were ordered from the Yellow Truck & Coach
Manufacturing Co. 18 from Mack Trucks, Inc., and four from the White
Motor Co. The Mack Trucks and White companies have delivered their
orders.
The additional buses were ordered to carry out the company's expansion
program and also in anticipation of its peak traffic period, which comes in
the latter part of July or the first of August.
Eight of the buses received from the Yellow Truck were delivered to
the Greyhound corporations' subsidiary in Texas and eight to the Pacific
Greyhound Co. in California -V. 132, p. 3723.
Habirshaw Cable & Wire Corp.
-Offer for Minority
Stock by Phelps Dodge Corp.
-
An offer has been made to minority stockholders of the corporation by
controlling Phelps Dodge-National Electric Products interests to buy their
stock at a price to be negotiated. In the event that the interests concerned
are unable to come to an agreement on price, the value of the stock is to be
determined by an arbitrator. Negotiations between the majority and
minority groups began last week, but no conclusion has been reached.
These facts are disclosed in a letter which a committee representing the
minority stockholders mailed to the latter under date of June 10. The
letter discloses that a price of $23 a share has been suggested by the controlling interests.
"A few weeks ago the majority indicated that the shares should be valued
at $23 or lass," the committee says. "They have since then stated an unwillingness to be in a position where it might be said that they contended
in advance of the arbitration for any definite figure in arbitration. If,
however, they should contend for a figure of $23 or less, it would mean if
similarly applied to the various manufacturing properties whose control
was acquired by Phelps Dodge simultaneously with control of liabirshaw, a
reduction of $10,000.000 in the asset values carried by Phelps Dodge."
The committee representing the minority interests is composed of J.
Burton Orr, M. J. Planer and Michael Goodson. Sidney Benjamin, 15
-V. 132, p. 4423.
Union Square, is Secretary.
-Earnings.
Haiku Pineapple Co., Ltd.
Calendar Years
Operating profit
Slaps.. incl. Rana losses _
Net profit
Balance. Jan. 1
Cap. surp. arts. from appraisal of land values_
Appropriated surplus_ _ _
Total
Amort. of deferred chgs..
Written off Growers'
accounts
Extraord. exp. accts__ _
Capital assets
Cancellation of leases_ _ _
Other charges
Loss on liana assets sold
Divs. on prof. stock__ _
Amort. of abandonments
of prior years
1930.
$298,200
64.481
$233,719
207,507
1929.
$205.867
116.918
$88,949
202,236
$441,226
1928.
$130,336
50,867
$79,469
330,924
1927.
$313,829
111,859
$201,969
228,233
$441,469
$410,393
5,000
114,996
$545,198
5,000
81,462
75,361
100,000
32,050
43,246
52,500
56,775
52,500
150,284
124,210
79,060
75,354
52,500
52,500
100,000
$23,020,981
Total
Total
$23,020,981
Surplus, Dec. 31
$330,924
$110,103
$207,507
$202,236
x The Goodyear Tore & Rubber Co. common stock, 285,105 shares
Secured by above Earns, per sh. on 75.000
(indicated market value at April 301931,$10,940,904. y
shares stock (Par $20)
$1.99
$2.42
$0.48
$0.36
285,105 shares of Goodyear Tire & Rubber Co. common stock and by
Comparative Balance Sheet Dec. 31.
additional collateral furnished by Continental Shares, Inc., and Commonwealth Securities, Inc., having an indicated market value of $6,220,000
Assets
1930.
1929.
Liabilities
1930.
and 31,555,000, respectively, at April 30 1931.
$116,476 5109,825 Notes payable--- $251,483
$40,000
Cash
Comparison of indicated market values and book values of investments Accts. receivable- 221,630
420,613 Accts. pay., accr.
at the beginning and end of the four months' period ended April 30 1931 Inventories
252,290
862,400
payrolls, &c.-- 292,194
323,137
is set forth below:
100,000
Investments (cast)
81,496
100,000
64,013 Special loan
11.580
$11.867,496 Growers' advances 300,804
260,322 Def. income credits
49.771
Market depreciation at April 30 1931
17.993
9,836,122 Growing crops ---- 560,080
4,525
475,732 Suspense credits_ Market depreciation at Dec. 31 1930
26,200
Misc. notes & accts
2,994 Res. for inc. taxes.
750,000
$2,031,373 Deferred
Change during period (decrease in market value)
81,853
202,878 Preferred stock_ _ 750,000
Common stock__ _ 1,500,000 1,500,000
Dividend on Goodyear Tire & Rubber Co. common stock, declared Real estate, plant
207,507
110,103
& equipment
859,538 1,022,056 Surplus
payable May 1 1931, amounting to $213,829, has not been included in
this balance sheet.
$3,084,276 $2,879,369
Total
Total
$3,084,276 $2,879,369
Shares, Inc. per share used in
Indicated market value of Goodyear
Continental statement is $1,100.88 ($12,968,375 $1f.867,496 divided by -V. 131, p. 1429.
1.000).
Formally An-
-Acquisition
(W. F.) Hall Printing Co.
Granby Consolidated Mining, Smelting & Power Co. nounced.-Dividend Rate Decreased.
-The directors on June 17 deFormal announcement was made on June 11 by this company in a letter
clared a quarterly dividend of 25c. per share on the capital to the stockholders of the acquisition of the Art Color Printing Co. of
the financing
charges
Dunellen, N. J. "The total
stock (par $100), payable Aug. 1 to holders of record July 17. necessary for this acquisition,"of the carryingFrrnk R.on
Warren,"is consaid President
Printing Co. for 1930.
From Nov. 1 1930 to and incl. May 1 1931 quarterly distribu- siderably less than the net earnings of the Art Color
This fact makes us confident that the earnings applicable to our com_pany's
tions of 50o. per share were made. A quarterly dividend of common stock will be augmented as the result of this acquisition."
-v.132.
7ac. per share was paid on Aug. 1 1930 as against quarterly p. 4423.
FINANCIAL CHRONICLE
JUNE 20 1931.]
Halle Bros. Co. (& Subs.).
-Earnings.
1931.
1930.
1929.
$1,050,312 $1,753,463 $1,609,393
290,917
254,929
197,250
240,889
219,539
283,024
70,000
144,000
137,700
Years Ended Jan. 31Profit
Provisions for depreciation
Interest, bond discount, &c
Provision for Federal taxes
Net profit
Preferred dividends (634%)
Premium on preferred stock retired_ _
Common dividends
$448,507 $1,134,995
$991,418
152,727
157,358
162,342
2,788
392,790 ($2)449,590 ($1)206,250
Balance, surplus
def$97.010
$525,258
Earns, per sh.on 225,000 shs. com.stk.
$1.31
$4.34
Condensed Consolidated Balance Sheet Jan. 31.
1931.
1930.
1931.
Assets
64,408
74,736 Unpaid purchases,
Cash
expenses, &e. _ 250,291
Accts.receivable- 3,524,005 4,218,736
30,780 Aecr.taxes,int.,&c. 280,185
Mts. of deposit..
Inventory2,687.558 3,077.368 let mtge. leasehold
Value of Ufe insur93,998
76,434
serial 6s
3,992,000
Land & leaseholds
634% pref. stock_ 2,346,100
not used,
380,223
381,965 Common stock
2,250,000
Land
202,534
Capital surplus.-- 800,000
Impts. to leased
Profit & loss surp.x4,545,247
properties, &c._ 6,377,275 6,144,016
Good-will
625,000
625,000
534,646
Deferred assets.-- 508,818
$622,826
$3.63
1930.
$
590.694
334,729
4,121,000
2,425,000
2,250,000
800,000
4,642,257
14,463,823315,163,680
Total
Total
14,463,823 15,163,680
x Of which $1,100,000 appropriated as special reserve for fixture depreciation and $3.445,247 unappropriated.
-The companies were reported contingently liable at Jan. 31 1931
Note.
on unused letters of credit and as endorsers on notes receivable in the
respective amounts of $27,555 and 35,967.-V. 132, p. 664.
Hammermill Paper Co.
-Earnings.
--Calendar YearsNet prof. after depletion,
depr.,int. & Fed.taxes
Preferred dividends____
Common dividends
Surplus for the year..Adj.of plant prop
Previous surplus
1930.
1929.
$561,839 $1,149,839
297,300
300.083
180,000
180,000
$84,539
$669,756
5,855,351
5,212,642
1928.
1927.
$973,500
243,623
179,950
$999,588
144,607
179,925
$549,927
5,150,642
5,972,720
5.352,721
$675,055
Total surplus
$5,939,890 $5,882,398 $11,673,289 36.027,776
Elim. of goodwill trade
name stock
1,500,000
Premium on stock
303,706
Increase in reserve for
contingencies, &c_
156,940
Stock div. on common..
x4,500,000
Prior year's adjustment_ Dr.18,682 Dr.27,048
Dr.55,057
Profit & loss surplus__ $5,921,208 $5,855,350 $5,212,642 35.972,720
Earns. per sh.on 180,000
shs.com.stk.
(par $10)
$1.46
$4.72
$4.05
$4.75
x Paid by issuance of 45,000 shares of 6% cumulative preferred stock.
Comparative Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
AssetsLiabilities
$
Inventories
2,829,338 2,145,581 Notes payable..
300,000
904,966 Accts. pay.& misc.
Accts.& notes ree_ 557,418
471,578
651,542
accrued items__ 549,786
Cash
652,255
Invests. & adv.... 2,288,286 2,235.124 Div. on pref. stk
74,895
Timberrds dr imptsx1,209,419 1,214,456 Res. for conting__ 600,000
600,000
Paper mill plant-y7.525,320 7,517,113 Bonded indebt'ness 294,000
316,000
Deferred charges.- 157,960
129,719 6% pref.stock._ _ _ 5,500,000 5,500,000
Com.stk.(par $10) 1,800,000 1,800.000
Surplus
5,921,208 5,855,351
Total
15 039,319 14,798,500
Total
15,039,319 14,798,500
x Less reserve for depletion and depreciation $606,344. y Less reserve
for depreciation of $2,969,598.-V. 132. p. 3724.
-Smaller Dividends.
Hansen Storage Co.
The directors have declared dividends of $2 a share each on the 1st and
2d pref. stocks, payable June 30 to holders of record of the same date.
The last previous semi-annual payment was $4 a share paid Dec. 31 1930.
-V. 119, p. 1961.
Hawaiian Commercial & Sugar Co., Ltd.
-Earnings.
Calendar Years1929.
1930.
Gross receipts from sales $4,683,936 $5,295,284
Cost of production
3,808,947
3,840,501
1928.
1927.
$5,949,092 $5,436,611
3,754,281
3,594,093
Operating profit
Other income
$2,194,811
149,754
$874,989 $1,454,782
248,335
256,104
$1,842,518
160,459
Total income
$1,123,324 $1.710,886 $2,344,565 $2,002,977
Federal inc. tax (est.)
98,663
177,062
260,000
250,000
Accr'd territorial ine.tax
35,802
62,554
95,518
83,247
Net profit
Dividends
$988,859 $1,471,270 $1,989,046 $1,669,730
1,200,000
1,400,000
1,500,000
1,500,000
Balance, surplus
def$211,141
$71,270
$489,046
$169,730
Comparative Balance Sheet Dec. 31.
1930.
1929
1930.
1929.
Assets$
8
Liabilities$
8
Stock accounts...13.445,793 13,728,951 Capital stock
10,000,000 10,000,000
2,526,808 2,411,957 Payroll
Cash
112,037
111.414
East Maul Brigs,
Net sales sugar-. 187,683
58,740
tion Co.. Ltd... _ 552,921
576,818 Territorial Inc. tax
Pers. & trade Sects 200,366
177,362
1930 accrued_ _ _
35,802
62,554
Reserve for Federal
taxes year 1930_
103,000
170,000
Pers. & trade accts
25,075
18,845
Unpaid drafts __ _ _
110,000
110,102
Surplus
6,152,291 6,363,434
16,725,890 16,895,089
Total
Total
16,725.890 16,895,089
-Nr. 130, P. 4251.
4599
Balance Sheet December 31.
AssetsLiabilities1930.
1929.
1930.
Plant, equip., &e. $381,614 $568,267 Capital stock
$750,000
Invest.in & adv.in
Accounts payable_
2,054
Other co's
3,734
15,634 Accrued payroll
652
Land sales contract 894,588
886,989 Federal income &
inventory of crops
profits tax
15,257
26,955
Reel. dist.999 war.
Deferred profit on
17,185
In excess of nab
land sales
323,278
8,179
6,957
484 Surplus
Accts. receivable
x320,968
163,885
Cash
86,622
1929.
$750,000
2,124
1,094
6,072
361,166
558,944
Total
Total
$1,396,952 81,679.400
$1,396.952 $1,679,400
x Includes capital surplus of $336,085 and deficit in earned surplus of
315.117.-V. 132, p. 1233.
Hobart Mfg. Co.(& Subs.).
--Earnings.Calendar YearsNetsales
Cost of goods sold
Selling & gen. expense
1930.
1929.
1928.
1927.
$7,185,926 $8,640,384 $7,035,895 $5,370.978
4,430,931
3,087.618
3.566,876
2,737,646
2,696,750
2,804,469
2,333,587
1.603,824
Profit from operations $922,300 $1,404,984 $1,614,691 $1,029,509
Other income credits_ _ _ _
110.493
121,379
115.249
173.312
Gross income
$1,032,793 $1,526,363 $1,729,940 $1,202,821
Federal income tax (est.)
110,639
161.316
197,580
128,500
Income charges
110,641
125,485
105,443
108,237
Netincome
$811,513 $1,239,561 $1,426,917
$966,084
Surp. at begin, of year.. 5,008,080
4,402,669
3,457,495 2,795.459
Profit & loss credits
11.136
125,683
Gross surplus
$5,819,593 $5,642,230 $4,895,548 33,887.229
let preferred dividends
35,867
2d preferred dividends
14,079
16,757
25,574
22,883
Common dividends
499,072
513,148
408,551
312,123
Pref. stk. red. premiums
2.420
2,270
26,480
33,320
Good-will written off_ _ _
670,791
7,290
Reorganization expenses
3.968
Other prof. & loss chges_
45,260
94,686
32,274
21,572
Surplus at end of year.. $4,587,968 $5,008.080 44,402,670 $3,457,496
x Of which $194,718 applicable to minority stocks of subsidiary companies.
Consolidated Balance Sheet Dec. 31.
Liabilities1929.
1930.
Assets1929.
1930.
Cash & U.S.secur.$1,263.015 $769,649 Notes & accts. pay. $117,707 $203.043
Commissions pay._ 339,342
Other market.secur
378,617
98,500
Accrued Federal inNotes. accts. & income tax
stalm't contracts
106,837
156.671
91,427
receivable
x2,715,889 2,998,366 Other accr'd accts. 106,037
Inventories
902,755
2,567,428 2,725,760 Reserves
2nd pref. stock _ _ a172,000
Dux from officers
220,400
64,264 Common stock._ _z2,438,000 2,438,000
& employees_...19,164
Minority stocks of
Adv. to trustee for
sub. companies_
179,519
219,064
purch. of stock
98,176 Surplus
4,587,968 5,008,080
to be sold to emp
84.140
173,602
Investments
137,771
Plant property...-Y1,106,665 2.029,412
711,461
& patents 33,311
47,367
21,527
Deferred charges.._
Total
$8,047,409 $9,618,058
38,047,409 $9,618,058
Total
x Less reserve for doubtful accounts of $136,681. y Less reserve for
depreciation of $960,363. z 200,000 shares (no par value). a Called for
redemption Feb. 16 1931.-7V. 132, p. 138.
-Omits Dividend.
Hoover Steel Ball Co.
The directors have voted to omit the quarterly dividend ordinarily
payable about July 1 on the common stock, par $10. A quarterly distribution of 15 cents per share was made on this issue on April 1 last, as
-V. 132, p. 2975.
compared with 30 cents per share previously.
-Receivers' Report.
Houghton & Dutton Co., Boston.
The receivers for the company have filed a report in Mass. Superior Court
on the assets of the company as of May 31, and Judge Qua issued an order
an order of notice to all creditors, returnable July 19, to appear on a petition
of the Zubick Shoe Co. that the receivers be ordered to sell the assets.
The receivers state that from the time of their appointment Dec. 2, to
May 31,gross sales amounted to $3,177,785,and the cost of the merchandise
sold to $2,171,190, leaving a gross margin of $1,006.595: and that total
operating expenses and other expenses resulted in a net operating loss for
the period of $6,683. The first profit was made in April
-$11.020
-and
the profit for May dropped to $7,939.
The receivers urged that they be allowed to continue with the receivership for a time. In their opinion a dividend to creditors should not be paid
now. They expressed the belief that if they can operate the store for the
remaining months of this year, they will be able to pay a substantial dividend to creditors, and that the chances of selling the business as a going
concern will be better than at present.
The balance sheet showed total assets of $2,538,774. current assets of
$1,517,224, and total current liabilities of $1,395607.-V. 131, p. 4062.
-Smaller Dividend.
Howe Sound Co.
The directors have placed the common stock on a $2 annual dividend
basis, compared with $3 previously paid, by the declaration of a quarterly
of 50 cents a share,payable July 15 to holders ofrecord June 30. A quarterly
distribution of 75 cents per share was made in April 15 last. The company
had maintained the $4 annual rate to and incl. Jan. 15 1931 from Oct. la
1926 when the rate was increased from $3 to $4. In addition, an extra
dividend of 50 cents a share was paid on July 15 1929 and on Jan. 15
1930.-V. 132. p. 3158, 2208.
-Earnings.
Hunt's Limited.
Calendar YearsSales
Net earnings
Income tax
Loss on fixtures
1929.
1928.
1930.
$1,130,425 $1,149,501 $1,025,000
95,839
102,763
75,482
5.829
6,650
5,814
2,831
200
Net profit
Preferred dividends
Common dividends
Class A dividends
Class B dividends
$87,179
$95,913
5,193
27,984
22,500
25,901
22,500
Surplus for year
Previous surplus
Excess prov. for taxes
Insurance adjustments
$36,695
216,515
$42,319
171.234
2,960
$69,668
27.869
15,000
$26,799
144,435
Dr.2,136
$251,072
$216,513
$171.234
Balance
Hibbard, Spencer, Bartlett & Co.
34.12
$3.05
$2.06
-Div. Rate Decreased. Earns. por sh. on comb.cl. A & B stk.
The directors have declared three monthly dividends of 20 cents each,
Balance Sheet December 31.
placing the stock on a $2.40 annual basis against $3 previously. The
1930.
1930.
1929.
1929.
Assetsdividends are payable July 31, Aug.28 and Spt. 25 to holders of record July Cash
$6,386 Accounts payable_ _ _ $37,798
$41,543
$47,103
-V. 132, p. 1233.
24, Aug. 21 and Sept. 18, respectively.
Dividend payable... 25,242
Call loans & Domin.
25,242
65,238
111,137 Accrued expenses__ _ 10,935
11.278
Govt. bonds
Holland Land Co.
-Earnings..
15,628 Provision for Federal
Accounts receivable. 13,213
Years1930.
8,220
Calendar
income taxes
1929.
61.327
6,650
1928.
Merchandise invent. 54,198
1927.
$5,010
Capital stock
x608,337
$23,467
Lease rentals
608,337
$15,949
$12,183 Prepaid expenses &
8,099
Farming oper. (net)_ __ _
30,603
5,935 Surplus
251,072
accrued revenue_ _ 10,561
216,513
16.550
16,558
5,098
20,392
Profit on land sales (net)
66,388
69,727 Life insurance, cash
53,666
5,440
49,730
4,664
Int. on land sales contr's
surrender value_ .._
59,330
66,819
1,587
3,290
Interest on warrants_ _ _
5,807
6,493 Invest. In and adv.
1,234
Miscellaneous income_ _ _
28,221
1,149
to subsidiary co._
2,097
2,320
Land, bklgs., mach.,
$74,693
641,484
Total
$128,632
equipment, &c._. 654,182
$166,120
$174,100
63,554
71,758
Admin., oper., &c., exp.
82,136
68,008 Leasehold dc building
6,723
67,784
Depreciation
6,970
improvements._ _ _ 67,784
7,543
8,951
1
1
Goodwill
Int., lOSS on equip. sales,
•
23,798
&c. (net)
9,148
1,071
$939,605 $915,124
Total
Total
$939,605 $915,124
Net profit before Fed'i
x Represented by 18,656 no par class A shares and 15,000 no par class
loss$19.381
$49,902
Income tax
$67,293
396,070 B shares.
-V. 132. P• 1816.
[VOL. 132.
FINANCIAL CHRONICLE
4600
-Earnings.
Interprovincial Brick Co., Ltd.
Hudson's Bay Co.
-New Governor Appointed.
P. Ashley Cooper has been appointed governor of this company with
the approval of the Bank of England, to succeed C. V. Sale who retired
some months ago.
-V. 132. p. 665, 1044.
-Acquisition.
Humble Oil & Refining Co.
The company in May, it is reported, purchased two producing wells
and a lease on 43 acres in Kilgore Pool, Rusk County,East'Texas,from the
Federated 011 Co. for $225.000. The lease is directly north of the Kilgore
Pool discovery well.
-V. 132, p. 3352.
Hussman-Ligonier Co.
-Earnings.
1930.
loss$395,456
Calendar YearsNet profit for year
Dividends paid
1929.
$56,063
168,000
Calendar YearsProfit for year
Depreciation for year
1930.
$5,308
28,412
1929.
$41,583
29,005
1928.
$3,989.
29,033
Net loss
Previous deficit
$23.104
59,263
Pf.$12,578
71,841
525,044
46,797
Total deficit
$59,263
$82,367
Balance Sheet December 31.
1930.
Assets
1930.
1929.
Cash
$1,591
$3,782 Accts. pay.& accr.
$11,861
Call loans
charges
28,131
38,000
Accts. receivable,.
86,366
77,756 Montreal Life in85,000
Inventories
surance Co
35,793
24,316
Prepaid charges_
1,909
4,377 Toronto House prop.
House property.
Pref, stock, cl. A.. 147,900
(Toronto)
1,728
5,1,179 Pref. stock, cl. B_ 300,300
Real estate, bides.,
Common stock__ y250,000
mach.& equip,. x557,176
82,367
585,683 Deficit
$71,841
1929.
$11,80$
85,000
3,450
$111,937
$395,456
Deficit
147,900
$0.66
Nil
Earns, per sh. on 84,000 abs. cap. stock (no par)--300,300
250.000
Comparative Balance Sheet Dec. 31.
59,263
1929.
1930.
LiabilitiesAssets1929.
1930.
$100,000 $590,000
Cash
$177,908 $181,374 Notes payable__
92,531
Total
59,027
$712,694 $739,192
Total
$712,694 $739,192
Accounts payable_
Accounts, &a, re11,977
x After depreciation of $313,521
ceivables (net)
x529,394 1,339,417 Wages accrued_
y Represented by 10,000 shares
28,082 (no par).
31,995
Taxes dr int. accr_
Due from salesmen
-V.130, p.4428.
5,376 Due to salesmen
&agents
13,790
agents, for de990.696
Interstate Equities Corp.
Inventories
771,049
-Retires 65,000 Shares of
ferred commisInvest. & advances
30,219
8,935
137.542 $3 Preferred Stock.
120,234
sions, &c
Capital assets__- y393,184
443,756
42.000
The Boston Stock Exchange has been advised that the company has
55,137
36.894 Dividends payable
Deferred chargesretired 65,000 shares, (no par) $3 cumulative preferred stock.
-V. 132.
Res. for Federal Ai
16,000 P• 1429.
State inc. taxes_
Special res. on InInvestors Syndicate.
$3,000,000.
10,000
-Assets Gain
stallment paper_
Assets of Investors Syndicate, for the past 37 years engaged in the sale
Cony. 10-yr. 6%
950.000 1.000,000 of thrift certificates, increased more than $3,000,000 during the first five
sinking fund_ _ _
z1,000,000 1,000,000 months of 1931, according to a report issued by E. M. Richardson, SecCapital stock
211,537 retary and Treasurer. Resources totaled $42,057,847. as of the monthly
195,537
Initial surplus__ _ _
111,937 statement of condition of May 30, showing an increase of $632,050 over
Prof. & loss deficit 507,393
April figures.
$1,949,400 $3,027,732
Since the first of the year, assets of the Investors Syndicate have inTotal
Total
$1,949,400 $3,027,732
x Less reserve for doubtful accounts and discounts of $115,000. y Less creased at an average of $649.546 per month, the report showed. Largest
Represented by 84,000 shares of monthly increase was shown in March when $758,997 was added to total
reserve for depreciation $306,768. z
assets. Resources were increased by $700,015 during April.
no par value.
-V. 130, p. 4427.
Capital, surplus and reserves totaled $5,585,212, as of May 30, showing
Aktiengesellschaft (I. G. Dyes). an increase of $124,774 over April. Cash on hand amounted to U34,425.
I. G.Farbenindustrie
Bonds and securities legal for life insurance company investment under the
-Earningsfor Calendar Years.
laws of the State of New York totaled $2,911,140.
The bulk of the company's assets, Mr. Richardson said, are placed in
(All figures in Relchsraarks)
first mortgage loans on improved city residential property. First mortgage
1930.
1929.
217,480,968 256,480,519 loans total $32,186,114, as of May 30. These loans are constantly being
Gross profit
14,978,508 14,982,408 decreased by monthly repayments, Mr. Richardson explained.
Interest on debentures issued in 1928
Money loaned to holders of the company's thrift certificates on the total
57,286,192 70,099,929
Provision for depreciation
55,998.280 66,800,436 principal and interest of their investments amounts to $2,531,606. as of
Taxes and duties
May 30
89.217,988 104,597,746
Net profit
Loans 8% Smaller in May.
5,463,375
5,941,994
Previous surplus
Average size of loans on city residential property funded by Investors
95,159,983 110,061,122 Syndicate during May showed a decrease of over 8% from the April average,
Total surplus
according to a report issued by Vice-President E. E. Crabb. Total May
At the annual meeting of the stockholders, held on June 3 1931, it was fundings by the company gained over the April total, the report showed.
resolved to pay on the common stock for the year 1930 a dividend of 12%.
Loans
with $4,822 in April and
made at once at the $4,389 inin May averaged $4,416, compared Average for the 12 months
Payment (less the German coupon tax of 10%) will be
the first five months of the year.
company's offices and at most of the larger German banks and banking ended May 31 was $4,413. Loans funded by Investors Syndicate during
No. 9. The holders of the May numbered 126, compared with 106 in April, and totaled $556,392,
houses upon surrender of dividend coupon
debentures issued in 1928 will receive for the year 1930 in accordance with compared with $511,135 the previous month.
the participating feature of the debentures 6% interest, payable on or after
In the first five months of the year a total of 669 loans was funded by
July 1 1931, upon surrender of coupon No. 3.
the company in an amount of $2,936,768. Loans placed in the 12 months
The balance sheet was published in the advertising pages of last week's ended May 31 totaled 1,661 and amounted to $7,330,997.-V. 132. p. 4072.
"Chronicle,"
-V, 132, p. 4423.
-Smaller Dividends.
Independent Pneumatic Tool Co.
The directors have declared a quarterly dividend of 50 cents per share,
payable July 1 to holders of record June 25, placing the stock on a $2
annual basis, against $4 previously.
-V. 132, P. 3897.
India Tire & Rubber Co. of Mogadore.-Earnings.Earnings for Year Ended Dec. 31 1930.
________________________ $3,650,741
18,887
Balance Sheet Dec. 31 1930.
AssetsLiabilities
$111,421
Cash
$133,014 Acceptances payable
162,593
Notes & trade acceptances,&c
814,198 Accounts payable
34.309
Inventories
724,123 Accrued taxes & interest
loss on rubber &
Investment, advances, &c__
20,900 Reserve for
83,000
Miscall, notes & accts. rec_ __
fabric commitments
30,700
800,000
Land, bidgs., mach. & equip. x991,903 Gold notes, serial 64%
489.578
Deferred assets
41.338 7% cumul. preferred stock__
1.075,273
Common stock
___ _ _
Net
salesOperating profit
$2,756,174
Total
$2,756,174
Total
x After reserve of $393,697.-V. 132, p. 4251.
-Earnings.
-Interlake Steamship Co.
1929.
1930.
Calendar YearsEarns,from operation after deduction of all exps_ - $2,359,833 $3,350,085
442,704
383,205
Miscellaneous Income
Totalincome
Provision for depreciation
Provision for Federal income tax
$2,743,038 $3,792.789
864,950
817,956
314,964
222.175
Net income
Dividends paid
$1,702,907 $2,612,874
2,089,550
2,208.800
df.$505,893
Balance,surplus
$3.08
Earns, per share on 552,200 she,capital stock (no par)
Balance Sheet December 31.
1930.
AssetsLiabilities1929.
1930.
Accounts receiv_ $235,643 $356,288 Accts. payable and
II. S. bonds and
Fed. income tax $351,098
70,272
other securities_ 4,913,519 5,436,916 Prov,for storage-2,721,547
Insur. claims, &c_
16,449
97,937 Reserves
Inventories
92,552
88,518 Capital stock--116,803,620
1,047,495
Investments
3,803,047 3,067.073 Surplus
Property accounts12.757,393 13,276,760
Deferred charges__
75,430
69,658
$523,324
$4.73
1929.
$426.955
24,615
2,682,573
16,803,620
2.453,388
21,894,032 22,393,151
Total
Total
21,894,032 22,393,151
-V. 132, P. 2209.
Represented by 552,200 shares (no par).
-Sub. Changes Capital.
International Harvester Co.
Officials of the company, commenting on an increase from 52.000,000 to
$15,000,000 in authorized capital of its export corporation, a Delaware
concern issued thefollowing statement:"Authority to increase the capitalization of the International Harvester Export Corp. is being obtained for the
purpose of reshaping its capital structure. No new investment is involved
at this time, but only a conversion of a larger portion of existing investment
into capital shares as distinguished from loans."
-V. 132, p. 2209.
-Off List.
International Securities Corp. of America.
See American & General Securities Corp. above.
-V. 132, p. 863.
International Utilities Corp.
-Meeting Again Postponed.
The meeting of stockholders, called for June 17 to vote on the reclassification of the preferred and class B stocks has been postponed because of the
lack of a quorum, until.
-V. 132, p. 4252, 4423.
Interstate Department Stores, Inc.
-May Sa/e8.1931-May-1930.
$1,991,618
32,025,250
-V. 132. P. 3897, 3538.
Decrease.' 1931-5 Mos.-1930.
$33.6321$8,442,946
$8,161,126
Increase.
8281.820
Jefferson Electric Co.
-Earnings.
-
Calendar Years
Gross profit on sales
Selling and administrative expense
Other income & exp. (net), incl. Fed. inc. taxes
1929.
1930.
$900,187 $1,350,330
660,454
615,049
83,517
35.631
Net income and profits
Previous surplus
$249,507
527,411
$606,359
339,172
Total surplus
$945,532
$776,918
Dividends paid and provided for
416,017
360,000
2,103
Miscellaneous charges and credits (net)
10,410
$527,411
SurplusDec. 31
$406,508
$5.06
Earns, per sh. on 120,000 she. com.stock (no par)_
$2.07
Balance Sheet Dec. 31.
1929.
1930.
AssetsLiabilities1930.
1929.
$75,343
Cash
$186,817 $236,217 Accounts payable.. $42,011
12,500
Marketable secure 338,479
403.462 Notes payable_
4,297 Accr.exp. Fed.inc.
Accrued int. rec._
.
tax & dive. pay_
122,501
177,117
Notes & accts. rec. 285,881
287,651
Inventories
736,913 Common stock_ __ y1,500,000 1,500,000
563,911
Stock of subs
500
Surplus
406,508
527,411
Due from subs _ .._ _
39,445
Patents
681
768
Fixed assets
562.578
x573,333
Other assets
48,947
33,647
Unexpired insur.&
26,839
supplies invent_
28,504
52,071,021 $2,292,372
Total
x After depreciation of $383,278
(no par).
-V. 132, p. 2782.
Total
$2,071,021 52,292,372
y Represented by 120,000 shares
Kalamazoo Stove Co.
-Earnings.
1928.
Years Ended Dec. 311930.
1929.
Net income after all charges, incl.
depreciation & Federal taxes
$208,426
$687,463
$636,537
Dividends for year
364.963
345,167
253.125
Surplus for year
$383.412
def$156,537
5342,296
Shares corn, stock outstand. (no par)
82.008
78,425
75,000
Earnings per share
$2.54
$8.76
$8.49
Condensed Balance Sheet Dec. 31.
Assets1930.
1929.
1929.
1930.
Cash, Lib. bds., &c $549,814 $776,178 Accts. payable, &c $104,244 $260.691
Accts .recelvable. 1,426,565 1,652,578 Dividends payable
92,258
8,917
52,432
Inventories
491,245
359,579 Customers adv__
Fixed assets, less
Federal taxes
26,809
85.510
depreciation ___ 354,824
345,119 Cap. stock & surp.x2,678,800 2,835,338
Sundry assets-59,579
67,375
Deferred charges__
29.001
33,140
Total
$2,911,028 83,233,969
Total
$2,911,028 83,233,969
x Represented by 82,000 shares (no par).
-V. 132, p. 1430.
Kaynee Co.
-Usual Extra Dividend.
-
The directors have declared the usual extra dividend of 12Hc. per share
and the regular quarterly dividend of 50e. per share on the common stock,
both payable July 1 to holders of record June 20. Like amounts were
been paid quarterly since and including Oct. 1 1927.-V. 132, P• 1817.
-Smaller Div.
Kelley Island Lime & Transport Co.
The directors have declared a quarterly dividend of 50 cents per share,
payable July 1 to holders of record June 20. Previouly the company
made quarterly distributions of 623i cents per share.
-V. 129, P. 3644.
Knott Corp.
-Common Dividend.
-
The directors have declared the regular quarterly dividend of 25c. a
share in cash on the common stock, or 2
-25th of a share in common stock,
payable July 15 to holders of record July 3.-V. 132, p. 322.
-To Decrease Stock.
(B.) Kuppenheimer & Co., Inc.
The stockholders at the next annual meeting will be asked to approve the
proposed plan for retiring and cancelling 15,500 shares of commonstock
4601
FINANCIAL CHRONICLE
JUNE 20 1931.]
now held in treasury, thereby reducing the outstanding common stock
-to 84,500 shares.
The company has retired and canceled all of its outstandin preferred
stock amounting to 3,800 shares.
-V. 132, p. 4424.
-New Secretary.
Lake Superior Corp.
James Dever, C.A., has been appointed Secretary of this corporation
.and constituent companies, to succeed Alex. Taylor. resigned, and will also
be Secretary of the Algoma Consolidated Corp., Ltd., and subsidiaries.
-V.132. p.4073.
See also Algoma Consolidated Corp., Ltd., above.
-Earnings.
Lakey Foundry & Machine Co.
(Fred T.) Ley & Co. Inc.-Omits Dividend.-
'
The directors have voted to omit the quarterly dividend ordinarily
payable about July 1 on the common stock. On April 1 last, a quarterly
distribution of 37% cents per share was made as compared with 75 cents
per share previously -V. 132, p. 2005.
-Acquires Plant.
Libbey-Owens-Ford Glass Co.
-V. 132, p. 4073.
See General Motors Corp. above.
-Sales Higher.
Lincoln Stores, Inc.
Four Months Ended May 31For income statement for 6 months ended April 30 see "Earnings De- Sales
-V. 132. p. 3727.
-V. 132. p. 1045.
partment" on a preceding page.
-Earnings.
La Salle Extension University, Chicago.
1931.
$
955,652
1930.
$863,494
-Smaller Dividend.
Link-Belt Co., Chicago.
$4,371,150 $4,046,298 $5,252,249
1,551,648
1,416,653
1,843,350
The directors have declared a quarterly dividend of 50c. a share on the
common stock, no par value, payable Sept. 1 1931, to holders of record
Aug. 15. Quarterly dividends of 65 cents a share were paid on this issue
from Sept. 1 1929 to and including Dec. 1 1930, while in each of the two
-V.132, p.3160.
following quarters a dividend of 60c. a share was paid.
Net income
$2,480,369 • $2,819,502 $2,629,645 $3,408,899
Enroll, sales to corp
421,881
202,661
44,767
56,133
Sales of books, &c
19.002
32,626
46,294
42,018
Miscellaneous income_ _
548
The directors have declared a quarterly dividend of $1 per share on the
common stock, par $100, payable July 1 to holders of record June 17.
Previously, the company paid quarterly dividends of $1.50 per share.
Calendar Years1930.
Total enrollment fees,
$3,850,891
less refunds
Res. for cancell. & losses 1,370,522
Total
Expenses
Int. and exchange, &c_
1929.
1928.
32,921.800 $3.054,791 $2,720,707
2,727,966
2,689,572
2,560,981
26.438
23,302
30,497
1927.
$3,507,051
3,391,005
21.000
-Smaller Div.
Lisk Mfg. Co., Ltd., Canandaigua, N. Y.
-88% of Bonds Deposited.
Locomobile Co. of America.
-year 1st 6% sinking
The bondholders protective committee for the 20
fund bonds states that deposit of approximately 88% of the bonds has
been received. The committee obtained postponement of the foreclosure
Net income
$167,396
$341,916
$129,228
$95,046 sale until June 22, and is trying to postpone the sale again until Oct. 1,
Preferred dividends__ _ _
(x)
70,000
70,000
70.000 because to date it has been impossible to obtain a purchaser at a private
1,089,183
Total surplus
956,791
684,621
595,116 sale, and at the public sale scheduled for June 3 no bidder appeared.
x Preferred dividends were paid in full at rate of 7% during 1930, but
The committee states that it is endeavoring to obtain from the trustee
amount not reported.
a partial distribution of the cash which it is holding, leaving with the
Balance Sheet December 31.
trustee a sum sufficient to pay operating expenses of the plant until a sale
Liabilities1929.
1930.
1930.
1929.
Assets-can be consummated. If successful, the committee will distribute about
$50,106
$76,469 Notes payable__ $183,650 $157,648 15% of the face amount of the bonds to the depositing bondholders.
.Cash
Trade acceptances
85,939
Corp. ser., steno69,142 V. 129, p. 2239.
Pay, on subscrip.
type, &c., accts.
-Election Upheld.
for gold notes-16.442
& notes receiv- - 159,236
100,459
8.195
(P.) Lorillard Co.
Accounts payableNotes receiv. for
65,017
87,911
The Supreme Court at Trenton, N. J. on June 12,in dismissing an action
training service_ 2,378,834 3,111,008 Accr. wages, salaof minority stockholders upheld the re-election of the board of directors.
ries and expenses
24,097
Value of life issue.
6,525
4.583
33.070
Sixteen minority stockholders, contending the election held March 10
"inventories
204,394
190,736 Pref. div. declared,
was illegal in that many proxies were illegally cast, sought a rule to show
Invest. in LaSalle
not due
16,625
17,500 cause why it should not be set aside.
143,015 Com.<By. declared,
Bldg. Corp
150.278
The court, pointing out that such litigation should "at all times be
not due
176
'Fixed assets
855,046
x1,630,183
181 brought to a conclusion with all reasonable expedition and dispatch so
6.862 Employ.fund, &c_
495
Insur. and interest
13,275
that the corporate affairs of the company involved will not be interrupted
944,700 1,000,000 and placed in a state of suspense and uncertainty," held that the stock40,318 Pref. stock
Advertising
35,637
Common stock... 2,200,000 2,200,000 holders had not pursued their case with "anything abproaching due diliSurplus
1,089,183
956,791 gence." The Court pointed out the company had sought discharge of the
rule on the ground that it "was not authorized under the corporation's
Total
$4,626,326 $4,530,438
$4,626,326 $4,530,43F act"•, the proceeding "has not been pursued with reasonable diligence"
Total
-V. 132, p. 322.
and it was without merit.
x After depreciation.
The corepany has appealed to the Court of Errors and Appeals from a
-Earnings.
-Leath & Co.
Chancery injunction obtained by the minority group restraining the company from voting at the March 10 meeting on a stock distribution bonus
Calendar Years1930.
1929.
1928.
1927.
10883259,982
Total income
$626,985
$678,961
$461,663 plan. Decision is pending. on the three contentions of the company said:
The Supreme Court ruling
Depreciation
43,811
33,516
30,755
22,598
"We feel constrained not to pass on the first and the third, although
Federal taxes
54,289
63,000
53,600
not presented fully before us, at least a serious question.
61,914
Interest bad debts, &c
62,443
93,554
61,616
Precautionary reserves
80,000
As to the second we are not in doubt.
"We are quite unable to find any reason, and particularly a legally
Net income
1084445,707
$476.737
$491,653
$323,849 excusable one, why the holders of this rule should not have placed them- Preferred dividends_ _ _ _
177.796
177.803
139,140
selves in a position, from the time they obtained it, March 28 1931, until
Common dividends
105,646
the opening of this term (May term of court) May 5 1931, when it was
Balance
def$623,803
$193,287
$352,513
$323,849 reasonable to present to this court the meritorious question involved, if
Shs. corn. stk. outstandthere was one.
ing(no par)
95,346
105,646
99,833
"We are unable to find anything approaching due diligence has been
99,833
Earns, per share
Nil
$2.83
$3.53
$2.08 shown, and we conclude that the rule to show cause must be dismissed
Balance Sheet Dec. 31.
with costs."
-V. 132, p. 4424.
Assets1929.
Liabilities
1930.
1930.
1929.
-Class B Dividends.
(Arthur G.) McKee Co.
8264,444 $115,848 Accounts payable_ $86,984 $258,553
Cash
The directors have declared two regular quarterly dividends of 87)
1,499,232 2,296.162 Notes payable_
Accts. receivable
295,000
cents each on the class B stock, payable July 1 and Oct. 1 to holders of
446,162 1,049,104 Accruals
_Inventories
23,078
50,253
respectively. Action on the dividend for the
368,779 Divs. payable__ _ _
Fixed assets
376.167
44,451
123,688 record June 20 and Sept. 20,
taken because the current year's earnings
3,287 Reserves
Sundry receipts-- _
9,393
93,000
93,000 fourth quarter at this time was
625,000
625,000 Capital stock
Good-will
11,081,644 1,081,644 to date have amply covered regular dividend requirements for all of 1931,
it was announced -V. 132. v. 2783.
13,465
22,166 Surplus
Prepayments
1,904,705 2,578,208
$3,233,862 $4,480,346
Total
Total
$3,233,862 84,480,346
x Represented by 95,346 shares (no par).
-V. 132, p.4424,
Lehigh Portland Cement Co.
-Omits Dividend.
The directors.have voted to omit the quarterly dividend which would
ordinarily become payable about Aug. 1 on the common stock, par $50.
From Aug. 1 1928 to and incl. Aug. 1 1930 the company paid quarterly
dividends of 62% cents per share on this issue, while from Nov. 1 1930 to
and incl. May 1 1931 quarterly distributions of 25 cents per share were
made.
-V. 132. p. 2783.
Lehman
McKesson & Robbins, Inc. (Md.).-Mfg. Two New
Products.
addition of two new products to its long
The corporation announces the
line of manufactured drug and special products. The company's research
laboratory is experimenting with several additional products, announcement of which is expected to be made in the near future. The two latest
Products are "Burntone," which is a new efficient cure for sunburn and
-V; 132.
burns, and other skin irritations, and "Ora," a new deodorant.
P. 3727.
-Earnings.
McWilliams Dredging Co.
Corp.
-Capital Readjustment.
1928.
1927.
1929.
1930.
Calendar YearsOn June 24 the stockholders will vote on a proposal to retire stock of the
$328,914
$406,357
$444,577
corporation, purchased in the open market and now held in the treasury. Gross profitsfrom contr- $755,307
14.387
2,492
7,592
13,547
This stock, totalling 117.700 shares, was acquired during the past 18 months Other operating incomeof declining security prices. As the management points out, the retiring of
$343,300
$408,849
$458,125
$762.899
Totalincome
this stock will automatically increase the equities of the remaining shares by
over $2 a share. This increase results from the fact that the treasury stock Deprec., repairs & maintenance of idle equip.,
is carried at market price or conisderably below true liquidating value.
78,308
95,616
96.225
126,653
Sze
After allowing for the retirement of the treasury stock, the total outstandAdministrative & general
capitalization will consist of 882,300 shares of no par stock.
ing
100,452
70,434
139,742
112,330
expenses
-As of June 10, this year, it is understood the portfolio
Investment Policy.
showed a wide diversification both as to classes of securities and groups
$212,782
$194,558
$222,158
.
Net profits from oper- $523,916
within the classes. The approximate holdings were as follows:
40,453
6,606
5,025
23.657
Other income
ItemItem
1.60% Common stocks
Cash
$219,387
$262,611
$199,583
$547.572
61.00%
Total
Municipal bonds
1.15% Loans & advances (bldg.& other) 9.00% Int.,Fed. taxes & special
U.S. Government bonds
12.50% Dividends receivable
42.063
40,311
37,760
82.317
.75%
charges
Other bonds
5.60%
Preferred stocks
8.40%
Total
$465,255
$224,851
$159,272
$177 325
100.00%
Net profits
1tot available.
30,462
40,0001.
Common stocks were divided approximately as follows:
Preferred dividends29,5601
-.
80,471
Common dividends
ClassClass
a240.875
Common dive. (stock)._
Automotive
2.9% Metals & mining
7.0%
Banking, insurance & finance.-$159,272
$113,447
$177,325
9.5% Oils
$155,291
Balance,surplus2.5%
Chemical
5.5% Public utilities
a 48,175 shares at $5 per share.
21.2%
Electrical equipment
3.5% Railroads
Balance Sheet Dec. 31.
4.3%
Food products
14.2% Tobacco
3.9%
1929.
1930.
1930.
AssetsManufacturing,&o
10.0%
$382,334 $219,.764 Cony. pref. stock.
$500,000
Cash,&o
Merchandising
15.5%
Total
100.0% Marketable secur_ 219,288
394,133
273,407 Commonstock-y$1,100,383
Outstanding Investment Holdings.
-The following, it is understood, were Accr.int, on secur_
2.318 Accounts payable_
60,073
39,273
11,019
among the more important common stock holdings as of June 10*
256,443 Notes payable..
12.400
Due on estim., &c_ 251.150
Air Reduction Co., Inc.
12,210 Due to participant
4.701
Macy (R. IL) & Co., Inc.
Other accta. rec.in contract
10,243
Aluminum Co. of America.
54,668
McKeesport Tin Plate Co.
Cash val. of corp.
American Gas & Electric Co.
5,091 Due to office &
National Biscuit Co.
life insurance..
employees
5,978
7,760
American Tobacco Co."B"
National Dairy Products Corp.
Def, contract exp.
Accrued wages, &o
21,041
13,943
New York Steam Corp.
Chesapeake & Ohio Ry.
charge to future
94.277 Prov. for Federal
88,085
Colgate-Palmolive-Peet Co.
North American Co.
operations
income tax
28,348
46,016
64,268
40,486
Consolidated Gas Co. of New York.
Pacific Lighting Corp.
by,& other tenets
11,801
Other curr.
Public Service Corp. of New Jersey,
Corn Products Refining Co.
Dredgea,draglines.
50.078
644.875
674,935 Surplus
x929,600
General Electric Corp.
Union Carbide & Carbon Corp.
&c
United G9.9 improvement Co.
General Foods Corp.
Deposits on equip.
22,943
Humble 011 & Refining Co.
Woolworth Company.
purch. contract-As of June 10, the breakup value of the corporation
Liquidating Value.
Total
$1,908,881 31.1307.404
$1.908,881 $1,807,404
Total
holdings, after allowing for the retirement of the corporation's own stock
x After depreciation of$376,351. y Represented by 96,350 no par shares.
held in the treasury, was approximately $71.70 per share. Of the above
$71.70, approximately $12 was represented by cash and government securi- -V. 131, p. 4063.
-V.132, p.4253, 1818.
ties, and $59.70 by other holdings.
-Dividend Decreased.
-The direcCo.
-Dividend Payable in Stock.
Leland Electric Co.
-
The directors have declared a quarterly dividend of 50 cents Per share
payable in stock on June 30 to holders of record June 20. Previously the
company had been paying dividends in cash.
-V. 131. P. 2075.
Magma Copper
tors have declared a quarterly dividend of 25c. per share on
the outstanding 408,155 shares of capital stock, no par value,
payable July 15 to holders of record June 30. A quarterly
4602
(VOL. 132.
FINANCIAL CHRONICLE
Mexican Petroleum Co., Ltd.
dividend of 5.per share was paid on April 15 last, while
-Omits Common Dividend.
in each of the two preceding quarters a distribution of 75e. -The directors on June 16 voted to omit the regular quarterly dividend of 3% ($3 per share) ordinarily payable on the
per share was made.
-V.132, p. 3160, 1819.
outstanding 457,290 shares of common stock on July 20.
(H. R.) Mallinson & Co., Inc.
-New President.
E. Irving Hanson, formerly Vice-President and Treasurer, was recently The last distribution at this rate was made on April 20 1931.
elected President to succeed Hiram R. Mallinson, who died on May 12.
The directors, however, declared the usual quarterly
Robert S. Berryman, Secretary of the company, was elected Treasurer.
dividend of 2% on the pref. stock, payable July 20 to holders
-V. 132, p. 3727.
of record June 30.
--Earnings.
Manning, Bowman & Co.
Dividends of $12 annually have been paid since 1924 on
1928.
1927.
1929.
1930.
Calendar Years$238,937 the common stock in addition to extras of $75 per share in
$236,626
$198,921
Net earnings
xioss$303,528
36,108 1927, $40 in 1929 and $20 in 1930. Approximately 983 %
32,464
25,526
Taxes
6
,
$202,829 of the common and preferred stocks are owned by the Puy$204,162
Balance
$173,395
loas$303,528
extraordinary charges (including reserve for contingencies and American Petroleum & Transport Co., which in turn Is
x After
obsolescences) of $141,928.
controlled by the Standard Oil Co. of Indiana.
-V. 132, v.
Condensed Balance Sheet December 31.
3898, 1820.
1929.
1930.
1929.
Assets1930.
Cash
$161,611 5161,997 Notes payable
Michigan Steel Tube Products Co.-Smaller Dividend.
$450,000
banks
Accts. & notes rec. 239,149
319,750
The directors have declared a quarterly dividend of 10 cents per share
685,960 Accounts payable,
41,110
$94,515 on the common stock, no par value, payable July 1 to holders of record
trade
53,428
22,661 June 25. The last regular quarterly dividend of 20 cents per share was
9,049
5,500 Accruals
30,944 paid on this issue on April 1, compared with 3754 cents per share on Jan. 2.
57,046 Dividend payable
25,567 -V. 132, p. 2210.
Incometaxes
663,049 Reserve for contin(Robert) Mitchell Co., Ltd.
-Earnings.
65,000
gencies
1927.
1928.
Calendar Years1929.
1930.
49,937 Capital & Surplus_ y1,378,656 1,822,980 Net
$139,736
earnings
$216,798
$211,466 x$293,483
6,089
$1,943,815 $1,996,667 Other income
Total
$1,943,815 $1,996,667
Total
x After reserve for depreciation of $676.969, and obsolescence of $35,000.
$139,736
$222,887
Total income'
$211,466 4293,483
y Represented by 64.000 shares of class A stock (no par), and 64,000 Reserves
7,530
711,952
Inventories
53,257
Treasury stock_ _ _
6,600
Miscell.invest_ --Land
57,446
Buildings, machin.
and equipment- x662,075
Prepaid & deferred
51.723
charges
-V. 132, p. 323.
shares of class B stock (no par).
-Bondholders' ProMansfield Sheet & Tin Plate Co.
tective Committee Names Frank A. Scott Chairman.
Frank A. Scott has been made Chairman of a bondholders protective
The bonds were in default
committee for the first mortgage 8% bonds.
Juno I for $150,000 principal and interest. Other members of the com-
68,277
Net income
Dividends
47,785
42,059
8,356
31,868
$143,189
Depreciation
Tax reserve
$245,698
35,182
$210,516
222,567
$164,941
27,828
$137,113
85,454
$107,868
Dr.41,704
$391,379
56,666
$4.33
$222,567
50,000
$3.46
$107.868
44,000
$2.45
70,000
Net profit
Previous surplus
Net apprec. due to appraisal & profits on
$73,189
391,379
mittee are Otto Miller of Hayden, Miller & Co.; Elton Hoyt 2nd, partner
of Pickands Mather & Co., and H. H.McClintic, Pittsburgh, formerly of
sale of fixed assets_ __ _
240,236
McClintic Marshall Co. One vacancy is held for the appointment of a
Dr.19,949
Adjustments
-V. 126, p. 115.
member from Mansfield.
Profit & loss, surplus_
Finance Production Aver, no. shs. outstand. $684.854
-Bankers to
Marmon Motor Car Co.
70,000
Earnings per share
$2.04
Program.
x After expenses and reserves.
The "Wall Street Journal," June 16 says: "Eastern banking interests
are entering into a financing program for the company to provide additional
working capital, according to G. M. Williams, President. Unfilled orders
-cylinder model currently have a retail
on the books for the company's 16
value of approximately $500,000, and production and shipments of these
models as well as of the company's two eight-cylinder lines are being
maintained in direct relation to the demand, Mr. Williams said. Overhead costs have been reduced to the point where profitable operations are
-V. 132, P. 3898.
possible despite the curtailed output, he stated.
-Earnings.
Melchers Distillers, Ltd.
1930.
Calendar YearsNet profit after deduct., selling, administration
expense (& provision for depreciation in 1929)-- loss$2,897
Miscellaneous income
loss$2,897
Total income
636
Loss on sale of fixed assets
1929.
$390,101
7.125
$397,227
16,591
150,000
Class B dividends
x$138,258
$6,053
Total surplus
Total
$2,753,375 $2,494,292
•
-1% Back Div.
Mount Vernon-Woodberry Mills, Inc.
1931.
$45,575
30,000
1930.
$50,330
30,000
3,000
1929.
$70,347
24.000
3.000
$15,575
12,179
$17,330
40,592
2,772
$43,347
39.163
57
$27,754
x$138,258
Years Ended Feb. 28Net earnings
Provision for depreciation
$60,694
$82,567
6,055
7,871
934
23,613
18,641
31,416
3,849
$12.894
78,710
$0.12
$12,179
78,710
$0.13
$40,592
78,710
$0.47
Organization expenses written off_
x Subject to income taxes. y This dividend was cancelled and amount
credited back to surplus (see 1930 figures).
Comparative Balance Sheet Dec. 31.
1930.
1929.
Liabilities
1929.
1930.
Assets$390,000 $200,009
$46,904 Bank loan
$19,627
Cash
73,110
42,615
147,711 Bills & accts. pay.
119,429
Accts. receivable__
3,584
1,549,617 1,481,348 Accrued liabilities_
Inventories
50.000
Land,b1dg.& equip 1,543,957 1,524,275 Dividends payable
4,625
Mortgage payable
Trade marks,good3,500,000 3,500,090
1,555,200 1,555,200 Class A stock
Will, &Is
877,048
877,048
52,483 Class B stock
66,581
Deferred charges-6,054
138,258
Profit & loss acct_
$4,854,421 $4,807,922
Total
-V.131, p. 4224.
Total
Total
$2,753,375 $2,494,292
x Subject to income tax.
-V. 130, p. 4431.
last.
8,969 A distribution of 23 % on account of accruals was made on Dec. 31
200,000 -V. 132, p. 4074.
Y50,000
-Earnings.
Muirheads Cafeterias, Ltd.
def$182,205
138,258
Cr.50,000
Balance surplus
Previous surplus
Provision for class B dividend
Consolidated Balance Sheet Dec. 31.
1929.
1930.
LtabtlUtes1929.
1930.
$1,763,714 $1,763,530
$1,632,242 $1,060,300 Capital stock
6,740
Loan
Inventories
397,371
670,891
219,130
Accts. melvable
518,821
662,085 Accounts payable_ 251,592
70,362
31,580
Bills receivable_ _
.
9,016 Accrued
6,344
17,651
Empl.stk.subscrip
4,760
6,165 Dividends payable
34,566
Deterred charges
12,917
23,807 Special reserve__
4,583
4,082
Investment
58,240
62,026 Minority interest_
4,000
Cash
Mortgage on subs.
122,677
391,379
:684,854
Surplus
Assets-
Property
The directors have declared a dividend of 1% on the 7% cum,pref. stock
on account of accumulations, payable June 30 to holders of record June 15.
12,081
Adjustments (1929)
Income tax paid (1929)
Proportionate incorporation charges
Class A dividends
$107,868
14,854,421 $4,807,921
Merchants & Manufacturers Securities Co.-Stk. Inc.
The company on May 21 filed a certificate at Dover, Del., increasing
the authorized prior pref. stock (no par value) from 160,000 shares to
-V. 132, p. 3898.
500,000 shares.
----Earnings.
Merchants 8c Miners Transportation Co.
Net income
Previous surplus
Income tax adjust, prior period
Total surplus
Preferred dividends
Common dividends
Miscellaneous adjustments
Surplus Feb. 28
Shs. corn. stk. outstand'g (no par)_
Earnings per share
6.262
Balance Sheet Feb. 28.
1931.
Liabilities$21:742 Accounts payable_ $18,175
38,750 Accrued expenses
7,635
& prep. revenue
10,000
9,870
16,678 Dividends payable
Res. for Fed. taxes
79,950
9,218 Preference shares_
7,344
y480,205
plus shares
12,894
Surplus
taurant plant &
381,728
x349.683
equipment,&c
Leases, tr. names,
150,000
goodwill, &e.„ 150,000
Assets
Cash
Investments
Prepaid tax reet_
Inventory
Prepaid expenses
& aeon revenue
Bldg. lrapt., res-
$47,997
32,320
8,000
13,386
6,710
1930.
$29,841
11,529
4
2: 2
99129
82.310
480,205
12,179
1928.
1927.
1929.
1930.
Calendar YearsOper. revenue (transP.)- $7,206,062 $8,330,478 $8,052,336 $8,329,460
136.089
116,951
170,525
145,275
Other Income
$608,728 $628.118
Total
$608.728 $628,116
Total
Total Income
$7,351,338 $8,501,003 $8.188.427 $8,446.411
1,183,697
1,119,381
1,119,475
1,151.750
Maint.(Incl. deprec.)
x After depreciation of $76,500. y Represented by 78,710 no par shares.
5,725,683 5,589,534 5,869,479 -V.132, p. 1630.
Other expenses
5.373,298
192,655
200,541
Rentals
196,333
204,905
-Liquidating Value.
242
1.689
National Bond & Share Corp.
Interest
252
336
on June 15
260,843
279,987
282,710
199,127
Taxes (Incl.Fed.tax res.)
The regular quarterly dividend of 25c. per share was paid exceeded by
The amount of this dividend is
to holders of record Juno I.
$961,454
Net income
$975,334 the net interest and dividends received during the quarrer ended May
$421,921 $1,176,551
x614,785
Dividends paid
608,385 311931, it is announced.
x614,785
x614,785
At the close of business May 311931, the assets of this corporation taken
$346,669
Balance,surplus
$366,949
$561.766
def$192,864
and U.
245.914
245,914
245.914
244,651 at market values, were distributed as follows: CashcommonS. Government
Shs.of cap.stk. outstdg_
stocks,
$3.91
$3.99 securities,32.3%; bonds and preferred stocks,26%; payable June 41.7%•
Earnings per share
$1.72
$4.78
15, the
After providing for the dividend of 25c, per share
x Approximate; inserted by Editor.
liquidating value of the capital stock at the close of business May 31 1931.
Condensed Balance Sheet Dec. 31.
was $41.85 per share.
1930.
1929.
1930.
1929.
The plan to reduce the capital to $5,000,000 and to transfer the remain$
AssetsLiabilities$
ing amount to a surplus account, has been ratified by the holders of a
y6,147,850 6,147.850 majority of the capital stock outstanding.
Real prop. dr equipx8,106,605 8,248,025 Capital stock
-V. 132. p. 3899. 3728.
367,621
Other investments 367,621
298.303
544,975
Cash
975,691
Accts.receivable- 808,467
161.434
109,206
Materials &suppl_
156
158
Unmet.int. rec1,554,585 1,230.475
Def. debit items
Audited vouchers
533.413
& wages unpaid- 570.028
2,762
Misc, accts. pay- 2,988
Unmatured int. &
104
188
rents payable
66,903
156,441
Taxes accrued_34,828
24,838
Passenger accts,&e
Reserve for sus
10,000
Pease claims_
4,432,460 4,642,670
Profit and loss
11,244,947 11,528,377
11,244.947 11,528,377
Total
Total
x Less reserve for accrued depreciation of $4,282,216. y 245,914 shares
-V. 130, p. 4430.
(no par).
Merchants Transfer & Storage Co.
-Larger Corn. Div.
National Cash Register Co.(Md.).-New Treasurer, &c.
G. R. Lohnes, formerly Comptroller, has been elected Treasurer, suoceeding S. 0. Allyn. now Executive Vice-President. W. B. Luckens,
-V, 132,
formerly Assistant Comptroller, was named General Auditor.
p.4254.
-Contract Suit.
National Erie Co.
The "Wall Street Journal" June 13 says: Old Boyd Machine Co. of
Cincinnati has filed suit in United States District Court at Pittsburgh
against National Erie Co. of Erie, Pa., to cancel a $1,200,000 contract for
manufacture of coal digging machinery and loading machinery because Of
alleged breach of agreement. About $439,000 worth of machines have
-V. 132, p. 324.
been built.
-Defers Div.
National Manufacture & Stores Corp.
The directors have voted to defer the quarterly dividend of 1 % due
The directors have declared a semi-annual dividend of 3 % on the
common stock and the regular quarterly dividend of 1U% on the bref. July 1 on the 7% cum. class A stock, par $100.-V. 130, p. 2785.
stock, both payable July 1 to holders of record June 22. A semi-annual
-Sale of Plant.
National Plate Glass Co.
-V.122,
distribution of2% was made on the common stock on Jan. 1 last.
-V. 118, p. 92.
See General Motors Corp. above.
p. 490, 223.
JUNE
20 1931.]
FINANCIAL CHRONICLE
National Short Term Securities Corp.
-Earnings.
The corporation reports net earnings after all charges including taxes
for the first quarter of its fiscal year ended April 30 1931, of $106,020,
equivalent to over 56 cents per share on the 187,000 shares of class A
common stock outstanding. This compares with $45,000 for the same
period in the preceding year, an increase of $61,020, or 136%. These
earnings do not include the equities in the undistributed earnings of Westchester First National Corp., The Bergen County First National Corp.,
and North Shore Investors, Inc., which, it is estimated will add at least
another $30,000. Including such equities, per share earnings would be
equivalent to over 72 cents.
Applications on hand for 1st mortgage temporary building loans for
the first quarter total $6,400,000, as compared with $5,000,000 for the
-V. 132, p. 1434.
first quarter of last year.
National Standard Co.
-Earnings.
For income statement for month and 8 months ended May 31, see
-V. 132, p. 4255.
"Earnings Department" on a preceding page.
National Trade Journals, Inc.
-Receivership.
H. J. Bligh and Charles W. Littlefield have been appointed by the
Federal Court for the Southern District of New York receivers in equity
for the company. Accord'ng to Mr. Bligh, who is president of the company, the action was sought by the management in order to readjust its
fiscal structure on a sound basis. The proceedings, he said, concern only
the holding company and do not affect its publications,"The Architectural
Forum," "Heating and Ventilating," "Motor Boat" and "Specialty
Salesman," which are operated under separate corporate structures. The
services of the company's publications, he said, will be in no way impaired
by the receivership and the present policies of the management will remain
in full force.
Up to date, according to the committee which promulgated the reorganization plan, 76% of the noteholders and 63% of the stockholders
already have deposited their securities with the Manufacturers Trust Co.
under the plan. Unless a further extension is granted the last day for
deposit will be July 1. The committee which worked out the plan consists of Wheeler Sammons, Hugh S. Johnson, E. J. Rosencrans and William
A. Smart. According to a statement by the committee, it believes that
the receivership will facilitate the consummation of the reorganization plan,
which will be submitted to the court for approval, and that the court
will find the plan fair to all security holders. Bee plan in V. 132, p. 3542.
Mr. Bligh and Benjamin N. Brown were appointed receivers June 18
by Judge Niel& at Wilmington, Del.
-V. 132. p. 3542.
National Transit Co.
-Acquisition.
-
The National Transit Pump & Machine Co.. a subsidiary, has acquired
all the patents, tools and patterns of the Curtis Rotary Pump Co.from the
Pittsburgh Machine Tool Co. of Braddock, Pa.
-V. 132, p. 4427.
National Union Fire Insurance Co.
-Chairman.
Former Governor John S. Fisher has been elected Chairman of the
board of directors,a newly created position. Ile will make kis headquarteis
at Pittsburgh. Pa.
-V. 132, p. 3542.
(Herman) Nelson Corp.
-Smaller Dividend.
The directors have declared the regular quarterly cash dividend of 15
cents per share, payable July 1 to holders of record June 19. From July 2
1928 to and including July 1 1930, quarterly dividends of 50 cents per share
were paid, while from Oct. 1 1930 to and incl. April 1 1931, the company
paid 25 cents per share each quarter. A stock distribution of 1% was also
made in July and October 1928.-V. 131, p. 1725.
New Britian Machine Co.
-Smiler Common Dividend.
-
The directors have declared a quarterly dividend of 20c. per share on
the common stock, placing it on an 80c. annual basis, against $1 previously. The dividend is payable June 30 to holders of record June 15.
The regular quarterly dividend of $1.75 per share on the preferred stock
also was declared, payable July 1 to holders of record June 15.-V. 132.
p. 2405.
Newmont Mining Corp.
-Omits Dividend.
-The directors
have decided to omit the quarterly dividend ordinarily
paid July 15. Previously, the company made regular
quarterly cash distributions of $1 per share, and,in addition,
paid an annual dividend of 5% in stock in January of each
year from 1927 to and incl. 1930.-V. 132, p. 2979.
New York Shipbuilding Corp.(N. Y.).
-New Name.
See American Brown Boveri Electric Corp. above.
New York Title & Mortgage Co.
-New Officers.
Harold I. Cross, Floyd W. Davis and Joseph C. Shields, have been
elected Vice-Presidents, and assigned, respectively, to have charge of the
Brooklyn office, to have charge of title applications and to act as mortgage
sales manager.
-V. 132, p. 2979.
Nitrate Co. of Chile (Cosach).-Registrar.The National City Bank of New York has been appointed registrar for
14,335.249 shares of series B ordinary shares less number of series B shares
outstanding.and 5,000,000 series B preferred shares.
-V.132. p.3162.2979.
North American Aviation, Inc.-Bal. Sheet March 31 '31
4603
Comparative Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
AssetsLiabilities$
$
3
$
Permanent improvx5,920,883 6,115,969 Accounts payable_
156,324
159,073
Growing crops...._ 2,758,433 2,729,393 Drafts outstanding
5,208
1.762
Investments
3,784,773 3,772,531 Accrued wages_ _ _
91,688
92,999
Inventories
275,101
277,465 Unclaimed wages_
685
376
199,448
Miscell. assets..
239,895 Unclaimed divs__
1.036
1,017
Sugar dr molasses
Accrued territorial
outstanding_
14,925
8,683 Income taxes_ _ _
28,243
24,144
American Factors,
Reserve for Federal
Ltd., curr. twat_ 569,239
464,083 income taxes_ _ _
58,001
69,565
American Factors,
General ins. res_ _ _ 299,514
282,578
Ltd., special deGeneral reserve. __
36,921
76,007
posit account_
215,000 Capital stock
6,000,000 6.000,000
350,000
General surpILL9
1,750,255 1,750,255
Undivided profits_ 5,405,843 5,404,329
Total
Total •
13,872,804 13,823,021
13,872,804 13,823,021
x Less reserve for depreciation of $5,234,906 and appreciation in leaseholds of $484,276.-V. 131, p. 283.
Ohio Brass Co.
-Smaller Dividends.
The directors have declared a quarterly dividend of 50c. per share on
the class A and class B common stocks, placing these issues on a $2 annual
basis, against $5 previously. The directors also declared the regular
quarterly dividend of $1.50 on preferred stock. All dividends are payable
July 15 to holders of record June 30.-V. 132. p. 3900.
Ohmer Fare Register Co.
-Business Doubled.
Vice-President H. B. Ohmer on June 13 announced that the sales of
°tuner Cash Registers during the first five months of 1931 more than
doubled the volume of sales for the same period in 1930. The actual
figures show a steady and consistent increase. Up to may 31, Ohmer
Cash Register sales amounted to exactly 210% of the sales from Jan. 1 to
May 31 of last year with the best possible prospects for still more rapid
expansion in the months to come.
The Transportation Register Division also made an especially good
record for the month of May by securing 132% of its quota. Among the
outstanding orders secured by this division was one from California calling for 211 fare registers.
The Recording Instrument Division reports a brisk and growing demand
for the recently announced Ohmer-Kienzle Vibracorder which is used for
recording the movements of motor vehicles or for checking the performance
of machinery. Mr. Ohmer also stated that it has been necessary to operate
son- e of the factory departments regularly at night for weeks past to take
care of the orders which have been received and that there was every
-V. 132, p. 3543.
indication of a steady and satisfactory growth.
122 Fifth Avenue Buidling (122 Fifth Avenue Corp.).
Foreclosure Sale-Bondholders' Committee Buys Property.
Thomas A. Tunney, Chairman of the bondholders committee, June 11
-story loft and store building
bought in at foreclosure auction sale the 10
at 122-124 Fifth Avenue and 3-5 West 17th Street and 2 West 18th Street
for $200,000.
The foreclosure action was brought by the Manufacturers Trust Co..
plaintiff, against the 122 Fifth Avenue Corp. and other defendants to
satisfy a judgment of about $1,019,864, with interest. The taxes and other
liens on the property amounted to about $103,140. The sale was held in
-V. 121. p. 1355.
18 Vesey Street by I. Lincoln Seide, auctioneer.
Onomea Sugar Co., Honolulu, Hawaii.
-Earnings.
1928.
1927.
Calendar Years1930.
9
Profitsfrom sales
$1,737,157 $2,225,454 $2,179,893 $2,168,519
192
Oper.& market exps_ _ __ 1,589,091
1,805,670
1,713,874
1,701.749
Balance
Other income
$148,066
104,292
$419,783
96,006
$478,143
82,506
$454,645
65,123
Total income
Misc,deductions
$252,358
x36,004
$515,789
x80,262
$560,649
x88,372
$519,768
x92,755
Net income
Dividends paid
8435,527
$472,277
$216,354
$427,013
(12%)300,000 (15)375,000 (16)400.000 (18)450,000
Balance,surplus
$72,277 def$22,987
$60,527
def$83,646
x Includes Federal and all other taxes.
Comparative Balance Sheet Dec. 31.
AssetsLiabilities1930.
1929.
1929.
1930.
Properties
$1,424,691 $1,431,317 Unsettled lab. sect $25,578
$22,223
Crops686,054
582,325 Payroll
38,246
31,712
Adv. to planters... 146,669
170,428 Personal & trade
Store account. ___
18,380
33,036
accounts
20,673
35,901
Inventories of supp
89,182 Unpaid checks_ _ .._
290
539
98,150
Accrued interest._
5,028 Suspense account_
21,268
5,861
Bills receivable._ _
2,500,000 2,500,000
2,300 Capital stock
1,930
Personal dr trade
Surplus account.. 1,063,357 1,147,003
accounts
2,024 Reserve for Federal
1,743
Suspense accounts
20,164
26,646
taxes
14,071
51,700
Stocks owned_ ___ 438,800
439,960 Territorial income
C. Brewer .4 Co.,
tax accrued.-8,769
20,894
Ltd., agents_ ___ 329,079
664,551
Bank of Hawaii,
Ltd., spec. dep. 450,000
300,000
Bank oT Hawaii
Ltd., Illllo Br_
50.133
: 65,747
Cash
4,298
3,845
(Including wholly owned subsidiaries since dates of acquisition.)
Assets
Liabilities
Cash and call loans
$2,494,803 Accounts payable
$78,029
Marketable securities
14,895,962 Reserve for contingencies_
250,000
investments at eastOther
156,639 Capital stock
x26,486,987
Investments in dr advances to
Surplus
Total
3,916,851
$3,702,541 93,794,745
Total
$3,702,541 $3,794,745
wholly owned subsidiaries_ 11,869,837
-V.131, p.2391.
Div. in 52% of cap, stock of
Intercontinent Ave Inc
1,278,073
-Stockholders Committee Hopes to Avoid
Pacific Coast Co.
7,201
Accounts receivable
Furniture and fixtures
1,873
Receivership---New Members Added to Committee Which Re27,477
Deferred charges
quests
Securities
Deposits of
by July 15.
-
With a View to preventing a receivership for the company,the stockholders
$30,731,869
Total
Total
$30,731,869
committee which was recently formed with H. B. Clark of White, Weld &
x Represented by 2,118,959 shares of no par value.
Co., as Chairman, has sent out a communication to the first
-The investment in wholly owned subsidiaries is represented in second pref. and common stockholders requesting them to deposit pref..
Note.
their
part by 24,751 shares and 5,000 warrants of North American Aviation,
York Trust
Inc. at a cost of 8192,000,and patents and goodwill of $4,706.325. Inter- securities on or before July 15 1931 with the New in position Co., as a
designated depositary so that the committee may be
to negotiate
continent Aviation, Inc., owns 53,500 shares of North American Aviation, with the bondholders for readjustment of the companys'
debt and prevent
Inc., at a cost of $380,238.-V. 132, p. 4427.
legal proceedings which would seriously interfere with the company's
business.
North European Oil Corp.
-Sale Confirmed.
The letter reveals that there has been added to the stockholders'committee
The corporation in May confirmed the sale of a portion of its leases in Henry M. Brooks and William Carnegie Ewen of New York. Other memHanover. Oldenburg and Brunswick, Germany, to a subsidiary of the bers of the committee are A. C. Downing, V.-Pres. of the New York Trust
Royal Dutch-Shell Group for $900,000.
Co.;,William Tudor Gardiner, Augusta, Me.; Reginald H.Johnson, Boston,
The North European 011 Corp., it is understood, is to use the proceeds and C.D. MacConnell, Sec., 100 Broadway, New York.
of the sale to finance its own drilling. The Shell company has already begun
The letter recites that the company has failed to pay the instalment of
drilling of its first well and North European corporation, it is said, interest which became due June 1 1931 on its first mtge. 5% 50
the
-year gold
-V. 132, p. 4255, 2786.
has two wells drilling.
bonds,and states that an examination of the affairs of the company,only
partially completed, "indicates clearly that a prompt revision of capital
Occidental Petroleum Corp. (Calif.).
-Div. Reduced.
- structure is essential if the stockholders' equity is to be preserved." The
The directors have declared a quarterly dividend of two cents per share committee already represents a substantial percentage of all classes of stock
on the capital stock, payable June 30 to holders of record June 20. On and believes if the stockholders will act promptly that an agreement with the
March 31 1931 a quarterly distribution of three cents per share was made, bondholders can be obtained without interrupting the operations of the comas against four cents per share on Dec. 31 1930 and five cents per share pany and without the substantial losses to the equity interests which usually
result from operation under a receivership. Under the provisions of the
on Sept. 30 1930.-V. 132, p. 2211.
Provisions of the certificate of incorporation of the company, no provision is
made for accumulated dividends and no class of stock is given preference
-Earnings.
Oahu Sugar Co., Ltd.
over any other in liquidation except as to current annual dividends. The
1930.
Calendar Years1929.
1928.
$984,550 $1,137,674 $1,989,637 company has assets of an aggregate book value largely in excess of all its
Total income
debts, according to the letter, which states that under present conditions
34,774
Operating expenses
34,561
40,373 earnings from operations are not sufficient to pay fixed charges on debt, or
350,486
Depreciation
350,758
349,239 Properly to maintain and operate the properties of the company.
86,243
93,709
Income taxes
255,108
A deposit agreement as of June 4 1931 has been executed and filed with
the depositary and copies of this agreement may be obtained from the New
$513.045
Net income
$658,646 $1,344,915 York Trust Co. The affairs of the company have been largely affected by
540,000
Dividends paid
720,000
900,000 the operations of its coal properties, which due to the low prices prevailing
for California fuel oil are now carried on at great disadvantage.
-V. 132
$26,955
Balance deficit
$61,354 sur$444,915 IL 4427, 4255.
4604
[vol.. 132.
FINANCIAL CHRONICLE
-Initial.
r Pacific Finance Corp. of California (Del).
Dividend on Common Stock.
The directors have declared a quarterly dividend of 22 cents a share
on the common stock, par $10. payable July 1 to holders of record June 30.
The stock in the old company was exchanged share for share in the new
organization and the rate previously in effect was 33 cents a share quarterly.
Lee Phillips, President and Chairman of the board, said that it woul be
the policy of the company to declare future dividends in accord.with the
earnings. Earnings should continue to warrant the continuance of a
dividend at this rate, he said, and would participate in the form of extras.
See also V. 132, p. 4427.
-Earnings.
Pacific Indemnity Co.
1929.
1930.
Calendar Years$559,836
$309,814
zNet profit
$4.00
$2.07
Earnings per share on 150,000 shares cap. stock
z After providing for adjustment of reduced unearned premiums reserve
equities, losses from sale and adjustment of values of securities, Federal
income taxes and after setting aside special underwriting reserves.
Earnings available for dividends, which under the California statutes
cannot include an adjustment for the change in equity in the unearned
premium reserves, totaled approximately 5460,005 or $3.07 a share as
compared with $439,464 or $2.93 a share in 1929.
Robert E. Hunter, as a director, succeeds Frank L. Taylor.
Comparative Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets$550.000 $550,000 Res, for unearned
Real estate
$1,938,964 $2,316,046
premiums
Mortgage loans on
1,338,532 1,346,150 Res .for losses &
real estate
987,164
loss expenses_ _ _ 1,325,671
980,367
1,029,780
Collateral loam.
199,020
2,302.187 2,100,452 Reserve for taxes_ 208,235
Bonds
589,107 Res. for COMM113401,518
Stocks
missions, exp. &
307,245
703,876
Cash
314,825
other liabilities- 316,293
78,158
85,690
Accrued interest
25.000
Contingent sec. ma
Prem. In course of
1.500,000 1,500,000
Capital
collection, not
2,235,250 1,984,603
1,002,256 1,250,911 Surplus
overdue
Due from reinsur98,367
ing companies- - 133,450
Other admitted as900
2,123
sets
$7.549,413 $7,301,658
Total
$7,549,413 $7.301,658
Total
share was also made on May 20 and August 22 1930. The company does
-V. 132, p. 3730.
not have regular dividend periods.
-Earnings.
Penmans, Ltd., Montreal.
1928.
1927.
Calendar Years1929.
1930.
Sales
$5.982,932 $6,816,106 $7,122,864 $6,937,038
785,920
720,571
Profits
675,729
332,977
100,000
150,000
100,000
Deduct-DepreciatIon _
110,000
110,000
110,000
Bond interest
110,000
35,000
35,000
25,000
Income taxes
26,257
23,956
Bad dts., &c., vrrit. off
27,723
33,714
Net income
Prof. dividends(6%) - Common dividends
$189.262
64,500
258,072
$413,006
64,500
258,072
.,$466.963
64,500
258,072
$144,391
Surplus
$90,434
def$133,310
1,684,222
Total profit and loss_ - -- 1,641,347
1,774,657
Balance Sheet Dec. 31.
1930.
LiabilitiesAssets1930.
1929.
Plant,&c
$5,043,142 $4,908,557 Preferred stock_ _ _51,075,000
1
1 Common stock. _ _x2,150,600
Goodwill
1,916,000
Cash
97,594 Bonds
129,055
742,046
Accts. receivable.- 781,959
839,059 Reserve account
127,916
Bills receivable..._
16,559
15,572 Accounts payable_
27,630
17,762
28,536 Wages &c
Deferred charges
Inventories
2,332,009 2,819,704 Tax reserve
650.000
Investments
10,050
10,050 Bank loans
1,641,346
Surplus
$449,314
64,500
279,578
$105,236
1,539,831
1929.
$1,075,000
2,150,600
1,939,000
742,046
111.791
50,981
25,000
850,000
1,774,656
$8,330,540 $8,719,075
Totals
Totals
$8,330,540 $8,719,075
x Represented by $4,518 shares (no par).
-V. 130, p. 4433.
-May Sales Higher.
Perfect Circle Co.
The sale of Perfect Circle piston rings for the month of May established a
new all-time record, Lothair Teeter, Vice-President in charge of sales,
announced. May sales showed a gain of 26% over May 1930, a gain of
31% over April 1931, and a gain of 16% over May 1929.
The biggest increase in Perfect Circle May sales came in the replacement
division, which registered a gain of 68% over May 1930 and 88% over
May 1929. Replacement sales for the five months' Period also created a
new all-time record of 52% over the same period in 1930 and 64% over
alike period in 1929.
In commenting on the sales gain, Mr. Teeter stated: "More Perfect
Circle piston rings have been sold so far in 1931 than any previous year
-V. 130, p.4621,
in our history. We attribute this gain to the increasing number of car
-Smaller Preferred Dividend.
Pacific Investing Corp.
decided to repair their old cars and run them another
who
cents per share on owners That have coupled with our newest product recently announced,
The directors have declared a quarterly dividend of 75of
fact,
Year.
record June 15. the Type 85 oil-regulating ring, accounts for the major part of the sales
payable July 1 to holders
the $6 cum. div. prof. stock,
per share previously gain."
This compares with quarterly distributions of $1.50
-V, 132. p. 4076. 3901.
made on this issue.
-Dividend Reduced.
Comparative Balance Sheet.
Philadelphia Insulated Wire Co.
Apr. 30 '31. Dec. 31 '30.
The directors have declared a semi-annual dividend of $1.50 per share,
Apr. 30'31. Dec. 31 '30.
$
$
Liabilitiespayable Aug. 1 to holders of record July 15. This places the stock on a
$
Assets$
203,814 $3 annual basis, against $5 previously paid.
77,750
-V. 132. P. 1436.
626,507 1,923,716 Int. & dive. pay-Cash
1,614
6.369
Accr. exp. & taxes
Inv.sees.(at cost)*
-Earnings.
Pines Winterfront Co.
Common stock_10,532,157 10,280,498 5% gold debents- 5,000.000 5.000,000
1928.
1929.
Preferred stocks 1,835,102 1,437,232 $6 1st Pref. stock
1930.
Years End. April 30- 1931.
$939,332
252,223 (57,076 shares)- 2,283,040 2,283,040 Gross operating profit_ - $581,448 51,772,607 $1,208,673
350,662
Bonds
$6 2nd pref. stock
Co.'s own debs.(at
26,774 Net oper. profit (after
26,774
shares).
445,289
211,033 (26,774
597,952 •
257,702
856,065
cost)
129,119
depreciation)
128.700 Other income
37,744
42,848 Com.(128.285shs.) 128,700
20,421
54.786
111,461
Dividends rec.__ _
133,356
400
400
4,598 Purchase warrants
5,563
Accrued interestsurplus__ 5,969,340 6,026,685
1 Paid-in
8483,033
1
$652,738
$967.527
Furn. & fixtures._
Total income
$262,475
22,882
263,976 Profit & loss surp. 790,604 1,132,803 Other deductions
24,838
82,069
Disc. on cap. stock 263,976
85,354
Unamort. deb. dis$460,151
389,919
$627,899
8885,458
count & expense 385,298
Net prof. bet inc. tax.. $177,120
55,000
2,543
72.345
833
117,000
Prepaid expenses_
2,192
Provision for income tax
14,278,221 14,808,585
Total
$405,151
$555,554
14,278,221 14,808,585
$768,458
Total
Net profit
$174,928
250,000
$6,680.044,- Class A & B dive
300.000
311.355
y332.864
• Market value April 30 1931 $7,895,546; Dec. 31 1930,
V. 132, p. 1239.
$155,151
8255.554
$457.103
defS157.936
Balance, surplus
-Has Bond Interest-Sinking Ohs, coin. stk. oustand.
Pacific Western Oil Corp.
x100,000
305,000
329,411
347.511
(Par $5)
Next Year.
.
$4.05
Fund Reguirements Provided for Intothe sinking fund requirements Earnings per share
$1.82
$2.34
$0.50
w. C. McDuffie, President states thatsubsidiary, Pacific Western Oil
x 01(1 class A and B stock combined. y In addition company distrion the 6)4% debentures of the operating
shares in stock dividends during the year.
at the close of buted 13,371
Co. of which $14,498,500 were outstanding with the public been set
Condensed Balance Sheet April 30.
aside
1930. have been provided for into next year and cash has
1930.
1931.
Liabilities1930.
44
1931.
Assets- •
for the next interest payment, Nov. 1.-V. 132, Ta• 35 .
y$848,803 $2,057,143 Accounts payable_ $28,238 $176,207
Cash
74,355
83,341
-To Extend Air line.expenses_
100,600 Accrued
600
Liberty bonds_._ _
Pan American Airways, Inc.
had Invest. in own stock
Prov. for federal
that
• The corporation on June 13 announced Aires.preparatory steps
72,558
4,000
The line now ends at
income tax
Buenos
a343,662
(at cost)
been taken for extending its air line to
1,737,555 1,525,000
312,297 Capital stock
Santos, where mail and passengers southbound must transfer to the French Notes & accts. rec. 229,389
2,422,558 2,607,251
293,778 Surplus
349,551
Inventories
Aero-Postal line.
834,525
The opening of through service from New Ybrk to Buenos Aires is set Land,b1dgs.,equip.x1,946,144
-motor Commodores will Stocks in affird Co. 146.792
234,892
for early in July. Twenty-passenger Curtiss two
196,172
1
Pat's. & goodwill_
-V. 132. p. 4428.
be used.
Deferred & other
-Extra Dividend.
- assets
425,963
410,749
Pan American Life Insurance Co.
The directors have declared the regular semi-annual of 60 cents a share
$4,275,693 $4,455,372
Total
$4,275,693 54,455 372
Total
'and an extrwof 30 cents a share, both payable July 1 to holders of record
-V.131, p. 4226.
June 19. Like amounts were paid on .,an. 1 last.
a Investment in own stock at a market value of $241,544 on April 301931.
$250.000 call loans.
y
x Less depreciation
-Interest De- -V.132, p. 3731. reserve of $220,641. Includes
Pan-American Petroleum Co. (Calif.).
faulted-Bondholders' Protective Committee Extends Time for
Deposit of Bonds.
-year convertible 6% sinking
The interest due June 15 on the 1st mtge. 15
fund gold bonds of 1940 was not paid.
In view of the default of the payment of interest and sinking fund, the
bondholders protective committee has extended the time within which
bonds may be deposited under the bondholders' deposit agreement to
July 15 1931.
Harry, Brenner, Chairman of the committee, in his announcement says:
"Since the publication of its notice inviting the deposit of bonds a satisfactory response has been received by the committee and a substantial
amount of bonds has been deposited with it.
"In order that the bondholders' interests may not be definitely and permanently prejudiced the committee strongly urges that bonds be deposited
with the committee without delay."
The Bank of America N. A., 44 Wall St., New York, is depositary for
the committee and the Bank of America N. T. & S. A. of California is
-V. 132, p. 3544. 3730.
sub-depositary. H. D. Sheldon is secretary.
-Call.
Pan American Petroleum & Transport Co.
The Chase National Bank of the City of New 'York, as trustee, has
-year convertible 6% sinking fund geld bends. due
notified holders of 10
Nov. 1 1934, that $442,000 of the bonds have been selected by lot for
redemption on Aug. 1 1931 at 101( and int. Bonds so designated will be
raid at the principal office of the Chase National Bank of the City of New
York upon presentation and surrender, with subsequent coupons attached,
on and after Aug. 1, after whieh date interest on the drawn bonds will cease.
The called bonds may at any time up to and incl. the 30th day prior to
redemption date be converted at the option of their holders into class B
common stock of the company in accordance with their terms and with
-V. 132. P. 4428.
the terms of the trust indenture.
-Retires $125,000 of Bonds.
Paramount Broadway Corp.
This corporation, a wholly owned subsidiary of the Paramount Publix
Corp. on June 15 delivered for cancellation to the Chemical Bank & Trust
Co., trustee, $125.000 of its 1st mtge. 5%% bonds secured by mortgage
on the Paramount Building, New York City. Tnis delivery and cancellation
was made pursuant to the sinking fund provisions of the indenture which
call for a redemption of $125,000 of these bonds on June 1 1931. The
original issue of these bonds was $10,000,000 and after the cancellation of
the foregoing $125,000 there will be issued and outstanding $9,250,000 par
-V. 128. p. 1922.
value of this Issue.
-Smaller Dividend.
Penn-Mex Fuel Co.
payable
The directors have declared a dividend of 75 cents per share,payment
June 24 to holders of record June 17. This is the first dividend
since Dec. 15, last, when $1 per share was paid. A distribution of $1 per
-Stock Dividend.
Pitney-Bowes Postage Meter Co.
advisable the
President Walter H. Bowee, stated that the board deemed
quarterly
declaration of a semi-annual stock dividend of 2% in place of the
of five cents a share paid heretofore, in order to conserve the
cash payment
development of its
company's cash resources the further expansion and
rental business, involving moderate investment.
stated,
The cempany's business for the first half of 1931, Mr. Bowes
corresponding
indicates net earnings of approximately 78% of those of the For the full
period. The company reports earnings only annually.
1930
on
year 1930 net profit reported was $252,224, equal to 31 cents a share
800,660 no par shares outstanding.
Office Department has made a ruling that possessors of
Tho U. S. Post
present
permits to mail metered matter without stamps affixed, whoor place,
metered matter for mailing several times a day at the same point the day,
with the last mailing of
need file only one statement of mailing,
instead of a separate statement with each mailing as heretofore. According
mall
to the company, this will be of great benefit in speeding up metered
-V. 132, p. 4076.
preparation.
-Extra Dividend.
Pittsburgh Erie Saw Corp.
The directors have declared an extra dividend of 1234c. per share on the
common stock, no par value. payable July 1 to holders of record June 20.
-V.132.
This issue is also on an annual dividend basis of $1.50 per share.
P. 4428.
-Omits Dividend.
Pittsburgh Forgings Co.
share
The company has omitted the quarterly dividend of 25 cents perat this
due at this time on the common stock. Quarterly distributions share
as against 40 cents per
rate were made on Jan. 25 and April 25 last,
previously each quarter.
financial
President Edwin Hodge Jr. stated that In spite of the splendid dictate
Position of the company, prevailing business conditions seemed to
dividend.
the conservative policy the directors have shown in omitting the
-V.132, p. 2788.
--Dividend Decreased.
& Bolt Corp.
Pittsburgh Screw
per share,
The directors have declared a quarterly dividend of 1.7%c. on a 70c.
payable July 52 to holders of record June 30, placing the stock
-V. 13, p. 3732.
previously.
annual basis, against $1.40
-To Omit Dividend.
Pittston Co.
The "Wall Street Journal" of June 13 had the following:common stock
The company will not make a dividend payment on the understood to
during the present quarter. The company's earnings are
to cover the
be running at a satisfactory rate: in fact practically sufficient
has been
dividend at the rate of 3734 cents quarterly, which the company
JUNE 20 1931.3
'FINANCIAL CHRONICLE
paying. As a consequence, omission of the dividend is construed as a
step to build up and conserve the cash and working capital position of
the company.
The company has paid dividends at the rate of $1.50 annually since
and including July 1 1930, although the stock never was officially placed
on this basis. The current dividend would have been payable July 1
I931.
-V. 132, p. 3901.
-New Directors,
Plymouth Oil Co.
4605
Second International Securities Corp.
-Off List.
-
See American & General Securities Corp. above.
-V. 132, p. 4258.
Segal Lock & Hardware Co:, Inc.
-Listing.
-Approval was given by the governing committee of The Chicago Stock
Exchange June 11 to list 110,000 additional shares of common stock (no
par value), in addition to the 400,000 shares previously listed.
-V. 132,
p. 4430, 4258.
The board membership was recently increased to 11 from 9, by the
board
Seiberling Rubber Co.
-Earnings.
election as directors of Paul G. Benedum and T. R. Cowell.
For
The 70
-mile gas line to San Angelo, Tex., and a 40
-mile gas pipe line to ment" income statement for month of May 1931 see "Earnings Departon a preceding pago.-V. 132, p. 3902.
the west, giving an outlet for several million feet of gas from the Big Lake
property, have been completed. The marketing of this gas will afford a
Shawmut Bank Investment Trust.
-Earnings.
new and substantial source of income to Plymouth and will give an opFor income statement for
portunity for marketing a large amount of gas from the Big Lake field.
- Department" on a preceding3 months ended May 31 1931 see "Earnings
page.
V. 132, p. 3901.
•
Condensed Balance Sheet May 31.
Power & Light Securities Trust.
-Exchange,&c.
AssetsLiabilities1931.
1930.
1931.
1930.
See General Empire Corp. above.
Investments -- --Y$6,526,113 $6,304,797 Reserve for taxes_
$84,063
Accrued interest reAced int. payable_ 673,082
Balance Sheet As of May 11 1931.
73,775
ceivable
33,630 Debs.& notes pay- d
44,287
Assets-Liabilities
in
able
6,899,000 5,960,000
Cash on deposit
$316,561 Accounts receivable
$9,169 Cash callbank and
on
787.426 1,790,729 Corn. stk. surplus_x1,000,000 1,000,000
Accts.ready.for secur.sold__
60,229 Prov. for Federal income tax_
22,063
Undivided profits.. 385,744 1,011,317
Secur. owned at market value 2,528,633 Shares capital
*3,336,235
Accrued int.,k divs. receiv4,773 Deficit
457,270
Total
Total
$7,357,826 $8,129,156
$7,357,826 $8,129,150
Total
x Represented by 75,000 no par shares. y Market value. $5,116,500.
$2,910,197 Total
52,910,187
-V. 132, p. 2790.
* Represented by 63,567 89-200 shares.
Note.
-The liquidating value of the stock is equivalent to $45.29 per share.
Shenandoah Corp.
-Preferred Dividend.
-V.132,p. 2010, 1631.
The directors have declared the eighth regular quarterly dividend on the
optional 6% cony, preferential stock, series of 1929, payable Aug. 1 to
Pullman Car & Mfg. Co.
-Receives Large Order.
See Chicago Great Western RR. under "Railroads" above.
-V. 126. holders of record July 3 at the rate of 1-32d of one share of common stock
per share.of such preference stock, or. at the option of such holders, 75
p. 883.
cents per share in cash, provided written notice is received by the corporation on or before July 13.-V. 132, p. 2408.
Pullman Co., Chicago.
-Section Sales Increase.
During year ended April 30 1931. the company sold 496,546 single
-Acquisition.
Sheffield Farms Co., Inc.
occupancy sections. This was the first full year during which these sections
The company has acquired the Miller Dairy Co. of New Canaan, Conn.
were offered travelers at reduced rates consisting of the price of a lower
berth plus half the price of an upper berth. In the year ended April 30 -V. 130, p. 4624.
1930, before the new rates went into effect, sales of single occupancy sec-Plan of Readjustment-The
Shubert Theatre Corp.
tions were only 76,495..-V. 131. p. 3720.
holders of its 6%
a letter to
Railway & Utilities Investing Corp.
-Stock Decreased..
- corporation in $6,450,000 the outstanding, statesgold debenare
tures, of which
that due to
the continued business depression, which has particularly
affected the theatrical busmess, it is obliged to request the
postponement for a period of its fixed obligation to pay
interest on the debentures and the waiver of sinking fund
requirements. Interest due June 15 and the sinking fund
payment due May 1 in the current year have not been met.
The corporation has announced a plan for readjustment and
Republic Steel Corp.
-Resignation.
is asking for the deposit, before Aug. 15 of this year, of the
Harry T. Gilbert, Special Assistant to the President, has tendered his
debentures. The Chase National Bank of the City of New
resignation to become effective immediately.
-V. 132. p. 3358.
Ritter Dental Mfg. Co., Inc.
-Smaller Common Divi- York has been named depositary.
The plan for readjustment submitted by the corporation provides for
dend.the formation of a new realty company, to which will be transferred
The stockholders, in addition to ratifying a change in the par value of
the shares, last week approved a recommendation that the authorized
capital be reduced by the cancellation of a portion of the presently authorized but unissued shares, as follows: (1) The 1st pref. stock par $100.
to 50,000 shares from 100,000 shares; none outstanding; (2) the 7% cony.
pref. stock, par $50, undesignated as to series, from 50,000 shares to none;
(3) the common class A stock from 900,000 shares to 450,000 shares of
which 145,939 are outstanding:(4) the common stock,class B,from 100.000
shares to 50.000 shares, of which 10.000 shares are outstanding. See also
V. 132, p. 4429.
subThe directors have declared a quarterly dividend of 3734 cents per share stantially all fee owned and long-ground lease real estate
on the outstanding 160.000 shares of common stock, no par value, payable Shubert Theatre Corp., together with certain other assets. properties of
The theatre
July 1 to holders of record June 20. Previously the company made regular and other real estate properties to be transferred had a depreciated book
quarterly distributions of6234 cents per share on thisissue.
-V.132.P.4077 value as of May 31 1931 of $20,329,834, subject to existing real estate
mortgages aggregating $10,782.500. In exchange for such properties and
Rogers-Majestic Corp., Ltd.(ex Subs.).
-Earnings.
-assets the realty company will issue to Shubert Theatre Corp. all of its
Years Ended March 31capital stock and a principal amount of 6% secured adjustment bonds
1931.
1930.
Net operating profit
$465,489
$476,147 equal to the principal amount of debentures of Shubert Theatre Corp.
Non-operating revenue
37.470
57.810 outstanding.
Holders of the debentures will be entitled to receive for each $1,000
Totalincome
$502,959
$533,957 principal amount of deposited debentures an equal principal amoont of
bDepreciation, &c
85,207
55,065 the 6% secured adjustment bonds of the realty company, together with
Tax reserve
27,374
34.000 10 shares of the capital stock of the Shubert Theatre Corp.
The new 6% secured adjustment bonds of the realty company will be
Balance
•
$390,378
$444,892 dated as of Dec. 15 1930, will mature June 15 1941, will be secured by a
Dividends
direct or indirect lien on substantially all the assets to be transferred to
150,659
the realty company by Shubert Theatre Corp. subject to existing real
Surplus
$239,719
$444,892 estate mortgages, and will bear the unconditional guarantee of the Shubert
Previous surplus
815,779
575.111 Theatre Corp. as to payment of principal and interest. Interest on the
new bonds in respect of the period from Dec. 15 1930 to Dec. 15 1935
Total
$1,055,498 $1,020,003 shall be payable annually only if and to the extent earned and declared
Incorporation expenditures
3,100
4,224 by the board of directors of the realty company, such interest, however,
to be cumulative and payable at maturity of the bonds, and in respect of
Adjustments
93,537
Written off ggod-will account
50,000
200.000 the period after Dec. 15 1935 shall be payable semi-annually whether or
not earned.
Surplus
All theatres and real estate to be acquired by the realty company will
$908 861
$815,779
a Earnings per share
$LR)
$3.54 be operated by Shubert Theatre Corp. under an agreement which requires
a Based on 115.355 class A shares and 10.194 class B shares combined; the payment by Shubert Theatre Corp. to the realty company of a sum
the two classes rank equally as to assets and dividends, but the B carry equal to the annual carrying and operating expenses of the realty company,
Including interest on the new adjustment bonds, except that up to and
sole voting rights. b Including bad debt reserves.
including Dec. 15 1935, such sum will not Include interest on such bonds
Balance Sheet March 81.
or depredation on the mortgaged properties of the realty company unless
Assets
1931.
Liabilities1930.
1931.
earned by Shubert Theatre Corp. and available as provided in the plan.
1930.
Cash
$573,065 $392,808 Accounts payable- $139,159 $200.981 Through a voting trust, representatives of the adjustment bonds are
Accts..invent.,&c. 1,269,095 1,461,562 Dominion Inc. tax_
27,374
34,000 given control of the management of the realty company.
aPlant, &c
634,028
567,377 Unearned discount
26,319
In explanation of the necessity and advantages of such a
bPatents,
874,101
930,227 cCapltal stock-- 2,225,228 2,225,228
Capital surplus- _
49,667
49,667 plan the corporation gives the following information:
Earned surplus_ -- 908,861
815,779
The debentures are not secured. They were issued shortly prior to
53.350,289 $3,351,974
Total
Total
$3,350,289 $3,351,974 July 1 1927. During the next two fiscal years interest and sinking fund
a Depreciation reserve was $158,061 as at March 311931, and $106.175 Payments were amply covered, but in each of the last two years the coras at March 31 1930. b Including premiums on subsidiary shares. c Repre- poration has had a net loss even before debenture interest. The change
sented by 115,355 class A shares of no par value, and 10.194 class B shares in earnings dates from the stock market collapse of October 1929, which
was immediately reflected in the theatre business. Thereafter as hopes
-V.132, p. 2011.
of no par value.
for an early business recovery faded, unemployment rose and the public
generally began to suffer from the depression, the theatre business became
Royal Union Life Insurance Co., Des Moines, Iowa.
- progressively worse. The history of the four years is clearly written in
Merger Ratified.
the following figures x:
merger of the Des Moines Life & Annuity Insurance Co. with the
The
Deb. Int.
Fiscal Year Ended- zNet Profit.
Deprec. Fed. Taxes.
Royal Union Life Insurance Co. was effected on June 15, it is announced. June 30 1928
$2.324.039
$438,720
5353.883
$175,000
The new company has a capital stock of $2,000,000.
June 30 1929
1.844.351
415.187
252.787
100.000
consolidated company will be known as the Royal Union Co. June 30 1930
The new
loss507,703
388.579
334,826
None
The Royal Union concern is licensed in ten States and the District of Colum- May 31 1931 (11 mos.) yloss997,605
349,800
317,705
None
bia,and the Des Moines Life company in eight States.
-V.132, p. 4258.
x Based on audits of Haskins & Sells to Dec. 31 1930. y Before taking
profit on sale of London investment. z Before debenture interest, depreciaSt. Regis Paper Co.
-New Officer, &c.
O. R. McMillen, who has resigned as President of the Union Bag & Paper tion and Federal taxes.
Confronted with this situation the Shubert management has taken drastic
Corp. and become Chairman of the board of that company, has been elected
Vice-President and director of the St. Regis Paper Co.. succeeding M. B. measures as follows:
(a) Personnel has been reduced to the minimum required to carry on
Wallace. Mr. McMillen will be located at the latter company's office the
business and salaries and other expenses have been materially reduced,
at 60 East 42d St., New York City.
Alexander Calder has been elected Executive Vice-President of the effecting an annual saving of about $160,000.
(b) Policy with respect to Shubert's own production of plays has been
Union Bag & Paper Corp. in charge of their entire operations.
-V. 132, revised. Costly musical plays have been largely discontinued. Prop. 4430.
duction is concentrated on a few musicals and on dramatic plays, involving
lower production costs. As a result production and warehouse costs
Salt Creek Consolidated Oil Co.
-Omits Dividend.
current expenses will be about $150.000 less in the fiscal
The directors have voted to omit the regular quarterly dividend ordi- Chargeable to
year ending June 31 1931 than in the preceding fiscal year.
narily payable about July I. A quarterly distribution of 7 cents per share
(c) The major effort, however, has been to eliminate
was made on April 1 last, while from April 1 1929 to and incl. Jan. 2 1931 the corporation now has too many, or to reduce the fixedtheatres, of which
charges in respect
quarterly dividends of 10 cents per share were paid.
-V. 132, p. 3166.
Of individual theatres retained. Naturally, so far as possible, the aim was
money invested, and
-Sales Lower-Declares Regular to retain fee-owned theatres, which represented represented
Sears, Roebuck & Co.
where possible to eliminate leased theatres, which
no money
invested. In the few cases where leases have come to an end, :renewals
Cash Dividend.have not been taken. In other cases, where satisfactory arrangements
1931.
Period Ended June 181930.
Decrease.
$29,813,876 $31,475,143 $1,661,267 could be made theatre leases have been terminated. Other leased theatres
Four weeks
have been sublet. As to still others, the management has negotiated and
158.968,370 172,276.013 13,307,643 Is
24 weeks
negotiating for reduction in rent or deferment of rent. In New York
The directors have declared the regular quarterly cash dividend of 6234c. City, Lee and J. J. Shubert individually lease several theatres to the
per share on the common stock, payable Aug. 1 to holders of record July 0. corporation for long terms. They have offered, provided the plan becomes
quarterly were discontinued with the payment May 1 effective, to assume individually the burden of the fixed
Stock dividends of 1%
charges (aggrelast. Distributions at this latter rate had been made since and incl. gating for the current year about $197,710) of the three of such theatres
Sept. 1 1928.-V. 132, p. 3902.
that are least desirable to the extent that the aggregate earnings of the
FINANCIAL CHRONICLE
4606
three theatres are insufficient to meet such charges. This arrangement
Is to continue until all of the 6% secured adjustment bonds provided for
In the plan have been retired. The annual savings accomplished by toe
management in eliminating theatres and reducing fixed charges on the
theatres retained as stated above, computed on a basis of comparing fixed
charges as of July 1 1930 and as of July 1 1931, is approximately $736,000
in the aggregate.
The corporation has large holdings of real estate, having a book value
as of May 31 1931 of $20,329,834, subject to real estate mortgages maturing
at intervals aggregating $10.782,500. These holdings include 19 theatres
and a production warehouse owned in fee, four theatres on long-ground
lease, and certain non-theatrical real estate properties. This real estate
Is well located and is believed to be worth its book value in normal times.
During the summer months relatively few "legitimate" theatres are
*Pen. Business and revenues are at a minimum. Fixed charges, however,
carry
run on; so that every year substantial cash balances are needed to begin.
the business from June to the following October when earnings
by Oct. 1 the corporation's cash will be
Although it is estimated that
reduced to the absolute minimum necessary to carry on the business, the
management believes that, unless the depression continues beyond reasonable expectation,the business of the corporation can be tided over cash-wise,
Meanprovided the proposed plan is accepted by the debenture holders. be conwhile the management feels strongly that cash on hand should
served to meet taxes and mortgage interest and to keep the circuit of
theatres open and the business going as a whole.
Advantages of the proposed plan to the debenture holders
may be summarized as follows:
in
(a) Debenture holders secure a lien on the corporation's interest
certain fee-owned theatres, real estate and leaseholds—proceeds of liquidasecurity) to be
tion (to the extent not needed to protect the remainingShubert Theatre
dedicated to retiring their new bonds. At the same time and interest on
Corp., through its guarantee of payment of principal
the new bonds remaine liable to the debenture holders.
stock of
(b) Debenture holders are to receive about 23% of the capitaln of the
Shubert Theatre Corp. to be outstanding at the consummatio corporagiven control of the management of the realty
plan, and are to be
tion by means of the voting trust.
relieved
(c) Until the retirement of the new bonds, the business is to be
by the Messrs. Shubert (the largest stockholders of the corporation) from
the burden of any unearned long-term charges, aggregating for the current
now
Year about $197.710, in connection with three New York theatres
unprofitable.
The directors regard the plan as fair to the debenture holders and vital
to their interests.
reUnless the plan is carried out the corporation may be faced with a the
In
of
ceivership involving additional expenses and lossfor abusiness. to carry
receiver
be most difficult
-opinion of the directors it would
be unfortunate
on a business of this nature. On the other hand it would at present subif the receiver was forced to liquidate real estate holdings
however, it is hoped that the gradual
normal values. Under the plan,
made possible
liquidation of the real estate under better conditions will be
their
thereby affording the debenture holders the best chance of recovering
investment.
of English Theatres.—
Sells Control
A recent London dispatch said: Shubert Theatre Corp. of New York
was reliably reported to have sold to Sir Harold Wernher, controlling
owners of
shares in the Associated Theatres Properties of London, Ltd..
five well-known theatres. The deal is understood to have involved $2,000,000 cash.—V. 132, p. 4078.
Strapping Co.—Defers Dividend.—
Signode Steel
cents
The directors have voted to defer action on the dividend of 62% was
per share due July 15 on the cony. pref. stock. The common dividend
omitted the last quarter.—V.132,P.2214.
Co.—Meeting Adjourned.—
Skelly Oil
adjourned until
The meeting of the directors called for June 15 was
dividend of $1.50 per
June 22. No action was taken on the quarterly 132, p. 3545.
pref. stock.—V.
share due Aug. 1 on the 6% cum.
C.)
& Corona Typewriter, Inc.—Defers Div.
Smith
(L.
of 1%% due
,
The directors have voted to defer the quarterly dividend
disJuly 1 on the 7% cum. pref. stock, par $100. The last quarterly
tribution at this rate was made on April 1 1931.—V.132,P.3903,2013.
Southeastern Realty Co., Birmingham, Ala.—Bonds
Called.—
,
building 1st mtge. 535'YQ
All of the outstanding Alabama Power Co.
July 1
s. f. gold bonds, dated July 1 1925. have been called for payment
trustee
next at 102ti and int. at the First National Bank of Birmingham,
Birmingham, Ala.—V. 121, p. 340.
Southern Sugar Co.—Reorganization Announced.—A
plan for the reorganization of the company, which was placed
in receivership in June 1930, under the name of the United
plan
States Sugar Corp., was announced June 16. Thebonds
calls for the issuance of approximately $7,200,000 of
and debentures and 545,000 shares of common stock. Bitting
Inc., of 52 Wall St., New York, has been constituted reorganization manager. Reed, Adler & Co., of Los Angeles,
will act as Associate reorganization manager.
If all creditors and holders of stock and bonds of the
Southern Sugar Co. and the Clewiston Co. participate fully
in the plan there will be available $5,000,000 new money, of
which $3,000,000 has been underwritten. Under the plan a
first mortgage bond issue is authorized to the amount of
$10,000,000, only part of which will be issued at this time.
This issue has been divided into three series.
An issue of 10-year convertible income debentures has been
authorized to the amount of $1,500,000, of which $1,225,000
are expected to be issued. These bonds will be issuable to
unsecured creditors at par. Creditors of less than $1,000
may take 62%% cash.
Total claims and debts amount to $5,425,000, divided
approximately as follows: Equipment liens, $1,200,000; land
liens, $2,000,000; unsecured claims in excess of $1,000 each,
$1,125,000; unsecured claims under $1,000 each, $100,000;
taxes and miscellaneous, $1,000,000.
President B. G. Dahlberg, in a letter to creditors and
security holders, states in part:
the harvesting of the
It was impracticable, In my judgment, until after under which equitable
n
a
1930-1931 crop, to formulate toplan of reorganizatio
creditors and stockholders of all classes and
treatment could be accorded
to assure the connew money could be attracted in an amount sufficient it seemed of the
In the meantime
tinued development of the properties. all concerned, that the operation of
of
highest importance, in the interest
should be permitted to
the company under the supervision of the Court this end creditors and
the harvest. To
continue throughout the period ofco-operated.
stockholders alike have in general
of a property of the character of
It is obvious that a forced liquidation
be accomplished only at a ruinous sacrifice
the Southern Sugar Co. could expensive litigation to determine the relative
and after lengthy and
of values
stockholders. On the other
rights of the various classes of creditors and
operations, as so far established,
other hand the results of the current year'smanagement and with adequate
that, under sound
lead to the conclusion
upon a profitable basis.
additional financing, the business can be developed is advisable to lift the
The time now appears to have arrived when It
properties.
receivership and reorganize the
for the reorganizaThe plan contemplates that the new financing required
of the rights of
tion will be provided through the exercise by stockholders
have been underwritten to the
subscription conferred by the plan, which
extent of $3,000,000.
•
[VOL. 132.
Concluding, Mr. Dahlberg says:
I personally intend to deposit under the plan the holdings of all classes
which I own or in any way control and to exercise to the fullest possible
extent the rights of purchase conferred thereby. I have no hesitation in
recommending to creditors and stockholders of all classes the prompt deposit
under the plan of the claims and shares of stock called for and in advising
stockholders to take advantage of the rights of subscription to new securities
offered under the plan.
Digest of Reorganization Plan.
The plan for the reorganization of the Southern Sugar Co. has been
formulated as the result of conferences and negotiations among representatives of the creditors committee and stockholders committee of the Sugar
company and the holders of important amounts of claims and stock of the
various classes. They have been approved by the receivers and the board
of directors of the Sugar company, the board of directors of the Clewiston
Co. and also by the creditors and stockholders committees.
New Company.
A new company has been organized in Delaware and duly qualified to do
business under the laws of Florida under the name United States Sugar
Corp. It is intended to vest in the new company,either by direct ownership
or through the ownership of securities and(or) shares ofstock representative
thereof, the plants of the Sugar company and of the Clewiston Co., in
which the Sugar company and certain of its stockholders have a substantial
interest, and such of the lands and other properties and assets of the Sugar
company,the Clewiston Co.and of their respective subsidiary and affiliated
companies as the reorganization manager may ultimately determine.
Directors of new company are now composed of nominees of the reeorganization Manager. If and when the reorganization plan is consummated,
it is proposed that the board shall include Frank L. Allen, Clarence R.
Bitting, H. S. Covington, W. C. Douglas, George M. Meyers, C. S. Mott,
Harold B. Reed, J. H. Roberts, N. F. S. Russell, Howard Selby and Forest
P. Tralles.
Claims and Stock to be Dealt with in Reorganization as Estimated.
The principal amount of the claims against the Sugar company and the
shares of stock stock of the Sugar company and of the Clewiston Co. which
are to be dealt with in the reorganization as provided in the plan are estimated to be approximately as follows:
Notes, accounts and contracts secured by liens on machinery
$1,200,000
or equipment (called equipment claims)
Bonds, notes and contracts secured by mortgages or other liens
on land,including $200,000 5
-year 6% mortgage gold bonds of
the Sugar company issued under an indenture, dated as of
2,000,000
• Jan. 1 1928 (called land claims)
Certificates of indebtedness of the receivers of the Sugar coinpany issued pursuant to an order dated July 3 1930 of the Cir650.000
cult Court (called receivers' certificates)
1,500,000
Unsecured claims
100,000
Unsecured claims of lets than $1,000 (approximately 356 items)
115,844 she.
Preferred stock of the Sugar company
74,009 gibs.
company
Class B preferred stock of the Sugar
388,439 she.
Common stock of the sugar company
6,148 ribs.
Preferred stock of the Clewiston Co
10,000 she.
Class A preference stock of Clewiston Co
26,1579 ha.
Common stock of the Clewiston Co
The foregoing table is necessarily only approximate. The claims therein
set forth represent only principal indebtedness shown on the June 30 1930.
of
balance sheet, as furnished to the reorganization manager by officials
the Sugar company and of the Clewiston Co. and, as to receivers' certificates, by the receivers. It makes no allowance for contingent or unllquidated claims or for any claims or indebtedness not on balance sheet, nor for
interest on indebtedness or taxes to the date of receivership. The fgiures
as to the number ofshares of stock of the Sugar company and of the Clewiston Co. outstanding have been furnished to the reorganization manager by
officers of the respective companies. The reorganization manager is
advised that out of the outstanding capital stock of the Clewiston Co..
12,718 shares of preferred stock and 6.359 shares of common stock are
held by the Sugar company and 2,437 shares of preferred stock and 1.208
shares of common stock are held in the treasury of the Clewiston Co. These
has been
shares are not included in the foregoing table and no provisionClewiston
made therefor under the plan. In view of the fact that the
Co. is not in receivership, no provision has been made under the plan for
its creditors.
Depositaries Under the Plan.
(1) Equipment claims, unsecured claims and receivers' certificates must
deposited with Central Hanover & Trust Co.,70 Broadway, N. Y. City.
be
(2) Land claims must be deposited with Central Farmers Trust Co.,
West Palm Beach, Fla.
(3) Preferred stock, class B preferred stock and common stock of the
& Trust
Sugar company must be deposited with Central Hanover Bank Congress
Co..70 Broadway, New York City or Union Guardian Trust Co.,
California Trust Co., 629 South
and Griswold Sts.. Detroit, Mich., or
Spring St., Los Angeles, Calif.
(4) Preferred stock, class A preference stock and common stock of the
Clewiston Co. must be deposited with County Trust Co. of Now York,
80 Eighth Ave.. N. Y. City.
in exercise of
Subscriptions to securities or stock of the new company
the rights of purchase conferred by the plan, and all payments on account
of such subscriptions or under participation warrants may be made to any
of the depositaries for stock of the Sugar company above named, which
will issue participation warrants in respect thereof as hereinafter provided.
New Securities to be Issued under Plan.
In consideration, or in part consideration, of the properties to be acquired by it, it is contemplated that the new company shall issue its securities and shares of stock, other than those specifically reserved by the plan
for future issue, or such part thereof as the reorganization manager shall
determine.
First Mortgage Bonds.—Limited to total authorized of $10,000,000. of
which not more than $8.750,000 are to be presently issued in reorganization.
Bonds are to be issued in series, all of which shall be equally secured on
all the real estate, mills, machinery, patents, or securities and(or) shares
of stock representative thereof, which may be vested in the new company
pursuant to the plan, other than bonds and securities issued by any State.
county, municipality, drainage district or Governmental or political subdivision, which bonds and securities, whether vested in the new company
or not, shall not be covered by the first mortgage.
The first mortgage shall provide that first mortgage bonds, not issuable
in reorganization, may be Issued only against acquisition after Jan. 11932,
and subject to the lien of the first mortgage of property of any description
in
(which may.be subject to prior lien) in addition to the property vested or
additions to
the new company in the reorganization and(or) against mortgage, made
subject to the lien of the first
betterments of properties
of
after Jan. 1 1932, but only to a principal amount not exceeding 75%
the
the fair cost of such acquisitions, additions and betterments, and, in acto the value of the properties
case of acquisitions, not exceeding 75%
quired less the amount of all prior liens thereon. The first mortgage shall
further provide that the rate or rates of interest the date or dates of maturity
first
and the redemption and conversion rights, if any, of the reserved such
mortgage bonds, may be fixed by the new company and stated In
provisions for the release
reserved bonds. The first mortgage will contain
therefrom of properties subject to the lien thereof.
be payable
Both principal and Interest on first mortgage bonds are to standard of
the
in gold coin of the United States of America of or equal to deduction for a
weight and fineness existing on July 1 1931, and without
per annum.
normal Federal income tax not in excess of 2% mortgage bonds, series A.
At the option of the holders thereof, the first
new
be converted into common stock of the to
series B and series C, may
exercised prior
company (or voting trust ctfs. therefor, if such right isof 2 shares ofstock
the termination of the voting trust agreement)at the rate
interest and
for each $100 of bonds, subject, however, to any adjustment of conversion
The
dividends that may be prescribed in the first mortgage. however, shall
bonds called for redemption,
right as to any first mortgage
expire 30 days prior to the(late fixed for redemption.
or required in reorganiza1,=' Any first mortgage bonds issued but not used manager to the new comtion may be surrendered by the reorganization bonds of any series other
pany and cancelled, and additional first mortgage in an equal aggregate
than series A or series C may thereafter be issued
principal amount.
Limited to an aggregate
-Year Convertible Income Gold Debentures.—
10
principal amount of unseprincipal amount not exceeding the aggregate
reorganization manager"ma
cured claims as finally determined by the principal amount of $1,500,000.
It is estimated will not exceed the aggregate to bear interest at the rate of
1941,
Dated July 1 1931, to mature July 1
each year beginning with the
5% per annum payable annually October in
JUNE 20 1931.]
FINANCIAL CHRONICLE
year 1933,up to and including the year 1940,and on July 1 1941. Interest,
however, payable on the debentures shall be dependent upon earnings and
shall not be cumulative, except only the installment of interest for the
period from Oct. 1 1940 to July 1 1941, which will become due July 1 1941.
On or before Oct. 1 in each year, commencing with 1933 and up to and
Including 1940, the net income of the new company for the 12 months
period ending June 30 next preceding each Oct. 1, remaining after the
payment of costs, expenses and charges, including taxes and depreciation,
shall be determined in accordance with the usual methods of good accounting practice by a firm of certified public accountants appointed by the
new company. From the net income as so determined there shall be deducted the interest paid or payable or accrued on the first mortgage bonds
during the 12 months 'period next preceding each such June 30. and also
an amount equal to all fixed minimum sinking fund and maturity payments,
if any, due and payable during such period upon the first mortgage bonds,
series A, the first mortgage bonds, series B,and the first mortgage bonds,
series C. The balance remaining shall be the net income available for the
payment of annual interest upon the debentures on the Oct. 1 next succeeding each such 12 months period, but no such annual interest shall be
paid unless and until the amount thereof and its payment shall have been
declared in its discretion by the board of directors. Unless and until the
full 5% interest on the debentures shall have been paid or set aside for
payment in any year, no dividend shall be declared or paid upon the capital
stock of. the new company. Nevertheless, whenever the net earnings
and(or) the surplus of the new company, whenever or howsoever created.
shall be sufficient to pay the full 5% interest on the debentures, the board
of directors of the new company shall have the power in its discretion to
declare and pay such interest on Oct. 1 in any year, whether or not the
net income of the new company,as hereinbefore defined, for the 12 months
period ending June 30, next preceding shall have been sufficient for the
payment of such interest.
Debentures may be converted into common stock of the new company
(or voting trust ctfs. therefor,ifsuch right is exercised prior to the termination of the voting trust agreement) at the rate of 2 shares of stock for each
$100 principal amount of debentures. The conversion right as to any
debenture called for redemption, however, shall expire 30 days prior to the
date fixed for redemption.
Common Stock.—Shall consist of 1,500,000 shares (no par value) of which
not exceeding 665,000 shares will be issued in reorganization as provided
in the plan,and the remaining shares shall be reserved (a) for the conversion
of first mortgage bonds and of debentures, (b) for the exercise of rights in
respect of purchase warrants, as stated in the plan, and (c) for future issue
from time to time as may be authorized by the-board of directors for the
corporate purposes of the new company.
Voting Trust.—All shares of common stock to be issued in reorganization
will be issued or transferred to the following voting trustees, viz.: H. S.
Covington, Charles F. Kettering and Moye W. Stephens, for a period
expiring not later than July 1 1936, unless earlier terminated by action of
the voting trustees.
Treatment of Deposited Claims. Receivers Certificates and Stock.
Holders of certificates of deposit issued under or otherwise subjected
to the plan for claims, for receivers' certificates or for stock, who shall
have complied with the conditions of the plan and agreement, shall be
entitled, on completion of the reorganization and surrender of their certificates in negotiable form, bearing such stamps and accompanied by such
certificates, if any, as may be required under Federal or State tax laws, to
receive new securities for their claims as finally determined by the reorganization manager, for their receivers' certificates and for their stock
represented by their surrendered certificates of deposit, at the rates hereinafter provided. •
Claims and Receivers Certificates.
Each $1,000 of equipment claims to receive $1,000 principal amount
first mortgage bonds. series A, or in the alternative, at the option of of
the
depositor, each $25 of equipment claims to receive 1 share of new common
stock (voting trust ctf.). lIn determining the amount of any equipment
claim entitled to the foregoing treatment, there shall be deducted from the
face amount of such claim the amount of cash, if any, paid to the depositor
n respect thereof by the reorganization manager as provided.]
Each $1,000 of land claims to receive $1,000 principal
mortgage bonds,series C.or in the alternative, at the option amount of first
of the depositor
each $25 of land claims to receive 1 share of new common stock (voting
trust ctf.).
Each $1,000 of unsecured claims to receive $1,000 principal amount
debentures, or in the alternative, at the option of the depositor, each of
of unsecured claims to receive 1 share of new common stock (voting $25
trust
elf.).
Each $1,000 of receivers' certificates to receive $1,000 principal amount
first mortgage bonds, series B and 60 shares of new common stock
of
(voting trust ctfs.).
Any holder of a claim of any class in an amount, exclusive of interest,
in excess of $1,000, may apportion the amount of their respective claims,
as finally determined by the reorganization Manager, between the alternal
tive options aforesaid, by filing with the depositary, at the time of the
deposit of their claims, written notice of their election so to do.
Any holders of a claim of any class in an amount, exclusive of interest,
of $1,000 or less, shall at his option be entitled to receive, in lieu of the
treatment hereinbefore provided, an amount of cash equal to 62,4% of
the amount of such claim, exclusive of interest, as finally determined by the
reorganization manager. Holders of claims electing to accept such cash
payment must, at the time of the deposit of their claims, file with the
depositary for claims written notice of their election to accept such payment
In lieu of the securities of the new company deliverable in respect of their
claims, in accordance with the plan.
Depositors of claims must, at the time of deposit of their
their election between the alternative options and must file claims, make
with the
positary written notice of such election. If such written notice is not dedepositors shall be conclusively deemed to have elected to receivefiled,
mortgage bonds or debentures, as the case may be, at the rates above.first
Stock of the Sugar Company.
Holders of certificates of deposit representing preferred
Sugar company shall be entitled to receive, in respect of eachstock of the
10 shares
stock deposited: 2 shares of new common stock (voting trust ctfs.) and of
purchase warrant entitling the holder thereof to Purchase 10 shares a
of
before June 1 1938, or voting trust certiricates therefor,
common stock on or
if exercised prior to the termination of the voting trust agreement, at a
Price of$50 per share.
Holders of certificates of deposit representing class B preferred stock
of the Sugar company shall be entitled to receive, in respect
shares of stock deposited: 2 shares of new common stock (voting of each 15
trust ctfs.)
and a purchase warrant entitling the holder thereof to purchase 10
common stock on or before June 1 1938, or voting trust certificates shares of
therefqr,
if exercised prior to the termination of the voting trust agreement,
at a
price of $50 per share.
Holders of certificates of deposit representing common stock of
the
Sugar company shall be entitled to receive, in respect of each 20
shares of
stock deposited: 1 share of new common stock (voting trust ctf.)
and a
warrant entitling the holder thereof to purchase 5
purchase
shares
mon stock on or before June 1 1938, or voting trust certificates of comtherefor,
If exercised prior to the termination of the voting trust
agreement, at a
price of $50 per share.
Stock of the Clewiston Company.
Holders of certificates of deposit representing preferred
Clewiston Co. shall be entitled to receive, in respect of eachstock of the
10 shares of
stock deposited: 10 shares of new common stock (voting trust ctsf.).
Holders of certificates of deposit representing class A preference
stock of
the Clewiston Co. shall be entitled to receive, in respect of each 10
shares
of stock deposited: 6 shares of new common stock (voting trust at's.).
certificates of deposit representing common stock of the
Holders of
Clewiston Co:shall be entitled to receive, in respect of each 10
stock deposited: 2A shares of new common stock (voting trust shares of
ctfes.).
Stockholders Rights of Purchase.
Depositors under the plan of preferred stock, class B preferred
stock
common stock of the Sugar company, will be given the opportunity or
to
purchase first mortgage bonds, series B. and(or) voting trust
certificates
shares of common stock of the new company.
for
Depositors of preferred stock or class B preferred stock or common
stock,
upon making at the time of the deposit of their stock certificates the payments provided, shall be entitled to receive, in respect of the stock so
deposited, participation warrants.
Participation Warrants.
The participation warrants, which will be transferable, but only subject
terms and conditions of the plan will certify that the
to the
registered
4607
holder thereof, on making, in accordance with such warrants and with the
plan the payments called for by such warrants, will, on the consummation
of the plan and on surrender of such warrants duly stamped in negotiable
for for transfer, be entitled to receive, wnen issued and ready for delivery,
first mortgage bonds, series B, and(or) voting trust certificates for common
stock of the new company, as specified in the warrants and in the plan.
The participation warrants issued to depositors of preferred stock will
call for the payment,in respect of the shares of preferred stock upon deposit
of which the same shall ba issued, of the sum of $15 per share payable
$2 per share at the time of deposit, and the remaining $13 per share in
two equal installments of $6.50 per share each.
The principal amount of first mortgage bonds, series B, and the number
of shares of common stock of the new company to be specified in the
participation warrants issued to depositors of preferred stock shall be at
the rate, per 10 shares of preferred stock deposited, either: (1) $150 1st
mortgage bonds, series B and 9 shares of new common stock (voting trust
ctfs.); or in the alternative, at the option of the depositor; (2) 15 shares of
new common stock (voting trust ctfs.).
The participation warrants issued to depositors of class B preferred stock
will call for the payment,in respect of the shares of class B preferred stock
upon deposit of which the same shall be issued, of the sum of $20 per share,
payable $2 per share at the time of deposit, and the remaining $18 per
share in two equal installments of $9 per share each.
The principal amount of first mortgage bonds, series B, and the number
of shares of common stock of the new company to be specified in the participation warrants issued to depositors of class B preferred stock shall be at
the rate, per 15 shares of class B preferred stock deposited, either (1) $300
first mortgage bonds, series B and 18 shares of new common stock (voting
trust ctfs.); or in the alternative, at the option of the depositor; (2) 30
shares of new common stock (voting trust ctfs.).
The participation warrants issued to depositors of common stock will call
for the payment, in respect of the shares of common stock upon deposit of
which the same shall be issued, of the sum of $5 per share, payable $2 per
share at the time of deposit, and the remaining $3 per share on the m.11 of
of the reorganization manager.
The principal amount of first mortgage bonds, series 13 and the number
of shares of common stock of the company, to be specified in the participation warrants issued to depositors of common stock, shall be at the rate.
per 20 shares of common stock deposited, either: (1) $100 first mortgage
bonds. series 13 and 6 shares of new common stock (voting trust ctfs.), or
in the alternative, at the option of the depositor; (2) 10 shares of new
common stock (voting trust ctfs.).
Depositors of preferred stock, class B preferred stock or common stock,
exercising the rights of purchase must at the time of the deposit of their
stock certificates make their election between the alternative options provided and must file with the depositary with which said stock certificates
are deposited written notice of such election.
Payments of the installments payable hider participation warrants after
their issue will be required to be made at an interval of not less than 30 days
and must be made on call of the reorganization manager.
Payments may be made to any of the depositaries for stock of the Sugar
company and will be noted on the respective participation warrants which
for that purpose must be produced at the time of payment. All funds so
Paid will be held by the respective depositaries, subject to the order of the
reorganization manager. Failure to make payment of any installment
when and as payable will forfeit all rights in respect of all plior installments
paid, and otherwise, under the participation warrant under which default
shall have been made and all rights under the plan in respect of such participation warrants, and such participation warrant shall thereupon become
void and of no effect for any purpose.
Syndicate.
Whalen & Co., Inc. has formed a syndicate, of which Whalen & Co..
Inc. will act as syndicate manager and from which it expects to profit, to
underwrite the exercise by the stockholders of the Sugar company of the
rights conferred by the plan to purchase first mortgage bonds, series B
and(or) voting trust certificates for common stock of the new company.
The maximum aggregate obligation of the syndicate will be the sum of
$3,000,000. Up to the amount of said maximum aggregate obligation, the
syndicate shall be obligated to take all first mortgage bonds, series B and
voting trust certificates for the common stock of the new company, offered
under the plan to stockholders of the Sugar company and not taken up and
paid for in full by such stockholders or their successors in interest in accordance with the provisions of the plan in said respects, and to pay in respect
thereof the amounts that such stockholders under the provisions of the plan
are or would be required to pay therefor, less the amounts paid therefor or
on account thereof by depositing stockholders or their successors in interest;
provided, however, that in lieu of first mortgage bonds, series B and the
voting trust certificates accompanying the same, to which the syndicate
may become entitled, the syndicate may at its option take voting trust
certificates only at the rates prescribed in the alternative optioh presented
to stockholders as provided.
In the event that the total amount so paid by depositing stockholders or
their successors in interest (whether in exorcise of their rights of purchase
hereinbefore provided with respect to first mortgage bonds and voting trust
certificates or to voting trust certificates only) does not equal the sum of
S3,000,000, the maximum aggregate obligation of the syndicate shall be an
amount equal to the difference between said total amount and the sum of
83.000,000. In the event that the total amount so paid by depositing stockholders or their successors in interest shall equal or exceed the sum of
$3,000,000. the syndicate shall not be obliged to make any payment on
account of its underwriting and shall not be entitled to receive any of the
securities of the new company so underwritten.
In addition, however, to such securities of the new company as may be
taken up and purchased by the syndicate under its underwriting agreement, the syndicate shall be entitled to receive, as consideration for its
underwriting obligation, voting trust certificates to 120,000 shares of new
common stock and the sum of $150,000 in cash, plus such further sums not
exceeding the aggregate amount of 8150,000 as the syndicate manager
may from time to time call upon the reorganization manager to pay, to be
used to defray the incidental expenses of the syndicate manager and on
account of the compensation of the syndicate manager for acting in that
capacity. The rights and obligations of the syndicate may be terminated
of the reorganization manager unless claims and securities are deposited
under the plan to an amount that in the judgment of the reorganization
manager will reasonably assure the carrying out of the plan.
Subsidiary and Affiliated Companies.
In order that the new company may have the benefit of such of the
properties now used in connection with the business of the Sugar company
as may, in the judgment of the reorganization manager, be necessary or
expedient for the profitable operation and development of the new company,
It is contemplated that certain of the lands, patent rights, licenses and other
Properties of companies affiliated with the Sugar company and of their
respective subsidiaries shall be embraced in the reorganization.
The Clewiston Company.
Approximately two-thirds of the preferred stock and one-sixth of the
Common stock of the Clewiston Co. is owned by the Sugar company, and a
substantial stock interest is also held by Dahlberg Corp. of America and its
affiliated companies. The reorganization manager is authorized and emPowered to vest in the new company, either directly or through securities
and(or) shares of stock, all or such part of the lands and other properties
of the Clewiston Co. as in its unrestricted discretion will best promote the
Interests of the new company,to make such offers or arrangements and(or)
to enter into such contracts, leases or other agreements with the creditors
and(or) stockholders of the Clewiston Co. as will in its unrestricted discretion promote the successful consummation of the plan.
Cane Machines Corporation.
During the 1930-1931 harvesting season the receivers of the Sugar comentered into a license agreement with Cane Machines Corp. for the
pany
use of a mechanical harvester for the cutting of sugar cane. It is intended,
upon consummation of the plan and provided arrangements can be shade
on suitable terms, to acquire from Cane Machines Corp. an assignment of
its license under the patents covering these machines and thus to assure
their continued use to the new company, together with all improvements
thereon, for the life of the patents, subject only to the payment of royalties
to the holders of the patents and to the conditions stated in said license
agreement. For this purpose the reorganization manager is authorized
and empowered in its discretion to utilize voting trust certificates for not
more than 15,000 shares of common stock of the new company and also to
assume any or all of the indebtedness and obligations of Can Machines
Corp. and to utilize in payment or settled thereof securities of any class of
the new company not otherwise specifically appropriated under the plan
and(or) any such securities not required for the purpose for Which they are
appropriated.
4608
FINANCIAL CHRONICLE
Dahlberg Corporation of America.
Corporation holds a substantial stock interest both in the Sugar company
and the Clewiston Co. Its officers have advised the reorganization Manager
that the financial position of the corporation may not permit the exercise
to the fullest extent of the rights of purchase of securities of the new company to which it would be entitled under the plan as a stockholders of the
Sugar company, but the board of directors of Dahlberg Corp. of America
has approved the plan and assured the reorganization Manager of its cooperation in consummating the same.
In order to permit the stockholders of Dahlberg Corp. to participate in
the benefits of the plan, the reorganization manager is authorized, but shall
be under no obligation, to offer to the stockholders of Dahlberg Corp.,
an opportunity,subject to the rights of stockholders of the Sugar company,
to purchase first mortgage bonds, series B and(or) voting trust certificates
for shares of common stock of the new company, subject to the terms and
conditions stated in the plan and in the accompanying agreement. The
terms of any such offer may provide that:
Holders of shares of preferred stock of Dahlberg Corp. may be offered an
opportunity to purchase, at the rate per 10 shares of preferred stock held
by them respecttvely, $100 of first mortgage bonds, series B and 6 shares
of new common stock (voting trust ctfs.) for a price of $100 in cash, or, at
the option of the subscriber, 10 shares of new common stock (voting trust
ctfs.) for said price.
Holders of shares of common stock of Dahlberg Corp. may be offered an
opportunity to purchase, at the rate per 25 shares of common stock held
by them respectively, $100 of first mortgage bonds, series B. and 6 shares
of new common stock (voting trust ctfs.) for a price of $100 in cash, or,
at the option of the subscriber, 10 shares of new common stock (voting trust
ctfs.) for said price.
If and when it shall determine to make any offer to the stockholders of
Dahlberg Corp. the reorganization manager may prescribe such conditions
not inconsistent with the plan as in its discretion it shall deem necessary
or proper with respect to such offer, including the issue of participation
warrants to such stockholders of Dahlberg Corp. as shall exercise right of
purchase,the presentation of evidence as to the number and class ofshares
held by stockholders respectively, and the method and time of payment
of the purchase price of the shares of new common stock specified in such
participation warrants, and if the reorganization manager shall determine
that such payment shall be made in installments, the amount of such
Installments.
Condensed Consolidated Balance Sheet June 30 1930.
[Southern Sugar Co. and the Clewiston Co.]
Assets.
$10,679,704
Land,improvements, &c
5,272.670
Plant and eqwpment (less depreciation)
1,438,679
Unamortized development cost
2,539
Cash
Accts.. notes, mtges, land contracts, claims, &c. receivable
584,625
(less unrealized prof.& pending adjustments on land contracts)
131,179
Inventories of merchandise and supplies
1,312,410
Growing cane, &c
510,919
Investments
557,047
Stock subscriptions
5,079
Sinking funds
1,700,890
Unamortized stock selling expense
130,386
Other deferred charges
Total
Liabilities of all kinds, except capital stock
$22,326,128
5,366,543
$16,959,584
Net worth
Condensed Pro-Forma Balance Sheet. [United States Sugar CorP.1
[Estimated as of the date of the consummation of the reorganization
plan of the Southern Sugar Co., and its associated companies, the Clewiston Co. and Cane Machine Corp.)
Liabilities
Assets$7,500,000 Unpaid purchases, exps..
Land
$75,000
accrued accounts,&c-Plant and equipment_ __ - 4,500,000
1,090,000 1st mtge. serial bonds--- 63035,000
Cash
123,000 10-yr. cony,income debs. 1,225,000
Receivables
7,140,000
100,000 Net worth
Inventories
400,000
Growing cane, &c
760,000
Investments
[vol.. 132.
Condensed Consolidated Balance Sheet Dec. 31.
•
Assets1930.
1929.
1929,
Liabilities1930.
Cash & call loans__ $417,573 $718,463 Accounts payable- 555,289 5320,754
Accts. receivable__ 300,757
491,577 Accr. accts., incl.
Aferch. Inventories 133,827
Federal & State
304,342
Other assets
136,348
160,359
tit/co
11,983
3,091
15,000
Mortgage payable
Land,b1dgs.,mach.
15,000
& cquipment..__x2,516,170 1,874,101 Customers' dep. on
Leasehold
contr. for future
6,596
1.218,639 1,293,253
delivery
Research,develop.,
pat. & goodwill_ 3,521,143 3,198,247 Minority int. in
Deferred chargef_34,077 Technicolor Mo47,000
8,406
2,520
tion Picture Co_
50
Preferred stock_
Common stock- - -y3,872,447 3,828.491
z1,639,317 1,013,072
Surplus
Total
Total
56,939,561 86,639,386
56,939,561 56,639,386
After depreciation of $546,982. y Represented by 517,548 shares
(no par). z Of which $174,250 has been appropriated for the purchase
of preferred stock in treasury.
-V. 131, p. 2237.
Taggart Corp.
-Defers Class A Dividend.
The directors have voted to defer the quarterly dividend of 50 cents per
share due July 1 on the $2 cum. class A. stock, no par value. The last
regular quarterly disbursements on this issue was made on April 1 1931.
The directos have declared the regular quarterly dividend of $1.75 per
share on the preferred stock, payable July 1 to holders of record June 15.V. 132, P. 3904.
Telautograph Corp.
-Earnings.
For income statement for month and 5 months ended May 31 see "Earnings Department" on a preceding pago.-V. 132. p. 3735.
Thrift Stores, Ltd.
--Sales.
Period
Sales
-V. 132, p. 871.
12 Mos.End. 8Mos. End.
Mar. 3131. Mar. 31'30.
$3,363,137 $2,084,811
-Extra Dividend,
Title Guarantee & Trust Co.
The trustees have declared the regular quarterly dividend of $1.20 per
share and an extra dividend of 60c. per share, both payable June 30 to
holders of record June 20. Like amounts were paid in each of the eight
preceding quarters.
George M. Moffatt has been elected a trustee and member of the finance
committee, succeeding to the vacancies caused by the death of Edward
T. Bedford.
-V. 132, p. 2215.
-Decrease in Capital.
Tobacco Products Corp.
The stockholders will vote June 24 on reducing the authorized class A
stock from 2,467.000 shares to 2,242,000 sharps and the common stock
from 5,000.000 shares to 3,298,000 shares, no par value.
The proposed reduction does not affect the outstanding stock in any
way. It has been recommended by the board of directors as an economic
measure in order to effect a saving in the annual franchise tax of the State
of Virginia In which the company Is incorporated.
-V.132, p.4431.
Transamerica Corp.
-Div. Rate Decreased-To Change
Shares to No Par Value.
-
The directors on June 17 declared a dividend of 10 cents per share on the
outstanding stock, payable on July 25 to holders of record July 6. Pro-viously the company made regular quarterly distributions of 25 cents
Per share.
In commenting on this dividend, Chairman Elisna Walker said that the
board had felt that a reduction from the previous rate was desirable in
view of present conditions, and in view of the policy to keep the regular
dividends in line with the presently anticipated recurring earnings of the
corporation from interest and dividends received. He pointed out that the
earnings of the subsidiaries and income from otner investments had necessarily bean affected by the general business situation and the prevailing
lower interest rates, but that such earnings could be considered reasonably
satisfactory under existing conditions.
With reference to the change of the shares to no par value, which the
$14,475,000 board aLso authorized on June 17, subject to the stockholders approval,
Total
$14,475,000
Total
Mr. Walker said that such change would give the corporation a more
To be represented by a proposed authorization of 1,500.000 shares of
capital structure and permit it to adapt itself more readily to changed
common stock without par value, of which approximately 545,000 shares flexible
conditions. He pointed out that in view of the present market value of the
are to be issued and outstanding under the reorganization plan.
shares the fixed par value imposed certain arbitrary restrictions on the
The foregoing approximated balance sheet is subject to the following corporation. He also said that the proposed action, which is in line with the
qualifications:
action taken by many other corporations, would not change the number
(a) The consolidated assets of the constituent companies have been of shares held by the stockholders or affect the intrinsic value of such
valued as follows:
books of the shares in any way.
Land at about 70% of the book value as reflected by the
Pool Is Now Terminated-Syndicate Returns Funds.
companies named above.
Plant and equipment at about 66 2-3% of the original book value before
The "Journal of Commerce," June 17, had the following:
deducting reserves for depreciation as reflected by the books of the comThe syndicate formed last December to support Transamerica stock has
been disbanded and checks were sent out Juno 16 refunding the subscrippanies named above.
Growing cane at about 33 1-3% of the recorded book values, which is tions of the pool members with 4% interest. The pool never purchased or
less than the cost of planting same. Other assets shown above are con- sold a share of Transamerica stock, it was stated.
sidered good in view of the fact that ample provision has been made for
The return of the funds to peg Transamerica stock set at rest the frequent
shrinkages in the book values reflected by the records of the companies rumors that the syndicate had purchased shares and that with the subnamed.
sequent decline of the market had sustained heavy losses.
(b) The assets and liabilities as shown are based upon an underwriting
With the checks to subscribers was a letter explaining why no purchases
of $3,000,000 par value series B first mortgage bonds and the issuance of of Transamerica had been made. The pool, it was said, had collected a
new securities to creditors of the companies named in the caption hereof, capital of approximately $20,000,000 as originally called for. However,
- after the funds had been gathered it was decided that market conditions
as well as all other relative factors provided in the reorganization plan.
did not warrant heavy purchases of the stock. Instead the funds were
V. 132, p. 1632.
deposited in banks.
-Initial Div.
- The subscriptions received last Dec. 15 were to have run six months.
Southwest Utility Dairy Products Co.
retained the option of extending the lifetime
The directors have declared an initial quarterly payment of 25 cents on the The heads of the syndicate
months beyond its termination date. Profits were to be
Participating debenture shares, payable July 1 to holders of record on of the pool six subscribers.
divided among
June 30.-V. 132, P. 4078.
The managers of the syndicate were A. P. Glannini, Elisha Walker,
-New Pres., &c. L. M. Giannini, P.0. Hale and James A. Bacigalupi.-V. 132, p. 3545.
Springfield (Tenn.) Woolen Mills, Inc.
-Extra Dividend.
John F. Jervis has been elected President, succeeding George J. Swift,
Travelers Insurance Co., Hartford.
E. B. Boyd has been made a director, 1st Vice-President and Secretary,
The directors have declared an extra dividend of 4% and the regular
and Arch Cash has been elected a director, 2nd Vice-President & Treasurer. quarterly dividend of 4%,both payable July 1 to holders of record June 15.
The following compose the board of directors: John J. Jervis, E. B.
An extra of 2% was paid on Dec. 31 last and one of 4% on July 1 1930.
Boyd, Arch Cash, H. E. Pritchard, F. A. Carter, J. A. Wallace, J. W.
132. lx• 2015.
Durrett and H. L. Dulin.-V. 132, p. 4258.
-Dividend Decreased.
Standard Safe Deposit Co.
share.
payable
The directors have declared a quarterly dividend of $2 per
June 30 to holders of record June 30. A quarterly payment of $2.50 per
-V.132,
on March 30 last, as compared with $2 previously.
share was made
D. 2013.
-Earnings.
Sweets Co. of America, Inc.
-New Affiliated Co. Formed.
Ulen & Co.
Announcement was made on May 24 of the formation of the Ulen Securities Co., Dallas, Texas, to underwr1te, distribute and deal in bonds. The
New York. Correspondents of tho
company is affiliated with Ulen &
Co..
new company will be Ames, Emerich &Co.,Inc.. of New York and Chicago,
-V.132,p.3361.
and the Men Securities Co.. Ltd..of Los Angeles., Calif.
-Annual Report.
Union American Investing Corp.
David M. Heyman, President, says in part:
During the fiscal year, losses were incurred from the sale of securities to
the amount of $694,533. Cost of securities exceeded market value on
by l.102,n 1.
g tatu1ati014re
-Acquisition.
Swift & Co., Chicago.
veals the results of the corporation's operaMTaYhe31folli9o3w1fn
The company has acquired the People's Cotton Oil Co., Selma, Ala. tions from its inception to date:
are being made to transform
Per Share
Extensive improvements and enlargements
No.ofSims. Liquidating Assets per
the plant into a modern link in the Swift chain of cottonseed crushing plants.
Resources. Outstanding.
Value.
$1,000Bond
-V.132. p.4259.
Date$2,013
$5,032,600
100,000
$25.32
June 7 1928
-Earnings.
2,551
6,378,800
102,090
Technicolor, Inc.(& Subs.).
37.99
May 31 1929
2,784
6,960,803
103,517
43.09
May 31 1930
Consolidated Income Account Year Ended Dec. 311930.
Condensed
2,124
.0
25.48
87,600
May 31 1931
$5,925,916
Netsales
* After cancellation of 15,917 shares of common stock and $514,000
4,045,280
Cost ofsales, &c
374,396 par value debentures, at total cost of $742,322.
General & administrative expenses
662,068
During the year, there were purchased and cancelled 15,917 shares of
Selling expenses
common stock and $514.000 debentures. All purchases of common stock
$844.172 were made at prices below liquidating value at time of purchase, and all
Net profit
2,847 debentures purchased were at substantial discounts. Of the debentures
Other income
cancelled, $490,000 carried warrants for 4,900 shares of common stock.
$847,019 These warrants were cancelled with the debentures and the 4,900 shares
Total income
50.544 ofstock reserved against the warrants are held in the corporation's treasury.
Other deductions
120,000 The total cost of stock and debentures cancelled was $742.322.
Federal & State income taxes-estimated
With the beginning of the new fiscalyear, it was decided by directors
$676,475 to treat profit or loss realized from the sale of securities as a special item in
Net profitfor the year
For income statement for 5 months ended May 31 see "Earnings De-V. 132, p. 3735.
partment" on a preceding page.
Juin?) 20 1931.]
FINANCIAL CHRONICLE
4609
the surplus account. Income account hereafter will include only actual President and Vice-President, respectively, and the Hillards will cancel
Income received as dividends on stocks, coupons on bonds, or interest on Indebtedness of the company to them, and also assume a debt to a Pittsbank balances and on call loans, after allowance for expenses and fixed burgh bank,and deliver all of the outstanding class B stock to the company.
charges.
A new board of directors was elected.
-V. 131, p. 646.
A list of of the corporation's holdings is given in the report.
Weinberger Drug Stores, Inc.
Earnings for the Year Ended May 31 1931.
-1% Stock Dividend.
(Presented in the form in which the income account will appear in the future)
The directors have declared a quarterly dividend of 25c. a share and
Dividends on stocks
$145,825 1% in stock on the common stock, no par value. payable July 1 to holders
Interest on bonds
of record June 20. Like amounts were paid on this issue on each of the
1
Interest on call loans & bank balances
5,209 five preceding quarters.
-V.132, p. 2017.
Total income
Interest on debentures
Amortization of discount on debentures
Taxes
Other expenses
$235,773
113,527
3,943
2,354
32,070
.West Boylston Mfg. Co.
-Capital Distribution.
The directors have declared a capital distribution of $50 a share on the
preferred stock, thereby reducing the par value to $50 a share. This
allotment will be paid in 1931,it is stated.
--V.132, p.2793; V.131, p.2394.
Western Auto Supply Co.
-Sales Decrease.
Net income for year carried to undistributed income account$83,878
1931
-May
----1930. Decreased 1931-5 Mos.-1930. Decrease
Notes.
-Net loss realized on sale of securities during the year, which has
$170,0001$4,506,000 $5,096,000 $590,000
$1,191,000 $1.361,000
been charged against a special account under surplus, amounts to $694,533
Such net loss is computed by applying sales against the securities purchased -V. 132. p. 3736, 2793.
at the highest cost.
Unrealized depreciation in market value of securities as compared
-Director.
-Sales
Western Grocers, Ltd., Winnipeg.
with cost amounted to $1,102,141 at May 31 1931 as compared with
President W.P. Riley recently stated that sales for the first three months
unrealized appreciation of $296,042 at May 31 1930.
of the year had held up remarkably well, although he expects that the dollar
value of business in 1931 will be less than for last year.
Surplus Accounts for the Year Ended May 31 1931.
(Presented in the form in which the surplus accounts will appear in the
Mr. Riley also announced that there are now 700 retailers in the Prairie
Provinces who are operating Red & White Stores in co-operation with
future.)
Capital Surplus
Western Grocers, Ltd.
Balance as at May 31 1930
Frank 0. Fowler, manager of the Winnipeg Grain & Produce Exchange
$1,171,657
Transfer from earned surplus
-V. 132.
27,395 clearing house, was elected a director, succeeding G. W. Markle.
Credit arising from repurch. of $514,000 par value of debs. at a
p. 2793.
discount
71,710
-No Action on Div.
Western Reserve Investing Corp.
Total surplus
The directors have taken no action on the quarterly dividend of $1.50
$1,270,763
Cost of 15,917 shares ofcommon stock repurchased & cancelled..
315,756 per share duo July I on the $6 corn. partic. prior pref. stock, par $100.
The last quarterly payment of $1.50 per share on this issue was made on
Balance as at May 31 1931
3955,007 April 11931.-V. 132, p. 2017.
Realized Net Profit on Securities Sold
Amount transferred from earned surplus as at May 31 19301,292,300
Western States Life Insurance Co., San Francisco.
Net loss realized on securities sold during year ended May 31 '31
694.533
Dividend-Merger Terms.
Balance as at May 31 1931
$597.767
Undistrtbuted Income Account
The directors have declared the regular semi-annual dividend of 50 cents
Balance of earned surplus as at May 31 1930
1,519,100 per share, payable June 30 to holders of record June 24. Three months
Excess prov.for Federal inc,& N.Y. State taxes at May 31 1930
4,718 ago an extra dividend of 50 cents per share was paid.
In a letter to the stockholders, the following merger terms were anTotal
$1,523,818 nounced:
Amount transferred to capital surplus representing profit realThe stockholders of Western States will receive for each share now held
ized during year ended May 31 1930 on repurchase and sale of
cash and one-half share of California State Life Insurance Co. stock
$40
corporation s own common stock and debentures
27,395 (Parin
$10) and will be entitled to purchase two new shares at $40 each for
Realized net profits on securities sold, less taxes thereon, transeach five shares of California State then held.
ferred to separate account above
1,292,300
California State Life stockholders will be given the right to purchase
Balance
$204,122 new shares at $40 each in proportion of two shares for each five held.
Net income for the year
83,878
Holders of more than 50% of Western States shares are reported to have
Balance as at May 31 1931
$288,001 agreed to deposit under these terms.
Balance Sheet, May 31 1931.
Westinghouse Electric & Mfg. Co.-Acguisition of
(Presented in the form in which the balance sheet will appear in the future.)
International Combustion Engineering Corp. Denied.
AssetseSecurlites owned, at cost--$5,271,852 5% gold debentures, series A-61,988,000
The reports of the acquisition by the company of properties and certain
Corp. were called
Cash
31,495 Payable for secur. purchased14,388 equipment of International Combustion Engineeringto the Philadelphia
Int. accr., dirs., receivable. eze
34,212 Accrued expenses. &c
3,605 "erroneous" by President F. A. Merrick, according
Furniture & fixtures
1,079 Common go.*
-V. 132. p. 4433, 4081.
1,552,755 "Financial News".
Unamort. disc, on debentures_
59.084 Capital surplus
955,007
-Smaller Dividend.
West Virginia Pulp & Paper Co.
Realized net prof. on sec. sold_ 597,787
The directors have declared a quarterly dividend of 40c. a share On the
Undistributed income account 288,001
no par common stock, payable July 1 to holders of record June 16. This
Total
-V. 119, p. 2892.
$5,397,523
Total
$5,397,523 compares with 50c. each quarter paid previously.
a The cost of securities owned as at May 31 1931 was $1,102,141 in
-Receivership.
Wextark Radio Stores, Inc.
excess of the aggregate market value thereof. b Represented by 87,600
Federal Judge Charles E. Woodward at Chicago June 15 appointed the
no par shares.
-V. 130. p. 4437.
Chicago Title & Trust Co. equity receiver for the company and its subsidUnion Bag & Paper Corp.
iaries, under a bond of $250,000.
-New Chairman,
This action followed the filing of an equity petition On behalf of the ChiSee St. Regis Paper Co. above.
St.
-V. 132, p. 3168, 2984; V. 131, P. 287.
cago Daily News with a claim of $5,000. The petition alleged that the
is much more than the
Union Metal Mfg. Co.
were approximately
-Smaller Common Dividend
- assets but that the assets $4,000,000, whichreceivables inventories, liabil&c.were tied up in
ities,
Omits Extra.
The directors have declared a quarterly dividend of 37%c. per share on 131. p. 2394.
the common stock, placing the issue on a $1.50 annual basis, against
-Registrar.
Wheeling Steel Corp.
$2 previously, payable July 1 to holders of record June 22. The comanpy
The National City Bank of New York has been appointed registrar for
has discontinued the extra quarterly dividend of 25c. heretofore paid.
382,965 shares of pref. stock ($100 par)and 402,301 shares ofcommon stock
The directors also declared the regular quarterly dividend of $2 per (no par)
.-V. 132, p. 4260.
share on the preferred stock, payable July 1 to holders of record June 22.
The reduction in the common dividend at this time was caused,according
-Omits Common Dividend.
Whitaker Paper Co.
to a statement by officials of the company, bu uncertainty as to volume
The directors recently voted to omit the quarterly dividend ordinarily
of business for the current year and a conservative policy of maintaining payable about July 1 on the common stock. In each of the two preceding
the company's favorable current position.
dividend of $1 per share was paid on this issue, as against
Sales volume for this year to date is considerably reduced but indica- quarters a regular
previously.
-V. 131, p. 4068.
tions are that there will be a substantial improvement over the balance 31.50 per share
of the year, it was stated.
-V.132, p. 1827, 4080.
-Establishes Canadian Plant.
White Motor Co.
at Montreal, Quebec. Canada, for
established
The company
United Aircraft & Transport Corp.
-Passengers Gain.
- the manufacturehasits complete a planttrucks and buses for the Canadian
line of
of
United Air Lines, transport subsidiary of this corporation, transported
2,832 passengers in April. this year, and 416.099 pounds of mail, its planes market. Production began on June 1.-V. 132, p. 2755.
flying 952,354 miles. This is a substantial improvement over March,
-Merger.
Willapa Lumber Co., Raymond, Wash.
when 2,136 passengers and 391.158 pounds of mail were carried and 704.664
Arrangements for closer control and management of one group of holdmiles flown. In the first four months this year the company's planes have ings
Timber Co. was completed on May 15. This
of the Weyerhaeuser
carried 7.294 Passengers.
According to reports received so far, May continued the improvement merger united the company's timber holdings tributary to Willapa Harbor
registered in April. National Air Transport, which currently has the with the holdings of the Raymond Lumber Co., the Lewiss Mills & Timber
largest volume of mall and passengers of any of the United's transport lines. Co. and the Willapa Lumber Co. It was ratified by Weyerhaeuser stockset a record in May with 1,745 passengers, compared with 1,595 in April, holders on May 15.-V. 120, P. 97.
the previous record month, while Varney Air Lines, another subsidiary,
-Minority Charges Waste.
(Benjamin) Winter, Inc.
transported 277 passengers in May, an increase of 44 over the preceding
A committee selected at a meeting of stockholders for the purpose of
month*
The following table shows passenger volume of United's subsidiaries in investigating the affairs of the company has sent a letter to stockholders
the first four months. No comparison is available with last year, due to reading in part as follows: satisfied with the information it
has received
"The committee is far from
the fact that at this time in 1930 the company had not entered into the and
is desirous of going on with its examination and with, perhaps, such
passenger-carrying field to any great extent, being dependent, until later
action as may be appropriate in protection of the stockholders.
on in the year. upon mail contracts for the large, part of its transportation
As a part of the refinancing plans of the corporation, it becomes aprevenues:
by Benjamin
parent that $891.000 of indebtedness
Boeing.
N. A. T.
Boeing.
P. A. T. Varney. to various banks has been assumed by due corporation asWinter personally
the
a corporate debt.
January
852
296
61
65 It further appears that large sums belonging to the corporation have been
February
1,182
296
124
80 used to purchase its own stock in the market, which tho committee feels
March
1,262
451
297
126 Is most improper use of the corporate funds.
April
1,595
526
x478
233
"Benjamin Winter is continuing on a salary of $40.000 and the company obligated to pay a very large interest sum upon his personal debt
Total
4,891
1,569
960
504 Which was assumed as stated, and that an excessive overhead of approxiz West Coast Transport acquired in March.
-V.132, p.4431.
mately $100,000 continues to the detriment of the stockholders. If
amortizations approximating $600,000 annually can be rearranged. overUnited States & British International Co., Ltd.
head cut down and excessive salaries reduced this company ought to be
Off List.
managed upon an even keel, looking to the time when real estate conditions can be restored, property sold and stockholders protected.
See American & General Securities Corp. above.
-V. 132. p. 872.
"Between $200,000 and $300,000 is due to the corporation from Winter
United States Sugar Corp.
-Organized To Succeed & Wilkes, Inc., on which no part of principal or interest has been paid."
The committee states that in order to go forward with its work, it is
Southern Sugar Co.
-See latter company above.
asking the co-operation of stockholders and asks a contribution of $5 from
each which will be placed in a fund in control of the committee and utilized
Universal Pipe & Radiator Co.
-Advances Funds to for proper expenses in connection with its investigation and further work
Protective Committeefor Central Foundry Co. Bonds to Pay May for stoaholders.-V. 132, p. 3363.
-See Central Foundry Co. above.
Coupons.
-V. 132, p.
4081, 3546.
Washington Title Insurance Co., Seattle.
-Dividend
Decreased.
The company has reduced the quarterly dividend on the common stock
from $1.50 to $1 a share and declared the regular quarterly dividend of
$1.50 a share on the preferred stock. Both dividends are payable July 1
to holders of record June 27.-V. 129, p. 2094.
Waverly Oil Works Co.
-Plan Approved.
-
The stockholders have approved a plan whereby 8,250 shares of Standard 011 Co.of New Jersey stock will be delivered to T.J. and H. R. Hillard,
-New Director.
(F. W.) Woolworth Co.
W. L. Stephenson, managing director of F. W. Woolworth & Co., Ltd.,
the British subsidiary, was recently elected a director of the American
-V. 132. p. 4433.
company,succeeding J. H. Dunster. retired.
-Receives Large Order.
Wright Aeronautical Corp.
The War Department on June 13 announced the award of a contract
for 156 Cyclone air-cooled engines to the above corporation at a total
cost of $1,026,164. These engines will be used to equip part of the 64
new twin-engined bombers recently ordered from the Keystone Aircraft
-V. 132, p. 4081.
Corp. at Bristol, Pa.
Youngstown Sheet & Tube Co.
-Hearing Put Off.
-V. 132, p. 4260, 3546.
See Bethlehem Steel Corp. above.
4610
[VOL. 132.
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
-DRY GOODS
-ETC.
-WOOL
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, June 19 1931.
COFFEE on the spot was easier with Santos 4s, 9% to
10c.; Rio 7s, 7 to 73c. Fair to good Cucuta, 12M to
1234e.; prime to choice, 14 to 15e.; washed, 17e.; Colom/
bian, Ocana, 123/i to 13c.; Bucaramanga, natural, 133 to
133'c.; washed, 16 to 1634e.; Tolima, Honda and Giradot,
163 to 17e.; Medellin, 173 to 18e.; Manizales, 163 to
%
%
%
17c.; Mexican, washed, 163 to 18c.; Surinam, 12 to 123'c.;
Ankola, 233/i to 34e.; Mandheling, 233/i to 32c.; Genuine
Java, 23 to 24c.; Robusta, washed, 9 to 93jc.; Mocha, 16
to 163'e.; Harrar, 15 to 15 Mc.; Abyssinian, 11 to 113/2o.;
Salvador, washed, 143 to 163'c.; Nicaragua, washed, 13
%
to 133'c.; Guatemala, prime, 173/ to 17%e.; good, 15 to
153'c.; Bourbon, 13 to 133c.; Hayti, Tre-la-main, 13 to
133/2e.; Machine, 123. to 13e.; San Domingo, washed, 153
to 153/2e. On the 15th cost and freight offerings were
moderate and prices unchanged to 15 points higher. Prompt
Bourbon 2-3s at 11.10c.; 3-4s at 10.25 to 10.60c.; 3-5s at
9% to 10.300.; 4-5s at 9.95 to 10.25e.; 5s at 9.85c.; 5-6s at
8.90 to 9.90c.; 6s at 9.25 to 9.650.; 6-7s at 9.50c.; 7s at 9c.;
7-8s at 8.85 to 9.45c. Peaberry 4s were offered at 10.20c.;
4-5s at 10.05c., and 6s at 9.35 to 9.85c. On the 17th cost
and freights were unchanged to about 10 points lower.
Bourbon 2-3s were offered at 10.55 to 11.25c.; 3-4s at 10
to 11.30c.; 3-5s at 9.75 to 10.80c.; 4-5s at 9.65 to 10.30c.;
5s at 9.60c.; 5-6s at 9.30 to 9.40c.; 6s at 9.25e., and 7-8s
at 8.75 to 9.10e. Bourbon 3s of the 1931-32 crop were
offered at 9.90c. and 34s at 9.60e. Santos 3s were also
offered via Rio at 9.85e., while Bourbon 4s for June-July
shipment were also offered via Rio at 9.35c.; Peaberry 3s
were here at 10.65c. Here the spot Santos 4s were easier
at 9% to 10e. Rio 7s, 7 to 73/sc.
To-day few cost-and-freight offers were reported and
these were about 15 points lower. For prompt shipment,
they included Bourbon 3s at 9.90e.; 3-4s at 9.55 to 9.90c.;
3-5s at 9.350. to 9.850.; 5s]at 9.15e.; 5-6s at 9.05c.;
7-8s at 8.50 to 8.75c. On the 15th inst. futures advanced
19 to 28 points on European buying and Brazil and the
trade buying. On the 15th Rio cabled the Exchange here:
.
"
`Rumored under consideration the possibilty of an increase
in the export tax to 20 shillings per bag, with abolition other
taxes. Rumored Rio Coffee Exchange opening to-morrow
with contracts A and B; details later. Institute de Cafe do
Estato de Sao Paulo corrects total destroyed end May
465,000 bags. Santos informs contract B purchases almost
solely hands National Coffee Council." On the 15th Rio
Exchange at the hour of the New York opening was 3-32d.
higher, compared with the close of Friday of 4d. and the
dollar 310 lower at 128330. On the 16th inst. futures declined 15 to 23 points with Brazilian exchange off and the
trade the largest seller. Europe bought on a fair scale.
Nobody bought heavily. On the 16th Rio to the New York
Coffee Exchange: "The Rio Bolsa will reopen to-day.
Old contract type 7 called "A"; unit sales 500 bags, allowing
four samples each unit, but each sample 125 bags minimum.
New contract called "B" basis type 6, plus minus 15 points,
allowing certain quantity type 8; unit sales 500 bags, allowing maximum 10 samples but no sample less than 10 bags.
Limits movement each call 500 reis, and four months quoted
each contract."
Comtelburo cabled the New York Exchange: "Government paid 15th, 2,463,000 bags valued 151,000 contos.
Reported majority international conference delegates favor
creation of International Bureau view centralized propaganda,reduction tariffs, Sze. But propositions price stabilization, limitation quotas and similar restrictions not presenting probabilities of success." (It will be recalled that
according to a previous report up to June 8th, the Government had paid for 2,116,000 bags of coffee, the sum of 129,000
contos, $546.15 to the contos.) On the 16th Sao Paulo
wirelessed the New York "Times": "General business improved last week, with improvement in the milreis and with
customs clearings the highest in the last three months. It
was reported that successful negotiations on foreign debt
interest payments abroad caused the gains. Unemployment was relieved by the coffee harvest, thousands going to
the interior for work. Coffee shipments were under normal
for the week, with prices down slightly. The Federal
Government financial balance for the end of May was
favorable, showing that the income exceeded expenditures." On the 17th inst. futures here declined 6 to 12
points on Santos with sales of 17,500 bags and 7 to 10 on
Rio with sales of 27,000 bags with Brazilian cables lower.
Later the cables were better and a slight rally here followed.
Spot demand was fair. On June 17 Rio exchange at the local
opening here was 1-16d. lower at 3 7-8d. and the dollar 190
higher at 128740. Santos exchange was unchanged at
3 29-32d. and the dollar 50 higher at 128650. On the 18th
inst. futures declined 17 to 24 points. The coffee conference in Brazil seems to have accomplished nothing. The
sales were lower. On the 18th Santos Exchange rate at the
hour of the New York opening was 3-32d. lower at 3 13-16d.
and the dollar rate 350 higher at 138000. Rio Exchange was
1-5d. lower at 3 27-32d. and the dollar 200 higher at
128250. Rio spot 150 lower at 128650. Rio cabled the New
York Exchange: "Now informed City Sao Paulo Bolsa
opening June 22, but quoting predetermined months both
contracts which best suit 'Institute de Cafe do Estado de
Sao Paulo' and other interested parties. For example will
open quoting July, Sept., Nov., Jan. Expected that Sao
Paulo Bolsa will greatly facilitate 'National Coffee Council's'
purchases."
On the 18th Rio office of the Comtelburo cabled the
Exchange: "International conference closed yesterday only
positive result being ask Brazilian Government convocation
all producing exporting countries meet at Lausanne not
later than July 1932 purpose organization international
coffee bureau which in turn will study possibilities formation
international coffee bank. Portuguese representative offered free port Macau as entre port coffees destined Far
East. Rio exporters making strong agitation Government
for exemption tax-in-kind and or export tax on coffees negotiated during period Feb. 11, April 27, or say during period
between decrees imposing tax-in-kind and export tax respectively." To-day futures closed unchanged to 6 points
higher on Rio with sales of 24,000 bags and 2 to 8 points
lower on Santos with sales of 31,000 bags. Final prices for
the week show a decline of 18 to 22 points on Rio and 31 to
37 on Santos. To-day Santos cabled the Exchange an
advance in exchange of 1-32d. to 3 11-16d., which still left the
rate 1-32d. under last night. The dollar buying rate declined 100 reis to 138400. Rio exchange also advanced 1-16d.
to 3 23-32d. while the dollar buying rate reacted 190 reis
to 138270. Later to-day a special cable to the Exchange
said: "Santos exchange rate advanced 1-16d. further to
3%d. with the dollar buying rate 200 reis lower at 138200."
Rio coffee prices closed as follows:
Spot (unofficial)
July
September
December
6% @
5.98Onom.I March
May
6.160
Santos coffee prices closed as follows:
Spot (unofficial)
July
September
December
811inom.I March
May
9.00
6.31§-6.36
6.38 nom.
9.09§ - -9.11 nom.
9.13 nom.
COCOA to-day ended 9 to 10 points off with July, 4.84o.;
Sept., 4.90c.; Dec., 5.17e.; Jan., 5.25e.; March, 5.380.;
May, 5.47c.; sales 75 lots. Final prices show an advance
for the week of 6 to 14 points.
-Spot raws were quiet with prices for Cuban
SUGAR.
nominally 1.30 to 3.350.; sales of Philippines for forward
-March, 1,000 tons
shipment included 1,000 tons Feb.
March-April, and 1,000 tons April-May at an average
price of 3.50e. to an operator. Refined was 4.450., with
withdrawals good and the weather better. New business
was quiet. Receipts at United States Atlantic ports for
the week were 64,921 tons, against 42,945 in previous week
and 35,008 in same week last year; meltings, 53,778 tons,
against 47,334 in previous week and 51,985 in same week
last year; importers' stocks, 156,145k against 156,145 in
previous week and 234,0911ast year;refiners'stocks, 169,567,
against 158,424 in previous week and 253,675 last year;
total stocks, 325,712, against 314,569 in previous week
and 487,766 last year. On the 15th inst. futures were
unchanged to 3 points off, with July liquidation the depressing feature. On the 15th London opened steady,
M to Md. above Friday's closing. Liverpool unchanged to
Md. higher. Sales in the Liverpool market last week were
7,500 tons, against 8,900 the week before. On the 15th
London cabled: "Market quiet, sellers 6s. 53jd., equivalent tp 1.24%c. f.o.b.; parcels, 6s. 4Md., equivalent to
1.23%c. f.o.b. Trade refiners waiting." Domestic Sugar
Bureau reports total deliveries of all U. S. beet sugar companies during May 1931 1,844,830 bags, compared with
May 1930 deliveries of 1,907,075 bags. Jan. 1 to May 29
1931 total deliveries, 8,222,201 bags, against 8,305,494
bags for the same period last year. On the 15th Havana
cabled the following sugar statistics for the week ended
June 13: "Arrivals, 25,998 tons; exports, 38,742; stook,
1,458,012 tons; centrals grinding, 2. The exports were
distributed as follows: New York, 7,442 tons; Boston,
3,482; New Orleans, 14,121; Savannah, 2,575; Galveston,
3,484; Mobile, 1,825; Miami, 121; interior U. S., 94; Canada,
202; United Kingdom, 5,396. Weather rainy."
On the 16th inst. futures advanced 1 to 2 points on hedge
covering which offset liquidation of July. On the 16th inst.
JUNE 20 1931.]
2,500 tons of Philippines in distant positions sold at 3.50
to 3.53c. about 75,000 bags of Cuba inlprompt positions at
1.33 to 1.34c.; 13,000 tons of Philippines, nearby at 3.34
to 3.35e. and 10,000 bags Porto Ricos at 3.34c. On the 16th
London terminal was more active. Havana cabled: "Bahia
Honda finished grinding." This, it was sdid, leaves but one
central still grinding. A rumor at one time was that Porto
Rican producers had agreed to market the balance of the
crop at the rate of 15,000 tons per week in order to obtain
a better price. Cuban producers are said to be doing likewise, which plan, if carried out, would undoubtedly be a
constructive factor, say some. California and Hawaii it is
said will advance to the basis of 4.55 for fine granulated
effective at the close of business to-morrow but that, in
the meantime,it will accept business at 4.40, which compares
with present local list quotations of 4.45c. On the 17th inst.
futures closed 1 point lower with sales of 10,600 tons. London was quiet at 6s. 43d. on parcels and 6s. 631d. on
/
cargoes. On the 17th London cabled: `,`Steady, offerings
small raws 6s. 43/2d. equivalent to 1.23%c. f. o. b. Yesterday sales 6s. 31d., equivalent to 1.22 f. o. b. Daily trade
is good." A membership on the New York Exchange sold
at $8,500, an advance of $200. London opened at % to
/id• advance. Liverpool opened Md. off to Md. up.
3
On the 18th inst. futures advanced 2 to 3 points in the
face of the liquidation of July and some hedge selling. The
trading had been larger in actual sugar, the sales being about
70,000 tons in two days mostly at 3.350. including 30,000
tons on the 18th inst. Refined was raised to 4.55e. On the
18th inst. futther sales of raw sugar were made at 3.35e.
including 4,150 tons Porto Rico, prompt shipment to Arbuckle and 4,000 Cuba from store in New York and Norfolk
to the National and American at 3.350. Three refiners
advanced refined sugar prices at the close of business to-.
morrow to the basis of 4.55e. for fine granulated. On the
18th inst., London opened steady and unchanged to %d.
advance. To-day prices declined 2 to 3 points on futures
with sales of 38,900 tons including 19,000 switches. Some
8,000 Porto Rican prompt sold at 3.35e. and 1,000 Philippines
March-April at 3.50c. Final prices show a decline for the
week of 1 to 2 points. To-day, another sale was reported of
10,000 bags of Cuba, Aug., at 1.25. f.o.b. to an operator.
Prices were as follows:
Spot (unofficial)
July
September
December
4611
FINANCIAL CHRONICLE
1.35
January
1.20
March
1.271 1.28 May
1.36 1.37
1.38inom.
1.44 nom.
1.50nom.
LARD on the spot was lower at one time with prime Western 8.30 to 8.40c.; refined to Continent 85 0.;South America,
4
83/80.; Brazil, 95sc. Futures on the 13th inst. declined 12
/
to 17 points regardless of the firmness of prices for hogs,
which were in good demand at a top price of 7.20c. In
Liverpool lard closed steady and unchanged. Hog receipts
at Western points totaled 281000 against 27,000 for the same
day last year. On the 15th inst. futures closed 3 to 5 points
net higher with packers buying and lower grain and hogs
disregarded. On the 16th inst. futures ended unchanged
to 5 points off with hogs down. Total Western receipts
were only 73,800 against 118,500 last year. Liverpool lard
was 3d. higher. Exports from New York were 89,000 lbs.
to Continental ports. On the 17th inst. futures advanced
2 to 5 points with hogs up 15 to 250., grain higher and shorts
covering to some extent. On the 18th inst. futures advanced
10 to 13 points but lost most of it later though hogs were up
25 to 40e. Cash lard was firmer at 8.30c. to 8.40c. for
.
prime Western. To-day futures ended unchanged to 5
points lower. Final prices show a decline for the week of
5 to 12 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
July delivery
7.92
7.97
7.95
7.97
8.00
8.00
September delivery_ _ - 8.05
8.10
8.05
8.10
8.10
8.07
8.02
October delivery
8.05
8.05
8.07
8.10
8.05
Season's High and When MadeSeason's Low and When Made
July
9.45
Mar. 17 1931 July
7.22
May 29 1931
Mar. 17 1931 September
September
9.60
7.35
May 29 1931
PORK firm; mess, $22.50; family, $24.50; fat back,
$17.50 to $18.50. Ribs cash 9.370., basis of 50 to 60 lbs.
Beef quiet; mess nominally unchanged; packet nominal;
family, $12.50 to $13.50; No. 1 canned corned beef, $2.75;
No. 2, $5; six pounds, South America, $16.75; pickled
tongues, $60 to $65. Cut meats, steady; pickled hams,
10 to 16 lbs., 133 to 14303.; bellies, clear, dry salted,
/
boxed, 18 to 20 lbs., 103 0.; 16 to 18 lbs., 11%c. Butter,
/
lower grades to high scoring, 16 to 233.1c. Cheese, flats,
,1
123 to 23c.; daisies, 133 to 19e.; Young American, 143
to 193/20. Eggs, medium to best 143/i to 21e.
OILS.
-Linseed was in fair demand.. Deliveries on contract continue in fairly good volume and buyers are watching
developments very closely. Raw oil in carlots, cooperage
basis, was held at 8.4e., but this price could easily be shaded
on a good-sized order. Paint manufacturers were inquiring
more freely, but new buying was rather small. Cocoanut,
/
Manila coast tanks, 3% to 37 30.; spot, N. Y., tanks, 4%
to 43.1c. Corn, crude, tanks, f.o.b. mills, 53 0. Olive,
/
Den., 82 to 85c. Soya bean, carlots, drums, 7.1c.; tanks,
Edgewater, 6.50.; domestic tank cars, f.o.b. Middle Western
mills, 6e. Edible olive, 1.50 to 2.15. Chinawood, N. Y.
drums, carlots, spot, 6%c.; tanks, 53% to 53'c. Lard,
prime, 123'c.; extra strained winter, N. Y., 8%c. Cod,
Newfoundland, 46c. Turpentine, 57% to 62%e. Rosin,
$4.75 to $9.40. Cottonseed oil sales to-day, including
switches, six contracts. Crude S. E., 63 c. nominal.
%
Prices closed as follows:
Spot
June
July
August
September
6.80©
6.80
0
6.98§ 7.00
6.95 7.10
6.97 7.00
October
November
December
January
6.671 6.95
6.30 6.70
6.30 6.70
6.35 6.75
-Gasoline was cut lc. in Pennsylvania
PETROLEUM.
and Delaware by the Atlantic Refining Co. The new
service station price is 13c. and the tank wagon price 11c.
exclusive of tax. The Standard Oil Co. of Indiana early in
the week reduced the price of Stanolind Blue, or its competitive grade of gasoline to 8.4c. at service station in the
St. Louis district. Previously the price was 9.9c. These
downward revisions are said to be due mainly to the weakness in the Gulf bulk gasoline market together with the
competition for business. Bulk gasoline was easier recently.
Latterly there was a better demand but competition for
bulk gasoline has been more active and some refiners are
selling at 53'c. in tank cars at refineries while others are
asking up to 63c. same basis. Automotive lubricants
were more active and steadier. Kerosene was quiet and
weak. Water white kerosene 41-43 gravity was freely
offered at 5c. in tank cars at refineries. Export business was
small. Domestic heating oils have been in fair demand and
steady. Grade C bunker fuel oil was moving more freely at
850. Diesel oil was unchanged at $1.55 refinery with a
routine demand. Gas oil was in better demand. Crude oil
and gasoline advanced in San Francisco to-day. Tank wagon
gasoline was 5Mc. and crude oil 20 to 40e. higher.
Tables of prices formerly appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
-On the 13th inst. futures ended unchanged
RUBBER.
to 5 points lower with very little business; 40 tons of No. 1
standard sold. No. 1 standard July ended at 6.09 to 6.11c.;
Sept. at 6.30 to 6.32c.• Dec., 6.480.; March, 6.67 to 6.70e.
30.;
Outside prices: spot and June 6 1-16 to 6% July, 63' to
%
6 3-160.• Aug.
-Sept., 6 5-16c.; spot first latex thick, 63c.;
thin pale latex, 63/80.; clean thin brown No. 2, 53% to 60.;
3
53/i to 6 1-160.;
rolled brown crepe 5%c.; No. 2 amber,
g
No. 3, 53/ to 6 1-1604 No. 4, 53' to 6e. On the 15th London closed dull, unchanged, June and July 3d., August,
3 1-16d.;Sept. no bid, offered at 3 3-16d.; Oct.-Dec.,3 3-16d.
Jan.
-March, 3 5-16d. and April-June, 3 7-16d. On the
15th Singapore closed stagnant at an advance of 1-16d.;
4
-Dec., 27 d.; No.
%
June, 2 11-16d.; July-Sept., 23d.; Oct.
3 amber crepe, 23.d., unchanged. The London stock on
June 13 was 83,856 tons, against 84,915 tons in the previous
week, a decrease of 1,059 tons. A year ago, the stock was
78,104 tons. Unofficial estimates on Friday were for a decrease of 1,200 tons in London. Liverpool stock rose to
54,812 tons, or 554 tons above the week previously. Estimates on Friday were for ati increase of 300. On the 16th
inst. futures advanced 2 to 10 points on small trading.
London showed no snap and Singapore was a trifle higher.
Actual rubber was firmer. No. 1 standard contract ended
with July 6.15 to 6.19c.; Sept., 6.340.; Dec., 6.55 to 6.60c.;
March, 6.75 to 6.77c.; sales 130 tons; old "A", June, 60.;
July, 6.10 to 6.20c.; Dec., 6.50 to 6.600.; sales 373 tons.
Outside prices: spot, June and July, 63/i to 63.1c.; Aug.
-March,
Sept., 63c.; Oct.
-Dec., 6 7-16 to 6 9-16c.; Jan.
%
3
%
6%c.; spot first latex thick, 63 e.; thin pale latex, 63/sc.;
clean thin brown No. 2,5% to 6e.; rolled brown crepe, 5%c.;
No. 2 amber, 53/i to 6 1-16c.i No. 3 amber, 53/g to 6 1-160.;
No. 4, 53s to 60.; Para, upriver fine spot, 8 to 83.c.; Acre
fine spot, 83( to 83.c.
On the 16th London at 2:37 p. m. was quiet and unchanged; June, no bids; offered at 3 1-16d.; July, 3d.;
Aug., 3 1-16d.; Sept., no bid, offered at 3 3-16d..; Oct.
Dec., 3 3-16d.; Jan.
-March, 3 5-16d. and April-June,
3 7-16d. Singapore closed steady and unchanged; June,
2 11-16d.; July-Sept., 23 d.; Oct.
%
-Dec., 23/sd.; No. 3 amber
crepe, 2 9-16d., up 1-16d. On the 16th London closed
quiet, 1-16d. advance; June, 3 1-16d.; July, 3 1-16d.; Aug.,
33.'d.; Sept., no bid, offered at 3%d.; Oct.
-Dec., 3%d.;
-March, 3%d.; April-June, 33d. On the 17th inst.
Jan.
prices ended unchanged to 9 points off; No. 1 standard
contract closed with July, 6.15 to 6.17c.; Sept., 6.30 to
6.32d.; March, 6.74 to 6.75c.; sales, 580 tons; new A June,
6.03e.; July, 6.13c.; old A July, 6.10 to 6.20e.; Aug., 6.20c.;
Sept., 6.300. Outside prices: spot, June and July, 63'
-March
to 61.10.; Aug.
-Sept. 6%c.; Oct.-Dec. 63'c.; Jan.
,
64c. On the 17th London closed'
dull, unchanged to
1-16d. net lower and 1-16d. below the early highs. July,
3d.; Aug., 3 1-16d.; Sept., no bid, offered at 3 3-16d.;
Oct.
-Dec., 3 3-16d.• Jan.-March, 3 5-16d.; April-June,
33'd. On the 18th' inst. prices declined 5 to 10 points
despite the fact that Malayan shipments in June fell off,
it is estimated to 41,000 tons, a decrease of 3,200 tons as
compared with May. London declined and the effect here
was evident even though the New York decline was not
marked. No. 1 standard contract closed with July at
6.06 to 6.090.; Sept., 6.25 to 6.28c.; Dec. 6.47 to 6.49c.;
'
Jan., 6.54c.; March, 6.68 to 6.6904 sales, 700 tons. New
A June, 6.0304 old A July, 60.; Sept., 6.20 to 6.30c.; sales,
20 tons. Outside prices: spot June and July, 6 to 63'e.;
-Dec., 6 7-160.; spot first latex
Jan.
-March, 6 11-160.; Oct.
%
thick, 63.(c.; thin pale latex, 63 c.; clean thin brown No. 2,
3
/
53'c.; rolled brown crepe, 5%c.; No. 2 amber, 57 3c.; No. 3
amber, 53'c.; Paras, upriver fine, spot, 8 to 854c.
4612
FINANCIAL CHRONIdLE
On the 18th London closed easier, 1-16d. decline; June,
2 15-16d.; July,2 15-16e.; Aug., 3d.; Sept.,3Md.; Oct.
-Dee.,
3304 Jan.
-Mar., 3 5-16d. and April-June, 3 7-16d. On the
18th Singapore closed dull and unchanged to 1-16d. decline;
4
June, 2 11-16d.; July-Sept., 230.; Oct.
-Dec., 27 d.; No. 3
/
Amber Crepe, 2 9-16d.; unchanged. Estimated Malayan
shipments for June, according to the Rubber Exchange
cables, are 20,500 tons for the first half of the month and
41,000 tons for the full month's; actual shipments in May
of 44,281 tons and 36,657 tons in June last year. To-day
prices closed 2 to 3 points lower on No. 1 standard with
sales of 33 lots; 2 to 3 lower on new A unchanged on old A
with sales of 7 lots. No. 1 standard closed with July,
6.04e.; Sept., 6.23c.; Dec., 6.4504 Old A July 6, to 6.10c.;
Dec., 6.40 to 6.50e.; New A July, 6.02c.; Sept., 6.21e.;
Dec., 6.43e. Final prices show a decline for the week of
5 to 8 points. To-day London closed steady, unchanged to
1-16d. decline; June and July 3d.; Aug., 3 1-16d.; Sept., no
-Mar.,
bid, offered at 3 3-16d.; Oct.
-Dec., 3 3-16d.; Jan.
3 5-16d.; April-June, 33d. Here the opinion is expressed
that while the statistical position of rubber is improving
supplies are so large that a substantial advance from present
low levels seems improbable for some time to come.
HIDES futures on the 13th inst. ended unchanged to 5
points net lower. City packer were quiet. But some increase is reported in the demand for shoes and other finished
leather articles. In Chicago sales last week were about
25,000 hides. South American sales were 40,000 hides to
Europe and America. Stocks of hides certificated by the
New York Hide Exchange during the week ended June 12
amounted to 156,419 hides, an increase of 6,426 over the
previous week. At the Exchange on the 13th inst. prices
closed with July 9.35c., Sept. 10.10 to 10.12e., and Dec.
11.55c. On the 15th inst. prices declined 9 to 15 points. A
lop of 1,000 June light frigorifico steers sold at 9 5-16c.
City packer were quiet and unchanged; others unchanged
with no activity. Sales reported in Chicago included 1,400
heavy native steers, June, at 10e.; 1,400 butt branded steers,
June, at 100.; 4,900 Colorado steers, June, at 93'c.; 850
heavy native cows, May, at 9e.; 1,000 frigorifico light steers,
June, at 9 5-16e. Closing prices of futures on the 15th
inst. were: July,9.25c.; Sept., 10.01c.; Dec., 11.40 to 11.50e.
Common dry Cucutas, 14e.; Orinoeos, 11.3/sc.; Central
America, b03c.; Maracaibo, La Guayra, &c., 10e. Packer
native steers, 10e.; butt brands, 10c.; Colorados, 93'0.;
Chicago light native cows, June, 100.
On the 16th inst. prices were irregular with trading up
to 1,760,000 lbs. The ending was 1 point lower to 5 points
higher. Sept. closed at 10e.; Dec. at 11.45c.; March at
12.53e. The West and Argentine were quiet. On the 17th
Inst. prices advanced 30 to 45 points with sales of 2,240,000
lbs. Firmness in Chicago gave New York a lift. Shorts
covered. Tanners sold hedges.* Chicago reported sales of
9,000 light native cows June at 10e.; 14,000 heavy native
steers, June also at 10e.; 21,000 extra light native steers,
May-June at 9c.; 1,000 heavy native cows, May-June at
9c.; 4,000 Colorado steers, June at Me.; 1,400 heavy native
steers, June at 10c.; 1,400 butt branded steers, June at 10c.
No Argentine sales were reported. At the Exchange Sept.
closed at 10.30 to 10.35c.; Dec. at 11.85e.; March at 12.89e.
On the 18th inst. prices declined some 30 points closing with
Sept. 10c.; March, 12.60e. and the sales only 320,000 lbs.
Argentine sales included 24,000 June frigorifico steers at
10 1-16 to 103'e. and 5,000 June frigorifico.cows at 9 1-16
to 93'ic. To-day futures closed 5 to 25 points higher. July
ended at 9.50c.; Sept. at 10.25 to 10.32c.; Dec., 11.70 to
11.79e.; March, 12.75 to 12.85e.; May, 13.100. Final prices
show an advance on Sept. of 15 points for the week.
OCEAN FREIGHTS.
-There was less cargo business at
one time. Later some business was done in oil and sugar.
World rates fell. Later trading was larger.
CHARTERS included sugar, Santo Domingo-Dunkirk, July 10-20,
13s. 3d.; option south side Cuba, at 13s. 9d.; Santo Domingo, July, to
United Kingdom, 13s. 3d.; Continent, 6d. less; option Cuba loading, 6d.
more; Norfolk, prompt, United Kingdom-Continent, about $3. Tankers,
clean, Constanza, 6s. 9d.; option Gulf. 9c. to U. K.
-Continent; crude. Gulf,
July, Port Dubuc, 9s.; clean, Gulf,'Hamburg, 10s. 6d.; balance United
Kingdom same rate; crude, benzine;Novo ossisk, Hamburg. July, 8s. 6d•;
r
clean, Gulf, July 5-10, two ports discharge United Kingdom-Continent,
9s.; three discharges. 9s. 6d. Time, prompt delivery Venezuela, redelivery north of Hatteras, $1; prompt West Indies round, $1; two to three
months prompt, $1.30; prompt West Indies round, $1.10. Grain booked
included besides a similar volume of Gulf bookings, 25 loads sold berth
space spot New York-Antwerp at Sc. for heavy and 6c. for light; grain
fixed, Montreal, prompt June, Mediterranean 0c.
COAL.
-Slack was firm with Pittsburgh gas leading.
And extreme bottom prices for the worst qualities have
drawn up by a few cents toward the more aloof and respectable levels. Pittsburgh looks for high prices as the
strike spreads. About 24 collieries are down. Screenings
are firm at $1 to $1.10 spot, block at $1.60 to $1.90,
furnace $1.50 to $1.75, mine run $1.45 to $1.65, egg is at
the almost unmentionable $1.45 to $1.70 and nut $1.35 to
$1.50. Cincinnati is alarmed over the threatened spread
of the strike to the Kanawha fields. Taking the country
as a whole, consumption has increased 100,000 tons weekly.
There has been merely a fair demand in this section. There
is no increase in the sales over those of a year ago. In April
1931 electrical power plants used 2,980,966 tons of soft coal;
in April 1930, 5,233,100 tons. In the last week of May
bituminous output of Illinois was up by 7,000 tons; Pennsylvania down by 78,000 tons; West Virginia also off 4,000
tons and Kentucky increased by 38,000 tons. In the May 30
week the trans-Hudson movement of soft coal fell off.
[Vol.. 132.
TOBACCO has been on routine demand and about steady.
Amsterdam cabled on Thursday, June 11, to the "U. S.
Tobacco Journal": "About 1,600 bales bought for America
at fourth Java sale to-day. Duys principal buyer, securing
926 bales. Others were Bornholdt, 275; Consolidated
Cigar, 265, and Cullman, 153." Havana cabled that leaf
activity shows an upward trend there. May exports fell
off. Torres Gener Hermanos sold Hoyo de Monterrey,
La Eseepcion and other cigar brands to Fernandez, Palicio y
Cia. The week's sales were 5,966 bales. Pittsburgh wired:
The unfortunate condition of the steel industry and the
constant hammering of steel stocks has given the trade in
the Pittsburgh territory another excuse for cutting prices."
A large Mexican crop is expected this year. Cincinnati is
jubilant as the tax measure is killed.
SILVER on the 17th inst. declined 3 to 6 points with
sales of 16 lots or 400,000 ounces, losing with Sept., 26.92c.;
Dec., 26.95 to 26.99c.; March, 26.97c. and May, 26.99 to
27.05e. To-day prices closed 12 to 20 points higher with
sales of 950,000 ounces; August closed at 27e.; Sept., 27.02e.;
Dec., 27.07 to 27.12e.; and May 27.13 to 27.19e.
COPPER.
-The export price was reduced by Copper
Export, Inc., Y to 8.273e. c.i.f. European ports. This
tc.
brings the price in line with the domestic price of 8c. Because
of transportation charges there is normally a spread of
2734 points between the foreign price and the domestic
price. There was increased buying at the lower price.
Export sales during the forenoon of the 18th inst. World
copper production in May amounted to 130,486 short tons
compared with 128,877 tons in April, 136,958 tons in March
and 153,488 tons in May 1930, according to the American
Bureau of Metal Statistics. The daily average output last
month was 4,209 tons compared with 4,296 tons in April,
4,418 tons in March and 4,951 tons in May 1930. World
output for the first five months of the year was 654,396 tons
compared with 758,758 for the first five months of 1930.
In London on the 18th inst. standard copper fell 15s. to
£33 us. 3d. for spot and £34 5s. for futures; sales 100 tons
spot and 1,600 futures; the bid price of electrolytic fell 10s.
to £37, the asked price declining 5s. to £38; at the second
London session standard dropped is. 3d. on sales of 25 tons
spot and 275 of futures. There were no sales of futurs on
the Metal Exchange here on that day; June closed at 6.75c.;
with 5 points higher for each succeeding month, closing with
May 1932 at 7.30e.
TIN was quiet. Of late the price has been steadier.
Spot Straits tins was quoted at 22%c. Futures on the Exchange here advanced 5 to 10 points. There were no sales
reported. Tin afloat is 5,390 tons; arrivals so far this month:
Atlantic ports, 3,220 tons; Pacific ports, 185 tons. In
London on the 18th inst. spot standard advanced 7s. 6d.
to £101 10s.; futures up 2s. 6d. to £103; sales, 50 tons spot
and 300 futures. Spot Straits up 2s. 6d. to £103; Eastern
c.i.f. London ended at £104 on sales of 250 tons; at the second
London session standard rose 5s. on sales of 75 tons futures.
To-day no sales were reported but prices declined 30 points.
July ended at 23c.; Sept. at 23.20 to 23.40e., and December at 23.65e.
LEAD was in better demand and steady at 3.75e. New
York and 3.60c. East St. Louis. In London on the 18th
inst. prices fell 3s. 9d. to £11 2s. 6d. for spot and £11 10s.
for futures; sales 150 tons spot and 400 of futures; at the
second session prices dropped. is. 3d. on sales of 50 tons of
futures. The American Smelting & Refining Co. announced
on the 17th inst. that it would close its lead smelters at
Murray, Utah and East Helena, Montana in July, Afigust
and Sept. The production of refined lead in the United
States in May made a total of 43,117 short tons, against
38,439 in April and 44,800 in March according to the American Bureau of Metal Statistics. Stocks of lead at the end
of May amounted to 142,370 tons, against 133,457 in April
and 130,426 in March. Shipments were 34,081 tons in
May, against 35,324 in April and 36,761 in March. Production of refined lead in the United States in May from domestie ore amounted to 39,519 tons or a daily rate of 1,275
tons compared with 35,498 tons or a daily rate of 1,183 tons
in April and 52,818 tons, or a daily rate of 1,704 tons in May
1930. Production from secondary and foreign ore in May
brought the total refined lead output for the month to
43,117 tons
World slab zinc production in May was 86,227 tons, against 89,637 in April and 97,539 in March.
United States production in May made a total of 25,688 tons,
against 29,137 in April and 32,328 in March.
ZINC was dull and lower at 3.30e. East St. Louis. This
is a decline of $2 for the week. In London on the 18th inst.
spot fell Is. 3d. to £1.1 Is. 3d.; futures off 2s. 6d. to X11 lbs.
3d., sales 25 tons spot and 575 futures.
STEEL.
-The tendency is towards a lower production.
It is now at an average it is stated of 28%, as against 57,
the peak in March. The consumptive demand has recently
fallen off. Concrete reinforcing bars are still selling well,
as road-building is said to be on the largest scale seen for
many years. Automobile companies are buying very much
less of bars, strips and sheets. Sales for radio makers and
other lines of steel have increased. The movement to raise
the prices of steel products spread to the Mahoning Valley,
Ohio, when the Republic Steel Corp. and the Youngstown
Sheet & Tube Co. announced advances of from $1 to $5
a ton on steel sheets. It is expected that the smaller sheet
-JUNE 20 1931.]
FINANCIAL CHRONICLE
4613
sheet
Mon. Tues.
makers in the district will follow. All of the large.
Receipts at
Wed. Thurs. Fri.
Sat.
Total.
makers now have advanced prices or signified their inten- Galveston
105
35 1,314
665
18
191
300
tion to do so. The advance in sheets by the large producers Houston
16 1,215 2,589
86
216
509
647
16
2
11
29
within the last few days is interpreted in the steel industry Corpus Christi
New Orleans-139 2,006 5.462 9,637
-4
.65 1,009 -618
as the first concerted move up to a more profitable leyel. Mobile
120
113
2
12
444
197
206
193 1.165
409
-565
81
73
Steel sheets are not the only products which have been with- Savannah
so
170
104
6
. 1 40$09 Charleston
1 /
out profit if not at actual loss, it is said. . Pin10 1 1
, Wilmington
,
2
122
7
ioi -134
105
-ioo
440
Pittsburgh advices say that steel mill operations were Norfolk
Boston
54
49
5
relatively favorable last week, as there was little or no de- Baltimore
1,013 1,013
late
crease after an almost continuous decrease since la in
March. The feature of greatest importance is perhaps the Totals this week_ 1,467 1,720 2,138 1,060 2,554 8.038 16.977
showing that several lines have nearly, if not quite, comThe following table shows the week's total receipts, thd
pleted their individual seasonal declines. In Detroit a total since Aug. 1 1930 and the stocks to-night, compared
substantial increase in production and sales in May over with last year:
April and a good demand this month were the news features
of the week. Although the industry continues to trail 1929,
Stock.
1930-1931.
1929-1930.
Receipts to
the pick-up over last year daily is said to add to the belief
This Since Aug This Since Aug
June 19.
that the rough going is past. Chicago wired June 15 that
Week. 1 1930. Week. 1 1929.
1930.
1931.
the Inland Steel Co., an independent organization, will ad1,314 1,395,255 3,060 1.745.591 482,987 212,637
Galveston
vance prices of steel sheets $2 to $3 a ton. Steel jobbers
16,359
111,548
3.476
52 137.776
City
in the Chicago district cut prices $3 to $10 a ton on various Texas
Houston
2,589 2,832,068 4,767 2,616,936 857,395 610,830
102 387,384
32,039
6,991
29 573,513
Corpus Christi
products. The Inland Steel Co.'s prices on galvanized Beaumont
25,240
15,111
sheets will be raised $2 a ton, while prices of black sheets New Orleans
9,637 1,434,853 6,723 1,661,870 650,898 418.708
will be advanced $3 a ton for third quarter business. Prices Gulfport
13,775
444 593,253 2,127 407,835 248,311
Mobile
of blue annealed sheets will remain unchanged. The ad- Pensacola
64,029
32,408
1,348
-_493
534
867
vance in sheet prices will be followed by the American Sheet Jacksonville
1,165 710,218 9.391 506,811 349.738 83.682
& Tin Plate Co., a subsidiary of the United States Steel Savannah
7,094
49,050
Brunswick_
52.165
Corp., it is stated.
Charleston
170 293,274 8,001 233,242 150,418
--60,558
11,808
_
Lake Charles_ _ _ _
11,401
7,429
92.207
64
1§§ 63.831
PIG IRON has been very quiet and prices are for the Wilmington
63.691
52.828
581 160.530
Norfolk
most part nominal. Buffalo is quoted anywhere from $15 Newport News,-- -440 155,328
55,783 228,296 221,769
1,175 1,343
to $16. Eastern Pennsylvania, $16.50 to $17. Last week New York
6.543
3,574
2.104
-,Boston
6,583
54
New England bought not over 1,000 tons. That is typical Baltimore
1,590
300 33,063
1,083
26,137
1,013
5,206
of the state of trade generally to-day. Purchases are in Philadelphia
5.253
753
---small lots. Deliveries by trucks are becoming more popular,
IA ono 0 zos alit 311 hl 1 R.10R.R40 1.09R R19 1.702.468
especially in New England.
In order that comparison may be made with other years,
WOOL.
-Medium grades have been in rather better we give below the totals at leading ports for six seasons:
demand and the same it is true has been said of the finer
grades. Prices have been about the same as recently on Receipts 01- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
Medium 3 blood has been rather weaker. In the West
7,965
2,403
9,038
6.664
3,060
Galveston___
1,314
a fair business is reported. There has evidently been no Houston
15,152
3.726
1,940
4,767
3,980
2,589
12,697
5,444
13,590
activity anywhere. Foreign markets are dull and more or New Orleans..
7.473
6,723
9,637
1,003
1,630
550
2,175
2.127
Mobile
444
less depressed. Domestic fleece, Ohio & Pennfine delaine, Savannah _
6.639
10,268
2,210
736
9,391
1,165
24 to 250.; 3f blood, 23 to 24c.; H, 210.; X, 193z to 20c. Brunswick_ _
.
2,234
4,669
955
78
8,001
170
Boston wired a government report on June 15th: "Recent Charleston _ __
43
74
3,979
128
64
Wilmington _ _
122
transactions on Ohio and similar strictly combing 58-60s. Norfolk
2,514
1,994
538
658
581
440
wools have been closed mostly at the maximum figure of NewportNews
3.564
2,338
1,366
2,353
1,797
1.096
the range 230. to 240., in the grease, which is estimated on All others_ __ _
the high side of the scoured basis range, 50 to 53c. Similarly Total this wk_ 16,977 36,511 18,466 26.447 45,396 52,469
strictly combing 56s. have been moving at prices largely on Farina Ams 1 4 non ells St 10R.R4f)8.963.812 8.196.805 12513811 9.403.240
the big sides of the ranges 21 to 22c. in the grease, or 39 to
The exports for the week ending this evening reach a total
42c. scoured basis. Receipts of domestic wool at Boston
for the week ended June 13th amounted to 21,069,700 lbs. of 46,410 bales, of which 1,091 were to Great Britain, 4,074
to France, 13,719 to Germany, 1,650 to Italy, nil to Russia,
as compared with 5,861,200 a week ago.".,
,
At Adelaide on the 12th, 15,300 bales were offered and 15,074 to Japan and China and 10,802 to other destinations.
about 70% sold. The selection was mixed with a large quan- In the corresponding week last year total exports were
tity of the new clip which is much better grown, brighter, of 22,234 bales. For the season to date aggregate exports have
more rubust condition than recent clips. There was a fair been 6,356,080 bales, against 6,404,219 bales in the same
attendance of buyers and good competition for spinners' period of the previous season. Below are the exports for
wools with the Australian mills, the Continent and Japan the week.
the principal operators. Yorkshire was quiet. Compared
Exported to-with March sales good wools were 5 to 73.4% lower, average
Week Ended
Japan&
Ger10% cheaper and shabby wools 15% lower. The top price June 19 1931. Great
realized was 133-d. At Sydney on June 15th the final 'Exports from- Britain. France. many. Italy. Russia. China. Other. Total.
eries of wool sales opened. The selection was miscellaneous, Galveston
864 2,646
691 1,091
1,555 5.254 18,489
Houston
2,233 2,969
including a number of early shorn clips. Japan and Ger- Corpus Christi
1,176
915
261
many were the chief operators. Compared to the close of New Orleans-2,566 4.684 15,562
666 1,iW) 5,312
3,467
3,432
35
the previous series greasy merinos were 5 to 73, % lower. Savannah
300
New York
200
100
Crossbreds and scoured merinos were neglected and un- Los Angeles3,991
3jig
16
779
766
13
quotable. At Sydney on June 17th sales closed. The San Francisco.-selection was poor and competition limited, with the Con- Total
15.074 10,802 46,410
1,091 4,074 13,719 1,650
tinent, the chief operator. The tone was weaker than the
Total 1930
-- 4,060 3,056 22,234
730 7,719 4,633
2,036
opening.
20,627 9,779 76,976
Total 1029
6.609 7,040 7.663 25,258
To-day wool tops at the Wool Associates of the New York
Exported to
From
Cotton Exchange advanced 20 to 50 points, closing quiet
hug.
as follows: Sept. and Oct., 69.500.; Nov. and Dec., 69.60c.; June 1 1930 i Great
Japan&
Ger19 1931.
Jan. and Feb., 69.70c.; March and April and May, 69.80c. Exportsfrom Britain. I France. many. I Italy. Russia.' China. Other. I Total.
Roubaix closed quiet and unchanged; July, 21.80c.; Sept., Galveston
I
145.532,169.634 217,1761 99,871
_ _1272,755 229,632 1,134,600
22.00c.; Dec., 22.10c.; Jan., 22.20c.; sales, 70,400 lbs. Houston
211,471445,079 473,728177,660 3:435'477,227 289,4102,078.010
15,167i 15,057 16,724 1.425
7,909
Antwerp advanced Md., closing steady with sales of 135,000 Texas city _ -- 66,109 160,495 102,683 25.065 ___ 121,317 47,731 523,400
Corpus Christ
lbs.; July and Sept., 193.d.; Dec. and Jan., 19/d.
6,114
10,018
300
4,349 25,412
Beaumont
New Orleans. 202,671 96,659 182,652 106,373 25:844 261:ioi 102,498 977,888
113.789 7,61
94,445 2,294
15.415 3.767 231,324
SILK to-day closed 1 point lower to 3 points higher with Mobile
13.276
44,143 1,272
202 64,160
5,267
Pensacola.sales of 1,340 bales. June closed at 2.18 to 2.220.; July Savannah.- 134,967 2:ihi 234,807 10,907
34,709 10,331 427,749
and Aug., 2.18 to 2.200.; Sept., 2.18 to 2.19c.; Dec., 2.17 to Brunswick.
7.793
41,257
49,050
---12:iii 194,223
2.190. Final prices show a decline for the week of 3 to 4 Charleston--- 63,086 -55 118,602 28,100
7.845
13,776
563 3,501 53.785
Wilmington
points.
47,234 2,iiii 44,071
97.496
691
Norfolk
1,360 1,491
50
Gulfport
60
New York--2,740 6.5931
2,764 1,715
2,749 6,010 22,571
300
595
Boston
3,285
5,982
245 1,557
COTTON
205
205
Baltimore
Friday Night, June 19 1931.
THE MOVEMENT ,OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 16,977 bales, against 18,600 bales last week and
20,902 bales the previous week, making the total receipts
since Aug. 1 1930, 8,396,418 bales, against 8,108,840 bales
for the same period of 1929-30, showing an increase since
Aug. 1 1930 of 287,578 bales.
PhiladelphiaLos Angeles...
SanDiego..
Ban Francisc
Seattle
Lake Charles
Total
15.003
3,595
7,226
2,456 13,069
24,977
400
3,685
50
27,038 9,806
•
122
122
---- 207,421 15,227 266,623
400
400
47,150 1,677 59,788
343 13,343
13,000
--__ 5.906 2,383 60,658
1,064,331 929,404 1,653,141465,929 29,2791474184739,8126,356,080
Total 1929-30 1,243,403811,866 1,724,614 653,264 78,040,1201741691,291 6.404.219
Total 1928-29 1,825.765788,319 1,880,175675.958 256.0791456767 768.336 7.651.3N
NOTE.
-Exports to Canada -It 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.
4614
of the numerous inquiries we are receiving regarding this matter, we will say that for
the month of May the exports to the Dominion the present season have been 11,565
bales. In the corresponding month of the preceding season the exports were 13,336
bales. For the ten months ended May 31 1931 there were 184,722 bales exported,
as against 179,097 bales for the ten months ended May 31 1930.
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
Great
Other CoastGerJune 19 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports *_ _
Total 1931- Total 1930- Total 1929- •Estimated.
[vol. 132.
FINANCIAL CHRONICLE
Learing
Stock.
Total.
3,000
2,000
4,000 28,500
1.000 13,700 469,287
500 13,150 637,748
349,738
200 150,218
200
2,429 245,882
63,691
500 38,000 1,114,776
8,495
8,519
8,289
3,642
4,483
4.595
7,222 45,920
7,816 46,826
5.750 59,450
2,200 67,479 3,031,340
2,632 70,276 1,632,192
4.588 82,672 794,663
1,800
2,854
1,400
242
_
841
2,500
722
7,000
8,832
_
-
1-.8gg
Speculation in cotton for future delivery has not been
active but trade demand has been unremitting. Offerings
at times have been small, liquidation has latterly fallen off
and there is a good deal of talk to the effect that cotton is
cheap and that the outlook for the crop, which is already
late, is more or less dubious.
On the 13th inst. prices declined slightly, with the weather
better though the South needed more rain and there was
more or less liquidation of July. The domestic consumption
in May was stated by the Census Bureau at a lower total
than had been expected. It reported the total as 465,770
running bales against 508,774 for April and 473,284 for May
last year. The consumption for 10 months is 4,365,042
bales against 5,321,582 last year. Cotton held in consuming
establishments on May 31, totaled 1,258,222 bales, against
1,527,853 a year ago. Cotton held in public storage at the
end of May was 5,494,025, against 3,379,414 last year.
During May, 15,189 bales were imported, compared with
53,328 in May 1930. Imports for the 10 months, 84,090
against 364,395 in the same period last year. Exports during
May totaled 333,796 bales, against 208,595 in May 1930.
Exports for 10 months, 6,241,450, against 61329,221 last
year. Number of cotton spindles active during May,
26,397,906, compared with 28,357,908 last year.
On the 15th inst. prices had a small advance after an
early decline of a dozen points. Liquidation of July was
still noticeable, the weather was good and the South, Europe
and local traders sold. But later on offerings fell off, the
trade bought persistently and shorts covered. The May
textile report was bearish but soon lost its effect. The
ratio of sales of standard cloths in May on a reduced production was 71.7% against 61 in April. The May shipments
were 91.2% of the production against 96.3 in April. Stocks
increased in May 7% against 3 in April. Unfilled orders,
decreased 15.5% against 21.3% in .April. The unfilled
orders are 248,544,000 yards against stocks on hand of
301,943,000 compared with unfilled orders at the end of
April of 294,118,000 yards when stocks were only 282,154,000 yards. Liverpool, the Continent and Bombay were
buying and the mills were calling. A fair business was said
to be impending at Manchester with India. Yarns were
steadier in Manchester. The Hunter Co. reported that
last week for the first time in a month its sales were above
the output.
On the 16th inst. prices advanced 22 to 28 points with
good trade buying, offerings small, Liverpool and the Continent buying as well apparently as the co-operatives and
the shorts. Spot demand was better and prices advanced
25 to 30 points. Foreign markets were all higher. Mills
called cotton here and in Liverpool. Manchester had a
rather better tone.
On the 17th inst. prices declined moderately owing to
beneficial rains, some decline in stocks and a favorable
weekly report. Liquidation and other selling followed.
There was some further liquidation of July. The trade
however continued to buy and foreign interests also bought.
Apparently the Japanese were buyers. A slight rally took
place. It cut the decline for the day down to 5 to 8 points.
Much had been made of reports that South Carolina mills
would close for one or two weeks early in July at about
July 4th. That however has been customary in recent years.
The spot demand at the South was better. The exports thus
far this season according to one reckoning were up to less than
40,000 bales of the total of a year ago. The crop is late.
But as a rule it is doing better. The weekly Government
report summary said: "In most of the cotton belt the week
was somewhat warmer than normal and local showers were
fairly general, especially in the Western half. The warm
showers were helpful in many localities that were needing
rpm'. Progress and condition of cotton are fairly good with
fields clean, though crop is considerably later than usual.
In Oklahoma plants are small for the season but are now making good growth with fair to good stands. In the Centi:al
States of the belt progress during the week was mostly satisfactory though with considerable complaints of irregular to
poor stands in some sections, especially in parts of Tennessee
and Alabama. Showers in Georgia, where growth had almost stopped were helpful while advance was mostly fair to
good in the Carolinas.
On the 18th inst., prices declined 25 to 28 points under
lower stocks and wheat and liquidation of July and other
selling by Wall Street and the West. The weather was good.
There was a good deal of switching from July to later months
at good differences. Worth Street and Manchester were
quiet. Spot markets fell 25 to 30 points.
To-day prices advanced 26 to 30 points with offerings
smaller and trade demand unflagging. Also the Liverpool
cables were better than due. The weekly statistics were
relatively bullish in the matter of spinners takings and the
falling off in the world's supply of American cotton as compared with last year. One report put the takings at 168,000
bales, against 169,000 last week and 133,000 last year;
also the decrease in the world's stock of American at 114,000,
against 125,000 last week and 88,000 last year; decrease in
the world's visible of all hinds 168,000, against 110,000 last
week and 102,705 last year. The belt for the most part
was dry; that is rainfalls were either absent or very small.
The deficiency in rainfall in the belt since Jan. 1 is estimated
as 23/i to 123i inches, the Texas deficiency being 2
There is a sharp decrease in the Central and Eastern belts.
Texas reports were that weevil was present in 38 counties,
of which 22 were in southern Texas. The plant in parts of
that State is small. Hot dry weather of late is supposed to
have been bad to the plant and also bad for the weevil.
The pest has done no great harm thus far. The technical
position of the market is considered strong. A great deal
of liquidation has been done. The popular preference has
been for the short side. It is a natural inference that the
short account has reached no inconsiderable proportions.
Spot cotton was up 25 points here to-day. Worth Street
and Manchester were quiet. The trade, shorts, and apparently the co-operatives and Japanese interests bought.
Final prices show a rise for the week of 10 to 13 points.
Spot cotton to-day ended at 8.85e. for middling, a rise for
the week of 15 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
.Itme 25 1931.
15-16
inch.
1-inch &
longer.
.25
.25
.25
.25
.25
.23
.54
54
54
.54
.54
.44
.42
22
25
.25
23
28
.42
.42
.42
22
.42
.22
.42
.23
.23
88 on
White
Middling Fair
70
do
Strict Good Middling_
.62
do
Good Middling
31
do
Strict Middling
Basis
do
Middling
50 off
do
Strict Low Middling_
1.01
do
Low Middling
1.78
*Strict Good Ordinary_ do
2.37
do
*Good Ordinary
on
Extra White
Good Middling
:g?
do do
Middling
Even
do do
Midd'ing
.50 off
Strict Low Middling.- do do
1.01
do do
Low Middling
24 on
Spotted
Good Middling
Even
do
Strict Middling
.50 off
do
Middling
1.01
*Strict Low Middling__ do
1.76
*Low Middling
do
Even
Strict Good Middling_ -_Yellow Tinged
.47
do do
Good Middling
.72
Strict Middling
do do
1.20
do do
*Middling
1 75
*Strict Low Middling.- do do
2.40
do do
*Low Middling
Light Yellow Statned_1.85 off
Good Middling
1.35
do
do do
*Strict Middling
1.90
do
do do
*Middling
1 10 off
Yellow Stained
Good Middling
1.60
do do
*Strict Middling
2.33
do do
*Middling
.65 off
Gray
Good Middling
.90
do
Strict Middling
1.15
do
*Middling
Blue Stained
1.25 off
*Good Middling
do do
1.70
*Strict Middling
do do
*Middling
2.35
.54
.54
.44
23
23
Differences between grades established
for delivery on contract June 25 1931.
Figured from the June 18 1931 average
.quotations of the ten markets designated
by the Secretary of Agriculture.
.43
.42
Mid
do
do
do
Mid.
do
do
do
3:
Stric
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
*Not deliverable on future contracts.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
June 13 to June 19Middling upland
Sat. Mon. Tues. Wed, Thurs. Fri.
8.65 8.65 8.95 8.90 8.60 8.85
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
June 19 for each of the past 32 years have been as follows:
1931
1930
1929
1928
1927
1926
1925
1924
8.85c.
13.95c.
18.750.
21.25c.
16.90c.
18.35c.
24.150.
29.65c.
1923
1922
1921
1920
1919
1918
1917
1916
27.80c. 1915
11.40c.
39.26c.
33.60c.
30.30c.
26.950.
12.80c.
11991134
1912
1911
1910
1909
1908
9.80c. 1907
13.25c. 1906
12.95c.
100:915c5c:
9
. 05
2 35c
11;60c 19 4
15.30c. 1903
15.00c. 1902
11.40c. 1901
12.20c. 1900
11.70c.
12.40c.
9.25c.
8.44c.
9.06c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures.
Market
Closed.
Saturday_ _ _ Quiet,Spin.dec_ _ _ _ Barely steady
Monday ___ Steady, unchanged_ Steady
SALES.
Spot. Ccmtr't. Total.
200
____
200
Tuesday ___ Steady. 30 Pt!. adv. Firm
Wednesday_ Quiet,5 pts. dec_ _ _ _ Barely steady.. 1,950
--- - 1-986
.
.
Thursday __ Quiet,30 Dt8. dec. Barely steady
------------SteadY.25 pts. adv_ Steady
Friday
.i50
S230
_0
2 5
0 130540:0 _ 59 . 0
5 ..2 0
Total week_
Since Aug. 1
FUTURES.
-The highest, lowest and clos ng prices at
New York for the past week have been as follows:
Jura; 20 1931.]
Saturday,
June 13.
FINANCIAL CHRONICLE
Tuesday, Wednesday, Thursday,
June 16.
June 17.
June 18.
Monday,
June 15.
Friday,
June 19.
Movement to June 19 1931.'w
Towns.
furze
Range_ Closing_ 8.49- 8.52- 8.78- 8.71 - 8.44- 8.67
July
Range__ 8.49- 8.63 8.44- 8.61 8.52- 8.83 8.70- 8.84 8.46- 8.68 8.46- 8.75
Closing_ 8.55- 8.56 8.55- 8.81- 8.83 8.74- 8.75 8.47- 8.48 8.75- 8.72
Aug.
Range__ 8.67
-Closing_ 8.65- 8.68- 8.93
8.87
8.60- 8.84Sept.Itange__
- 8.83- 8.84 8.83
Closing_ 8.83- 8.83- 9.06
8.99- 8.73- 8.97Oct.Range- 8.87- 9.01 8.80- 8.99 8.91- 9.20 9.08- 9.23 8.85- 9.07 8.87- 9.16
Closing_ 8.92- 8.93- 8.94 9.19- 9.20 9.12- 9.13 8.87- 8.88 9.11- 9.12
Nov.
Range __
Cloning. 9.04- 9.04
- 9.31
9.24- 8.99- 9.22 Dec.
Range.. 9.10- 9.23 9.05- 9.22 9.16- 9.45 9.32- 9.46 9.08- 9.30 9.11- 9.40
Closing_ 9.17- 9.18 9.16- 9.17 9.43- 9.44 9.36- 9.37 9.10- 9.11 9.34- 9.36
Jon.
Range __ 9.22- 9.34 9.16- 9.30 9.26- 9.54 9.43- 9.56 9.20- 9.40 9.22- 9.48
Closing_ 9.28- 9.27- 9.54
9.47- 9.20- 9.21 9.45Feb.
Range__
Closing_ 9.37- 9.37
9.64- 9.56
9.30- 9.54March
Range__ 9.42- 9.54 9.35- 9.53 9.46- 9.74 9.65- 9.75 9.39- 9.60 9.41- 9.67
Closing- 9.47- 9.48- 9.74
9.65- 9.66 9.40- 9.63- 9.6s
April
Range__
Closing_ 9.57- - 9.57
9.83
9.76- 9.50- 9.74May
Range.... 9.62- 9.74 9.55- 9.72 9.66- 9.94 9.84- 9.96 9.69- 9.81 9.61- 9.81
Closing_ 9.68- 9.69 9.67- 9.93- 9.94 9.88- 9.60- 9.86-
Range of future prices at New York for week ending
June 19 1931 and since trading began on each option:
Option for
-
Range for Week.
June 1931
July 1931.. 8.44 June 15
Aug. 1931-- 8.67 June 13
Sept. 193L. 8.83 June 15
Oct. 1931.._ 8.80 June 15
Nov. 1931
Dec. 1931.. 9.05 June 15
Jan. 1932.. 9.16 June 15
Feb. 1932Mar. 1932_ - 9.35 June 15
Apr. 1932
May 1932.-9.55 June 15
8.84
8.67
8.85
9.23
Range Since Beginning of Option.
June
June
June
June
9.46 June
9.56 June
10.10
17 8.16
13 8.36
15 8.83
17 8.53
9.75
17 8.75
17 8.87
Apr. 28 1931 10.76
June 8 1931 13.82
June 2 1931 12.15
June 15 1931 12.57
June 8 1931 12.31
May 21 1931 9.75
June 8 1931 12.32
June 8 1931 2.42
Jan. 23 1931
Aug. 7 1930
Oct. 28 1930
Oct. 28 1930
Nov. 13 1930
May 21 1931
Feb. 25 1931
Feb. 25 1931
9.75 Juno 17 9.06 June 8 1931 11.59 Apr. 6 1931
9.96 June 17 9.25 June 81931 9.96 June 17 1931
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this 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.
June 19Stock at Liverpool
Stock at London
Stock at Manchester
1931.
bales 836,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1930.
742,000
1929.
845.000
1928.
761,000
202,000
141,000
106,000
82,000
1.038,000
883,000
951,000
843,000
428,000
343,000
11,000
115,000
45,000
358,000
217,000
9,000
88,000
47,000
334,000
176,000
8,000
59,000
39,000
423,000
214,000
10,000
106,000
52,000
942,000
719,000
616,000
805,000
Total European stocks
1,980,000 1,602,000 1.567,000 1,648,000
India cotton afloat for Europe__ _
96,000 127,000 127,000 184,000
American cotton afloat for Europe 118,000
99,000 174,000 321,000
EgyptBraz11,&c..afloatforEurope 74,000
96,000 125,000
99,000
Stock in Alexandria, Egypt
627,000 512,000 301,000 295.000
Stock in Bombay, India
928,000 1,265,000 1,188,000 1,234,000
Stock in 1.J. S. ports
3,098,819 1,702,468 877,335 933.496
Stock in U. S. interior towns
943,151 687,981 324,575 463,240
U. S. exports to-day
13,403
Total visible supply
7,878,373 6,091,449 4,683,910 5,177,736
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
412,000 293,000 483,000 534,000
Manchester stock
84,000
58,000
70.000
57.000
Continental stock
823.000 614,000 534,000 751.000
American afloat for Europe
118,000
99,000 174,000 321,000
U. S. port stocks
3.098,819 1,702,468 877,335 933,496
U. S. interior stocks
943,151 687,981 324,575 463,240
U. S. exports to-day
13,403
Total American
East Indian, Brasil, &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
Total East India, &c
Total American
5,492,373 3,454,449 2,462,910 3,059,736
424,000
449,000
362,000
227.000
118,000
83,000
36,000
25,000
119,000 105,000
82,000
54,000
96,000 127,000 127.000 184,000
74,000
98,000 125,000
99,000
627,000 512,000 301,000 295,000
928,000 1,265,000 1,188,000 1,234.000
2,386,000 2,637,000 2,221,000 2,118,000
5,492,373 3.454,559 2,462,910 3,059,736
Total visible supply
7,878,373 6,091 A49 4,883.910 5,177;736
Middling uplands, Liverpool
4.758.
7.81d.
10.25d.
11.65d.
Middling uplands, New York
8.85c.
14.05c.
18.45c.
21.80c.
Egypt, good Sake!, Liverpool
8.65d.
13.50d.
17.10d. 22.10d.
Peurvian, rough good. Liverpool14.50d.
14.00d.
Broach, fine, Liverpool
3.958.
5.55d.
8.60d. 10.30d.
Tinnevelly. good. Liverpool
4.61d.
6.90d.
9.75d.
11.20d.
Continental imports for past week have been 83,000 bales.
The above figures for 1931 show a decrease from last
week of 179,936 bales, a gain of 1,786,924 bales over 1930,
an increase of 3,194,463 bales over 1929, and a gain of
2,700,637 bales over 1928.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
4615
En
.-
Receipts.
Ship- Stocks
menus. June
Week. I Season. Week. 19.
Ala., Birm'ham
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport.....
Pine Bluf
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Miss., Crksdale
Columbus_
Greenwood
Meridian
Natchez
Vicksburg
Yazoo City
Mo., St. Louis_
N.C.,Greensb'.
Oklahoma
15 towns*
S.C., Greenville
Tenn„Memphis
Texas, Abilene_
Austin
Brenham
Dallas
Paris
Robstown
San Antonio_
Texarkana
Waco
En.,..1
Movement to June 20 1930.
Receipts.
170' 101,711
8 28,767
1,172
72,483
131 100,198
5 76,832
____
15,753
41,761
32,529
____
26,421
42 102,111
1
27,96
145 88,076
5 24,009
____
7,4
45,213
3,618 236,463
1,526 336,269
___
49,630
247 93,614
20,886
1 108,202
124 113,231
6 25,259
20 138,206
16 66,307
170 12,877
____
35,087
32,895
____
1,696 238,347
172 52,103
Week. i Season.
442 33,631
351 8,448
2,116 52,947
745 37,291
210 14,405
91 3,020
192 10,837
404
371
721 1,226
1,290 19,842
171 2,823
685 10,45
____ 1,704
____ 3,596
____ 24,602
1,851172,049
2,196 61,590
----,
466 27,960
411 8,552
401 60,247
783 18,165
801 3,989
2,005 26,740
212 20,587
547 5,286
420 6,881
29
5,585
2,38: 5,391
1,317 35,586
2241 112,311
61 20,030
2961 63,181
1,1531 73,941
---- 127,896
61 30,992
441 61,817
56,689
3 39,833
148 128,825
51,406
1
66 189,159
4 55,904
6,482
---25 43,2931
4,838 182.9021
2,049 316,18
25,67
80,9671
--- 23,3761
306 146,3421
192,736
29,174
21
384 233,197
2
53,36
25,673
---7 33,176
5 41,820
3,242 316,921
102 22,31
2- a7
,
258 26,983
133 533,276
1,079 144,301 2,461 42,835
4,779 1,356,092 18,203161,383
124
____
27,194
_-_
319
24,884 -197 3,757
15 19,499
901 6,568
35.5 145,927
4
371
4 63,570
9 1,231
54,784
1
27,934 -- 3,029
___34,675 - 2.798
____
61,745 - __ 4.015
.. n ••I. n•
• iknn
Ship- 1Stacks
ments. June
Week. 20.
290
391
714
960
1,860
2491
470
1
21
8921
2
5291
3
71
70
4,3071
2,454
350
2,945
1,2
2,67
892
834
1,463
107
30
6
17
3,632
277
7,723
4,616
19,038
16,098
12,055
6,157
9,493
800
1,645
9,688
1,264
16,224
3,047
2,494
14,504
54,552
54,931
1,191
9,255
11,916
39,667
18,023
3,444
45,652
4,094
3,507
5,550
5,205
8,387
8,262
378 34,137
174 751,472
629 189,060 3,412 28,611
9,5861,960,237 16,740199.166
___.
--305
29,029
-_11,494
---569
34 11,308
63 2,625
493 117,88
1,585 12,173
32 76,93
37 1,671
32,703 -___
---703
23,978
____
---854
62 61,041
411 2.509
165 106,622
214 6,176
0, no, a l ER 000 rt 0110 RC,0.
/0 El E 0/, I CI
*Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 29,920 bales and are to-night
255,170 bales more than at the same period last year. The
receipts at all the towns have been 11,380 bales less than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1930-31June 19Since
Shipped
Week. Aug. 1.
Via St. Louis
2,388 246,959
Via Mounds, &c
55,664
165
Via RockIsland1,602
Via Louisville
18,242
-..
Via Virginia points
4,013 172.535
Via other routes, &c
8,370 561.096
-1929-30-Since
Week. Aug. 1.
3.632 317,663
69,155
605
__3,771
33,450
-136
3,300 229.241
5,531 617,168
Total gross overland
14,958 1.056,098
Deduct Shipments
33,907
Overland to N.Y.. Boston, &c..... 1,067
14,640
355
Between interior towns
4,053 299,242
Inland,&c.,from South
13,204 1,270,448
1,643
407
8,432
96,685
18,387
422,005
Total to be deducted
5.475
347,789
10.482
537,077
Leaving total net overland*
9,483
708,309
2,722
733,371
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 9,483 bales, against 2,722 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 25,062 bales.
-1929-30-1930-31
Since
In Sight and Spinners'
Since
Aug. 1.
Aug. 1.
Week.
Week.
Takings.
16,977 8,396.418
36.511 8,108.840
Receipts at ports to June 19
Net overland to June 19
9,483
2.722
708.309
733,371
85,000 4.720.000
Southern consumption to June 19- 80,000 4,000,000
106,460 13,104,727
Total marketed
419,522
*29,920
Interior stocks in excess
Excess of Southern mill takings
__-over consumption to June 1
125,845
124,233 13,562,211
*26,879
478,387
Came into sight during week--- 76,540
13,650,094
Total in sight June 19
97.354
---- 14,500.462
North. spinn's'takings to June 19- 10.919
1,015,995
459,864
15.000
1,158,941
* Decrease.
Movement into sight in previous years:
Bales.
15,332,175
13,819,127
18,902.236
Bales.
Since Aug.1108,037 1929
112,040 1928
136,620 1927
Week1929
-June 23
1928
-June 24
1927
-June 25
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
June 19
Galveston
New Orleans
_
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock- -.
Dallas
Fort Worth- - - -
Saturday. Monday. Tuesday Wed'clay. Thursd'Il. Friday.
8.65
8.43
7.80
8.21
8.44
8.60
8.13
7.75
8.55
7.65
7.80
8.65
8.43
7.80
8.21
8.44
8.50
8.13
7.75
8.55
7.65
7.80
7.80
8.90
8.68
8.10
8.47.
8.69
8.50
8.44
8.00
8.80
7.92
8.05
8.05
8.85
8.74
8.05
8.40
8.56
8.75
8.38
7.95
8.75
7.85
8.05
8.05
8.60
8.47
7.80
8.13
8.31
8.70
8.06
7.65
8.45
7.58
7.90
7.90
8.80
8.72
8.05
8.36
8.56
8.50
8.31
7.90
8.70
7.84
8.15
8.15
4616
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,
June 13.
July
AugustSeptember
October
November
December
Jan.(1932)
February _
March......_
April
May
June
Tone
Spot
°ethane
[vol.. 132.
FINANCIAL CHRONICLE
Monday,
June 15.
Tuesday, Wednesday, Thursday,
June 16. June 17. June 18.
Friday,
June 19.
8.56- 8.58 8.56- 8.57 8.81- 8.83 8.74- 8.47- 8.728.92- 8.93 8.93- 8.95 9.18- 9.19 9.12- 9.13 8.87- 8.88 9.13- 9.1,
9.14- 9.16- 9.17 9.42- 9.43 9.36- 9.10- 9.11 9.34- 9.31
9.26 Bid. 9.27- 9.29 9.53 Bid. 9.47- 9.20- 9.21 9.44 Bi(
9.46 Bid. 9.47 Bid. 9.75- 9.65- 9.40- 9.41 9.64 9.67- 9.67 Bid
Steady.
Steady.
Quiet.
Steady_
9.92- 9.88- 9.60- 9.61 9.85- 9.81
Steady.
Very at'dy
Steady.
Steady.
Quiet.
Steady.
Steads. Verysteach
,
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING MAY.
-Persons interested in this report
will find it in our department headed "Indications of
business Activity" on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on June 13
ON HAND,ecc., IN MAY.
by the Census Bureau, will be found in an earlier part of our
paper in our department headed "Indications of Business
Activity."
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather generally has been favorable for cotton, although some localities
are in need of rain. There have been many beneficial
showers during the week.
Texas.
-The progress and condition of the cotton crop in
this State are fairly good. Fields are clean, but the crop
is later than usual.
Mobile, Ala.
-There has been no rain and crops are
suffering for want of moisture.
Memphis, Tenn.-Tri-States drouth is broken. Cotton
condition is excellent.
Galveston, Texas
Abilene, Texas
Brenham,Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford,Texas
Ardmore, OkLs
Altus, Okla
Muskogee, Texas
Oklahoma City, Okla
Brinkley, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff,Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Vicksburg. Miss
Mobile, Ala
Decatur, Ala
Montgomery, Ala
Selma, Ala
Gainesville. Fla
Madison, Fla
Savannah,Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston,S. C
Greenwood, S. C
Columbia,S.C
Conway, S. C
Charlotte, N. C
Newbern,N.C
Weldon, N. C
Memphis, Tenn
Thermometer
Rain. Rainfall.
high 86 low 77 mean 82
dry
0.04 in. high 98 low 70 mean 84
high 94 low 70 mean 82
dry
high 92 low 74 mean 83
dry
high 92 low 74 mean 83
dry
.
2 days 0.52 in. high 96 low 68 mean 82
2 days 0.38 in. high 100 low 66 mean 83
high 94 low 60 mean 77
dry
3 days 3.34 in. high 100 low 66 mean 83
1 day 1.00 in. high 98 low 64 mean 81
high 100 low 70 mean 85
dry
1 day 0.16 in. high 92 low 66 mean 79
1 day 0.68 in. high 94 low 68 mean 81
3 days 0.79 in. high 96 low 66 mean 81
high 96 low 70 mean 83
dry
2 days 2.04 in. high 98 low 68 mean 83
2 days 0.82 In. high 94 low 64 mean 79
1 day 0.25 in. high 98 low 66 mean 82
high 98 low 66 mean 82
dry
2 days 0.45 in high 93 low 64 mean 79
1 day 0.02 in. high 93 low 66 mean 79
3 days 0.72 In. high 98 low 63 mean 81
2 days 0.82 in. high 95 low 67 mean 81
3 days 0.83 in. high 93 low 67 mean 80
2 days 1.67 in. high 92 low 67 mean 80
dry
high 95 low 68 mean 82
5 days 1.37 in. high 91 low 64 mean 83
4 days 0.47 in. high 93 low 71 mean 81
2 days 1.06 in. high 94 low 68 mean 81
high 102 low 67 mean 85
dry
3 days 0.86 in. high 100 low 68 mean 84
3 days 0.19 In. high 94 low 66 mean 80
1 day 0.60 in. high 93 low 69 mean 80
2 days 0.74 in. high 99 low 66 mean 83
3 days 0.75 in. high 100 low 70 mean 85
dry
high 97 low 68 mean 83
4 days 0.76 in. high 95 low 66 mean 81
4 days 1.61. high 98 low 70 mean 84
3 days 2.03 in. high 96 low 69 mean 82
1 day 0.10 in. high 100 low 65 mean 83
3 days 0.50 in. high 98 low 68 mean 83
2 days 0.19 in. high 101 low 66 mean 84
3 days 1.78 in. high 87 low 68 mean 78
3 days 1.59 in. high 98 low 63 mean 81
1 day 0.78 in. high 96 low 66 mean 81
3 days 0.48 in. high 90 low 62 mean 76
2 days 0.07 in. high 92 low 64 mean 78
1 day 1.09 in. high 93 low 62 mean 78
2 days 1.09 in. high 93 low 54 mean 74
3 days 0.35 in. high 93 low 69 mean 81
1 day
The following statement we have also received by telegraph, showing the height of rivers at the point named at
8 a. m. of the dates given:
doing any damage so far. Cloudy and showering to-night. While we do
not Particularly need rain it is always very acceptable in this country.
Brownwood (Brown Co.).
-We have bad fine rains since our last letter
and everything is looking good to date. Had some high wind and heavy
rain, but did not hurt the cotton much. Blew down some cats and
wheat, but not much damage. Since the rains have had hot weather,
which is good for cotton.
Haskell (Haskell Co.).
-The week as a whole has been unfavorable,
some local rains accompanied by heavy hail storms, balance of territory
too dry. Some grasshoppers and cateless worms. Some cotton dying
from heat.
Quanah (Hardeman Co.).
-Spotted rains have helped cotton this
week, growth satisfactory and stands good. Weather and moisture
conditions favorable except slight damage in places caused by high winds.
Turkey (Hall Co.).
-Most of Hall County has received a very beneficial rain, ranging from one to five inches. However, from Turkey
west to the caprock, a strip coveting about 60,000 acres was cleaned
up with rain and hail and severe flood on the 8th. Planters are busy
day and night almost and believe country can be replanted to certain
extent, but will be about three weeks late. However, have plenty of
time for normal planting of late feed.
NORTH TEXAS.
Forney (Kaufman Co.).
-Conditions past two weeks favorable for
cotton. Crops growing and well worked. Decreased acreage 10%•
Terrell (Kaufman Co.).
-Rain beneficial, crop doing well, need dry
warm weather.
Gainesville (Cooke Co.).
-Weather past week very favorable, and
crop responded nicely to these favorable conditions. Fields clean and
in good state of cultivation. Plenty of moisture for the present.
Parts (Lamar Co.).
-Planting completed. 90% cotton chopped.
Stands fair only. Cultivation good. In my judgment crop is at least 10
days late. Had nice rain Thursday night, not as much as we would
like, sufficient moisture in most of the territory to meet needs. Woolly
worm is still with us, and is doing some injury to stands, but no other
Insects have done injury. While the plant has not made the growth
above ground that we would like, it has been making a splendid root,
which is important,that it may be able to withstand the dry hot summer.
Wills Point (Van Zandt Co.).
-Severe storm Thursday night accompanied by hail heavily damaged crops; a good deal of cotton will probably
be replanted although results of replanting rather doubtful account
advanced season.
CENTRAL TEXAS.
Austin (Travis Co.).
-Weather favorable this week. Plant growing a.
little better, but still small for time of year.
Brenham (Washington Co.).
-Smallest cotton we have ever seen for
this time of year. Plant is growing very slowly account dry weather.
Good soaking rain needed. From two to four weeks late. Grasshoppers
and fleas doing damage. Conditions considerably below this time
last year.
Cameron (Milam Co.).
-Cotton has made good progress past week.
Rain is going to be neede in next week or 10 days, top soil getting very
dry. Crop still about three weeks late. Acreage reduction about 10%.
Fields clean and about 90% chopped. Conditions fair to good.
Lockhart (Caldwell Co.).-Acreage 15% decrease. Fields clean,
surface soil dry and need 13i inches rain, then dry and hot. Too early
for insect damage. Plant about three inches high with very few squares.
Crop two weeks late. Chopping about complete labor plentiful.
Navasota (Grimes Co.).
-Cotton crop progressing very slowly, plant
rather small and in need of rains, about 90% chopped cut. Same reports
of grasshoppers and lice. Season three weeks late. Acreage 10 to 12% less.
San Marcos (Hays Co.).
-The past week has been hot with no rainfall.
The crop has made good progress, but the plant is still small and a
good rain is needed as top soil very dry.
Teague (Freestone Co.).
-Cotton crop is fully two weeks late, chopping
about 75% complete, fields in fair condition. Plant very small for this
time of year. A good rain needed on account of so much small cotton.
Fertilizer was cut at least 40% in our country this year. Cotton has just
begun to grow this last week.
Temple (Bell Co.).
-Showers over Bell County this week were beneficial. Weather hot. Cotton made good progress. Fields clean.
EAST TEXAS.
--Splendid rain over Harrison County
Marshall (Harrison Co.).
Saturday put cotton and corn in fine shape. Planting completed and
about 60% chopped out. Fields are clean and weather ideal. Stands
are good.
Palestine (Anderson Co.).
-Crop made good progress past week.
Weather has been perfect and plant is responding to real cotton weather.
Scattered showers during week were beneficial. Farmers are up with
work and fields are clean, on the whole. No insect damage reported to
date. Crop will make up lateness if present weather conditions continues. Good rain within next 10 days would be very beneficial. Clear
and hot to-day.
SOUTH TEXAS.
Victoria (Victoria Co.).
-Cotton made fair progress past week, but
surface becoming very dry and good rain would be beneficial. Plant is
healthy but badly mixed as to rize. Fields well cultivated and clean of
grass and weeds. Fleas doing damage preventing squares from forming.
Weevil doing no damage yet. Poison will not be used unless healfworm appears. 12% reduction in acreage, including abandonment of
crop 15 to 20 days late.
June 19 1931. June 20 1930.
Feet.
Feet.
OKLAHOMA.
4.6
1.5
Chickasha (Grady Co.).
-Cotton made good progress past week.
9.8
11.9
7.4
7.0
35% chopped. Good stands. Good rain would be beneficial.
12.9
5.6
Durant (Bryan Co.).
-Cotton did fairly well this week. Had a few
16.8
13.0
local showers, which helped up, but we need a general rain. Would
figure general conditions at this time about 80%.
Dallas Cotton Exchange Weekly Crop Report.
Hugo (Choctaw Co.).
-Past week favorable. Chopping nearly comThe Dallas Cotton Exchange each week publishes a very pleted. Showers were beneficial. Rainfall still below normal, however,
and ground dry yet in most places. Some reports of weevil. Excusing
elaborate and comprehensive report covering cotton crop late start, small plants and weevil reports, crop in good condition.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge_
Above zero of gauge-
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date June 15,in full below:
TEXAS.
ARKANSAS.
Ashdown (Little River Co.).
-Moderate to good rains the past two
days and we hope It will germinate the cotton that is not up, which is
about 15 to 20% of our planted acreage. Fields are clean and well
worked, but the plant has made slow growth, entirely too small but
WEST TEXAS.
good tap root and healthy, crop is at least three weeks late.
(Taylor Co.).
-Good rains over this entire section the early
Abilene
Blytheville (Mississippi Co.).
-Weather past week has been favorable
part of the week very beneficial. Cotton has grown rapidly and fields except that late plantings need rain. Crop is 100% chopped, stands are
are in good state of cultivation. Jumbo grasshoppers have shown up in excellent. Old cotton has developed good tap root with squares on 10%.
some sections but have heard of no damage so far, but everybody is Crop is normal to a week early. No complaint of insects, and no change
uneasy for fear they will increase and do great damage. No insects in acreage. Good rain would be beneficial.
-Weather has been favorable the past two
Conway (Faulkner Co.).
weeks and crop has made rapid progress. Soil and moisture about
right, good progress made in cultivation. 75 to 00% chopped. Crop
about 10 days late. No complaint of insects.
Ft. Smith (Sebastian Co.).
-Crop progress satisfactory past week,
however, plants very small. Crop will average two to three weeks late.
Acreage reduction much larger than first thought, will average about
15%. Crops fairly clean. Too early for insects damage.
-Past week has been favorable. Chopping
Little Rock (Pulaski Co.).
out and work generally well advanced. Condition has been improved
by normal temperatures and good rains.
-We have had a full week of real cotton weather.
Searcy (White Co.).
Ground getting a little dry but still enough moisture to keep cotton
growing. Good progress'has been made in chopping out the crops and
most fields are clean. Potato crop in this sections is large and is beginning to move in carload lots. This gives the farmers additional money
to carry on his other crops.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a state
ment of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
1931.
Mar.
8__ 118,571
18.. 93,477
20__ 68,139
27.- 81.726
Apr.
8-- 53,101
10__ 40,426
17- 52.119
24.. 33.372
1930.
1929.
1930.
1931.
50,312 88,941 1,461,838 1.256.075 849,195
44,919408,3 1.420.753 1,228,868 814.522
48,415 97.0851.379.376 781,667 1,202,943
66.906 78,041 1.349.018 1.163.170 752.959
49,851
47.498
48.693
50,239
1930. I 1929
65.725 18,248 29,749
41.083 17.510 71,877
26.762 20,692 64,230
81.378 7,183 69.333
711,349 18.939
Nil
679,205
646.881 1,264
695.322
NI
59,884 1,312,856 1.113,592
48,659 1,264,845 1,068,544
53,351 1,213,990 1.024.125
58.917 1.175,730 980,279
Nil
45
4.274
8.393
May1._ 37,729 50,024 51.241 1.138.594 940,995 564,848 37,195 10.74
K 31,288 49,181 40,133 1,112.593
15._ 27,481 74,760 27,0001,091.370
22__ 20,518 64,642 31,129 1.060.746
29__ 18,911 38,22 30.4291.037,599
June20,902 42,838 24,3681,009,231
12.. 18,800 31,419 17,318 973,071
19_ _ 18,977 36,511 18,468 943,151
893,425
843,575
809,849
778,788
1930-31.
Alexandria. Egypt,
June 17.
Receipts (cantors
This week
Since Aug. 1
1929-30.
1028-29.
8,000
,13,386.939
80,000
6,990,530
4,000
8.065.040
This Since
This Since
Week. Aug. 1. Week. Aug. 1
Exports (bales)
-
5,000 124.033
To Liverpool
_ 112.291
To Manchester,&c
To Continent and India.- 11.000 526,935
1,000 20,902
To America
This Since
Week. Aug. 1.
1,000 140,447
____ 174,671
____ 146.099 8,000 175,048
7,000 440,094 12,000 466,895
101,905 8,000 178.682
17.000 784,161 8,000 828.545 28.000 995,296
Total exports
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June 18 were
ReceiptsfromPlantationt. 80,000 cantars and the foreign shipments 17,000 bales.
Stocks at Interior Towns.
1931.
1929.
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record an increase
of 5,000 bales during the week, and since Aug. 1 show an
increase of 5,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
512,890
481.152
446,20
418,59
8,731 1,591
8,258 24,910
NI 30,718
NI 5,387
740,002 281.20
714,88
352,85
887,981 324,57
Ni
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
both yarns and cloths is quiet. Demand for both India and
China is poor. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
18,274
18.515
25.027
25.358
765
Nil
Nil
Nil
2,319
4,368
Nil
Nil 6,277
NI 9.632
Nil
Mar.20-__
27.....
April-
. d.
d. s. d.
40
010g
40
010
4
010
40
(11104
@UM
3409%
N11
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1930 are 8,857,662 bales;
in 1929-30 were 8,567,454 bales, and in 1928-29 were 8,973,199
bales. (2) That although the receipts at the outports the
past week were 16,977 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 29,920 bales during the week. Last year receipts
from the plantations for the week were 9,632 bales and
for 1929 they were nil bales.
1930
1931
8% Lbs. Shirt- Cotton
ings. Common Middro 82s Cop
82s Cop
Cp176t. Twin.
to Meet.
Twist.
4
4
;601.0%
MO1056
4
3401034
4
4
4
4
2
4
May-
June5--.12....
19____
,4010%
44010
31Q 934
@ 9%
9%
%@ 9%
34@ 934
00000 0000
Receipts at Ports.
Week
Ended
4617
FINANCIAL CHRONICLE
Jura)20 1931.]
83( Lbs. Shirt- Coaos
ing:, Common .1161011
SO Finest.
Lyra.
d.
d. I. 6. s. (1.
d.
6.09 1114018 10 2 010
5.97 114(012% 10 2 010 6
5.95 11;6013 10 4 4011 0
5.85 12 013 10 4 @110
d.
8.18
8.05
8.54
8.45
5.78
5.59
5.55
5.62
10 4
10 4
10 1
10 1
011 0
@105
010 5
5.46
5.39
5.26
5.12
4.80
5
5
5
12W013;i
12W013;i
1134012%
12 013
12 Q13 10 1
11%012% 10 0
1134012% 10 0
113401214 97
11%012% 97
010 5
010 4
010 4.
010 8
010 8
8.83
8.54
8.87
4.78 II%@12X 97 @103
4.75 1134 @1214 96 @102
4.75 11 012
95 @101
8.34
7.98
7.81
@11 0
8.85
8.76
8.61
8.74
8.65
8.58
-As shown on a previous page, the
SHIPPING NEWS.
past week
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- exports of cotton from the United States thedetail, as have
shipments
made
The following brief but comprehensive statement indicates reached 46,410 bales. Thereports, are in
as follows:
at a glance the world's supply of cotton for the week and up from mail and telegraphic
Bales.
since Aug. 1 for the last two seasons from all sources from NEW ORLEANS-To India-June 11-City of Canton, 1,000...
1,600
June 15-Silverpine, 600
which statistics are obtainable; also the takings or amounts
-Cranford, 1.150
To Rotterdam-June 15
1.150
gone out of sight for the like period:
To Colon-June 13-Tela, 2; Tela, 2
4
Cotton Takings
Week and Season.
1930-31.
Week.
1929-1930.
Season.
Week.
Season.
Visible supply June 12
8,058,309
6,172,079
5,302,014
Visible supply Aug. 1
3,735,957
American in sight to June 19._ _
97,354 14,500,462
76,540 13,650,094
Bombay receipts to June 18_ _ __
36,000 3,384,000
25,000 3,181,000
Other India ship.ts to June 18._
7,000
587,000
11,000
759,000
Alexandira receipts to June 17._
16,000 1,411,100
1,600 1.679,400
Other supply to June 1755
8,000
581,000
6,000
679,000
Total supply
8,190,849 24,712,208 6,324,033 24.737,819
Deduct
-
Visible supply June 19
7.878,373 7,878,3736,091.449 6.091,449
Total takings to June 19_a
312,476 16,833.835 232,584 18,646,370
191,476 11,564,735 161,984 12,809.970
Of which American
121,000 5,269,100
Of which other
70.600 5.836.400
* Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,000,000 bales in 1930-31 and 4,720,000 bales in 1929-30
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 12.833,835 bales in 1930-31 and 13.926,370 bales In
1929-30, of which 7.564.735 bales and 8,089.970 bales American.
S 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:
1930
-31.
June 19
Receipts at
Week.
Bombay
Since
Aug. 1.
1929-30.
Since
Week. I Aug. 1.
Week.
Since
Aug. 1.
25.0003.181.000 36.000 3,384,000 43,000 3.131.000
For the treek.
Exports
porn
-
1928-29.
Great Conti Japan&
Great
Britain!, neat. China. Total. Britain.
Bombay
-31- 4,0001 10,000 21,000 35,000 122,000
1930
;66
1929-30- 2,51 11,000 15.000 26,000 76.000
15,000 21,000 38,000 61,000
1928-29_
Other India
7,000 139.000
7.000
1930
-31__
11,000
11.000 151,000
-301929
16,000
16,000 107,000
1928-29
Since Aug. 1.
Contineat.
Japan &
China.
Total.
643,0001,702,00012,467.000
771,0001,443,000 2,290,000
752,000 1,624,000 2,437,000
448,000
608,000
525,000
587.000
759.000
632,000
Total all
.ggs 21,000 42.000 261,000 1,091,000 1,702,000 3,054.000
1930-31-- 4,000 1.I
15,000 37,000 227,000 1,379,000 1.443,0003,049,090
1929-30..
0
- 2:000 31, 00 21,000 54,000 168,000 1,277.000 1.624.0003,009,000
1928-29
-Ingram.2,392; West Moreland.2.920To Bremen-June 15
-Sinaloa, 700
To Mexico-June 12
-Guadeloupe, 950-June 15
-CranTo Havre-June 12
ford,200
To Genoa-June 13-Labette, 750
To Trieste-June 13-Labette, 150
To Naples
-June 13-Labette, 300
To Venice-June 13-Labette, 250
To Rotterdam-June 12-Grootendlik, 390
To Antwerp-June 12-Grootendlik, 200
-Cody, 225
To Oporto-June 12
-West Totant, 385
To Liverpool-June 13
-West Totant, 281
To Manchester-June 13
-Hawaii Maru, 2,300
To Japan-June 15
-Cranford, 415
-June 15
To Ghent
-Coldwater, 3,387
SAVANNAH-To Bremen-June 13
To Hamburg-June 13-Coldwater, 45
-Tulsa,35
To Manchester-June 15
NEW YORK-To Naples-June 11-Coats Biancamano,200
To Glasgow-June 15-Artigas,100
HOUSTON-To DunkIrk-June 12-Vasaholm, 550 __June 13
West Camak,12
-Cody.112
To Lisbon-June 18
To Havre-June 13
-West Camak, 1,671
To Oporto-June 18
-Cody.656
To Rotterdam-June 13
-West Camak,1,342-__June 15
-Oakwood, 100
-Cody,350
To Conmna-June 18
To Ghent
-West Camak.1_ _ _June 15
-June 13
-Oakwood,579
-Cody,80
To Passages
-June 18
To Warberg-June 12-Yasaholm,600
To Norrkoping
-June 12-Vasaholm.350
To Aalborg-June 12-Vasaholm,300
-June 12-Vasaholm,270
To Malmo
-June 12-Vasaholm. 418
To Gothenburg
To Abo-June 12-Vasaholm. 50
To Bergen-June 12-Vasahohn,25
To Nykoping-June 12-Vasaholm, 18
-Hawaii
To Japan-June 12-Fernwood, 4.029-..June 18
Meru, 876
To China-Juno 12-Fernwood,3,128
-Oakwood, 2,969
To Bremen-June 15
-Oakwood,3
To Antwerp-June 15
GALVESTON-To Bremen-June 12
-Oakwood, 1,091
To Antwerp-June 12-Oakwood, 112
-West Camak, 74
To Ghent-June 12-Oakwood, 21 ___June 15
-West Camak, 229
To Havre-June 15
-West Camak, 31; Vasaholm, 311._
To Dunkirk-June 15
-West Camak, 120
To Bordeaux-June 15
To Copenhagen-June 15-Vasaholm,232
To Gothenburg-June 15-Vasaholm, 212
-West Camak, 213
To Rotterdam-June 15
SAN FRANCISCO-To Great Britain-June 15-(7), 13
To Japan-June 15-(7), 766
-To Bremen-June 16
-Roland, 915
CORPUS CHRISTI
-Duquesne, 261
To Manchester-June 18
-To Liverpool
-June 13
-Loch Katrine, 16
LOS ANGELES
-President McKinley, 400-June 17To Japan-June 13
Kwansai Maru, 1,475
-President McKinley, 800___June 17To China-June 13
Kwansai Maru, 1,300
Total
5.312
700
1,150
750
150
300
250
390
200
225
385
281
2,300
415
3.387
45
35
200
100
562
112
1.671
656
1,442
350
580
80
600
350
300
270
418
50
25
18
4,905
3,128
2,969
8
1,091
112
95
229
342
120
232
212
213
13
766
915
261
16
1,875
2,100
46,410
4618
FINANCIAL CHRONICLE
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpoo' .45c. .60o.
Manchester.45c. .60o.
Antwerp .45e. .600.
Havre
.310. .46o.
Rotterdam .450. .60c.
Genoa
.400. .550.
Oslo
.500. .650.
High StandDensity. ord.
Stockholm .60c. .75c.
Truman
.50o. .650.
Flume
.50c. .65c.
Lisbon
.455. .600.
Oporto
.60o. .75e.
Barcelena .400. .550.
Japan
.40o. .55e.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
High
Density.
.45e.
.40o.
.450.
.45o.
.75e.
.750.
.500.
Standard.
.60o.
.650.
.600.
.600.
.90o.
.900.
.650.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
May 29.
14,000
7,000
1,000
40,000
855,000
426,000
18.000
5,000
117,000
32,000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
June 5. June 12. June 19.
28,000
19,000
29,000
9,000
13,000
15,000
1,000
1,000
2,000
43,000
44,000
37,000
850.000 833,000 836,000
419,000 410,000 412,000
18,000
36,000
39,000
14.000
8,000
19,000
85,000
109,000 101,000
9,000
35,000
37,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday,
Market, { A fair
12:15
business
doing,
P.M.
Mld.Uprds
A fair
business
doing.
4.78d.
Sales
5,000
4.73d
6,000
Tuesday. Wednesday. Thursday.
Quiet.
4.74d.
4,000
Good
inquiry.
4.85d.
5,000
Quiet.
4.79d.
4,000
Friday.
Quiet.
4.75d.
5,000
Futures. Quiet but Steady,
{
Steady. Quiet but Quiet, but
Steady,
Market
stdy, 6 to 98 to 10 pts. 4 to 6 pts. 12 to 14 pts stdy, 4106 steady, 6-8
Opened
pts. adv. decline, advance, advance. pts. dec. pts. decline
Market,
4
P.M.
1
Quiet.
Quiet, but
Steady, Quiet but Quiet but Quiet but
10 points stdy, 9 pts. stdy,4 too stdy. 10 to 5 to 6 pts. steady, 5-7
advance, decline.
pis. adv. 11 pts. adv. decline, pts. decline
Prices of futures at Liverpool for each day are given below:
June 13
to
June 19.
New Contract,
June
July
August
September_
October
November
December
January (1932)
February
March
April
May
June
Wed.
Thurs.
Fri.
Sat. 1 Mon. I Tues.
,
12.15 12.30 12.15 4.0012.15; 4.0012.15 4.0012.154.00112.1 4.00
p. m.p. m.!p. m.p. m.p. m.p. m.,p. m p.
it.
__ -_
__ __
-- -_
__ _-
d.
4.
4.67
4.71
4.7
4.79
4.82
4.86
4.90
4.94
4.99
5.03
5.07
5.10
d. d. d,1. it. it.
4.58 4.55 4.59, 4.59 4.70
5.61 4.58 4.621 4.62 4.73
4.65j 4.62 4.66, 4.66 4.77
4.681 4.66 4.70: 4.70 4.81
4.721 4.70 4.74; 4.74 4.85
4.761 4.73 4/71 4.77 4.88
4.801 4.77 4.81; 4.81 4.92
4.841 4.81 4.85; 4.85 4.96
4.88 4.85 4.89; 4.89 5.00
4.93 4.90 4.94'; 4.94 5.05
4.971 4.94 4.98 4.98 5.09
5.011 4.985.025.02,5.13
5. 5.01 5.05' 5.06 5.16
it.
4.70
4.73
4.77
4.80
4.84
4.88
4.92
4.96
5.00
5.05
5.09
5.13
5.16
it.
4.6
4.67
4.71
4.74
4.7
4.82
4.86
4.9
4.9
4.9
5.03
5.07
6.10
it.it.
4.65 4.61
4.68 4.62
4.72 4.6
4.75 4.68
4.79 4.72
4.82 4.75
4.86 4.71
4.90 4.83
4.94 4.87
4.99 4.92
5.031 4.96
5.0 5.00
5.101 5.03
it.
4.60
4.62
4.65
4.68
4.72
4.75
4.79
4.83
4.87
4.92
4.96
5.00
5.03
BREADSTUFFS
Friday Night, June 19 1931.
Flour was quiet and steady, with cash wheat firm. Feed
advanced on the 15th inst. $1. Later spring wheat flour
advanced 10c., with wheat up as crop reports became worse.
Later spring wheat flour declined 10c.
Wheat has been largely a weather affair, but Canada and
the Northwest have had more or less rain, the export demand
has been poor, and with stocks at times lower wheat prices
have drifted to the lowest prices seen in this country for
the last 35 years. On the 13th inst. prices ended Y4 to %c.
higher on dry weather in the American Northwest and
Canada. There were reports of damage in the Northwest
and also in Europe, especially Germany and France. Export demand was light. On the 15th inst. prices declined
to %c., with hedge selling, the cables weak, and export business small. The spring wheat belt was said to be getting
little rain and the Southwest too much.
Washington wired, June 15: "The Weather Bureau said
to-day that a drouth worse than the blistering dryness of
last year has gripped the Northwest from Wisconsin to the
Pacific. Much of the wheat and other crops were said to be
beyond recovery, and the prospects for relief by rain slight.
The situation was said to be serious in Western North
Dakota and eastern sections of Montana, Oregon and Washington. In at least six States the deficiency of rainfall
this spring has exceeded the lack of moisture last year.
In the remainder of the country, however, there is sufficient moisture for present needs, although the Bureau
said the South is getting pretty dry. From North Carolina
northward to New England there has been an abundance
of rain."
On the 16th inst., despite drouth and bad crop advices,
prices ended % to 78c. lower. It was dry and hot at the
/
West. A bearish factor was a statement credited to a
Farm Board official that there would be offerings of
United States wheat abroad, so long as this did not disturb
the world's market. This caused selling. It seemed to mean
that the great stock held by the Farm Board hovered over
the market and might strike at any time. Gainesville, Tex.,
wired that wheat was bringing only 42c. Fort Worth, Tex.,
reported increased reodipts of new wheat with the quality
very good. Liverpool closed % to 1%d. lower. Export
business was small. Buying against bids and covering
checked the decline and the close was at a rally which left
prices unchanged to 1
4d. lower, except on June, which ended
[VOL. 132.
lc. off. July went to a discount of about %c. under July
corn, at one time, and ended Y8c. under. Winnipeg also
brushed aside the bad crop reports from the West and was
off % to lc. About one-half of the total wheat acreage in
the Canadian Northwest has been damaged so much by
drouth that with the best possible weather conditions only a
small yield to the acre can be obtained this season, according to the Lake of the Woods Milling Co. The Canadian
Government's crop summary, issued after the close, also
told of unfavorable conditions in the two provinces as well
as in Alberta. A Winnipeg line elevator concern estimated
the condition of the three provinces at 70, or 2 points lower
than its figures of two weeks ago.
On the 17th inst. prices ended 4/4c. higher here and % to
11 c. higher in Winnipeg, owing to dry, hot weather in the
1
Northwest and in Canada, where it was up to 108 degrees.
The Canadian pool report placed the condition of wheat
In Manitoba as of June 13 at 80% against 85% on May 31
and 95% on June 13 last year. Saskatchewan was 62, 69
and 85%,respectively, and Alberta 84, 85 and 84%, the latter
showing the best of any of the provinces. North Dakota
and Manitoba conditions were bad. It was asserted that
much of the wheat was beyond help. Some good rains have
occurred recently in the Pacific Northwest, relieving the
severe drouth, but much damage that rain can hardly repair
has occurred, it seems. The Government weekly weather
report stated that rains had relieved the drouth to some
extent in parts of the spring wheat area, but more was
needed. Winter wheat looked good to excellent.
On the 18th inst. prices reached new lows for the year.
There were rains in northern Saskatchewan as well as in
the greater part of Alberta, Canada. In southern Saskatchewan they still need rain badly. It was dry in the American
Northwest. But the forecast was for showers and lower
temperatures. The Northwestern Canadian crop is estimated by some at .240,000,000 bushels against 396,000,000
harvested last year. The Kansas State report was favorable. There is some fear of the Farm Board holdings;
that is, that they may be marketed unexpectedly at some
time in the near future.
To-day prices closed / lower to %c. higher. Another
3
4c.
new low for the season was made, the lowest price since
1896. Liverpool was off 73 to 13d. Canada had some
4
rains. Export demand was poor. The technical position
was considered rather better. European crops are not
supposed to be doing any too well. Southern Argentine needs
rain. The Northwestern States of this country were hot.
Some dust storms were reported in Canada. Fort Worth,
Wichita and Kansas City received 76 cars of new wheat.
At Kansas City, however, mills seem to be taking the wheat.
The Nebraska crop is said to be declining. July was sold
rather freely against purchases of September. The Canadian forecast was mostly for dry weather. Showers were
indicated for the Dakotas. Bradstreet's world's exports
were 6,100,000 bushels for the week, so that the world's
total looks like 15,500,000. Final prices show a decline for
/
the week of 1% to 278c.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Tues. Wed. Thurs. Fri.
633 63H
62i
64% 64
July
643.1 64q
64% 65
% 65
October
67
66% 66
67
673 67
December
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
No.2red
Sat. Mon. Tues. Wed. Thurs. Fri.
96
95
05
90
90
92
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
55%
58% 57% 57% 57
56
July delivery
56%
56
58
57% 57% 575
September delivery
6131 61
6038 0124 5924 601.1
December delivery
Season's Low and When Made
Season's High and When MadeJune 19 1931
55%
Oct. 28 1930 July
92
July
June 19 1931
55%
Dec. 18 1930 September
September
76
June 19 1931
5934
June 3 1931 December
69
DeCember
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
601 5934 591.1
60
61H 61
July delivery
615
61
6234 6134 62
62
October delivery
6231 62%
633i 62A 63
63
December delivery
623,
Indian corn has acted very well, with July in a tight
position, shorts covering freely at times, country offerings
small, and cash demand of late better. Nevertheless, the
net advance for the week is relatively small because of the
dragging effect of lower prices for wheat. On the 13th inst.
/
prices ended unchanged to 74c. higher, with wheat firm and
country offerings small. ()ash prices were very steady.
2c.
On the 15th inst. prices ended %c. lower to Y higher, the
latter on July, which was in a more or less tight position.
On the 16th inst. prices ended 1/.. to %c. higher, ignoring
wheat because of a tight position in July corn. It had;
become oversold, with everybody bearish for weeks past.
July went to a premium of %c. over July wheat and to 5%c.
over September corn, the largest yet recorded. There was
buying of distant months by local traders. December sold
early at equal to the lowest figure of the season. Country
offerings to arrive were larger, with 58,000 bushels booked
to arrive, while cash sales were 171,000 bushels, including
100,000 from store to a Chicago industry. The Southwest, it
is said, needs more rain.
2c. higher, after
On the 17th inst. prices ended 34 to Y
being % to %c. higher. July was noticeably strong early,
but the premium, as might have been expected, attracted
large offerings of cash corn from the country, with sales of
JUNE 201931.]
FINANCIAL CHRONICLE
206,000 bushels to arrive. Selling of July against purchases
of September followed. The selling was by elevators and
local interests. The weather and crop reports were good.
1
2
On the 18th inst. prices declined / to 1%c. July dropped
about 2c., going to 3%c. over September against 54c. over
two days before. To-day prices closed % to %c. higher.
Bullish factors were light country offerings, a fair cash demand, with reports of sales of 100,000 bushels out of Chicago
elevators to industries, and the covering of shorts. Large
July holdings were said to be still intact. On the other
hand, the weather was good, professionals sold, and there
was some scattered liquidation as wheat declined. Final
prices, however, show a rise for the week of % to le.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
No.2 yellow
693. 703.( 70% 70% 69% 69%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
July delivery
56% 563
574 57% 56
56%
September delivery
523
52% 52% 52% 525
53
December delivery
463
451'I 46
46% 46?
463
4635
Season's High and When Made
Season's Low and When Made
54%
Mar.25 1931
September
Jan. 15 1931 September
515
%
733/i
June 3 1931
December
56%
April 1 1931 December
453
June 11 1931
Oats show a fractional decline in spite of the firmness
of corn, for the trading has been light and liquidation has
been more or less steady. On the 13th inst. prices advanced
to Ye., with other grain higher. On the 15th inst. prices
declined % to %c., with corn generally lower. On the 16th
Inst. prices ended % to Y lower. New lows were reached
4c.
early in the day on July and September. July got within
%c. of the lowest price in April 1901. At one time prices
were % to %c. lower. A rally came later with the upturn
In corn. On the 17th inst. prices ended unchanged after an
early rise of / On the 18th inst. prices ended Y lower,
1c.
2
4c.
with trading light and corn off.
To-day prices closed % to %c. higher. The weather was
hot, the cash demand was steady, and shorts covered. But
the speculation was mostly professional. Still this grain
felt the influence of corn. Final prices show a decline for
1
2
the week of / to %c.
4619
GRAIN STOCKS.
Corn,
Oats,
Rye.
Wheat,
Barley,
bush.
United States
-bush.
bush.
bush.
bush.
New York
42,000
9,000
747,000
1,000
71.000
Boston
3,000
1,000
42,000
58,000
5,000
Philadelphia
470,000
Baltimore
4,334,000
26,000
27,000
3,000
64,000
572,000
Newport News
New Orleans
2,970,000
34,000
30,000
117,000
Galveston
3,087.000
63,000
34,000
2,000
Fort Worth
5,919,000
10,000
Buffalo
13,038,000 1,840,000 1,095,000
419.000
443,000
" afloat
126,000
55,000
282,000
3,000
Toledo
1,850,000
16,000
2,000
23,000
9,000
119,000
19,000
28,000
Detroit
413,000
869,000 2,271,000
Chicago
26,748,000 1,812,000
774,000
277.000
afloat
4,186,000
483,000
402,000 216,000
93,000
Milwaukee
33,501,000
499,000 2,768,000 2,173,000
201,000
Duluth
" afloat
314,000
95,000 1,549,000 3,367,000 2,319,000
36,360,000
Minneapolis
223,000
71,000
453,000
11.000
Sioux City
8,780,000
232,000
122,000
6,000
16,000
St. Louis
25,142,000
533,000
5,000
107,000
105,000
Kansas city
3,000
1,245,000
Wichita
24,000
5,135,000
Hutchinson
667,000
4,264,000
203,000
St. Joseph, Mo
8,000
Peoria
826,000 1,227.000
254,000
23,000
Indianapolis
14,527,000
810,000
168,000
14,000
38.000
Omaha
207,000
109,000
59,000
183,000
On Lakes
26,000
On Canal and River
Total June 13 1931-192,876,000 8,919,000 8,140,000 9,438,000 4,221,000
Total June 6 1931___194,415,000 10,091,000 8,338,000 9,722,000 4,309,000
Total June 14 1930-112,329.000 9,519,000 12,490,000 12,179,000 5,131,000
-Bonded grain not included above: Oats, New York. 2,000 bushels;
Note.
Buffalo, 83.000; total, 85,000 bushels. against 262,000 bushels in 1930. Barley,
Buffalo, 209,000; Buffalo afloat, 126,000; Duluth, 2,000; Canal, 389,000: total,
726,000 bushels, against 2,378,000 bushels in 1930. Wheat, New York, 1,020,000:
Philadelphia, 32,000; Baltimore, 110,000; Buffalo, 3.122,000; Buffalo afloat, 421,000;
Duluth, 4,000; Canal, 847,000; total. 5,556,000 bushels, against 15,906,000 bushels
In 1930.
Canadian
838,000
707,000
5,329,000
995,000
Montreal
2,653,000 9,074,000 7,143,000
Ft. William & Pt. Arthur 35,673,000
1,571.000 1,102,000 1,116,000
7,572,000
Other Canadian
5,062,000
Total June 13 1931- 48,574,000
5,199,000
Total June 6 1931.- 46,667,000
4,917,000
Total June 14 1930- 60.724,000
Summary
192,876,000 8,919,000 8,140,000
American
5,062,000
48,574,000
Canadian
10,883,000 9,254,000
10,800,000 10,388,000
6,520,000 15,597,000
9,438,000 4,221,000
10,883.000 9,254,000
Total June 13 1931___241,450,000 8,919,000 13,202,000 20.321,000 13,475,000
Total June 6 1931-241,082.000 10,091,000 13,537,000 20,522,000 14,697,000
Total June 14 1930-173,053,000 9,519,000 6,186,000 18,669,000 20,728,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
The world's shipment of wheat and corn, as furnished by
No.2 white
38
37% 37% 37% 37
37
Broomha11 to the New York Produce Exchange, for the week
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO,
Sat. Mon. Tues, Wed. Thurs, Fri.
ending Friday, June 12, and since July 1 1929 and 1928,
July delivery
26
25
253
25q 25
2554
the following:
September delivery
265
26% 26
26
2558 26% are shown in
December delivery
29 4 29
28% 28
28A 28%
Corn.
Wheat.
Season's High and When MadeSeason's Low and When Made
July
-Dec.4-5 1930 July
373( Nov.24
25
June 16 1931
Since
Week
Since
Since
Since
• Week
Exports.
Sept.
33%
Feb. 20 1931 September
25%
June 16 1931
July 1
June 12
July I
July 1
July 1
June 12
Dec.
29%
June 5 1931 December
June 3 1931
283
1931.
1929.
1930.
1929,
1930.
1931.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Bushels. Bushels.I Bushels. I Bushels.
Bushels. Bushels.
Sat. Mon. Tues. Wed. Thurs. Fri.
20.000 1,562,000', 3,469,000
July delivery
29% 29% 29% 29% 28% 29% North Amer_ 6,444,000553,678,000307.670,000,
October delivery
Black Sea__. 336,000105,478,000 25,163,000 315,000 32,956,001) 29,931.000
30% 30% 303
8
31
30% 31
Argentina_ _ _ 4,670,000110,085,0(0,157,722,000 10,186,000245,789,000165.812.000
Rye has been affected by the depression in wheat in spite Australia --- 3,112,000,125,528,000 61,837,000,
488,000
8,0001 9,016,000
India
of the fact that the crop reports from the Northwestern 0th. countr's 392,000 38,672,000 43.060,000 451,000 41.174,000, 29,897.000
belt have been unfavorable. On the 13th inst. prices closed
14,962,000742,457,000 895,940.00010.972,000 321,481,000 229,109,000
Total
J/ c. higher, with wheat prices also advanced. Hamburg
4
advices said that the German Government continued to buy
WEATHER REPORT FOR THE WEEK ENDED
rye and had taken the rest of the stock of Russian rye at JUNE 16.
-The general summary of the weather bulletin
Rotterdam. On the 15th inst. prices ended unchanged, issued by the Department of Agriculture, indicating the indespite some decline in wheat. Winnipeg reported some fluence of the weather for the week ended June 16,follows:
foreign demand for barley. On the 16th inst. prices ended
The first half of the week had unsettled and showery weather in much of
Northeast.
% to %c. lower in a dull speculation. The winter rye crop the interior and heavy rains in themore eastern The latter part brought
States and moderate to
rather widespread showers to the
in Canada is reported to be practically a failure by a lead- fairly heavy rains in north Pacific sections as far south as northern Caliing Canadian mill. On the 17th inst. prices ended 34 to %c. fornia. Early In the period there was a reaction to warmer weather and
/
the rule thereafter.
high
higher, with crop reports unfavorable. On the 18th inst. moderately showstemperatures were considerably warmer than normal
that the week was
Chart I
Ocean,
prices closed 1 to 1c.lower, with wheat lower. The North- from the Lake region westward to the Pacific In the the temperature
South the weekly
to about 7 deg.
west bought on the decline. To-day prices closed 12 to %c. excesses averaging from 3 deg.
/
means were slightly above normal, but were somewhat deficient in the
Atlantic Coast States. Maximum temperatures as high as 90 deg, were
higher, under the stimulating effects of a rally in wheat,
north as central Virginia, the central Ohio Valley, and in
and with some bad rye crop news from the Northwest. reported as far northward to South Dakota.
the Great Plains
Chart II shows that the Mississippi Valley received widespread rains,
Final prices show a decline for the week, however, of
while many sections to the westward as far as the foothills of the Rocky
% to %c.
Mountains had moderate to generous amounts. In the Northwest showers
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Frt.
July delivery
38
38% 37% 38
36
37%
September delivery
395
39% 39% 39% 38
39
December delivery
42% 42%8 41% 4234 4134 4134
Season's High and When MadeSeason's Low and When Made
5534
Oct. 16 1930 July
July
3314
May 2 1931
September
4534
Feb. 20 1931 September
3534
May 2 1931
December
43%
June 5 1931 December
3834
June 3 1931
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New York
No. 2 red, f.o.b.. new
95
No. 2 white
37
Manitoba No.1,f.o.b. N.Y- 6934
No.3 white
35
Rye
-No.2,f.o.b. N.Y
45%
Corn, New YorkChicago, No. 4
34
, No.2 yellow, lake and rail
69% BarleyNo.3 yellow, lake and rail
67% • No. 2 c.i.f. N.
domestic_ _51
Chicago. cash
37(4
,55
FLOUR.
Spring pat. high protein $4.95@85.25 Rye flour patents
4.651 4.85 Seminole. med., No. 3_$3.60@$4.00
Spring patents
234 § 2%
4.25
4.50 Oats goods
Clears,first spring
1.95
2.00
Corn
Soft winter straights_ _ _ 4.00© 4.25 Co flour
1.95
straights
4.40
4.70 Barley goods
Hard winter
4.70
5.10
Hard winter patents_
Coarse
3.25@
3.95
4.30
Fancy pearl, Nos. 1,
Hard winter clears
6.35
2, 3 and 4
Fancy Minn. patents... 5.75
6.16@ 6.50
5.95 6.80
City mills
For other tables usually given here, see page 4537.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 13, were as follows:
were somewhat more frequent, with substantial falls in some drouthy
sections of eastern Montana and parts of North Dakota. but. in general,
much more moisture is needed over the northwestern area. The upper
Mississippi Valley also had helpful rains, while additional falls in much of
the south Atlantic area were beneficial.
An outstanding feature of the week's weather was the copious rain that
fell at its close in the severely drouthy areas of the Pacific Northwest,
including the States of Washington and Oregon. Rains were general over
these States and extended southward into northern California. The moisture was of especial benefit to grain crops and pastures, though many
grain fields were too far gone to be materially helped. Another favorable
feature was the highly beneficial showers over'many central-northern
sections that were very dry, especially Wisconsin, Minnesota, South
Dakota, Nebraska, and limited portions of North Dakota. In these areas
the rainfall was timely and very helpful to growing crops, particularly
grains and pastures.
While the severely drouthy area of the Northwest has been materially
reduced, at least temporarily, considerable portions are yet largely unrelieved especially western North Dakota, much of Montana, and most of
Idaho, with pastures drying up, stock water scarce, and some grain fields
beyond recovery. There was also considerable drifting of soil In parts of
North Dakota.
Soil moisture in the central valleys continues sufficient for present needs.
except in limited areas, mostly in parts of Kentucky. while the situation
remains favorable rather generally in the Atlantic States from North
Carolina northward.
In the South beneficial rains fell in many places, especially in Texas,
Arkansas, Tennessee, and Georgia, but otherwise there is still need for
moisture in many localities.
Farm work made good advance, with row crops mostly clean and cultivation well in hand. Wheat harvest has begun northward to the extreme
lower Ohio Valley and Kansas, with mostly favorable weather, except in
Parts of the Southwest. Higher temperatures were favorable over the
eastern half of the United States, especially in the Corn Belt, and crop
growth is generally satisfactory, except in the rather limited areas still
badly in need of moisture.
-In most of the Cotton Belt the week was somewhat warmer
COTTON.
than normal, and local showers were fairly general, especially in the western half. The warmer weather was beneficial and the showers were helpful in many localities that were needing rain.
•
4620
FINANCIAL CHRONICLE
In Texas progress and condition of cotton are fairly good, with fields
clean, though the crop is considerably later than usual. In Oklahoma
plants are small for the season, but are now making good growth, with
fair to good stands. In the central States of the belt progress during the
week was mostly satisfactory, though with considerable complaints of
Irregular to poor stands in some sections, especially in parts of Tennessee
and Alabama. Showers in Georgia, where growth had almost stopped.,
were helpful, while advance was mostly fair to good in the Carolinas and
Virginia.
•
[Vol.. 132.
future is found in the fact that a considerable downward
readjustment in values has been handed up from primary
textile divisions to retailers who are offering goods at
prices which conform much more nearly to the public's reduced purchasing power. Woolen goods markets are already
responding to the confidence stimulated in buyers by good
The Weather Bureau furnishes the following resume of retail business. A very large yardage of silks has continued
to move, although at extremely unsatisfactory prices as
the conditions in the different States:
Virginia.—Richmond: Slightly cool; scattered showers, mostly light, far as producers are concerned. Accumulations of inferior
except heavy locally. Favorable for farm work and crops, but rain needed yarns have been reduced in the rayon division and the genin many localities. Corn, oats, potatoes, wheat, and truck excellent.
Some sweet potatoes being set and tobacco mostly set. Wheat ripening, eral position there is such as to indicate that the fall and
but some cut for hay. Cotton normal, but delayed. Peaches excellent and spring seasons will compare favorably with the volume of
apples growing well.
North Carolina.—Raleigh: Cool at beginning, warmer thereafter; gen- business during the active periods experienced so far in 1931.
erally fair, followed by scattered, light to heavy rains. Rainfall ample in
DOMESTIC COTTON GOODS.—The Association of Coteast, but more needed in most of west and central. Progress of cotton fair
to good' cotton, tobacco, potatoes, truck, and fruit doing well in east, but ton Textile Merchants' statistical report for May showed
need rain in central and west. Wheat, rye, and oats best in years, though that the producing end of
the cotton goods trade had disreduced somewhat by recent dry spell.
South Caroiina.—Columbia: Hot and generally dry, except some fairly tinctly failed to whittle down production schedules to concopious showers in central. Wheat, potato, and cucumber harvests con- form to declining
demand. Indeed, the rate of output retinue. Cotton progress generally good, with squares showing in early crop.
Corn, tobacco, sweet potatoes, truck, and minor crops suffering from mained approximately the same as in April, with new
dryness.
Georoia.—Atlanta: Dry most of week, but locally heavy to excessive business booked during the month amounting to only 71%
rains, becoming gradually more widespread toward close of week, nearly of production. Stocks on hand increased 7%, while unfilled
covered entire State and were of immense benefit. Growth of cotton almost
2%. Meanwhile, with prices
stopped by dryness; plants small and late, but well cultivated and probably orders declined a further 18Y
deeply rooted;some squares and scattered bloom in extreme south.'Progress at or next to unprofitable levels throughout the trade, the
of corn poor, even on lowlands. Tobacco, truck. gardens, pastures, and absence of
confidence which is the outstanding current
melons suffered most from dryness. Threshing excellent wheat and oat
crops.
characteristic of buyers remains unalleviated. Although
Fiorida.—Jacksonville: Progress and condition of cotton good; crop well primary
values have admittedly receded to a very low level,
worked; rain needed in north and west. Showers and moderately heavy
rains locally relieved most urgent need of moisture, but most sections still there is no guarantee that the bottom has been reached, and
dry, especially in south and from Suwannee River westward. Early corn there
can be no such guarantee during,the summer if stocks
rued in some districts; late better on lowlands. Tobacco damaged with
in mills go on accumulating as they have in the past two
premature ripening; some shade being primed. Citrus dropping heavily.
Alabama.—Montgomery: Opened cool, but warm later; mostly dry first months.
The truth of this is illustrated by the fact that
half and scattered showers thereafter. Vegetation needs rain badly in
most sections. Corn growing slowly; condition mostly fair. Oat harvest although the statistical position in the trade was greatly
practically finished. Condition of potatoes mostly fair to good; digging
good progress. Cotton improved sllghtly account warmth, but growth improved during February and March, there was no genslow; condition poor to good but mostly fair' stands irregular, ranging eral sustained firming-up in values. With traditional sumfrom very poor to good; chopping nearly finished; squares forming in south. mer
dullness in the offing there accordingly would appear
Mississippi.—Vicksburg: Light to moderate rainfall. Progress of cotton
fair to fairly good, with cultivation generally good and stands somewhat to be even less likelihood of maintaining stability in the
fair. Progress of corn mostly fair, except poor in drier sections.
Louisiana.—New Orleans: Near or somewhat above normal tempera- market in coming weeks unless general and immediate meastures, with beneficial rain in north and scattered showers elsewhere; more ures are taken to regulate output to correspond closely to
moisture badly needed. Corn, pastures, and truck suffering locally in
south, but condition generally fair to good. Moisture insufficient for rice. the actual orders received from buyers. Notwithstanding
Progress of sugar cane poor. Progress of cotton good; condition averages the considerable movement of cotton goods during 1931 to
fairly good' crop two weeks late. Oat harvest nearly completed.
Texas.—Houston: Moderate to warm, with light to heavy rains, except date, and the fact that retail business is continuing to hold
In east and along coast where dry. Some damage by hail and washing up relatively well, the outlook for any improvement in the
rains. Harvest of wheat and oats continued, with good to excellent yields. current unsatisfactory
situation appears •to rest almost
Progress and condition of pastures, corn, truck, feed and minor crops good,
except in the drier sections where only fair. Rice needs rain. Progress and wholly on the ability of mills to prevent further accumulacondition of cotton fairly good, although crop still about two weeks late; tions, and restrain
the severe competitive bidding which has
fields clean and chopping well advanced; crop now needs rain near upper
been so repeatedly unsettling prices. However, it is evident
coast and in portions of east.
Oklahoma.—Oklahoma City: Warm and mostly clear weather favorable that the 'conditions shown in the statistical
report quoted
for field work and growth of all crops. Moderate to heavy rains in north
and east, but light or none in southwest where rain needed. Army and cut- above have aroused general apprehension in the trade, and
worms destructive, especially in north. Winter wheat and oats good to it now
appears that a substantial amount of curtailment
excellent; harvest advanced rapidly in south, under way in central, and just
beginning in north, Progress and condition of corn generally very good; is assured between now and the time when the fall movecrop mostly late, but well cultivated. Cotton mostly small and late, but ment can be expected to attain
volume. Persistent undernow making good advance; stands fair to good; generally well cultivated.
Arkansas.—Little Rock: Progress of cotton good to excellent, due to bidding for gray goods faced somewhat better resistance
good and crop clean and well late in this
light to heavy rains; stands usually very
week. Further concessions of 3i were generally
3c.
cultivated; chopping well along; condition very good in most portions.
Progress of corn excellent, except where soil dry; crop late and some poor disallowed, it is reported, and though little business was
in some sections.
stands, but growing. Wheat and oat harvests completed
reported to have been done, interest was shown, and it is
Rice good, except in extreme north where stands poor.
Tennessee.—Nashville: Sunshine and temperatures favorable, but con- hoped that sustained resistance over a period of several
tinued dryness, except in restricted areas, detrimental. Progress of corn days may stimulate confidence sufficiently to attract conpoor and many fields uneven, but remainder fair; needs rain. Progress
and condition of cotton fair, but many poor stands and some dying;chopping siderable business, a good volume of which is estimated to
under way. Condition of winter wheat very good to excellent; much be overhanging the market. A feature of the current marng
harvesti.
Kentucky.—Louisville: Seasonable temperatures and rainfall light to ket is the severe competition for new business in colored
moderate and local; becoming dry in most central districts where crops goods. Chambrays, denims, and ginghams, among others,
and pastures affected, with general, soaking rain needed. Tobacco transplanting practically finished, except in hilly sections where rain lacking; have been subject to declining tendencies as a result. Print
cultivation general, but starting slowly in many places where needing rain cloths 27-inch 64x60's constructions are quoted at 314c., and
/
badly. Wheat harvest beginning in southwest; ripening in north. Oat
2e. Gray goods, 39-inch 68x72's conheads good, but straw rather short. Condition of corn variable, mostly 28-inch 64x60's at 3Y
very good, and progress excellent where moisture sufficient; improved by structions are quoted at 54c., and 39-inch
80x80's at 61
4c.
warmth.
WOOLEN GOODS.—The situation in woolens and worsteds markets, for a long time better in point of statistical
THE DRY GOODS TRADE
position than most other divisions, has shown further improvement. Production has shown considerable increase
New York, Friday Night, June 19 1931.
While conditions generally in textile markets have proved of late in a number of directions and the upward tendency
to be somewhat less "bullish" than was forecast by outside continues at present. This has occasioned some adverse
observers some time ago, when improvement in textiles was comment in quarters where overproduction is feared, but
interpreted as a harbinger of general business recovery, it is contended that, on the whole, goods are being manuthey are nevertheless so much better in most divisions than factured only against orders. Activity centers in men's
they were last year at this time that complaints would not wear worsted mills and certain woolen mills, and it should
be in order—except on the score that more regulation of be remembered that numbers of other units continue to
production to keep output in the neighborhood of demand operate on short time. Almost all lines of men's wear goods
would have a salutary influence in preserving such improve- are active. Many mills in this division are booked ahead so
ment as has already been registered. Nevertheless, the far that othen mills are 'benefiting by receiving business
nemesis of the textile trade, namely, persistent and severe which the former have to turn down. Overcoatings continue
underbidding, continues to be up and doing to the great detri- to expand, with volume some 25% above last year and a
ment of efforts to bring about stability of the price structure. number of mills working night shifts. Napped fabrics and
Values now obtaining in primary dry goods divisions as a Whitneys and Meltons, as well as chinchillas and cashmeres,
whole yield only very narrow profit margins, or, in numbers are featured. At the same time topcoatings business being
of cases practically none at all. This condition is directly done by some mills is unusually active for this time of year.
attributable to the uncertainty instilled into the minds of There is now a brisk demand for men's suitings ranging
buyers, it is contended, by the persistent tendency of sellers between $1.75 and $2, buying having previously centered
to underbid in order to attract business, such pressure to in lower priced fabrics. Mills producing low-priced crepes,
sell being, in its turn, directly due to mills' failure con- rayon worsteds, and printed goods have been doing good
sistently to keep the supply of goods down to near the actual business in the women's wear division.
volume of business which is being placed. Even now, it is
FOREIGN DRY GOODS.—Apparel linens have continued
maintained, despite the fact that only moderate accelera- in active demand, the sustained character of the buying
tion of general business is to be expected from such sources movement being a source of great encouragement to importas building, transportation, and general industry, it may ers. There has been no noteworthy change in the situanot be too late to insure a generally though moderately tion. Burlaps were quiet and steady. Heavy weights deprofitable fall season if mills would only offer uniform veloped some slight firmness on reports that South America
resistance to buyers' pressure for concessions through rigid was likely to come into the market for some of the latter.
curtailment policies. Meanwhile addition& hop. for the Light weights are quoted at 3.95c., and heavies at 5.20e.
JUNE 20 1931.1
FINANCIAL CHRONICLE
ffitak an Txtg prpartuxent
NEWS ITEMS
of Legal Investments for Savings
Connecticut.—List
Banks.—Complying with Section 3996, General Statutes
Revision of 1930, Lester E. Shippee, Bank Commissioner,
issued on May 1 1931, the list of bonds and obligations which
he finds upon investigation are legal investments for savings
banks. This list is revised semi-annually on the 1st of May
and the 1st of November. The list of eligible securities was
materially broadened by legislative enactments in 1929 as
to public utility bonds and railroad equipment trust certificates (V. 129, p. 314). The Commissioner again calls attention to the wording of the law, which discriminates against
the "Special Assessment" or "Improvement" bonds, or
other bonds or obligations which are not the direct obligations
of the city issuing the same and for which the faith and credit
of the issuing city are not pledged. The last list published
was for Nov. 1 1930 and appeared in the "Chronicle" of Nov.
29 1930, on pages 3562 and 3563. We print the May 1 1931
list herewith in full, indicating by means of an asterisk (*)
the securities added since Nov. 1 1930, while those that have
been dropped are placed in full-face brackets.
The following table shows the State and municipal bonds
which are considered legal investments:
RM.—Bondi of the United States, or
those for which the faith of the United
States is pledged, Including the bonds of
the District of Columbia.
United States Honda
25. 1930]
"
3s, 1918
U.S. Panama Canal
28, 1938
88, 1981
U. S. Panama Canal
Liberty bonds
All Issued
Ws,1947-1962
Treasury bonds
45, 1944-1954
Treasury bonds
3%s, 1948-1956
Treasury bonds
Second.—Legally Issued bonds and
Interest-bearing obligations of the following States:
California
Nevada
Colorado
New Hampshire
Connecticut
New Jersey
Delaware
New York
Florida
North Dakota
Idaho
Ohio
Illinois
Oregon
Indiana
Pennsylvania
Iowa
Rhode Island
Kamm
South Dakota
Kentucky
Tennessee
Mains
Texas
Maryland
Vermont
Massachusetts
Washington
Michigan
West Virginia
Minnesota
Wisconsin
Missouri
Wyoming
Montana
Third.—Legally Issued bonds and obligations of any county, town, clty,
borough, school district, fire district, or
sewer district in the State of Connecticut.
Fotirth.—Legally authorized bonds of
the following citiesoutaide of Connecticut,
and which are the direct obligations of the
city issuing the same. "Special Assessments" and "Improvement" bonds which
are not the direct obligations of the city
and for which Its faith and credit are not
pledged are not allowable.
Alameda. Cal.
Canton. Ohio.
Alhambra, Calif.
Cedar Rapids. Iowa
Allentown,Pa.
Central Falls. R. I.
Alliance. Ohio.
Charleston, W.Va,
Alton, Ill.
Chelsea. Mass,
Altoona, Pa.
Chester, Pa.
Amarillo,Texas.
Chicago, Ill,
Amsterdam, N. Y. Chicago Its.,
Anderson, Ind.
Chicopee. Mass
Ashtabula, Ohio.
Cincinnati. Ohio.
Auburn, N.Y.
Clarksburg, W.Va.
Cleveland, Ohio.
Aurora. Ill.
Bakersfield, Calif. Clinton. Iowa
Colorado Spec, Col
Baltimore, ma.
Columbus. Ohio.
Bangor, Me.
Battle Creek, Mich. Concord, N. H.
Council Bluffsjowa.
Bay City. Mich.
Covington, Ky.
Bayonne, N. J.
Belleville. III.
Cranston, R. I.
Bellingham, Wash. Cumberland, Md
Beloit, Wisc.
Danville, Ill.
Davenport, Iowa.
Berkeley. Cal,
Berlin, N. H.
Dayton, Ohio.
Decatur. III.
Beverly. Mass.
Binghamton, N. Y. Denver. Colo.
Des Isfoines, Iowa.
Bloomington, Ill.
Detroit. Mich.
Boise City, Ida.
Dubuque, Iowa.
Boston, Mass.
Duluth. Minn.
Brockton. Mass.
Burlington, Vt.
East Chicago, Ind.
Burlington, Iowa. East Liverpool,0.
Cambridge. Mass. East Bt. Louis. III.
Eau Claire, Wisc. Nashua, N. H.
Elgin. III.
Newark, Ohio.
Elizabeth. N.J.
New Albany, Ind,
Elkhart, Ind.
New Bedford, Maas.
Elmira, N. Y.
Newburgh, N. Y.
Elyria, Ohio.
New Castle, Pa.
Erie, Pa.
Newport. Ky.
Evanston, III.
Newport, R.I.
Evansville. Incl.
Newton. Maas.
Everett. Maas.
NorthAdame,Mass.
Everett, Wash.
Northampton,
[Fall River. Mass.] Mass.
Fargo, No. Dak.
Oakland, Cal.
Fitchburg, Mass. Omaha, Neb,
Flint. Mich.
Oshkosh. Wis.
Fond-du-lac,Wisc. Oswego. N. Y.
Fort Wayne, Ind. Ottumwa. Iowa.
Fresno, Cal.
Parkersburg. W.Vs.
Galesburg, III.
Pasadena, Cal.
Glendale, Calif.
Pawtucket,R.I.
Gloucester, Mass. Peoria.s111.
Gloversville, N. Y. Pittsfield, Mass.
Grand Rapids.Mich Pontiac, Mich.
Green Bay, Wis.
Port Huron, Mich.
Hamilton, Ohio
Portsmouth, Ohio
Hammond, Ina.
Pottsville, Pa.
Harrisburg, Pa.
Providence, 11 I.
Haverhill. Mass.
Quincy, Ill.
Hazelton, Pa.
Quincy, Mass.
Holyoke, Mass.
Racine. WI/I,
Huntington. W.Va. Reading, Pa.
Hutchinson, Kan. Richmond. Ina.
Indianapolis. Ind. Rockford, Ill.
Ithaca. N. Y.
Rock Island, III.
Jackson, Mich,
Rome, N.Y.
Jamestown, N. Y. Saginaw, Mich.
Janesville. Wisc.
St. Cloud, Minn.
Joliet, III.
St. Joseph, Mo.
Joplin, Mo.
St. Louts, Mo.
Kalamazoo, Mich. Si. Paul, Minn.
Kansas City, Mo. Salem, mass.
Kenosha. Wis.
Ban Diego, Cal.
Kingston, N. Y.
Sandusky. Ohlo.
Kokomo. Ind.
Ban Francisco, Cal.
La Crosse, Wis.
San Jose, Cal.
Lafayette, Ind.
Santa Ana, Calif.
Lancaster, Pa.
Schenectady, N.Y
Lansing, Mich.
Scranton, Pa.
Sheboygan, wit).
Lawrence, Mass
Lebanon. Pa.
Shenandoah, Pa,
Sioux City, Iowa.
Lewiston. Me.
Lexington, Ky.
Sioux Fella, Bo. D
Somerville. Maw,
Lincoln. Neb.
Lockport. N. Y.
South Bend, Ind.
Long Beach,Cal. Spokane, Wash.
Lorain, Ohio.
Springfield, III.
Los Angeles, Cal. Springfield, Maas.
Louisville. Ky.
Springfield, Mo.
Lowell, Mass.
Springfield, Ohio.
Lynn, Mass.
Steubenville, Ohio.
Madison, Wis.
Stockton, Cal.
Malden, Mass.
Taunton, Mass.
Manchester. N. H. Terre Haute, Ind.
Manitowoc, Mich. Toledo, Ohio.
Mansfield, Ohio.
Topeka, Kan,
Marion, Ind.
Waco,Tex.
Marion, Ohio.
Waltham, Mass
Mason City, Ia.
Warren,Ohlo.
Massilon, Ohio.
Waterloo Iowa.
McKeesport. Pa.
Wauwatosa. Mae,
Medford, Maas.
Wheeling, W. Va.
Melrose. Mass.
Wichita, Kan,
Middletown, N. Y. Wichita Falls, Tex.
Middletown, Ohio. Wilkes-Barre, Pa.
Milwaukee, Wis.
Williamsport, Pa.
Minneapolis. Minn. Worcester, Mass.
Moline, Ill,
York. Pa.
Muncie. Ind.
Youngstown, Ohio.
Muskegon, Mich. Zanesville. Ohio.
Fifth.—Railroad bonds wh'eh the Bank Commissioner
finds to be legal investments are shown below:
BONDS OF NEW ENGLAND COMPANIES.
Conn. & Passumpede River RR. 45, 1948 European dr No. Am. Ry. 1st 4s. 1938
Port!. & Rumf. Falls Ry. Si, 1951.
Bangor & Aroostook System.
Aroostook Northern 5s, 1947.
New London Northern RR. let M. 1940
Consolidated Refunding 43. 1951.
New York New Haven Ez:Hartf.System
First Mortgage 55. 1943.
Medford Extension 53, 1937.
Holyoke & Westfield RR, let 43(5. 1961
Northern Maine Seaport 1st 58, 1935
Old Colony RR.
ptscataoule Division 55, 1943.
33(5, 1932
Van Buren Extension 55. 1943.
Debenture 45, 1938
First 53(5. 1944
St. John's River Extension 55, 1939.
Washburn Extension 5s. 1939.
First 58, 1945
First 43(s, 1950
Providence & Worcester RR.let 4s. 1947
Maine Central System.
Boston & Providence RR.deb. Si 1938
Dexter & PisCataguls ER.—
Norwich & Worcester let 43(5. 1947
lot 448, 1949
4621
BONDS OF OTHER COMPANIES.
[Alabama Great Southern RR. Co. let
Louisville & Nashville System,
cons. 48 & 55, 1943.]
First Mortgage let Ss, 1937
let dr Refunding, Series A 545. 2003
Atchison Topeka & Santa Fe System
1st & Refunding, Series B 5s, 2003
General mortgage 45, 1995
1st & Refunding, Series C
Chic. Santa Fe. & Calif. Ry 1st 5s. 1937 Unified Mortgage 4e. 1940 44s, 2003
Rooky Mountain Division 1st te. 1985
Atlanta Knoxv. & Cinc. 1st 4s, 1955
Ban Fr.& San JIMA. Val. By. 1st 5s, 1940 Lexington & Eastern 1st 58, 1965
Transcontinental Short Line 1st 48. 1958 Mobile & klontgom. Ry. let 44s. 1945
Nash. Flor. & Shef. Sty. 1st 55, 1937
Baltimore & Ohio System.
Paducah dr Memphis Div. 1st 45, 1946
Baltimore & Ohio RR.—
Southeast & St. L0111/1 Div. 1st 65, 1971
First 48 and 58, 1948
Trust 1st 68, 1931
Convertible 4345. 1933
Loulsv. Ctn. &
Series "A," ref. & gen. mtge. 58, 1995 So. dr No. Ala. Lexington gen. 41es. 1931
RR. cons. 58, 1936
135, 1995
Series -H. ref. & gen. mtge.
So. & No. Ala. RR. cons. 59, 1963
Series "C," ref. & gen. mtge. 6s, 1995
Series "D," ref. & gen, mtge. bs, 2000
Michigan Central System
Southwest Division 53, 1950
[Detroit & Bay City let Ea, 1931]
Cleve. Lorain & Wh. Ry. eons. 68, 1933 First Mortgage 1st 334s. 1952
General 55, 1938
Joliet & Not, Indiana 1st 48. 1957
Cleve. T. & V. RR. Sat 4s. 1995
Jackson Lansing & Sag. 1st 3345, 1951
Ohio River RR. 1st 5s. 1936
Kalamazoo & South Haven let 5e. 1939
General 55. 1937
Michigan Air Line 1st 48. 1940
Pitts, L. Erie & W. Va. ref. 45, 1941
Nash,. Chatt. & St. Louts System.
W. Va. & Pitts. RR. let 4s. 1990
First Mortgage 45, 1978
Louisville & Nashville Term, lit 45, 1952
atlantic Coast Line System.
alemph. Un. Sta. Co.(guar.) 1st 58, 1959
Mist consolidated 45, 1952
Paducah & Ill. (guar.) 1st 445. 1955
Caro. 1st 41, 1948
AU. Coast Line of So.
Brunswick & Western RR. 1st 4s, 1938
New York Chicago & St. Louis RR.
Charleston & Savannah Ry. 1st 75, 1938 First mortgage 45, 1937
Florida Southern ER. 1st 4s. 1945
[Debenture 48, 1931
General Unified 45 & 43(s, 1964
[Second & improvement 68. 1931]
Northeastern ER. cons. 68, 1933
Ref. mtge., series "A." 545. 1974
Norfolk & Carolina RR. 1st 56, 1939
Ref. mtge.. series "S," 534s, 1975
• 2c1 5s. 1948
Ref. mtge.. series "C." 44s, 1978
•
Richm.& Peters!). RR.cons. 44s,1940 Lake Erie & Western 1st 5s, 1937
Say. Fin. & West. Ry.cons.50 & 65, 1934
Second 58, 1941
Willis, & Weldon RR. gen. 45 h 58 1935 Tol. St. L. & Western 1st 4s, 1950
.
Wilm. & New Berne RR. let 48. 1947
New York Central System
Central of Georgia Railway
First Mortgage 335s, 1997
Pipit mortgage tn. 1945
Consolidation Mortgage 49, 1998
Mobile Division 5s, 1946
Refund. & Impt. Series A 44s, 2013
Macon & Northern 5s. 194e
Refund. & Impt. Series 13 8s, 2013
Oconee Division 58. 1945
Refund & Impt. Series C 58, 2013
942
Debentures 4s, 1934
.
Central Railway of New J
General mortgage 45 & 55, 1987.
Carth. Wat. & Sack. II. RR. let 55, 1981
Amer. Dock & Imp. (guar.) let 6s, 116 Carthage & Adirond. Ry. 1st 45, 1981
Chicago Ind. & Southern lit es, 1958
Chesapeake & Ohio RR. Co.
Cleveland Short Line lit 435s, 1961
First consolidated 55, 1939
Gouverneur & Oswegatchle RE. 1st 55;43
Rend.& Impt. ser. B 4545. 1095
Indiana Illinois & Iowa let 45, 1950
Craig Valley Branch let 55,11940
Jamestown Franklin & Clear/. lit 44,1959
Ches. & Ohio Northern 1st 55. 1945
Richmond & Allegheny div. 1st 4s. 1989 Kalam.& White Pigeon RR. 1st Si. 1940
*Lake Sh. & M.S. deb. gen. 3o,1997
Warm Springs Valley Br. 1st ft 1941
Lake Shore Collateral 315e, 1998
Green Brier Sty. let 45, 1940
[Lake Shore & Mid).SJ. Deb. 4-, 1931]
Big Sandy Ry, 1st 4s. 1944
Little Falls & Doti:cynic 1St 38. 1932
Paint Creek Branch 1st 4s, 1945
Michigan Central Collateral 8348. 1998
Coal River Ry. let 45. 1945
Mohawk & Malone Ry. 1st 48, 1991
Potts Creek Branch 1st 4s, 1948
cons. 3355, 2003
Raleigh & So. Western 1st 45. 1938
N. Y.& Putnam ER. cons. 45, 1993
Chicago Burlington & Ordway System Pine Creek )14. let 68. 1932
First & ref. series A 58, 1971
Sturges Goehen & St. Louis let Eg, 1989
First & ref. series 13 43(5. 1977
BIMIt• D'vil. & Pt. Mor. RR. 1st 330;59
General mortgage 45, 1958
Norfolk & Western System.
Illinois Division 3555 & 48, 1949
Consolidated Mortgage 4e. 11198
(General Mortgage 88, 19313
Chicago & North Western System.
New River Dis"sion let 85, 11032
GIberal
Den
Debenture g8r8 933
1 83348. 48.4" 88.'87 Impt. and Exten. Mtge. Os, 1934
&
Dee_Plaines Valley Ry. 1st 414s. 1947
Norfolk Terminal By.(guar.)
as, 196.
First 4z Refunding 43(0, Ss and 6s, 2037 Scioto Val. & New Eng. RR. 1st es. 1989
Frem. Eikh.& Mo. Val. RR.eons. 85,'33 *Winston-Salem Terminal (guar.) 1st 68.
Iowa Minn.& Northw. Ry. 1st 3311, 1935
1966
Mani. Green Bay & N.W.Ry.lst 3551;41
Northern Pacific System.
Minn.& South Dakota RY• lst 3H8 1988 General Lien fts. 2047
.
Milwaukee &State Line By. let 3155.'41 Prior Lien 4s, 1997
Milw. Sparta & N. W.Ry. let 45. 1947
Refund. & Imp. 441 be and 6e, 2047
Sioux City & Pacific RR. lit 8351. 1936
St. Louis Peoria & N. W. 1st Sa. 1948 St. Paul & Duluth RR.cons. 45. 1968
"let 58, 1931
St. Paul East. 0.1'. By. 1st 4555. 1947 Wash.& Columbia River Rs. att 4e, 1934
,
:Collateral Notes 645, 1938
St. Paul & Duluth Div. 45. 1996
Cleve, Clue. Chicago & St. Louis RR.
Pete Marquette Ry. Co.
Chi. Indpls. St. L.& Chic. gen. 4s. 1935
City. Col. Ctn. & Indple. gen. 64 1934 First mtge., series "A," 5s. 1956
.
First mtge., series "B." ft 1956
Springfield & Columbus Div. 4s, 1940
First mtge., series "C," 445. 1980
White Water Valley Div. 4e, 1940
Pennsylvania System.
General Mtge. 48 and 5s. 1993
Consolidated Mortgage 45 1948
48:
3
Delaware & Hudson System.
Adirondack Ry. 1st 434s, 1942
"
335e, 1943
Albany & Sus.RR.(guar.) cony. 33411.
"
414s, 1980
Del. & Hudson Co. 1st & ref. ts, 1943
*General Mortgage 44s,1951
Delaw. Lackawanna & Western Syst Allegheny Valley Sty. gen. 4s, 1942
Morris & Essex RR.(guar.) ref.345, 2000 Rely. Del. RR.(guar.) cons. 3358. 1943
Cambria & Clearfield Ry. gen. Is. 1953
Warren RR.(guar.) ref. 3)55, 2000
N.Y.Lack.& West.(guar.) 1st 4345.'73 Cambria & Clearfield Ry. 1st 58.1941.
N.Y.Lack.& West,(guar.) let Si. 1973 Cleve.& Pitts. (guar.) gen. 3355. 1948
3145,1950
Great Northern System.
33(5&454it43
First and Refunding OM 1981
Colum.& Pt. Dep.Ry.1st 48,1940
General Mortgage, Series A, 78. 1938
Connecting Ry. (guar.) 45, & 43(s 1951
Gen. Mtge. Series B. S%8. 1952
Connecting Ry. (guar.) 55. 1951
Gen. Mtge, Series C 55, 1973
Del. Ely. & Bridge Co.(guar.) let 44.'36
Gen, Mtge. Series D, 435s, 1976
General Mortgage 4555. 1965
Goo. Mtge. Series E,455s, 1977
General Mortgage 58, 1988
East. RR. of Minn.,No.Div. 1st M. 1948 General Mortgage 85. 1970
Montana Central Ry. lat 55 & 8s, 1937
Hollklaysburgh B.& C. Ry.let 4s, 1981
Spokane Falls & Nor. Rs.. let 65, 1939
Harr, Ports. Mt. J. & L. 1st es. 1943
St. P. M.& M.Ry.cam. 45,4 3(s4:65.'33 Pittab Va.& Chariest. Ry. let 4e, 1943
Montana Extension 45, 1937
Phila. Bait & Wash. RR.let 45, 1943
Pacific Extension 45, 1940
General Mtge. 6s, 196C
Wlllinar & Sioux Falls Ry. 1st Ss. 1938
General Sec. B 5s, 1974
44.
04
Gen. series C.4545, 1977
conateraiTrutCe,i tra1 System.
Illinois 3 ns 1950
Phila. WIlm. & Bali. ER. 411, 1932 Ap
Phila. & Halt. Central 1st 4s, 1951
Cairo Bridge 45, 1950
Sunbury & Lewiston By. 1st 4 , 1936
8
Chicago St. Louis & N.0.—
Sunb. Has. & Wilkes
-B, By. 2d 6s, 1938
Guar. cons. 3345, 1951
Susq. Bloom. dr lierwlck 1st 55, 1952
Memphis Div.(guar.) 1st 48, 1951
& Canal Co.gen.Is, 1948
First Mortgage, gold, 3555 & 4s, 1951
41,1944
First Mortgage. Gold Extension 3155,'51
3543, '61
First Mtge.,Sterling Exten.,39 & 4n,1951
4545,'73
First Mtge. Sterling Exten.„ 3555. 1950
Wash.Term.(guar.) 1st 34Nt4s,'45
Litchfield Division 38, 1951
Louisville Division 31.55, 1953
Reading Company.
General & refunding 4349, 1997
Purchased Linea 133(0, 1952
New York Short Line let 4s, 1957
Refunding Mortgage 48 & 58. 1965
St. Louis Division 3s & 3M 5 1951
Norristown & Main Line Connecting lit
.
45, 1952
Springfield Division 355s, 1951
Phila. & Frankford 1st 43.4s, 1952 Omaha Division Ss. 1951
Philadelphia & Reading:
Western Lines 48, 1951
Delaware River Term, 55. 1942
Lehigh Valley System.
Del, River Term. ext. 58, 1942
Annuity Perpetual Consol. 435s & Os
Prior lien 55, 1933
First Mortgage 4s, 1948
Terminal 5s, 1941
Penn. & N. Y. Canal RR. Co. Cons. 48,
Improvement 4s, 1947
4311i& 58, 1939 (guar.)
lit 43(s. 1940 Consolidated 48, 1937
Lehigh Valley Ry. (guar.)
Reading Belt RR. 1st 45, 1950
Mobile & Ohio RR. Co.
Shamokin Sunbury & Lewisburg
General Mortgage 45, 1938
1st 4s, 1975
Montgomery Division 55, 1947
2d 55. 1945
4622
FINANCIAL CHRONICLE
Southern Pacific System.
Central Pacific Ry.(gu.) let ref. 45,'49
Northern By. let 5s. 1938
San Francisco Term. let 4s, 1950
Southern Pacific Branch By. let 65. 193
Southern Pacific RR.cone. 58, 1937
ref. 45, 1955
So. Pact. Coast By.(gu.) let 49, 1937
Through Short Line (gu.) let 45, 1964
Oregon Lines let 434s. 1977
General mortgage A 5s, 1970
B 5e. 1975
"
C 4s, 1977
Vanden& RR. cons. A 48, 1955
" B 45, 1957
Pittsburgh & Lake Erie System.
Pitts. NIcK. & Y. Ry.(gu.) 1st 65, 1932
Reading System.
Philadelphia & Reading RR. 5s, 1933
Union Pacific Railroad.
Pittsburgh, Cincin.Chic.& St. L. RR First Mortgage 45, 1947
Chicago St. L.& Pitts. cons. Se. 1932
Refunding Mortgage 45, 2008
Chartiers By. Co. let 334e. 1931
5e. 2008
Consolidated gold A 434s. 1940
Ore. Short Line cons. let 58, 1946
" B 434e, 1942
Ore. Short Line cons. 45. 1960
" C 4148, 1942
Ore. Shore Line income 58, 1946
" D 4s. 1945
-Wash.RR.& Nay.Co. let & Ref
Ore.
" E 334e, 1949
(guar.) 45. 1961
" F 43, 1953
Utah & Northern Extended let 45. 1933
"
48, 1957
Virginia Railway Co.
" H 45, 1960
Virginia By. Co. let mtge. 5s. 1962
" I 4345. 1983
let mtge. 4345. 1962
" J 4345 1984
x These notes are legal under See. 32 and savings banks may invest not to
exceed 2% therein.
Railroad bonds which are at present not legal under the
general provisions of the law but which are legal investment,
under Section 29 (given below) are as follows:
See. 29. The provisions of this Act shall not render Illegal the investment in
nor the investment hereafter In, any bonds or interest-bearing obligations issued or
owned by a railroad corporation, which were a legal investment on May 28 1913
-bearing obligations continue to comply with the
as long as ouch bonds or interest
laws in force prior to said date: but no such bond or interest-bearing obligation that
date, to comply with such laws shall again be a legal Investlaws subsequent to said
ment unless such bonds or interest-bearing obligations comply with the provisions
of thla section.
Hocking Valley Railway Co.
Atchison Topeka & Santa Fe System.
CalUornla-Aris Lines let & ref. 434s, 1962 First Consolidated 4345. 1999
Colum.& Hock. Val. RR.let ext.44,1948
Boston & Alb-any RR.
Columbus & Toledo RR. let ext. 4a,1958
Boston & Albany RR. deb. 3345. 1951
Illinois Central System.
" 334s, 1962
Chic. Bt. L.& N. 0.cons. 5s. 1951
" 45, 1933
" 4.„ 1934
New York Central System.
" 41. 1935
" 434s, 1937 N. Y.& Harlem RR.ref. 334s, 2000
" fis, 1938
Beech Creek RR. let 4s. 1936
" 5e. 1963
Kaiam. Allegan & G.R.RR. let 5e, 1938
& Plush. System Mahoning Coal RR. let 5e. 1934
Buffalo Rochester
Pennsylvania System.
Allegheny & Western By. let 4s, 1998
Delaware RR. gen. 4345, 1932
Buff. Roch.& Pitts. By. gen. 5a. 1937
cons. 434s. 1957 Elmira de Williamapt. RR. let 4s, 1950
Clearfield & Maboning By. let 59. 1943
Erie & Pittsburgh RR. gen. 3345, 1940
Lincoln Pk.& Charlotte RR. let 5a. 1939 Little Miami RR. let 49, 1962
N.Y.Phila. & Norfolk RR. let 4s,1939
Central By. of New Jersey System
Ohio Connecting Ry. 1st 45, 1943
R.Y.& Long Brett. RR.gen. 48 & 5e,'41 Pitts. Youngs. & Ash. RR. gen 41, 1948
Wilkes-Barre & Scran. By. lit 4345,1938 West Jersey & Sea Shore RR.
Connecticut Railway & Lighting Co.
Series A,B.C.D,E and F 3)4s Me.'34
Bard Refunding 4345, 1951
Reading System.
Conn. Lighting & Power Co. let 5e, 1939 Del.& Bound Brook BE.cons. 3341,1985
East Pennsylvania RR. let 45, 1958
Chic& Western Indiana RR.1st Is. 1932 North Pennsylvania RR. let 4s, 1936
Det. & Tol. Shore Line RR. let 45, 1953 Terminal Railway Assn. of St. Louis
Consolidated Mortgage 5a, 1944
Duluth & Iron Range RR. let re, 107
First Mortgage 430, 1939
General Refunding Mortgage 45, 1953
Mehl Jellet & Eastern By. let 5s. 1941
Western Maryland System.
Erie Railroad System.
Cleve. & idahonIng Val. By. 151 5a„ 1938 Bait.& Comb. Val. Ext. 1st fle. 1931
-Equipment trust obligations as follows (savings
Sixth.
banks may invest not exceeding six per centum of their
deposits and surplus therein):
Alabama Great Southern RR.Co.
[Series 0, 65, serially 1924 to 1938]
Atlantic Coast Line RR. Co.
Equip,trust,ser. D.6345.set. 1922-1936
Equip,trust, ser. E,4345,ger. 1929-1941
Baltimore & Ohio RR. Co.
Ser. of 1922, Is, serially 1923-1937
Ser. of 1923, Is, serially 1924-1938
Series A, Is, serially 1924-1938
Series B. 434s. serially 1928-1940
Series C, 434s. serially 1927-1941
Series I), 4348, serially 1929-1941
Series E, 434s, serially 1930-1942
Series F, 434s. serially 1930 to 1944
Central of Georgia By. Co.
Series M. 6345. serially 1922-1936
Series N, &Hs, serially 1923-1932
Series 0, Is, serially 1924-1938
Series P. 4345, serially 1928-1940
Series Q. 4345, serially 1926-1940
Central RR. Co. of New Jersey.
Series I, 65, serially 1923-1932
Series J. Is, serially 1924-1933
Series K, Is. serially 1925-1934
Series L, 43.4s, serially 1926-1935
Equipment trust, series of 1928. 434s,
serially 1927-1941
Chesapeake & Ohio Ry. Co.
Series S. 6345, serially 1921-1935
Series T. 53.4s, serially 1923-1937
Series U, 5s, serially 1924-1938
Series V. 58, serially 1925-1939
Series W, 4345, serially 1926-1940
Series of 1929, 434e, serially 1930-1944
Series of 1930,4348, serially, 1931-1945
Chicago & North Western Ry.Co.
Series J, 634s, serially 1922-1936
Series K, 6545, serially 1922-1938
Series M, Is, serially 1924-1938
Series N, 58, serially 1924-1938
Series 0, 58, serially 1924-1938
Series P. 5., serially 1925-1939
Series R, 434s, serially 1928-1942
Series 8, 4344, serially 1928-1942
Series T, 434s, serially 1926-1942
Series U.434s, serially 1929-1943
Series V.4345, serially 1930-1944
Series W,4344, serially 1930-1944
Series X,434e, serially, 1931 to 1945
Illinois Central Railroad Co.
Series F. 75. serially 1921-1935
Series 0, 634e. serially 1922-1936
Series H, 5344, serially 1923-1937
Series I, 4348, serially 1923-1937
Series J. 55, serially 1928-1938
Series K. 434s. serially 1925-1939
Series L. 434s, serially 1926-1940
Series M. 434s, serially 1929-1941
Series N, 434s, serially 1927-1940
Series 0, 4348, serially 1928-1942
Series P. 4348, serially 1930-1944
Louisville & Nashville RR, Co.
Series D. 6348, serially 1922-1936
Series E. 434s, serially 1923-1937
Series F. 55, serially 1924-1938
Michigan Central RR. Co.
Series of 1917, 65, serially 1918-1932
Mobile & Ohio RR,Co.
Series L, Is, serially 1928-1938
Series N, 434s, serially 1925-1939
Series 0,434s, serially 1927-1941
Series P,4 Hs, serially 1928-1937
Series Q,4s, serially 1928-1943
Nashville Chattanooga & St. L. By.
Equip. tr., ser. B,4344, ser. 1923-1937
National By,Service Corp.
Prior Lien 75, 1920 to 1935
78. 1921 to 1936
New York Central Lines.
Joint Equip. Trust
4345. serially. 1917 to 1932.
Equipment trust 13s, serially, 1921-1935
Equipment trust 78. serially. 1921-1935
Equipment trust Is. set. 1923 to 1937
Equipment trust 434s, ser. 1923 to 1937
Equipment tr.434e & 5a,ser. 1925 to 1939
Equipment trust 434e, set. 1926 to 1940
Equipment trust 4345, set. 1927 to 1940
Equipment trust4i4s. ser. 1930 to 1944
Equip. trust 434s, ser. 1931 to 1945
Norfolk & Western System.
Equip. tr.. set. 1922,434s. ser. 1924-1932
Equip. tr., ser 1923,4 34e, ser. 1924-1933
Equip.tr.,ser. 1024,4 Ms,5.-a. 1924-1934
Equip. tr., ser. 1925,434s,ser. 1926-1935
Northern Pacific By. Co.
Series of 1922. 4344, serially 1923-1932
Series of 1925, 434e, serially 1926-1940
Cleve. anc. Chicago & St. Louis RR.
Pennsylvania Railroad Co.
Series of 1920, 6s, serially 1921-1935
Equipment trust 6a, 1924-1938
Great Northern By. Co.
Equipment trust 5s. 1925-1939
Series B, Is. serially 1924-1938
Equipment trust 4345. 1925-1939
Series C,434e. serially 1925-1939
Equipment trust 434s, 1929-1941
Series D,43.4e. serially 1929-1940
Pere Marquette By. Co.
Western Fruit Express, series 13, 4345,
Equip. trust, Ser. 1930, 4348, 1931 to'45
serially 1930-1944
Pittsburgh & Lake Erie RR. Co.
Equipment trust 634e, set. 1921-1935
Reading Company.
Equipment trust
Series J, 65, 5.-a., 1922 to 1932
Series K, 434s, 8.-a., 1923 to 1933
Series L, 434s, 5.-a., 1925 to 1935
Series M.434s, s.
-a., 1930 to 1945
Union Pacific Railroad.
Equipment trust 75, serially 1924 to 1935
Equip. trust Series B ,is. serially 1927-36
Equip. trust Series C 434s. serially 38 '33
Equip. tr.. ser. D,430 serially '29 to '38
[VoL. 132.
Southern Pacific Co.
Series E, 7s, serially 1921-1935
Series F, 58. serially 1928-1938
Series 0, Is. serially 1927-1939
Series H, 434e, serially 1928-1940
Series I, 434s. serially 1931-1941
Series J, 434s, serially 1931-1942
Series K. 4345, serially 1929-1943
Series L, 4348. serially 1930-1944
Series M,4348, 1931 to 1945
Virginian Railway Co.
Equip. tr., ser. D, Is. serially 1924-1938
Equip, tr.. ser. E,434s,serially 1926-1940
Other securities in which banks may Invest are:
Seventh-Twelfth
Bonds of Street Railways In Conn. Bonds of Public Utility Companies
Savings banks may Invest not exceedAuthorized under Chapter 141 of the
ing two per centum of their deposits and Public Acts of 1925. Savings banks may
Invest not more than 25% of their desurplus therein.
Bristol & Plainv. Tram.Co. let 4345.1945 posits and surplus in the following bonds.
but not more than 5% In the bonds of
any one such corporation.
Elate
Blackstone Valley Gas & Electric Co.
Bonds of Water Co.. In Connecticut.
1st & general 55, 1939
Savings banks may Invest not exceed- Brooklyn Boro,Gas Co.gen.& ref.58,937
ing two per centum of their deposits and Brooklyn Edison Company
-surplus therein.
Brooklyn Edison Co. gen. 5s, 1949
Edison Elec. III. of Brooklyn let cone
Branford Water Co. 4344, 1943
4s, 1939
Bridgeport Hydraulic Co. 1st 5e, 1944
Kings Co.El.L.&P.1st 59, 1937
Bridgeport Hydraulic Co. ser. B 434e.'45
" •"' Put. M.65,'97
Greenwich Water Co. 1st mtge.434s'57
Guilford-Webster Water Co. 1st con. Brooklyn Union Gas Co.:
First consolidated 56, 1945
5s. 1939
First refunding 8s. 1947
Rew Haven water Co. deb. 4341 1962
Buffalo General Electric Co.:
1st 4344. 1945
"
First mortgage Is, 1939
New Haven Water Co. let & ref 4349.'57
First dr refunding Is, 1939
Stamford Water Co let 55. 1952
General & refunding Is, 1956
Also under Chapter 112 of the Public
*Gen.& ref. 434s, 1981
Acts of 1917 any bonds or Interest-bearing obligations of the following water Central Hudson Gas & Electric Co.:
First & refunding 55, 1941
eompanies:
First & refunding 5s. 1957
Ansonia Water Co.
(citizens Gas Co. (Indianapolis) 1st &
Bridgeport.Hydraullc Co.
refunding 58, 1042]
Greenwich Water Co.
Cleveland Electric Illuminating Co.
Naugatuck Water Co.
First mortgage 58. 1939
New Haven Water Co.
General mortgage, Berke A. Si, 1954
Stamford Water Co.
General mortgage. Series IL 58. 1901
Torrington Water Co.
Consol. Gas-Electric Lt. & Power Co.:
Cons. Gas of Baltimore 1st m.55. 1939
Cons. Gas of Baltimore gen.43.4s,1954
Bonds of Telephone Co.. in Connecl.
General mortgage 434s, 1935
1967
Savings banks may Invest not exceed- Duquesne Light Co. lst mtge.434e,
ing two per centum of their deposits and [Empire Dist. Elect. Co. 1st 5a. 1952]
Electric Co.
Erie County
surplus therein.
Consolidated Si, 1959
no. New Eng. Telep. Co. 1st 51. 1948
Gen. It refunding 5345. 1960
So. New Eng, Telephone Co.
Elec. Lt. Co. let m. 58, 1945
Fall River
*Debenture Is, 1970
Ft. Worth Pr & Light Co. let m.58, 1931
Green Mountain Power Corp.:
Tenth-Burlington Gas Light let 58. 1955
Bonds of Telep. Co.. outside of Conn.
Green Mountain Power let Is, 1048
Savings banks may Invest not exceed- Indiana & Michigan Electric Co.:
ing two per centum of their deposits and
First mortgage 55, 1957
surplus therein.
First & refunding Is, 1955
Amer. Tel. & Tel.Co. coll. trust 58.1946 Indiana Gen'i Service Co. 1st m.5s, 1948
N. Y. Telephone Co. 1st 434s. 1939
Kansas City Power & Light Co.:
New England Tel. & Tel, 1st 5e, 1952
Series "B" 434e. 1957
Series fl CO.'61
*First Mtge. 4344, 1981
Kings County Lighting Co.
1st refunding be and 834s, 1954
Also under Chap. 141 ofPublic Aces 01 1926
New York Edison Co.Savings banks may invest not exceeding
Edis,El. III. of N.Y.let cone.58,1995
5% of their deposits and surplus In the
N.Y.Edison Co. lat & ref.6315, 1941
following bonds, but not more than 2%
N.Y.Edison Co. let & ref. 55,1944
in the bonds of any one such telephone
N.Y.Gas, E.L.. H.& P. 1st Si, 1948
company.
N.Y Gas,F.L..H.ac P.pur.1.1.49. 1949
Bell Telep. of Penna. let & ref. 5s. 1948 *Pacific Gas dr Electric CO.
"
58,1960
1st & ref. 8s, 1941
Central District Telep. let 5s, 1943
1st & ref. 5445, 1952
Illinois Bell Telep. 1st ref. 59, 1956
1st & ref. 58, 1955
New York Tel. refunding 6s, 1941
1st de ref. 434s, 1957
deb.(now mtge.) 68.'49
1st & ref. 434s, 1960
Pac.Tel. & Tel. let & collat. 5s, 1937
Gen. & ref. 58. 1942
refunding 55, 1952
Peoples Gas Light & Coke Co.(Chicago):
Southern, Bell Telephone 1st Is, 1941
Chicago Gas Light & Coke 1st 55. 1937
Southwestern Bell Tel. 1st ref. 55. 1954
Consumers Gas Co. 1st Is. 1936
Mutual Fuel Gas Co. let 58, 1947
Eleven:IsPeoples G. L. & C. 1st cons.(3s, 1943
Bonds of Gas and Electric Lighting Philadelphia Electric CO.Companies In Connecticut.
Phila. Elec. of Penns 1st mtge.4e,'66
Phila. Elec. of Penna. let mtge.55.'66
Savings banks may Invest not exceedPhila Electric let & ref. 51.4s, 1947
ing two per confirm of their sonosito and
surplus therein, or a total of 25% in ga Phila. Electric 1st & ref. 434s, 1967
Phila. Electric 1st & ref. 5145, 1953
and electric bonds of all companies:
Phila. Electric let & ref. 58. 1980
Bridgeport Gas Lt. Co. let 48. 11/52
Phila. Electric 1st & ref. 45, 1971
Central Conn,Pr. A Lt, Co. 1st 5a. 1937
*Phila. Sub. Counties Gas & El.450.57
Connecticut Power Co.:
Potomac Electric Power Co.:
let & cons. 5s, 1963
Consolidated 58, 1936
1st 5e, 1956
General & refunding 65, 1953
New London Gas & Electric Co.:
1st cone. & ref. 5a, 1933
Providence Gas Co. let m.534s, 1942
Public Service Electric dr Gas Co.:
Berkshire Power Co. let 5.. 1934
United Electric Co. of N.J. 1st 45,'49
Connecticut 1.ight & Power Co.:
P. S. Elec. & Gas 1st & ref. 58. 1965
let & refunding A 7s, 1951
let & refunding 11 5345. 1954
P.S. Elec. & Gas let & ref. 4348. 1967
1st & ref. mtge. gold bonds. 434%.
1st & refunding C 4345, 1956
series, 1970
Danbury & Bethel Gas & Electric Light
Rockland LAP.Co. Ist & ref.4 MS,'58
Company 1st 5., 1953
Danbury & Bethel Gas & Electric Light San Diego Consol. Gas & Electric Co.:
1st 55, 1939
Co., Series A Mtge, Bonds 6s, 1948
1st & refunding 6s, 1939
Eastern Coen. Power Co. 1st Is, 1948
let & refunding Is, 1947
Hartford City Gas Lt. Co. let 4a,'35
let & refunding 65, 1947
New Britain Gas Light Co. be, 1951
Northern Connecticut Light & Power Union Electric Light & Power Co. of
St. LOUIS 1st In. Is, 1932
1st 5s, 1946
RockvlUe-Willimantle Lighting Co. let Utica Gas & Electric co.:
Equitable Gas & Electric 1st 55 1942
ref. gold S. and 68. 1971
Refunding & extension 5s, 1957
Rockville Gas & Elect 15t Si, 1936
Co Coneol. Si. 1948 West Penn Power Co.:
Stamford Gas & Elec.
1st mtge., series "A" 55, 1946
Union Eleotrio Light & Power CO.
1st mtge., series "E" 5s, 1963
(Unionville) 65, 1944
let mtge., series "F" 5348, 1953
United illuminating Co. 1st 4e. 1040
1st series. series "G" 58. 1956 ,
Waterbury Gas Co. let 434s, 1958
-Bondholders'
Asheville and Buncombe County, N. C.
-Under
Protective Committee Issues Statement on Bond Default.
date of June 8 a statement was issued by the Protective
Committee to the holders of the defaulted bonds of the above
city and county briefly outlining the salient facts in the
default situation; the conditions leading up to the bond
default, the failure of banks containing public funds of the
city and county, the organization of the Protective Com.
mittee, and the serious efforts being made on both sidt?s to
arrive at an equitable adjustment of the difficult condition
now existing. The Committee again stresses the need for
co-operation by all those involved and urges the bondholders
patiently to await a settlement.
JUNE 20 1931.]
FINANCIAL CHRONICLE
De Land, Volusia County, Fla.—Special Legislative
Act Authorizes City to Issue Bonds.—Replying to our inquiry
regarding the present status of a proposed $239,000 in assessment refunding bonds which appeared to have been affected
adversely by a recent law providing that no municipal bonds
in the State could be sold without a referendum, we are
advised by Grant Bly, City Auditor, that the Legislature
recently adjourned passed a special act restoring to the city
the power contained in its charter to refund the assessment
bonds when it is considered advisable. We quote as follows
from Mr. Bly's letter of June 15:
The facts are as follows: This city has no refunding bonds, nor has it
attempted to issue any. The special act under which it is incorporated
gave the City Commission authority to issue bonds to refund any part of
its assessment bonds without a referendum. A recent general act provided that no bonds should be issued by a municipality without a referendum, apparently taking away the right to do so which the city had under
its special charter. Believing that the advisability of the issuance of such
bonds should be in the discretion of the City Commission, the city had a
special act passed by the recent Legislature returning to it this power.
l'he only purpose or effect of this act was to return to the city the authority
to issue $239,000 in assessment bonds, being the total of these bonds outstanding, should the City Commission at any time deem it advisable to
refund.
4623
issued for special sewer district purposes and were ruled
special obligations, payable from a limited source, by the
Supreme Court in February (V. 132, p. 1454). The decision
had a depressing effect upon the market for such special
improvement bonds, the decision of the Court reflecting
upon the validity of Ohio bonds estimated at more than
$200,000,000, and this rehearing on the mandamus suit
brought by a bondholder was eagerly awaited by municipal
bond men throughout the country. Five out of the seven
presiding Judges of the Supreme Court concurred in the
ruling, effectually disposing of the matter.
Case May Be Appealed to United States Supreme Court.—
Under date of June 17 we are advised as follows by Squire,
Sanders & Dempsey, prominent municipal bond attorneys of
Cleveland, of a possible new development in this case, an
appeal by the defendant to the U. S. Supreme Court:
Commercial & Financial Chronicle,
New York City.
Re: State ex rel. Bowman vs.
Allen County Commissioners.
Dear Sirs:
In accordance with your request that we keep you advised of the outcome
of the above case on rehearing, we are glad to state that the decision has
just been announced reversing the previous decision, holding the law constitutional and ordering the levy of a general tax to pay for the bonds involved in this case.
The defendants in this proceeding undertook to raise a Federal question
upon the rehearing and it is possible that the county will take the case to the
Supreme Court of the United States.
Very truly yours,
SQUIRE, SANDERS & DEMPSEY.
Michigan.—Attorney-General Gives Opinion on New Municipal Bond Law Provision.—An opinion has been given by
Attorney-General Paul W. Voorhies to the Municipal Bond
Division of the State Treasury Department in which he
holds that a provision contained in the 1931 amendments
to the municipal bond law (for text see V. 132, p. 4273
and 4274) requiring municipal bond issues to carry a certificate as to delinquent taxes does not apply to bonds sold,
Tulsa, Okla.—Validity of $1,500,000 Bond Issue Attacked.
but not executed or delivered, prior to the date on which the —A suit was recently filed by two local property owners in
statute became effective. A dispatch from Lansing to the which the validity of an issue of $1,500,000 improvement
"U. S. Daily" on June 12 reported as follows:
bonds that was purchased by a syndicate headed by the
A 1931 statute,requiring municipal bond issues to have certificates show- Exchange National Co. of Oklahoma City—V. 132, p. 697—
ing that taxes of the municipality are not more than 25% delinquent for
the preceding fiscal year, does not apply to municipal bonds sold, but not was assailed on three counts. The bond sale had been comexecuted or delivered, prior to the effective date of the statute, in the pleted and work was about to begin on the program of
opinion of Attorney-General Paul W. Voorhies as expressed in a recent
ruling to the Municipal Bond Division of the State Treasury Department. municipal improvements when the enabling ordinance and the
The new statute, effective May 21 1931 prohibits the issuance of bonds election proceedings were questioned by the plaintiffs. It is
until the required certificate is obtained, Mr. Voorhies pointed out. In alleged that the City Commission ran contrary
to legal
the case presented to him the bonds had been sold before the new law
was approved. The question was whether these bonds could be executed authority in having more than one question submitted at the
and delivered after May 21 without furnishing the new certificate in com- election, that the bridge to be built by this issue would not
pliance with the amended section of the law.
"While not entirely free from doubt," Mr. Voorhies ruled. "I am of the be wholly enclosed in the city limits, and that the bonds were
opinion that at least as to such bonds which have not been delivered and authorized solely for improvement purposes and could not
no valid contract of purchase having been entered into prior to May 21
1931,a new certificate must be obtained before such bonds may be delivered be used for the purchase of bridge approach property.
to the purchaser. I am inclined to believe, however,that where a certificate
West Palm Beach, Fla.—Improvement Bondholders' Prohas been obtained and the bonds sold and a valid contract of purchase entered into prior to May 21 1931, that the amendment would not prevent tective Committee Issues Detailed Report on Bond Default
the execution and delivery ofsuch bonds in compliance with such contract.'
Situation.—On June 15 a booklet containing a comprehensive
Montana.—State Supreme Court Upholds Gasoline Tax report on the bond default situation, in reference to imDebentures.—In a decision handed down on June lithe State provement bonds,issued to the bondholders by the Protective
Supreme Court sustained the special election of May 5, at Committee, setting forth in some detail their views in regard
which the voters approved the issuance of $6,000,000 in to the difficulties encountered in adjusting or attempting
gasoline tax debentures for road building purposes—V. 132, to settle the default, consisting of $7,237,000 in improvep. 3752—and the ruling upholds also the validity of the ment obligations—V. 132, p. 3578—and $9,230,000 of gensecurities themselves, reports the Montana "Record" of eral bortds, the whole constituting one of the most important
June 11. The Highway Commission is said to have stated of the numerous Florida municipal defaults. The announcethat this decision will enable them to go forward with ad- ment discusses the various efforts made to arrive at an
ditional work as the proceeds of the debentures are to match amicable settlement with the municipal officials and outlines
Federal aid funds. 'These securities are to be issued during the terms of settlement offered by the city council which
four consecutive years. The suit was a friendly action were rejected on numerous occasions by the Protective Cominstituted to test the legality of the debentures pending their mittee. In justifying its stand the Committee emphasizes
sale.
the strong legal position it enjoys and the lengthy investigaNew Jersey.—Governor Larson to Call Special Session for tions it has made to discover whether the community was
June 29.—On June 16 Governor Larson announced that he able to pay its outstanding obligations according to the
would convene the Legislature in special session on June 29. terms called for by the bonds.
This special session was originally scheduled for June 15—
V. 132, p. 4275—and its purpose is to create a South Jersey
BOND PROPOSALS AND NEGOTIATIONS.
Port Commission in concurrence with Pennsylvania and to
ALBANY COUNTY (P. 0. Laramie), Wyo.—BOND CALL.—A call
take action on various nominations for State governmental has been issued by the County Treasurer for county road and bridge bonds
of July 1 1921 issue, numbers 1 to 50. Denom. $1,000. Due on July 1
offices.
1941 and optional on July 1 1931. Payable at the County Treasurer's
office on July 1, on which date interest shall cease.
New York State.—Taxable Realty Values Increase $935,ALCOA, Blount
000,000.—On June 13 the 1931 equalization table was 55' coupon semi-ann.County, Tenn.—BOND SALE.—The two issues of
bonds aggregating $36,000,offered for sale on June
announced by the State Board of Equalization through its —V.132, p. 4275—were purchased by E. S. Fickes of Pittsburgh, paying15
a
premium
President Thomas M. Lynch, giving the assessed value of follows: of$44,equal to 100.12,8 basis of about 4.98%. The issues are as
real property in the State at $29,151,830,644, this represent- $21.000 street impt. bonds. Due from July 1 1937 to 1946.
ing an increase of approximately $935,000,000 over the 15,000 sewer impt. bonds. Due from July 1 1937 to 1946.
ALLAMAKEE COUNTY (P. 0. Waukon), lowa.—BOND SALE.—
values of the previous year. The average rate of equalizaprimary road bonds
sale on
tion for the counties of the State is placed by the Board at The $460,000 issue of awarded to Geo. M. offered for Co. of June 11—
V. 132, p. 4275—was
Davenport.
83.8433±%. The full value of the real property in the State as 45, paying a premium of $2,751, equal Bechtel & a basis of about
to 100.598,
(to optional date). Due from May 1 1937 to 1946, and optional
3.895'
in 1930 was $34,769,415,122, or an increase of approxi- after May 1 1937. The other bids (both for 4s)
were as follows:
mately 93,000,000 over the total full valuation for 1929.
Bidder—
Premium,
Carleton D. Bell Co
It is shown in the statement that the New York City realty White-Phillips Co
$2,750
2,550
valuations have increased in a year more than one-half as
ALLEGHENY COUNTY (P.O.Pittsburgh),Pa.—BOND OFFERING.
much as the total increase throughout the entire State, or —Robert G. Woodside, County Controller, will receive sealed bids until
from $19,118,449,112 to $19,716,710,674, which is two- 11 a. m. (Daylight saving time) on July 7 for the purchase of $5,500,000
bridge bonds.
thirds of the total assessed valuation for the State. The 4% coupon bonds, comprising an issue of $3,150,000 bonds,series series
I9
-E;$800,000 road bonds,series 34-B-5:$100.000 road
34-A-6:
increase in the State from $28,216,483,604 in 1929 was $1,250,000 road bonds. series 38: $100,000 bridge bonds, series 21, and
$100,000 workhouse extension bonds, series 3. All of the bonds will be
exactly $935,347,040, while the increase in the city was dated June 1 1931 and mature serially in from 1 to 30
Interest is
$598,261,562. The announcement goes on to say that while Payable semi-annually. A certified check for $110,000years. accompany
must
entire
there has been a substantial increase in both the assessed and each proposal.Only bids for the with aoffering will be accepted.
(The above bonds, together
$1,500,000 public
full valuations of taxable real property in the 62 counties, were originally offered on April 21, the sale of which was auditorium issue,
cancelled.V. 132.
the increase is not as pronounced as in several preceding P. 3201.)
ANNAPOLIS, Anne Arundel County, Md.—BOND OFFERING.—
years.
W. Thomas Williams, Secretary of the Metropolitan Sewerage CommisOhio.—State Supreme Court Reverses Previous Decision in sion, will receive sealed bids until 8 p. m.(Eastern standard time) on June
23 for the purchase of $25,000 4H% (series A) coupoa Annapolis MetroAllen County Bond Case.—On June 17 the Ohio Supreme Politan Sewerage bonds. Dated July 1 1931. Denom. $1,000. Due
July 1
Court on a rehearing of the Allen County assessment bond able at 1981. Principal and semi-annual interest (Jan. and July) are paythe Annapolis Banking & Trust Co., Annapolis. A certified
case (V. 132, p. 3578) reversed its former decision and for 2% of the amount bid, payable to the order of the Commission,check
must
accompany each proposal. These bonds constitute the initial offering of
sustained the contention of Attorney-General Gilbert a
be issued in accordance
block
the provisions
Bettman that the bonds were payable from a general tax ter 104,of $600,000 toof the General AssemblywithMaryland of of Chapof the Acts
of
1931,
provisions of a resolution passed by the Commission. "Theyand
under
on the property in the county and were not to be regarded issued the the
are
by
-as a lien only upon the portion benefited. The bonds were of Annapolis, Sewerage Commission under the faith and credit of the City
and Anne Arundel County, and each bond will be guaran.
4624
FINANCIAL CHRONICLE
teed both as to principal and interest by the Mayor. Counsellor and Aldermen of the City, and County Commissioners of Anne Arundel County,
by endorsement on each bond in the manner authorized and required by
the provisions of said Act.
-The
-BOND SALE.
ANSON COUNTY (P. 0. Wadesboro), N. C.
two issues of coupon bonds aggregating $125,000. offered for sale on June
Vieth & Duncan of Daven-were awarded to Glaspell,
16-V. 132, p. 4447
port. as 531s, paying a premium of $1,150, equal to 100.92. a basis of
0. The issues are as follows:
about 5.137
$105,000 school funding bonds. Due from July 1 1933 to 1947, inclusive.
20,000 road funding bonds. Due from July 1 1933 to 1947. inclusive.
The following is an official list of the bids received:
$20,000
$105,000
Road
School
Funding
Funding
Bonds.
Bonds.
Int.
Name of Bidder*Glaspell. Vieth & Duncan, Davenp't, Ia_531% $105,975.00 $20,175.00
20,036.00
105,189.00
o
Stranahan, Harris & Co., Toledo, Ohio_ _ _531 7
20,001.00
105,893.00
0
Walter, Woody & Heirmerdinger, Cinci _ _5%7
20,159.00
105,831.00
Ryan, Sutherland & Co., Toledo, Ohio_ _ _5% 7
20,107.60
105,517.40
5%7:
C. W. MeNear & Co. Chicago, Ill
20,030.00
105,160.00
531%
Assel, Goetz & Moerlein, Cincinnati
* Purchaser.
-BOND OFFERING.ARLINGTON, Middlesex County, Mass.
Charles A. Hardy, Town Treasurer, will receive sealed bids until 3 p. m.
(daylight saving time) on June 25 for the purchase of $250.000 3%%
• coupon bonds, described as follows:
as follows:
$200,000 elementary school building bonds. Due July 1 to 1946 incl
$14,000from 1932 to 1936 incl.,and 313,000from 1937
bonds. Due $5,000 July 1 from 1932 to
50,000 street construction
1941 incl.
Each issue is dated July 11931. Denom. $1.000. Prin. and semi-ann.
int. (J. & J.) are payable at the First National Bank of Boston. The
bonds will be engraved under the supervision of and authenticated as to
to be approved
their genuineness by the aforementioned bank. Legality opinion will be
by Ropes, Gray, Boyden & Perkins of Boston, whose
furnished the purchaser.
Financial Statement June 13 1931.
$64.307,042.00
Net valuation for year 1930
1,819.437.79
Debtllmlt
2,225,500.00
Total gross debt,including these issues
334,000.00
Water bonds
112,413.10
Sinking funds
Population, 36,089.
ASHLAND, Ashland County Ohio.-BOND OFFERING.-Lotta
Westover, Director of Finance, will receive sealed bids until 12 m. on
July 6 for the purchase of $46,000 5% street impt. bonds. Dated July 1
1931. Denom.$1.000. Due Oct 1 as follows: $4.000, 1932; $5,000, 1933;
34,000 in 1938.
$4.000, 1934; $5,000, 1935; $4,000, 1936; $5,000. 1937;semi-annually in
and $5,000 from 1939 to 1941 incl. Interest is payable
to bear interest at a rate other
April and October. Bids for the bonds
A
than 5%, expressed In a multiple of 31 of 1%, will also be considered. the
of
certified check for 3% of the bonds bid for, payable to the order of the
of the passage
city, must accompany each proposal. (Notice
ordinance authorizing the issuance of these bonds was given in V. 132,
P. 4100.)
Ohio.
ATWATER TOWNSHIP (P.0. Atwater), Portage County,purchase
BOND SALE.
-The $8,400 coupon fire department equipment
awarded as 4318 to Spitzer,
-were
bonds offered on June 8-V.132, p.3927
Rorick & Co. of Toledo at par plus a premium of $8, equal to 100.009, a
basis of about 4.71%. The bonds are dated June 1 1931 and mature
$2.100 on Oct. 1 from 1932 to 1935 incl. Bids submitted at the sale were
as follows:
Prem.
Int. Rate.
Bidder
$8.00
431%
-Spitzer
, Rorick & Co.(purchasers)
9.00
Well, Roth & Irving Co.. Cincinnati
40
10.0
2 .0
531%
Davies-Bertram Co., Cincinnati
5%
Ryan,Sutherland & Co.,Toledo
-BONDS PUBLICLY OFFERED.
AUBURN, Cayuga County, N. Y.
on June 9
The $700,000 331% coupon or registered school bonds awarded 4447
-are
Edward Lowber Stokes & Co., of New York-V. 132, P.
to
public investmentsat prices
being reoffered by the successful bidders for
1932 to
to yield from 1.75 to 3.45%, according to maturity. Due fromCity ap1951, inclusive. A statement of the financial condition of the
peared in V. 132. p. 4275.
BARR SCHOOL TOWNSHIP(P.O. Montgomery), Daviess County,
-BOND SALE.
-The $24,250 431% school bonds offered on June 8
Ind.
-were awarded at a price of par to the Washington Nat.
-V.132, p.3927
Bank of Washington, the only bidder. The bonds are dated June 1 1931
and mature Dec. 31 1942.
-BOND OFFERING.
BELKNAP COUNTY (P. 0. Laconia), N. H.
a. m.
The Board of County Commissioners will receive sealed bids until 11
4% coupon
standard time) on July 15 for the purchase of $65,000$500. Due
(Eastern
and
funding bonds. Dated Aug. 1 1931. Denoms. $1,000 and semi-annual
36.500 Aug. 1 from 1932 to 1941, inclusive. Principal Bank,of Boston.
Aug.) are payable at the First National
interest (Feb. and
also
This institution will supervise the engraving of the bonds and will
Ropes, Gray,
,
certify as to their authenticity. Legality to be approved bythe purchaser.
will be furnished
Boyden & Perkins,of Boston, whose opinion
Financial Statement June 1 1931.
$30,27658:801040
Assessed valuation for year 1930
Floating debt (to be paid from proceeds of this issue)
The county has no bonded debt.
-The $93,000
-BOND SALE.
BERLIN, Hartford County, Conn.
coupon school building bonds offered on June 13-V. 132, 11. 4447100.29, a
price
were awarded as 4s to R. L. Day & Co. of Boston at a 1931 of mature
and
basis of about 3.97%. The bonds are dated June 1 Only one bid was
33,000 annually on June 1 from 1933 to 1963 incl.
submitted at the sale.
-BIDS SUBMITTED AT SALE OF
BEVERLY, Essex County, Mass.
on
-The following is a list of the bids received the
TEMPORARY LOAN.
June 11 for the purchase of the $200,000 temporary loan awarded toThe
at 1.23% discount basis.
Merchants National Bank. of Boston,
loan matures Dec. 15 1931.-V. 132, p. 4447.
2
.
Discount BcAs.
Bidder
Merchants National Bank (purchaser)
1.25%
Grafton Company
1.28%
Estabrook & Co
1.29
Atlantic Corp
1.29
Faxon, Gade ir-Uo
_ 1.30%
__ _ _ _ __ _
Beverly Trust Co
1.325
Bank of Commerce &
1.445 o
Beverly National Bank
-BOND OFFERING.
BOONE COUNTY (P. 0. Belvidere), III.
until 1:30 P. m.
William Bowley, County Clerk, will receive sealed bids
on June 25 for the purchase of $150,000 4% road bonds. Dated May 15
1931. Denom. $1,000. Due May 15 as follows: $10,000 from 1933 to
Pee.
1937 incl.; $18,000 from 1938 to 1942 incl., and $10,000 in 1943.
office of
and semi-ann. int. (May 15 and Nov. 15) are payable at thethe order
payable to
the County Treasurer. A certified check for $750,
of the county, must accompany each proposal. Successful bidder
issuance of
to furnish lithographic bonds. Proceedings incident to the to Chapman
the bonds were prepared by the State's Attorney and submitted
& Cutler of Chicago for their approval. The assessed valuation of the
county for 1930 was $22,707.190. The county has no outstanding bonds
bonds are part
and at present time no debts of any character. Thesewhich, with the
of an authorized Issue of $295,000, complete details of of the interest
resolution
exception of the subsequent change in the bond
rate from 431 to 4%.appeared in V. 132. p.3928.
-RATE OF INTEREST FOR CURBOSTON, Suffolk County, Mass.
-City
RENT LOAN OF $5,000,000 LOWEST EVER PAID BY CITY. dated
Treasurer Dolan on June 15 awarded a $5,000,000 temporary loan,
due Oct. 5 1931, to the Shawmut Corp., of Boston, at
June 16 1931 and
at which the
an interest rate basis of 1.09%. This is the lowest raterate of 1.09
city has ever negotiated a temporary loan. The interest rate of 1.11%
loan compares wtih the previous low
for the current 111-day
obtained on May 29 on a loan of $2,000,000 maturing in 124 days.
V. 132, p. 4276.
[Vol,. 132.
Bids submitted at the recent sale were as follows:
Rate of Int.
Bidder1.09
Shawmut Corp. (purchaser)
1.22
First National Old Colony Corp. (plus $12 premium)
1.24 o
Salomon Bros. & Hutzler (plus $37 premium)
city council on
-The
COUNCIL APPROVES 31,250.000 BOND ISSUE.
June 15 passed on first reading a bond issue of $1,250.000 for the development of East Boston airport.
-WARRANT SALE.
BREWSTER COUNTY (P. 0. Alpine), Tex.
The $13,500 issue of 6% coupon or registered refunding warrants offered
-was purchased by H. D. Crosby &
for sale on May 12-V. 132,_p. 3580
Co. of San Antonio, at par. Denom. $500. Dated July 1 1931. Due from
April 1 1932 to 1938 incl. Int. payable A.& 0.
-The
-BOND SALE.
BRONXVILLE, Westchester County, N. Y.
$144,000 coupon or registered general improvement bonds offered on
-were awarded as 331s to Phelps, Fenn & Co.,
June 17-V. 132, p. 4276
of New York, at par plus a premium of $109, equal to 100.07, a hash; of
about 3.74%. The bonds are dated June 1 1931 and mature June 1 as
follows: $15,000, 1932 and 1933; $14,000. 1934; $13,500. 1935; $13,000.
1936: $11,000 from 1937 to 1939, incl.; $6,000. 1940: $4,500 in 1941, and
33.000 from 1942 to 1951, incl. Bids submitted at the sale were as follows:
Int, Rate, Rate Bid.
Bidder100.07
Phelps, Fenn & Co.(purchasers)
331°7
100.008
4.10
M. M. Freeman & Co., Inc
100.258
4.20
Roosevelt. & Son
100.111
4.00
Emanuel & Co
100.07
3.90
Lehman Bros
100.249
4.10
George B. Gibbons & Co
100.074
4.00
Batchelder & Co
100.519
4.10 0
Graham, Parsons & Co
100.168
4.25
Stephens & Co
100.11
4.00 o
Gramatan National Bank & Trust Co
100.379
4.20 0
Marine Trust Co
100.315
4.00 o
First Detroit Co
The successful bidders are re-offering the bonds for general investment
at prices to yield from 2.00 to 3.85%, according to maturity.
BUCHANAN COUNTY P. 0. St. Joseph), Mo.-NOTE SALE.
A $628.000 issue of tax anticipation notes has been purchased recently by
Alexander, McArthur & Co., and the Fidelity National Corp., both of
Kansas City, jointly, at 5%•
-OFFER
-BANKERS RE
CALIFORNIA, State of (P. 0. Sacramento).
BONDS.
-The two issue of 4% coupon or registered gold bonds aggregating
on June 11 to a syndicate headed by the
$4.202,000, that were awarded
-are being offered for general
-V. 132, p. 4447
National City Co. of Cali.
investment by the successful bidders at the following prices: $4,000,000
Veterans' Welfare bonds yield 2.90% on the 1935 maturity; 3.10% in 1936;
0
3.257 in 1937; 3.35% in 1938; 3.40% in 1939; 3.45% in 1940 and 1941;
3.50% from 1942 to 1946,and 3.55 7 from 1947 to 1952,all incl. The $202.000 State Park bonds, maturing on Jan.2 1940 and 1941,are priced to yield
3.45% on both maturities. The bonds are described as direct State obligations, payable from unlimited taxes on all the taxable property therein and
are legal investments for savings banks in many States.
The following is an official list of the bids received on both issues:
$4,000,000 Veteran's Welfare Bonds.
Premium.
Name of Bidder* National City Co. of California; Harris Trust & Savings Bank:
Continental Illinois Co.; First Union Trust & Savings Bank;
Weeden & Co.; Heller Bruce & Co., and Wm. R. Staats & Co j173.250
R. H. Moulton & Co.; California National Co.; Dean, Witter &
Co.; Amer.Securities Co.,and Security First National Co.,L. A. 173,000
Anglo-California Trust Co.; Solomon Bros. dr Hutzler; Darby &
151,000
Co.: Central Illinois Co., and California First National
,
Guaranty Co. of New York; R. L. Day & Co.; Wallace, Sanderson & Co.' Hannahs, Bailin & Lee; First Wisconsin Co. Milwaukee; First Securities Corp. of Minnesota; Mercantile'Commerce Co., St. Louis; Wells-Dickey Co., Minneapolis; First
National Co., St. Louis; Stern Brothers & Co., Kansas City,
110,000
and Smith, Camp & Co., San Francisco
$202,0011 California State Park Bonds.
Premium
Bidder•National City Co. of California; Harris Trust & Savings Bank;
Continental Illinois Co.; First Union Trust & Savings Bank;
$7.139
Weeden & Co.; Heller Bruce & Co., and Wm. R. Staats & Co
California National Co.; R. H. Moulton & Co.; Dean, Witter &
Co.: American Securities Co., and Security First National Co..
6,093
Los Angeles
Anglo California Trust Co.; Solomon Bros. & Hutzler; Darby &
5,713
Co.; Central Illinois Co., and California Bank, Los Angeles
Anglo London Paris Co.: Bankamerica Co.: Eldridge & Co.; First
5,613
National Bank, New York, and First Detroit Co
* Successful bids.
CALVERT COUNTY (P. 0. Prince Frederick), Md.-ADDITIONAL
-The successful bidders for the $345,000 4.36% coupon
INFORMATION.
-was a group
bonds referred to in our issue of June 13-V. 132, p. 4447
•
of Strother, Brogden & Co. Mackubin, Goodrich & Co., and
composed
all
the Maryland Trust Co., a of Baltimore. The award comprised an issue
of $300,000 road bonds, due from 1932 to 1941, inclusive. and $45,000
school bonds, due from 1933 to 1947, inclusive. Public offering is being
made at prices to yield from 3.25 to 4.10%.
-The $149,-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
000331% Fresh Pond highway bonds offered on June 15-V. 132. p.4447
were awarded to the Shawmut Corp., of Boston, at a price of 101.232, a
basis of about 3.25%. The bonds are dated June 1 1931 and mature
June 1 as follows: $15,000 from 1932 to 1940, inclusive, and $14,000 in
1941. Bids submitted at the sale were as follows:
Rate Bid.
Bidder101.232
Shawmut Corp. (purchaser)
101.21
Eldredge & Co
100.43
Forbes & Co
Harris,
100.269
R. L. Day & Co
100.20
Estabrook & Co
-The follow-BOND SALE.
CANASTOTA, Madison County, N. Y.
offered on
ing issues of coupon or registered bonds aggregating 317,500
-were awarded as 4.35s ot Parte the First
June 15-V. 132, p. 4276
National Bank, of Canastota:
36.000 North Peterboro St. widening and inapt. bonds. Dated July 1
1930. Due $500 July 1 from 1931 to 1942 incl.
6.000 South Peterboro St. widening and impt. bonds. Dated July 1
1931. Due $500 July 1 from 1932 to 1943 incl.
4,500 North Main St. widening and impt. bonds. Dated July 1 1930.
Due $500 July 1 from 1931 to 1939 incl.
1,000 drainage impt. bonds. Dated July 1 1930. Due 3500 July 1 1931
and 1932.
The following is an official list of the bids submitted at the sale:
Rate Bid.
Jul. Rate.
Bidder100.00
'
4.35
First National Bank,Canastota (purchaser)
100.246
4.45
Graham,Parsons& Co
100.197
4.60
M.& T.Trust Co
100.319
4.70
Marine Trust Co
100.174
4.75
B.Gibbons & CO
George
100.199
4.90%
Edmund Seymour & Co •
-The
-BOND SALE.
CARROLL COUNTY (P. 0. Carroll), Iowa.
issue of annual primary road bonds offered for sale on June 17$315,000
-was purchased by the Iowa,Des Moines Co. of Des
V. 132, P. 4448
Moines, as 44, paying a premium of $2.085, equal to 100.66, a basis of
about 3.88%, to optional date. Due from May 1 1937 to 1946 and optional after May 1 1937.
-The $10,000
CARSON, Grant County, N. Dak.-BOND SALE.
issue of coupon funding bonds offered for sale on June 9-v. 132, p.4276-.was purchased by the First National Bank of Carson, as 5315, at par.
Due $1,000 from May 15 1933 to 1942, inclusive.
-NOTE SALE.
CASWELL COUNTY (P. 0. Yanceyville), N. C.
A $4,000 issue of tax anticipation notes has been sold recently to Mr.
R. Sterling Graves of Yanceyville, as 6s, at par.
-BOND OFFERING.
• CHARLESTON, Charleston County, S. C.
noon
Sealed bids will be received by W. S. Smith, City Treasurer, until
series
on July.1 for the purchase of a $12,000 issue of 431% paving, follows:
bonds. Denom. 31.000. Dated July 1 1931. Due on July 1 as Interest
$2,000, 1933 and 1934, and $1,000. 1935 to 1942, all inclusive.
JUNE 20 1931.]
FINANCIAL CHRONICLE
payable J. & J. These bonds are direct obligations of the city, and are
further secured by the application of the assessments against abutting
property for street improvement. Previous issues of paving bonds have
been approved by the Supreme Court of the State, and by Caldwell &
Raymond, of New York. A $2,500 certified check, payable to the City
Treasurer, must accompany the bid.
CHARLOTTE, Mecklenburg County, N. C.
-NOTE SALE.
-The
$130,000 issue of fiscal year change notes offered for sale on June 16-was awarded to the Commercial National Bank of Raleigh,
V. 132, p. 4448
as 351s. for a premium of $330, equal to 100.25, a basis of about 3.60%.
Dated June 1 1931. Due from June 1 1932 to 1934.
The bids received are officially reported as follows:
Name of BidderInterest.
Pried.
33%
*Commercial Natl Bank,Agent, Raleigh, N.C
$130.330
Union National Bank,Charlotte, N.C
130,130
Provident Savings Bk. & Tr. Co., Cincinnati, Ohio- 431%
130.010
* Purchaser.
CHATFIELD, Fillmore County, Minn.
-CERTIFICATE SALE.
The $20,000 issue of certificates of indebtedness offered for sale on June
12-V. 132, p. 4448
-was purchased by the First National Bank of Winona,
as 5s, paying a premium of $110, equal to 100.55.
CHESTER, HORICON, MINERVA AND SCHROON LAKE CENTRAL RURAL SCHOOL DISTRICT NO.9(P.O. Pottersville), Warren
County, N. Y.
-BOND OFFERING.
-C. B. Blakeslee, District Clerk.
will receive sealed bids until 7:30 p.m. on June 26 for the purchase of
$150,000 43.5 % coupon or registered school bonds. Dated July 1 1931.
Denom. $1,000. Due Jan. 1 as follows: $2,000 from 1935 to 1943. incl.;
$3,000 from 1944 to 1950,incl.; $4,000 from 1951 to 1959,incl.; $5,000 from
1962 to 1963, incl.; $6,000 from 1964 to 1966, incl.; $7,000 from 1967 to
1969, incl., and $8,000 in 1970 and 1971. Prin. and semi-ann. int. (Jan.
and July) are payable at the Chester-Schroon-Horicon Bank, Chestertown,
or at the Chase National Bank, New York. A certified check for $15,000,
payable to Harry C. Ingraham, Treasurer, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will
be furnished the purchaser.
CHICAGO, Cook County, 111.
-TAX WARRANT SALE.
-The
Chicago "Journal of Commerce" of June 18 reports that the Illinois Bell
Telephone Co. announced on the preceding day its intention to purchase
$1,500,000 tax anticipation warrants, thereby enabling the city to avoid
Possible default on principal and interest payments of $2,900,000 which
become due July 1. The general financial situation, however, remains
unchanged, according to the newspaper, which says that Mayor Cermak,
In an effort to reduce city expenses, is planning to inaugurate a 5
-day
work week for city employees in addition to a compulsory extra week of
vacation with compensation.
CHICAGO RIVER PARK DISTRICT, Cook County, 111.
-FINANCIAL STATEMENT.
-In connection with the recent sale of $110,000
451(% bonds at a price of par to C. W.McNear & Co., of Chicago
-V.132,
-we are in receipt of the following:
p. 4448
Assessed valuation, 1929
$55,872,930
Total bonded debt (including this issue)
1,387,500
Population, present estimate, 75,000.
CHICOPEE, Hampden County, Mass.
-TEMPORARY LOAN.
-The $300,000 temporary loan offered on June 15-V. 132, p. 4448
was awarded to the Merchants National Bank, of Boston, at 1.37% discount basis. The loan is dated June 16 1931 and mature $150,000 each
on Jan. 15 and Feb. 15 1932. The Western Massachusetts Bank & Trust
Co., of Springfield, bid for the loan at 1.555% discount basis.
CLAY COUNTY(P.O. Spencer),Iowa.
-BOND SALE.
-The$585,000
issue of annual primary road bonds offered for sale on June 15-V. 132,
p. 4448
-was awarded to a syndicate composed of the Carleton D. Beh Co.
of Des Moines; Ames, Emerich & Co. of Chicago; the White-Phillips Co'
of Davenport, and the Iowa-Des Moines Co. of Des Moines, as 45, for a
premium of $3420, equal to 100.58, a basis of about 3.90% (to optional
date). Due from May 1 1937 to 1946 and optional after May 11937.
CLEVELAND, Cuyahoga County, Ohio.
-BOND SALE.
-The
$600,000 coupon public hall annex honds offered on June 19-V. 132, p.
3
4448
-were awarded as 3%s to Stranahan, Harris & Co., Inc., of Toledo,
at a price of 100.43, a basis of about 3.71%. The bonds are dated April
1 1931 and mature $24,000 annually on Sept. 1 from 1932 to 1956, incl.
COLMAR, Winneshiek County, Iowa.
-BOND OFFERING.
-It is
reported that bids will be received until 8 p. m.on June 22 by J. B.Bionerud,
Town Clerk,for the purchase of a $33,000 Issue of fire equipment bonds.
COLMAR MANOR (P. 0. Brentwood) Prince George's County,
Md.-BONDS NOT SOLD.-BIrd H. Dolby, Town Solicitor, reports
that the $80,000 6% street improvement bonds offered on June 2-V. 132,
p. 4101-were not sold.
COOK COUNTY (P. 0. Chicago), 111.
-DATE OF PROPOSED BOND
SALE POSTPONED.
-The date of sale of the $1,000,000 4% poor relief
bonds, originally set for June 15(V. 132, p. 4448) has been postponed until
June 22.
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND SALE.
-The
$18,480 5% bonds offered on June 15-V. 132, p. 3929
-worn awarded to
Breed, Elliott & Harrison, of Indianapolis, as follows:
$10,800 Sterling Township road bonds sold at par plus a premium of $690,
equal to 106.38. a basis of about 3.70%. Due $540 July 15 1932:
$540 Jan. and July 15 from 1933 to 1941, incl., and $540 Jan. 15
1942.
7,680 Patoka Township road bonds sold at par plus a premium of $490,
equal to 106.38, a basis of about 3.70%. Due $3384 July 151932;
$384 Jan. and July 15 from 1933 to 1941, incl., and $384 Jan,
15 1942.
Each issue is dated June 15 1931. Bids for the issues were also submitted
by the Fletcher Trust Co., of Indianapolis. and J. V. King, a local investor.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BONDS PUBLICLY OFFERED.
-The $3,000,000 coupon or registered Lorain-Central
bridge construction bonds awarded on June 12 as 431s, at a basis of about
4.21%, to a group composed of Stranahan, Harris & Co., Inc., of Toledo,
the McDonald-Callahan-Richards Co., of Cleveland, and the BancOhio
Securities Co., of Columbus
-V. 132, p. 4448
-are being reoffered for
public investment priced to yield 2.506' for the 1932 maturity; 1933,
3.00%; 1934, 3.25%; 1935 and 1936, 33.50%; 1937 and 1938, 3.60%;
1939 to 1941, incl., 3.707; 1942 to 1949, incl., 3.75%, and 3.807 for the
0
bonds due from 1950 to 1956, incl. The bonds are dated June 1 1931 and
mature $60,000 semi-annually on April and Oct. 1 from 1932 to 1956, incl.
They are said to be legal investment for savings banks and trust funds in
New York State.
Financial Statement.
(As furnished by Clerk, Board of County Commissioners, May 22 1931).
Assessed valuation 1930
$2,914,824,100
Total bonded debt (including this issue)
Sinking fund
50'78202.'230959
Net bonded debt
50,642.194
Population (1920 Census), 943,495; (1930 Census), 1,201,455,
DALLAS COUNTY (P. 0. Adel), lowa.-BOND SALE.
-The $160,000 issue of coupon annual primary road bonds offered for sale on June
-was awarded to the Carleton D. Beh Co. of Des
17-V. 132. p. 4448
Moines, as 45, paying a premium of $1,160, equal to 100.725, a basis of
about 3.86%, to optional date. Due $16,000 from May 1 1937 to 1946
and optional after May 11937. The other bids were:
• BidderPremium.
Iowa-Des Moines Co
Geo. M. Bechtel & Co
$11.'114505
DANNEMORA UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
',Yon Mountain), Clinton County, N. Y.
-BOND OFFERING.
11. H. Fortier, Secretary of the Board of Education, will receive sealed bids
until 7 p.m.(Eastern standard time) on June 27 for the purchase of$100,000
0
not to exceed 4357 interest coupon school bonds. Dated June 15 1931.
Denom. $1,000. Due Dec. 15 as follows: $2,000 from 1932 to 1940, lad,;
33,000 from 1941 to 1949,incl., and $5,000 from 1950 to 1960,incl.; optional
at par and accrued interest on any interest payment date after Jan. 1 1945.
Rate of interest to be expressed in a multiple of 1-8th of 1%,and must be
the same for all of the bonds. The bonds may be registered as to principal.
Interest is payable semi-annually in June and Dec. Prin. anti int. are
payable at the Plattsburg National Bank & Trust Co., Plattsburg. A certified check for 162.000. payable to the order of the school district, must
4625
accompany each proposal. The approving opinion of Thomas B. Cotter
of Plattsburg will be furnished the purchaser.
DARLINGTON COUNTY (P. 0. Darlington), S. C.
-BOND OFFERING.
-Sealed bids were received until 12 noon on June 19, by J. R. Lyles,
Clerk of the County Board of Directors, for the purchase of a $250,000
issue of 4X, 43% or 5% coupon refunding outstanding indebtedness bonds.
Denoms. $500 and $1,000. Dated July 11931. Due $12,500 from July 1
1932 to 1951, inclusive. Principal and interest (J. & J.) payable at the
Chase National Bank in New York City. The cost of preparing and
printing said bonds and the legal opinion is to be paid for by the purchaser.
-BOND SALE.
-The $125,000
DAYTON,Montgomery County,Ohio.
coupon (series C) street and alley improvement bonds offered on June 11
3
(V. 132, p. 4277) were awarded as 4%8 to Slier, Carpenter & Roose of
Toledo on their unconditional offer of par plus a premium of 3325. equal to
100.26, a basis of about 4.70%. The bonds are dated April 15 1931 and
mature Sept. 1 as follows: $12,000 from 1932 to 1936, incl., and $13.000
from 1937 to 1941, inclusive.
The following is an official list of the bids submitted at the sale:
Prem.
Int, Rate.
Bidders$7.00
Halsey, Stuart & Co. Chicago
33%
951.00
Merrill, Hawley & CO., Cleveland
675.00
4
Phelps, Fenn & Co., New York
666.00
4
McDonald-Callahan-Richards, Cleveland
557.00
4
First Detroit Co., Detroit
4
81.25
Stranahan, Harris & Co., Toledo
4
Well, Roth & Irving, Cincinnati
837.50
43%%
BancOhio Securities Co., Columbus
All of the bids above were conditioned upon the bidder being able to
secure the legal opinion of their bond attorneys.
Unconditional Bids
*Slier Carpenter & Reese, Toledo
°
$3r7:80
Ryan, Sutherland & Co. Toledo
62.50
4 %
Blanchet-Bowman & Wood, Toledo
* Successful bidders.
-TEMPORARY FINANCING.
DETROIT, Wayne County, Mich.
The city has obtained a loan a $3,000,000 at 335% interest, payable in
45 days,from the Peoples Wayne County Bank,of Detroit,and is scheduled
to obtain an additional $2,500,000 prior to July 1 from the Detroit Guardian Bank, according to the Detroit "Free Press" of June 18. Proceeds
of these loans will be used to take care of maturing city obligations.
-BOND OFFERING.
-Sealed
DULUTH, St. Louis County, Minn.
bids will be received by C. D. Jeronimus, City Clerk, until 2 p.m. on July 6
for the purchase of a $570.000 issue of 33%% sewage disposal system bonds.
Denom. $1,000. Dated July 1 1931. Due $30,000 from July 1 1932 to
1950, incl. Prin. and int. (J. & J.) payable in gold at the Irving Trust Co.
in N.Y. City. Bond forms will be provided by the city at its own expense,
and no allowance will be made any bidder who may prefer to furnish his
own bond forms. The sale of said bonds to be at a sum not less than par
value thereof, with interest accrued to the date of delivery. Said bonds
are authorized under and by virtue of subdivision 8, of Section 55, of Chapter 8 of.the City Charter. The approving opinion of Chapman & Cutler
of Chicago will be furnished. A certified check for 2% of the par value of
the bonds, payable to the City, must accompany the bid.
Official Financial Statement (Condensed.).
$264,923,207
Actual true value of property
137,890,977
Assessed value of property
$76.90
Tax rate, 1930
The rate on money and credits is $3 per thousand divided as
follows: State, 1-6; county. 1-6; city. 1-3; school. 1-3.
$7,897.666.63
Total outstanding debt
4.268,731.63
Net indebtedness
8,443,138.78
Actual investment in water and gas plants
Incorporated as a city, March 1887. Population, 1930, U. S. census,
101,417.
EAST BERLIN FIRE DISTRICT (P. 0. East Berlin), Hartford
-Sealed bids will be received at
-BOND OFFERING.
County, Conn.
the office of the Chairman of the District Committee until 7 p. m.(daylight
saving time) on June 25 for the purchase of $40,000 435% coupon (first
series) water bonds. Dated July 1 1931. Denoms. $1,000 and $500.
Due July 1 as follows: $1,000 from 1933 to 1941 incl.; $1,500 from 1942
to 1959 incl., and $2,000 in 1960 and 1961. Principal and semi-annual
interest (January and July) are payable at the First National Bank of
Boston. The bonds will be engraved under the supervision of and authenticated as to their genuineness by the aforementioned bank. Legality
to be approved by Ropes. Gray, Boyden & Perkins of Boston, a copy of
whose opinion will be furnished the purchaser.
-V. 132, p.
(These bonds were authorized at an election held recently
3754.)
Financial Statement June 1 1931.
$890,483
Assessed valuation (Oct. 1 1930)
40,000
Total bonded tabove issue)
Population (district). 732; population (town of Berlin). 5,000.
EDGEWOOD COMMON SCHOOL DISTRICT NO. 41 (P. 0. San
-The $15,000 issue of
-BOND SALE.
Antonio), Bexar County, Tex.
5% coupon semi-ann. school bonds offered for sale on June 10-V. 132.
-was purchased at par by the State Board of Education. Dated
P. 3755
April 10 1931. Due $500 from April 10 1932 to 1961 incl. No other
bids were received.
-BOND SALE.
ELMWOOD PLACE, Hamilton County, Ohio.
The $20,000 coupon incinerator plant bonds offered on June 17-V. 132,
Seasongood ,!j Mayer, of Cincinnati, at
-were awarded as 4 yis
P. 4102
par plus a premium of $216.85, equal to 101.0S a basis of about 4.12%.
The bonds are dated July 1 1931 and mature el.000 annually on Oct. 1
from 1932 to 1951, inclusive. Bids submitted at the sale were as follows:
Int. Rate. AM/. Bid.
Bidder$20.187.50
Bohmer-Rehihart & Co
431
20,096.00
431
Banc Ohio Securities Co
20,031 00
43%
Weil, Roth & Irving Co
20,020.00
43%
Davies
-Bertram
20,015.00
4%
Fifth Third Securities Co
43%%20,011.11
Assel, Goetz & Moerlein
20,006.00
Provident Savings Bank & Trust Co
43%
20,202.00
Taylor Wilson Co
434%
-The
EMMET COUNTY (P. 0. Estherville), lowa.-BOND SALE.
$353.000 issue of coupon ann. primary road bonds offered for sale on June 13
-was awarded to Ames, Emerich & Co., Inc., of Chicago.
-V.132, p. 4277
as 4s, paying a premium of 31,975, equal to 100.559, a basis of about
3.89% (to optional date). Due from May 1 1937 to 1946 and optional
after May 1 1937. The other bids were as follows:
Premium.
Bidder$1,950
Glaspell, Vieth & Duncan
1,925
Carleton D. Beh Co
1.525
Geo. M. Bechtel & Co
-NOTE OFFERING.
-H.M. Willis,
ERIE COUNTY (P. 0. Erie), Pa.
County Comptroller, will receive sealed bids until 10 a.m.(Eastern standard
time) on June 24 for the purchase of $50,000 5% notes, dated July 1 1931
and due in six months. Legal opinion to be furnished by the purchaser.
-BOND SALE.
-The following
EVERETT, Middlesex County, Mass.
% coupon bonds aggregating $416,000 offered on June 16
Issues of
-were awarded to Eldredge & Co. of Boston at a price
-V. 132, p. 4449
of 100.90, a basis of about 3.39%:
$206.000 Perlin School Addition bonds. Due July 1 as follows: $11,000
from 1932 to 1937 incl. and $10,000 from 1938 to 1951 incl.
150,000 Winslow School bonds. Due July 1 as follows: $8,000 from 1932
to 1941 incl. and $7,000 from 1942 to 1951 incl.
60,000 Adams School Addition bonds. Due $3.000 July 1 from 1932
to 1951 incl.
Each issue is dated July 1 1931.
The following is an official list of the bids submitted at the sale:
Rate Bid.
BidderEldredge & Co.(purchasers)
100.90
National City Co
100.72
Estabrook & Co
100.42
First National Old Colony Corp
100.47
FAIRFIELD, Solano County, Calif.
-BOND SALE.
-A $48,000 issue
of 434% semi-annual municipal improvement bonds has been purchased
recently by the Bank-America CO. of San Francisco, for a premium of
31.019. equal to 102.12.
4626
FINANCIAL CHRONICLE
FALLS CITY, Polk County, Ore.
-Sealed bids
-BONDS OFFERED.
were received by T. C. James, Police Judge, until 8 p.m. on June 15 for
the purchase of a $20,000 issue of 6% refunding water bonds. Denom.
$1,000. Dated June 1 1931. Due $1,000 from June 1 1932 to 1951, incl.
Prin. and semi-ann. int. payable at the office of the City Treasurer. The
approving opinion of Teal, Winfree, McCulloch & Shuler of Portland wiU
be furnished.
-BONDS AUTHORIZED.
FALLS COUNTY (P. 0. Marlin), Tex.
The issuance of $176,742 in 55 7 road and bridge refunding bonds is
4
,
reported to have been authorized by the Commissioners Court recently,
providing for the exchange of an issue of 6% road and bridge warrants in
lieu thereof. The warrants are legal outstanding obligations of the county.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
The following issues of road improvement bonds, aggregating $69,865
offered on June 17-V. 132, p. 4278
-were awarded as 4s to the PaancOhio
Securities Co., of Columbus, at par plus a premium of 341.40. equal to
100.05, a basis of about 3.99%:
$39,065 bonds. Due semi-annually as follows: $1,065 March 1 and
$2.000 Sept. 1 1932, and $2,000 March and Sept. 1 from 1933 to
1941. inclusive.
26,300 bonds. Due semi-annually as follows: $2,300 March 1 and $2,000
Sept. 1 1932:$UMO March land $2,000 Sept. I from 1933 to 1937,
incl., and $1,000 March and Sept. 1 from 1938 to 1941, incl.
4,500 bonds. Due $500 annually on Sept. 1 from 1932 to 1940, incl.
Each issue is dated July 1 1931.
The following is an official list of the bids submitted at the sale:
Int. Rate. Premium.
Bidder.
$36.00
4%
Seasongood & Mayer, Cincinnati
41.40
4%
*BancOhio Securities Co., Columbus
461.00
4h %
Assel, Goetz & Moerlein, Cincinnati
188.05
4%
Breed Sc Harrison, Cincinnati
*Awarded bonds.
-The $23,000 5%
-BOND SALE.
FREEBURG,St. Clair County, III.
-V. 132, p. 4449
coupon water works extension bends offered on June I5
-were awarded at a price of par to the First National Bank, of Freeburg.
The bonds mature serially from 1932 to 1951, inclusive.
-BOND SALE -The following
FREEPORT, Nassau County, N. Y.
Issues of coupon or registered bonds, aggregating $115,000 offered on
June 17-V. 132, p. 4449
-were awarded as 4s to Phelps, Fenn & Co., of
York, at a price of 100.12, a basis of about 3.98%:
$60,000 series A fire department bonds. Due 33,000 July 1 from 1932 to
1951, inclusive.
55,000 series E public improvement bonds. Due July 1 as follows: $5,000
from 1932 to 1936, incl., and $6,000 from 1937 to 1941, incl.
Each issue is dated July 1 1931.
Public offering of the securities is being made at prices to yield from 2.25
to 2.90%.
-Sealed
-BOND OFFERING.
GALLATIN, Sumner County, Tenn.
bids will be received until 1.30 p. m. on July 6, by NV. A. J. Simpson,
Town Recorder, for the purchase of a $33,000 issue of elementary school
bonds. Bidders will name the rate of interest. No higher rate ocinterest
will be chosen than will be required to insure a sale at par. Denom. $1,000.
Dated July 11931. Due on July 1 as follows: $1,000, 1932 to 1938, and
$2,000, 1939 to 1951, all inclusive. Principal and interest (J. & J.) payable at the office of the Town Recorder. A $500 certified check must
accompany the bid.
(The preihninary report of this offering appeared in V. 132, P. 4449.)
-BOND SALE.
-The
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-were
$10,024.10 road impt. bonds offered on June 15-V. 132. P. 4278
awarded as 43,4s to the Banc Ohio Securities Co. of Columbus at par plus
a premium of $34, equal to 100.33, a basis of about 4.18%. The bonds
mature Sept. 1 as follows: $1,024.10 in 1932. and $1,000 from 1933 to
1941 incl.
The following is an official list of the bids submitted at the sale:
Int. Rate. Premium.
Bidder$34.00
43'
BancOhlo Securities Co. (purchaser)
16.00
4
Ryan, Sutherland & Co
7.05
4
Title Guarantee Securities Corp
72.18
4 7ç
Provident Savings Bank & Trust Co
31.40
Mitchell, Herrick & Co
60.00
4%
Bohmer-Reinhardt & Co
-J. H.
-BOND SALE.
GENESEE COUNTY (P. 0. Flint), Mich.
Galliver, County Auditor, reports that a total of $19,800 6% bonds were
sold at a price of par on June 1 as follows:
$10,000 drainage district bonds to local investors. Dated Feb. 1 1931.
Due $1,250 April 1 from 1932 to 1939, inclusive.
6,300 drainage district bonds to Slier, Carpenter & Roose of Toledo.
Dated May 15 1931. Due $900 April 15 from 1933 to 1939, incl.
3,500 drainage district bonds also purchased by Slier, Carpenter & Reese.
Dated May 151931. Due $500 April 15from 1933 to 1939,incl.
Principal and semi-annual interest are payable at the First National
Bank, Flint. Legality approved by Miller, Canfield, Paddock & Stone
of Detroit.
-J. F.
-BOND OFFERING.
GENEVA, Ontario County, N. Y.
Goodman, City Treasurer, will receive sealed bids until 10 a.m. on July 2
for the purchase of $18,000 43i% coupon or registered special appropriation
bonds. Dated July 1 1931. Denomination $1,000. Due $1,000,
April 1 from 1932 to 1949 incl. Principal and semi-annual interest (April
and Oct.) are payable at the Guaranty Trust Co., New York. A certified
check for $360, payable to the order of the City Treasurer, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater,
of New York, will be furnished the purchaser. Bids to be on blank forms
furnished by the Treasurer.
-TEMPORARY LOAN.GLOUCESTER Essex County, Mass.
The Cape Ann National Bank of Gloucester p_urchased on June 17 a $150.000
temporary loan at 1.38% discount basis. The loan matures Jan. 22 1932
and was bid for by the following:
Discount Basis.
BidderDiscount Basis.
BidderGloucester Safe Deposit &
Cape Ann National Bank (pur1.46%
Trust Co
l.38V
chaser)
Gloucester National Bank_ _ -1.485%
1.39
Faxon, Gade & Co
Bank of Conunerce & Tr. Co_ _1.45
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. 0.
-BOND OFFERING.
-Sealed bids will be received
San Francisco), Calif.
until 2 p.m. on July 8, by W. W.Felt Jr., Secretary of the Board of Directors,for the purchase of a 36,000.000 issue of 4%% coupon or registered
,
bridge bonds. Denom. $1,000. Dated July 1 1931. Due on July 1 as
follows: 330,000. 1941 to 1945: 360,000, 1946 to 1950; $150,000. 1951 to
1956 to 1960; 3270,000, 1961 to 1965,and 3480.000. 1966 to
1955; $210,000,
1970, all incl. Prin. and int. (J. & J.) payable in gold at the depositary of
the District or at the New York Trust Co. in New York. The bonds now
offered are part of an authorized issue of $35,000,000, voted on Nov. 4
1930, for bridge construction purposes. The approving legal opinions of
Masslich & Mitchell of New York City, and Orrick, Palmer & Dahlquist,
of San Francisco, will be furnished the purchaser without charge. There
will be no auction. Bidders by mail will receive the same consideration
as bidders present in person. No further or additional sale of said bonds
will be authorized within 10 months from date thereof. No bid under
par and interest will be entertained. A certified check for 3120,000,
payable to the Board of Directors, must accompany the bid.
-The $300,000
-BOND SALE.
GRAY COUNTY (P. 0. Pampa), Tex.
issue of 5% semi-ann. road bonds offered for sale on June 15-V. 132,
-was jointly purchased by the Brown-Crummer Co. and the
P. 4278
Branch-Middlekauff Co.. both of Kansas City, for a premium of $1,000,
equal to 100.33, a basis of about 4.93%. Dated May 15 1931. Due
$330,000 in from 1 to 10 years.
(The above issue of bonds was registered by the State Comptroller on
June 12.)
-The
-MATURITY.
GREAT FALLS, Cascade County, Mont.
$290,000 issue of semi-ann. water bonds that was purchased by the State of
Montana, as 43s, paying a premium of $3,000, equal to 101.03-V. 132,
P. 4278-is due on Jan. and July 1 from 1932 to 1950, giving a basis of
about 4.37%.
-BOND SALE.
GRUNDY COUNTY (P. 0. Grundy Center) Iowa.
The 3490,000 issue of annual primary road bonds offered for sale on June 16
Bechtel & Co.of Davenport,
-was purchased by Geo. M.
-V.132, p.4450
as 4s, paying a premium of $3,601, equal to 100.7348, a basis of about
[VOL. 132.
3.86%,to optional date. Due from May 1 1937 to 1946 incl. and optional
after May 1 1937.
The other bids for the bonds were:
Premium.
Bidder33.600
Carleton D. Beh Co
Iowa-Des Moines Co
2.800
-A
-NOTE SALE.
GUILFORD COUNTY (P. 0. Greensboro), N. C.
$300,000 issue of tax anticipation notes is reported to have been purchased
recently by the North Carolina Bank & Trust Co. of Raleigh at 57's%•
HAMILTON CITY SCHOOL DISTRICT, Butler County, Ohio.BOND SALE.
-The $515,000 school building construction bonds offfered
on June 16-V. 132. p. 4102
-were awarded as 4s to a group composed of
the Banc Ohio Securities Co. of Columbia: Van Lahr. Doll & Isphoring of
Cincinnati, and Merrill, Hawley & Co. of Cleveland, at par plus a premium
of $1,802.50, equal to 100.35. a basis of about 3.96%. The bonds are
dated July 1 1931 and mature Sept. 1 as follows: $22,000 from 1932 to 1945
id., and $23,000 from 1946 to 1954 incl.
The following is an official list of the bids submitted at the sale:
BidderPremium.
The. Rate,
Banc Ohio Securities Co., Van Lahr, Dohl & Isphording
and Merrill, Hawley & Co. (successful bidders)
$1,802.50
4%
Braun, Bosworth & Co.and Continental Illinois Co_ _434%
8,038.00
Breed & Harrison, Asset, Goetz & Moerlein and Well,
Roth & Irving Co
6,540.50
43'%
The Davies-Bertram Co
566.00
4
The Guardian Trust Co First Detroit Co
8,347.00
4 %
Halsey, Stuart & Co
4773.00
Seasongood & Mayer
7,943.00
4 %
Stranahan, Harris & Co. and Mitchell, Herrick & Co_ _4 4%
9,127.50
HAMILTON COUNTY (P. O. Webster City), lowa.-BOND SALE.
The $500,000 issue of ann. primary road bonds offered for sale on June 15V. 132. p. 4450
-was purchased by Geo. M. Bechtel & Co. of Davenport
as 4s, paying a premium of $3,801, equal to 100.7602, a basis of about
3.86%. to optional date. Due from May 1 1937 to 1946 incl. and optional
after May 1 1937.
The other bids received were officially reported as follows:
Premium.
Bidder$3,800
Iowa-Des Moines Co
3,250
Carleton D. Beh Co
-BOND SALE.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
The $131,434.30 road improvement bonds offered on June 16-V. 132.
-were awarded as 4s to Halsey, Stuart & Co. of Chicago for a
P• 4102
prbmium of $1,337, equal to 100.76, a basis of about 3.86%. The bonds
are dated June 1 1931 and mature Dec. 1 as follows: $13,434.30 in 1932,
$14.000 in 1933 and $13,000 from 1934 to 1941 incl.
The following is an official list of the bids submitted at the sale:
Amt. Bid.
Da. Rate.
Bidder$131,947.00
4
Braun, Bosworth & Co. Cincinnati
,
131,487.00
4
Stranahan, Harris & Co. Inc., Toledo
,
131,696.30
4
BancOhlo Securities Co.. Columbus
131,894.57
4%
Provident Savings Bank & Trust Co., Cincinnati
132,202.30
Seasongood & Mayer, Cincinnati
132,771.30
4
*Halsey, Stuart & Co., Chicago
131,606.87
4
Breed & Harrison, Inc.. Cincinnati
131,968.00
Well. Roth & Irving Co., Cincinnati
4%
McDonald, Callahan, Richards Co. Cleveland, and
131,553.00
The Guardian Trust Co., Cleveland
4%
Assel, Goetz & Moerlein, Inc., Cincinnati, and
132,630.35
4%
Fifth-Third Securities Co., Cincinnati
Bohmer-Rinehart & Co., Cincinnati, and The
.
132,120.39
4%
Western Bank & Trust Co., Cincinnati
* Successful bidders.
-The
-CERTIFICATE SALE.
HAMMOND, Tangipahoa Parish, La.
$18,000 issue of 6% coupon fire equipment certificates of indebtedness
-was purchased by the Hamoffered for sale on June 8-V. 132. p. 4278
mond State Bank & Trust Co. of Hammond, at par. Due from July 1
1932 to 1941, inclusive. No other bids were received.
-The
HAMPTON, Elizabeth City County, Va.-BOND SALE.
$110,000 issue of coupon school bonds offered for sale on June 17-V. 132,
-was awarded to the Bank of Hampton of Hampton, as 4%s at
P. 4450
par. Due in from 5 to 30 years. The other bids were officially reported
as follows:
Premium.
Rate.
Bidder$884.00
434%
Weil, Roth & Irving Co
53.33
4%%
Mason & Hogan Co
2,255.00
5%
Thompson, Ross & Co
2,250.00
5%
& Co
Magnus
1,887.00
5%
John Nuveen & Co
1.701.00
'
50
Taylor, Wilson dr Co
760.00
5g
Stranahan,liarris & Co.,Inc
-The Rockland
SALE.
-BOND
HANOVER,Plymouth County, Mass.
Trust Co. of Rockland purchased on June 15 an issue of $39,000 33. %
school bonds at a price of 100. The bonds are dated June 15 1931 and
mature serially from 1932 to 1944 incl. Interest is payable semi-annually.
-The
HARDIN COUNTY (P. 0. Eldora) lowa.-BOND SALE.
$35,000 issue of annual primary road bonds offered for sale on June 16-was awarded to the IIardin County National Bank of
V. 132, p. 4450
Eldora, as 4s, paying a premium of $290, equal to looms,a basis of about
4.84%, to optional date. Dated July 1 1931. Due on May 1 1946 and
Optional on or after May 1 1937.
-R. R.
HARTFORD, Windsor County, Vt.-BOND OFFERING.
Wilmot, Town Treasurer, will receive sealed bids until 12 m. on July 25
for the purchase of 378.500 4% refunding bonds. Dated July 1 1931.
One bond for 3500, others for $1,000. Due July 1 as follows: $5,000 from
1935 to 1949 incl., and $3,500 in 1950. Prin. and semi-ann. int. (J. & J.)
are payable at the office of the Town Treasurer. The bonds will be engraved under the supervision of and certified as to their genuineness by the
National Shawmut Bank, Boston. A copy of the approving opinion of
Storey, Thorndike, Palmer & Dodge of Boston will be furnished the purchaser.
-The $100,000
-BOND SALE.
HAVERHILL, Essex County, Mass.
-were
3%% coupon hospital bonds offered on June 16-V. 132, P. 4450
awarded to Salomon Bros. & Hutzler of Boston at a price of 101.35. a basis
of about 3.23%. The bonds are dated June 1 1931 and mature $10,000
on June 1 from 1932 to 1941 incl.
The following is an official list of the bids submitted at the sale:
Rate Bid.
Bidder101.35
Salomon Bros. & Hutzler (purchasers)
100.83
Estabrook & Co
100.58
National City Co
100.46
First National Old Colony Corp
100.411
Atlantic Corp
100.06
Eldredge & Co
HENDERSON AND ELLISBURG CENTRAL SCHOOL DISTRICT
-BOND OFFERNO. 8 (P. 0. Henderson), Jefferson County, N. Y.
-11. A. Pettengill, District Clerk, will receive sealed bids until
ING.
2:30 p. m.(Eastern standard time) on June 26 for the purchase of $130,000 not to exceed 6% interest coupon or registered school bonds. Dated
June 1 1931. Denom. $1.000. Due June 1 as follows: 31,000, 1934;
$2,000, 1935 to 1938 incl.: $3,000 from 1939 to 1945 incl., and $5,000
from 1946 to 1965 incl. Rata of interest to be expressed in a multiple of
.
34 or 1-10th of 1% and must be the same for all of the bonds. Principal
and semi-annual interest (June and December) are payable at the Northern
New York Trust Co., Watertown, or at the First National Bank of New
York. A certified check for $3,000, payable to E. J. Brunet, District
Treasurer, must accompany each proposal. "Tne approving opinion of
Clay, Dillon & Vandewater of New York will be furnished to the purchaser
without cost, which opinion will refer to the case of Gardner vs. Ginther
(to which this school district is not a party), in which the Appellate Division.
Fourth Department, recently affirmed unanimously the judgment of the
Supreme Court and will state that in their opinion the plaintiff's contention
is legally without merit."
HETTICK COMMUNITY HIGH SCHOOL DISTRICT NO. 17
-The sale of $15,000 5 Q
-BONDS NOT SOLD.
Macoupin County, 111.
school construction bonds originally scheduled for June 5 (V. 132, p. 410 )
was deferred until June 10 and on that date all of the bids received were
rejected. W. E. Patterson, Secretary of the Board of Education, states
that the highest bid received was for par plus a premium of $15, and that
JUNE
201931.]
FINANCIAL CHRONICLE
the Board of Education is of the opinion that much
can be obtained locally. The bonds are dated July more favorable terms
1 1931.
annually on July 1 from 1934 to 1948,incl. Interest is payableDue $1,000
ally. The notice of the proposed sale stated that the successfulsemi-annubidder was
to pay expense of printing the bonds and obtaining legal opinion.
HIGHLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Kane)
McKean County, Pa.
-BOND SALE.
-The $15,000 5% coupon school
bonds offered on June 1-V. 132, p. 3930
-were awarded to Harry R.
Hide, a local investor, at a price of 110, a basis of about 3.55%. The
bonds are dated April 1 1931 and mature $1,000 April 1 from 1932 to 1946,
incl. J. H. Holmes & Co.,of Pittsburgh, bid par plus a premium of $101.50
for the issue, while a bid of par plus a premium of $226 was submitted
by
Glover, MacGregor & Cunningham, Inc., of Pittsburgh.
HIGH POINT, Guilford County, N. C.
-BOND OFFERING.
-It is
reported that sealed bids will be received until June 30, by Chas. M.
Johnson, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of a $750,000 issue of school bonds.
HIGHTSTOWN, Mercer County, N. J.
-BOND SALE.
-C. C.
Collings & Co. of Philadelphia, bidding for $62.000 bonds of the
$63,000
coupon or registered general improvement issue offered on June
16-V. 132,
p. 4103
-were awarded the former amount of securities
$63,133.95, equal to 101.82, a basis of about 4.28%. The as 43s, paying
bonds
July 1 1931 and mature July 1 as follows: $3,000 from 1932 to are dated
$4,000 in 1949 and 1950. and $3,000 in 1951. Bids submitted 1948 incl.;
at the sale
were as follows:
Interest
No.of Bonds
Amount
BidderRate.
Bid For,
Bid.
0.0. Collings & Co.(purchaser)_ _4%%
162
$63,133.95
Rufus Waples & Co
63,270.90
C. A.Preim & Co
63,160.00
Hightstown Trust Co
63,285.00
First National Bank, Hightstown_ _ _
__
63,500.00
First National Co., Trenton
36.36
Note.
-A bid of II. L. Allen & Co. of New York was returned
unopened,
inasmuch as it was received too late for consideration.
HOBOKEN, Hudson County, N. J.
-BOND SALE.
City Commissioners at a meeting held on June 16 sold an-The Board of
issue of $64,000
4% refunding bonds at a price of par to the Sinking Fund Commission.
Due as follows: $6,000 from 1932 to 1939,incl., and $8,000 in 1940
and 1941.
IDAHO,State of (P.0. Boise).
-BONDS CALLED.
-We are
by George G. Barrett, State Treasurer, that the following two informed
issues of
bonds are called for payment at his office, or at the Chase
New York, on July 1, on which date interest shall cease: National Bank in
$238,500 State Institutions improvement bonds, Nos. 1 to 239.
31,000, one for $500. 'Dated April 1 1921. Due on April I Denom.
70,000 Lava Hot Springs impt. bonds, Nos. I to 70. Denom. 1941.
$1,000.
Dated April 1 1921. Due on April 1 1941.
Coupons from bonds which have been called for redemption will not
be
paid unless accompanied by their corresponding bonds.
IDAHO, State of (P. 0. Boise).
-NOTE OFFERING.
-Sealed bids will
be received until 10:30 a.m. on June 20 by George G. Barrett, State
urer, for the purchase of a $75,000 issue of general fund treasury TreasInterest rate is not to exceed 6%. Denom. to suit purchaser. notes.
Dated
July 1 1931. Due on July 1 1932. Notes will be payable to
bearer, but
holders shall have the right to registration and to payment at the
National Bank in N. Y. City. The State Treasurer reserves the Chase
divide the issue among one or more bidders and each bidders is right to
to indicate the minimum and maximum amounts of said notes requested
will accept in accordance with the other terms of his proposal. which he
and engraved notes will be furnished by the State at the actual cost Printed
not to exceed $50, which expense shall be paid by the purchaser. thereof,
A certified check for 2% of the amount bid, payable to the State
Treasurer, is
required.
Financial Data (As of June 8 1931 Cents Omitted).
Cash in Treasury
$1,158,400
Cash invested in registered warrants
955,109
Sinking fund, cash
$386,610
Due from counties, 1930 levy
1,300,000
$3,413,509
Investm'ts of the various endowment and other funds of the
State:
School district bonds
$7,174,230
United States bonds
200.000
State bonds
1,143,342
State Treasury notes
450,000
Farm mortgages
2,443,047
Sale certificates
2.550,893
Insurance fund
1,159,639 $15,121,151
Bonded indebtedness of Idaho
Treasury notes due April 16, 1932 & interest_ _ Registered warrants (held in treas. as cash)
Bonds sold and to be delivered
$18,534,660
$4,024,300
1,023.900
955.109
250.000 $6,253,309
Gas Tax Anticipation notes (State Highway)
(not considered a general obligation)
$1,000,000
Assessed valuation of State, 1930
482,790,645
Estimated actual wealth
1,500.000,000
Levy for 1931
2,250,000
The bonded indebtedness of the State, inclusive of all issues
authorized,
has been reduced this year in the amount of $634,000 or
about 16%. Of
the total bonded debt, $3.368,000 is in serial form and on the way
plete retirement during the next ten years. The State Department to comof Public
Investments holds $1.393,342 of the above bonds.
INDIANAPOLIS, Marion County, Ind.
-BOND
William L. Elder, City Controller, will receive sealed bids OFFERING.
(Central standard time)on July 2for the purchase of$245,000until II a. m.
4%
Judgment funding bonds of 1931, first issue. Dated July 1 1931. municipal
$1,600. Due July 1 as follows: $12,000 from 1932 to 1946, Denom,
$13,000 from 1947 to 1951, incl. Prin. and semi-ann. hit. (J. incl.. and
& J.) are
payable at the office of the City Treasurer.
IRVINGTON, Westchester County, N. Y.
-BOND OFFERING.
Thomas J. Gorey, Village Clerk, will receive sealed bids until 8
Daylight saving time) on July 6 for the purchase of $240,000 not p. m.
to exceed 6% interest, coupon or registered bonds, divided as follows:
$185.000 street improvement bonds. Due Aug. 1 as follows: $12.000 from
1932 to 1945, inclusive, and $17,000 in 1946.
30,000 sewer extension bonds. Due $2,000 Aug. 1 from 1933
to 1947,
Inclusive.
25,000 water extension bonds. Due Aug. 1 as follows: $2,000 from
1933
to 1943, inclusive, and $3,000 in 1944.
Each Issue Is dated Aug. 1 1931. Denom. $1,000. Rate of
interest to
be expressed in a multiple of % or 1-10th of 1% and must be the
all of tne bonds. Principal and semi-annual interest (Feb. and same for
Aug.)
payable at the Irvington National Bank & Trust Co., Irvington. are
or at
the Bank of Manhattan Trust Co., New York. A certified
of the amount of bonds bid for, payable to the order of the check for 2%
accompany each proposal. The successful bidder will be Village, must
furnished with
the opinion of Hawkins, Delafield & Longfellow, of New York,
that the
bonds are binding and legal obligations of the Village.
JAMESBURG SCHOOL DISTRICT, Middlesex County,
N. J.
BOND SALE.
-The $150,000 coupon or registered school bonds
on June 15-V. 132, p. 4279
-were awarded as 4%s to C. A. Preimoffered
& Co.
of New York, at par plus a premium of $503. equal to 100.33, a basis
about 4.72%. The bonds are dated June 1 1931 and mature annually of
follows: $3,000 from 1932 to 1941, incl., and $4,000 from 1942 to 1971, as
incl.
JACKSON, Jackson County, Mich.
-BOND SALE.
-The
general obligation emergency water bonds of 1931 offered on $147.000
June 17-were awarded to the Harris Trust dz Savings
V. 132. p. 4450
Chicago, which bid for $55,000 bonds, due from 1934 to 1940,Bank, of
incl.,
3%s and $92,000 bonds, due from 1941 to 1947, incl., as 3.%s. Price as
was par. The bonds are dated June 15 1931 and mature annuallypaid
as
follows: $5,000 from 1934 to 1938, incl.; $15,000 from 1939 to
1946. Incl.,
and $2,000 in 1947. The following tabulation shows the nature of each of
the bids received:
Harris Trust & Savings Bank, Chicago-On $55,000 being the aggregate
due in the years 1934-1940, incl. at 334%;$92,000 being the aggregate
of bonds due in 1941-1947, inclusive at 3%%. On straight 3%%
basis on $147,000 bonds, par, accrued interest and a premium
of
3877.
4627
Stranahan, Harris & Co., Toledo
-On a 33i% basis, bid was $144,662.70.
On a 4% basis, par, accrued interest and a premium of $823.20. On
a 4%% basis, $3,483.90.
Braun. Bosworth & Co., Toledo
-On a 4% basis on $70,000
1934 to
1941 inclusive, and $77.000 in 1942 to 1947. inclusive. due a 3(%
On
basis, premium $28. On a straight 4% basis, $147,000. premium
$2,076. Total issue on a basis of 4%%, $4,444.
Halsey, Stuart & Co., Chicago
-Bid on a straight 4% basis, premium $500.
First Detroit Co., Detroit
-Bid on a 3%% basis for entire issue, premium
$88. On a 4%% basis for entire issue, premium $5,611.
John Nuveen & Co., Chicago
-On a 4%% basis for entire issue. premium
$2.940.
JAY, Keene, Chesterfield, Wilmington, Black Brook and Franklin
(Towns of) Central School District No. 1 P.0. Ausable Forks),
-BOND IIOLDINGS.-Harold R. Torrance, Clerk of the Board of N. Y.
Election will receive sealed bids at the Bank of Ausable Forks, Ausable Forks,
until 7 p. m. on June 22 for the purchase of $312,000 not to exceed
6%
Interest coupon or registered school bonds. Dated July 1 1931. Denom.
$1,000. Due July 1 as follows: $4,000 from 1932 to 1934 incl.; $5,000 from
1935 to 1938 incl.; $6,000 in 1939 and 1940; $7,000 from 1941 to 1943 incl.:
$8,000 from 1944 to 1947 incl.; $9,000 from 1948 to 1950 incl.; $10,000 from
1951 to 1953 incl.;$12,000 from 1954 to 1956 incl.; $13,000 in 1957 and
$14,000 in 1959; $15,000 from 1960 to 1964 incl.; and $7,000 in 1965. 1958;
Rate
of interest to be expressed in a multiple of y or 1-10th of 1% and must be
i
the same for all of the bonds. Principal and semi-annual interest (Jan.
and July) are payable at the Bank of Ausable Forks, Ausable Forks, or at
the Chemical Bank & Trust Co., New York, at the option of the holder.
A certified check for $6,000, payable to Victor K. Moore, Treasurer, must
accompany each proposal. According to the official notice of proposed
sale, the approving opinion of Clay, Dillon & Vandewater, of New York,
will be furnished to the purchaser without cost, which opinion will refer to
the case of Gardner vs. Ginther, to which this school district is not a party,
in which the Appellate Division, Fourth Department, recently affirmed
unanimously the judgment of the Supreme Court and will state in their opinion the plaintiff's contention is legally without merit;
Financial Statement.
Valuations-Assessed valuation, 1930-1931
$878,175.00
Full valuation as determined by State Tax Commission_
2,133,016.00
Debt
-Bonded debt this issue
312,000.00
Population, 1931, estimated, 3,500.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
-BOND OFFERING.
-Two issues of bonds aggregating $900,000 will be offered for sale at
public auction on June 22 at 10 a.m. by W. D. Bishop, President of the
Board of County Commissioners. The issues are as follows:
$500,000 court house and jail construction bonds. Due as follows: $50,000
in 1943, $55,000 1944 to 1951, and $10,000 in 1952.
400,000 sanitary sewer refunding bonds. Due on July 1 as follows:
$15,000 1934 to 1959. and $10,000 in 1960.
Interest rate is not to exceed 5%, payable semi-annually. The bonds
will be approved by Storey, Thorndike. Palmer & Dodge of Boston. A
certified check for 2% of the bonds bid for, payable to the County Commissioner, is required.
JEFFERSONVILLE SCHOOL DISTRICT (P. 0. Tazewell), Tazewell County, Va.-BOND OFFERING.
-Sealed bids will be received until
June 23 by the Clerk of the Board of Supervisors, for the purchase of an
issue of $135,000 school bonds. Interest rate is not to exceed 5%. payable
semi-annually. Dated June 1 1931. Due in from 3 to 30 years. Prin.
and int. payable at the office of the County Treasurer. A certified check
for $6,750, payable to the County Treasurer, must accompany the bid.
JONES COUNTY (P. 0. Anamosa), lowa.-BONDS DEFEATED.
It is reported that at an election held on June 10 the voters defeated the
proposed issuance of $500,000 in road bonds by a large majority.
KINNEY, Saint Louis County, Minn.
-BOND OFFERING.
-It is
reported that sealed bids will be received until June 22. by M. B. Stokich.
Village Recorder, for the purchase of an $87,000 issue of village bonds.
A $5,000 certified check must accompany the bid.
KINSTON,Lenoir County, N. C.
-BOND SALE.
-The $130,000 issue
of coupon semi-ann. public improvement and refunding bonds offered for
sale on June 16-V. 132. p. 4451-was awarded to A. C. Allyn & Co. of
Chicago, as 5Y paying a premium of $125, equal to 100.09. a basis of
4s,
about 5.23%. Dated June 1 1931. Due from June 1 1933 to 1942 incl.
An official list of the bids received follows:
Name of BidderInterest.
Price.
*A. C. Allyn & Co., Chicago, Ill.
5%% $130,125.00
Provident Savings Bk. & Tr. Co., Cincinnati, Ohio 5Si%
130,078.00
Stranahan, Harris & Co., Toledo, Ohio
130,845.00
53
Spitzer Rorick & Co. Toledo, Ohio
5%%
130,266.00
Magnus & Co., Cincinnati, Ohio
6%
130.785.00
*Purchaser.
KOOCHICHING COUNTY (P. 0. International Falls), Minn.
BOND SALE.
-The $298,000 issue of coupon funding bonds offered for
sale on June 15-V. 132, p. 4279
-was purchased by Mr. T. G. Evensen
of Minneapolis. as 6s, at par. Dated June 11931. Due from June 11940
to 1951, inclusive. Optional after June 11941.
KOSSUTH COUNTY DRAINAGE DISTRICT NO. 178 (P. 0.
Algona), Iowa.
-BOND OFFERING.
-Bide will be received until
P. m. on July 7 by II. N. Kruse, County Treasurer, for the purchase 2:30
of a
$6.333 issue of 5% semi-ann. drainage bonds. Dated Aug. 1 1931. Due
from Dec. r 1935 to 1941 incl. Sealed bids will be received up to the hour
of calling for open bids. The purchaser is required to furnish the blank
bonds and legal opinion. Principal and interest (J. & D.) payable at the
office of the County Treasurer.
LA GRANGE COUNTY (P. 0. La Grange), Ind.
-BOND SALE.
The following issues of 41 % coupon bonds aggregating $10,000 offered on
May 27-V. 132. p. 3757
-were awarded to the La Grange County Trust
CO., of La Grange. at par plus a premium of $626. equal to 105.79, a basis
of about 3.40%:
36,600 Greenfield Twp. road improvement bonds. Due $330 July 15 1932;
$330 Jan. and July 15from 1933 to 1941 incl., and $3330 Jan. 151942.
4,200 Milford Twp. road improvement bonds. Due $210 July 15 1932;
$210 Jan and July 15from 1933 to 1941 incl., and $210 Jan. 151942.
Each issue is dated May 15 1931.
LA SALLE COUNTY(P.O. Cotulla), Tex.
-BONDS REGISTERED.Tik- $90,000 issue of 5% courthouse and jail bonds that was sold on Jan. 12
-V. 132, p. 889
-was registered by the State Comptroller on June 12.
Denom.$1,000. Due serially.
LAUREL, Prince Georges County Md.-BOND SALE.
-John P.
Baer & Co. of Baltimore purchased on June 16 an issue of $10,000 .01%
Improvement bonds at a price of 101.069, a bas's of about 4.40%. The
bonds mature July 1 1946.
LEWIS COUNTY (P. 0. Lowville), N. Y.
-BOND OFFERING.
E. H. Barnes, County Treasurer, will receive sealed bids until 10 a. m.
(Eastern standard time) on July 1 for the purchase of $60,000 4%% coupon
or registered jail bonds. Dated July 1 1931. Denom. $1,000. Due
$3,000 annually on July 1 from 1932 to 1951, inclusive. Principal and
annual interest (July 1) are payable at the office of the County Treasurer.
A certified check for 31.200, payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Clay, Dillon
& Vandewater, of New York, will be furnished the purchaser.
Financial Statement.
Valuations
Actual valuation, real property, equalized
$30,775.544.00
Asss.ssed valuation, real property-1931
21.752.508.00
Assessed valuation, special franchLses-1931
345,337.00
Total assessed valuation,real property & special franchise_ 22,097,845.00
Debt
Bonded indebtedness outstanding
312,299.52
This issue
60,000.00
Total bonded indebtedness
372.299.52
The bonded indebtedness of the County upon the issuance of these
bonds will be about 1 7-10% of the assessed valuation.
Population: 1930 Federal census, 23,447.
LEWISTOWN, Androscoggin County, Me.-BOND OFFERING.Edward T. Goff, City Treasurer, will receive sealed bids until 1 p. m.
(Eastern standard time) on June 26 for the purchase of $183,000 4% coupon
refunding bonds. Dated July 1 1931. Denom. $1.000. Due $10.000
on July 1 from 1932 to 1948 incl., and $13,000 in 1949. Principal
and
4628
FINANCIAL CHRONICLE
ProL. 132.
to 1945 bonds, 3.90%; 1946 to 1949 bonds,
1939 and 1940 bonds,
semi-annual interest (January and July) are payable at the Fidelity Trust 3.95% and 4.00% for 3.80; 1941due from 1950 to 1975 incl. The securities,
the bonds
Co., Portland. The bonds will be issued under the supervision of and according to the bankers, are legal investment for savings banks and trust
by the Fidelity Trust Co., Portland, and their
certified as to genuineness
New York State.
legality will be approved by Cook, Hutchinson, Pierce & Connell of Port- funds in
reported by Town Clerk as of June 3 1931)
Financial Statement (as
land, whose opinion will be furnished the purchaser. Bids must be for Assessed valuation, 1930 officially
880.343,820
the total issue offered.
4,531,692
Total bonded debt (incl, this issue)
Debt Statement.
$464,000
$34,032,256 Less: water debt
valuation for 1930
Assessed
4,067,692
1,676.500 Net debt
Bonded Indebtedness (excluding this issue)
300.000
Population, 1920 census, 6,571; population, 1930 census, 19,040.
Temporary loans in anticipation of 1931 taxes
183,000
-The $35,000
-BOND SALE.
Bonds to be retired by this issue
MANSFIELD, Richland County, Ohio.
33.50 incinerator construction bonds offered on June 15-V. 132, p. 4280
-were
Tax rate (per $1,000) for 1930
35,000 awarded as 5s, at a price of par, to the Board of Sinking Fund Trustees.
Population
- The bonds are dated June 1 1931 and mature $3,500 annually on Oct. 1
-BONDS NOT SOLD.
COUNTY (P. 0. Liberty), Tex.
LIBERTY
The $500,000 issue of 5% semi-ann. road, series B, bonds offered on June 8 from 1932 to 1941 incl. advertised for June 15, the offer of the Sinking
Although the sale was
-V. 132, p. 3931-was not sold, as all the bids received were rejected. Fund Trustees was accepted on June 11, as Use city followed the usual
Dated May 15 1931. Due from 1933 to 1961 inclusive.
custom offirst offering the issue for purchase to the local investment body.
-NOTE SALE.-Blanchet, Bowman &
LIMA., Allen County, Ohio.
-John W. Risley.
-BOND OFFERING.
MARGATE CITY,
Wood of Toledo, were the successful bidders on June 15 for an issue of Director to Revenue andN. J.
Finance, will receive sealed bids until 3.30 P. m•
of $21.
$21.000 5% coupon poor relief notes, paying par plus a premium 15 1931 (Daylight saving time) on June 25 for the purchase of $111,100 6% coupon
notes are dated June
equal to 100.10, a basis of about 4.95%. The
assessment bonds. Dated June 1 1931. One bond for
and mature .litne 15 1933. Denom.$1,000. Int. is'payable semi-annually temporary street $1,000. Due $37,100 on Dec. 1 1931 and $74,000 June 1
others for
In June and Dec. Legality approved by Peck, Shaffer & Williams of $1.100,Prin. and int. are payable at the Margate Trust Co., Margate City •
1932.
Cincinnati. Only one bid was submitted at the sale.
A certified check for 32,000 must accompany each proposal. The approving
LINCOLN COUNTY SCHOOL DISTRICT FRACTIONAL NO. 13 opinion of Clay, Dillon & Vandewater of New York, will be furnished the
be
Carrizozo), N. Mex.-BOND OFFERINO.-Sealed bids will for purchaser.
(P. 0.
County
received until 10 a.m. on June 30 by R. A. Duran,Interest Treasurer, to
-LOAN OFFERING.
rate is not
MARION COUNTY(P.O.Indianapolis),Ind.
the purchase of a $25,000 issue of school bonds.
J. & J. Denom. $1,000. Dated July 1 1931. Due Harry Dunn, County Auditor, will receive sealed bids until 10 a. m. on
exceed 6%. payable
1942 to 1944, all July 1 for the purchase of $600,000 not to exceed 4% interest notes. authoron July 1 as follows: 52,000, 1934 to 1941, and $3,000,
ized through adoption of resolutions on March 17, comprising an issue of
incl. The following conditions of sale are to be observed:
$350.000 and one of $250,000, each of which is dated July 1 1931 and
Bidders will be required to submit bids specifying:
which matures Dec. 1 1931. Denom. 35.000.
(a) The lowest rate of interest and premium if any above par at
-The
-NOTE SALE.
such bidder will purchase said bonds; or
MARION COUNTY (P. 0. Indianapolis), Ind.
-were
(b) The lowest rate of interest at which the bidder will purchase said $200,000 poor relief notes offered on June 15-V. 132, p. 4280
bonds at par.
the Harris Trust & Savings Bank, of Chicago,
interest awarded at 3% interest to
Bonds will be sold at not less than par value of the bonds plus the and no for a premium of $595, equal to 100.29. a basis of about 2.75%. The
of sale,
accrued from the last preceding interest date to the date and only uncon- notes are dated June 1 1931 and mature $100,000 each on May 15 and on
commission will be allowed or paid on the sale of such bonds and except the Nov. 15 1932. The notes are being reoffered for general investment priced
to maturity.
ditional bids will be considered. All bids shall be sealed,a deposit of
yield from 2.25 to
5% to The May 15 1932 2.50%, accordingat 100.68, while those maturing in
bids of the State of New Mexico, shall be accompanied by
notes are priced
either cash or certified check, drawn on a solvent bank or trust company, Nov. 15 1932 are priced at 100.69. Legal investment for savings banks in
payable to the order of the County Treasurer.
New York and other States and eligible as security for postal savings
-BOND OFFERING.
deposits, according to the successful bidders.
LINN COUNTY (P. 0. Mound City), Kan.
Financial Statement (As Officially Reported.)
will be received until 11 a. m. on June 25 by George W. Huff,
Sealed bids
$797,548,080
Assessed valuation for taxation
County Clerk, for the purchase of a $72,000 issue of 4% road impt. bonds. Total debt
7,887,320
(this issue included)
Denom. $1.000. Dated June 1 1931. Due on June 1 as follows: $7,000.
422,666
1941 A certified check for 2% of Population, 1930 census
1932 to 1939, and $8,000 in 1940 and
348,061
Population, 1920 census
the bid Is required.
Merchants
The Fletcher Trust Co., the Indiana Trust Co., and the interest, at
-The follow- National Bank, all
-BOND SALE.
LONG BEACH, Nassau County, N. Y.
of Indianapolis, bid for the notes at 3X%
bonds,aggregating $560,000,offered on June 11(V.132, par plus a premium of $316.
ing Issues ofcoupon
Seyp. 4279) were awarded as Wis to a syndicate composed of Edmund and
-BOND SALE.
Hoffman & Co..
MARSHALL COUNTY (P. 0. Plymouth), Ind.
mour & Co., A. C. Allyn & Co., Rapp & Lockwood,basis of about 5.74%: The
three issues of 434% coupon bonds aggregating $22,450 offered on
New York,at 100.051, a
Morris Mather & Co., all of
1 from 1937 to June 16-V. 132. p. 4452
to the Merchants National Bank
-were awarded
$450,000 public improvement bonds. Due $18,000 June
of Muncie as follows:
1961, incl.
follows: $4,000 from 1937 311,000 highway [rapt. bonds,sold at par plus a premium of $414.14, equal
110.000 series H. water bonds. Due June 1 as1961, incl.
to 103.76,a basis ofabout 3.74%. Due semi-annually from July 15
to 1956 incl., and 36,000 from 1957 to
1932 to Jan. 15 1942.
Each issue is dated June 1 1931. The two issues of special assessment
*
sold on June 11 were
9,800 highway inapt. bonds, sold at par plus a premium of $363.63, equal
Improvement bonds also scheduled to have been
to 103.71. a basis of about 3.75%. Due semi-annually from
withdrawn from the offering.
July 15 1932 to Jan. 15 1942.
-BOND DETAILS.
LOS ANGELES, Los Angeles County, Calif.
1,650 highway impt. bonds, sold at par plus a premium of $45, equal to
The $122,483 issue of Santa Clara Valley funding bonds that was purchased
a basis of about 3.935%. Due semi-annually from July 15 1932
by Weeden & Co.of Los Angeles,as 4s,at a price of 100.90-V. 132,I). 4279
to Jan. 15 1942.
1 as follows: $6,483 in 1931; 6.000,
-is dated Oct. 1 1930. Due on Oct.
Each issue is dated June 2 1931. The following is an official list of the
of about .87%•
1932 to 1948, and $7.000 in 1949 and 1950, giving a basisor at the Bank of bids received at the sale:
$1,650
$11,000 $9,800
Prin. and int. payable at the office of the City Treasurer,
by
Premium
America, National Association in New York. Legality approved
Bidder$45.00
Thomson,Wood & Hoffman of New York.
Merchants Nat. Bank (awarded three issues)__$414.14 $363.63
398.00 354.00
-The Fletcher Trust
-BOND SALE.
LOUISIANA, State of (P. 0. Baton Rouge). bonds offered for sale Pfaff& Hughel Co
356.00
398.00
highway
315,000,000 issue of coupon or registered
410.00
-was purchased by a syndicate composed of Breed, Elliott & Harrison
on June 15-V. 132, p. 3743
358.68
402.60
Harris, Forbes & Co.; Lehman Bros.; the National City Co.,_ and the Chase Fletcher American Co
401.00 356.00
Continental Illinois Co. of Chicago; Union Trust Co
Securities Corp., all of New York; the
205.00
Corp.; George Lemler (Plymouth)
Stone & Webster and Blodget, Inc.; the First National Old Colony
1.65
297.00
E. H. Rollins & Sons; Kean, Taylor & Co.; Estabrook & Co.; Kountze John Albert Myers(Plymouth)
8.20
Chemical Securities It. V. Shakes(Plymouth)
Bros.; Eldredge & Co.; Ames, Emerich & Co.; the Co., and Stranahan,
-An $8,608.01
-BOND SALE.
Corp.; L. F. Rothschild & Co.; R. W. Pressprich &
MARSHFIELD, Coos County, Ore.
of New
Harris & Co.. Inc. all of New York; the Hibernia Securities Corp.Co. all issue of 6% semi-annual improvement bonds is reported to have been
Darby &
Orleans; H. L. Alien & Co.; It. H. Moulton & Co., andMississippi Valley purchased recently by Smith, Camp & Co. of Portland, at a price of 104.21,
maturity). Dated June 1 1931. Due
5.45% (to
of New York; Lawrence Stern & Co. of Chicago; the
Co., both a basis of about optional ondate of
June 11932.
Co. of St. Louis; E. Lowber Stokes & •,'Cld F. S. Moseley &
on Juno 1 1941,
-The $23,500 issue
-BOND SALE.
of New York; the Wells-Dickey Co. of MWapolis,Schaumburg, Rebhann
Ore.
MEDFORD,Jackson County,
Whitney
& Osborne of New York; Stern Bros. & Co. of Kansas City; the Trust & of 5% semi-annual court house site purchase bonds offered for sale on
Interstate
Trust & Savings Bank; the Canal Bank & Trust Co.; theof New Orleans, as May 19-V. 132, p. 3758
-was purchased by the First National Bank
Banking Co. and the American Bank & Trust Co., all
of Portland, at a price of 102.03, a basis of about 4.77%. Dated May 15
434s, at a price of 100.02. a basis of about 4.49%. Dated May 1 1931. 1931. Due from 1932 to 1954, inclusive.
Due from May 1 1935 to 1956, inclusive.
re-The $110,000
-BOND SALE.
MEDFORD, Middlesex County, Mass.
BONDS OFFERED FOR INVESTMENT -Thesuccessful syndicate
as follows:
% coupon street construction bonds offered on June 16-V. 132, p.
offered the above bonds for public subscription at prices to yield
maturity gave 3.60%; 1936, 3.75%; 1937: 3.90%; 1938. 4.00%. &c. 4452-were awarded to Eldredge & Co., of Boston, at a price of 100.93,
1935
are legal a basis of about 3.31%. The bonds are dated July 1 1931 and mature
up to a yield of 4.40%, on the 1950 to 1956 maturities. They
Massachusetts
investment for savings banks and trust funds in New York, Postal Savings $UMO on July 1 from 1932 to 1941, incl.
as being ellgible to secure
and other States and are regarded
The following is an official list of the bids submitted at the sale: Bid.
taxes,
Rate
Rate Bid.I BidderDeposits. They are stated to be exempt from all Federal Income
Bidder100.65
being direct and general obligations of the State.
Eldredge & Co.(purchasers) l00.93i Harris,Forbes & Co
100.399
100.881 R.L.Day & Co
Shawmut Corp
Financial Statement (As Officially Reported.)
100.30
$1,756,774,578 First Nat'l Old Colony Corp ..l00.66 I Estabrook St Co
for taxation, 1929
Assessed valuation
113,735,480
-ADDITIONAL
Total debt (this issue included)
MERRIMACK COUNTY (P. 0. Concord), N. H.
1,798.509
-The $100,000 temporary loan, due Dec. 15 1931,
Population, 1920 census
INFORMATION.
2,101,593
Population, 1930 census
awarded on June 10 to the Shawmut Corp., of Boston, at 1.46% discount
-was also bid for by the Mechanics National Bank,
-It is reported basis
-V.132. p. 4452
LOUISVILLE, Jefferson County, Ky.-BOND SALE.
bonds was of Concord, at a 1.85% discount basis.
that a $500,000 issue of 4% semi-annual school improvement
-Albert
-BOND OFFERING.
MIAMI COUNTY (P. 0. Peru), Ind.
recently at par by the sinking fund. Dated Jan. 1 1930. Due on
i
ur i t
yanchas
Eikenberry. County Treasurer, will receive sealed bids until 2 p. m. on
% Washington Township road imJuly 1 for the purchase of $7,300
NOT SOLD.
-BONDS
MADISON COUNTY (P. 0. Anderson), Ind.
provement bonds. Dated June 15 1931. Due one bond each six months
The County Treasurer informs us that the issue of 32,139.20 6% drain from July 15 1932 to Jan. 15 1942.
construction bonds for which sealed bids were invited until June 15-R. Allen
-BOND OFFERING.
MIDLAND, Beaver County, Pa.
-was not sold, as no bids were received.
V. 132, p. 3932
Strayer, Borough Treasurer, will receive sealed bids until 6.15 p. m.(EastMAMARONECK SEWER DISTRICT NO. 1 (P. 0. Mamaroneck); ern standard time) on June 29 for the purchase of $75,000 4 % coupon
-The $640,000 coupon or street paving bonds. Dated Sept. 1 1931. Denom.$1,000.
ue Sept. 1
Westchester County, N. Y.
-BOND SALE.
-were
registered (series I) sewer bonds offered on June 11-V. 132, p. 4280 Ingen as follows: 36,000. 1936: 85.000, 1937; $10,000, 1938; $12,000, 1939; $10,as 4.10s to Stranahan, Harris & Co., Inc., and B. J. Van
awarded
1943. Principal and semiincl.. and
of $4,_156.36, 000 from 1940 to 1942, and Sept.)$12,000 in in Midland. A certified
are payable
& Co., both of New York, jointly, at par plus a premium
annual interest (March
dated June
equal to 100.64, a basis of about 4.06%. The bonds are 1975, incl. 15 check for $500, payable to the order of the Borough Treasurer, must
1931 and mature 818.000 annually on June 15 from 1936 to
accompany each proposal.
Financial Statement.
-The
-BOND SALE.
MINNEAPOLIS, Hennepin County, Minn.
$110,000,000.00
Valuations: Actual valuation (estimated 1931)
park and parkway improvement bonds offered
two issues
Assessed valuation, real property, incl. improvem'ts 1930 80,343,820.00 for sale onof coupon special p. 4104) were awarded to Salomon Bros. and
June 16 (V. 132,
Real property valuations: 1929, $75,121,055; 1928, $70.
Hutzler of New York as 334s, paying a premium of $625, equal to 100.279,
839,950; 1927, $58,648,665.
a basis of about 3.44%. The issues are as follows:
$3,159,000.00
Debt: Gross bonded debt outstanding
$143,000 Lake Hiawatha impt. bonds. Due from June 1 1932 to 1941,'ncl.
Floating debt, including temporary loans
81,000 Pershing Field impt. bonds. Due from June 1 1932 to 1941,incl.
1,372,692.83
outstanding
-BOND OFFERING.
MINNESOTA, State of (P. 0. St. Paul).
4,531,692.83 Sealed bids will be received until noon on June 23. by Julius A. Schmahl,
gross debt
Total
of coupon or registered
State Treasurer, for the purchase of two issues
$464,000.00
Deductions: Water district bonds
bonds aggregating $8.600,000, divided as follows:
1,378,500.00
Sewer district bonds
in
$2,000,000 trunk highway bonds. Due on July 15 as follows: $100,000
Special district assessment bonds (paveand
1,990,500.00
148,000.00
1942; 8400,000. 1943: 3500,000, 1944; 8800,000. 1945,
ments, &c.)
under
$100,000 in 1946 and 1947. These bonds are issued
$2,541,192.83
Laws 1929, Chapter 412.
Net debt
$1,000,000
$640,000.00
6,600,000 trunk highway bonds. Due on July 15, as follows: Laws of
Bonds to be issued
Nil
1941 to 1946, and $600010 in 1947. Issued under
be funded by these bonds 640,000.00
Floating debt to
1931. Chapter 113.
Denom. 81,000.
$2,541,192.83
Interest rate is not to exceed 4%. payable J. & J. of interest only.
Net debt including bonds to be issued
Population: 1920 Federal Census, 6,571; 1925 State Census, 13,124: Dated July 15 1931. Bids must provide for one rate than par value
less
Bonds will be sold to the purchaser who will pay not be made subject to
1930-Federal Census. 19.040.
the lowest rate of interest. The sale will
The successful bidders are reoffering the bonds for general investment thereof, at
opinion of Thomson, Wood & Hoffman, of New York, the
priced to yield 3.50% for the 1936 maturity; 1937, 3.60%; 1938. 3.75%; an approving
JUNE 20 1931.]
FINANCIAL CHRONICLE
4629
expense of which opinion shall be paid by the purchaser. Principal and
interest payable in lawful money at the option of the holder in St. Paul, Bonds to be issued: Improvement bonds of 1931- 132,000.00
Assessment bonds of 1931
102,000.00
or New York City. The State will prepare and furnish the bonds and
attached coupons. Delivery of said bonds will be made to
$234,000.00
as bidder may designate. A certified check for $100,000 mustsuch places
accompany
Floating bonds to be funded by such bonds._._ 233,516.42
the bid.
483.58
Official Financial Statement.
Net debt,including bonds to be issued
$366,352.86
Actual value of taxable prop, in the State of Minnesota,
Assessed Valuations:
•
1930, estimated
$5,408,981,270.00 Real property, including improvements
1931 $3,904,015.00
Assessed value oftaxable property in the State
Personal property
1931
346,025.00
Assessed value of real estate
1,676,116,620.00 Real property
1931 3,904.015.00
Assessed value of personal property
264,186,742.00 Real property
1930 3,863,046.00
Assessed value of moneysand credits
441,920,557.00 Real property
1929 3,734,781.00
Assessed value of electric light and power companies
Population, Census of 1930. 2,132. Tax rate, Fiscal year. 1931, $51.70
21,374,320.00
Total indebtedness of the State of Minn., June 10 1931--88,182.008.07 Per thousand.
Bonds of the State of Minnesota outstanding
2,586,758.83
MONTEREY,Monterey County, Calif.
Highway bonds
-BOND SALE.
-It is reported
9,000,000.00
County highway bonds(assumed by the State)
17,780,249.24 that a $77,250 issue of 414% semi-annual municipal improvement bonds
has been purchased by the First National Bank of Monterey, paying a
Rural credit bonds, primarily payable out of the proceeds
ofloans made on real estate in the State
58.815,000.00 premium of $2,100, equal to 102.71.
Total amount of bonds outstanding,incl. county highway
MULTNOMAH COUNTY (P. 0. Portland) Ore.
-BOND VALE
bonds assumed
88,182,008.07 NOT CONSUMMATED.
-It is reported that Storey, Thorndike, Palmer
Average tax rate for 1930 for $1,000 taxable value
64.20 & Dodge of Boston, the attorneys on the issue, have advised the County
Taxable value of real estate is 33 1-3% on farm property and 40% on Commissioners that the sale of the $100,000 issue of
4% coupon road bonds
city property. Taxable value of personal property is 40%,except
to the First National Bank of Portland-V. 132.
furnityre which is 25% and farm equipment and farm products in household the offering of the bonds had not been publicly p. 4281-was not legal as
the hands
advertised for the required
of the producer which is taxed on a basis of 10% of the true value. Mined legal period. It is stated that the Commissioners
iron ore is taxed at 50% of its full and true value. Tax on moneys and shortly and will increase the amount of bonds fromwill again call for bids
$100.000 to $200.000.
credits is $3 on $1,000. Population of State, 1930 census, 2,563.445.
BONDS RE
-OFFERED.
-We are now informed that sealed bids will be
received until noon (Pacific time) on July 8, by A. A. Bailey, County Clerk,
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE SALE.
-The $516,000 issue of certificates of indebtedness offered for sale on June for the purchase of a $200,000 issue of coupon road bonds. Int. rate is not
16-V. 132, p. 4452
-was awarded to the First Securities Corp. of St. Paul to exceed 5%, payable F. & A. Denom. $1,000. Dated Aug. 11931. Due
and Minneapolis, as 1%s, paying a premium of $26, equal to 100.005, a $20,000, from Aug. 1 1937 to 1946, incl. Prin. and int. payable in gold at
the fiscal agency of the State in New York City, or at the County Treasurer's
basis of about 1.74%. Dated June 15 1931. Due on March 15 1932.
office. The approving opinion of Storey, Thorndike, Palmer & Dodge of
The other bids for the certificates were officially reported as follows:
Boston, will be furnished. Bids to be on forms furnished by the County.
Bidders
Int. Rate. Premium. A certified check for 5% of the bid, payable to the County Clerk, is required.
Bankers Co. of New York
2
$784.32
Salomon Bros. & Hutzler
MULTNOMAH COUNTY DRAINAGE DISTRICT NO. 1 (P. 0.
2
495.36 Portland),
Phelps, Fenn & Co., and the Milwaukee Co
-BONDS NOT SOLD.
Ore.
-The $19,000 issue of 5% semi2
60.00
Bancnorthwest Co
annual refunding bonds offered on June 12 (V. 132, p. 3745) was not sold,
2 %
39.00 as
all the bids received were rejected. Due from Dec. 1 1943 to 1946 and
MISSOURI, State of (P. O. Jefferson City).
-BOND OFFERING.
- optional after five years.
Sealed bids will be received until 2 p.m. (Central standard time) on July 8
by Larry Brunk, State Treasurer, for the purchase of a $5.000,000 issue of
NACHES, Yakima County, Wash.
-BOND OFFERING.
-Sealed bids
3%% coupon or registered road, Series P,bonds. These bonds are coupon will be received until 8 p.m. on July 13, by F. N. Nelson, Town Clerk,
bonds in the denomination of $1,000, registerable as to principal or as to for the purchase of three issues of coupon bonds aggregating $15,000,
principal and interest, and are acceptable as fully registered bonds in
divided as follows:
denomination of $5,000, $10,000, $50,000 and $100,000, which fully the $3.000 fire department bonds. Due serially in from 2 to 25 years.
registered bonds may again be exchanged for coupon bonds in the denomina9.000 water system bonds. Due serially in from 2 to 25 years.
tion of $1,000 on payment of $1.00 per thousand. Dated July 1 1931.
The above bonds were previously offered for sale on June 1.-V. 132, P•
Due $1,000,000from Aug. 1 1948 to 1952 inclusive. Prin.and int.(F.& A.) 3759.
-Interest rate is not to exceed 5%, payable semi-annually.
payable at the Chase National Bank in N. Y. City. Purchaser will be $3,000 special water revenue bonds. Int. rate is not to exceed 6%, payable
furnished with the approving opinion of Stratton Shartel, Attorney-General,
semi-annually. Due serially in from 6 to 25 years.
and Benj. H. Charles of St. Louis. No bids at less than 95 and accrued
Dated July 11931. Separate bids will be received by the Town for the
interest will be considered. Bids must be submitted on a form furnished purchase of each issue of bonds. The bonds will be sold wish the opinion of
by the State Treasurer. The full faith, credit and resources of the State Thomas H. Wilson of Yakima. A certified check for 5% of the bonds is
are pledged to the punctual payment of these bonds, which are payable by required.
an unlimited ad valorem tax authorized by the Constitution of Missouri,
NAVARRO COUNTY CONSOLIDATED ROAD DISTRICT NO. 1
to be levied upon all of the taxable property in the State. A certified check
-BOND SALE.
-The $456.000 issue of 5%
for 1% of the amount of bonds bid for, payable to the State Treasurer, is (P. 0. Corsicana), Tex.
semi-ann, road building bonds offered for sale on June 13-V. 132. p. 4453
required.
-was purchased by the Brown-Crummer Co. of Wichita, at a twice of
MOHAWK MUNICIPAL CONSERVATION WATER DISTRICT 99.50, a basis of about 5.02%. Dated July 1 1927. Due $76.000 from
(P. 0. Roll), Ariz.
-BONDS NOT SOLD.
-The $328.000 issue of 6% April 1 1950 to 1955, inclusive.
coupon water bonds offered on May 16 (V. 132. p. 3386) was not sold as
NEWBURGH, Orange County, N. Y.
-BOND SALE.
-The following
there were no bids received. Due $16.400 from 1942 to 1961,inclusive.
Issues of coupon or registered bonds aggregating $278,000 offered on June 15
MONMOUTH COUNTY (P. 0. Freehold) N. J.
-BOND SALE.
- -V. 132, p.4281-were awarded as 3.60s to Emanuel & Co., of New York,
The $3,000,000 coupon or registered temporary State highway bonds at par plus a premium of $864.58, equal to 100.311, a basis of about
3.56%:
offered on June 17-V. 132, p. 4280
-were awarded as 3.404 to a
follows: $12,000 from
A street impt. bonds.
composed of Harris, Forbes & Co., the Chase Securities Corp., andgroup $244,000 seriesto 1951 incl., and $4,000Due July 1 as
in 1952.
Barr
1932
Bros. & Co., Inc.. all of New York, at par plus a premium of $570, equal to
25,000 park impt. bonds. Due July 1 as follows: $2,000 from 1932 to
100.016. a basis of about 3.399'. The bonds are dated July 15 1931 and
1941 incl., and 81,000 from 1942 to 1946 incl.
mature Jan. 15 as follows: $1,000,000 in 1935 and $2,000,000 in
9,000 series B street impt. bonds. Due $1,000 July 1 from 1932 to 1940
bonds, according to the bankers, are legal investment for savings 1936. The
banks and
incl.
trust funds in New York and New Jersey and are being re-offered for general
Each
is dated July 1 1931. The bonds, according to
Investment priced to yield 3.15% for the 1935 maturity and 3.25% for the bidders,issue legal investment for savings banks and trust the successful
are
funds in New
bonds due in 1936.
York State and are being re-offered for general investment priced to yield
from 2.00 to 3.60%. according to maturity. The city reports
MONROE COUNTY (P. 0. Monroe), Mich.
-BOND SALE.
-The valuation of real property of $40,901,600 and a net bonded debtan assessed
of $2,274,$50,000 coupon jail construction bonds offered on June 15(V. 132, P. 4453)
were awarded as 3%s to the First National Bank of Monroe at a discount cf 799. The following is an official list of the bids submitted at the sale:
Bidder-.
Int. Rate.
Premium.
$497, equal to 99.006, a basis of about 4.02%. Dated June 11931. Due
3.60%
$864.58
$10,000 annually on June 1 from 1933 to 1937, incl. Bids submitted at Emanuel & Co. (purchasers)
Stephens & Co
3.60%
244.64
the sale were as follows:
Wallace, Sanderson & Co
1.061.96
3.70
BidderInt. Rate.
This Bid. National Bank of Newburgh
886.82
3.70%
First National Bank, Monroe (purchaser)
3 %
99.006 Salomon Bros. & Hutzler
1,056.40
3.70%
Carl
urtz
100.25
Batchelder & Co
389.20
3.70%
John Nuveen & Co
470
100.06
H. L. Allen & Co
717.24
3.75%
Dansard State Bank
4 %
Par
First Detroit Co
3.90%
1.445.64
Guardian Detroit Co
434%100.055 Lehman Bros
525.42
3.90%
Ryan, Sutherland & Co
434
100.15
Marine Trust Co
2,166.00
4.00%
Braun, Bosworth & Co
434 0
100.63
Newburgh Savings Bank
4.431.00
4.00%
MONROE COUNTY (P. 0. Bloomington), Ind.
-BOND OFFERING.
NEW CUMBERLAND, Hancock County, W. Va.-BOND SALE.
-Marion Burch, County Treasurer, will receive sealed bids until 2
Two issues of 5% semi-annual bonds aggregating $24,000, are reported
Ir•
on June 24 for the purchase of $17,100 4% bonds, divided as follows: m. to have been purchased at par by A. C. Allyn & Co. of Chicago. The
$18,700 road improvement bonds. Denom. $935. Due $935 May and issues are as follows: $20,000 water works and $4,000 electric light bonds.
Nov. 15 from 1932 to 1941, inclusive.
8,400 road improvement bonds. Denom. $420. Due $420 May and
NEWELLTON, Tenses Parish, La.
-BOND OFFERING.
-Sealed bids
Nov. 15 from 1932 to 1941. inclusive.
will be received until 11 a. m.on July 1 by Mrs. L. De Vries. Village Clerk,
A certified check for 3% of the amount of bonds to be sold and an affi- for the purchase of a 835,000 issue of 6% coupon waterworks bonds.
davit of non-collusion must accompany each proposal.
Denom. $500 and $1.000. Dated July 11931. Due on July 1 as follows:
$500, 1934 to 1943: $1,000, 1944 to 1952: 81,500, 1953 to 1958:32.000. 1959
MONTANA, State of (P. 0. Helena).
-BOND OFFERING.
-Sealed
bide will be received until 11 a. m. on July 1, by W. L. Fitzsimmons. to 1961; $2,500. 1962 and 1963 and $1.000, 1964. Prin. and int. (J. & J.)
Clerk of the State Board of Examiners, for the purchase of a $2,096,500 payable at the Whitney National Bank in New Orleans, or the National
Issue of coupon State Institution bonds. Interest rate is not to exceed City Bank in New York City. The printing and delivery expenses and the
5%,Payaole J. & .J. Dated July 1 1931. Due on July 11981, redeemable cos,of legal opinion will be paid by the Village. A certified check for $1,000
at the option of the State Board of Examiners on July 1 1941, or on any Payable to the Board of Aldermen, must accompany the bid.
interest bearing date thereafter. Prin. and int. payable in gold at the
NEW HAVEN, New Haven County, Conn.
-BOND OFFERING.
State Treasurer's office, or at the fiscal agency of the State in New York. Frank G.P. Barnes, City Comptroller, will receive sealed bids until 10 a.m.
The approving opinion of Masslich & Mitchell, of New York, will be fur- (Eastern standard time) on June 25 for the purchase of
3500.0004% coupon
nished. Delivery and payment for said bonds may be made at the State or registered bonds, divided as follows:
Treasurer's office, or at the fiscal agency of the State in New York, at
the $250,000 general public impr. bonds. Due July 1 as follows: $8,000 from
purchaser's option and expense.
1933 to 1943 incl., and $9,000 from 1944 to 1961 incl.
These bonds are to be issued for the purpose of constructing buildings at
200,000 sewer bonds. Due July 1 as follows: $6,000 from 1933 to 1935 incl.
the several institutions of the State of Montana and there shall be levied
and $7,000 from 1936 to 1961 incl.
annually upon all property in the State of Montana, subject to taxation,
50,000 park and playground bonds. Due July 1 as follows: 81,000 from
an ad valorem tax upon each dollar of the assessed valuation of such proP1933 to 1940 incl., and $2,000 from 1941 to 1961 incl
arty sufficient to pay the interest accruing on said bonds for the first 10
Each issue is dated July 1 1931. Denom. of $1,000 each or in multiples
years after their issuance and sufficient thereafter to pay the interest on thereof. Principal and semi-annual interest (Jan. and
said bonds and to Provide an adequate sinking fund for their redemption. the office of the City Treasurer. The bonds will be July) are payable at
engraved under the
Each bid must specify the rate of interest said bonds are to bear, which supervision
angrtifdasto genuineness bgthe
t
ie c,for
tgaiVIlBons:c
shall in no event exceed 5% per annum, and no bids for less than par
0ayaieo:oerheti
"f
accrued interest will be considered. All bids must be unconditional. and Treasurer, must accompany each proposal. The approving opinion of
As a guarantee of good faith each bid must be accompanied by a certified Storey. Thorndike, Palmer & Dodge, of Boston, will be furnished the
check in the sum equal to 2% of the amount of bonds bid for, payable to purchaser.
the order of the Treasurer of the State a Montana, which check will be
NEW JERSEY (State of).
-PROBABLE ISSUE OF
returned to the bidder if unsuccessful, and, otherwise, applied as
Part -The State Water Policy_ Commission has announced $3,000,000 BONDS.
piayment to the total bid and to be forfeited to the State of Montana
its intention to reliquidated damages in case the bidder fails to comply with the terms as quest authority to issue $3.000,000 in bonds "to finance the development
of of a new major source of water supply in northern New Jersey, according
its, or his, bid.
to the U. S. Daily of June 16.
MOUNTAIN LAKES, Morris County, N. J.
"The bonds will be the first to be sold under the $7,000.000 issue which
-FINANCIAL STATE-In connection with the proposed sale on June 23 of $234 000 the voters approved at the last November 1930 election for the use of the
MENT.
coupon or registered bonds, notice and description of which appeared ho
- Conunission. The Act requires that the State House Commission,composed
of the Governor, State Treasurer and State Comptroller, pass upon the
V. 132. P. 4281-we are in receipt of the following:
Plans for the spending of the money."
Financial Statement.
Indebtedness:
NEW JERSEY, State of (P. 0. Trenton).
-53,000.000 BONDS OF
Gross debt: Bonds (outstanding)
$270,000.00
TOTAL OF $23,000.000 OFFERED SOLD TO LOCAL BANKS.
-REMAINFloating debt (incl.temporary bonds outst'd'g) 385,000.00 $655,000.00 ING
820,000,000 EXPECTED TO BE REOFFERED.
-State officials met
with but partial success in their effort to market $23,000,000 334% coupon
Deductions: Water debt
$270,000.00
or registered bonds, sealed bids for which were invited until June 16Sinking funds,other than for water bonds
19,130.72
289,130.72 V. 132, p. 4281. The offering consisted of $20,000,000 series A highway
Imrit, bonds, due serially from 1933 to 1966 Incl., and $3,000,000 series A
Net debt
$365,869.28 institution building bonds, also due from 1933 to 1966 incl.
This_latter
4630
FINANCIAL CHRONICLE
issue was the only one sold, an offer of 100.029, or a .349% basis. subnutted by the New Jersey National Bank & Trust Co.,and the Merchants
& Newark Trust Co.. jointly, being accepted. Only one syndicate bid
was received at the sale. This offer was a plaice of par submitted by a group
headed by the Bankers Company of New York and was for all of the maturities of each of the issues offered, becoming due from 1933 to 1944 incl.,
and 10 bonds of each maturity thereafter. A group of 40 banking institutions throughout the State bid for a total of $14,200,000 of the bonds.
One of the principal reasons advanced as a result of the unsuccessful
offering was the stipulation in the notice of proposed sale that only bids
for par or better would be considered. At a meeting of the State House
Commission on June 23 the possible reoffering of the $20,000,000 issue
will be considered.
-J. S. Rippel &
PUBLIC OFFERING MADE OF $2,510,000 BONDS.
Co. of Newark are offering for publlc investment a block of $2,510,000
• % bonds of the $3,000,000 institution building issue referred to above.
The securities are reported to be legs'investment for savings banks and trust
other
funds in New York, New Jersey, Massachusetts, Connecticut and100.75
States, and are priced at 101 for the 1942 to 1949 maturities and
for the 1950 to 1966 maturities. The amounts due each year are as follows:
$70,000 from 1942 to 1947 incl.; $80.000, 1948 and 1949; $90,000 from 1950
to 1953 incl.; $100,000. 1954 and 1955; $110,000 from 1956 to 1959 incl.;
$120.000, 1960 and 1961;$130,000, 1962 and 1963:$140,000, 1964 and 1965.
and $150,000 in 1966.
Financial Statement.
$7.081,966,417
Total assessed valuation
121,000,000
Total bonded indebtedness (including this issue)
65,939,725
Less:Sinking funds
55,060.275
Net bonded debt
or $13.67 per capita-)
(Ratio of net debt is 0.77 of assessed valuation
Population: 1930 census, 4,028,027.
NEW KENSINGTON SCHOOL DISTRICT, Westmoreland County,
Pa.
-Elizabeth Morgan. Secretary of the School Board,
-BOND SALE.
informs us that E. IT. Rollins & Sons, of Philadelphia, were awarded on
June 8 an issue of $90,000 4% coupon bonds at par plus a premium or
are dated
$2,447.10, equal to 102.71, a basis of about 3.67%. The bands 1937. and
May 1 1931 and mature May 1 as follows: $5,000 in 1936 and
1938 to 1945, incl. Interest is payable semi-annually in
$10.000 from
M.& N. Proceeds of the sale will be used "to make settlement with Lower
Burrell Township on account of annexation of a portion of the Township.'!
-A
-TEMPORARY LOAN.
NEWPORT, Newport County, R. I.
$150,000 temporary loan was purchased on June 12 by the Aquidneck
National Exchange Bank at 1.375% discount basis. The loan matures
Sept. 8 1931 and was also bid for by Salomon Bros. & Hutzler, of Boston,
at 1.39% discount basis.
-The
-BOND SALE.
NEWTON COUNTY (P. 0. Kentland), Ind.
p.
$25,000 5% jail construction bonds offered on June 13-V. 132,par4105 a
plus
Indianapolis, at
were awarded to the Fletcher American Co., of
premium of $400. equal to 101.60, a basis of about 4.82%. The bonds are
dated May 1 1931 and mature as follows: $1,000 Jan. 1 from 1933 to 1947
incl., and $1,000 Jan. and July 1 from 1948 to 1952 incl.
-BONDS
NILES CENTER (Suburb of Chicago),_ Cook County, III.
PUBLICLY OFFVRED.-The Gatzert Co., Inc., of Chicago, is offering for
bonds,
public investment an issue of $193,000 6% street improvementto yield
due Dec. 31 from 1932 to 1940, incl., at a price of 100 and interest,
the bonds. "in addition to
6%. According to the notice of the bankers,
being secured by a special assessment tax lien, the majority of the assessments are an obligation of the Edith Rockefeller McCormick Trust interest."
-TEMPORARY LOAN.
NORTHAMPTON,Hampshire County, Mass.
The Merchants National Bank of Boston purchased on June 12 a $200,000 temporary loan at 1.34% discount basis. The loan matures Nov. 23
1931 and was bid for by the following:
Discount Basis.
Bidder1.34
Merchants National Bank (purchaser)
38
1:
142
Grafton Co __ _
Faxon, Gade & Co
3%
55
1..40 %
Bank of Commerce & Trust Co
First National Old Colony Corp
-TEMPORARY LOAN.
NORTHBRIDGE, Worcester County, Mass.
F.
- S. Moseley & Co. of Boston purchased on June 18 a $75,000 temporary loan at 1.57% discount basis. The loan matures Nov. 23 1931 and
was bid r by the o ow ng.
Discount Basis.
Bidder
1.57%
F.S. Moseley & Co.(purchasers)
I 58%
First National Old Colony Corp
1.996%
Bank ofCommerce & Trust Co
2.03%
Faxon.Gade & Co
NORWALK FIRST TAXING DISTRICT, Littlefield County,
-The Board of Commissioners will receive
Conn.
-BOND OFFERING.
sealed bids until 1 p. m.(Eastern Standard time) on June 22 for the purchase
of $80.000 coupon bonds, divided as follows: 53,000, 1933 and 1934, and
$40,000 water bonds. Due July 1 as follows:
$2.000 from 1935 to 1951 incl.
from 1933
40,000 refunding paving bonds. Due July 1 as follows: $3.000
to 1944 incl. and $2,000 in 1945 and 1946.
of interest is not
Each issue is dated fuly 1 1931. Denom. $1,000. Rateof 1%. Principal
to exceed 4% and must be expressed in a multiple of 34
and semi-annual interest (Jan. and July) are payable at the First National
Bank. of Boston. The bonds will be engraved under the supervision of a
certified as to their genuineness by the aforementioned bank. The approving opinion of Ropes, Gray, Boyden & Perkins, of Boston, will be furnished
the purchaser.
Financial Statement June 11 1931. i
$19,477.429.00
Last assessed valuation of district
Total bonded debt (including these issues and $100,000 to
700,000.00
be retired July 1 1931)
510,000.00
Water bonds (included in above-$350,000 serial)
119,885.89
Total sinking funds
Population. district. 10,042; city, 36,019.
The $100,000 bonds due July 1 1931 are to be retired by $40,000 refunding
bonds and $60.000 from sinking fund.
-At the special
OMAHA, Douglas County, Neb.-BONDS VOTED.
election held on June 16-V. 132, o.4454-the voters approved the issuance
of $2,000.000 in not to exceed 6% bridge bonds by a majority reported to
have been about 4 to I.
-BOND SALE.ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
The $550,000 coupon or registered road and highway bonds offered on
p. 4454
-were awarded as 331s to the BancamericaJune 19-V. 132.
Blair Corp. of New York at a price of 101.0188, a basis of about 3.31%.
The bonds are dated July 1 1931 and mature $55,000 annually on July 1
from 1933 to 1942 inclusive.
The successful bidders are reoffering the bonds for general investment at
prices to yield from 2.25 to 3.40%, according to maturity. According to
the bankers, the securities are direct obligations of the county, payable from
unlimited ad valorem taxes levied against all taxable property therein, and
are legal investment for savings banks and trust funds in New York State.
The county reports an assessed valuation of $450,947,483 and total debt,
Including the present issue, of $2,291,000.
ORANGE COUNTY WATER WORKS DISTRICT NO. 5 (P. 0.
-Sealed bids
-BOND OFFERING.
Santa Ana), Orange County, Calif.
will be received until 11 a.m. on June 30 by J. M. Backs, County Clerk,
for the purchase of a $31,650 issue of 6% water bonds. Denom. $1.055.
Dated July 1 1931. Due $1,055 from Jan. 1 1935 to 1964, incl. Prin.
and semi-annual int. payable at the office of the County Treasurer. A
certified check for 3% of the bid, payable to the Chairman of the Board
of Supervisors, is required.
-William F.
-BOND OFFERING.
ORANGE, Essex County, N. J.
Christiansen, City Clerk, will receive sealed bids until 2 p. m. (daylight
on June 30 for the purchase of $345,000 4. 43.1 or 431% coupon
saving time)
or registered school bonds. Dated July 1 1931. Denom. $1,000. Due
July 1 as follows: $7.000 from 1932 to 1946 incl.; $8.000 from 1947 to 1951
incl., and $10,000 from 1952 to 1971 incl. Principal and semi-annual
Interest (Jan. and July) are payable at the Orange National Bank, Orange.
No more bonds are to be awarded than will produce a premium of $1.000
over $345,000. 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 officials and the seal impressed thereon. A certified
check for 2% of the amount of bonds bid for, payable- to the order of the
[VOL. 132.
City, must accompany each proposal. Legality to be approved by Reed,
Hoyt & Washburn, of New York.
FinancialStatement(As of June 12 1931).
$45.749,894.00
Assessed valuation,real property,1931
3,570,400.00
Assessed valuation, personal property,1931
$49,320,294.00
Total assessed valuation oftaxable property,1931
Definitive bonds (incl. the $345,000 bonds about
$4,868,500.00
to be issued)
Tax anticipation and tax revenue bonds or
notes, exclusive of those issued to meet the
660,000.00
appropriations for the current fiscal year__ _
All other bonds or notes, except those to be
funded by bonds included above and except
those issued to meet appropriations for cur209,536.06
rent fiscal year
$5.738,036.06
Total indebtedness
$380.000.00
Bonds or notes issued for water supply
Sinking funds or other funds (including amounts
appropriated in 1931 budget) applicable
solely to payment of bonds or notes, other
735,137.27
than those issued for water supply
1,115,137.27
Total deductions
$4,622,898.79
Net debt
Taxes in the amount of $691,061.13, levied for the fiscal years 1927 to
1930 incl., now delinquent but believed to be collectible, are pledged by
law to the payment a the tax revenue bonds included above.
The city of Orange has on hand $245,337.16 sinking funds or other funds
applicable solely to the payment of bonds or notes issued for water supply.
Population (U.S. Census), 1920, 33,268; 1930 35,399 (revised).
ORANGE COUNTY WATERWORKS DISTRICT NO.5 (P. 0. Santa
Ana), Calif.
-The $31,650 issue of 6% semi-ann.
-BONDS NOT SOLD.
-was not awarded
water bonds scheduled for sale on June 9-V.132,p.4106
as the bids were returned unopened. It is stated that these bonds will
again be offered for sale shortly. Dated July 1 1931. Due from Jan. 1
1934 to 1955, incl.
of)
OTEGO, Oneonta, Butternuts, Franklin and Sidney (Towns OF-BOND
Central School District No. 1, Delaware County, N. y.
the Board of Education, will reFERING.
-Henry C. Anderson, Clerk of
ceive sealed bids at the office of W. D. Van Derwerken, in Otego, until
2 p. in. (Eastern Standard time) on June 24 for the purchase of $230,000
not to exceed 6% interest, coupon or registered school bonds. Dated April
1 1931. Denom. $1,000. Due April 1 as follows $1,000, 1932 and 1933;
1940
$6,000 from
$2,000, 1934; $4,000, 1935; $5.000 from 1936 to$8,000incl.; 1947 to 1949
from
1941 to 1943 incl.; $7,000 from 1944 to 1946 incl.;
to 1952 incl.; $10,000. 1953 and 1954;$11,000, 1955
incl.; $9,000 from 1950
and 1956; $12,000, 1957 and 1958; $13,000 in 1959 and $14,000 in 1960 and
1961. Rate of interest to be expressed in a multiple of X or 1-10th of 1%
and must be the same for all of the bonds. Principal and semi-annual
National Bank,
interest (April and Oct.) are payable at the Unadillathe option of the
Unadilla, or at the National City Bank, New York, at
$5,000, payable to the order of Douglas A.
holder. A certified check for
to the
Little, Treasurer, must accompany each proposal. According Vandenotice of proposed sale, the approving opinion of Clay, Dillon &
to the purchaser without cost,
water, of New York, will be furnished
which opinion will refer to the case of Gardner vs. Ginther (to which this
Fourth
school district is not a party), in which the Appellate Division,
the judgment of the Supreme
Department, recently affirmed unanimously plaintiff's contention is legally
Court and will state that in their opinion the
without merit.
-The $9,900
-BOND SALE.
OWEN COUNTY (P. 0. Spencer), Ind.
% Marion Twp. road improvement bonds offered on May 2-V. 132, p.
the Fletcher Savings & Trust Co., of Indianapolis,
3207
-were awarded to
3.83%.
at par plus a premium of $311, equal to 103.14. a basis of about15 1932:
The bonds are dated May 15 1931 and mature as follows: $495 July
to 1941 incl., and $495 Jan. 15 1942.
$495 Jan. and July 15 from 1933
-James E.
OXFORD, Talbot County, Md.-BOND OFFERING.
will receive sealed
Haddaway,Clerk of the Board of County Commissioners, % water bonds.
for the purchase of $6,000 531
bids until 1 p. m. on June 24
Dated May 11931. Denom.$500. Due $500 on May 1 in 1933; 1935. 1937,
and in 1933. Interest is
1939. 1941. 1943, 1945, 1947, 1949. 1951. 1953
for $50
payable semi-annually in May and November. A certified check
must accompany each proposal.
-The New Jersey
-NOTE SALE.
PATERSON, Passaic County, N. J.
on June 11 an issue of
National Bank & Trust Co., of Newark, purchased
at par plus a
$250,000 tax anticipation notes of 1929 at 231% interest,
premium of $15, according to report.
-John B.
-BOND SALE.
PAWTUCKET, Providence County, R. I.
coupon
of
Reilly, City Treasurer, reports that the following issues on 431% 12 to a
June
registered bonds aggregating $540,000 were awarded
or
National Old Colony Corp. and Stone &
group composed of the First
the Industrial Trust Co.,
Webster and Blodget. Inc.. both of Boston, and
4.35%:
of Providence, at a price of 99.15, a basis of about
Due $10,000 June 1 from 1932
$200,000 water works funding bonds.
to 1951, incl.
1 from 1932 to 1959, incl.
140.000 park funding bonds. Due $5,000 June 1 from 1932 to 1951,incl.
June
100,000 bridge funding bonds. Due $5.000June 1 from 1932 to 1951, incl.
funding bonds. Due $5,000
100.000 sewer
and semi-Each issue is dated June 1 1931. Denom. $1,000. Principal agent of
annual interest are payable in gold coin at the office of the fiscal
the
in Boston. The bonds will be engraved under
the City of Pawtucket
by the First
supervision of and authenticated as to their genuineness
Thorndlke,
Bank, of Boston. Legality approved by Storey,
National
Palmer & Dodge, of Boston.
Financial Statement (June 3 1931).
$168,622,107.00
*Actual valuation 1930
1930.
1929.
Assessed Valuations$88,947,580.00 $90,633,040.00
estate
Real
49.318,610.00 45,313.539.00
Personal estate
$138,266,190.00 $135,946,579.00
Totals
$16,039,000.00
Bonds and notes outstanding, Including all proposed issues$3,220,000.00
Water bonds and notes included
3,032,504.36
Total sinking funds, all purposes
487,356.86
Sewer sinking funds included
294,560.91
funds included
Water sinking
$13,006,495.6
Net indebtedness
indebtedness":
Exemptions permitted by R. I. Laws in computing "net
$2,253,000.00
Sewer bonds and notes
3,220,000.00
Water bonds and notes
$5,473,000.00
Population. 1925 census, 69,742. Population, 1930 census. 77,203. of
* As reported to Commissioner of Banks for the Commonwealth
Massachusetts.
-BOND OFFERING.
PELHAM MANOR, Westchester County, N. Y.
8 n• 15 •
--Gervas H. Kern, Village Clerk, will receive sealed bids untilto exceed
(daylight saving time) on June 29 for the purchase of $55,000 not
registered (series 49) incinerator plant bonds.
5% interest, coupon or
1 from
Dated July 1 1931. Denoms. $1.000 and $750. Due $2,750 July YI of
1933 to 1952 incl. Rate of interest to be expressed in a multiple of
bonds. Principal and semi-annual
I% and must be the same for all of the
Trust Co.,
interest (Jan. and July) are payable at the Chemical Bank & the InterNew York. The bonds will be prepared under the supervision of
to the genuineness of
national Trust Co., New York, which will certify as thereon. A certified
the signatures of the officials and the seal impressed
Legality
check for 2% of the bonds bid for must accompany each proposal.
to be approved by Caldwell St Raymond,of New York.
Financial Statement.
$25.625,520
Assessed valuation
1,092.700
Bonds outstanding
-The $28,500
PEMBERVILLE, Wood County, °Mo.-BOND SALE. 41013
---were
la.
judgment payment bonds offered on June 15-V. 132, Co., of Toledo.
awarded as 55, at a price of par, to Ryan, Sutherland &
13.090
The bonds mature semi-annually as follows: $2,700 March 1 and
Sept. 1 from 1932 to 1936, inclusive.
JUNE 20 1931.]
FINANCIAL CHRONICLE
PERHAM, Otter Tail County, Minn.
-BOND SALE.
-The $23,000
issue of coupon semi-ann. village bonds offered for sale on June 12-V. 132.
p. 3935
-was purchased by Paine. Webber & Co. of Minneapolis, as 450,
paying a premium of $130, equal to 100.56, a basis of about 4.44%. Due
as follows: $1.000. 1934 to 1946. and $2,000, 1947 to 1951, all incl. The
other bids received were as follows:
BiddersRate.
Price Bid.
Wells-Dickey Co
4%% $61.00 premium
Kalman & Co
44% 575.00 premium
Daniel Kirk
5%
Par.
Henry Schroeder
5%
200.00 premium
POLK COUNTY (P. 0. Benton), Tenn.
-BOND SALE.
-An $85,000
issue of 5% semi-annual county bonds is reported to have been purchased
recently by Joseph Hutton & Estes of Nashville at par.
PORT ARTHUR, Jefferson County, Tex.
-BONDS NOT SOLD.
The $300,000 issue of 5% semi-annual sea wall bonds offered on June 16
-V. 132, p. 4454-was not sold, as all the bids received were rejected.
Dated June 15 1931. Due from June 15 1932 to 1950.
PORT JERVIS, Orange County, N. Y.
-BOND SALE.
431% coupon street improvement bonds offered on June -The $112,000
-were awarded to Roosevelt & Son, of New York,12-V. 132, p.
4106
premium of $4,188.58, equal to 103.73. a basis of about at par plus a
3.91%. The
bonds are dated July 1 1931 and mature July 1 as
1934 to 1938, incl.; $12.000, 1939; $21.000, 1940; follows: $10,000 from
$6 000 in 1942. Bids submitted at the sale were as $23,000 in 1941; and
follows:
bidderPremium.
Roosevelt & Son (Purchasers)
$4.188.58
George B. Gibbons & Co.,Inc
3.572.46
Lehman Bros.. and the M.& T. Trust Co
3,495.52
Batchelder & Co
3.180.80
M. M.
Freeman & Co., Inc
2.551.36
Marine Trust Co. of Buffalo
2,396.46
PORTLAND WATER DISTRICT, Cumberland County,
Me.
BONDS PUBLICLY OFFERED.
-The Chase Securities Corp., of New
York, is offering for pubic investment an issue of $400,000
3 %
bonds, due July 1 1951, at a price to yield 3.70%. The bonds water
are
to be legal investment for savings banks in Maine, Massachusett said
s and
other States.
PROVIDENCE, Providence County, R. I.
-BOND
-The
$2,000,000 4% coupon serial bonds offered on June 19-V. SALE.
132, p. 4106
were awarded to a group composed of
Stone & Webster and Blodget, Inc. and the Guaranty Co. of New York,
the Rhode Island Hospital Trust
Co.. (Providence). at a price of 103.46. a basis of about
'
3.66%. The award
comprised the following issues:
$1,500,000 school bonds. Due $50,000 annually on July 1 from
1932 to
1961 inclusive.
500,000 highway bonds. Due $50,000 annually on July 1 from
1932
to 1941 inclusive.
Each issue is dated July 1 1931.
PUEBLO PUBLIC WATER WORKS DISTRICT NO.2(P.O.
Pueblo),
Colo.
-BONDS VOTED.
-At an election held on June 9 it is reported that
the voters approved the issuance of $700,000 in 4%% refunding
a large majority. (These bonds were sold on June 2,subject to thebonds by
election.
-V. 132, p.4455.)
4631
ROSELLE, Union County, N. J.
-BOND SALE.
-The two issues of
coupon or registered bonds offered on June 11-V. 132, p. 4282
-were
awarded to J. S. Rippel & Co., of Newark, as follows:
$234,000 assessment bonds sold as 4)15, at par plus a premium of $155.06.
equal to 100.066, a basis of about 4.24%. Due June 1 as follows:
$20,000 from 1932 to 1934, incl.; $24,000, 1935, and 530.000
from 1936 to 1940, incl. Public offering is boil made at prices
to yield 3.00% for the 1932 maturity: 1933, 3.30 o: 1934. 3.60%;
1935,4.00%,and 4.10% for the bonds due from 1 36 to 1940,incl.
191,000 general improvement bonds ($193,000 offered) sold as 4Xs. at
par plus a premium of 32,405.09, equal to 101.25, a basis of
about 4.39%. Due June 1 as follows: $6,000 from 1933 to 1943.
incl.; $7,000 from 1944 to 1956, incl.; $9,000 from 1957 to 1959,
incl.; and $7,000 in 1950. Public offering is being made at prices
to yield 3.30% for the 1933 bonds; 1934. 3.60%; 1935 and 1936.
4.00%; 1937 and 1938. 4.107; 1939 to 1943 bonds, 4.15%;
1944 to 1950 bonds, 4.20%, and 4.25% for the bonds due from
1951 to 1960, incl.
Each issue is dated June 1 1931. The bonds, according to the bankers,
are legal investment for savings banks and trust funds in New Jersey and,
In the opinion of counsel, are direct obligations of the entire Borough,
payable from unlimited ad valorem taxes levied on all the taxable property
therein.
Financial Statement as of June 1 1931.
Assessed valuation taxable property 1931
$17,802,068.00
Total bonded debt including this issue
2,421.170.56
Less: Sinking funds
391,635.72
Net bonded debt
2,029,534.84
Coterminous School District net debt
1,010.642.50
Population, 1930. 13.021.
The following is an official list of the bids submitted at the sale:
No. of Bonds Bid For
Amount
Biddercfc Int. Rate Named.
Bid.
J. S. Rippel & Co.(purchasers)
$234.000
4)17$234,155.06
191,000
4Vi
193,405.09
M. M.
Freeman & Co
234,000
4
234,140.44
193,000
4
193,405.55
C. A. Preim & Co
234,000
4)47
234.195.00
191,000
43471
193,235.00
First National Bank
233,000
4
234,631.00
193,000
4)4%!
193.480.20
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND OFFERING.
Homer Cole, County Treasurer, will receive sealed bids until 2 p. m. on
June 23 for the purchase of $12.600 4%% Orange Twp. road improvement
bonds. Dated May 15 1931. Denom. 3315. Due $630 May and Nov. 15
from 1932 to 1941, incl. Principal and semi-annual interest are payable
at the office of the County Treasurer.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-BOND SALE.
Antonio), Boxer County, Tex.
-The $750,000 issue of
school bonds offered for sale on June 16-V. 132, p. 4455
-was purchased
by a syndicate composed of Halsey, Stuart & Co. of Chicago; Stifel, Nicolaus & Co. of St. Louis, and the Fort Worth National Co. of Fort Worth,
as 4315, paying a premium of $3,000. equal to 100.40, a basis of about
4.22%. Due $19,000 from 1932 to 1961, and $18,000, 1962 to 1971,
all inclusive.
SAN JOAQUIN COUNTY SCHOOL DISTRICTS (P. 0. Stockton)
QUEEN ANNES COUNTY (P.O. Centerville), Md.-BOND
-Sealed bids will be received until 11 a.m
-BOND OFFERING.
SALE.
- Calif.
The $20,000 5% coupon school bonds offered on June 16-V.
- June 29, by the County Clerk, for the purchase of two issues of school
were awarded to Weilepp-Bruton Co. of Baltimore. Price 132, p. 4282
paid not dis- bonds, aggregating $19,500, as follows: $15,000 5% semi-ann. Alpine
closed. The bonds are dated July 1 1931 and mature $4,000
on July 1 School District, and $4,500 Veritas School District bonds.
from 1938 to 1942 inclusive.
SANTA BARBARA, Santa Barbara County, Calif.
-BONDS DERADNOR TOWNSHIP SCHOOL DISTRICT (P. 0.
Wayne) Dela. FEATED.
-The City Clerk informs us that at an election held on June 2
ware County,Pa.
-BOND SALE.
-The
school bonds offered on June 16-V. 132.$200,0004% coupon or registered the voters rejected a proposal to issue $2.100,000 in water bonds.
13.
-were awarded to E. H.
Rollins & Sons, of Philadelphia, at a price 3935
SANTA FE MUNICIPAL SCHOOL DISTRICT (P. 0. Santa Fe),
of
3.54%. The bonds are dated July 1 1931 and 106.685, a basis of about Santa Fe County, N. Mex.-BONDSALE.-The
mature July
$30,000, 1941; $35,000. 1946; $40,000. 1951; $45,000 in 1956,1 as follows: school bonds offeredlor sale on June 15(V. 132, p.$125,000 issue of coupon
4455) was purchased by
and $50,000
In 1961. Bids submitted at the sale were as follows:
a group composed of the U.S. National Co.,Bosworth,Chanute, Loughridge
BidderRate Bid. & Co.and the International Co., all of Denver. as 4345 at a price of 100.169.
E. H. Rollins & Sons (purchasers)
106.685 a basis of about 4.48%. Dated July 1 1931. Due from July 1 1934 to
R. M.Snyder & Co
106.531 1951. The following is an official list of the bids:
Graham, Parsons & Co
Bidder
106.606
Price Biel.
H.M.Byliesby & Co
105.926 The U. S. National
Stone & Webster and Blodget. Inc
Co.alosworth,Cha- *(a) for 4t % bond $1,001.69 for each ELMO bond
105.612
M. M.Freeman & Co
mite, Loughridge & (b) for 44% bond $1,020.79 for each $1,000 bond
105.079
National City Co
Co.; The Interns- (c) for 5% bond $1,034.19 for each $1,000 bond
104.047
Omni Co.. DenRAHWAY, Union County, N. J.
-BONDS
ver, Colo
M. M. Freeman & Co., Inc., of New York, arePUBLICLY OFFERED.
offering for public invest- The First Nations
ment $618,000 bonds, consisting of a $418,000 4%% temporary
improveBk.,Santa Fe, N.M.
bonds
Plus premium of $125.
ment issue and an issue tif $200.000 4 X% tax revenue
bonds, at prices to Warren R. Graham 434%
yield 2.507 for maturities of 1932 to 4% for maturities of
0
State Treas., Santa
temporary improvement bonds, $66,000 are dated Feb. I 1936. Of the
1931 and
Fe,N.M
4 te,'% bonds
Par
000 March 1 1931. The tax revenue bonds are dated June 11931. $352,Accord- Beath, Larson & Co..
ing to the bankers, all of the bonds constitute direct and general
obligations
Denver. Colo
44% bonds
51.002.439 per 81,000 bond
of the entire City.
Sullivan & Co., Denver, Colo
434% bonds
81,006.81 per $1,000 bond
RANDOLPH TOWNSHIP RURAL SCHOOL DISTRICT
(P. 0.
44% bonds
Englewood), Montgomery County, Ohio.
-BOND
-The $12.000 Taylor, Wilson & Co..I 44% bonds
coupon school building construction bonds offered onSALE.
June 11-V. 132, p.
Inc., Cincinnati, O.
4282
-were awarded as 5Iis to Blanchett, Bowman & Wood, of
(a) $7,000 years 1934 to 1942, int. 434%
Toledo,
on their unconditional bid otpar plus a
(b) $7,000 years 1934 to 1950, Int. 4)1%
a basis of about 5.30%. The bonds premium of $130.17, equal 10 101.08,
Denom. $1,000 bond; premium, $15
are dated April 1 1931 and mature Causey, Brown & Co.,
$500 on April and Oct. 1 from 1932 to 1943 incl. The following
is an official
Denver, Colo
list of the bids submitted at the sale:
$1,016.1214 per $1,000 bond
434% bonds
then Securities Co.,
BidderInt. Rate.
Premium.
Dallas, Tex
Blanchet, Bowman & Wood (successful bidders)
Par plus premium $191.
5% bonds
$130.17 A. C. Allyn & Co..
Ryan, Sutherland & Co., Toledo
44
x29.00
Chicago. Ill
47i% bonds
Well, Roth & Irving Co., Cincinnati
Plus premium of $1,790.
4)%x34.00 Sidi°, Simon, Day &
xConditional bids; subject to approval of bonds by legal
attorneys.
Co., Denver, Colo 44% bonds
Plus premium of $787.50.
RANDOLPH, Orange County, Vt.-BOND
G. W. MeNear & Co.,
OFFERING.
-W
Sprague, Town Treasurer, will receive sealed bids until 12 m. on
Chicago, III
44% bonds
Plus premium of $375.
June 20
for the purchase of $50.000 47 coupon refunding bonds. Dated
'Successful bid.
June 15
1931. Denom. $500. Due $2,500 annually on June 15 from
SARATOGA SPRINGS, Saratoga County, N. Y.
1932 to 1951.
-BOND SALE.
incl. Principal and semi-annual interest (J & D.) are payable
at the office The following issues of coupon or registered bonds, aggregating $35,000
a the Town Treasurer. The bonds will be engraved under the
-were awarded as 48 to George B.
supervision offered on June 17-V. 132, p. 4456
of and certified as to their genuineness by the National
Shawmut Bank. Gibbons & Co., Inc., of New York, at par plus a premium of $156.59,
of Boston. Legality to be approved by Storey, Thorndike,
Palmer & equal to 100.44, a basis of about 3.85%:
Dodge. of Boston.
$30,000 improvement bonds. Due $5,000 July 1 from 1932 to 1937, incl.
RED BANKS SEPARATE ROAD DISTRICT (P. 0. Holly
5.000 water mains bonds. Due $1,000 July 1 from 1932 to 1936, incl.
Springs),
Marshall County, Miss.
Each issue is dated July 1 1931. Bids submitted at the sale were as
-BOND SALE.
-The $35,000 issue of 6% semiannual road bonds that was offered for sale without success on
follows:
-is reported to have since been purchased by May 4V. 132, p. 3585
BidderInt. Rate.
Prem.
Saunders George B. Gibbons & Co. (purchasers)
& Thomas of Memphis. Dated April 1 1931. Due from April
$156.59
4%
to 1951 incl. Legality approved by Benj. St. Charles of St. Louis.1 1932 Batchelder & Co
4%
143.50
M.& T. Trust Co
4%
96.11
REDWOOD FALLS, Redwood County, Minn.
-CERTIFICATE Stephens & Co
4%
37.00
OFFERING.
-Sealed bids will be received until
132.96
431%
F. B. Forbes, City Recorder, for the purchase8:30 p.m. on June 26, by Marine Trust Co
of an $8,922.87 issue of A. C. Allyn & Co
4Si%
66.00
certificates of indebtedness. Denom. $600. one for
435%
SCOTT COUNTY (P. 0. Scottsburg), Ind.
on July 1 as follows: $522.87 in 1932. and $600. 1933 to $522.87. Due
-BOND SALE.
-The
certified check for 5% of the amount bid, payable to the 1946. incl. A Fletcher Trust Co. of Indianapolis purchased on June 17 an issue of $14,000
City Treasurer, road improvement bonds at par plus a
Is required.
premium of $861, equal to 106.15.
The County Commissioners are reported to be contemplating the sale
ROANE COUNTY (P. 0. Kingston), Tenn.
PONED.
-We are Informed that the sale of the -BOND SALE POST- of an additional road bond issue.
funding bonds scheduled for June 17-V. 132, $210,000 issue of coupon
SEA CLIFF, Nassau County, N. Y.
-BOND OFFERING.
-Ruth H.
p. 4455
-has been post- Branthwatte, Village Clerk, will
poned until July 16.
receive sealed bids until 8 p. m.(Daylight
Saving Time) on June 26, for the purchase of 570,000 not to exceed 5%
ROCKPORT, Essex County, Mass.
-LIST OF BIDS.
-The following interest, coupon or registered fire house bonds. Dated July 1 1931.
is a list of the bids received on June 9 for the purchase of the
Denom. $1,000. Due July 1 as follows: $3,000 from
coupon bonds awarded to the Atlantic Corp., of Boston, $27,000 33% and $4,000 from 1942 to 1951. incl. Rate of interest1932 to 1941, incl.,
at a price of
to be expressed in
100.677, a basis of about 3.35%-V. 132, p. 4455.
a multiple of X or 1-10th of 1% and must be the same for all of the bonds.
Bidder
Rate Bid. Principal and semi-annual interest (Jan. and July) are payable at the
Atlantic Corp.(Purchaser)
100.677 State Bank of Sea Cliff. A certified check for $1,000, payable to the order
Faxon, Gade & Co
of the Village, must accompany each proposal. The approving opinion of
100.67
F. S. Moseley & Co
Clay, Dillon & Vandewater, of New York, will be furnished the purchaser
100.26
R. L. Day & Co
100.019 without charge.
Financial Statement.
ROGERS COUNTY SCHOOL DISTRICT No. 17(P.O.
Claremore), Total bond indebtedness
-BOND SALE.
Okla.
-The $15,000 issue of school bonds offered for
$154,320
sale
on May 11-V. 132. p. 3761-was purchased by R. J. Edwards, Inc., of Less amount assessed in taxes of 1931, paid by above assessment_
37.320
Oklahoma City at par as follows: $13,000 as 51s, due $1,000
from 1936
Total bond indebtedness
to 1948, and $2,000 as 5s, due $1,000 in 1949 and 1950.
$117,000
Assessed valuation
5,184,200
4632
FINANCIAL CHRONICLE
[VOL. 132.
TERREBONNE PARISH CONSOLIDATED SCHOOL DISTRICT
-Bert Fix,
-BOND OFFERING.
SHELBY, Richland County, Ohio.
-The $16,000 issue of school
-BOND SALE.
NO. 1 (P. 0. Houma), La.
Director of Finance, will receive sealed bids until 12 m. on June 30, for bonds offered for sale on June 16-V. 132, p. 3756
-was purchased by the
the purchase of $5.000 57 sewage disposal plant bonds. Dated June 1 First National Bank of Shreveport, as 4 US, at par. Dated June 15 1931.
on June 1 from 1933 to 1937, Incl.
1931. Denom. $1,000. Due $1,000
Due from 1932 to 1956, inclusive.
Interest is payable semi-annually in June and Dec. Bids for the bonds to
bear interest at a rate other than 59', expressed in a multiple of 4 of 1%.
TILDEN TOWNSHIP SCHOOL DISTRICT (P. 0. Hamburg,
will also be considered. A certified check for 5% of the bonds bid for, R. D. No. 4) Barks County, Pa.
-BOND OFFERING -George S. Miller,
payable to the order of the City, must accompany each proposal.
Secretary ofthe School Board, will receive sealed bids until 7 p. m.on July 2.
Solicitor, 522 Washington St., ReadMg,
-George at the office of Charles K. Derr,school improvement bonds.
-BOND OFFERING.
SHELTON, Fairfield County, Conn.
for the purchase of $21,500 4%%
will receive sealed bids until a p.m.(Eastern Standard
Willis, City Treasurer,
as
(P. 0. Tilla•
time) on July 1, for the purchase of $90,000 4%% coupon (registerable
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 3received until
-Sealed bids will be
-BOND OFFERING.
to principal) refunding bonds. Dated Aug. 11931. Denom. $1.000• Due mook), Ore.
incl. Principal and semi-annual int. 8 p. in. on June 20, by Adella Jensen, District Clerk,for the purchase of an
$5,000 on Aug. 1 from 1933 to 1950,
2%
are payable at the Shelton Trust Co., Shelton. A certified check forCity issue of $11,000 school bonds. Int, rate is not to exceed 6%, payable
semi-annually. Dated June 1 1931. Due on June 1 as follows: $1,000,
of the par value of the bonds bid for, payable to the order of the
The opinion of Thomson, Wood 1933 to 1937. and $1,500, 1938 to 1940, all incl. A $200 certified check
Treasurer, must accompany each proposal.
Sr Hoffman, of New York. approving the validity of the bonds will be must accompany the bid.
furnished the purchaser. These bonds were authorized at an election held
TIPPECANOE P. 0. Tippecanoe City), Miami County, Ohio.
on May 28 by a count of 301 to 4.
-The $59,500 water works system impt. bonds, bids
BONDS NOT SOLD.
for which were published in V. 132. p.4457, were not sold,as 3.0. Mitchell.
NO. 20 (P. 0. Pler
SHERIDAN COUNTY SCHOOL DISTRICT
by Village Clerk, reports that issuance of the bonds has been enjoined.
-Sealed bids will be received
-BOND OFFERING.
wood), Mont.
E. H. E. Helgeson, District Clerk, until 8 p.m. on July 7, for the purchase
-BOND OFFERING.-Earle L.Peters,
.TOLEDO,Lucas County,Ohio.
to exceed 6%,
of a $55,000 issue of coupon school bonds. Int. rate is notDue on July 1 Director of Finance, will receive sealed bids until 12 m. on July 8 for the
payable J. & J. Denom. $2.750. Dated July 1 1931. payable at the purchase of $335,500 43 % coupon bonds, divided as follows:
1951, optional after five years. Principal and interest
grade elimination bonds. Dated June 1 1931. Due Sept. 1
office of the County Treasurer. A certified check for $2,750 must $219,500 as follows: $7.500, 1932; $7,000 from 1933 to 1952 incl. and
at
accompany the bid.
$8,000 from 1953 to 1961 incl. These bonds were voted ' the
•
general election in November 1925 and are said to be payable
-BOND OFFERING.
SIOUX CITY, Woodbury County, Iowa.
-mill limitation.
from a tax levied outside of the 15
on June 19 by C. A. Carlson, City
1931.
Sealed bids will be received until 2 p.m.
86,000 refunding University Farm Bldg. bonds. Dated June 1$5.000
protection
Treasurer, for the purchase of an issue of $100,000 4% flood 1951,. incl.
Sept. 1 as follows: $4,000 from 1932 to 1940 incl., and
bonds. Dated July 1 1931. Due $5,000 from July 1 1932 to Trust Co.
from 1941 to 1950 incl. These bonds are said to be payable from
Bank &
Prin. and int. (J. & J.) payable at the Central Hanover Cutter of Chicago
-mill limitation.
ample taxes levied within the 15
in N. Y. City. The approving opinion of Chapman &
25,000 police and fire alarm telegraph apparatus bonds. Dated June 1
will be furnished. A certified check for 2% must accompany the bid.
1931. Due $5,000 Sept. 1 from 1932 to 1936 incl. These bonds
-mill
said to be payable from ample taxes levied within the 15
Tammany
SLIDELL SEWER DISTRICT NO. 1 (P. 0. Slidell), St.bids will be
limitation.
-It is reported that sealed
-BOND OFFERING.
Parish, La.
5,000 fire apparatus purchase bonds. Dated May 1 1931. Due
of
received until July 1, by G. B. Harrison, City Clerk, for the purchase
$1,000 Sept. 1 from 1932 to 1936 incl. "These bonds are payable
-mill limitation."
a $40,000 issue of sewer bonds. (These bonds were offered without success
from ample taxes levied within the 15
in
on April 15-V. 132, p. 3586.)
All of the above bonds are of $1,000 denom., but will be printedthe
the purchaser,
County, R. I,_ different denominations if requested by altered. Bids forproviding to
the bonds
SMITHFIELD (P. 0. Georriacille), Providence will receive sealed amount maturing at any one time is not
-Horace G. Thornton, Town Clerk,
NOTE OFFERING.
at a rate other than 414%, expressed in a multille of % of
refund- bear
bids until 7:30 p.m. on June 23 for the purchase of $50,000 4%% 1932 to 1%, interest be considered. Split rate bids will not be considered for
will also
ing notes. Denom. $LOW Due Jan. 2 as follows: $5,000 from Interest any single issue. Prin. and semi-ann. int. are payable at the Chemical
for each
1935, incl., and $15,000 in 1936 and 1937. Dated July 11931.
Bank & Trust Co., New York. Bids may be made separately
is payable semi-annually. A certified check for 2% of the amount of notes lot or for "all or none." A certified check for 2% of the amount of bonds
accombid for, payable to Marshall W. Mowry, Town Treasurer, must Collins. bid for, payable to the order of the Commissioner of the Treasury, must
pany each proposal. Legality to be approved by Tillinghast &1931 was accompany each proposal. The approving opinion of Squire, Sanders &
at his own
The taxable property of the town as of the assessment of June 16
Dempsey of Cleveland may be procured by the purchaser
$5.826.575 and the indebtedness of the town,including the issue now offered, expense.
is $50,000.
-The $229,072.79
-BOND SALE.
TOPEKA,Shawnee County, Kan.
.John 0.
for sale
SNOW HILL, Worcester County, Md.-BOND OFFERING
issue of 4% semi-ann. internal improvement paving bonds offered
Byrd, Mayor, will receive sealed bids until 4 p. m. on June 23, for the on June 16-V. 132, p. 4457
-was jointly purchased by the Prescott,
Dated July 1
purchase of 325,000 4%% water, sewer and street bonds.
City, and Ames, Emerich & Co. of Chicago,
1940; $1,000 from Wright Snider Co. of Kansas
1931. Denom. $1,000. Due July 1 as follows: $2,000 inInterest is payable at a price of 101.93, a basis of about 3.61%. Dated July 15 1931. Due
1941 to 1947, incl., and $2,000 from 1948 to 1955. incl.
payable to the form July 15 1932 to 1941. inclusive.
semi-annually in Jan. and July. A certified check for $200, proposal.
-Both
-BOND OFFERING.
order of the Mayor and the Council, must accompany each of the Town
TOWNER, McHenry County, N. D.
condition
m. on
10
Inquiries relative to these bonds or the financial
sealed and oral bids will be received, according to report, untilof aa.
$10,000
should be addressed to &atm, Whaley & Price, of Snow Hill.
E. Hennessy, City Auditor, for the purchase
June 22, by P.
for 2% must accomIssue of water works system bonds. A certified check
-CERTIFI
SOUTH CAROLINA, State of (P. 0. Columbia). July 1, by CATE pany the bid.
J. H.
-Sealed bids will be received until noon on
OFFERING.
-BOND
$5,000,000 Issue of
TOWNVILLE SCHOOL DISTRICT, Crawford County, Pa.
Scarborough, State Treasurer, for the purchase of a
-Reba P. Kingsley, Persident of the Board of Education,
State Highway certificates of indebtedness. Bidders are invited to name OFFERING.
bear. The rate must be a multiple will receive sealed bids at the office of Leland J. Culbertson, 286 Chestnut
the rate of interest which certificates shall
of $5,000
of 1% and must be the same for all of the certificates. Denom.$1,000. St., Meadville, until 1.30 p. m. on June 20 for the purchase Inteerst
of
$1,000.
1948,
Dated June 1 1931. Due on March 1 as follows: $250000, 1939 to & S.) 4% coupon school bonds. Dated July 11931. Denom.check for 10% of
and interest (M.
and July. A certified
is payable semi-annually in Jan.
and $500,000. 1949 to 1953, all incl. Principal
accomwill be payable in gold coin at the State Treasury, or at the agencies of the the amount bid, payable to the order of the School District, must
in
State in Charleston and New York. The certificates will be issued as pany each proposal.
principal only, or
coupon form, with the privilege of registration as to
-The $7,000 fire
Hoyt dc
-BOND SALE.
TULLY, Onondaga County, N. Y.
to both principal and interest. The approving opinion of Reed, for by
on June 16-V.132, p.4283
Washburn of New York. will be furnished. Said opinion to be paidTreas., department apparatus purchase bonds offered
Bank, of Tully, at par plus a
State
were awarded as 5$ to the First National
the purchaser. A certified check for $100,000, payable to the
bonds are
premium of $28. equal to 100.40, a basis of about 4.89%. The1938, incl.
the bid.
must accompany
dated July 1 1931 and mature $1,000 on July 1 from 1932 to
Bay),
Union
SOUTH FARMINGDALE WATER DISTRICT (P. 0. Oyster
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Union), 12 sold
$225,000 water bonds of-The
-BOND SALE.
Nassau County, N. Y.
-The Board of Education on June price of
-BOND SALE.
-were awarded as 4s to M. M. Freeman County, N. J.
fered on June 17-V. 132, p. 4456
construction bonds at a
% school building
$300,000
& Co., Inc., of New York, at par plus a premium of $648, equal to 100.28, an issue ofState Teachers Pension and Anniuty Fund of Trenton.
mature par to the
a basis of about 3.979'. The bonds are dated July 1 1931 and
-BOND OFInd.
annually on July 1 from 1936 to 1950 incl.
$15,000
VANDERBURGH COUNTY (P. 0. Evansville), will receive sealed
-Charles 0. Wesselman, County Treasurer, ,
Pa.
SPRINGDALE SCHOOL DISTRICT, Allegheny County, 16- FERING.10 a. m.on July 1 for the purchase of $22,000 43 % Pigeon Twp,
June
on
bids
from July 15
-The $150,000 coupon school bonds offered of Pittsburgh. road until
BOND SALE.
improvement bonds. Due one bond each six months
the office
-were awarded to J. H. Holmes & Co..
-V. 132. p. 4107
from 1932 to Jan. 15 1942. Prin. and semi-ann. int. are payable at
The bonds are dated July 1 1931 and mature July 1 as follows: $5,000
Treasurer.
in of the County
to 1949 incl.; $15,000 in 1951, 1953, 1955 and 1957. and $30,000
1938
-BOND OFFERVANDERBURGH COUNTY (P.O. Evansville), Ind.
1960.
-Charles 0. Wesselman, County Treasurer, will receive sealed bids
Monterey ING.
SPRINGFIELD SCHOOL DISTRICT (P. 0. Salinas) sealed bids until 10 a. in. on June 29 for the purchase of $68,S00 43% Pigeon Twp.
-We are informed that
each six months from July 15
-BOND OFFERING.
County, Calif.
Clerk, for the pur- road improvement bonds. Due four bonds
were received until 10 a. in. on June 18, by the County
June 1932 to Jann5 1942.
of a $3,000 issue of 5% semi-ann. school bonds. Due $200 from
chase
DISTRICT
VERMILION COUNTY CONSOLIDATED SCHOOL SALE.
18 1932 to 1946 inclusive.
-The
-BOND
Danville), Vermilion County, III.
- NO, 118 (P. 0. school bonds offered on June 16 (V. 132, p. 4457) were
-BOND OFFERING.
coupon
SPRING LAKE, Monmouth County, N. J.
$66,000
8
paid not
Borough Clerk, will receive sealed bids until 4, p.m. awarded as Es to the Mississippi Valley Co. of St. Louis. Price annually
Myron 0. Morris,
4%,
of $201,000
(daylight saving time) on July 6, for the purchaseDated July 15 1931. disclosed. The bonds are dated June 1 1931 and mature $3,300
of the above
4%, 43j or 5% coupon or registered sewer bonds.
on June 1 from 1932 to 1951, inclusive. (The proposed sale
$10.000 from 1932 to 1950, incl., bonds was previously given under the caption "Danville Consolidated
Denom. $1.000. Due July 15 as follows:
of the bonds.
-V. 132, P. 4277.)
and $11,000 in 1951. Single rate of interest to apply to all
School District"
are payable at the
Principal and semi-annual interest (January and July)are to 130 awarded
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
First National Bank, Spring Lake. No more bonds A certified check
Treasurer, will receive sealed bids until 10 a. in.
than will produce a premium of $1,000 over $201,000. to the order of the J. F. Shandy, County
% road impt. bonds. Dated
on June 29 for the purchase of $1,900
bid for, payable
for 2% of the face amount of the bonds
$95. Due 595 July 15 1932; $95 Jan. 15 and
Borough, must accompany each proposal. The approving opinion of Reed, June 15 1911. Denom. incl., and $95 Jan. 15 1942.
July 15 from 1933 to 1941 bids at the same time for the purchase of 37,800
Hoyt & Washburn, ofNew York, will be furnished the purchaser.
Mr. Shandy will receive
Due
-Orin
-BOND OFFERING.
% road impt. bonds. Dated June 15 1931. Denom. $390.
STARKE COUNTY (P. 0. Knox), Ind.
on 5390 July 15 1932: $390 Jan. 15 and July 15 from 1933 to 1941 incl., and
S. Schuyler, County Treasurer, will receive sealed bids until 2 p. m.
1942.
divided as follows:
Jan. 15
July 1, for the purchase of $13,480 5% bonds,
Due 1390
County,
88,100 Homer V. Collins et al., road impt. bonds. Denom. $405. incl.,
WAKEFIELD TOWNSHIP SCHOOL DISTRICT, Gogebic Board of
$405 July 15 1932: $405 Jan. and July 15 from 1933 to 1941,
-L. G. Wilson, Secertary of the
-BOND OFFERING.
Mich.
and $405 Jan. 15 1942.
•
Education, will receive sealed bids until 8 p. m. on June 29 for the purDue
5,380 Christian J. Koch et al., road impt. bonds. Denom. $269. Incl., chase of $125,000 5% school building construction bonds. Dated Aug. 1
$269 July 15 1932; $269 Jan. and July 15 from 1933 to 1941,
1931. Due $25,000 annually on Feb. 1 from 1932 to 1936, inclusive.
and $269 Jan. 15 1942.
(These bonds were authorized by a vote of 269 to 126 at an election
y
Each issue Is dated June 15 1931. Interest Is payable semi-annuall
held on June 4.)
on Jan. and July 15.
-BOND OFFERING.WATERLOO Black Hawk County, Iowa.
STEUBEN TOWNSHIP SCHOOL DISTRICT (P. 0. Townville), Bids will be received by Charles C. Mackay, City Clerk, until 7:30 p.m. on
-Madge M.Smith,Secretary June 22, for the purchase of a $93,000 issue of 4% bridge bonds. Denom.
-BOND OFFERING.
Crawford County,Pa.
of the School Board, will receive sealed bids until 1.30 p. m. on June 20, $1,000. Dated July 1 1931. Due on July 1 as follows: $3,000. 1932, and
office
at the office of Leland J. Culbertson. 286 Chestnut St., Meadville, for the 35,000, 1933 to 1950. incl. Prin. and int. (J. & J.) payable at the to the
11931. Denom.
purchase of$13.000 5% coupon school bonds. Dated June$1,000from 1941 of the City Treasurer. Sealed bids will be received at any time prior
Due June 1 as follows:$500from 1938 to 1940 incl.; certified check calling for open bids. Bonds will be sold subject to the legal opinion of
$500.
said
to 1950 incl., and $1,500 in 1951; optional after 4 years. A
Chapman & Cutler Jf Chicago. Purchaser will be required to pay for
for 10% of the amount bid, payable to the order of the School District. legal opinion and to furnish the printed bonds without cost to the city.
each proposal.
must accompany
-PROPOSED SALE OF
WAYNE COUNTY (P. 0. Richmond), Ind.
-A $300.-BOND SALE.
STOCKTON, San Joaquin County, Calif.
-The County Treasurer informs us that
purchased $20,000 BONDS CANCELLED.
000 issue of 4%% harbor impt. bonds is reported to have been
of $20.000 41.6% highway improvement bonds, adverboth of the proposed sale
recently by the First Detroit Co. and the American Securities Co., a basis tised for June 20-V. 132, p. 4283-will not be held because of a disSan Francisco. jointly, for a premium of $15,938, equal to 105.31,
crepancy in the proceedings.
of about 4.10%. Due from 1948 to 1952.
Westfield
WESTFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. registered
SUMMERSVILLE ROAD DISTRICT (P.O.SummersvIlle) Nicholas R. D.), Tioga County, Pa.
-The $15,000 43%
-BOND SALE.
-It is reported that an election
County, W. Va.-BOND ELECTION.
-were awarded at a
in school bonds offered on May 23-V. 132. p. 3390 of Westfield. 'The
will be held on June 30 in order to vote on a proposal to issue $90,000
price of par to the Farmers & Traders National Bank
road bonds.
JUNE 20 1931.]
FINANCIAL CHRONICLE
bonds are dated June 1 1931 and mature $1,000 annually on June 1 from
1936 to 1950 inclusive.
-The
WAUWATOSA, Milwaukee County, Wis.-BOND SALE.
$1.00.000 issue of 4 % semi-ann. school, series 18 bonds offered for sale
-was purchased by the Milwaukee Co. of
on June 16-V. 132. p. 4457
Milwaukee, paying a premium of $5,279, equal to 105.279, a basis of
about 3.86%. Dated May 15 1931. Due $5,000 from March 15 1932 to
1951,inclusive.
,
The following Is an official Hs of the bids received:
Premium.
Bidder*The Milwaukee Co.
55 279 25
Alternate-Five bonds each year, commencing Mar. 15 1932, ' '
and continuing to and including Mar. 15 1951, without option
1,598.00
of prior pa yment, bearing interest at rate of 4%
3,530.00
A. C. Allyn
Ames, Emerich & 63.
5,0.30.00
5,094.60
'The City Bank
First National Bank of Wauwatosa
5 040 00
Alternate-Five bonds each year, commencing Mar. 15 1932,
and continuing to and including Mar. 15 1951, without option
of prior payment, bearing interest at rate of4%
1,310.00
Hill. Joiner & Co. Inc
4,575.00
'
Alternate-Five bonds each year, commencing Mar. 15 1932,
and continuing to and including Mar. 15 1951, without option
of prior payment, bearing interest at rate of4%
1,087.00
* Purchaser.
WEST HAVEN SCHOOL DISTRICT, New Haven County, Conn.-Theodore J. Warner, District Treasurer, reports that an
BOND SALE.
issue of $170,000 4h% coupon or registered school bonds was awarded
on June 16 to Estabrook & Co., of Boston, and Putnam & Co., of Hartford, jointly. at 104.38. a basis of about 3.65%. Dated June 1 1931.
Denom. $1,000. Due $10,000 on June 1 from 1932 to 1948, inclusive.
Principal and semi-annual interest (June and Dec.) are payable at the
Hartford-Connecticut Trust Co., Hartford. Legality to be approved by
Day, Berry & Reynolds, of Hartford.
.WHITE PINE COUNTY (P. 0. Ely), Nev.-BOND SALE.
-Three
Issues of coupon school bonds, aggregating $50,000. were purchased on
May 19 by the First National Bank and the Ely National Bank, both of
Ely, jointly at 100.50, as follows: $20,000 5% Lund High School; $15,000
53% Baker High School, and $15,000 Ely High School. Denom. $1,000
and $750.
-BOND OFFERING.WILKES-BARRE, Lucerne County, Pa.
Harvey Weiss, City Clerk, will receive sealed bids until 10 a. m.(Eastern
standard time) on July 10 for the purchase of $290,000 4% coupon city
bonds. Dated Aug. 1 1931. Denom. $1,000. Due $29,000 annually
on Aug. 1 from 1933 to 1942, inclusive. Interest is payable semi-annually
in Feb. and Aug. A certified check for 2% of the amount bid for, payable to the order of the City Treasurer, must accompany each proposal.
These bonds are issued subject to the favorable opinion of Townsend,
Elliott & Munson, of Philadelphia, as to their validity.
WILKES-BARRE SCHOOL DISTRICT, Lucerne County, Pa.. BOND OFFERING.-Floyd Siegfried, Secretary of the Board of Education,
will receive sealed bids until 4 p. m. on July 6 for the purchase of $45,000
coupon or registered school bonds. Dated July 1 1931. Denom. $1,000.
Due $5,000 July 1 from 1933 to 1941 incl. Interest is payable semi-annually
A certified check for $1,000, payable to the order of the District Treasurer,
must accompany each proposal. This issue is being sold subject to the
approval of the Department of Internal Affairs of Pennsylvania and also
a Saul, Ewing, Remick & Saul of Philadelphia, whose approving opinion
will be furnished to the purchaser.
WINCHESTER, Franklin County, Tenn.
-BOND SALE.
-The
9130,000 issue of 5% coupon refunding bonds offered for sale on June 12-was purchased by the American National Co. of NashV. 132, p. 4284
ville, paying a premium of $355, equal to 101.18,, a basis of about 4.91%.
Dated June 1 1931. Due on June 1 1951. The other bids received were
as follows:
BidderPremium.
Robinson, Webster & Gibson
$350.00
Commerce Union Co
315.50
-A, L.
WINDHAM, Windham County, Conn.
-BOND OFFERING.
French, First Selectman, Town Bldg., Wlllimantic, will receive sealed bids
until 3 p. m.(daylight saving time) on June 23 for the purchase of $690,000
not to exceed 44% interest coupon funding bonds. Dated July 1 1931.
Denom. $1,000. Due Jan. 1 as follows: $35,000 from 1933 to 1942, incl..
and $34,000 from 1943 to 1952 incl. Rate of interest to be expressed in a
multiple of 1.1, of 1%. Principal and semi-annual interest (J. & J.) are
payable at the First National Bank of Boston. The bonds will be engraved
under the supervision ofand authenticated as to genuineness by the aforementioned bank. Legality to be approved by Ropes, Gray, Boyden &
Perkins, of Boston, whose opinion will be furnished the purchaser.
Financial Statement, June 1 1931.
55
62 : 00:00
$25,697 467 00
Last grand list, Oct. 1 1930
Totalbonded debt
*Floating debt
697,086.64
Population, 13,743.
* Of which amount $690,000 to be paid from proceeds of this issue.
WINNEBAGO COUNTY (P. 0. Forest City), lowa.-BONDS OF-Both sealed and open bids were received until 2o.m. on June 19,
FERED.
by J. G. Ogden, County Treasurer, for the purchase of a 407,000 issue of
un
annual primary road bonds. Denom. $1,000. Dated July 1 1931. Due
on May 1 as follows: $40.000, 1937 to 1945, and $47,000 in 1946. Optional
after May 1 1937. The approving opinion of Chapman & Cutler of Chicago,
will be furnished. (These bonds are reported to have been scheduled for
sale on June 12 and postponed.)
WINNESH1EK COUNTY P. 0. Decorah), Iowa.
-BOND SALE.
The $165,000 issue of coupon annual primary road bonds offered for sale
-was awarded to the White Phillips Co. of
on June 11-V. 132, p. 4284
Davenport, as 4s, paying a premium of $1,326, equal to 100.8036, a basis
of about 3.85% to optional date). Due from May 1 1937 to 1946 and
optional after May 1 1937. The other bids (both for 45) were as f ium:
prem ows
oll .
Bidder
Geo. M.Bechtel & Co
Carlton D.Belt Co
5
92225
-BOND OFFERING.
WINONA, Winona County, Minn.
-Sealed
by George W. Hofmann,
bids will be received until 8 p. m. on June
290
City Recorder, for the purchase of a $15,0 issue of 44
semi-annual
water works refunding bonds. Denom. $1,000. Daten July 1 1929.
Due on July 1 as follows: $10,000 in 1949 and $5,000 in 1950. Optional on
July 1 1934. A certified check for 5% of the amount bid is required.
WORTHINGTON SCHOOL DISTRICT(P.O. Worthington), Nobles
-BOND SALE.
-The $200,000 iealle of 44% semi-annual
County, Minn.
school bonds offered f9r sale on June 15-V. 132, p. 4109
-was purchased
by the First Securities Corp. of St. Paul and Minneapolis, its 4s, paying a
premium of $2.500, equal to 101.25, a basis of about 3.93%. Dated. June
1 1931. Due in 1961.
WYANDOTTE COUNTY (P.O. Kansas City), Kan.
-BOND OFFER-Sealed bids will be received by William Beggs, County Clerk. until
ING.
2 p.m. on June 25 for the purchase of three issues of bonds aggregating
;110,220, divided as follows:
$53,220 bridge bonds. Due on July 1 as follows: $3,220 in 1932, $3,000
1933 to 1938. and $4,000 1939 to 1946. all inclusive.
37,000 Matoon road special improvement bonds. Due on July 1 as follows: $2,000, 1932 to 1939, and $3,000, 1940 to 1946, all incl.
20.000 S. S. Sharp road, Section B', bonds. Due on July 1 as follows*
$1,000, 1932 to 1941, and $2,000, 1942 to 1946, all inclusive.
Denom. $1,000, one for $1,220. Dated July 1 1931. Bids will be re..
ceived on bonds bearing interest at either 4%, or 44%, payable J. & J.
.county will furnish legal approval of Bowersock, Fizzell & Rhodes of Kansas
City. A certified check for 2% of the bid, payable to the Board of County
Commissioners, is required.
WYTHE SCHOOL DISTRICT (P. 0. Hampton), Elizabeth City
-The $39,000 issue of coupon refunding
County, Va.-BOND SALE.
school bonds offered for sale on June 10-V. 132, p. 4284
-was purchased
by Thompson, Ross & Co. of Chicago, as 44s, for a premium of $206.50,
equal to 100.529, a basis of about 4.69%. Denom. $1,000. Dated July 1
1931. Due from 1936 to 1950, inclusive. Interest payable J. & J.
-NOTE SALE.
YORK COUNTY (P. 0. York), S. C.
-A $35,000 note
Issue is reported to have been purchased by the Loan & Savings Bank of
York, at 3.45%. Due on May 1 1932.
4633
CANADA,its Provinces and Municipalities.
-A syndicate composed of
-BOND SALE.
ALBERTA, Province of.
Wood, Gundy & Co., the Dominion Securities Corp. A. E. Ames & Co.,
'
and the Royal Bank of Canada,'recently purchased $3,650,000 bonds,
-year issue and a $1,650,000 4)% 6
-year
comprising a $2,000,000 4% 2
-year bonds are being re-offered for investment at a price of
Issue. The 2
99.71, to yield 4.15%, and the longer term bonds are priced at 100. to
yield 4.50%. The price the bankers paid the Province for the securities
was not disclosed, as the transaction was a private one.
-J. E. Derziel, Secretary
GRAND 'MERE, Que.-BOND OFFERING.
Treasurer, will receive sealed bids until 4 p. in. on June 29 for the purchase
of $68,700 5% local improvement bonds, dated May 1 1930 and due May 1
1945. Principal and semi-annual interest (May and November) are payable at the Banque Canadienne Nationale at Grand 'Mere, Montreal or
Quebec, or at the Bank of Montreal in Toronto.
-The $362.100
-ADDITIONAL INFORMATION.
HALIFAX, N. S.
44% refunding bonds awarded on June 10 to the Candian Bank of Commerce, of Toronto, at 100.27, a basis of about 4.48%-V. 132. P. 4458
are dated July 1 1931 and mature July 1 1952. Coupon bonds in $1,000
denoms. Interest is payable semi-annually in Jan. and July.
J. L. Goad & Co., of Toronto, were associated with the Canadian Bank
of Commerce in the purchase of the issue. The following is a list of the bids
reported to have been submitted at the sale:
Rate Bid.
Bidder100.27
Canadian Bank of Commerce and J. L. Goad & Co
99.97
Co., and Hanson Bros. Inc
W. C. Pitfield &
Gairdner & Co.; Dyment, Anderson & Co., and C. H.Burgess & Co. 99.61
Wood, Gund & Co.; Royal Bank of Canada,and Eastern ecur. Co. 99.40
99.12
Johnston & vvard
99.09
A. E. Ames & Co., Ltd
99.04
Securities Corp
Dominion
98.58
McLeod, Young, Weir & Co
98.02
Fry, Mills, Spence & Co
97.29
R. A. Daly & Co
--J. M.Lacroix. Town Clerk,
JONQUIERE,Que.-BOND OFFERING.
will receive sealed bids until 7 p. m.on June 22 for the purchase of $158,000
%
6% bonds, due serially on July 1 in from 1 to 25 years; $16,600
bonds, due April 1 from 1 to 20 years; $12,000 53% bonds, due Feb. 1 in
from 1 to 20 years, and $3,300 o3.% bonds, due on April 1 in from 1 to
20 years. The aggregate of bonds to be sold Is $189,900.
-A. E. Ames & Co., of Toronto.
-BOND SALE.
KAMLOOPS, B. C.
recently purchased a total of $26,259 5% bonds, of which $15,000 mature
July 31. 1951 and $11,259, June 29 1941. Price paid not disclosed.
-The $11,000.000 4 h% coupon
MONTREAL, Que.-BOND SALE.
(registerable as to principal) bonds offered on June 17-V. 132, p. 4458
were awarded to a syndicate composed of the Chase Securities Corp., New
York; Wood, Gundy & Co., of Toronto; the Continental Illinois Co., Inc.,
of Chicago, and the Royal Bank of Canada, of Montreal, which group paid
a price of 99,158, or a basis of about 4.35%, for the issue of $9.000,000
serial bonds, due $450,000 annually on Oct. 15 from 1932 to 1951 incl.,
and a price of 96.19, or 4.455% basis, for the $2,000,000 term bonds, due
June 1 1971. This issue is dated June 1 1931, while the serial bonds are
dated April 15 1931. Principal and semi-annual interest in each instance
(April and Oct. 15 and June and Dec. 1) are parable in United States gold
coin at the agency of the Bank of Montreal in New York City, or in Canadian gold coin at the office of the City Treasurer. Legality to be approved
by Brown,Montgomery & McMichael of Montreal. Of the proceeds of the
sale, $7,500,000 will be used to redeem Treasury bills maturing July 15
1931 and $3,500,000 for local improvement purposes.
The last previous occasion of long-term borrowing by the City occurred
on March 10 1931 when $11.070,000 4% bonds, of which $8,570,000
mature April 1 1971 and $2,500.000 April 1 1951, were awarded to a syndicate headed by the Chase Securities Corp., of New York, at a price of
99.207, the net interest cost of the financing being about 4.55%. Public
-V. 132, p. 2050. The
offering was made at a price of 100 and interest
current sale marked the first time that the City has issued bonds maturing
annually over a period of years. It also is significant in that it was the
initial occasion in over 20 years that the interest rate on long-term bonds of
5
)
the city was less than 4 , %•
-Members of the successful syndicate
BONDS PUBLICLY OFFERED.
for the current block of $11,000,000 bonds are reoffering them for public
follows: The $2.000,000 bonds, due in 1971, are priced to
investment as
yield 4.40%,while the issue of $9,000,000 bonds is priced to yield as follows:
Yield.
YearYield.
YearYield.
Year4.25%
4.00% 1940
2.50% 1936
1932
4.30
1941-44
4.10
1937
3.25
1933
4.35
1945-47
4.15
1938
3.75
1934
4.375
1948-51
4.20
1939
3.90
1935
The following is an official list of the bids submitted for the bonds:
$9,000,000 12.000,000
Rate B
Bidder
x96.198
x99.158
Chase Securities Corp., et al
94.79
99.119
City Co., et al
National
94.378
98.448
Dominion Securities Corp., et al
94.768
98.578
Bank of Montreal, et al
94.881
98.211
Bank of Nova Scotia, et al
x Accepted bids.
-LIST OF BIDS.
-The following IS V
SAANICH DISTRICT, B. C.
list of the bids received at the recent sale of 593.000 5% improvement
bonds to A. E. Ames & Co.,of Toronto, the price paid for which was 101.80,
bo
is
Bid a basof about 4.86%-V. 132, p. 4458.
Rate Bid.
Bidder101.80
A. E. Ames & Co.(Purchasers)
101.77
Royal Financial Corp
101.307
Dominion Securities Corp
100.837
Pemberton & Son
110000:3305
Fry, Mills, Spence & Co
Victor W.Odium, Brown & Co
100.272
Pacific Bond Co
100.27
Gardner & Co
TERREBONNE, Que.-BOND SALE.-Osias Vezina, SecretaryTreasurer, informs us that the $60,000 5% bonds offered for sale on June
-were awarded to Lajoie, Robitaille & Co.,of Montreal,
10-V.132, p. 4109
at a price of 99.37, a basis of about 5.08%. The bonds are dated May 1
1931 and mature serially on May 1 from 1932 to 1951, incl. Denoms.
51,000, $500 and $100. Interest is payable semi-annually in May and Nov.
VERDUN CATHOLIC SCHOOL DISTRICT, Que.-BOND OFFER-Sealed bids addressed to Eugene Cote, Secretary-Treasurer, will
ING.
be received until 7 p. in. on June 29 for the purchase of $166.000 5% bonds.
dated May 1 1931 and due serially on May 1 from 1932 to 1971 incl. Principal and semi-annual Interest (May and November) are payable at the
Banque Provinciale at Montreal or Verdun.
-The Midland Securities Corp.
WARDSVILLE, Ont.-BOND SALE.
of London. Ont., recently purchased an issue of $4,000 5% village improvement bonds at a price of 100.47, a basis of about 4.94%. The bonds
mature in from 1 to 15 installments and were bid for by the following: Bid.
Bidder
100.47
Midland Securities Corp. (purchaser)
97.53
R. A. Daly & Co
97.23
Dominion Securities Corp
-We now learn
WINDSOR, Ont.-ADDITIONAL INFORMATION.
5% bonds held as investments in the city's sinking
that a block of 852.000
fund account was also awarded on June 5 to the Dominion Securities Corp.,
and the Canadian Bank of Commerce.Jointly, in addition to the $775.233.82
44 and 5% bonds mentioned in -V. 132, P. 4458. The city received a
Rate Bid.
price of 96.851 for the bonds, the net interest cost of the financing being
about 5.07%. Bids submitted at the sale were as follows:
Bidder
Dominion Securities Corp., and the Canadian Bank of Commerce,
jointly (Purchasers)
96.851
McLeod,'Young, Weir & Co.,and Bell, Gouinlock & Co.,jointly
96.19
[VOL. 132.
FINANCIAL CHRONICLE
4634
Canabian
Canabian
3nbcohnent anb _financial Vaunt
BANK OF MONTREAL THE CANADIAN BANK
Established 1817
Head Office—Montreal
OF COMMERCE
HEAD OFFICE, TORONTO
$30,000,000
$36,000,000.00 PAID-UP CAPITAL
Capital Paid-up
80,000,000
Reserve
Surplus and Undivided
President, Sir John Aird
$39,078,801.09
Profits
General Manager, S. H. Logan
Assistant General Managers
$786,897,706.21
Total Assets
F. M. Gibson
N. L. McLeod
B. P. Alley
President
R. A. Rumsey
A. E. Arscott
SIR CHARLES GORDON, G.B.E.
New York Office, 130 William Street
Vice-Presidents,
C. J. STEPHENSON,
H. R. DRUMMOND, Esq.
R. B. BUCKERFIELD,}Agents
Maj.-Gen. The Hon. S. C. MEWBURN,C.M.G.
N. J. H. HODGSON,
Sir FREDERICK WILLIAMS-TAYLOR
E. H. MITCHELL, Assistant Agent
General Managers,
Buy and Sell Sterling and Continental
W. A. BOG—JACKSON DODDS
Exchange and Cable Transfers. Collections
made at all points.
Travelers' Cheques and Letters of Credit
Branches and Agencies
Issued available in all parts of the world.
Throughout Canada and Newfoundland.
Banking and Exchange business of every
At London, England.
description transacted with Canada.
In Paris, Bank of Montreal (France).
LONDON OFFICE-2 Lombard Street. E. C.
In the United States—New York (64 Wall
BANKERS IN GREAT BRITIAN
Street), Chicago (27 South LaSalle Street),
The Bank of England
San Francisco, Bank of Montreal (San FranThe Bank of Scotland
cisco), 333 California Street.
Lloyds Bank, Limited
In Mexico—Mexico City, Guadalajara, MonNational Provincial Bank, Limited
terrey, and Puebla.
Barclays Bank, Limited
WEST INDIES—Complete banking facilities through Barclays Bank (Dominion,
Colonial & Overseas), in which an interest
I. owned by the Bank of Montreal.
Royal Securities
Corporation
100 Broadway, New York
Rector 2-6660
Greenshields & Co.
CHAPMAN, GRAN N IS cS. CO.
INVESTMENTS
112 WEST ADAM'S STREET
CR
CACO
UTILITY
SECURITIES
COMPANY
Members Montreal Stock Exchange
Canadian Investment
Securities
17 St. John St.,
MONTREAL
Also Mount Royal Hotel Building
Ottawa
Toronto
Quebec
Royal Securities
230 So. La Salle St., CHICAGO
Milwaukee
New York St. Louis
Richmond
Louisville
Indianapolis
Minneapolis San Francisco Detroit
Cleveland Kansas City Los Angeles
Des Moines
Tulsa
Corporation, Limited
244 St. James Street, Montreal
Offices in Principal Canadian Cities.
London. Eng., and St. John's. Nlfd.
Private Wire Connection between New York,
Montreal and Toronto
R. A. DALY & CO.
LIMITED
A. 0. Slaughter, Anderson & Fox
CANADIAN
GOVERNMENT, MUNICIPAL
AND CORPORATION SECURITIES
MEMBERS
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
80 King St., West
TORONTO, CANADA
120 Wall Street
NE W YORK
120 South La Salle St.
CHICAGO, ILL.
High Grade Canadian
Securities
HANSON BROS.
Incorporated
Paul C. Dodge & Co., Inc
MONTREAL TRUST COMPANY
Established 1883
255 St. James Street
EXECUTORS AND TRUSTEES
MONTREAL
Montreal
Branches:
Halifax Toronto Winnipeg Edmonton
Vancouver Calgary
OTTAWA
QUEBEC
120 SOUTH LA SALLE STREET
CHICAGO
HArbour 2281
TORONTO
INVESTMENT SECURITIES
New York
St. Louis
Minneapolis
Philadelphia
Kansas City
Wilmington
ilnbccitment attb _financial Jignuset
ifinancial
CALIFORNIA
CHAPMAN D!WOLFE & CCt
• BROKERS •
EM OCR s
NEW YORK STOCK EXCHANGE
SAN FRANCIS<X) STOCK EXCHANGE
SAN FRANCISCO CURB EXCHANGE
NEW YORK CURB EXCHANGE Associate)
(
NESBITT, THOMSON
& COMPANY LIMITED
Canadian Municipal, Public Utility
and Industrial Bonds
355 St. James Street, West
Montreal. Que.
MUNICIPAL BONDS
Offering on Rcuest
Special Prices to Dealers and Banks
TzeKenwhettXond
Incorporated HIS
39 South La Sella St.
CHICAGO
341 Montgomery St., San Francisco
Telephone DAvenport 4730
Market for
Pacific Coast Securities
WMatiSTAATS CO*
Established 1887
LOS ANGELES
PASADENA
SAN FRANCISCO
SAN DIEGO
áWntnCriginttro
H. M. CHANCE & CO.
AUGUSTA
VVIVI. E. BUSH & CO.
Augusta, Ga.
THZ SAND FLOTATION PROCESS
FOR CLEANING COAL
513 Drexel Bldg., Philadelphia, Pa.
SOUTHERN SECURITIES
COTTON MILL STOCKS
@FedFRASER